VLW

Cấp nước Vĩnh Long ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 35.16%, −2.07pp YoY

Price

42,500

Latest close

20 Apr 2026

P/E 16.93x

P/B 2.40x

EPS 2,511

BVPS 17,730

ROE 15.0%

ROA 12.1%

Profit Margin 35.2%

Asset Turnover 0.34x

Equity Mult. 1.24x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, VLW is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 214bn
	                                
+9.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 75bn
	                                
+3.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	199.1	195.2	187.0	184.9	175.5
Growth	+2%	+4%	+1%	+5%	—
Net Income	69.0	73.1	80.9	79.0	69.1
Net Margin	34.63%	37.45%	43.28%	42.71%	39.36%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	58.4	54.5	48.1	52.7	43.8	54.9	47.4	49.5	43.4	53.0	48.7	46.1
Growth	+7%	+13%	-9%	+20%	-20%	+16%	-4%	+14%	-18%	+9%	+5%	—
Net Income	18.5	29.9	11.4	15.3	12.2	28.1	14.5	18.0	12.5	37.7	15.0	18.3
Net Margin	31.62%	54.88%	23.78%	29.03%	27.76%	51.23%	30.69%	36.29%	28.69%	71.17%	30.91%	39.59%

Drivers of VLW's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 14.8bn

Financial income ↑ 4.6bn

Tax ↓ 0.7bn

Administrative expenses ↑ 10.1bn

Other profit ↓ 4.3bn

Finance costs ↑ 2.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 10.4bn

Administrative expenses ↑ 1.7bn

Tax ↑ 1.3bn

Finance costs ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.1% = 37.2% × 0.33 × 1.22

2026Q1 15.0% = 35.2% × 0.34 × 1.24

ROE is broadly flat at 15.0% — the components are offsetting one another.

Net margin: 35.2% -2.1pp Asset turnover: 0.34x +0.01x Leverage: 1.24x +0.02x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 35.16%, losing 2.1pp. The main pressure is SG&A / Revenue rose 2.6pp, outweighing the improvement in Gross margin rose 1.4pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 2.3pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 35.16% −2.1pp

Gross Margin 65.98% +1.4pp

SG&A / Revenue 32.17% +2.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 13.6% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC stands at 13.62%, broadly flat versus the same period. That translates to 13.62 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover broadly stable, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 13.62% +0.1pp

NOPAT Margin 34.12% −0.2pp

Capital Turnover 0.40x +0.01x

Average Invested Capital 535.4bn +38.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.07x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 21.6 days versus the same period last year. The main moves came from DIO fell 20.0 days, DSO rose 1.2 days, and DPO rose 2.8 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Receivables collection is slowing

DSO increased by +1.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 17.3 days +1.2 days

Inventory 65.9 days −20.0 days

Payables 43.7 days +2.8 days

Cash Conversion Cycle 39.5 days −21.6 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.07x and interest coverage at 36.30x.

At present, short-term debt accounts for 15.1% of total debt, cash equals 24.9% of debt, and total debt stands at 50.7bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 24.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.07x +0.01x

Interest Coverage 36.30x −1349.74x

Cash / Debt 24.9% −17.7pp

Short-term Debt / Total Debt 15.1% +1.1pp

CFO / NI 0.92x −0.44x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 60.2bn in 2025, against investing cash flow of -19.4bn.

Post-investment cash flow was positive +40.8bn. Financing cash flow was negative +45.4bn.

CFO / net income was 0.92x.

After spending +23.5bn on fixed-asset investment, the business generated trailing free cash flow of +45.9bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 69.4bn −29.7bn

Cash Capex 23.5bn −18.4bn

FCF TTM +45.9bn −11.3bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 19.0%. The main risk still sits in core profitability, with net margin down 2.1 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.0% of PBT and CFO / net income currently at 0.92x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 35.16% after a 2.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	199.1	195.3	187.0	184.9	175.5
Revenue Deductions	—	0.1	0.0	0.0	0.0
Net Revenue	199.1	195.2	187.0	184.9	175.5
Cost of Goods Sold	68.7	70.2	66.0	63.1	0.0
Gross Profit	130.5	125.0	121.0	121.8	114.1
Financial Income	19.8	16.2	19.6	15.0	12.0
Financial Expenses	1.8	0.1	0.1	0.1	-0.1
Interest Expense	1.8	0.1	0.1	0.1	-0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	33.1	34.0	30.9	29.8	-31.3
General and Administrative Expenses	33.3	24.9	27.9	26.1	-24.1
Operating Profit	82.0	82.2	81.7	80.8	70.5
Other Income	3.9	8.0	7.2	4.9	0.0
Other Expenses	1.2	1.1	1.1	0.9	0.0
Other Profit	2.7	7.0	6.1	4.0	4.2
Profit Before Tax	84.8	89.1	87.8	84.8	74.7
Current Income Tax Expense	15.8	16.0	6.8	5.8	-5.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	69.0	73.1	80.9	79.0	69.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	69.0	73.1	80.9	79.0	69.1
Earnings per Share	2,031.00	2,192.00	2,462.00	2,390.00	2,038.00
Diluted EPS	2,031.00	2,529.40	2,800.13	2,733.43	2,391.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	330.8	318.7	293.7	249.0	211.7
I. Cash and cash equivalents	10.7	15.3	22.1	20.6	17.0
1. Cash	10.7	15.3	7.1	11.6	0.0
2. Cash equivalents	—	0.0	15.0	9.0	0.0
II. Short-term financial investments	287.5	275.8	200.7	180.6	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	287.5	275.8	200.7	180.6	0.0
III. Short-term receivables	18.7	14.1	50.8	26.2	13.6
1. Short-term trade accounts receivable	17.2	9.6	27.4	18.9	0.0
2. Short-term prepayments to suppliers	0.5	2.0	14.8	0.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.3	3.8	10.2	7.9	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-1.3	-1.6	-0.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	12.3	12.0	18.6	20.1	17.3
1. Inventories	12.3	12.0	18.6	20.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	1.6	1.5	1.5	0.3
1. Short-term prepayments	1.4	1.2	1.5	1.5	0.0
2. Value added tax to be reclaimed	—	0.3	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	296.3	294.0	263.0	264.6	278.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	287.2	241.5	236.5	250.3	258.4
1. Tangible fixed assets	287.0	241.2	236.2	250.0	258.3
- Cost	716.6	646.9	617.8	608.4	0.0
- Accumulated depreciation	-429.5	-405.7	-381.6	-358.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.3	0.2	0.3	0.0
- Cost	0.9	0.9	0.8	0.8	0.0
- Accumulated depreciation	-0.7	-0.6	-0.5	-0.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.3	44.7	18.8	5.4	9.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.3	44.7	18.8	5.4	0.0
V. Long-term financial investments	7.2	7.2	7.2	7.2	7.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.9	6.9	6.9	6.9	0.0
3. Investments in other entities	0.3	0.3	0.3	0.3	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.7	0.6	0.5	1.7	0.0
1. Long-term prepayments	0.7	0.6	0.5	1.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	627.1	612.7	556.7	513.6	490.3
A. LIABILITIES (300=210+330)	133.2	136.0	96.5	95.7	96.8
I. Short -term liabilities	81.3	77.7	60.5	52.3	48.3
1. Short-term trade accounts payable	8.5	8.8	2.9	6.2	4.6
2. Short-term advances from customers	0.2	0.1	0.2	0.1	0.1
3. Taxes and other payables to state authorities	8.9	13.6	4.2	2.4	0.0
4. Payable to employees	20.0	9.2	15.2	9.6	0.0
5. Short-term acrrued expenses	0.9	0.8	0.7	0.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	2.8	3.2	3.3	2.1	0.0
10. Short-term borrowings and financial leases	10.3	10.3	5.3	5.3	5.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	29.8	31.6	28.7	25.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	51.9	58.3	36.0	43.3	48.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.3	0.0
8. Long-term borrowings and financial leases	43.1	47.0	20.3	23.9	29.2
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	8.8	11.3	15.7	19.2	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	493.9	476.7	460.2	417.9	393.6
I. Owner's equity	493.9	476.7	460.2	417.9	0.0
1. Owner's capital	289.0	289.0	289.0	289.0	392.3
- Common stock with voting right	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	125.6	111.8	89.9	65.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	79.3	75.8	81.3	63.3	75.1
- Accumulated retained earning at the end of the previous period	34.4	34.4	34.4	35.3	36.8
- Undistributed earnings in this period	44.9	41.4	46.9	28.0	38.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	1.3
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	627.1	612.7	556.7	513.6	490.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	84.8	89.1	87.8	84.8	0.0
Depreciation of Fixed Assets and Investment Property	24.9	25.3	24.4	25.0	0.0
Provision (Increase)/Reversal	0.9	-0.3	1.0	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-19.7	-16.2	-19.5	-15.0	0.0
Interest Expense	1.8	0.1	0.1	0.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	-2.5	-4.4	-3.5	-0.1	0.0
Operating Profit Before Changes in Working Capital	90.2	93.7	90.2	94.9	0.0
Increase/(Decrease) in Receivables	-7.4	17.4	-7.9	-12.9	0.0
Increase/(Decrease) in Inventory	-0.3	6.7	1.4	-3.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.1	-6.0	5.6	0.9	0.0
Increase/(Decrease) in Prepaid Expenses	-0.3	0.2	1.2	-0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.8	-0.1	-0.1	-0.1	0.0
Corporate Income Tax Paid	-21.3	-6.8	-4.4	-6.2	0.0
Other Operating Receipts	0.0	0.0	0.1	0.0	0.0
Other Operating Payments	-12.1	-6.9	-6.9	-6.5	0.0
Net Cash Flow from Operating Activities	60.2	98.2	79.2	66.4	58.8
Payments for Fixed Assets and Other Long-term Assets	-28.1	-37.5	-41.9	-12.2	-24.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-559.9	-480.2	-267.7	-225.7	-140.0
Receipts from Loan Repayments and Sale of Debt Instruments	548.3	405.1	247.6	208.6	106.9
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	20.4	22.8	16.7	15.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-19.4	-89.8	-45.3	-14.1	-49.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	6.4	37.0	1.7	0.0	0.0
Repayment of Borrowings	-10.3	-5.3	-5.3	-5.3	-2.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-41.4	-46.9	-28.9	-43.4	-14.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-45.4	-15.2	-32.5	-48.7	-17.1
Net Cash Flow During the Period	-4.5	-6.8	1.4	3.6	-11.3
Cash and Cash Equivalents at Beginning of Period	15.3	22.1	20.6	17.0	35.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.7	15.3	22.1	20.6	17.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	58.4	54.5	48.1	52.7	43.8	55.0	47.4	49.5	43.4	53.0	48.7	46.1
Revenue Deductions	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	58.4	54.5	48.1	52.7	43.8	54.9	47.4	49.5	43.4	53.0	48.7	46.1
Cost of Goods Sold	19.4	18.0	16.9	18.4	15.2	19.8	17.0	17.4	16.0	17.1	17.8	16.3
Gross Profit	39.0	36.5	31.1	34.3	28.6	35.1	30.4	32.1	27.4	35.9	30.8	29.9
Financial Income	1.6	9.2	1.7	7.6	1.4	5.8	2.1	6.1	2.1	9.5	0.9	8.4
Financial Expenses	0.7	0.7	0.8	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.7	0.7	0.8	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	10.5	-1.1	11.9	12.4	9.9	0.0	10.7	12.1	11.1	1.4	9.3	10.7
General and Administrative Expenses	6.8	11.6	6.4	10.3	5.1	7.3	6.3	6.3	5.1	9.2	6.5	7.1
Operating Profit	22.6	34.4	13.8	19.0	15.0	33.6	15.5	19.8	13.2	34.7	16.0	20.4
Other Income	0.5	2.9	0.4	0.3	0.3	7.1	0.3	0.3	0.3	6.4	0.3	0.3
Other Expenses	0.4	0.3	0.3	0.5	0.2	0.3	0.3	0.2	0.2	0.4	0.2	0.3
Other Profit	0.1	2.6	0.2	-0.1	0.1	6.8	-0.0	0.1	0.1	6.0	0.1	-0.0
Profit Before Tax	22.7	37.0	13.9	18.9	15.1	40.4	15.5	19.9	13.3	40.7	16.0	20.4
Current Income Tax Expense	4.3	7.1	2.5	3.5	2.9	12.3	0.9	2.0	0.9	3.0	1.0	2.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.5	29.9	11.4	15.3	12.2	28.1	14.5	18.0	12.5	37.7	15.0	18.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	18.5	29.9	11.4	15.3	12.2	28.1	14.5	18.0	12.5	37.7	15.0	18.3
Earnings per Share	639.00	947.00	395.00	530.00	421.00	888.00	503.00	622.00	431.00	1,220.00	520.00	632.00
Diluted EPS	639.00	1,035.60	395.43	529.63	420.85	973.87	503.01	621.64	430.88	1,305.00	520.37	632.18

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	338.6	330.8	347.7	338.9	315.0	318.7	291.6	325.2	295.3	293.7	289.3	283.6
I. Cash and cash equivalents	12.6	10.7	49.1	23.9	23.3	15.3	15.7	39.0	29.5	22.1	43.5	27.0
1. Cash	12.6	10.7	49.1	23.9	23.3	15.3	15.7	24.9	29.5	7.1	43.5	8.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	14.2	0.0	15.0	0.0	18.8
II. Short-term financial investments	298.8	287.5	270.5	288.7	267.6	275.8	237.5	243.7	222.5	200.7	191.6	218.1
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	298.8	287.5	270.5	288.7	267.6	275.8	237.5	243.7	222.5	200.7	191.6	218.1
III. Short-term receivables	14.0	18.7	13.9	12.9	8.9	14.1	19.2	23.4	23.8	50.8	31.7	16.2
1. Short-term trade accounts receivable	12.6	17.2	11.2	10.1	7.6	9.6	10.0	10.2	9.6	27.4	11.5	9.1
2. Short-term prepayments to suppliers	1.0	0.5	0.6	0.2	0.2	2.0	9.2	9.6	9.8	14.8	16.6	1.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.7	3.3	3.4	3.9	2.5	3.8	1.6	5.2	6.0	10.2	4.3	6.6
7. Provision for short-term doubtful debts (*)	-2.3	-2.3	-1.3	-1.3	-1.3	-1.3	-1.6	-1.6	-1.6	-1.6	-0.6	-0.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	12.0	12.3	13.3	12.2	14.2	12.0	18.8	18.1	18.5	18.6	20.9	19.9
1. Inventories	12.0	12.3	13.3	12.2	14.2	12.0	18.8	18.1	18.5	18.6	20.9	19.9
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	1.5	0.9	1.2	1.0	1.6	0.6	1.0	1.1	1.5	1.6	2.4
1. Short-term prepayments	1.2	1.4	0.9	1.2	1.0	1.2	0.6	1.0	1.1	1.5	1.6	2.4
2. Value added tax to be reclaimed	—	—	—	—	—	0.3	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	291.7	296.3	300.8	302.4	296.2	294.0	272.3	271.4	271.2	263.0	255.1	256.8
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	282.4	287.2	238.5	241.5	236.5	241.5	242.2	246.6	248.3	236.5	236.6	241.5
1. Tangible fixed assets	282.2	287.0	238.3	241.2	236.3	241.2	242.0	246.3	248.0	236.3	236.4	241.2
- Cost	719.0	—	—	—	—	646.9	641.7	639.7	635.1	617.8	612.7	611.5
- Accumulated depreciation	-436.8	—	—	—	—	-405.7	-399.6	-393.4	-387.1	-381.6	-376.3	-370.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.3	0.3
- Cost	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.6	1.3	54.5	53.1	51.9	44.7	22.3	17.1	15.2	18.8	10.7	7.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	1.3	54.5	53.1	51.9	44.7	22.3	17.1	15.2	18.8	10.7	7.2
V. Long-term financial investments	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9
3. Investments in other entities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.6	0.7	0.6	0.7	0.6	0.6	0.6	0.6	0.5	0.5	0.6	1.0
1. Long-term prepayments	0.6	0.7	0.6	0.7	0.6	0.6	0.6	0.6	0.5	0.5	0.6	1.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	630.4	627.1	648.5	641.4	611.2	612.7	564.0	596.6	566.6	556.7	544.4	540.4
A. LIABILITIES (300=210+330)	118.0	133.4	133.1	137.2	122.4	136.2	105.7	106.0	93.9	96.6	112.2	94.3
I. Short -term liabilities	66.1	81.6	73.6	77.7	64.1	75.4	60.2	61.6	50.9	60.5	71.8	53.6
1. Short-term trade accounts payable	7.7	8.5	11.1	11.0	9.7	8.8	3.3	4.8	5.8	2.9	5.5	3.4
2. Short-term advances from customers	0.0	0.2	0.4	0.4	0.2	0.1	0.1	0.1	0.1	0.2	0.3	0.2
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.3	9.1	4.0	5.2	4.3	13.6	2.5	3.4	1.7	4.2	2.4	3.2
4. Payable to employees	6.6	20.0	12.3	9.8	3.6	9.2	10.7	8.0	4.3	15.2	11.2	8.2
5. Short-term acrrued expenses	0.7	0.9	0.7	0.8	0.8	0.8	0.7	1.4	0.8	0.7	0.7	0.7
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.6	2.8	4.5	2.6	3.7	3.2	3.2	3.1	3.6	3.3	18.7	2.1
10. Short-term borrowings and financial leases	7.7	10.3	7.7	10.3	7.7	7.8	5.2	5.3	2.7	5.3	2.7	5.3
11. Provision for short-term liabilities	4.8	—	12.9	8.7	4.4	0.0	12.3	8.1	4.3	0.0	9.6	6.0
12.. Bonus and welfare fund	27.7	29.8	20.0	28.9	29.8	31.8	22.2	27.2	27.6	28.7	20.8	24.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	51.9	51.9	59.5	59.5	58.3	60.8	45.5	44.4	43.0	36.0	40.4	40.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
8. Long-term borrowings and financial leases	43.1	43.1	48.2	48.2	47.0	49.5	29.8	28.7	27.2	20.3	21.2	21.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	8.8	8.8	11.3	11.3	11.3	11.3	15.7	15.7	15.7	15.7	19.2	19.2
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	512.4	493.7	515.4	504.1	488.8	476.5	458.3	490.6	472.7	460.2	432.3	446.1
I. Owner's equity	512.4	493.7	515.4	504.1	488.8	476.5	458.3	490.6	472.7	460.2	432.3	446.1
1. Owner's capital	289.0	289.0	289.0	289.0	289.0	289.0	289.0	289.0	289.0	289.0	289.0	289.0
- Common stock with voting right	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00	289,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	125.6	125.6	111.8	111.8	111.8	111.8	89.9	89.9	89.9	89.9	65.6	65.6
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	97.8	79.1	114.6	103.3	88.0	75.6	79.4	111.7	93.7	81.3	77.6	91.5
- Accumulated retained earning at the end of the previous period	79.3	34.4	75.8	75.8	75.8	34.4	34.4	81.3	81.3	34.4	34.4	63.3
- Undistributed earnings in this period	18.5	44.7	38.8	27.5	12.2	41.2	45.0	30.4	12.5	46.9	43.2	28.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	630.4	627.1	648.5	641.4	611.2	612.7	564.0	596.6	566.6	556.7	544.4	540.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	51.0	—	33.8	—	0.0	-33.2	33.2	0.0	87.8	-31.0	31.0
Depreciation of Fixed Assets and Investment Property	—	13.2	—	11.7	—	0.0	-12.5	12.5	0.0	24.4	-12.3	12.3
Provision (Increase)/Reversal	—	-7.8	—	8.7	—	0.0	-8.1	8.1	0.0	1.0	-6.0	6.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-10.9	—	-8.8	—	0.0	8.2	-8.2	0.0	-19.5	9.1	-9.1
Interest Expense	—	1.5	—	0.3	—	0.0	-0.0	0.0	0.0	0.1	-0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	-3.5	0.0	0.0
Operating Profit Before Changes in Working Capital	—	44.5	—	45.7	—	0.0	-45.7	45.7	0.0	90.2	-40.1	40.1
Increase/(Decrease) in Receivables	—	-6.5	—	-0.9	—	0.0	-16.3	16.3	0.0	-7.9	-9.9	9.9
Increase/(Decrease) in Inventory	—	-0.2	—	-0.1	—	0.0	-0.6	0.6	0.0	1.4	-0.1	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	11.4	—	1.8	—	0.0	7.9	-7.9	0.0	5.6	1.7	-1.7
Increase/(Decrease) in Prepaid Expenses	—	-0.3	—	-0.0	—	0.0	-0.4	0.4	0.0	1.2	0.2	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-1.5	—	-0.3	—	0.0	0.0	-0.0	0.0	-0.1	0.0	-0.0
Corporate Income Tax Paid	-7.1	-2.5	-3.5	-2.9	-12.3	-0.9	-2.0	-0.9	-3.0	-1.0	-2.1	-0.7
Other Operating Receipts	7.1	—	—	—	—	4.7	56.3	-4.8	4.9	-100.2	100.3	-5.1
Other Operating Payments	-16.2	38.1	-47.5	9.9	-12.6	-13.6	-68.4	11.5	-13.0	113.9	-119.5	12.4
Net Cash Flow from Operating Activities	15.8	18.4	13.7	21.6	6.6	31.1	38.0	23.4	26.2	4.5	28.9	22.6
Payments for Fixed Assets and Other Long-term Assets	-2.4	-4.9	-5.9	-10.3	-7.0	-19.0	-12.2	-3.8	-8.4	-13.6	-18.9	-3.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-271.3	—	-288.7	—	0.0	214.4	-214.4	0.0	-267.7	193.1	-193.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	272.4	—	275.8	—	0.0	-171.3	171.3	0.0	247.6	-155.7	155.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.4	9.0	2.0	6.4	2.9	3.4	5.2	7.0	7.2	2.6	4.0	5.3
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-11.2	-12.8	14.2	-24.9	4.1	-54.0	-15.7	-18.0	-23.0	-11.1	2.6	-9.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	6.4	—	22.4	3.6	4.1	6.9	1.7	0.0	0.0
Repayment of Borrowings	-2.7	-2.5	-2.7	-2.5	-2.7	0.0	-2.7	0.0	-2.7	0.0	-2.7	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-41.4	0.0	-0.0	-0.0	0.0	-46.6	-0.0	-0.0	-16.5	-12.4	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.7	-43.9	-2.7	3.9	-2.7	22.4	-45.7	4.1	4.3	-14.8	-15.1	0.0
Net Cash Flow During the Period	1.9	-38.4	25.2	0.6	8.0	-0.4	-23.3	9.5	7.4	-21.4	16.4	13.1
Cash and Cash Equivalents at Beginning of Period	10.7	49.1	23.9	23.3	15.3	22.1	22.1	22.1	22.1	20.6	20.6	20.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.6	10.7	49.1	23.9	23.3	15.3	15.7	39.0	29.5	22.1	43.5	27.0

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VLW

What Is Changing

Drivers of VLW's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow