VNP

Nhựa Việt Nam ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 50.82%, +19.45pp YoY

Price

17,200

Latest close

04 Jun 2026

P/E 14.75x

P/B 1.16x

EPS 1,166

BVPS 14,799

ROE 7.6%

ROA 6.9%

Profit Margin 50.9%

Asset Turnover 0.14x

Equity Mult. 1.11x

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

What Is Changing

On a TTM 2026Q1 basis, VNP has not accelerated revenue, but profitability is improving more visibly — earnings have been recovering gradually over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 45bn
	                                
−34.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 23bn
	                                
+5.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	42.1	78.6	82.3	209.4	348.0
Growth	-46%	-4%	-61%	-40%	—
Net Income	17.8	14.7	-10.6	31.0	75.0
Net Margin	42.31%	18.67%	-12.93%	14.82%	21.55%

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	17.2	1.1	15.5	10.8	14.8	14.1	15.1	24.5	24.9	13.8	32.1	20.9
Growth	+1482%	-93%	+44%	-27%	+5%	-7%	-38%	-2%	+81%	-57%	+53%	—
Net Income	13.2	-3.9	8.2	5.2	9.1	1.2	1.3	9.9	3.5	-8.2	3.3	-4.7
Net Margin	76.69%	-361.47%	53.07%	47.89%	61.53%	8.38%	8.86%	40.32%	14.00%	-59.08%	10.19%	-22.26%

Drivers of VNP's profit

TTM

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

Associates income ↑ 12.9bn

Finance costs ↓ 4.8bn

Selling expenses ↓ 0.7bn

Administrative expenses ↑ 7.6bn

Gross profit ↓ 6.3bn

Financial income ↓ 2.6bn

TTM

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

Gross profit ↑ 4.5bn

Associates income ↑ 2.7bn

Finance costs ↓ 1.0bn

Administrative expenses ↑ 3.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.3% = 31.4% × 0.19 × 1.21

2026Q1 7.6% = 50.8% × 0.14 × 1.11

ROE is broadly flat at 7.6% — the components are offsetting one another.

Net margin: 50.8% +19.4pp Asset turnover: 0.14x -0.06x Leverage: 1.11x -0.10x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 50.82%, rising 19.4pp. Despite pressure from SG&A / Revenue rose 23.9pp and Gross margin fell 7.0pp, the offset came from Net financial result / Revenue rose 6.4pp (pressure remains from Other profit / Revenue fell 1.6pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 50.82% +19.4pp

Gross Margin 6.29% −7.0pp

SG&A / Revenue 39.64% +23.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.15x −0.07x

Average Invested Capital 294.5bn −10.2bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.07x equity.

Over the last 12 months, working capital released 50.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +27.7bn

Inventories decreased → higher CFO: +23.1bn

Payables decreased → lower CFO: −0.1bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 83.1 days versus the same period last year. The main moves came from DIO fell 74.4 days, DSO rose 161.5 days, and DPO rose 4.0 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 684.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +161.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 513.3 days +161.5 days

Inventory 186.9 days −74.4 days

Payables 15.4 days +4.0 days

Cash Conversion Cycle 684.8 days +83.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 5.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.07x and interest coverage at 33.19x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 368.1% of debt, and total debt stands at 7.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.07x −0.12x

Interest Coverage 33.19x +29.29x

Cash / Debt 368.1% +338.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.63x +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 5.1bn in 2025, against investing cash flow of 77.5bn.

Post-investment cash flow was positive +82.6bn. Financing cash flow was negative +77.9bn.

CFO / net income was 0.63x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 14.3bn +10.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 19.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 18.4%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 685 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 50.82% after expanding 19.4pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.4% of PBT and CFO / net income currently at 0.63x.

Key risk: working capital remains tied up for too long, with cash cycle at 684.8 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	42.1	78.6	82.3	209.4	348.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	42.1	78.6	82.3	209.4	348.0
Cost of Goods Sold	43.4	70.0	100.6	206.7	0.0
Gross Profit	-1.2	8.7	-18.3	2.7	12.9
Financial Income	5.0	6.2	10.8	15.4	9.0
Financial Expenses	2.0	3.4	5.3	9.8	-12.2
Interest Expense	1.3	3.4	5.3	5.8	-8.6
Share of Associates and Joint Ventures	31.3	14.0	14.8	35.3	77.9
Selling Expenses	1.5	2.6	3.9	3.9	-4.8
General and Administrative Expenses	13.4	8.2	9.3	8.8	-7.3
Operating Profit	18.1	14.6	-11.1	30.9	75.5
Other Income	0.3	0.5	0.6	0.5	0.0
Other Expenses	0.5	0.4	0.1	0.1	0.0
Other Profit	-0.2	0.1	0.5	0.4	0.2
Profit Before Tax	17.8	14.7	-10.6	31.2	75.8
Current Income Tax Expense	—	0.0	0.0	0.0	-0.8
Deferred Income Tax Expense	—	0.0	0.1	0.2	0.0
Net Income	17.8	14.7	-10.6	31.0	75.0
Non-controlling Interest	-0.0	-0.0	-0.1	-0.0	-0.0
Profit Attributable to Parent	17.8	14.7	-10.6	31.1	75.0
Earnings per Share	919.00	756.00	-544.00	1,598.00	3,862.00
Diluted EPS	918.57	756.48	-544.03	1,598.21	3,862.00

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	127.1	193.1	223.4	240.5	252.6
I. Cash and cash equivalents	15.4	10.6	28.8	8.2	17.5
1. Cash	4.4	10.6	10.1	6.2	0.0
2. Cash equivalents	11.0	0.0	18.7	2.0	0.0
II. Short-term financial investments	77.5	133.6	114.0	105.7	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	77.5	133.6	114.0	105.7	0.0
III. Short-term receivables	11.4	7.3	14.4	25.4	50.4
1. Short-term trade accounts receivable	60.2	66.3	66.9	67.5	0.0
2. Short-term prepayments to suppliers	0.9	1.0	0.9	0.9	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	0.3	0.3	0.3	0.3	0.0
6. Other short-term receivables	13.3	4.5	12.2	24.7	0.0
7. Provision for short-term doubtful debts (*)	-63.2	-64.7	-66.5	-68.0	0.0
8. Assets awaiting resolution	—	0.0	0.5	0.0	0.0
IV. Inventories	14.1	32.4	55.4	89.4	41.9
1. Inventories	22.7	41.3	79.0	97.4	0.0
2. Provision for decline in value of inventories	-8.6	-9.0	-23.6	-8.0	0.0
V. Other short-term assets	8.8	9.2	10.9	11.8	6.5
1. Short-term prepayments	0.1	0.0	0.1	0.1	0.0
2. Value added tax to be reclaimed	8.5	8.9	10.2	10.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.3	0.6	1.0	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)	173.9	173.4	168.4	181.9	205.4
I. Long-term receivables	16.8	21.0	21.0	21.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	21.0
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	21.0	21.0	21.0	21.0	0.0
7. Provision for long-term doubtful debts	-4.2	0.0	0.0	0.0	0.0
II. Fixed assets	3.6	4.7	5.9	7.1	8.3
1. Tangible fixed assets	3.6	4.7	5.9	7.1	8.3
- Cost	128.2	129.5	129.5	129.5	0.0
- Accumulated depreciation	-124.7	-124.8	-123.7	-122.5	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	—	0.0	0.0	0.0	0.0
- Cost	3.1	3.1	3.1	3.1	0.0
- Accumulated depreciation	-3.1	-3.1	-3.1	-3.1	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	146.7	140.5	134.1	145.9	167.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	146.7	140.5	134.1	145.9	0.0
3. Investments in other entities	—	0.0	0.0	0.0	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	6.8	7.1	7.4	7.8	0.0
1. Long-term prepayments	6.8	7.1	7.4	7.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.1	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	8.4
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)	301.0	366.5	391.8	422.3	458.0
A. LIABILITIES (300=210+330)	26.7	70.3	110.3	128.9	193.6
I. Short -term liabilities	26.0	70.3	110.2	128.4	193.1
1. Short-term trade accounts payable	1.9	5.7	2.0	4.0	43.2
2. Short-term advances from customers	—	0.7	1.1	0.6	0.0
3. Taxes and other payables to state authorities	10.1	10.1	10.3	10.0	0.0
4. Payable to employees	1.2	1.1	1.2	1.6	0.0
5. Short-term acrrued expenses	1.6	2.9	2.9	3.0	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	2.7	2.5	2.8	1.2	0.0
10. Short-term borrowings and financial leases	7.5	46.7	88.4	106.3	131.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.7	1.5	1.7	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	0.7	0.0	0.1	0.5	0.5
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	0.7	0.0	0.1	0.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	274.4	296.2	281.6	293.5	264.4
I. Owner's equity	274.4	296.2	281.6	293.5	0.0
1. Owner's capital	194.3	194.3	194.3	194.3	264.4
- Common stock with voting right	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00
- 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	0.2	0.2	0.2	0.2	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	79.9	101.8	87.1	98.9	69.8
- Accumulated retained earning at the end of the previous period	62.0	87.1	97.6	67.9	-5.1
- Undistributed earnings in this period	17.8	14.7	-10.6	30.9	74.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	-0.0	0.0	0.1	0.1
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
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	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	301.0	366.5	391.8	422.3	458.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	17.8	14.7	-10.6	31.2	0.0
Depreciation of Fixed Assets and Investment Property	1.4	1.4	1.4	1.5	0.0
Provision (Increase)/Reversal	2.4	-16.4	14.1	5.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-1.7	-1.0	-5.8	0.0
Gain/Loss from Investment Activities	-36.3	-19.9	-24.2	-44.3	0.0
Interest Expense	1.3	3.4	5.3	5.8	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-13.5	-18.5	-15.0	-6.1	0.0
Increase/(Decrease) in Receivables	6.8	2.4	-2.8	6.4	0.0
Increase/(Decrease) in Inventory	18.6	37.6	18.4	-55.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.1	1.6	4.4	-41.9	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	0.1	0.1	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.0	-3.6	-5.5	-6.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-0.8	-1.5	-1.7	0.0
Net Cash Flow from Operating Activities	5.1	18.9	-1.8	-104.6	27.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-148.6	-132.3	-50.8	-85.8	-101.8
Receipts from Loan Repayments and Sale of Debt Instruments	204.7	112.6	41.6	116.1	58.5
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	21.1	21.0	48.4	81.9	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	77.5	1.3	39.3	112.2	14.9
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	—	0.6	16.0	37.1	63.9
Repayment of Borrowings	-39.8	-39.2	-32.9	-54.2	-95.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-38.1	0.0	-0.0	-0.0	-0.0
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	-77.9	-38.6	-16.9	-17.0	-31.2
Net Cash Flow During the Period	4.7	-18.4	20.6	-9.4	-8.9
Cash and Cash Equivalents at Beginning of Period	10.6	28.8	8.2	17.5	6.1
FX Difference from Revaluation	-0.0	0.2	-0.0	0.0	0.1
Cash and Cash Equivalents at End of Period	15.4	10.6	28.8	8.2	17.5

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	17.2	1.1	15.5	10.8	14.8	14.1	15.1	24.5	25.0	13.8	32.1	20.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	17.2	1.1	15.5	10.8	14.8	14.1	15.1	24.5	24.9	13.8	32.1	20.9
Cost of Goods Sold	11.9	3.0	14.9	11.9	14.0	14.9	14.3	16.2	23.3	20.0	30.4	30.6
Gross Profit	5.3	-1.9	0.5	-1.1	0.8	-0.8	0.8	8.3	1.7	-6.3	1.7	-9.7
Financial Income	1.4	1.1	1.0	1.4	1.5	3.3	1.6	1.1	2.1	2.0	2.9	6.7
Financial Expenses	0.2	0.1	0.2	0.2	1.2	0.7	2.4	1.1	1.0	2.4	1.7	1.3
Interest Expense	0.2	0.1	0.2	0.2	0.5	0.7	0.8	0.8	1.0	1.3	1.4	1.3
Share of Associates and Joint Ventures	12.7	5.3	8.2	7.9	9.9	3.9	3.7	3.5	2.9	2.5	3.6	2.6
Selling Expenses	0.5	0.3	0.3	0.4	0.4	0.7	0.5	0.7	0.8	1.1	0.9	1.0
General and Administrative Expenses	5.2	7.9	1.1	2.0	1.4	3.7	1.7	1.6	1.4	3.6	2.2	1.8
Operating Profit	13.4	-3.9	8.2	5.6	9.2	1.3	1.4	9.5	3.5	-8.8	3.3	-4.6
Other Income	—	0.1	0.2	—	—	0.0	0.0	1.0	0.0	0.6	0.0	0.0
Other Expenses	0.2	0.1	0.2	0.4	0.1	0.1	0.1	0.6	0.0	0.0	0.0	0.0
Other Profit	-0.2	-0.1	0.1	-0.4	-0.1	-0.1	-0.1	0.4	-0.0	0.6	-0.0	-0.0
Profit Before Tax	13.2	-3.9	8.2	5.2	9.1	1.2	1.3	9.9	3.5	-8.2	3.3	-4.7
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Net Income	13.2	-3.9	8.2	5.2	9.1	1.2	1.3	9.9	3.5	-8.2	3.3	-4.7
Non-controlling Interest	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	13.2	-3.9	8.2	5.2	9.1	1.2	1.3	9.9	3.5	-8.1	3.3	-4.6
Earnings per Share	679.00	-202.00	423.00	266.00	468.00	61.00	69.03	507.78	179.88	-419.14	168.54	-238.24
Diluted EPS	679.39	-202.02	423.20	265.90	468.01	61.23	69.03	507.78	179.88	-419.14	168.54	-238.24

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)	155.3	127.8	121.0	160.5	175.6	193.8	200.8	203.7	199.8	221.7	238.1	237.9
I. Cash and cash equivalents	26.2	15.4	2.5	41.7	6.2	10.6	10.7	17.7	62.4	28.8	17.1	19.3
1. Cash	11.6	4.4	2.5	2.4	6.2	10.6	10.7	16.5	9.1	10.1	11.3	11.5
2. Cash equivalents	14.6	11.0	—	39.3	—	0.0	0.0	1.2	53.3	18.7	5.8	7.8
II. Short-term financial investments	79.0	77.5	68.5	73.7	114.0	133.6	138.9	127.0	79.6	114.0	133.6	127.8
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	79.2	77.5	68.5	73.7	114.0	133.6	138.9	127.0	79.6	114.0	133.6	127.8
4. Provision for short-term investments held to maturity (*)	-0.3	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	35.0	11.4	23.9	15.5	22.1	7.4	9.8	16.0	15.3	14.3	18.2	14.2
1. Short-term trade accounts receivable	60.1	60.2	71.7	65.1	65.2	66.5	66.7	69.8	66.8	66.9	71.8	69.5
2. Short-term prepayments to suppliers	0.9	0.9	0.9	0.9	1.1	1.0	1.0	0.9	0.9	0.9	0.9	0.9
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	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
6. Other short-term receivables	37.0	13.2	14.2	13.3	19.9	4.6	6.7	10.3	12.6	12.2	11.6	10.2
7. Provision for short-term doubtful debts (*)	-63.0	-63.2	-63.2	-64.0	-64.3	-65.0	-64.9	-65.2	-65.7	-66.5	-66.8	-67.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.5	0.5	0.5	0.5
IV. Inventories	7.3	14.8	17.5	20.6	24.2	32.9	32.6	34.1	33.5	53.7	58.8	65.5
1. Inventories	9.8	22.7	25.1	29.3	32.9	41.3	43.0	44.7	52.1	79.0	79.0	88.6
2. Provision for decline in value of inventories	-2.5	-7.9	-7.6	-8.7	-8.8	-8.4	-10.3	-10.6	-18.6	-25.2	-20.2	-23.1
V. Other short-term assets	7.8	8.8	8.6	8.9	9.0	9.2	8.8	8.9	9.0	10.9	10.4	11.1
1. Short-term prepayments	0.0	0.1	—	0.2	—	0.0	0.0	0.0	0.1	0.1	0.1	0.2
2. Value added tax to be reclaimed	7.7	8.5	8.5	8.6	8.8	8.9	8.2	8.3	8.3	10.2	9.7	10.1
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.3	0.3	0.5	0.5	0.6	0.6	0.6	0.9
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)	159.2	173.9	184.0	176.2	168.6	173.4	171.5	168.2	171.0	168.4	174.4	171.2
I. Long-term receivables	13.7	16.8	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0
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	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0
7. Provision for long-term doubtful debts	-7.3	-4.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3.3	3.6	3.9	4.1	4.4	4.7	5.0	5.3	5.6	5.9	6.2	6.5
1. Tangible fixed assets	3.3	3.6	3.9	4.1	4.4	4.7	5.0	5.3	5.6	5.9	6.2	6.5
- Cost	128.2	—	—	—	—	129.5	129.5	129.5	129.5	129.5	129.5	129.5
- Accumulated depreciation	-124.9	—	—	—	—	-124.8	-124.5	-124.2	-123.9	-123.7	-123.4	-123.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	3.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.1	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	135.4	146.7	152.2	144.0	136.1	140.5	138.3	134.6	137.0	134.1	139.6	136.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	135.4	146.7	152.2	144.0	136.1	140.5	138.3	134.6	137.0	134.1	139.6	136.1
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	6.8	6.8	6.9	7.0	7.0	7.1	7.2	7.3	7.3	7.4	7.5	7.7
1. Long-term prepayments	6.8	6.8	6.9	7.0	7.0	7.1	7.2	7.3	7.3	7.4	7.5	7.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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)	314.4	301.7	305.1	336.7	344.2	367.2	372.2	371.9	370.8	390.1	412.5	409.1
A. LIABILITIES (300=210+330)	26.9	26.7	26.1	65.9	38.9	70.6	76.7	76.9	85.7	110.2	124.4	123.7
I. Short -term liabilities	26.2	26.0	25.0	65.6	38.9	70.6	76.6	76.8	85.6	110.1	124.3	123.2
1. Short-term trade accounts payable	1.8	1.9	1.7	1.8	1.7	5.7	2.3	2.6	2.0	2.0	3.0	3.9
2. Short-term advances from customers	1.1	—	0.1	0.1	0.0	0.7	0.0	0.9	1.1	1.1	1.1	1.4
3. Dividends and profits payable	1.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.1	10.1	10.2	10.3	10.0	10.1	10.1	10.0	10.5	10.3	10.3	10.1
4. Payable to employees	0.3	1.2	0.0	0.5	0.3	1.1	0.2	0.2	0.2	1.2	0.2	0.2
5. Short-term acrrued expenses	1.8	1.6	1.4	2.7	2.5	2.9	3.3	2.6	1.9	2.8	4.1	3.0
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	1.8	2.7	2.9	41.1	2.4	2.8	2.7	2.7	2.6	2.8	2.5	3.0
10. Short-term borrowings and financial leases	7.1	7.5	7.8	8.1	21.4	46.7	57.3	57.1	66.3	88.4	101.7	100.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	0.9	0.9	0.6	0.7	0.7	0.8	1.1	1.5	1.5	1.1
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	0.7	0.7	1.0	0.3	—	0.0	0.1	0.1	0.1	0.1	0.1	0.5
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	0.7	0.7	1.0	0.3	—	0.0	0.1	0.1	0.1	0.1	0.1	0.5
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	287.5	275.0	279.0	270.8	305.3	296.6	295.6	294.9	285.1	279.9	288.1	285.4
I. Owner's equity	287.5	275.0	279.0	270.8	305.3	296.6	295.6	294.9	285.1	279.9	288.1	285.4
1. Owner's capital	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3	194.3
- Common stock with voting right	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00	194,289,130,000.00
- 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	—	0.2	0.2	0.2	0.2	0.0	0.0	0.2	0.0	0.0	0.0	0.2
8. Investment and development fund	0.2	—	—	—	—	0.2	0.2	0.0	0.2	0.2	0.2	0.0
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	—	80.6	—	—	110.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	93.1	—	84.5	76.3	—	102.1	101.1	100.4	90.6	85.4	93.6	90.9
- Accumulated retained earning at the end of the previous period	79.9	—	62.0	62.0	—	87.1	87.1	87.1	87.1	97.6	97.6	98.9
- Undistributed earnings in this period	13.2	—	22.5	14.3	—	15.1	14.0	13.4	3.5	-12.2	-4.1	-8.0
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	-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)	314.4	301.7	305.1	336.7	344.2	367.2	372.2	371.9	370.8	390.1	412.5	409.1

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	13.2	7.0	-3.5	5.2	9.1	0.0	-12.7	12.7	0.0	-10.6	7.4	-7.4
Depreciation of Fixed Assets and Investment Property	0.3	0.4	0.3	0.4	0.3	0.0	-0.7	0.7	0.0	1.4	-0.7	0.7
Provision (Increase)/Reversal	-3.0	5.2	-1.9	-0.4	-0.6	0.0	13.5	-13.5	0.0	14.1	-13.8	13.8
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.0	-0.7	0.7	0.0	0.2	-0.2	0.0	-1.0	2.8	-2.8
Gain/Loss from Investment Activities	-37.9	-19.3	3.5	-6.3	-14.3	0.0	9.2	-9.2	0.0	-24.2	4.5	-4.5
Interest Expense	-0.2	0.4	0.2	1.1	-0.5	0.0	-1.8	1.8	0.0	5.3	-2.7	2.7
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	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-27.6	-6.2	-1.4	-0.6	-5.3	0.0	7.7	-7.7	0.0	-15.0	-2.4	2.4
Increase/(Decrease) in Receivables	25.0	12.6	-7.7	-2.2	4.0	0.0	2.3	-2.3	0.0	-2.8	12.4	-12.4
Increase/(Decrease) in Inventory	12.9	2.4	4.2	3.6	8.4	0.0	-34.3	34.3	0.0	18.4	-8.8	8.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.4	0.9	-1.9	0.3	-4.5	0.0	-1.0	1.0	0.0	4.4	-3.4	3.4
Increase/(Decrease) in Prepaid Expenses	0.2	-0.2	0.0	-0.1	0.1	0.0	-0.1	0.1	0.0	0.1	-0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-0.0	0.0	-1.0	0.0	2.3	-2.3	0.0	-5.5	2.7	-2.7
Corporate Income Tax Paid	—	—	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.2	0.7	-0.7	0.7	-1.7	2.2	-1.7
Other Operating Payments	—	-0.0	-0.0	-0.5	-0.1	-2.1	-4.6	1.4	-2.1	7.5	-8.3	1.1
Net Cash Flow from Operating Activities	10.8	9.6	-6.6	0.5	1.6	-1.5	1.1	2.8	19.6	-1.4	1.2	-3.2
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-77.5	0.0	-71.1	—	0.0	117.7	-117.7	0.0	-50.8	28.6	-28.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	68.5	5.2	111.4	19.6	0.0	-104.8	104.8	0.0	41.6	-6.5	6.5
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	—	13.0	-0.0	7.8	0.4	2.6	7.8	8.1	2.4	9.3	2.4	35.4
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	—	4.2	5.2	48.2	20.0	10.5	-6.8	-38.1	35.7	28.2	-3.5	8.9
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	0.0	0.6	1.8	0.6	4.2
Repayment of Borrowings	—	-0.9	0.3	-13.2	-26.0	-9.3	-1.2	-9.5	-22.2	-16.9	0.1	-7.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-38.1	—	—	0.0	-0.0	0.0	0.0	0.0	-0.0	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	-0.0	-0.9	-37.8	-13.2	-26.0	-9.3	-1.2	-9.5	-21.7	-15.0	0.7	-3.5
Net Cash Flow During the Period	10.8	12.8	-39.2	35.5	-4.4	-0.3	-6.8	-44.8	33.6	11.8	-1.6	2.1
Cash and Cash Equivalents at Beginning of Period	15.4	2.5	41.7	6.2	10.6	28.8	28.8	28.8	28.8	8.2	8.2	8.2
FX Difference from Revaluation	—	-0.0	-0.0	-0.0	0.0	0.2	-0.2	0.1	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	26.2	15.4	2.5	41.7	6.2	10.6	10.7	17.7	62.4	28.8	17.1	18.6

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VNP

What Is Changing

Drivers of VNP'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