VNY

Thuốc thú y Trung ương I ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.88%, +4.40pp YoY

Price

3,700

Latest close

29 May 2026

P/E 6.73x

P/B 0.54x

EPS 550

BVPS 6,813

ROE 8.4%

ROA 5.6%

Profit Margin 7.9%

Asset Turnover 0.71x

Equity Mult. 1.49x

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

What Is Changing

On a TTM 2026Q1 basis, VNY has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 113bn
	                                
+4.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 9bn
	                                
+136.0%YoY

Metric	2025	2024	2023	2022
Revenue	111.7	109.1	94.3	138.6
Growth	+2%	+16%	-32%	—
Net Income	8.5	3.8	3.4	5.6
Net Margin	7.57%	3.46%	3.58%	4.04%

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	24.5	32.0	30.7	26.1	22.9	33.4	23.0	29.5	24.3	26.6	22.4	21.4
Growth	-23%	+4%	+18%	+14%	-32%	+45%	-22%	+22%	-9%	+18%	+5%	—
Net Income	1.1	4.3	1.1	2.5	0.6	1.7	0.6	0.9	0.2	1.8	0.5	0.5
Net Margin	4.35%	13.34%	3.55%	9.58%	2.59%	5.13%	2.64%	2.95%	0.94%	6.68%	2.38%	2.28%

Drivers of VNY's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 3.4bn

Other profit ↑ 1.5bn

Gross profit ↑ 1.0bn

Tax ↑ 1.2bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 0.4bn

Gross profit ↑ 0.3bn

Financial income ↑ 0.2bn

Finance costs ↓ 0.1bn

Administrative expenses ↑ 0.2bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.8% = 3.5% × 0.71 × 1.53

2026Q1 8.4% = 7.9% × 0.71 × 1.49

ROE rose from 3.8% to 8.4% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 7.9% +4.4pp Asset turnover: 0.71x +0.00x Leverage: 1.49x -0.04x

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 7.88%, rising 4.4pp. Core operating signals are improving as SG&A / Revenue fell 4.0pp are enough to offset pressure from Gross margin fell 0.1pp (with additional support from Other profit / Revenue rose 1.3pp and Net financial result / Revenue rose 0.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 7.88% +4.4pp

Gross Margin 25.31% −0.1pp

SG&A / Revenue 17.50% −4.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 15.8 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 7.99%, rising 4.3pp. That translates to 7.99 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.3pp, with capital turnover broadly stable; with invested capital holding roughly steady.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 7.99% +4.3pp

NOPAT Margin 6.26% +3.3pp

Capital Turnover 1.28x +0.02x

Average Invested Capital 88.8bn +2.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.49x equity, with a net cash position equivalent to 0.19x equity.

Inventory ended the period at 18.8bn, roughly 11.5% of total assets.

Over the last 12 months, working capital absorbed 1.5bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −5.5bn

Inventories decreased → higher CFO: +8.0bn

Payables decreased → lower CFO: −4.0bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 15.8 days versus the same period last year. The main moves came from DIO fell 7.5 days, DSO rose 15.7 days, and DPO fell 7.7 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +15.8 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +15.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 47.9 days +15.7 days

Inventory 93.8 days −7.5 days

Payables 99.9 days −7.7 days

Cash Conversion Cycle 41.8 days +15.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 11.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.19x and interest coverage at 14.75x.

At present, cash equals 281.4% of debt and total debt stands at 11.8bn.

Leverage and liquidity trend

Net Debt / Equity -0.19x −0.06x

Interest Coverage 14.75x +9.36x

Cash / Debt 281.4% +66.1pp

Short-term Debt / Total Debt — —

CFO / NI 1.09x +0.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.3bn in 2025, against investing cash flow of -1.2bn.

Post-investment cash flow was positive +10.1bn. Financing cash flow was positive 0.0bn.

CFO / net income was 1.09x.

After spending +2.7bn on fixed-asset investment, the business generated trailing free cash flow of +7.0bn.

Cash Conversion

CFO TTM 9.7bn +7.8bn

Cash Capex 2.7bn +1.1bn

FCF TTM +7.0bn +6.7bn

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 4.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.88% after expanding 4.4pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.09x. Even so, net financial result still accounts for 20.5% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022
Revenue	116.5	112.8	97.6	141.8
Revenue Deductions	4.8	3.7	3.3	3.2
Net Revenue	111.7	109.1	94.3	138.6
Cost of Goods Sold	83.2	81.9	70.9	111.4
Gross Profit	28.5	27.2	23.4	27.2
Financial Income	0.6	0.6	0.5	0.8
Financial Expenses	0.7	0.9	0.7	2.0
Interest Expense	—	0.0	0.0	0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	10.2	12.8	11.8	12.8
General and Administrative Expenses	9.8	9.9	9.0	9.3
Operating Profit	8.5	4.3	2.6	3.8
Other Income	2.6	1.0	1.8	3.4
Other Expenses	0.3	0.2	0.1	1.0
Other Profit	2.3	0.8	1.7	2.4
Profit Before Tax	10.8	5.1	4.3	6.2
Current Income Tax Expense	2.4	1.3	0.9	0.6
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	8.5	3.8	3.4	5.6
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	8.5	3.8	3.4	5.6
Earnings per Share	508.00	220.00	211.00	393.00
Diluted EPS	508.00	220.00	211.00	344.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	70.3	59.7	50.4	56.0
I. Cash and cash equivalents	38.3	28.2	24.2	20.2
1. Cash	13.3	6.9	10.7	9.6
2. Cash equivalents	25.1	21.3	13.4	10.6
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	12.1	10.3	6.7	17.3
1. Short-term trade accounts receivable	14.2	11.5	8.9	14.8
2. Short-term prepayments to suppliers	0.8	1.6	0.8	3.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	4.3	4.5	4.3	6.8
7. Provision for short-term doubtful debts (*)	-7.3	-7.3	-7.3	-7.3
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	18.8	19.4	17.4	17.6
1. Inventories	19.0	21.3	19.3	19.0
2. Provision for decline in value of inventories	-0.1	-1.9	-1.8	-1.4
V. Other short-term assets	1.1	1.8	2.1	1.0
1. Short-term prepayments	0.3	0.3	0.4	0.2
2. Value added tax to be reclaimed	0.7	1.3	1.7	0.8
3. Taxes and other receivables from state authorities	0.0	0.2	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	92.8	96.1	100.7	91.4
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	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
II. Fixed assets	90.3	94.7	99.6	86.3
1. Tangible fixed assets	89.2	93.5	98.3	84.9
- Cost	165.9	165.2	164.1	145.6
- Accumulated depreciation	-76.7	-71.7	-65.9	-60.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	1.1	1.2	1.3	1.5
- Cost	2.4	2.4	2.4	2.4
- Accumulated depreciation	-1.3	-1.2	-1.1	-1.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	0.0	0.0	4.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.3	0.0	0.0	4.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	0.9	0.9	0.9	0.9
4. Provision for diminution in value of long-term investments	-0.9	-0.9	-0.9	-0.9
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	2.2	1.3	1.1	1.0
1. Long-term prepayments	2.2	1.3	1.1	1.0
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	163.1	155.8	151.2	147.4
A. LIABILITIES (300=210+330)	53.5	54.4	53.4	72.7
I. Short -term liabilities	41.1	42.0	41.5	42.3
1. Short-term trade accounts payable	22.6	23.9	25.6	24.9
2. Short-term advances from customers	0.1	0.3	0.0	0.7
3. Taxes and other payables to state authorities	2.4	1.6	1.0	2.2
4. Payable to employees	6.6	6.4	5.3	4.7
5. Short-term acrrued expenses	3.8	4.4	4.2	4.1
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0
9. Other short-term payables	5.0	4.7	4.8	5.1
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.7	0.7	0.7
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	12.3	12.3	11.8	30.4
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.5	0.0	0.6
8. Long-term borrowings and financial leases	11.8	11.8	11.8	29.8
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	109.6	101.4	97.8	74.7
I. Owner's equity	109.6	101.4	97.8	74.7
1. Owner's capital	162.5	162.5	162.5	142.5
- Common stock with voting right	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	142,499,690,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	0.3	0.3	0.3	0.3
5. Treasury shares	-130,000.00	-130,000.00	-130,000.00	-130,000.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	3.6	3.6	3.6	3.6
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	-56.7	-64.9	-68.5	-71.7
- Accumulated retained earning at the end of the previous period	-64.9	-68.5	-71.7	-77.2
- Undistributed earnings in this period	8.3	3.6	3.1	5.6
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	163.1	155.8	151.2	147.4

Item	2025	2024	2023	2022
Profit Before Tax	10.8	5.1	4.3	6.2
Depreciation of Fixed Assets and Investment Property	5.8	6.1	5.3	6.6
Provision (Increase)/Reversal	-1.7	0.0	0.4	-0.1
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	0.0	-0.3
Gain/Loss from Investment Activities	-0.6	-0.5	-0.5	-0.3
Interest Expense	—	0.0	0.0	0.1
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	14.3	10.8	9.6	12.2
Increase/(Decrease) in Receivables	-1.0	-3.2	-7.6	10.9
Increase/(Decrease) in Inventory	2.4	-2.0	-0.3	9.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.7	0.3	15.3	-22.6
Increase/(Decrease) in Prepaid Expenses	-0.9	-0.1	0.6	-0.3
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.1
Corporate Income Tax Paid	-1.5	-0.7	-0.4	-0.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.2	-0.2	-0.3
Net Cash Flow from Operating Activities	11.3	4.8	16.9	8.8
Payments for Fixed Assets and Other Long-term Assets	-1.8	-1.2	-15.4	-5.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	0.4	0.5	0.3
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.2	-0.8	-15.0	-4.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	20,000,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	2.0	8.7
Repayment of Borrowings	—	0.0	-20.0	-10.1
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	2.0	-1.4
Net Cash Flow During the Period	10.1	4.0	4.0	2.4
Cash and Cash Equivalents at Beginning of Period	28.2	24.2	20.2	17.8
FX Difference from Revaluation	0.0	0.0	0.0	-0.1
Cash and Cash Equivalents at End of Period	38.3	28.2	24.2	20.2

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	27.0	32.1	33.2	27.4	23.8	33.4	24.6	30.7	25.2	27.0	23.4	22.1
Revenue Deductions	2.4	0.1	2.5	1.3	0.9	0.0	1.6	1.1	1.0	0.4	1.0	0.8
Net Revenue	24.5	32.0	30.7	26.1	22.9	33.4	23.0	29.5	24.3	26.6	22.4	21.4
Cost of Goods Sold	18.8	21.6	23.7	20.5	17.4	24.6	17.0	22.1	19.1	19.0	16.8	16.3
Gross Profit	5.7	10.4	7.0	5.6	5.4	8.8	6.0	7.5	5.1	7.5	5.7	5.1
Financial Income	0.3	0.3	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.1	0.1	0.2
Financial Expenses	0.1	0.1	0.1	0.3	0.1	0.3	0.1	0.3	0.2	0.1	0.3	0.1
Interest Expense	—	—	—	—	—	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	2.1	2.2	3.1	2.4	2.5	4.2	3.1	3.4	2.7	4.1	2.5	2.7
General and Administrative Expenses	2.4	2.7	2.4	2.5	2.2	2.5	2.8	2.6	2.0	2.8	2.2	1.9
Operating Profit	1.4	5.7	1.5	0.5	0.7	2.0	0.2	1.2	0.3	0.5	0.7	0.7
Other Income	0.0	0.0	-0.1	2.7	0.0	0.4	0.6	0.0	0.0	1.7	0.0	0.0
Other Expenses	0.0	0.2	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.1	-0.2	2.6	0.0	0.2	0.6	-0.0	0.0	1.7	-0.0	-0.0
Profit Before Tax	1.4	5.5	1.3	3.1	0.7	2.3	0.7	1.2	0.3	2.2	0.7	0.6
Current Income Tax Expense	0.3	1.3	0.2	0.6	0.2	0.6	0.1	0.3	0.1	0.5	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.1	4.3	1.1	2.5	0.6	1.7	0.6	0.9	0.2	1.8	0.5	0.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.1	4.3	1.1	2.5	0.6	1.7	0.6	0.9	0.2	1.8	0.5	0.5
Earnings per Share	66.00	263.00	67.00	154.00	36.00	105.00	37.00	54.00	14.00	109.00	33.00	30.00
Diluted EPS	66.00	263.00	67.00	154.00	36.00	211.00	37.43	53.68	14.06	109.29	32.81	30.00

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)	68.2	70.4	60.9	64.5	61.1	59.7	56.3	56.1	50.6	50.3	38.5	57.9
I. Cash and cash equivalents	33.2	38.4	29.1	22.2	25.4	28.2	22.2	27.0	24.6	24.2	9.6	20.2
1. Cash	3.6	13.3	14.2	11.3	10.5	6.9	7.6	3.7	1.6	10.7	4.3	14.7
2. Cash equivalents	29.6	25.1	14.9	10.9	14.9	21.3	14.7	23.3	23.0	13.4	5.3	5.5
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	16.7	12.2	14.2	14.4	10.0	10.3	12.0	9.5	6.9	6.7	11.6	13.8
1. Short-term trade accounts receivable	18.6	14.4	15.5	15.7	11.2	11.5	13.5	10.8	8.0	8.9	12.9	7.5
2. Short-term prepayments to suppliers	0.9	0.8	1.0	1.1	1.2	1.6	1.0	1.3	0.9	0.8	0.8	8.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.5	4.3	4.9	4.9	4.9	4.5	4.8	4.7	5.2	4.3	5.2	4.7
7. Provision for short-term doubtful debts (*)	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	17.6	18.7	16.5	25.8	23.9	19.4	20.4	18.0	17.4	17.3	15.1	22.4
1. Inventories	17.7	19.0	16.8	27.9	25.8	21.3	22.2	19.8	19.2	19.1	16.6	23.9
2. Provision for decline in value of inventories	-0.1	-0.2	-0.2	-2.1	-1.9	-1.9	-1.8	-1.8	-1.8	-1.9	-1.4	-1.4
V. Other short-term assets	0.7	1.1	1.1	2.1	1.8	1.8	1.7	1.7	1.7	2.2	2.1	1.5
1. Short-term prepayments	0.3	0.3	0.3	0.5	0.2	0.3	0.3	0.4	0.3	0.4	0.2	0.3
2. Value added tax to be reclaimed	0.4	0.7	0.8	1.6	1.6	1.3	1.4	1.4	1.4	1.7	1.8	1.1
3. Taxes and other receivables from state authorities	—	0.0	—	—	0.0	0.2	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)	93.1	92.8	93.4	94.5	95.1	96.1	96.4	97.6	99.1	100.7	102.0	88.9
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	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	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	90.6	90.3	91.7	93.0	93.9	94.7	95.3	96.6	98.1	99.6	82.5	83.8
1. Tangible fixed assets	89.5	89.2	90.6	91.9	92.7	93.5	94.1	95.4	96.8	98.3	81.2	82.4
- Cost	167.5	—	—	—	—	165.2	164.4	164.2	164.2	164.1	145.8	145.8
- Accumulated depreciation	-78.0	—	—	—	—	-71.7	-70.3	-68.8	-67.4	-65.9	-64.6	-63.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	1.3	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	1.0	1.1	1.1	1.1	1.2	1.2	1.2	1.3	0.0	1.3	1.3	1.4
- Cost	2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	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	0.3	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	18.4	4.2
1. Long-term production in progress	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	18.4	4.2
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
4. Provision for diminution in value of long-term investments	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9
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	2.2	2.2	1.7	1.5	1.2	1.3	1.1	0.9	1.0	1.1	1.1	0.9
1. Long-term prepayments	2.2	2.2	1.7	1.5	1.2	1.3	1.1	0.9	1.0	1.1	1.1	0.9
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)	161.4	163.2	154.3	159.0	156.2	155.8	152.6	153.7	149.7	151.0	140.5	146.8
A. LIABILITIES (300=210+330)	50.7	53.6	48.7	54.5	54.2	54.8	53.1	54.8	51.7	53.2	44.2	51.1
I. Short -term liabilities	38.3	41.2	36.3	42.2	41.9	42.4	40.8	42.4	39.8	41.4	32.1	40.7
1. Short-term trade accounts payable	21.9	22.6	16.5	24.6	24.5	24.0	23.3	24.6	23.3	25.5	16.1	24.5
2. Short-term advances from customers	0.2	0.3	0.3	0.3	0.7	0.3	0.3	0.4	0.8	0.0	0.2	0.1
3. Taxes and other payables to state authorities	0.9	2.3	1.6	1.1	0.6	1.4	1.2	1.0	0.7	1.0	0.8	1.8
4. Payable to employees	5.3	6.7	3.9	4.4	5.5	6.4	3.9	3.9	4.6	4.6	3.8	3.8
5. Short-term acrrued expenses	3.6	3.8	7.0	6.7	4.7	4.9	6.7	6.7	4.5	4.7	4.9	4.1
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	0.0
9. Other short-term payables	5.9	4.9	6.6	4.6	5.2	4.7	4.9	5.2	5.2	4.8	5.6	5.7
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.6	0.6	0.4	0.4	0.7	0.7	0.5	0.5	0.7	0.7	0.7	0.7
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	12.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3	11.8	11.8	12.1	10.4
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.3	0.6
8. Long-term borrowings and financial leases	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	9.8
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)	110.7	109.6	105.6	104.5	102.0	101.0	99.5	98.9	98.0	97.8	96.3	95.8
I. Owner's equity	110.7	109.6	105.6	104.5	102.0	101.0	99.5	98.9	98.0	97.8	96.3	95.8
1. Owner's capital	162.5	162.5	162.5	162.5	162.5	162.5	162.5	162.5	162.5	162.5	162.5	162.5
- Common stock with voting right	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00	162,499,690,000.00
- 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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
5. Treasury shares	-130,000.00	-130,000.00	-130,000.00	-130,000.00	-130,000.00	-130,000.00	-130,000.00	-130,000.00	-130,000.00	-130,000.00	-130,000.00	-130,000.00
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	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
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	-55.6	-56.7	-60.8	-61.9	-64.4	-65.3	-66.8	-67.4	-68.3	-68.5	-70.0	-70.6
- Accumulated retained earning at the end of the previous period	-56.7	-64.9	-64.9	-64.9	-64.9	-68.5	-68.5	-68.5	-68.5	-71.7	-71.7	-71.7
- Undistributed earnings in this period	1.1	8.3	4.2	3.1	0.6	3.2	1.7	1.1	0.2	3.1	1.6	1.1
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)	161.4	163.2	154.3	159.0	156.2	155.8	152.6	153.7	149.7	151.0	140.5	146.8

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	1.4	5.6	1.3	3.1	0.7	2.3	0.7	1.2	0.3	2.2	0.7	0.6
Depreciation of Fixed Assets and Investment Property	1.3	1.4	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.3	1.3	1.3
Provision (Increase)/Reversal	—	-0.1	-1.8	0.2	—	0.0	0.0	0.0	0.0	0.4	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.0	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.4	0.0	-0.2	-0.0	-0.3	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2.5	6.4	1.0	4.6	2.2	3.5	2.2	2.7	1.8	3.9	1.9	1.8
Increase/(Decrease) in Receivables	-4.3	2.2	1.1	-4.5	0.2	1.5	-2.5	-2.2	-0.1	-7.0	-1.0	-7.1
Increase/(Decrease) in Inventory	1.2	-2.2	11.1	-2.1	-4.4	1.0	-2.4	-0.6	0.1	-2.7	7.3	-1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.1	4.4	-6.2	-1.1	1.2	1.0	-1.5	2.3	-1.1	21.2	-6.7	-13.4
Increase/(Decrease) in Prepaid Expenses	0.0	-1.3	0.7	-0.2	-0.2	-0.3	-0.1	0.0	0.3	0.6	-0.1	0.1
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	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.0	-0.4	0.0	0.0	-1.2	-0.3	-0.3	0.3	-0.4	-0.1	-0.1	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Payments	—	-0.0	-0.0	-0.2	—	0.0	-0.0	-0.2	0.0	-0.2	0.0	-0.0
Net Cash Flow from Operating Activities	-3.7	9.2	7.7	-3.4	-2.2	6.5	-4.6	2.2	0.4	15.7	1.2	-19.6
Payments for Fixed Assets and Other Long-term Assets	-1.6	-0.3	-0.8	-0.0	-0.6	-0.8	-0.2	-0.0	-0.0	-0.9	-14.2	5.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
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	0.2	0.3	-0.1	0.2	0.0	0.3	0.1	0.1	0.1	-0.3	0.1	0.5
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	-1.4	0.1	-0.8	0.2	-0.6	-0.5	-0.1	0.1	0.1	-1.1	-14.2	5.6
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	0.0	0.0	2.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.4	-0.4
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	0.0	0.0	0.0	0.0	2.4	-0.4
Net Cash Flow During the Period	-5.1	9.3	6.9	-3.2	-2.8	6.0	-4.7	2.3	0.5	14.5	-10.6	-14.4
Cash and Cash Equivalents at Beginning of Period	38.3	29.1	22.2	25.4	28.2	24.2	24.2	24.2	24.2	20.2	20.2	20.2
FX Difference from Revaluation	—	0.0	0.0	0.0	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.2	38.3	29.1	22.2	25.4	28.2	22.2	27.0	24.6	24.2	9.6	20.2

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VNY

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Cash Flow