VSI

Đầu tư và Xây dựng Cấp thoát nước ·HOSE ·2026Q1

● Maintaining

Capital efficiency needs cycle context ROE 15.94%

Price

21,600

Latest close

03 Jun 2026

P/E 7.31x

P/B 1.32x

EPS 2,954

BVPS 16,336

ROE 18.7%

ROA 7.7%

Profit Margin 6.6%

Asset Turnover 1.18x

Equity Mult. 2.43x

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

What Is Changing

On a TTM 2026Q1 basis, VSI posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 595bn
	                                
+111.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 39bn
	                                
+43.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	572.8	251.7	465.0	336.7	256.6
Growth	+128%	-46%	+38%	+31%	—
Net Income	36.7	24.1	25.7	24.2	30.7
Net Margin	6.41%	9.58%	5.52%	7.17%	11.96%

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	110.2	196.2	130.1	158.3	88.2	106.1	47.5	40.2	58.9	167.1	148.9	99.7
Growth	-44%	+51%	-18%	+79%	-17%	+124%	+18%	-32%	-65%	+12%	+49%	—
Net Income	9.8	13.7	8.5	7.2	6.5	9.5	7.0	4.4	3.3	3.9	7.9	9.0
Net Margin	8.90%	6.96%	6.54%	4.52%	7.35%	8.97%	14.66%	10.99%	5.60%	2.36%	5.28%	9.02%

Drivers of VSI's profit

TTM

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

Gross profit ↑ 12.9bn

Tax ↑ 2.2bn

TTM

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

Gross profit ↑ 2.6bn

Finance costs ↓ 0.5bn

Administrative expenses ↓ 0.4bn

Tax ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.7% = 9.7% × 0.56 × 2.51

2026Q1 18.8% = 6.6% × 1.18 × 2.43

ROE rose from 13.7% to 18.8% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 6.6% -3.1pp Asset turnover: 1.18x +0.61x Leverage: 2.43x -0.08x

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 6.58%, losing 3.1pp. The main pressure is Gross margin fell 11.2pp, outweighing the improvement in SG&A / Revenue fell 6.0pp (with additional support from Net financial result / Revenue rose 1.5pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 6.58% −3.1pp

Gross Margin 14.25% −11.2pp

SG&A / Revenue 5.22% −6.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 15.9% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 15.94%, rising 4.9pp. That translates to 15.94 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 1.27x was enough to offset the contraction in NOPAT margin narrowed 3.1pp, with invested capital holding roughly steady.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 15.94% +4.9pp

NOPAT Margin 6.62% −3.1pp

Capital Turnover 2.41x +1.27x

Average Invested Capital 246.9bn −1.6bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.66x equity, net debt at 0.00x 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 23.8 days versus the same period last year. The main moves came from DIO fell 27.7 days, DSO fell 50.2 days, and DPO fell 54.1 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables 51.4 days −50.2 days

Inventory 32.1 days −27.7 days

Payables 40.8 days −54.1 days

Cash Conversion Cycle 42.6 days −23.8 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 0.00x and interest coverage at 5.96x.

At present, short-term debt accounts for 8.2% of total debt, cash equals 98.6% of debt, and total debt stands at 77.2bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Leverage and liquidity trend

Net Debt / Equity 0.00x −0.37x

Interest Coverage 5.96x +2.27x

Cash / Debt 98.6% +67.6pp

Short-term Debt / Total Debt 8.2% −11.1pp

CFO / NI 3.27x +4.77x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 69.5bn in 2025, against investing cash flow of -2.6bn.

Post-investment cash flow was positive +67.0bn. Financing cash flow was negative +38.8bn.

CFO / net income was 3.27x.

After spending +4.2bn on fixed-asset investment, the business generated trailing free cash flow of +123.4bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 127.6bn +167.8bn

Cash Capex 4.2bn +1.4bn

FCF TTM +123.4bn +166.4bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 3.27x. The next item to monitor is capital efficiency, with ROIC at 15.9%. The main risk still sits in core profitability, with net margin down 3.1 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.27x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 6.58% after a 3.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	572.8	251.7	465.0	336.7	256.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	572.8	251.7	465.0	336.7	256.6
Cost of Goods Sold	489.8	182.4	393.3	266.7	0.0
Gross Profit	83.0	69.3	71.7	70.1	57.5
Financial Income	3.1	2.4	4.2	4.2	19.5
Financial Expenses	8.7	10.0	18.0	20.1	-15.9
Interest Expense	8.7	10.0	18.0	20.1	-20.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.7	0.4	0.2	0.4	-1.1
General and Administrative Expenses	30.8	31.6	22.9	22.9	-23.0
Operating Profit	45.9	29.7	34.8	30.9	37.0
Other Income	0.1	0.4	0.5	0.2	0.0
Other Expenses	0.7	0.3	1.1	0.3	0.0
Other Profit	-0.6	0.1	-0.6	-0.2	0.5
Profit Before Tax	45.3	29.8	34.1	30.7	37.6
Current Income Tax Expense	8.7	6.4	7.4	6.2	-6.9
Deferred Income Tax Expense	-0.1	-0.7	1.1	0.4	0.0
Net Income	36.7	24.1	25.7	24.2	30.7
Non-controlling Interest	0.1	0.4	-0.6	-0.2	-0.2
Profit Attributable to Parent	36.6	23.7	26.3	24.4	30.8
Earnings per Share	2,463.00	1,794.00	1,990.00	1,846.00	2,332.00
Diluted EPS	2,774.14	1,794.43	1,989.59	1,845.52	2,335.99

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	280.8	242.9	211.5	216.1	198.4
I. Cash and cash equivalents	131.0	102.8	79.3	60.6	85.3
1. Cash	131.0	21.8	75.7	46.6	0.0
2. Cash equivalents	—	81.0	3.6	14.0	0.0
II. Short-term financial investments	—	0.0	10.0	22.0	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	—	0.0	10.0	22.0	0.0
III. Short-term receivables	103.9	96.2	103.5	116.8	91.1
1. Short-term trade accounts receivable	96.2	71.3	105.4	111.8	0.0
2. Short-term prepayments to suppliers	21.7	38.1	3.2	9.9	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.9	3.9	5.8	6.1	0.0
7. Provision for short-term doubtful debts (*)	-17.0	-17.2	-10.9	-11.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	36.0	30.9	14.4	12.4	14.0
1. Inventories	36.3	31.3	14.8	12.8	0.0
2. Provision for decline in value of inventories	-0.4	-0.4	-0.4	-0.4	0.0
V. Other short-term assets	9.9	13.0	4.3	4.3	7.7
1. Short-term prepayments	9.9	13.0	4.3	4.3	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	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)	266.3	286.3	304.5	319.0	337.6
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	137.3	145.2	157.8	170.2	183.3
1. Tangible fixed assets	119.4	126.7	138.7	150.7	163.2
- Cost	263.1	255.0	252.2	248.4	0.0
- Accumulated depreciation	-143.7	-128.2	-113.4	-97.7	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	17.9	18.5	19.0	19.6	20.1
- Cost	23.6	23.6	23.6	23.6	0.0
- Accumulated depreciation	-5.6	-5.1	-4.6	-4.0	0.0
III. Investment properties	107.8	114.9	121.6	128.3	135.0
- Cost	205.7	206.5	206.5	206.5	0.0
- Accumulated depreciation	-97.9	-91.6	-84.9	-78.2	0.0
IV. Long-term assets in progress	17.0	21.5	19.6	14.1	14.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	17.0	21.5	19.6	14.1	0.0
V. Long-term financial investments	2.9	2.9	2.9	2.9	2.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	4.5	4.5	4.5	4.5	0.0
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.6	-1.6	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	1.3	1.9	2.7	3.5	0.0
1. Long-term prepayments	0.5	0.7	1.1	1.8	0.0
2. Deferred income tax assets	0.7	0.7	0.7	0.3	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	2.4
5. Goodwill	0.1	0.5	0.9	1.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	547.0	529.3	516.0	535.1	536.1
A. LIABILITIES (300=210+330)	341.2	337.2	321.6	336.6	318.8
I. Short -term liabilities	228.3	207.0	162.7	144.4	96.7
1. Short-term trade accounts payable	82.6	51.0	72.9	36.0	24.5
2. Short-term advances from customers	80.5	69.9	2.3	19.1	9.5
3. Taxes and other payables to state authorities	7.1	7.5	10.0	7.4	0.0
4. Payable to employees	3.2	2.2	3.3	3.0	0.0
5. Short-term acrrued expenses	10.7	20.0	14.1	36.5	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	12.1	18.3	20.7	13.3	0.0
10. Short-term borrowings and financial leases	10.8	10.5	14.1	10.8	5.7
11. Provision for short-term liabilities	19.5	25.5	22.5	16.2	0.0
12.. Bonus and welfare fund	1.7	2.0	2.8	2.2	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	112.9	130.2	158.9	192.2	222.1
1. Long-term trade payables	0.5	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	4.8	4.9	5.0	5.1	5.3
7. Other long-term liabilities	27.3	27.8	27.1	27.3	0.0
8. Long-term borrowings and financial leases	76.2	93.2	121.7	156.1	187.0
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	4.2	4.3	5.1	3.6	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)	205.8	192.1	194.3	198.5	217.2
I. Owner's equity	205.8	192.0	194.3	198.5	0.0
1. Owner's capital	132.0	132.0	132.0	132.0	217.2
- Common stock with voting right	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	9.6	9.6	9.6	9.6	9.6
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	-30,000.00	-30,000.00	-30,000.00	-30,000.00	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	34.4	34.4	34.4	34.4	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	24.7	11.0	13.7	17.3	35.8
- Accumulated retained earning at the end of the previous period	1.3	1.6	0.7	6.1	30.2
- Undistributed earnings in this period	23.4	9.4	13.1	11.2	5.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	5.0	5.0	4.5	5.1	5.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	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
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)	547.0	529.3	516.0	535.1	536.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-9.1	-6.0	-6.5	-6.0	0.0
Other Operating Receipts	246.8	6.7	16.2	18.4	0.0
Other Operating Payments	-313.1	-59.2	-63.0	-82.6	0.0
Net Cash Flow from Operating Activities	69.5	67.4	61.9	61.7	17.3
Payments for Fixed Assets and Other Long-term Assets	-5.9	-1.1	-2.0	-2.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.3	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
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	3.3	1.7	4.0	2.6	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	-2.6	10.8	14.0	-21.2	73.0
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	70.0	20.1	56.9	38.0	26.3
Repayment of Borrowings	-86.7	-52.2	-87.9	-63.9	-48.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-22.0	-22.6	-26.2	-39.3	-34.8
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	-38.8	-54.7	-57.3	-65.2	-56.7
Net Cash Flow During the Period	28.2	23.5	18.7	-24.7	-34.4
Cash and Cash Equivalents at Beginning of Period	102.8	79.3	60.6	85.3	51.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	131.0	102.8	79.3	60.6	85.3

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	110.2	196.2	130.1	158.3	88.2	106.1	47.5	40.2	58.9	167.1	148.9	99.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	110.2	196.2	130.1	158.3	88.2	106.1	47.5	40.2	58.9	167.1	148.9	99.7
Cost of Goods Sold	91.3	166.5	111.2	140.9	72.0	81.3	29.9	26.9	45.2	148.5	129.9	81.5
Gross Profit	18.8	29.7	18.9	17.3	16.2	24.8	17.6	13.3	13.7	18.5	19.0	18.2
Financial Income	0.6	1.0	0.7	0.8	0.6	1.1	0.5	0.4	0.3	1.0	0.7	1.6
Financial Expenses	1.7	2.0	2.2	2.3	2.2	2.2	2.4	2.3	3.1	3.9	4.4	4.7
Interest Expense	1.7	2.0	2.2	2.3	2.2	2.2	2.4	2.3	3.1	3.9	4.4	4.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.2	0.1	0.2	0.3	0.2	0.1	0.1	0.0	0.1	0.0	0.1
General and Administrative Expenses	5.5	12.3	6.1	6.5	5.9	11.8	7.4	5.9	6.5	8.4	5.3	3.5
Operating Profit	12.1	16.2	11.2	9.2	8.4	11.7	8.2	5.4	4.3	7.1	10.0	11.5
Other Income	—	0.0	—	0.0	0.0	0.1	0.0	0.3	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.3	0.0	0.4	0.0	0.0	0.0	0.2	1.1	0.0	0.0
Other Profit	—	0.0	-0.3	0.0	-0.3	0.1	0.0	0.2	-0.1	-1.1	0.0	0.0
Profit Before Tax	12.1	16.2	10.9	9.2	8.1	11.8	8.3	5.7	4.2	6.1	10.0	11.5
Current Income Tax Expense	2.5	2.5	2.3	2.1	1.7	2.4	1.5	1.6	0.9	1.6	2.1	2.0
Deferred Income Tax Expense	-0.2	0.0	0.1	-0.1	-0.1	-0.1	-0.2	-0.4	0.0	0.5	0.0	0.5
Net Income	9.8	13.7	8.5	7.2	6.5	9.5	7.0	4.4	3.3	3.9	7.9	9.0
Non-controlling Interest	0.1	-0.0	-0.0	0.1	0.0	0.1	0.1	0.2	0.0	-0.2	-0.1	-0.1
Profit Attributable to Parent	9.7	13.7	8.5	7.1	6.4	9.4	6.8	4.2	3.3	4.2	7.9	9.1
Earnings per Share	735.00	1,034.00	647.00	538.00	487.00	716.00	517.00	318.00	249.00	317.00	600.00	682.00
Diluted EPS	734.62	1,034.48	647.08	538.42	487.46	715.81	517.02	318.15	248.73	317.26	600.17	688.05

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)	223.2	280.9	235.8	192.2	237.1	242.9	175.4	156.5	176.5	211.1	217.7	233.1
I. Cash and cash equivalents	76.2	131.0	88.7	78.8	34.2	102.8	74.8	53.3	80.8	79.3	62.1	79.4
1. Cash	8.2	131.0	36.7	13.8	6.1	21.8	22.8	15.3	48.8	75.7	24.5	24.1
2. Cash equivalents	68.0	—	52.0	65.0	28.0	81.0	52.0	38.0	32.0	3.6	37.6	55.2
II. Short-term financial investments	30.1	—	—	—	33.0	0.0	0.0	0.0	0.0	10.0	10.0	10.0
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	30.1	—	—	—	33.0	0.0	0.0	0.0	0.0	10.0	10.0	10.0
III. Short-term receivables	82.1	104.0	92.4	72.5	102.4	96.2	63.3	69.4	77.8	103.5	87.4	105.1
1. Short-term trade accounts receivable	89.7	96.2	85.3	67.3	77.7	71.3	50.6	53.7	79.3	105.4	73.9	85.5
2. Short-term prepayments to suppliers	6.0	21.7	23.5	21.5	38.4	38.1	22.0	22.2	3.4	3.2	17.2	22.9
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	2.9	2.9	3.6	3.5	3.7	3.9	4.6	5.2	6.0	5.8	7.4	7.8
7. Provision for short-term doubtful debts (*)	-16.4	-16.9	-19.9	-19.8	-17.3	-17.2	-13.9	-11.7	-10.9	-10.9	-11.1	-11.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	34.7	36.0	44.1	29.2	54.2	30.9	27.0	26.2	13.8	14.0	54.7	34.1
1. Inventories	35.1	36.3	44.4	29.6	54.6	31.3	27.4	26.6	14.2	14.4	55.1	34.5
2. Provision for decline in value of inventories	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
V. Other short-term assets	—	9.9	10.6	11.7	13.2	13.0	10.4	7.6	4.2	4.3	3.4	4.6
1. Short-term prepayments	—	9.9	10.6	11.7	13.0	13.0	10.4	7.6	4.2	4.3	2.7	3.4
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.7	1.2
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)	269.2	266.3	278.3	279.7	282.4	286.3	291.1	296.4	303.0	304.5	309.0	314.1
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	133.7	137.3	141.4	136.8	141.0	145.2	149.3	153.5	153.8	157.8	161.8	165.8
1. Tangible fixed assets	115.9	119.4	123.4	118.6	122.7	126.7	130.7	134.7	134.9	138.7	142.6	146.5
- Cost	263.1	—	—	—	—	255.0	254.8	255.3	252.3	252.2	252.1	252.0
- Accumulated depreciation	-147.2	—	—	—	—	-128.2	-124.1	-120.6	-117.4	-113.4	-109.5	-105.5
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	17.8	17.9	18.1	18.2	18.3	18.5	18.6	18.7	18.9	19.0	19.2	19.3
- Cost	23.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	106.2	107.8	109.5	111.2	112.8	114.9	116.5	118.2	119.9	121.6	123.3	124.9
- Cost	205.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-99.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	17.0	17.0	23.1	27.2	23.8	21.5	20.3	19.7	24.1	19.6	18.1	17.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	17.0	17.0	23.1	27.2	23.8	21.5	20.3	19.7	24.1	19.6	18.1	17.3
V. Long-term financial investments	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9
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	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6
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	9.5	1.3	1.5	1.7	1.9	1.9	2.2	2.2	1.6	1.8	2.0	2.2
1. Long-term prepayments	8.9	0.5	0.6	0.7	0.8	0.7	0.9	0.8	1.0	1.1	1.3	1.5
2. Deferred income tax assets	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	—	0.1	0.2	0.3	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.5	0.6	0.7	0.8	0.9	1.0	1.1
TOTAL ASSETS (280=100+200)	492.4	547.1	514.1	471.9	519.5	529.3	466.6	452.9	479.5	515.6	526.7	547.2
A. LIABILITIES (300=210+330)	276.7	342.2	309.6	275.9	318.5	337.2	270.8	264.0	281.9	321.7	323.5	352.0
I. Short -term liabilities	169.1	229.3	192.6	155.1	193.0	207.0	137.1	127.1	141.5	162.7	162.1	164.3
1. Short-term trade accounts payable	54.7	82.6	57.1	53.0	58.4	51.0	34.5	32.3	50.3	72.9	72.0	42.1
2. Short-term advances from customers	56.4	80.5	63.2	33.0	58.6	69.9	32.2	28.9	26.5	2.3	23.4	64.9
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.1	7.0	17.5	13.5	5.7	7.5	10.2	4.6	11.5	10.0	8.2	6.2
4. Payable to employees	1.6	3.4	1.0	1.1	1.2	2.2	0.8	0.8	0.9	3.3	1.2	1.0
5. Short-term acrrued expenses	12.6	10.7	3.9	5.7	11.4	20.0	2.0	4.6	10.4	14.1	9.3	8.6
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	11.2	12.1	14.5	14.2	14.0	18.3	15.8	16.2	16.7	20.7	13.1	14.9
10. Short-term borrowings and financial leases	6.3	10.8	12.5	11.3	21.3	10.5	9.6	7.5	0.0	14.1	12.7	6.2
11. Provision for short-term liabilities	18.9	20.3	21.2	20.2	22.0	25.5	29.2	29.2	25.1	22.5	19.3	16.5
12.. Bonus and welfare fund	0.5	1.7	1.8	3.2	0.3	2.0	3.0	3.0	0.0	2.8	2.8	3.9
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	107.7	112.9	116.9	120.8	125.5	130.2	133.7	136.9	140.4	158.9	161.4	187.7
1. Long-term trade payables	0.5	0.5	0.5	0.5	0.5	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	4.8	4.8	4.8	4.8	4.9	4.9	4.9	5.0	5.0	5.0	5.1	5.1
7. Other long-term liabilities	27.5	27.3	27.0	26.7	26.9	27.8	27.9	27.6	27.4	27.1	27.3	27.5
8. Long-term borrowings and financial leases	70.9	76.2	80.4	84.7	88.9	93.2	96.4	99.7	103.0	121.7	124.5	150.6
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	4.0	4.2	4.2	4.1	4.2	4.3	4.4	4.7	5.1	5.1	4.5	4.5
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)	215.6	205.0	204.5	196.0	201.0	192.1	195.7	188.9	197.6	193.9	203.2	195.3
I. Owner's equity	215.6	204.9	204.5	196.0	201.0	192.0	195.7	188.8	197.6	193.9	203.2	195.3
1. Owner's capital	132.0	132.0	132.0	132.0	132.0	132.0	132.0	132.0	132.0	132.0	132.0	132.0
- Common stock with voting right	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00	132,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6
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	-30,000.00	-30,000.00	-30,000.00	-30,000.00	-30,000.00	-30,000.00	-30,000.00	-30,000.00	-30,000.00	-30,000.00	-30,000.00	-30,000.00
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	34.4	34.4	34.4	34.4	34.4	34.4	34.4	34.4	34.4	34.4	34.4	34.4
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	34.4	23.8	23.4	14.9	19.9	11.0	14.8	8.0	17.0	13.3	22.3	14.4
- Accumulated retained earning at the end of the previous period	24.7	10.2	14.9	7.7	13.5	1.6	7.9	3.8	13.7	9.1	14.4	5.3
- Undistributed earnings in this period	9.7	13.7	8.5	7.1	6.4	9.4	6.8	4.2	3.3	4.2	7.9	9.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	5.1	5.0	5.0	5.1	5.0	5.0	4.9	4.8	4.5	4.5	4.8	4.8
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	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	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)	492.4	547.1	514.1	471.9	519.5	529.3	466.6	452.9	479.5	515.6	526.7	547.2

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
Profit Before Tax	12.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	5.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	-1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	1.7	—	—	—	—	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	17.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	23.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-52.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	1.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.8	-3.4	-1.5	-0.0	-4.2	-3.1	-0.1	-1.4	-1.4	-3.3	-1.3	-0.0
Other Operating Receipts	—	—	—	—	—	2.2	1.9	-8.9	11.5	7.0	1.7	5.3
Other Operating Payments	-1.2	-238.4	-10.1	-9.9	-54.7	-18.4	-7.0	-13.6	-20.1	-14.5	-14.4	-15.7
Net Cash Flow from Operating Activities	-15.4	62.9	13.6	66.4	-73.4	42.5	22.4	-31.6	34.1	28.9	1.9	25.5
Payments for Fixed Assets and Other Long-term Assets	-0.0	-3.3	-0.9	-0.0	-1.7	-0.0	-0.1	-1.0	-0.0	1.1	-0.0	-1.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-30.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	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	0.6	1.3	0.6	1.4	0.0	0.6	0.4	0.4	0.3	1.4	0.6	1.2
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	-29.5	-1.9	-0.3	1.4	-1.7	0.7	0.4	9.5	0.3	2.5	0.6	11.7
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	5.1	2.3	22.7	23.6	21.3	10.5	2.1	7.5	0.0	38.0	12.7	6.2
Repayment of Borrowings	-14.7	-8.3	-25.8	-37.9	-14.8	-12.8	-3.3	-3.3	-32.9	-39.4	-32.2	-7.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-12.7	-0.2	-9.0	-0.0	-12.9	-0.1	-9.6	-0.0	-12.9	-0.3	-13.1
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	-10.0	-18.7	-3.4	-23.2	6.5	-15.2	-1.3	-5.4	-32.9	-14.3	-19.7	-14.3
Net Cash Flow During the Period	-54.8	42.3	9.9	44.6	-68.6	28.0	21.5	-27.5	1.5	17.2	-17.2	22.9
Cash and Cash Equivalents at Beginning of Period	131.0	88.7	78.8	34.2	102.8	79.3	79.3	79.3	79.3	60.6	60.6	60.6
FX Difference from Revaluation	-0.0	0.0	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	76.2	131.0	88.7	78.8	34.2	102.8	74.8	53.3	80.8	79.3	62.1	79.4

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VSI

What Is Changing

Drivers of VSI's profit

Financial Highlights

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What is driving the margin? ▼

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Is capital being deployed efficiently? ▲

Balance Sheet ●

Working Capital Efficiency ▲

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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