VTD

Vietourist Holdings ·UPCOM ·2026Q1

● Maintaining

Pre-tax profit relies materially on non-core sources Net financial result/PBT 2.33%

Price

5,100

Latest close

03 Jun 2026

P/E -37.78x

P/B 0.47x

EPS -135

BVPS 10,940

ROE -0.6%

ROA -0.4%

Profit Margin -1.2%

Asset Turnover 0.36x

Equity Mult. 1.45x

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

What Is Changing

On a TTM 2026Q1 basis, VTD has not accelerated revenue, but profitability is improving more visibly — this marks a reversal from the difficult phase before. Notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 138bn
	                                
−17.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 2bn
	                                
+69.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    233.1%
	                                
affects earnings quality

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	19.0	39.2	34.6	45.2	15.6	31.3	54.1	66.8	24.8	52.8	51.6	40.4
Growth	-52%	+13%	-24%	+190%	-50%	-42%	-19%	+169%	-53%	+2%	+28%	—
Net Income	-0.3	-3.1	1.5	0.3	0.5	-8.9	2.0	1.2	1.0	-0.2	0.3	0.6
Net Margin	-1.52%	-7.80%	4.25%	0.59%	3.50%	-28.38%	3.67%	1.75%	4.19%	-0.45%	0.65%	1.43%

Drivers of VTD's profit

TTM

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

Gross profit ↑ 3.7bn

Administrative expenses ↓ 2.3bn

Other profit ↑ 1.1bn

Tax ↓ 0.7bn

Financial income ↓ 3.7bn

Selling expenses ↑ 1.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.5bn

Gross profit ↑ 0.4bn

Tax ↓ 0.1bn

Selling expenses ↑ 1.1bn

Other profit ↓ 0.6bn

Finance costs ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -2.5% = -3.1% × 0.56 × 1.46

2026Q1 -0.6% = -1.2% × 0.36 × 1.45

ROE rose from -2.5% to -0.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: -1.2% +1.9pp Asset turnover: 0.36x -0.19x Leverage: 1.45x -0.02x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -1.17%, rising 1.9pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 1.4pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 2.6pp remained a drag).

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 -1.17% +1.9pp

Gross Margin 14.61% +4.8pp

SG&A / Revenue 11.91% +1.4pp

Non-core / Revenue -4.37% −2.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 2.0pp, financial result still accounts for 261.2% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to -0.41%, rising 1.0pp. That translates to -0.41 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 1.2pp was enough to offset the decline from capital turnover fell 0.20x, with invested capital holding roughly steady.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently -0.41% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -0.41% +1.0pp

NOPAT Margin -0.84% +1.2pp

Capital Turnover 0.48x −0.20x

Average Invested Capital 285.4bn +38.7bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.45x equity, net debt at 0.24x 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

Cash conversion cycle lengthened by 93.2 days versus the same period last year. The main moves came from DIO rose 30.0 days, DSO rose 75.6 days, and DPO rose 12.3 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 193.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +75.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 145.4 days +75.6 days

Inventory 97.0 days +30.0 days

Payables 48.8 days +12.3 days

Cash Conversion Cycle 193.6 days +93.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.24x and interest coverage only at -0.29x.

At present, cash equals 91.3% of debt and total debt stands at 16.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is -0.29x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 0.24x +0.07x

Interest Coverage -0.29x +0.27x

Cash / Debt 91.3% +66.1pp

Short-term Debt / Total Debt — —

CFO / NI -53.37x −84.65x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -45.6bn in 2025, against investing cash flow of -92.0bn.

Post-investment cash flow was negative +137.6bn. Financing cash flow was positive +138.5bn.

CFO / net income was -53.37x.

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 85.9bn +248.3bn

Cash Capex — —

FCF TTM — —

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 operating efficiency, with net margin improving 1.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at -0.4%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -1.17% after expanding 1.9pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 233.1% of PBT and CFO / net income currently at -53.37x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	200.8	181.2	167.8	173.5
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	200.8	181.2	167.8	173.5
Cost of Goods Sold	175.4	162.7	144.8	142.0
Gross Profit	25.3	18.5	23.0	31.5
Financial Income	0.5	2.0	13.0	1.0
Financial Expenses	5.9	4.9	5.8	3.0
Interest Expense	5.9	4.9	5.8	3.0
Share of Associates and Joint Ventures	0.1	-0.0	-3.7	-2.0
Selling Expenses	6.0	5.4	10.6	1.8
General and Administrative Expenses	11.3	13.6	14.7	13.5
Operating Profit	2.6	-3.4	1.0	12.3
Other Income	0.0	0.4	0.4	0.0
Other Expenses	0.1	2.1	0.3	0.2
Other Profit	-0.1	-1.7	0.1	-0.2
Profit Before Tax	2.6	-5.1	1.2	12.1
Current Income Tax Expense	0.2	0.3	0.5	1.4
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	2.4	-5.4	0.7	10.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	2.4	-5.4	0.7	10.7
Earnings per Share	107.00	-452.00	56.00	1,378.00
Diluted EPS	107.00	-452.00	56.00	1,378.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	234.7	158.2	96.9	105.8
I. Cash and cash equivalents	14.0	13.1	15.5	4.2
1. Cash	13.2	13.1	15.5	4.2
2. Cash equivalents	0.8	0.0	0.0	0.0
II. Short-term financial investments	0.5	7.7	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	0.5	7.7	0.0	0.0
III. Short-term receivables	214.0	129.1	72.4	95.7
1. Short-term trade accounts receivable	63.3	63.6	13.6	21.1
2. Short-term prepayments to suppliers	45.2	32.4	38.5	59.0
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	6.0	5.0	0.0	0.0
6. Other short-term receivables	99.5	28.2	20.3	15.7
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	5.6	6.3	7.1	5.6
1. Inventories	5.6	6.3	7.1	5.6
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.6	2.1	1.9	0.4
1. Short-term prepayments	0.4	1.6	1.8	0.2
2. Value added tax to be reclaimed	0.2	0.4	0.1	0.1
3. Taxes and other receivables from state authorities	—	0.0	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)	148.8	68.9	123.3	119.8
I. Long-term receivables	2.7	14.0	13.2	26.0
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	2.7	14.0	13.2	26.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	53.2	39.6	56.1	57.8
1. Tangible fixed assets	53.2	39.6	37.1	38.8
- Cost	75.5	54.9	47.1	44.3
- Accumulated depreciation	-22.3	-15.2	-9.9	-5.6
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	—	0.0	19.0	19.0
- Cost	—	0.0	19.0	19.0
- Accumulated depreciation	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	91.6	13.5	50.3	32.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	91.6	13.5	50.3	32.5
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
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	1.3	1.7	3.7	3.6
1. Long-term prepayments	1.3	1.7	3.7	3.6
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)	383.5	227.1	220.2	225.7
A. LIABILITIES (300=210+330)	118.8	84.5	72.2	78.2
I. Short -term liabilities	101.7	73.6	49.2	55.0
1. Short-term trade accounts payable	23.9	17.8	13.2	15.4
2. Short-term advances from customers	10.2	2.0	7.7	10.8
3. Taxes and other payables to state authorities	0.3	0.0	0.4	1.5
4. Payable to employees	0.8	0.5	0.1	0.8
5. Short-term acrrued expenses	4.5	4.5	4.6	4.3
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	0.8	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.5	0.2
10. Short-term borrowings and financial leases	61.3	48.7	22.7	21.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	17.1	10.9	23.0	23.2
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	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	17.1	10.9	23.0	23.2
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)	264.7	142.6	148.0	147.5
I. Owner's equity	264.7	142.6	148.0	147.5
1. Owner's capital	240.0	120.0	120.0	120.0
- Common stock with voting right	240,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	0.2	0.5	0.5	0.5
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
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	—	0.0	0.0	0.0
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	24.5	22.1	27.6	26.9
- Accumulated retained earning at the end of the previous period	22.1	27.6	26.9	16.2
- Undistributed earnings in this period	2.4	-5.4	0.7	10.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.1
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)	383.5	227.1	220.2	225.7

Item	2025	2024	2023	2022
Profit Before Tax	2.6	-5.1	1.2	12.1
Depreciation of Fixed Assets and Investment Property	7.1	5.4	4.8	2.3
Provision (Increase)/Reversal	—	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	-0.5	-2.3	-13.3	1.2
Interest Expense	5.9	4.9	5.8	3.0
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	15.0	2.8	-1.5	18.6
Increase/(Decrease) in Receivables	-72.5	-30.9	43.9	-74.8
Increase/(Decrease) in Inventory	0.7	-0.5	-1.6	2.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	15.3	2.2	-57.0	17.1
Increase/(Decrease) in Prepaid Expenses	1.7	2.1	-1.6	0.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-5.8	-4.9	-5.6	-3.0
Corporate Income Tax Paid	-0.0	-0.6	-1.5	-1.8
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-45.6	-29.9	-24.9	-40.7
Payments for Fixed Assets and Other Long-term Assets	-20.6	-8.7	-7.7	-30.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	20.1	5.0	0.2
Loans and Purchases of Debt Instruments	-10.1	-13.0	-45.6	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	16.3	0.3	86.4	20.0
Investments in Other Entities	-78.0	0.0	-13.6	-34.5
Proceeds from Investments in Other Entities	—	13.4	0.0	0.0
Dividends and Interest Income Received	0.4	1.5	8.8	1.0
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	-92.0	13.6	33.2	-43.8
Proceeds from Equity Issuance and Capital Contributions	119,718,650,000.00	0.00	0.00	60,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	144.8	109.5	48.9	83.2
Repayment of Borrowings	-126.0	-95.5	-45.8	-62.7
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	138.5	13.9	3.0	80.5
Net Cash Flow During the Period	0.9	-2.4	11.3	-4.0
Cash and Cash Equivalents at Beginning of Period	13.1	15.5	4.2	8.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.0	13.1	15.5	4.2

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	19.0	39.2	34.6	45.2	15.6	31.3	54.1	66.9	24.8	52.8	51.6	40.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	19.0	39.2	34.6	45.2	15.6	31.3	54.1	66.8	24.8	52.8	51.6	40.4
Cost of Goods Sold	12.4	38.2	27.9	39.2	9.5	37.5	46.1	58.3	16.5	51.2	45.1	35.1
Gross Profit	6.5	0.9	6.6	6.1	6.1	-6.2	8.0	8.5	8.4	1.6	6.4	5.3
Financial Income	0.1	0.0	0.1	0.2	0.1	3.7	0.1	0.1	0.0	8.9	1.7	2.3
Financial Expenses	1.4	1.6	1.4	1.3	1.3	2.5	1.1	1.3	1.2	1.1	1.6	1.6
Interest Expense	1.3	1.6	1.4	1.3	1.3	2.6	1.0	1.3	1.0	1.1	1.6	1.6
Share of Associates and Joint Ventures	—	—	0.0	—	—	0.0	-0.1	-0.1	-0.2	-3.3	-0.0	0.5
Selling Expenses	2.5	1.2	1.2	0.9	1.4	1.0	1.1	1.1	2.1	2.4	2.3	2.6
General and Administrative Expenses	2.3	3.9	2.2	2.2	2.9	3.4	3.5	3.3	3.6	4.1	3.8	3.6
Operating Profit	0.3	-5.8	1.9	1.9	0.7	-9.4	2.3	2.9	1.4	-0.4	0.4	0.2
Other Income	0.0	0.0	0.0	-1.5	0.0	0.0	0.0	0.4	0.0	0.0	0.0	0.4
Other Expenses	0.6	-1.6	0.0	0.0	0.0	0.3	0.0	1.8	0.0	0.2	0.0	0.0
Other Profit	-0.6	1.6	-0.0	-1.6	-0.0	-0.3	-0.0	-1.4	-0.0	-0.2	-0.0	0.4
Profit Before Tax	-0.3	-4.2	1.8	0.3	0.7	-9.7	2.3	1.4	1.3	-0.5	0.4	0.7
Current Income Tax Expense	0.0	-1.2	0.4	0.1	0.1	-0.8	0.3	0.3	0.3	-0.3	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.3	-3.1	1.5	0.3	0.5	-8.9	2.0	1.2	1.0	-0.2	0.3	0.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Profit Attributable to Parent	-0.3	-3.1	1.5	0.3	0.5	-8.9	2.0	1.2	1.0	-0.2	0.3	0.6
Earnings per Share	-13.00	-255.00	122.00	11.00	23.00	-741.00	166.00	97.00	99.00	-19.89	33.00	48.00
Diluted EPS	107.00	-127.00	61.00	11.00	23.00	-221.00	83.00	49.00	99.00	-19.89	24.00	24.00

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)	246.3	276.9	307.8	300.3	302.7	161.0	121.8	118.7	110.2	100.3	136.6	146.2
I. Cash and cash equivalents	15.4	13.2	11.5	15.8	14.8	13.2	10.7	5.9	7.6	15.5	5.1	6.5
1. Cash	15.4	13.2	11.5	15.8	14.8	13.2	10.7	5.9	7.6	15.5	5.1	6.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.3	0.7	0.7	4.7	7.8	7.7	7.0	7.0	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	1.3	0.7	0.7	4.7	7.8	7.7	7.0	7.0	0.0	0.0	0.0	0.0
III. Short-term receivables	200.0	209.0	246.2	235.2	243.0	117.6	74.0	83.7	80.7	72.0	113.9	125.2
1. Short-term trade accounts receivable	62.5	35.8	37.6	35.4	47.4	51.1	18.6	14.0	16.9	13.6	6.7	10.6
2. Short-term prepayments to suppliers	76.4	100.5	142.9	158.1	155.4	32.3	37.1	47.1	37.9	38.1	58.9	57.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.1	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	—	6.1	5.0	5.0	5.0	5.0	0.0	5.3	5.3	0.0	33.0	40.1
6. Other short-term receivables	4.0	66.6	60.6	36.7	35.2	29.2	18.4	17.3	20.6	20.3	14.2	17.0
7. Provision for short-term doubtful debts (*)	57.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	28.2	53.5	48.8	43.4	34.4	20.3	29.6	12.0	21.2	9.7	15.0	14.2
1. Inventories	28.2	53.5	48.8	43.4	34.4	20.3	29.6	12.0	21.2	9.7	15.0	14.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	0.6	0.7	1.2	2.7	2.2	0.4	10.1	0.8	3.1	2.6	0.4
1. Short-term prepayments	0.7	0.4	0.5	0.7	1.9	1.7	0.4	9.6	0.6	3.0	2.6	0.3
2. Value added tax to be reclaimed	0.8	0.3	0.2	0.6	0.8	0.4	0.1	0.6	0.2	0.1	0.1	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	144.3	126.7	93.2	84.4	66.4	68.8	105.9	106.4	122.8	121.1	101.4	105.4
I. Long-term receivables	2.7	2.7	2.3	14.1	13.2	14.0	14.1	14.0	14.0	13.2	11.7	11.7
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	2.7	2.7	2.3	14.1	13.2	14.0	14.1	14.0	14.0	13.2	11.7	11.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	51.3	53.3	55.2	55.5	38.2	39.6	40.2	41.7	54.9	56.1	57.4	58.6
1. Tangible fixed assets	51.3	53.3	55.2	55.5	38.2	39.6	40.2	41.7	35.9	37.1	38.4	39.6
- Cost	75.5	—	—	—	—	54.9	54.0	54.0	47.1	47.1	47.1	47.1
- Accumulated depreciation	-24.2	—	—	—	—	-15.2	-13.8	-12.4	-11.2	-9.9	-8.7	-7.4
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	19.0	19.0	19.0	19.0
- 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
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	0.7	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	0.7	0.0	0.0	0.0
V. Long-term financial investments	89.8	69.5	34.4	13.5	13.5	13.5	49.4	50.0	50.1	50.6	32.4	32.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	91.6	69.6	13.6	13.6	13.6	13.5	49.4	50.0	50.3	50.6	32.4	32.4
3. Investments in other entities	—	—	20.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-1.8	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0	-0.2	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.5	1.3	1.3	1.3	1.5	1.7	2.1	0.6	3.0	1.2	0.0	2.7
1. Long-term prepayments	0.5	1.3	1.3	1.3	1.5	1.7	2.1	0.6	3.0	1.2	0.0	2.7
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)	390.6	403.7	401.0	384.7	369.1	229.8	227.7	225.1	233.0	221.4	238.0	251.6
A. LIABILITIES (300=210+330)	128.0	141.0	135.3	121.6	106.2	87.1	76.1	74.8	83.8	71.9	88.2	101.6
I. Short -term liabilities	111.1	123.0	109.6	96.3	94.4	75.0	62.6	59.8	56.4	49.9	64.8	77.5
1. Short-term trade accounts payable	13.4	25.0	20.1	22.0	18.1	17.8	13.3	13.8	12.1	13.2	13.3	15.5
2. Short-term advances from customers	35.7	31.7	28.2	25.8	24.3	2.1	2.5	12.2	21.0	7.7	23.7	34.2
3. Taxes and other payables to state authorities	0.3	0.1	1.3	0.2	0.2	0.0	0.8	0.5	0.7	0.4	0.8	1.3
4. Payable to employees	1.1	0.8	0.7	0.5	0.5	0.5	0.5	0.7	0.6	0.1	0.1	0.9
5. Short-term acrrued expenses	4.3	4.3	4.3	4.3	4.3	4.4	0.1	4.6	4.4	4.6	2.6	0.6
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	1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.8	—	3.7	—	1.4	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	54.5	0.0	—	—	0.1	1.2	0.1	0.0	0.0	0.1	0.0	0.0
10. Short-term borrowings and financial leases	—	60.3	55.1	39.7	46.8	47.5	45.2	28.1	17.6	23.7	24.3	25.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	16.9	18.0	25.7	25.3	11.8	12.1	13.5	15.0	27.4	22.0	23.5	24.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	16.9	18.0	25.7	25.3	11.8	12.1	13.5	15.0	27.4	22.0	23.5	24.0
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)	262.6	262.7	265.7	263.1	262.9	142.7	151.6	150.2	149.2	149.5	149.8	150.0
I. Owner's equity	262.6	262.7	265.7	263.1	262.9	142.7	151.6	150.2	149.2	149.5	149.8	150.0
1. Owner's capital	240.0	240.0	240.0	240.0	240.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.5	0.5	0.5	0.5	0.5	0.5	0.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	22.4	22.5	25.5	23.0	22.7	22.3	31.2	29.8	28.8	29.0	29.3	29.4
- Accumulated retained earning at the end of the previous period	22.7	22.1	22.1	22.1	22.1	27.6	27.6	27.6	27.6	26.9	26.6	26.9
- Undistributed earnings in this period	-0.3	0.3	3.4	0.8	0.5	-5.3	3.6	2.2	1.2	2.1	2.6	2.5
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	0.1	0.1
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)	390.6	403.7	401.0	384.7	369.1	229.8	227.7	225.1	233.0	221.4	238.0	251.6

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	-0.3	0.6	—	1.9	—	0.0	-2.2	2.2	0.0	1.2	-2.8	2.8
Depreciation of Fixed Assets and Investment Property	1.7	3.9	—	3.2	—	0.0	-2.6	2.6	0.0	4.8	-2.3	2.3
Provision (Increase)/Reversal	1.8	—	—	—	—	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	-0.1	-0.2	—	-0.3	—	0.0	-0.3	0.3	0.0	-13.3	2.6	-2.6
Interest Expense	0.1	3.2	—	2.7	—	0.0	-2.3	2.3	0.0	5.8	-3.1	3.1
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	3.3	7.6	—	7.4	—	0.0	-7.3	7.3	0.0	-1.5	-5.6	5.6
Increase/(Decrease) in Receivables	15.5	47.1	—	-119.6	—	0.0	18.0	-18.0	0.0	43.9	3.3	-3.3
Increase/(Decrease) in Inventory	-22.6	22.6	—	-21.9	—	0.0	4.9	-4.9	0.0	-1.6	8.3	-8.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.1	-10.3	—	25.6	—	0.0	-15.1	15.1	0.0	-57.0	-19.7	19.7
Increase/(Decrease) in Prepaid Expenses	0.5	0.2	—	1.4	—	0.0	4.8	-4.8	0.0	-1.6	-0.8	0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-3.1	—	-2.7	—	0.0	2.3	-2.3	0.0	-5.6	2.8	-2.8
Corporate Income Tax Paid	—	0.0	-0.0	-0.0	-0.0	0.0	0.0	-0.5	-0.0	-0.1	-0.4	-1.0
Other Operating Receipts	1.3	—	—	—	—	0.0	38.7	-3.7	3.7	-47.4	47.4	-10.2
Other Operating Payments	-2.0	—	-41.9	—	-19.7	12.5	-83.0	8.8	-8.8	62.7	-62.7	1.4
Net Cash Flow from Operating Activities	9.0	80.0	-15.8	12.7	-122.5	-3.5	-28.0	-8.4	0.4	-28.4	-7.2	7.0
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-1.6	-19.1	—	0.0	7.0	-7.1	-0.7	0.0	0.0	-7.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	3.4	20.1	0.0	0.0	5.0	0.0
Loans and Purchases of Debt Instruments	1.3	-6.5	—	-3.6	—	0.0	12.3	-12.3	0.0	-45.6	8.8	-8.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	9.0	—	7.3	—	0.0	0.0	0.0	0.0	86.4	-1.8	1.8
Investments in Other Entities	0.0	—	—	—	—	0.0	0.0	0.0	0.0	-3.4	-10.2	0.0
Proceeds from Investments in Other Entities	—	—	13.0	—	6.7	6.8	6.5	-1.0	1.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.2	—	0.2	—	-0.1	-0.9	1.0	0.0	8.8	0.0	-0.0
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	1.3	-77.1	0.2	-21.8	6.7	1.0	24.4	2.9	-1.9	38.4	9.5	-14.7
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	-6.8	35.2	44.0	45.3	20.2	59.3	23.7	28.4	8.0	0.7	17.2	8.7
Repayment of Borrowings	-0.2	-35.4	-30.5	-37.5	-22.7	-54.4	-15.3	-24.6	-14.3	-0.4	-20.9	1.5
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	0.0	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	-7.0	-0.4	13.8	7.6	117.6	4.9	8.5	3.8	-6.3	0.4	-3.7	10.3
Net Cash Flow During the Period	3.4	2.5	-1.8	-1.5	1.7	2.4	4.9	-1.7	-7.9	10.4	-1.4	2.5
Cash and Cash Equivalents at Beginning of Period	13.9	11.5	13.3	14.8	13.1	15.5	15.5	15.5	15.5	4.2	4.2	4.2
FX Difference from Revaluation	-1.8	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.4	14.0	11.5	13.3	14.8	13.2	10.7	5.9	7.6	15.5	5.1	6.5

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VTD

What Is Changing

Drivers of VTD's profit

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Balance Sheet ●

Working Capital Efficiency ▼▼

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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