VTG

Du lịch Tỉnh Bà Rịa - Vũng Tàu ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −17.87%, −45.40pp YoY

Price

3,900

Latest close

15 May 2026

P/E -11.64x

P/B 0.46x

EPS -335

BVPS 8,528

ROE -3.9%

ROA -3.2%

Profit Margin -19.5%

Asset Turnover 0.16x

Equity Mult. 1.21x

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

What Is Changing

On a TTM 2026Q1 basis, VTG is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 32bn
	                                
+24.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 6bn
	                                
−181.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    37.0%

Metric	2025	2024	2023	2022	2021
Revenue	28.4	26.3	36.3	65.7	44.6
Growth	+8%	-28%	-45%	+47%	—
Net Income	-8.6	6.1	-7.8	27.8	-16.6
Net Margin	-30.35%	23.23%	-21.45%	42.36%	-37.16%

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	9.4	5.9	8.7	8.1	5.8	4.3	8.1	7.4	6.3	7.6	8.9	8.6
Growth	+61%	-32%	+8%	+38%	+34%	-46%	+9%	+18%	-16%	-15%	+3%	—
Net Income	0.3	-2.5	-0.1	-3.4	-2.6	-2.9	-0.1	12.6	-3.1	-2.9	-2.4	0.6
Net Margin	3.49%	-43.50%	-1.37%	-42.01%	-44.67%	-66.62%	-0.98%	170.02%	-48.43%	-38.66%	-26.46%	6.37%

Drivers of VTG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Gross profit ↑ 6.1bn

Administrative expenses ↓ 1.3bn

Other profit ↓ 22.8bn

TTM

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

Gross profit ↑ 2.3bn

Financial income ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.4% = 27.5% × 0.13 × 1.24

2026Q1 -3.5% = -17.9% × 0.16 × 1.21

ROE fell from 4.4% to -3.5% — net margin weakened the most, though asset turnover still provided support.

Net margin: -17.9% -45.4pp Asset turnover: 0.16x +0.04x Leverage: 1.21x -0.03x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -17.87%, losing 45.4pp. Gross margin rose 17.6pp and SG&A / Revenue fell 15.1pp improved but not enough to offset the weakness in Other profit / Revenue fell 90.6pp (Net financial result / Revenue rose 12.1pp still added support).

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

Profitability trend

Net Margin -17.87% −45.4pp

Gross Margin 24.20% +17.6pp

SG&A / Revenue 39.78% −15.1pp

Non-core / Revenue -1.67% −78.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 78.5pp, financial result still accounts for 37.0% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 234.6 days.

Is capital being deployed efficiently?

ROIC expanded to -4.24%, rising 6.6pp. That translates to -4.24 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 43.2pp, with capital turnover broadly stable; 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 -4.24% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -4.24% +6.6pp

NOPAT Margin -22.79% +43.2pp

Capital Turnover 0.19x +0.02x

Average Invested Capital 172.3bn +16.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.20x equity, net debt at 0.06x equity.

Over the last 12 months, working capital absorbed 7.4bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −2.3bn

Inventories increased → lower CFO: −0.1bn

Payables decreased → lower CFO: −5.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 63.5 days versus the same period last year. The main moves came from DIO fell 0.6 days, DSO fell 62.0 days, and DPO rose 1.0 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 234.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 245.8 days −62.0 days

Inventory 8.5 days −0.6 days

Payables 19.6 days +1.0 days

Cash Conversion Cycle 234.6 days −63.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, cash equals 29.9% of debt and total debt stands at 14.1bn.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity 0.06x −0.00x

Interest Coverage — —

Cash / Debt 29.9% +4.8pp

Short-term Debt / Total Debt — —

CFO / NI 1.72x +5.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -11.5bn in 2025, against investing cash flow of 9.4bn.

Post-investment cash flow was negative +2.2bn. Financing cash flow was negative +0.8bn.

CFO / net income was 1.72x.

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 10.8bn +13.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 45.4 pp. The next watchpoint is the earnings mix, when non-core contribution is -52.7%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.72x. Even so, net financial result still accounts for -52.7% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at -17.87% after a 45.4pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	28.4	26.3	36.3	65.7	44.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	28.4	26.3	36.3	65.7	44.6
Cost of Goods Sold	22.8	23.8	23.6	34.1	0.0
Gross Profit	5.6	2.5	12.7	31.6	15.6
Financial Income	2.0	2.7	5.4	19.0	3.5
Financial Expenses	5.5	7.7	1.5	-10.1	-2.9
Interest Expense	—	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	1.1	1.6	4.9	8.3	-10.3
General and Administrative Expenses	11.4	14.6	20.4	24.3	-23.2
Operating Profit	-10.4	-18.7	-8.7	28.1	-17.3
Other Income	3.0	25.3	1.7	0.1	0.0
Other Expenses	1.0	0.2	0.5	0.1	0.0
Other Profit	2.0	25.1	1.2	0.0	0.8
Profit Before Tax	-8.4	6.4	-7.5	28.1	-16.5
Current Income Tax Expense	0.3	0.3	0.3	0.3	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-8.6	6.1	-7.8	27.8	-16.6
Non-controlling Interest	0.5	0.6	0.4	0.7	-0.4
Profit Attributable to Parent	-9.1	5.5	-8.2	27.2	-16.1
Earnings per Share	-488.00	297.00	-440.00	1,456.00	-865.00
Diluted EPS	-487.82	296.87	-439.67	1,456.23	-866.14

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	131.4	137.7	95.4	98.5	74.9
I. Cash and cash equivalents	2.6	5.6	7.1	7.1	13.2
1. Cash	2.6	3.6	3.2	4.3	0.0
2. Cash equivalents	—	2.0	3.9	2.8	0.0
II. Short-term financial investments	33.5	40.2	56.5	58.2	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	33.5	40.2	56.5	58.2	0.0
III. Short-term receivables	75.8	72.5	12.2	12.7	18.4
1. Short-term trade accounts receivable	21.2	21.3	21.8	22.2	0.0
2. Short-term prepayments to suppliers	1.6	1.4	1.8	1.4	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	6.4	6.2	6.1	5.9	0.0
6. Other short-term receivables	72.3	69.4	7.5	7.0	0.0
7. Provision for short-term doubtful debts (*)	-25.7	-25.7	-25.0	-23.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.6	0.6	0.7	1.0	1.0
1. Inventories	0.6	0.6	0.7	1.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	19.0	18.8	18.9	19.5	18.4
1. Short-term prepayments	0.3	0.2	0.2	0.8	0.0
2. Value added tax to be reclaimed	2.4	2.4	2.4	2.4	0.0
3. Taxes and other receivables from state authorities	16.3	16.3	16.3	16.3	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)	59.8	67.0	108.3	118.9	132.3
I. Long-term receivables	0.5	0.5	0.5	0.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.5
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	0.5	0.5	0.5	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	17.8	20.5	53.6	63.6	73.0
1. Tangible fixed assets	17.8	20.5	53.6	63.6	73.0
- Cost	88.7	89.7	182.1	190.8	0.0
- Accumulated depreciation	-71.0	-69.3	-128.5	-127.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.6	0.6	0.6	0.6	0.0
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	38.6	44.1	52.3	53.7	56.5
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	62.5	62.5	63.0	63.0	0.0
4. Provision for diminution in value of long-term investments	-23.9	-18.4	-10.7	-9.2	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	2.9	1.9	1.9	1.1	0.0
1. Long-term prepayments	2.9	1.9	1.9	1.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	191.1	204.7	203.7	217.4	207.3
A. LIABILITIES (300=210+330)	32.3	36.4	41.3	46.6	61.2
I. Short -term liabilities	18.0	22.1	27.0	32.1	46.5
1. Short-term trade accounts payable	1.0	1.1	1.2	1.3	2.1
2. Short-term advances from customers	0.5	0.2	0.3	0.3	0.3
3. Taxes and other payables to state authorities	13.3	17.8	22.3	26.7	0.0
4. Payable to employees	0.7	0.7	0.7	1.0	0.0
5. Short-term acrrued expenses	0.3	0.2	0.2	0.3	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	0.1	0.1
9. Other short-term payables	2.1	2.1	2.2	2.4	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	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	14.3	14.3	14.3	14.5	14.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	0.2	0.4	0.0
8. Long-term borrowings and financial leases	14.1	14.1	14.1	14.1	14.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	158.8	168.3	162.5	170.8	146.1
I. Owner's equity	158.8	168.3	162.5	170.8	0.0
1. Owner's capital	186.4	186.4	186.4	186.4	146.1
- Common stock with voting right	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	11.2	11.2	11.2	11.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-47.7	-38.6	-44.1	-35.9	-60.5
- Accumulated retained earning at the end of the previous period	-38.6	-44.1	-35.9	-63.1	-44.3
- Undistributed earnings in this period	-9.1	5.5	-8.2	27.2	-16.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	8.8	9.2	8.9	9.0	8.9
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	191.1	204.7	203.7	217.4	207.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	-8.4	6.4	-7.5	28.1	-16.5
Depreciation of Fixed Assets and Investment Property	2.7	4.8	8.1	9.0	9.3
Provision (Increase)/Reversal	5.5	8.4	2.6	-8.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-3.4	-27.8	-5.0	-18.8	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	-3.5	-8.2	-1.7	9.8	-8.9
Increase/(Decrease) in Receivables	-2.6	-10.3	-0.1	1.8	0.0
Increase/(Decrease) in Inventory	0.0	0.1	0.2	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.2	-5.0	-5.3	-4.8	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	0.0	-0.2	0.6	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	-0.2	-0.4	-0.3	-0.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-11.5	-23.7	-7.4	7.3	-15.5
Payments for Fixed Assets and Other Long-term Assets	—	-0.0	-0.0	-0.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	2.5	1.6	0.6	1.1
Loans and Purchases of Debt Instruments	-9.7	-4.8	-62.9	-85.5	-29.0
Receipts from Loan Repayments and Sale of Debt Instruments	16.2	21.2	64.4	51.0	35.5
Investments in Other Entities	—	0.0	0.0	0.0	-3.6
Proceeds from Investments in Other Entities	0.7	0.0	0.0	28.7	0.0
Dividends and Interest Income Received	2.0	3.7	4.8	2.8	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	9.4	22.5	7.9	-2.4	6.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.1
Repayment of Borrowings	—	0.0	0.0	0.0	-0.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.8	-0.3	-0.5	-10.8	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.8	-0.3	-0.5	-10.8	0.0
Net Cash Flow During the Period	-3.0	-1.5	-0.1	-6.0	-0.4
Cash and Cash Equivalents at Beginning of Period	5.6	7.1	7.1	13.2	21.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.6	5.6	7.1	7.1	13.2

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	9.4	5.9	8.7	8.1	5.8	4.3	8.1	7.4	6.3	7.6	8.9	8.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	9.4	5.9	8.7	8.1	5.8	4.3	8.1	7.4	6.3	7.6	8.9	8.6
Cost of Goods Sold	7.5	4.7	6.0	6.1	6.1	5.5	6.0	6.3	6.0	4.7	5.9	6.6
Gross Profit	2.0	1.2	2.6	2.0	-0.3	-1.2	2.0	1.2	0.4	2.8	3.0	2.0
Financial Income	1.4	0.5	0.5	0.5	0.5	0.8	0.5	0.8	0.6	2.5	0.3	2.3
Financial Expenses	—	—	—	5.5	—	1.8	0.0	5.8	0.0	1.5	0.0	0.0
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	0.3	0.3	0.3	0.3	0.2	0.2	0.3	0.6	0.6	1.1	1.1	1.4
General and Administrative Expenses	2.7	3.0	3.2	2.7	2.6	3.7	3.0	3.7	3.7	5.3	4.8	2.1
Operating Profit	0.4	-1.6	-0.3	-6.0	-2.6	-6.1	-0.8	-8.1	-3.3	-2.5	-2.6	0.9
Other Income	0.0	0.0	0.3	2.7	0.0	1.5	0.8	22.8	0.3	-0.2	0.3	0.2
Other Expenses	0.0	0.9	0.0	0.0	0.0	-1.8	0.0	1.9	0.0	0.2	0.1	0.5
Other Profit	-0.0	-0.9	0.3	2.7	0.0	3.3	0.8	20.8	0.3	-0.4	0.3	-0.3
Profit Before Tax	0.4	-2.6	-0.0	-3.3	-2.6	-2.8	0.0	12.7	-3.0	-2.9	-2.3	0.6
Current Income Tax Expense	0.1	-0.0	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1	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	-2.5	-0.1	-3.4	-2.6	-2.9	-0.1	12.6	-3.1	-2.9	-2.4	0.6
Non-controlling Interest	0.1	0.1	0.1	0.2	0.0	0.2	0.2	0.1	0.1	0.1	0.1	0.1
Profit Attributable to Parent	0.2	-2.7	-0.3	-3.6	-2.6	-3.1	-0.3	12.5	-3.2	-3.0	-2.5	0.4
Earnings per Share	12.00	-142.00	-14.00	-191.00	-141.00	-164.00	-15.00	673.00	-171.00	-161.00	-132.00	22.00
Diluted EPS	12.00	-142.65	-13.83	-191.04	-140.74	-164.22	-14.57	672.74	-170.65	-161.31	-132.16	22.38

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)	131.2	135.0	137.3	137.5	135.5	137.8	138.6	139.5	93.5	95.5	101.8	101.6
I. Cash and cash equivalents	4.2	2.6	6.0	4.3	3.5	3.6	5.0	6.0	37.7	5.5	7.9	7.3
1. Cash	4.2	2.6	3.1	4.3	3.5	3.6	5.0	5.8	3.4	3.2	5.7	5.1
2. Cash equivalents	—	—	2.9	—	—	0.0	0.0	0.2	34.3	2.3	2.2	2.2
II. Short-term financial investments	38.3	33.5	39.1	40.5	40.3	42.2	45.7	55.7	25.5	58.1	62.8	61.2
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	38.3	33.5	39.1	40.5	40.3	42.2	45.7	55.7	25.5	58.1	62.8	61.2
III. Short-term receivables	68.7	75.8	72.8	73.2	72.2	72.5	67.8	58.1	10.8	12.2	11.3	12.9
1. Short-term trade accounts receivable	21.4	21.2	20.9	21.1	21.7	21.3	21.4	21.0	21.6	21.8	22.2	21.8
2. Short-term prepayments to suppliers	1.4	1.6	1.5	1.8	1.4	1.4	1.5	1.5	1.6	1.8	1.8	1.7
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	—	6.4	6.4	6.3	6.3	6.2	6.2	6.2	6.1	6.1	6.0	5.9
6. Other short-term receivables	71.6	72.3	69.8	69.8	68.6	69.4	64.2	54.4	6.5	7.5	6.3	7.4
7. Provision for short-term doubtful debts (*)	-25.7	-25.7	-25.7	-25.7	-25.7	-25.7	-25.4	-25.0	-25.0	-25.0	-25.0	-23.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.6	0.6	0.5	0.5	0.5	0.6	0.7	0.7	0.7	0.7	0.7	0.8
1. Inventories	0.6	0.6	0.5	0.5	0.5	0.6	0.7	0.7	0.7	0.7	0.7	0.8
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	19.4	22.6	18.9	19.0	18.9	18.8	19.4	19.1	18.8	18.9	19.1	19.4
1. Short-term prepayments	0.6	0.3	0.3	0.3	0.3	0.2	0.3	0.4	0.2	0.2	0.4	0.7
2. Value added tax to be reclaimed	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
3. Taxes and other receivables from state authorities	16.4	20.0	16.3	16.3	16.3	16.3	16.8	16.3	16.3	16.3	16.3	16.3
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)	59.7	59.8	59.9	60.8	66.6	67.0	70.1	71.0	106.8	108.3	111.9	114.1
I. Long-term receivables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	17.1	17.8	18.4	19.2	19.9	20.5	21.2	21.9	51.9	53.8	56.2	58.6
1. Tangible fixed assets	17.1	17.8	18.4	19.2	19.9	20.5	21.2	21.9	51.9	53.8	56.2	58.6
- Cost	88.7	—	—	—	—	91.4	91.4	91.4	181.0	182.3	185.7	187.6
- Accumulated depreciation	-71.6	—	—	—	—	-71.0	-70.2	-69.5	-129.1	-128.5	-129.5	-128.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	38.6	38.6	38.6	38.6	44.1	44.1	46.4	46.4	52.3	52.3	53.7	53.7
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	62.5	62.5	62.5	62.5	62.5	62.5	63.0	63.0	63.0	63.0	63.0	63.0
4. Provision for diminution in value of long-term investments	-23.9	-23.9	-23.9	-23.9	-18.4	-18.4	-16.5	-16.5	-10.7	-10.7	-9.2	-9.2
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	3.5	2.9	2.4	2.5	2.2	1.9	2.0	2.1	2.2	1.8	1.5	1.2
1. Long-term prepayments	3.5	2.9	2.4	2.5	2.2	1.9	2.0	2.1	2.2	1.8	1.5	1.2
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)	190.9	194.8	197.2	198.3	202.1	204.7	208.7	210.5	200.3	203.8	213.7	215.6
A. LIABILITIES (300=210+330)	31.9	35.9	35.8	36.5	36.9	36.4	37.5	38.8	41.1	41.1	48.0	45.9
I. Short -term liabilities	17.7	21.6	21.5	22.2	22.7	22.1	23.2	24.5	26.8	26.9	33.8	31.6
1. Short-term trade accounts payable	1.4	1.0	0.9	1.4	1.2	1.1	1.0	1.2	1.2	1.2	0.9	1.2
2. Short-term advances from customers	0.3	0.5	0.3	0.4	0.2	0.2	0.2	0.6	0.4	0.3	1.3	0.4
3. Taxes and other payables to state authorities	13.5	16.9	17.9	18.0	18.8	17.8	19.7	20.2	22.8	22.3	29.0	27.6
4. Payable to employees	0.0	0.7	0.0	0.0	0.0	0.7	0.0	0.0	0.0	0.7	0.0	0.0
5. Short-term acrrued expenses	0.1	0.3	0.1	0.1	0.1	0.2	0.0	0.2	0.0	0.2	0.1	0.2
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	0.1	0.0
9. Other short-term payables	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.2	2.1
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1
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)	159.0	158.9	161.5	161.8	165.2	168.3	171.2	171.8	159.3	162.6	165.7	169.8
I. Owner's equity	159.0	158.9	161.5	161.8	165.2	168.3	171.2	171.8	159.3	162.6	165.7	169.8
1. Owner's capital	186.4	186.4	186.4	186.4	186.4	186.4	186.4	186.4	186.4	186.4	186.4	186.4
- Common stock with voting right	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00	186,445,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2
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	-47.5	-47.6	-45.0	-44.8	-41.2	-38.5	-35.5	-34.8	-47.3	-44.0	-41.0	-37.1
- Accumulated retained earning at the end of the previous period	-47.7	-38.6	-38.6	-38.6	-38.6	-44.1	-44.1	-44.1	-44.1	-35.9	-35.9	-35.9
- Undistributed earnings in this period	0.2	-9.0	-6.4	-6.2	-2.6	5.6	8.7	9.4	-3.2	-8.0	-5.0	-1.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	8.8	8.9	8.8	8.9	8.7	9.2	9.0	8.8	8.9	8.9	8.9	9.2
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)	190.9	194.8	197.2	198.3	202.1	204.7	208.7	210.5	200.3	203.8	213.7	215.6

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	0.4	-2.6	-0.0	-3.2	-2.6	-2.8	0.0	12.3	-3.0	-3.0	-2.3	-0.8
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.7	0.8	0.6	0.8	0.7	1.6	1.8	1.9	2.0	2.1
Provision (Increase)/Reversal	-0.0	-0.0	0.0	5.5	-0.0	2.1	0.0	6.3	0.0	1.5	0.0	1.1
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.4	-0.5	-0.7	-1.7	-0.5	-4.0	-1.2	-21.9	-0.6	-2.3	-0.4	-2.1
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	-0.3	-2.4	-0.1	1.4	-2.5	-4.0	-0.5	-1.8	-1.8	-1.9	-0.8	0.3
Increase/(Decrease) in Receivables	-0.1	-2.9	0.5	0.2	-0.3	-0.6	-11.0	0.9	0.4	0.1	-0.3	-0.4
Increase/(Decrease) in Inventory	-0.0	-0.1	0.0	0.0	0.1	0.1	0.0	-0.1	0.1	-0.0	0.1	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.2	-3.5	-0.6	-0.8	0.6	-1.1	-1.1	-2.5	-0.1	-6.6	1.8	-1.7
Increase/(Decrease) in Prepaid Expenses	-0.9	-0.6	0.2	-0.4	-0.4	0.1	0.3	-0.2	-0.3	-0.1	-0.1	0.2
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	-0.2	-0.1	0.0	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	-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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-1.8	-9.5	0.0	0.5	-2.6	-5.5	-12.4	-3.7	-1.9	-8.8	0.7	-1.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	-0.0	0.0	0.1	0.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.0	—	0.0	0.8	1.6	-0.1	0.4	0.6	0.5
Loans and Purchases of Debt Instruments	-6.4	-7.9	-1.7	0.0	-0.2	0.0	-4.0	-1.2	-0.0	-10.3	-11.7	-28.8
Receipts from Loan Repayments and Sale of Debt Instruments	8.5	13.5	0.0	2.7	—	3.5	14.0	-29.0	31.0	16.6	10.0	27.8
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	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.5	0.4	0.5	0.5	0.5	0.6	0.7	0.7	1.7	1.3	1.2	1.5
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	3.6	6.0	-0.9	3.2	1.1	4.1	11.4	-27.9	32.6	8.1	0.2	0.8
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	0.0	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	-0.2	0.0	-0.3	0.0	-0.5	0.0	0.0	-0.1	-0.1	-0.1	-0.3	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.2	0.0	-0.3	0.0	-0.5	0.0	0.0	-0.1	-0.1	-0.1	-0.3	0.0
Net Cash Flow During the Period	1.6	-3.4	-1.3	3.7	-2.0	-1.4	-1.0	-31.7	30.6	-0.8	0.6	-0.7
Cash and Cash Equivalents at Beginning of Period	2.6	6.0	7.2	3.5	5.6	7.1	7.1	7.1	7.1	7.1	7.1	7.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.2	2.6	6.0	7.2	3.5	3.6	5.0	6.0	37.7	7.1	7.9	7.3

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VTG

What Is Changing

Drivers of VTG's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ▲▲

Balance Sheet ●

Working Capital Efficiency ▲▲

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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