VTO

Vận tải Xăng dầu Vitaco ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 11.03%, +2.55pp YoY

Price

12,150

Latest close

02 Jun 2026

P/E 10.45x

P/B 0.80x

EPS 1,163

BVPS 15,209

ROE 10.2%

ROA 7.9%

Profit Margin 11.0%

Asset Turnover 0.71x

Equity Mult. 1.30x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,117bn
	                                
−1.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 123bn
	                                
+28.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,130.0	1,118.7	1,076.6	1,180.2	946.2
Growth	+1%	+4%	-9%	+25%	—
Net Income	121.4	110.8	75.6	73.3	129.3
Net Margin	10.74%	9.91%	7.02%	6.21%	13.67%

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	272.4	287.0	299.0	258.9	285.0	294.1	297.3	259.2	268.2	291.4	249.2	260.1
Growth	-5%	-4%	+15%	-9%	-3%	-1%	+15%	-3%	-8%	+17%	-4%	—
Net Income	30.4	39.0	28.1	25.7	19.3	32.9	19.4	24.6	27.5	41.8	14.5	9.1
Net Margin	11.17%	13.59%	9.39%	9.92%	6.77%	11.19%	6.53%	9.48%	10.25%	14.34%	5.83%	3.52%

Drivers of VTO's profit

TTM

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

Gross profit ↑ 49.8bn

Finance costs ↓ 14.3bn

Financial income ↑ 10.0bn

Administrative expenses ↑ 29.7bn

Other profit ↓ 10.0bn

Tax ↑ 7.5bn

TTM

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

Gross profit ↑ 17.8bn

Financial income ↑ 2.7bn

Finance costs ↓ 1.5bn

Administrative expenses ↑ 7.4bn

Tax ↑ 3.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.1% = 8.5% × 0.71 × 1.35

2026Q1 10.2% = 11.0% × 0.71 × 1.30

ROE rose from 8.1% to 10.2% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 11.0% +2.6pp Asset turnover: 0.71x +0.00x Leverage: 1.30x -0.05x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 11.03%, rising 2.6pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 2.8pp (in addition, Net financial result / Revenue rose 2.2pp added support while Other profit / Revenue fell 0.9pp 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 11.03% +2.6pp

Gross Margin 26.30% +4.8pp

SG&A / Revenue 14.39% +2.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 5.0 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 21.73%, rising 6.4pp. That translates to 21.73 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.2pp, with capital turnover broadly stable; with invested capital holding roughly steady.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 21.73% +6.4pp

NOPAT Margin 11.01% +3.2pp

Capital Turnover 1.97x −0.00x

Average Invested Capital 565.9bn −8.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.47x equity.

Over the last 12 months, working capital absorbed 15.1bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +13.0bn

Inventories increased → lower CFO: −22.7bn

Payables decreased → lower CFO: −5.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 5.0 days versus the same period last year. The main moves came from DIO rose 6.7 days, DSO fell 0.2 days, and DPO rose 1.5 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +5.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +6.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 20.2 days −0.2 days

Inventory 41.9 days +6.7 days

Payables 13.8 days +1.5 days

Cash Conversion Cycle 48.3 days +5.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 218.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.47x and interest coverage at 13.35x.

At present, short-term debt accounts for 39.2% of total debt, cash equals 609.5% of debt, and total debt stands at 111.9bn.

Leverage and liquidity trend

Net Debt / Equity -0.47x +0.12x

Interest Coverage 13.35x +9.00x

Cash / Debt 609.5% +135.3pp

Short-term Debt / Total Debt 39.2% +7.0pp

CFO / NI 1.76x −0.66x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 218.2bn in 2025, against investing cash flow of 28.9bn.

Post-investment cash flow was positive +247.1bn. Financing cash flow was negative +151.2bn.

CFO / net income was 1.76x.

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 216.9bn −16.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.6 pp. The next item to monitor is the earnings mix, when non-core contribution is 16.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.03% after expanding 2.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.76x. Even so, net financial result still accounts for 16.0% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,130.0	1,118.7	1,076.6	1,180.2	946.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,130.0	1,118.7	1,076.6	1,180.2	946.2
Cost of Goods Sold	850.3	861.6	878.8	984.1	0.0
Gross Profit	279.6	257.1	197.8	196.1	130.0
Financial Income	34.5	22.8	31.2	17.6	16.8
Financial Expenses	13.2	27.8	34.4	33.9	-25.3
Interest Expense	11.3	16.4	24.7	26.1	-23.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.9	1.3	-1.3
General and Administrative Expenses	145.3	120.1	95.1	86.1	-67.9
Operating Profit	155.7	132.0	98.7	92.5	52.2
Other Income	0.7	14.5	3.8	5.0	0.0
Other Expenses	0.6	4.1	3.7	2.9	0.0
Other Profit	0.2	10.4	0.1	2.1	112.1
Profit Before Tax	155.8	142.4	98.8	94.6	164.3
Current Income Tax Expense	34.4	31.7	24.4	21.3	-35.0
Deferred Income Tax Expense	0.0	-0.1	-1.2	-0.0	0.0
Net Income	121.4	110.8	75.6	73.3	129.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	121.4	110.8	75.6	73.3	129.3
Earnings per Share	1,144.00	1,125.00	706.00	693.00	1,591.00
Diluted EPS	1,519.81	1,387.76	946.57	918.38	1,619.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,145.5	1,085.8	942.1	753.7	763.5
I. Cash and cash equivalents	986.4	890.6	740.6	531.0	566.3
1. Cash	101.4	100.6	60.6	41.0	0.0
2. Cash equivalents	885.0	790.0	680.0	490.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	0.0	0.0	0.0
III. Short-term receivables	76.7	101.9	108.6	112.5	107.2
1. Short-term trade accounts receivable	52.3	66.6	82.4	92.1	0.0
2. Short-term prepayments to suppliers	2.7	5.5	2.3	0.7	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	22.0	29.9	24.0	19.8	0.0
7. Provision for short-term doubtful debts (*)	-0.4	-0.1	-0.1	-0.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	81.1	91.8	91.8	101.5	85.2
1. Inventories	81.1	91.8	91.8	101.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	1.5	1.0	8.7	4.7
1. Short-term prepayments	1.2	1.4	1.0	1.1	0.0
2. Value added tax to be reclaimed	—	0.2	0.0	7.6	0.0
3. Taxes and other receivables from state authorities	0.0	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)	411.4	530.1	701.7	938.7	1,046.0
I. Long-term receivables	0.1	0.3	0.2	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	0.1	0.3	0.2	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	389.8	508.3	679.4	911.6	977.6
1. Tangible fixed assets	368.9	486.8	657.3	888.9	954.3
- Cost	4,275.0	4,271.3	4,271.4	4,270.0	0.0
- Accumulated depreciation	-3,906.1	-3,784.5	-3,614.1	-3,381.1	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	20.9	21.5	22.1	22.7	23.3
- Cost	28.3	28.3	28.3	28.3	0.0
- Accumulated depreciation	-7.4	-6.7	-6.1	-5.5	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	40.8
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	10.8	10.7	11.5	17.4	17.6
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	64.5	64.5	64.5	64.5	0.0
4. Provision for diminution in value of long-term investments	-53.7	-53.8	-53.0	-47.1	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	10.7	10.8	10.6	9.4	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	0.0
2. Deferred income tax assets	10.7	10.8	10.6	9.4	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	9.7
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)	1,556.8	1,615.8	1,643.9	1,692.5	1,809.4
A. LIABILITIES (300=210+330)	372.5	445.6	499.6	541.3	661.8
I. Short -term liabilities	293.4	300.0	282.6	253.8	415.1
1. Short-term trade accounts payable	11.1	30.7	40.8	35.6	59.1
2. Short-term advances from customers	0.1	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	15.9	11.2	16.5	10.3	0.0
4. Payable to employees	88.0	80.8	48.2	41.0	0.0
5. Short-term acrrued expenses	6.0	4.4	4.1	4.1	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	1.1	0.0
9. Other short-term payables	37.8	33.8	33.1	34.5	0.0
10. Short-term borrowings and financial leases	67.8	71.4	77.6	80.9	96.8
11. Provision for short-term liabilities	47.5	51.2	41.5	33.5	0.0
12.. Bonus and welfare fund	19.2	16.4	20.8	12.8	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	79.2	145.6	216.9	287.5	246.6
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	79.2	145.6	216.9	287.5	246.6
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)	1,184.3	1,170.2	1,144.3	1,151.2	1,147.7
I. Owner's equity	1,184.3	1,170.2	1,144.3	1,151.2	0.0
1. Owner's capital	798.7	798.7	798.7	798.7	1,147.7
- Common stock with voting right	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	-0.2
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	213.5	213.5	213.5	213.5	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	172.0	157.9	132.0	138.9	147.3
- Accumulated retained earning at the end of the previous period	50.6	47.1	56.4	65.6	18.0
- Undistributed earnings in this period	121.4	110.8	75.6	73.3	129.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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)	1,556.8	1,615.8	1,643.9	1,692.5	1,809.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	155.8	142.4	98.8	94.6	164.3
Depreciation of Fixed Assets and Investment Property	123.2	171.8	234.6	258.7	245.4
Provision (Increase)/Reversal	83.7	75.6	88.6	62.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.4	3.1	2.8	4.9	0.0
Gain/Loss from Investment Activities	-33.7	-21.4	-30.1	-15.3	0.0
Interest Expense	11.3	16.4	24.7	26.1	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	—	-0.7	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	341.8	387.2	419.5	431.7	390.4
Increase/(Decrease) in Receivables	25.3	6.4	12.5	-22.6	0.0
Increase/(Decrease) in Inventory	10.7	0.1	9.6	-16.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-92.3	-42.5	-65.2	-153.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	-0.3	0.1	0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-11.6	-17.1	-25.0	-26.2	0.0
Corporate Income Tax Paid	-31.2	-35.4	-17.3	-27.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-24.6	-25.4	-10.7	-13.2	0.0
Net Cash Flow from Operating Activities	218.2	273.0	323.5	174.0	235.6
Payments for Fixed Assets and Other Long-term Assets	-4.7	0.0	-2.3	-192.7	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.4	0.0	106.8
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	33.4	21.4	28.7	15.3	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	28.9	21.4	26.7	-177.4	118.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	11,918,826,733.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	153.6	13.9
Repayment of Borrowings	-71.4	-80.7	-76.6	-133.4	-86.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-79.8	-63.9	-64.0	-63.9	-63.0
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	-151.2	-144.5	-140.6	-31.8	-135.9
Net Cash Flow During the Period	95.9	149.8	209.6	-35.2	73.7
Cash and Cash Equivalents at Beginning of Period	890.6	740.6	531.0	566.3	348.4
FX Difference from Revaluation	-0.0	0.1	-0.0	-0.1	-0.0
Cash and Cash Equivalents at End of Period	986.4	890.6	740.6	531.0	566.3

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	272.4	287.0	299.0	258.9	285.0	294.1	297.3	259.2	268.2	291.4	249.2	260.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	272.4	287.0	299.0	258.9	285.0	294.1	297.3	259.2	268.2	291.4	249.2	260.1
Cost of Goods Sold	201.7	211.4	211.7	198.9	232.1	230.7	231.9	196.8	204.0	209.2	203.8	227.9
Gross Profit	70.7	75.7	87.4	60.1	52.9	63.4	65.4	62.4	64.1	82.2	45.4	32.3
Financial Income	10.5	12.6	5.5	8.7	7.9	8.7	6.7	4.1	3.8	7.1	7.2	10.0
Financial Expenses	2.3	2.6	3.1	3.9	3.8	12.0	4.1	6.3	7.8	5.7	9.7	7.5
Interest Expense	2.2	2.5	2.7	2.9	3.2	3.6	3.9	4.2	4.7	5.4	6.1	6.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.2	0.2
General and Administrative Expenses	39.5	35.7	53.8	31.8	32.1	32.0	38.7	28.3	25.1	29.1	24.6	23.0
Operating Profit	39.5	50.0	35.9	33.1	24.9	28.0	29.3	31.8	35.0	54.4	18.2	11.6
Other Income	0.2	0.1	0.3	0.1	0.2	14.0	0.2	0.1	0.2	2.1	0.8	0.7
Other Expenses	0.0	0.2	0.0	0.2	0.2	0.0	3.8	0.3	0.0	3.0	0.1	0.1
Other Profit	0.2	-0.1	0.3	-0.1	0.1	14.0	-3.7	-0.1	0.2	-0.9	0.7	0.6
Profit Before Tax	39.7	50.0	36.2	33.0	25.0	42.0	25.6	31.7	35.2	53.4	18.9	12.1
Current Income Tax Expense	9.2	11.0	8.1	7.3	5.7	9.1	6.2	7.1	7.9	11.6	4.3	3.0
Deferred Income Tax Expense	—	0.0	-0.0	—	—	0.0	0.0	-0.0	-0.2	0.0	0.0	0.0
Net Income	30.4	39.0	28.1	25.7	19.3	32.9	19.4	24.6	27.5	41.8	14.5	9.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	30.4	39.0	28.1	25.7	19.3	32.9	19.4	24.6	27.5	41.8	14.5	9.1
Earnings per Share	289.00	367.00	265.00	242.00	241.00	149.00	46.00	176.00	284.00	460.00	119.00	115.00
Diluted EPS	380.99	488.31	351.63	321.54	241.45	411.91	243.16	307.82	344.03	523.24	182.05	114.50

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)	1,182.8	1,145.5	1,114.5	1,062.0	1,073.4	1,085.7	1,055.5	963.6	962.9	942.1	902.8	815.9
I. Cash and cash equivalents	681.9	986.4	946.2	884.4	890.3	890.6	848.4	788.9	780.2	740.6	697.5	628.2
1. Cash	109.9	101.4	71.2	89.4	65.3	100.6	43.4	93.9	70.2	60.6	72.5	58.2
2. Cash equivalents	572.0	885.0	875.0	795.0	825.0	790.0	805.0	695.0	710.0	680.0	625.0	570.0
II. Short-term financial investments	300.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	300.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	94.9	76.7	78.0	83.7	99.8	101.9	114.9	83.6	92.7	108.6	112.9	94.4
1. Short-term trade accounts receivable	60.3	52.3	51.3	52.6	63.6	66.6	77.4	50.8	63.4	82.4	82.9	68.7
2. Short-term prepayments to suppliers	2.5	2.7	2.8	5.3	4.0	5.5	10.0	8.9	1.5	2.3	5.5	5.0
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	32.5	22.0	24.0	25.9	32.4	29.9	27.6	24.0	28.0	24.0	24.7	20.7
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	105.9	81.1	90.2	92.7	83.2	91.8	91.2	90.0	88.9	91.8	91.3	92.2
1. Inventories	105.9	81.1	90.2	92.7	83.2	91.8	91.2	90.0	88.9	91.8	91.3	92.2
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	0.1	1.2	0.2	1.2	0.1	1.5	1.1	1.1	1.1	1.0	1.0	1.1
1. Short-term prepayments	0.1	1.2	0.2	1.2	0.1	1.4	1.1	1.1	1.1	1.0	1.0	1.1
2. Value added tax to be reclaimed	—	—	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	—	—	—	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)	392.1	411.4	433.8	453.5	487.2	530.1	601.1	634.4	667.8	701.7	747.6	808.9
I. Long-term receivables	0.1	0.1	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2
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	0.1	0.1	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	370.5	389.8	412.0	431.7	465.5	508.3	579.3	612.7	646.1	679.4	725.3	781.8
1. Tangible fixed assets	349.8	368.9	390.9	410.5	444.1	486.8	557.7	590.9	624.1	657.3	703.1	759.4
- Cost	4,275.0	—	—	—	—	4,271.3	4,271.3	4,271.3	4,271.4	4,271.4	4,271.5	4,271.5
- Accumulated depreciation	-3,925.2	—	—	—	—	-3,784.5	-3,713.6	-3,680.4	-3,647.3	-3,614.1	-3,568.5	-3,512.2
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	20.7	20.9	21.0	21.2	21.4	21.5	21.7	21.8	22.0	22.1	22.3	22.4
- Cost	28.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.5	—	—	—	—	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	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	0.0
V. Long-term financial investments	10.8	10.8	10.7	10.7	10.7	10.7	10.7	10.7	10.7	11.5	11.5	17.5
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	64.5	64.5	64.5	64.5	64.5	64.5	64.5	64.5	64.5	64.5	64.5	64.5
4. Provision for diminution in value of long-term investments	-53.7	-53.7	-53.8	-53.8	-53.8	-53.8	-53.8	-53.8	-53.8	-53.0	-53.0	-47.0
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	10.7	10.7	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.6	10.6	9.4
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	10.7	10.7	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.6	10.6	9.4
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)	1,574.9	1,556.8	1,548.3	1,515.5	1,560.6	1,615.8	1,656.5	1,598.0	1,630.7	1,643.9	1,650.4	1,624.8
A. LIABILITIES (300=210+330)	360.2	376.7	407.1	407.6	371.1	447.1	520.7	485.9	458.9	499.0	547.4	533.1
I. Short -term liabilities	292.1	297.5	316.8	298.5	243.9	301.4	358.0	303.2	258.9	282.1	311.9	281.8
1. Short-term trade accounts payable	41.7	11.1	12.5	21.2	20.8	30.5	34.4	34.6	39.4	40.8	35.0	31.6
2. Short-term advances from customers	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Dividends and profits payable	1.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.8	14.8	20.9	23.2	9.0	10.8	21.9	12.2	12.9	16.0	26.1	17.8
4. Payable to employees	52.4	93.2	80.6	38.9	26.5	80.8	80.4	43.7	21.9	48.2	41.0	30.4
5. Short-term acrrued expenses	28.0	6.0	22.5	15.1	13.7	9.4	33.7	13.4	9.5	4.1	13.1	8.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	51.6	37.8	34.9	41.5	34.2	33.8	30.5	34.7	35.0	33.1	27.7	32.8
10. Short-term borrowings and financial leases	43.9	67.8	67.6	59.4	60.5	71.4	66.0	63.5	70.7	77.6	73.3	72.4
11. Provision for short-term liabilities	47.5	47.5	46.8	63.6	68.1	48.2	64.5	70.2	56.8	41.5	71.5	62.6
12.. Bonus and welfare fund	14.7	19.2	30.9	35.6	11.0	16.4	26.5	30.7	12.4	20.8	24.2	26.1
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	68.0	79.2	90.4	109.1	127.3	145.6	162.7	182.8	200.1	216.9	235.5	251.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	68.0	79.2	90.4	109.1	127.3	145.6	162.7	182.8	200.1	216.9	235.5	251.3
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)	1,214.7	1,180.1	1,141.1	1,107.9	1,189.5	1,168.8	1,135.9	1,112.1	1,171.7	1,144.8	1,103.0	1,091.7
I. Owner's equity	1,214.7	1,180.1	1,141.1	1,107.9	1,189.5	1,168.8	1,135.9	1,112.1	1,171.7	1,144.8	1,103.0	1,091.7
1. Owner's capital	798.7	798.7	798.7	798.7	798.7	798.7	798.7	798.7	798.7	798.7	798.7	798.7
- Common stock with voting right	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00	798,666,660,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5
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	202.4	167.9	128.9	95.6	177.2	156.5	123.6	99.8	159.5	132.5	90.8	79.4
- Accumulated retained earning at the end of the previous period	172.0	50.6	50.6	50.6	157.9	47.1	47.1	47.1	132.0	56.4	56.4	56.4
- Undistributed earnings in this period	30.4	117.2	78.2	45.0	19.3	109.4	76.5	52.7	27.5	76.2	34.4	23.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	1,574.9	1,556.8	1,548.3	1,515.5	1,560.6	1,615.8	1,656.5	1,598.0	1,630.7	1,643.9	1,650.4	1,624.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	39.7	55.2	36.2	39.5	25.0	42.0	25.6	37.8	35.2	53.4	18.9	8.1
Depreciation of Fixed Assets and Investment Property	19.3	22.2	22.3	36.0	42.9	71.0	33.4	33.4	33.4	46.3	56.4	65.9
Provision (Increase)/Reversal	—	14.7	16.3	23.1	29.6	9.1	18.0	18.5	27.0	14.0	18.4	34.3
FX Gain/Loss from Revaluation of Monetary Items	-0.2	0.0	0.3	0.7	0.4	2.2	-2.2	1.0	2.1	-0.4	3.3	0.7
Gain/Loss from Investment Activities	-9.9	-12.2	-5.4	-8.5	-7.6	-8.2	-3.9	-5.8	-3.5	-6.5	-23.5	6.8
Interest Expense	2.2	2.5	2.7	2.9	3.2	3.6	3.9	4.2	4.7	5.4	36.0	-23.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-13.2	13.2
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	51.1	82.4	72.3	93.6	93.5	119.7	74.8	89.1	98.8	112.1	96.2	106.0
Increase/(Decrease) in Receivables	-9.2	-35.3	42.4	15.1	3.1	34.1	2.6	-3.9	29.0	-28.3	15.1	-9.0
Increase/(Decrease) in Inventory	-24.7	9.1	2.5	-9.5	8.6	-0.6	-1.1	-1.2	3.0	-0.5	0.9	5.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.5	12.7	-32.8	-4.7	-67.4	-76.9	3.8	23.8	-43.9	-12.0	-21.0	-7.9
Increase/(Decrease) in Prepaid Expenses	1.1	-1.0	1.0	-1.1	1.3	-0.2	-0.0	-0.0	-0.0	-0.0	0.1	-1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.1	-2.5	-2.7	-2.9	-3.3	-3.7	-4.2	-4.2	-5.0	-5.2	-6.4	-6.7
Corporate Income Tax Paid	-11.7	-14.3	-8.3	-0.2	-8.5	-14.5	-2.2	-7.1	-11.6	-9.1	-2.3	-0.3
Other Operating Receipts	—	—	—	—	—	15.3	-15.3	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.3	-11.9	-4.6	-2.8	-5.3	-25.4	11.1	-2.7	-8.4	-4.9	-1.7	-2.7
Net Cash Flow from Operating Activities	20.6	39.1	69.7	87.5	21.8	47.8	69.5	93.9	61.8	52.1	80.8	83.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-2.5	-2.3	—	0.0	0.0	0.0	0.0	-0.4	0.0	-1.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.2
Loans and Purchases of Debt Instruments	-300.0	—	—	—	—	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	9.9	12.2	5.2	8.5	7.6	8.2	5.3	4.3	3.5	5.3	6.9	9.6
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	-290.1	12.2	3.0	6.3	7.6	8.2	5.3	4.3	3.5	5.1	6.9	7.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-35.0	-10.8	-10.8	-20.1	-29.7	-13.9	-15.2	-25.8	-25.8	-14.1	-18.1	-22.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-0.1	-79.6	-0.0	-0.1	-0.0	-63.8	-0.0	-0.0	-0.3	-63.7
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	-35.0	-10.9	-11.0	-99.6	-29.7	-13.9	-15.3	-89.5	-25.8	-14.1	-18.4	-85.9
Net Cash Flow During the Period	-304.6	40.4	61.7	-5.9	-0.3	42.1	59.5	8.7	39.5	43.1	69.3	5.6
Cash and Cash Equivalents at Beginning of Period	986.4	946.2	884.4	890.3	890.6	740.6	740.6	740.6	740.6	531.0	531.0	531.0
FX Difference from Revaluation	0.1	-0.0	0.1	0.1	0.0	0.1	-0.1	0.0	0.1	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	681.9	986.4	946.2	884.4	890.3	890.6	848.4	788.9	780.2	740.6	697.5	628.2

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VTO

What Is Changing

Drivers of VTO'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