VTS

Gạch ngói Từ Sơn ·UPCOM ·2025Q3

▲ Slightly positive

Operating efficiency is improving Net margin −8.51%, +57.74pp YoY

Price

4,200

Latest close

10 Mar 2026

P/E -14.24x

P/B 0.73x

EPS -295

BVPS 5,778

ROE -4.8%

ROA -3.4%

Profit Margin -8.5%

Asset Turnover 0.40x

Equity Mult. 1.39x

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

What Is Changing

On a TTM 2025Q3 basis, VTS posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — the growth momentum has held across consecutive periods. More 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 7bn
	                                
−39.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 1bn
	                                
+92.2%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    244.8%

Metric	2025	2024	2023	2022	2021
Revenue	7.0	6.5	12.8	11.6	10.4
Growth	+7%	-49%	+11%	+11%	—
Net Income	0.7	-5.1	-8.4	-7.3	-4.9
Net Margin	10.47%	-77.40%	-65.44%	-63.16%	-47.55%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	0.7	3.0	1.5	1.7	1.3	4.0	2.9	3.2	2.7	3.8	2.7	2.3
Growth	-76%	+99%	-14%	+31%	-67%	+37%	-8%	+16%	-28%	+42%	+15%	—
Net Income	-0.6	1.8	-1.2	-0.6	-1.3	-1.9	-1.6	-2.7	-2.1	-1.9	-1.6	-2.9
Net Margin	-86.28%	60.45%	-82.64%	-31.62%	-94.40%	-48.00%	-55.86%	-87.03%	-76.19%	-48.59%	-59.93%	-122.25%

Drivers of VTS's profit

TTM

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

Gross profit ↑ 5.8bn

Other profit ↑ 2.0bn

Administrative expenses ↑ 0.9bn

TTM

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

Gross profit ↑ 0.5bn

Other profit ↑ 0.2bn

Selling expenses ↓ 0.2bn

Financial income ↑ 0.1bn

Administrative expenses ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q3 -32.5% = -53.6% × 0.45 × 1.35

2025Q3 -4.8% = -8.5% × 0.40 × 1.39

ROE rose from -32.5% to -4.8% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: -8.5% +45.1pp Asset turnover: 0.40x -0.05x Leverage: 1.39x +0.05x

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 -8.51%, rising 57.7pp. Core operating signals are improving as Gross margin rose 61.2pp are enough to offset pressure from SG&A / Revenue rose 32.3pp (with additional support from Other profit / Revenue rose 26.1pp and Net financial result / Revenue rose 2.8pp).

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 -8.51% +57.7pp

Gross Margin 27.34% +61.2pp

SG&A / Revenue 60.47% +32.3pp

Non-core / Revenue 24.62% +28.8pp

TTM YoY · 2024Q2 -> 2025Q3

Watchpoints

Other income is supporting margin

Other income accounts for 244.8% of PBT and lifted net margin by 28.8pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.37x equity, with a net cash position equivalent to 0.11x equity.

Inventory ended the period at 3.3bn, roughly 19.7% of total assets.

Over the last 12 months, working capital released 6.9bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +0.1bn

Inventories decreased → higher CFO: +6.7bn

Payables increased → higher CFO: +0.1bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 196.2 days versus the same period last year. The main moves came from DIO rose 287.2 days, DSO rose 36.1 days, and DPO rose 127.1 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 641.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +36.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 112.5 days +36.1 days

Inventory 727.8 days +287.2 days

Payables 198.5 days +127.1 days

Cash Conversion Cycle 641.9 days +196.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 2.9bn.

Leverage & Liquidity

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

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage and liquidity trend

Net Debt / Equity -0.11x −0.07x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -4.95x −4.85x

TTM YoY · 2024Q2 -> 2025Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2.9bn in 2025, against investing cash flow of -2.8bn.

Post-investment cash flow was positive +0.1bn. Financing cash flow was negative +1.3bn.

CFO / net income was -4.95x.

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 2.9bn +2.2bn

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 57.7 pp. The next item to monitor is the earnings mix, when non-core contribution is -44.6%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 642 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -8.51% after expanding 57.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -44.6% of PBT and CFO / net income currently at -4.95x.

Key risk: working capital remains tied up for too long, with cash cycle at 641.9 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7.0	6.5	12.8	11.6	10.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	7.0	6.5	12.8	11.6	10.4
Cost of Goods Sold	5.5	6.1	17.4	15.4	0.0
Gross Profit	1.4	0.4	-4.7	-3.8	-1.5
Financial Income	0.4	0.1	0.3	0.4	0.7
Financial Expenses	—	0.0	0.1	0.1	-0.1
Interest Expense	—	0.0	0.1	0.1	-0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.8	1.3	0.7	0.9	-0.7
General and Administrative Expenses	2.9	3.4	2.9	2.8	-3.2
Operating Profit	-1.9	-4.2	-8.0	-7.3	-4.8
Other Income	3.7	0.1	0.0	0.4	0.0
Other Expenses	1.1	1.0	0.4	0.4	0.0
Other Profit	2.6	-0.9	-0.3	0.0	-0.1
Profit Before Tax	0.7	-5.1	-8.4	-7.3	-4.9
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.7	-5.1	-8.4	-7.3	-4.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.7	-5.1	-8.4	-7.3	-4.9
Earnings per Share	364.00	-2,526.00	-4,181.00	-3,651.00	-2,472.00
Diluted EPS	364.03	-2,525.46	-4,180.39	-3,650.48	-2,471.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	16.3	13.0	19.0	26.4	34.8
I. Cash and cash equivalents	0.6	0.6	1.0	1.2	0.4
1. Cash	0.6	0.6	1.0	1.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	11.4	4.2	3.1	5.6	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	11.4	4.2	3.1	5.6	0.0
III. Short-term receivables	0.7	0.7	2.1	0.8	1.9
1. Short-term trade accounts receivable	2.0	2.2	3.5	2.2	0.0
2. Short-term prepayments to suppliers	0.1	0.2	0.1	0.1	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	0.5	0.2	0.3	0.2	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.9	-2.0	-1.8	0.0
8. Assets awaiting resolution	—	0.0	0.1	0.0	0.0
IV. Inventories	3.3	7.6	12.9	18.8	19.9
1. Inventories	3.7	10.4	18.4	23.1	0.0
2. Provision for decline in value of inventories	-0.4	-2.8	-5.5	-4.3	0.0
V. Other short-term assets	0.2	0.0	0.0	0.0	0.1
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	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)	0.5	3.0	4.2	5.7	7.5
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.5	2.9	4.1	5.6	7.3
1. Tangible fixed assets	0.5	2.9	4.1	5.6	7.3
- Cost	47.1	71.9	72.0	72.0	0.0
- Accumulated depreciation	-46.6	-69.0	-67.9	-66.4	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	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	—	0.0	0.0	0.0	0.0
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	1.3	1.3	1.3	1.3	0.0
4. Provision for diminution in value of long-term investments	-1.3	-1.3	-1.3	-1.3	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	0.0	0.1	0.1	0.2	0.0
1. Long-term prepayments	0.0	0.1	0.1	0.2	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	0.2
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)	16.8	16.0	23.2	32.2	42.3
A. LIABILITIES (300=210+330)	4.5	4.4	6.6	7.2	10.0
I. Short -term liabilities	4.4	4.4	6.6	7.2	10.0
1. Short-term trade accounts payable	2.8	2.8	3.4	3.1	6.4
2. Short-term advances from customers	0.0	0.1	0.1	0.0	0.1
3. Taxes and other payables to state authorities	0.2	0.1	0.2	0.0	0.0
4. Payable to employees	0.3	0.4	0.5	0.6	0.0
5. Short-term acrrued expenses	0.1	0.2	0.2	0.2	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	0.3	0.1	0.0	0.0	0.0
9. Other short-term payables	0.5	0.5	0.6	0.6	0.0
10. Short-term borrowings and financial leases	—	0.0	1.3	2.2	1.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.2	0.2	0.3	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	0.1	0.0	0.0	0.0	0.0
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	0.1	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	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)	12.3	11.6	16.6	25.0	32.3
I. Owner's equity	12.3	11.6	16.6	25.0	0.0
1. Owner's capital	20.0	20.0	20.0	20.0	32.3
- Common stock with voting right	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.6	1.6	1.6	1.6	1.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	20.1	20.1	20.1	20.1	20.1
5. Treasury shares	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	6.5	6.5	6.5	6.5	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	-35.9	-36.6	-31.5	-23.2	-15.9
- Accumulated retained earning at the end of the previous period	-36.6	-31.5	-23.2	-15.9	-10.9
- Undistributed earnings in this period	0.7	-5.1	-8.4	-7.3	-4.9
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)	16.8	16.0	23.2	32.2	42.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.7	-5.1	-8.4	-7.3	-4.9
Depreciation of Fixed Assets and Investment Property	1.2	1.1	1.5	1.7	1.8
Provision (Increase)/Reversal	-2.6	-2.7	1.4	-0.9	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	-0.1	-0.3	-0.4	0.0
Interest Expense	—	0.0	0.1	0.1	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-4.0	-6.7	-5.6	-6.7	-2.7
Increase/(Decrease) in Receivables	0.1	1.3	-1.4	1.0	0.0
Increase/(Decrease) in Inventory	6.7	8.1	4.7	1.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.1	-0.8	0.4	-3.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	-0.1	-0.1	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	2.9	1.8	-2.0	-7.5	-10.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-12.0	-7.1	-7.1	-12.6	-9.2
Receipts from Loan Repayments and Sale of Debt Instruments	4.8	6.0	9.6	19.5	16.7
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	0.1	0.2	0.3	0.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2.8	-0.9	2.8	7.5	8.4
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	2.7	5.5	5.2
Repayment of Borrowings	—	-1.3	-3.6	-4.7	-4.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	—	-1.3	-0.9	0.8	0.9
Net Cash Flow During the Period	0.1	-0.4	-0.2	0.7	-0.1
Cash and Cash Equivalents at Beginning of Period	0.6	1.0	1.2	0.4	1.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.6	0.6	1.0	1.2	0.4

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	0.7	3.0	1.5	1.7	1.3	4.0	2.9	3.2	2.7	3.8	2.7	2.3
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.7	3.0	1.5	1.7	1.3	4.0	2.9	3.2	2.7	3.8	2.7	2.3
Cost of Goods Sold	0.5	2.1	1.5	1.0	1.6	5.1	3.9	4.7	3.8	4.7	3.6	4.4
Gross Profit	0.2	0.9	0.0	0.8	-0.2	-1.1	-1.0	-1.6	-1.0	-0.9	-0.9	-2.1
Financial Income	0.1	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2
Financial Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Interest Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.2	0.2	0.3	0.3	0.1	0.1	0.2	0.2	0.3	0.2	0.2
General and Administrative Expenses	0.7	0.7	1.0	1.0	0.4	0.6	0.5	0.9	0.8	0.8	0.6	0.7
Operating Profit	-0.5	0.1	-1.2	-0.5	-0.9	-1.8	-1.6	-2.7	-2.0	-1.9	-1.6	-2.9
Other Income	0.0	4.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
Other Expenses	0.1	2.4	0.1	0.1	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Other Profit	-0.1	1.7	-0.1	-0.1	-0.3	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0
Profit Before Tax	-0.6	1.8	-1.2	-0.6	-1.3	-1.9	-1.6	-2.7	-2.1	-1.9	-1.6	-2.9
Current Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.6	1.8	-1.2	-0.6	-1.3	-1.9	-1.6	-2.7	-2.1	-1.9	-1.6	-2.9
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.6	1.8	-1.2	-0.6	-1.3	-1.9	-1.6	-2.7	-2.1	-1.9	-1.6	-2.9
Earnings per Share	-303.00	904.00	-620.00	-276.00	-628.00	-956.00	-813.00	-1,372.00	-1,040.00	-927.00	-807.00	-1,434.00
Diluted EPS	-303.15	903.75	-620.07	-275.55	-627.79	-956.33	-812.71	-1,371.74	-1,039.62	-926.70	-807.09	-1,433.37

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	16.1	16.4	12.9	14.3	14.0	19.0	22.0	21.7	24.4	26.4	27.9	32.2
I. Cash and cash equivalents	1.3	1.6	0.7	0.8	0.6	1.0	0.4	0.8	0.5	1.2	0.7	3.8
1. Cash	1.3	1.6	0.7	0.8	0.6	1.0	0.4	0.8	0.5	1.2	0.7	0.8
2. Cash equivalents	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.0
II. Short-term financial investments	10.4	10.2	5.2	3.9	2.9	3.1	4.4	4.3	5.6	5.6	6.9	6.7
1. Available for sale securities	—	—	—	0.0	0.0	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	0.0	0.0
3. Held to maturity investments	10.4	10.2	5.2	3.9	2.9	3.1	4.4	4.3	5.6	5.6	6.9	6.7
III. Short-term receivables	0.7	0.6	0.6	0.6	0.8	2.1	1.7	0.7	1.2	0.8	0.9	0.9
1. Short-term trade accounts receivable	2.0	2.2	2.2	2.2	2.3	3.5	3.2	2.2	2.5	2.2	2.2	2.2
2. Short-term prepayments to suppliers	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Short-term inter-company receivables	—	—	—	0.0	0.0	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	0.0	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	0.3	0.3	0.2	0.2	0.3	0.3	0.3	0.3	0.2	0.3	0.3
7. Provision for short-term doubtful debts (*)	-1.8	-2.0	-2.0	-1.9	-1.8	-2.0	-2.0	-2.0	-1.7	-1.8	-1.8	-1.8
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3.8	4.0	6.3	8.9	9.7	12.9	15.4	15.9	17.2	18.8	19.3	20.6
1. Inventories	4.8	5.3	9.1	12.8	15.3	18.4	20.9	21.6	21.5	23.1	24.5	25.6
2. Provision for decline in value of inventories	-1.0	-1.3	-2.8	-3.8	-5.6	-5.5	-5.5	-5.7	-4.3	-4.3	-5.1	-5.0
V. Other short-term assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2
1. Short-term prepayments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2
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	0.0	0.0
5. Other short-term assets	—	—	—	0.0	0.0	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)	0.8	1.0	2.7	3.3	3.6	4.2	4.6	5.0	5.5	5.7	6.2	6.6
I. Long-term receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	0.0	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	0.0	0.0
4. Long-term inter-company receivables	—	—	—	0.0	0.0	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	0.0	0.0
6. Other long-term receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.7	0.9	2.6	3.2	3.5	4.1	4.4	4.8	5.2	5.6	6.0	6.4
1. Tangible fixed assets	0.7	0.9	2.6	3.2	3.5	4.1	4.4	4.8	5.2	5.6	6.0	6.4
- Cost	—	—	—	71.9	71.9	72.0	72.0	72.0	72.0	72.0	72.0	72.0
- Accumulated depreciation	—	—	—	-68.7	-68.4	-67.9	-67.5	-67.2	-66.8	-66.4	-66.0	-65.6
2. Financial leased fixed assets	—	—	—	0.0	0.0	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	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	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	0.0	0.0
- Cost	—	—	—	0.0	0.0	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	0.0	0.0
III. Investment properties	—	—	—	0.0	0.0	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	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	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	0.1	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	0.0	0.0
2. Construction in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
4. Provision for diminution in value of long-term investments	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3
5. Held to maturity investments	—	—	—	0.0	0.0	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	0.0	0.0
VI. Other long-term assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2
1. Long-term prepayments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2
2. Deferred income tax assets	—	—	—	0.0	0.0	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	0.0	0.0
4. Other long-term assets	—	—	—	0.0	0.0	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	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	16.9	17.4	15.6	17.6	17.6	23.2	26.6	26.7	29.9	32.2	34.1	38.8
A. LIABILITIES (300=210+330)	5.4	5.2	5.3	4.9	4.4	6.6	8.0	6.5	7.0	7.2	7.2	10.3
I. Short -term liabilities	5.4	5.2	5.3	4.9	4.4	6.6	8.0	6.5	7.0	7.2	7.2	10.3
1. Short-term trade accounts payable	2.7	2.8	2.8	2.8	2.8	3.4	4.2	3.0	3.1	3.1	4.7	4.9
2. Short-term advances from customers	0.1	0.3	0.5	0.2	0.1	0.1	0.0	0.1	0.3	0.0	0.1	0.1
3. Taxes and other payables to state authorities	1.0	0.9	0.3	0.3	0.1	0.2	0.6	0.4	0.3	0.0	0.5	0.4
4. Payable to employees	0.3	0.3	0.4	0.3	0.3	0.5	0.3	0.4	0.5	0.6	0.4	0.4
5. Short-term acrrued expenses	0.2	0.1	0.2	0.1	0.1	0.2	0.2	0.2	0.3	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	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	0.0	0.0
8. Short-term unearned revenue	0.4	0.1	0.3	0.4	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.7	0.7
10. Short-term borrowings and financial leases	—	—	—	0.0	0.0	1.3	1.7	1.4	1.6	2.2	0.3	3.3
11. Provision for short-term liabilities	—	—	—	0.0	0.0	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	0.3	0.3	0.3	0.3	0.3
13. Price stabilization fund	—	—	—	0.0	0.0	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	0.0	0.0
II. Long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	0.0	0.0	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	0.0	0.0
3. Long-term acrrued expenses	—	—	—	0.0	0.0	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	0.0	0.0
5. Long-term inter-company payables	—	—	—	0.0	0.0	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	0.0	0.0
7. Other long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	0.0	0.0	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	0.00	0.00
11. Deferred income tax liabilities	—	—	—	0.0	0.0	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	0.0	0.0
13. Fund for technology development	—	—	—	0.0	0.0	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	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	11.6	12.2	10.4	12.7	13.3	16.6	18.6	20.2	22.9	25.0	26.9	28.5
I. Owner's equity	11.6	12.2	10.4	12.7	13.3	16.6	18.6	20.2	22.9	25.0	26.9	28.5
1. Owner's capital	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
- Common stock with voting right	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00	20,002,050,000.00
- Preferred stock	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
3. Convertible bond option	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1
5. Treasury shares	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00	-2,050,000.00
6. Assets revaluation differences	—	—	—	0.0	0.0	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	0.0	0.0
8. Investment and development fund	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5
9. Fund to support corporate restructuring	—	—	—	0.0	0.0	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	0.0	0.0
11. Undistributed earnings after tax	-36.6	-36.0	-37.8	-35.5	-34.9	-31.5	-29.6	-28.0	-25.3	-23.2	-21.3	-19.7
- Accumulated retained earning at the end of the previous period	-36.6	-36.6	-36.6	-31.5	-31.5	-23.2	-23.2	-23.2	-23.2	-15.9	-15.9	-15.9
- Undistributed earnings in this period	-0.0	0.6	-1.2	-3.9	-3.4	-8.4	-6.4	-4.8	-2.1	-7.3	-5.4	-3.8
12. Reserves for investment in construction	—	—	—	0.0	0.0	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	0.0	0.0
14. Financial reserves	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	16.9	17.4	15.6	17.6	17.6	23.2	26.6	26.7	29.9	32.2	34.1	38.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Profit Before Tax	0.8	-0.6	1.8	-1.2	-0.6	-3.4	-1.9	-1.6	-2.7	-2.1	-1.9	-1.6
Depreciation of Fixed Assets and Investment Property	0.5	0.2	0.3	0.3	0.3	0.6	0.4	0.4	0.4	0.4	0.4	0.4
Provision (Increase)/Reversal	-0.7	-0.4	-1.5	—	-1.6	-0.1	0.1	-0.3	1.6	-0.0	-0.8	0.1
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-0.1	-2.6	-0.0	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	-0.1	-0.9	-2.0	-1.0	-1.9	-2.9	-1.5	-1.6	-0.8	-1.8	-2.3	-1.1
Increase/(Decrease) in Receivables	-0.1	0.1	0.1	0.1	0.1	1.3	-0.4	-1.0	0.3	-0.3	-0.1	0.4
Increase/(Decrease) in Inventory	1.1	0.4	3.8	1.2	2.5	3.1	2.5	0.8	-0.1	1.6	1.3	1.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.8	0.2	-0.1	0.9	0.5	-0.9	-0.9	1.1	-0.2	0.4	-1.8	-0.2
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	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	-0.0	0.1	-0.1	-0.0	-0.0
Net Cash Flow from Operating Activities	0.1	-0.2	1.8	1.1	1.2	0.5	-0.3	-0.7	-0.8	-0.2	-2.9	0.1
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	4.0	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.1
Loans and Purchases of Debt Instruments	-1.0	-1.7	-7.1	-2.2	-2.1	-2.9	-2.0	-0.6	-2.0	-2.5	-3.1	-1.5
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	1.5	2.1	1.2	1.1	3.1	3.3	0.5	3.3	2.5	4.4	1.3
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.1	0.1	0.1	0.3	-0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-0.7	-0.1	-1.0	-1.0	-1.0	0.3	1.3	-0.0	1.4	0.1	1.5	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.9	0.3	1.4	0.0	1.9	0.3
Repayment of Borrowings	—	—	—	—	0.0	-1.3	-1.4	0.0	-1.6	-0.6	0.0	-3.3
Repayment of Finance Leases	—	—	—	—	0.0	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	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	—	—	—	—	0.0	-1.3	-0.5	0.3	-0.2	-0.6	1.9	-2.9
Net Cash Flow During the Period	-0.6	-0.3	0.9	0.2	0.2	-0.4	0.5	-0.4	0.3	-0.7	0.5	-3.1
Cash and Cash Equivalents at Beginning of Period	1.3	1.6	0.7	0.6	1.0	1.0	1.2	1.2	1.2	1.2	0.4	0.4
FX Difference from Revaluation	—	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.6	1.3	1.6	0.7	0.8	0.6	1.0	0.4	0.8	0.5	1.2	0.7

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VTS

What Is Changing

Drivers of VTS's profit

Financial Highlights

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Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ▼▼

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow