VXB

Vật liệu Xây dựng Bến Tre ·UPCOM ·2022Q1

▲ Showing improvement

Operating efficiency is improving Net margin 20.89%, +34.36pp YoY

Price

40,700

Latest close

06 Mar 2026

P/E 12.87x

P/B 5.04x

EPS 3,163

BVPS 8,080

ROE 43.1%

ROA 8.5%

Profit Margin 20.9%

Asset Turnover 0.41x

Equity Mult. 5.07x

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

What Is Changing

On a TTM 2022Q1 basis, VXB posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 61bn
	                                
−33.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
+202.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    88.7%

Metric	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	18.2	19.1	11.2	12.8	10.1	34.7	28.0	19.9	14.2
Growth	-4%	+70%	-12%	+27%	-71%	+24%	+40%	+40%	—
Net Income	1.8	9.9	-0.7	1.8	-2.6	-2.5	-1.9	-5.5	-2.0
Net Margin	9.94%	51.73%	-6.05%	14.22%	-25.86%	-7.17%	-6.68%	-27.70%	-13.81%

Drivers of VXB's profit

TTM

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

Other profit ↑ 11.3bn

Gross profit ↑ 6.1bn

Selling expenses ↑ 6.2bn

Finance costs ↑ 4.8bn

TTM

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

Gross profit ↑ 2.3bn

Administrative expenses ↑ 2.3bn

Finance costs ↑ 2.0bn

Selling expenses ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2021Q1 -34.6% = -13.5% × 0.60 × 4.25

2022Q1 43.1% = 20.9% × 0.41 × 5.07

ROE rose from -34.6% to 43.1% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 20.9% +34.4pp Asset turnover: 0.41x -0.20x Leverage: 5.07x +0.82x

Is the profit sustainable?

Margins improved (+34.4pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 20.89%, rising 34.4pp. Core operating signals are improving as Gross margin rose 11.7pp are enough to offset pressure from SG&A / Revenue rose 2.7pp (in addition, Other profit / Revenue rose 18.5pp added support while Net financial result / Revenue fell 4.0pp 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 20.89% +34.4pp

Gross Margin 15.01% +11.7pp

SG&A / Revenue -4.50% +2.7pp

Non-core / Revenue 22.11% +14.5pp

TTM YoY · 2021Q1 -> 2022Q1

Watchpoints

Other income is supporting margin

Other income accounts for 105.9% of PBT and lifted net margin by 14.5pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 1.30%, rising 11.2pp. That translates to 1.30 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 15.9pp, with capital turnover fell 0.19x; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 1.30% +11.2pp

NOPAT Margin 2.36% +15.9pp

Capital Turnover 0.55x −0.19x

Average Invested Capital 111.5bn −14.4bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at -5.41x equity, net debt at 2.38x equity.

Inventory ended the period at 9.8bn, roughly 10.2% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: 0.0bn

Inventories were broadly stable → neutral CFO: 0.0bn

Payables were broadly stable → neutral CFO: 0.0bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 157.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +111.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 118.6 days +111.9 days

Inventory 364.6 days —

Payables 325.5 days —

Cash Conversion Cycle 157.7 days —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.38x and interest coverage only at 0.66x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 9.6% of debt, and total debt stands at 86.1bn.

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

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.38x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.66x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.38x −0.83x

Interest Coverage 0.66x +2.45x

Cash / Debt 9.6% +7.0pp

Short-term Debt / Total Debt 100.0% +0.2pp

CFO / NI 2.65x +3.54x

TTM YoY · 2021Q1 -> 2022Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 7.8bn in 2022, against investing cash flow of -1.8bn.

Post-investment cash flow was positive +6.0bn. Financing cash flow was negative +6.7bn.

CFO / net income was 2.65x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of +33.9bn.

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

Cash Conversion

CFO TTM 33.9bn +22.8bn

Cash Capex 0.0bn −0.0bn

FCF TTM +33.9bn +22.8bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 34.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 17.1%. The main risk still sits in leverage and liquidity, with interest coverage at 0.66x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 20.89% after expanding 34.4pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.65x. Even so, net financial result still accounts for 17.1% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.66x.

Statement Data

Item	2022	2021	2020
Revenue	11.7	53.2	96.9
Revenue Deductions	0.0	0.0	0.0
Net Revenue	11.7	53.2	96.9
Cost of Goods Sold	10.8	0.0	0.0
Gross Profit	1.0	6.9	3.4
Financial Income	0.0	0.0	0.1
Financial Expenses	6.5	-4.2	-6.9
Interest Expense	6.5	-4.2	-6.9
Share of Associates and Joint Ventures	0.0	-0.0	-2.0
Selling Expenses	0.5	-1.2	-6.8
General and Administrative Expenses	8.5	-4.5	0.0
Operating Profit	-14.6	-3.0	-12.2
Other Income	0.1	0.0	0.0
Other Expenses	1.5	0.0	0.0
Other Profit	-1.5	11.3	0.4
Profit Before Tax	-16.0	8.4	-11.8
Current Income Tax Expense	0.0	-0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	-16.0	8.4	-11.8
Non-controlling Interest	0.0	-0.0	0.0
Profit Attributable to Parent	-16.0	8.4	-11.8
Earnings per Share	-3,963.00	2,070.00	-2,925.00
Diluted EPS	-3,962.83	2,069.84	-2,925.55

Item	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	34.1	69.5	88.5
I. Cash and cash equivalents	4.3	4.9	3.4
1. Cash	4.3	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0
III. Short-term receivables	19.6	37.6	63.1
1. Short-term trade accounts receivable	31.2	0.0	0.0
2. Short-term prepayments to suppliers	1.2	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0
6. Other short-term receivables	24.6	0.0	0.0
7. Provision for short-term doubtful debts (*)	-37.5	0.0	0.0
8. Assets awaiting resolution	0.1	0.0	0.0
IV. Inventories	9.8	24.3	21.7
1. Inventories	11.7	0.0	0.0
2. Provision for decline in value of inventories	-1.9	0.0	0.0
V. Other short-term assets	0.4	2.6	0.3
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.4	0.0	0.0
4. Government bonds	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	61.6	83.0	62.3
I. Long-term receivables	1.7	0.0	0.0
1. Long-term trade receivables	1.7	24.5	1.7
2. Long-term prepayments to suppliers	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	7.7	9.5	11.2
1. Tangible fixed assets	6.8	8.7	10.4
- Cost	24.0	0.0	0.0
- Accumulated depreciation	-17.2	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
3. Intangible fixed assets	0.8	0.8	0.8
- Cost	0.8	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
III. Investment properties	8.9	8.9	8.9
- Cost	8.9	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
IV. Long-term assets in progress	43.0	39.6	39.9
1. Long-term production in progress	35.9	0.0	0.0
2. Construction in progress	7.1	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0
VI. Other long-term assets	0.3	0.0	0.0
1. Long-term prepayments	0.3	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	0.5	0.6
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	95.7	152.5	150.9
A. LIABILITIES (300=210+330)	117.4	118.6	115.3
I. Short -term liabilities	117.4	118.6	114.8
1. Short-term trade accounts payable	12.4	15.1	13.1
2. Short-term advances from customers	0.4	0.4	5.5
3. Taxes and other payables to state authorities	2.3	0.0	0.0
4. Payable to employees	0.1	0.0	0.0
5. Short-term acrrued expenses	19.9	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0
9. Other short-term payables	1.4	0.0	0.0
10. Short-term borrowings and financial leases	79.3	86.0	86.4
11. Provision for short-term liabilities	1.7	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.5
1. Long-term trade payables	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.5
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-21.7	33.9	35.5
I. Owner's equity	-21.7	0.0	0.0
1. Owner's capital	40.5	33.9	35.5
- Common stock with voting right	40,490,060,000.00	40,490,060,000.00	40,490,060,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	4.1	4.1	4.1
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0
8. Investment and development fund	14.2	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0
11. Undistributed earnings after tax	-80.4	-24.8	-23.2
- Accumulated retained earning at the end of the previous period	-64.4	0.0	0.0
- Undistributed earnings in this period	-16.0	-24.8	-23.2
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	95.7	152.5	150.9

Item	2022	2021	2020
Profit Before Tax	-16.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	1.7	0.0	0.0
Provision (Increase)/Reversal	4.9	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.0	0.0
Interest Expense	6.5	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-2.9	0.0	0.0
Increase/(Decrease) in Receivables	9.8	0.0	0.0
Increase/(Decrease) in Inventory	3.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.5	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	2.2	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0
Net Cash Flow from Operating Activities	7.8	39.8	28.8
Payments for Fixed Assets and Other Long-term Assets	-1.9	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.3
Loans and Purchases of Debt Instruments	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.8	0.0	0.3
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	1.3	1.9	53.5
Repayment of Borrowings	-8.0	-40.3	-84.3
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-6.7	-38.3	-30.8
Net Cash Flow During the Period	-0.7	1.5	0.0
Cash and Cash Equivalents at Beginning of Period	4.9	3.4	2.6
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.3	4.9	0.0

Item	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	18.2	19.1	11.2	12.8	10.1	34.7	28.0	19.9	14.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	18.2	19.1	11.2	12.8	10.1	34.7	28.0	19.9	14.2
Cost of Goods Sold	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	3.2	0.4	0.7	4.9	0.9	2.4	1.8	-2.0	1.2
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.4	-0.5	-0.3	-1.8	-1.7	-1.7	-1.7	-2.0	-1.5
Interest Expense	0.4	-0.5	-0.3	-1.8	-1.7	-1.7	-1.7	-2.0	-1.5
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	-2.0	0.0	0.0	0.0
Selling Expenses	0.1	-0.2	-0.2	-0.3	-0.4	-5.4	-0.5	-0.4	-0.5
General and Administrative Expenses	0.9	-1.3	-0.8	-1.0	-1.4	4.1	-1.5	-1.0	-1.5
Operating Profit	1.8	-1.5	-0.7	1.8	-2.6	-2.6	-1.9	-5.5	-2.3
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	11.4	-0.0	-0.0	-0.0	0.1	0.0	-0.1	0.3
Profit Before Tax	1.8	9.9	-0.7	1.8	-2.6	-2.5	-1.9	-5.5	-2.0
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	1.8	9.9	-0.7	1.8	-2.6	-2.5	-1.9	-5.5	-2.0
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	1.8	9.9	-0.7	1.8	-2.6	-2.5	-1.9	-5.5	-2.0
Earnings per Share	447.00	2,434.00	-168.00	450.00	-646.00	-615.00	-462.00	-1,362.00	-486.00
Diluted EPS	447.24	2,433.92	-167.80	450.15	-646.43	-615.25	-461.86	-1,362.41	-486.04

Item	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	106.0	69.5	80.8	79.9	74.2	88.5	97.1	93.0	107.1
I. Cash and cash equivalents	8.3	4.9	3.5	3.4	2.3	3.4	0.9	0.2	0.7
1. Cash	8.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	67.4	37.6	51.0	51.4	47.4	63.1	63.9	58.8	52.8
1. Short-term trade accounts receivable	38.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	29.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	30.0	24.3	26.0	24.5	24.1	21.7	31.9	32.5	52.7
1. Inventories	30.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.3	2.6	0.3	0.6	0.3	0.3	0.3	1.6	0.9
1. Short-term prepayments	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	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	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)	59.7	83.0	60.6	61.1	61.6	62.3	63.1	63.2	64.0
I. Long-term receivables	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	24.5	1.7	1.7	1.7	1.7	1.7	1.7	1.7
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	1.7	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	9.1	9.5	9.9	10.4	10.8	11.2	11.6	12.0	12.6
1. Tangible fixed assets	8.2	8.7	9.1	9.5	9.9	10.4	10.8	11.2	11.8
- Cost	25.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-16.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
- 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	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9
- 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	39.6	39.6	39.6	39.6	39.6	39.9	39.8	39.8	40.0
1. Long-term production in progress	35.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.7	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.3	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	0.5	0.5	0.6	0.6	0.6	1.1	0.8	0.9
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)	165.7	152.5	141.4	141.0	135.7	150.9	160.2	156.2	171.1
A. LIABILITIES (300=210+330)	133.0	118.6	117.5	112.5	109.0	115.3	122.2	116.3	125.7
I. Short -term liabilities	133.0	118.6	117.5	112.5	108.8	114.8	105.5	78.8	121.7
1. Short-term trade accounts payable	15.8	15.1	15.2	12.2	11.0	13.1	14.1	12.0	7.0
2. Short-term advances from customers	0.3	0.4	2.2	5.9	4.2	5.5	15.7	10.1	11.0
3. Taxes and other payables to state authorities	2.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	22.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	86.1	86.0	86.7	87.3	87.8	86.4	68.3	49.9	90.6
11. Provision for short-term liabilities	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.2	0.5	16.7	37.5	3.9
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	0.2	0.5	16.7	37.5	3.9
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)	32.7	33.9	23.9	28.6	26.7	35.5	38.0	39.9	45.4
I. Owner's equity	32.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	40.5	33.9	23.9	28.6	26.7	35.5	38.0	39.9	45.4
- Common stock with voting right	40,490,060,000.00	40,490,060,000.00	40,490,060,000.00	40,490,060,000.00	40,490,060,000.00	40,490,060,000.00	40,490,060,000.00	40,490,060,000.00	40,490,060,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1
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	0.0	0.0	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	0.00	0.00
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	14.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	-26.0	-24.8	-34.8	-30.2	-32.0	-23.2	-20.7	-18.8	-13.3
- Accumulated retained earning at the end of the previous period	-26.0	0.0	-34.8	-30.2	0.0	0.0	0.0	-11.3	0.0
- Undistributed earnings in this period	0.0	-24.8	0.0	0.0	-32.0	-23.2	-20.7	-7.5	-13.3
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)	165.7	152.5	141.4	141.0	135.7	150.9	160.2	156.2	171.1

Item	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.0	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	0.0
Interest Income and Dividends	0.0	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	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	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	0.0
Interest Paid	0.0	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	0.0
Other Operating Receipts	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	4.5	12.9	10.7	5.8	10.5	0.0	23.9	-23.3	28.2
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	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	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	0.0	0.0
Investments in Other Entities	0.0	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	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	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	0.0
Other Investing Receipts	0.0	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	0.0
Net Cash Flow from Investing Activities	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.3	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	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	0.00
Proceeds from Borrowings	0.0	0.1	0.0	0.7	1.2	0.0	0.0	38.9	14.6
Repayment of Borrowings	-1.2	-11.5	-10.7	-5.3	-12.8	0.0	-23.2	-16.4	-44.7
Repayment of Finance Leases	0.0	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	0.0
Other Financing Receipts	0.0	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	0.0
Net Cash Flow from Financing Activities	-1.2	-11.4	-10.7	-4.7	-11.6	0.0	-23.2	22.5	-30.1
Net Cash Flow During the Period	3.4	1.5	0.1	1.1	-1.1	0.0	0.8	-0.5	-2.0
Cash and Cash Equivalents at Beginning of Period	4.9	3.5	3.4	2.3	3.4	0.0	0.2	0.7	2.6
FX Difference from Revaluation	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	8.3	4.9	3.5	3.4	2.3	0.0	0.9	0.2	0.7

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VXB

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Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

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