VBC

Nhựa - Bao bì Vinh ·HNX ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 8.04x

Price

20,100

Latest close

27 May 2026

P/E 5.11x

P/B 0.82x

EPS 3,933

BVPS 24,588

ROE 16.5%

ROA 7.2%

Profit Margin 3.4%

Asset Turnover 2.08x

Equity Mult. 2.30x

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

What Is Changing

On a TTM 2026Q1 basis, VBC shows mild improvement in both revenue and margins, but the magnitude of change is narrow — the growth momentum has held across consecutive periods. This signal only becomes convincing if the improvement widens in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 856bn
	                                
+4.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 29bn
	                                
+5.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	844.4	822.0	874.5	994.5	1,026.9
Growth	+3%	-6%	-12%	-3%	—
Net Income	28.1	27.9	28.1	27.3	28.1
Net Margin	3.32%	3.40%	3.21%	2.74%	2.74%

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	197.8	226.3	199.8	231.6	186.7	232.0	206.8	190.2	193.0	232.7	212.3	228.3
Growth	-13%	+13%	-14%	+24%	-20%	+12%	+9%	-1%	-17%	+10%	-7%	—
Net Income	8.5	6.8	6.5	7.6	7.0	6.8	7.3	6.8	6.9	6.3	7.4	7.6
Net Margin	4.29%	3.03%	3.26%	3.30%	3.77%	2.94%	3.55%	3.58%	3.60%	2.71%	3.49%	3.35%

Drivers of VBC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 2.5bn

Selling expenses ↓ 0.8bn

Finance costs ↓ 0.7bn

Other profit ↑ 0.2bn

Financial income ↓ 1.4bn

Gross profit ↓ 1.1bn

TTM

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

Gross profit ↑ 1.8bn

Administrative expenses ↓ 0.5bn

Other profit ↑ 0.2bn

Financial income ↓ 0.4bn

Tax ↑ 0.4bn

Selling expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.6% = 3.4% × 2.00 × 2.41

2026Q1 16.5% = 3.4% × 2.08 × 2.30

ROE is broadly flat at 16.5% — the components are offsetting one another.

Net margin: 3.4% +0.0pp Asset turnover: 2.08x +0.07x Leverage: 2.30x -0.11x

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 stands at 3.45%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 3.45% +0.0pp

Gross Margin 8.81% −0.6pp

SG&A / Revenue 4.10% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 10.19%, rising 0.3pp. That translates to 10.19 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.10x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 10.19% +0.3pp

NOPAT Margin 3.45% −0.0pp

Capital Turnover 2.96x +0.10x

Average Invested Capital 289.5bn +4.3bn

Balance Sheet

Capital structure is balanced — liabilities at 1.18x equity, net debt at 0.52x equity.

Inventory ended the period at 110.3bn, roughly 28.8% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.4 days versus the same period last year. The main moves came from DIO rose 4.1 days, DSO fell 14.5 days, and DPO fell 5.0 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 93.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +4.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 82.0 days −14.5 days

Inventory 53.5 days +4.1 days

Payables 41.6 days −5.0 days

Cash Conversion Cycle 93.9 days −5.4 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.52x and interest coverage at 7.40x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 9.7% of debt, and total debt stands at 105.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 9.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.52x −0.20x

Interest Coverage 7.40x +1.18x

Cash / Debt 9.7% +8.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 8.04x +13.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 59.4bn in 2025, against investing cash flow of -36.5bn.

Post-investment cash flow was positive +22.9bn. Financing cash flow was negative +25.6bn.

CFO / net income was 8.04x.

After spending +8.5bn on fixed-asset investment, the business generated trailing free cash flow of +228.7bn.

Cash Conversion

CFO TTM 237.2bn +403.4bn

Cash Capex 8.5bn −12.7bn

FCF TTM +228.7bn +416.2bn

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 earnings conversion is confirmed, with CFO/NI at 8.04x. The main risk still sits in leverage and liquidity, with interest coverage at 7.40x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 8.04x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.52x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	844.4	822.1	874.8	995.5	1,026.9
Revenue Deductions	0.0	0.1	0.3	0.9	0.0
Net Revenue	844.4	822.0	874.5	994.5	1,026.9
Cost of Goods Sold	767.7	746.7	788.1	901.9	0.0
Gross Profit	76.7	75.3	86.5	92.6	86.5
Financial Income	2.4	3.1	2.9	4.5	2.7
Financial Expenses	5.4	5.6	12.3	14.0	-12.4
Interest Expense	5.2	4.9	10.7	11.3	-11.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	20.3	19.5	22.5	29.1	-23.5
General and Administrative Expenses	18.0	18.1	19.0	18.5	-17.8
Operating Profit	35.4	35.2	35.6	35.5	35.5
Other Income	0.7	0.9	0.2	0.1	0.0
Other Expenses	0.8	0.9	0.3	0.3	0.0
Other Profit	-0.1	0.0	-0.1	-0.2	-0.2
Profit Before Tax	35.3	35.2	35.4	35.4	35.3
Current Income Tax Expense	7.2	7.3	7.3	8.1	-7.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	28.1	27.9	28.1	27.3	28.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	28.1	27.9	28.1	27.3	28.1
Earnings per Share	2,923.00	2,882.00	2,970.00	2,886.00	3,330.46
Diluted EPS	2,923.00	2,882.00	2,970.00	2,886.00	3,748.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	324.3	327.2	309.9	371.3	349.0
I. Cash and cash equivalents	1.0	3.8	0.5	2.5	0.4
1. Cash	1.0	3.8	0.5	2.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	34.5	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	34.5	0.0	0.0	0.0	0.0
III. Short-term receivables	175.6	222.3	226.1	241.2	236.2
1. Short-term trade accounts receivable	171.4	222.6	226.0	240.2	0.0
2. Short-term prepayments to suppliers	1.0	0.2	0.4	0.2	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	4.1	0.2	0.1	0.9	0.0
7. Provision for short-term doubtful debts (*)	-1.0	-0.6	-0.3	-0.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	110.3	85.8	79.8	125.9	109.8
1. Inventories	110.3	85.8	79.8	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	125.9	0.0
V. Other short-term assets	2.8	15.3	3.5	1.6	2.5
1. Short-term prepayments	0.9	1.1	1.3	1.5	0.0
2. Value added tax to be reclaimed	1.6	13.6	2.2	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.6	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)	59.3	72.9	78.3	88.2	85.1
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	55.6	69.4	74.5	84.3	81.4
1. Tangible fixed assets	55.6	69.4	74.5	84.3	81.4
- Cost	301.2	299.2	294.9	288.2	0.0
- Accumulated depreciation	-245.6	-229.7	-220.4	-203.8	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	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	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	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	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	—	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
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	3.7	3.4	3.8	3.9	0.0
1. Long-term prepayments	3.7	3.4	3.8	3.9	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	3.7
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)	383.6	400.1	388.2	459.5	434.0
A. LIABILITIES (300=210+330)	207.7	233.7	230.4	309.3	291.8
I. Short -term liabilities	207.7	233.7	229.3	305.2	284.8
1. Short-term trade accounts payable	73.4	93.0	92.6	103.7	127.7
2. Short-term advances from customers	0.6	0.3	2.0	0.8	1.4
3. Taxes and other payables to state authorities	4.7	3.3	2.8	4.0	0.0
4. Payable to employees	31.8	26.7	24.1	26.1	0.0
5. Short-term acrrued expenses	1.0	1.1	0.4	2.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	1.2	1.0	1.6	0.0
10. Short-term borrowings and financial leases	93.0	105.2	104.4	165.7	118.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	2.8	2.1	0.5	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	—	0.0	1.0	4.0	7.0
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	1.0	4.0	7.0
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)	175.9	166.4	157.8	150.2	142.2
I. Owner's equity	175.9	166.4	157.8	150.2	0.0
1. Owner's capital	75.0	75.0	75.0	75.0	142.2
- Common stock with voting right	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.4	1.4	1.4	1.4	1.4
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	-120,000.00	-120,000.00	-120,000.00	-120,000.00	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	71.4	63.0	54.6	46.5	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	28.1	26.9	26.7	27.3	28.1
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	28.1	26.9	26.7	27.3	28.1
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)	383.6	400.1	388.2	459.5	434.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.9	-6.2	-8.3	-9.2	0.0
Other Operating Receipts	15.8	1.4	1.8	19.6	0.0
Other Operating Payments	-18.4	-29.4	-30.8	-28.2	0.0
Net Cash Flow from Operating Activities	59.4	27.2	83.2	-10.7	38.6
Payments for Fixed Assets and Other Long-term Assets	-2.0	-10.7	-7.0	-20.8	-0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.7	0.0	0.0	0.0
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	0.0	0.0	0.0	0.4	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	-36.5	-10.0	-6.9	-20.4	-0.8
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	798.7	759.3	775.5	965.8	908.1
Repayment of Borrowings	-810.9	-759.6	-840.3	-919.1	-934.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-13.4	-13.5	-13.5	-13.5	-13.5
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	-25.6	-13.8	-78.3	33.2	-40.2
Net Cash Flow During the Period	-2.8	3.3	-2.0	2.1	-0.2
Cash and Cash Equivalents at Beginning of Period	3.8	0.5	2.5	0.4	2.9
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	1.0	3.8	0.5	2.5	0.4

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	197.8	226.3	199.8	231.6	186.7	232.0	206.8	190.3	193.0	232.7	212.3	228.5
Revenue Deductions	0.0	—	—	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.3
Net Revenue	197.8	226.3	199.8	231.6	186.7	232.0	206.8	190.2	193.0	232.7	212.3	228.3
Cost of Goods Sold	177.2	206.3	185.3	211.3	167.9	212.6	187.6	171.3	175.2	211.5	191.0	204.9
Gross Profit	20.6	20.0	14.5	20.2	18.8	19.4	19.3	18.9	17.7	21.2	21.3	23.4
Financial Income	0.3	0.5	0.4	0.7	0.7	0.8	0.6	1.0	0.6	0.6	0.6	0.9
Financial Expenses	1.4	1.1	0.8	1.7	1.4	1.3	1.6	1.5	1.3	2.5	2.6	3.8
Interest Expense	1.2	1.0	0.8	1.7	1.3	1.2	1.1	1.4	1.3	1.9	2.3	3.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.8	5.2	3.4	5.7	4.6	5.5	5.3	4.6	4.3	5.6	5.6	6.2
General and Administrative Expenses	4.1	5.1	2.6	4.2	4.6	4.3	4.3	5.4	4.1	5.7	4.4	4.5
Operating Profit	10.6	9.1	8.1	9.3	8.9	9.2	8.8	8.6	8.6	8.1	9.4	9.7
Other Income	0.1	0.1	0.1	0.3	0.1	0.1	0.7	0.1	0.1	0.0	0.0	0.0
Other Expenses	0.0	0.5	0.0	0.1	0.2	0.7	0.1	0.1	0.0	0.1	0.1	0.1
Other Profit	0.0	-0.4	0.1	0.3	-0.1	-0.6	0.5	-0.0	0.1	-0.0	-0.1	-0.1
Profit Before Tax	10.6	8.7	8.2	9.6	8.8	8.6	9.3	8.5	8.7	8.1	9.3	9.6
Current Income Tax Expense	2.1	1.9	1.6	1.9	1.8	1.8	2.0	1.7	1.7	1.8	1.9	2.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.5	6.8	6.5	7.6	7.0	6.8	7.3	6.8	6.9	6.3	7.4	7.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.5	6.8	6.5	7.6	7.0	6.8	7.3	6.8	6.9	6.3	7.4	7.6
Earnings per Share	1,132.00	913.00	868.00	1,020.00	938.00	909.00	978.00	908.00	926.00	840.00	989.00	1,019.00
Diluted EPS	1,131.81	913.12	868.23	1,019.89	938.27	908.93	977.82	908.49	925.81	839.55	988.62	1,019.49

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)	340.7	324.3	322.1	333.6	350.6	327.2	306.5	313.5	320.6	309.9	317.8	357.3
I. Cash and cash equivalents	10.2	1.0	6.3	3.6	1.0	3.8	0.7	1.0	9.2	0.5	0.5	1.0
1. Cash	10.2	1.0	6.3	3.6	1.0	3.8	0.7	1.0	9.2	0.5	0.5	1.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	34.5	34.5	—	—	—	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	34.5	34.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	187.9	175.6	177.3	196.3	205.6	222.3	214.3	222.8	230.0	226.1	202.4	240.2
1. Short-term trade accounts receivable	181.5	171.4	174.0	196.3	203.0	222.6	213.3	223.0	228.3	226.0	201.7	237.9
2. Short-term prepayments to suppliers	3.3	1.0	0.2	0.2	1.1	0.2	1.7	0.7	0.3	0.4	0.5	0.6
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	4.0	4.1	3.8	0.5	2.0	0.2	0.2	0.1	1.8	0.1	0.2	1.7
7. Provision for short-term doubtful debts (*)	-1.0	-1.0	-0.6	-0.6	-0.6	-0.6	-0.9	-0.9	-0.3	-0.3	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	105.6	110.3	116.5	112.3	123.2	85.8	80.0	82.1	77.1	79.8	110.9	114.7
1. Inventories	105.6	110.3	116.5	112.3	123.2	85.8	80.0	82.1	77.1	79.8	110.9	114.7
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	2.4	2.8	22.0	21.3	20.8	15.3	11.5	7.5	4.4	3.5	4.1	1.4
1. Short-term prepayments	1.4	0.9	1.0	1.1	1.3	1.1	1.0	1.2	1.4	1.3	1.3	1.4
2. Value added tax to be reclaimed	1.0	1.6	20.6	20.2	18.9	13.6	9.8	6.3	3.0	2.2	2.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.2	0.4	0.1	0.5	0.6	0.7	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)	63.2	59.3	62.9	66.5	69.7	72.9	76.2	79.6	74.3	78.3	80.3	83.7
I. Long-term receivables	—	—	—	—	—	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
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	—	—	—	—	—	0.0	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
II. Fixed assets	52.2	55.6	59.2	63.0	66.2	69.4	72.9	67.7	70.7	74.5	76.6	75.8
1. Tangible fixed assets	52.2	55.6	59.2	63.0	66.2	69.4	72.9	67.7	70.7	74.5	76.6	75.8
- Cost	301.6	—	—	—	—	299.2	298.6	295.8	294.9	294.9	293.1	288.2
- Accumulated depreciation	-249.4	—	—	—	—	-229.7	-225.7	-228.1	-224.2	-220.4	-216.6	-212.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	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
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	6.8	0.0	0.2	—	—	0.0	0.0	8.4	0.0	0.0	0.0	4.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.8	0.0	0.2	—	—	0.0	0.0	8.4	0.0	0.0	0.0	4.4
V. Long-term financial investments	—	—	—	—	—	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
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	—	—	—	—	—	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
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	4.1	3.7	3.5	3.5	3.5	3.4	3.3	3.5	3.6	3.8	3.8	3.5
1. Long-term prepayments	4.1	3.7	3.5	3.5	3.5	3.4	3.3	3.5	3.6	3.8	3.8	3.5
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
TOTAL ASSETS (280=100+200)	403.9	383.6	385.0	400.1	420.3	400.1	382.7	393.1	395.0	388.2	398.1	440.9
A. LIABILITIES (300=210+330)	219.5	207.7	215.9	237.6	246.9	233.7	223.1	239.9	230.2	230.6	246.9	297.1
I. Short -term liabilities	219.5	207.7	215.9	237.6	246.9	232.7	221.7	239.5	228.1	229.5	245.5	294.8
1. Short-term trade accounts payable	79.2	73.4	82.9	108.8	98.7	93.0	103.9	79.7	90.2	92.6	87.1	95.7
2. Short-term advances from customers	3.0	0.6	2.3	0.3	1.3	0.3	0.3	0.7	0.6	2.0	0.6	1.2
3. Taxes and other payables to state authorities	2.4	4.7	2.2	3.2	1.7	3.3	1.5	1.4	2.0	2.7	2.8	1.9
4. Payable to employees	13.8	31.8	24.6	19.6	12.9	26.7	19.7	15.4	12.5	24.3	20.6	14.8
5. Short-term acrrued expenses	1.0	1.0	2.9	2.0	1.0	1.1	3.1	2.2	1.1	0.4	3.2	3.5
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	11.8	0.7	4.9	9.8	3.6	1.2	3.2	16.9	7.8	1.0	2.9	9.2
10. Short-term borrowings and financial leases	105.7	93.0	93.2	90.7	126.6	104.1	86.2	120.0	113.8	104.4	126.2	165.8
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	2.6	3.0	3.2	1.1	2.8	3.7	3.2	0.2	2.1	2.1	2.5
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	—	—	—	—	—	1.0	1.4	0.3	2.1	1.0	1.4	2.3
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	—	—	—	—	—	1.0	1.4	0.3	2.1	1.0	1.4	2.3
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)	184.4	175.9	169.1	162.5	173.4	166.4	159.6	153.2	164.7	157.6	151.3	143.9
I. Owner's equity	184.4	175.9	169.1	162.5	173.4	166.4	159.6	153.2	164.7	157.6	151.3	143.9
1. Owner's capital	75.0	75.0	75.0	75.0	75.0	75.0	75.0	75.0	75.0	75.0	75.0	75.0
- Common stock with voting right	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00	74,999,720,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
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	-120,000.00	-120,000.00	-120,000.00	-120,000.00	-120,000.00	-120,000.00	-120,000.00	-120,000.00	-120,000.00	-120,000.00	-120,000.00	-120,000.00
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	71.4	71.4	71.4	71.4	63.0	63.0	63.0	63.0	54.6	54.6	54.6	54.6
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	36.6	28.1	21.2	14.7	33.9	26.9	20.1	13.8	33.7	26.5	20.2	12.8
- Accumulated retained earning at the end of the previous period	28.1	—	—	—	26.9	0.0	0.0	0.0	26.7	0.0	0.0	0.0
- Undistributed earnings in this period	8.5	28.1	21.2	14.7	7.0	26.9	20.1	13.8	6.9	26.5	20.2	12.8
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	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	403.9	383.6	385.0	400.1	420.3	400.1	382.7	393.1	395.0	388.2	398.1	440.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	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
Provision (Increase)/Reversal	—	—	—	—	—	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
Gain/Loss from Investment Activities	—	—	—	—	—	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
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	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
Increase/(Decrease) in Inventory	—	—	—	—	—	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
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	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
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-4.8	0.0	-1.9	0.0	-3.9	-0.3	-1.2	-2.0	-2.8	-2.1	-0.8	-2.0
Other Operating Receipts	3.6	—	—	—	—	1.1	-0.4	0.6	0.0	-0.1	1.6	0.1
Other Operating Payments	-12.4	7.8	-9.1	-7.3	-9.7	3.3	-16.6	-4.5	-11.6	9.5	-21.3	-3.3
Net Cash Flow from Operating Activities	163.8	29.4	7.3	36.7	-14.0	-520.0	546.9	-179.1	179.4	-554.6	626.6	-178.4
Payments for Fixed Assets and Other Long-term Assets	-0.0	0.1	-0.3	8.7	-10.6	-10.6	7.9	-8.1	0.0	-6.9	3.9	-4.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.7	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	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	0.0	0.0	—	—	—	-0.7	0.7	-0.2	0.2	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
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	-0.0	-34.4	-0.3	8.7	-10.6	-10.6	8.6	-8.3	0.2	-6.9	3.9	-4.0
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	0.1	204.2	203.6	181.8	209.1	757.5	-363.6	365.0	0.4	770.3	-399.2	399.2
Repayment of Borrowings	-153.5	-204.5	-201.1	-218.1	-187.2	-213.9	-195.1	-180.6	-170.0	-204.3	-229.4	-216.4
Repayment of Finance Leases	-1.2	—	—	—	—	3.7	-3.7	1.3	-1.3	9.0	-9.0	3.3
Dividends Paid	—	0.1	-6.9	-6.6	—	-13.5	6.5	-6.5	0.0	-13.5	6.6	-6.6
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	-154.6	-0.2	-4.3	-42.9	21.8	533.8	-555.9	179.2	-170.9	561.4	-631.0	179.5
Net Cash Flow During the Period	9.2	-5.2	2.6	2.6	-2.8	3.2	-0.4	-8.2	8.7	-0.0	-0.5	-2.8
Cash and Cash Equivalents at Beginning of Period	1.0	6.3	3.6	1.0	3.8	0.5	0.5	0.5	0.5	2.5	2.5	2.5
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	10.2	1.0	6.3	3.6	1.0	3.8	0.7	1.0	9.2	0.5	0.5	1.0

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VBC

What Is Changing

Drivers of VBC'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 ▲

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