VC1

Xây dựng Số 1 ·HNX ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 0.52x

Price

13,500

Latest close

20 May 2026

P/E 23.89x

P/B 0.63x

EPS 565

BVPS 21,499

ROE 2.7%

ROA 0.9%

Profit Margin 1.1%

Asset Turnover 0.82x

Equity Mult. 2.89x

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

What Is Changing

On a TTM 2026Q1 basis, VC1 is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 603bn
	                                
+15.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
+84.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	557.1	508.5	222.7	429.3	307.8
Growth	+10%	+128%	-48%	+39%	—
Net Income	6.1	3.6	2.6	4.1	9.8
Net Margin	1.09%	0.71%	1.18%	0.95%	3.18%

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	134.6	222.7	60.8	184.6	89.0	243.7	85.2	106.0	73.6	129.0	29.4	44.2
Growth	-40%	+266%	-67%	+107%	-63%	+186%	-20%	+44%	-43%	+339%	-33%	—
Net Income	0.5	3.5	1.0	1.7	0.6	0.2	1.1	1.8	0.7	3.1	-0.1	-0.4
Net Margin	0.39%	1.58%	1.64%	0.95%	0.70%	0.07%	1.30%	1.67%	0.91%	2.37%	-0.39%	-0.95%

Drivers of VC1's profit

TTM

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

Gross profit ↑ 7.9bn

Finance costs ↓ 2.4bn

Financial income ↑ 1.1bn

Tax ↓ 1.0bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Financial income ↑ 0.8bn

Tax ↓ 0.2bn

Finance costs ↓ 0.1bn

Other profit ↑ 0.1bn

Gross profit ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.5% = 0.7% × 0.68 × 3.08

2026Q1 2.7% = 1.1% × 0.82 × 2.89

ROE rose from 1.5% to 2.7% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 1.1% +0.4pp Asset turnover: 0.82x +0.14x Leverage: 2.89x -0.19x

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 edged up to 1.13%, rising 0.4pp. Core operating signals are improving as Gross margin rose 0.5pp are enough to offset pressure from SG&A / Revenue rose 1.3pp (with additional support from Net financial result / Revenue rose 0.8pp and Other profit / Revenue rose 0.2pp).

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 1.13% +0.4pp

Gross Margin 6.59% +0.5pp

SG&A / Revenue 3.98% +1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.9% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to 1.92%, rising 0.7pp. That translates to 1.92 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 0.15x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 1.92% +0.7pp

NOPAT Margin 1.23% +0.4pp

Capital Turnover 1.55x +0.15x

Average Invested Capital 387.7bn +15.4bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.83x equity, net debt at 0.54x equity.

Inventory ended the period at 203.2bn, roughly 27.9% of total assets.

Over the last 12 months, working capital absorbed 15.0bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +152.1bn

Inventories decreased → higher CFO: +11.3bn

Payables decreased → lower CFO: −178.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 31.7 days versus the same period last year. The main moves came from DIO fell 12.1 days, DSO fell 36.2 days, and DPO fell 16.6 days.

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

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 200.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 128.7 days −36.2 days

Inventory 148.8 days −12.1 days

Payables 77.5 days −16.6 days

Cash Conversion Cycle 200.0 days −31.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.54x and interest coverage only at 1.18x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 7.3% of debt, and total debt stands at 149.9bn.

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

Interest coverage is thin

Interest coverage is 1.18x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.54x +0.04x

Interest Coverage 1.18x +0.40x

Cash / Debt 7.3% +5.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.52x +1.65x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 72.9bn in 2025, against investing cash flow of -8.4bn.

Post-investment cash flow was positive +64.5bn. Financing cash flow was negative +37.0bn.

CFO / net income was 0.52x.

Track how much investment can be funded internally from operating cash flow.

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

Cash Conversion

CFO TTM 3.5bn +7.7bn

Cash Capex — —

FCF TTM — —

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 earnings conversion is confirmed, with CFO/NI at 0.52x. The next item to monitor is capital efficiency, with ROIC at 1.9%. The main risk still sits in leverage and liquidity, with interest coverage at 1.18x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.52x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.18x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	557.1	508.5	222.7	429.3	307.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	557.1	508.5	222.7	429.3	307.8
Cost of Goods Sold	515.8	477.6	206.0	404.6	0.0
Gross Profit	41.2	30.8	16.7	24.7	17.5
Financial Income	1.0	0.8	0.3	0.1	6.9
Financial Expenses	8.1	10.5	9.4	12.1	-9.7
Interest Expense	8.1	10.2	9.4	12.1	-9.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.1	0.1	0.1	-0.0
General and Administrative Expenses	23.6	12.3	1.3	12.1	-2.0
Operating Profit	10.4	8.7	6.3	0.5	12.7
Other Income	0.0	0.4	0.7	5.9	0.0
Other Expenses	1.1	3.0	2.0	0.9	0.0
Other Profit	-1.1	-2.6	-1.4	5.0	0.0
Profit Before Tax	9.3	6.2	4.9	5.5	12.7
Current Income Tax Expense	3.2	2.6	2.3	1.4	-2.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	6.1	3.6	2.6	4.1	9.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	6.1	3.6	2.6	4.1	9.8
Earnings per Share	505.00	299.00	218.00	339.00	815.00
Diluted EPS	505.21	298.99	218.38	339.32	815.03

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	667.2	625.8	625.8	614.9	781.2
I. Cash and cash equivalents	27.9	0.4	8.6	0.5	12.1
1. Cash	16.9	0.4	8.6	0.5	0.0
2. Cash equivalents	11.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	37.5	29.9	7.2	0.3	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	37.5	29.9	7.2	0.3	0.0
III. Short-term receivables	398.5	347.7	445.8	463.1	485.3
1. Short-term trade accounts receivable	251.0	285.1	250.9	362.5	0.0
2. Short-term prepayments to suppliers	29.6	9.7	29.4	9.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	212.1	137.8	258.4	194.0	0.0
7. Provision for short-term doubtful debts (*)	-94.2	-85.0	-92.8	-103.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	203.2	247.8	164.2	151.0	282.1
1. Inventories	203.2	247.8	164.2	151.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	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	0.1	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)	61.4	82.4	83.7	63.2	54.6
I. Long-term receivables	0.1	0.1	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	11.7	11.4	11.2	12.0	2.9
1. Tangible fixed assets	11.7	11.4	11.2	12.0	2.9
- Cost	52.7	51.7	53.2	53.7	0.0
- Accumulated depreciation	-41.0	-40.3	-41.9	-41.7	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	47.6	68.4	70.4	47.5	48.9
- Cost	120.4	139.3	139.3	114.5	0.0
- Accumulated depreciation	-72.8	-70.8	-68.9	-67.0	0.0
IV. Long-term assets in progress	—	0.0	1.6	1.6	1.4
1. Long-term production in progress	—	0.0	1.6	1.6	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	1.6	0.0	0.1	1.5	0.1
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	0.2	0.2	0.2	0.2	0.0
4. Provision for diminution in value of long-term investments	-0.2	-0.2	-0.1	-0.1	0.0
5. Held to maturity investments	1.6	0.0	0.0	1.4	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.4	2.6	0.4	0.6	0.0
1. Long-term prepayments	0.4	2.6	0.4	0.6	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	1.2
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)	728.7	708.3	709.6	678.1	835.8
A. LIABILITIES (300=210+330)	471.2	456.9	461.7	427.2	587.0
I. Short -term liabilities	471.0	456.7	461.5	427.0	586.6
1. Short-term trade accounts payable	118.7	175.9	127.6	178.1	196.3
2. Short-term advances from customers	172.5	52.2	119.3	9.0	26.0
3. Taxes and other payables to state authorities	7.3	7.3	22.5	19.0	0.0
4. Payable to employees	32.5	32.9	23.1	21.4	0.0
5. Short-term acrrued expenses	2.0	3.3	13.8	22.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	30.2	41.6	51.6	89.9	0.0
10. Short-term borrowings and financial leases	105.2	142.2	101.8	84.7	116.4
11. Provision for short-term liabilities	1.9	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	1.3	1.8	2.5	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	0.2	0.2	0.2	0.3	0.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	0.2	0.3	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)	257.5	251.4	247.8	250.8	248.8
I. Owner's equity	257.5	251.4	247.8	250.8	0.0
1. Owner's capital	120.0	120.0	120.0	120.0	248.8
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	70.0	70.0	70.0	70.0	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	67.4	61.3	57.7	60.7	58.7
- Accumulated retained earning at the end of the previous period	61.3	57.7	55.1	56.6	48.9
- Undistributed earnings in this period	6.1	3.6	2.6	4.1	9.8
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)	728.7	708.3	709.6	678.1	835.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	9.3	6.2	4.9	5.5	3.7
Depreciation of Fixed Assets and Investment Property	2.8	2.6	2.7	2.8	2.8
Provision (Increase)/Reversal	11.1	-7.7	-10.2	-13.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.0	-1.2	-0.4	-1.6	0.0
Interest Expense	8.1	10.2	9.4	12.1	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	—	1.6	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	30.3	11.6	6.4	5.7	4.7
Increase/(Decrease) in Receivables	-59.9	106.1	3.0	34.7	0.0
Increase/(Decrease) in Inventory	62.3	-83.5	-13.3	119.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	49.0	-40.6	13.2	-129.6	0.0
Increase/(Decrease) in Prepaid Expenses	2.1	-2.2	0.2	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.9	-10.3	-10.9	-9.3	0.0
Corporate Income Tax Paid	-2.6	-6.6	-1.4	-2.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-0.5	-0.7	-0.9	0.0
Net Cash Flow from Operating Activities	72.9	-25.9	-3.7	18.7	18.0
Payments for Fixed Assets and Other Long-term Assets	—	-0.8	0.0	-0.3	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.4	0.1	1.5	0.0
Loans and Purchases of Debt Instruments	-26.8	-22.6	-6.8	0.0	-0.3
Receipts from Loan Repayments and Sale of Debt Instruments	17.6	0.0	1.2	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	0.8	0.5	0.1	0.1	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	-8.4	-22.5	-5.4	1.3	-0.0
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	265.1	293.5	95.1	132.4	132.9
Repayment of Borrowings	-302.0	-253.2	-77.9	-164.1	-158.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	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	-37.0	40.3	17.1	-31.7	-25.8
Net Cash Flow During the Period	27.5	-8.1	8.1	-11.7	0.0
Cash and Cash Equivalents at Beginning of Period	0.4	8.6	0.5	12.1	8.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	27.9	0.4	8.6	0.5	0.0

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	134.6	222.7	60.8	184.6	89.0	243.7	85.2	106.0	73.6	129.0	29.4	44.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	134.6	222.7	60.8	184.6	89.0	243.7	85.2	106.0	73.6	129.0	29.4	44.2
Cost of Goods Sold	128.5	202.5	55.5	176.4	82.7	230.9	77.8	100.9	68.1	120.6	26.4	41.2
Gross Profit	6.1	20.2	5.3	8.2	6.4	12.9	7.5	5.1	5.4	8.4	3.0	3.0
Financial Income	0.8	0.5	0.2	0.2	0.0	0.3	0.2	0.2	0.1	0.1	0.1	0.1
Financial Expenses	2.5	1.2	1.7	2.6	2.6	2.7	2.6	2.4	2.8	1.8	2.7	2.7
Interest Expense	2.5	1.2	1.7	2.6	2.6	2.5	2.6	2.3	2.8	1.8	2.7	2.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	2.2	—	—	0.1	0.0	0.0	0.0	0.1	0.0	0.0
General and Administrative Expenses	3.5	14.9	—	3.4	2.5	8.8	3.1	-0.6	1.4	-0.2	0.5	1.0
Operating Profit	0.9	4.5	1.6	2.4	1.3	1.6	1.9	3.4	1.4	6.8	-0.1	-0.6
Other Income	—	0.0	—	—	—	0.4	0.0	0.0	0.0	0.1	0.2	0.3
Other Expenses	0.0	0.6	0.2	0.0	0.1	1.1	0.1	0.6	0.4	2.5	0.2	0.2
Other Profit	-0.0	-0.6	-0.2	-0.0	-0.1	-0.7	-0.1	-0.6	-0.4	-2.3	-0.0	0.2
Profit Before Tax	0.9	3.9	1.4	2.4	1.2	0.9	1.8	2.8	1.0	4.5	-0.1	-0.4
Current Income Tax Expense	0.4	0.4	0.4	0.7	0.5	0.7	0.6	1.0	0.3	1.4	0.1	-0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.5	3.5	1.0	1.7	0.6	0.2	1.1	1.8	0.7	3.1	-0.1	-0.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	3.5	1.0	1.7	0.6	0.2	1.1	1.8	0.7	3.1	-0.1	-0.4
Earnings per Share	44.00	293.00	83.00	145.00	52.00	14.00	92.00	147.00	56.00	255.00	-10.00	-35.00
Diluted EPS	43.65	293.32	82.98	145.38	52.14	14.17	92.05	147.45	55.78	254.71	-9.68	-34.85

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)	589.5	649.5	675.9	606.9	731.3	625.9	715.7	567.7	645.1	626.2	566.7	548.0
I. Cash and cash equivalents	11.0	27.9	22.0	8.3	2.2	0.4	7.3	2.8	1.2	8.6	17.2	10.4
1. Cash	0.6	16.9	12.3	8.3	2.2	0.4	7.3	2.8	1.2	8.6	17.2	10.4
2. Cash equivalents	10.4	11.0	9.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	21.6	37.5	29.0	23.0	18.2	29.9	18.2	16.8	12.1	7.2	7.8	6.1
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	21.6	37.5	29.0	23.0	18.2	29.9	18.2	16.8	12.1	7.2	7.8	6.1
III. Short-term receivables	324.2	399.8	426.5	404.1	484.6	347.7	449.4	317.2	423.5	446.2	368.8	367.0
1. Short-term trade accounts receivable	165.1	253.5	285.1	323.2	260.0	285.1	192.2	214.0	213.5	250.9	248.9	235.0
2. Short-term prepayments to suppliers	45.2	29.6	15.7	9.4	11.4	9.7	26.0	14.1	38.3	29.4	10.8	17.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	207.7	210.2	210.7	156.3	298.2	137.8	313.6	171.9	262.3	258.4	207.7	214.3
7. Provision for short-term doubtful debts (*)	-93.8	-93.6	-85.0	-84.7	-85.0	-84.9	-82.4	-82.9	-90.5	-92.4	-98.6	-100.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	232.7	184.2	198.3	171.6	226.3	247.8	240.7	230.9	207.7	164.2	172.8	164.5
1. Inventories	232.7	184.2	198.3	171.6	226.3	247.8	240.7	230.9	207.7	164.2	172.8	164.5
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.1	—	—	—	0.0	0.1	0.0	0.5	0.0	0.1	0.0
1. Short-term prepayments	—	—	—	—	—	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
3. Taxes and other receivables from state authorities	—	0.1	—	—	—	0.0	0.1	0.0	0.5	0.0	0.1	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)	72.9	79.2	79.5	80.2	81.4	82.4	96.0	86.9	84.4	83.7	84.2	85.0
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	11.5	10.6	10.8	11.0	11.2	11.4	10.8	10.9	11.1	11.3	11.5	11.6
1. Tangible fixed assets	11.5	10.6	10.8	11.0	11.2	11.4	10.8	10.9	11.1	11.2	11.4	11.5
- Cost	52.7	—	—	—	—	51.7	53.2	53.2	53.2	53.2	53.7	53.7
- Accumulated depreciation	-41.2	—	—	—	—	-40.3	-42.4	-42.3	-42.1	-41.9	-42.4	-42.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
- 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	60.9	66.5	67.0	67.5	67.9	68.4	68.9	69.4	69.9	70.3	70.7	71.2
- Cost	134.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-73.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	1.4	1.6	1.6	1.6	1.6	1.6
1. Long-term production in progress	—	—	—	—	—	0.0	1.4	1.6	1.6	1.6	1.6	1.6
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	1.6	1.4	—	—	0.0	11.7	1.4	1.5	0.1	0.1	0.1
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
4. Provision for diminution in value of long-term investments	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1
5. Held to maturity investments	—	1.6	1.4	—	—	0.0	11.7	1.4	1.4	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	0.4	0.4	0.3	1.7	2.2	2.6	3.2	3.6	0.4	0.4	0.2	0.3
1. Long-term prepayments	0.4	0.4	0.3	1.7	2.2	2.6	3.2	3.6	0.4	0.4	0.2	0.3
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)	662.4	728.7	755.3	687.1	812.6	708.3	811.7	654.6	729.5	709.9	650.9	633.0
A. LIABILITIES (300=210+330)	404.4	471.7	500.6	433.4	560.6	457.0	560.6	404.4	481.0	461.1	400.5	382.5
I. Short -term liabilities	404.2	469.7	499.8	425.0	560.4	456.8	560.4	404.1	480.8	460.8	400.2	382.3
1. Short-term trade accounts payable	90.2	118.7	155.5	187.6	149.0	175.9	138.1	130.7	104.9	127.6	145.6	146.6
2. Short-term advances from customers	84.1	174.5	234.4	22.4	189.9	52.2	180.8	59.9	146.1	119.3	49.5	16.2
3. Taxes and other payables to state authorities	3.7	7.2	11.8	15.0	10.8	7.4	12.7	15.7	13.5	21.8	11.5	16.2
4. Payable to employees	27.1	31.1	25.6	23.1	25.8	32.9	32.1	31.4	27.5	23.1	13.6	25.5
5. Short-term acrrued expenses	20.5	2.0	2.3	2.5	2.5	3.3	3.9	3.9	3.0	13.8	19.3	19.4
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	26.0	30.2	25.8	37.1	52.5	41.6	52.3	51.2	65.2	51.6	68.1	61.9
10. Short-term borrowings and financial leases	149.9	105.2	43.7	136.1	128.7	142.2	138.7	109.6	118.8	101.8	90.8	94.3
11. Provision for short-term liabilities	1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	0.9	1.3	1.3	1.3	1.8	1.8	1.8	1.8	1.8	2.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.2	2.1	0.8	8.4	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	0.2	8.4	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	—	—	—	—	—	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
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	—	1.9	0.6	—	—	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)	258.0	256.9	254.8	253.8	252.0	251.3	251.1	250.3	248.5	248.9	250.4	250.5
I. Owner's equity	258.0	256.9	254.8	253.8	252.0	251.3	251.1	250.3	248.5	248.9	250.4	250.5
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0
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	67.9	66.8	64.7	63.7	61.9	61.2	61.0	60.2	58.4	58.8	60.3	60.4
- Accumulated retained earning at the end of the previous period	67.4	60.0	61.3	61.3	61.3	57.7	57.7	57.7	57.7	56.2	60.8	60.7
- Undistributed earnings in this period	0.5	6.9	3.4	2.4	0.6	3.5	3.3	2.4	0.7	2.6	-0.5	-0.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	662.4	728.7	755.3	687.1	812.6	708.3	811.7	654.6	729.5	709.9	650.9	633.0

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	0.9	4.3	1.4	2.4	1.2	0.9	1.8	2.6	1.0	5.2	-0.1	-0.4
Depreciation of Fixed Assets and Investment Property	0.6	0.7	0.7	0.7	0.7	0.7	0.6	0.6	0.6	0.6	0.7	0.7
Provision (Increase)/Reversal	-0.4	10.5	0.4	0.2	—	-7.8	10.4	-8.1	-2.3	-5.8	-1.4	-0.9
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	-0.0	-0.0	10.4	-10.4	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.8	-0.5	-0.2	-0.2	-0.0	-0.7	-0.2	-0.2	-0.1	-0.2	-0.1	-0.1
Interest Expense	2.5	1.2	1.7	2.6	2.6	2.5	2.6	2.3	2.8	1.8	2.7	2.7
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	2.7	16.3	4.0	5.7	4.4	5.9	4.8	-2.7	2.0	1.6	1.8	1.9
Increase/(Decrease) in Receivables	75.1	18.9	-22.6	80.8	-137.0	71.4	-129.9	112.7	24.0	-70.2	18.0	-43.5
Increase/(Decrease) in Inventory	-29.5	12.9	-34.5	62.4	21.5	-5.6	-9.8	-23.0	-43.5	8.6	-8.3	-6.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-110.9	-94.1	170.0	-143.5	116.6	-79.3	126.6	-66.0	6.2	44.4	4.4	30.2
Increase/(Decrease) in Prepaid Expenses	0.0	-0.1	1.4	0.5	0.4	0.6	0.4	-3.2	0.0	-0.2	0.1	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.4	-0.9	-1.9	-2.6	-2.5	-2.5	-2.8	-2.5	-2.6	-4.6	-2.4	-1.7
Corporate Income Tax Paid	-1.1	0.0	-2.6	—	—	0.0	-2.3	0.0	-4.4	0.0	-1.4	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.4	—	—	-0.5	0.0	0.0	0.0	0.0	-0.4	0.0
Net Cash Flow from Operating Activities	-66.0	-47.1	113.4	3.3	3.4	-10.0	-12.9	15.3	-18.3	-20.4	11.9	-19.7
Payments for Fixed Assets and Other Long-term Assets	-13.7	—	—	—	—	-0.8	0.0	0.0	0.0	0.0	0.0	24.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.4	0.0	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-31.1	-8.8	-12.3	-5.8	—	0.0	-11.8	-3.4	-7.5	-0.7	-1.7	-3.2
Receipts from Loan Repayments and Sale of Debt Instruments	48.7	0.0	3.9	2.0	11.7	0.0	0.0	-1.4	1.4	1.2	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	0.5	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	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	4.4	-8.5	-8.2	-3.6	11.9	-0.3	-11.7	-4.6	-6.1	0.7	-1.7	21.6
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	71.3	105.9	19.8	61.8	77.5	73.3	99.9	73.2	47.0	56.6	2.5	13.9
Repayment of Borrowings	-26.5	-44.4	-112.2	-54.4	-91.0	-69.9	-70.8	-82.4	-30.0	-45.6	-6.0	-9.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.0	—	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
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	44.7	61.5	-92.4	7.4	-13.5	3.4	29.1	-9.2	17.0	11.0	-3.5	4.2
Net Cash Flow During the Period	-16.9	5.9	12.8	7.1	1.8	-6.9	4.5	1.6	-7.4	-8.6	6.7	6.2
Cash and Cash Equivalents at Beginning of Period	27.9	22.0	9.3	2.2	0.4	8.6	8.6	8.6	8.6	0.5	0.5	0.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	11.0	27.9	22.0	9.3	2.2	0.4	7.3	2.8	1.2	8.6	17.2	10.4

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VC1

What Is Changing

Drivers of VC1'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