VDL

Thực phẩm Lâm Đồng ·HNX ·2025Q3

▲ Slightly positive

Operating efficiency is improving Net margin 3.20%, +15.77pp YoY

Price

10,500

Latest close

04 Jun 2026

P/E 71.75x

P/B 1.01x

EPS 146

BVPS 10,431

ROE 1.3%

ROA 1.2%

Profit Margin 3.2%

Asset Turnover 0.39x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2025Q3 basis, VDL posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 67bn
	                                
−66.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
+108.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    124.4%
	                                
affects earnings quality

Metric	2023	2022	2021	2020
Revenue	201.4	187.3	264.0	290.7
Growth	+8%	-29%	-9%	—
Net Income	-19.3	-16.3	4.3	11.8
Net Margin	-9.56%	-8.70%	1.62%	4.07%

Metric	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	38.5	9.9	9.8	8.5	40.5	38.8	64.9	57.1	33.6	73.2	42.8	37.7
Growth	+287%	+1%	+16%	-79%	+4%	-40%	+14%	+70%	-54%	+71%	+14%	—
Net Income	2.5	1.1	-0.6	-0.8	-9.1	-1.2	-10.7	-4.4	-10.9	2.4	-1.1	-3.3
Net Margin	6.51%	10.87%	-6.31%	-9.74%	-22.47%	-3.03%	-16.42%	-7.65%	-32.34%	3.32%	-2.55%	-8.69%

Drivers of VDL's profit

TTM

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

Gross profit ↑ 16.6bn

Selling expenses ↓ 3.2bn

TTM

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

Gross profit ↑ 6.9bn

Administrative expenses ↓ 1.7bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 3.20%, rising 15.8pp. Core operating signals are improving as Gross margin rose 18.9pp are enough to offset pressure from SG&A / Revenue rose 7.3pp (in addition, Net financial result / Revenue rose 3.5pp added support while Other profit / Revenue fell 1.1pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 3.20% +15.8pp

Gross Margin 15.86% +18.9pp

SG&A / Revenue 15.38% +7.3pp

Non-core / Revenue 2.73% +2.4pp

TTM YoY · 2023Q4 -> 2025Q3

Watchpoints

Financial result is supporting margin

Financial result accounts for 163.6% of PBT and lifted net margin by 2.4pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.02x equity.

Inventory ended the period at 41.4bn, roughly 23.5% 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

Cash conversion cycle lengthened by 181.1 days versus the same period last year. The main moves came from DIO rose 123.4 days, DSO rose 67.2 days, and DPO rose 9.6 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 342.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +67.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 85.3 days +67.2 days

Inventory 270.6 days +123.4 days

Payables 13.5 days +9.6 days

Cash Conversion Cycle 342.4 days +181.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 76.5bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.02x and interest coverage at 24.36x.

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

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

Leverage and liquidity trend

Net Debt / Equity -0.02x +0.45x

Interest Coverage 24.36x +66.40x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -11.29x −8.23x

TTM YoY · 2023Q4 -> 2025Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 76.5bn in 2023, against investing cash flow of -59.1bn.

Post-investment cash flow was positive +17.4bn. Financing cash flow was negative +10.8bn.

CFO / net income was -11.29x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 24.2bn −101.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 15.8 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 342 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.20% after expanding 15.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 124.4% of PBT and CFO / net income currently at -11.29x.

Key risk: working capital remains tied up for too long, with cash cycle at 342.4 days.

Statement Data

Item	2023	2022	2021	2020
Revenue	202.5	189.3	265.5	294.1
Revenue Deductions	1.1	2.0	0.0	0.0
Net Revenue	201.4	187.3	264.0	290.7
Cost of Goods Sold	207.5	181.4	0.0	0.0
Gross Profit	-6.1	5.9	21.3	28.9
Financial Income	1.5	0.8	1.2	1.2
Financial Expenses	0.5	3.2	-0.6	-1.4
Interest Expense	0.2	0.7	-0.4	-0.7
Share of Associates and Joint Ventures	0.0	0.0	-0.0	-0.0
Selling Expenses	5.3	6.9	-6.9	-5.2
General and Administrative Expenses	10.9	10.3	-9.0	-9.2
Operating Profit	-21.3	-13.7	6.0	14.3
Other Income	0.8	0.0	0.0	0.0
Other Expenses	1.1	0.2	0.0	0.0
Other Profit	-0.3	-0.2	0.1	-0.5
Profit Before Tax	-21.5	-13.9	6.0	13.8
Current Income Tax Expense	0.0	0.1	-1.8	-2.0
Deferred Income Tax Expense	-2.3	2.3	0.0	0.0
Net Income	-19.3	-16.3	4.3	11.8
Non-controlling Interest	0.0	0.0	-0.0	-0.0
Profit Attributable to Parent	-19.3	-16.3	4.3	11.8
Earnings per Share	-1,314.00	-1,111.00	341.00	1,129.00
Diluted EPS	-1,313.98	-1,111.21	291.37	806.43

Item	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	126.0	153.0	165.9	153.4
I. Cash and cash equivalents	17.4	10.8	30.4	29.9
1. Cash	12.4	5.8	0.0	0.0
2. Cash equivalents	5.0	5.0	0.0	0.0
II. Short-term financial investments	60.0	0.5	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	60.0	0.5	0.0	0.0
III. Short-term receivables	5.2	17.2	49.3	40.9
1. Short-term trade accounts receivable	4.2	16.5	0.0	0.0
2. Short-term prepayments to suppliers	0.3	0.7	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.8	0.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	41.4	122.4	83.6	81.2
1. Inventories	41.4	126.8	0.0	0.0
2. Provision for decline in value of inventories	0.0	-4.4	0.0	0.0
V. Other short-term assets	2.0	2.1	2.7	1.4
1. Short-term prepayments	1.2	1.0	0.0	0.0
2. Value added tax to be reclaimed	0.2	0.4	0.0	0.0
3. Taxes and other receivables from state authorities	0.7	0.7	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)	50.5	57.3	66.9	72.5
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.2	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	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	45.9	52.0	60.2	48.3
1. Tangible fixed assets	45.9	52.0	60.2	48.3
- Cost	138.9	138.9	0.0	0.0
- Accumulated depreciation	-92.9	-86.9	0.0	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	0.3	0.3	0.0	0.0
- Accumulated depreciation	-0.3	-0.3	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	2.2	19.3
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	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	4.6	5.3	0.0	0.0
1. Long-term prepayments	4.6	5.3	0.0	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	4.3	4.8
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)	176.5	210.3	232.9	226.0
A. LIABILITIES (300=210+330)	5.1	19.6	25.9	24.0
I. Short -term liabilities	5.0	17.2	25.4	23.2
1. Short-term trade accounts payable	1.4	3.2	3.1	6.3
2. Short-term advances from customers	0.0	0.0	1.0	1.8
3. Taxes and other payables to state authorities	2.0	0.8	0.0	0.0
4. Payable to employees	1.2	1.7	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	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	0.1	0.5	0.0	0.0
10. Short-term borrowings and financial leases	0.1	10.8	6.8	3.8
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.1	2.4	0.4	0.8
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	0.1	0.2	0.4	0.8
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	2.3	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)	171.4	190.7	207.0	202.0
I. Owner's equity	171.4	190.7	0.0	0.0
1. Owner's capital	146.6	146.6	207.0	202.0
- Common stock with voting right	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00
- Preferred stock	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0
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	9.9	9.9	0.0	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	14.9	34.2	50.5	45.5
- Accumulated retained earning at the end of the previous period	34.2	50.5	47.4	35.9
- Undistributed earnings in this period	-19.3	-16.3	3.1	9.5
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)	176.5	210.3	232.9	226.0

Item	2023	2022	2021	2020
Profit Before Tax	-21.5	-13.9	0.0	0.0
Depreciation of Fixed Assets and Investment Property	6.1	6.5	0.0	0.0
Provision (Increase)/Reversal	-4.4	2.5	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	0.0	0.0
Gain/Loss from Investment Activities	-0.9	-0.3	0.0	0.0
Interest Expense	0.2	0.7	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	-20.6	-4.5	0.0	0.0
Increase/(Decrease) in Receivables	12.9	4.2	0.0	0.0
Increase/(Decrease) in Inventory	85.4	-3.9	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.5	-5.4	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	1.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.7	0.0	0.0
Corporate Income Tax Paid	0.0	-0.6	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.1	0.0	0.0
Net Cash Flow from Operating Activities	76.5	-9.8	-43.1	3.5
Payments for Fixed Assets and Other Long-term Assets	0.0	-0.2	-7.2	-16.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-60.0	-0.5	-9.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	0.0	9.0	0.0
Investments in Other Entities	0.0	0.0	8.0	37.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	0.3	0.0	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	-59.1	-0.3	0.4	-2.1
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	18.3	70.5	54.9	74.3
Repayment of Borrowings	-29.1	-75.2	-26.3	-83.7
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	-0.0	-14.7
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	-10.8	-4.7	28.5	-24.1
Net Cash Flow During the Period	6.6	-14.9	0.0	0.0
Cash and Cash Equivalents at Beginning of Period	10.8	25.7	34.9	36.4
FX Difference from Revaluation	0.0	-0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	17.4	10.8	0.0	0.0

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	38.6	10.9	10.1	8.5	40.6	39.1	65.0	57.7	33.9	73.9	43.4	38.1
Revenue Deductions	0.1	1.0	0.2	0.0	0.2	0.2	0.1	0.6	0.3	0.8	0.6	0.4
Net Revenue	38.5	9.9	9.8	8.5	40.5	38.8	64.9	57.1	33.6	73.2	42.8	37.7
Cost of Goods Sold	33.7	8.6	8.0	5.8	42.6	35.7	71.4	57.7	40.5	64.0	39.3	36.4
Gross Profit	4.8	1.3	1.8	2.7	-2.1	3.1	-6.5	-0.6	-6.9	9.2	3.6	1.3
Financial Income	0.0	2.1	0.0	0.7	0.7	0.2	0.3	0.3	0.2	0.2	0.2	0.2
Financial Expenses	0.1	0.0	0.0	0.0	0.1	0.1	0.2	0.1	0.1	1.8	1.0	0.3
Interest Expense	—	—	—	0.0	0.0	0.0	0.1	0.1	0.0	0.1	0.2	0.3
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	0.6	0.4	0.6	1.0	1.2	1.6	1.6	1.4	2.0	1.6	1.9
General and Administrative Expenses	1.7	1.7	1.9	2.9	3.4	2.5	2.6	2.4	2.7	3.0	2.2	2.4
Operating Profit	2.6	1.1	-0.6	-0.2	-5.9	-0.5	-10.6	-4.4	-10.9	2.6	-1.0	-3.2
Other Income	—	—	0.0	0.0	0.7	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.0	0.0	0.6	0.1	0.8	0.1	0.0	0.2	0.0	0.1	0.0
Other Profit	-0.1	-0.0	-0.0	-0.6	0.6	-0.7	-0.1	-0.0	-0.2	-0.0	-0.1	-0.0
Profit Before Tax	2.5	1.1	-0.6	-0.8	-5.3	-1.2	-10.7	-4.4	-11.0	2.5	-1.1	-3.2
Current Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.2	0.1	-0.0	0.1
Deferred Income Tax Expense	—	—	—	0.0	3.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.5	1.1	-0.6	-0.8	-9.1	-1.2	-10.7	-4.4	-10.9	2.4	-1.1	-3.3
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	2.5	1.1	-0.6	-0.8	-9.1	-1.2	-10.7	-4.4	-10.9	2.4	-1.1	-3.3
Earnings per Share	171.00	74.00	-42.36	-56.30	-620.37	-80.34	-727.48	-297.82	-741.00	166.00	-74.39	-223.56
Diluted EPS	170.91	73.69	-42.36	-56.30	-620.37	-80.34	-727.48	-297.82	-741.09	165.72	-74.39	-223.56

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	128.2	126.0	134.8	129.4	125.9	134.7	132.0	153.1	154.4	176.4	181.5	204.5
I. Cash and cash equivalents	3.3	3.8	2.3	16.8	77.5	44.3	30.4	11.9	11.2	23.9	15.0	21.0
1. Cash	3.3	3.8	2.3	3.8	12.5	16.3	10.4	6.9	5.7	15.9	7.0	13.0
2. Cash equivalents	—	—	—	13.1	65.0	28.0	20.0	5.0	5.5	8.0	8.0	8.0
II. Short-term financial investments	31.2	40.2	65.3	42.0	0.0	0.5	0.5	0.5	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	31.2	40.2	65.3	42.0	0.0	0.5	0.5	0.5	0.0	0.0	0.0	0.0
III. Short-term receivables	50.3	21.7	13.8	2.5	5.5	16.9	8.6	6.8	19.0	33.2	2.9	16.3
1. Short-term trade accounts receivable	27.7	1.6	0.7	1.2	3.5	14.8	7.4	3.5	16.5	30.4	0.4	8.4
2. Short-term prepayments to suppliers	4.8	2.2	2.8	1.2	0.8	2.0	1.2	3.3	2.5	2.7	2.5	0.3
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	17.0	17.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.8	0.9	0.3	0.1	1.2	0.1	0.0	0.0	0.0	0.1	0.1	7.6
7. Provision for short-term doubtful debts (*)	—	—	—	0.0	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	42.4	58.0	50.7	67.1	40.9	71.2	90.1	131.8	122.0	118.5	162.3	164.3
1. Inventories	42.4	58.0	50.7	67.1	40.9	71.2	91.1	136.2	126.4	119.9	164.0	165.7
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	-1.0	-4.4	-4.4	-1.3	-1.7	-1.4
V. Other short-term assets	1.0	2.3	2.6	1.1	2.0	1.7	2.4	2.1	2.2	0.8	1.3	2.8
1. Short-term prepayments	0.2	1.8	2.1	0.5	1.2	0.7	1.5	0.8	1.0	0.2	0.6	0.8
2. Value added tax to be reclaimed	—	—	—	0.0	0.4	0.4	0.4	0.9	0.6	0.2	0.2	1.6
3. Taxes and other receivables from state authorities	0.7	0.5	0.5	0.4	0.5	0.5	0.5	0.5	0.5	0.4	0.5	0.5
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	—	—	—	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	39.4	40.7	42.2	46.8	50.6	52.3	54.1	55.7	57.3	59.2	61.1	63.2
I. Long-term receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
1. Long-term trade receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
3. Capital at inter-company	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	36.3	37.5	38.9	42.7	46.0	47.4	49.0	50.6	52.0	53.6	55.1	56.7
1. Tangible fixed assets	36.3	37.5	38.9	42.7	46.0	47.4	49.0	50.6	52.0	53.6	55.1	56.7
- Cost	—	—	—	136.6	138.9	138.9	138.9	138.9	139.1	139.1	139.0	139.0
- Accumulated depreciation	—	—	—	-93.9	-92.9	-91.4	-89.9	-88.3	-87.1	-85.5	-83.9	-82.3
2. Financial leased fixed assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	0.0	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	3.1	3.2	3.3	4.1	4.6	4.9	5.2	5.2	5.3	5.6	5.9	6.3
1. Long-term prepayments	3.1	3.2	3.3	4.1	4.6	4.9	5.2	5.2	5.3	5.6	5.9	6.3
2. Deferred income tax assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	167.6	166.7	177.0	176.2	176.5	187.0	186.1	208.9	211.7	235.6	242.7	267.7
A. LIABILITIES (300=210+330)	14.7	16.3	5.7	6.7	11.1	12.5	10.4	22.6	17.6	30.5	40.1	64.0
I. Short -term liabilities	14.7	16.3	5.7	6.7	4.9	10.1	8.0	20.1	17.3	30.3	39.8	63.8
1. Short-term trade accounts payable	2.8	1.8	0.9	4.8	1.4	2.5	3.3	9.3	3.1	3.3	2.9	3.3
2. Short-term advances from customers	0.0	0.0	1.5	0.0	0.0	0.0	0.3	0.1	0.0	0.0	3.8	0.1
3. Taxes and other payables to state authorities	10.5	2.7	2.3	0.7	2.0	5.5	1.0	0.8	0.8	18.7	0.7	1.1
4. Payable to employees	1.2	0.9	0.7	0.9	1.2	1.7	1.2	1.1	1.6	2.3	1.5	1.8
5. Short-term acrrued expenses	—	—	—	0.0	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	0.1	10.8	0.2	0.2	0.1	0.2	0.4	0.2	0.9	0.6	0.5	0.4
10. Short-term borrowings and financial leases	—	—	—	0.0	0.0	0.0	1.6	8.5	10.7	5.2	30.2	56.9
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3
13. Price stabilization fund	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	0.0	6.2	2.4	2.4	2.4	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	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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	6.0	2.3	2.3	2.3	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)	152.9	150.4	171.3	169.5	165.4	174.5	175.6	186.3	194.2	205.0	202.6	203.7
I. Owner's equity	152.9	150.4	171.3	169.5	165.4	174.5	175.6	186.3	194.2	205.0	202.6	203.7
1. Owner's capital	146.6	146.6	146.6	146.6	146.6	146.6	146.6	146.6	146.6	146.6	146.6	146.6
- Common stock with voting right	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00	146,571,500,000.00
- Preferred stock	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	0.0	9.9	9.9	9.9	9.9	9.9	9.9	9.9	9.9
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	6.3	3.8	24.7	23.0	8.9	18.0	19.1	29.8	37.7	48.5	46.1	47.2
- Accumulated retained earning at the end of the previous period	3.4	3.4	25.3	24.8	34.2	34.2	34.2	34.2	50.5	50.5	50.5	50.5
- Undistributed earnings in this period	3.0	0.5	-0.6	-1.9	-25.3	-16.2	-15.0	-4.4	-12.8	-1.9	-4.4	-3.3
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)	167.6	166.7	177.0	176.2	176.5	187.0	186.1	208.9	211.7	235.6	242.7	267.7

Item	Q3'25	Q2'25	Q1'25	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	—	0.6	—	-2.4	0.0	15.0	-15.0	0.0	-13.9	4.8	-4.8	0.0
Depreciation of Fixed Assets and Investment Property	—	2.6	—	2.8	0.0	-3.1	3.1	0.0	6.5	-3.3	3.3	0.0
Provision (Increase)/Reversal	—	—	—	0.0	0.0	3.4	-3.4	0.0	2.5	-0.2	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	—	0.0	0.0	-0.0	0.0	0.0	0.1	-0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-2.1	—	-1.4	0.0	0.1	-0.1	0.0	-0.3	0.2	-0.2	0.0
Interest Expense	—	—	—	0.0	0.0	-0.2	0.2	0.0	0.7	-0.5	0.5	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	—	1.1	—	-1.0	0.0	15.3	-15.3	0.0	-4.5	0.9	-0.9	0.0
Increase/(Decrease) in Receivables	—	3.8	—	1.2	0.0	-12.3	12.3	0.0	4.2	-20.0	20.0	0.0
Increase/(Decrease) in Inventory	—	-10.2	—	-24.5	0.0	-32.3	32.3	0.0	-3.9	41.9	-41.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	1.0	—	1.8	0.0	0.0	-0.0	0.0	-5.4	2.5	-2.5	0.0
Increase/(Decrease) in Prepaid Expenses	—	-0.2	—	1.2	0.0	0.3	-0.3	0.0	1.1	-0.9	0.9	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	0.2	-0.2	0.0	-0.7	0.5	-0.5	0.0
Corporate Income Tax Paid	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.6	0.6	0.0	-0.6
Other Operating Receipts	—	—	—	0.0	5.8	4.6	-0.3	0.3	-6.3	6.3	-0.6	0.6
Other Operating Payments	-5.4	6.3	-6.3	-0.1	-20.0	-20.0	3.9	-3.9	22.7	-22.7	4.5	-4.5
Net Cash Flow from Operating Activities	1.7	-7.2	2.7	-21.3	33.0	15.8	25.5	3.2	-20.8	36.4	15.8	-41.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	-0.0	0.0	0.0	0.0	0.0	-0.1	0.1	-0.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-36.0	—	-45.1	0.0	0.0	0.0	0.0	-0.5	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	49.1	—	52.0	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	-0.5	1.8	0.0	1.2	0.2	0.6	-0.1	0.3	-0.2	0.3	-0.0	0.2
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	8.5	19.9	-5.0	8.6	0.2	0.6	-0.1	0.3	-5.8	5.4	-0.1	0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	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	0.0	-1.0	5.5	12.8	18.7	-8.0	9.0	50.8
Repayment of Borrowings	—	—	—	-0.2	0.0	-1.6	-12.4	-15.1	-5.2	-25.0	-30.6	-14.4
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-10.6	-11.4	—	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	-10.6	-11.4	—	-0.2	0.0	-2.6	-6.9	-2.3	13.5	-33.0	-21.6	36.4
Net Cash Flow During the Period	-0.4	1.4	-2.3	-12.9	33.2	13.9	18.5	1.1	-13.1	8.8	-5.9	-4.7
Cash and Cash Equivalents at Beginning of Period	3.8	2.3	4.7	17.4	10.8	10.8	10.8	10.8	25.7	25.7	25.7	25.7
FX Difference from Revaluation	-0.0	0.1	-0.0	0.0	0.0	0.0	0.0	0.0	-0.1	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	3.3	3.8	2.3	4.5	77.5	44.3	30.4	11.9	10.8	23.9	15.1	21.0

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VDL

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Balance Sheet ●

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Cash Flow ●

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Statement Data

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Cash Flow