VFR

Vận tải và Thuê tàu ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 21.22%, +4.26pp YoY

Price

10,300

Latest close

03 Jun 2026

P/E 5.68x

P/B 0.47x

EPS 1,812

BVPS 22,047

ROE 8.4%

ROA 7.4%

Profit Margin 21.2%

Asset Turnover 0.35x

Equity Mult. 1.14x

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

What Is Changing

On a TTM 2026Q1 basis, VFR is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 128bn
	                                
+25.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 27bn
	                                
+57.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    74.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	122.0	95.7	76.2	111.9	139.7
Growth	+28%	+26%	-32%	-20%	—
Net Income	23.1	25.9	75.1	32.6	10.2
Net Margin	18.95%	27.12%	98.54%	29.13%	7.28%

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	32.6	33.5	30.9	31.4	26.2	25.7	26.1	24.0	19.9	17.3	17.1	18.8
Growth	-3%	+9%	-2%	+20%	+2%	-2%	+9%	+20%	+15%	+1%	-9%	—
Net Income	7.2	8.4	4.9	6.7	3.1	1.5	6.7	6.0	12.8	16.1	1.0	65.3
Net Margin	22.20%	25.14%	15.92%	21.24%	11.85%	5.78%	25.81%	24.91%	64.14%	92.93%	6.06%	347.54%

Drivers of VFR's profit

TTM

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

Financial income ↑ 7.0bn

Gross profit ↑ 5.7bn

Tax ↑ 2.1bn

Associates income ↓ 2.0bn

TTM

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

Financial income ↑ 2.9bn

Gross profit ↑ 0.9bn

Administrative expenses ↓ 0.6bn

Associates income ↓ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.6% = 17.0% × 0.28 × 1.17

2026Q1 8.4% = 21.2% × 0.35 × 1.14

ROE rose from 5.6% to 8.4% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 21.2% +4.3pp Asset turnover: 0.35x +0.07x Leverage: 1.14x -0.03x

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 21.22%, rising 4.3pp. The main driver is SG&A / Revenue fell 3.1pp and Gross margin rose 1.6pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.8pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 21.22% +4.3pp

Gross Margin 15.70% +1.6pp

SG&A / Revenue 9.07% −3.1pp

Non-core / Revenue 19.74% +2.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 74.5% of PBT and lifted net margin by 2.3pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 21.23% +3.8pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.15x equity, with a net cash position equivalent to 0.18x equity.

Over the last 12 months, working capital absorbed 105.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −128.7bn

Inventories increased → lower CFO: −0.1bn

Payables increased → higher CFO: +23.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.1 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 4.3 days, and DPO fell 4.2 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +0.1 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 34.8 days −4.3 days

Inventory 0.4 days +0.1 days

Payables 30.2 days −4.2 days

Cash Conversion Cycle 5.1 days +0.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 128.9bn due to capex of 7.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

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

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

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

Leverage and liquidity trend

Net Debt / Equity -0.18x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -4.46x −4.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -24.3bn in 2025, against investing cash flow of 155.9bn.

Post-investment cash flow was positive +131.6bn. Financing cash flow was negative +6.0bn.

CFO / net income was -4.46x.

After spending +7.7bn on fixed-asset investment, the business generated trailing free cash flow of −128.9bn.

Cash Conversion

CFO TTM 121.1bn −130.0bn

Cash Capex 7.7bn +6.5bn

FCF TTM −128.9bn −136.5bn

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 4.3 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 21.22% after expanding 4.3pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 74.5% of PBT and CFO / net income currently at -4.46x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 128.9bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	122.0	95.7	76.2	111.9	139.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	122.0	95.7	76.2	111.9	139.7
Cost of Goods Sold	102.7	83.3	69.9	109.8	0.0
Gross Profit	19.3	12.4	6.4	2.1	-7.8
Financial Income	23.1	55.2	23.4	6.2	13.8
Financial Expenses	0.1	0.2	0.8	6.7	-4.3
Interest Expense	—	0.0	0.8	3.3	-4.0
Share of Associates and Joint Ventures	0.3	0.9	2.0	48.9	23.6
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	12.3	16.6	14.0	14.0	-13.6
Operating Profit	30.4	51.7	17.0	36.4	11.8
Other Income	0.4	0.1	63.9	0.4	0.0
Other Expenses	0.4	0.5	2.2	2.7	0.0
Other Profit	-0.1	-0.3	61.7	-2.3	-0.0
Profit Before Tax	30.3	51.3	78.7	34.2	11.8
Current Income Tax Expense	7.2	25.3	3.5	1.5	-1.6
Deferred Income Tax Expense	—	0.1	0.1	0.0	0.0
Net Income	23.1	25.9	75.1	32.6	10.2
Non-controlling Interest	0.1	0.2	0.2	0.2	0.2
Profit Attributable to Parent	23.0	25.8	74.9	32.4	9.9
Earnings per Share	1,534.00	1,719.00	4,995.00	2,162.00	663.00
Diluted EPS	1,534.00	1,719.00	4,995.00	2,162.00	663.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	246.9	238.8	112.0	109.5	112.2
I. Cash and cash equivalents	178.4	52.8	50.1	48.2	51.5
1. Cash	123.6	17.6	15.1	24.7	0.0
2. Cash equivalents	54.8	35.2	35.0	23.5	0.0
II. Short-term financial investments	7.0	2.0	7.0	10.5	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	7.0	2.0	7.0	10.5	0.0
III. Short-term receivables	60.3	182.9	53.4	49.6	55.4
1. Short-term trade accounts receivable	12.6	10.6	8.3	9.3	0.0
2. Short-term prepayments to suppliers	4.3	2.4	3.0	2.3	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	10.6	139.4	21.4	17.5	0.0
6. Other short-term receivables	33.6	31.1	21.3	21.1	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.7	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.1	0.1	0.1	0.1
1. Inventories	0.1	0.1	0.1	0.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.1	1.0	1.4	1.1	0.8
1. Short-term prepayments	0.4	0.4	0.2	0.1	0.0
2. Value added tax to be reclaimed	0.3	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	1.2	1.0	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)	126.5	136.4	210.8	232.9	212.6
I. Long-term receivables	0.5	0.4	0.4	4.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	20.4
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	4.5	0.0
6. Other long-term receivables	0.5	0.4	0.4	0.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	31.4	29.5	27.9	40.5	70.1
1. Tangible fixed assets	24.1	22.2	20.6	33.2	62.7
- Cost	99.6	93.8	88.8	423.7	0.0
- Accumulated depreciation	-75.5	-71.6	-68.2	-390.6	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	7.3	7.3	7.3	7.3	7.4
- Cost	7.6	7.6	7.6	7.6	0.0
- Accumulated depreciation	-0.3	-0.3	-0.2	-0.2	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	1.4	0.4	0.7	0.2	0.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.4	0.4	0.7	0.2	0.0
V. Long-term financial investments	78.8	90.9	166.2	172.7	106.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.3	13.4	87.9	85.9	0.0
3. Investments in other entities	77.5	77.5	77.5	83.1	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	0.8	3.8	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	14.5	15.2	15.7	14.5	0.0
1. Long-term prepayments	12.5	13.2	13.6	12.5	0.0
2. Deferred income tax assets	2.0	2.0	2.1	2.0	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	15.3
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)	373.4	375.2	322.8	342.4	324.8
A. LIABILITIES (300=210+330)	47.8	62.2	35.5	129.7	143.9
I. Short -term liabilities	40.4	55.2	28.7	113.9	128.1
1. Short-term trade accounts payable	7.2	5.6	5.8	6.0	6.8
2. Short-term advances from customers	0.1	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	12.7	31.6	9.1	7.1	0.0
4. Payable to employees	2.1	2.1	2.2	2.2	0.0
5. Short-term acrrued expenses	0.9	0.6	0.9	33.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.2	0.2	0.2	0.2
9. Other short-term payables	17.0	14.8	10.3	10.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	54.7	68.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.1	0.1	0.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	7.4	7.0	6.8	15.8	15.8
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	0.1	0.3	0.3	0.3	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	7.2	6.6	6.4	15.5	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	0.1	0.1	0.1	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)	325.7	313.0	287.3	212.6	180.9
I. Owner's equity	325.7	313.0	287.3	212.6	0.0
1. Owner's capital	150.0	150.0	150.0	150.0	180.9
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- 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	36.8	36.8	36.8	36.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	3.4	3.4	3.4	3.4	0.0
11. Undistributed earnings after tax	135.0	120.5	95.0	20.3	-11.4
- Accumulated retained earning at the end of the previous period	112.0	94.7	20.1	-12.1	-21.4
- Undistributed earnings in this period	23.0	25.8	74.9	32.4	9.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.4	2.3	2.1	2.1	2.2
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	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	373.4	375.2	322.8	342.4	324.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.3	51.3	78.7	34.2	11.8
Depreciation of Fixed Assets and Investment Property	4.1	3.9	8.9	29.7	32.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	-0.1	3.1	0.0
Gain/Loss from Investment Activities	-23.1	-54.9	-68.6	-45.8	0.0
Interest Expense	—	0.0	0.8	3.3	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	11.3	0.5	19.6	24.5	-12.2
Increase/(Decrease) in Receivables	-10.2	-5.4	-2.1	4.3	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	-0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.1	4.4	-20.1	-4.3	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	0.2	-1.3	1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-8.2	0.0	0.0
Corporate Income Tax Paid	-25.2	-3.3	-1.1	-1.0	0.0
Other Operating Receipts	0.4	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-0.4	-0.5	0.0
Net Cash Flow from Operating Activities	-24.3	-3.7	-13.4	23.8	1.1
Payments for Fixed Assets and Other Long-term Assets	-6.9	-5.6	-0.5	-0.1	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	36.7	0.2	0.0
Loans and Purchases of Debt Instruments	-204.4	-240.0	-35.5	-18.5	-30.8
Receipts from Loan Repayments and Sale of Debt Instruments	328.3	127.8	42.5	27.7	7.5
Investments in Other Entities	—	0.0	0.0	-27.5	0.0
Proceeds from Investments in Other Entities	20.6	114.3	16.9	0.0	0.0
Dividends and Interest Income Received	18.3	10.0	9.9	7.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	155.9	6.5	70.0	-10.6	0.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	-54.7	-16.6	-16.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6.0	0.0	0.0	0.0	11.8
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	-6.0	0.0	-54.7	-16.6	-4.3
Net Cash Flow During the Period	125.6	2.7	1.9	-3.5	-9.1
Cash and Cash Equivalents at Beginning of Period	52.8	50.1	48.2	51.5	54.6
FX Difference from Revaluation	-0.0	-0.1	0.1	0.1	-0.1
Cash and Cash Equivalents at End of Period	178.4	52.8	50.1	48.2	51.5

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	32.6	33.5	30.9	31.4	26.2	25.7	26.1	24.0	19.9	17.8	17.1	18.8
Revenue Deductions	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.0	0.0
Net Revenue	32.6	33.5	30.9	31.4	26.2	25.7	26.1	24.0	19.9	17.3	17.1	18.8
Cost of Goods Sold	27.9	27.7	26.4	26.2	22.4	22.2	22.4	20.5	18.0	15.7	15.5	16.9
Gross Profit	4.7	5.8	4.5	5.2	3.8	3.5	3.7	3.4	1.9	1.6	1.6	1.9
Financial Income	6.2	9.8	3.6	5.8	3.4	4.0	4.6	6.4	40.0	13.4	0.8	4.2
Financial Expenses	—	0.0	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Share of Associates and Joint Ventures	0.1	0.1	0.1	0.1	0.6	-1.0	1.8	0.8	0.4	6.5	2.1	1.2
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.8	2.8	2.6	3.4	3.5	3.1	2.8	3.1	7.7	3.3	3.6	3.6
Operating Profit	8.1	12.8	5.6	7.7	4.4	3.4	7.2	7.6	34.6	18.1	1.0	3.5
Other Income	0.1	0.1	0.2	0.0	0.0	0.2	0.0	0.0	0.2	0.7	0.2	62.8
Other Expenses	0.1	0.2	0.1	0.0	0.1	0.4	0.2	0.1	0.0	0.0	0.0	0.6
Other Profit	-0.0	-0.1	0.1	-0.0	-0.1	-0.2	-0.1	-0.1	0.1	0.6	0.2	62.2
Profit Before Tax	8.1	12.7	5.7	7.6	4.3	3.2	7.1	7.5	34.7	18.7	1.2	65.7
Current Income Tax Expense	0.9	4.3	0.8	1.0	1.2	1.7	0.3	1.5	21.9	2.6	0.2	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.2	8.4	4.9	6.7	3.1	1.5	6.7	6.0	12.8	16.1	1.0	65.3
Non-controlling Interest	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1
Profit Attributable to Parent	7.2	8.4	4.9	6.6	3.1	1.4	6.7	5.9	12.7	16.0	1.0	65.2
Earnings per Share	482.00	561.00	328.00	441.00	204.00	96.00	447.00	396.00	849.00	1,069.00	66.00	4,349.00
Diluted EPS	482.00	561.00	328.00	441.00	204.00	1,787.00	447.00	396.00	849.00	1,069.00	66.00	4,349.00

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)	254.5	246.9	239.9	228.5	224.7	241.0	242.0	229.7	224.2	112.0	92.9	93.9
I. Cash and cash equivalents	59.0	178.4	79.5	167.3	169.5	54.8	54.6	36.8	33.4	52.1	38.3	41.0
1. Cash	24.0	123.6	30.2	117.4	131.1	18.6	34.5	17.4	17.4	15.1	12.5	17.0
2. Cash equivalents	35.0	54.8	49.3	49.9	38.4	36.2	20.1	19.4	16.0	37.0	25.8	24.0
II. Short-term financial investments	24.0	7.0	—	—	—	0.0	0.0	0.0	5.0	5.0	3.0	3.0
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	24.0	7.0	—	—	—	0.0	0.0	0.0	5.0	5.0	3.0	3.0
III. Short-term receivables	169.3	60.3	158.5	60.2	53.3	185.3	185.3	191.7	180.5	53.4	49.8	47.2
1. Short-term trade accounts receivable	11.8	12.6	12.5	13.6	12.7	12.2	12.8	12.7	9.2	8.3	9.3	9.1
2. Short-term prepayments to suppliers	4.9	4.3	2.8	2.4	2.4	2.4	2.9	2.4	2.4	3.1	3.5	4.0
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	—	10.6	110.8	11.4	13.4	137.4	137.4	141.4	141.4	21.4	11.4	9.5
6. Other short-term receivables	154.2	33.6	33.1	33.5	25.6	34.0	32.9	35.9	28.3	21.2	26.4	25.4
7. Provision for short-term doubtful debts (*)	-1.6	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.2	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Inventories	0.2	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	2.0	1.1	1.7	0.8	1.8	0.8	2.1	1.1	5.2	1.4	1.7	2.6
1. Short-term prepayments	1.2	0.4	1.1	0.1	1.3	0.2	1.3	0.2	4.3	0.2	1.3	2.2
2. Value added tax to be reclaimed	0.3	0.3	0.1	0.1	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	0.6	0.5	0.5	0.8	0.8	0.9	1.2	0.4	0.3
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)	125.2	126.5	137.7	139.4	133.9	137.8	139.5	138.4	138.7	217.8	222.9	223.3
I. Long-term receivables	0.1	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.4	2.4
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	1.9
6. Other long-term receivables	0.1	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	30.4	31.4	32.4	33.6	28.5	29.5	30.1	30.9	31.8	29.5	30.4	30.5
1. Tangible fixed assets	23.1	24.1	25.2	26.3	21.3	22.2	22.8	23.6	24.5	22.1	23.0	23.2
- Cost	100.0	—	—	—	—	93.9	93.5	93.2	93.5	79.3	79.4	79.5
- Accumulated depreciation	-76.9	—	—	—	—	-71.8	-70.7	-69.7	-69.0	-57.2	-56.3	-56.4
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	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3
- Cost	7.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	1.9	1.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.7	0.3	0.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.9	1.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.7	0.3	0.2
V. Long-term financial investments	78.8	78.8	89.5	89.7	88.9	92.0	93.0	91.2	90.4	172.4	177.5	175.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.4	1.3	12.0	12.2	11.4	14.6	15.6	13.8	12.9	94.1	90.6	89.0
3. Investments in other entities	77.5	77.5	77.5	77.5	77.5	77.5	77.5	77.5	77.5	77.5	83.1	83.1
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	0.8	3.8	3.8
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	13.9	14.5	14.9	15.2	15.6	15.5	15.5	15.5	15.8	14.9	14.3	14.4
1. Long-term prepayments	12.2	12.5	12.8	13.2	13.5	13.5	13.4	13.5	13.7	12.9	12.3	12.4
2. Deferred income tax assets	1.7	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.1	2.0	2.0	2.0
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)	379.7	373.4	377.6	367.9	358.6	378.8	381.5	368.1	362.9	329.8	315.8	317.2
A. LIABILITIES (300=210+330)	49.0	47.8	54.4	45.4	41.9	64.6	68.9	62.1	62.8	35.6	37.6	40.1
I. Short -term liabilities	42.5	40.4	47.6	38.6	34.8	57.7	62.0	55.3	55.9	28.8	30.9	33.4
1. Short-term trade accounts payable	9.1	7.2	9.1	9.1	8.8	7.1	12.2	9.0	7.7	6.2	5.0	5.7
2. Short-term advances from customers	0.2	0.1	5.6	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	8.1	12.7	12.0	9.4	9.2	31.7	32.4	29.5	31.4	9.1	10.1	9.7
4. Payable to employees	1.5	2.1	1.5	1.5	1.3	2.0	1.4	1.4	1.4	1.8	1.6	1.5
5. Short-term acrrued expenses	1.5	0.9	1.4	1.2	1.2	0.6	0.8	1.4	2.5	0.9	1.4	1.7
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	0.2	0.2	0.3	0.3	0.2	0.2	0.2	0.3	0.1	0.2	0.1	0.2
9. Other short-term payables	21.7	17.0	17.4	16.7	14.0	15.8	14.7	13.4	12.7	10.4	12.4	14.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.2	0.2	0.3	0.3	0.0	0.1	0.1	0.2	0.1	0.1	0.2	0.4
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	6.5	7.4	6.8	6.8	7.0	6.9	6.9	6.8	6.9	6.8	6.8	6.7
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	0.3	0.1	0.1	0.2	0.3	0.3	0.3	0.3	0.5	0.5	0.5	0.4
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	6.1	7.2	6.6	6.5	6.7	6.5	6.5	6.5	6.3	6.3	6.3	6.3
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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)	330.7	325.7	323.2	322.5	316.8	314.2	312.6	305.9	300.1	294.2	278.1	277.1
I. Owner's equity	330.7	325.7	323.2	322.5	316.8	314.2	312.6	305.9	300.1	294.2	278.1	277.1
1. Owner's capital	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	—	—	—	—	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
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	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8
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	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
11. Undistributed earnings after tax	139.9	135.0	132.6	129.9	124.3	121.7	120.1	113.5	107.8	101.9	85.9	84.9
- Accumulated retained earning at the end of the previous period	132.6	112.0	118.0	120.2	121.2	94.8	94.8	94.9	95.0	20.1	20.1	20.1
- Undistributed earnings in this period	7.2	23.0	14.6	9.7	3.1	27.0	25.4	18.7	12.7	81.8	65.8	64.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.7	0.4	0.4	2.4	2.3	2.3	2.2	2.2	2.2	2.1	2.1	2.0
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)	379.7	373.4	377.6	367.9	358.6	378.8	381.5	368.1	362.9	329.8	315.8	317.2

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	8.1	12.7	6.5	6.8	4.3	3.2	7.1	7.5	34.7	11.8	1.2	65.7
Depreciation of Fixed Assets and Investment Property	1.3	0.8	1.3	1.0	1.0	1.1	1.0	0.8	1.0	0.9	1.0	2.5
Provision (Increase)/Reversal	—	—	—	0.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.1	-0.0	-0.0	0.0	0.0	0.1	-0.1	-0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	-6.1	-10.5	-3.5	-5.7	-3.4	0.0	0.0	-6.9	-39.4	-10.2	-4.5	-52.7
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.1
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	0.4
Operating Profit Before Changes in Working Capital	3.2	3.1	3.3	3.0	1.9	4.3	8.2	1.4	-3.7	2.6	-2.3	16.0
Increase/(Decrease) in Receivables	-109.3	-1.5	3.1	-21.0	9.2	1.4	0.6	3.2	-16.5	9.0	-6.8	3.2
Increase/(Decrease) in Inventory	-0.1	0.1	0.0	-0.1	0.0	-0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.3	-10.7	3.5	23.5	-17.4	-6.0	6.4	-4.0	10.3	-9.1	-8.1	-9.3
Increase/(Decrease) in Prepaid Expenses	-0.8	1.1	-0.6	1.5	-1.2	1.1	-1.0	5.0	-4.9	-0.3	1.1	0.5
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	25.3	0.0	-32.9
Corporate Income Tax Paid	-8.1	0.0	0.1	-22.0	-3.3	0.0	0.0	-0.3	-2.9	-0.0	-0.3	0.0
Other Operating Receipts	0.2	—	—	—	—	-0.1	-0.1	-0.9	0.9	-1.0	1.0	-1.4
Other Operating Payments	-0.2	0.0	-0.1	0.1	-0.2	0.0	0.0	0.7	-0.7	-4.8	4.6	0.7
Net Cash Flow from Operating Activities	-107.7	-8.2	10.0	-15.2	-10.9	0.7	14.0	5.1	-17.5	21.7	-10.9	-23.3
Payments for Fixed Assets and Other Long-term Assets	-1.3	-0.7	0.5	-6.2	-0.4	-0.5	-0.3	-0.1	-4.8	0.5	-0.9	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	—	—	—	0.0	0.0	0.0	0.0	-17.0	5.1	48.5
Loans and Purchases of Debt Instruments	-10.4	0.0	-98.0	133.6	-240.0	0.0	0.0	0.0	-120.0	-17.0	-6.5	6.5
Receipts from Loan Repayments and Sale of Debt Instruments	8.7	93.3	5.6	-138.6	368.0	0.0	4.0	-4.0	11.8	3.0	10.5	20.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	17.0	0.3	1.4	1.9	0.0	0.0	1.6	112.7	16.9	0.0	0.0
Dividends and Interest Income Received	6.3	3.5	1.0	15.7	-1.8	0.0	0.0	0.8	1.0	3.8	1.0	3.8
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	3.3	113.0	-90.7	6.0	127.6	-0.5	3.7	-1.7	0.8	-9.9	9.1	78.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	-54.7	54.7	-54.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	54.7	-54.7	0.0
Dividends Paid	—	-6.0	—	—	—	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	—	-6.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-54.7
Net Cash Flow During the Period	-104.4	98.9	-80.7	-9.3	116.7	0.2	17.7	3.4	-16.8	11.8	-1.7	0.8
Cash and Cash Equivalents at Beginning of Period	163.4	79.5	160.3	169.5	52.8	50.1	50.1	50.1	50.1	48.2	48.2	48.2
FX Difference from Revaluation	0.1	-0.0	-0.1	0.1	-0.0	0.0	0.0	0.1	0.0	0.1	-0.0	0.0
Cash and Cash Equivalents at End of Period	59.0	178.4	79.5	160.3	169.5	54.8	54.6	36.8	33.4	50.1	38.3	40.0

Explore Other Stocks In The Same Sector

MVN, GMD, TOS, PHP, VSC, VGR, PDN, TMS, SGP, CDN, DVP, STG, TCL, QNP, CQN, TCW, CLL, SFI, IST, MAC, PNP, PSN, QSP, STS, CCR, HMH, NAP, CMP, TNP, ILS, TR1, GIC, VMS, VIN, PSP, DNL, TUG, DS3, SAL, VLG, SAC, SCO, CCT, CCP, CPI, DDH, CAG, PAP

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

VFR

What Is Changing

Drivers of VFR'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