VHF

Xây dựng và Chế biến Lương thực Vĩnh Hà ·UPCOM ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity 1.09x

Price

1,500

Latest close

01 Jun 2026

P/E 4.63x

P/B 0.14x

EPS 324

BVPS 10,864

ROE 3.0%

ROA 1.6%

Profit Margin 0.9%

Asset Turnover 1.81x

Equity Mult. 1.82x

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

What Is Changing

On a TTM 2026Q1 basis, VHF is maintaining revenue growth, but margins have not improved proportionally — earnings have been recovering gradually over multiple periods. 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 766bn
	                                
+45.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
+27.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    174.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	619.7	568.5	658.3	497.0	425.8
Growth	+9%	-14%	+32%	+17%	—
Net Income	6.9	4.9	8.2	7.1	6.5
Net Margin	1.12%	0.87%	1.25%	1.43%	1.53%

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	283.5	246.7	92.4	143.4	137.2	163.0	115.5	109.8	180.9	223.2	192.3	97.8
Growth	+15%	+167%	-36%	+5%	-16%	+41%	+5%	-39%	-19%	+16%	+97%	—
Net Income	3.0	0.9	1.8	1.3	2.4	-1.0	2.8	1.2	2.5	1.7	2.8	1.3
Net Margin	1.04%	0.37%	1.95%	0.90%	1.71%	-0.60%	2.46%	1.12%	1.41%	0.76%	1.45%	1.32%

Drivers of VHF's profit

TTM

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

Gross profit ↑ 32.4bn

Selling expenses ↑ 19.4bn

Administrative expenses ↑ 6.1bn

Financial income ↓ 3.1bn

Finance costs ↑ 2.1bn

TTM

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

Gross profit ↑ 12.1bn

Financial income ↑ 0.8bn

Selling expenses ↑ 10.4bn

Finance costs ↑ 0.9bn

Administrative expenses ↑ 0.8bn

Other profit ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.3% = 1.0% × 1.42 × 1.59

2026Q1 3.0% = 0.9% × 1.81 × 1.82

ROE rose from 2.3% to 3.0% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 0.9% -0.1pp Asset turnover: 1.81x +0.39x Leverage: 1.82x +0.23x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.91%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

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

Profitability trend

Net Margin 0.91% −0.1pp

Gross Margin 7.19% +2.9pp

SG&A / Revenue 7.91% +1.2pp

Non-core / Revenue 1.62% −1.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.8pp, financial result still accounts for 178.6% of PBT — earnings durability should be monitored in coming periods.

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 — —

Capital Turnover 2.07x +0.50x

Average Invested Capital 369.3bn +35.3bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.63x equity, net debt at 0.67x equity.

Inventory ended the period at 85.7bn, roughly 22.7% of total assets.

Over the last 12 months, working capital absorbed 58.7bn 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: −79.9bn

Inventories increased → lower CFO: −2.7bn

Payables increased → higher CFO: +24.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 15.8 days versus the same period last year. The main moves came from DIO fell 21.9 days, DSO rose 6.8 days, and DPO rose 0.7 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 95.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +6.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 50.7 days +6.8 days

Inventory 55.2 days −21.9 days

Payables 10.4 days +0.7 days

Cash Conversion Cycle 95.5 days −15.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.67x and interest coverage only at 1.09x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 14.0% of debt, and total debt stands at 183.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.09x, 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 0.67x +0.17x

Interest Coverage 1.09x −0.15x

Cash / Debt 14.0% +8.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -9.84x −2.48x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -54.8bn in 2025, against investing cash flow of 29.9bn.

Post-investment cash flow was negative +24.9bn. Financing cash flow was positive +32.6bn.

CFO / net income was -9.84x.

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 68.5bn −28.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 1.09x. The next watchpoint is the earnings mix, when non-core contribution is 174.1%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 174.1% of PBT and CFO / net income currently at -9.84x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.09x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	630.6	580.0	662.9	497.0	425.8
Revenue Deductions	10.9	11.5	4.6	0.0	0.0
Net Revenue	619.7	568.5	658.3	497.0	425.8
Cost of Goods Sold	581.1	545.2	628.7	477.0	0.0
Gross Profit	38.7	23.2	29.7	20.0	14.3
Financial Income	22.4	21.5	25.1	23.7	23.1
Financial Expenses	5.2	3.7	8.1	4.8	-1.6
Interest Expense	4.5	3.1	8.0	2.8	-1.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	25.0	15.7	9.1	4.3	-5.0
General and Administrative Expenses	24.5	20.6	29.0	27.5	-24.3
Operating Profit	6.5	4.7	8.5	7.0	6.5
Other Income	0.5	0.3	0.1	0.1	0.0
Other Expenses	0.0	0.0	0.4	0.0	0.0
Other Profit	0.5	0.2	-0.3	0.1	0.0
Profit Before Tax	6.9	4.9	8.2	7.1	6.5
Current Income Tax Expense	—	0.0	0.0	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	6.9	4.9	8.2	7.1	6.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	6.9	4.9	8.2	7.1	6.5
Earnings per Share	323.00	230.00	383.00	330.00	162.00
Diluted EPS	322.63	230.00	382.92	330.29	303.61

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	340.8	321.9	289.0	291.3	270.8
I. Cash and cash equivalents	17.7	10.0	9.4	12.0	8.8
1. Cash	9.7	10.0	5.8	12.0	0.0
2. Cash equivalents	8.0	0.0	3.6	0.0	0.0
II. Short-term financial investments	166.7	176.6	168.5	227.6	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	166.7	176.6	168.5	227.6	0.0
III. Short-term receivables	60.6	54.9	29.5	24.6	14.9
1. Short-term trade accounts receivable	85.6	75.1	52.0	48.0	0.0
2. Short-term prepayments to suppliers	2.2	7.7	2.6	10.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.4	6.7	9.7	1.4	0.0
7. Provision for short-term doubtful debts (*)	-34.6	-34.7	-34.8	-34.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	85.7	76.5	73.8	22.2	29.1
1. Inventories	87.7	77.8	73.8	22.2	0.0
2. Provision for decline in value of inventories	-2.0	-1.3	-0.0	0.0	0.0
V. Other short-term assets	10.3	4.0	7.8	4.8	5.1
1. Short-term prepayments	0.1	0.2	0.2	0.2	0.0
2. Value added tax to be reclaimed	3.6	2.6	3.0	3.0	0.0
3. Taxes and other receivables from state authorities	6.6	1.2	4.6	1.5	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)	36.0	36.6	43.5	42.4	45.1
I. Long-term receivables	1.6	0.9	5.1	2.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.9
2. Long-term prepayments to suppliers	0.1	0.1	0.2	0.3	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	1.5	0.7	4.9	2.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3.4	2.9	3.5	3.8	4.7
1. Tangible fixed assets	3.4	2.7	2.8	2.8	3.3
- Cost	23.1	24.4	23.8	23.1	0.0
- Accumulated depreciation	-19.7	-21.7	-21.0	-20.3	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	0.3	0.6	1.0	1.4
- Cost	5.8	5.8	5.8	5.8	0.0
- Accumulated depreciation	-5.8	-5.5	-5.1	-4.8	0.0
III. Investment properties	3.4	4.3	5.3	6.4	7.5
- Cost	31.2	31.2	31.2	31.2	0.0
- Accumulated depreciation	-27.8	-26.8	-25.9	-24.8	0.0
IV. Long-term assets in progress	6.5	6.5	6.5	6.5	6.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.5	6.5	6.5	6.5	0.0
V. Long-term financial investments	15.1	15.1	15.1	15.1	15.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	15.1	15.1	15.1	15.1	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	6.0	6.8	8.0	7.7	0.0
1. Long-term prepayments	6.0	6.8	8.0	7.7	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	7.3
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)	376.9	358.5	332.5	333.7	315.9
A. LIABILITIES (300=210+330)	145.9	129.8	100.9	103.5	86.7
I. Short -term liabilities	145.2	128.3	98.1	98.0	78.4
1. Short-term trade accounts payable	11.9	37.5	41.4	27.9	13.4
2. Short-term advances from customers	8.2	1.1	18.7	2.3	0.5
3. Taxes and other payables to state authorities	0.2	1.1	0.4	1.0	0.0
4. Payable to employees	—	0.1	1.4	1.4	0.0
5. Short-term acrrued expenses	0.6	0.1	0.1	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	4.1	5.5	6.8	7.9	6.8
9. Other short-term payables	0.7	0.4	0.4	0.6	0.0
10. Short-term borrowings and financial leases	119.4	82.4	28.8	56.9	54.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	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	0.7	1.5	2.8	5.5	8.3
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	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	0.3	1.2	2.6	5.4	8.2
7. Other long-term liabilities	0.3	0.2	0.1	0.0	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)	231.0	228.7	231.6	230.1	229.2
I. Owner's equity	231.0	228.7	231.6	230.1	0.0
1. Owner's capital	215.0	215.0	215.0	215.0	229.2
- Common stock with voting right	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00
- 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	9.0	8.8	8.4	8.0	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	6.9	4.9	8.2	7.1	6.5
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	6.9	4.9	8.2	7.1	6.5
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)	376.9	358.5	332.5	333.7	315.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.9	4.9	8.2	7.1	6.5
Depreciation of Fixed Assets and Investment Property	1.9	2.1	2.1	2.3	2.4
Provision (Increase)/Reversal	0.7	1.2	-0.1	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	-0.3	0.0
Gain/Loss from Investment Activities	-20.9	-20.0	-23.3	-22.8	0.0
Interest Expense	4.5	3.1	8.0	2.8	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	-6.9	-8.8	-5.0	-11.1	-12.2
Increase/(Decrease) in Receivables	-14.1	-18.0	-15.7	-8.4	0.0
Increase/(Decrease) in Inventory	-9.9	-3.9	-25.9	7.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-19.9	-25.0	7.8	12.8	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	1.2	-0.2	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.5	-3.1	-8.0	-2.9	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	0.1	0.1	0.1	0.1	0.0
Other Operating Payments	-0.3	-0.3	-0.3	-0.5	0.0
Net Cash Flow from Operating Activities	-54.8	-57.7	-47.3	-3.0	-18.3
Payments for Fixed Assets and Other Long-term Assets	-1.4	-0.6	-0.7	-0.3	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-129.7	-132.6	-128.5	-196.3	-209.2
Receipts from Loan Repayments and Sale of Debt Instruments	139.6	124.5	187.6	181.8	171.5
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	21.1	20.8	20.7	24.0	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	29.9	12.1	79.2	9.2	-15.7
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	373.6	338.3	359.1	276.4	199.1
Repayment of Borrowings	-336.6	-284.7	-387.2	-273.4	-157.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4.5	-7.4	-6.4	-5.9	-5.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	32.6	46.2	-34.5	-2.9	36.3
Net Cash Flow During the Period	7.7	0.6	-2.6	3.2	4.6
Cash and Cash Equivalents at Beginning of Period	10.0	9.4	12.0	8.8	6.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.7	10.0	9.4	12.0	8.8

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	287.7	250.7	95.2	146.4	138.3	165.7	120.4	111.8	182.6	224.3	193.3	100.3
Revenue Deductions	4.2	4.0	2.8	3.0	1.1	2.7	4.8	2.0	1.6	1.1	1.0	2.4
Net Revenue	283.5	246.7	92.4	143.4	137.2	163.0	115.5	109.8	180.9	223.2	192.3	97.8
Cost of Goods Sold	264.5	233.5	79.8	133.1	130.3	159.9	109.7	103.0	172.7	213.8	184.1	92.7
Gross Profit	19.0	13.2	12.6	10.4	6.8	3.2	5.8	6.8	8.2	9.3	8.2	5.1
Financial Income	8.8	2.9	2.5	4.0	8.0	2.5	8.0	2.9	7.9	3.1	5.6	7.3
Financial Expenses	2.0	1.3	1.2	1.6	1.0	1.0	0.5	1.5	0.6	0.7	1.5	3.6
Interest Expense	1.8	1.3	1.1	1.5	0.7	0.7	0.5	1.4	0.4	0.6	1.5	3.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	15.8	10.4	3.3	5.6	5.4	3.2	3.4	3.8	5.4	2.8	2.2	1.2
General and Administrative Expenses	7.0	3.6	8.8	5.9	6.2	2.5	7.2	3.4	7.5	7.2	7.2	6.1
Operating Profit	2.9	0.7	1.8	1.2	2.2	-1.1	2.8	1.0	2.5	1.7	2.9	1.4
Other Income	0.0	0.2	0.0	0.1	0.2	0.1	0.0	0.2	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
Other Profit	0.0	0.2	0.0	0.1	0.2	0.1	0.0	0.2	-0.0	0.0	-0.1	-0.1
Profit Before Tax	3.0	0.9	1.8	1.3	2.4	-1.0	2.8	1.2	2.5	1.7	2.8	1.3
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.0	0.9	1.8	1.3	2.4	-1.0	2.8	1.2	2.5	1.7	2.8	1.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.0	0.9	1.8	1.3	2.4	-1.0	2.8	1.2	2.5	1.7	2.8	1.3
Earnings per Share	137.22	42.85	83.80	59.84	109.41	-45.21	132.44	57.26	118.46	78.88	129.37	60.22
Diluted EPS	137.22	42.85	83.80	59.84	109.41	-45.21	132.44	57.26	118.46	78.88	129.37	60.22

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)	434.9	341.7	346.2	349.9	339.9	314.9	273.5	299.2	320.1	288.4	296.9	407.3
I. Cash and cash equivalents	25.6	17.7	6.6	6.2	6.7	10.0	5.0	4.4	5.7	5.8	5.5	4.7
1. Cash	25.6	9.7	6.6	6.2	6.7	10.0	5.0	4.4	5.7	5.8	5.5	4.7
2. Cash equivalents	—	8.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	166.7	166.7	183.2	173.6	169.6	176.6	177.5	166.0	169.0	172.1	168.0	184.7
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	166.7	166.7	183.2	173.6	169.6	176.6	177.5	166.0	169.0	172.1	168.0	184.7
III. Short-term receivables	129.9	61.5	54.2	61.1	54.3	51.2	28.3	35.9	34.6	32.8	16.5	36.8
1. Short-term trade accounts receivable	140.4	85.6	78.1	76.1	72.4	75.1	54.2	59.8	53.9	52.0	44.5	54.7
2. Short-term prepayments to suppliers	9.2	2.2	3.1	6.0	4.1	7.7	5.1	2.5	7.0	2.6	4.0	6.3
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	14.8	8.3	7.6	13.7	12.4	2.9	3.8	8.4	8.4	13.0	2.9	10.8
7. Provision for short-term doubtful debts (*)	-34.5	-34.6	-34.6	-34.7	-34.7	-34.7	-34.7	-34.7	-34.7	-34.8	-34.9	-34.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	106.9	85.7	98.2	105.1	104.9	73.1	58.5	88.3	106.2	69.9	102.6	174.2
1. Inventories	109.0	87.7	101.0	105.1	106.2	74.4	58.5	88.3	106.3	69.9	102.6	174.2
2. Provision for decline in value of inventories	-2.0	-2.0	-2.8	—	-1.3	-1.3	0.0	0.0	-0.0	0.0	0.0	0.0
V. Other short-term assets	5.8	10.3	3.9	3.9	4.4	4.1	4.3	4.6	4.6	7.8	4.3	6.9
1. Short-term prepayments	0.1	0.1	0.3	0.1	0.5	0.3	0.4	0.5	0.4	0.2	0.2	2.4
2. Value added tax to be reclaimed	3.6	3.6	2.4	2.6	2.7	2.6	2.7	2.9	3.0	3.0	2.9	3.3
3. Taxes and other receivables from state authorities	2.2	6.6	1.2	1.2	1.2	1.2	1.2	1.2	1.2	4.6	1.2	1.2
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)	35.7	35.1	34.5	35.3	35.7	40.2	43.0	44.2	43.8	43.5	43.1	43.0
I. Long-term receivables	1.6	0.7	0.8	0.8	0.8	4.6	6.7	6.8	6.2	5.1	4.8	3.3
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	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.3
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	1.5	0.7	0.7	0.7	0.7	4.5	6.6	6.6	6.1	4.9	4.6	3.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3.5	3.4	2.7	2.6	2.8	2.9	3.2	3.3	3.2	3.5	3.3	3.6
1. Tangible fixed assets	3.5	3.4	2.7	2.4	2.5	2.7	2.9	2.8	2.6	2.8	2.6	2.8
- Cost	23.4	—	—	—	—	24.4	24.4	24.2	23.8	23.8	23.5	23.5
- Accumulated depreciation	-19.9	—	—	—	—	-21.7	-21.6	-21.4	-21.2	-21.0	-20.8	-20.7
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	0.3	0.3	0.3	0.4	0.5	0.5	0.6	0.7	0.8
- Cost	5.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	3.1	3.4	3.6	3.8	4.1	4.3	4.6	4.8	5.1	5.3	5.6	5.8
- Cost	31.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-28.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6.8	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.8	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5
V. Long-term financial investments	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	5.5	6.0	5.7	6.3	6.3	6.7	6.8	7.7	7.7	8.0	7.7	8.5
1. Long-term prepayments	5.5	6.0	5.7	6.3	6.3	6.7	6.8	7.7	7.7	8.0	7.7	8.5
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	470.6	376.9	380.7	385.2	375.6	355.1	316.5	343.5	363.9	332.0	340.1	450.3
A. LIABILITIES (300=210+330)	237.0	145.9	150.6	157.5	144.5	126.4	86.7	115.9	130.2	100.4	110.2	222.9
I. Short -term liabilities	236.6	145.2	149.8	156.4	143.3	124.9	85.1	114.0	127.7	97.6	106.2	218.6
1. Short-term trade accounts payable	32.0	11.9	12.2	27.7	8.6	34.1	11.6	12.9	18.1	40.9	15.8	20.9
2. Short-term advances from customers	8.0	8.2	14.9	5.7	0.0	1.1	7.9	19.4	7.2	18.7	25.6	2.8
3. Taxes and other payables to state authorities	0.1	0.2	6.5	5.3	4.2	1.1	4.5	0.3	0.9	0.4	6.4	3.9
4. Payable to employees	0.9	—	3.5	0.1	0.1	0.1	2.9	0.5	1.1	1.4	1.2	0.7
5. Short-term acrrued expenses	5.6	0.6	0.2	0.2	0.9	0.1	0.1	0.0	0.1	0.1	0.2	0.5
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	5.4	4.1	4.3	5.0	5.8	5.5	6.3	6.5	6.6	6.8	8.0	9.0
9. Other short-term payables	1.1	0.7	4.8	4.8	0.4	0.4	7.8	7.9	0.7	0.4	6.9	6.8
10. Short-term borrowings and financial leases	183.2	119.4	103.1	107.4	123.2	82.4	43.8	66.3	92.7	28.8	41.9	173.8
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.1	0.2	0.2	0.0	0.1	0.3	0.3	0.4	0.1	0.2	0.2
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	0.5	0.7	0.9	1.1	1.3	1.5	1.7	1.9	2.5	2.8	4.0	4.4
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	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	0.1	0.3	0.5	0.7	1.0	1.2	1.4	1.6	2.4	2.6	3.8	4.2
7. Other long-term liabilities	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.0	0.1	0.1	0.1
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	—	—	—	—	—	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)	233.6	231.0	230.0	227.7	231.1	228.8	229.7	227.6	233.7	231.6	229.9	227.3
I. Owner's equity	233.6	231.0	230.0	227.7	231.1	228.8	229.7	227.6	233.7	231.6	229.9	227.3
1. Owner's capital	215.0	215.0	215.0	215.0	215.0	215.0	215.0	215.0	215.0	215.0	215.0	215.0
- Common stock with voting right	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00	215,000,000,000.00
- 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	9.0	9.0	9.0	9.0	8.8	8.8	8.8	8.8	8.4	8.4	8.4	8.4
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	9.5	6.9	6.0	3.6	7.3	5.0	6.0	3.8	10.4	8.2	6.5	4.0
- Accumulated retained earning at the end of the previous period	6.6	—	—	—	4.9	0.0	0.0	0.0	7.8	0.0	0.0	0.0
- Undistributed earnings in this period	3.0	6.9	6.0	3.6	2.4	5.0	6.0	3.8	2.5	8.2	6.5	4.0
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)	470.6	376.9	380.7	385.2	375.6	355.1	316.5	343.5	363.9	332.0	340.1	450.3

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	3.0	0.9	1.8	1.9	2.4	-1.0	2.8	0.6	2.5	1.7	2.8	1.1
Depreciation of Fixed Assets and Investment Property	0.4	0.4	0.5	0.6	0.4	0.5	0.5	0.5	0.5	0.5	0.5	0.5
Provision (Increase)/Reversal	-0.1	-0.8	-1.4	2.8	-0.0	1.3	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.7	-2.5	-2.4	-8.3	-7.8	-2.5	-7.7	-2.7	-7.5	-2.8	-5.4	-6.9
Interest Expense	1.8	1.3	1.1	1.5	0.7	0.7	0.5	1.5	0.4	0.6	1.5	3.6
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	-2.6	-0.6	-0.4	-1.5	-4.3	-0.9	-3.9	-0.2	-4.0	0.0	-0.6	-1.7
Increase/(Decrease) in Receivables	-64.8	-15.1	-0.0	0.1	0.9	-20.7	1.5	4.6	-2.8	11.8	-15.4	2.3
Increase/(Decrease) in Inventory	-21.3	13.3	4.1	1.2	-28.5	-15.9	29.4	18.4	-32.5	28.8	73.6	11.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	17.5	-15.8	-2.5	24.8	-26.4	12.8	-10.4	8.3	-38.7	-19.4	49.1	-25.6
Increase/(Decrease) in Prepaid Expenses	0.5	-0.0	0.4	0.4	0.1	-2.2	0.7	0.2	0.1	-0.2	0.8	0.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-1.3	-1.1	-1.4	-0.7	-0.7	-0.5	-1.5	-0.4	-0.6	-1.6	-3.5
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.0	-0.0	-0.1	-0.2	-0.1	-0.1	-0.1	-0.3	-0.6	0.5	-0.1
Net Cash Flow from Operating Activities	-72.7	-19.5	0.3	23.4	-59.0	-27.7	16.8	29.8	-78.4	19.8	106.4	-16.1
Payments for Fixed Assets and Other Long-term Assets	-0.4	-0.9	-0.5	—	—	0.0	0.0	-0.6	0.0	-0.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	—	—	0.0	0.0	0.0	0.0	0.0	119.7	-119.7
Loans and Purchases of Debt Instruments	-43.0	-28.5	-49.6	-48.5	-3.0	-34.5	-49.6	-38.5	-10.0	-10.2	-118.3	24.2
Receipts from Loan Repayments and Sale of Debt Instruments	51.0	45.1	40.0	44.5	10.0	35.4	41.7	37.9	13.1	14.2	10.8	136.6
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	9.2	2.8	14.5	-4.2	8.0	0.7	14.1	-3.5	7.8	-0.1	14.1	-1.7
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	16.9	18.8	4.3	-8.2	15.0	1.6	6.2	-4.7	10.9	3.6	26.3	39.4
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	149.5	111.4	57.0	77.6	127.6	95.8	40.6	51.5	150.4	55.4	47.8	62.2
Repayment of Borrowings	-85.8	-95.1	-61.3	-93.3	-86.9	-57.2	-63.0	-77.9	-86.5	-68.5	-179.7	-87.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-4.5	—	—	—	-7.4	0.0	0.0	0.0	-6.4	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	63.8	11.8	-4.3	-15.7	40.8	31.1	-22.4	-26.4	63.9	-19.5	-131.9	-25.0
Net Cash Flow During the Period	7.9	11.1	0.4	-0.5	-3.3	5.0	0.5	-1.3	-3.7	3.9	0.8	-1.7
Cash and Cash Equivalents at Beginning of Period	17.7	6.6	6.2	6.7	10.0	9.4	9.4	9.4	9.4	12.0	12.0	12.0
FX Difference from Revaluation	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	25.6	17.7	6.6	6.2	6.7	10.0	5.0	4.4	5.7	9.4	5.5	4.7

Explore Other Stocks In The Same Sector

CLX, TH1, VGP, PIT, TGG, ASA

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

VHF

What Is Changing

Drivers of VHF'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