VHG

Đầu tư Phát triển Việt Trung Nam ·UPCOM ·2026Q1

Price

1,500

Latest close

03 Jun 2026

P/E -88.24x

P/B 1.71x

EPS -17

BVPS 876

ROE -1.8%

ROA -1.7%

Profit Margin —

Asset Turnover —

Equity Mult. —

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

Metric	2025	2024	2023	2022	2021
Revenue	—	0.0	0.0	0.0	0.0
Growth	—	—	—	-100%	—
Net Income	-4.7	-2.3	-0.7	-26.9	-49.8
Net Margin	—	—	—	—	-15001743937.95%

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Growth	—	—	—	—	—	—	—	—	—	—	—	—
Net Income	-0.6	-0.5	-0.5	-0.8	3.9	-0.5	-0.5	-0.9	-0.5	-3.7	1.5	-0.8
Net Margin	—	—	—	—	—	—	—	—	—	—	—	—

Drivers of VHG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to the main negative driver. Supporting and offsetting drivers:

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to the main negative driver. Supporting and offsetting drivers:

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -15001743937.95% —

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (82.8% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.00x equity.

Over the last 12 months, working capital released 0.4bn of cash, mainly thanks to lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +0.4bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +0.1bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.00x and interest coverage only at -1.21x.

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.

Watchpoints

Interest coverage is thin

Interest coverage is -1.21x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.00x —

Interest Coverage -1.21x −0.00x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.00x +0.02x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -0.0bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was negative +0.0bn. Financing cash flow was positive 0.0bn.

CFO / net income was -0.00x.

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 0.0bn +0.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at -1.21x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 82.8% of PBT and CFO / net income currently at -0.00x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.21x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	—	0.0	0.0	0.0	0.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	—	0.0	0.0	0.0	0.0
Cost of Goods Sold	—	0.0	0.0	0.0	0.0
Gross Profit	—	0.0	0.0	0.0	0.0
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	1.4	1.9	2.2	2.6	-37.6
Interest Expense	—	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	7.6	0.4	0.7	24.3	-12.2
Operating Profit	-9.1	-2.3	-2.9	-26.9	-49.8
Other Income	4.4	0.0	2.2	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	0.0
Other Profit	4.4	0.0	2.2	-0.0	-0.0
Profit Before Tax	-4.7	-2.3	-0.7	-26.9	-49.8
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	-4.7	-2.3	-0.7	-26.9	-49.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-4.7	-2.3	-0.7	-26.9	-49.8
Earnings per Share	-31.00	-16.00	-5.00	-179.00	-332.00
Diluted EPS	-31.00	-15.51	-5.00	-179.00	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4.8	12.5	12.9	13.6
I. Cash and cash equivalents	0.0	0.0	0.0	0.1
1. Cash	0.0	0.0	0.0	0.1
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.1	0.1	0.1
1. Available for sale securities	0.3	0.3	0.3	0.3
2. Provision for diminution in value of available for sale securities (*)	-0.3	-0.3	-0.3	-0.3
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	4.5	12.1	12.5	13.3
1. Short-term trade accounts receivable	7.0	7.0	10.3	141.2
2. Short-term prepayments to suppliers	10.2	10.2	10.2	10.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	12.4	12.7	9.8	8.0
7. Provision for short-term doubtful debts (*)	-25.1	-17.8	-17.8	-146.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0
1. Inventories	2.3	6.7	6.7	8.9
2. Provision for decline in value of inventories	-2.3	-6.7	-6.7	-8.9
V. Other short-term assets	0.3	0.3	0.3	0.2
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.3	0.2	0.2	0.2
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	134.0	135.5	137.4	139.5
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	—	0.0	0.0	0.0
1. Tangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	0.7	0.7	0.7	0.7
- Accumulated depreciation	-0.7	-0.7	-0.7	-0.7
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	134.0	135.5	137.4	139.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	241.8	241.8	241.8	241.8
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-107.8	-106.3	-104.4	-102.3
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	—	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	138.8	147.9	150.3	153.2
A. LIABILITIES (300=210+330)	6.9	11.3	11.3	13.4
I. Short -term liabilities	6.9	11.3	11.3	13.4
1. Short-term trade accounts payable	0.8	0.8	0.8	0.8
2. Short-term advances from customers	0.5	0.5	0.5	0.5
3. Taxes and other payables to state authorities	4.2	8.6	8.6	10.8
4. Payable to employees	—	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.4	0.4	0.4	0.4
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	0.9	0.9
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	132.0	136.7	139.0	139.7
I. Owner's equity	132.0	136.7	139.0	139.7
1. Owner's capital	1,500.0	1,500.0	1,500.0	1,500.0
- Common stock with voting right	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	26.2	26.2	26.2	26.2
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	-1,394.2	-1,389.5	-1,387.2	-1,386.4
- Accumulated retained earning at the end of the previous period	-1,389.5	-1,387.2	-1,386.4	-1,359.5
- Undistributed earnings in this period	-4.7	-2.3	-0.7	-26.9
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	138.8	147.9	150.3	153.2

Item	2025	2024	2023	2022
Profit Before Tax	-4.7	-2.3	-0.7	-26.9
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
Provision (Increase)/Reversal	4.4	1.9	0.2	25.9
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.3	-0.4	-0.5	-0.9
Increase/(Decrease) in Receivables	0.3	0.4	0.5	-0.1
Increase/(Decrease) in Inventory	4.4	0.0	2.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.4	0.0	-2.2	-0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-0.0	-0.0	-0.0	-1.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	1.1
Dividends and Interest Income Received	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.0	0.0	1.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	0.0
Net Cash Flow During the Period	-0.0	-0.0	-0.0	0.1
Cash and Cash Equivalents at Beginning of Period	0.0	0.0	0.1	0.0
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	0.0	0.0	0.1

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cost of Goods Sold	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Income	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.4
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.1	0.0	0.0	0.3	0.0	0.0	0.0	0.4	0.0	3.2	0.1	0.4
Operating Profit	-0.6	-0.5	-0.5	-0.8	-0.5	-0.5	-0.5	-0.9	-0.5	-3.7	-0.7	-0.8
Other Income	—	—	—	—	4.4	0.0	0.0	0.0	0.0	0.0	2.2	0.0
Other Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	—	—	—	4.4	0.0	0.0	0.0	0.0	0.0	2.2	0.0
Profit Before Tax	-0.6	-0.5	-0.5	-0.8	3.9	-0.5	-0.5	-0.9	-0.5	-3.7	1.5	-0.8
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	-0.6	-0.5	-0.5	-0.8	3.9	-0.5	-0.5	-0.9	-0.5	-3.7	1.5	-0.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.6	-0.5	-0.5	-0.8	3.9	-0.5	-0.5	-0.9	-0.5	-3.7	1.5	-0.8
Earnings per Share	-4.00	-4.00	-4.00	-5.00	26.00	-4.00	-3.00	-6.00	-4.00	-25.00	10.00	-5.00
Diluted EPS	-4.14	-3.64	-3.61	-5.19	25.86	-3.56	-3.32	-5.94	-3.60	-24.72	9.97	-5.22

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)	4.8	12.1	12.2	12.2	12.5	12.5	12.5	12.5	12.9	9.6	12.8	12.9
I. Cash and cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Cash	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.0
1. Available for sale securities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
2. Provision for diminution in value of available for sale securities (*)	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	4.4	11.8	11.8	11.8	12.1	12.1	12.1	12.2	12.5	9.2	12.4	12.6
1. Short-term trade accounts receivable	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	140.6	140.9
2. Short-term prepayments to suppliers	10.1	10.2	10.2	10.1	10.2	10.2	10.2	10.1	10.3	10.2	10.2	10.1
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	12.4	12.4	12.4	12.5	12.7	12.7	12.7	12.8	13.0	9.8	8.0	8.0
7. Provision for short-term doubtful debts (*)	-25.1	-17.8	-17.8	-17.8	-17.8	-17.8	-17.8	-17.8	-17.8	-17.8	-146.4	-146.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	2.3	2.3	2.3	2.3	2.3	6.7	6.7	6.7	6.7	6.7	6.7	8.9
2. Provision for decline in value of inventories	-2.3	-2.3	-2.3	-2.3	-2.3	-6.7	-6.7	-6.7	-6.7	-6.7	-6.7	-8.9
V. Other short-term assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2
1. Short-term prepayments	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	133.5	133.4	133.9	134.5	134.9	135.1	135.6	136.4	136.8	136.9	137.4	138.0
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible 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
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	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	—	—	—	—	—	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
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	133.5	133.4	133.9	134.5	134.9	135.1	135.6	136.4	136.8	136.9	137.4	138.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	241.8	241.8	241.8	241.8	241.8	241.8	241.8	241.8	241.8	241.8	241.8	241.8
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	-108.3	-108.4	-107.9	-107.3	-106.9	-106.7	-106.2	-105.4	-105.0	-104.9	-104.4	-103.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	138.3	145.5	146.1	146.6	147.4	147.6	148.1	148.9	149.7	146.5	150.2	150.9
A. LIABILITIES (300=210+330)	6.9	6.9	6.9	6.9	6.9	11.3	11.3	11.3	11.3	11.3	11.3	13.4
I. Short -term liabilities	6.9	6.9	6.9	6.9	6.9	11.3	11.3	11.3	11.3	11.3	11.3	13.4
1. Short-term trade accounts payable	0.9	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
2. Short-term advances from customers	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
3. Taxes and other payables to state authorities	—	4.2	4.2	4.2	4.2	8.6	8.6	8.6	8.6	8.6	8.6	10.8
4. Payable to employees	4.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	—	—	—	—	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
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	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)	131.4	138.7	139.2	139.8	140.5	136.3	136.9	137.6	138.4	135.3	139.0	137.5
I. Owner's equity	131.4	138.7	139.2	139.8	140.5	136.3	136.9	137.6	138.4	135.3	139.0	137.5
1. Owner's capital	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0
- Common stock with voting right	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00	1,500,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-1,394.8	-1,387.5	-1,387.0	-1,386.4	-1,385.6	-1,389.8	-1,389.3	-1,388.6	-1,387.7	-1,390.9	-1,387.2	-1,388.7
- Accumulated retained earning at the end of the previous period	-1,394.2	-1,389.5	-1,389.5	-1,389.5	-1,389.5	-1,387.2	-1,387.2	-1,387.2	-1,387.2	-1,386.4	-1,386.4	-1,386.4
- Undistributed earnings in this period	-0.6	2.0	2.6	3.1	3.9	-2.6	-2.1	-1.4	-0.5	-4.5	-0.8	-2.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	138.3	145.5	146.1	146.6	147.4	147.6	148.1	148.9	149.7	146.5	150.2	150.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-0.6	-7.2	-0.5	-0.8	3.9	-0.5	-0.5	-1.1	-0.5	0.0	1.5	-0.8
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	0.2	0.0
Provision (Increase)/Reversal	0.5	7.2	0.5	0.5	-3.9	0.5	0.5	0.7	0.5	0.2	-1.8	0.4
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	—	-0.0	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.1	-0.0	-0.0	-0.3	-0.0	-0.0	-0.0	-0.4	-0.0	0.1	-0.2	-0.4
Increase/(Decrease) in Receivables	0.1	0.0	0.0	0.3	0.0	-0.0	0.0	0.3	0.0	0.2	0.2	0.1
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	4.4	0.0	0.0	0.0	0.0	2.2	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.1	0.0	-0.0	0.0	-4.4	-0.0	-0.0	0.0	0.0	-2.2	0.0	-0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.3	0.0	-0.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.3	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.3	0.3
Dividends and Interest Income Received	—	-0.0	—	0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	—	-0.0	—	0.0	—	0.0	-0.0	0.0	0.0	-0.3	0.0	0.3
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	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at Beginning of Period	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

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VHG

Drivers of VHG's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ▲

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow