VHL

Viglacera Hạ Long ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 3.44%, +7.88pp YoY

Price

10,600

Latest close

03 Jun 2026

P/E 5.54x

P/B 0.52x

EPS 1,912

BVPS 20,360

ROE 7.5%

ROA 4.8%

Profit Margin 3.4%

Asset Turnover 1.41x

Equity Mult. 1.55x

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

What Is Changing

On a TTM 2026Q1 basis, VHL posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,073bn
	                                
−7.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 37bn
	                                
+171.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,109.2	1,148.3	1,229.3	1,623.1	1,637.0
Growth	-3%	-7%	-24%	-1%	—
Net Income	29.9	-66.5	-69.5	0.2	43.7
Net Margin	2.70%	-5.79%	-5.65%	0.01%	2.67%

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	214.7	288.9	277.7	291.4	251.2	335.5	281.6	290.1	241.1	326.6	302.0	320.4
Growth	-26%	+4%	-5%	+16%	-25%	+19%	-3%	+20%	-26%	+8%	-6%	—
Net Income	7.3	9.0	10.0	10.6	0.3	-15.6	-26.3	-9.8	-14.7	-25.0	-6.8	-13.7
Net Margin	3.38%	3.12%	3.58%	3.65%	0.13%	-4.65%	-9.36%	-3.39%	-6.08%	-7.66%	-2.24%	-4.27%

Drivers of VHL's profit

TTM

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

Gross profit ↑ 29.4bn

Other profit ↑ 23.5bn

Associates income ↑ 17.9bn

Selling expenses ↓ 8.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 6.0bn

Associates income ↑ 3.5bn

Administrative expenses ↓ 1.6bn

Financial income ↑ 1.3bn

Gross profit ↓ 6.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -10.3% = -4.4% × 1.50 × 1.55

2026Q1 7.5% = 3.4% × 1.41 × 1.55

ROE rose from -10.3% to 7.5% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: 3.4% +7.9pp Asset turnover: 1.41x -0.09x Leverage: 1.55x +0.00x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 3.44%, rising 7.9pp. Core operating signals are improving as Gross margin rose 3.8pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (with additional support from Other profit / Revenue rose 2.0pp and Net financial result / Revenue rose 0.7pp).

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 3.44% +7.9pp

Gross Margin 16.54% +3.8pp

SG&A / Revenue 13.33% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 8.4 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 7.22%, rising 11.4pp. That translates to 7.22 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.1pp, with capital turnover broadly stable; with invested capital holding roughly steady.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 7.22% +11.4pp

NOPAT Margin 3.23% +5.1pp

Capital Turnover 2.23x +0.01x

Average Invested Capital 480.1bn −40.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.53x equity, with a net cash position equivalent to 0.01x equity.

Inventory ended the period at 311.9bn, roughly 40.6% of total assets.

Over the last 12 months, working capital released 3.5bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +2.5bn

Inventories increased → lower CFO: −12.9bn

Payables increased → higher CFO: +13.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 8.4 days versus the same period last year. The main moves came from DIO rose 12.1 days, DSO fell 2.1 days, and DPO rose 1.5 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 126.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +12.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 3.6 days −2.1 days

Inventory 141.2 days +12.1 days

Payables 18.8 days +1.5 days

Cash Conversion Cycle 126.0 days +8.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 69.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.01x and interest coverage at 23.93x.

At present, short-term debt accounts for 96.1% of total debt, cash equals 107.3% of debt, and total debt stands at 57.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 96.1% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.01x +0.03x

Interest Coverage 23.93x +28.88x

Cash / Debt 107.3% −20.1pp

Short-term Debt / Total Debt 96.1% +49.2pp

CFO / NI 1.95x +4.89x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 69.8bn in 2025, against investing cash flow of -37.7bn.

Post-investment cash flow was positive +32.1bn. Financing cash flow was negative +7.5bn.

CFO / net income was 1.95x.

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 72.0bn −7.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 7.9 pp. The next item to monitor is cash generation still needs confirmation. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 126 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.44% after expanding 7.9pp versus the same period last year.

Watchpoint: Cash generation still needs confirmation.

Key risk: working capital remains tied up for too long, with cash cycle at 126.0 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,109.2	1,148.3	1,229.3	1,623.1	1,637.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,109.2	1,148.3	1,229.3	1,623.1	1,637.0
Cost of Goods Sold	925.0	1,021.6	1,114.5	1,425.2	0.0
Gross Profit	184.2	126.7	114.8	198.0	253.5
Financial Income	5.1	1.7	0.8	2.0	2.0
Financial Expenses	1.9	5.5	11.0	12.2	-18.3
Interest Expense	3.7	4.8	10.7	11.5	-16.6
Share of Associates and Joint Ventures	-3.9	-20.5	-22.1	-6.8	1.7
Selling Expenses	103.3	96.9	100.1	123.1	-130.4
General and Administrative Expenses	47.3	45.1	46.6	48.0	-55.8
Operating Profit	32.9	-39.5	-64.3	10.0	52.7
Other Income	3.4	1.6	2.1	3.4	0.0
Other Expenses	1.5	22.9	2.4	4.7	0.0
Other Profit	1.9	-21.3	-0.2	-1.3	3.3
Profit Before Tax	34.8	-60.8	-64.5	8.7	56.0
Current Income Tax Expense	4.2	1.3	0.6	7.5	-12.3
Deferred Income Tax Expense	0.7	4.4	4.4	1.1	0.0
Net Income	29.9	-66.5	-69.5	0.2	43.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	29.9	-66.5	-69.5	0.2	43.7
Earnings per Share	1,196.00	-2,663.00	-2,780.00	5.00	1,748.00
Diluted EPS	1,196.99	-2,661.40	-2,779.10	6.79	1,747.61

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	504.1	422.4	444.8	549.5	544.7
I. Cash and cash equivalents	92.8	68.2	39.0	30.6	67.6
1. Cash	44.3	20.2	29.0	30.6	0.0
2. Cash equivalents	48.5	48.0	10.0	0.0	0.0
II. Short-term financial investments	67.0	30.1	0.0	10.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	67.0	30.1	0.0	10.0	0.0
III. Short-term receivables	29.3	42.0	33.6	35.1	37.3
1. Short-term trade accounts receivable	9.6	15.8	12.8	13.0	0.0
2. Short-term prepayments to suppliers	3.3	10.0	3.7	5.4	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	41.9	40.8	42.4	42.4	0.0
7. Provision for short-term doubtful debts (*)	-25.5	-24.7	-25.2	-25.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	311.9	278.7	367.7	469.4	420.2
1. Inventories	331.6	296.2	386.7	482.1	0.0
2. Provision for decline in value of inventories	-19.8	-17.5	-19.0	-12.6	0.0
V. Other short-term assets	3.1	3.5	4.6	4.4	9.5
1. Short-term prepayments	0.1	0.3	0.4	0.3	0.0
2. Value added tax to be reclaimed	2.9	2.9	3.6	3.4	0.0
3. Taxes and other receivables from state authorities	0.0	0.3	0.5	0.6	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)	263.7	306.6	392.8	476.9	558.7
I. Long-term receivables	5.8	5.8	2.6	2.3	0.0
1. Long-term trade receivables	2.1	2.1	0.0	0.0	3.5
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.7	3.7	2.6	2.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	218.7	263.3	315.6	377.8	445.8
1. Tangible fixed assets	212.5	257.0	306.3	369.9	430.2
- Cost	1,613.9	1,679.9	1,675.1	1,674.4	0.0
- Accumulated depreciation	-1,401.4	-1,422.9	-1,368.7	-1,304.5	0.0
2. Financial leased fixed assets	—	0.0	2.8	1.3	8.8
- Cost	—	0.0	4.8	3.0	0.0
- Accumulated depreciation	—	0.0	-1.9	-1.7	0.0
3. Intangible fixed assets	6.1	6.3	6.4	6.6	6.9
- Cost	8.5	8.5	8.5	8.5	0.0
- Accumulated depreciation	-2.3	-2.2	-2.0	-1.9	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	6.2	0.5	0.3	0.2	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.2	0.5	0.3	0.2	0.0
V. Long-term financial investments	32.8	36.7	57.5	79.7	88.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	32.8	36.7	57.2	79.3	0.0
3. Investments in other entities	—	2.0	2.0	2.0	0.0
4. Provision for diminution in value of long-term investments	—	-2.0	-1.6	-1.6	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	0.2	0.3	16.8	17.0	0.0
1. Long-term prepayments	—	0.1	16.3	16.6	0.0
2. Deferred income tax assets	0.2	0.1	0.5	0.4	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	20.3
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)	767.8	728.9	837.6	1,026.5	1,103.4
A. LIABILITIES (300=210+330)	266.0	257.1	298.9	418.2	449.7
I. Short -term liabilities	238.9	201.5	249.1	365.9	412.0
1. Short-term trade accounts payable	50.3	57.2	65.5	114.3	91.0
2. Short-term advances from customers	10.5	8.6	14.8	12.6	16.3
3. Taxes and other payables to state authorities	9.2	4.1	2.2	4.3	0.0
4. Payable to employees	52.3	37.2	30.2	37.0	0.0
5. Short-term acrrued expenses	25.2	18.0	14.9	13.8	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	0.6	0.6	0.6	0.6	0.6
9. Other short-term payables	8.3	9.6	12.7	14.7	0.0
10. Short-term borrowings and financial leases	33.0	10.3	53.5	99.0	115.1
11. Provision for short-term liabilities	6.2	8.7	6.2	5.2	0.0
12.. Bonus and welfare fund	43.3	47.2	48.6	64.3	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	27.1	55.6	49.8	52.4	37.8
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	1.4	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	7.9	8.4	9.0	10.6	11.2
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	2.2	32.4	30.1	35.6	19.3
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	10.5	9.7	5.6	1.2	0.0
12. Provision for long-term liabilities	2.8	2.8	2.8	2.8	0.0
13. Fund for technology development	2.3	2.3	2.3	2.3	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	501.8	471.9	538.7	608.2	653.7
I. Owner's equity	501.8	471.9	538.7	608.2	0.0
1. Owner's capital	250.0	250.0	250.0	250.0	653.7
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	49.2	49.2	49.2	49.2	49.2
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	261.5	261.5	261.5	261.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	11.8	11.8	11.8	11.8	0.0
11. Undistributed earnings after tax	-70.8	-100.7	-33.9	35.6	82.8
- Accumulated retained earning at the end of the previous period	-100.7	-34.2	35.6	35.5	38.9
- Undistributed earnings in this period	29.9	-66.6	-69.5	0.1	43.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.1	0.1	0.1	0.1	0.1
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)	767.8	728.9	837.6	1,026.5	1,103.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	34.8	-60.8	-64.5	8.7	70.1
Depreciation of Fixed Assets and Investment Property	44.6	52.4	64.6	77.5	83.7
Provision (Increase)/Reversal	-1.4	0.9	6.8	-7.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	0.2	20.5	22.1	5.9	0.0
Interest Expense	3.7	4.8	10.7	11.5	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	82.0	17.7	39.8	96.8	165.8
Increase/(Decrease) in Receivables	12.7	-9.7	1.5	9.2	0.0
Increase/(Decrease) in Inventory	-35.4	90.5	95.4	-48.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.5	-3.7	-55.5	-5.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	16.3	0.1	3.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.2	-4.8	-9.9	-10.8	0.0
Corporate Income Tax Paid	-1.2	-4.8	-3.9	-11.3	0.0
Other Operating Receipts	—	0.0	0.0	0.5	0.0
Other Operating Payments	-4.0	-1.4	-15.8	-21.9	0.0
Net Cash Flow from Operating Activities	69.8	100.0	51.8	12.4	74.8
Payments for Fixed Assets and Other Long-term Assets	-5.7	-0.0	-0.1	-10.4	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.0	0.0	1.2	0.0
Loans and Purchases of Debt Instruments	-85.2	-30.1	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	48.3	0.0	10.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	2.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.0	0.0	0.0	2.9	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	-37.7	-30.1	9.9	-6.3	25.9
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	286.9	355.5	456.9	752.9	559.5
Repayment of Borrowings	-294.5	-394.1	-508.8	-749.1	-644.5
Repayment of Finance Leases	—	-1.6	-1.4	-3.6	-3.7
Dividends Paid	—	-0.4	-0.1	-43.2	-76.1
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	-7.5	-40.7	-53.3	-43.0	-164.8
Net Cash Flow During the Period	24.6	29.2	8.4	-37.0	-52.6
Cash and Cash Equivalents at Beginning of Period	68.2	39.0	30.6	67.6	131.6
FX Difference from Revaluation	0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	92.8	68.2	39.0	30.6	67.6

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	214.7	288.9	277.7	291.4	251.2	335.5	281.6	290.1	241.1	326.6	302.0	320.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	214.7	288.9	277.7	291.4	251.2	335.5	281.6	290.1	241.1	326.6	302.0	320.4
Cost of Goods Sold	174.8	249.9	231.8	238.9	204.5	296.3	247.6	262.0	215.7	306.8	269.1	281.9
Gross Profit	39.9	39.1	45.9	52.5	46.7	39.2	34.0	28.1	25.5	19.8	32.8	38.5
Financial Income	1.6	1.3	1.6	1.9	0.3	1.0	0.1	0.3	0.3	0.4	0.2	0.1
Financial Expenses	1.1	-1.5	1.1	1.0	1.3	0.5	1.3	1.8	1.8	2.1	2.5	2.6
Interest Expense	1.0	0.8	0.7	1.0	1.3	0.5	1.1	1.4	1.8	1.8	2.4	2.6
Share of Associates and Joint Ventures	0.6	0.5	0.2	-1.6	-2.9	-3.6	-8.2	-3.5	-5.1	-3.3	-4.5	-7.8
Selling Expenses	23.8	18.8	26.1	28.7	29.7	31.0	29.4	15.7	21.0	22.9	21.2	29.0
General and Administrative Expenses	9.8	14.2	10.1	11.6	11.4	12.3	10.0	11.8	11.0	11.7	11.6	12.7
Operating Profit	7.6	9.4	10.4	11.4	1.7	-7.2	-14.9	-4.3	-13.0	-19.8	-6.9	-13.5
Other Income	0.3	1.9	0.6	0.9	0.0	0.7	0.1	0.5	0.2	0.8	0.3	0.6
Other Expenses	0.0	0.8	0.0	0.4	0.3	7.1	10.4	4.6	0.8	1.0	0.2	0.6
Other Profit	0.3	1.1	0.6	0.5	-0.3	-6.4	-10.3	-4.0	-0.5	-0.2	0.1	0.0
Profit Before Tax	7.9	10.5	11.0	11.9	1.4	-13.6	-25.2	-8.3	-13.6	-20.0	-6.8	-13.5
Current Income Tax Expense	0.8	1.6	1.1	1.0	0.5	1.2	-0.6	0.7	0.0	0.5	0.0	0.0
Deferred Income Tax Expense	-0.2	-0.0	-0.0	0.3	0.5	0.8	1.7	0.8	1.1	4.5	-0.0	0.1
Net Income	7.3	9.0	10.0	10.6	0.3	-15.6	-26.3	-9.8	-14.7	-25.0	-6.8	-13.7
Non-controlling Interest	—	—	—	—	-0.0	0.1	0.0	-24.5	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.3	9.0	10.0	10.6	0.3	-15.7	-26.3	14.7	-14.7	-25.0	-6.8	-13.7
Earnings per Share	290.00	359.00	837.00	426.00	13.00	-628.00	-2,034.00	-394.00	-586.00	-1,001.00	-271.00	-547.00
Diluted EPS	290.00	359.00	837.00	425.75	13.00	-2,661.00	-2,034.00	-394.00	-586.00	-1,001.00	-271.00	-547.00

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)	526.3	504.1	499.5	472.5	446.2	422.4	412.8	408.7	427.4	444.8	489.4	489.8
I. Cash and cash equivalents	61.2	92.8	93.7	86.0	77.8	68.2	67.1	39.6	25.5	39.0	54.7	26.1
1. Cash	46.2	44.3	47.7	34.0	32.7	20.2	47.1	34.6	25.5	29.0	29.7	26.1
2. Cash equivalents	15.0	48.5	46.0	52.0	45.1	48.0	20.0	5.0	0.0	10.0	25.0	0.0
II. Short-term financial investments	84.8	67.0	56.5	28.2	—	30.1	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	84.8	67.0	56.5	28.2	—	30.1	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	44.4	29.3	43.8	31.6	43.2	42.0	56.8	42.0	45.6	33.6	40.5	55.4
1. Short-term trade accounts receivable	7.3	9.6	15.3	8.6	9.7	15.8	29.2	22.4	24.5	12.8	14.7	14.7
2. Short-term prepayments to suppliers	20.3	3.3	11.7	6.7	17.2	10.0	11.0	3.0	3.3	3.7	8.3	24.2
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	42.1	41.9	41.6	41.1	41.0	40.8	41.6	41.7	43.0	42.4	43.1	42.1
7. Provision for short-term doubtful debts (*)	-25.3	-25.5	-24.7	-24.8	-24.7	-24.7	-25.0	-25.0	-25.2	-25.2	-25.6	-25.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	333.0	311.9	303.3	325.9	322.3	278.7	287.0	324.4	352.8	367.7	391.6	406.3
1. Inventories	352.8	331.6	320.1	346.3	339.8	296.2	310.7	348.1	374.9	386.7	409.5	423.9
2. Provision for decline in value of inventories	-19.8	-19.8	-16.8	-20.4	-17.5	-17.5	-23.7	-23.7	-22.2	-19.0	-17.9	-17.6
V. Other short-term assets	2.9	3.1	2.2	0.9	2.9	3.5	2.0	2.7	3.5	4.6	2.6	2.0
1. Short-term prepayments	—	0.1	0.0	0.1	0.1	0.3	0.2	0.2	0.3	0.4	0.3	0.3
2. Value added tax to be reclaimed	2.9	2.9	2.1	0.8	2.6	2.9	1.6	2.1	2.8	3.6	1.9	1.2
3. Taxes and other receivables from state authorities	0.0	0.0	—	0.1	0.1	0.3	0.0	0.3	0.5	0.5	0.4	0.5
4. Government bonds	—	—	0.0	—	—	0.0	0.2	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)	256.8	263.7	267.3	279.4	292.0	306.6	334.8	362.1	375.1	392.8	414.6	429.6
I. Long-term receivables	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	2.8	2.6	2.9	2.7
1. Long-term trade receivables	2.1	2.1	2.1	2.1	2.1	2.1	2.4	2.4	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	3.7	3.7	3.7	3.7	3.7	3.7	3.4	3.4	2.8	2.6	2.9	2.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	209.9	218.7	228.2	239.6	251.3	263.3	275.7	288.6	301.8	315.6	330.2	343.8
1. Tangible fixed assets	203.8	212.5	222.0	233.4	245.1	257.0	267.4	280.1	292.8	306.3	320.7	336.6
- Cost	1,613.9	—	—	—	—	1,679.9	1,677.5	1,677.5	1,675.1	1,675.1	1,675.1	1,675.1
- Accumulated depreciation	-1,410.1	—	—	—	—	-1,422.9	-1,410.1	-1,397.4	-1,382.3	-1,368.7	-1,354.4	-1,338.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	2.0	2.1	2.7	2.8	3.0	0.7
- 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	6.1	6.1	6.2	6.2	6.2	6.3	6.3	6.4	6.4	6.4	6.5	6.5
- Cost	8.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.4	—	—	—	—	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	7.4	6.2	0.7	1.6	0.8	0.5	1.6	1.9	0.7	0.3	0.8	0.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.4	6.2	0.7	1.6	0.8	0.5	1.6	1.9	0.7	0.3	0.8	0.5
V. Long-term financial investments	33.4	32.8	32.4	32.2	33.8	36.7	40.3	48.6	52.4	57.5	61.0	65.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	33.4	32.8	32.4	32.2	33.8	36.7	40.3	48.6	52.1	57.2	60.5	65.1
3. Investments in other entities	—	—	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
4. Provision for diminution in value of long-term investments	—	—	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-1.6	-1.6	-1.5	-1.5
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	0.2	0.2	0.3	0.3	0.3	0.3	11.4	17.2	17.4	16.8	19.8	17.0
1. Long-term prepayments	—	—	0.0	0.1	0.1	0.1	11.1	17.0	17.0	16.3	19.3	16.5
2. Deferred income tax assets	0.2	0.2	0.3	0.3	0.2	0.1	0.3	0.3	0.4	0.5	0.5	0.5
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)	783.1	767.8	766.8	751.9	738.2	728.9	747.6	770.8	802.6	837.6	904.0	919.3
A. LIABILITIES (300=210+330)	274.1	266.0	274.1	269.1	266.0	257.1	260.0	256.8	278.8	298.9	340.3	348.8
I. Short -term liabilities	247.1	238.9	217.9	213.0	209.8	201.5	204.6	203.0	225.0	249.1	290.8	298.2
1. Short-term trade accounts payable	40.8	50.3	46.2	53.1	51.4	57.2	40.1	42.8	44.1	65.5	48.3	58.4
2. Short-term advances from customers	34.6	10.5	16.3	8.8	9.3	8.6	14.8	17.0	24.7	14.8	13.2	14.6
3. Dividends and profits payable	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.5	9.2	10.2	7.3	2.4	4.1	9.1	3.8	1.8	2.2	12.2	7.3
4. Payable to employees	33.5	52.3	42.7	36.8	28.6	37.2	28.2	24.8	19.7	30.2	25.1	20.4
5. Short-term acrrued expenses	17.6	25.2	40.1	33.7	23.9	18.0	23.2	8.2	9.5	14.9	19.5	21.1
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
9. Other short-term payables	8.4	8.3	9.2	7.6	8.7	9.6	10.3	10.6	13.0	12.7	13.6	13.5
10. Short-term borrowings and financial leases	54.8	33.0	—	6.9	28.6	10.3	20.1	35.9	55.2	53.5	91.1	92.3
11. Provision for short-term liabilities	8.4	6.2	9.1	12.1	9.7	8.7	10.9	11.5	8.2	6.2	7.3	7.8
12.. Bonus and welfare fund	41.3	43.3	43.6	46.1	46.6	47.2	47.4	47.8	48.3	48.6	59.9	62.1
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	27.1	27.1	56.1	56.2	56.2	55.6	55.5	53.9	53.8	49.8	49.4	50.6
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	1.6	1.4	—	—	—	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	7.9	7.9	8.1	8.1	8.4	8.4	8.7	8.7	9.0	9.0	9.3	9.3
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	2.2	2.2	32.4	32.4	32.4	32.4	32.7	32.7	33.1	30.1	33.9	35.1
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	10.3	10.5	10.6	10.6	10.3	9.7	9.0	7.3	6.6	5.6	1.2	1.2
12. Provision for long-term liabilities	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
13. Fund for technology development	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
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)	509.0	501.8	492.8	482.8	472.2	471.9	487.6	513.9	523.8	538.7	563.8	570.5
I. Owner's equity	509.0	501.8	492.8	482.8	472.2	471.9	487.6	513.9	523.8	538.7	563.8	570.5
1. Owner's capital	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	49.2	49.2	49.2	49.2	49.2	49.2	49.2	49.2	49.2	49.2	49.2	49.2
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	261.5	261.5	261.5	261.5	261.5	261.5	261.5	261.5	261.5	261.5	261.5	261.5
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	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8
11. Undistributed earnings after tax	-63.6	-70.8	-79.8	-89.8	-100.4	-100.7	-85.0	-58.7	-48.8	-33.9	-8.8	-2.0
- Accumulated retained earning at the end of the previous period	-70.8	-100.7	-100.7	-100.7	-100.7	-34.2	-34.2	-34.2	-33.9	35.8	35.6	35.6
- Undistributed earnings in this period	7.3	29.9	20.9	11.0	0.3	-66.6	-50.8	-24.5	-15.0	-69.6	-44.4	-37.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	783.1	767.8	766.8	751.9	738.2	728.9	747.6	770.8	802.6	837.6	904.0	919.3

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	7.9	10.5	11.0	11.9	1.4	-13.7	-25.2	-8.3	-13.6	-20.0	-6.8	-13.5
Depreciation of Fixed Assets and Investment Property	8.8	9.5	11.3	11.8	12.0	12.5	12.8	13.3	13.8	14.6	16.1	16.6
Provision (Increase)/Reversal	-1.0	-5.5	-2.3	5.1	1.3	-19.2	9.9	2.5	7.7	-16.5	16.0	8.3
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	-0.0	-0.1	-0.0	0.0	0.0	-0.1	0.1	-0.0	0.1	-0.0
Gain/Loss from Investment Activities	-0.6	-3.3	0.0	3.6	-0.0	20.5	-8.6	8.8	-0.2	22.6	-14.7	6.7
Interest Expense	1.0	0.8	0.7	1.0	1.3	0.5	1.1	1.4	1.8	1.8	2.4	2.6
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	15.9	12.3	20.7	33.1	15.9	0.5	-9.9	17.5	9.6	2.5	13.1	20.7
Increase/(Decrease) in Receivables	-19.4	15.1	-15.6	22.4	-9.1	9.2	-9.7	6.5	-15.7	2.9	17.1	-8.5
Increase/(Decrease) in Inventory	-21.3	-10.9	25.6	-6.3	-43.9	13.5	38.4	29.5	9.1	41.5	-4.2	2.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.7	-3.4	13.2	8.9	0.9	7.2	20.8	-16.3	-15.6	-5.5	9.7	-11.6
Increase/(Decrease) in Prepaid Expenses	0.1	-0.1	0.1	0.3	0.0	10.8	5.9	0.1	-0.5	2.8	-2.8	-0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.0	-3.1	-0.0	-0.5	-0.6	0.1	-0.3	-0.6	-3.9	-1.1	-1.9	-2.2
Corporate Income Tax Paid	-4.4	0.0	-0.0	0.0	-1.2	-1.7	-0.2	-2.5	-0.5	-0.6	-0.6	0.2
Other Operating Receipts	1.1	—	—	—	—	-0.1	0.1	-0.4	0.4	-2.6	2.6	-0.3
Other Operating Payments	-2.8	-0.4	-2.5	-0.2	-0.9	1.0	-1.5	0.4	-1.1	-11.5	-2.1	-0.1
Net Cash Flow from Operating Activities	-36.5	8.4	42.5	57.7	-38.7	40.5	43.6	34.1	-18.2	28.3	30.9	0.5
Payments for Fixed Assets and Other Long-term Assets	—	-5.7	—	—	—	0.0	0.0	-0.1	0.0	-0.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.5	0.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-45.0	-28.7	-28.3	-28.2	—	-30.1	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	28.3	18.2	0.0	0.0	30.1	0.0	0.0	0.0	0.0	0.0	0.0	10.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	2.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.1	1.5	0.1	0.3	-1.4	1.3	-0.1	0.1	-1.2	1.1	-0.4
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	-16.7	-13.6	-26.3	-28.1	30.4	-31.5	1.3	-0.2	0.1	-1.3	1.1	9.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	95.6	71.1	90.4	14.8	110.7	101.9	94.8	23.5	135.3	174.4	171.4	-36.2
Repayment of Borrowings	-73.8	-68.2	-97.3	-36.5	-92.5	-110.5	-110.6	-42.6	-130.4	-216.8	-173.9	33.0
Repayment of Finance Leases	—	—	—	—	—	-0.7	-0.2	-0.5	-0.2	-1.2	0.1	-0.1
Dividends Paid	-0.3	—	-1.2	—	-0.3	1.4	-1.4	-0.3	-0.1	0.9	-1.0	0.4
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	21.5	4.4	-8.4	-21.5	18.0	-7.9	-17.4	-19.9	4.6	-42.7	-3.4	-3.0
Net Cash Flow During the Period	-31.6	-0.9	7.7	8.1	9.6	1.1	27.5	14.1	-13.5	-15.7	28.6	7.2
Cash and Cash Equivalents at Beginning of Period	92.8	93.7	86.0	77.8	68.2	39.0	39.0	39.0	39.0	30.6	30.6	30.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	—	-0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	61.2	92.8	93.7	86.0	77.8	68.2	67.1	39.6	25.5	39.0	54.7	26.1

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VHL

What Is Changing

Drivers of VHL'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