VLA

Đầu tư và Phát triển Công nghệ Văn Lang ·HNX ·2026Q1

▼▼ Declining sharply

Pre-tax profit relies materially on non-core sources Net financial result/PBT 3.60%

Price

7,900

Latest close

04 Jun 2026

P/E 34.80x

P/B 0.70x

EPS 227

BVPS 11,300

ROE 2.0%

ROA 1.9%

Profit Margin 13.1%

Asset Turnover 0.15x

Equity Mult. 1.05x

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

What Is Changing

On a TTM 2026Q1 basis, VLA is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — margins have been expanding consistently 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 7bn
	                                
−64.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−59.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    359.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	12.0	14.8	11.0	32.5	14.5
Growth	-19%	+34%	-66%	+125%	—
Net Income	0.9	0.5	0.1	3.6	5.7
Net Margin	7.30%	3.50%	1.20%	11.20%	39.21%

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	0.5	0.8	1.1	4.5	5.6	9.9	2.5	1.4	1.0	1.1	1.0	5.7
Growth	-36%	-24%	-76%	-20%	-43%	+296%	+83%	+38%	-10%	+10%	-82%	—
Net Income	0.2	0.4	0.2	0.1	0.2	6.9	0.5	-5.3	-1.6	-0.1	0.1	0.1
Net Margin	39.36%	48.01%	22.49%	1.18%	3.18%	69.28%	20.09%	-387.33%	-157.34%	-10.43%	10.05%	0.93%

Drivers of VLA's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Selling expenses ↓ 9.2bn

Financial income ↑ 1.5bn

Administrative expenses ↓ 0.6bn

Gross profit ↓ 9.3bn

Other profit ↓ 2.9bn

TTM

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

Selling expenses ↓ 4.1bn

Financial income ↑ 0.8bn

Administrative expenses ↓ 0.2bn

Gross profit ↓ 3.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.2% = 11.6% × 0.43 × 1.04

2026Q1 2.0% = 13.1% × 0.15 × 1.05

ROE fell from 5.2% to 2.0% — asset turnover weakened the most, though net margin and leverage still provided support.

Net margin: 13.1% +1.5pp Asset turnover: 0.15x -0.29x Leverage: 1.05x +0.01x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 13.12%, rising 1.5pp. Despite pressure from SG&A / Revenue rose 9.3pp and Gross margin fell 2.9pp, the offset came from Net financial result / Revenue rose 30.1pp (pressure remains from Other profit / Revenue fell 15.0pp).

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 13.12% +1.5pp

Gross Margin 70.57% −2.9pp

SG&A / Revenue 93.17% +9.3pp

Non-core / Revenue 38.35% +15.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 360.6% of PBT and lifted net margin by 15.0pp — separate the operating contribution from this source.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 13.22% +15.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.06x equity, with a net cash position equivalent to 0.07x equity.

Over the last 12 months, working capital absorbed 3.8bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −5.3bn

Inventories decreased → higher CFO: +0.0bn

Payables increased → higher CFO: +1.5bn

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.

Watchpoints

Receivables collection is slowing

DSO increased by +15.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 22.1 days +15.6 days

Inventory — —

Payables 91.1 days +59.4 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

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

At present, short-term debt accounts for 100.0% of total debt, cash equals 287.3% of debt, and total debt stands at 1.6bn.

Watchpoints

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 -0.07x —

Interest Coverage — —

Cash / Debt 287.3% —

Short-term Debt / Total Debt 100.0% —

CFO / NI -8.55x −9.17x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -9.2bn in 2025, against investing cash flow of 5.7bn.

Post-investment cash flow was negative +3.4bn. Financing cash flow was negative +1.8bn.

CFO / net income was -8.55x.

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 7.8bn −9.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 1.5 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.12% after expanding 1.5pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 359.9% of PBT and CFO / net income currently at -8.55x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	12.0	14.8	11.0	32.5	14.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	12.0	14.8	11.0	32.5	14.5
Cost of Goods Sold	3.2	4.7	2.8	11.5	0.0
Gross Profit	8.8	10.1	8.2	21.0	11.0
Financial Income	3.2	1.9	0.0	4.3	0.1
Financial Expenses	0.2	1.2	-0.0	4.2	-0.0
Interest Expense	0.0	0.2	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	8.5	10.2	5.8	8.2	-0.1
General and Administrative Expenses	2.2	2.7	2.3	4.2	-4.0
Operating Profit	1.1	-2.2	0.1	8.8	7.0
Other Income	0.0	2.9	0.2	0.0	0.0
Other Expenses	0.0	0.0	0.0	4.2	0.0
Other Profit	-0.0	2.9	0.2	-4.2	-0.0
Profit Before Tax	1.1	0.7	0.3	4.6	7.0
Current Income Tax Expense	0.2	0.2	0.2	1.0	-1.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.9	0.5	0.1	3.6	5.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.9	0.5	0.1	3.6	5.7
Earnings per Share	219.00	129.00	28.00	1,765.00	5,249.00
Diluted EPS	219.00	129.00	33.02	1,821.43	5,247.98

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	46.8	45.8	26.5	7.3	16.7
I. Cash and cash equivalents	10.6	15.8	20.0	2.7	0.3
1. Cash	3.4	15.8	20.0	2.7	0.0
2. Cash equivalents	7.1	0.0	0.0	0.0	0.0
II. Short-term financial investments	4.1	8.5	0.2	0.0	0.0
1. Available for sale securities	4.2	6.2	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.7	0.0	-0.0	0.0
3. Held to maturity investments	—	3.0	0.2	0.0	0.0
III. Short-term receivables	32.1	21.4	6.2	4.4	4.5
1. Short-term trade accounts receivable	0.5	0.5	0.6	0.6	0.0
2. Short-term prepayments to suppliers	—	0.0	0.0	0.1	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	—	2.0	0.0	2.0	0.0
6. Other short-term receivables	31.9	19.2	5.9	1.9	0.0
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.0	0.0
1. Inventories	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.2	0.1
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.2	0.0
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	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)	0.7	4.2	18.9	18.9	8.6
I. Long-term receivables	0.0	3.5	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	3.5	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.7	0.7	0.8	0.8	5.8
1. Tangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.8	0.8	0.8	0.8	0.0
- Accumulated depreciation	-0.8	-0.8	-0.8	-0.8	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	0.7	0.7	0.8	0.8	5.8
- Cost	1.0	1.0	1.0	1.0	0.0
- Accumulated depreciation	-0.3	-0.2	-0.2	-0.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	18.0	18.0	2.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	18.0	18.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.1	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.1	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
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)	47.6	50.1	45.4	26.2	25.3
A. LIABILITIES (300=210+330)	2.6	6.0	1.8	2.5	4.5
I. Short -term liabilities	2.6	6.0	1.8	2.5	4.5
1. Short-term trade accounts payable	0.1	0.9	0.2	0.3	0.4
2. Short-term advances from customers	—	0.0	0.0	0.0	0.5
3. Taxes and other payables to state authorities	0.2	0.9	0.6	1.2	0.0
4. Payable to employees	0.2	0.2	0.3	0.3	0.0
5. Short-term acrrued expenses	0.1	0.1	0.4	0.5	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.1	0.1	0.1	0.0
10. Short-term borrowings and financial leases	1.8	3.6	0.0	0.0	1.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.1	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	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	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)	44.9	44.1	43.6	23.7	20.7
I. Owner's equity	44.9	44.1	43.6	23.7	0.0
1. Owner's capital	40.0	40.0	40.0	20.0	20.7
- Common stock with voting right	39,959,960,000.00	39,959,960,000.00	39,959,960,000.00	19,979,980,000.00	10,800,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	0.0	0.2
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	0.2	0.2	0.2	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	5.0	4.1	3.6	3.7	6.6
- Accumulated retained earning at the end of the previous period	4.1	3.6	3.5	0.1	0.9
- Undistributed earnings in this period	0.9	0.5	0.1	3.6	5.7
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)	47.6	50.1	45.4	26.2	25.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.1	0.7	0.3	4.6	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.3	0.0
Provision (Increase)/Reversal	-0.6	0.8	0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	3.9	0.0
Gain/Loss from Investment Activities	-0.6	-0.2	-0.0	0.0	0.0
Interest Expense	0.0	0.2	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.1	1.5	0.4	8.9	0.0
Increase/(Decrease) in Receivables	-9.3	1.4	-3.7	4.7	0.0
Increase/(Decrease) in Inventory	0.0	-0.0	-0.0	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.5	0.5	0.1	-0.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	-0.1	0.0	-0.0	0.0
Changes in Trading Securities	2.0	-6.2	0.0	11.8	0.0
Interest Paid	-0.0	-0.2	0.0	-0.0	0.0
Corporate Income Tax Paid	-0.3	-0.1	-1.0	-1.3	0.0
Other Operating Receipts	—	0.0	0.0	0.1	0.0
Other Operating Payments	—	0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	-9.2	-3.2	-4.2	23.3	6.4
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-18.0	-2.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.5	0.0
Loans and Purchases of Debt Instruments	-3.0	-8.9	-0.7	-8.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	8.0	4.1	2.5	6.0	6.0
Investments in Other Entities	—	0.0	0.0	0.0	-11.8
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.1	0.0	0.2	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	5.7	-4.7	1.8	-19.3	-8.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	19,777,300,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2.5	8.0	0.0	0.0	1.0
Repayment of Borrowings	-4.3	-4.3	0.0	-1.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.5	-0.5
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	-1.8	3.6	19.8	-1.5	0.5
Net Cash Flow During the Period	-5.2	-4.2	17.4	2.4	-2.0
Cash and Cash Equivalents at Beginning of Period	15.8	20.0	2.7	0.3	1.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.6	15.8	20.0	2.7	0.3

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
Revenue	0.5	0.8	1.1	4.5	5.6	9.9	2.5	1.4	1.0	1.1	1.0	5.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.5	0.8	1.1	4.5	5.6	9.9	2.5	1.4	1.0	1.1	1.0	5.7
Cost of Goods Sold	0.2	0.2	0.2	1.5	1.4	1.9	0.5	1.4	0.9	0.2	-0.2	1.7
Gross Profit	0.3	0.7	0.9	3.0	4.2	8.0	2.0	-0.0	0.1	0.9	1.2	4.0
Financial Income	1.4	1.0	0.8	0.8	0.6	0.9	0.8	0.1	0.0	0.0	0.0	0.0
Financial Expenses	0.7	0.3	0.2	—	-0.4	0.7	0.4	0.0	0.0	0.0	-0.0	-0.0
Interest Expense	0.0	—	—	—	—	0.1	0.1	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	0.3	0.3	0.7	3.1	4.4	3.4	1.3	4.4	1.0	0.7	0.5	3.6
General and Administrative Expenses	0.5	0.5	0.5	0.6	0.6	0.6	0.5	0.8	0.7	0.6	0.5	0.3
Operating Profit	0.3	0.5	0.3	0.1	0.2	4.2	0.5	-5.3	-1.5	-0.3	0.3	0.1
Other Income	—	0.0	0.0	0.0	0.0	2.9	0.0	0.0	0.0	0.2	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Other Profit	-0.0	0.0	-0.0	-0.0	-0.0	2.9	0.0	-0.0	-0.0	0.2	-0.0	0.0
Profit Before Tax	0.3	0.5	0.3	0.1	0.2	7.1	0.5	-5.3	-1.6	-0.1	0.2	0.1
Current Income Tax Expense	0.0	0.1	0.1	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.1	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	0.4	0.2	0.1	0.2	6.9	0.5	-5.3	-1.6	-0.1	0.1	0.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	0.4	0.2	0.1	0.2	6.9	0.5	-5.3	-1.6	-0.1	0.1	0.1
Earnings per Share	53.00	100.00	61.00	13.00	45.00	1,718.00	126.00	-1,326.00	-389.00	-57.00	50.00	27.00
Diluted EPS	52.75	99.80	61.34	13.18	44.52	1,717.51	125.66	-1,326.20	-389.20	-28.70	50.21	26.59

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)	46.9	46.8	41.3	41.7	41.8	45.8	46.1	37.0	24.6	26.5	6.5	6.6
I. Cash and cash equivalents	4.5	10.6	10.2	14.6	13.4	15.8	6.7	6.3	16.9	20.0	0.0	2.9
1. Cash	1.9	3.4	1.6	5.0	4.9	15.8	3.7	2.3	16.9	20.0	0.0	2.9
2. Cash equivalents	2.6	7.1	8.6	9.6	8.5	0.0	3.0	4.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	3.6	4.1	3.5	—	—	8.5	15.3	7.0	0.0	0.2	0.3	0.4
1. Available for sale securities	3.8	4.2	3.7	—	—	6.2	9.4	1.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.1	-0.2	—	—	-0.7	-0.1	-0.0	0.0	0.0	0.0	-0.0
3. Held to maturity investments	—	—	—	—	—	3.0	6.0	6.0	0.0	0.2	0.3	0.4
III. Short-term receivables	38.8	32.1	27.6	27.0	28.3	21.4	24.0	23.7	5.8	6.2	5.8	3.0
1. Short-term trade accounts receivable	0.5	0.5	0.3	0.3	0.3	0.5	0.3	0.3	0.3	0.6	0.3	0.3
2. Short-term prepayments to suppliers	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.1	0.1
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	—	—	2.0	5.0	5.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	38.6	31.9	25.6	22.0	23.3	19.2	24.0	23.6	5.6	5.9	5.6	2.8
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.2	-0.2	-0.2	-0.2
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	0.1	0.1	1.9	0.0	0.3	0.4
1. Inventories	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	1.9	0.0	0.3	0.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	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. Short-term prepayments	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. Value added tax to be reclaimed	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	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)	0.7	0.7	4.2	4.2	4.3	4.2	0.8	0.8	18.8	18.9	18.9	18.9
I. Long-term receivables	0.0	0.0	3.5	3.4	3.5	3.5	0.0	0.0	0.0	0.1	0.1	0.1
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	3.5	3.4	3.5	3.5	0.0	0.0	0.0	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.7	0.7	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.8
1. Tangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.8	—	—	—	—	0.8	0.8	0.8	0.8	0.8	0.8	0.8
- Accumulated depreciation	-0.8	—	—	—	—	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8
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	0.7	0.7	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.8
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	18.0	18.0	18.0	18.0
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	18.0	18.0	18.0	18.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.1	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	0.1	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)	47.6	47.6	45.6	45.8	46.1	50.1	46.9	37.8	43.4	45.4	25.3	25.5
A. LIABILITIES (300=210+330)	2.4	2.6	1.0	1.5	1.8	6.0	9.7	1.1	1.4	1.8	1.4	1.7
I. Short -term liabilities	2.4	2.6	1.0	1.5	1.8	6.0	9.7	1.1	1.4	1.8	1.4	1.7
1. Short-term trade accounts payable	0.3	0.1	0.3	0.6	0.7	0.9	0.5	0.0	0.1	0.2	0.0	0.2
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.1	0.2	0.3	0.4	0.5	0.9	0.2	0.1	0.2	0.6	0.6	0.5
4. Payable to employees	0.2	0.2	0.2	0.3	0.3	0.2	0.2	0.3	0.4	0.3	0.3	0.2
5. Short-term acrrued expenses	—	0.1	—	—	—	0.1	0.5	0.4	0.4	0.4	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
10. Short-term borrowings and financial leases	1.6	1.8	—	—	—	3.6	8.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	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	—	—	—	—	—	0.0	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)	45.2	44.9	44.5	44.3	44.2	44.1	37.2	36.7	42.0	43.6	23.9	23.8
I. Owner's equity	45.2	44.9	44.5	44.3	44.2	44.1	37.2	36.7	42.0	43.6	23.9	23.8
1. Owner's capital	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	20.0	20.0
- Common stock with voting right	39,959,960,000.00	39,959,960,000.00	39,959,960,000.00	39,959,960,000.00	39,959,960,000.00	39,959,960,000.00	39,959,960,000.00	39,959,960,000.00	39,959,960,000.00	39,959,960,000.00	19,979,980,000.00	19,979,980,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	5.2	5.0	4.6	4.4	4.3	4.1	-2.7	-3.2	2.1	3.6	3.7	3.6
- Accumulated retained earning at the end of the previous period	5.0	4.1	4.1	4.1	4.1	3.6	3.6	3.6	3.6	3.5	3.5	3.5
- Undistributed earnings in this period	0.2	0.9	0.5	0.2	0.2	0.5	-6.4	-6.9	-1.6	0.1	0.3	0.2
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)	47.6	47.6	45.6	45.8	46.1	50.1	46.9	37.8	43.4	45.4	25.3	25.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	0.3	0.5	0.3	0.1	0.2	7.1	0.5	-5.3	-1.6	-0.1	0.2	0.1
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.2	-0.1	0.2	0.0	-0.7	0.6	0.1	0.1	0.0	0.0	-0.0	0.0
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	-0.9	0.5	—	-1.1	—	-0.2	0.0	-0.0	0.0	-0.0	0.0	0.0
Interest Expense	0.0	0.0	—	0.0	0.0	0.2	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	-0.4	-0.1	1.5	-1.0	-0.5	7.6	0.6	-5.2	-1.5	-0.1	0.3	0.1
Increase/(Decrease) in Receivables	0.0	-3.1	-3.6	1.4	-4.0	1.2	-0.3	0.1	0.4	-1.3	-2.8	1.6
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8	-1.8	0.3	0.1	1.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.6	-0.1	-0.6	-0.3	-0.4	0.6	0.5	-0.3	-0.4	1.2	-0.3	-0.5
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	-0.0	0.0	-0.1	-0.0	0.0	-0.0	-0.0	-0.0	0.0
Changes in Trading Securities	0.4	—	—	—	—	3.2	-8.4	-1.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	—	-0.0	-0.0	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	-0.1	—	0.0	-0.2	-0.1	0.1	-0.1	0.0	0.0	-0.1	-0.2
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	2.6	-4.2	-6.2	0.1	1.2	12.3	-7.5	-4.6	-3.4	0.1	-2.9	2.4
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	-9.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	—	0.0	-3.0	3.0	0.0	-6.9	0.0	-0.3	0.0	-0.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	5.0	0.0	0.0	3.0	-2.0	0.0	0.9	0.2	0.4	0.1	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	0.0	0.0
Dividends and Interest Income Received	0.6	-0.4	—	1.1	—	0.1	-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	-8.4	2.7	1.9	1.1	—	1.1	-0.0	-6.0	0.2	0.1	0.1	-0.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	19,777,300,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	11.0	2.5	—	—	—	-4.3	8.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-11.2	-0.7	-0.1	0.0	-0.0	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	-0.2	1.8	0.0	0.0	-3.6	-4.3	8.0	0.0	0.0	19.8	0.0	0.0
Net Cash Flow During the Period	-6.0	0.3	-4.4	1.2	-2.5	9.1	0.4	-10.6	-3.2	20.0	-2.8	2.0
Cash and Cash Equivalents at Beginning of Period	10.6	10.2	14.6	13.4	15.8	20.0	20.0	20.0	20.0	2.7	2.7	2.7
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	4.5	10.6	10.2	14.6	13.4	15.8	6.7	6.3	16.9	20.0	0.0	2.9

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VLA

What Is Changing

Drivers of VLA's profit

Financial Highlights

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What is driving the margin? ▲

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

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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