VMS

Phát triển Hàng Hải ·HNX ·2026Q1

▼ Slightly negative

Margins remain under pressure Net margin 4.85%, −1.62pp YoY

Price

59,900

Latest close

21 May 2026

P/E 34.21x

P/B 3.37x

EPS 1,751

BVPS 17,762

ROE 10.0%

ROA 6.1%

Profit Margin 4.8%

Asset Turnover 1.27x

Equity Mult. 1.63x

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

What Is Changing

On a TTM 2026Q1 basis, VMS posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 325bn
	                                
+41.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 16bn
	                                
+5.8%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    30.7%

Metric	2025	2024	2023	2022	2021
Revenue	307.0	213.8	162.9	211.6	221.0
Growth	+44%	+31%	-23%	-4%	—
Net Income	13.6	15.4	14.5	9.8	10.8
Net Margin	4.45%	7.19%	8.90%	4.62%	4.88%

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	82.4	86.2	82.7	73.7	64.4	56.2	52.9	56.6	48.1	49.3	42.4	37.1
Growth	-4%	+4%	+12%	+14%	+15%	+6%	-7%	+18%	-3%	+16%	+14%	—
Net Income	5.3	-0.0	6.1	4.4	3.2	4.0	3.9	3.8	3.7	4.0	4.7	4.4
Net Margin	6.43%	-0.05%	7.40%	5.95%	4.95%	7.03%	7.39%	6.78%	7.64%	8.12%	11.05%	11.85%

Drivers of VMS's profit

TTM

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

Gross profit ↑ 9.2bn

Other profit ↑ 5.2bn

Administrative expenses ↑ 6.6bn

Financial income ↓ 5.5bn

Tax ↑ 0.9bn

Finance costs ↑ 0.8bn

TTM

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

Other profit ↑ 3.0bn

Administrative expenses ↑ 0.5bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.6% = 6.5% × 0.93 × 1.60

2026Q1 10.0% = 4.8% × 1.27 × 1.63

ROE is broadly flat at 10.0% — the components are offsetting one another.

Net margin: 4.8% -1.6pp Asset turnover: 1.27x +0.33x Leverage: 1.63x +0.04x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 4.85%, losing 1.6pp. The main pressure is Gross margin fell 0.9pp, outweighing the improvement in SG&A / Revenue fell 0.4pp (in addition, Other profit / Revenue rose 1.5pp added support while Net financial result / Revenue fell 3.0pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 4.85% −1.6pp

Gross Margin 11.85% −0.9pp

SG&A / Revenue 8.36% −0.4pp

Non-core / Revenue 2.58% −1.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 1.6pp, other income still accounts for 42.5% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 3.23% −2.9pp

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 0.66x equity, with a net cash position equivalent to 0.22x equity.

Over the last 12 months, working capital absorbed 2.0bn 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: −13.6bn

Inventories decreased → higher CFO: +0.5bn

Payables increased → higher CFO: +11.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.6 days versus the same period last year. The main moves came from DIO fell 2.1 days, DSO fell 15.1 days, and DPO rose 2.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 63.3 days −15.1 days

Inventory 5.0 days −2.1 days

Payables 18.6 days +2.4 days

Cash Conversion Cycle 49.7 days −19.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 11.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.22x and interest coverage at 13.83x.

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

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

Leverage and liquidity trend

Net Debt / Equity -0.22x —

Interest Coverage 13.83x −77.12x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.77x +0.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.3bn in 2025, against investing cash flow of 40.5bn.

Post-investment cash flow was positive +51.8bn. Financing cash flow was negative +7.2bn.

CFO / net income was 0.77x.

After spending +11.4bn on fixed-asset investment, the business generated trailing free cash flow of +0.6bn.

Cash Conversion

CFO TTM 12.1bn +4.4bn

Cash Capex 11.4bn +10.3bn

FCF TTM +0.6bn −5.9bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 1.6 pp. The next watchpoint is the earnings mix, when non-core contribution is 11.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.22x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.22x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 11.8% of PBT and CFO / net income currently at 0.77x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 4.85% after a 1.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	308.4	215.0	163.0	211.6	221.0
Revenue Deductions	1.4	1.2	0.0	0.0	0.0
Net Revenue	307.0	213.8	162.9	211.6	221.0
Cost of Goods Sold	268.6	187.1	137.7	188.2	0.0
Gross Profit	38.4	26.7	25.3	23.4	25.0
Financial Income	3.3	8.8	4.5	2.9	3.8
Financial Expenses	0.9	0.3	-0.7	0.1	0.6
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	1.0	0.8	0.7	1.6	-2.1
General and Administrative Expenses	25.8	18.7	16.0	14.3	-14.5
Operating Profit	14.0	15.8	13.6	10.2	12.7
Other Income	3.1	4.0	4.4	2.1	0.0
Other Expenses	0.1	0.6	0.0	0.2	0.0
Other Profit	3.1	3.4	4.4	2.0	0.7
Profit Before Tax	17.1	19.2	18.1	12.2	13.4
Current Income Tax Expense	6.2	3.8	3.6	2.4	-2.6
Deferred Income Tax Expense	-2.8	0.0	0.0	0.0	0.0
Net Income	13.6	15.4	14.5	9.8	10.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.6	15.4	14.5	9.8	10.8
Earnings per Share	1,517.00	1,708.00	1,612.00	1,085.00	1,198.36
Diluted EPS	1,517.00	1,708.00	1,612.00	1,085.31	1,198.36

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	148.3	132.6	120.8	121.8	129.6
I. Cash and cash equivalents	71.8	27.2	19.7	19.3	17.7
1. Cash	18.0	11.8	12.5	12.1	0.0
2. Cash equivalents	53.8	15.4	7.2	7.2	0.0
II. Short-term financial investments	21.5	59.8	54.1	58.3	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	21.5	59.8	54.1	58.3	0.0
III. Short-term receivables	51.4	40.2	41.4	41.0	52.8
1. Short-term trade accounts receivable	58.6	40.9	38.1	41.4	0.0
2. Short-term prepayments to suppliers	3.9	3.8	4.7	0.8	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	3.5	3.4	2.9	3.1	0.0
7. Provision for short-term doubtful debts (*)	-14.6	-7.9	-4.3	-4.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.0	3.0	2.2	0.8	1.6
1. Inventories	2.0	3.0	2.2	0.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.6	2.3	3.4	2.3	1.7
1. Short-term prepayments	1.1	1.2	0.8	0.4	0.0
2. Value added tax to be reclaimed	0.5	1.0	1.3	1.7	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	1.3	0.2	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)	107.7	106.8	113.5	116.6	120.9
I. Long-term receivables	24.7	26.0	25.3	25.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	25.4
2. Long-term prepayments to suppliers	24.7	24.7	24.7	24.7	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	0.1	1.4	0.7	0.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	12.1	13.4	16.6	20.0	25.2
1. Tangible fixed assets	9.8	11.1	14.1	17.4	22.4
- Cost	117.1	116.6	119.5	122.1	0.0
- Accumulated depreciation	-107.3	-105.5	-105.4	-104.7	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	2.3	2.4	2.5	2.6	2.8
- Cost	3.2	3.2	3.2	3.2	0.0
- Accumulated depreciation	-0.9	-0.8	-0.7	-0.6	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	51.5	50.7	50.2	50.2	49.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	51.5	50.7	50.2	50.2	0.0
V. Long-term financial investments	11.7	11.7	17.1	16.4	16.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	5.4	5.4	0.0
3. Investments in other entities	33.6	33.6	33.6	33.6	0.0
4. Provision for diminution in value of long-term investments	-21.9	-21.9	-21.9	-22.6	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	7.7	4.9	4.3	4.7	0.0
1. Long-term prepayments	4.9	4.9	4.3	4.7	0.0
2. Deferred income tax assets	2.8	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	4.6
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)	256.0	239.3	234.3	238.4	250.5
A. LIABILITIES (300=210+330)	101.5	87.7	83.7	90.3	101.8
I. Short -term liabilities	36.8	23.8	21.9	34.5	46.6
1. Short-term trade accounts payable	16.9	7.7	7.4	7.9	13.7
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.5
3. Taxes and other payables to state authorities	6.0	3.1	3.5	0.6	0.0
4. Payable to employees	5.7	4.3	3.5	1.4	0.0
5. Short-term acrrued expenses	2.8	1.5	0.4	0.7	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	2.6	2.3	2.5	0.0	0.0
9. Other short-term payables	1.6	4.5	4.2	23.5	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	0.5	0.3	0.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	64.7	63.9	61.8	55.9	55.2
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	64.7	63.9	61.8	55.9	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)	154.6	151.6	150.6	148.1	148.7
I. Owner's equity	154.6	151.6	150.6	148.1	0.0
1. Owner's capital	90.0	90.0	90.0	90.0	148.7
- Common stock with voting right	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	20.0	20.0	20.0	20.0	20.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-20,000.00	-20,000.00	-20,000.00	-20,000.00	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	30.9	26.3	21.9	19.0	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	13.7	15.4	18.7	19.1	21.9
- Accumulated retained earning at the end of the previous period	0.0	0.0	4.2	9.3	11.1
- Undistributed earnings in this period	13.6	15.4	14.5	9.8	10.8
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)	256.0	239.3	234.3	238.4	250.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	17.1	19.2	18.1	12.2	13.4
Depreciation of Fixed Assets and Investment Property	1.9	3.6	3.9	3.8	3.7
Provision (Increase)/Reversal	6.7	3.6	-0.8	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.1	-9.6	-4.2	-4.1	0.0
Interest Expense	—	0.0	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	22.7	16.9	17.0	11.9	13.3
Increase/(Decrease) in Receivables	-16.5	-2.1	-1.8	11.6	0.0
Increase/(Decrease) in Inventory	1.1	-0.9	-1.3	0.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.1	5.3	-9.3	-5.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	-1.1	0.0	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.3	-4.6	-0.6	-3.0	0.0
Other Operating Receipts	0.4	0.0	0.0	0.0	0.0
Other Operating Payments	-3.3	-3.9	-3.0	-2.7	0.0
Net Cash Flow from Operating Activities	11.3	9.6	0.9	12.5	-13.0
Payments for Fixed Assets and Other Long-term Assets	-1.3	-0.9	-0.4	-1.3	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.1	0.6	1.5	0.0
Loans and Purchases of Debt Instruments	-46.6	-65.7	-82.0	-85.1	-55.8
Receipts from Loan Repayments and Sale of Debt Instruments	84.9	60.0	86.2	82.7	58.3
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	11.6	0.0	0.0	0.0
Dividends and Interest Income Received	3.5	2.4	4.4	2.5	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	40.5	8.5	8.7	0.3	5.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-7.2	-10.5	-9.2	-11.1	0.0
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	-7.2	-10.5	-9.2	-11.1	0.0
Net Cash Flow During the Period	44.7	7.6	0.4	1.7	-3.9
Cash and Cash Equivalents at Beginning of Period	27.2	19.7	19.3	17.7	25.3
FX Difference from Revaluation	-0.1	-0.1	-0.0	-0.0	-0.1
Cash and Cash Equivalents at End of Period	71.8	27.2	19.7	19.3	17.7

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	82.4	86.2	84.1	73.7	64.4	57.0	53.1	56.8	48.1	49.3	42.4	37.1
Revenue Deductions	—	—	1.3	0.1	—	0.8	0.2	0.2	0.0	0.0	0.0	0.0
Net Revenue	82.4	86.2	82.7	73.7	64.4	56.2	52.9	56.6	48.1	49.3	42.4	37.1
Cost of Goods Sold	74.3	76.1	72.0	64.1	56.4	50.4	44.5	49.6	42.0	42.3	34.1	30.4
Gross Profit	8.1	10.2	10.8	9.5	8.0	5.8	8.4	7.1	6.0	7.0	8.3	6.7
Financial Income	0.8	0.9	0.8	0.9	0.8	6.8	0.5	0.7	0.6	1.1	1.3	1.1
Financial Expenses	0.2	0.4	0.3	0.2	0.1	0.1	0.0	-0.1	0.1	0.1	0.0	0.0
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	0.1	0.3	0.3	0.2	0.3	0.1	0.1	0.0	0.6	0.0	0.0	0.4
General and Administrative Expenses	5.0	11.7	5.1	4.6	4.4	7.5	4.0	3.8	4.0	5.0	3.6	3.9
Operating Profit	3.6	-1.3	5.9	5.5	3.9	4.9	4.8	4.1	2.0	3.1	5.9	3.5
Other Income	3.5	1.3	1.8	0.0	0.1	0.7	0.1	0.7	2.6	1.8	0.0	2.0
Other Expenses	0.5	0.0	0.0	0.0	0.0	0.6	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	3.0	1.2	1.7	0.0	0.1	0.1	0.1	0.7	2.6	1.8	0.0	2.0
Profit Before Tax	6.6	-0.0	7.7	5.5	4.0	4.9	4.9	4.7	4.6	4.9	5.9	5.5
Current Income Tax Expense	1.3	0.6	1.5	1.1	0.8	1.0	1.0	0.9	0.9	0.9	1.2	1.1
Deferred Income Tax Expense	—	-0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.3	-0.0	6.1	4.4	3.2	4.0	3.9	3.8	3.7	4.0	4.7	4.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.3	-0.0	6.1	4.4	3.2	4.0	3.9	3.8	3.7	4.0	4.7	4.4
Earnings per Share	589.00	-5.00	680.00	487.00	354.00	439.00	435.00	426.00	408.00	445.00	520.00	488.00
Diluted EPS	589.00	-5.00	680.00	487.00	354.00	1,708.00	435.00	426.00	408.00	445.31	520.57	488.49

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)	145.0	148.4	159.0	145.2	143.7	132.7	126.5	128.9	129.4	120.5	146.3	129.0
I. Cash and cash equivalents	34.8	71.8	46.4	22.0	19.6	27.2	32.2	19.3	19.6	19.7	36.0	48.4
1. Cash	10.5	18.0	27.3	13.1	9.5	11.8	20.2	12.3	12.7	12.5	10.6	14.1
2. Cash equivalents	24.3	53.8	19.1	8.9	10.1	15.4	12.0	7.0	6.9	7.2	25.4	34.3
II. Short-term financial investments	46.1	21.5	50.0	60.8	64.8	59.8	37.8	49.5	49.3	54.1	58.1	36.5
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	46.1	21.5	50.0	60.8	64.8	59.8	37.8	49.5	49.3	54.1	58.1	36.5
III. Short-term receivables	56.1	51.5	54.2	54.7	50.1	40.4	50.7	50.6	51.9	41.5	44.6	39.8
1. Short-term trade accounts receivable	62.0	58.6	55.5	56.3	50.8	40.9	48.3	47.9	48.1	38.1	43.8	39.8
2. Short-term prepayments to suppliers	3.8	3.9	3.8	3.5	3.6	3.8	4.0	4.6	4.7	4.7	2.6	2.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.8	3.6	3.0	2.9	3.7	3.5	2.6	2.4	3.4	3.0	2.5	2.1
7. Provision for short-term doubtful debts (*)	-14.6	-14.6	-8.1	-7.9	-7.9	-7.8	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3.6	1.9	5.4	3.6	4.2	3.0	2.8	4.7	3.6	2.2	4.2	1.3
1. Inventories	3.6	1.9	5.4	3.6	4.2	3.0	2.8	4.7	3.6	2.2	4.2	1.3
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	4.3	1.6	2.9	4.1	5.0	2.2	3.0	4.8	5.1	3.1	3.5	3.1
1. Short-term prepayments	3.3	1.1	2.2	3.3	4.0	1.2	1.9	2.6	3.5	0.8	1.8	1.2
2. Value added tax to be reclaimed	1.1	0.5	0.7	0.7	0.9	1.0	1.0	1.4	1.2	1.3	1.6	1.7
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.1	0.1	0.1	0.1	0.8	0.4	1.0	0.1	0.1
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)	117.7	105.5	107.0	106.8	107.2	106.8	112.8	112.4	113.3	113.5	114.5	115.3
I. Long-term receivables	24.7	24.7	26.0	26.0	26.0	26.0	26.0	25.4	25.4	25.3	25.3	25.3
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7
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	0.1	0.1	1.3	1.3	1.4	1.4	1.4	0.7	0.7	0.7	0.7	0.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	23.9	12.1	12.5	12.9	13.4	13.4	14.2	14.7	15.6	16.6	17.5	18.3
1. Tangible fixed assets	21.7	9.8	10.2	10.6	11.1	11.1	11.8	12.3	13.2	14.1	15.0	15.7
- Cost	129.4	—	—	—	—	116.6	116.2	117.2	117.2	119.5	122.6	122.3
- Accumulated depreciation	-107.7	—	—	—	—	-105.5	-104.4	-104.9	-104.0	-105.4	-107.6	-106.6
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	2.2	2.3	2.3	2.3	2.3	2.4	2.4	2.4	2.5	2.5	2.5	2.6
- Cost	3.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	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	49.9	51.5	51.7	50.9	50.8	50.7	50.7	50.6	50.5	50.2	50.2	50.1
1. Long-term production in progress	—	—	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	49.9	51.5	51.5	50.9	50.8	50.7	50.7	50.6	50.5	50.2	50.2	50.1
V. Long-term financial investments	11.7	11.7	11.7	11.7	11.7	11.7	17.1	17.1	17.1	17.1	17.1	17.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	5.4	5.4	5.4	5.4	5.4	5.4
3. Investments in other entities	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6
4. Provision for diminution in value of long-term investments	-21.9	-21.9	-21.9	-21.9	-21.9	-21.9	-21.9	-21.9	-21.9	-21.9	-21.9	-21.9
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	7.4	5.5	5.1	5.3	5.3	4.9	4.7	4.6	4.7	4.3	4.3	4.4
1. Long-term prepayments	4.7	4.9	5.1	5.3	5.3	4.9	4.7	4.6	4.7	4.3	4.3	4.4
2. Deferred income tax assets	2.8	0.6	—	—	—	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)	262.7	253.9	266.0	252.0	251.0	239.5	239.2	241.2	242.7	234.1	260.7	244.3
A. LIABILITIES (300=210+330)	102.9	99.3	111.4	103.6	96.1	87.8	91.6	97.5	88.5	83.5	114.1	102.3
I. Short -term liabilities	37.9	34.7	46.8	39.1	31.8	24.0	29.2	35.3	26.4	21.7	52.4	45.5
1. Short-term trade accounts payable	18.6	16.9	13.3	11.1	10.6	7.7	7.8	7.0	7.2	7.0	5.5	6.7
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.3	3.8	13.5	11.3	6.8	3.1	4.1	3.5	4.6	3.5	8.4	4.2
4. Payable to employees	4.4	5.7	6.0	4.6	3.4	4.3	4.2	2.8	3.4	3.5	1.3	1.2
5. Short-term acrrued expenses	1.8	2.8	2.0	2.0	0.9	1.5	1.1	1.2	0.8	0.5	0.2	0.1
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	6.0	2.6	5.7	2.8	5.5	2.3	5.3	2.1	5.3	2.5	5.8	0.0
9. Other short-term payables	2.4	1.7	4.4	4.7	4.3	4.6	4.9	14.7	4.3	4.3	30.5	31.2
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	1.2	0.8	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	1.2	1.9	2.6	0.1	0.5	1.9	2.9	0.1	0.3	0.7	2.1
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	64.9	64.7	64.6	64.4	64.4	63.9	62.4	62.1	62.1	61.8	61.7	56.8
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	64.9	64.7	64.6	64.4	64.4	63.9	62.4	62.1	62.1	61.8	61.7	56.8
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)	159.9	154.6	154.6	148.5	154.8	151.6	147.7	143.8	154.3	150.6	146.7	142.0
I. Owner's equity	159.9	154.6	154.6	148.5	154.8	151.6	147.7	143.8	154.3	150.6	146.7	142.0
1. Owner's capital	90.0	90.0	90.0	90.0	90.0	90.0	90.0	90.0	90.0	90.0	90.0	90.0
- Common stock with voting right	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00	90,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
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	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00
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	30.9	30.9	30.9	30.9	26.3	26.3	26.3	26.3	21.9	21.9	21.9	21.9
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	19.0	13.7	13.7	7.6	18.6	15.4	11.4	7.5	22.3	18.7	14.8	10.1
- Accumulated retained earning at the end of the previous period	13.7	0.0	0.0	0.0	15.4	0.0	0.0	0.0	18.7	4.2	4.3	4.3
- Undistributed earnings in this period	5.3	13.6	13.7	7.6	3.2	15.4	11.4	7.5	3.7	14.5	10.5	5.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	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)	262.7	253.9	266.0	252.0	251.0	239.5	239.2	241.2	242.7	234.1	260.7	244.3

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	6.6	-0.0	7.7	5.5	4.0	4.9	4.9	4.7	4.6	4.9	5.9	5.5
Depreciation of Fixed Assets and Investment Property	0.5	0.4	0.4	-2.3	3.3	1.0	0.9	0.9	0.9	0.9	1.0	1.0
Provision (Increase)/Reversal	-0.1	6.5	0.2	-0.0	-0.0	3.6	-1.2	1.2	-0.0	-0.0	0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	—	—	0.1	0.1	0.0	0.0	0.0	3.4	-3.4	0.0
Gain/Loss from Investment Activities	-0.7	-0.8	-0.7	-0.8	-0.7	-12.3	-0.4	-1.8	-0.5	-4.2	2.0	-3.4
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	6.3	6.2	7.5	2.4	6.6	-2.7	4.2	5.1	5.0	5.1	5.5	3.1
Increase/(Decrease) in Receivables	-4.8	-2.8	0.7	-6.6	-7.8	7.1	0.4	-7.3	-1.8	1.5	-4.2	-0.0
Increase/(Decrease) in Inventory	-1.7	3.6	-2.0	0.6	-1.1	-0.2	2.0	-1.1	-1.4	2.0	-2.8	-2.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.1	-11.0	7.3	8.8	5.1	-2.2	5.9	6.2	-4.9	14.1	-23.8	-2.7
Increase/(Decrease) in Prepaid Expenses	-1.9	1.3	1.3	0.6	-3.1	0.5	0.6	-5.3	3.1	1.0	-0.5	-1.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.2	-1.0	0.0	0.0	-2.3	-1.0	-0.5	0.0	-3.1	0.0	-0.5	0.0
Other Operating Receipts	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-0.7	-0.7	-1.6	-0.2	-1.5	-1.1	1.4	-2.9	-0.3	-1.5	-0.1
Net Cash Flow from Operating Activities	-2.0	-4.4	14.0	4.5	-2.8	-0.0	11.5	-1.0	-6.0	23.4	-27.9	-3.4
Payments for Fixed Assets and Other Long-term Assets	-10.7	0.0	-0.6	-0.1	-0.6	-0.3	-0.2	-0.1	-0.3	0.1	-0.4	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.1	0.0	-0.1	1.1	0.6	0.0	0.0
Loans and Purchases of Debt Instruments	-24.6	-7.3	-1.2	-29.1	-9.0	-23.5	-5.9	-15.3	-15.5	-41.0	-9.6	-9.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	35.9	11.9	33.1	4.0	7.0	0.6	32.1	20.3	8.2	24.8	29.9
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	11.6	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	1.3	0.5	0.9	0.7	0.3	0.4	1.1	0.7	1.2	0.7	1.9
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	-34.9	29.9	10.7	4.8	-4.9	-4.8	-5.1	17.7	6.2	-31.0	15.5	22.3
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	-0.2	-6.9	-0.0	-0.1	-10.4	-0.0	-0.3	-8.7	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	-0.2	-6.9	-0.0	-0.1	-10.4	-0.0	-0.3	-8.7	0.0	-0.0
Net Cash Flow During the Period	-37.0	25.4	24.5	2.4	-7.7	-4.9	-4.1	16.7	-0.1	-16.3	-12.4	18.9
Cash and Cash Equivalents at Beginning of Period	71.8	46.4	22.0	19.6	27.2	19.7	19.7	19.7	19.7	19.3	19.3	19.3
FX Difference from Revaluation	—	-0.1	—	—	-0.0	-0.1	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	34.8	71.8	46.4	22.0	19.6	27.2	32.2	36.3	19.6	19.7	36.0	48.4

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VMS

What Is Changing

Drivers of VMS'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