VNA

Vận tải Biển Vinaship ·UPCOM ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 13.52%, +2.85pp YoY

Price

15,500

Latest close

03 Jun 2026

P/E 6.56x

P/B 0.84x

EPS 2,362

BVPS 18,432

ROE 13.3%

ROA 9.2%

Profit Margin 13.5%

Asset Turnover 0.68x

Equity Mult. 1.45x

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

What Is Changing

On a TTM 2026Q1 basis, VNA has not accelerated revenue, but profitability is improving more visibly — profit momentum has been slowing across consecutive periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 594bn
	                                
−3.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 80bn
	                                
+22.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    130.4%

Metric	2025	2024	2023	2022	2021
Revenue	610.1	620.6	593.8	1,051.6	853.3
Growth	-2%	+5%	-44%	+23%	—
Net Income	43.3	65.7	36.0	251.6	177.8
Net Margin	7.09%	10.59%	6.07%	23.92%	20.84%

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	111.1	156.5	133.8	192.5	127.4	152.6	163.2	170.9	134.0	134.3	142.8	138.3
Growth	-29%	+17%	-31%	+51%	-17%	-7%	-4%	+28%	-0%	-6%	+3%	—
Net Income	37.1	52.0	-9.1	0.2	0.1	41.8	-3.9	27.6	0.3	32.0	2.7	0.5
Net Margin	33.39%	33.25%	-6.77%	0.13%	0.07%	27.39%	-2.39%	16.13%	0.20%	23.84%	1.87%	0.33%

Drivers of VNA's profit

TTM

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

Other profit ↑ 41.7bn

Administrative expenses ↓ 1.8bn

Gross profit ↓ 15.2bn

Financial income ↓ 8.3bn

Tax ↑ 4.0bn

Finance costs ↑ 1.7bn

TTM

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

Other profit ↑ 61.0bn

Gross profit ↓ 12.7bn

Tax ↑ 9.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.0% = 10.7% × 0.89 × 1.25

2026Q1 13.3% = 13.5% × 0.68 × 1.45

ROE rose from 12.0% to 13.3% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 13.5% +2.8pp Asset turnover: 0.68x -0.21x Leverage: 1.45x +0.19x

Is the profit sustainable?

Margins improved (+2.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 13.52%, rising 2.8pp. Core operating signals are improving as SG&A / Revenue fell 0.1pp are enough to offset pressure from Gross margin fell 2.4pp (in addition, Other profit / Revenue rose 7.5pp added support while Net financial result / Revenue fell 1.7pp remained a drag).

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 13.52% +2.8pp

Gross Margin 2.45% −2.4pp

SG&A / Revenue 6.83% −0.1pp

Non-core / Revenue 21.29% +5.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 130.4% of PBT and lifted net margin by 5.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to -3.62%, losing 2.4pp. That translates to -3.62 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.2pp and capital turnover fell 0.43x, while invested capital expanded strongly by 206bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently -3.62% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -3.62% −2.4pp

NOPAT Margin -4.10% −3.2pp

Capital Turnover 0.88x −0.43x

Average Invested Capital 672.6bn +206.3bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.63x equity, net debt at 0.18x equity.

Over the last 12 months, working capital released 16.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +14.5bn

Inventories decreased → higher CFO: +24.8bn

Payables decreased → lower CFO: −22.9bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 4.9 days versus the same period last year. The main moves came from DIO fell 3.2 days, DSO rose 6.9 days, and DPO fell 1.2 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +4.9 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +6.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 18.5 days +6.9 days

Inventory 25.3 days −3.2 days

Payables 15.5 days −1.2 days

Cash Conversion Cycle 28.3 days +4.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 239.7bn due to capex of 276.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.18x and interest coverage only at -2.05x.

At present, short-term debt accounts for 16.0% of total debt, cash equals 57.2% of debt, and total debt stands at 265.7bn.

Watchpoints

Interest coverage is thin

Interest coverage is -2.05x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 0.18x +0.13x

Interest Coverage -2.05x −1.50x

Cash / Debt 57.2% −23.3pp

Short-term Debt / Total Debt 16.0% +1.2pp

CFO / NI 0.45x +0.30x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 23.4bn in 2025, against investing cash flow of -93.9bn.

Post-investment cash flow was negative +70.6bn. Financing cash flow was positive +109.8bn.

CFO / net income was 0.45x.

After spending +276.0bn on fixed-asset investment, the business generated trailing free cash flow of −239.7bn.

Cash Conversion

CFO TTM 36.3bn +26.5bn

Cash Capex 276.0bn −27.5bn

FCF TTM −239.7bn +54.0bn

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 2.8 pp. The next item to monitor is the earnings mix, when non-core contribution is -4.5%. The main risk still sits in capital efficiency remains weak, with ROIC at -3.6%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.52% after expanding 2.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -4.5% of PBT and CFO / net income currently at 0.45x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	610.1	620.6	593.8	1,051.6	853.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	610.1	620.6	593.8	1,051.6	853.3
Cost of Goods Sold	582.9	601.8	581.3	772.4	0.0
Gross Profit	27.2	18.8	12.5	279.2	221.1
Financial Income	10.4	15.6	21.3	12.8	15.6
Financial Expenses	12.5	4.2	8.8	17.0	-22.8
Interest Expense	10.4	0.8	2.9	9.1	-20.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	9.8	9.6	11.8	22.2	-22.3
General and Administrative Expenses	31.0	32.2	23.8	46.7	-34.4
Operating Profit	-15.7	-11.6	-10.6	206.1	157.2
Other Income	70.0	94.5	58.8	108.8	0.0
Other Expenses	0.1	0.7	3.0	0.3	0.0
Other Profit	69.9	93.8	55.7	108.4	23.8
Profit Before Tax	54.3	82.2	45.1	314.5	180.9
Current Income Tax Expense	11.2	16.4	8.0	63.8	-3.1
Deferred Income Tax Expense	-0.3	0.1	1.1	-0.9	0.0
Net Income	43.3	65.7	36.0	251.6	177.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	43.3	65.7	36.0	251.6	177.8
Earnings per Share	1,273.00	1,933.00	1,802.00	12,578.00	8,891.00
Diluted EPS	1,273.00	1,933.00	1,802.00	12,578.43	8,891.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	316.9	360.8	386.0	464.3	353.9
I. Cash and cash equivalents	177.9	138.6	226.0	241.2	178.5
1. Cash	167.9	136.3	209.3	240.7	0.0
2. Cash equivalents	10.0	2.3	16.7	0.6	0.0
II. Short-term financial investments	43.0	133.0	60.0	122.6	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	43.0	133.0	60.0	122.6	0.0
III. Short-term receivables	47.3	19.1	47.6	20.6	60.9
1. Short-term trade accounts receivable	40.3	11.1	31.2	16.2	0.0
2. Short-term prepayments to suppliers	2.0	1.9	11.5	2.1	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.6	15.6	14.4	15.8	0.0
7. Provision for short-term doubtful debts (*)	-9.5	-9.5	-9.5	-13.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	38.9	39.9	32.1	58.2	43.5
1. Inventories	38.9	39.9	32.1	58.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	9.7	30.2	20.3	21.6	31.1
1. Short-term prepayments	2.5	2.3	3.0	2.6	0.0
2. Value added tax to be reclaimed	6.0	26.4	14.7	16.1	0.0
3. Taxes and other receivables from state authorities	1.2	1.6	2.5	3.0	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)	642.0	448.1	232.0	270.7	360.0
I. Long-term receivables	0.2	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	0.2	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	623.7	416.5	141.3	224.2	306.5
1. Tangible fixed assets	623.7	416.5	141.3	224.0	306.1
- Cost	1,183.7	1,211.7	1,327.0	1,323.2	0.0
- Accumulated depreciation	-560.1	-795.3	-1,185.7	-1,099.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.1	0.2	0.4
- Cost	0.7	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.7	-0.7	-0.6	-0.5	0.0
III. Investment properties	1.8	2.6	3.4	4.2	5.4
- Cost	23.7	23.7	23.7	23.7	0.0
- Accumulated depreciation	-21.9	-21.1	-20.3	-19.5	0.0
IV. Long-term assets in progress	0.4	1.2	49.7	3.4	1.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	1.2	49.7	3.4	0.0
V. Long-term financial investments	0.0	0.0	0.1	0.1	0.1
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	0.5	0.5	0.0
4. Provision for diminution in value of long-term investments	-0.0	-0.0	-0.4	-0.4	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	15.9	27.7	37.4	38.8	0.0
1. Long-term prepayments	15.9	27.7	37.4	37.9	0.0
2. Deferred income tax assets	—	0.0	0.0	0.9	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	46.9
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)	958.8	808.9	618.0	735.0	713.9
A. LIABILITIES (300=210+330)	368.9	231.7	101.3	241.1	471.6
I. Short -term liabilities	133.7	105.1	101.1	228.8	380.5
1. Short-term trade accounts payable	23.2	27.6	15.8	37.0	26.1
2. Short-term advances from customers	0.3	0.0	2.0	0.6	0.1
3. Taxes and other payables to state authorities	11.5	11.0	8.5	9.0	0.0
4. Payable to employees	16.3	24.5	32.2	54.9	0.0
5. Short-term acrrued expenses	4.9	5.0	1.7	0.2	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	5.2	0.8	0.4	13.2	31.1
9. Other short-term payables	14.5	4.4	28.3	89.6	0.0
10. Short-term borrowings and financial leases	42.5	20.9	0.0	23.7	130.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	15.3	10.8	12.3	0.6	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	235.2	126.6	0.2	12.3	91.1
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	1.2	0.9	0.0	0.0	0.0
8. Long-term borrowings and financial leases	233.9	125.4	0.0	12.3	81.2
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	0.3	0.2	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)	589.9	577.2	516.7	493.9	242.3
I. Owner's equity	589.9	577.2	516.7	493.9	0.0
1. Owner's capital	340.0	340.0	200.0	200.0	242.3
- Common stock with voting right	339,999,600,000.00	339,999,600,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	205.4	170.4	146.2	83.1	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	44.5	66.8	170.4	210.8	-40.6
- Accumulated retained earning at the end of the previous period	1.2	1.0	134.4	-40.7	-80.3
- Undistributed earnings in this period	43.3	65.7	36.0	251.6	39.7
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)	958.8	808.9	618.0	735.0	713.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	54.3	82.2	45.1	314.5	180.9
Depreciation of Fixed Assets and Investment Property	47.1	67.7	88.2	88.2	86.9
Provision (Increase)/Reversal	-0.0	-0.1	-3.9	4.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.3	-1.5	-1.0	4.4	0.0
Gain/Loss from Investment Activities	-74.5	-93.8	-9.9	-51.9	0.0
Interest Expense	10.4	0.8	2.9	9.1	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	-58.6	-61.4	0.0
Operating Profit Before Changes in Working Capital	36.9	55.3	62.7	307.0	248.9
Increase/(Decrease) in Receivables	-8.9	9.9	-15.1	42.9	0.0
Increase/(Decrease) in Inventory	1.0	-7.8	26.1	20.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.7	-1.6	-56.0	-21.1	0.0
Increase/(Decrease) in Prepaid Expenses	11.6	10.4	0.0	9.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-10.2	-14.5	-2.3	-2.4	0.0
Corporate Income Tax Paid	-10.2	-13.9	-8.6	-51.1	0.0
Other Operating Receipts	—	0.0	0.0	0.5	0.0
Other Operating Payments	-5.6	-5.4	-1.5	-1.0	0.0
Net Cash Flow from Operating Activities	23.4	32.5	5.4	304.5	224.4
Payments for Fixed Assets and Other Long-term Assets	-259.7	-320.7	-58.6	-9.0	-7.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	69.1	129.1	0.1	47.2	0.0
Loans and Purchases of Debt Instruments	-123.5	-165.8	-171.7	-172.8	-80.0
Receipts from Loan Repayments and Sale of Debt Instruments	213.5	92.8	234.3	90.3	40.0
Investments in Other Entities	—	0.0	0.0	0.0	-0.5
Proceeds from Investments in Other Entities	—	0.1	0.0	0.0	0.0
Dividends and Interest Income Received	6.7	3.5	10.4	3.6	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	-93.9	-261.1	14.4	-40.8	-31.0
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	150.9	146.3	0.0	0.0	4.2
Repayment of Borrowings	-20.9	0.0	-36.0	-196.0	-40.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.3	-6.6	0.0	-0.6	-0.1
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	109.8	139.7	-36.0	-196.6	-36.2
Net Cash Flow During the Period	39.2	-88.8	-16.3	67.1	98.2
Cash and Cash Equivalents at Beginning of Period	138.6	226.0	241.2	178.5	21.9
FX Difference from Revaluation	0.1	1.5	1.0	-4.4	-0.6
Cash and Cash Equivalents at End of Period	177.9	138.6	226.0	241.2	178.5

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
Revenue	111.1	156.5	133.8	192.5	127.4	152.6	163.2	170.9	134.0	134.3	142.8	138.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	111.1	156.5	133.8	192.5	127.4	152.6	163.2	170.9	134.0	134.3	142.8	138.3
Cost of Goods Sold	114.9	145.8	134.3	184.3	118.5	155.2	150.2	160.3	136.1	141.4	138.5	131.9
Gross Profit	-3.8	10.7	-0.5	8.2	8.9	-2.7	13.0	10.6	-2.1	-7.1	4.3	6.5
Financial Income	2.4	1.1	2.8	4.0	2.4	9.9	1.0	5.2	5.6	2.8	8.2	4.2
Financial Expenses	5.2	4.3	2.8	2.5	2.8	1.2	9.0	0.2	0.1	2.1	0.9	0.9
Interest Expense	4.4	3.6	2.2	2.3	2.3	0.8	0.0	0.0	0.0	0.5	0.6	0.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.6	3.4	1.7	2.7	2.0	3.3	1.8	2.3	2.1	3.2	2.8	3.4
General and Administrative Expenses	6.6	11.2	6.8	6.6	6.4	12.3	7.1	7.2	5.6	6.0	6.1	5.6
Operating Profit	-14.8	-7.2	-9.0	0.4	0.1	-9.6	-3.8	6.1	-4.3	-15.5	2.7	0.7
Other Income	61.1	69.9	0.0	0.2	0.0	61.1	0.0	28.8	4.6	58.7	0.1	0.0
Other Expenses	0.1	-0.2	0.1	0.2	0.0	0.2	0.0	0.4	0.0	2.6	0.0	0.1
Other Profit	61.0	70.1	-0.1	-0.0	-0.0	60.9	-0.0	28.4	4.6	56.1	0.1	-0.1
Profit Before Tax	46.3	62.9	-9.1	0.3	0.1	51.2	-3.9	34.5	0.3	40.6	2.7	0.6
Current Income Tax Expense	9.2	11.0	0.0	0.2	0.0	10.0	0.0	6.3	0.0	7.5	0.0	0.1
Deferred Income Tax Expense	—	-0.2	—	-0.1	—	-0.6	0.0	0.7	0.0	1.1	0.0	0.0
Net Income	37.1	52.0	-9.1	0.2	0.1	41.8	-3.9	27.6	0.3	32.0	2.7	0.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	37.1	52.0	-9.1	0.2	0.1	41.8	-3.9	27.6	0.3	32.0	2.7	0.5
Earnings per Share	1,091.00	1,530.00	-266.47	7.00	2.00	1,229.00	-114.60	1,378.00	14.00	1,600.00	133.00	23.00
Diluted EPS	1,090.80	1,529.96	-266.47	7.00	2.44	1,228.91	-114.60	1,378.02	13.71	1,600.36	133.46	22.63

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)	314.1	316.9	338.3	347.5	341.6	360.8	448.8	438.6	344.8	385.7	407.2	417.6
I. Cash and cash equivalents	152.0	177.9	189.5	162.2	113.6	138.6	272.4	278.5	189.2	225.7	205.3	202.5
1. Cash	152.0	167.9	158.0	141.0	93.6	136.3	271.9	278.0	189.2	209.0	205.3	202.5
2. Cash equivalents	—	10.0	31.5	21.2	20.0	2.3	0.5	0.5	0.0	16.7	0.0	0.0
II. Short-term financial investments	83.0	43.0	42.0	79.5	109.0	133.0	63.8	62.0	61.5	60.0	91.7	111.7
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	83.0	43.0	42.0	79.5	109.0	133.0	63.8	62.0	61.5	60.0	91.7	111.7
III. Short-term receivables	47.6	47.3	37.7	31.0	31.8	19.1	44.2	23.7	29.0	47.6	34.3	32.7
1. Short-term trade accounts receivable	39.8	40.3	30.4	22.4	20.5	11.1	32.0	12.9	18.5	31.2	25.7	18.5
2. Short-term prepayments to suppliers	0.9	2.0	0.9	0.3	0.7	1.9	6.0	6.3	6.0	11.5	6.9	11.5
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	16.5	14.6	16.0	17.7	20.1	15.6	15.6	14.0	13.9	14.4	14.9	15.9
7. Provision for short-term doubtful debts (*)	-9.5	-9.5	-9.5	-9.5	-9.5	-9.5	-9.5	-9.5	-9.5	-9.5	-13.2	-13.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	27.7	38.9	29.4	37.2	52.5	39.9	35.6	44.1	38.6	32.1	38.1	39.5
1. Inventories	27.7	38.9	29.4	37.2	52.5	39.9	35.6	44.1	38.6	32.1	38.1	39.5
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	3.7	9.7	39.6	37.6	34.7	30.2	32.9	30.3	26.6	20.3	37.8	31.1
1. Short-term prepayments	1.7	2.5	2.4	2.3	2.4	2.3	2.3	2.4	3.0	3.0	2.8	2.7
2. Value added tax to be reclaimed	1.2	6.0	36.7	34.4	31.0	26.4	28.4	25.3	20.7	14.7	32.9	26.2
3. Taxes and other receivables from state authorities	0.8	1.2	0.6	0.9	1.3	1.6	2.2	2.5	2.9	2.5	2.1	2.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	644.6	642.0	408.1	425.9	443.9	448.1	175.8	196.8	242.4	232.0	233.2	230.9
I. Long-term receivables	0.2	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	608.3	623.7	384.4	394.8	405.2	416.5	138.8	152.7	119.9	141.3	160.4	182.5
1. Tangible fixed assets	608.3	623.7	384.4	394.8	405.2	416.5	138.8	152.7	119.9	141.3	160.3	182.3
- Cost	943.7	—	—	—	—	1,211.7	1,107.2	1,107.2	1,327.0	1,327.0	1,325.2	1,325.4
- Accumulated depreciation	-335.3	—	—	—	—	-795.3	-968.4	-954.5	-1,207.1	-1,185.7	-1,164.9	-1,143.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
- Cost	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1.7	1.8	2.0	2.2	2.4	2.6	2.8	3.0	3.2	3.4	3.6	3.8
- Cost	23.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	22.2	0.4	—	—	0.2	1.2	0.0	0.0	72.4	49.7	36.5	5.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	22.2	0.4	—	—	0.2	1.2	0.0	0.0	72.4	49.7	36.5	5.2
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
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	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	0.3	0.5	0.5	0.5	0.5	0.5
4. Provision for diminution in value of long-term investments	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2	-0.4	-0.4	-0.4	-0.4	-0.4
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	12.2	15.9	21.7	28.9	36.1	27.7	34.1	40.9	46.8	37.4	32.5	39.3
1. Long-term prepayments	12.2	15.9	21.7	28.9	36.1	27.7	34.1	40.9	46.8	37.4	31.6	38.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.9	0.9
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)	958.7	958.8	746.4	773.4	785.5	808.9	624.6	635.3	587.3	617.7	640.4	648.5
A. LIABILITIES (300=210+330)	332.0	368.9	208.4	206.0	208.2	231.7	89.2	96.0	70.3	101.0	155.7	166.5
I. Short -term liabilities	107.4	133.7	97.2	89.7	86.6	105.1	87.5	95.2	70.1	100.8	155.7	160.9
1. Short-term trade accounts payable	13.8	23.2	11.7	26.4	35.3	27.6	27.2	21.5	18.0	15.8	20.0	19.5
2. Short-term advances from customers	0.4	0.3	—	—	—	0.0	0.0	0.4	2.9	2.0	0.9	0.6
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	9.5	11.5	0.4	0.5	0.3	11.0	7.0	7.0	0.7	8.5	2.1	1.5
4. Payable to employees	3.9	16.3	10.3	12.2	10.8	24.5	14.9	16.8	10.9	32.2	26.7	24.9
5. Short-term acrrued expenses	3.0	4.9	3.5	6.1	3.4	5.0	15.8	15.2	1.0	1.7	0.3	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	3.8	5.2	3.2	1.4	2.3	0.8	0.7	2.7	1.6	0.4	4.9	2.0
9. Other short-term payables	18.8	14.5	31.1	3.0	3.5	4.4	7.2	15.3	23.6	28.0	88.3	87.6
10. Short-term borrowings and financial leases	42.5	42.5	20.9	20.9	20.9	20.9	0.0	0.0	0.0	0.0	0.0	11.6
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	10.9	15.3	16.2	19.1	10.0	10.8	14.7	16.4	11.6	12.3	12.5	13.1
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	224.7	235.2	111.2	116.3	121.6	126.6	1.8	0.9	0.2	0.2	0.0	5.6
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	—	—	—	—	—	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	1.4	1.2	1.2	1.1	1.1	0.9	0.9	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	223.3	233.9	109.8	115.0	120.2	125.4	0.0	0.0	0.0	0.0	0.0	5.6
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	0.2	0.2	0.3	0.3	0.9	0.9	0.2	0.2	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)	626.7	589.9	537.9	567.4	577.2	577.2	535.4	539.3	516.9	516.7	484.7	482.0
I. Owner's equity	626.7	589.9	537.9	567.4	577.2	577.2	535.4	539.3	516.9	516.7	484.7	482.0
1. Owner's capital	340.0	340.0	340.0	340.0	340.0	340.0	340.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	339,999,600,000.00	339,999,600,000.00	339,999,600,000.00	339,999,600,000.00	339,999,600,000.00	339,999,600,000.00	339,999,600,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	205.5	205.4	205.4	205.4	170.4	170.4	170.4	310.4	146.2	146.2	146.2	146.2
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	81.1	44.5	-7.5	22.0	66.8	66.8	25.0	28.9	170.7	170.4	138.4	135.8
- Accumulated retained earning at the end of the previous period	44.0	1.2	1.2	21.6	66.8	25.0	28.9	1.3	170.4	138.4	135.8	135.3
- Undistributed earnings in this period	37.1	43.3	-8.7	0.3	0.1	41.8	-3.9	27.6	0.3	32.0	2.7	0.5
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)	958.7	958.8	746.4	773.4	785.5	808.9	624.6	635.3	587.3	617.7	640.4	648.5

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	46.3	62.9	-9.1	0.3	0.1	51.2	-3.9	34.5	0.3	40.6	2.7	0.6
Depreciation of Fixed Assets and Investment Property	15.9	14.0	10.8	10.8	11.4	14.6	14.1	17.3	21.6	21.6	22.2	22.2
Provision (Increase)/Reversal	—	-0.0	—	—	—	0.0	-0.0	-0.0	0.0	-3.6	0.0	-0.4
FX Gain/Loss from Revaluation of Monetary Items	-0.7	1.2	-0.4	-0.9	-0.3	-7.8	10.6	-1.3	-2.9	3.6	-4.7	-3.5
Gain/Loss from Investment Activities	-62.6	-69.7	-1.2	-1.8	-1.8	-62.6	-0.7	-29.5	-0.9	-1.6	-2.6	-3.1
Interest Expense	4.4	3.6	2.2	2.3	2.3	0.8	0.0	0.0	0.0	0.5	0.6	0.8
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	-58.6	0.0	0.0
Operating Profit Before Changes in Working Capital	3.3	12.0	2.4	10.8	11.8	-3.7	20.2	20.9	18.0	2.5	18.3	16.7
Increase/(Decrease) in Receivables	6.5	19.3	-8.8	-2.6	-16.8	23.4	-23.2	0.5	9.1	10.3	-13.6	-1.7
Increase/(Decrease) in Inventory	11.2	-9.5	7.8	15.3	-12.6	-4.4	8.5	-5.4	-6.5	6.0	1.4	-7.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-32.0	24.9	-9.7	-6.1	-0.4	8.2	-3.0	12.2	-19.1	-0.9	6.1	-4.7
Increase/(Decrease) in Prepaid Expenses	4.5	5.7	7.1	7.3	-8.5	6.4	6.9	6.5	-9.3	-6.0	6.7	-7.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.4	-3.4	-2.2	-2.3	-2.3	-0.6	0.0	-12.9	-1.0	-1.2	-0.6	-0.4
Corporate Income Tax Paid	-11.3	-0.0	-0.2	-0.0	-10.0	-6.3	-0.0	-0.0	-7.5	-0.1	-0.0	-0.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-4.5	-0.9	-2.9	-1.0	-0.8	-2.5	-1.7	-0.4	-0.8	-0.1	-0.7	-0.2
Net Cash Flow from Operating Activities	-26.7	48.1	-6.4	21.4	-39.7	20.6	7.7	21.3	-17.1	10.5	17.6	-4.9
Payments for Fixed Assets and Other Long-term Assets	-22.2	-253.5	-0.1	-0.1	-6.0	-297.6	-0.2	0.3	-23.1	-19.2	-26.4	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	72.9	69.0	0.0	0.2	—	62.2	0.0	66.9	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-40.0	-44.0	0.0	-42.5	-37.0	-72.0	-61.8	-0.5	-31.5	0.0	-60.0	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	43.0	37.5	72.0	61.0	2.8	60.0	0.0	30.0	31.7	80.0	40.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	1.6	1.2	2.1	1.7	0.2	1.3	0.0	2.0	1.4	4.0	2.4
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	10.8	-183.9	38.6	31.7	19.7	-304.4	-0.6	66.7	-22.7	13.9	-2.3	10.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	150.9	—	—	—	146.3	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-10.6	-5.2	-5.2	-5.2	-5.2	0.0	0.0	0.0	0.0	0.0	-17.2	-5.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-20.3	—	—	—	-4.0	-2.6	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	-10.6	125.4	-5.2	-5.2	-5.2	142.3	-2.6	0.0	0.0	0.0	-17.2	-5.1
Net Cash Flow During the Period	-26.6	-10.4	26.9	47.9	-25.2	-141.5	4.4	88.0	-39.7	24.3	-2.0	0.3
Cash and Cash Equivalents at Beginning of Period	177.9	189.5	162.2	113.6	138.6	226.0	226.0	226.0	226.0	241.2	241.2	241.2
FX Difference from Revaluation	0.7	0.1	1.3	1.0	0.2	7.7	-10.5	1.4	2.9	-3.7	4.8	3.4
Cash and Cash Equivalents at End of Period	152.0	177.9	189.5	162.2	113.6	138.6	272.4	278.5	189.2	226.0	205.3	202.5

Explore Other Stocks In The Same Sector

HAH, SWC, VOS, VST, MHC, DDM, PDV, PCT, TRS, SKG, ISG, VSA, VNT, VFC, HTV, SGS, WTC, PTS, SHC, TJC, PRC, SSG, VMT, VPA, VSG, NOS

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

VNA

What Is Changing

Drivers of VNA'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