VNS

Ánh Dương Việt Nam ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 3.47%, −4.49pp YoY

Price

7,880

Latest close

04 Jun 2026

P/E 18.03x

P/B 0.47x

EPS 437

BVPS 16,598

ROE 2.6%

ROA 1.7%

Profit Margin 3.5%

Asset Turnover 0.48x

Equity Mult. 1.58x

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

What Is Changing

On a TTM 2026Q1 basis, VNS posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 873bn
	                                
−8.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 30bn
	                                
−60.2%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    59.4%

Metric	2025	2024	2023	2022	2021
Revenue	882.7	1,002.1	1,218.8	1,089.2	484.7
Growth	-12%	-18%	+12%	+125%	—
Net Income	39.2	84.1	151.2	185.4	-277.6
Net Margin	4.44%	8.39%	12.41%	17.02%	-57.27%

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	224.7	214.2	217.3	216.7	234.4	224.1	246.2	253.2	278.6	277.8	312.5	302.5
Growth	+5%	-1%	+0%	-8%	+5%	-9%	-3%	-9%	+0%	-11%	+3%	—
Net Income	6.2	4.9	9.2	9.9	14.2	24.2	21.0	16.9	22.0	25.2	32.8	40.1
Net Margin	2.75%	2.31%	4.26%	4.59%	6.04%	10.78%	8.52%	6.68%	7.90%	9.08%	10.51%	13.25%

Drivers of VNS's profit

TTM

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

Gross profit ↑ 6.1bn

Other profit ↓ 41.0bn

Tax ↑ 5.2bn

Finance costs ↑ 4.8bn

TTM

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

Tax ↓ 1.5bn

Gross profit ↓ 4.5bn

Other profit ↓ 3.1bn

Administrative expenses ↑ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.5% = 8.0% × 0.56 × 1.47

2026Q1 2.6% = 3.5% × 0.48 × 1.58

ROE fell from 6.5% to 2.6% — asset turnover weakened the most, though leverage still provided support.

Net margin: 3.5% -4.5pp Asset turnover: 0.48x -0.07x Leverage: 1.58x +0.12x

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 3.47%, losing 4.5pp. The main pressure is SG&A / Revenue rose 1.5pp, outweighing the improvement in Gross margin rose 2.6pp (with lingering pressure from Other profit / Revenue fell 4.0pp and Net financial result / Revenue fell 1.0pp).

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 3.47% −4.5pp

Gross Margin 21.76% +2.6pp

SG&A / Revenue 17.42% +1.5pp

Non-core / Revenue 0.15% −5.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources share remains high

Even though contribution decreased by 5.1pp, non-core sources still accounts for 59.4% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 0.79%, falling 0.4pp. That translates to 0.79 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.3pp and capital turnover fell 0.12x, while invested capital rose by 137bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 0.79% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.79% −0.4pp

NOPAT Margin 1.36% −0.3pp

Capital Turnover 0.58x −0.12x

Average Invested Capital 1,497.3bn +137.5bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.58x equity, net debt at 0.35x equity.

Over the last 12 months, working capital absorbed 13.9bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −7.1bn

Inventories increased → lower CFO: −0.0bn

Payables decreased → lower CFO: −6.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.0 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO rose 0.5 days, and DPO rose 14.1 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +0.5 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +0.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 34.7 days +0.5 days

Inventory 4.9 days +0.6 days

Payables 21.3 days +14.1 days

Cash Conversion Cycle 18.3 days −13.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 165.3bn due to capex of 378.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.35x and interest coverage only at 0.49x.

At present, short-term debt accounts for 44.2% of total debt, cash equals 18.5% of debt, and total debt stands at 486.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.49x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 18.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.35x +0.09x

Interest Coverage 0.49x −0.11x

Cash / Debt 18.5% −20.8pp

Short-term Debt / Total Debt 44.2% +5.7pp

CFO / NI 7.03x +4.05x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 239.7bn in 2025, against investing cash flow of -124.9bn.

Post-investment cash flow was positive +114.8bn. Financing cash flow was negative +122.7bn.

CFO / net income was 7.03x.

After spending +378.2bn on fixed-asset investment, the business generated trailing free cash flow of −165.3bn.

Cash Conversion

CFO TTM 212.9bn −14.2bn

Cash Capex 378.2bn −355.9bn

FCF TTM −165.3bn +341.7bn

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 4.5 pp. The next watchpoint is the earnings mix, when non-core contribution is -56.1%. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 341.7bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 7.03x. Even so, net financial result still accounts for -56.1% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 3.47% after a 4.5pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	882.7	1,002.1	1,218.8	1,089.2	484.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	882.7	1,002.1	1,218.8	1,089.2	484.7
Cost of Goods Sold	688.1	815.7	963.2	792.7	0.0
Gross Profit	194.5	186.4	255.6	296.5	-131.7
Financial Income	11.2	14.7	36.0	22.6	10.2
Financial Expenses	33.1	25.6	25.4	10.2	-18.4
Interest Expense	33.1	25.6	25.3	10.2	-18.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	70.6	74.9	73.2	60.5	-63.8
General and Administrative Expenses	79.8	82.9	85.7	87.6	-62.9
Operating Profit	22.3	17.7	107.4	160.7	-266.5
Other Income	29.0	72.4	46.9	28.4	0.0
Other Expenses	2.6	4.4	3.0	2.3	0.0
Other Profit	26.4	68.0	43.9	26.1	-10.2
Profit Before Tax	48.7	85.7	151.2	186.8	-276.8
Current Income Tax Expense	10.7	1.6	0.0	0.0	-0.8
Deferred Income Tax Expense	-1.2	0.0	0.0	1.4	0.0
Net Income	39.2	84.1	151.2	185.4	-277.6
Non-controlling Interest	0.0	0.0	0.4	1.6	-4.0
Profit Attributable to Parent	39.1	84.1	150.8	183.8	-273.6
Earnings per Share	565.00	1,229.00	2,212.00	2,699.00	-4,041.00
Diluted EPS	565.00	1,229.00	2,212.00	2,699.00	-4,031.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	345.2	395.8	549.2	717.8	627.5
I. Cash and cash equivalents	90.3	98.2	121.3	196.8	329.2
1. Cash	25.2	24.2	47.1	59.7	0.0
2. Cash equivalents	65.2	74.0	74.2	137.1	0.0
II. Short-term financial investments	133.5	172.0	281.4	345.9	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	133.5	172.0	281.4	345.9	0.0
III. Short-term receivables	97.3	96.7	128.5	155.8	236.2
1. Short-term trade accounts receivable	85.4	83.3	109.3	123.8	0.0
2. Short-term prepayments to suppliers	2.2	1.1	1.2	12.3	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	12.8	14.4	19.6	24.6	0.0
7. Provision for short-term doubtful debts (*)	-3.1	-2.1	-1.5	-4.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	9.4	9.1	8.7	8.7	9.1
1. Inventories	9.4	9.1	8.7	8.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	14.7	19.8	9.3	10.6	11.1
1. Short-term prepayments	14.6	14.8	9.2	10.2	0.0
2. Value added tax to be reclaimed	0.1	5.0	0.1	0.1	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	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)	1,428.4	1,459.4	1,103.8	1,118.8	943.8
I. Long-term receivables	2.8	3.1	1.4	7.2	0.0
1. Long-term trade receivables	0.6	1.3	0.0	6.1	41.8
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	2.3	1.8	1.4	1.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,380.0	1,411.4	1,051.0	1,061.5	851.3
1. Tangible fixed assets	1,215.6	1,214.1	783.4	862.1	726.7
- Cost	1,646.6	1,746.0	1,644.3	1,729.1	0.0
- Accumulated depreciation	-431.1	-531.9	-860.8	-867.0	0.0
2. Financial leased fixed assets	164.3	197.1	267.3	199.4	124.6
- Cost	262.0	262.0	337.1	249.8	0.0
- Accumulated depreciation	-97.7	-64.9	-69.8	-50.4	0.0
3. Intangible fixed assets	0.1	0.3	0.2	0.0	0.0
- Cost	2.4	2.4	2.3	2.0	0.0
- Accumulated depreciation	-2.3	-2.1	-2.0	-2.0	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	4.6	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	4.6	0.0	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	45.6	44.9	46.8	50.1	0.0
1. Long-term prepayments	44.4	44.9	46.8	50.1	0.0
2. Deferred income tax assets	1.2	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	50.6
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)	1,773.6	1,855.2	1,653.0	1,836.6	1,571.3
A. LIABILITIES (300=210+330)	653.5	705.6	485.1	451.7	365.5
I. Short -term liabilities	280.2	260.5	177.5	175.6	226.0
1. Short-term trade accounts payable	15.1	13.1	18.6	15.3	15.6
2. Short-term advances from customers	0.2	0.3	0.2	0.7	0.6
3. Taxes and other payables to state authorities	12.2	2.3	10.0	9.6	0.0
4. Payable to employees	7.3	8.8	9.2	8.8	0.0
5. Short-term acrrued expenses	4.7	7.6	12.1	21.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	2.4	1.7	1.9	2.9	3.3
9. Other short-term payables	20.0	31.5	28.6	35.1	0.0
10. Short-term borrowings and financial leases	218.2	195.0	96.7	81.3	130.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.2	0.2	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	373.3	445.1	307.7	276.1	139.5
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	89.5	83.3	114.7	113.9	0.0
8. Long-term borrowings and financial leases	280.6	358.7	192.9	162.2	57.8
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	3.2	3.2	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)	1,120.1	1,149.6	1,167.9	1,384.9	1,205.8
I. Owner's equity	1,120.1	1,149.6	1,167.9	1,384.9	0.0
1. Owner's capital	678.6	678.6	678.6	678.6	1,205.8
- Common stock with voting right	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	86.9	86.9	86.9	86.9	86.9
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	—	268.7	268.7	268.7	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	353.9	114.7	133.1	345.5	167.9
- Accumulated retained earning at the end of the previous period	315.6	31.3	8.0	168.3	442.1
- Undistributed earnings in this period	38.4	83.4	125.1	177.2	-274.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.7	0.6	0.6	5.2	3.7
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)	1,773.6	1,855.2	1,653.0	1,836.6	1,571.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	48.7	85.7	151.2	186.8	-276.8
Depreciation of Fixed Assets and Investment Property	211.9	217.9	232.7	194.1	274.1
Provision (Increase)/Reversal	1.8	0.4	-0.1	-0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-19.1	-52.4	-52.8	-25.6	0.0
Interest Expense	33.1	25.6	25.3	10.2	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	276.4	277.2	356.4	365.3	27.8
Increase/(Decrease) in Receivables	4.6	8.9	-4.4	-34.0	0.0
Increase/(Decrease) in Inventory	-0.3	-0.4	0.0	0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.0	-45.7	-13.3	25.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	-3.7	4.3	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-33.3	-25.6	-25.2	-10.8	0.0
Corporate Income Tax Paid	-9.4	0.0	-0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	239.7	210.7	317.8	346.3	16.1
Payments for Fixed Assets and Other Long-term Assets	-297.1	-742.7	-182.4	-338.2	-33.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	122.2	219.1	93.8	173.8	292.2
Loans and Purchases of Debt Instruments	-157.1	-390.6	-686.2	-618.1	-40.8
Receipts from Loan Repayments and Sale of Debt Instruments	195.7	500.0	750.8	474.0	0.0
Investments in Other Entities	—	0.0	-7.9	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	11.5	18.0	39.1	16.5	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	-124.9	-396.2	7.1	-292.1	225.5
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	154.9	390.8	61.8	155.5	0.0
Repayment of Borrowings	-167.4	-84.4	-44.7	-135.5	-126.8
Repayment of Finance Leases	-42.3	-42.3	-58.0	-46.6	-26.7
Dividends Paid	-67.8	-101.7	-359.5	-0.0	-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	-122.7	162.4	-400.4	-26.6	-153.5
Net Cash Flow During the Period	-7.9	-23.1	-75.4	27.5	28.4
Cash and Cash Equivalents at Beginning of Period	98.2	121.3	196.8	169.2	241.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	90.3	98.2	121.3	196.8	329.2

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	224.7	214.2	217.3	216.7	234.4	224.1	246.2	253.2	278.6	277.8	312.5	302.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	224.7	214.2	217.3	216.7	234.4	224.1	246.2	253.2	278.6	277.8	312.5	302.5
Cost of Goods Sold	177.1	167.3	168.5	170.0	182.2	180.8	201.5	209.5	223.9	225.5	246.2	240.7
Gross Profit	47.7	46.8	48.8	46.7	52.2	43.2	44.7	43.8	54.7	52.4	66.3	61.9
Financial Income	2.7	2.4	2.3	3.3	3.2	2.9	3.6	3.7	4.5	5.3	8.2	12.3
Financial Expenses	7.6	8.5	8.7	7.9	7.9	8.3	6.5	5.2	5.7	6.3	7.2	6.9
Interest Expense	7.6	8.5	8.7	7.9	7.9	8.3	6.4	5.2	5.7	6.3	7.2	6.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	17.1	18.0	17.2	17.6	17.7	16.3	19.6	18.7	20.3	18.3	18.9	18.2
General and Administrative Expenses	22.1	19.9	21.2	18.8	19.8	19.5	20.6	20.5	22.4	21.1	23.6	19.0
Operating Profit	3.6	2.8	3.9	5.7	9.9	2.0	1.7	3.1	10.9	12.0	24.7	30.2
Other Income	4.9	5.5	7.7	7.7	8.1	25.6	20.2	14.6	11.9	13.9	9.2	10.8
Other Expenses	0.5	0.5	0.4	1.1	0.6	1.9	1.0	0.8	0.8	0.8	1.1	0.9
Other Profit	4.3	5.0	7.3	6.6	7.5	23.8	19.2	13.9	11.1	13.2	8.1	9.9
Profit Before Tax	7.9	7.8	11.2	12.3	17.4	25.7	21.0	16.9	22.0	25.2	32.9	40.1
Current Income Tax Expense	1.8	4.0	1.9	2.4	3.2	1.6	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	-1.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.2	4.9	9.2	9.9	14.2	24.2	21.0	16.9	22.0	25.2	32.8	40.1
Non-controlling Interest	-0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.2	0.2
Profit Attributable to Parent	6.2	4.9	9.2	9.9	14.1	24.2	21.0	16.9	22.0	25.2	32.7	39.8
Earnings per Share	91.00	70.00	132.00	144.00	206.00	354.00	307.00	247.00	322.00	369.00	479.00	585.00
Diluted EPS	91.08	72.75	136.08	146.44	208.49	355.96	308.91	249.30	324.46	371.52	481.59	587.05

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)	290.9	345.2	326.9	379.6	423.9	395.8	442.5	527.9	593.0	549.2	554.5	755.9
I. Cash and cash equivalents	90.2	90.3	94.3	209.6	199.8	98.2	171.6	160.4	207.9	121.3	122.6	172.3
1. Cash	13.2	25.2	28.2	33.6	23.8	24.2	19.3	14.1	54.7	47.1	70.5	52.2
2. Cash equivalents	77.0	65.2	66.1	176.0	176.0	74.0	152.3	146.3	153.2	74.2	52.1	120.1
II. Short-term financial investments	78.4	133.5	110.0	59.9	105.3	172.0	121.7	231.5	251.5	281.4	281.3	416.1
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	78.4	133.5	110.0	59.9	105.3	172.0	121.7	231.5	251.5	281.4	281.3	416.1
III. Short-term receivables	94.5	97.3	93.7	89.9	97.1	96.7	114.9	117.3	116.0	128.5	132.1	149.9
1. Short-term trade accounts receivable	82.2	85.4	84.2	77.9	82.4	83.3	89.0	91.4	96.0	109.3	116.8	123.9
2. Short-term prepayments to suppliers	1.2	2.2	1.1	1.9	2.7	1.1	1.4	8.9	4.1	1.2	2.1	3.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.2	12.8	12.3	13.9	14.2	14.4	26.5	18.8	17.5	19.6	18.2	27.7
7. Provision for short-term doubtful debts (*)	-3.1	-3.1	-3.8	-3.7	-2.1	-2.1	-1.9	-1.9	-1.5	-1.5	-4.8	-4.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.1	9.4	9.4	9.2	9.1	9.1	9.4	9.1	9.1	8.7	9.2	9.1
1. Inventories	9.1	9.4	9.4	9.2	9.1	9.1	9.4	9.1	9.1	8.7	9.2	9.1
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	18.8	14.7	19.4	11.0	12.6	19.8	24.9	9.6	8.5	9.3	9.2	8.5
1. Short-term prepayments	12.8	14.6	14.9	10.7	12.3	14.8	12.8	9.1	8.3	9.2	9.1	8.4
2. Value added tax to be reclaimed	5.9	0.1	4.2	0.1	0.1	5.0	11.4	0.1	0.1	0.1	0.1	0.1
3. Taxes and other receivables from state authorities	0.1	0.0	0.4	0.3	0.1	0.0	0.7	0.3	0.1	0.0	0.0	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)	1,511.1	1,428.4	1,528.7	1,397.3	1,396.6	1,459.4	1,369.4	1,071.2	1,036.3	1,103.8	1,127.1	1,195.6
I. Long-term receivables	2.7	2.8	2.8	3.0	3.2	3.1	3.5	1.1	1.4	1.4	1.1	1.1
1. Long-term trade receivables	0.4	0.6	0.8	0.9	1.1	1.3	1.4	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	2.3	2.3	2.1	2.1	2.1	1.8	2.0	1.1	1.4	1.4	1.1	1.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,329.1	1,380.0	1,462.1	1,286.6	1,346.9	1,411.4	1,173.1	1,024.7	988.7	1,051.0	1,078.4	1,146.0
1. Tangible fixed assets	1,172.8	1,215.6	1,289.4	1,105.7	1,157.8	1,214.1	967.5	799.1	741.4	783.4	776.4	832.1
- Cost	1,598.7	—	—	—	—	1,746.0	1,621.1	1,559.4	1,597.1	1,644.3	1,630.4	1,677.9
- Accumulated depreciation	-425.9	—	—	—	—	-531.9	-653.6	-760.3	-855.7	-860.8	-854.0	-845.9
2. Financial leased fixed assets	156.1	164.3	172.5	180.7	188.9	197.1	205.3	225.5	247.2	267.3	301.7	313.7
- Cost	262.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-105.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.1	0.2	0.2	0.2	0.3	0.3	0.2	0.2	0.2	0.3	0.3
- Cost	2.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.3	—	—	—	—	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	134.4	—	18.7	61.9	—	0.0	148.1	0.0	0.0	4.6	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	134.4	—	18.7	61.9	—	0.0	148.1	0.0	0.0	4.6	0.0	0.0
V. Long-term financial investments	—	—	0.0	0.0	0.0	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	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	44.9	45.6	45.1	45.8	46.5	44.9	44.7	45.5	46.1	46.8	47.6	48.4
1. Long-term prepayments	43.7	44.4	45.1	45.8	46.5	44.9	44.7	45.5	46.1	46.8	47.6	48.4
2. Deferred income tax assets	1.2	1.2	—	—	—	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)	1,802.0	1,773.6	1,855.6	1,776.9	1,820.5	1,855.2	1,811.9	1,599.1	1,629.3	1,653.0	1,681.6	1,951.4
A. LIABILITIES (300=210+330)	675.7	654.4	741.1	671.4	656.9	705.6	686.3	494.3	439.5	485.1	538.8	535.9
I. Short -term liabilities	313.0	281.0	318.6	312.1	259.5	260.5	318.3	177.0	156.8	177.5	223.4	199.2
1. Short-term trade accounts payable	66.5	15.1	16.9	31.0	13.3	13.1	104.3	19.0	17.2	18.6	16.3	14.8
2. Short-term advances from customers	0.5	0.2	0.2	8.0	0.2	0.3	0.2	0.2	0.3	0.2	0.2	0.3
3. Taxes and other payables to state authorities	2.3	13.0	36.1	27.5	11.3	2.3	8.3	6.6	9.9	10.0	60.5	33.5
4. Payable to employees	2.9	7.3	2.0	2.0	1.8	8.8	1.7	1.8	1.7	9.2	1.4	1.8
5. Short-term acrrued expenses	4.1	4.7	11.6	7.5	4.5	7.6	12.6	7.8	5.1	12.1	17.6	12.9
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	2.4	2.4	2.0	1.9	1.7	1.7	1.7	1.7	1.7	1.9	2.0	2.3
9. Other short-term payables	19.5	20.0	18.9	33.5	30.8	31.5	36.8	22.7	24.0	28.6	30.1	32.4
10. Short-term borrowings and financial leases	214.9	218.2	230.8	200.7	195.9	195.0	152.7	117.1	96.7	96.7	95.1	101.0
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	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	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	362.7	373.3	422.4	359.2	397.3	445.1	368.0	317.3	282.7	307.7	315.4	336.7
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	88.2	89.5	92.8	78.4	81.6	83.3	88.1	113.3	114.0	114.7	117.2	115.8
8. Long-term borrowings and financial leases	271.3	280.6	326.5	277.7	312.5	358.7	276.6	204.0	168.8	192.9	198.2	220.8
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	—	3.2	3.1	3.2	3.2	3.2	3.3	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	3.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,126.3	1,119.3	1,114.5	1,105.5	1,163.6	1,149.6	1,125.6	1,104.8	1,189.8	1,167.9	1,142.9	1,415.6
I. Owner's equity	1,126.3	1,119.3	1,114.5	1,105.5	1,163.6	1,149.6	1,125.6	1,104.8	1,189.8	1,167.9	1,142.9	1,415.6
1. Owner's capital	678.6	678.6	678.6	678.6	678.6	678.6	678.6	678.6	678.6	678.6	678.6	678.6
- Common stock with voting right	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00	678,591,920,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	86.9	86.9	86.9	86.9	86.9	86.9	86.9	86.9	86.9	86.9	86.9	86.9
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	—	—	—	—	268.7	268.7	268.7	268.7	268.7	268.7	268.7	268.7
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	360.1	353.1	348.3	339.3	128.7	114.7	90.7	69.9	155.0	133.1	108.1	380.8
- Accumulated retained earning at the end of the previous period	353.9	315.6	315.6	315.6	114.7	31.3	31.3	31.3	133.1	8.0	8.0	292.3
- Undistributed earnings in this period	6.2	37.5	32.7	23.8	14.0	83.4	59.4	38.6	21.9	125.1	100.1	88.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.7	0.7	0.7	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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)	1,802.0	1,773.6	1,855.6	1,776.9	1,820.5	1,855.2	1,811.9	1,599.1	1,629.3	1,653.0	1,681.6	1,951.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	7.9	7.8	11.2	12.3	17.4	25.7	21.0	16.9	22.0	25.2	32.9	40.1
Depreciation of Fixed Assets and Investment Property	52.3	53.0	52.9	51.9	54.1	54.8	52.7	54.0	56.3	57.6	59.8	59.1
Provision (Increase)/Reversal	—	0.2	0.0	1.5	-0.0	0.2	-0.1	-3.0	3.4	0.1	-0.0	-0.1
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	-2.9	-2.3	-5.9	-4.7	-6.2	-15.7	-15.5	-14.1	-7.0	-10.5	-10.0	-15.1
Interest Expense	7.6	8.5	8.7	7.9	7.9	8.3	6.4	5.2	5.7	6.3	7.2	6.9
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	64.9	67.3	66.9	69.0	73.2	73.5	64.5	58.9	80.3	78.8	89.8	90.9
Increase/(Decrease) in Receivables	-5.4	4.1	-2.0	-3.7	6.2	28.2	-19.6	5.2	-4.9	-5.1	2.6	2.7
Increase/(Decrease) in Inventory	0.3	0.1	-0.3	-0.1	0.0	0.3	-0.3	0.0	-0.4	0.5	-0.1	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-13.0	-24.9	12.7	18.4	-5.1	-20.5	-2.8	-0.7	-21.7	-49.7	30.8	16.5
Increase/(Decrease) in Prepaid Expenses	2.5	1.0	-3.5	2.4	0.8	-2.1	-2.9	-0.1	1.6	0.6	0.1	2.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.6	-8.5	-8.7	-8.0	-8.0	-8.2	-6.4	-5.3	-5.8	-6.4	-7.4	-6.5
Corporate Income Tax Paid	-3.0	-7.5	-0.2	0.0	-1.6	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	-0.1	0.0	0.0	0.0	-0.1	0.0	0.0	-0.0
Net Cash Flow from Operating Activities	38.6	31.4	64.9	78.0	65.5	71.1	32.5	58.1	49.0	18.7	115.8	105.7
Payments for Fixed Assets and Other Long-term Assets	-87.6	-1.0	-235.6	-53.9	-6.6	-279.0	-304.1	-144.4	-15.2	-51.6	-1.3	-84.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.7	45.8	23.9	34.1	18.5	58.2	58.9	62.7	39.4	32.8	16.5	17.5
Loans and Purchases of Debt Instruments	-18.1	-63.5	-50.1	-20.5	-23.1	-275.3	109.9	-30.0	-195.1	-50.1	-225.2	-50.8
Receipts from Loan Repayments and Sale of Debt Instruments	73.2	40.0	0.0	65.8	89.8	225.0	0.0	50.0	225.0	50.0	360.0	60.8
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-7.9
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	2.8	1.8	2.7	4.2	2.8	2.2	5.9	2.2	7.6	3.2	17.8	7.1
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	-26.1	23.1	-259.1	29.7	81.4	-268.9	-129.4	-59.6	61.7	-15.7	167.8	-57.9
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	45.7	0.0	132.4	19.0	3.6	168.2	141.0	81.7	0.0	23.9	0.0	37.9
Repayment of Borrowings	-47.9	-47.9	-42.9	-38.5	-38.3	-33.2	-22.3	-15.4	-13.6	-12.6	-12.1	-10.3
Repayment of Finance Leases	-10.6	-10.6	-10.6	-10.6	-10.6	-10.6	-10.6	-10.6	-10.6	-15.0	-16.5	-15.6
Dividends Paid	—	-0.0	0.0	-67.8	-0.0	0.0	-0.0	-101.7	0.0	-0.7	-304.7	-54.2
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	-12.7	-58.5	78.9	-97.9	-45.2	124.4	108.2	-46.0	-24.2	-4.3	-333.3	-42.1
Net Cash Flow During the Period	-0.2	-4.0	-115.3	9.8	101.6	-73.4	11.3	-47.5	86.6	-1.3	-49.6	5.7
Cash and Cash Equivalents at Beginning of Period	90.3	94.3	209.6	199.8	98.2	121.3	121.3	121.3	121.3	196.8	196.8	196.8
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	90.2	90.3	94.3	209.6	199.8	98.2	171.6	160.4	207.9	121.3	122.6	172.3

Explore Other Stocks In The Same Sector

WCS, TPS, TCT, HNB, BLN, NWT, BSG, VTM, HHG

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

VNS

What Is Changing

Drivers of VNS'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