VSA

Đại lý Hàng hải Việt Nam ·HNX ·2026Q1

▼▼ Declining sharply

Self-funded cash generation remains weak CFO/NPAT −14 bn, −109 bn YoY

Price

19,400

Latest close

04 Jun 2026

P/E 12.18x

P/B 0.80x

EPS 1,593

BVPS 24,181

ROE 6.5%

ROA 3.4%

Profit Margin 2.1%

Asset Turnover 1.66x

Equity Mult. 1.89x

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

What Is Changing

On a TTM 2026Q1 basis, VSA is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — earnings have been recovering gradually over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,085bn
	                                
−3.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 22bn
	                                
−7.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    56.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	1,079.6	1,101.2	1,083.7	1,640.6	1,607.6
Growth	-2%	+2%	-34%	+2%	—
Net Income	23.7	21.9	42.8	42.6	37.0
Net Margin	2.20%	1.99%	3.95%	2.60%	2.30%

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	279.6	284.2	242.0	279.1	274.3	300.5	287.6	261.5	251.6	267.0	286.5	260.2
Growth	-2%	+17%	-13%	+2%	-9%	+5%	+10%	+4%	-6%	-7%	+10%	—
Net Income	7.1	1.6	8.2	5.6	7.9	6.1	1.7	8.6	5.6	6.5	17.6	9.9
Net Margin	2.54%	0.57%	3.38%	1.99%	2.87%	2.02%	0.60%	3.29%	2.24%	2.44%	6.13%	3.81%

Drivers of VSA's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 5.7bn

Finance costs ↓ 1.7bn

Administrative expenses ↑ 8.2bn

Other profit ↓ 0.7bn

TTM

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

Administrative expenses ↓ 0.6bn

Gross profit ↓ 0.8bn

Financial income ↓ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.7% = 2.2% × 1.72 × 1.80

2026Q1 6.5% = 2.1% × 1.66 × 1.89

ROE is broadly flat at 6.5% — the components are offsetting one another.

Net margin: 2.1% -0.1pp Asset turnover: 1.66x -0.06x Leverage: 1.89x +0.10x

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 stands at 2.07%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 2.07% −0.1pp

Gross Margin 8.80% +0.8pp

SG&A / Revenue 7.67% +1.0pp

Non-core / Revenue 1.54% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (57.7% of PBT) — sustainability should be monitored.

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 2.04% −0.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.89x equity, with a net cash position equivalent to 0.55x equity.

Over the last 12 months, working capital absorbed 28.2bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +0.4bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −28.6bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Watchpoints

Receivables collection is slowing

DSO increased by +0.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 56.0 days +0.7 days

Inventory — —

Payables 39.1 days +8.1 days

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 62.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.55x and interest coverage at 7.60x.

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 -0.55x —

Interest Coverage 7.60x +2.25x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.53x −4.60x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 62.7bn in 2025, against investing cash flow of -34.9bn.

Post-investment cash flow was positive +27.8bn. Financing cash flow was negative +19.5bn.

CFO / net income was -0.53x.

After spending +2.1bn on fixed-asset investment, the business generated trailing free cash flow of −14.0bn.

Cash Conversion

CFO TTM 11.9bn −110.6bn

Cash Capex 2.1bn −1.2bn

FCF TTM −14.0bn −109.3bn

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 self-funded cash generation remains weak remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 56.1%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.55x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.55x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 56.1% of PBT and CFO / net income currently at -0.53x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 14.0bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,079.6	1,101.2	1,083.7	1,640.6	1,607.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,079.6	1,101.2	1,083.7	1,640.6	1,607.6
Cost of Goods Sold	982.7	1,015.4	999.6	1,534.9	0.0
Gross Profit	96.9	85.8	84.0	105.7	96.3
Financial Income	19.8	18.5	33.2	20.8	14.8
Financial Expenses	3.0	4.1	3.1	6.0	-2.1
Interest Expense	0.1	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	-0.4	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	81.2	73.3	73.8	74.0	-61.2
Operating Profit	32.5	26.5	40.4	46.6	47.9
Other Income	0.7	1.7	14.5	6.5	0.0
Other Expenses	2.8	0.4	0.9	0.1	0.0
Other Profit	-2.1	1.3	13.6	6.4	-1.7
Profit Before Tax	30.4	27.8	54.0	53.1	46.2
Current Income Tax Expense	6.6	5.8	11.3	10.5	-9.2
Deferred Income Tax Expense	0.0	0.1	0.0	0.0	0.0
Net Income	23.7	21.9	42.8	42.6	37.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	23.7	21.9	42.8	42.6	37.0
Earnings per Share	1,684.00	1,555.00	3,033.00	3,020.00	2,625.00
Diluted EPS	1,684.00	1,555.00	3,032.93	3,020.20	2,624.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	514.6	484.1	489.8	502.3	631.7
I. Cash and cash equivalents	229.0	220.1	187.2	243.5	296.1
1. Cash	118.0	94.8	120.1	156.0	0.0
2. Cash equivalents	111.0	125.2	67.1	87.5	0.0
II. Short-term financial investments	66.1	27.8	24.2	23.2	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	66.1	27.8	24.2	23.2	0.0
III. Short-term receivables	204.2	217.6	261.6	201.6	261.1
1. Short-term trade accounts receivable	139.0	148.0	223.8	172.0	0.0
2. Short-term prepayments to suppliers	16.3	9.6	12.5	9.8	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	49.2	60.3	25.6	20.0	0.0
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	15.2	0.0
1. Inventories	—	0.0	0.0	15.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	15.2	18.6	16.8	18.8	53.3
1. Short-term prepayments	3.6	4.9	2.8	2.8	0.0
2. Value added tax to be reclaimed	11.4	13.5	13.9	15.8	0.0
3. Taxes and other receivables from state authorities	0.2	0.1	0.1	0.1	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)	125.6	133.2	143.0	180.4	170.6
I. Long-term receivables	2.1	3.9	1.9	21.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.0
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	2.1	3.9	1.9	21.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	46.8	57.6	62.5	64.8	64.1
1. Tangible fixed assets	35.2	40.4	44.4	47.6	47.1
- Cost	138.4	160.4	159.4	158.3	0.0
- Accumulated depreciation	-103.2	-120.1	-115.0	-110.7	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	11.6	17.2	18.1	17.2	17.0
- Cost	15.7	22.4	22.8	21.3	0.0
- Accumulated depreciation	-4.1	-5.2	-4.7	-4.1	0.0
III. Investment properties	19.4	14.6	17.7	21.6	25.6
- Cost	107.7	75.7	74.7	74.7	0.0
- Accumulated depreciation	-88.4	-61.1	-57.0	-53.1	0.0
IV. Long-term assets in progress	0.2	0.4	0.2	0.2	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.4	0.2	0.2	0.0
V. Long-term financial investments	5.2	3.6	4.5	12.3	12.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.5	2.0	7.2	7.2	0.0
3. Investments in other entities	1.7	1.7	2.2	9.8	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-4.9	-4.8	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	52.0	53.1	56.1	60.4	0.0
1. Long-term prepayments	52.0	53.1	56.1	60.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	59.1
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)	640.1	617.2	632.8	682.7	802.3
A. LIABILITIES (300=210+330)	301.3	274.7	260.8	313.5	434.2
I. Short -term liabilities	298.9	272.8	259.2	312.7	432.8
1. Short-term trade accounts payable	92.1	105.9	93.4	115.9	152.2
2. Short-term advances from customers	11.6	11.8	5.0	6.4	10.3
3. Taxes and other payables to state authorities	10.3	7.8	12.9	15.2	0.0
4. Payable to employees	33.6	27.0	20.9	23.6	0.0
5. Short-term acrrued expenses	8.7	9.1	6.0	2.3	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	1.0	0.1	1.1	0.7	0.1
9. Other short-term payables	132.2	103.7	112.3	139.6	0.0
10. Short-term borrowings and financial leases	1.7	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	7.7	7.3	7.6	8.8	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	2.3	1.9	1.5	0.9	1.4
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	0.5	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	1.8	1.8	1.5	0.9	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	0.1	0.1	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)	338.9	342.6	372.1	369.2	368.1
I. Owner's equity	338.9	342.6	372.1	369.2	0.0
1. Owner's capital	141.0	141.0	141.0	141.0	368.1
- Common stock with voting right	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00
- 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	169.1	165.9	157.2	147.4	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	28.9	35.7	73.9	80.8	88.0
- Accumulated retained earning at the end of the previous period	5.1	13.8	31.1	38.2	51.0
- Undistributed earnings in this period	23.7	21.9	42.8	42.6	37.0
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)	640.1	617.2	632.8	682.7	802.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.4	27.8	54.0	53.1	46.2
Depreciation of Fixed Assets and Investment Property	9.7	10.2	10.8	10.4	10.8
Provision (Increase)/Reversal	0.0	0.0	0.1	0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.2	0.2	0.9	0.0
Gain/Loss from Investment Activities	-8.9	-5.5	-22.7	-10.0	0.0
Interest Expense	0.1	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	31.7	32.8	42.4	54.8	55.2
Increase/(Decrease) in Receivables	17.1	41.3	-38.6	28.5	0.0
Increase/(Decrease) in Inventory	—	0.0	15.2	-15.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	25.1	16.9	-54.4	-101.1	0.0
Increase/(Decrease) in Prepaid Expenses	2.5	0.9	4.2	35.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-7.6	-8.6	-9.2	-12.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.0	-6.6	-5.8	-6.9	0.0
Net Cash Flow from Operating Activities	62.7	76.7	-46.2	-16.9	121.8
Payments for Fixed Assets and Other Long-term Assets	-3.1	-2.3	-4.7	-7.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	0.4	0.3	0.0
Loans and Purchases of Debt Instruments	-39.5	-3.6	-1.0	-26.2	-49.2
Receipts from Loan Repayments and Sale of Debt Instruments	1.2	0.5	0.0	33.0	6.0
Investments in Other Entities	-1.5	0.0	0.0	0.0	-0.8
Proceeds from Investments in Other Entities	—	0.0	21.3	0.0	0.0
Dividends and Interest Income Received	7.9	5.8	8.4	9.1	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	-34.9	0.6	24.4	8.8	-34.2
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	9.5	0.0	0.0	0.0	0.0
Repayment of Borrowings	-7.8	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-21.2	-45.1	-35.2	-35.2	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	-19.5	-45.1	-35.2	-35.2	0.0
Net Cash Flow During the Period	8.3	32.1	-57.0	-43.4	-48.1
Cash and Cash Equivalents at Beginning of Period	220.1	187.2	243.5	287.3	209.8
FX Difference from Revaluation	0.6	0.8	0.6	-0.4	-1.3
Cash and Cash Equivalents at End of Period	229.0	220.1	187.2	243.5	296.1

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	279.6	284.2	242.0	279.1	274.3	300.5	287.6	261.5	251.6	267.0	286.5	260.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	279.6	284.2	242.0	279.1	274.3	300.5	287.6	261.5	251.6	267.0	286.5	260.2
Cost of Goods Sold	256.9	257.0	217.2	258.3	250.8	279.3	266.7	237.4	232.2	251.9	263.4	234.5
Gross Profit	22.7	27.2	24.7	20.8	23.5	21.2	20.9	24.1	19.4	15.1	23.1	25.6
Financial Income	3.4	6.9	4.2	5.6	3.9	7.5	3.5	5.2	3.1	8.2	17.2	4.3
Financial Expenses	0.5	1.6	0.6	1.1	0.5	2.5	1.8	0.7	0.3	1.9	0.4	0.7
Interest Expense	0.0	0.0	0.0	0.1	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	16.4	31.2	17.2	18.4	17.0	18.4	21.5	18.0	15.2	26.8	17.7	16.6
Operating Profit	9.1	1.3	11.2	6.9	9.9	7.8	1.1	10.7	6.9	-5.4	22.2	12.7
Other Income	0.0	3.1	0.0	0.2	0.0	0.0	1.3	0.1	0.3	14.1	0.3	0.2
Other Expenses	0.0	2.0	0.8	0.0	0.0	0.2	0.0	0.1	0.2	0.1	0.5	0.3
Other Profit	-0.0	1.1	-0.8	0.1	-0.0	-0.2	1.3	0.1	0.1	14.0	-0.1	-0.2
Profit Before Tax	9.1	2.3	10.5	7.1	9.9	7.6	2.4	10.7	7.0	8.7	22.1	12.5
Current Income Tax Expense	2.0	0.7	2.3	1.5	2.0	1.6	0.7	2.1	1.4	2.1	4.5	2.6
Deferred Income Tax Expense	—	0.0	—	0.0	—	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0
Net Income	7.1	1.6	8.2	5.6	7.9	6.1	1.7	8.6	5.6	6.5	17.6	9.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.1	1.6	8.2	5.6	7.9	6.1	1.7	8.6	5.6	6.5	17.6	9.9
Earnings per Share	503.00	115.00	580.00	395.00	559.00	430.00	122.00	610.00	400.00	462.00	1,247.00	703.00
Diluted EPS	503.00	115.00	580.35	395.00	558.69	430.43	121.62	610.26	399.91	462.44	1,246.79	702.87

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)	515.5	514.6	561.4	516.2	540.1	485.5	523.8	548.7	497.9	489.5	491.7	646.8
I. Cash and cash equivalents	187.9	244.0	300.4	255.1	257.1	221.3	208.7	226.4	201.7	182.2	201.3	240.5
1. Cash	146.3	118.0	174.4	127.2	138.7	94.8	126.3	165.6	136.5	120.1	102.0	107.8
2. Cash equivalents	41.7	126.0	126.0	127.9	118.4	126.4	82.4	60.8	65.2	62.1	99.4	132.7
II. Short-term financial investments	70.2	51.1	31.8	26.8	28.8	26.6	26.6	26.2	24.2	29.2	24.2	23.2
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	70.2	51.1	31.8	26.8	28.8	26.6	26.6	26.2	24.2	29.2	24.2	23.2
III. Short-term receivables	241.1	204.2	212.9	217.2	238.1	219.0	271.6	278.0	255.4	261.3	250.9	367.0
1. Short-term trade accounts receivable	164.9	139.0	144.2	151.6	168.1	147.9	203.2	178.7	172.3	223.7	221.6	336.3
2. Short-term prepayments to suppliers	19.5	16.3	12.3	14.0	14.2	11.1	14.3	37.7	28.1	12.5	7.8	9.4
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	57.0	51.8	56.7	51.8	56.1	60.3	60.9	61.8	55.1	25.3	21.7	21.6
7. Provision for short-term doubtful debts (*)	-0.3	-2.9	-0.3	-0.3	-0.3	-0.3	-6.7	-0.2	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	16.2	15.2	16.3	17.0	16.0	18.6	16.8	18.1	16.6	16.8	15.2	16.1
1. Short-term prepayments	4.9	3.6	3.1	3.8	2.8	4.9	3.2	3.5	2.7	2.8	1.1	2.0
2. Value added tax to be reclaimed	11.2	11.4	13.1	13.2	13.2	13.5	13.5	13.6	13.8	13.9	14.0	13.9
3. Taxes and other receivables from state authorities	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.9	0.1	0.1	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)	122.5	125.6	124.9	128.9	131.6	131.7	133.6	137.1	138.9	143.3	154.1	165.2
I. Long-term receivables	1.6	2.1	2.4	3.9	3.8	2.4	2.6	2.6	1.9	2.1	9.1	9.2
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	1.6	2.1	2.4	3.9	3.8	2.4	2.6	2.6	1.9	2.1	9.1	9.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	45.5	46.8	47.1	48.2	49.6	57.5	57.5	59.9	60.8	62.5	64.3	66.0
1. Tangible fixed assets	34.1	35.2	33.9	35.0	36.2	40.2	40.1	41.5	42.8	44.4	46.0	47.6
- Cost	138.5	—	—	—	—	160.4	159.0	158.9	158.9	159.4	159.9	161.4
- Accumulated depreciation	-104.4	—	—	—	—	-120.2	-118.9	-117.5	-116.1	-115.0	-113.9	-113.8
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	11.4	11.6	13.1	13.2	13.4	17.2	17.4	18.4	18.0	18.1	18.3	18.4
- Cost	15.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	18.3	19.4	19.0	20.0	21.1	14.6	15.6	15.8	16.8	17.7	18.7	19.7
- Cost	107.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-89.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.2	0.4	0.4	0.4	0.4	0.2	0.2	0.2	0.2	0.2	0.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.2	0.4	0.4	0.4	0.4	0.2	0.2	0.2	0.2	0.2	0.2
V. Long-term financial investments	5.2	5.2	3.6	3.6	3.6	3.6	4.0	4.5	4.5	4.5	5.0	12.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.5	3.5	2.0	2.0	2.0	2.0	2.3	7.2	7.2	7.2	7.2	7.2
3. Investments in other entities	1.7	1.7	1.7	1.7	1.7	1.7	1.7	2.2	2.2	2.2	2.6	9.8
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	-4.9	-4.9	-5.0	-4.9	-4.8
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	51.7	52.0	52.4	52.8	53.2	53.3	53.7	54.2	54.7	56.1	56.7	57.9
1. Long-term prepayments	51.7	52.0	52.4	52.7	53.1	53.2	53.7	54.1	54.7	56.1	56.7	57.9
2. Deferred income tax assets	—	—	0.0	0.0	0.0	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)	637.9	640.1	686.3	645.1	671.7	617.2	657.4	685.8	636.8	632.7	645.8	812.0
A. LIABILITIES (300=210+330)	297.1	301.3	347.9	315.4	321.3	274.6	320.6	305.6	259.1	260.9	280.4	414.4
I. Short -term liabilities	294.7	298.9	346.0	313.5	319.3	272.7	318.9	304.1	257.5	259.5	279.7	413.5
1. Short-term trade accounts payable	108.3	92.1	82.4	99.2	103.6	105.9	114.5	94.3	72.2	93.4	87.0	220.5
2. Short-term advances from customers	10.7	11.6	12.7	9.0	21.3	11.8	8.9	34.4	10.6	5.0	12.5	16.6
3. Dividends and profits payable	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	5.7	10.3	12.1	9.3	8.8	7.8	8.0	10.9	10.7	13.3	16.9	13.2
4. Payable to employees	16.3	33.6	29.0	23.6	13.2	27.0	21.2	15.8	5.8	20.8	8.0	6.2
5. Short-term acrrued expenses	9.3	8.7	15.2	15.5	9.8	9.1	6.2	6.9	5.6	6.0	4.4	4.9
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	7.2	1.0	3.9	2.6	5.6	0.1	6.0	2.3	3.1	1.1	4.7	7.9
9. Other short-term payables	126.8	132.2	180.1	140.1	151.0	103.7	145.5	129.0	143.4	112.4	137.8	134.2
10. Short-term borrowings and financial leases	—	1.7	2.1	3.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	6.1	0.0	0.0	0.0
12.. Bonus and welfare fund	10.1	7.7	8.5	10.4	6.0	7.3	8.5	10.5	0.0	7.6	8.5	9.9
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	2.4	2.3	1.9	1.9	1.9	1.8	1.8	1.5	1.6	1.4	0.8	0.9
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	0.5	0.5	—	—	—	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	1.9	1.8	1.9	1.9	1.9	1.8	1.8	1.5	1.5	1.4	0.8	0.9
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	0.1	0.1	0.1	0.1	0.1	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)	340.9	338.9	338.3	329.7	350.5	342.6	336.8	380.2	377.7	371.9	365.4	397.7
I. Owner's equity	340.9	338.9	338.3	329.7	350.5	342.6	336.8	380.2	377.7	371.9	365.4	397.7
1. Owner's capital	141.0	141.0	141.0	141.0	141.0	141.0	141.0	141.0	141.0	141.0	141.0	141.0
- Common stock with voting right	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00	140,964,860,000.00
- 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	0.1
8. Investment and development fund	169.1	169.1	169.1	169.1	165.9	165.9	165.9	165.9	157.2	157.2	157.2	157.2
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	30.8	28.9	28.3	19.6	43.6	35.8	29.9	73.3	79.5	73.7	67.2	99.4
- Accumulated retained earning at the end of the previous period	23.8	5.1	6.2	6.2	35.7	13.8	14.0	59.1	73.9	31.2	31.2	80.8
- Undistributed earnings in this period	7.1	23.7	22.1	13.4	7.9	22.0	15.9	14.2	5.6	42.5	36.0	18.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	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)	637.9	640.1	686.3	645.1	671.7	617.2	657.4	685.8	636.8	632.7	645.8	812.0

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	9.1	2.3	10.5	7.7	9.9	7.6	2.4	10.8	7.0	8.7	22.1	12.5
Depreciation of Fixed Assets and Investment Property	2.4	2.4	2.4	2.5	2.5	2.5	2.6	2.5	2.7	4.3	1.2	2.7
Provision (Increase)/Reversal	—	0.0	—	—	—	-6.1	6.5	0.0	0.0	0.1	0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.4	-0.2	0.2	-0.0	0.5	0.3	-0.5	-0.1	0.2	-0.2	-4.2
Gain/Loss from Investment Activities	-1.3	-3.9	-1.6	-1.7	-1.7	-2.8	-1.0	-2.9	0.7	-11.2	-7.2	-2.7
Interest Expense	0.0	0.0	0.0	0.1	—	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	10.1	1.2	11.1	8.6	10.7	1.8	10.8	9.9	10.3	2.0	15.9	8.4
Increase/(Decrease) in Receivables	-38.8	12.2	6.0	21.0	-22.1	60.7	0.4	-93.0	74.2	12.5	-29.3	-14.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.5	-43.9	56.4	-35.6	48.2	-29.8	1.9	110.0	-66.3	-1.7	-34.8	-23.8
Increase/(Decrease) in Prepaid Expenses	-1.0	-0.2	1.1	-0.6	2.2	-1.3	0.8	-0.3	1.6	-1.2	2.1	4.9
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	-0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.4	-2.2	-1.3	-1.7	-2.2	1.4	-3.8	-1.2	-4.9	-3.0	-2.1	-6.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-15.3	15.3	0.0
Other Operating Payments	-2.7	-1.9	-1.9	-0.9	-1.3	-1.4	-2.0	-1.7	-1.5	17.4	-19.7	-5.5
Net Cash Flow from Operating Activities	-39.2	-34.8	71.3	-9.2	35.4	31.5	8.0	23.7	13.3	10.7	-52.7	-36.5
Payments for Fixed Assets and Other Long-term Assets	-0.1	-2.0	0.0	-0.0	-1.0	-1.7	0.0	-0.6	0.0	-1.6	1.6	-3.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	—	0.0	0.1	0.0	0.1	0.2	0.1	0.1
Loans and Purchases of Debt Instruments	-4.1	-35.5	-3.0	0.0	-1.0	0.0	-0.4	-2.0	0.0	-1.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.2	—	—	—	0.0	0.0	0.0	0.0	1.0	-1.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.5	0.0	0.0	21.3	0.0	0.0
Dividends and Interest Income Received	4.0	1.6	1.4	1.2	3.7	1.2	0.5	3.0	1.0	-10.1	12.8	3.9
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	-0.2	-36.3	-1.6	1.3	1.6	-0.4	0.7	0.4	1.1	9.8	13.5	0.9
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	—	1.7	2.1	5.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-1.7	-2.1	-3.8	-1.9	—	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	—	-0.5	-20.7	-0.0	—	-19.1	-26.0	0.0	0.0	-35.2	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	-1.7	-0.9	-22.4	3.8	—	-19.1	-26.0	0.0	0.0	-35.2	0.0	0.0
Net Cash Flow During the Period	-41.1	-71.9	47.3	-4.1	37.0	12.0	-17.3	24.2	14.4	-14.8	-39.1	-35.6
Cash and Cash Equivalents at Beginning of Period	229.0	300.4	253.1	257.1	220.1	187.2	187.2	187.2	187.2	243.5	243.5	243.5
FX Difference from Revaluation	0.0	0.6	0.1	0.2	0.0	0.5	-0.3	0.5	0.1	0.6	-0.0	0.0
Cash and Cash Equivalents at End of Period	187.9	229.0	300.4	253.1	257.1	221.3	208.7	226.4	201.7	187.2	201.3	240.5

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VSA

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What is driving the margin?

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Balance Sheet

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Leverage & Liquidity

Cash Flow