VTA

Vitaly ·UPCOM ·2024Q3

▼▼ Declining sharply

Margins remain under pressure Net margin −22.80%, −7.47pp YoY

Price

2,000

Latest close

29 May 2026

P/E -0.67x

P/B 0.63x

EPS -2,991

BVPS 3,183

ROE -63.9%

ROA -14.2%

Profit Margin -22.8%

Asset Turnover 0.62x

Equity Mult. 4.50x

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

What Is Changing

On a TTM 2024Q3 basis, VTA is under pressure on both revenue and margins simultaneously — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 105bn
	                                
−42.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 24bn
	                                
+14.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.51x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	48.6	92.1	152.4	281.9	211.8
Growth	-47%	-40%	-46%	+33%	—
Net Income	-17.1	-34.4	-28.5	-7.7	-6.5
Net Margin	-35.19%	-37.37%	-18.73%	-2.73%	-3.06%

Metric	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Revenue	20.4	26.9	28.7	29.0	32.9	46.3	44.1	59.6	60.7	90.1	71.5	69.7
Growth	-24%	-6%	-1%	-12%	-29%	+5%	-26%	-2%	-33%	+26%	+3%	—
Net Income	-4.0	-6.5	-4.1	-9.3	-6.0	-9.0	-4.2	-8.8	-3.1	3.2	1.0	-3.1
Net Margin	-19.87%	-24.06%	-14.26%	-32.13%	-18.28%	-19.48%	-9.46%	-14.81%	-5.15%	3.58%	1.42%	-4.41%

Drivers of VTA's profit

TTM

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

Selling expenses ↓ 3.2bn

Administrative expenses ↓ 2.7bn

Finance costs ↓ 0.9bn

Gross profit ↓ 2.8bn

TTM

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

Gross profit ↑ 1.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q3 -44.2% = -15.3% × 0.87 × 3.33

2024Q3 -63.9% = -22.8% × 0.62 × 4.50

ROE fell from -44.2% to -63.9% — asset turnover weakened the most, though leverage still provided support.

Net margin: -22.8% -7.5pp Asset turnover: 0.62x -0.24x Leverage: 4.50x +1.16x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -22.80%, losing 7.5pp. The main pressure comes from Gross margin fell 6.1pp and SG&A / Revenue rose 0.8pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.5pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -22.80% −7.5pp

Gross Margin -10.68% −6.1pp

SG&A / Revenue 9.53% +0.9pp

TTM YoY · 2023Q3 -> 2024Q3

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 -27.09%, losing 2.6pp. That translates to -27.09 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 7.5pp and capital turnover fell 0.42x, with invested capital holding roughly steady — 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 -27.09% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -27.09% −2.6pp

NOPAT Margin -22.67% −7.5pp

Capital Turnover 1.19x −0.42x

Average Invested Capital 87.9bn −25.7bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at -5.17x equity, net debt at 1.92x equity.

Over the last 12 months, working capital released 36.0bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −0.9bn

Inventories decreased → higher CFO: +70.9bn

Payables decreased → lower CFO: −34.0bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 26.6 days versus the same period last year. The main moves came from DIO rose 72.4 days, DSO rose 7.0 days, and DPO rose 52.8 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 137.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +7.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 28.4 days +7.0 days

Inventory 303.3 days +72.4 days

Payables 194.1 days +52.8 days

Cash Conversion Cycle 137.6 days +26.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.92x and interest coverage only at -8.53x.

At present, short-term debt accounts for 96.2% of total debt, cash equals 0.7% of debt, and total debt stands at 49.1bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.92x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -8.53x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.92x +0.86x

Interest Coverage -8.53x −0.98x

Cash / Debt 0.7% −0.9pp

Short-term Debt / Total Debt 96.2% +1.4pp

CFO / NI -0.51x −0.50x

TTM YoY · 2023Q3 -> 2024Q3

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 9.9bn in 2025, against investing cash flow of 8.3bn.

Post-investment cash flow was positive +18.2bn. Financing cash flow was negative +22.7bn.

CFO / net income was -0.51x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 12.1bn +11.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 0.0%. The main risk still sits in core profitability, with net margin down 7.5 pp.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: profitability remains under pressure, with trailing-12M net margin at -22.80% after a 7.5pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	48.8	92.2	153.0	283.5	212.2
Revenue Deductions	0.2	0.2	0.6	1.7	0.0
Net Revenue	48.6	92.1	152.4	281.9	211.8
Cost of Goods Sold	63.1	114.4	163.0	263.9	0.0
Gross Profit	-14.4	-22.3	-10.7	17.9	14.3
Financial Income	0.0	0.2	0.1	0.4	0.4
Financial Expenses	2.9	3.3	3.4	2.8	-2.7
Interest Expense	1.4	2.5	3.2	2.3	-2.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.0	4.6	6.9	14.4	-11.5
General and Administrative Expenses	5.9	8.5	7.5	8.8	-7.6
Operating Profit	-25.3	-38.5	-28.3	-7.5	-7.1
Other Income	8.8	9.7	0.0	0.2	0.0
Other Expenses	0.6	6.2	0.2	0.4	0.0
Other Profit	8.2	3.5	-0.2	-0.2	-0.2
Profit Before Tax	-17.1	-35.0	-28.5	-7.7	-7.3
Current Income Tax Expense	—	-0.6	0.0	0.0	0.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-17.1	-34.4	-28.5	-7.7	-6.5
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-17.1	-34.4	-28.5	-7.7	-6.5
Earnings per Share	-2,140.00	-4,302.00	-3,568.00	-962.00	-810.46
Diluted EPS	-2,139.51	-4,301.93	-3,567.70	-962.16	-810.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9.8	62.2	104.5	132.8	101.6
I. Cash and cash equivalents	0.7	5.1	2.7	1.9	6.0
1. Cash	0.7	5.1	2.7	1.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	2.6	2.2	8.5	8.3	14.3
1. Short-term trade accounts receivable	2.7	1.7	8.5	8.2	0.0
2. Short-term prepayments to suppliers	0.7	0.8	0.8	0.9	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	—	0.6	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.9	-0.8	-0.7	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	4.6	53.9	92.7	117.4	79.6
1. Inventories	19.3	73.7	99.8	123.4	0.0
2. Provision for decline in value of inventories	-14.7	-19.8	-7.1	-6.0	0.0
V. Other short-term assets	1.9	0.9	0.5	5.2	1.7
1. Short-term prepayments	1.3	0.3	0.4	1.8	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	3.3	0.0
3. Taxes and other receivables from state authorities	0.6	0.6	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)	38.0	53.8	69.5	82.6	92.8
I. Long-term receivables	—	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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	33.1	40.2	55.0	67.5	78.2
1. Tangible fixed assets	33.1	40.2	55.0	67.5	78.2
- Cost	197.5	236.8	317.2	317.2	0.0
- Accumulated depreciation	-164.4	-196.6	-262.2	-249.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	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
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	0.0	1.7	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	1.7	0.0
V. Long-term financial investments	0.9	2.1	2.9	2.9	2.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2.9	2.9	2.9	2.9	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-2.0	-0.7	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	4.0	11.5	11.6	10.6	0.0
1. Long-term prepayments	0.6	2.5	4.0	2.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	3.3	8.9	7.6	8.5	0.0
4. Other long-term assets	—	0.0	0.0	0.0	11.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	47.8	115.9	174.0	215.4	194.4
A. LIABILITIES (300=210+330)	59.3	110.3	133.9	146.8	118.1
I. Short -term liabilities	58.9	109.2	132.6	144.1	112.9
1. Short-term trade accounts payable	23.1	47.7	62.1	73.7	53.2
2. Short-term advances from customers	0.4	0.7	0.6	0.6	1.8
3. Taxes and other payables to state authorities	0.8	1.3	0.1	0.0	0.0
4. Payable to employees	0.5	1.3	1.5	3.9	0.0
5. Short-term acrrued expenses	1.2	3.9	6.2	6.2	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	11.5	11.1	10.7	10.2	0.0
10. Short-term borrowings and financial leases	21.3	43.2	51.3	49.4	37.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.3	1.1	1.3	2.7	5.3
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.3	1.1	1.3	2.7	5.3
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-11.5	5.7	40.1	68.6	76.3
I. Owner's equity	-11.5	5.7	40.1	68.6	0.0
1. Owner's capital	80.0	80.0	80.0	80.0	76.3
- Common stock with voting right	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	10.0	10.0	10.0	10.0	10.0
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	0.8	0.8	0.8	0.8	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	-102.2	-85.1	-50.7	-22.2	-14.5
- Accumulated retained earning at the end of the previous period	-85.1	-50.7	-22.2	-14.5	-7.2
- Undistributed earnings in this period	-17.1	-34.4	-28.5	-7.7	-7.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	47.8	115.9	174.0	215.4	194.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	-17.1	-35.0	-28.5	-7.7	-7.3
Depreciation of Fixed Assets and Investment Property	6.6	10.1	12.4	14.6	15.3
Provision (Increase)/Reversal	-3.8	13.6	1.1	2.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.1	0.1	0.2	0.0
Gain/Loss from Investment Activities	-7.8	3.6	-0.0	-0.1	0.0
Interest Expense	1.4	2.5	3.2	2.3	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	-20.5	-5.1	-11.7	11.3	11.0
Increase/(Decrease) in Receivables	-0.4	5.7	3.1	2.5	0.0
Increase/(Decrease) in Inventory	60.0	24.7	24.6	-40.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.1	-12.4	-12.4	17.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	1.6	-0.6	1.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-2.5	-2.7	-2.8	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	9.9	12.0	0.3	-10.3	11.4
Payments for Fixed Assets and Other Long-term Assets	—	-1.2	0.0	-4.0	-2.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	8.3	0.0	0.0	0.3	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	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	8.3	-1.2	0.0	-3.7	-2.7
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	—	79.1	94.8	54.7	46.6
Repayment of Borrowings	-22.7	-87.4	-94.2	-44.8	-52.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	-22.7	-8.4	0.5	9.9	-6.3
Net Cash Flow During the Period	-4.4	2.4	0.8	-4.1	1.3
Cash and Cash Equivalents at Beginning of Period	5.1	2.7	1.9	6.0	3.6
FX Difference from Revaluation	0.0	-0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	0.7	5.1	2.7	1.9	6.0

Item	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Revenue	20.4	26.9	28.7	29.4	33.0	46.5	44.1	60.4	61.0	90.5	71.6	69.7
Revenue Deductions	0.0	0.0	0.0	0.4	0.1	0.2	0.0	0.9	0.3	0.4	0.1	0.0
Net Revenue	20.4	26.9	28.7	29.0	32.9	46.3	44.1	59.6	60.7	90.1	71.5	69.7
Cost of Goods Sold	21.5	30.4	29.7	34.6	35.8	48.9	43.7	62.8	57.0	79.3	64.8	0.0
Gross Profit	-1.1	-3.5	-1.0	-5.5	-2.9	-2.6	0.4	-3.2	3.7	10.8	6.7	3.6
Financial Income	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.2	0.1	0.1
Financial Expenses	0.6	0.6	0.7	0.8	0.8	0.9	0.9	1.2	0.6	0.4	0.5	-0.6
Interest Expense	0.6	0.6	0.7	0.7	0.8	0.8	0.9	0.8	0.6	0.4	0.0	-0.6
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.0	1.0	1.3	1.6	1.1	2.4	1.8	2.7	3.7	4.7	3.2	-3.9
General and Administrative Expenses	1.2	1.5	1.1	1.4	1.2	3.1	1.9	1.7	2.4	2.6	2.0	-2.2
Operating Profit	-4.0	-6.5	-4.0	-9.3	-5.9	-9.0	-4.1	-8.8	-3.0	3.3	1.0	-3.1
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.1	0.0	0.1	0.1	0.2	0.1	0.2	0.0
Other Profit	-0.0	-0.0	-0.1	-0.0	-0.1	-0.0	-0.1	-0.1	-0.2	-0.0	0.0	-0.0
Profit Before Tax	-4.0	-6.5	-4.1	-9.3	-6.0	-9.0	-4.2	-8.8	-3.1	3.2	1.0	-3.1
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-4.0	-6.5	-4.1	-9.3	-6.0	-9.0	-4.2	-8.8	-3.1	3.2	1.0	-3.1
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-4.0	-6.5	-4.1	-9.3	-6.0	-9.0	-4.2	-8.8	-3.1	3.2	1.0	-3.1
Earnings per Share	-505.46	-809.19	-511.10	-1,165.74	-752.43	-1,127.67	-521.85	-1,102.52	-390.26	0.00	126.72	-383.77
Diluted EPS	-505.46	-809.19	-511.10	-1,165.74	-752.43	-1,127.67	-521.85	-1,102.52	-390.26	0.00	126.72	-383.77

Item	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	88.9	88.6	93.5	104.5	110.9	122.3	131.7	132.8	153.0	127.2	97.0	101.6
I. Cash and cash equivalents	0.4	0.5	0.2	2.7	0.9	0.7	2.1	1.9	4.2	7.0	6.2	6.0
1. Cash	0.4	0.5	0.2	2.7	0.9	0.7	2.1	1.9	2.4	7.0	6.2	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	9.0	14.4	16.1	8.5	11.0	10.7	15.9	8.3	12.3	12.5	13.2	14.3
1. Short-term trade accounts receivable	6.8	11.3	13.9	8.5	9.6	9.6	14.8	8.2	11.8	11.3	13.2	0.0
2. Short-term prepayments to suppliers	0.8	1.4	0.8	0.8	0.7	0.8	0.9	0.9	1.2	1.9	0.8	0.0
3. Short-term inter-company receivables	2.2	2.3	2.2	0.0	1.4	1.1	0.8	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	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	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	78.0	72.3	74.8	92.7	97.5	107.3	108.6	117.4	130.9	103.6	74.8	79.6
1. Inventories	87.1	81.4	81.8	99.8	106.0	115.7	114.0	123.4	136.0	108.7	78.8	0.0
2. Provision for decline in value of inventories	-9.1	-9.1	-7.1	-7.1	-8.5	-8.5	-5.5	-6.0	-5.1	-5.1	-4.0	0.0
V. Other short-term assets	1.6	1.4	2.4	0.5	1.5	3.7	5.2	5.2	5.7	4.1	2.8	1.7
1. Short-term prepayments	1.1	1.3	2.4	0.4	1.2	2.3	3.1	1.8	1.5	2.3	2.7	0.0
2. Value added tax to be reclaimed	0.4	0.0	0.0	0.0	0.3	1.2	2.0	3.3	4.0	1.7	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	63.2	64.8	66.1	69.5	73.4	77.4	81.7	82.6	85.2	86.0	89.5	92.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	48.1	50.6	52.1	55.0	57.9	60.9	64.1	67.5	67.2	70.8	74.4	78.2
1. Tangible fixed assets	48.1	50.6	52.1	55.0	57.9	60.9	64.1	67.5	67.2	70.8	74.4	78.2
- Cost	318.2	318.2	317.2	317.2	317.2	317.2	317.2	317.2	313.4	313.4	313.4	0.0
- Accumulated depreciation	-270.1	-267.7	-265.1	-262.2	-259.3	-256.3	-253.1	-249.8	-246.2	-242.6	-238.9	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.1	0.0	0.0	0.0	0.0	0.0	4.8	1.7	3.9	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.0	0.0	0.0	0.0	0.0	4.8	1.7	3.9	0.0	0.0	0.0
V. Long-term financial investments	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	12.1	11.3	11.1	11.6	12.6	13.5	9.9	10.6	11.3	12.4	12.2	0.0
1. Long-term prepayments	2.7	3.1	3.4	4.0	4.8	5.6	1.6	2.0	2.8	3.1	3.8	0.0
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	0.0	0.0
3. Long-term equipment, supplies, spare parts	9.4	8.2	7.6	7.6	7.8	7.9	8.3	8.5	8.5	9.3	8.4	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	11.8
5. Goodwill	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	152.1	153.3	159.6	174.0	184.4	199.7	213.4	215.4	238.3	213.2	186.5	194.4
A. LIABILITIES (300=210+330)	126.7	123.8	123.6	133.9	135.0	144.3	149.0	146.8	160.8	132.7	109.1	118.1
I. Short -term liabilities	124.8	122.0	122.3	132.6	132.2	141.5	146.2	144.1	153.1	127.4	103.9	112.9
1. Short-term trade accounts payable	59.3	55.5	54.1	62.1	64.2	72.2	76.0	73.7	83.8	71.1	50.3	53.2
2. Short-term advances from customers	0.6	0.3	0.3	0.6	0.5	0.4	0.4	0.6	1.5	1.4	2.6	1.8
3. Taxes and other payables to state authorities	0.0	0.1	0.4	0.1	0.0	0.0	0.4	0.0	0.0	0.0	0.2	0.0
4. Payable to employees	0.0	0.0	0.0	1.5	0.0	0.0	0.0	3.9	5.8	5.7	1.7	0.0
5. Short-term acrrued expenses	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.1	6.6	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	11.4	11.1	11.4	10.7	11.0	12.1	10.7	10.2	11.0	10.5	10.3	0.0
10. Short-term borrowings and financial leases	47.3	48.8	49.9	51.3	50.2	50.6	52.5	49.4	44.8	32.7	32.1	37.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.8	1.8	1.3	1.3	2.7	2.7	2.7	2.7	7.7	5.3	5.3	5.3
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1.8	1.8	1.3	1.3	2.7	2.7	2.7	2.7	7.7	5.3	5.3	5.3
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	25.5	29.5	36.0	40.1	49.4	55.4	64.4	68.6	77.4	80.6	77.3	76.3
I. Owner's equity	25.5	29.5	36.0	40.1	49.4	55.4	64.4	68.6	77.4	80.6	77.3	0.0
1. Owner's capital	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	76.3
- Common stock with voting right	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	0.00	80,000,000,000.00	80,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	80,000,000,000.00	0.00	0.00
2. Share premium	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-65.3	-61.3	-54.8	-50.7	-41.4	-35.4	-26.3	-22.2	-13.4	-10.2	-13.5	-14.5
- Accumulated retained earning at the end of the previous period	-50.7	-50.7	-50.7	-22.2	-22.2	-22.2	-22.2	-14.5	-14.5	-14.5	-14.5	-7.2
- Undistributed earnings in this period	-14.6	-10.6	-4.1	-28.5	-19.2	-13.2	-4.2	-7.7	1.1	4.2	1.0	-7.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	152.1	153.3	159.6	174.0	184.4	199.7	213.4	215.4	238.3	213.2	186.5	194.4

Item	Q4'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	-17.1	-4.0	-6.5	-4.1	-9.3	-6.0	-9.0	-4.2	-8.8	-3.1	3.2	1.0
Depreciation of Fixed Assets and Investment Property	6.6	2.4	2.5	2.9	2.9	3.0	3.2	3.3	3.6	3.6	3.7	3.8
Provision (Increase)/Reversal	-3.8	0.0	2.1	0.0	-1.4	0.0	3.0	-0.5	0.9	0.0	1.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.1	-0.1	0.0	0.1	-0.0	0.0	0.0	0.2	-0.1	0.1	0.0
Gain/Loss from Investment Activities	-7.8	-0.2	0.0	-0.0	0.1	-0.1	0.0	-0.0	0.2	-0.2	-0.1	-0.1
Interest Expense	1.4	0.6	0.6	0.7	0.7	0.8	0.8	0.9	0.8	0.6	0.4	0.5
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-20.5	-1.1	-1.3	-0.6	-6.9	-2.3	-1.9	-0.5	-3.2	0.8	8.5	5.3
Increase/(Decrease) in Receivables	-0.4	5.3	1.8	-7.6	5.8	-2.3	7.2	-7.5	0.5	1.0	-0.1	1.1
Increase/(Decrease) in Inventory	60.0	-6.9	-0.2	17.9	6.4	9.9	-1.3	9.7	12.5	-26.5	-30.8	4.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.1	4.3	0.5	-8.7	-4.1	-6.2	-1.1	-1.0	-11.1	9.2	23.1	-3.7
Increase/(Decrease) in Prepaid Expenses	0.9	0.6	1.4	-1.4	1.6	2.0	-3.0	-1.1	0.5	1.0	1.1	-1.1
Changes in Trading Securities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.8	-0.5	-0.7	-0.6	-0.5	0.7	-2.3	-1.2	-0.3	-0.8	-0.4
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	-0.6
Other Operating Receipts	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.6	0.6	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	-0.6	0.0	0.0
Net Cash Flow from Operating Activities	9.9	1.4	1.8	-1.0	2.1	0.6	0.4	-2.8	-2.0	-14.8	1.5	5.0
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	-2.6	-1.2	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	8.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	8.3	-0.1	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	-2.6	-1.2	0.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	21.2	22.4	18.4	22.4	19.4	33.1	19.8	21.2	18.7	9.4	5.5
Repayment of Borrowings	-22.7	-22.7	-23.0	-19.9	-22.7	-19.7	-35.0	-16.8	-21.5	-4.1	-8.8	-10.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-22.7	-1.5	-0.6	-1.5	-0.3	-0.3	-1.9	3.0	-0.3	14.6	0.6	-4.9
Net Cash Flow During the Period	-4.4	-0.1	0.2	-2.5	1.8	0.2	-1.5	0.2	-2.3	-2.8	0.9	0.1
Cash and Cash Equivalents at Beginning of Period	5.1	2.7	2.7	2.7	1.9	1.9	1.9	1.9	6.0	6.0	6.0	6.0
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.7	0.4	0.5	0.2	2.7	0.9	0.7	2.1	1.9	4.2	7.0	6.2

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VTA

What Is Changing

Drivers of VTA'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