VTZ

Sản xuất và Thương mại Nhựa Việt Thành ·HNX ·2026Q1

▼ Slightly negative

Capital efficiency remains weak ROE 2.53%, −1.36pp YoY

Price

20,400

Latest close

02 Jun 2026

P/E 23.83x

P/B 1.75x

EPS 856

BVPS 11,676

ROE 7.5%

ROA 2.1%

Profit Margin 1.3%

Asset Turnover 1.64x

Equity Mult. 3.54x

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

What Is Changing

On a TTM 2026Q1 basis, VTZ posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,014bn
	                                
+33.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 65bn
	                                
−6.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -4.33x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022
Revenue	4,916.5	3,543.0	2,656.6	1,785.5
Growth	+39%	+33%	+49%	—
Net Income	52.0	58.8	22.8	24.9
Net Margin	1.06%	1.66%	0.86%	1.40%

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	1,204.8	1,413.2	1,197.5	1,198.1	1,112.4	917.0	874.8	849.2	902.1	749.3	471.6	804.4
Growth	-15%	+18%	-0%	+8%	+21%	+5%	+3%	-6%	+20%	+59%	-41%	—
Net Income	20.4	10.7	10.0	24.1	15.6	15.0	20.9	18.3	15.9	4.9	5.1	4.8
Net Margin	1.69%	0.75%	0.84%	2.01%	1.40%	1.64%	2.39%	2.16%	1.76%	0.66%	1.09%	0.59%

Drivers of VTZ's profit

TTM

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

Gross profit ↑ 44.6bn

Financial income ↑ 20.9bn

Administrative expenses ↓ 4.5bn

Finance costs ↑ 59.7bn

Tax ↑ 9.7bn

Selling expenses ↑ 3.4bn

TTM

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

Gross profit ↑ 30.7bn

Financial income ↑ 1.1bn

Finance costs ↑ 13.9bn

Tax ↑ 9.0bn

Other profit ↓ 2.6bn

Administrative expenses ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.4% = 1.9% × 1.58 × 3.55

2026Q1 7.6% = 1.3% × 1.64 × 3.54

ROE fell from 10.4% to 7.6% — leverage weakened the most, though asset turnover still provided support.

Net margin: 1.3% -0.6pp Asset turnover: 1.64x +0.06x Leverage: 3.54x -0.01x

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 narrowed to 1.30%, falling 0.6pp. The main pressure is Gross margin fell 0.5pp, outweighing the improvement in SG&A / Revenue fell 0.4pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.0pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 1.30% −0.6pp

Gross Margin 5.00% −0.5pp

SG&A / Revenue 0.98% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC narrowed to 2.53%, falling 1.4pp. That translates to 2.53 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.5pp and capital turnover fell 0.18x, while invested capital expanded strongly by 841bn — pressure came from both operational efficiency and asset efficiency.

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

Watchpoints

ROIC remains low

ROIC is currently 2.53% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.53% −1.4pp

NOPAT Margin 1.34% −0.5pp

Capital Turnover 1.89x −0.18x

Average Invested Capital 2,647.1bn +840.8bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is very high, with clear pressure on the capital structure — liabilities at 2.76x equity, net debt at 2.51x equity.

Inventory ended the period at 1,033.6bn, roughly 31.6% of total assets.

Over the last 12 months, working capital absorbed 316.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −241.1bn

Inventories increased → lower CFO: −158.0bn

Payables increased → higher CFO: +83.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.6 days versus the same period last year. The main moves came from DIO fell 17.7 days, DSO fell 10.3 days, and DPO fell 22.4 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 117.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 52.3 days −10.3 days

Inventory 73.7 days −17.7 days

Payables 8.8 days −22.4 days

Cash Conversion Cycle 117.3 days −5.6 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.51x and interest coverage only at 0.67x.

At present, short-term debt accounts for 98.6% of total debt, cash equals 4.6% of debt, and total debt stands at 2,336.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.51x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.67x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.51x +0.90x

Interest Coverage 0.67x −0.39x

Cash / Debt 4.6% −18.1pp

Short-term Debt / Total Debt 98.6% +0.2pp

CFO / NI -4.33x +0.87x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -318.5bn in 2025, against investing cash flow of -623.0bn.

Post-investment cash flow was negative +941.5bn. Financing cash flow was positive +715.6bn.

CFO / net income was -4.33x.

After spending +109.8bn on fixed-asset investment, the business generated trailing free cash flow of −390.9bn.

Cash Conversion

CFO TTM 281.1bn +82.4bn

Cash Capex 109.8bn +72.4bn

FCF TTM −390.9bn +10.0bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 30.8%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.5%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 10.0bn versus the same period last year.

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

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	4,916.5	3,545.8	2,656.6	1,785.5
Revenue Deductions	0.0	2.8	0.0	0.0
Net Revenue	4,916.5	3,543.0	2,656.6	1,785.5
Cost of Goods Sold	4,703.8	3,342.7	2,519.1	1,671.2
Gross Profit	212.7	200.3	137.5	114.3
Financial Income	40.0	12.1	7.3	4.1
Financial Expenses	132.0	92.9	62.7	42.0
Interest Expense	125.8	77.0	61.7	41.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	28.5	24.8	21.7	20.5
General and Administrative Expenses	19.5	18.2	28.1	23.5
Operating Profit	72.7	76.5	32.4	32.4
Other Income	2.3	0.6	1.6	0.0
Other Expenses	1.9	0.7	0.5	0.9
Other Profit	0.4	-0.1	1.1	-0.9
Profit Before Tax	73.1	76.4	33.5	31.5
Current Income Tax Expense	21.1	18.4	10.7	6.5
Deferred Income Tax Expense	-0.0	-0.7	0.0	0.0
Net Income	52.0	58.8	22.8	24.9
Non-controlling Interest	0.0	0.1	0.0	0.0
Profit Attributable to Parent	52.0	58.7	22.8	24.9
Earnings per Share	683.00	1,182.00	683.00	1,019.00
Diluted EPS	683.00	1,182.00	529.18	1,082.45

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,698.9	2,180.4	1,455.7	959.5
I. Cash and cash equivalents	103.0	328.8	86.7	39.9
1. Cash	20.6	24.3	24.5	24.9
2. Cash equivalents	82.4	304.5	62.2	15.0
II. Short-term financial investments	723.5	437.1	92.4	126.3
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	723.5	437.1	92.4	126.3
III. Short-term receivables	827.1	583.5	608.2	283.2
1. Short-term trade accounts receivable	722.2	572.3	603.2	244.0
2. Short-term prepayments to suppliers	92.0	2.5	1.3	34.1
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	12.9	8.7	3.7	5.2
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	1,033.6	823.8	661.1	498.2
1. Inventories	1,033.6	823.8	661.1	498.2
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	11.7	7.2	7.2	11.9
1. Short-term prepayments	8.9	5.1	3.8	3.3
2. Value added tax to be reclaimed	2.8	2.1	3.4	8.6
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	571.4	230.2	229.0	291.7
I. Long-term receivables	10.4	9.8	12.4	90.1
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	80.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	10.4	9.8	12.4	10.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	197.7	162.3	162.4	166.5
1. Tangible fixed assets	116.4	68.6	57.0	65.9
- Cost	262.0	186.5	146.3	131.0
- Accumulated depreciation	-145.6	-117.9	-89.3	-65.1
2. Financial leased fixed assets	29.4	41.1	52.2	46.7
- Cost	58.7	65.3	76.4	66.7
- Accumulated depreciation	-29.4	-24.2	-24.2	-20.1
3. Intangible fixed assets	51.9	52.6	53.2	53.9
- Cost	55.9	55.9	55.9	55.9
- Accumulated depreciation	-4.0	-3.4	-2.7	-2.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	6.6	2.9	1.7	1.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	6.6	2.9	1.7	1.0
V. Long-term financial investments	350.0	50.0	50.0	30.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	350.0	50.0	50.0	30.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	6.8	5.2	2.5	4.2
1. Long-term prepayments	6.1	4.5	2.5	4.2
2. Deferred income tax assets	0.8	0.7	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,270.4	2,410.5	1,684.7	1,251.2
A. LIABILITIES (300=210+330)	2,401.7	1,593.9	1,196.3	985.3
I. Short -term liabilities	2,386.2	1,566.4	1,158.3	950.2
1. Short-term trade accounts payable	152.3	67.7	339.5	343.5
2. Short-term advances from customers	3.9	1.4	1.0	0.0
3. Taxes and other payables to state authorities	20.6	18.6	9.3	6.6
4. Payable to employees	4.0	1.9	3.4	3.4
5. Short-term acrrued expenses	4.5	3.5	1.0	0.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.1	0.0	1.4	40.0
10. Short-term borrowings and financial leases	2,199.5	1,471.9	801.2	555.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.4	1.4	1.4	1.5
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	15.4	27.5	38.0	35.1
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.2	0.7	0.0
7. Other long-term liabilities	—	0.0	0.0	1.4
8. Long-term borrowings and financial leases	15.4	27.3	37.3	33.7
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	868.7	816.6	488.4	265.9
I. Owner's equity	868.7	816.6	488.4	265.9
1. Owner's capital	761.6	761.6	430.0	230.0
- Common stock with voting right	761,598,330,000.00	761,598,330,000.00	430,000,000,000.00	230,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	4.9	4.9	4.9	5.2
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	101.8	49.7	53.2	30.4
- Accumulated retained earning at the end of the previous period	49.7	0.0	30.4	7.0
- Undistributed earnings in this period	52.0	49.7	22.8	23.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	0.5	0.4	0.4	0.3
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,270.4	2,410.5	1,684.7	1,251.2

Item	2025	2024	2023	2022
Profit Before Tax	73.1	76.4	33.5	31.5
Depreciation of Fixed Assets and Investment Property	36.4	31.5	32.1	29.6
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	0.9	0.1
Gain/Loss from Investment Activities	-42.2	-12.3	-8.9	-4.0
Interest Expense	125.8	77.0	61.7	41.7
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	193.0	172.7	119.3	98.9
Increase/(Decrease) in Receivables	-241.6	27.7	-238.9	-148.8
Increase/(Decrease) in Inventory	-209.8	-162.6	-162.9	-114.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	88.7	-283.0	-42.1	222.3
Increase/(Decrease) in Prepaid Expenses	-5.4	-3.2	1.4	-1.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-124.4	-75.2	-60.9	-41.7
Corporate Income Tax Paid	-18.9	-9.2	-8.1	-5.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	-318.5	-332.9	-392.3	9.1
Payments for Fixed Assets and Other Long-term Assets	-81.5	-28.5	-17.0	-53.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	8.3	3.2	14.2	10.7
Loans and Purchases of Debt Instruments	-730.0	-414.6	-20.0	-52.9
Receipts from Loan Repayments and Sale of Debt Instruments	143.5	70.0	33.8	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	36.6	11.8	6.4	5.4
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-623.0	-358.2	17.4	-90.3
Proceeds from Equity Issuance and Capital Contributions	—	280,000,000,000.00	199,710,000,000.00	300,000,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	4,704.5	2,704.4	1,599.1	1,219.8
Repayment of Borrowings	-3,976.1	-2,033.7	-1,358.1	-1,091.7
Repayment of Finance Leases	-12.8	-17.6	-19.1	-19.3
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	715.6	933.1	421.7	109.1
Net Cash Flow During the Period	-225.8	242.1	46.8	27.9
Cash and Cash Equivalents at Beginning of Period	328.8	86.7	39.9	12.0
FX Difference from Revaluation	0.1	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	103.0	328.8	86.7	39.9

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	1,204.8	1,413.2	1,197.5	1,198.1	1,112.4	917.0	875.4	849.2	902.1	749.3	471.6	804.4
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,204.8	1,413.2	1,197.5	1,198.1	1,112.4	917.0	874.8	849.2	902.1	749.3	471.6	804.4
Cost of Goods Sold	1,125.3	1,356.8	1,146.3	1,134.7	1,063.7	859.8	821.3	802.7	858.9	719.9	438.5	768.2
Gross Profit	79.5	56.4	51.3	63.4	48.8	57.2	53.5	46.5	43.1	29.4	33.1	36.2
Financial Income	8.5	10.4	10.6	10.4	7.3	3.6	4.1	4.0	0.6	4.2	0.7	1.3
Financial Expenses	38.3	37.4	35.8	33.1	24.4	28.7	20.7	11.0	12.3	9.1	17.5	19.4
Interest Expense	37.1	35.5	34.6	31.0	23.4	24.4	17.8	10.8	12.0	8.9	17.5	19.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	7.2	7.8	6.1	7.7	6.5	8.4	5.3	5.2	5.2	6.7	5.2	5.5
General and Administrative Expenses	5.4	6.1	4.9	3.8	4.7	4.5	4.0	11.5	6.7	11.3	4.5	5.7
Operating Profit	37.1	15.5	15.1	29.2	20.5	19.1	27.5	22.8	19.5	6.4	6.5	6.8
Other Income	0.2	0.5	0.0	1.4	0.5	0.0	0.0	0.2	0.4	0.4	0.0	1.2
Other Expenses	2.9	0.2	0.8	0.9	0.7	0.1	0.6	0.0	0.1	0.5	0.0	-0.0
Other Profit	-2.8	0.3	-0.8	0.5	-0.2	-0.1	-0.6	0.2	0.4	-0.1	-0.0	1.2
Profit Before Tax	34.3	15.8	14.4	29.7	20.3	19.0	26.9	22.9	19.9	6.4	6.5	8.0
Current Income Tax Expense	13.8	5.1	4.3	5.5	4.8	4.0	5.6	4.6	4.0	1.4	1.3	3.2
Deferred Income Tax Expense	0.1	0.0	0.1	0.1	-0.1	0.0	0.5	0.0	0.0	0.0	0.0	0.0
Net Income	20.4	10.7	10.0	24.1	15.6	15.0	20.9	18.3	15.9	4.9	5.1	4.8
Non-controlling Interest	0.0	0.0	0.0	0.2	-0.2	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Profit Attributable to Parent	20.4	10.7	10.0	23.9	15.8	15.0	20.8	18.3	15.9	4.9	5.1	4.8
Earnings per Share	268.00	140.00	132.00	316.00	205.00	265.00	455.00	426.00	369.00	84.00	34.00	193.00
Diluted EPS	268.00	140.00	131.57	313.77	207.31	197.04	432.87	425.19	369.52	114.60	119.38	110.83

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)	2,820.6	2,669.0	2,813.1	2,662.8	2,463.1	2,178.5	1,876.0	1,701.8	1,824.1	1,454.4	1,344.7	1,356.9
I. Cash and cash equivalents	107.1	102.9	22.9	361.4	392.7	48.8	34.9	29.4	87.7	62.7	58.0	255.1
1. Cash	24.7	20.1	7.4	21.2	52.6	24.3	7.1	23.5	34.4	24.5	21.1	211.7
2. Cash equivalents	82.4	82.9	15.5	340.2	340.1	24.5	27.8	5.8	53.4	38.2	36.9	43.4
II. Short-term financial investments	769.1	696.2	744.9	607.7	499.3	717.1	356.9	310.7	211.7	116.4	49.4	57.3
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	769.1	696.2	744.9	607.7	499.3	717.1	356.9	310.7	211.7	116.4	49.4	57.3
III. Short-term receivables	883.3	824.8	940.6	797.9	680.3	583.8	665.3	588.0	625.9	607.4	594.1	563.6
1. Short-term trade accounts receivable	770.0	722.2	920.7	762.7	666.8	572.3	642.8	583.6	620.4	603.2	558.3	527.9
2. Short-term prepayments to suppliers	102.4	92.0	12.1	27.0	6.8	4.7	4.4	1.1	1.8	1.3	33.8	33.7
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	10.8	10.6	7.8	8.2	6.6	6.7	18.2	3.3	3.7	2.9	2.0	2.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,041.1	1,033.5	1,090.4	884.4	882.7	821.6	813.3	767.3	893.8	660.7	637.5	474.3
1. Inventories	1,041.1	1,033.5	1,090.4	884.4	882.7	821.6	813.3	767.3	893.8	660.7	637.5	474.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	20.0	11.7	14.2	11.3	8.1	7.3	5.7	6.4	4.9	7.2	5.7	6.6
1. Short-term prepayments	7.8	8.9	7.8	7.3	6.3	5.1	5.1	4.6	4.1	3.8	3.9	3.1
2. Value added tax to be reclaimed	12.3	2.8	6.5	4.0	1.8	2.2	0.5	1.8	0.8	3.4	1.7	3.5
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	579.8	571.1	246.0	248.9	237.6	231.2	215.9	219.4	224.9	229.5	309.3	296.6
I. Long-term receivables	13.1	9.9	11.4	11.5	11.9	11.6	11.4	10.8	12.3	12.4	92.2	92.6
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	80.0	80.0
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	13.1	9.9	11.4	11.5	11.9	11.6	11.4	10.8	12.3	12.4	12.2	12.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	202.5	197.7	173.8	177.6	167.0	162.3	148.7	153.4	159.1	162.8	162.4	169.0
1. Tangible fixed assets	100.1	116.4	88.8	89.7	76.3	68.6	52.1	54.0	53.6	57.4	58.8	61.7
- Cost	251.3	—	—	—	—	186.5	165.0	161.9	149.6	146.7	142.1	139.9
- Accumulated depreciation	-151.3	—	—	—	—	-117.9	-112.8	-107.9	-96.0	-89.3	-83.3	-78.2
2. Financial leased fixed assets	50.7	29.4	32.9	35.7	38.4	41.1	43.8	46.5	52.4	52.2	50.1	53.6
- Cost	80.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-29.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	51.7	51.9	52.1	52.2	52.4	52.6	52.7	52.9	53.1	53.2	53.4	53.6
- Cost	55.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.2	—	—	—	—	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	8.0	6.6	3.8	3.0	2.9	2.9	2.3	1.7	1.7	1.7	1.7	1.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	8.0	6.6	3.8	3.0	2.9	2.9	2.3	1.7	1.7	1.7	1.7	1.4
V. Long-term financial investments	350.0	350.0	50.0	50.0	50.0	50.0	50.0	50.0	49.8	50.0	50.0	30.0
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	-0.2	0.0	0.0	0.0
5. Held to maturity investments	350.0	350.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	30.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.3	6.8	6.9	6.8	5.8	4.5	3.6	3.5	2.1	2.6	3.0	3.6
1. Long-term prepayments	5.6	6.1	6.1	5.9	5.7	4.5	3.6	3.5	2.1	2.6	3.0	3.6
2. Deferred income tax assets	0.7	0.8	0.8	0.9	0.1	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)	3,400.4	3,240.1	3,059.0	2,911.7	2,700.6	2,409.7	2,091.9	1,921.2	2,049.0	1,683.9	1,654.0	1,653.5
A. LIABILITIES (300=210+330)	2,511.2	2,372.6	2,195.0	2,055.4	1,865.5	1,590.9	1,567.8	1,398.6	1,544.7	1,193.4	1,168.4	1,172.8
I. Short -term liabilities	2,478.1	2,357.2	2,173.9	2,033.6	1,838.0	1,563.4	1,532.7	1,355.2	1,500.8	1,155.4	1,118.4	1,121.7
1. Short-term trade accounts payable	128.1	149.5	83.3	79.9	100.6	67.7	227.8	286.1	505.2	339.6	338.5	360.7
2. Short-term advances from customers	5.7	3.9	1.2	4.2	4.5	1.4	1.9	1.8	1.4	1.0	0.4	0.0
3. Taxes and other payables to state authorities	36.4	20.6	16.0	22.6	22.7	16.1	12.2	13.2	13.2	7.1	11.1	11.8
4. Payable to employees	2.9	4.0	2.4	2.6	2.7	1.9	2.2	2.4	2.3	3.4	2.8	2.6
5. Short-term acrrued expenses	—	4.1	3.1	2.2	0.0	3.0	0.0	0.0	0.0	0.6	0.0	1.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.1	0.2	0.1	0.3	0.0	0.1	0.3	0.3	1.4	1.2	0.6
10. Short-term borrowings and financial leases	2,303.4	2,173.5	2,066.3	1,920.5	1,705.7	1,471.9	1,287.1	1,049.9	977.0	800.8	762.9	743.0
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	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
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	33.1	15.4	21.0	21.8	27.5	27.5	35.1	43.4	43.9	38.0	50.0	51.1
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	0.1	0.1	0.2	0.3	0.4	0.5	0.7	0.8	1.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	33.1	15.4	21.0	21.7	27.3	27.3	34.8	43.0	43.3	37.3	49.2	50.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	889.2	867.5	864.1	856.2	835.1	818.8	524.1	522.6	504.3	490.5	485.5	480.7
I. Owner's equity	889.2	867.5	864.1	856.2	835.1	818.8	524.1	522.6	504.3	490.5	485.5	480.7
1. Owner's capital	761.6	761.6	761.6	761.6	761.6	761.6	481.6	430.0	430.0	430.0	430.0	430.0
- Common stock with voting right	761,598,330,000.00	761,598,330,000.00	761,598,330,000.00	761,598,330,000.00	761,598,330,000.00	761,598,330,000.00	481,598,330,000.00	430,000,000,000.00	430,000,000,000.00	430,000,000,000.00	430,000,000,000.00	430,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.9	4.9	4.9	4.9	4.9	4.6	0.0	4.9	4.9	4.9	4.9	5.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	122.2	100.6	97.2	89.3	68.2	52.2	42.1	87.3	69.1	55.2	50.3	45.2
- Accumulated retained earning at the end of the previous period	101.8	49.7	49.7	49.7	52.6	0.0	0.0	53.2	53.2	30.4	30.4	30.4
- Undistributed earnings in this period	20.4	50.8	47.4	39.6	15.6	52.2	42.1	34.2	15.9	24.8	19.9	14.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.6	0.4	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.3
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)	3,400.4	3,240.1	3,059.0	2,911.7	2,700.6	2,409.7	2,091.9	1,921.2	2,049.0	1,683.9	1,654.0	1,653.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	34.3	9.3	14.4	29.1	20.3	19.0	26.9	11.3	19.9	6.5	6.5	8.0
Depreciation of Fixed Assets and Investment Property	2.3	10.2	9.8	7.8	8.6	7.9	7.9	8.0	8.1	8.1	8.2	7.9
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	-0.2	0.2	0.0	0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	0.0	-0.2	0.2	-0.4	0.1	0.3	0.0	0.6	0.0	0.3
Gain/Loss from Investment Activities	-26.9	-12.1	-10.7	-12.1	-7.3	-3.0	-4.1	-4.1	-1.1	-5.4	-0.7	-2.5
Interest Expense	37.1	35.9	34.6	31.9	23.4	24.4	17.8	22.4	12.0	9.2	17.5	19.0
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	46.8	43.3	48.1	56.5	45.1	47.9	48.7	37.7	39.1	19.0	31.5	32.8
Increase/(Decrease) in Receivables	-71.5	110.0	-130.9	-148.8	-72.0	79.8	-55.6	35.9	-12.9	64.5	-27.4	-142.2
Increase/(Decrease) in Inventory	-7.5	56.9	-206.2	-1.1	-59.4	-8.3	-45.9	126.5	-232.7	-23.6	-163.2	97.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.4	84.0	-14.3	9.9	9.1	-160.4	-73.1	-214.9	161.6	3.6	-22.2	-21.0
Increase/(Decrease) in Prepaid Expenses	1.6	-1.1	-0.5	-1.4	-2.4	-0.9	-0.7	-1.8	0.1	0.6	-0.3	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-41.0	-33.9	-35.8	-31.3	-23.4	-22.3	-20.7	-20.3	-12.0	-8.5	-18.9	-17.6
Corporate Income Tax Paid	-0.6	-0.3	-11.8	-6.3	-0.6	0.0	-4.3	-4.7	0.0	-5.6	-2.0	-0.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	-3.7	-0.0	0.0	0.0	0.0	0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	-68.9	258.9	-351.3	-119.8	-106.2	-64.2	-151.6	-41.6	-56.8	50.1	-202.6	-50.3
Payments for Fixed Assets and Other Long-term Assets	-37.6	-36.9	-6.8	-28.4	-9.3	-22.5	-3.8	-1.8	-0.8	-8.4	-1.9	-4.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	26.0	0.5	0.0	7.3	0.5	0.0	0.0	0.4	2.8	7.5	0.0	1.3
Loans and Purchases of Debt Instruments	-88.7	-26.0	-460.4	-181.3	-62.2	-360.2	-68.2	-196.2	0.0	0.0	-20.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	43.1	-252.6	323.3	72.9	—	0.0	-2.0	121.2	-119.2	-43.0	7.9	0.7
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	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	8.5	8.7	11.8	8.8	7.3	3.0	5.7	2.3	0.6	4.1	0.7	1.3
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	-48.8	-306.4	-132.2	-120.7	-63.7	-379.7	-68.2	-74.2	-116.5	-39.9	-13.2	-1.0
Proceeds from Equity Issuance and Capital Contributions	150,000,000.00	—	—	—	—	331,598,330,000.00	0.00	0.00	0.00	0.00	-290,000,000.00	200,000,000,000.00
Share Repurchases	—	—	—	—	—	-51,598,330,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,301.0	1,343.1	1,255.4	996.5	1,109.5	768.8	747.7	536.0	652.3	517.5	330.4	424.5
Repayment of Borrowings	-1,170.5	-1,212.5	-1,107.2	-784.1	-872.3	-587.6	-522.9	-451.7	-471.7	-493.3	-307.6	-337.8
Repayment of Finance Leases	-8.9	-3.0	-3.1	-3.3	-3.3	-3.3	-3.6	-4.4	-6.3	-5.8	-3.8	-4.9
Dividends Paid	—	—	—	—	—	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
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	121.8	127.6	145.1	209.1	233.8	457.8	221.2	79.9	174.3	18.5	18.7	281.9
Net Cash Flow During the Period	4.1	80.1	-338.4	-31.4	63.9	13.9	1.5	-35.8	1.0	28.7	-197.1	230.5
Cash and Cash Equivalents at Beginning of Period	103.0	22.9	361.2	392.7	328.8	68.2	68.2	68.2	86.7	39.9	39.9	39.9
FX Difference from Revaluation	—	0.1	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	107.1	103.0	22.9	361.2	392.7	48.8	34.9	33.4	87.7	86.7	58.0	255.1

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VTZ

What Is Changing

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Balance Sheet ▼▼

Working Capital Efficiency ▲

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow