Cash flow Vipom AD

Stocks

VPOM

BG11VIVIAT15

Industrial Machinery & Equipment

End-of-day quote Bulgaria S.E. 04/09/2026			5-day change	1st Jan Change
13.40 ^EUR	+34.00%		0.00%	+192.84%

03-23	Vipom AD Reports Earnings Results for the Full Year Ended December 31, 2025	CI
28/04/25	Vipom AD Reports Earnings Results for the Full Year Ended December 31, 2024	CI

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Published financial data: VIPOM AD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)	2025 (BGN)
Revenues	2.69M	3.87M	2.92M	3.47M	2.03M
Other Revenues, Total	47K	271K	38K	106K	274K
Total Revenues	2.74M	4.14M	2.96M	3.58M	2.3M
Cost of Goods Sold, Total	1.16M	1.52M	851K	1.25M	488K
Gross Profit	1.57M	2.63M	2.11M	2.33M	1.81M
Selling General & Admin Expenses, Total	1.75M	1.97M	1.91M	1.98M	1.79M
Depreciation & Amortization - (IS)	182K	141K	141K	125K	185K
Other Operating Expenses	-297K	351K	571K	553K	67K
Other Operating Expenses, Total	1.64M	2.46M	2.63M	2.66M	2.04M
Operating Income	-67K	164K	-518K	-328K	-225K
Interest Expense, Total	-1K	-3K	-2K	-3K	-8K
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-1K	-3K	-2K	-3K	-8K
Currency Exchange Gains (Loss)	-4K	-13K	-6K	-4K	-7K
Other Non Operating Income (Expenses)	-12K	-16K	-16K	-15K	-17K
EBT, Excl. Unusual Items	-84K	132K	-542K	-350K	-257K
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	1K	-	11K	1K	-
Asset Writedown	-	-	-	-	-684K
EBT, Incl. Unusual Items	-83K	132K	-531K	-349K	-941K
Income Tax Expense	26K	36K	-12K	-12K	-43K
Earnings From Continuing Operations	-109K	96K	-519K	-337K	-898K
Net Income to Company	-109K	96K	-519K	-337K	-898K
Net Income - (IS)	-109K	96K	-519K	-337K	-898K
Net Income to Common Incl Extra Items	-109K	96K	-519K	-337K	-898K
Net Income to Common Excl. Extra Items	-109K	96K	-519K	-337K	-898K
Per Share Items
Net EPS - Basic	-0.36	0.32	-1.74	-1.13	-3
Basic EPS - Continuing Operations	-0.36	0.32	-1.74	-1.13	-3
Basic Weighted Average Shares Outstanding	299K	299K	299K	299K	299K
Net EPS - Diluted	-0.36	0.32	-1.74	-1.13	-3
Diluted EPS - Continuing Operations	-0.36	0.32	-1.74	-1.13	-3
Diluted Weighted Average Shares Outstanding	299K	299K	299K	299K	299K
Normalized Basic EPS	-0.18	0.28	-1.13	-0.73	-0.54
Normalized Diluted EPS	-0.18	0.28	-1.13	-0.73	-0.54
Payout Ratio	-	-	-	-	-
Supplemental Items
EBITDA	115K	305K	-377K	-203K	-40K
EBITA	-67K	164K	-518K	-328K	-225K
EBIT	-67K	164K	-518K	-328K	-225K
EBITDAR	138K	352K	-368K	-194K	-33K
Total Revenues (As Reported)	3.19M	4.37M	3.01M	3.62M	2.34M
Effective Tax Rate - (Ratio)	-31.33	27.27	2.26	3.44	4.57
Total Current Taxes	20K	59K	29K	45K	-
Total Deferred Taxes	6K	-23K	-41K	-57K	-43K
Normalized Net Income	-52.5K	82.5K	-339K	-219K	-161K
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	-	-	-	-	-
Net Rental Expense, Total	23K	47K	9K	9K	7K
Maintenance & Repair Expenses, Total	6K	18K	16K	6K	2K

Fiscal Period: December	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)	2025 (BGN)
Assets
Cash And Equivalents	1.89M	2.24M	565K	518K	32K
Total Cash And Short Term Investments	1.89M	2.24M	565K	518K	32K
Accounts Receivable, Total	147K	286K	172K	161K	293K
Other Receivables	18K	19K	24K	5K	-
Total Receivables	165K	305K	196K	166K	293K
Inventory	3.36M	3.14M	2.86M	2.54M	1.32M
Prepaid Expenses	1K	5K	1K	-	157K
Other Current Assets, Total	7K	7K	12K	11K	11K
Total Current Assets	5.41M	5.7M	3.64M	3.24M	1.82M
Gross Property Plant And Equipment	8.7M	8.62M	9.96M	10.03M	10.37M
Accumulated Depreciation	-5.85M	-5.86M	-6M	-6.11M	-6.29M
Net Property Plant And Equipment	2.85M	2.76M	3.95M	3.92M	4.08M
Long-term Investments	-	-	-	-	1K
Other Intangibles, Total	-	-	-	-	-
Deferred Tax Assets Long-Term	66K	89K	102K	159K	201K
Total Assets	8.33M	8.54M	7.69M	7.32M	6.1M
Liabilities
Accounts Payable, Total	259K	275K	221K	272K	34K
Accrued Expenses, Total	96K	160K	71K	66K	186K
Short-term Borrowings	-	-	-	-	298K
Current Income Taxes Payable	-	31K	29K	-	-
Unearned Revenue Current, Total	243K	198K	154K	110K	215K
Other Current Liabilities	58K	64K	45K	77K	16K
Total Current Liabilities	656K	728K	520K	525K	749K
Pension & Other Post Retirement Benefits	226K	211K	198K	183K	-
Total Liabilities	882K	939K	718K	708K	749K
Common Stock, Total	299K	299K	298K	298K	298K
Retained Earnings	7.26M	7.35M	6.83M	6.5M	4.95M
Comprehensive Income and Other	-112K	-50K	-160K	-186K	104K
Total Common Equity	7.44M	7.6M	6.97M	6.61M	5.36M
Total Equity	7.44M	7.6M	6.97M	6.61M	5.36M
Total Liabilities And Equity	8.33M	8.54M	7.69M	7.32M	6.1M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	299K	296K	299K	299K	299K
ECS Total Common Shares Outstanding	299K	296K	299K	299K	299K
Book Value / Share	24.89	25.64	23.31	22.09	17.9
Tangible Book Value	7.44M	7.6M	6.97M	6.61M	5.36M
Tangible Book Value Per Share	24.89	25.64	23.31	22.09	17.9
Total Debt	0	0	0	0	298K
Net Debt	-1.89M	-2.24M	-565K	-518K	266K
Debt Equivalent Oper. Leases	184K	376K	72K	72K	56K
Equity Method Investments, Total	-	-	-	-	1K
Account Code - Inventory Valuation	6	-	6	6	6
Inventories - Raw Materials, Total	804K	827K	806K	801K	793K
Inventories - Work In Process, Total	353K	344K	501K	393K	522K
Inventories - Finished Goods, Total	2.79M	2.8M	2.92M	3.24M	2.59M
Inventories - Others	48K	48K	47K	47K	47K
Land - (BS)	1.89M	1.89M	1.89M	1.89M	1.89M
Buildings, Total	3.2M	3.21M	3.22M	3.22M	3.22M
Machinery, Total	3.1M	3.41M	3.4M	2.98M	2.97M
Full Time Employees	110	-	93	85	27
Accumulated Allowance for Doubtful Accounts (Supple)	20K	20K	20K	20K	-

Fiscal Period: December	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)	2025 (BGN)
Net Income	-109K	96K	-519K	-337K	-898K
Depreciation & Amortization - CF	182K	141K	141K	125K	185K
Depreciation & Amortization, Total	182K	141K	141K	125K	185K
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
Other Operating Activities, Total	-10K	151K	50K	277K	126K
Cash from Operations	63K	388K	-328K	65K	-587K
Capital Expenditure	-	-	-1.33M	-94K	-
Other Investing Activities, Total	-	-	-	-	-7K
Cash from Investing	-	-	-1.33M	-94K	-7K
Short Term Debt Issued, Total	-	-	-	-	298K
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	298K
Long-Term Debt Repaid, Total	-	-	-	-	-
Total Debt Repaid	-	-	-	-	-
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	-17K	-34K	-23K	-15K	-24K
Cash from Financing	-17K	-34K	-23K	-15K	274K
Foreign Exchange Rate Adjustments	-	-	3K	-3K	-
Miscellaneous Cash Flow Adjustments	6K	-	-	-	-
Net Change in Cash	52K	354K	-1.68M	-47K	-320K
Supplemental Items
Cash Interest Paid	-	-	-	15K	-
Cash Income Tax Paid (Refund)	87K	68K	16K	130K	55K
Levered Free Cash Flow	97.5K	387K	-1.34M	181K	519K
Unlevered Free Cash Flow	98.12K	388K	-1.33M	183K	524K
Change In Net Working Capital	42K	-145K	-176K	-357K	-480K
Net Debt Issued / Repaid	-	-	-	-	298K

Fiscal Period: December	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)	2025 (BGN)
Profitability
Return on Assets	-0.5	1.22	-3.99	-2.73	-2.21
Return on Total Capital	-0.56	1.36	-4.44	-3.02	-2.4
Return On Equity %	-1.45	1.28	-7.12	-4.96	-15.73
Return on Common Equity	-1.45	1.28	-7.12	-4.96	-15.73
Margin Analysis
Gross Profit Margin %	57.46	63.35	71.24	65.19	78.79
SG&A Margin	64.11	47.53	64.68	55.41	77.62
EBITDA Margin %	4.2	7.36	-12.74	-5.67	-1.74
EBITA Margin %	-2.45	3.96	-17.51	-9.16	-9.78
EBIT Margin %	-2.45	3.96	-17.51	-9.16	-9.78
Income From Continuing Operations Margin %	-3.98	2.32	-17.54	-9.42	-39.03
Net Income Margin %	-3.98	2.32	-17.54	-9.42	-39.03
Net Avail. For Common Margin %	-3.98	2.32	-17.54	-9.42	-39.03
Normalized Net Income Margin	-1.92	1.99	-11.45	-6.11	-6.98
Levered Free Cash Flow Margin	3.56	9.33	-45.12	5.06	22.57
Unlevered Free Cash Flow Margin	3.59	9.37	-45.07	5.11	22.79
Asset Turnover
Asset Turnover	0.33	0.49	0.36	0.48	0.36
Fixed Assets Turnover	0.93	1.48	0.88	0.91	0.57
Receivables Turnover (Average Receivables)	17.4	17.89	12.76	20.86	9.38
Inventory Turnover (Average Inventory)	0.35	0.47	0.28	0.46	0.29
Short Term Liquidity
Current Ratio	8.25	7.82	6.99	6.17	2.43
Quick Ratio	3.13	3.5	1.46	1.3	0.43
Operating Cash Flow to Current Liabilities	0.1	0.53	-0.63	0.12	-0.78
Days Sales Outstanding (Average Receivables)	20.97	20.4	28.61	17.55	38.89
Days Outstanding Inventory (Average Inventory)	1.05K	780.1	1.29K	793.69	1.26K
Average Days Payable Outstanding	84.66	74.85	157.43	97.43	-128.24
Cash Conversion Cycle (Average Days)	990.71	725.65	1.16K	713.8	1.42K
Long Term Solvency
Total Debt/Equity	-	-	-	-	5.56
Total Debt / Total Capital	-	-	-	-	5.27
Total Liabilities / Total Assets	10.59	10.99	9.34	9.68	12.27
EBIT / Interest Expense	-67	54.67	-259	-109.33	-28.12
EBITDA / Interest Expense	115	101.67	-188.5	-67.67	-5
(EBITDA - Capex) / Interest Expense	115	101.67	-852	-99	-5
Total Debt / EBITDA	-	-	-	-	-7.45
Net Debt / EBITDA	-16.4	-7.34	1.5	2.55	-6.65
Total Debt / (EBITDA - Capex)	-	-	-	-	-7.45
Net Debt / (EBITDA - Capex)	-16.4	-7.34	0.33	1.74	-6.65
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-10.12	51.5	-28.61	20.95	-4.88
Gross Profit, 1 Yr. Growth %	-6.21	67.05	-19.73	10.67	3.19
EBITDA, 1 Yr. Growth %	16.16	165.22	-223.61	-46.15	-136.36
EBITA, 1 Yr. Growth %	-45.97	-344.78	-415.85	-36.68	1.4K
EBIT, 1 Yr. Growth %	-45.97	-344.78	-415.85	-36.68	1.4K
Earnings From Cont. Operations, 1 Yr. Growth %	-25.34	-188.07	-640.62	-35.07	75.39
Net Income, 1 Yr. Growth %	-25.34	-188.07	-640.62	-35.07	75.39
Normalized Net Income, 1 Yr. Growth %	-41.26	-257.14	-510.61	-35.42	594.59
Diluted EPS Before Extra, 1 Yr. Growth %	-25.34	-188.07	-640.63	-35.07	75.39
Accounts Receivable, 1 Yr. Growth %	-9.26	94.56	-39.86	-6.4	110.79
Inventory, 1 Yr. Growth %	-0.45	-6.47	-8.8	-11.18	-34.91
Net Property, Plant and Equip., 1 Yr. Growth %	-6.01	-3.13	43.34	-0.78	4.18
Total Assets, 1 Yr. Growth %	-1.86	2.58	-9.96	-4.85	-7.79
Tangible Book Value, 1 Yr. Growth %	-1.33	2.12	-8.29	-5.21	-11.66
Common Equity, 1 Yr. Growth %	-1.33	2.12	-8.29	-5.21	-11.66
Cash From Operations, 1 Yr. Growth %	-61.35	515.87	-184.54	-119.82	-692.93
Capital Expenditures, 1 Yr. Growth %	-	-	-	-92.92	-
Levered Free Cash Flow, 1 Yr. Growth %	-56.64	296.54	-445.3	-113.57	-31.37
Unlevered Free Cash Flow, 1 Yr. Growth %	-56.49	295.92	-443.31	-113.72	-30.88
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-2.45	16.69	4	-7.08	-11.82
Gross Profit, 2 Yr. CAGR %	-9.82	25.17	15.8	-5.74	-7.26
EBITDA, 2 Yr. CAGR %	31.01	75.52	81.06	-18.42	-67.43
EBITA, 2 Yr. CAGR %	-35.89	15	178.05	41.42	-34.09
EBIT, 2 Yr. CAGR %	-35.89	15	178.05	41.42	-34.09
Earnings From Cont. Operations, 2 Yr. CAGR %	-26.72	-18.91	118.21	87.36	31.54
Net Income, 2 Yr. CAGR %	-26.72	-18.91	118.21	87.36	31.54
Normalized Net Income, 2 Yr. CAGR %	-31.69	-3.92	154.02	62.83	-31.14
Diluted EPS Before Extra, 2 Yr. CAGR %	-26.72	-18.91	118.21	87.36	31.54
Accounts Receivable, 2 Yr. CAGR %	-16.13	32.87	8.17	-24.97	30.52
Inventory, 2 Yr. CAGR %	-1.5	-3.5	-7.64	-10	-31.98
Net Property, Plant and Equip., 2 Yr. CAGR %	-6.25	-4.58	17.84	19.26	1.67
Total Assets, 2 Yr. CAGR %	-2.27	0.34	-3.9	-7.44	-10.91
Tangible Book Value, 2 Yr. CAGR %	-1.93	0.38	-3.22	-6.76	-12.36
Common Equity, 2 Yr. CAGR %	-1.94	0.38	-3.22	-6.76	-12.36
Cash From Operations, 2 Yr. CAGR %	-73.24	54.28	128.17	-59.07	33.78
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	-68.51	31.12	270.03	-31.55	-37.63
Unlevered Free Cash Flow, 2 Yr. CAGR %	-68.41	31.26	268.68	-31.37	-37.3
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-6.4	12.97	-0.94	9.37	-17.81
Gross Profit, 3 Yr. CAGR %	-7.22	10.75	7.94	14.07	-11.62
EBITDA, 3 Yr. CAGR %	-17.39	65.73	56.16	20.86	-49.19
EBITA, 3 Yr. CAGR %	10.99	0.2	61.05	69.8	11.12
EBIT, 3 Yr. CAGR %	10.99	0.2	61.05	69.8	11.12
Earnings From Cont. Operations, 3 Yr. CAGR %	21.35	-22.09	52.62	45.68	110.7
Net Income, 3 Yr. CAGR %	21.35	-22.09	52.62	45.68	110.7
Normalized Net Income, 3 Yr. CAGR %	-4.68	-9.82	55.91	60.91	24.87
Diluted EPS Before Extra, 3 Yr. CAGR %	21.35	-22.09	52.62	45.68	110.7
Accounts Receivable, 3 Yr. CAGR %	-52.34	11.02	2.02	3.08	0.81
Inventory, 3 Yr. CAGR %	1.91	-3.18	-5.3	-8.84	-25
Net Property, Plant and Equip., 3 Yr. CAGR %	-6.01	-5.22	9.28	11.27	14
Total Assets, 3 Yr. CAGR %	-2.14	-0.68	-3.22	-4.21	-10.59
Tangible Book Value, 3 Yr. CAGR %	-2.12	-0.6	-2.59	-3.89	-11.02
Common Equity, 3 Yr. CAGR %	-2.14	-0.6	-2.59	-3.89	-11.02
Cash From Operations, 3 Yr. CAGR %	-37.33	-23.89	26.25	1.05	14.8
Capital Expenditures, 3 Yr. CAGR %	-	-	367.35	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-41	-26.74	81.07	22.93	10.34
Unlevered Free Cash Flow, 3 Yr. CAGR %	-41.31	-26.62	80.85	23.09	10.51
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-2.45	0.61	-2.38	4.48	-5.44
Gross Profit, 5 Yr. CAGR %	-3.4	4.22	1.38	3.83	1.58
EBITDA, 5 Yr. CAGR %	-18.91	-2.38	13.07	24.82	-16.58
EBITA, 5 Yr. CAGR %	-11.73	8.51	60.26	15.01	12.66
EBIT, 5 Yr. CAGR %	-11.73	8.51	60.26	15.01	12.66
Earnings From Cont. Operations, 5 Yr. CAGR %	19.36	1.3	53.45	10.67	43.81
Net Income, 5 Yr. CAGR %	19.36	1.3	53.45	10.67	43.81
Normalized Net Income, 5 Yr. CAGR %	7.32	3.34	41.07	14.22	12.44
Diluted EPS Before Extra, 5 Yr. CAGR %	19.36	1.3	53.45	10.67	43.81
Accounts Receivable, 5 Yr. CAGR %	-39.98	-30.17	-33.85	-5.08	12.58
Inventory, 5 Yr. CAGR %	-0.34	-0.48	-2.02	-5.97	-17.04
Net Property, Plant and Equip., 5 Yr. CAGR %	-5.04	-5.6	2.89	3.9	6.17
Total Assets, 5 Yr. CAGR %	-2.8	-2.54	-2.85	-3.44	-6.37
Tangible Book Value, 5 Yr. CAGR %	-2.77	-2.56	-2.56	-3.11	-6.62
Common Equity, 5 Yr. CAGR %	-2.79	-2.57	-2.57	-3.11	-6.62
Cash From Operations, 5 Yr. CAGR %	2.02	0.63	5.08	-40.61	29.21
Capital Expenditures, 5 Yr. CAGR %	-	-	219.27	148.1	-
Levered Free Cash Flow, 5 Yr. CAGR %	-33.83	-10.9	22.97	-28.7	18.22
Unlevered Free Cash Flow, 5 Yr. CAGR %	-34.23	-10.83	22.41	-28.56	18.39