Income Statement 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%

23/03	Vipom AD Reports Earnings Results for the Full Year Ended December 31, 2025	CI
28/25/28	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	26.89L	38.74L	29.21L	34.73L	20.27L
Other Revenues, Total	47T	3L	38T	1L	3L
Total Revenues	27.36L	41.45L	29.59L	35.79L	23.01L
Cost of Goods Sold, Total	11.64L	15.19L	9L	12.46L	5L
Gross Profit	15.72L	26.26L	21.08L	23.33L	18.13L
Selling General & Admin Expenses, Total	17.54L	19.7L	19.14L	19.83L	17.86L
Depreciation & Amortization - (IS)	2L	1L	1L	1L	2L
Other Operating Expenses	-3L	4L	6L	6L	67T
Other Operating Expenses, Total	16.39L	24.62L	26.26L	26.61L	20.38L
Operating Income	-67T	2L	-5L	-3L	-2L
Interest Expense, Total	-1T	-3T	-2T	-3T	-8T
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-1T	-3T	-2T	-3T	-8T
Currency Exchange Gains (Loss)	-4T	-13T	-6T	-4T	-7T
Other Non Operating Income (Expenses)	-12T	-16T	-16T	-15T	-17T
EBT, Excl. Unusual Items	-84T	1L	-5L	-4L	-3L
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	1T	-	11T	1T	-
Asset Writedown	-	-	-	-	-7L
EBT, Incl. Unusual Items	-83T	1L	-5L	-3L	-9L
Income Tax Expense	26T	36T	-12T	-12T	-43T
Earnings From Continuing Operations	-1L	96T	-5L	-3L	-9L
Net Income to Company	-1L	96T	-5L	-3L	-9L
Net Income - (IS)	-1L	96T	-5L	-3L	-9L
Net Income to Common Incl Extra Items	-1L	96T	-5L	-3L	-9L
Net Income to Common Excl. Extra Items	-1L	96T	-5L	-3L	-9L
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	3L	3L	3L	3L	3L
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	3L	3L	3L	3L	3L
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	1L	3L	-4L	-2L	-40T
EBITA	-67T	2L	-5L	-3L	-2L
EBIT	-67T	2L	-5L	-3L	-2L
EBITDAR	1L	4L	-4L	-2L	-33T
Total Revenues (As Reported)	31.92L	43.73L	30.14L	36.24L	23.45L
Effective Tax Rate - (Ratio)	-31.33	27.27	2.26	3.44	4.57
Total Current Taxes	20T	59T	29T	45T	-
Total Deferred Taxes	6T	-23T	-41T	-57T	-43T
Normalized Net Income	-52.5T	82.5T	-3L	-2L	-2L
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	-	-	-	-	-
Net Rental Expense, Total	23T	47T	9T	9T	7T
Maintenance & Repair Expenses, Total	6T	18T	16T	6T	2T

Fiscal Period: December	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)	2025 (BGN)
Assets
Cash And Equivalents	18.86L	22.4L	6L	5L	32T
Total Cash And Short Term Investments	18.86L	22.4L	6L	5L	32T
Accounts Receivable, Total	1L	3L	2L	2L	3L
Other Receivables	18T	19T	24T	5T	-
Total Receivables	2L	3L	2L	2L	3L
Inventory	33.55L	31.38L	28.62L	25.42L	13.24L
Prepaid Expenses	1T	5T	1T	-	2L
Other Current Assets, Total	7T	7T	12T	11T	11T
Total Current Assets	54.14L	56.95L	36.36L	32.37L	18.17L
Gross Property Plant And Equipment	86.99L	86.22L	99.55L	1Cr	1.04Cr
Accumulated Depreciation	-58.53L	-58.65L	-60.03L	-61.12L	-62.86L
Net Property Plant And Equipment	28.46L	27.57L	39.52L	39.21L	40.85L
Long-term Investments	-	-	-	-	1T
Other Intangibles, Total	-	-	-	-	-
Deferred Tax Assets Long-Term	66T	89T	1L	2L	2L
Total Assets	83.26L	85.41L	76.9L	73.17L	61.04L
Liabilities
Accounts Payable, Total	3L	3L	2L	3L	34T
Accrued Expenses, Total	96T	2L	71T	66T	2L
Short-term Borrowings	-	-	-	-	3L
Current Income Taxes Payable	-	31T	29T	-	-
Unearned Revenue Current, Total	2L	2L	2L	1L	2L
Other Current Liabilities	58T	64T	45T	77T	16T
Total Current Liabilities	7L	7L	5L	5L	7L
Pension & Other Post Retirement Benefits	2L	2L	2L	2L	-
Total Liabilities	9L	9L	7L	7L	7L
Common Stock, Total	3L	3L	3L	3L	3L
Retained Earnings	72.57L	73.53L	68.34L	64.97L	49.53L
Comprehensive Income and Other	-1L	-50T	-2L	-2L	1L
Total Common Equity	74.44L	76.02L	69.72L	66.09L	53.55L
Total Equity	74.44L	76.02L	69.72L	66.09L	53.55L
Total Liabilities And Equity	83.26L	85.41L	76.9L	73.17L	61.04L
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3L	3L	3L	3L	3L
ECS Total Common Shares Outstanding	3L	3L	3L	3L	3L
Book Value / Share	24.89	25.64	23.31	22.09	17.9
Tangible Book Value	74.44L	76.02L	69.72L	66.09L	53.55L
Tangible Book Value Per Share	24.89	25.64	23.31	22.09	17.9
Total Debt	0	0	0	0	3L
Net Debt	-18.86L	-22.4L	-6L	-5L	3L
Debt Equivalent Oper. Leases	2L	4L	72T	72T	56T
Equity Method Investments, Total	-	-	-	-	1T
Account Code - Inventory Valuation	6	-	6	6	6
Inventories - Raw Materials, Total	8L	8L	8L	8L	8L
Inventories - Work In Process, Total	4L	3L	5L	4L	5L
Inventories - Finished Goods, Total	27.91L	28.03L	29.15L	32.41L	25.86L
Inventories - Others	48T	48T	47T	47T	47T
Land - (BS)	18.93L	18.93L	18.93L	18.93L	18.93L
Buildings, Total	32.05L	32.13L	32.18L	32.19L	32.19L
Machinery, Total	30.97L	34.06L	34.04L	29.83L	29.72L
Full Time Employees	110	-	93	85	27
Accumulated Allowance for Doubtful Accounts (Supple)	20T	20T	20T	20T	-

Fiscal Period: December	2021 (BGN)	2022 (BGN)	2023 (BGN)	2024 (BGN)	2025 (BGN)
Net Income	-1L	96T	-5L	-3L	-9L
Depreciation & Amortization - CF	2L	1L	1L	1L	2L
Depreciation & Amortization, Total	2L	1L	1L	1L	2L
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
Other Operating Activities, Total	-10T	2L	50T	3L	1L
Cash from Operations	63T	4L	-3L	65T	-6L
Capital Expenditure	-	-	-13.27L	-94T	-
Other Investing Activities, Total	-	-	-	-	-7T
Cash from Investing	-	-	-13.27L	-94T	-7T
Short Term Debt Issued, Total	-	-	-	-	3L
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	3L
Long-Term Debt Repaid, Total	-	-	-	-	-
Total Debt Repaid	-	-	-	-	-
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Other Financing Activities, Total	-17T	-34T	-23T	-15T	-24T
Cash from Financing	-17T	-34T	-23T	-15T	3L
Foreign Exchange Rate Adjustments	-	-	3T	-3T	-
Miscellaneous Cash Flow Adjustments	6T	-	-	-	-
Net Change in Cash	52T	4L	-16.75L	-47T	-3L
Supplemental Items
Cash Interest Paid	-	-	-	15T	-
Cash Income Tax Paid (Refund)	87T	68T	16T	1L	55T
Levered Free Cash Flow	97.5T	4L	-13.35L	2L	5L
Unlevered Free Cash Flow	98.12T	4L	-13.34L	2L	5L
Change In Net Working Capital	42T	-1L	-2L	-4L	-5L
Net Debt Issued / Repaid	-	-	-	-	3L

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)	1.05T	780.1	1.29T	793.69	1.26T
Average Days Payable Outstanding	84.66	74.85	157.43	97.43	-128.24
Cash Conversion Cycle (Average Days)	990.71	725.65	1.16T	713.8	1.42T
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	1.4T
EBIT, 1 Yr. Growth %	-45.97	-344.78	-415.85	-36.68	1.4T
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