The Victory Bancorp, Inc. (VTYB US) · 10+ Years of Financial statements

Income Statement	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	7	7	8	9	10	3	11	- -	13	15	16	14
+ Sales & Services Revenue	7	7	8	9	10	3	11	- -	13	15	16	14
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	7	7	8	9	10	- -	11	- -	13	15	16	14
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	7	7	8	9	10	- -	11	- -	13	15	16	14
+ Selling, General & Admin	3	3	4	4	5	2	5	- -	6	7	7	7
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	3	4	4	5	5	-2	6	- -	7	9	9	7
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-1	-1	-1	-2	-2	-1	-3	- -	-3	-5	-5	-3
+ Interest Expense, Net	-9	-9	-11	-13	-15	- -	-18	- -	-19	-19	-23	-36
+ Interest Expense	-1	-1	-2	-2	-3	- -	-4	- -	-3	-2	-4	-11
- Interest Income	7	8	9	11	12	- -	14	- -	16	17	20	25
+ Other Non-Op (Income) Loss	7	8	9	10	13	-1	15	- -	16	15	19	33
Pretax Income	1	1	1	2	2	1	3	- -	3	5	5	3
- Income Tax Expense (Benefit)	- -	- -	- -	1	1	- -	1	- -	1	1	1	1
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	1	1	1	1	2	1	2	- -	2	4	4	2
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	1	1	1	1	2	1	2	- -	2	4	4	2
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	1	1	1	1	2	1	2	- -	2	4	4	2
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	- -	1	1	1	2	1	2	- -	2	4	4	2
Basic Weighted Avg Shares	2	2	2	2	2	- -	2	- -	2	2	2	2
Basic EPS, GAAP	0.2	0.41	0.38	0.75	0.97	- -	1.09	- -	1.17	2.03	1.88	1.09
Basic EPS from Cont Ops	0.31	0.52	0.47	0.8	0.97	- -	1.09	- -	1.17	2.03	1.88	1.09
Diluted Weighted Avg Shares	2	2	2	2	2	- -	2	- -	2	2	2	2
Diluted EPS, GAAP	0.2	0.41	0.38	0.75	0.97	- -	1.06	- -	1.14	1.94	1.8	1.06
Diluted EPS from Cont Ops	0.31	0.52	0.47	0.8	0.97	- -	1.06	- -	1.14	1.94	1.8	1.06
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	4.61	4.3	3.54	2.79	2.59	- -	2.34	- -	2.3	2.05	2.03	2.16
EBITA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	- -	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	9.05	14.63	11.93	14.73	18.99	19.13	19.11	- -	18.07	25.82	23.47	15.38
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.11	0.11	0.09	0.08	0.08	- -	0.1	- -	0.2	0.3	0.35	0.26
Depreciation Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Balance Sheet	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	4	4	7	10	16	- -	19	- -	127	127	68	- -
+ Cash, Cash Equivalents & STI	3	4	6	9	16	17	18	16	126	126	47	48
+ Cash & Cash Equivalents	2	3	2	3	6	8	7	5	112	102	8	12
+ ST Investments	2	1	4	6	10	9	11	11	13	24	39	36
+ Accounts & Notes Receiv	- -	- -	1	1	1	1	1	1	1	1	21	2
+ Accounts Receivable, Net	- -	- -	1	1	1	1	1	1	1	1	1	2
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	20	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	- -	- -	- -	- -	-18	- -	-17	- -	- -	- -	-50
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	153	172	194	211	235	- -	260	- -	303	317	355	- -
+ Property, Plant & Equip, Net	4	4	4	3	3	- -	3	- -	3	3	3	3
+ Property, Plant & Equip	5	5	5	6	6	- -	6	- -	6	6	6	6
- Accumulated Depreciation	1	2	2	2	2	- -	3	- -	3	3	3	3
+ LT Investments & Receivables	2	1	4	6	10	9	11	11	13	24	52	48
+ LT Investments	2	1	4	6	10	9	11	11	13	24	52	48
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	148	168	186	201	222	-9	246	-11	286	289	300	-51
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	148	168	186	201	222	-9	246	-11	286	289	300	-51
Total Assets	157	177	200	221	252	262	279	291	429	444	424	442
+ Payables & Accruals	1	- -	- -	1	1	- -	1	- -	1	1	1	- -
+ Accounts Payable	1	- -	- -	1	1	- -	1	- -	1	1	1	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	1	- -	- -	1	3	- -	1	- -	1	1	1	- -
+ LT Debt	13	24	31	15	7	10	11	18	28	23	17	49
+ LT Borrowings	13	24	31	15	7	10	11	18	28	23	17	49
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	130	141	155	189	224	-10	248	-18	378	394	380	-49
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	130	141	155	189	224	-10	248	-18	378	394	380	-49
Total Noncurrent Liabilities	143	166	185	204	231	- -	259	- -	406	418	396	- -
Total Liabilities	144	166	186	205	234	243	260	271	407	419	398	414
+ Preferred Equity and Hybrid Capital	6	3	3	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	10	10	14	16	16	16	16	16	16	16	16	17
+ Common Stock	1	1	1	2	2	2	2	2	2	2	2	2
+ Additional Paid in Capital	9	9	12	14	14	14	14	14	14	14	15	15
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-3	-2	-1	- -	2	2	3	4	5	9	12	13
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	-2
Equity Before Minority Interest	13	11	15	16	18	18	20	20	22	25	26	28
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	13	11	15	16	18	18	20	20	22	25	26	28
Total Liabilities & Equity	157	177	200	221	252	262	279	291	429	444	424	442
Shares Outstanding	2	2	2	2	2	- -	2	- -	2	2	2	2
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	11	22	28	12	3	2	4	13	-84	-79	8	37
Net Debt to Equity	85.47	202.21	192.83	73.17	18.77	11.2	18	64.59	-381.74	-312.49	32.44	130.93
Tangible Common Equity Ratio	4.65	4.58	6.02	7.19	7	6.92	7.08	6.9	5.13	5.68	6.18	6.32
Current Ratio	5.45	13.19	14.62	12.94	4.84	- -	24.14	- -	105.56	132.14	59.12	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2019 Y	2020 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	1	1	1	1	2	- -	2	- -	2	4	4	2
+ Depreciation & Amortization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Non-Cash Items	1	- -	1	1	- -	- -	1	- -	-3	4	1	- -
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	- -	- -	- -	- -	- -	- -	- -	- -	-2	4	1	- -
+ Chg in Non-Cash Work Cap	- -	- -	-1	1	- -	- -	- -	- -	- -	-1	-20	20
+ (Inc) Dec in Accts Receiv	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-20	20
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	- -	- -	-1	1	- -	- -	- -	- -	- -	-1	1	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	2	1	1	3	2	- -	3	- -	- -	7	-15	22
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	-3	-2	-4	- -	-1	- -	-2	-11	-31	4
+ Dec in LT Investment	- -	- -	- -	1	1	- -	2	- -	3	4	34	4
+ Inc in LT Investment	- -	- -	-3	-3	-5	- -	-3	- -	-5	-15	-65	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-18	-20	-21	-19	-24	- -	-15	- -	-47	-18	-26	-39
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-17	-19	-23	-21	-28	- -	-16	- -	-49	-29	-58	-35
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	-1	-1
+ Net Cash From Debt	4	2	- -	- -	-4	- -	4	- -	17	-5	-7	32
+ Cash From Debt	4	5	- -	- -	- -	- -	4	- -	17	- -	- -	32
+ Repayments of Debt	- -	-3	- -	- -	-4	- -	- -	- -	- -	-5	-7	- -
+ Cash (Repurchase) of Equity	- -	- -	3	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Increase in Capital Stock	- -	- -	3	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	11	17	20	18	33	- -	22	- -	130	16	-14	-16
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	15	19	23	19	29	- -	26	- -	147	11	-22	16
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	- -	1	- -	- -	3	- -	12	- -	98	-11	-94	3
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	4.61	4.3	3.54	2.79	2.59	- -	2.34	- -	2.3	2.05	2.03	2.16
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	2	1	1	3	2	- -	3	- -	- -	7	-15	22
Free Cash Flow to Firm	1	- -	- -	2	- -	- -	- -	- -	-3	5	-18	13
Free Cash Flow to Equity	- -	-1	- -	- -	-1	- -	7	- -	17	2	-22	55
Free Cash Flow per Basic Share	0.78	0.58	0.46	1.62	1.13	- -	1.37	- -	-0.14	3.5	-7.66	11.22
Price/Free Cash Flow	- -	- -	- -	- -	5.6	- -	6.86	- -	77.34	3.61	-2.13	1.03
Cash Flow to Net Income	2.85	1.22	1.15	2.16	1.24	- -	1.34	- -	-0.01	1.8	-3.98	10.39

The Victory Bancorp, Inc.

VTYB US

10.00