BNW

Nước sạch Bắc Ninh ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 11.79%, −5.78pp YoY

Price

15,800

Latest close

04 Jun 2026

P/E 16.61x

P/B 1.48x

EPS 951

BVPS 10,657

ROE 9.0%

ROA 3.9%

Profit Margin 11.8%

Asset Turnover 0.33x

Equity Mult. 2.28x

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

What Is Changing

On a TTM 2026Q1 basis, BNW is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 308bn
	                                
+6.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 36bn
	                                
−28.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	296.1	287.0	254.5	209.1	197.4
Growth	+3%	+13%	+22%	+6%	—
Net Income	35.0	51.3	35.5	18.7	23.9
Net Margin	11.81%	17.87%	13.94%	8.92%	12.08%

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	74.5	77.2	81.4	74.8	62.7	75.9	78.1	71.8	61.2	68.6	72.3	65.7
Growth	-3%	-5%	+9%	+19%	-17%	-3%	+9%	+17%	-11%	-5%	+10%	—
Net Income	9.9	7.3	7.7	11.3	8.6	13.3	16.0	12.7	9.2	11.4	14.7	8.9
Net Margin	13.29%	9.47%	9.50%	15.17%	13.69%	17.52%	20.53%	17.75%	15.03%	16.54%	20.41%	13.62%

Drivers of BNW's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 3.3bn

Gross profit ↓ 8.8bn

Finance costs ↑ 5.9bn

Administrative expenses ↑ 2.0bn

TTM

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

Gross profit ↑ 6.0bn

Finance costs ↑ 2.6bn

Administrative expenses ↑ 1.7bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.5% = 17.6% × 0.34 × 2.07

2026Q1 9.0% = 11.8% × 0.33 × 2.28

ROE fell from 12.5% to 9.0% — net margin weakened the most, though leverage still provided support.

Net margin: 11.8% -5.8pp Asset turnover: 0.33x -0.01x Leverage: 2.28x +0.22x

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 11.79%, losing 5.8pp. The main pressure comes from Gross margin fell 4.8pp and SG&A / Revenue rose 0.2pp (with lingering pressure from Net financial result / Revenue fell 2.0pp).

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

Profitability trend

Net Margin 11.79% −5.8pp

Gross Margin 25.83% −4.8pp

SG&A / Revenue 7.30% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 5.3% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 5.28%, losing 2.5pp. That translates to 5.28 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.7pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 5.28% −2.5pp

NOPAT Margin 11.60% −5.7pp

Capital Turnover 0.46x +0.00x

Average Invested Capital 676.6bn +39.6bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.25x equity, net debt at 0.67x equity.

Over the last 12 months, working capital absorbed 0.6bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +2.1bn

Inventories increased → lower CFO: −1.4bn

Payables decreased → lower CFO: −1.3bn

Working Capital Efficiency

Cash conversion cycle improved by 0.8 days versus the same period last year. The main moves came from DIO fell 2.5 days, DSO rose 1.8 days, and DPO rose 0.1 days.

Working capital cycle is flat — components are offsetting each other.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Receivables collection is slowing

DSO increased by +1.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 22.7 days +1.8 days

Inventory 31.2 days −2.5 days

Payables 33.5 days +0.1 days

Cash Conversion Cycle 20.4 days −0.8 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.67x and interest coverage at 2.44x.

At present, short-term debt accounts for 10.4% of total debt, cash equals 16.2% of debt, and total debt stands at 320.0bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 16.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.67x −0.00x

Interest Coverage 2.44x −2.81x

Cash / Debt 16.2% +12.9pp

Short-term Debt / Total Debt 10.4% +1.4pp

CFO / NI 2.29x +0.19x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 91.1bn in 2025, against investing cash flow of -66.9bn.

Post-investment cash flow was positive +24.1bn. Financing cash flow was negative +13.0bn.

CFO / net income was 2.29x.

After spending +62.9bn on fixed-asset investment, the business generated trailing free cash flow of +20.1bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 82.9bn −23.3bn

Cash Capex 62.9bn −70.1bn

FCF TTM +20.1bn +46.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 5.8 pp. The next watchpoint is capital efficiency, with ROIC at 5.3%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.29x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.29x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 11.79% after a 5.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	296.1	287.0	254.5	209.1	197.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	296.1	287.0	254.5	209.1	197.4
Cost of Goods Sold	222.6	197.8	187.7	174.9	0.0
Gross Profit	73.5	89.2	66.8	34.2	36.7
Financial Income	2.3	2.8	3.4	3.3	6.1
Financial Expenses	14.6	11.8	13.3	2.9	-2.7
Interest Expense	14.6	11.8	13.3	2.9	-2.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	20.8	20.1	17.1	15.3	-12.6
Operating Profit	40.4	60.1	39.7	19.4	27.4
Other Income	0.9	1.1	0.9	0.5	0.0
Other Expenses	0.3	0.0	0.0	0.0	0.0
Other Profit	0.7	1.1	0.9	0.5	0.0
Profit Before Tax	41.0	61.2	40.6	19.9	27.5
Current Income Tax Expense	6.0	9.9	5.1	1.2	-3.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	35.0	51.3	35.5	18.7	23.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	35.0	51.3	35.5	18.7	23.9
Earnings per Share	916.00	1,358.00	937.00	489.00	628.00
Diluted EPS	931.51	1,365.65	944.77	496.74	635.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	149.0	158.9	124.3	95.0	168.0
I. Cash and cash equivalents	42.1	31.0	57.9	36.6	18.5
1. Cash	5.5	4.5	8.4	4.1	0.0
2. Cash equivalents	36.6	26.5	49.5	32.5	0.0
II. Short-term financial investments	45.2	76.3	18.2	6.5	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	45.2	76.3	18.2	6.5	0.0
III. Short-term receivables	39.3	20.6	23.6	23.0	32.3
1. Short-term trade accounts receivable	18.7	17.1	20.8	20.8	0.0
2. Short-term prepayments to suppliers	19.8	2.0	0.6	0.2	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	1.3	2.7	2.2	2.0	0.0
7. Provision for short-term doubtful debts (*)	-0.5	-1.2	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	20.7	18.3	18.5	18.0	19.0
1. Inventories	20.7	18.3	18.5	18.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.7	12.8	6.0	10.8	1.0
1. Short-term prepayments	0.2	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	1.3	12.7	5.7	10.7	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	0.2	0.0	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)	779.8	748.0	622.4	623.7	434.6
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	665.6	512.2	551.9	580.3	406.2
1. Tangible fixed assets	663.9	509.9	549.1	576.9	402.3
- Cost	1,150.4	943.3	935.4	916.2	0.0
- Accumulated depreciation	-486.5	-433.4	-386.3	-339.2	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	1.7	2.2	2.8	3.3	3.9
- Cost	7.8	7.8	7.8	7.8	0.0
- Accumulated depreciation	-6.1	-5.6	-5.0	-4.5	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	79.1	200.3	44.7	14.2	10.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	79.1	200.3	44.7	14.2	0.0
V. Long-term financial investments	14.3	14.3	14.3	19.0	6.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	14.3	14.3	14.3	19.0	0.0
3. Investments in other entities	—	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
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	20.9	21.2	11.5	10.2	0.0
1. Long-term prepayments	20.9	21.2	11.5	10.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	11.3
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)	928.8	907.0	746.6	718.7	602.5
A. LIABILITIES (300=210+330)	515.9	479.9	336.0	324.8	193.5
I. Short -term liabilities	142.7	141.6	96.4	80.4	65.7
1. Short-term trade accounts payable	9.3	40.0	10.5	32.8	9.2
2. Short-term advances from customers	0.7	0.3	0.3	0.1	0.2
3. Taxes and other payables to state authorities	68.1	47.6	24.1	7.1	0.0
4. Payable to employees	14.3	12.6	12.4	11.0	0.0
5. Short-term acrrued expenses	3.1	1.8	2.4	0.1	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	20.1	12.6	17.6	12.5	0.0
10. Short-term borrowings and financial leases	26.0	25.5	27.7	15.5	7.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	1.3	1.4	1.3	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	373.2	338.3	239.6	244.4	127.7
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	92.9	91.6	92.3	84.8	0.0
8. Long-term borrowings and financial leases	280.3	246.7	147.3	159.6	37.8
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)	412.9	427.0	410.7	393.9	409.1
I. Owner's equity	412.9	427.0	410.7	393.9	0.0
1. Owner's capital	375.5	375.5	375.5	375.5	409.1
- Common stock with voting right	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	3.0	0.6	0.0	0.0	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	34.4	51.0	35.2	18.4	33.6
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	10.0
- Undistributed earnings in this period	34.4	51.0	35.2	18.4	23.6
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)	928.8	907.0	746.6	718.7	602.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	41.0	61.2	40.6	19.9	27.5
Depreciation of Fixed Assets and Investment Property	53.7	47.6	47.6	37.5	36.2
Provision (Increase)/Reversal	-0.7	1.2	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.3	-2.8	-3.4	-3.3	0.0
Interest Expense	14.6	11.8	13.3	2.9	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	-0.6	0.5	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	105.7	119.5	98.2	57.0	60.2
Increase/(Decrease) in Receivables	11.4	-2.9	4.4	-5.8	0.0
Increase/(Decrease) in Inventory	-2.4	0.3	-0.5	-39.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.2	14.3	8.2	-19.3	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-9.7	-1.4	1.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-14.4	-12.6	-12.5	-2.9	0.0
Corporate Income Tax Paid	-8.0	-9.4	-2.9	-0.5	0.0
Other Operating Receipts	0.3	0.0	0.0	0.0	0.0
Other Operating Payments	-1.5	-0.9	-0.4	-0.1	0.0
Net Cash Flow from Operating Activities	91.1	98.8	93.1	-9.3	38.3
Payments for Fixed Assets and Other Long-term Assets	-100.7	-132.9	-49.7	-155.8	-8.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-65.2	-18.2	-6.5	-81.0
Receipts from Loan Repayments and Sale of Debt Instruments	31.2	7.0	6.5	97.1	82.9
Investments in Other Entities	—	0.0	0.0	-15.4	-1.2
Proceeds from Investments in Other Entities	—	0.0	6.3	3.0	0.0
Dividends and Interest Income Received	2.6	2.2	1.6	8.4	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	-66.9	-188.8	-53.4	-69.2	-2.9
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	69.4	124.9	16.2	151.2	0.0
Repayment of Borrowings	-35.3	-27.7	-16.4	-21.5	-11.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-47.1	-34.1	-18.3	-33.1	-29.3
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	-13.0	63.1	-18.4	96.6	-40.7
Net Cash Flow During the Period	11.2	-27.0	21.3	18.1	0.6
Cash and Cash Equivalents at Beginning of Period	31.0	57.9	36.6	18.5	23.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	42.1	31.0	57.9	36.6	18.5

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
Revenue	74.5	77.2	81.4	74.8	62.7	75.9	78.1	71.8	61.2	68.6	72.3	65.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	74.5	77.2	81.4	74.8	62.7	75.9	78.1	71.8	61.2	68.6	72.3	65.7
Cost of Goods Sold	51.9	59.6	63.9	53.0	46.1	51.3	52.9	49.9	43.7	48.6	48.5	48.9
Gross Profit	22.7	17.6	17.5	21.8	16.6	24.6	25.2	21.9	17.6	20.0	23.7	16.7
Financial Income	0.8	0.6	0.5	0.4	0.7	0.7	0.9	0.8	0.5	0.6	2.0	0.5
Financial Expenses	5.3	4.1	4.1	3.7	2.6	2.8	2.9	3.0	3.1	3.2	3.5	3.5
Interest Expense	5.3	4.1	4.1	3.7	2.6	2.8	2.9	3.0	3.1	3.2	3.5	3.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.4	5.9	5.2	5.0	4.7	6.8	4.3	4.7	4.3	4.3	5.1	4.6
Operating Profit	11.8	8.2	8.7	13.5	10.0	15.7	18.9	14.9	10.6	13.1	17.2	9.1
Other Income	0.2	0.3	0.2	0.2	0.2	0.3	0.3	0.3	0.2	0.3	0.3	0.2
Other Expenses	—	—	0.1	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.2	0.3	0.1	0.1	0.2	0.3	0.3	0.3	0.2	0.3	0.3	0.2
Profit Before Tax	12.0	8.5	8.8	13.5	10.2	16.0	19.2	15.1	10.9	13.3	17.5	9.4
Current Income Tax Expense	2.1	1.2	1.1	2.2	1.6	2.7	3.2	2.4	1.7	2.0	2.7	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.9	7.3	7.7	11.3	8.6	13.3	16.0	12.7	9.2	11.4	14.7	8.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.9	7.3	7.7	11.3	8.6	13.3	16.0	12.7	9.2	11.4	14.7	8.9
Earnings per Share	260.00	191.00	202.00	298.00	227.00	352.00	425.00	337.00	243.00	300.00	391.00	236.00
Diluted EPS	263.67	194.71	205.89	302.16	228.75	354.04	427.08	339.36	245.16	302.41	392.75	238.17

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)	151.5	149.0	152.5	155.5	147.3	158.9	181.6	172.4	164.9	124.3	117.9	101.9
I. Cash and cash equivalents	51.8	42.1	24.1	13.7	9.5	31.0	35.0	49.4	38.7	57.9	44.7	40.8
1. Cash	17.1	5.5	5.5	5.3	6.4	4.5	4.5	13.9	5.2	8.4	11.2	4.3
2. Cash equivalents	34.6	36.6	18.6	8.3	3.0	26.5	30.5	35.5	33.5	49.5	33.5	36.5
II. Short-term financial investments	45.2	45.2	45.2	45.2	50.4	76.3	76.2	36.3	29.2	18.2	13.2	0.0
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	45.2	45.2	45.2	45.2	50.4	76.3	76.2	36.3	29.2	18.2	13.2	0.0
III. Short-term receivables	32.2	39.3	49.1	75.4	54.9	20.6	45.8	63.0	74.4	23.6	34.2	33.6
1. Short-term trade accounts receivable	21.8	18.7	23.5	20.7	16.5	17.1	18.6	17.9	16.5	20.8	30.3	30.8
2. Short-term prepayments to suppliers	9.8	19.9	25.2	40.9	38.0	2.0	24.8	43.0	55.8	0.6	1.8	0.7
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	1.1	1.3	0.9	14.2	1.6	2.7	2.4	2.1	2.1	2.2	2.1	2.1
7. Provision for short-term doubtful debts (*)	-0.5	-0.5	-0.5	-0.5	-1.2	-1.2	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	20.2	20.7	19.8	20.5	18.9	18.3	18.6	18.6	18.1	18.5	18.2	18.3
1. Inventories	20.2	20.7	19.8	20.5	18.9	18.3	18.6	18.6	18.1	18.5	18.2	18.3
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	2.2	1.7	14.3	0.7	13.6	12.8	6.1	5.0	4.5	6.0	7.7	9.3
1. Short-term prepayments	0.4	0.2	0.5	0.7	0.4	0.1	0.4	0.6	0.2	0.1	0.3	0.5
2. Value added tax to be reclaimed	1.8	1.3	13.8	0.0	13.2	12.7	5.7	4.4	4.2	5.7	7.3	8.8
3. Taxes and other receivables from state authorities	0.0	0.2	0.0	—	—	0.0	0.0	0.0	0.0	0.2	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)	803.6	779.8	768.9	744.6	746.2	748.0	658.7	634.0	615.7	622.4	626.1	628.4
I. Long-term receivables	—	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	—	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
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	—	—	—	—	—	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
II. Fixed assets	655.5	665.6	652.7	666.9	501.7	512.2	523.6	534.7	540.9	551.9	552.1	561.8
1. Tangible fixed assets	654.0	663.9	650.8	665.0	499.6	509.9	521.3	532.2	538.3	549.1	549.2	558.7
- Cost	1,152.4	—	—	—	—	943.3	942.9	942.1	936.3	935.4	923.9	921.9
- Accumulated depreciation	-498.4	—	—	—	—	-433.4	-421.7	-409.9	-398.1	-386.3	-374.7	-363.2
2. Financial leased fixed assets	—	—	—	—	—	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
3. Intangible fixed assets	1.6	1.7	1.8	2.0	2.1	2.2	2.4	2.5	2.6	2.8	2.9	3.1
- Cost	7.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.3	—	—	—	—	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	111.3	79.1	82.9	43.7	210.1	200.3	112.8	75.9	50.1	44.7	49.2	39.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	111.3	79.1	82.9	43.7	210.1	200.3	112.8	75.9	50.1	44.7	49.2	39.4
V. Long-term financial investments	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	19.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	19.0
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	0.0	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	22.5	20.9	19.1	19.7	20.1	21.2	8.0	9.2	10.3	11.5	10.5	8.3
1. Long-term prepayments	22.5	20.9	19.1	19.7	20.1	21.2	8.0	9.2	10.3	11.5	10.5	8.3
2. Deferred income tax assets	—	—	—	—	—	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)	955.1	928.9	921.4	900.1	893.5	907.0	840.3	806.4	780.6	746.6	744.0	730.4
A. LIABILITIES (300=210+330)	554.9	515.9	515.6	501.9	484.2	479.9	426.5	408.6	379.5	336.0	344.6	329.2
I. Short -term liabilities	176.5	142.7	129.2	142.4	125.1	141.6	112.4	109.2	88.8	96.4	93.6	75.9
1. Short-term trade accounts payable	15.7	9.3	8.4	27.2	26.2	40.0	5.9	8.9	10.4	10.5	10.5	13.2
2. Short-term advances from customers	0.7	0.7	0.7	0.7	0.3	0.3	0.4	0.4	0.3	0.3	0.2	0.2
3. Dividends and profits payable	22.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	73.9	68.1	61.8	57.0	50.4	47.6	42.3	34.9	28.1	24.1	19.4	11.1
4. Payable to employees	8.6	14.3	12.5	9.5	6.2	12.6	12.4	9.9	6.2	12.4	11.0	7.4
5. Short-term acrrued expenses	2.4	3.1	1.5	1.4	1.3	1.8	1.2	1.8	1.0	2.4	1.0	0.1
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	18.9	20.1	18.3	19.2	14.4	12.6	23.4	23.5	13.3	17.6	23.0	21.0
10. Short-term borrowings and financial leases	33.2	26.0	24.5	25.4	25.5	25.5	25.5	28.3	28.3	27.7	27.1	21.4
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	0.7	1.2	1.5	1.9	0.8	1.3	1.3	1.4	1.2	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	378.5	373.2	386.4	359.5	359.1	338.3	314.1	299.3	290.8	239.6	251.0	253.3
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	0.0	0.0	0.0	0.0
7. Other long-term liabilities	91.6	92.9	98.6	100.1	99.7	91.6	93.2	92.9	92.1	92.3	96.3	91.0
8. Long-term borrowings and financial leases	286.9	280.3	287.8	259.5	259.4	246.7	220.9	206.4	198.6	147.3	154.6	162.3
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)	400.2	412.9	405.8	398.2	409.3	427.0	413.8	397.8	401.0	410.7	399.4	401.2
I. Owner's equity	400.2	412.9	405.8	398.2	409.3	427.0	413.8	397.8	401.0	410.7	399.4	401.2
1. Owner's capital	375.5	375.5	375.5	375.5	375.5	375.5	375.5	375.5	375.5	375.5	375.5	375.5
- Common stock with voting right	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00	375,493,910,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	3.0	3.0	3.0	3.0	0.6	0.6	0.6	0.6	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	21.6	34.4	27.2	19.6	33.2	51.0	37.8	21.8	25.5	35.2	23.9	25.7
- Accumulated retained earning at the end of the previous period	11.9	27.2	19.6	8.5	24.7	37.8	21.8	9.1	16.4	23.9	9.2	16.8
- Undistributed earnings in this period	9.8	7.2	7.6	11.1	8.5	13.2	16.0	12.7	9.1	11.3	14.7	8.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	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
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)	955.1	928.9	921.4	900.1	893.5	907.0	840.3	806.4	780.6	746.6	744.0	730.4

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	12.0	8.5	8.8	13.5	10.2	16.0	19.2	15.1	10.9	13.3	17.5	9.4
Depreciation of Fixed Assets and Investment Property	12.1	14.3	14.1	13.4	11.9	11.9	11.9	12.4	11.5	11.7	11.7	11.9
Provision (Increase)/Reversal	—	0.0	0.0	-0.7	-0.1	1.2	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.8	-0.6	-0.5	-0.4	-0.7	-0.7	-0.9	-0.8	-0.5	-0.6	-2.0	-0.5
Interest Expense	6.4	4.1	4.1	3.7	2.6	2.8	2.9	3.0	3.1	3.2	3.5	3.5
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	—	—	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	29.7	25.7	26.5	29.5	23.9	31.7	33.1	29.8	25.0	27.7	30.6	24.3
Increase/(Decrease) in Receivables	-6.9	18.0	-4.8	-4.2	2.4	-7.6	0.3	3.9	0.5	12.2	1.0	-18.4
Increase/(Decrease) in Inventory	0.4	-0.9	0.8	-1.6	-0.7	0.3	0.1	0.3	-0.4	-0.3	0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.8	-7.7	14.8	-10.2	2.9	-0.7	5.3	13.6	-3.8	10.4	4.1	11.1
Increase/(Decrease) in Prepaid Expenses	-1.8	-1.5	0.8	0.1	0.8	-13.0	1.5	3.0	-1.1	-0.8	-2.2	0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-6.2	-2.6	-5.6	-3.8	-2.5	-2.9	-3.5	-4.0	-2.2	-3.5	-2.4	-3.6
Corporate Income Tax Paid	-2.0	-1.0	-1.9	-1.5	-3.6	-2.8	-2.4	-1.7	-2.5	-2.6	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.0	-0.4	-0.5	-0.6	-0.1	-0.1	-0.5	-0.2	-0.1	-0.0	-0.1
Net Cash Flow from Operating Activities	14.6	30.3	30.0	8.1	22.7	4.9	34.3	44.4	15.2	42.9	31.2	14.0
Payments for Fixed Assets and Other Long-term Assets	-19.1	1.2	-55.5	10.6	-57.0	-30.5	-20.7	-24.7	-56.9	-16.5	-2.4	-14.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	-18.6	—	—	-4.1	-39.9	-7.2	-14.0	-5.0	-13.2	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	-26.5	26.5	5.3	25.9	4.0	0.0	0.0	3.0	0.0	0.0	6.5
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	1.6	4.7	0.0
Dividends and Interest Income Received	0.5	0.4	0.7	1.1	0.4	0.7	0.3	0.9	0.3	-1.2	2.0	0.7
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	-18.7	-6.3	-46.9	16.9	-30.6	-29.9	-60.3	-30.9	-67.7	-21.1	-8.8	-6.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	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
Proceeds from Borrowings	18.6	11.2	20.2	19.9	18.1	33.2	19.8	15.2	56.7	0.0	0.0	16.2
Repayment of Borrowings	-4.9	-0.6	7.2	-20.0	-5.4	-7.4	-8.2	-7.4	-4.8	-6.8	-2.0	-6.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-20.8	-26.3	-4.8	0.0	-10.5	-18.8	-1.8	-16.5	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	13.7	-6.0	27.5	-20.9	-13.6	21.0	11.7	-2.7	33.2	-8.6	-18.5	10.1
Net Cash Flow During the Period	9.6	18.0	10.5	4.2	-21.5	-4.0	-14.4	10.7	-19.2	13.3	3.9	17.1
Cash and Cash Equivalents at Beginning of Period	42.1	24.1	13.7	9.5	31.0	57.9	57.9	57.9	57.9	36.6	36.6	36.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	51.8	42.1	24.1	13.7	9.5	31.0	35.0	49.4	38.7	57.9	44.7	40.8

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BNW

What Is Changing

Drivers of BNW'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