BPC

VICEM Bao bì Bỉm Sơn ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 11.66x

Price

12,500

Latest close

03 Mar 2026

P/E 27.65x

P/B 0.50x

EPS 452

BVPS 24,876

ROE 1.8%

ROA 0.9%

Profit Margin 0.6%

Asset Turnover 1.43x

Equity Mult. 2.01x

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

What Is Changing

On a TTM 2026Q1 basis, BPC is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this improvement broadens out in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 272bn
	                                
+1.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
+38.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	267.4	268.9	227.6	263.6	264.0
Growth	-1%	+18%	-14%	-0%	—
Net Income	1.4	1.1	1.1	1.1	3.8
Net Margin	0.54%	0.41%	0.50%	0.41%	1.42%

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	62.5	69.1	64.0	76.0	58.3	81.0	54.0	75.5	58.4	58.2	52.3	63.5
Growth	-10%	+8%	-16%	+30%	-28%	+50%	-29%	+29%	+0%	+11%	-18%	—
Net Income	0.3	0.6	0.4	0.4	0.1	0.4	0.2	0.6	-0.1	-0.5	0.9	1.0
Net Margin	0.55%	0.86%	0.57%	0.54%	0.13%	0.47%	0.32%	0.81%	-0.09%	-0.82%	1.81%	1.53%

Drivers of BPC's profit

TTM

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

Gross profit ↑ 6.0bn

Finance costs ↓ 0.3bn

Administrative expenses ↑ 5.8bn

TTM

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

Gross profit ↑ 1.5bn

Selling expenses ↓ 0.4bn

Administrative expenses ↑ 1.6bn

Tax ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.3% = 0.5% × 1.42 × 2.02

2026Q1 1.8% = 0.6% × 1.43 × 2.01

ROE rose from 1.3% to 1.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 0.6% +0.2pp Asset turnover: 1.43x +0.02x Leverage: 2.01x -0.01x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.63%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.63% +0.2pp

Gross Margin 11.44% +2.1pp

SG&A / Revenue 10.23% +2.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 1.44%, rising 0.6pp. That translates to 1.44 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.23x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 1.44% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.44% +0.6pp

NOPAT Margin 0.62% +0.2pp

Capital Turnover 2.34x +0.23x

Average Invested Capital 116.0bn −11.7bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.80x equity, net debt at 0.14x equity.

Inventory ended the period at 26.6bn, roughly 15.6% of total assets.

Over the last 12 months, working capital released 17.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +15.8bn

Inventories increased → lower CFO: −7.1bn

Payables increased → higher CFO: +8.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.3 days versus the same period last year. The main moves came from DIO rose 7.0 days, DSO fell 16.9 days, and DPO rose 6.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 160.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +7.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 197.8 days −16.9 days

Inventory 44.2 days +7.0 days

Payables 81.1 days +6.5 days

Cash Conversion Cycle 160.9 days −16.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.14x and interest coverage only at 1.96x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 48.3% of debt, and total debt stands at 25.8bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.96x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.14x −0.18x

Interest Coverage 1.96x +0.86x

Cash / Debt 48.3% +34.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 11.66x +5.38x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6.0bn in 2025, against investing cash flow of -0.6bn.

Post-investment cash flow was positive +5.4bn. Financing cash flow was negative +0.7bn.

CFO / net income was 11.66x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 20.0bn +12.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 11.66x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 1.4%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 11.66x.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	267.4	268.9	227.6	263.8	264.0
Revenue Deductions	—	0.0	0.0	0.2	0.0
Net Revenue	267.4	268.9	227.6	263.6	264.0
Cost of Goods Sold	237.8	244.4	204.9	239.7	0.0
Gross Profit	29.6	24.5	22.7	23.9	26.2
Financial Income	0.0	0.0	0.0	0.0	0.1
Financial Expenses	1.1	1.6	2.3	2.8	-0.6
Interest Expense	1.3	1.4	2.3	2.0	-1.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	7.7	7.1	5.9	6.7	-6.8
General and Administrative Expenses	18.9	14.4	13.3	12.8	-14.4
Operating Profit	1.8	1.4	1.4	1.5	4.4
Other Income	0.1	0.1	0.4	0.1	0.0
Other Expenses	0.0	0.0	0.0	0.1	0.0
Other Profit	0.1	0.1	0.3	0.0	0.2
Profit Before Tax	1.9	1.5	1.7	1.6	4.6
Current Income Tax Expense	0.5	0.4	0.6	0.5	-0.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.4	1.1	1.1	1.1	3.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.4	1.1	1.1	1.1	3.8
Earnings per Share	381.00	289.00	297.00	287.00	989.00
Diluted EPS	380.88	288.70	296.71	286.89	988.42

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	168.5	176.6	185.5	204.7	179.8
I. Cash and cash equivalents	6.2	1.5	2.9	2.6	2.9
1. Cash	6.2	1.5	2.9	2.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.9	0.7	0.9	0.8	0.0
1. Available for sale securities	3.0	3.0	3.0	3.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.0	-2.3	-2.1	-2.1	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	134.8	154.6	154.1	164.0	133.1
1. Short-term trade accounts receivable	135.2	154.5	154.0	163.3	0.0
2. Short-term prepayments to suppliers	—	0.0	0.0	0.0	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	0.3	0.1	0.1	0.7	0.0
7. Provision for short-term doubtful debts (*)	-0.8	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	26.6	19.8	27.6	37.0	41.2
1. Inventories	26.6	19.8	27.6	37.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.1	0.0	0.2	1.0
1. Short-term prepayments	—	0.1	0.0	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	1.5	1.5	1.5	2.4	3.4
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	1.5	1.5	1.5	2.4	3.4
1. Tangible fixed assets	1.5	1.5	1.5	2.4	3.4
- Cost	107.5	106.9	106.2	106.2	0.0
- Accumulated depreciation	-106.0	-105.4	-104.7	-103.8	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	—	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
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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	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	0.0
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)	170.0	178.1	187.0	207.1	183.2
A. LIABILITIES (300=210+330)	75.8	84.3	93.2	113.3	86.7
I. Short -term liabilities	75.8	84.3	93.2	113.3	86.7
1. Short-term trade accounts payable	49.0	53.5	47.8	66.7	48.6
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.8	0.8	0.8	0.4	0.0
4. Payable to employees	4.2	8.6	7.6	7.2	0.0
5. Short-term acrrued expenses	2.0	0.3	0.3	0.6	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	0.3	1.6	0.3	0.3	0.0
10. Short-term borrowings and financial leases	19.5	19.4	35.5	36.3	27.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.8	1.9	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	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	94.2	93.8	93.9	93.8	96.5
I. Owner's equity	94.2	93.8	93.9	93.8	0.0
1. Owner's capital	38.0	38.0	38.0	38.0	96.5
- Common stock with voting right	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.6	4.6	4.6	4.6	4.6
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	50.1	50.1	50.1	50.1	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	1.4	1.1	1.1	1.1	3.8
- Accumulated retained earning at the end of the previous period	1.4	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	—	1.1	1.1	1.1	3.8
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)	170.0	178.1	187.0	207.1	183.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.9	1.5	1.7	1.6	4.6
Depreciation of Fixed Assets and Investment Property	0.6	0.7	0.9	1.1	1.1
Provision (Increase)/Reversal	0.5	0.2	-0.1	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0	0.0
Interest Expense	1.3	1.4	2.3	2.0	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	4.4	3.8	4.8	5.5	6.3
Increase/(Decrease) in Receivables	19.1	-0.5	9.9	-30.9	0.0
Increase/(Decrease) in Inventory	-6.8	7.8	9.4	4.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.5	7.2	-18.3	17.6	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	-0.0	0.2	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-1.4	-2.3	-1.9	0.0
Corporate Income Tax Paid	-0.5	-0.4	-0.5	-0.7	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-1.1	-1.4	-1.6	0.0
Net Cash Flow from Operating Activities	6.0	15.4	1.8	-7.2	26.1
Payments for Fixed Assets and Other Long-term Assets	-0.6	0.0	0.0	-0.6	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	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	-0.6	0.0	0.0	-0.6	-0.5
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	126.4	132.9	107.2	104.0	65.3
Repayment of Borrowings	-126.4	-149.0	-108.0	-95.3	-95.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.8	-0.7	-0.8	-1.1	-3.0
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	-0.7	-16.8	-1.6	7.5	-33.3
Net Cash Flow During the Period	4.7	-1.4	0.2	-0.2	-3.5
Cash and Cash Equivalents at Beginning of Period	1.5	2.9	2.6	2.9	10.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.2	1.5	2.9	2.6	2.9

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	62.5	69.1	64.0	76.0	58.3	81.0	54.0	75.5	58.4	58.2	52.3	63.5
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	62.5	69.1	64.0	76.0	58.3	81.0	54.0	75.5	58.4	58.2	52.3	63.5
Cost of Goods Sold	54.3	59.9	57.2	69.1	51.7	74.3	49.0	68.8	52.2	52.6	46.5	57.5
Gross Profit	8.2	9.2	6.8	6.9	6.7	6.7	4.9	6.7	6.2	5.6	5.8	5.9
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.3	0.2	0.3	0.3	0.3	0.4	0.2	0.5	0.5	0.7	0.4	0.4
Interest Expense	0.3	0.4	0.3	0.4	0.3	0.3	0.2	0.4	0.5	0.5	0.4	0.6
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.2	2.1	1.6	2.4	1.7	2.1	1.5	2.1	1.5	1.5	1.3	1.6
General and Administrative Expenses	6.1	6.2	4.5	3.7	4.5	3.8	3.0	3.4	4.2	3.8	3.1	2.8
Operating Profit	0.5	0.7	0.5	0.5	0.1	0.5	0.2	0.7	-0.0	-0.4	1.0	1.1
Other Income	—	0.1	—	0.0	0.0	0.1	0.0	0.1	0.0	0.1	0.2	0.0
Other Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.1	-0.0	0.0	0.0	0.1	0.0	0.1	-0.0	0.1	0.2	0.0
Profit Before Tax	0.5	0.8	0.5	0.5	0.1	0.6	0.2	0.8	-0.1	-0.3	1.2	1.2
Current Income Tax Expense	0.1	0.2	0.1	0.1	0.1	0.2	0.1	0.2	0.0	0.1	0.3	0.2
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.3	0.6	0.4	0.4	0.1	0.4	0.2	0.6	-0.1	-0.5	0.9	1.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.3	0.6	0.4	0.4	0.1	0.4	0.2	0.6	-0.1	-0.5	0.9	1.0
Earnings per Share	90.00	157.00	96.00	109.00	20.00	100.00	45.00	160.00	-13.00	-125.00	250.00	255.00
Diluted EPS	90.48	157.02	95.54	108.64	19.68	100.22	44.88	160.36	-13.16	-125.09	249.54	255.19

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)	187.6	168.5	183.8	186.1	188.2	176.7	188.6	193.1	189.0	185.5	184.8	197.9
I. Cash and cash equivalents	12.5	6.2	7.7	7.4	5.1	1.5	1.2	3.5	1.8	2.9	2.7	7.2
1. Cash	12.5	6.2	7.7	7.4	5.1	1.5	1.2	3.5	1.8	2.9	2.7	7.2
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.9	0.9	0.8	0.8	0.7	0.7	0.8	0.8	0.9	0.9	1.0	1.0
1. Available for sale securities	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
2. Provision for diminution in value of available for sale securities (*)	-2.0	-2.0	-2.2	-2.2	-2.3	-2.3	-2.2	-2.2	-2.1	-2.1	-1.9	-1.9
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	141.5	134.8	141.3	148.0	156.9	154.6	157.3	162.5	162.2	154.1	148.9	155.0
1. Short-term trade accounts receivable	138.9	135.2	140.8	147.1	155.4	154.5	156.7	161.7	160.8	154.0	148.2	154.3
2. Short-term prepayments to suppliers	1.2	—	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.2	0.3	0.5	0.9	1.6	0.1	0.6	0.8	1.4	0.1	0.7	0.7
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	—	—	0.0	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	0.0
IV. Inventories	32.7	26.6	34.0	30.0	25.5	19.8	28.9	26.1	24.1	27.6	32.0	34.6
1. Inventories	32.7	26.6	34.0	30.0	25.5	19.8	28.9	26.1	24.1	27.6	32.0	34.6
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	—	—	0.0	—	0.0	0.1	0.4	0.2	0.0	0.0	0.1	0.1
1. Short-term prepayments	—	—	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.1	0.1
2. Value added tax to be reclaimed	—	—	0.0	—	0.0	0.0	0.4	0.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	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	0.0
5. Other short-term assets	—	—	—	—	0.0	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)	1.4	1.5	1.0	1.1	1.3	1.5	1.0	1.1	1.3	1.5	1.7	1.9
I. Long-term receivables	—	—	—	—	0.0	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	—	0.0	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	0.0
II. Fixed assets	1.4	1.5	1.0	1.1	1.3	1.5	1.0	1.1	1.3	1.5	1.7	1.9
1. Tangible fixed assets	1.4	1.5	1.0	1.1	1.3	1.5	1.0	1.1	1.3	1.5	1.7	1.9
- Cost	107.5	—	—	—	106.9	106.9	106.2	106.2	106.2	106.2	106.2	106.2
- Accumulated depreciation	-106.1	—	—	—	-105.6	-105.4	-105.2	-105.1	-104.9	-104.7	-104.5	-104.3
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	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	0.0
3. Investments in other entities	—	—	—	—	0.0	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	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	189.0	170.0	184.9	187.3	189.5	178.2	189.6	194.2	190.3	187.0	186.5	199.8
A. LIABILITIES (300=210+330)	94.5	75.8	91.3	94.0	95.6	84.3	96.1	100.9	96.5	93.2	92.2	106.4
I. Short -term liabilities	94.5	75.8	91.3	94.0	95.6	84.3	96.1	100.9	96.5	93.2	92.2	106.4
1. Short-term trade accounts payable	56.4	49.0	59.7	58.3	50.4	53.5	61.6	68.6	49.3	47.8	50.3	69.1
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.1	0.8	0.9	0.6	0.4	0.8	0.7	0.4	0.9	0.8	1.0	0.7
4. Payable to employees	9.7	4.2	5.3	6.8	8.1	8.6	7.0	8.8	5.5	7.6	7.2	6.0
5. Short-term acrrued expenses	1.0	2.0	0.9	1.0	1.2	0.3	1.0	1.1	0.9	0.3	0.8	0.9
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.3	1.2	1.2	0.5	1.6	1.2	1.2	0.4	0.3	0.5	1.3
10. Short-term borrowings and financial leases	25.8	19.5	23.3	26.1	35.4	19.4	24.4	20.2	39.1	35.5	31.4	27.2
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	-0.3	0.1	0.3	0.5	0.3	0.8	1.1	1.3
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	94.5	94.2	93.6	93.2	93.9	93.8	93.5	93.3	93.8	93.9	94.3	93.4
I. Owner's equity	94.5	94.2	93.6	93.2	93.9	93.8	93.5	93.3	93.8	93.9	94.3	93.4
1. Owner's capital	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0	38.0
- Common stock with voting right	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	50.1	50.1	50.1	50.1	50.1	50.1	50.1	50.1	50.1	50.1	50.1	50.1
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	1.8	1.4	0.9	0.5	1.2	1.1	0.7	0.6	1.1	1.1	1.6	0.7
- Accumulated retained earning at the end of the previous period	1.4	—	—	—	1.1	0.0	0.0	0.0	1.1	0.0	0.0	0.0
- Undistributed earnings in this period	0.3	1.4	0.9	0.5	0.1	1.1	0.7	0.6	-0.1	1.1	1.6	0.7
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	189.0	170.0	184.9	187.3	189.5	178.2	189.6	194.2	190.3	187.0	186.5	199.8

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	0.5	0.8	0.5	0.5	0.1	0.6	0.2	0.8	-0.1	-0.3	1.2	1.2
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Provision (Increase)/Reversal	—	0.6	0.0	-0.1	0.0	0.1	0.0	0.1	0.0	0.1	0.0	-0.2
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	0.3	0.4	0.3	0.4	0.3	0.3	0.2	0.4	0.5	0.5	0.4	0.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	0.9	1.9	0.9	1.0	0.7	1.1	0.7	1.4	0.6	0.5	1.8	1.8
Increase/(Decrease) in Receivables	-5.6	5.8	6.6	9.0	-2.3	3.1	4.9	-0.4	-8.1	-5.3	6.1	11.3
Increase/(Decrease) in Inventory	-6.1	7.4	-4.0	-4.4	-5.7	9.0	-2.7	-2.1	3.5	4.4	2.6	-1.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.9	-10.9	0.0	6.5	-4.2	-6.5	-8.8	22.2	0.3	-2.7	-17.5	6.7
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.1	-0.0	0.0	-0.0	0.0	0.0	0.1	-0.3
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.4	-0.3	-0.4	-0.3	-0.3	-0.3	-0.4	-0.5	-0.5	-0.5	-0.6
Corporate Income Tax Paid	-0.2	-0.2	-0.1	0.0	-0.2	-0.2	0.0	0.0	-0.1	-0.3	-0.2	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.0	-0.4	-0.3	-0.2	-0.2	-0.5	-0.2	-0.3	-0.2
Net Cash Flow from Operating Activities	1.6	3.6	3.2	11.7	-12.4	6.0	-6.4	20.6	-4.8	-4.0	-7.8	17.4
Payments for Fixed Assets and Other Long-term Assets	-1.7	-0.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-1.7	-0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	18.4	24.1	32.5	33.6	36.2	29.8	30.2	37.6	35.4	30.0	33.9	27.2
Repayment of Borrowings	-12.1	-27.9	-35.3	-42.9	-20.2	-34.7	-26.0	-56.5	-31.7	-25.9	-29.7	-39.3
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.8	-0.0	—	0.0	-0.7	-0.0	-0.0	0.0	0.0	-0.8	-0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	6.3	-4.6	-2.8	-9.3	16.0	-5.7	4.1	-18.9	3.7	4.1	3.4	-12.1
Net Cash Flow During the Period	6.3	-1.5	0.3	2.3	3.6	0.3	-2.2	1.7	-1.1	0.1	-4.4	5.2
Cash and Cash Equivalents at Beginning of Period	6.2	7.7	7.4	5.1	1.5	2.9	2.9	2.9	2.9	2.6	2.6	2.6
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.5	6.2	7.7	7.4	5.1	1.5	1.2	3.5	1.8	2.9	2.7	7.2

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BPC

What Is Changing

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Is capital being deployed efficiently? ▲

Balance Sheet ▲

Working Capital Efficiency ▲

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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