BTW

Cấp nước Bến Thành ·HNX ·2026Q1

● Maintaining

Capital efficiency needs cycle context ROE 18.38%

Price

69,300

Latest close

01 Jun 2026

P/E 14.77x

P/B 2.29x

EPS 4,691

BVPS 30,233

ROE 15.6%

ROA 12.4%

Profit Margin 7.9%

Asset Turnover 1.57x

Equity Mult. 1.25x

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

What Is Changing

On a TTM 2026Q1 basis, BTW shows virtually no significant change versus the same period — both revenue and margins are holding near prior levels — margins have been expanding consistently over multiple periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 554bn
	                                
−0.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 44bn
	                                
+3.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	550.9	561.5	529.8	468.7	389.7
Growth	-2%	+6%	+13%	+20%	—
Net Income	48.3	47.1	43.6	40.9	25.9
Net Margin	8.77%	8.38%	8.24%	8.72%	6.65%

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	137.1	140.1	137.1	139.5	134.1	142.8	138.7	141.4	138.5	135.3	132.9	130.9
Growth	-2%	+2%	-2%	+4%	-6%	+3%	-2%	+2%	+2%	+2%	+2%	—
Net Income	14.8	8.3	12.1	8.8	18.9	-9.8	14.7	18.5	23.9	-1.0	10.0	15.0
Net Margin	10.77%	5.90%	8.79%	6.32%	14.12%	-6.84%	10.61%	13.05%	17.27%	-0.72%	7.49%	11.46%

Drivers of BTW's profit

TTM

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

Other profit ↑ 3.4bn

Administrative expenses ↓ 2.0bn

Finance costs ↓ 0.3bn

Selling expenses ↓ 0.2bn

Gross profit ↓ 4.0bn

Tax ↑ 0.4bn

TTM

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

Other profit ↑ 3.8bn

Tax ↓ 1.0bn

Gross profit ↓ 5.1bn

Selling expenses ↑ 3.6bn

Administrative expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.4% = 7.6% × 1.55 × 1.31

2026Q1 15.6% = 7.9% × 1.57 × 1.25

ROE is broadly flat at 15.6% — the components are offsetting one another.

Net margin: 7.9% +0.3pp Asset turnover: 1.57x +0.02x Leverage: 1.25x -0.06x

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 edged up to 7.93%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 0.2pp are enough to offset pressure from Gross margin fell 0.5pp (with additional support from Other profit / Revenue rose 0.6pp and Net financial result / Revenue rose 0.1pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 7.93% +0.3pp

Gross Margin 38.64% −0.5pp

SG&A / Revenue 29.66% −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 18.4% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 18.38%, losing 3.1pp. That translates to 18.38 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.2pp and capital turnover fell 0.37x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

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 18.38% −3.1pp

NOPAT Margin 7.38% −0.2pp

Capital Turnover 2.49x −0.37x

Average Invested Capital 222.3bn +27.3bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.43x equity, with a net cash position equivalent to 0.22x equity.

Over the last 12 months, working capital absorbed 15.0bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −2.8bn

Inventories increased → lower CFO: −8.1bn

Payables decreased → lower CFO: −4.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 17.1 days versus the same period last year. The main moves came from DIO rose 6.5 days, DSO rose 0.6 days, and DPO fell 10.0 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

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

Cash conversion cycle is lengthening

CCC is up by +17.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 11.0 days +0.6 days

Inventory 29.9 days +6.5 days

Payables 31.2 days −10.0 days

Cash Conversion Cycle 9.6 days +17.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 60.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.22x and interest coverage at 113.90x.

At present, short-term debt accounts for 83.3% of total debt, cash equals 1386.1% of debt, and total debt stands at 4.8bn.

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

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 83.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.22x −0.02x

Interest Coverage 113.90x +43.08x

Cash / Debt 1386.1% +649.8pp

Short-term Debt / Total Debt 83.3% +37.9pp

CFO / NI 1.11x +0.38x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 60.9bn in 2025, against investing cash flow of -56.1bn.

Post-investment cash flow was positive +4.8bn. Financing cash flow was negative +29.5bn.

CFO / net income was 1.11x.

After spending +34.3bn on fixed-asset investment, the business generated trailing free cash flow of +14.2bn.

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 48.5bn +17.8bn

Cash Capex 34.3bn −14.5bn

FCF TTM +14.2bn +32.3bn

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.11x. The next item to monitor is capital efficiency, with ROIC at 18.4%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.11x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	550.9	561.5	529.8	468.8	390.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	550.9	561.5	529.8	468.7	389.7
Cost of Goods Sold	332.9	344.7	331.9	304.4	0.0
Gross Profit	218.0	216.7	197.9	164.3	128.7
Financial Income	2.1	1.9	4.3	2.0	1.1
Financial Expenses	0.5	0.8	1.4	1.5	-1.7
Interest Expense	0.5	0.8	1.4	1.5	-1.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	95.0	98.1	90.7	63.2	-56.0
General and Administrative Expenses	64.1	60.8	56.1	50.6	-40.3
Operating Profit	60.5	58.9	54.1	51.1	31.9
Other Income	1.8	0.1	1.2	0.9	0.0
Other Expenses	1.8	0.0	0.6	0.6	0.0
Other Profit	0.1	0.1	0.6	0.2	-0.0
Profit Before Tax	60.5	59.0	54.7	51.3	31.9
Current Income Tax Expense	12.2	12.0	11.1	10.4	-6.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	48.3	47.1	43.6	40.9	25.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	48.3	47.1	43.6	40.9	25.9
Earnings per Share	5,159.00	5,028.00	4,663.00	4,368.00	2,767.00
Diluted EPS	5,159.00	5,028.00	4,662.91	4,367.72	2,767.00

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	164.2	178.1	175.6	192.1	120.5
I. Cash and cash equivalents	60.7	85.4	98.3	105.3	76.7
1. Cash	55.7	80.4	83.3	55.3	0.0
2. Cash equivalents	5.0	5.0	15.0	50.0	0.0
II. Short-term financial investments	51.1	46.1	42.1	61.1	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	51.1	46.1	42.1	61.1	0.0
III. Short-term receivables	10.9	9.2	8.2	8.4	18.6
1. Short-term trade accounts receivable	11.7	11.5	10.7	8.9	0.0
2. Short-term prepayments to suppliers	1.3	0.4	0.1	1.4	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	0.5	0.7	1.2	0.0
7. Provision for short-term doubtful debts (*)	-3.3	-3.2	-3.3	-3.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	32.6	25.1	21.4	14.5	10.0
1. Inventories	32.6	25.1	22.2	14.9	0.0
2. Provision for decline in value of inventories	—	0.0	-0.9	-0.4	0.0
V. Other short-term assets	8.8	12.3	5.7	2.7	4.0
1. Short-term prepayments	4.6	7.0	2.7	2.2	0.0
2. Value added tax to be reclaimed	3.1	4.0	2.7	0.4	0.0
3. Taxes and other receivables from state authorities	1.1	1.4	0.3	0.1	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)	219.9	202.6	193.8	190.8	176.0
I. Long-term receivables	0.2	0.4	0.4	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	1.3	1.5	1.5	1.3	0.0
7. Provision for long-term doubtful debts	-1.2	-1.2	-1.2	-1.2	0.0
II. Fixed assets	208.3	196.4	186.5	180.8	152.8
1. Tangible fixed assets	204.8	194.3	184.9	180.1	152.4
- Cost	545.6	495.8	448.8	412.0	0.0
- Accumulated depreciation	-340.7	-301.5	-264.0	-231.9	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	3.5	2.1	1.7	0.7	0.4
- Cost	8.6	6.6	5.8	4.5	0.0
- Accumulated depreciation	-5.1	-4.5	-4.1	-3.8	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	7.9	5.6	6.9	6.6	20.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.9	5.6	6.9	6.6	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	3.5	0.2	0.0	3.2	0.0
1. Long-term prepayments	3.5	0.2	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	3.2	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2.7
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)	384.1	380.7	369.4	382.9	296.5
A. LIABILITIES (300=210+330)	115.9	119.4	124.8	136.7	77.9
I. Short -term liabilities	114.1	113.6	114.9	122.8	59.9
1. Short-term trade accounts payable	54.1	66.5	70.8	47.9	31.0
2. Short-term advances from customers	7.7	1.9	2.9	2.8	3.3
3. Taxes and other payables to state authorities	19.3	14.6	10.7	51.0	0.0
4. Payable to employees	13.5	12.5	11.8	10.3	0.0
5. Short-term acrrued expenses	1.0	0.9	4.5	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	4.8	3.9	2.3	0.9	0.0
10. Short-term borrowings and financial leases	4.0	4.0	4.0	4.0	4.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.7	9.2	7.9	5.3	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	1.8	5.8	9.9	13.9	17.9
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	1.8	5.8	9.9	13.9	17.9
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)	268.2	261.3	244.6	246.2	218.6
I. Owner's equity	268.2	261.3	244.6	246.2	0.0
1. Owner's capital	93.6	93.6	93.6	93.6	218.6
- Common stock with voting right	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00
- 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	113.4	99.3	99.3	87.0	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	61.2	68.4	51.7	65.6	45.7
- Accumulated retained earning at the end of the previous period	12.9	21.4	8.1	24.7	19.8
- Undistributed earnings in this period	48.3	47.1	43.6	40.9	25.9
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)	384.1	380.7	369.4	382.9	296.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	60.5	59.0	54.7	51.3	31.9
Depreciation of Fixed Assets and Investment Property	39.9	37.9	36.6	33.0	29.1
Provision (Increase)/Reversal	0.1	-0.6	0.7	-1.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.1	-1.9	-5.2	-2.3	0.0
Interest Expense	0.5	0.8	1.4	1.5	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	98.9	95.3	88.3	81.8	63.1
Increase/(Decrease) in Receivables	-1.6	-2.1	-2.3	13.4	0.0
Increase/(Decrease) in Inventory	-7.6	-1.3	-4.1	1.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.6	-1.5	-20.2	57.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.8	-3.7	-0.6	0.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.9	-1.4	-1.5	0.0
Corporate Income Tax Paid	-8.8	-14.1	-15.6	-7.1	0.0
Other Operating Receipts	0.1	0.1	0.1	0.1	0.0
Other Operating Payments	-15.2	-12.8	-9.2	-6.7	0.0
Net Cash Flow from Operating Activities	60.9	59.0	35.1	139.5	46.2
Payments for Fixed Assets and Other Long-term Assets	-52.9	-45.1	-42.6	-47.3	-18.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.9	0.3	0.0
Loans and Purchases of Debt Instruments	-33.0	-27.0	-26.0	-50.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	28.0	23.0	45.0	15.0	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	1.8	2.0	4.7	1.3	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	-56.1	-47.0	-18.1	-80.6	-17.9
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-4.0	-4.0	-4.0	-4.0	-4.0
Repayment of Finance Leases	—	0.0	-20.0	0.0	0.0
Dividends Paid	-25.5	-20.8	0.0	-11.3	-12.1
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	-29.5	-24.8	-24.0	-15.3	-16.1
Net Cash Flow During the Period	-24.7	-12.9	-7.1	43.6	19.2
Cash and Cash Equivalents at Beginning of Period	85.4	98.3	105.3	61.7	64.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	60.7	85.4	98.3	105.3	76.7

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	137.1	140.1	137.1	139.5	134.1	142.8	138.7	141.4	138.5	135.3	132.9	130.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	137.1	140.1	137.1	139.5	134.1	142.8	138.7	141.4	138.5	135.3	132.9	130.9
Cost of Goods Sold	85.4	87.8	82.3	84.4	77.3	90.9	85.9	85.0	80.9	88.9	85.0	79.2
Gross Profit	51.7	52.3	54.9	55.1	56.8	52.0	52.8	56.4	57.6	46.5	47.9	51.8
Financial Income	0.3	1.0	0.2	0.5	0.1	1.0	0.2	0.4	0.2	1.1	0.7	1.9
Financial Expenses	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3
Interest Expense	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	20.9	26.0	25.0	27.4	17.3	42.6	21.2	18.4	16.2	31.5	24.4	17.8
General and Administrative Expenses	16.6	16.6	15.0	16.7	16.2	22.1	13.4	15.2	11.5	16.7	11.4	17.6
Operating Profit	14.3	10.6	15.0	11.3	23.3	-12.0	18.3	23.0	29.9	-1.0	12.4	17.9
Other Income	4.6	0.6	0.5	0.4	0.4	-0.1	0.1	0.0	0.0	0.0	0.1	0.9
Other Expenses	0.4	0.7	0.4	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	4.1	-0.1	0.1	-0.3	0.4	-0.1	0.1	0.0	0.0	-0.0	0.1	0.9
Profit Before Tax	18.5	10.5	15.1	11.0	23.7	-12.0	18.4	23.1	29.9	-1.0	12.4	18.8
Current Income Tax Expense	3.7	2.2	3.0	2.2	4.7	-2.2	3.7	4.6	6.0	-0.1	2.5	3.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	14.8	8.3	12.1	8.8	18.9	-9.8	14.7	18.5	23.9	-1.0	10.0	15.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	14.8	8.3	12.1	8.8	18.9	-9.8	14.7	18.5	23.9	-1.0	10.0	15.0
Earnings per Share	1,577.00	883.00	1,288.00	943.00	2,023.00	-1,044.00	1,573.00	1,971.00	2,555.00	-104.00	1,064.00	1,603.00
Diluted EPS	1,577.16	882.96	1,287.72	942.87	2,022.97	-1,043.56	1,572.80	1,971.18	2,555.36	-104.34	1,063.65	1,602.80

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)	146.2	164.1	164.3	159.2	151.9	176.4	192.4	176.3	182.4	173.8	177.9	165.2
I. Cash and cash equivalents	67.0	60.7	70.5	89.4	65.3	85.4	103.1	86.8	115.3	103.3	114.7	113.5
1. Cash	62.0	55.7	60.5	84.4	60.3	80.4	98.1	81.8	105.3	83.3	94.7	78.5
2. Cash equivalents	5.0	5.0	10.0	5.0	5.0	5.0	5.0	5.0	10.0	20.0	20.0	35.0
II. Short-term financial investments	26.1	51.1	41.1	21.1	41.1	46.2	44.2	39.2	32.1	37.1	24.1	16.1
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	26.1	51.1	41.1	21.1	41.1	46.2	44.2	39.2	32.1	37.1	24.1	16.1
III. Short-term receivables	16.6	10.7	17.5	16.5	14.9	9.4	16.8	19.4	14.3	8.1	17.0	16.2
1. Short-term trade accounts receivable	17.1	11.7	18.0	18.3	16.2	11.5	16.3	17.8	15.6	10.7	17.7	16.6
2. Short-term prepayments to suppliers	1.8	1.3	2.2	1.2	1.4	0.4	2.9	1.0	0.8	0.1	1.8	1.9
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	1.0	1.1	0.5	0.2	0.4	0.6	0.5	3.5	0.6	0.6	0.5	0.6
7. Provision for short-term doubtful debts (*)	-3.3	-3.3	-3.2	-3.2	-3.2	-3.2	-2.8	-2.8	-2.8	-3.3	-3.0	-3.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	31.9	33.2	30.0	27.3	23.8	26.4	24.2	28.4	18.8	18.6	18.9	16.6
1. Inventories	31.9	33.2	30.0	27.3	23.8	26.4	24.9	29.1	19.6	19.5	18.9	16.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	-0.7	-0.7	-0.9	-0.9	0.0	0.0
V. Other short-term assets	4.6	8.3	5.2	4.9	6.9	9.1	4.1	2.4	2.0	6.7	3.1	2.9
1. Short-term prepayments	2.9	4.1	5.0	4.3	5.2	3.7	3.9	2.1	1.8	2.7	2.6	2.1
2. Value added tax to be reclaimed	0.5	3.1	—	0.4	1.5	4.0	0.0	0.0	0.0	2.7	0.0	0.0
3. Taxes and other receivables from state authorities	1.1	1.1	0.2	0.2	0.2	1.4	0.2	0.3	0.2	1.3	0.5	0.8
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)	208.1	218.0	199.5	194.0	199.4	204.3	182.2	180.6	187.0	196.5	184.2	185.1
I. Long-term receivables	0.2	0.2	0.2	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	1.3	1.3	1.3	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
7. Provision for long-term doubtful debts	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
II. Fixed assets	198.0	209.2	182.6	185.4	187.2	196.3	171.4	173.4	180.1	186.5	172.5	173.8
1. Tangible fixed assets	194.7	205.6	180.9	183.6	185.3	194.2	170.1	171.6	178.3	184.9	171.4	172.9
- Cost	542.0	—	—	—	—	495.8	462.0	454.3	451.6	448.8	426.2	422.9
- Accumulated depreciation	-347.3	—	—	—	—	-301.6	-291.9	-282.6	-273.3	-263.9	-254.8	-250.0
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	3.2	3.6	1.7	1.8	1.9	2.1	1.3	1.7	1.9	1.6	1.1	0.9
- Cost	8.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.3	—	—	—	—	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	6.8	7.9	16.0	7.3	11.6	7.5	10.0	6.9	6.5	6.9	8.5	8.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.8	7.9	16.0	7.3	11.6	7.5	10.0	6.9	6.5	6.9	8.5	8.0
V. Long-term financial investments	—	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	—	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
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	3.1	0.7	0.8	0.9	0.2	0.2	0.3	0.0	0.0	2.7	2.8	2.9
1. Long-term prepayments	3.1	0.7	0.8	0.9	0.2	0.2	0.3	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
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	2.7	2.8	2.9
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)	354.3	382.1	363.8	353.2	351.4	380.8	374.6	356.9	369.5	370.3	362.1	350.3
A. LIABILITIES (300=210+330)	71.3	113.9	103.9	105.5	71.1	119.5	107.9	104.6	101.0	124.7	103.0	101.3
I. Short -term liabilities	70.5	112.1	101.1	101.7	66.3	113.6	101.0	96.7	92.1	114.8	92.1	89.4
1. Short-term trade accounts payable	28.6	51.4	12.7	29.0	29.5	66.5	29.4	29.2	47.1	70.8	36.9	29.9
2. Short-term advances from customers	2.5	7.7	2.4	2.5	2.0	1.9	1.9	3.9	3.1	2.9	2.8	2.7
3. Dividends and profits payable	0.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	20.8	19.3	18.5	17.0	17.8	14.6	15.8	16.9	19.8	10.7	12.1	10.9
4. Payable to employees	5.5	13.5	12.7	9.9	5.4	12.5	12.9	10.7	5.7	11.8	14.9	11.9
5. Short-term acrrued expenses	1.5	1.7	32.9	1.6	1.0	1.0	13.8	6.9	6.4	4.5	4.9	2.8
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	5.3	4.8	5.9	24.1	5.0	3.9	12.8	12.6	4.0	2.2	7.4	17.2
10. Short-term borrowings and financial leases	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
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	1.5	9.7	11.9	13.5	1.6	9.2	10.4	12.5	1.9	7.9	9.0	9.9
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	0.8	1.8	2.8	3.8	4.8	5.8	6.9	7.9	8.9	9.9	10.9	11.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.8	1.8	2.8	3.8	4.8	5.8	6.9	7.9	8.9	9.9	10.9	11.9
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)	283.0	268.2	260.0	247.7	280.2	261.3	266.7	252.3	268.5	245.6	259.1	249.0
I. Owner's equity	283.0	268.2	260.0	247.7	280.2	261.3	266.7	252.3	268.5	245.6	259.1	249.0
1. Owner's capital	93.6	93.6	93.6	93.6	93.6	93.6	93.6	93.6	93.6	93.6	93.6	93.6
- Common stock with voting right	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00	93,600,000,000.00
- 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	113.4	113.4	113.4	113.4	99.3	99.3	99.3	99.3	99.3	99.3	99.3	99.3
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	76.0	61.2	53.0	40.7	87.4	68.4	73.9	59.4	75.6	52.8	66.2	56.2
- Accumulated retained earning at the end of the previous period	61.2	12.9	12.9	12.9	68.4	21.4	17.0	17.0	51.7	9.1	21.5	21.5
- Undistributed earnings in this period	14.8	48.3	40.0	27.8	18.9	47.1	56.8	42.4	23.9	43.7	44.6	34.6
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)	354.3	382.1	363.8	353.2	351.4	380.8	374.6	356.9	369.5	370.3	362.1	350.3

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	18.5	10.5	15.1	11.3	23.7	-12.0	18.4	22.7	29.9	-1.1	12.4	18.8
Depreciation of Fixed Assets and Investment Property	6.8	9.9	10.0	10.0	10.0	9.8	9.4	9.4	9.5	13.6	4.9	9.1
Provision (Increase)/Reversal	—	0.1	0.0	0.1	—	0.1	-0.4	0.3	-0.6	1.3	0.0	-0.6
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	-0.3	-0.9	-0.2	-0.8	-0.1	-1.0	-0.2	-0.7	-0.2	-2.0	-0.7	-1.9
Interest Expense	0.1	0.1	0.1	0.2	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	25.1	19.7	25.0	20.7	33.6	-2.9	27.3	32.0	38.8	12.1	17.0	25.8
Increase/(Decrease) in Receivables	-3.5	1.8	0.9	-1.9	-2.4	2.4	2.6	-5.3	-3.1	7.1	-0.4	-3.6
Increase/(Decrease) in Inventory	0.7	-2.7	-2.8	-3.5	1.3	0.0	3.6	-8.8	2.6	-0.5	-2.0	-2.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-21.9	-5.2	39.8	-16.7	-21.4	3.3	8.3	-13.2	-8.1	11.1	14.3	-56.9
Increase/(Decrease) in Prepaid Expenses	2.0	-2.2	-0.6	0.1	1.8	1.1	-1.9	-0.6	0.9	-0.1	-0.5	-0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.2	-0.2	-0.3	-0.3	-0.3	-0.4
Corporate Income Tax Paid	-2.2	-3.1	-2.2	-2.5	-1.1	-3.6	-4.6	-5.9	0.0	-2.5	-3.8	-4.9
Other Operating Receipts	0.1	—	—	—	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Other Operating Payments	-8.2	-2.2	-1.7	-3.6	-7.7	-1.2	-2.2	-3.4	-6.0	-1.2	-0.9	-2.7
Net Cash Flow from Operating Activities	-8.2	6.0	58.2	-7.4	4.2	-1.0	33.0	-5.4	24.8	25.7	23.3	-45.4
Payments for Fixed Assets and Other Long-term Assets	-10.1	-5.0	-39.0	19.8	-28.7	-6.1	-11.1	-3.0	-17.3	-20.6	-3.5	-11.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.9	0.0	0.0
Loans and Purchases of Debt Instruments	—	-10.0	-20.0	-0.0	-3.0	-12.0	-5.0	-15.1	0.0	-12.9	-8.0	-25.1
Receipts from Loan Repayments and Sale of Debt Instruments	25.0	0.0	0.0	20.0	8.0	10.0	0.0	8.0	10.0	-5.1	0.0	50.1
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	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.3	0.4	0.7	0.4	0.6	0.3	0.6	0.6	0.6	0.7	2.1
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	15.6	-14.7	-58.5	40.4	-23.3	-7.4	-15.7	-9.5	-6.8	-37.2	-10.8	15.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	-20.0	0.0	0.0
Dividends Paid	-0.1	-0.0	-17.6	-7.8	-0.0	-8.2	0.1	-12.6	-0.0	16.0	-10.2	-5.8
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	-1.1	-1.0	-18.6	-8.8	-1.0	-9.2	-0.9	-13.7	-1.0	-5.0	-11.2	-6.8
Net Cash Flow During the Period	6.3	-9.8	-18.9	24.1	-20.1	-17.7	16.3	-28.6	17.0	-16.5	1.3	-36.7
Cash and Cash Equivalents at Beginning of Period	60.7	70.5	89.4	65.3	85.4	98.3	98.3	98.3	98.3	105.3	105.3	105.3
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	67.0	60.7	70.5	89.4	65.3	85.4	103.1	86.8	115.3	98.3	114.7	113.5

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BTW

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ▼

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow