CLW

Cấp nước Chợ Lớn ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 4.59%, +1.19pp YoY

Price

44,550

Latest close

03 Jun 2026

P/E 9.90x

P/B 2.08x

EPS 4,502

BVPS 21,448

ROE 21.4%

ROA 11.1%

Profit Margin 4.6%

Asset Turnover 2.42x

Equity Mult. 1.93x

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

What Is Changing

On a TTM 2026Q1 basis, CLW has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,276bn
	                                
−0.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 59bn
	                                
+34.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,276.1	1,303.4	1,304.4	1,253.1	1,154.4
Growth	-2%	-0%	+4%	+9%	—
Net Income	56.8	53.9	56.4	30.1	27.8
Net Margin	4.45%	4.14%	4.33%	2.40%	2.41%

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	305.3	324.4	315.9	330.5	305.2	317.7	321.6	337.6	326.6	301.0	330.3	334.5
Growth	-6%	+3%	-4%	+8%	-4%	-1%	-5%	+3%	+8%	-9%	-1%	—
Net Income	13.8	14.6	12.6	17.6	12.0	3.1	14.1	14.5	21.3	-1.1	12.6	18.2
Net Margin	4.54%	4.49%	3.97%	5.31%	3.92%	0.96%	4.37%	4.28%	6.53%	-0.36%	3.80%	5.46%

Drivers of CLW's profit

TTM

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

Gross profit ↑ 25.9bn

Administrative expenses ↑ 7.6bn

TTM

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

Gross profit ↑ 10.1bn

Financial income ↑ 0.2bn

Finance costs ↓ 0.2bn

Administrative expenses ↑ 7.5bn

Selling expenses ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.8% = 3.4% × 2.38 × 2.08

2026Q1 21.4% = 4.6% × 2.42 × 1.93

ROE rose from 16.8% to 21.4% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 4.6% +1.2pp Asset turnover: 2.42x +0.04x Leverage: 1.93x -0.15x

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 4.59%, rising 1.2pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 0.7pp (with additional support from Other profit / Revenue rose 0.1pp and Net financial result / Revenue rose 0.0pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 4.59% +1.2pp

Gross Margin 16.62% +2.1pp

SG&A / Revenue 10.98% +0.7pp

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 21.1% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 21.08%, rising 7.7pp. That translates to 21.08 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.8pp and capital turnover rose 0.14x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 21.08% +7.7pp

NOPAT Margin 5.37% +1.8pp

Capital Turnover 3.93x +0.14x

Average Invested Capital 325.0bn −13.2bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 1.02x equity, net debt at 0.09x equity.

Over the last 12 months, working capital released 16.9bn 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: +3.6bn

Inventories increased → lower CFO: −4.5bn

Payables increased → higher CFO: +17.8bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3.3 days versus the same period last year. The main moves came from DIO rose 0.9 days, DSO fell 1.0 days, and DPO fell 3.4 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 +3.3 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +0.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 17.4 days −1.0 days

Inventory 14.3 days +0.9 days

Payables 26.5 days −3.4 days

Cash Conversion Cycle 5.1 days +3.3 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.09x and interest coverage at 12.16x.

At present, short-term debt accounts for 17.3% of total debt, cash equals 70.0% of debt, and total debt stands at 82.4bn.

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

Leverage and liquidity trend

Net Debt / Equity 0.09x −0.21x

Interest Coverage 12.16x +3.09x

Cash / Debt 70.0% +48.5pp

Short-term Debt / Total Debt 17.3% −2.0pp

CFO / NI 1.47x +0.31x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 75.7bn in 2025, against investing cash flow of -29.7bn.

Post-investment cash flow was positive +46.0bn. Financing cash flow was negative +33.3bn.

CFO / net income was 1.47x.

After spending +34.9bn on fixed-asset investment, the business generated trailing free cash flow of +51.4bn.

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 86.3bn +35.6bn

Cash Capex 34.9bn −64.7bn

FCF TTM +51.4bn +100.3bn

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 operating efficiency, with net margin improving 1.2 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 4.4%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.59% after expanding 1.2pp versus the same period last year.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,276.5	1,303.9	1,304.8	1,253.8	1,155.7
Revenue Deductions	0.4	0.4	0.4	0.7	0.0
Net Revenue	1,276.1	1,303.4	1,304.4	1,253.1	1,154.4
Cost of Goods Sold	1,075.3	1,106.7	1,128.4	1,121.1	0.0
Gross Profit	200.8	196.7	176.0	132.0	112.2
Financial Income	5.4	6.3	13.4	6.8	5.4
Financial Expenses	6.1	6.2	7.6	4.6	-3.7
Interest Expense	6.1	6.2	7.6	4.6	-3.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	39.8	38.7	36.8	32.9	-32.7
General and Administrative Expenses	91.9	90.9	74.8	65.9	-50.7
Operating Profit	68.4	67.3	70.3	35.4	30.6
Other Income	6.7	3.2	4.9	4.6	0.0
Other Expenses	3.8	2.9	3.9	1.9	0.0
Other Profit	2.9	0.3	0.9	2.7	3.8
Profit Before Tax	71.3	67.6	71.2	38.1	34.4
Current Income Tax Expense	14.7	14.9	20.3	11.7	-6.6
Deferred Income Tax Expense	-0.2	-1.2	-5.5	-3.8	0.0
Net Income	56.8	53.9	56.4	30.1	27.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	56.8	53.9	56.4	30.1	27.8
Earnings per Share	4,372.00	4,149.00	4,340.96	1,304.00	1,097.00
Diluted EPS	4,372.00	4,149.00	4,340.96	1,304.00	2,141.61

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	239.7	262.4	329.9	268.2	211.9
I. Cash and cash equivalents	18.6	5.8	77.0	27.9	79.2
1. Cash	12.8	5.8	22.8	9.8	0.0
2. Cash equivalents	5.8	0.0	54.2	18.1	0.0
II. Short-term financial investments	114.2	138.3	134.6	153.8	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	114.2	138.3	134.6	153.8	0.0
III. Short-term receivables	58.3	58.9	60.5	44.6	57.8
1. Short-term trade accounts receivable	62.2	62.4	58.2	45.2	0.0
2. Short-term prepayments to suppliers	3.8	3.7	6.7	4.1	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	2.4	2.7	5.0	2.6	0.0
7. Provision for short-term doubtful debts (*)	-10.1	-9.9	-9.5	-7.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	40.3	49.7	50.6	39.3	12.2
1. Inventories	40.3	49.7	50.6	39.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.3	9.7	7.2	2.5	2.2
1. Short-term prepayments	6.5	6.8	1.7	1.7	0.0
2. Value added tax to be reclaimed	1.1	2.8	5.5	0.8	0.0
3. Taxes and other receivables from state authorities	0.7	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)	295.7	307.9	253.9	237.8	246.9
I. Long-term receivables	0.3	0.3	0.3	0.3	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	0.3	0.3	0.3	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	273.8	287.5	239.4	205.5	176.2
1. Tangible fixed assets	273.0	285.9	238.2	204.2	175.8
- Cost	1,071.5	1,036.1	950.0	880.7	0.0
- Accumulated depreciation	-798.5	-750.2	-711.8	-676.5	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	0.8	1.6	1.2	1.3	0.4
- Cost	11.4	11.0	9.3	8.4	0.0
- Accumulated depreciation	-10.6	-9.4	-8.1	-7.1	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	5.0	9.5	4.6	4.4	7.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	9.5	4.6	4.4	0.0
V. Long-term financial investments	0.0	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	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	16.6	10.5	9.6	27.6	0.0
1. Long-term prepayments	6.0	0.2	0.5	24.0	0.0
2. Deferred income tax assets	10.6	10.3	9.1	3.6	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	62.9
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)	535.4	570.2	583.8	505.9	458.8
A. LIABILITIES (300=210+330)	270.4	314.6	347.3	261.6	232.9
I. Short -term liabilities	194.4	234.3	262.4	179.2	177.8
1. Short-term trade accounts payable	81.1	111.4	141.4	96.1	93.4
2. Short-term advances from customers	2.1	2.8	3.2	4.5	13.7
3. Taxes and other payables to state authorities	55.7	47.4	42.6	27.2	0.0
4. Payable to employees	20.3	22.6	24.1	14.9	0.0
5. Short-term acrrued expenses	6.2	19.8	17.7	10.8	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	3.3	5.3	11.1	6.9	0.0
10. Short-term borrowings and financial leases	15.8	18.3	16.6	13.3	8.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.9	6.6	5.7	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	76.0	80.3	84.9	82.4	55.1
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	4.3	3.8	3.4	2.7	0.0
8. Long-term borrowings and financial leases	71.7	76.5	81.5	79.6	48.7
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)	265.0	255.7	236.5	244.4	225.9
I. Owner's equity	265.0	255.7	236.5	244.4	0.0
1. Owner's capital	130.0	130.0	130.0	130.0	225.9
- Common stock with voting right	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00
- 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	70.3	63.8	63.8	63.8	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	64.7	61.8	42.7	50.5	32.0
- Accumulated retained earning at the end of the previous period	7.9	7.9	-13.8	20.4	4.2
- Undistributed earnings in this period	56.8	53.9	56.4	30.1	27.8
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)	535.4	570.2	583.8	505.9	458.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	71.3	67.6	0.0	38.1	34.4
Depreciation of Fixed Assets and Investment Property	53.9	47.1	0.0	43.3	45.6
Provision (Increase)/Reversal	0.3	0.4	0.0	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.4	-6.4	0.0	-6.9	0.0
Interest Expense	6.1	6.2	0.0	4.6	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	126.2	114.8	0.0	79.3	80.6
Increase/(Decrease) in Receivables	1.5	1.1	0.0	9.6	0.0
Increase/(Decrease) in Inventory	9.6	0.7	0.0	-7.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.0	-34.3	0.0	-12.1	0.0
Increase/(Decrease) in Prepaid Expenses	-5.5	-4.9	0.0	39.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.0	-6.5	0.0	-4.6	0.0
Corporate Income Tax Paid	-13.9	-20.3	0.0	-10.9	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-18.2	-13.1	0.0	-11.7	0.0
Net Cash Flow from Operating Activities	75.7	37.6	0.0	81.2	30.3
Payments for Fixed Assets and Other Long-term Assets	-59.1	-90.4	0.0	-64.6	-27.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-211.9	-327.8	0.0	-314.5	-60.4
Receipts from Loan Repayments and Sale of Debt Instruments	236.0	324.1	0.0	221.1	114.5
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	5.3	9.1	0.0	5.3	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	-29.7	-84.8	0.0	-152.7	32.9
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	11.6	13.8	0.0	44.7	13.3
Repayment of Borrowings	-18.9	-17.0	0.0	-9.1	-8.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-25.9	-20.7	0.0	-15.5	-15.5
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	-33.3	-23.9	0.0	20.1	-10.4
Net Cash Flow During the Period	12.7	-71.1	0.0	-51.3	72.3
Cash and Cash Equivalents at Beginning of Period	5.8	77.0	0.0	79.2	26.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	18.6	5.8	0.0	27.9	79.2

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	305.4	324.5	316.0	330.6	305.3	317.8	321.8	337.6	326.7	301.1	330.4	334.6
Revenue Deductions	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.0	0.1	0.1	0.1	0.1
Net Revenue	305.3	324.4	315.9	330.5	305.2	317.7	321.6	337.6	326.6	301.0	330.3	334.5
Cost of Goods Sold	249.8	269.9	269.9	274.5	259.9	274.5	274.2	287.3	270.8	271.7	291.3	284.1
Gross Profit	55.4	54.6	46.0	56.0	45.3	43.2	47.4	50.2	55.8	29.3	39.0	50.4
Financial Income	0.9	2.3	2.3	0.1	0.6	2.4	2.6	0.1	1.3	8.5	2.8	1.5
Financial Expenses	1.4	1.4	1.5	1.6	1.6	1.3	1.6	1.5	1.7	2.2	1.4	2.1
Interest Expense	1.4	1.4	1.5	1.6	1.6	1.3	1.6	1.5	1.7	2.2	1.4	2.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	9.9	11.3	9.1	10.3	9.1	10.5	10.0	9.8	8.3	10.7	8.8	9.1
General and Administrative Expenses	27.7	27.9	21.8	22.2	20.2	29.9	21.0	20.8	20.4	26.1	15.7	16.2
Operating Profit	17.4	16.3	16.0	22.0	15.0	3.9	17.4	18.1	26.6	-1.2	15.9	24.5
Other Income	0.7	3.1	0.8	0.8	0.8	0.8	0.9	0.7	0.7	0.9	0.6	0.6
Other Expenses	0.8	1.1	1.1	0.8	0.8	0.8	0.7	0.8	0.6	1.0	0.6	1.9
Other Profit	-0.1	2.0	-0.3	-0.0	0.0	0.1	0.2	-0.0	0.0	-0.1	-0.0	-1.3
Profit Before Tax	17.3	18.3	15.7	22.0	15.0	3.9	17.6	18.1	26.7	-1.3	15.9	23.2
Current Income Tax Expense	—	7.1	2.6	2.0	3.0	3.0	3.6	-0.6	5.4	7.9	2.6	3.1
Deferred Income Tax Expense	3.5	-3.3	0.6	2.5	—	-2.2	-0.1	4.2	0.0	-8.1	0.8	1.8
Net Income	13.8	14.6	12.6	17.6	12.0	3.1	14.1	14.5	21.3	-1.1	12.6	18.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.8	14.6	12.6	17.6	12.0	3.1	14.1	14.5	21.3	-1.1	12.6	18.2
Earnings per Share	1,065.00	1,120.00	966.00	1,351.00	921.00	236.00	1,082.00	664.00	1,640.00	-84.00	542.00	787.00
Diluted EPS	1,065.00	1,120.00	966.00	1,351.00	921.00	4,111.00	1,082.00	664.00	1,640.00	-84.00	542.00	787.00

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)	235.6	239.7	262.1	262.6	218.2	261.6	293.4	289.4	289.2	320.3	346.2	340.1
I. Cash and cash equivalents	57.7	18.6	47.8	56.1	21.7	5.8	12.8	18.6	17.6	77.0	7.8	41.9
1. Cash	19.0	12.8	11.9	21.0	11.7	5.8	7.8	13.6	17.6	22.8	7.8	11.9
2. Cash equivalents	38.7	5.8	35.9	35.1	10.0	0.0	5.0	5.0	0.0	54.2	0.0	30.0
II. Short-term financial investments	69.5	114.2	104.1	92.6	92.6	138.3	170.2	157.6	157.6	134.6	231.1	198.3
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	69.5	114.2	104.1	92.6	92.6	138.3	170.2	157.6	157.6	134.6	231.1	198.3
III. Short-term receivables	56.0	58.3	66.7	68.9	58.9	59.0	70.2	75.6	67.9	60.5	75.9	61.8
1. Short-term trade accounts receivable	59.3	62.2	67.9	66.4	62.1	62.4	68.9	73.6	66.8	58.2	73.1	62.5
2. Short-term prepayments to suppliers	4.7	3.8	4.1	7.5	3.2	3.7	8.1	8.9	7.7	6.7	8.1	5.1
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	2.1	2.4	4.8	5.2	3.6	2.8	2.8	2.8	2.9	5.0	3.0	2.0
7. Provision for short-term doubtful debts (*)	-10.1	-10.1	-10.1	-10.1	-9.9	-9.9	-9.6	-9.7	-9.5	-9.5	-8.2	-7.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	44.0	40.3	40.2	40.0	39.4	48.8	36.3	33.4	41.2	42.7	31.4	34.7
1. Inventories	44.0	40.3	40.2	40.0	39.4	48.8	36.3	33.4	41.2	42.7	31.4	34.7
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	8.4	8.3	3.1	5.0	5.6	9.7	3.9	4.1	4.9	5.5	0.0	3.3
1. Short-term prepayments	8.4	6.5	3.1	5.0	4.9	6.8	2.1	2.7	1.2	0.0	0.0	2.8
2. Value added tax to be reclaimed	—	1.1	—	—	0.6	2.8	1.8	1.5	3.7	5.5	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.7	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.5
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)	294.8	295.7	288.3	293.6	306.3	307.8	277.7	260.5	262.8	254.0	227.8	223.3
I. Long-term receivables	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	265.1	273.8	271.0	283.1	279.9	287.5	247.4	251.9	235.5	239.4	193.0	198.4
1. Tangible fixed assets	264.1	273.0	269.9	282.1	278.6	285.9	246.4	250.2	234.3	238.2	192.2	197.3
- Cost	1,075.4	—	—	—	—	1,036.1	989.3	982.2	955.7	950.0	895.3	891.1
- Accumulated depreciation	-811.3	—	—	—	—	-750.2	-742.9	-732.0	-721.4	-711.8	-703.1	-693.8
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	1.0	0.8	1.0	1.0	1.3	1.6	1.0	1.7	1.3	1.2	0.9	1.1
- Cost	11.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.8	—	—	—	—	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	4.4	5.0	9.4	1.8	15.7	9.4	21.5	3.0	17.4	4.6	26.0	7.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.4	5.0	9.4	1.8	15.7	9.4	21.5	3.0	17.4	4.6	26.0	7.5
V. Long-term financial investments	0.0	0.0	0.0	0.0	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
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	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	24.9	16.6	7.6	8.3	10.4	10.5	8.4	5.3	9.5	9.7	8.5	17.1
1. Long-term prepayments	14.4	6.0	0.4	0.5	0.1	0.2	0.3	0.3	0.4	0.5	7.4	15.2
2. Deferred income tax assets	10.6	10.6	7.2	7.8	10.3	10.3	8.1	4.9	9.1	9.2	1.1	1.8
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)	530.3	535.4	550.4	556.2	524.5	569.4	571.1	549.9	552.0	574.3	574.0	563.4
A. LIABILITIES (300=210+330)	251.5	270.5	300.0	318.5	256.9	314.2	326.8	320.2	302.0	342.2	310.8	311.2
I. Short -term liabilities	178.8	194.5	220.5	235.4	171.6	233.9	248.6	240.9	218.4	257.3	236.0	234.1
1. Short-term trade accounts payable	80.3	81.1	14.4	93.8	74.3	111.4	108.5	96.6	105.3	141.4	83.1	81.8
2. Short-term advances from customers	2.3	2.1	3.8	3.3	2.8	2.8	4.9	5.0	5.3	5.5	6.7	5.2
3. Dividends and profits payable	1.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	50.5	55.6	51.8	50.5	47.1	47.3	50.0	43.9	46.4	34.7	35.7	39.0
4. Payable to employees	9.1	19.8	15.0	14.4	7.7	22.6	31.0	25.4	9.7	25.9	30.5	26.4
5. Short-term acrrued expenses	19.0	5.6	84.5	7.3	15.5	19.5	9.7	15.4	23.0	16.5	44.1	34.2
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	1.1	4.5	21.3	31.1	5.2	5.3	18.4	26.2	11.0	11.1	13.5	22.2
10. Short-term borrowings and financial leases	14.3	15.8	17.3	18.7	19.5	18.3	17.9	17.8	17.4	16.6	15.2	15.1
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	0.4	9.9	12.4	16.3	-0.5	6.6	8.3	10.7	0.4	5.7	7.2	10.1
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	72.7	76.0	79.6	83.1	85.3	80.3	78.2	79.3	83.6	84.9	74.8	77.1
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	4.6	4.3	4.3	4.3	4.2	3.8	3.4	3.5	3.4	3.4	3.2	3.1
8. Long-term borrowings and financial leases	68.1	71.7	75.2	78.8	81.1	76.5	74.8	75.8	80.2	81.5	71.6	74.0
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)	278.8	264.9	250.3	237.7	267.6	255.2	244.2	229.6	250.0	232.1	263.2	252.2
I. Owner's equity	278.8	264.9	250.3	237.7	267.6	255.2	244.2	229.6	250.0	232.1	263.2	252.2
1. Owner's capital	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0
- Common stock with voting right	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00
- 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	70.3	70.3	70.3	70.3	63.8	63.8	63.8	63.8	63.8	63.8	63.8	63.8
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	78.6	64.6	50.0	37.4	73.8	61.3	50.4	35.8	56.1	38.2	69.4	58.3
- Accumulated retained earning at the end of the previous period	64.7	7.9	7.9	7.9	61.8	7.9	0.0	0.0	34.8	-8.3	21.7	21.7
- Undistributed earnings in this period	13.8	56.7	42.2	29.5	12.0	53.4	50.4	35.8	21.3	46.6	47.6	36.6
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)	530.3	535.4	550.4	556.2	524.5	569.4	571.1	549.9	552.0	574.3	574.0	563.4

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	17.3	18.5	15.7	22.1	15.0	3.9	17.6	18.8	26.7	1.2	15.9	21.3
Depreciation of Fixed Assets and Investment Property	13.1	13.5	13.6	13.7	13.2	12.8	11.9	11.7	10.7	10.2	10.0	9.5
Provision (Increase)/Reversal	-0.0	0.1	-0.1	0.2	0.1	0.3	-0.0	0.2	0.0	1.2	0.4	0.2
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	-0.9	-2.3	-2.3	-0.7	-0.1	-2.5	-2.6	-0.1	-1.3	-8.5	-2.8	-1.5
Interest Expense	1.4	1.4	1.5	1.6	1.6	1.3	1.6	1.5	1.7	2.2	1.4	2.1
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	30.9	31.2	28.4	36.9	29.8	15.7	28.4	32.1	37.8	6.4	24.8	31.6
Increase/(Decrease) in Receivables	2.3	8.5	2.4	-9.7	0.2	11.8	5.3	-5.8	-10.2	6.4	-13.2	0.9
Increase/(Decrease) in Inventory	-3.7	-0.1	-0.7	0.1	10.3	-5.0	-3.5	8.5	1.8	-11.6	3.3	-3.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.9	-12.2	1.7	26.4	-33.9	-9.7	13.2	-4.3	-34.0	3.4	14.9	31.8
Increase/(Decrease) in Prepaid Expenses	-10.2	-9.0	2.0	-0.5	2.0	-4.6	0.6	-1.4	0.6	5.2	10.7	-6.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-1.5	-1.5	-1.6	-1.4	-1.4	-1.8	-1.6	-1.6	-1.7	-1.4	-2.1
Corporate Income Tax Paid	-8.7	0.0	-5.0	0.0	-8.9	-7.0	-2.0	0.0	-11.3	0.0	-7.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-9.6	-2.5	-3.9	-4.7	-7.1	-1.6	-2.4	-3.8	-5.3	-1.5	-2.8	-3.6
Net Cash Flow from Operating Activities	1.4	14.4	23.4	47.0	-9.1	-1.8	37.8	23.8	-22.2	6.6	29.3	48.1
Payments for Fixed Assets and Other Long-term Assets	-4.5	-13.2	-7.5	-9.7	-28.8	-26.8	-25.1	-18.9	-19.6	-35.7	-23.6	-9.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.2	-0.0	0.0	0.0	-0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-59.4	-15.2	-104.1	0.0	-92.6	0.0	-170.2	0.0	-157.6	-5.9	-99.0	-86.5
Receipts from Loan Repayments and Sale of Debt Instruments	104.1	5.1	92.6	0.0	138.3	31.9	157.6	0.0	134.6	102.5	66.2	74.1
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	2.7	0.4	2.3	0.1	2.4	0.5	2.6	0.1	5.9	3.9	2.8	2.4
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	42.8	-22.9	-16.7	-9.5	19.4	5.8	-35.1	-18.8	-36.7	64.7	-53.6	-19.3
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	1.4	10.2	6.7	3.5	0.0	3.6	15.1	1.4	2.6
Repayment of Borrowings	-5.1	-5.0	-5.0	-4.4	-4.4	-4.4	-4.4	-4.1	-4.1	-3.8	-3.8	-3.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-15.8	-9.9	-0.0	-0.2	-13.1	-7.5	-0.0	-0.1	-13.5	-7.4	-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	-5.1	-20.8	-15.0	-3.1	5.6	-10.9	-8.4	-4.1	-0.5	-2.2	-9.8	-1.1
Net Cash Flow During the Period	39.1	-29.3	-8.3	34.4	15.8	-7.0	-5.8	1.0	-59.4	69.2	-34.1	27.6
Cash and Cash Equivalents at Beginning of Period	18.6	47.8	56.1	21.7	5.8	77.0	77.0	77.0	77.0	27.9	27.9	27.9
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	57.7	18.6	47.8	56.1	21.7	5.8	12.8	18.6	17.6	77.0	7.8	41.9

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CLW

What Is Changing

Drivers of CLW's profit

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Is capital being deployed efficiently? ▲

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