DHM

Thương mại và Khai thác Khoáng sản Dương Hiếu ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 13.95x

Price

5,950

Latest close

03 Jun 2026

P/E 15.26x

P/B 0.57x

EPS 390

BVPS 10,511

ROE 3.7%

ROA 1.1%

Profit Margin 0.4%

Asset Turnover 3.04x

Equity Mult. 3.34x

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

What Is Changing

On a TTM 2026Q1 basis, DHM is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,653bn
	                                
+26.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
+1305.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,897.2	3,426.2	2,732.2	1,435.8	1,396.2
Growth	-15%	+25%	+90%	+3%	—
Net Income	5.8	2.8	6.0	1.3	67.6
Net Margin	0.20%	0.08%	0.22%	0.09%	4.84%

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	1,082.4	1,333.1	683.8	553.4	433.5	817.1	537.2	1,094.9	977.0	634.7	1,000.1	647.3
Growth	-19%	+95%	+24%	+28%	-47%	+52%	-51%	+12%	+54%	-37%	+55%	—
Net Income	2.0	5.0	4.7	1.7	1.0	-1.1	0.2	0.8	2.8	3.6	1.1	0.8
Net Margin	0.19%	0.38%	0.69%	0.31%	0.24%	-0.13%	0.04%	0.07%	0.28%	0.56%	0.11%	0.12%

Drivers of DHM's profit

TTM

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

Gross profit ↑ 29.3bn

Financial income ↑ 25.0bn

Administrative expenses ↓ 6.9bn

Finance costs ↑ 44.5bn

Tax ↑ 2.8bn

TTM

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

Gross profit ↑ 7.2bn

Administrative expenses ↓ 0.6bn

Finance costs ↑ 5.3bn

Financial income ↓ 1.1bn

Tax ↑ 0.2bn

Other profit ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.3% = 0.0% × 2.70 × 3.00

2026Q1 3.7% = 0.4% × 3.04 × 3.34

ROE rose from 0.3% to 3.7% — all three components improved, with asset turnover contributing the most.

Net margin: 0.4% +0.3pp Asset turnover: 3.04x +0.34x Leverage: 3.34x +0.34x

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 0.37%, rising 0.3pp. The main driver is Gross margin rose 0.7pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.5pp and Other profit / Revenue fell 0.0pp).

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 0.37% +0.3pp

Gross Margin 1.29% +0.7pp

SG&A / Revenue 0.20% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 18.6 days.

Is capital being deployed efficiently?

ROIC expanded to 1.87%, rising 1.8pp. That translates to 1.87 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 1.33x, with invested capital easing slightly by 73bn — 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 1.87% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.87% +1.8pp

NOPAT Margin 0.39% +0.4pp

Capital Turnover 4.78x +1.33x

Average Invested Capital 764.9bn −72.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 2.52x equity, net debt at 0.89x equity.

Over the last 12 months, working capital released 217.3bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −258.5bn

Inventories decreased → higher CFO: +77.2bn

Payables increased → higher CFO: +398.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 28.9 days versus the same period last year. The main moves came from DIO fell 8.0 days, DSO fell 4.3 days, and DPO rose 16.5 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 42.6 days −4.3 days

Inventory 5.7 days −8.0 days

Payables 29.7 days +16.5 days

Cash Conversion Cycle 18.6 days −28.9 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.89x and interest coverage only at 0.26x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 10.5% of debt, and total debt stands at 360.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.26x, 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 0.89x −0.48x

Interest Coverage 0.26x +0.20x

Cash / Debt 10.5% +5.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 13.95x −115.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 224.5bn in 2025, against investing cash flow of -42.6bn.

Post-investment cash flow was positive +181.9bn. Financing cash flow was negative +117.4bn.

CFO / net income was 13.95x.

After spending +9.0bn on fixed-asset investment, the business generated trailing free cash flow of +178.9bn.

Cash Conversion

CFO TTM 187.9bn +64.3bn

Cash Capex 9.0bn −106.1bn

FCF TTM +178.9bn +170.4bn

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 13.95x. The main risk still sits in capital efficiency remains weak, with ROIC at 1.9%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 13.95x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,897.7	3,426.5	2,732.2	1,436.1	1,396.2
Revenue Deductions	0.5	0.3	0.0	0.3	0.0
Net Revenue	2,897.2	3,426.2	2,732.2	1,435.8	1,396.2
Cost of Goods Sold	2,859.4	3,399.9	2,701.3	1,410.4	0.0
Gross Profit	37.9	26.3	30.8	25.4	42.1
Financial Income	48.3	18.0	4.0	11.1	19.9
Financial Expenses	69.8	27.7	19.9	34.5	19.5
Interest Expense	30.0	29.5	18.0	8.6	-7.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.0	1.6	0.9	1.2	-5.0
General and Administrative Expenses	5.7	10.9	4.5	-0.3	-6.0
Operating Profit	8.7	4.1	9.6	1.1	70.5
Other Income	0.1	0.0	0.1	0.6	0.0
Other Expenses	1.0	0.2	1.3	0.4	0.0
Other Profit	-0.9	-0.2	-1.2	0.2	-2.4
Profit Before Tax	7.8	3.9	8.4	1.3	68.2
Current Income Tax Expense	2.0	1.1	2.4	0.0	-0.5
Deferred Income Tax Expense	0.0	-0.0	0.0	0.0	0.0
Net Income	5.8	2.8	6.0	1.3	67.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.8	2.8	6.0	1.3	67.6
Earnings per Share	167.00	88.00	190.00	40.00	2,154.01
Diluted EPS	167.00	88.00	190.00	40.00	2,154.01

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,034.6	766.3	725.3	315.8	330.4
I. Cash and cash equivalents	105.4	26.8	15.6	18.0	32.8
1. Cash	105.4	25.2	15.6	18.0	0.0
2. Cash equivalents	—	1.6	0.0	0.0	0.0
II. Short-term financial investments	214.5	152.7	103.1	57.5	0.0
1. Available for sale securities	88.2	53.5	41.6	52.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-10.3	-0.9	-3.5	-1.7	0.0
3. Held to maturity investments	136.7	100.1	64.9	7.2	0.0
III. Short-term receivables	690.9	547.1	455.4	160.8	110.6
1. Short-term trade accounts receivable	555.4	368.2	342.8	118.4	0.0
2. Short-term prepayments to suppliers	17.3	59.3	118.6	15.0	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	1.6	0.0	0.0	8.5	0.0
6. Other short-term receivables	126.9	133.8	4.4	30.0	0.0
7. Provision for short-term doubtful debts (*)	-10.3	-14.2	-10.3	-11.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	23.4	38.7	146.5	79.2	76.4
1. Inventories	23.4	38.7	146.5	79.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	1.0	4.7	0.3	2.3
1. Short-term prepayments	0.4	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	—	0.8	4.6	0.2	0.0
3. Taxes and other receivables from state authorities	0.0	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)	236.1	213.7	207.1	227.7	206.0
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	79.3	77.3	80.2	82.6	180.6
1. Tangible fixed assets	4.4	5.3	6.7	7.8	9.4
- Cost	20.8	20.2	20.4	20.1	0.0
- Accumulated depreciation	-16.3	-14.9	-13.7	-12.3	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	74.9	72.0	73.5	74.8	171.2
- Cost	94.9	90.0	90.0	89.8	0.0
- Accumulated depreciation	-20.0	-18.0	-16.5	-15.0	0.0
III. Investment properties	30.1	30.0	30.6	31.2	0.0
- Cost	32.2	31.4	31.4	31.4	0.0
- Accumulated depreciation	-2.0	-1.4	-0.8	-0.1	0.0
IV. Long-term assets in progress	125.8	105.2	95.1	95.0	24.9
1. Long-term production in progress	13.4	0.0	0.0	0.0	0.0
2. Construction in progress	112.4	105.2	95.1	95.0	0.0
V. Long-term financial investments	0.1	0.1	0.1	18.4	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	0.2	0.2	0.2	18.5	0.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	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	0.8	1.2	1.0	0.4	0.0
1. Long-term prepayments	0.7	1.2	1.0	0.4	0.0
2. Deferred income tax assets	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
4. Other long-term assets	—	0.0	0.0	0.0	0.4
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)	1,270.7	980.0	932.4	543.4	536.4
A. LIABILITIES (300=210+330)	909.7	624.7	579.9	196.8	191.0
I. Short -term liabilities	909.7	624.7	578.9	195.8	191.0
1. Short-term trade accounts payable	321.5	10.2	112.9	30.3	33.6
2. Short-term advances from customers	12.5	69.2	102.2	5.5	1.4
3. Taxes and other payables to state authorities	3.3	1.0	2.5	2.4	0.0
4. Payable to employees	0.2	0.4	0.2	0.1	0.0
5. Short-term acrrued expenses	0.8	0.6	0.8	2.8	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	4.6	0.0	0.0	2.0	0.0
9. Other short-term payables	140.9	0.0	0.0	3.8	0.0
10. Short-term borrowings and financial leases	424.7	542.1	359.0	147.5	102.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	1.2	1.2	1.4	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	1.0	1.0	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	1.0	1.0	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)	361.0	355.2	352.5	346.7	345.4
I. Owner's equity	361.0	355.2	352.5	346.7	0.0
1. Owner's capital	345.4	314.0	314.0	314.0	345.4
- Common stock with voting right	345,356,990,000.00	313,961,800,000.00	313,961,800,000.00	313,961,800,000.00	313,961,800,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	—	31.0	31.0	31.0	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	15.8	10.4	7.6	1.8	0.6
- Accumulated retained earning at the end of the previous period	10.0	7.6	1.7	0.6	-67.2
- Undistributed earnings in this period	5.8	2.8	6.0	1.3	67.7
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)	1,270.7	980.0	932.4	543.4	536.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	7.8	3.9	8.4	1.3	68.2
Depreciation of Fixed Assets and Investment Property	4.2	3.5	3.6	3.1	13.7
Provision (Increase)/Reversal	5.6	1.3	0.9	-11.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-14.1	-4.3	-1.6	-0.1	0.0
Gain/Loss from Investment Activities	-4.8	-3.9	-2.3	0.8	0.0
Interest Expense	30.0	29.5	18.0	8.6	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	28.6	30.0	26.9	2.4	73.6
Increase/(Decrease) in Receivables	-140.8	13.4	-305.5	-28.4	0.0
Increase/(Decrease) in Inventory	1.8	107.9	-67.3	-2.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	399.9	-136.6	192.1	3.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	-0.2	-0.7	-0.0	0.0
Changes in Trading Securities	-34.6	-11.9	10.5	12.3	0.0
Interest Paid	-29.9	-29.5	-17.7	-8.3	0.0
Corporate Income Tax Paid	-0.6	-2.7	-0.3	-0.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	224.5	-29.7	-162.1	-22.1	18.3
Payments for Fixed Assets and Other Long-term Assets	-9.0	-115.2	-23.6	-6.2	-95.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.8
Loans and Purchases of Debt Instruments	-73.0	-98.1	-70.4	-22.2	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	34.7	62.9	21.2	55.3	0.0
Investments in Other Entities	—	0.0	0.0	-18.5	-69.4
Proceeds from Investments in Other Entities	—	0.0	18.4	0.0	0.0
Dividends and Interest Income Received	4.6	3.8	1.1	0.2	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	-42.6	-146.5	-53.4	8.5	9.3
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	1,517.1	1,532.9	870.7	306.1	335.3
Repayment of Borrowings	-1,634.5	-1,349.7	-659.1	-307.5	-355.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	-117.4	183.1	211.5	-1.4	-20.1
Net Cash Flow During the Period	64.5	6.9	-3.9	-15.0	31.3
Cash and Cash Equivalents at Beginning of Period	26.8	15.6	18.0	32.8	25.4
FX Difference from Revaluation	14.1	4.3	1.6	0.1	0.0
Cash and Cash Equivalents at End of Period	105.4	26.8	15.6	18.0	32.8

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
Revenue	1,082.4	1,333.6	683.8	553.4	433.5	817.1	537.4	1,094.9	977.0	634.7	1,000.1	647.3
Revenue Deductions	0.0	0.5	—	—	—	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,082.4	1,333.1	683.8	553.4	433.5	817.1	537.2	1,094.9	977.0	634.7	1,000.1	647.3
Cost of Goods Sold	1,071.1	1,317.2	674.3	543.0	429.5	810.9	533.3	1,091.2	964.5	621.3	993.2	641.8
Gross Profit	11.3	15.9	9.5	10.4	4.0	6.2	3.9	3.6	12.6	13.4	6.9	5.5
Financial Income	3.8	20.5	16.3	6.9	4.9	7.5	5.3	4.8	0.0	2.7	0.1	1.1
Financial Expenses	10.3	26.0	21.9	11.1	5.1	7.3	6.8	5.6	7.0	8.7	4.0	4.0
Interest Expense	7.2	8.4	6.6	5.2	5.3	7.2	6.8	9.1	6.4	5.2	4.2	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	0.4	0.6	0.6	0.4	0.5	0.3	0.4	0.4	0.2	0.2	0.4
General and Administrative Expenses	1.6	2.5	-2.1	3.3	2.2	7.1	1.6	1.4	1.8	0.8	1.3	1.2
Operating Profit	2.7	7.5	5.5	2.3	1.3	-1.2	0.3	1.1	3.4	6.6	1.5	1.0
Other Income	0.2	0.0	—	0.1	—	0.2	-0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.4	0.9	0.1	0.0	0.0	0.1	0.1	0.0	0.0	0.6	0.3	0.2
Other Profit	-0.2	-0.9	-0.1	0.1	-0.0	0.1	-0.1	-0.0	-0.0	-0.6	-0.3	-0.2
Profit Before Tax	2.5	6.6	5.4	2.3	1.3	-1.1	0.3	1.0	3.4	5.9	1.1	0.8
Current Income Tax Expense	0.5	1.6	0.7	0.6	0.3	-0.0	0.1	0.2	0.7	2.4	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.0	5.0	4.7	1.7	1.0	-1.1	0.2	0.8	2.8	3.6	1.1	0.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.0	5.0	4.7	1.7	1.0	-1.1	0.2	0.8	2.8	3.6	1.1	0.8
Earnings per Share	58.00	145.00	137.00	50.00	29.60	-34.78	7.07	100.00	87.76	113.35	35.66	25.67
Diluted EPS	58.15	144.92	136.86	50.21	29.60	-34.78	7.07	25.68	87.76	113.35	35.66	25.67

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)	1,093.8	1,034.6	664.3	680.9	859.3	765.6	563.5	761.6	857.8	725.4	691.3	338.2
I. Cash and cash equivalents	37.8	105.4	30.2	31.7	25.9	25.2	21.3	19.1	14.8	15.2	12.1	14.8
1. Cash	37.8	105.4	30.2	31.7	24.3	25.2	21.3	19.1	14.8	15.2	12.1	14.8
2. Cash equivalents	—	—	—	—	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	214.3	214.5	175.9	170.6	151.9	154.8	140.1	130.7	107.3	103.1	44.5	47.4
1. Available for sale securities	88.0	88.2	85.1	76.1	52.5	53.2	50.9	41.6	41.6	41.6	41.6	44.7
2. Provision for diminution in value of available for sale securities (*)	-10.3	-10.3	-9.2	-5.5	-0.7	-0.0	-0.0	-0.0	-3.5	-3.5	-1.8	-2.0
3. Held to maturity investments	136.7	136.7	100.1	100.1	100.1	101.7	89.2	89.2	69.2	64.9	4.7	4.7
III. Short-term receivables	830.4	690.8	440.2	365.8	572.5	546.1	335.3	491.2	621.8	462.0	545.7	186.5
1. Short-term trade accounts receivable	698.1	555.4	291.2	84.0	154.5	368.2	185.8	494.8	587.0	342.8	469.1	90.1
2. Short-term prepayments to suppliers	102.0	17.3	20.0	152.2	291.5	59.3	152.7	0.4	37.9	124.7	16.0	63.6
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	—	1.6	—	—	—	0.0	0.0	0.0	0.0	0.0	7.5	7.5
6. Other short-term receivables	40.6	126.8	139.3	143.8	140.6	133.8	7.1	6.3	7.2	4.8	64.3	36.5
7. Provision for short-term doubtful debts (*)	-10.3	-10.3	-10.3	-14.2	-14.2	-15.2	-10.3	-10.3	-10.3	-10.3	-11.1	-11.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	11.0	23.4	17.7	105.7	102.1	38.5	66.8	120.1	113.7	141.0	88.6	88.6
1. Inventories	11.0	23.4	17.7	105.7	102.1	38.5	66.8	122.3	113.7	141.0	88.6	88.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	-2.2	0.0	0.0	0.0	0.0
V. Other short-term assets	0.3	0.4	0.3	7.1	7.0	1.0	0.2	0.4	0.2	4.1	0.3	0.9
1. Short-term prepayments	0.3	0.4	0.3	0.3	0.3	0.1	0.1	0.2	0.1	0.1	0.2	0.1
2. Value added tax to be reclaimed	0.0	—	0.0	6.8	6.6	0.8	0.1	0.3	0.1	4.0	0.1	0.8
3. Taxes and other receivables from state authorities	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. 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)	235.2	236.0	229.1	213.1	213.1	213.8	263.9	207.4	206.5	207.0	208.0	208.8
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
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	78.3	79.3	75.7	76.5	77.0	77.5	78.0	78.7	79.5	80.2	80.6	81.2
1. Tangible fixed assets	4.0	4.4	4.8	5.2	5.4	5.5	5.7	6.0	6.4	6.7	6.8	7.1
- Cost	20.8	—	—	—	—	19.7	20.2	20.2	20.2	20.4	20.1	20.1
- Accumulated depreciation	-16.8	—	—	—	—	-14.3	-14.6	-14.2	-13.9	-13.7	-13.3	-13.0
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	74.2	74.9	70.9	71.2	71.6	72.0	72.4	72.7	73.1	73.5	73.8	74.2
- Cost	94.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-20.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	30.0	30.2	30.3	30.5	29.8	30.0	89.5	30.3	30.5	30.6	30.8	30.9
- Cost	32.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	126.2	125.8	122.1	105.2	105.2	105.2	95.0	96.9	95.6	95.1	96.1	96.1
1. Long-term production in progress	13.8	13.5	16.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	112.4	112.4	105.2	105.2	105.2	105.2	95.0	96.9	95.6	95.1	96.1	96.1
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	0.6	0.7	0.9	0.9	1.1	1.1	1.2	1.4	0.9	1.0	0.4	0.4
1. Long-term prepayments	0.6	0.7	0.8	0.9	1.0	1.1	1.2	1.4	0.9	1.0	0.4	0.4
2. Deferred income tax assets	0.0	0.0	0.0	0.0	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
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)	1,329.0	1,270.6	893.3	894.0	1,072.4	979.4	827.4	969.0	1,064.3	932.4	899.3	546.9
A. LIABILITIES (300=210+330)	966.0	908.8	536.5	536.0	716.1	624.4	471.3	613.0	709.1	579.9	550.2	199.0
I. Short -term liabilities	966.0	908.8	536.5	536.0	716.1	624.4	471.3	613.0	708.1	578.9	549.2	198.0
1. Short-term trade accounts payable	521.3	427.0	81.0	81.6	66.4	10.2	13.5	24.8	141.6	112.9	273.9	9.7
2. Short-term advances from customers	42.2	12.5	28.6	1.8	133.1	69.2	1.0	70.3	70.1	102.2	11.9	25.8
3. Taxes and other payables to state authorities	2.6	3.5	1.4	1.1	1.2	0.9	0.8	0.6	3.2	2.5	0.3	0.3
4. Payable to employees	0.3	0.2	0.3	0.3	0.3	0.1	0.3	0.1	0.3	0.1	0.2	0.2
5. Short-term acrrued expenses	0.8	0.9	—	0.5	0.1	0.6	0.2	0.5	0.2	0.8	2.4	2.6
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	4.6	4.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	33.1	34.2	—	—	0.0	0.0	1.4	0.0	0.5	0.0	0.0	0.0
10. Short-term borrowings and financial leases	360.5	424.7	424.0	449.4	513.8	542.1	453.0	515.4	490.9	359.0	259.1	158.0
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	0.8	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.4	1.4	1.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	1.0	1.0	1.0	1.0
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	1.0	1.0	1.0	1.0
8. Long-term borrowings and financial leases	—	—	—	—	—	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
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)	363.0	361.8	356.8	358.0	356.3	355.0	356.1	356.0	355.2	352.5	349.1	348.0
I. Owner's equity	363.0	361.8	356.8	358.0	356.3	355.0	356.1	356.0	355.2	352.5	349.1	348.0
1. Owner's capital	345.4	345.4	345.4	345.4	345.4	314.0	314.0	314.0	314.0	314.0	314.0	314.0
- Common stock with voting right	345,356,990,000.00	345,356,990,000.00	345,356,990,000.00	345,356,990,000.00	345,356,990,000.00	313,961,800,000.00	313,961,800,000.00	313,961,800,000.00	313,961,800,000.00	313,961,800,000.00	313,961,800,000.00	313,961,800,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	—	—	—	—	—	31.0	31.0	31.0	31.0	31.0	31.0	31.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	17.8	16.6	11.6	12.8	11.1	10.2	11.3	11.2	10.4	7.7	4.3	3.1
- Accumulated retained earning at the end of the previous period	15.8	10.0	10.0	10.0	10.0	7.6	7.6	7.6	7.6	1.7	1.8	1.8
- Undistributed earnings in this period	2.0	6.6	1.6	2.8	1.0	2.5	3.6	3.6	2.8	6.0	2.4	1.3
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)	1,329.0	1,270.6	893.3	894.0	1,072.4	979.4	827.4	969.0	1,064.3	932.4	899.3	546.9

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
Profit Before Tax	2.5	5.6	5.4	-4.4	1.3	-1.1	0.3	1.2	3.3	5.9	1.1	0.8
Depreciation of Fixed Assets and Investment Property	1.2	1.4	1.0	1.2	0.6	0.9	0.9	0.9	0.9	1.0	0.8	0.9
Provision (Increase)/Reversal	—	1.0	-0.0	4.8	-0.2	4.8	-2.2	-1.2	0.0	0.9	-0.2	0.3
FX Gain/Loss from Revaluation of Monetary Items	-0.7	-2.2	-6.3	-2.3	-3.3	-1.6	0.0	-2.7	0.0	-1.6	0.4	-0.4
Gain/Loss from Investment Activities	-0.8	2.3	-3.1	-0.3	-3.7	3.6	-5.2	-2.1	0.0	-3.3	1.8	-0.7
Interest Expense	7.2	8.4	6.6	9.6	5.3	7.2	6.8	9.1	6.4	6.9	4.2	3.7
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	—	—	—	—	—	-11.4	11.4	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	9.4	16.6	3.6	8.7	-0.2	2.5	11.9	5.1	10.5	9.8	8.1	4.5
Increase/(Decrease) in Receivables	-142.0	-260.8	-61.8	206.2	-24.3	-106.2	148.8	124.9	-154.3	54.3	-335.6	-21.3
Increase/(Decrease) in Inventory	12.1	-19.2	88.0	-3.6	-63.4	33.8	50.0	-2.6	26.8	-57.8	-0.1	-5.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	125.1	381.4	14.9	-122.8	126.4	52.4	-68.1	-123.6	2.3	-59.7	256.4	-28.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.0	0.1	0.2	-0.1	0.1	0.2	-0.6	0.1	-0.6	-0.1	-0.0
Changes in Trading Securities	0.2	—	—	—	—	-2.3	-9.3	0.0	0.0	0.0	3.1	-2.5
Interest Paid	-7.2	-8.4	-6.6	-9.7	-5.3	-7.3	-6.7	-9.2	-6.4	-6.6	-4.2	-3.7
Corporate Income Tax Paid	-2.0	0.0	0.0	-0.6	—	0.0	0.0	-2.7	0.0	-0.3	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-11.7	11.7	0.0
Other Operating Payments	—	1.8	—	—	-1.8	-0.0	0.0	0.0	0.0	49.3	-49.4	15.8
Net Cash Flow from Operating Activities	-4.2	106.5	29.1	56.5	32.4	-26.9	126.8	-8.7	-120.9	-23.3	-110.1	-40.9
Payments for Fixed Assets and Other Long-term Assets	0.1	0.2	-8.4	-0.8	0.1	-53.9	-59.5	-1.8	0.0	-22.3	0.5	-0.8
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	0.0	0.0
Loans and Purchases of Debt Instruments	—	-71.7	-1.3	—	—	-75.4	-1.6	-22.7	0.0	-62.9	0.0	9.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	34.7	—	—	—	62.9	0.0	0.0	0.0	10.2	0.0	11.0
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	2.0	16.4
Dividends and Interest Income Received	—	2.6	0.0	2.0	—	3.8	0.0	0.0	0.0	0.3	0.5	0.2
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	0.1	-34.2	-9.7	1.2	0.1	-62.6	-61.1	-24.5	0.0	-74.7	2.9	36.3
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	257.3	502.6	308.1	325.1	381.3	409.2	375.9	345.9	401.9	373.2	260.1	121.5
Repayment of Borrowings	-321.6	-502.0	-333.5	-381.0	-418.0	-320.1	-438.3	-309.4	-281.9	-273.3	-155.2	-115.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	-64.2	0.7	-25.4	-55.9	-36.8	89.2	-62.5	36.5	120.0	99.9	104.9	5.6
Net Cash Flow During the Period	-68.4	73.0	-6.0	1.8	-4.2	-0.3	3.2	3.3	-0.9	1.9	-2.3	1.0
Cash and Cash Equivalents at Beginning of Period	105.4	30.2	31.3	25.9	26.8	15.6	15.6	15.6	15.6	18.0	18.0	18.0
FX Difference from Revaluation	0.7	14.1	11.9	6.9	3.3	4.3	-2.7	2.7	0.0	1.6	-0.4	0.4
Cash and Cash Equivalents at End of Period	37.8	105.4	30.2	31.3	25.9	25.2	21.3	20.7	14.8	15.6	12.1	14.8

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DHM

What Is Changing

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow