DNN

Cấp nước Đà Nẵng ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 31.98%, +16.32pp YoY

Price

7,000

Latest close

26 May 2026

P/E 1.57x

P/B 0.42x

EPS 4,460

BVPS 16,473

ROE 29.0%

ROA 16.5%

Profit Margin 32.0%

Asset Turnover 0.51x

Equity Mult. 1.76x

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

What Is Changing

On a TTM 2026Q1 basis, DNN is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 803bn
	                                
+21.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 257bn
	                                
+147.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	774.3	644.7	596.0	534.4	467.9
Growth	+20%	+8%	+12%	+14%	—
Net Income	234.0	100.4	155.9	157.2	109.2
Net Margin	30.23%	15.57%	26.16%	29.42%	23.34%

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	189.0	194.6	217.1	202.0	160.6	159.6	175.9	167.4	141.7	147.0	165.9	156.9
Growth	-3%	-10%	+7%	+26%	+1%	-9%	+5%	+18%	-4%	-11%	+6%	—
Net Income	59.0	59.8	75.6	62.3	35.9	24.2	19.3	24.5	26.9	14.5	44.0	53.5
Net Margin	31.21%	30.71%	34.84%	30.83%	22.35%	15.14%	10.99%	14.65%	18.95%	9.89%	26.51%	34.13%

Drivers of DNN's profit

TTM

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

Gross profit ↑ 160.5bn

Tax ↑ 20.2bn

TTM

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

Gross profit ↑ 23.7bn

Financial income ↑ 2.4bn

Tax ↑ 2.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.6% = 15.7% × 0.42 × 1.93

2026Q1 29.0% = 32.0% × 0.51 × 1.76

ROE rose from 12.6% to 29.0% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 32.0% +16.3pp Asset turnover: 0.51x +0.10x Leverage: 1.76x -0.17x

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 expanded to 31.98%, rising 16.3pp. The main driver is Gross margin rose 14.7pp and SG&A / Revenue fell 1.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.1pp).

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

Profitability trend

Net Margin 31.98% +16.3pp

Gross Margin 45.24% +14.7pp

SG&A / Revenue 11.22% −1.9pp

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 20.3% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 20.28%, rising 12.0pp. That translates to 20.28 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 15.6pp and capital turnover rose 0.11x, 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 20.28% +12.0pp

NOPAT Margin 30.92% +15.6pp

Capital Turnover 0.66x +0.11x

Average Invested Capital 1,223.6bn +2.1bn

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 0.74x equity, net debt at 0.34x equity.

Over the last 12 months, working capital absorbed 62.3bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +28.7bn

Inventories increased → lower CFO: −8.9bn

Payables decreased → lower CFO: −82.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 12.7 days versus the same period last year. The main moves came from DIO rose 5.5 days, DSO fell 1.5 days, and DPO fell 8.7 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 +12.7 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +5.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 6.9 days −1.5 days

Inventory 39.5 days +5.5 days

Payables 21.1 days −8.7 days

Cash Conversion Cycle 25.4 days +12.7 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 0.34x and interest coverage at 11.69x.

At present, short-term debt accounts for 15.9% of total debt, cash equals 15.1% of debt, and total debt stands at 381.2bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 15.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.34x −0.10x

Interest Coverage 11.69x +7.63x

Cash / Debt 15.1% −1.6pp

Short-term Debt / Total Debt 15.9% +1.7pp

CFO / NI 1.05x −0.91x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 277.8bn in 2025, against investing cash flow of -138.5bn.

Post-investment cash flow was positive +139.3bn. Financing cash flow was negative +151.4bn.

CFO / net income was 1.05x.

After spending +77.6bn on fixed-asset investment, the business generated trailing free cash flow of +190.6bn.

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 268.2bn +65.3bn

Cash Capex 77.6bn +40.6bn

FCF TTM +190.6bn +24.7bn

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 16.3 pp. The next item to monitor is capital efficiency, with ROIC at 20.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 31.98% after expanding 16.3pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	774.3	644.7	596.0	534.4	467.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	774.3	644.7	596.0	534.4	467.9
Cost of Goods Sold	434.1	447.4	340.5	281.1	0.0
Gross Profit	340.2	197.2	255.5	253.3	200.6
Financial Income	25.6	24.9	27.2	23.2	21.0
Financial Expenses	23.7	28.8	30.0	19.3	-15.7
Interest Expense	23.7	28.8	30.0	15.1	-11.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	40.0	38.1	35.2	36.2	-37.5
General and Administrative Expenses	49.7	47.8	46.5	47.4	-42.4
Operating Profit	252.4	107.4	171.1	173.6	126.1
Other Income	9.8	5.1	3.0	2.6	0.0
Other Expenses	0.7	0.5	0.6	0.6	0.0
Other Profit	9.1	4.7	2.5	1.9	10.7
Profit Before Tax	261.5	112.1	173.6	175.6	136.8
Current Income Tax Expense	27.4	11.6	17.7	18.4	-27.6
Deferred Income Tax Expense	0.1	0.2	0.0	-0.0	0.0
Net Income	234.0	100.4	155.9	157.2	109.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	234.0	100.4	155.9	157.2	109.2
Earnings per Share	3,594.00	1,547.00	2,443.00	2,520.00	1,884.00
Diluted EPS	3,594.00	1,547.00	2,443.00	2,520.00	1,883.76

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	590.1	510.0	550.0	535.9	521.1
I. Cash and cash equivalents	39.1	51.1	66.8	51.5	19.0
1. Cash	14.1	51.1	66.8	41.5	0.0
2. Cash equivalents	25.0	0.0	0.0	10.0	0.0
II. Short-term financial investments	458.6	361.5	362.7	339.9	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	458.6	361.5	362.7	339.9	0.0
III. Short-term receivables	31.1	27.3	27.2	27.4	46.3
1. Short-term trade accounts receivable	15.3	17.1	15.8	14.3	0.0
2. Short-term prepayments to suppliers	8.0	1.9	1.8	3.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	15.7	16.3	17.4	18.0	0.0
7. Provision for short-term doubtful debts (*)	-7.9	-8.0	-7.9	-7.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	54.0	42.4	40.3	36.9	42.4
1. Inventories	54.0	42.4	40.3	36.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.4	27.6	53.0	80.1	32.4
1. Short-term prepayments	0.4	0.4	0.2	0.2	0.0
2. Value added tax to be reclaimed	2.8	17.6	32.9	42.3	0.0
3. Taxes and other receivables from state authorities	4.2	9.6	19.9	37.6	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)	972.6	1,045.6	1,121.2	1,131.8	903.9
I. Long-term receivables	—	0.0	0.0	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	906.2	1,002.9	1,039.1	511.0	547.4
1. Tangible fixed assets	904.5	1,000.8	1,038.8	510.3	546.3
- Cost	2,581.6	2,575.9	2,499.6	1,877.6	0.0
- Accumulated depreciation	-1,677.2	-1,575.1	-1,460.8	-1,367.3	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	1.7	2.1	0.3	0.6	1.1
- Cost	11.9	11.7	9.7	9.7	0.0
- Accumulated depreciation	-10.2	-9.6	-9.4	-9.1	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	54.5	33.2	73.3	612.3	338.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	54.5	33.2	73.3	612.3	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	11.8	9.5	8.8	8.4	0.0
1. Long-term prepayments	11.8	9.5	8.8	8.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	17.5
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)	1,562.7	1,555.6	1,671.2	1,667.6	1,425.0
A. LIABILITIES (300=210+330)	666.9	778.5	860.9	871.1	712.9
I. Short -term liabilities	256.3	298.8	304.5	283.3	256.6
1. Short-term trade accounts payable	48.7	42.5	82.9	60.8	49.1
2. Short-term advances from customers	0.9	1.0	0.7	0.8	1.0
3. Taxes and other payables to state authorities	12.5	7.1	6.9	8.3	0.0
4. Payable to employees	31.6	29.4	26.5	29.4	0.0
5. Short-term acrrued expenses	2.1	2.2	2.3	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	1.2	0.0	0.0	0.0	0.0
9. Other short-term payables	93.7	149.1	115.9	129.3	0.0
10. Short-term borrowings and financial leases	60.4	60.5	61.9	46.0	31.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.2	6.9	7.4	5.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	410.5	479.7	556.4	587.7	456.3
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	77.7	90.4	104.8	119.8	0.0
8. Long-term borrowings and financial leases	326.0	384.6	445.1	465.4	319.4
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	0.4	0.3	0.2	0.2	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	6.5	4.5	6.4	2.4	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	895.8	777.1	810.3	796.6	712.1
I. Owner's equity	895.5	776.5	809.5	795.5	0.0
1. Owner's capital	579.6	579.6	579.6	579.6	710.8
- Common stock with voting right	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	9.0	9.0	9.0	9.0	9.0
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	133.1	128.1	117.1	101.8	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	173.7	59.8	103.7	105.0	57.0
- Accumulated retained earning at the end of the previous period	-8.1	0.0	0.0	0.0	0.2
- Undistributed earnings in this period	181.9	59.8	103.7	105.0	56.9
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	0.3	0.6	0.8	1.1	1.3
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.3	0.6	0.8	1.1	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,562.7	1,555.6	1,671.2	1,667.6	1,425.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	261.5	112.1	173.6	175.6	136.8
Depreciation of Fixed Assets and Investment Property	115.9	114.8	100.1	75.7	69.7
Provision (Increase)/Reversal	-0.1	0.1	-0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	0.2	0.0
Gain/Loss from Investment Activities	-25.6	-24.9	-26.5	-23.2	0.0
Interest Expense	23.7	28.8	30.0	15.1	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	375.5	230.9	277.1	243.4	210.3
Increase/(Decrease) in Receivables	26.8	16.9	12.0	30.4	0.0
Increase/(Decrease) in Inventory	-11.5	-2.1	-3.4	5.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-55.9	-44.3	-7.2	6.7	0.0
Increase/(Decrease) in Prepaid Expenses	-2.4	-0.8	-0.4	9.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-23.8	-28.9	-30.0	-14.9	0.0
Corporate Income Tax Paid	-14.9	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-16.0	-16.7	-12.9	-12.3	0.0
Net Cash Flow from Operating Activities	277.8	154.9	235.1	268.9	-34.0
Payments for Fixed Assets and Other Long-term Assets	-66.1	-38.9	-90.2	-348.9	-78.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-513.3	-315.7	-403.1	-423.7	-490.8
Receipts from Loan Repayments and Sale of Debt Instruments	416.2	317.0	380.3	469.8	599.1
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	24.7	27.5	25.0	23.3	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	-138.5	-10.1	-88.0	-279.6	50.2
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	1.9	0.0	42.6	205.7	123.7
Repayment of Borrowings	-60.5	-61.9	-47.0	-44.9	-21.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-92.7	-98.5	-127.5	-127.5	-114.2
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	-151.4	-160.5	-131.9	33.2	-11.9
Net Cash Flow During the Period	-12.0	-15.7	15.3	22.5	-7.5
Cash and Cash Equivalents at Beginning of Period	51.1	66.8	51.5	29.0	14.8
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	39.1	51.1	66.8	51.5	19.0

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	189.0	194.6	217.1	202.0	160.6	159.6	175.9	167.4	141.7	147.0	165.9	156.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	189.0	194.6	217.1	202.0	160.6	159.6	175.9	167.4	141.7	147.0	165.9	156.9
Cost of Goods Sold	105.4	107.8	117.2	109.2	100.6	106.9	134.1	119.2	91.6	104.0	94.5	78.0
Gross Profit	83.7	86.7	99.9	92.8	59.9	52.7	41.8	48.2	50.1	43.0	71.4	78.9
Financial Income	7.7	7.2	7.1	6.0	5.4	5.6	6.1	6.4	6.8	7.5	7.7	6.6
Financial Expenses	5.7	5.6	5.9	6.5	5.7	7.2	6.6	7.8	7.1	12.4	9.0	4.6
Interest Expense	5.7	5.6	5.9	6.5	5.7	7.2	4.2	7.8	7.1	12.4	9.0	4.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	9.9	9.3	10.4	11.2	9.3	9.8	9.5	9.9	8.9	8.7	8.9	9.5
General and Administrative Expenses	9.9	13.9	12.1	13.5	10.4	15.6	10.3	12.5	9.6	14.8	10.3	12.6
Operating Profit	65.9	65.1	78.7	67.7	39.8	25.7	21.5	24.3	31.2	14.6	50.9	58.8
Other Income	0.0	1.7	6.4	1.7	0.0	1.6	0.0	1.6	0.0	1.5	0.1	1.5
Other Expenses	0.1	0.1	0.1	—	—	0.5	0.0	0.0	0.0	0.3	0.0	0.0
Other Profit	-0.1	1.6	6.3	1.7	0.0	1.2	0.0	1.6	0.0	1.2	0.1	1.4
Profit Before Tax	65.8	66.8	84.9	69.4	39.9	26.9	21.5	25.9	31.2	15.8	50.9	60.3
Current Income Tax Expense	6.8	7.0	9.3	7.1	4.0	2.7	2.0	1.3	4.4	1.2	7.0	6.7
Deferred Income Tax Expense	-0.0	-0.0	0.0	—	—	0.0	0.1	0.0	0.0	0.0	-0.0	-0.0
Net Income	59.0	59.8	75.6	62.3	35.9	24.2	19.3	24.5	26.9	14.5	44.0	53.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	59.0	59.8	75.6	62.3	35.9	24.2	19.3	24.5	26.9	14.5	44.0	53.5
Earnings per Share	1,018.00	1,062.00	1,305.00	1,075.00	619.00	416.69	334.00	423.00	463.00	251.00	758.00	924.00
Diluted EPS	1,017.73	1,030.94	1,305.00	1,074.60	619.21	416.69	333.65	423.20	463.49	250.75	758.47	923.81

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)	602.9	591.3	585.0	572.5	530.9	510.1	596.5	623.5	533.5	548.6	525.5	507.2
I. Cash and cash equivalents	57.6	14.1	70.2	59.5	71.6	51.1	97.3	122.2	52.0	66.8	113.0	37.9
1. Cash	57.6	14.1	70.2	59.5	71.6	51.1	97.3	82.2	52.0	66.8	72.6	37.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	40.0	0.0	0.0	40.4	0.0
II. Short-term financial investments	458.6	483.6	438.3	438.3	371.5	361.5	391.0	352.0	362.7	362.7	295.1	335.6
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	458.6	483.6	438.3	438.3	371.5	361.5	391.0	352.0	362.7	362.7	295.1	335.6
III. Short-term receivables	29.9	31.0	32.1	23.4	26.0	26.9	29.9	64.9	29.3	27.9	26.9	32.8
1. Short-term trade accounts receivable	14.7	15.3	21.6	17.0	15.8	16.8	19.9	15.8	14.9	15.8	16.6	15.7
2. Short-term prepayments to suppliers	10.0	8.0	6.7	1.6	1.9	1.9	2.2	1.7	2.1	1.8	2.1	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	13.1	15.6	11.9	12.9	16.2	16.1	15.7	55.3	20.2	18.0	16.2	23.1
7. Provision for short-term doubtful debts (*)	-7.9	-7.9	-8.0	-8.1	-8.0	-8.0	-7.9	-7.9	-7.9	-7.7	-7.9	-7.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	52.1	54.0	38.3	40.7	43.1	42.5	44.7	42.0	42.8	40.3	37.1	35.9
1. Inventories	52.1	54.0	38.3	40.7	43.1	42.5	44.7	42.0	42.8	40.3	37.1	35.9
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	4.7	8.6	6.0	10.6	18.7	28.2	33.7	42.5	46.7	50.9	53.3	65.0
1. Short-term prepayments	0.3	0.3	0.3	0.4	0.3	0.4	0.3	0.4	0.2	0.2	0.2	0.3
2. Value added tax to be reclaimed	0.0	2.8	2.2	7.2	12.6	17.2	19.0	24.3	28.8	32.9	34.2	38.4
3. Taxes and other receivables from state authorities	4.4	5.5	3.6	3.0	5.8	10.5	14.4	17.9	17.6	17.7	18.9	26.3
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)	962.3	972.2	985.5	995.6	1,023.9	1,041.1	1,053.7	1,075.9	1,098.3	1,121.4	1,148.0	1,157.0
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	880.7	906.2	910.5	937.2	975.0	998.4	1,012.1	1,037.1	1,052.9	1,040.2	571.2	589.5
1. Tangible fixed assets	879.1	904.5	908.6	935.4	973.1	998.2	1,011.8	1,036.8	1,052.6	1,039.9	570.8	589.0
- Cost	2,585.1	—	—	—	—	2,575.9	2,565.1	2,558.7	2,543.9	2,501.4	1,995.8	1,994.0
- Accumulated depreciation	-1,706.1	—	—	—	—	-1,577.7	-1,553.3	-1,521.9	-1,491.3	-1,461.5	-1,425.0	-1,405.0
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	1.6	1.7	1.8	1.8	1.9	0.2	0.3	0.3	0.4	0.3	0.4	0.5
- Cost	11.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.3	—	—	—	—	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	68.3	54.5	65.1	49.1	39.6	33.2	32.4	29.4	35.9	73.8	569.1	559.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	68.3	54.5	65.1	49.1	39.6	33.2	32.4	29.4	35.9	73.8	569.1	559.5
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	13.2	11.4	9.9	9.4	9.3	9.5	9.2	9.4	9.4	7.4	7.6	8.0
1. Long-term prepayments	13.2	11.4	9.9	9.4	9.3	9.5	9.2	9.4	9.4	7.4	7.6	8.0
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	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)	1,565.2	1,563.6	1,570.5	1,568.2	1,554.8	1,551.2	1,650.3	1,699.4	1,631.8	1,670.0	1,673.5	1,664.3
A. LIABILITIES (300=210+330)	610.3	668.2	726.5	747.7	741.8	779.7	862.1	930.4	794.6	860.8	878.6	861.0
I. Short -term liabilities	208.0	257.7	304.0	305.2	283.3	299.9	364.3	411.4	260.1	304.5	312.8	276.3
1. Short-term trade accounts payable	18.8	48.7	42.2	40.0	32.1	34.0	35.4	41.9	43.3	82.9	56.7	49.8
2. Short-term advances from customers	0.8	0.9	1.0	2.7	1.0	0.7	0.8	0.7	0.7	0.7	0.8	0.8
3. Taxes and other payables to state authorities	9.8	13.9	16.5	12.4	6.7	7.1	8.4	7.9	6.2	6.9	7.8	7.8
4. Payable to employees	11.5	31.6	28.2	22.5	12.0	29.4	22.8	17.7	10.9	26.5	22.7	18.4
5. Short-term acrrued expenses	10.3	2.1	16.2	10.4	9.9	10.3	42.4	27.3	14.2	2.3	24.3	4.3
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	2.9	1.2	1.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	93.2	93.7	130.1	143.8	158.5	151.0	182.9	238.1	117.8	115.9	128.5	127.2
10. Short-term borrowings and financial leases	60.4	60.4	60.4	60.4	60.4	60.5	60.7	61.1	62.1	61.9	61.6	51.3
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	0.3	5.2	7.6	12.8	2.7	6.9	10.9	16.7	5.0	7.4	10.3	16.7
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	402.3	410.5	422.4	442.5	458.5	479.7	497.8	519.1	534.5	556.4	565.8	584.7
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	74.7	77.7	80.8	83.3	86.8	90.4	93.9	97.6	101.1	104.8	108.6	112.5
8. Long-term borrowings and financial leases	320.8	326.0	336.8	354.4	367.0	384.6	397.2	414.9	426.9	445.1	454.7	469.7
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	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.1	0.2
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	6.5	6.5	4.5	4.5	4.5	4.5	6.4	6.4	6.4	6.4	2.4	2.4
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)	954.8	895.4	844.0	820.5	813.0	771.5	788.2	768.9	837.1	809.2	794.9	803.3
I. Owner's equity	954.8	895.0	843.4	819.9	812.4	770.9	787.4	768.1	836.3	808.4	793.9	802.2
1. Owner's capital	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6	579.6
- Common stock with voting right	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00	579,640,610,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.3	—	—	—	—	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	133.1	133.1	133.1	133.1	128.1	128.1	128.1	128.1	117.1	117.1	117.1	117.1
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	232.7	173.2	121.6	98.2	95.7	54.2	70.6	51.4	130.6	102.7	88.1	96.5
- Accumulated retained earning at the end of the previous period	-8.2	—	—	—	59.8	0.0	0.2	0.0	103.7	0.2	0.2	0.0
- Undistributed earnings in this period	240.9	173.2	121.6	98.2	35.9	54.2	70.5	51.4	26.9	102.5	88.0	96.5
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	—	0.3	0.6	0.6	0.6	0.6	0.8	0.8	0.8	0.8	1.1	1.1
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	—	0.3	0.6	0.6	0.6	0.6	0.8	0.8	0.8	0.8	1.1	1.1
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)	1,565.2	1,563.6	1,570.5	1,568.2	1,554.8	1,551.2	1,650.3	1,699.4	1,631.8	1,670.0	1,673.5	1,664.3

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	65.8	67.3	84.9	69.5	39.9	26.1	21.5	26.0	31.2	2.9	62.7	60.1
Depreciation of Fixed Assets and Investment Property	29.0	30.7	28.4	28.6	28.3	24.5	30.8	31.2	30.6	40.7	20.1	20.1
Provision (Increase)/Reversal	—	-0.2	-0.0	0.1	—	0.8	0.0	0.0	0.0	-0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	-0.0	—	0.0	-0.0	0.0	-0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.7	-7.2	-7.1	-6.0	-5.3	-5.6	-6.1	-6.4	-6.8	-23.8	9.9	-10.6
Interest Expense	5.7	5.6	5.9	6.5	5.7	7.2	6.6	7.8	7.1	9.6	11.7	12.6
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	92.8	96.3	112.2	98.5	68.5	53.0	52.9	58.6	62.2	29.4	104.4	82.2
Increase/(Decrease) in Receivables	3.3	31.6	-15.7	9.5	1.3	-0.4	-0.1	2.9	-2.2	10.8	-0.4	4.3
Increase/(Decrease) in Inventory	1.9	-15.7	2.4	2.4	-0.7	2.2	-2.7	0.8	-2.5	-3.2	-1.2	4.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-42.8	-11.2	-48.1	20.0	-16.6	128.7	-5.2	46.6	-66.4	-2.2	25.4	15.4
Increase/(Decrease) in Prepaid Expenses	-1.3	-2.1	-0.2	-0.3	0.2	-0.4	0.2	-0.1	-0.6	-1.2	0.5	-0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.7	-5.7	-5.8	-6.5	-5.7	-7.2	-6.7	-7.8	-7.1	-9.7	-11.8	-4.5
Corporate Income Tax Paid	-10.0	-9.4	-5.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-4.8	-2.6	-5.0	-4.2	-4.2	-79.6	-75.0	-0.9	-4.2	6.9	-16.2	7.3
Net Cash Flow from Operating Activities	33.3	73.2	42.4	119.4	42.9	96.4	-36.5	100.2	-20.7	30.8	100.5	108.5
Payments for Fixed Assets and Other Long-term Assets	-17.3	-27.0	-17.9	-15.4	-5.8	-82.0	62.8	-12.1	-3.6	-55.5	30.5	-57.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	-137.7	-103.3	-96.3	-233.7	-80.0	-43.4	-87.0	-138.0	-20.0	-176.1	-53.0	-134.0
Receipts from Loan Repayments and Sale of Debt Instruments	137.7	61.8	117.5	161.2	75.6	75.9	72.4	144.2	24.5	118.5	83.4	138.1
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	7.7	6.3	3.4	9.7	5.3	-48.0	7.6	4.9	6.8	45.3	-29.4	15.2
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	-9.6	-62.2	6.7	-78.2	-4.8	-97.6	55.7	-1.0	7.7	-67.7	31.5	-38.5
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	—	1.9	—	—	—	0.0	0.0	0.0	0.0	3.8	8.2	16.7
Repayment of Borrowings	-5.2	-12.6	-17.6	-12.6	-17.6	-45.0	14.1	-29.3	-1.8	-13.1	-12.9	-8.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-31.3	-20.8	-40.6	—	0.0	-58.0	0.0	0.0	-0.0	-52.2	-75.4
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	-5.2	-42.1	-38.4	-53.2	-17.6	-45.0	-43.9	-29.3	-1.8	-9.3	-56.9	-66.7
Net Cash Flow During the Period	18.5	-31.1	10.7	-12.1	20.5	-46.2	-24.6	69.9	-14.8	-46.2	75.1	3.2
Cash and Cash Equivalents at Beginning of Period	39.1	70.2	59.5	71.6	51.1	66.8	66.8	66.8	66.8	51.5	51.5	51.5
FX Difference from Revaluation	—	—	0.0	—	-0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	57.6	39.1	70.2	59.5	71.6	51.1	97.3	121.9	52.0	66.8	113.0	37.9

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DNN

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