DWC

Cấp nước Đắk Lắk ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 26.35%, +8.52pp YoY

Price

18,900

Latest close

05 May 2026

P/E 6.56x

P/B 1.36x

EPS 2,880

BVPS 13,937

ROE 22.4%

ROA 10.7%

Profit Margin 26.3%

Asset Turnover 0.41x

Equity Mult. 2.08x

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

What Is Changing

On a TTM 2026Q1 basis, DWC has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 345bn
	                                
+15.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 91bn
	                                
+70.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	336.2	287.7	227.9	189.5	178.9
Growth	+17%	+26%	+20%	+6%	—
Net Income	79.0	51.0	15.1	-15.4	1.9
Net Margin	23.51%	17.72%	6.64%	-8.11%	1.06%

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	86.7	84.4	85.7	87.9	78.2	70.5	72.7	78.1	67.9	57.7	58.2	63.7
Growth	+3%	-2%	-2%	+12%	+11%	-3%	-7%	+15%	+18%	-1%	-9%	—
Net Income	29.1	20.2	24.2	17.3	10.5	13.6	17.3	12.0	6.3	4.3	-3.5	10.8
Net Margin	33.57%	23.99%	28.18%	19.70%	13.41%	19.25%	23.82%	15.38%	9.23%	7.52%	-6.01%	17.00%

Drivers of DWC's profit

TTM

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

Gross profit ↑ 30.9bn

Finance costs ↓ 18.0bn

Tax ↑ 4.8bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 13.9bn

Gross profit ↑ 7.9bn

Tax ↑ 2.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.5% = 17.8% × 0.37 × 2.34

2026Q1 22.4% = 26.3% × 0.41 × 2.08

ROE rose from 15.5% to 22.4% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 26.3% +8.5pp Asset turnover: 0.41x +0.04x Leverage: 2.08x -0.26x

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 26.35%, rising 8.5pp. The main driver is SG&A / Revenue fell 1.6pp and Gross margin rose 1.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 7.7pp added support while Other profit / Revenue fell 0.9pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 26.35% +8.5pp

Gross Margin 60.34% +1.2pp

SG&A / Revenue 22.88% −1.6pp

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 12.6% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 12.59%, rising 5.8pp. That translates to 12.59 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 9.4pp and capital turnover rose 0.08x, 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 12.59% +5.8pp

NOPAT Margin 25.97% +9.4pp

Capital Turnover 0.48x +0.08x

Average Invested Capital 711.1bn −23.8bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.11x equity, net debt at 0.52x equity.

Over the last 12 months, working capital absorbed 145.4bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −138.5bn

Inventories increased → lower CFO: −2.9bn

Payables decreased → lower CFO: −4.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 10.4 days versus the same period last year. The main moves came from DIO rose 0.9 days, DSO fell 1.1 days, and DPO fell 10.5 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 +10.4 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 10.3 days −1.1 days

Inventory 70.3 days +0.9 days

Payables 11.8 days −10.5 days

Cash Conversion Cycle 68.9 days +10.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.52x and interest coverage at 3.34x.

At present, short-term debt accounts for 9.6% of total debt, cash equals 38.3% of debt, and total debt stands at 366.8bn.

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 0.52x −0.51x

Interest Coverage 3.34x +2.18x

Cash / Debt 38.3% +33.2pp

Short-term Debt / Total Debt 9.6% −2.7pp

CFO / NI 0.38x +0.38x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 194.4bn in 2025, against investing cash flow of -31.0bn.

Post-investment cash flow was positive +163.4bn. Financing cash flow was negative +42.9bn.

CFO / net income was 0.38x.

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

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 34.9bn +34.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 8.5 pp. The next item to monitor is capital efficiency, with ROIC at 12.6%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 26.35% after expanding 8.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	336.3	287.7	228.0	189.6	179.0
Revenue Deductions	0.1	0.1	0.1	0.1	0.0
Net Revenue	336.2	287.7	227.9	189.5	178.9
Cost of Goods Sold	136.1	121.7	109.8	111.9	0.0
Gross Profit	200.1	166.0	118.2	77.6	63.3
Financial Income	1.7	0.3	0.3	1.4	3.2
Financial Expenses	35.3	45.0	36.8	26.2	-3.4
Interest Expense	22.2	27.1	26.1	12.1	-3.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	48.8	46.0	43.2	41.7	-42.0
General and Administrative Expenses	30.2	23.6	23.8	26.4	-19.4
Operating Profit	87.5	51.7	14.7	-15.2	1.7
Other Income	2.6	5.2	0.5	0.6	0.0
Other Expenses	1.2	0.0	0.0	0.7	0.0
Other Profit	1.4	5.2	0.5	-0.1	0.6
Profit Before Tax	88.9	56.9	15.1	-15.4	2.3
Current Income Tax Expense	9.9	5.9	0.0	0.0	-0.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	79.0	51.0	15.1	-15.4	1.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	79.0	51.0	15.1	-15.4	1.9
Earnings per Share	2,508.00	1,617.00	480.00	-488.00	60.33
Diluted EPS	2,508.00	1,617.00	480.00	-488.00	60.33

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	364.9	239.6	164.2	115.9	244.0
I. Cash and cash equivalents	260.7	140.2	16.3	2.2	11.6
1. Cash	180.7	140.2	16.3	2.2	0.0
2. Cash equivalents	80.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	5.2	5.2	3.0	14.5	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	5.2	5.2	3.0	14.5	0.0
III. Short-term receivables	49.7	38.7	86.8	35.4	207.1
1. Short-term trade accounts receivable	9.7	9.4	9.6	10.3	0.0
2. Short-term prepayments to suppliers	6.6	3.5	6.8	3.1	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	38.2	30.4	75.2	26.3	0.0
7. Provision for short-term doubtful debts (*)	-4.8	-4.7	-4.7	-4.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	30.6	25.6	21.7	21.7	24.6
1. Inventories	30.6	25.6	21.7	21.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	18.7	29.8	36.4	42.1	0.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	18.7	29.8	36.4	42.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	498.9	565.4	606.2	653.3	691.6
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	477.7	544.3	568.7	616.4	656.9
1. Tangible fixed assets	475.7	541.4	564.9	612.6	652.5
- Cost	1,201.2	1,170.8	1,104.7	1,069.0	0.0
- Accumulated depreciation	-725.5	-629.3	-539.7	-456.3	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	2.0	2.9	3.8	3.8	4.5
- Cost	7.5	7.3	7.3	6.3	0.0
- Accumulated depreciation	-5.5	-4.4	-3.4	-2.5	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	6.2	5.2	16.8	10.5	9.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.2	5.2	16.8	10.5	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	15.1	15.9	20.7	26.4	0.0
1. Long-term prepayments	15.1	15.9	20.7	26.4	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	25.5
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)	863.8	805.0	770.4	769.1	935.7
A. LIABILITIES (300=210+330)	453.6	442.3	458.7	472.5	622.6
I. Short -term liabilities	119.7	90.3	94.6	91.4	62.9
1. Short-term trade accounts payable	5.5	7.2	11.4	12.6	16.0
2. Short-term advances from customers	0.7	0.2	0.1	0.1	0.8
3. Taxes and other payables to state authorities	13.6	5.3	2.1	1.6	0.0
4. Payable to employees	7.8	8.7	9.9	7.8	0.0
5. Short-term acrrued expenses	5.7	2.8	2.2	2.1	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	26.6	13.4	17.3	17.3	0.0
10. Short-term borrowings and financial leases	56.3	49.0	47.9	46.2	10.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.7	3.7	3.7	3.6	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	333.9	352.0	364.0	381.1	559.8
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	2.4	1.8	1.3	1.2	0.0
8. Long-term borrowings and financial leases	331.4	350.3	362.7	380.0	452.5
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)	410.2	362.7	311.7	296.6	313.0
I. Owner's equity	410.2	362.7	311.7	296.6	0.0
1. Owner's capital	315.2	315.2	315.2	315.2	313.0
- Common stock with voting right	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00
- 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	—	0.0	0.0	0.0	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	95.0	47.5	-3.5	-18.6	-2.2
- Accumulated retained earning at the end of the previous period	16.0	-3.5	-18.6	-3.2	0.0
- Undistributed earnings in this period	79.0	51.0	15.1	-15.4	-2.2
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)	863.8	805.0	770.4	769.1	935.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	88.9	56.9	15.1	-15.4	2.3
Depreciation of Fixed Assets and Investment Property	97.2	91.1	84.4	79.9	69.0
Provision (Increase)/Reversal	0.1	0.0	0.3	2.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	13.0	16.7	10.3	5.4	0.0
Gain/Loss from Investment Activities	-0.7	-0.3	-0.3	-1.4	0.0
Interest Expense	22.2	27.1	26.1	12.1	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	220.8	191.4	136.0	83.4	68.5
Increase/(Decrease) in Receivables	-0.5	54.7	-46.0	19.2	0.0
Increase/(Decrease) in Inventory	-5.0	-3.9	0.0	3.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.6	-6.8	-8.6	-3.3	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	4.8	5.7	-0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-22.5	-27.2	-25.2	-13.1	0.0
Corporate Income Tax Paid	-2.9	-3.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	194.4	210.1	61.9	88.2	20.1
Payments for Fixed Assets and Other Long-term Assets	-31.4	-55.0	-43.2	-34.2	-51.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-3.2	-5.5	-43.0	-5.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.0	17.0	29.0	7.8
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	0.2	0.8	1.4	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	-31.0	-57.0	-30.9	-46.8	-48.0
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	98.6	69.7	20.0	16.4	72.9
Repayment of Borrowings	-122.1	-98.9	-46.2	-67.2	-51.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-19.4	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	-42.9	-29.2	-26.2	-50.8	21.9
Net Cash Flow During the Period	120.5	123.8	4.7	-9.4	-7.3
Cash and Cash Equivalents at Beginning of Period	140.2	16.3	11.6	11.6	10.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	260.7	140.2	16.3	2.2	11.6

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	86.7	84.4	85.7	87.9	78.2	70.5	72.7	78.1	67.9	57.7	58.2	63.7
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	86.7	84.4	85.7	87.9	78.2	70.5	72.7	78.1	67.9	57.7	58.2	63.7
Cost of Goods Sold	30.4	36.8	32.5	37.0	29.8	30.6	30.0	32.1	28.5	27.2	27.3	29.4
Gross Profit	56.3	47.6	53.2	50.8	48.4	40.0	42.7	45.9	39.4	30.5	30.9	34.2
Financial Income	0.1	1.5	0.1	0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.1
Financial Expenses	5.1	5.6	7.7	11.7	19.0	8.2	6.3	14.6	15.9	7.8	17.9	8.0
Interest Expense	5.1	5.6	5.6	5.0	14.8	7.0	6.3	7.4	6.3	7.4	6.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	12.5	12.9	12.1	12.0	11.7	11.9	11.7	11.3	11.1	11.1	11.0	10.6
General and Administrative Expenses	6.6	8.1	6.2	8.5	6.5	8.2	5.4	6.7	5.7	7.4	5.7	5.2
Operating Profit	32.1	22.5	27.3	18.8	11.2	11.8	19.3	13.5	6.7	4.2	-3.6	10.6
Other Income	0.6	0.8	0.6	0.7	0.6	3.4	0.1	0.0	0.1	0.1	0.1	0.2
Other Expenses	0.0	0.4	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.6	0.4	-0.2	0.7	0.6	3.4	0.1	0.0	0.1	0.1	0.1	0.2
Profit Before Tax	32.7	22.9	27.2	19.4	11.8	15.2	19.5	13.5	6.7	4.3	-3.5	10.8
Current Income Tax Expense	3.6	2.6	3.0	2.1	1.3	1.6	2.1	1.5	0.4	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	29.1	20.2	24.2	17.3	10.5	13.6	17.3	12.0	6.3	4.3	-3.5	10.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	29.1	20.2	24.2	17.3	10.5	13.6	17.3	12.0	6.3	4.3	-3.5	10.8
Earnings per Share	923.00	642.00	766.00	549.00	333.00	431.00	550.00	381.00	199.00	137.67	-110.93	343.28
Diluted EPS	923.00	642.42	766.38	549.00	333.00	1,560.00	550.00	381.00	199.00	137.67	-110.93	343.28

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)	379.2	364.9	357.3	313.0	278.4	239.6	246.4	206.0	193.7	164.2	155.1	131.1
I. Cash and cash equivalents	140.5	180.7	123.2	201.8	20.5	140.2	82.4	77.7	24.8	45.8	0.5	8.4
1. Cash	140.5	180.7	123.2	201.8	20.5	140.2	82.4	77.7	24.8	45.8	0.5	8.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	5.2	85.2	5.2	5.2	5.2	5.2	5.2	5.2	3.0	3.0	2.0	2.5
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	5.2	85.2	5.2	5.2	5.2	5.2	5.2	5.2	3.0	3.0	2.0	2.5
III. Short-term receivables	189.5	49.7	180.7	52.3	201.8	38.7	100.4	66.2	108.5	57.3	92.9	57.4
1. Short-term trade accounts receivable	9.7	8.3	8.5	9.6	9.8	9.4	9.7	9.9	8.9	9.6	9.7	9.6
2. Short-term prepayments to suppliers	3.0	6.6	4.6	5.9	4.6	3.5	18.8	23.4	11.5	6.8	6.2	3.8
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.0	1.2
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	181.7	39.6	172.2	41.6	192.1	30.4	76.6	37.7	92.8	45.7	80.3	47.1
7. Provision for short-term doubtful debts (*)	-4.8	-4.8	-4.7	-4.7	-4.7	-4.7	-4.7	-4.7	-4.7	-4.7	-4.4	-4.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	28.6	30.6	26.8	29.3	24.1	25.6	26.6	23.6	22.5	21.7	22.5	23.8
1. Inventories	28.6	30.6	26.8	29.3	24.1	25.6	26.6	23.6	22.5	21.7	22.5	23.8
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	15.4	18.7	21.4	24.4	26.8	29.8	31.8	33.2	34.8	36.4	37.2	39.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	15.4	18.7	21.2	24.4	26.8	29.8	31.8	33.2	34.8	36.4	37.2	39.0
3. Taxes and other receivables from state authorities	—	—	0.1	—	—	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)	485.5	498.9	516.0	530.6	547.2	565.4	577.6	587.7	595.9	606.2	607.5	621.5
I. Long-term receivables	—	—	—	—	—	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	463.5	477.7	496.3	511.4	527.1	543.7	554.7	563.2	558.3	568.7	578.6	588.9
1. Tangible fixed assets	461.7	475.7	494.1	508.9	524.4	540.8	551.5	559.8	554.7	564.9	574.5	584.6
- Cost	1,210.5	—	—	—	—	1,170.1	1,157.4	1,142.8	1,115.5	1,104.7	1,093.0	1,082.3
- Accumulated depreciation	-748.8	—	—	—	—	-629.3	-605.9	-583.0	-560.8	-539.7	-518.5	-497.7
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	1.8	2.0	2.2	2.5	2.7	2.9	3.1	3.4	3.6	3.8	4.1	4.3
- Cost	7.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.7	—	—	—	—	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	7.0	6.2	4.0	3.8	4.8	5.2	5.7	7.2	18.9	16.8	6.6	8.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.0	6.2	4.0	3.8	4.8	5.2	5.7	7.2	18.9	16.8	6.6	8.3
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	15.0	15.1	15.7	15.4	15.2	16.5	17.3	17.3	18.7	20.7	22.3	24.3
1. Long-term prepayments	15.0	15.1	15.7	15.4	15.2	16.5	17.3	17.3	18.7	20.7	22.3	24.3
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)	864.7	863.8	873.3	843.6	825.6	804.9	824.0	793.7	789.6	770.4	762.7	752.6
A. LIABILITIES (300=210+330)	425.4	454.0	452.1	445.5	452.4	444.0	476.6	463.7	471.6	458.6	457.1	441.9
I. Short -term liabilities	91.4	120.1	102.5	97.9	96.4	92.0	111.3	98.4	98.6	79.4	77.2	73.7
1. Short-term trade accounts payable	4.3	4.8	1.7	8.7	4.5	7.0	9.0	9.5	10.5	11.4	12.1	12.8
2. Short-term advances from customers	0.6	0.7	0.5	0.7	0.4	0.2	0.2	0.2	0.2	0.1	0.1	0.1
3. Dividends and profits payable	12.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.5	13.5	10.2	7.3	3.8	5.1	5.2	4.4	3.1	2.1	2.3	2.1
4. Payable to employees	5.3	8.3	6.7	5.8	4.4	11.2	7.8	8.7	7.4	9.9	7.5	7.5
5. Short-term acrrued expenses	8.6	6.4	7.1	4.1	16.6	2.4	8.0	2.1	8.1	2.2	7.8	1.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	14.9	26.4	14.5	13.5	13.3	13.4	16.9	17.7	17.1	16.1	15.7	13.8
10. Short-term borrowings and financial leases	35.3	56.3	58.2	54.3	49.7	49.0	60.5	52.2	48.6	34.0	28.0	32.0
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	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.6
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	334.0	333.9	349.7	347.6	356.0	352.0	365.3	365.2	373.0	379.2	379.9	368.2
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	1.3	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	2.6	2.4	2.3	2.1	1.9	1.8	1.6	1.5	1.4	1.3	1.3	1.2
8. Long-term borrowings and financial leases	331.4	331.4	347.4	345.5	354.2	350.3	363.7	363.7	371.6	376.7	378.7	367.0
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)	439.3	409.9	421.1	398.1	373.2	360.9	347.3	330.0	318.0	311.8	305.5	310.7
I. Owner's equity	439.3	409.9	421.1	398.1	373.2	360.9	347.3	330.0	318.0	311.8	305.5	310.7
1. Owner's capital	315.2	315.2	315.2	315.2	315.2	315.2	315.2	315.2	315.2	315.2	315.2	315.2
- Common stock with voting right	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00	315,200,000,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	124.1	94.7	105.9	82.9	58.0	45.7	32.1	14.8	2.8	-3.4	-9.7	-4.5
- Accumulated retained earning at the end of the previous period	95.0	16.0	47.5	47.5	47.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	29.1	78.7	58.4	35.4	10.5	45.7	32.1	14.8	2.8	-3.4	-9.7	-4.5
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	—	—	—	—	—	0.0	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)	864.7	863.8	873.3	843.6	825.6	804.9	824.0	793.7	789.6	770.4	762.7	752.6

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	32.7	50.4	26.7	11.8	-19.5	-0.7	13.5	6.7	15.1	-12.4	9.2	3.3
Depreciation of Fixed Assets and Investment Property	23.6	48.9	24.3	24.0	-23.2	-21.1	22.4	21.8	84.4	-41.8	20.9	21.0
Provision (Increase)/Reversal	—	0.1	—	—	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	5.1	2.8	-4.5	14.8	-6.3	-10.4	10.4	6.3	10.3	-0.4	-4.6	5.0
Gain/Loss from Investment Activities	—	-0.5	-0.2	—	0.0	0.1	-0.1	0.0	-0.3	0.2	-0.2	0.0
Interest Expense	-5.1	11.3	25.7	-14.8	6.3	-20.1	20.0	-6.3	26.1	-12.7	17.8	-5.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	56.3	113.0	72.1	35.8	-42.6	-52.2	66.2	28.5	136.0	-67.2	43.0	24.1
Increase/(Decrease) in Receivables	-138.0	7.2	154.8	-162.5	32.9	-55.4	41.8	-19.3	-46.0	19.9	-8.1	-11.8
Increase/(Decrease) in Inventory	2.0	-1.3	-4.0	0.3	2.9	-1.0	-1.2	-0.8	0.0	-2.1	1.8	0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.6	0.5	-2.5	5.6	-4.4	8.3	-8.0	4.2	-8.6	3.6	-4.5	1.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.4	-0.2	0.6	0.0	-3.5	1.5	2.0	5.7	-2.1	1.1	1.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.2	-11.3	-10.5	-0.7	0.4	13.3	-13.4	-0.4	-25.2	12.0	-11.9	-0.1
Corporate Income Tax Paid	-9.9	0.0	0.0	-2.9	1.2	-0.8	-0.3	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.5	—	—	—	-15.8	15.8	-19.5	19.5	0.0	0.0	-1.1	1.1
Other Operating Payments	-60.6	—	—	-10.6	8.7	-8.7	6.6	-6.6	0.0	0.0	19.6	-19.6
Net Cash Flow from Operating Activities	-159.5	108.4	185.9	-99.9	-16.7	-84.1	73.7	27.0	61.9	-35.9	39.9	-4.1
Payments for Fixed Assets and Other Long-term Assets	—	-17.3	-14.1	—	0.0	25.8	-25.8	-0.0	-43.2	14.3	-14.3	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	2.2	-2.2	0.0	-5.5	2.5	0.0	-2.5
Receipts from Loan Repayments and Sale of Debt Instruments	80.0	—	—	—	0.0	0.0	0.0	0.0	17.0	-14.5	0.0	14.5
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.4	0.0	0.0	-0.0	0.0	0.0	0.0	0.8	-0.2	0.1	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	80.1	-17.0	-14.1	0.0	-0.0	28.0	-28.0	0.0	-30.9	2.1	-14.2	12.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	54.2	44.4	—	0.0	-29.7	29.7	0.0	20.0	0.0	0.0	0.0
Repayment of Borrowings	-40.8	-67.3	-35.0	-19.8	12.0	29.0	-22.5	-18.6	-46.2	27.6	-8.7	-18.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-19.4	—	—	0.0	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	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-40.8	-32.5	9.4	-19.8	12.0	-0.6	7.2	-18.6	-26.2	27.6	-8.7	-18.9
Net Cash Flow During the Period	-120.2	58.9	181.3	-119.7	-4.7	-56.7	52.9	8.5	4.7	-6.2	17.1	-10.9
Cash and Cash Equivalents at Beginning of Period	260.7	140.2	25.7	145.4	0.0	82.9	16.3	19.3	11.6	0.0	2.2	16.7
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	140.5	260.7	201.8	25.7	0.0	87.6	77.7	27.8	16.3	0.0	8.4	5.9

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DWC

What Is Changing

Drivers of DWC's profit

Financial Highlights

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What is driving the margin? ▲▲

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Is capital being deployed efficiently? ▲

Balance Sheet ▼

Working Capital Efficiency ▼

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Leverage & Liquidity ●

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow