GDW

Cấp nước Gia Định ·HNX ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 1.51x

Price

32,500

Latest close

11 May 2026

P/E 7.65x

P/B 1.64x

EPS 4,246

BVPS 19,825

ROE 21.4%

ROA 12.4%

Profit Margin 6.0%

Asset Turnover 2.05x

Equity Mult. 1.73x

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

What Is Changing

On a TTM 2026Q1 basis, GDW has not moved the needle on revenue, but profitability has edged up slightly — profit is at an all-time high. What remains unclear is whether this improvement can widen without revenue momentum to back it.

	                            
	                                TTM REVENUE
	                            
	                                    VND 668bn
	                                
−0.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 40bn
	                                
+17.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	673.0	672.3	653.4	623.8	557.9
Growth	+0%	+3%	+5%	+12%	—
Net Income	40.3	39.9	36.0	21.2	17.8
Net Margin	5.98%	5.93%	5.51%	3.40%	3.19%

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	160.4	170.8	165.9	170.9	165.4	168.5	168.3	171.8	163.7	157.6	163.6	168.6
Growth	-6%	+3%	-3%	+3%	-2%	+0%	-2%	+5%	+4%	-4%	-3%	—
Net Income	0.7	15.3	5.9	18.4	0.7	15.6	4.6	13.5	6.2	-9.7	3.2	23.2
Net Margin	0.45%	8.97%	3.56%	10.77%	0.42%	9.27%	2.71%	7.86%	3.80%	-6.18%	1.98%	13.74%

Drivers of GDW's profit

TTM

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

Gross profit ↑ 14.3bn

Selling expenses ↓ 10.6bn

Administrative expenses ↑ 9.1bn

Other profit ↓ 8.5bn

Tax ↑ 1.6bn

TTM

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

Gross profit ↑ 5.5bn

Financial income ↑ 0.0bn

Other profit ↑ 0.0bn

Administrative expenses ↑ 4.9bn

Selling expenses ↑ 0.6bn

Finance costs ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.6% = 5.1% × 2.29 × 1.59

2026Q1 21.4% = 6.0% × 2.05 × 1.73

ROE rose from 18.6% to 21.4% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 6.0% +0.9pp Asset turnover: 2.05x -0.23x Leverage: 1.73x +0.14x

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 6.04%, rising 0.9pp. Core operating signals are improving as Gross margin rose 2.5pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 1.3pp remained a drag).

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 6.04% +0.9pp

Gross Margin 41.17% +2.5pp

SG&A / Revenue 33.92% +0.1pp

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 25.0% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 24.98%, rising 4.4pp. That translates to 24.98 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.9pp, with capital turnover fell 0.98x; with invested capital holding roughly steady.

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 24.98% +4.4pp

NOPAT Margin 5.84% +1.9pp

Capital Turnover 4.28x −0.98x

Average Invested Capital 156.2bn +27.9bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.81x equity, with a net cash position equivalent to 0.09x equity.

Inventory ended the period at 42.1bn, roughly 12.4% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 13.4 days versus the same period last year. The main moves came from DIO rose 12.0 days, DSO rose 0.9 days, and DPO fell 0.5 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +13.4 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 15.4 days +0.9 days

Inventory 24.2 days +12.0 days

Payables 42.5 days −0.5 days

Cash Conversion Cycle -2.9 days +13.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 51.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.09x and interest coverage at 98.33x.

At present, short-term debt accounts for 98.3% of total debt, cash equals 194.8% of debt, and total debt stands at 17.2bn.

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

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.09x +0.17x

Interest Coverage 98.33x +50.37x

Cash / Debt 194.8% −582.5pp

Short-term Debt / Total Debt 98.3% +46.6pp

CFO / NI 1.51x +2.05x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 51.9bn in 2025, against investing cash flow of -50.8bn.

Post-investment cash flow was positive +1.1bn. Financing cash flow was negative +32.2bn.

CFO / net income was 1.51x.

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 60.8bn +79.5bn

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 earnings conversion is confirmed, with CFO/NI at 1.51x. The next item to monitor is capital efficiency, with ROIC at 25.0%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.51x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	673.3	672.8	654.1	625.1	561.4
Revenue Deductions	0.3	0.4	0.7	1.3	0.0
Net Revenue	673.0	672.3	653.4	623.8	557.9
Cost of Goods Sold	403.5	409.7	391.2	387.5	0.0
Gross Profit	269.5	262.6	262.1	236.3	194.2
Financial Income	1.2	1.2	2.0	1.3	1.3
Financial Expenses	0.4	0.8	1.4	1.4	-1.7
Interest Expense	0.4	0.8	1.4	1.4	-0.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	131.0	138.8	138.1	138.9	-102.2
General and Administrative Expenses	90.2	84.0	80.2	73.3	-68.8
Operating Profit	49.0	40.3	44.6	24.0	22.7
Other Income	2.0	10.1	1.6	4.5	0.0
Other Expenses	0.3	0.2	0.8	1.5	0.0
Other Profit	1.7	9.8	0.8	3.0	-0.8
Profit Before Tax	50.7	50.1	45.4	27.0	21.9
Current Income Tax Expense	10.4	10.3	9.4	5.8	-4.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	40.3	39.9	36.0	21.2	17.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	40.3	39.9	36.0	21.2	17.8
Earnings per Share	4,239.00	4,199.00	3,787.00	2,231.00	1,875.89
Diluted EPS	4,238.94	4,199.36	3,786.64	2,231.02	1,875.89

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	128.4	125.2	144.5	144.4	108.0
I. Cash and cash equivalents	27.4	58.5	81.3	88.7	54.5
1. Cash	12.4	28.5	51.3	68.7	0.0
2. Cash equivalents	15.0	30.0	30.0	20.0	0.0
II. Short-term financial investments	13.0	13.0	13.0	13.0	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	13.0	13.0	13.0	13.0	0.0
III. Short-term receivables	33.5	13.9	11.4	16.3	20.7
1. Short-term trade accounts receivable	11.2	9.4	9.9	11.5	0.0
2. Short-term prepayments to suppliers	4.3	2.5	1.4	1.2	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	21.6	5.4	4.0	6.8	0.0
7. Provision for short-term doubtful debts (*)	-3.7	-3.4	-3.9	-3.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	42.1	32.3	32.0	22.2	21.7
1. Inventories	42.1	32.3	32.0	22.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	12.4	7.5	6.9	4.2	3.1
1. Short-term prepayments	9.6	7.1	4.5	3.7	0.0
2. Value added tax to be reclaimed	2.4	0.4	2.3	0.5	0.0
3. Taxes and other receivables from state authorities	0.4	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)	211.7	169.2	161.9	153.5	158.1
I. Long-term receivables	0.3	0.3	1.0	1.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.5
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.3	0.3	1.0	1.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	172.1	158.7	152.0	137.5	131.9
1. Tangible fixed assets	166.8	154.1	148.5	135.1	129.0
- Cost	643.5	596.7	558.6	518.0	0.0
- Accumulated depreciation	-476.7	-442.6	-410.1	-382.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.3	4.7	3.4	2.4	2.9
- Cost	18.6	15.8	12.8	10.2	0.0
- Accumulated depreciation	-13.3	-11.2	-9.4	-7.8	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6.4	5.9	5.4	9.9	20.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.4	5.9	5.4	9.9	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	32.9	4.2	3.5	4.6	0.0
1. Long-term prepayments	32.9	4.2	3.5	4.6	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	4.4
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)	340.2	294.4	306.4	297.9	266.2
A. LIABILITIES (300=210+330)	152.6	106.1	130.8	116.2	96.1
I. Short -term liabilities	151.7	102.0	121.8	101.8	77.1
1. Short-term trade accounts payable	64.3	53.7	64.0	62.5	46.2
2. Short-term advances from customers	0.8	0.5	0.6	0.6	2.5
3. Taxes and other payables to state authorities	5.8	6.1	1.2	4.5	0.0
4. Payable to employees	13.1	12.9	16.2	10.4	0.0
5. Short-term acrrued expenses	1.1	0.0	0.0	2.7	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	61.6	21.8	32.1	14.6	0.0
10. Short-term borrowings and financial leases	3.2	4.9	4.9	4.9	4.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.9	2.0	2.7	1.6	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	0.9	4.1	9.0	14.4	19.0
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	0.6	0.6	0.6	1.1	0.0
8. Long-term borrowings and financial leases	0.3	3.5	8.4	13.4	18.3
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)	187.6	188.3	175.6	181.8	170.0
I. Owner's equity	187.6	188.3	175.6	181.8	0.0
1. Owner's capital	95.0	95.0	95.0	95.0	170.0
- Common stock with voting right	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	52.3	44.0	41.2	40.4	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	40.3	49.3	39.4	46.4	36.5
- Accumulated retained earning at the end of the previous period	—	9.4	3.4	25.2	18.7
- Undistributed earnings in this period	40.3	39.9	36.0	21.2	17.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	340.2	294.4	306.4	297.9	266.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	50.7	50.1	45.4	27.0	0.0
Depreciation of Fixed Assets and Investment Property	38.1	34.3	30.1	28.3	0.0
Provision (Increase)/Reversal	0.4	-0.5	0.7	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.2	-1.2	-2.1	-4.0	0.0
Interest Expense	0.4	0.8	1.4	1.4	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	88.4	83.5	75.4	52.8	0.0
Increase/(Decrease) in Receivables	-22.4	0.4	2.9	3.8	0.0
Increase/(Decrease) in Inventory	-9.7	-0.4	-9.8	7.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	51.9	-20.7	7.7	24.2	0.0
Increase/(Decrease) in Prepaid Expenses	-31.3	-3.2	0.3	-0.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.8	-1.4	-1.4	0.0
Corporate Income Tax Paid	-11.0	-6.4	-12.9	-5.9	0.0
Other Operating Receipts	0.1	0.1	0.1	0.0	0.0
Other Operating Payments	-13.7	-13.6	-8.0	-7.3	0.0
Net Cash Flow from Operating Activities	51.9	39.0	54.4	73.1	-67.6
Payments for Fixed Assets and Other Long-term Assets	-51.9	-41.5	-40.0	-23.6	-13.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	2.7	-0.3
Loans and Purchases of Debt Instruments	-13.0	-13.0	-13.0	-5.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	13.0	13.0	13.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.1	1.3	2.1	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	-50.8	-40.1	-38.0	-24.5	-12.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.1
Repayment of Borrowings	-4.9	-4.9	-4.9	-4.9	-3.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-27.2	-16.7	-18.9	-9.5	-4.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-32.2	-21.6	-23.8	-14.4	-8.2
Net Cash Flow During the Period	-31.1	-22.8	-7.4	34.2	19.1
Cash and Cash Equivalents at Beginning of Period	58.5	81.3	88.7	54.5	141.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	27.4	58.5	81.3	88.7	54.5

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	160.8	170.9	166.0	171.0	165.5	168.6	168.5	171.9	163.8	158.0	163.7	168.7
Revenue Deductions	0.4	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.4	0.1	0.1
Net Revenue	160.4	170.8	165.9	170.9	165.4	168.5	168.3	171.8	163.7	157.6	163.6	168.6
Cost of Goods Sold	103.7	97.6	100.1	91.7	114.2	91.4	111.5	96.3	110.3	85.5	109.4	90.1
Gross Profit	56.8	73.2	65.9	79.2	51.2	77.1	56.9	75.5	53.4	72.1	54.3	78.5
Financial Income	0.2	0.5	0.2	0.4	0.2	0.5	0.2	0.4	0.2	0.8	0.2	0.7
Financial Expenses	0.2	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	-0.0	0.6	0.4
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	31.5	29.7	36.4	34.0	30.9	42.9	30.7	37.7	27.2	51.5	30.7	27.6
General and Administrative Expenses	24.8	25.1	22.6	22.5	19.9	23.6	20.8	21.5	18.8	22.6	19.4	22.0
Operating Profit	0.4	18.8	6.9	22.9	0.4	10.9	5.3	16.5	7.4	-1.1	3.7	29.2
Other Income	0.5	0.5	0.5	0.5	0.5	8.8	0.4	0.4	0.4	0.6	0.4	0.3
Other Expenses	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0	11.2	0.0	0.4
Other Profit	0.5	0.5	0.5	0.2	0.5	8.8	0.4	0.4	0.4	-10.6	0.4	-0.1
Profit Before Tax	0.9	19.3	7.4	23.1	0.9	19.7	5.7	16.9	7.8	-11.7	4.1	29.1
Current Income Tax Expense	0.2	4.0	1.5	4.7	0.2	4.1	1.2	3.4	1.6	-1.9	0.8	5.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.7	15.3	5.9	18.4	0.7	15.6	4.6	13.5	6.2	-9.7	3.2	23.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.7	15.3	5.9	18.4	0.7	15.6	4.6	13.5	6.2	-9.7	3.2	23.2
Earnings per Share	75.79	1,611.83	621.71	1,936.91	73.74	1,644.41	480.07	1,422.00	655.19	-1,024.59	340.64	2,439.33
Diluted EPS	75.79	1,611.83	621.71	1,936.91	73.74	1,644.41	480.07	1,422.00	655.19	-1,024.59	340.64	2,439.33

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)	138.6	128.9	130.5	153.1	120.1	125.2	125.6	140.2	136.9	146.5	150.5	168.3
I. Cash and cash equivalents	33.6	27.4	30.5	62.5	55.8	58.5	59.9	67.1	77.8	81.3	87.7	90.8
1. Cash	18.6	12.4	15.5	47.5	40.8	28.5	29.9	37.1	47.8	51.3	57.7	90.8
2. Cash equivalents	15.0	15.0	15.0	15.0	15.0	30.0	30.0	30.0	30.0	30.0	30.0	0.0
II. Short-term financial investments	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0
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	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0
III. Short-term receivables	43.6	34.0	43.1	38.3	33.3	13.9	31.4	35.2	25.0	11.9	33.7	35.9
1. Short-term trade accounts receivable	26.9	11.2	34.7	32.8	29.7	10.7	23.9	34.1	24.1	9.9	30.3	33.5
2. Short-term prepayments to suppliers	1.8	4.8	6.7	4.0	2.0	2.5	6.2	1.2	1.7	1.4	3.7	2.5
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	18.7	21.6	5.2	5.2	5.0	5.4	5.2	3.7	3.0	4.6	3.3	3.6
7. Provision for short-term doubtful debts (*)	-3.7	-3.7	-3.6	-3.7	-3.4	-4.7	-3.9	-3.9	-3.9	-3.9	-3.7	-3.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	38.9	42.1	36.9	33.3	13.2	32.3	16.8	20.5	14.4	32.0	13.3	24.3
1. Inventories	38.9	42.1	36.9	33.3	13.2	32.3	16.8	20.5	14.4	32.0	13.3	24.3
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	9.5	12.4	7.0	6.0	4.8	7.5	4.5	4.5	6.7	8.2	2.9	4.4
1. Short-term prepayments	6.1	9.6	7.0	6.0	4.8	7.1	4.5	4.5	5.5	4.5	2.8	4.4
2. Value added tax to be reclaimed	3.0	2.4	—	—	—	0.4	0.0	0.0	1.1	1.8	0.0	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	—	—	—	0.0	0.0	0.0	0.0	1.9	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)	215.7	211.7	183.2	179.1	177.0	169.1	154.0	150.3	155.9	162.0	143.8	144.8
I. Long-term receivables	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.9	1.0	1.0	1.0	1.0
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	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.9	1.0	1.0	1.0	1.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	176.2	172.1	150.6	153.9	152.9	158.6	145.1	141.3	143.9	152.1	128.6	128.6
1. Tangible fixed assets	171.6	166.8	147.2	150.3	148.7	154.0	142.2	138.9	141.0	148.6	126.6	126.6
- Cost	656.6	—	—	—	—	596.6	576.1	564.8	558.9	558.6	529.2	523.3
- Accumulated depreciation	-485.0	—	—	—	—	-442.6	-433.9	-425.9	-417.9	-410.0	-402.6	-396.8
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	4.6	5.3	3.4	3.6	4.1	4.7	2.9	2.4	2.9	3.5	2.0	2.1
- Cost	18.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.0	—	—	—	—	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	5.0	6.4	8.4	8.6	8.3	5.9	6.2	5.6	8.2	5.4	11.3	11.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	6.4	8.4	8.6	8.3	5.9	6.2	5.6	8.2	5.4	11.3	11.4
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	34.2	32.9	23.8	16.3	15.4	4.2	2.4	2.4	2.9	3.5	3.0	3.7
1. Long-term prepayments	34.2	32.9	23.8	16.3	15.4	4.2	2.4	2.4	2.9	3.5	3.0	3.7
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)	354.4	340.6	313.7	332.2	297.0	294.3	279.6	290.5	292.8	308.5	294.4	313.1
A. LIABILITIES (300=210+330)	166.0	153.0	141.4	165.8	108.0	106.0	105.8	121.3	111.0	131.8	104.9	119.2
I. Short -term liabilities	165.2	152.1	139.7	164.1	104.0	101.9	99.3	114.8	102.0	122.8	93.5	107.7
1. Short-term trade accounts payable	44.7	64.7	17.4	63.7	47.0	53.7	54.4	48.0	50.6	75.6	43.9	51.5
2. Short-term advances from customers	0.6	0.8	0.9	1.2	1.6	0.5	0.9	0.8	0.5	0.6	0.7	0.7
3. Taxes and other payables to state authorities	1.4	5.8	3.9	7.3	2.4	6.1	2.9	5.4	3.0	1.0	1.8	7.4
4. Payable to employees	7.1	13.1	13.8	10.6	5.3	12.9	5.4	9.5	4.4	17.3	11.7	10.7
5. Short-term acrrued expenses	1.1	1.1	35.1	0.0	—	0.3	0.0	7.6	1.1	0.0	3.3	3.8
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	92.9	61.6	62.5	72.9	43.2	21.5	29.7	36.1	37.3	20.5	25.2	25.7
10. Short-term borrowings and financial leases	16.9	3.2	3.7	4.9	3.7	4.9	3.7	4.9	3.7	4.9	4.0	4.9
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	0.5	1.9	2.5	3.5	0.9	2.0	2.4	2.5	1.4	2.7	2.8	2.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.8	0.9	1.6	1.6	4.1	4.1	6.5	6.4	9.0	9.0	11.4	11.6
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	0.5	0.6	0.6	0.6	0.6	0.6	0.5	0.5	0.5	0.6	0.5	0.7
8. Long-term borrowings and financial leases	0.3	0.3	1.0	1.0	3.5	3.5	5.9	5.9	8.4	8.4	10.9	10.9
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	188.3	187.6	172.3	166.4	189.0	188.3	173.8	169.3	181.8	176.6	189.5	193.8
I. Owner's equity	188.3	187.6	172.3	166.4	189.0	188.3	173.8	169.3	181.8	176.6	189.5	193.8
1. Owner's capital	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0
- Common stock with voting right	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	52.3	52.3	52.3	52.3	44.0	44.0	44.0	44.0	41.2	41.2	41.2	41.2
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	41.0	40.3	25.0	19.1	50.0	49.3	34.8	30.3	45.6	40.5	53.3	57.7
- Accumulated retained earning at the end of the previous period	40.3	—	—	—	49.3	9.4	10.5	10.5	39.4	14.5	17.6	25.2
- Undistributed earnings in this period	0.7	40.3	25.0	19.1	0.7	39.9	24.3	19.7	6.2	26.0	35.7	32.5
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)	354.4	340.6	313.7	332.2	297.0	294.3	279.6	290.5	292.8	308.5	294.4	313.1

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	—	26.7	—	23.9	—	0.0	-24.7	24.7	0.0	45.4	-40.9	40.9
Depreciation of Fixed Assets and Investment Property	—	19.5	—	18.6	—	0.0	-16.8	16.8	0.0	30.1	-14.6	14.6
Provision (Increase)/Reversal	—	0.1	—	0.3	—	0.0	-0.0	0.0	0.0	0.7	-0.5	0.5
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-0.6	—	-0.6	—	0.0	0.6	-0.6	0.0	-2.1	1.1	-1.1
Interest Expense	—	0.2	—	0.2	—	0.0	-0.4	0.4	0.0	1.4	-0.7	0.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	45.9	—	42.5	—	0.0	-41.4	41.4	0.0	75.4	-55.6	55.6
Increase/(Decrease) in Receivables	—	2.7	—	-25.1	—	0.0	21.6	-21.6	0.0	2.9	18.1	-18.1
Increase/(Decrease) in Inventory	—	-8.7	—	-1.0	—	0.0	-8.6	8.6	0.0	-9.8	2.1	-2.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	15.0	—	36.9	—	0.0	20.0	-20.0	0.0	7.7	5.1	-5.1
Increase/(Decrease) in Prepaid Expenses	—	-19.5	—	-11.8	—	0.0	-0.7	0.7	0.0	0.3	-0.3	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.2	—	-0.3	—	0.0	0.4	-0.4	0.0	-1.4	0.7	-0.7
Corporate Income Tax Paid	-9.1	16.1	-22.3	4.7	-9.6	-5.3	-18.2	2.7	-4.5	14.1	-20.9	1.6
Other Operating Receipts	0.3	—	—	—	—	0.3	1.1	-0.2	0.2	-1.3	1.4	-0.6
Other Operating Payments	-22.0	148.0	-149.6	19.2	-31.4	-57.8	-152.6	25.5	-38.6	118.7	-119.0	23.5
Net Cash Flow from Operating Activities	7.0	78.0	-50.6	26.4	-1.9	-0.4	-13.0	-3.4	-2.8	53.7	-15.5	30.5
Payments for Fixed Assets and Other Long-term Assets	—	-33.4	—	-18.6	—	0.0	6.3	-6.3	0.0	-40.0	7.3	-7.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	-1.2	0.9	—	0.3	0.0	1.1	-0.4	0.4	-1.2	1.2	-0.4
Loans and Purchases of Debt Instruments	—	-13.0	—	—	—	0.0	0.0	0.0	0.0	-13.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	13.0	—	—	—	0.0	0.0	0.0	0.0	13.0	0.0	0.0
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	0.0	0.0
Dividends and Interest Income Received	0.2	0.6	-0.1	0.5	0.2	0.2	-0.2	0.6	0.2	1.1	-0.1	0.7
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	0.5	-52.5	19.7	-18.4	0.5	0.3	7.2	-6.1	0.6	-40.1	8.4	-7.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	—	0.4	—	0.0	0.1	0.3	-0.0	0.0	-0.3	0.3	-0.1
Repayment of Borrowings	-1.3	-0.9	-1.5	-1.2	-1.3	-1.3	-1.8	-1.2	-1.3	-0.8	-1.6	-0.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-27.2	—	-0.0	—	0.0	0.0	-0.0	0.0	-18.9	5.3	-5.3
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1.3	-28.6	-1.0	-1.2	-1.3	-1.2	-1.5	-1.3	-1.3	-20.0	3.9	-6.3
Net Cash Flow During the Period	6.1	-3.1	-32.0	6.7	-2.8	-1.4	-7.2	-10.7	-3.5	-6.4	-3.1	17.2
Cash and Cash Equivalents at Beginning of Period	27.4	30.5	62.5	55.8	58.5	81.3	81.3	81.3	81.3	88.7	88.7	88.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.6	27.4	30.5	62.5	55.8	58.5	59.9	67.1	77.8	81.3	87.7	90.8

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GDW

What Is Changing

Drivers of GDW's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ●

Working Capital Efficiency ▼

Is financial risk significant?

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