GMH

Minh Hưng Quảng Trị ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 18.97%, +9.68pp YoY

Price

7,380

Latest close

03 Jun 2026

P/E 6.65x

P/B 0.67x

EPS 1,110

BVPS 10,950

ROE 10.2%

ROA 9.5%

Profit Margin 19.0%

Asset Turnover 0.50x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2026Q1 basis, GMH has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 97bn
	                                
+3.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 18bn
	                                
+111.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    43.6%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	103.6	88.1	113.6	151.3	165.2
Growth	+18%	-22%	-25%	-8%	—
Net Income	17.8	6.0	13.7	25.4	27.7
Net Margin	17.20%	6.76%	12.07%	16.78%	16.79%

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	13.3	20.7	25.1	37.4	20.3	21.8	27.0	24.1	15.1	21.9	25.0	32.6
Growth	-36%	-17%	-33%	+84%	-7%	-19%	+12%	+59%	-31%	-13%	-23%	—
Net Income	2.4	4.7	5.3	5.9	2.0	2.1	2.8	1.8	0.1	2.1	3.8	3.1
Net Margin	17.70%	22.74%	21.22%	15.81%	9.86%	9.76%	10.25%	7.30%	0.65%	9.81%	15.06%	9.53%

Drivers of GMH's profit

TTM

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

Gross profit ↑ 8.7bn

Financial income ↑ 2.5bn

Administrative expenses ↓ 1.0bn

Tax ↑ 2.5bn

TTM

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

Financial income ↑ 0.6bn

Administrative expenses ↓ 0.6bn

Selling expenses ↓ 0.1bn

Gross profit ↓ 0.9bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.7% = 9.3% × 0.49 × 1.04

2026Q1 10.2% = 19.0% × 0.50 × 1.07

ROE rose from 4.7% to 10.2% — all three components improved, with net margin contributing the most.

Net margin: 19.0% +9.7pp Asset turnover: 0.50x +0.01x Leverage: 1.07x +0.03x

Is the profit sustainable?

Margins improved (+9.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 18.97%, rising 9.7pp. The main driver is Gross margin rose 8.4pp and SG&A / Revenue fell 1.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.5pp added support while Other profit / Revenue fell 0.2pp remained a drag).

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

Profitability trend

Net Margin 18.97% +9.7pp

Gross Margin 28.11% +8.4pp

SG&A / Revenue 14.08% −1.5pp

Non-core / Revenue 9.82% +2.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 45.8% of PBT and lifted net margin by 2.3pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 233.3 days.

Is capital being deployed efficiently?

ROIC expanded to 10.81%, rising 5.8pp. That translates to 10.81 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 9.8pp, with capital turnover broadly stable; with invested capital holding roughly steady.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 10.81% +5.8pp

NOPAT Margin 19.39% +9.8pp

Capital Turnover 0.56x +0.03x

Average Invested Capital 173.1bn −4.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.05x equity.

Inventory ended the period at 26.1bn, roughly 13.1% 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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 51.9 days versus the same period last year. The main moves came from DIO fell 46.4 days, DSO fell 5.4 days, and DPO rose 0.2 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 233.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 56.3 days −5.4 days

Inventory 186.0 days −46.4 days

Payables 9.0 days +0.2 days

Cash Conversion Cycle 233.3 days −51.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 33.3bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 100.0% of total debt, cash equals 125133.2% of debt, and total debt stands at 0.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.05x −0.03x

Interest Coverage — —

Cash / Debt 125133.2% +124915.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.43x +0.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 33.3bn in 2025, against investing cash flow of -30.0bn.

Post-investment cash flow was positive +3.3bn. Financing cash flow was negative +5.8bn.

CFO / net income was 1.43x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 26.2bn +18.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 9.7 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 43.6%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 233 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 18.97% after expanding 9.7pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.43x. Even so, net financial result still accounts for 43.6% of PBT, so the earnings mix still needs monitoring.

Key risk: working capital remains tied up for too long, with cash cycle at 233.3 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	103.6	88.1	113.6	151.3	165.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	103.6	88.1	113.6	151.3	165.2
Cost of Goods Sold	76.5	72.3	89.8	112.5	0.0
Gross Profit	27.1	15.7	23.7	38.8	40.4
Financial Income	9.4	7.3	9.4	8.2	4.3
Financial Expenses	0.1	0.1	0.3	0.1	-0.2
Interest Expense	0.1	0.1	0.3	0.1	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	6.9	7.9	8.1	7.2	-5.6
General and Administrative Expenses	6.6	6.6	7.1	8.1	-6.2
Operating Profit	22.9	8.4	17.6	31.7	32.6
Other Income	0.0	0.3	0.0	0.0	0.0
Other Expenses	0.5	1.0	0.5	0.0	0.0
Other Profit	-0.5	-0.7	-0.5	-0.0	-0.3
Profit Before Tax	22.4	7.7	17.2	31.7	32.4
Current Income Tax Expense	4.6	1.7	3.4	6.3	-4.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	17.8	6.0	13.7	25.4	27.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	17.8	6.0	13.7	25.4	27.7
Earnings per Share	1,080.00	361.00	830.00	1,538.00	1,200.00
Diluted EPS	1,080.00	361.00	830.00	1,538.00	1,681.52

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	177.2	159.2	166.4	165.1	168.4
I. Cash and cash equivalents	4.0	6.4	10.9	5.5	11.4
1. Cash	4.0	6.4	10.9	5.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	129.4	91.8	83.9	93.4	0.0
1. Available for sale securities	3.4	3.4	3.4	3.4	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	126.0	88.4	80.5	90.0	0.0
III. Short-term receivables	17.2	20.2	15.9	17.5	9.7
1. Short-term trade accounts receivable	13.5	19.0	14.6	18.5	0.0
2. Short-term prepayments to suppliers	1.0	0.2	0.1	0.1	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	4.2	2.6	2.7	0.4	0.0
7. Provision for short-term doubtful debts (*)	-1.6	-1.6	-1.6	-1.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	26.1	40.1	54.6	47.8	49.1
1. Inventories	28.0	42.1	55.8	48.1	0.0
2. Provision for decline in value of inventories	-1.9	-2.0	-1.2	-0.3	0.0
V. Other short-term assets	0.5	0.5	1.0	0.8	0.2
1. Short-term prepayments	0.5	0.5	1.0	0.8	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	21.5	25.4	30.9	34.5	41.9
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	20.3	24.6	29.6	33.0	36.7
1. Tangible fixed assets	20.3	24.6	29.6	33.0	36.7
- Cost	109.1	109.5	109.5	108.1	0.0
- Accumulated depreciation	-88.8	-84.9	-79.9	-75.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	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
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	0.4	0.4	0.4	0.4	0.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.4	0.4	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	3.4
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	0.8	0.4	0.9	1.1	0.0
1. Long-term prepayments	0.8	0.4	0.9	1.1	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	1.5
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)	198.7	184.6	197.3	199.6	210.3
A. LIABILITIES (300=210+330)	8.8	6.8	8.9	16.7	9.9
I. Short -term liabilities	8.8	6.8	8.9	16.7	9.9
1. Short-term trade accounts payable	1.4	1.5	3.4	5.4	1.2
2. Short-term advances from customers	0.5	0.1	0.2	0.2	0.2
3. Taxes and other payables to state authorities	4.1	2.0	2.1	5.5	0.0
4. Payable to employees	2.1	2.3	2.3	4.8	0.0
5. Short-term acrrued expenses	0.1	0.2	0.1	0.1	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	0.4	0.4	0.4	0.3	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.3	0.3	0.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	189.9	177.8	188.4	182.9	200.4
I. Owner's equity	189.9	177.8	188.4	182.9	0.0
1. Owner's capital	165.0	165.0	165.0	165.0	200.4
- Common stock with voting right	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.8	5.8	5.8	5.8	5.8
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	0.7	0.7	0.7	0.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.4	0.4	0.4	0.4	0.0
11. Undistributed earnings after tax	18.0	6.0	16.5	11.1	28.6
- Accumulated retained earning at the end of the previous period	0.2	0.0	2.8	2.2	0.8
- Undistributed earnings in this period	17.8	6.0	13.7	8.9	27.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	198.7	184.6	197.3	199.6	210.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	22.4	7.7	17.2	31.7	7.5
Depreciation of Fixed Assets and Investment Property	4.3	5.0	5.1	5.4	1.3
Provision (Increase)/Reversal	-0.1	0.8	1.1	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	-9.4	-7.3	-9.4	-8.2	0.0
Interest Expense	0.1	0.1	0.3	0.1	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	17.3	6.3	14.2	29.0	8.9
Increase/(Decrease) in Receivables	4.9	-5.5	3.5	-7.5	0.0
Increase/(Decrease) in Inventory	14.1	13.7	-7.7	1.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.4	-1.6	-5.4	5.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	1.0	-0.1	-0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.1	-0.3	-0.1	0.0
Corporate Income Tax Paid	-2.1	-2.3	-5.8	-5.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.0	-0.1	0.0
Net Cash Flow from Operating Activities	33.3	11.5	-1.6	22.8	46.9
Payments for Fixed Assets and Other Long-term Assets	—	-0.0	-1.6	-1.7	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-196.8	-147.3	-133.0	-199.0	-193.8
Receipts from Loan Repayments and Sale of Debt Instruments	159.2	139.4	142.5	207.0	96.0
Investments in Other Entities	—	0.0	0.0	0.0	-0.2
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.6	8.5	7.3	7.9	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	-30.0	0.6	15.3	14.2	-94.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	11,006,800,000.00
Share Repurchases	—	0.00	0.00	0.00	-73,838,000.00
Proceeds from Borrowings	4.2	11.2	15.7	4.1	25.1
Repayment of Borrowings	-4.2	-11.2	-15.7	-4.1	-32.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5.8	-16.5	-8.2	-42.9	-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	-5.8	-16.5	-8.2	-42.9	3.2
Net Cash Flow During the Period	-2.5	-4.5	5.4	-5.9	2.3
Cash and Cash Equivalents at Beginning of Period	6.4	10.9	5.5	11.4	55.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.0	6.4	10.9	5.5	11.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	13.3	20.7	25.1	37.4	20.3	21.8	27.0	24.1	15.1	21.9	25.0	32.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	13.3	20.7	25.1	37.4	20.3	21.8	27.0	24.1	15.1	21.9	25.0	32.6
Cost of Goods Sold	10.2	13.9	17.6	27.7	16.3	16.6	21.9	20.1	13.0	16.7	19.6	26.0
Gross Profit	3.1	6.8	7.5	9.6	4.0	5.3	5.1	4.0	2.1	5.2	5.4	6.7
Financial Income	2.7	2.7	2.5	2.2	2.1	1.9	1.9	1.6	1.8	1.9	2.3	2.2
Financial Expenses	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.1
Interest Expense	—	—	—	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.5	1.6	1.7	2.0	1.6	1.6	1.7	1.8	2.1	1.9	1.5	2.9
General and Administrative Expenses	1.3	1.8	1.4	2.3	1.8	2.8	1.6	1.5	1.1	2.0	1.4	1.9
Operating Profit	3.1	6.1	6.8	7.5	2.7	2.7	3.6	2.3	0.7	3.1	4.7	3.9
Other Income	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.5	0.3	0.0	0.0
Other Profit	-0.1	-0.1	-0.1	-0.1	-0.1	-0.0	-0.1	-0.1	-0.5	-0.3	-0.0	-0.0
Profit Before Tax	3.0	5.9	6.7	7.4	2.5	2.7	3.5	2.2	0.2	2.8	4.7	3.9
Current Income Tax Expense	0.6	1.2	1.4	1.5	0.5	0.5	0.7	0.5	0.1	0.7	0.9	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.4	4.7	5.3	5.9	2.0	2.1	2.8	1.8	0.1	2.1	3.8	3.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.4	4.7	5.3	5.9	2.0	2.1	2.8	1.8	0.1	2.1	3.8	3.1
Earnings per Share	143.00	286.00	323.00	358.00	122.00	129.00	168.00	107.00	6.00	130.00	228.00	189.00
Diluted EPS	143.10	285.97	322.81	358.10	121.62	129.26	167.56	106.62	5.99	130.00	228.43	188.51

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)	176.4	177.2	172.6	168.0	164.8	161.3	168.0	156.8	165.2	168.1	175.2	165.2
I. Cash and cash equivalents	9.4	4.0	4.4	4.3	8.8	6.4	8.6	4.0	9.9	10.9	6.3	4.7
1. Cash	9.4	4.0	4.4	4.3	8.8	6.4	8.6	4.0	9.9	10.9	6.3	4.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	120.9	129.4	121.4	111.6	97.5	92.4	94.9	87.4	83.9	83.9	92.9	87.9
1. Available for sale securities	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
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	117.5	126.0	118.0	108.2	94.1	89.0	91.5	84.0	80.5	80.5	89.5	84.5
III. Short-term receivables	16.5	17.2	20.3	22.8	20.3	21.3	19.9	16.9	16.6	15.9	20.1	19.4
1. Short-term trade accounts receivable	12.0	13.5	15.4	18.4	17.8	20.2	18.7	17.3	13.8	14.6	15.7	19.1
2. Short-term prepayments to suppliers	1.6	1.0	0.5	0.7	0.1	0.2	0.2	0.3	0.2	0.1	2.4	0.4
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	4.5	4.2	6.0	5.3	4.0	2.5	2.5	1.0	4.2	2.7	3.4	1.3
7. Provision for short-term doubtful debts (*)	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.5	-1.4	-1.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	29.0	26.3	26.2	28.7	37.9	40.6	44.2	48.2	54.3	56.0	55.5	52.4
1. Inventories	30.9	28.0	28.2	30.7	39.9	42.1	45.9	49.2	55.5	56.3	55.8	52.7
2. Provision for decline in value of inventories	-1.9	-1.7	-2.0	-2.0	-2.0	-1.5	-1.6	-1.0	-1.1	-0.3	-0.3	-0.3
V. Other short-term assets	0.6	0.3	0.4	0.5	0.2	0.5	0.3	0.4	0.5	1.4	0.4	0.8
1. Short-term prepayments	0.6	0.3	0.4	0.5	0.2	0.5	0.3	0.4	0.5	1.4	0.4	0.8
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	20.4	21.7	22.4	23.1	24.4	25.4	26.6	27.9	29.4	30.5	32.5	33.2
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	19.3	20.3	21.4	22.4	23.5	24.6	25.8	27.1	28.3	29.6	30.9	32.0
1. Tangible fixed assets	19.3	20.3	21.4	22.4	23.5	24.6	25.8	27.1	28.3	29.6	30.9	32.0
- Cost	109.2	—	—	—	—	109.5	109.5	109.5	109.5	109.5	109.5	109.5
- Accumulated depreciation	-89.9	—	—	—	—	-84.9	-83.6	-82.4	-81.1	-79.9	-78.6	-77.5
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	—	—	—	—	—	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
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	0.8	1.0	0.6	0.3	0.5	0.4	0.4	0.5	0.7	0.5	1.2	0.8
1. Long-term prepayments	0.8	1.0	0.6	0.3	0.5	0.4	0.4	0.5	0.7	0.5	1.2	0.8
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)	196.9	198.8	195.0	191.1	189.1	186.6	194.6	184.8	194.7	198.6	207.7	198.4
A. LIABILITIES (300=210+330)	16.2	8.9	9.8	11.2	9.3	8.6	18.8	11.0	6.2	10.0	21.5	15.8
I. Short -term liabilities	16.2	8.9	9.8	11.2	9.3	8.6	18.8	11.0	6.2	10.0	21.5	15.8
1. Short-term trade accounts payable	1.4	1.4	1.3	2.2	2.0	1.6	5.2	3.9	1.6	3.4	3.9	6.7
2. Short-term advances from customers	0.4	0.5	0.1	0.3	0.2	1.2	1.0	0.5	0.7	0.2	0.4	0.5
3. Dividends and profits payable	11.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.6	4.1	5.9	4.3	0.9	2.0	2.8	1.3	0.4	2.2	5.3	3.9
4. Payable to employees	1.4	2.1	1.7	1.7	1.5	2.3	2.1	1.8	0.8	3.4	3.5	3.8
5. Short-term acrrued expenses	—	0.1	0.1	0.1	—	0.1	0.1	0.1	0.0	0.1	0.2	0.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	0.4	0.4	2.3	0.4	0.6	0.6	0.5	0.4	0.4	0.4	0.4
10. Short-term borrowings and financial leases	0.0	—	0.0	—	4.0	0.0	6.8	2.7	1.8	0.0	7.5	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.3	0.3	0.3
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	180.7	190.0	185.3	180.0	179.8	178.1	175.8	173.7	188.5	188.6	186.1	182.6
I. Owner's equity	180.7	190.0	185.3	180.0	179.8	178.1	175.8	173.7	188.5	188.6	186.1	182.6
1. Owner's capital	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0
- Common stock with voting right	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8
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	0.7	0.7	0.7	0.7	0.7	0.6	0.6	0.7	0.7	0.7	0.7	0.7
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
11. Undistributed earnings after tax	8.8	18.1	13.4	8.1	8.0	6.2	4.0	1.9	16.6	16.7	14.3	10.7
- Accumulated retained earning at the end of the previous period	6.5	0.2	0.2	0.2	6.0	0.1	0.0	0.0	16.5	2.8	10.5	2.8
- Undistributed earnings in this period	2.4	17.9	13.2	7.9	2.0	6.1	4.0	1.9	0.1	13.9	3.8	7.9
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)	196.9	198.8	195.0	191.1	189.1	186.6	194.6	184.8	194.7	198.6	207.7	198.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	12.5	—	9.9	—	0.0	-1.6	1.6	0.0	17.2	-9.6	9.6
Depreciation of Fixed Assets and Investment Property	—	2.1	—	2.2	—	0.0	-2.5	2.5	0.0	5.1	-2.5	2.5
Provision (Increase)/Reversal	—	-0.1	—	0.0	—	0.0	-0.5	0.5	0.0	1.1	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
Gain/Loss from Investment Activities	—	-5.1	—	-4.3	—	0.0	3.5	-3.5	0.0	-9.4	5.2	-5.2
Interest Expense	—	0.0	—	0.1	—	0.0	-0.0	0.0	0.0	0.3	-0.2	0.2
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	—	9.4	—	7.8	—	0.0	-1.3	1.3	0.0	14.2	-7.1	7.1
Increase/(Decrease) in Receivables	—	9.5	—	-4.6	—	0.0	2.6	-2.6	0.0	3.5	0.9	-0.9
Increase/(Decrease) in Inventory	—	0.7	—	13.3	—	0.0	-6.6	6.6	0.0	-7.7	4.5	-4.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-2.2	—	1.7	—	0.0	-0.8	0.8	0.0	-5.4	-1.7	1.7
Increase/(Decrease) in Prepaid Expenses	—	-0.5	—	0.1	—	0.0	-1.1	1.1	0.0	-0.1	-0.1	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	—	-0.1	—	0.0	0.0	-0.0	0.0	-0.3	0.2	-0.2
Corporate Income Tax Paid	-3.7	-0.8	-0.0	0.0	-1.3	-0.5	0.0	0.0	-1.9	-1.6	0.0	0.0
Other Operating Receipts	2.8	—	—	—	—	3.2	5.6	-2.7	2.8	-4.3	4.3	-0.6
Other Operating Payments	-2.7	11.6	-8.7	—	-2.9	-5.8	-9.5	2.3	-2.3	10.0	-10.0	5.0
Net Cash Flow from Operating Activities	-3.0	-0.0	16.2	13.1	4.0	2.0	-6.8	8.1	-2.8	-3.7	3.0	6.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	-0.0	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-98.0	—	-98.8	—	0.0	79.0	-79.0	0.0	-133.0	76.0	-76.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	80.2	—	79.0	—	0.0	-75.5	75.5	0.0	142.5	-81.5	81.5
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	—	1.3	—	6.3	—	0.0	-5.0	5.0	0.0	7.3	-4.3	4.3
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	8.5	-0.4	-16.1	-7.8	-5.7	2.5	7.4	1.6	0.0	16.2	-9.3	4.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.0	0.1	0.0	4.0	0.0	6.8	2.7	1.8	0.0	7.5	0.0
Repayment of Borrowings	-0.0	-0.0	-0.1	-4.0	—	-6.8	-2.7	-1.8	0.0	-7.5	0.0	-8.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-5.8	—	0.0	0.0	-16.5	0.0	-0.4	0.4	-8.2
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	0.0	-0.0	0.0	-9.8	4.0	-6.8	4.1	-15.6	1.8	-7.9	7.9	-16.4
Net Cash Flow During the Period	5.5	-0.4	0.1	-4.5	2.4	-2.2	4.7	-5.9	-1.0	4.6	1.6	-5.5
Cash and Cash Equivalents at Beginning of Period	4.0	4.4	4.3	8.8	6.4	10.9	10.9	10.9	10.9	5.5	5.5	5.5
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	9.4	4.0	4.4	4.3	8.8	6.4	8.6	4.0	9.9	10.9	6.3	4.7

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GMH

What Is Changing

Drivers of GMH'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