HDA

Hãng sơn Đông Á ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.48%, +3.18pp YoY

Price

6,700

Latest close

02 Jun 2026

P/E 7.55x

P/B 0.50x

EPS 887

BVPS 13,527

ROE 6.8%

ROA 5.1%

Profit Margin 8.4%

Asset Turnover 0.61x

Equity Mult. 1.34x

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

What Is Changing

On a TTM 2026Q1 basis, HDA has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 291bn
	                                
+14.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 28bn
	                                
+72.0%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.31x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	279.6	274.5	214.9	243.5	269.6
Growth	+2%	+28%	-12%	-10%	—
Net Income	26.9	14.9	-16.1	2.9	28.6
Net Margin	9.62%	5.44%	-7.48%	1.20%	10.59%

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	68.3	86.8	64.4	72.0	56.9	94.8	49.5	54.1	57.6	61.9	51.3	50.1
Growth	-21%	+35%	-11%	+27%	-40%	+91%	-8%	-6%	-7%	+21%	+2%	—
Net Income	4.2	6.2	14.4	2.8	1.6	10.8	0.8	2.9	1.9	-7.4	-0.0	0.1
Net Margin	6.19%	7.12%	22.37%	3.91%	2.83%	11.42%	1.55%	5.28%	3.32%	-12.01%	-0.07%	0.17%

Drivers of HDA's profit

TTM

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

Gross profit ↑ 15.8bn

Financial income ↑ 11.7bn

Selling expenses ↑ 8.3bn

Administrative expenses ↑ 6.0bn

Finance costs ↑ 1.3bn

TTM

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

Gross profit ↑ 4.8bn

Selling expenses ↑ 0.7bn

Minority interests ↑ 0.6bn

Tax ↑ 0.5bn

Finance costs ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.8% = 6.3% × 0.57 × 1.32

2026Q1 7.7% = 9.5% × 0.61 × 1.34

ROE rose from 4.8% to 7.7% — all three components improved, with asset turnover contributing the most.

Net margin: 9.5% +3.2pp Asset turnover: 0.61x +0.03x Leverage: 1.34x +0.02x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.48%, rising 3.2pp. Core operating signals are improving as Gross margin rose 0.7pp are enough to offset pressure from SG&A / Revenue rose 1.2pp (in addition, Net financial result / Revenue rose 3.7pp added support while Other profit / Revenue fell 0.3pp 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 9.48% +3.2pp

Gross Margin 38.74% +0.7pp

SG&A / Revenue 30.76% +1.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 16.0 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 6.35%, rising 2.5pp. That translates to 6.35 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.4pp, with capital turnover broadly stable; with invested capital holding roughly steady.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 6.35% +2.5pp

NOPAT Margin 9.32% +3.4pp

Capital Turnover 0.68x +0.03x

Average Invested Capital 428.2bn +38.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.44x equity, net debt at 0.21x equity.

Inventory ended the period at 106.2bn, roughly 20.0% of total assets.

Over the last 12 months, working capital absorbed 59.4bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −36.1bn

Inventories increased → lower CFO: −8.5bn

Payables decreased → lower CFO: −14.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 16.0 days versus the same period last year. The main moves came from DIO fell 14.5 days, DSO rose 20.7 days, and DPO fell 9.7 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 307.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +20.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 111.9 days +20.7 days

Inventory 236.3 days −14.5 days

Payables 40.7 days −9.7 days

Cash Conversion Cycle 307.6 days +16.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 42.7bn due to capex of 10.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.21x and interest coverage at 5.47x.

At present, short-term debt accounts for 95.5% of total debt, cash equals 18.6% of debt, and total debt stands at 95.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 95.5% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 18.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.21x +0.03x

Interest Coverage 5.47x +1.12x

Cash / Debt 18.6% −2.6pp

Short-term Debt / Total Debt 95.5% −2.8pp

CFO / NI -1.31x −0.03x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 5.5bn in 2025, against investing cash flow of 17.0bn.

Post-investment cash flow was positive +22.5bn. Financing cash flow was positive +9.7bn.

CFO / net income was -1.31x.

After spending +10.6bn on fixed-asset investment, the business generated trailing free cash flow of −42.7bn.

Cash Conversion

CFO TTM 32.2bn −14.7bn

Cash Capex 10.6bn +7.5bn

FCF TTM −42.7bn −22.2bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.2 pp. The next item to monitor is the earnings mix, when non-core contribution is 22.5%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 308 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.48% after expanding 3.2pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 22.5% of PBT and CFO / net income currently at -1.31x.

Key risk: working capital remains tied up for too long, with cash cycle at 307.6 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	318.1	333.3	278.1	322.8	362.1
Revenue Deductions	38.5	58.8	63.1	79.3	0.0
Net Revenue	279.6	274.5	214.9	243.5	269.6
Cost of Goods Sold	171.6	171.7	141.0	150.6	0.0
Gross Profit	108.0	102.8	74.0	92.8	119.2
Financial Income	12.4	0.7	0.3	0.2	0.2
Financial Expenses	5.1	4.1	5.7	5.5	-4.5
Interest Expense	5.1	4.1	5.7	5.5	-4.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	66.5	64.1	54.2	61.0	-61.1
General and Administrative Expenses	21.5	18.1	29.5	21.7	-18.9
Operating Profit	27.4	17.1	-15.1	4.9	34.9
Other Income	1.0	1.5	1.0	0.6	0.0
Other Expenses	0.2	0.3	0.6	0.5	0.0
Other Profit	0.8	1.2	0.5	0.1	0.2
Profit Before Tax	28.3	18.3	-14.7	5.0	35.1
Current Income Tax Expense	2.8	3.4	0.0	1.5	-6.5
Deferred Income Tax Expense	-1.5	0.0	1.4	0.6	0.0
Net Income	26.9	14.9	-16.1	2.9	28.6
Non-controlling Interest	2.3	0.4	-2.7	1.8	2.7
Profit Attributable to Parent	24.6	14.5	-13.3	1.1	25.9
Earnings per Share	893.00	527.00	-484.00	57.00	2,248.00
Diluted EPS	893.00	527.00	-484.00	57.00	2,248.50

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	375.7	326.9	271.2	274.9	213.6
I. Cash and cash equivalents	137.4	105.1	93.1	80.4	72.6
1. Cash	137.4	105.1	93.1	80.4	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.7	1.7	1.7	1.7	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	1.7	1.7	1.7	1.7	0.0
III. Short-term receivables	128.8	105.1	67.4	101.5	79.0
1. Short-term trade accounts receivable	90.0	89.3	51.9	49.2	0.0
2. Short-term prepayments to suppliers	3.5	3.7	4.8	3.3	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	43.5	21.1	25.0	54.6	0.0
7. Provision for short-term doubtful debts (*)	-8.2	-9.0	-14.4	-5.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	106.2	110.6	103.2	88.3	58.6
1. Inventories	106.2	110.6	103.2	88.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	4.3	5.8	3.0	3.5
1. Short-term prepayments	1.4	3.4	4.9	1.2	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	1.1	0.0
3. Taxes and other receivables from state authorities	0.1	0.8	0.9	0.6	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	154.4	174.0	190.3	211.6	182.4
I. Long-term receivables	—	0.0	0.6	0.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.6
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	0.6	0.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	111.7	114.9	128.5	64.6	81.4
1. Tangible fixed assets	106.3	109.3	84.6	58.7	75.4
- Cost	222.4	219.4	186.1	152.2	0.0
- Accumulated depreciation	-116.2	-110.1	-101.5	-93.4	0.0
2. Financial leased fixed assets	—	0.0	38.1	0.0	0.0
- Cost	—	0.0	38.1	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.5	5.6	5.7	5.9	6.0
- Cost	6.8	6.8	6.8	6.8	0.0
- Accumulated depreciation	-1.3	-1.1	-1.0	-0.9	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	1.2	0.0	0.0	81.6	75.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.2	0.0	0.0	81.6	0.0
V. Long-term financial investments	32.0	32.0	32.4	32.4	2.4
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	32.0	32.0	32.0	30.0	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	0.4	2.4	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	9.5	27.0	28.8	32.4	0.0
1. Long-term prepayments	9.5	14.2	13.4	14.4	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	22.6
5. Goodwill	—	12.8	15.4	17.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	530.1	500.8	461.5	486.5	396.0
A. LIABILITIES (300=210+330)	161.0	157.8	133.4	160.9	169.5
I. Short -term liabilities	156.0	153.7	126.3	149.8	141.7
1. Short-term trade accounts payable	42.3	45.3	34.6	42.0	42.4
2. Short-term advances from customers	6.4	5.9	6.0	2.6	2.9
3. Taxes and other payables to state authorities	6.1	9.9	1.9	4.8	0.0
4. Payable to employees	3.4	1.6	1.3	2.8	0.0
5. Short-term acrrued expenses	0.8	1.4	0.7	0.5	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	5.9	6.0	5.8	6.5	0.0
10. Short-term borrowings and financial leases	89.4	82.0	74.4	88.9	63.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	1.6	1.6	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	5.0	4.2	7.1	11.1	27.8
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	0.3	0.3	0.6	0.6	0.0
8. Long-term borrowings and financial leases	3.7	1.3	4.0	9.4	27.1
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	1.1	2.6	2.6	1.2	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)	369.1	343.0	328.1	325.6	226.5
I. Owner's equity	369.1	343.0	328.1	325.6	0.0
1. Owner's capital	276.0	276.0	276.0	276.0	226.5
- Common stock with voting right	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	115,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.4	-0.4	-0.4	-0.7	-0.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	34.6	33.9	33.9	32.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	24.6	0.7	-13.8	1.1	26.6
- Accumulated retained earning at the end of the previous period	—	-13.8	-0.5	0.0	0.0
- Undistributed earnings in this period	24.6	14.5	-13.3	1.1	26.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	34.2	32.7	32.4	16.3	17.8
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)	530.1	500.8	461.5	486.5	396.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	28.3	18.3	-14.7	5.0	35.1
Depreciation of Fixed Assets and Investment Property	10.1	15.4	18.7	21.3	20.5
Provision (Increase)/Reversal	-0.2	-5.3	8.8	0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-12.6	-0.7	-0.3	-0.1	0.0
Interest Expense	5.1	4.1	5.7	5.5	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	—	-0.1	-0.5	0.0	0.0
Operating Profit Before Changes in Working Capital	30.7	31.8	17.7	32.2	59.9
Increase/(Decrease) in Receivables	-22.1	-27.6	26.1	-31.9	0.0
Increase/(Decrease) in Inventory	4.4	-7.4	-14.9	-29.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.2	12.4	-7.6	-12.4	0.0
Increase/(Decrease) in Prepaid Expenses	6.7	0.6	-2.6	-9.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.7	-4.1	-5.7	-5.5	0.0
Corporate Income Tax Paid	-3.3	-0.1	-1.5	-5.6	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	5.5	5.5	11.5	-62.4	54.7
Payments for Fixed Assets and Other Long-term Assets	-9.8	-2.8	-3.1	-12.0	-21.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.6	3.4	4.7	4.3	1.7
Loans and Purchases of Debt Instruments	-0.0	0.4	-2.0	-1.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	2.0	0.0	0.6
Investments in Other Entities	—	0.0	0.0	-30.0	0.0
Proceeds from Investments in Other Entities	25.2	0.0	15.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.7	0.3	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	17.0	1.7	17.0	-39.3	-19.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	4,109,200,000.00	115,000,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	209.4	195.7	182.9	207.0	202.0
Repayment of Borrowings	-199.7	-182.4	-197.4	-187.7	-195.8
Repayment of Finance Leases	—	-8.4	-5.5	-11.0	-3.0
Dividends Paid	—	0.0	0.0	-13.8	-5.6
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	9.7	4.9	-15.8	109.5	-2.4
Net Cash Flow During the Period	32.3	12.1	12.7	7.9	31.9
Cash and Cash Equivalents at Beginning of Period	105.1	93.1	80.4	72.6	39.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	137.4	105.1	93.1	80.4	72.6

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	85.2	97.8	70.1	81.8	68.8	108.6	60.3	70.4	75.4	78.9	62.2	66.1
Revenue Deductions	16.8	11.0	5.7	9.9	12.0	13.8	10.8	16.3	17.9	17.0	10.9	16.0
Net Revenue	68.3	86.8	64.4	72.0	56.9	94.8	49.5	54.1	57.6	61.9	51.3	50.1
Cost of Goods Sold	35.8	55.0	39.6	48.2	29.1	69.2	30.3	29.6	32.0	52.3	33.8	29.1
Gross Profit	32.6	31.8	24.8	23.8	27.8	25.7	19.2	24.5	25.6	9.6	17.4	21.0
Financial Income	0.0	0.1	12.3	0.0	0.0	0.6	0.0	0.0	0.0	0.1	0.2	0.0
Financial Expenses	1.4	1.3	1.0	1.8	0.9	1.1	1.2	0.9	0.9	0.8	1.7	1.5
Interest Expense	1.4	1.3	1.0	1.8	0.9	1.1	1.2	0.9	0.9	0.8	1.7	1.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	20.2	18.9	14.4	14.4	19.5	12.2	11.7	16.1	17.7	9.8	11.8	14.6
General and Administrative Expenses	5.7	4.4	7.0	4.7	5.6	-0.3	5.7	4.9	5.3	6.6	5.1	4.0
Operating Profit	5.3	7.3	14.7	2.9	1.8	13.3	0.5	2.6	1.7	-7.6	-1.1	0.9
Other Income	0.2	0.1	0.2	0.5	0.2	0.5	0.3	0.3	0.4	0.3	0.6	0.1
Other Expenses	0.4	0.0	0.1	0.1	0.0	0.1	0.0	0.0	0.1	0.4	0.0	0.1
Other Profit	-0.2	0.1	0.2	0.4	0.2	0.4	0.3	0.3	0.3	-0.0	0.6	-0.1
Profit Before Tax	5.1	7.4	14.8	3.3	2.0	13.8	0.8	2.9	1.9	-7.6	-0.5	0.8
Current Income Tax Expense	0.9	1.2	0.4	0.5	0.4	2.9	0.0	0.0	0.0	-0.2	-0.5	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.2	6.2	14.4	2.8	1.6	10.8	0.8	2.9	1.9	-7.4	-0.0	0.1
Non-controlling Interest	0.8	1.2	0.5	0.6	0.2	0.6	1.1	0.6	0.4	-1.9	0.0	0.1
Profit Attributable to Parent	3.4	5.0	13.9	2.2	1.4	10.3	-0.3	2.2	1.5	-5.6	-0.1	-0.0
Earnings per Share	124.00	180.00	504.00	79.00	52.00	372.00	-10.00	81.00	56.00	-202.00	-3.00	-1.00
Diluted EPS	124.00	180.00	504.00	79.00	52.00	506.00	-10.00	81.00	56.00	-202.00	-3.00	-1.00

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)	348.7	376.5	340.1	334.0	303.9	333.1	279.6	276.9	248.3	277.9	274.1	259.3
I. Cash and cash equivalents	17.7	137.4	24.7	65.3	16.6	104.1	17.0	46.4	20.2	93.1	38.3	47.2
1. Cash	17.7	137.4	24.7	65.3	16.6	104.1	17.0	46.4	20.2	93.1	38.3	47.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
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	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
III. Short-term receivables	204.9	128.3	202.4	158.7	168.7	114.7	134.8	117.3	114.7	76.2	105.4	91.4
1. Short-term trade accounts receivable	98.5	91.4	104.1	100.6	80.3	90.1	72.8	70.3	47.3	51.8	56.1	50.2
2. Short-term prepayments to suppliers	27.8	3.4	28.5	8.0	22.3	3.7	21.6	6.3	20.1	4.9	14.2	9.0
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	86.8	41.8	79.4	58.5	74.5	25.7	54.7	55.1	61.6	26.1	40.7	37.8
7. Provision for short-term doubtful debts (*)	-8.2	-8.4	-9.6	-8.4	-8.4	-4.8	-14.4	-14.4	-14.4	-6.6	-5.6	-5.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	119.8	105.0	106.9	103.0	111.4	103.3	117.3	103.1	105.9	103.1	118.9	111.0
1. Inventories	119.8	105.0	106.9	103.0	111.4	103.3	117.3	103.1	105.9	103.1	118.9	111.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	4.5	4.1	4.3	5.3	5.5	9.2	8.8	8.4	5.8	3.9	9.7	8.0
1. Short-term prepayments	3.7	4.0	4.1	5.1	4.8	9.0	7.9	7.5	4.8	2.9	6.9	5.1
2. Value added tax to be reclaimed	0.6	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	2.1	2.1
3. Taxes and other receivables from state authorities	0.2	0.1	0.2	0.2	0.7	0.2	0.8	0.9	0.9	1.0	0.7	0.9
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)	153.3	152.2	157.7	156.9	154.0	172.9	175.3	180.1	183.2	192.7	195.3	204.6
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.6	0.6	0.6	0.6
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	0.6	0.6	0.6	0.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	110.7	111.8	114.4	111.2	111.0	114.9	115.7	120.3	122.7	128.5	129.4	134.4
1. Tangible fixed assets	105.2	106.4	108.8	105.7	105.4	109.3	110.0	114.6	78.6	84.6	86.7	91.0
- Cost	223.4	—	—	—	—	219.4	218.1	219.3	180.6	186.1	185.0	186.5
- Accumulated depreciation	-118.2	—	—	—	—	-110.1	-108.1	-104.7	-102.0	-101.5	-98.3	-95.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	38.3	38.1	36.9	37.5
- 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	5.4	5.5	5.5	5.5	5.6	5.6	5.6	5.7	5.7	5.7	5.8	5.8
- Cost	6.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	1.2	0.3	2.4	—	0.0	0.0	0.0	0.0	2.9	2.9	2.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	1.2	0.3	2.4	—	0.0	0.0	0.0	0.0	2.9	2.9	2.9
V. Long-term financial investments	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.4	32.4	32.4	34.4
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	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0	32.0
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	0.4	0.4	0.4	2.4
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	10.6	7.2	11.1	11.3	11.0	26.0	27.6	27.9	12.8	12.9	14.0	15.7
1. Long-term prepayments	10.6	7.2	11.1	11.3	11.0	13.2	14.1	13.8	12.8	12.9	14.0	15.7
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)	—	—	—	—	—	12.8	13.5	14.1	14.7	15.4	16.0	16.7
TOTAL ASSETS (280=100+200)	502.0	528.8	497.8	490.9	457.9	506.0	454.9	457.0	431.5	470.6	469.4	463.9
A. LIABILITIES (300=210+330)	128.6	160.4	135.6	144.3	114.2	162.1	121.8	124.3	101.5	133.0	124.4	138.0
I. Short -term liabilities	122.8	152.8	127.5	139.5	110.6	156.5	117.5	119.9	94.3	120.3	112.4	125.9
1. Short-term trade accounts payable	19.2	43.3	28.4	38.8	20.6	45.4	23.4	31.1	23.1	34.7	32.3	34.4
2. Short-term advances from customers	2.8	6.5	5.0	2.1	3.4	6.5	3.1	4.5	2.2	7.2	1.7	2.2
3. Taxes and other payables to state authorities	2.5	5.6	4.7	5.3	3.7	9.4	5.5	4.5	2.6	2.3	3.1	4.0
4. Payable to employees	1.5	2.8	1.8	1.2	1.6	2.1	1.1	1.4	1.6	1.2	1.3	1.2
5. Short-term acrrued expenses	0.7	0.6	0.5	0.7	0.8	1.3	0.8	0.7	0.7	0.6	0.7	0.7
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	3.6	5.1	1.8	4.9	1.9	9.5	5.0	4.7	2.2	5.2	5.0	5.5
10. Short-term borrowings and financial leases	90.9	87.3	83.7	85.0	77.1	80.7	77.1	71.4	60.3	67.5	66.6	76.4
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	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
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	5.8	7.6	8.1	4.9	3.6	5.5	4.3	4.3	7.3	12.7	11.9	12.0
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.6	0.6	0.6
8. Long-term borrowings and financial leases	4.3	5.8	6.3	2.6	1.3	2.6	1.3	1.4	4.3	10.9	10.2	10.3
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	1.1	1.4	1.4	1.8	1.8	2.6	2.6	2.6	2.6	1.2	1.2	1.2
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	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)	373.3	368.4	362.2	346.5	343.7	343.9	333.1	332.7	330.0	337.6	345.0	326.0
I. Owner's equity	373.3	368.4	362.2	346.5	343.7	343.9	333.1	332.7	330.0	337.6	345.0	326.0
1. Owner's capital	276.0	276.0	276.0	276.0	276.0	276.0	276.0	276.0	276.0	276.0	276.0	276.0
- Common stock with voting right	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00	275,999,670,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.7
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	34.6	34.6	34.6	34.6	33.9	33.9	33.9	33.9	33.9	33.9	33.9	33.9
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	28.1	22.5	17.5	3.6	2.2	0.1	-10.1	-10.2	-12.3	-5.4	0.2	0.2
- Accumulated retained earning at the end of the previous period	24.6	—	—	—	0.7	-13.8	-13.8	-13.9	-13.8	0.0	0.0	0.0
- Undistributed earnings in this period	3.4	22.5	17.5	3.6	1.4	14.0	3.7	3.8	1.5	-5.4	0.2	0.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	35.0	35.6	34.4	32.6	32.0	34.2	33.7	33.4	32.7	33.5	35.3	16.5
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)	502.0	528.8	497.8	490.9	457.9	506.0	454.9	457.0	431.5	470.6	469.4	463.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	5.1	8.1	3.6	14.6	2.0	13.8	1.1	2.5	1.9	-15.6	-0.8	1.2
Depreciation of Fixed Assets and Investment Property	2.4	2.4	2.6	2.5	2.6	2.7	4.2	2.7	3.3	6.3	2.7	5.3
Provision (Increase)/Reversal	—	-0.7	-0.6	1.8	-0.6	-9.6	0.0	0.0	0.0	8.8	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.2	0.0	-12.4	-0.0	-0.6	-0.0	0.0	-0.0	-0.2	-0.1	-0.1
Interest Expense	1.4	1.3	1.0	1.8	0.9	1.1	1.3	0.9	0.9	0.8	1.7	1.5
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	-0.5	0.0	0.0
Operating Profit Before Changes in Working Capital	8.8	10.9	6.5	8.3	4.9	7.4	6.6	6.2	6.1	-0.4	3.6	7.9
Increase/(Decrease) in Receivables	-76.7	75.0	-23.1	-11.2	-62.8	30.3	-23.7	4.3	-47.4	31.2	-12.5	34.8
Increase/(Decrease) in Inventory	-13.7	0.7	-4.2	8.7	-0.8	14.0	-14.5	3.1	-2.7	15.7	-7.6	-8.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-32.0	2.6	0.5	14.1	-22.3	31.7	-5.3	14.0	-17.3	-14.4	16.9	3.9
Increase/(Decrease) in Prepaid Expenses	-3.4	4.3	1.3	-0.8	1.9	-0.2	-0.7	-3.7	0.7	2.6	-0.5	-2.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-1.9	-1.0	-1.8	-0.9	-1.1	-1.3	-0.9	-0.9	-0.8	-1.7	-1.5
Corporate Income Tax Paid	-2.2	0.7	-0.8	-0.4	-2.8	-0.7	0.0	-0.1	0.0	0.2	-0.3	-0.8
Other Operating Receipts	—	—	—	—	—	0.0	-0.4	0.4	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-120.5	92.2	-20.8	16.9	-82.8	81.4	-39.3	23.2	-61.5	34.0	-2.2	34.1
Payments for Fixed Assets and Other Long-term Assets	-1.3	2.9	-9.3	-2.9	-0.5	-1.9	-0.4	-0.3	0.0	0.1	0.4	-1.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.2	0.3	—	—	2.2	2.4	-2.4	2.4	-0.1	0.6	1.6
Loans and Purchases of Debt Instruments	—	0.0	0.0	-0.0	—	0.0	6.0	-6.0	0.0	-2.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	-3.4	3.4	0.0	0.0	2.0	0.0
Investments in Other Entities	—	—	—	—	—	-0.0	-0.3	0.0	0.0	2.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	—	25.2	—	0.0	0.0	0.0	0.0	15.0	0.0	0.0
Dividends and Interest Income Received	0.0	-12.2	12.3	0.0	0.0	0.6	0.0	0.0	0.0	0.1	0.2	0.0
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	-1.3	17.4	-22.2	22.5	-0.8	0.9	4.3	-5.2	2.4	15.1	3.2	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	4,109,200,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	62.0	52.7	51.8	57.6	47.2	60.7	53.5	41.3	43.1	39.7	48.4	45.2
Repayment of Borrowings	-59.9	-49.7	-49.4	-48.5	-52.1	-55.9	-39.3	-34.5	-55.5	-36.8	-56.8	-41.2
Repayment of Finance Leases	—	—	—	—	—	0.0	-8.4	1.4	-1.4	-1.4	-1.4	-1.4
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	2.1	3.0	2.4	9.2	-4.8	4.8	5.7	8.2	-13.8	5.6	-9.8	2.6
Net Cash Flow During the Period	-119.7	112.7	-40.5	48.6	-88.5	87.1	-29.3	26.2	-72.9	54.7	-8.8	36.6
Cash and Cash Equivalents at Beginning of Period	137.4	24.7	65.3	16.6	105.1	93.1	93.1	93.1	93.1	80.4	80.4	80.4
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	17.7	137.4	24.7	65.3	16.6	104.1	17.0	46.4	20.2	93.1	38.3	47.2

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HDA

What Is Changing

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow