HLC

Than Hà Lầm - Vinacomin ·HNX ·2026Q1

● Maintaining

Price

11,500

Latest close

03 Jun 2026

P/E 3.71x

P/B 0.66x

EPS 3,102

BVPS 17,544

ROE 18.1%

ROA 5.1%

Profit Margin 2.8%

Asset Turnover 1.81x

Equity Mult. 3.57x

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

What Is Changing

On a TTM 2026Q1 basis, HLC is in an offsetting state — revenue softened slightly but margins improved. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,868bn
	                                
−7.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 81bn
	                                
+9.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,874.8	2,999.1	3,134.1	3,751.4	3,234.5
Growth	-4%	-4%	-16%	+16%	—
Net Income	82.1	87.7	99.2	78.6	75.4
Net Margin	2.85%	2.93%	3.16%	2.10%	2.33%

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	828.8	464.1	729.0	846.2	838.7	943.1	565.2	759.3	731.0	710.9	787.2	860.4
Growth	+79%	-36%	-14%	+1%	-11%	+67%	-26%	+4%	+3%	-10%	-9%	—
Net Income	11.9	-29.4	74.3	23.7	15.0	26.3	11.3	21.2	21.3	21.0	22.7	24.0
Net Margin	1.44%	-6.33%	10.19%	2.80%	1.79%	2.79%	2.00%	2.79%	2.92%	2.95%	2.88%	2.79%

Drivers of HLC's profit

TTM

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

Gross profit ↑ 8.9bn

Tax ↓ 8.8bn

Other profit ↑ 5.2bn

Finance costs ↓ 4.3bn

Selling expenses ↑ 36.8bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Other profit ↑ 2.7bn

Gross profit ↑ 1.9bn

Tax ↓ 0.8bn

Finance costs ↑ 3.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.7% = 2.4% × 1.95 × 3.61

2026Q1 18.1% = 2.8% × 1.81 × 3.57

ROE rose from 16.7% to 18.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 2.8% +0.4pp Asset turnover: 1.81x -0.14x Leverage: 3.57x -0.04x

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 2.81%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.1pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (with additional support from Other profit / Revenue rose 0.2pp and Net financial result / Revenue rose 0.0pp).

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 2.81% +0.4pp

Gross Margin 10.47% +1.1pp

SG&A / Revenue 6.21% +0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 25.5 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC edged up to 7.90%, rising 1.4pp. That translates to 7.90 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.6pp, with capital turnover fell 0.14x; with invested capital holding roughly steady.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 7.90% +1.4pp

NOPAT Margin 2.97% +0.6pp

Capital Turnover 2.66x −0.14x

Average Invested Capital 1,078.1bn −31.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 2.72x equity, net debt at 1.59x equity.

Inventory ended the period at 582.0bn, roughly 36.0% of total assets.

Over the last 12 months, working capital absorbed 181.9bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +188.9bn

Inventories increased → lower CFO: −357.6bn

Payables decreased → lower CFO: −13.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 25.5 days versus the same period last year. The main moves came from DIO rose 30.2 days, DSO fell 4.0 days, and DPO rose 0.8 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +25.5 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +30.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 33.5 days −4.0 days

Inventory 51.7 days +30.2 days

Payables 28.4 days +0.8 days

Cash Conversion Cycle 56.8 days +25.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.59x and interest coverage only at 3.25x.

At present, short-term debt accounts for 64.5% of total debt, cash equals 0.6% of debt, and total debt stands at 711.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.59x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 64.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 1.59x +0.31x

Interest Coverage 3.25x +0.52x

Cash / Debt 0.6% +0.1pp

Short-term Debt / Total Debt 64.5% −0.5pp

CFO / NI 0.45x −4.36x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 143.8bn in 2025, against investing cash flow of -185.3bn.

Post-investment cash flow was negative +41.6bn. Financing cash flow was positive +35.9bn.

CFO / net income was 0.45x.

After spending +168.5bn on fixed-asset investment, the business generated trailing free cash flow of −132.2bn.

Cash Conversion

CFO TTM 36.3bn −319.1bn

Cash Capex 168.5bn +24.7bn

FCF TTM −132.2bn −343.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 3.25x. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.45x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.45x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.59x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,874.8	2,999.1	3,134.1	3,751.4	3,234.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,874.8	2,999.1	3,134.1	3,751.4	3,234.5
Cost of Goods Sold	2,579.2	2,663.0	2,752.1	3,361.0	0.0
Gross Profit	295.6	336.1	382.0	390.3	407.8
Financial Income	0.7	1.2	0.9	1.0	1.0
Financial Expenses	25.8	35.4	112.4	142.4	-175.4
Interest Expense	25.8	35.4	87.4	121.5	-170.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	3.8	3.8	4.4	4.6	-4.1
General and Administrative Expenses	167.9	157.0	146.8	146.3	-134.5
Operating Profit	98.8	141.1	119.3	98.0	94.8
Other Income	4.6	1.1	5.0	3.9	0.0
Other Expenses	0.6	24.7	0.2	2.8	0.0
Other Profit	4.0	-23.6	4.8	1.1	-0.2
Profit Before Tax	102.8	117.5	124.0	99.0	94.6
Current Income Tax Expense	10.0	29.8	24.9	31.1	-19.2
Deferred Income Tax Expense	10.7	0.0	0.0	-10.7	0.0
Net Income	82.1	87.7	99.2	78.6	75.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	82.1	87.7	99.2	78.6	75.4
Earnings per Share	3,229.00	3,452.00	3,902.00	3,094.00	1.00
Diluted EPS	3,228.55	3,452.01	3,901.90	3,093.59	2,966.90

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	697.1	601.6	966.0	1,072.4	941.6
I. Cash and cash equivalents	9.1	14.8	7.2	5.5	5.2
1. Cash	9.1	14.8	7.2	5.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	76.4	334.2	810.0	978.1	455.7
1. Short-term trade accounts receivable	67.6	324.8	803.3	972.3	0.0
2. Short-term prepayments to suppliers	8.8	9.5	7.1	6.5	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	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	-0.4	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	582.0	252.6	147.0	86.2	426.6
1. Inventories	582.0	252.6	147.0	86.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	29.5	0.0	1.9	2.6	54.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	9.5	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	20.0	0.0	1.8	2.5	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)	917.4	1,017.4	1,281.5	1,787.8	2,162.9
I. Long-term receivables	18.0	35.4	33.6	31.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	29.6
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	18.0	35.4	33.6	31.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	688.1	794.9	1,071.0	1,537.6	1,919.6
1. Tangible fixed assets	687.0	793.4	1,069.2	1,534.0	1,913.1
- Cost	5,976.0	5,897.7	5,800.7	5,768.0	0.0
- Accumulated depreciation	-5,289.1	-5,104.2	-4,731.5	-4,233.9	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	1.2	1.4	1.8	3.5	6.5
- Cost	9.9	9.5	9.5	9.5	0.0
- Accumulated depreciation	-8.7	-8.1	-7.7	-6.0	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	83.0	60.7	49.7	44.8	10.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	83.0	60.7	49.7	44.8	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	128.3	126.4	127.3	174.2	0.0
1. Long-term prepayments	128.3	115.7	116.5	163.5	0.0
2. Deferred income tax assets	—	10.7	10.7	10.7	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	203.4
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)	1,614.4	1,619.0	2,247.5	2,860.3	3,104.4
A. LIABILITIES (300=210+330)	1,180.5	1,192.5	1,825.8	2,487.7	2,756.0
I. Short -term liabilities	981.4	1,005.0	1,528.3	1,662.0	1,359.8
1. Short-term trade accounts payable	213.9	274.0	201.8	305.2	340.6
2. Short-term advances from customers	—	6.2	0.0	0.0	0.0
3. Taxes and other payables to state authorities	35.1	55.3	37.2	98.7	0.0
4. Payable to employees	164.4	160.3	219.7	214.1	0.0
5. Short-term acrrued expenses	1.2	1.1	3.3	7.1	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	7.7	7.0	457.4	607.4	0.0
10. Short-term borrowings and financial leases	498.5	453.9	592.1	416.1	484.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	60.7	47.3	17.0	13.4	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	199.1	187.4	297.5	825.7	1,396.2
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	199.1	187.4	297.5	825.7	1,396.2
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)	434.0	426.5	421.7	372.6	348.5
I. Owner's equity	434.0	426.5	421.7	372.6	0.0
1. Owner's capital	254.2	254.2	254.2	254.2	348.5
- Common stock with voting right	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00
- 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	87.1	73.9	54.1	39.8	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	92.8	98.5	113.5	78.6	75.4
- Accumulated retained earning at the end of the previous period	10.7	10.7	14.3	0.0	0.0
- Undistributed earnings in this period	82.1	87.7	99.2	78.6	75.4
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)	1,614.4	1,619.0	2,247.5	2,860.3	3,104.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	102.8	117.5	124.0	99.0	94.6
Depreciation of Fixed Assets and Investment Property	230.9	378.7	557.6	422.2	598.6
Provision (Increase)/Reversal	—	-0.4	-0.3	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.6	-1.2	-5.4	-4.3	0.0
Interest Expense	25.8	35.4	87.4	121.5	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	354.9	530.1	763.3	638.5	867.6
Increase/(Decrease) in Receivables	263.9	477.2	167.6	-530.5	0.0
Increase/(Decrease) in Inventory	-329.4	-105.6	-60.7	339.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.6	-395.5	-283.8	360.7	0.0
Increase/(Decrease) in Prepaid Expenses	-12.6	0.9	51.5	93.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-25.8	-35.6	-87.0	-122.6	0.0
Corporate Income Tax Paid	-36.1	-30.6	-42.2	-5.7	0.0
Other Operating Receipts	2.1	5.3	2.2	0.8	0.0
Other Operating Payments	-42.6	-37.2	-31.5	-19.3	0.0
Net Cash Flow from Operating Activities	143.8	409.0	479.4	754.6	753.3
Payments for Fixed Assets and Other Long-term Assets	-190.0	-133.0	-109.6	-98.9	-157.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.0	0.0	4.5	3.3	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	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	0.7	0.1	0.1	0.1	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	-185.3	-132.9	-105.1	-95.6	-157.6
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	902.8	1,089.4	1,523.5	1,680.2	2,298.8
Repayment of Borrowings	-846.5	-1,337.6	-1,875.7	-2,318.7	-2,888.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.3	-20.3	-20.3	-20.3	-3.8
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	35.9	-268.5	-372.6	-658.8	-593.2
Net Cash Flow During the Period	-5.6	7.6	1.7	0.3	0.6
Cash and Cash Equivalents at Beginning of Period	14.8	7.2	5.5	5.2	2.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.1	14.8	7.2	5.5	5.2

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	828.8	464.1	729.0	846.2	838.7	943.1	565.2	759.3	731.0	710.9	787.2	860.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	828.8	464.1	729.0	846.2	838.7	943.1	565.2	759.3	731.0	710.9	787.2	860.4
Cost of Goods Sold	762.5	440.7	599.0	765.6	774.3	847.8	509.6	683.3	662.2	625.1	706.5	753.7
Gross Profit	66.4	23.4	129.9	80.6	64.4	95.3	55.6	76.0	68.8	85.9	80.7	106.8
Financial Income	0.0	0.6	0.0	0.0	0.0	1.2	0.0	0.0	0.0	0.9	0.0	-0.0
Financial Expenses	10.8	7.3	4.8	6.2	7.4	7.8	8.4	9.8	9.4	22.9	18.2	38.1
Interest Expense	10.8	7.3	4.8	6.2	7.4	7.8	8.4	9.8	9.4	22.9	18.2	38.1
Share of Associates and Joint Ventures	—	—	0.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.9	0.9	37.6	1.2	0.8	1.3	0.6	1.1	0.8	1.5	0.9	1.4
General and Administrative Expenses	42.3	51.7	—	43.5	37.2	56.2	32.8	38.1	29.5	40.8	33.4	37.3
Operating Profit	12.4	-36.0	88.5	29.6	19.1	31.2	13.8	27.1	29.1	21.7	28.3	30.0
Other Income	2.6	0.3	4.2	0.1	0.1	0.3	0.4	0.2	0.3	4.8	0.2	0.1
Other Expenses	0.0	0.1	0.2	0.1	0.3	-1.1	0.0	0.2	0.1	0.2	0.2	0.0
Other Profit	2.5	0.1	4.0	0.0	-0.2	1.4	0.4	-0.1	0.2	4.6	0.0	0.0
Profit Before Tax	14.9	-35.9	92.5	29.7	18.9	32.6	14.2	27.0	29.3	26.3	28.3	30.0
Current Income Tax Expense	3.0	-17.2	18.2	6.0	3.8	6.2	2.9	5.8	7.9	1.7	5.7	6.0
Deferred Income Tax Expense	—	10.7	—	—	—	0.0	0.0	0.0	0.0	3.6	0.0	0.0
Net Income	11.9	-29.4	74.3	23.7	15.0	26.3	11.3	21.2	21.3	21.0	22.7	24.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.9	-29.4	74.3	23.7	15.0	26.3	11.3	21.2	21.3	21.0	22.7	24.0
Earnings per Share	468.19	-1,155.00	2,857.00	931.68	592.00	1,035.88	444.92	835.07	839.61	826.24	891.23	943.46
Diluted EPS	468.19	-1,155.43	2,923.92	931.68	591.84	1,035.88	444.92	835.07	839.61	826.24	891.23	943.46

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)	752.5	697.0	676.6	613.3	541.2	601.6	517.3	586.4	460.5	904.0	801.5	934.9
I. Cash and cash equivalents	4.6	9.1	17.3	24.0	3.0	14.8	171.0	47.3	14.5	7.2	4.8	12.2
1. Cash	4.6	9.1	17.3	24.0	3.0	14.8	171.0	47.3	14.5	7.2	4.8	12.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	188.5	79.8	150.0	257.6	353.5	333.7	92.5	342.8	297.9	749.2	629.5	796.3
1. Short-term trade accounts receivable	180.0	70.9	120.3	253.8	346.9	324.2	74.7	338.4	291.1	742.5	619.3	783.9
2. Short-term prepayments to suppliers	8.3	8.8	28.9	3.5	5.2	9.5	15.8	4.4	4.3	7.1	9.9	9.2
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	0.2	0.0	0.9	0.2	1.3	0.0	2.1	0.0	2.6	0.0	1.0	3.8
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	-0.1	-0.4	-0.8	-0.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	542.3	581.5	504.8	324.3	184.7	253.1	253.7	196.1	146.0	145.7	167.1	126.1
1. Inventories	542.3	581.5	504.8	324.3	184.7	253.1	253.7	196.1	146.0	145.7	167.1	126.1
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	17.0	26.5	4.5	7.4	—	0.0	0.1	0.2	2.1	1.9	0.2	0.2
1. Short-term prepayments	—	—	—	—	—	0.0	0.1	0.2	0.3	0.0	0.2	0.2
2. Value added tax to be reclaimed	—	9.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	17.0	17.2	4.5	7.4	—	0.0	0.0	0.0	1.8	1.8	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)	881.2	917.4	835.4	933.4	992.8	1,002.8	1,040.7	1,105.7	1,197.3	1,276.1	1,328.7	1,541.4
I. Long-term receivables	19.5	18.0	17.4	42.3	42.3	35.5	33.6	33.6	33.6	33.6	31.9	31.9
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	19.5	18.0	17.4	42.3	42.3	35.5	33.6	33.6	33.6	33.6	31.9	31.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	701.3	688.1	682.3	757.8	783.6	780.3	868.1	939.3	1,024.2	1,070.7	1,151.3	1,342.4
1. Tangible fixed assets	700.2	687.0	681.0	756.4	782.1	778.8	866.6	937.7	1,022.6	1,069.0	1,149.4	1,340.3
- Cost	5,958.5	—	—	—	—	5,897.7	5,866.6	5,895.2	5,877.2	5,800.7	5,845.4	5,828.9
- Accumulated depreciation	-5,258.3	—	—	—	—	-5,118.8	-5,000.0	-4,957.6	-4,854.7	-4,731.7	-4,696.0	-4,488.5
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	1.1	1.2	1.3	1.4	1.5	1.4	1.5	1.6	1.7	1.8	1.8	2.1
- Cost	9.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.8	—	—	—	—	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	35.6	83.0	3.9	2.6	48.7	60.7	30.6	18.7	18.8	49.6	13.3	23.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	35.6	83.0	3.9	2.6	48.7	60.7	30.6	18.7	18.8	49.6	13.3	23.0
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	124.8	128.3	131.8	130.7	118.2	126.4	108.4	114.2	120.7	122.2	132.2	144.1
1. Long-term prepayments	124.8	128.3	121.1	120.0	107.5	115.7	97.7	103.5	110.0	115.0	121.5	133.4
2. Deferred income tax assets	—	—	10.7	10.7	10.7	10.7	10.7	10.7	10.7	7.1	10.7	10.7
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,633.7	1,614.3	1,512.0	1,546.7	1,534.0	1,604.4	1,558.1	1,692.1	1,657.7	2,180.0	2,130.2	2,476.2
A. LIABILITIES (300=210+330)	1,187.8	1,180.5	1,048.8	1,156.0	1,092.5	1,185.2	1,165.2	1,310.7	1,214.7	1,772.6	1,743.8	2,058.8
I. Short -term liabilities	935.5	981.4	847.6	975.9	895.1	997.8	914.7	1,035.3	871.4	1,475.1	1,273.2	1,462.5
1. Short-term trade accounts payable	160.4	213.9	155.6	203.4	239.6	274.0	186.1	222.0	187.0	201.8	142.7	174.1
2. Short-term advances from customers	0.0	—	4.0	—	0.0	6.2	3.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	59.6	35.1	77.5	59.5	59.1	53.0	47.3	49.2	54.8	21.7	52.7	69.4
4. Payable to employees	94.7	164.4	82.6	94.8	78.8	155.1	46.1	100.1	119.1	183.2	155.9	153.6
5. Short-term acrrued expenses	2.3	1.2	6.9	5.3	3.1	1.1	11.4	7.5	2.3	1.9	10.5	23.5
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	7.7	7.7	9.7	28.2	7.5	7.2	9.8	28.0	7.5	457.4	309.7	509.5
10. Short-term borrowings and financial leases	459.4	498.5	207.9	204.7	367.4	453.9	479.1	494.1	444.6	592.1	482.1	446.9
11. Provision for short-term liabilities	104.0	—	234.0	302.3	109.2	0.0	80.6	76.9	54.8	0.0	98.2	85.5
12.. Bonus and welfare fund	47.4	60.7	69.5	77.7	30.3	47.3	51.2	57.6	1.3	17.0	21.4	0.0
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	252.3	199.1	201.2	180.1	197.4	187.4	250.6	275.4	343.3	297.5	470.5	596.3
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	252.3	199.1	201.2	180.1	197.4	187.4	250.6	275.4	343.3	297.5	470.5	596.3
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	—	—	—	—	—	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)	445.9	433.9	463.3	390.6	441.5	419.2	392.8	381.3	443.1	407.5	386.5	417.4
I. Owner's equity	445.9	433.9	463.3	390.6	441.5	419.2	392.8	381.3	443.1	407.5	386.5	417.4
1. Owner's capital	254.2	254.2	254.2	254.2	254.2	254.2	254.2	254.2	254.2	254.2	254.2	254.2
- Common stock with voting right	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00	254,151,990,000.00
- 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	87.1	87.1	87.1	87.1	73.9	73.9	73.9	73.9	54.1	54.1	54.1	39.8
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	104.7	92.7	122.0	49.4	113.5	91.1	64.8	53.3	134.8	99.2	78.2	123.5
- Accumulated retained earning at the end of the previous period	92.8	10.7	10.7	10.7	98.5	10.7	10.7	10.7	113.5	10.7	10.7	78.6
- Undistributed earnings in this period	11.9	82.0	111.3	38.7	15.0	80.4	54.1	42.6	21.3	88.5	67.5	44.9
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)	1,633.7	1,614.3	1,512.0	1,546.7	1,534.0	1,604.4	1,558.1	1,692.1	1,657.7	2,180.0	2,130.2	2,476.2

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	14.9	-36.5	90.8	29.7	18.9	32.6	14.2	32.3	29.3	39.6	28.3	30.0
Depreciation of Fixed Assets and Investment Property	56.6	1.5	77.9	77.5	73.9	118.6	58.4	93.1	123.2	94.2	207.6	149.2
Provision (Increase)/Reversal	104.0	—	-68.3	193.1	109.2	-80.6	26.6	-0.9	54.6	-98.6	12.8	57.3
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	-2.5	-0.6	-3.9	-0.0	-0.0	-1.2	-0.0	-0.0	-0.0	-5.4	-0.0	0.0
Interest Expense	10.8	7.3	4.8	6.2	7.4	7.8	8.4	9.8	9.4	14.8	18.2	27.0
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	183.9	-262.2	101.2	306.6	209.3	77.2	107.5	134.3	216.4	44.6	266.9	263.5
Increase/(Decrease) in Receivables	-101.2	71.8	135.4	82.8	-26.1	-242.0	248.9	-41.6	512.4	-182.9	163.1	-217.7
Increase/(Decrease) in Inventory	39.6	-77.2	-180.5	-139.6	67.9	0.6	-59.2	-48.5	1.0	20.1	-41.0	-38.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-100.2	84.3	-31.9	34.6	-117.6	160.5	-80.8	57.5	-535.2	232.9	-268.9	321.8
Increase/(Decrease) in Prepaid Expenses	3.5	-7.2	-1.1	-12.5	8.2	-17.9	5.8	6.7	6.3	9.6	12.0	15.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-10.9	-7.2	-4.8	-6.2	-7.6	-7.7	-8.6	-9.6	-9.8	2.7	-35.8	-26.4
Corporate Income Tax Paid	—	-18.2	-6.0	-3.8	-8.1	-8.0	-5.8	-7.0	-9.8	-5.7	-6.0	-4.2
Other Operating Receipts	0.4	—	—	—	—	4.0	1.1	0.1	0.3	1.0	0.2	0.7
Other Operating Payments	-13.5	-9.4	-8.8	-7.2	-17.3	-7.8	-7.1	-6.4	-15.9	-21.8	8.3	-13.8
Net Cash Flow from Operating Activities	1.7	-224.7	4.3	255.1	109.1	-41.1	201.9	85.5	165.7	100.6	98.7	300.7
Payments for Fixed Assets and Other Long-term Assets	-22.8	-52.4	-39.1	-54.2	-44.3	-26.8	-18.1	-54.6	-36.4	-24.4	-10.4	-17.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	0.1	3.9	—	—	0.0	0.0	0.0	0.0	4.6	-0.1	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	0.0	0.6	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	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	-20.3	-51.7	-35.2	-54.2	-44.3	-26.9	-18.0	-54.6	-36.4	-19.9	-10.5	-17.4
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	303.6	404.4	264.0	166.2	68.2	309.3	254.3	329.8	196.0	532.5	425.3	272.2
Repayment of Borrowings	-289.4	-115.9	-239.7	-346.1	-144.8	-397.6	-294.1	-348.2	-297.6	-595.6	-515.8	-548.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-20.3	—	—	—	0.0	-20.3	20.3	-20.3	-15.3	-5.1	-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	14.1	268.2	24.2	-179.9	-76.6	-88.3	-60.1	1.9	-122.0	-78.4	-95.6	-276.2
Net Cash Flow During the Period	-4.5	-8.2	-6.7	21.0	-11.7	-156.3	123.7	32.8	7.3	2.4	-7.4	7.1
Cash and Cash Equivalents at Beginning of Period	9.1	17.3	24.0	3.0	14.8	7.2	7.2	7.2	7.2	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	4.6	9.1	17.3	24.0	3.0	14.8	171.0	47.3	14.5	7.2	4.8	12.2

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HLC

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What is driving the margin?

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Balance Sheet

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Cash Flow