HNA

Thủy điện Hủa Na ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 44.79%, +9.05pp YoY

Price

22,600

Latest close

29 May 2026

P/E 10.03x

P/B 1.50x

EPS 2,253

BVPS 15,033

ROE 15.6%

ROA 13.4%

Profit Margin 44.8%

Asset Turnover 0.30x

Equity Mult. 1.17x

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

What Is Changing

On a TTM 2026Q1 basis, HNA is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,183bn
	                                
+37.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 530bn
	                                
+72.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,153.6	788.9	748.8	1,175.6	691.1
Growth	+46%	+5%	-36%	+70%	—
Net Income	475.8	269.8	236.5	583.5	131.4
Net Margin	41.24%	34.19%	31.59%	49.63%	19.01%

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	205.4	302.1	430.5	245.5	175.6	257.7	323.7	103.2	102.3	227.6	235.9	89.0
Growth	-32%	-30%	+75%	+40%	-32%	-20%	+214%	+1%	-55%	-4%	+165%	—
Net Income	94.8	97.0	245.4	93.0	40.5	92.1	184.9	-10.1	-3.8	84.4	105.5	-24.0
Net Margin	46.15%	32.10%	57.00%	37.87%	23.09%	35.72%	57.14%	-9.77%	-3.70%	37.07%	44.73%	-27.01%

Drivers of HNA's profit

TTM

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

Gross profit ↑ 247.4bn

TTM

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

Gross profit ↑ 54.7bn

Financial income ↑ 6.5bn

Tax ↑ 8.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.5% = 35.7% × 0.23 × 1.13

2026Q1 15.6% = 44.8% × 0.30 × 1.17

ROE rose from 9.5% to 15.6% — all three components improved, with net margin contributing the most.

Net margin: 44.8% +9.1pp Asset turnover: 0.30x +0.06x Leverage: 1.17x +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 expanded to 44.79%, rising 9.1pp. The main driver is Gross margin rose 9.4pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 44.79% +9.1pp

Gross Margin 51.59% +9.4pp

SG&A / Revenue 3.81% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 14.4% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 14.37%, rising 5.3pp. That translates to 14.37 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 9.2pp and capital turnover rose 0.07x, while invested capital rose by 325bn — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 14.37% +5.3pp

NOPAT Margin 44.81% +9.2pp

Capital Turnover 0.32x +0.07x

Average Invested Capital 3,691.7bn +325.0bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.14x equity, net debt at 0.08x equity.

Over the last 12 months, working capital released 63.3bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +4.4bn

Inventories decreased → higher CFO: +5.9bn

Payables increased → higher CFO: +53.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 34.3 days versus the same period last year. The main moves came from DIO fell 3.1 days, DSO fell 37.4 days, and DPO fell 6.2 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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

Working Capital Efficiency

Receivables 54.6 days −37.4 days

Inventory 14.2 days −3.1 days

Payables 34.9 days −6.2 days

Cash Conversion Cycle 33.9 days −34.3 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.08x and interest coverage at 20.98x.

At present, short-term debt accounts for 13.1% of total debt, cash equals 25.7% of debt, and total debt stands at 376.4bn.

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

Leverage and liquidity trend

Net Debt / Equity 0.08x −0.01x

Interest Coverage 20.98x −1.41x

Cash / Debt 25.7% −11.1pp

Short-term Debt / Total Debt 13.1% −8.3pp

CFO / NI 1.67x −0.34x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 768.2bn in 2025, against investing cash flow of -530.8bn.

Post-investment cash flow was positive +237.4bn. Financing cash flow was negative +332.3bn.

CFO / net income was 1.67x.

After spending +92.7bn on fixed-asset investment, the business generated trailing free cash flow of +792.0bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 884.7bn +267.9bn

Cash Capex 92.7bn −497.6bn

FCF TTM +792.0bn +765.5bn

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 9.1 pp. The next item to monitor is capital efficiency, with ROIC at 14.4%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 44.79% after expanding 9.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,153.6	788.9	748.8	1,175.6	691.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,153.6	788.9	748.8	1,175.6	691.1
Cost of Goods Sold	597.4	466.5	445.7	467.5	0.0
Gross Profit	556.2	322.4	303.1	708.1	265.0
Financial Income	19.1	11.1	13.9	6.7	4.7
Financial Expenses	28.0	11.6	34.3	72.0	-105.0
Interest Expense	28.0	9.9	33.3	69.1	-102.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	45.8	38.0	33.4	28.1	-24.5
Operating Profit	501.4	284.0	249.3	614.6	140.2
Other Income	0.3	0.5	0.2	0.1	0.0
Other Expenses	0.4	0.0	0.3	0.3	0.0
Other Profit	-0.1	0.5	-0.1	-0.2	-1.6
Profit Before Tax	501.3	284.4	249.2	614.4	138.6
Current Income Tax Expense	25.5	14.7	12.7	30.9	-7.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	475.8	269.8	236.5	583.5	131.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	475.8	269.8	236.5	583.5	131.4
Earnings per Share	2,023.00	1,147.00	1,005.00	2,480.00	558.00
Diluted EPS	2,022.74	1,146.75	1,005.48	2,480.42	558.48

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	881.3	624.1	465.7	671.6	334.1
I. Cash and cash equivalents	322.1	416.9	92.7	245.6	170.6
1. Cash	57.1	136.9	6.9	65.6	0.0
2. Cash equivalents	265.0	280.0	85.8	180.0	0.0
II. Short-term financial investments	360.0	0.0	0.0	200.0	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	360.0	0.0	0.0	200.0	0.0
III. Short-term receivables	177.6	131.9	350.7	203.4	137.3
1. Short-term trade accounts receivable	170.4	126.9	345.9	199.0	0.0
2. Short-term prepayments to suppliers	2.3	4.0	4.5	2.5	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	4.9	1.0	0.4	1.9	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	19.4	20.9	20.4	21.3	24.9
1. Inventories	19.4	20.9	20.4	21.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.2	54.4	1.9	1.2	1.2
1. Short-term prepayments	1.3	7.5	0.5	0.4	0.0
2. Value added tax to be reclaimed	0.9	46.9	1.4	0.8	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,088.1	3,386.1	3,015.8	3,269.0	3,551.3
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	3,020.3	3,324.9	2,972.3	3,230.4	3,508.0
1. Tangible fixed assets	3,020.3	3,324.9	2,972.3	3,230.4	3,508.0
- Cost	6,564.0	6,540.8	5,897.2	5,870.8	0.0
- Accumulated depreciation	-3,543.7	-3,215.9	-2,924.8	-2,640.5	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	63.1	56.6	37.9	32.3	35.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	63.1	56.6	37.9	32.3	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	4.8	4.7	5.5	6.2	0.0
1. Long-term prepayments	0.9	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	3.9	4.7	5.5	6.2	0.0
4. Other long-term assets	—	0.0	0.0	0.0	7.9
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)	3,969.4	4,010.2	3,481.5	3,940.6	3,885.4
A. LIABILITIES (300=210+330)	502.6	767.2	254.5	582.9	1,103.4
I. Short -term liabilities	175.1	365.4	163.6	365.3	609.6
1. Short-term trade accounts payable	16.9	197.9	23.6	8.7	33.1
2. Short-term advances from customers	0.1	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	15.0	13.8	11.2	9.4	0.0
4. Payable to employees	25.5	17.3	14.6	14.4	0.0
5. Short-term acrrued expenses	2.6	6.1	5.3	11.6	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	23.3	9.1	7.6	18.4	0.0
10. Short-term borrowings and financial leases	74.3	97.9	88.6	296.6	522.1
11. Provision for short-term liabilities	—	0.0	0.1	0.0	0.0
12.. Bonus and welfare fund	17.5	23.3	12.6	6.2	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	327.5	401.8	90.9	217.6	493.8
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	0.4	0.5	0.5	0.4	0.0
8. Long-term borrowings and financial leases	327.0	401.4	90.4	217.1	493.4
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)	3,466.8	3,243.0	3,226.9	3,357.7	2,782.0
I. Owner's equity	3,466.8	3,243.0	3,226.9	3,357.7	0.0
1. Owner's capital	2,352.3	2,352.3	2,352.3	2,352.3	2,782.0
- Common stock with voting right	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00
- 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	65.0	65.0	65.0	65.0	65.0
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	121.2	94.2	70.6	12.2	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	928.3	731.5	739.1	928.2	352.3
- Accumulated retained earning at the end of the previous period	452.5	461.7	502.5	344.7	221.0
- Undistributed earnings in this period	475.8	269.8	236.5	583.5	131.4
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)	3,969.4	4,010.2	3,481.5	3,940.6	3,885.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	501.3	284.4	249.2	614.4	138.6
Depreciation of Fixed Assets and Investment Property	327.4	292.4	284.5	284.2	284.0
Provision (Increase)/Reversal	—	-0.1	0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-17.4	-11.2	-14.0	-6.7	0.0
Interest Expense	28.0	9.9	33.8	70.6	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	839.3	575.3	553.7	962.5	521.6
Increase/(Decrease) in Receivables	4.3	173.8	-149.0	-60.3	0.0
Increase/(Decrease) in Inventory	2.3	0.4	1.6	4.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.0	23.8	-8.7	-9.0	0.0
Increase/(Decrease) in Prepaid Expenses	7.2	-7.0	-0.1	0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-28.5	-11.7	-38.4	-71.0	0.0
Corporate Income Tax Paid	-25.8	-13.7	-17.4	-24.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-20.5	-7.3	-7.7	-6.5	0.0
Net Cash Flow from Operating Activities	768.2	733.6	334.1	796.6	444.2
Payments for Fixed Assets and Other Long-term Assets	-184.1	-506.7	-16.0	-24.0	-53.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-495.0	-90.0	-55.0	-200.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	135.0	90.0	255.0	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	13.3	10.6	15.0	5.7	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	-530.8	-495.9	199.1	-218.3	-48.7
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	8.2	513.8	33.8	18.8	232.3
Repayment of Borrowings	-106.0	-193.6	-369.0	-522.1	-531.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-234.4	-233.7	-350.9	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-332.3	86.5	-686.1	-503.3	-298.8
Net Cash Flow During the Period	-94.8	324.2	-153.0	75.0	-8.2
Cash and Cash Equivalents at Beginning of Period	416.9	92.7	245.6	170.6	74.0
FX Difference from Revaluation	-0.0	0.1	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	322.1	416.9	92.7	245.6	170.6

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	205.4	302.1	430.5	245.5	175.6	257.7	323.7	103.2	102.3	227.6	235.9	89.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	205.4	302.1	430.5	245.5	175.6	257.7	323.7	103.2	102.3	227.6	235.9	89.0
Cost of Goods Sold	96.5	178.4	160.4	137.6	121.4	145.5	124.2	105.8	97.3	122.0	113.0	100.1
Gross Profit	108.9	123.7	270.1	107.9	54.2	112.2	199.4	-2.6	5.0	105.6	122.9	-11.1
Financial Income	9.9	5.6	4.4	5.7	3.4	3.8	3.6	2.3	1.4	0.9	1.5	5.1
Financial Expenses	6.1	6.7	6.9	7.2	7.2	3.3	1.8	2.1	4.4	4.6	6.8	9.9
Interest Expense	6.1	6.7	6.9	7.2	7.2	3.3	1.7	2.1	2.8	5.1	6.6	9.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	7.4	20.0	9.3	8.4	7.6	16.0	7.7	7.9	6.6	12.9	6.5	8.0
Operating Profit	105.3	102.6	258.3	98.0	42.7	96.7	193.5	-10.3	-4.6	89.0	111.1	-23.9
Other Income	—	0.1	—	0.0	—	0.7	0.5	0.2	1.0	0.1	0.0	-0.0
Other Expenses	—	0.4	—	0.0	—	0.2	0.0	0.0	0.3	0.1	0.0	0.2
Other Profit	—	-0.2	—	-0.0	—	0.6	0.5	0.2	0.8	0.0	0.0	-0.2
Profit Before Tax	105.3	102.3	258.3	97.9	42.7	97.3	194.0	-10.1	-3.8	89.0	111.1	-24.0
Current Income Tax Expense	10.5	5.4	13.0	5.0	2.2	5.2	9.1	0.0	0.0	4.6	5.6	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	94.8	97.0	245.4	93.0	40.5	92.1	184.9	-10.1	-3.8	84.4	105.5	-24.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	94.8	97.0	245.4	93.0	40.5	92.1	184.9	-10.1	-3.8	84.4	105.5	-24.0
Earnings per Share	403.00	412.00	1,043.00	395.00	172.00	391.00	786.00	-43.00	-16.00	359.00	449.00	-102.00
Diluted EPS	403.04	412.19	1,043.14	395.18	172.34	391.35	786.14	-42.87	-16.11	358.63	448.58	-102.22

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)	1,004.6	881.4	770.1	670.8	614.1	617.0	764.3	517.0	465.5	465.9	511.7	599.8
I. Cash and cash equivalents	96.8	322.1	238.4	243.4	176.5	416.9	341.6	302.4	204.6	92.7	118.0	312.8
1. Cash	46.8	57.1	53.4	43.4	26.5	136.9	81.6	47.2	14.6	6.9	19.0	62.8
2. Cash equivalents	50.0	265.0	185.0	200.0	150.0	280.0	260.0	255.1	190.0	85.8	99.0	250.0
II. Short-term financial investments	720.0	360.0	165.0	185.0	165.0	0.0	90.0	90.0	0.0	0.0	0.0	55.0
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	720.0	360.0	165.0	185.0	165.0	0.0	90.0	90.0	0.0	0.0	0.0	55.0
III. Short-term receivables	166.4	177.7	345.0	199.2	207.2	131.9	308.8	102.5	237.1	350.9	371.7	207.5
1. Short-term trade accounts receivable	153.0	170.4	337.0	189.3	200.8	126.9	301.7	96.5	232.9	346.1	362.2	196.7
2. Short-term prepayments to suppliers	4.9	2.3	4.8	4.7	4.3	4.0	3.9	3.8	3.4	4.5	8.3	6.6
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	8.4	5.0	3.3	5.2	2.2	1.0	3.2	2.1	0.9	0.4	1.1	4.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	19.9	19.4	18.6	18.7	24.7	20.9	22.7	21.5	22.4	20.4	21.0	20.9
1. Inventories	19.9	19.4	18.6	18.7	24.7	20.9	22.7	21.5	22.4	20.4	21.0	20.9
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	1.5	2.2	3.1	24.5	40.7	47.3	1.1	0.7	1.3	1.9	1.1	3.5
1. Short-term prepayments	1.3	1.3	2.9	3.8	3.9	0.4	0.9	0.4	0.9	0.5	0.8	0.5
2. Value added tax to be reclaimed	0.2	0.9	0.2	20.8	36.8	46.9	0.2	0.2	0.4	1.4	0.2	1.8
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.1	0.0	0.0	0.0	0.0	1.2
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)	3,007.9	3,088.1	3,160.7	3,240.2	3,309.9	3,386.1	2,817.2	2,879.5	2,949.7	3,015.8	3,063.0	3,136.8
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	2,938.1	3,020.3	3,089.3	3,169.5	3,244.0	3,325.5	2,758.2	2,830.4	2,901.1	2,972.3	3,017.6	3,088.6
1. Tangible fixed assets	2,938.1	3,020.3	3,089.3	3,169.5	3,244.0	3,325.5	2,758.2	2,830.4	2,901.1	2,972.3	3,017.6	3,088.6
- Cost	6,564.0	—	—	—	—	6,541.3	5,898.6	5,898.4	5,898.3	5,897.2	5,871.0	5,871.0
- Accumulated depreciation	-3,625.9	—	—	—	—	-3,215.9	-3,140.4	-3,068.0	-2,997.2	-2,924.8	-2,853.4	-2,782.4
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	65.4	63.1	67.5	66.8	61.2	56.0	54.2	44.3	43.1	37.9	39.8	42.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	65.4	63.1	67.5	66.8	61.2	56.0	54.2	44.3	43.1	37.9	39.8	42.5
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	4.4	4.8	3.9	4.0	4.7	4.7	4.8	4.8	5.5	5.5	5.5	5.7
1. Long-term prepayments	0.8	0.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	3.5	3.9	3.9	4.0	4.7	4.7	4.8	4.8	5.5	5.5	5.5	5.7
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)	4,012.4	3,969.5	3,930.8	3,911.0	3,924.0	4,003.1	3,581.5	3,396.5	3,415.1	3,481.7	3,574.7	3,736.6
A. LIABILITIES (300=210+330)	476.2	502.7	562.7	553.1	659.1	766.7	437.2	437.1	192.0	254.6	314.3	581.8
I. Short -term liabilities	148.6	175.2	214.8	205.2	282.2	364.9	394.8	374.7	61.1	163.6	204.9	438.3
1. Short-term trade accounts payable	10.4	17.0	20.7	22.6	99.0	197.9	12.0	11.0	12.9	23.6	11.2	20.0
2. Short-term advances from customers	0.1	0.1	0.1	—	—	0.0	0.4	0.4	0.4	0.0	0.0	0.0
3. Dividends and profits payable	3.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	15.5	14.9	22.5	8.9	7.1	12.8	14.2	1.9	2.4	11.2	8.0	0.2
4. Payable to employees	4.0	25.5	5.1	4.8	3.3	17.3	5.1	4.1	3.1	14.6	6.0	5.2
5. Short-term acrrued expenses	9.4	2.6	8.6	3.4	13.2	6.1	4.8	4.2	2.8	5.3	10.9	11.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	16.0	23.2	39.8	24.5	15.5	9.7	264.6	245.8	8.5	7.6	24.4	242.4
10. Short-term borrowings and financial leases	49.4	74.3	82.8	102.8	102.8	97.9	67.0	77.0	16.9	88.6	130.6	141.9
11. Provision for short-term liabilities	—	—	5.9	3.9	2.0	0.0	1.5	3.7	3.3	0.1	0.0	0.0
12.. Bonus and welfare fund	40.2	17.5	29.4	34.2	39.2	23.3	25.3	26.7	10.7	12.6	13.8	16.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	327.5	327.5	347.9	347.9	376.9	401.8	42.4	62.4	130.9	90.9	109.4	143.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
8. Long-term borrowings and financial leases	327.0	327.0	347.5	347.5	376.4	401.4	41.9	61.9	130.4	90.4	108.9	143.0
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)	3,536.2	3,466.9	3,368.1	3,357.9	3,264.9	3,236.4	3,144.3	2,959.4	3,223.1	3,227.1	3,260.4	3,154.8
I. Owner's equity	3,536.2	3,466.9	3,368.1	3,357.9	3,264.9	3,236.4	3,144.3	2,959.4	3,223.1	3,227.1	3,260.4	3,154.8
1. Owner's capital	2,352.3	2,352.3	2,352.3	2,352.3	2,352.3	2,352.3	2,352.3	2,352.3	2,352.3	2,352.3	2,352.3	2,352.3
- Common stock with voting right	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00	2,352,322,103,444.00
- 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	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0
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	121.2	121.2	121.2	121.2	94.2	94.2	94.2	94.2	70.6	70.6	70.6	70.6
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	997.8	928.4	829.6	819.4	753.4	724.8	632.8	447.9	735.3	739.2	772.5	667.0
- Accumulated retained earning at the end of the previous period	902.9	452.5	450.7	685.9	712.9	461.7	461.7	461.7	739.1	502.5	620.1	620.1
- Undistributed earnings in this period	94.8	475.8	378.9	133.5	40.5	263.1	171.1	-13.9	-3.8	236.7	152.4	46.8
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)	4,012.4	3,969.5	3,930.8	3,911.0	3,924.0	4,003.1	3,581.5	3,396.5	3,415.1	3,481.7	3,574.7	3,736.6

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
Profit Before Tax	105.3	102.3	258.3	97.9	42.7	97.3	194.0	-10.1	-3.8	88.8	111.1	-24.0
Depreciation of Fixed Assets and Investment Property	82.2	82.1	81.7	81.7	81.8	75.0	72.4	72.5	72.4	71.6	71.0	71.0
Provision (Increase)/Reversal	—	—	2.0	2.0	2.0	-1.5	-2.2	0.4	3.2	0.1	0.0	-1.8
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.2	-0.1	0.0	-0.1	0.0	-0.1	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-9.9	-3.9	-6.1	-4.0	-3.4	-3.8	-3.5	-2.5	-1.4	-1.0	-1.5	-5.1
Interest Expense	6.1	6.7	6.9	7.2	7.2	3.3	1.7	2.1	2.8	5.1	6.6	10.0
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	183.7	181.5	342.6	184.9	130.3	170.2	262.3	62.4	73.2	164.5	187.2	50.1
Increase/(Decrease) in Receivables	7.9	220.4	-178.5	-45.4	7.8	144.9	-221.8	137.9	112.8	16.4	-158.8	71.6
Increase/(Decrease) in Inventory	-0.2	-0.7	0.2	6.6	-3.8	2.0	-1.2	1.5	-1.9	0.6	0.2	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.5	30.6	56.2	-3.3	-93.5	-3.8	43.4	3.5	-19.2	222.8	-223.1	-4.9
Increase/(Decrease) in Prepaid Expenses	0.1	2.4	1.1	0.1	3.6	0.5	-0.4	0.5	-0.4	0.3	-0.3	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.8	-12.4	-1.3	-14.5	-0.3	-2.9	-1.8	-1.6	-5.4	-5.5	-8.5	-14.8
Corporate Income Tax Paid	-5.4	-13.1	-5.0	-2.2	-5.6	-9.1	0.0	0.0	-4.6	-4.4	-0.0	-3.7
Other Operating Receipts	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.7	-7.9	-4.9	-5.0	-2.7	-1.5	-1.4	-2.5	-1.9	-0.8	-3.0	-2.3
Net Cash Flow from Operating Activities	152.2	400.8	210.4	121.3	35.8	300.3	79.0	201.8	152.6	394.0	-206.3	96.2
Payments for Fixed Assets and Other Long-term Assets	-2.4	-83.7	0.0	-6.6	-93.8	-477.2	-12.5	-6.8	-10.2	-9.1	-2.2	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.2	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-438.6	-235.0	-75.0	-20.0	-165.0	0.0	0.0	-90.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	78.6	30.0	105.0	—	—	90.0	0.0	0.0	0.0	0.0	55.0	200.0
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	9.9	1.3	8.2	1.2	2.7	5.4	2.8	1.2	1.2	1.0	4.1	7.4
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	-352.5	-287.4	38.2	-25.4	-256.2	-381.8	-9.7	-95.6	-8.8	-8.0	56.8	205.5
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	0.0	8.2	408.8	0.0	0.0	105.0	33.8	0.0	0.0
Repayment of Borrowings	-25.0	-28.9	-20.0	-28.9	-28.2	-18.5	-30.0	-8.4	-136.7	-94.3	-45.4	-184.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.6	-233.6	-0.0	-0.1	-233.6	-0.0	-0.1	-0.0	-350.9	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	-25.0	-29.6	-253.6	-29.0	-20.1	156.7	-30.0	-8.4	-31.8	-411.4	-45.4	-184.0
Net Cash Flow During the Period	-225.3	83.8	-5.0	66.9	-240.5	75.2	39.3	97.7	112.0	-25.3	-194.8	117.6
Cash and Cash Equivalents at Beginning of Period	322.1	238.4	243.4	176.5	416.9	92.7	92.7	92.7	92.7	245.6	245.6	245.6
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.1	0.1	-0.1	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	96.8	322.1	238.4	243.4	176.5	416.9	341.6	302.4	204.6	92.7	118.0	312.8

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HNA

What Is Changing

Drivers of HNA's profit

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Balance Sheet ▲

Working Capital Efficiency ▲

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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