HOT

Du lịch - Dịch vụ Hội An ·UPCOM ·2025Q3

▲▲ Improving positively

Operating efficiency is improving Net margin 12.29%, +5.17pp YoY

Price

22,500

Latest close

21 May 2026

P/E 8.91x

P/B 2.49x

EPS 2,526

BVPS 9,043

ROE 33.1%

ROA 23.6%

Profit Margin 12.3%

Asset Turnover 1.92x

Equity Mult. 1.40x

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

What Is Changing

On a TTM 2025Q3 basis, HOT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 164bn
	                                
+34.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 20bn
	                                
+131.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	160.9	136.2	100.3	40.7	26.5
Growth	+18%	+36%	+146%	+54%	—
Net Income	20.5	10.5	4.8	-16.7	-20.8
Net Margin	12.72%	7.68%	4.82%	-41.07%	-78.52%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	42.9	42.2	41.9	37.3	34.2	35.2	23.9	29.1	26.3	21.1	11.6	14.3
Growth	+2%	+1%	+12%	+9%	-3%	+48%	-18%	+10%	+25%	+81%	-19%	—
Net Income	3.6	7.2	6.0	3.4	1.4	3.5	1.1	2.8	0.7	0.1	-4.2	-3.2
Net Margin	8.37%	17.16%	14.26%	9.10%	4.08%	9.81%	4.45%	9.65%	2.70%	0.61%	-35.81%	-22.00%

Drivers of HOT's profit

TTM

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

Gross profit ↑ 24.9bn

Administrative expenses ↑ 7.3bn

Selling expenses ↑ 6.4bn

TTM

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

Gross profit ↑ 7.4bn

Administrative expenses ↑ 3.1bn

Selling expenses ↑ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q3 19.2% = 7.1% × 1.80 × 1.49

2025Q3 33.1% = 12.3% × 1.92 × 1.40

ROE rose from 19.2% to 33.1% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 12.3% +5.2pp Asset turnover: 1.92x +0.12x Leverage: 1.40x -0.09x

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 12.29%, rising 5.2pp. Core operating signals are improving as Gross margin rose 8.0pp are enough to offset pressure from SG&A / Revenue rose 3.0pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 12.29% +5.2pp

Gross Margin 36.01% +8.0pp

SG&A / Revenue 23.97% +3.0pp

TTM YoY · 2024Q2 -> 2025Q3

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 12.28% +5.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.49x equity.

Over the last 12 months, working capital released 3.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −0.1bn

Inventories increased → lower CFO: −0.3bn

Payables increased → higher CFO: +3.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 1.4 days versus the same period last year. The main moves came from DIO rose 0.2 days, DSO fell 2.9 days, and DPO fell 4.2 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +1.4 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +0.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 5.2 days −2.9 days

Inventory 7.4 days +0.2 days

Payables 7.0 days −4.2 days

Cash Conversion Cycle 5.6 days +1.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 27.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.49x and interest coverage at 348.39x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.49x −0.32x

Interest Coverage 348.39x +285.27x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.35x −0.04x

TTM YoY · 2024Q2 -> 2025Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 27.3bn in 2025, against investing cash flow of -1.7bn.

Post-investment cash flow was positive +25.6bn. Financing cash flow was negative +2.9bn.

CFO / net income was 1.35x.

After spending +2.1bn on fixed-asset investment, the business generated trailing free cash flow of +25.2bn.

Cash Conversion

CFO TTM 27.3bn +15.2bn

Cash Capex 2.1bn −0.9bn

FCF TTM +25.2bn +16.1bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, effective tax rate looks unusual remains the area to verify in upcoming periods, with effective tax rate at 0.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.29% after expanding 5.2pp versus the same period last year.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	160.9	136.2	100.3	40.7	26.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	160.9	136.2	100.3	40.7	26.5
Cost of Goods Sold	104.3	98.1	72.6	45.7	0.0
Gross Profit	56.6	38.1	27.7	-5.0	-12.3
Financial Income	1.0	0.3	0.1	0.1	0.5
Financial Expenses	0.1	0.1	0.5	0.2	-0.0
Interest Expense	0.0	0.0	0.4	0.2	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	17.6	13.0	8.9	2.3	-0.6
General and Administrative Expenses	19.4	15.4	13.5	9.5	-8.9
Operating Profit	20.6	9.9	5.0	-16.9	-21.3
Other Income	0.0	0.4	0.0	0.3	0.0
Other Expenses	0.2	0.1	0.4	0.1	0.0
Other Profit	-0.2	0.3	-0.4	0.2	0.6
Profit Before Tax	20.4	10.3	4.6	-16.8	-20.7
Current Income Tax Expense	—	0.0	0.0	0.0	-0.1
Deferred Income Tax Expense	-0.1	-0.2	-0.2	-0.0	0.0
Net Income	20.5	10.5	4.8	-16.7	-20.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	20.5	10.5	4.8	-16.7	-20.8
Earnings per Share	2,558.00	1,308.00	604.00	-2,091.00	-1.00
Diluted EPS	2,558.00	1,308.00	604.00	-2,091.00	-2,597.23

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	45.5	21.7	10.0	6.8	15.1
I. Cash and cash equivalents	34.0	11.3	2.8	2.8	11.1
1. Cash	10.0	6.1	2.6	2.2	0.0
2. Cash equivalents	24.0	5.2	0.2	0.6	0.0
II. Short-term financial investments	4.5	4.0	1.0	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	4.5	4.0	1.0	0.0	0.0
III. Short-term receivables	4.1	3.9	4.4	2.3	2.3
1. Short-term trade accounts receivable	3.4	3.3	3.8	1.9	0.0
2. Short-term prepayments to suppliers	0.1	0.2	0.2	0.4	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	1.2	1.0	0.9	0.5	0.0
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.5	-0.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.1	1.8	1.1	1.3	1.5
1. Inventories	2.1	1.8	1.1	1.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.8	0.7	0.6	0.4	0.1
1. Short-term prepayments	0.8	0.7	0.6	0.4	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
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)	54.2	56.9	56.7	58.9	61.2
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	41.6	43.7	44.8	48.3	52.4
1. Tangible fixed assets	34.7	37.0	38.0	41.4	45.5
- Cost	202.2	201.7	201.6	201.6	0.0
- Accumulated depreciation	-167.5	-164.7	-163.6	-160.2	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	6.8	6.8	6.8	6.8	6.9
- Cost	11.0	10.9	10.9	10.9	0.0
- Accumulated depreciation	-4.1	-4.1	-4.1	-4.1	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	5.0	5.1	5.0	5.1	5.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	5.1	5.0	5.1	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	7.6	8.1	6.9	5.5	0.0
1. Long-term prepayments	7.6	8.1	6.9	5.5	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	3.7
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)	99.6	78.6	66.7	65.6	76.3
A. LIABILITIES (300=210+330)	23.6	23.1	21.7	25.4	19.0
I. Short -term liabilities	23.4	22.7	21.1	24.7	18.3
1. Short-term trade accounts payable	5.8	4.3	4.7	4.2	3.2
2. Short-term advances from customers	1.9	0.9	0.7	0.8	0.8
3. Taxes and other payables to state authorities	6.3	6.1	7.2	11.0	0.0
4. Payable to employees	8.4	7.7	4.2	2.1	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	1.0	0.8	0.9	1.1	0.0
10. Short-term borrowings and financial leases	—	2.9	3.3	5.3	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.1	0.2	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	0.3	0.3	0.5	0.8	0.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.3	0.3	0.5	0.8	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)	76.0	55.5	45.1	40.2	57.3
I. Owner's equity	76.0	55.5	45.1	40.2	0.0
1. Owner's capital	80.0	80.0	80.0	80.0	57.3
- Common stock with voting right	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-630,000.00	-630,000.00	-630,000.00	-630,000.00	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	22.4	22.4	22.4	22.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-26.4	-46.9	-57.3	-62.2	-45.1
- Accumulated retained earning at the end of the previous period	-46.9	-57.3	-62.2	-45.4	-24.3
- Undistributed earnings in this period	20.5	10.5	4.8	-16.7	-20.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	99.6	78.6	66.7	65.6	76.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	20.4	10.3	4.6	-16.8	-20.7
Depreciation of Fixed Assets and Investment Property	4.3	3.5	3.8	4.2	5.4
Provision (Increase)/Reversal	-0.0	0.1	0.1	0.1	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	-1.0	-0.6	-0.1	-0.3	0.0
Interest Expense	0.0	0.0	0.4	0.2	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	23.7	13.3	8.8	-12.7	-16.5
Increase/(Decrease) in Receivables	-0.1	1.0	-2.3	-0.4	0.0
Increase/(Decrease) in Inventory	-0.3	-0.7	0.1	0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.6	1.5	-1.3	1.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.4	-1.3	-1.6	-2.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.0	-0.5	-0.1	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.1	-0.1	-0.2	0.0
Net Cash Flow from Operating Activities	27.3	13.8	3.2	-13.3	-8.0
Payments for Fixed Assets and Other Long-term Assets	-2.1	-2.5	-0.3	-0.7	-3.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.4	0.0	0.3	0.7
Loans and Purchases of Debt Instruments	-0.5	-3.0	-1.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	10.9
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	0.9	0.2	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	-1.7	-4.9	-1.2	-0.3	8.1
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	1.6	5.9	12.2	13.2	1.3
Repayment of Borrowings	-4.5	-6.3	-14.1	-8.0	-1.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	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	-2.9	-0.4	-2.0	5.3	0.0
Net Cash Flow During the Period	22.7	8.4	0.0	-8.3	-0.5
Cash and Cash Equivalents at Beginning of Period	11.3	2.8	2.8	11.1	11.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	34.0	11.3	2.8	2.8	11.1

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	42.9	42.2	41.9	37.3	34.2	35.2	23.9	29.1	26.3	21.1	11.6	14.3
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	42.9	42.2	41.9	37.3	34.2	35.2	23.9	29.1	26.3	21.1	11.6	14.3
Cost of Goods Sold	27.3	25.2	26.2	26.5	26.0	24.8	17.0	20.3	19.6	15.8	12.9	14.0
Gross Profit	15.6	17.0	15.7	10.8	8.2	10.4	6.9	8.8	6.7	5.3	-1.2	0.3
Financial Income	0.1	0.3	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.0	0.0	0.0	0.0	-0.0	0.1	0.1	0.0	0.3	0.1	0.1	0.0
Interest Expense	—	—	0.0	0.0	-0.0	0.1	0.1	0.0	0.3	0.1	0.1	0.0
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.3	4.6	3.8	3.6	3.1	3.0	2.2	2.7	2.4	1.6	1.0	0.7
General and Administrative Expenses	6.8	5.6	5.9	3.8	3.8	4.0	3.7	3.3	3.2	3.4	2.3	2.8
Operating Profit	3.6	7.2	6.0	3.4	1.4	3.4	1.0	2.8	0.9	0.2	-4.5	-3.1
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.2	0.1	0.1	0.0
Other Profit	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2	-0.1	0.2	-0.0
Profit Before Tax	3.6	7.2	5.9	3.4	1.4	3.4	0.9	2.8	0.6	0.1	-4.3	-3.2
Current Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	-0.0	-0.1	-0.0	-0.0	-0.1	-0.1	-0.0	0.0	0.0	-0.2	0.0
Net Income	3.6	7.2	6.0	3.4	1.4	3.5	1.1	2.8	0.7	0.1	-4.2	-3.2
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.6	7.2	6.0	3.4	1.4	3.5	1.1	2.8	0.7	0.1	-4.2	-3.2
Earnings per Share	449.16	905.20	747.07	424.89	174.58	431.63	132.71	350.77	88.86	16.00	-521.47	-393.99
Diluted EPS	449.16	905.20	747.07	424.89	174.58	431.63	132.71	350.77	88.86	16.00	-521.47	-393.99

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	45.3	39.4	30.9	21.6	16.2	16.9	10.0	10.4	10.0	9.7	6.7	6.0
I. Cash and cash equivalents	35.5	28.9	18.3	12.2	8.4	7.5	3.8	5.0	5.2	3.3	2.8	2.0
1. Cash	8.3	8.7	10.1	6.0	7.2	7.3	2.6	3.3	4.1	2.7	2.2	1.9
2. Cash equivalents	27.2	20.2	8.2	6.2	1.1	0.2	1.2	1.7	1.1	0.6	0.6	0.1
II. Short-term financial investments	4.1	4.1	3.8	4.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	4.1	4.1	3.8	4.0	1.0	1.0	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	0.0	0.0
3. Held to maturity investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	3.1	3.5	6.5	3.3	4.1	6.7	4.4	3.4	2.9	4.2	2.2	1.9
1. Short-term trade accounts receivable	1.8	2.3	5.3	2.4	3.0	4.9	3.8	2.7	2.5	3.5	1.9	1.5
2. Short-term prepayments to suppliers	0.4	0.6	0.5	0.4	0.4	1.0	0.2	0.4	0.3	0.4	0.4	0.2
3. Short-term inter-company receivables	—	—	—	0.0	0.0	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	0.0	0.0
5. Short-term loan receivables	—	1.2	1.3	1.2	1.2	1.3	0.9	0.0	0.5	0.0	0.4	0.0
6. Other short-term receivables	1.6	—	—	0.0	0.0	0.0	0.0	0.8	0.0	0.7	0.0	0.6
7. Provision for short-term doubtful debts (*)	-0.6	—	—	0.0	0.0	0.0	0.0	-0.5	0.0	-0.4	0.0	-0.4
8. Assets awaiting resolution	—	-0.6	-0.6	-0.6	-0.5	-0.5	-0.5	0.0	-0.5	0.0	-0.4	0.0
IV. Inventories	2.0	2.2	1.6	1.8	2.2	1.2	1.1	1.4	1.2	1.5	1.3	1.7
1. Inventories	2.0	2.2	1.6	1.8	2.2	1.2	1.1	1.4	1.2	1.5	1.3	1.7
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	0.7	0.7	0.4	0.5	0.5	0.6	0.6	0.7	0.7	0.4	0.4
1. Short-term prepayments	0.6	0.7	0.7	0.4	0.5	0.5	0.6	0.6	0.7	0.7	0.4	0.4
2. Value added tax to be reclaimed	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	0.0	0.0	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	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	53.8	55.5	56.0	56.0	55.7	55.9	56.7	57.1	57.3	57.7	58.8	58.0
I. Long-term receivables	—	—	—	0.0	0.0	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	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	0.0	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	0.0	0.0
4. Long-term inter-company receivables	—	—	—	0.0	0.0	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	0.0	0.0
6. Other long-term receivables	—	—	—	0.0	0.0	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	0.0	0.0
II. Fixed assets	41.4	42.5	42.8	43.0	43.2	43.9	44.8	45.7	46.6	47.4	48.3	49.2
1. Tangible fixed assets	34.6	35.8	36.1	36.3	36.4	37.1	38.0	38.9	39.7	40.6	41.4	42.4
- Cost	—	—	—	202.2	201.5	201.6	201.6	201.5	201.7	201.7	200.8	202.7
- Accumulated depreciation	—	—	—	-165.9	-165.0	-164.5	-163.6	-162.7	-162.0	-161.1	-159.4	-160.4
2. Financial leased fixed assets	—	—	—	0.0	0.0	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	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.9
- Cost	—	—	—	0.0	0.0	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	0.0	0.0
III. Investment properties	—	—	—	0.0	0.0	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	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.8	5.0	5.2	5.6	5.3	5.2	5.0	5.8	5.5	5.2	5.1	5.1
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.8	5.0	5.2	5.6	5.3	5.2	5.0	5.8	5.5	5.2	5.1	5.1
V. Long-term financial investments	—	—	—	0.0	0.0	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	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	0.0	0.0	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	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	0.0	0.0
5. Held to maturity investments	—	—	—	0.0	0.0	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	0.0	0.0
VI. Other long-term assets	7.6	7.9	8.0	7.3	7.2	6.8	6.9	5.5	5.3	5.1	5.5	3.7
1. Long-term prepayments	7.6	7.9	8.0	7.3	7.2	6.8	6.9	5.5	5.3	5.0	5.5	3.7
2. Deferred income tax assets	—	—	—	0.0	0.0	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	0.0	0.0
4. Other long-term assets	—	—	—	0.0	0.0	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	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	99.1	94.9	86.9	77.6	71.9	72.8	66.7	67.5	67.4	67.4	65.5	64.0
A. LIABILITIES (300=210+330)	26.8	26.1	25.4	24.4	22.0	24.3	21.7	23.5	26.3	27.0	27.6	21.9
I. Short -term liabilities	26.5	25.9	25.1	24.0	21.5	23.8	21.1	22.8	25.6	26.3	26.9	21.0
1. Short-term trade accounts payable	4.0	—	—	0.0	0.0	0.0	4.7	3.5	5.4	4.8	5.3	2.4
2. Short-term advances from customers	0.9	4.9	4.3	3.7	4.3	4.6	0.7	0.8	4.2	1.5	4.2	0.6
3. Taxes and other payables to state authorities	10.6	1.5	2.0	0.8	1.1	2.0	7.2	12.7	1.2	7.8	0.8	12.4
4. Payable to employees	6.5	8.2	9.4	8.5	6.1	9.1	4.2	3.2	10.0	2.0	13.3	1.9
5. Short-term acrrued expenses	3.4	7.5	5.9	5.4	4.9	4.1	0.0	1.3	3.0	0.4	2.1	0.8
6. Short-term inter-company payables	—	2.9	2.6	4.8	4.1	2.8	0.0	0.0	0.6	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	0.0	0.0
8. Short-term unearned revenue	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.1	0.9	0.8	0.8	1.0	1.0	0.9	1.1	1.1	1.0	1.0	0.7
10. Short-term borrowings and financial leases	—	—	—	0.0	0.0	0.0	3.3	0.0	0.0	8.6	0.0	1.9
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	—	—	0.0	0.1	0.0	0.1	0.2	0.0	0.2	0.2	0.3
13. Price stabilization fund	—	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.2	0.0	0.0	0.0
14. Government bonds	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.3	0.2	0.3	0.4	0.4	0.5	0.5	0.6	0.7	0.8	0.7	0.9
1. Long-term trade payables	—	—	—	0.0	0.0	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	0.0	0.0
3. Long-term acrrued expenses	—	—	—	0.0	0.0	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	0.0	0.0
5. Long-term inter-company payables	—	0.2	0.3	0.4	0.0	0.5	0.0	0.0	0.7	0.0	0.7	0.0
6. Long-term unearned revenue	—	—	—	0.0	0.0	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	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	0.0	0.0	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	0.00	0.00
11. Deferred income tax liabilities	0.3	—	—	0.0	0.0	0.0	0.5	0.6	0.0	0.8	0.0	0.9
12. Provision for long-term liabilities	—	—	—	0.0	0.4	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	0.0	0.0
14. Provision for severance allowances	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	72.3	68.8	61.5	53.2	49.9	48.5	45.0	44.0	41.1	40.4	37.9	42.1
I. Owner's equity	72.3	68.8	61.5	53.2	49.9	48.5	45.0	44.0	41.1	40.4	37.9	42.1
1. Owner's capital	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0
- Common stock with voting right	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00
- Preferred stock	—	—	—	0.00	0.00	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	0.0	0.0
3. Convertible bond option	—	—	—	0.0	0.0	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	-0.0	0.0	-0.0	0.0
5. Treasury shares	-630,000.00	—	—	0.00	-630,000.00	-630,000.00	-630,000.00	-630,000.00	0.00	-630,000.00	0.00	-630,000.00
6. Assets revaluation differences	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	22.4	22.4	22.4	0.0	0.0	0.0	0.0	22.4	0.0	22.4	0.0
8. Investment and development fund	22.4	—	—	0.0	22.4	22.4	22.4	22.4	0.0	22.4	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	0.0	0.0	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	0.0	22.4
11. Undistributed earnings after tax	-30.0	-33.6	-40.9	-49.2	-52.5	-53.9	-57.3	-58.4	-61.3	-62.0	-64.4	-60.3
- Accumulated retained earning at the end of the previous period	-46.9	-46.9	-46.9	-57.3	-57.3	-57.3	-62.2	-62.2	-62.2	-62.2	-45.4	-45.4
- Undistributed earnings in this period	16.8	13.2	6.0	8.1	4.8	3.5	4.8	3.8	0.8	0.1	-19.0	-14.8
12. Reserves for investment in construction	—	—	—	0.0	0.0	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	0.0	0.0
14. Financial reserves	—	—	—	0.0	0.0	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	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	0.0	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	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	99.1	94.9	86.9	77.6	71.9	72.8	66.7	67.5	67.4	67.4	65.5	64.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	3.6	3.6	7.2	5.9	3.4	1.2	3.4	1.0	2.8	0.7	0.1	-2.0
Depreciation of Fixed Assets and Investment Property	0.7	1.9	0.9	0.9	0.9	0.8	0.9	0.9	1.0	0.9	1.0	1.0
Provision (Increase)/Reversal	-0.0	—	—	—	0.0	0.1	0.0	0.1	0.0	0.0	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	-0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	-0.5	-0.2	-0.0	-0.3	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2
Interest Expense	0.0	0.0	0.0	0.0	0.0	-0.0	0.1	0.1	0.0	0.3	0.1	0.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	3.8	5.3	8.1	6.6	4.3	2.1	4.4	2.0	3.8	1.9	1.2	-1.2
Increase/(Decrease) in Receivables	-0.9	0.3	3.1	-2.6	0.0	3.3	-2.3	-1.1	-0.6	1.4	-1.9	-0.9
Increase/(Decrease) in Inventory	-0.1	0.2	-0.6	0.2	0.5	-1.0	-0.1	0.2	-0.1	0.3	-0.3	0.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.2	0.7	0.8	5.3	3.2	-2.9	6.0	-4.8	2.8	2.5	-1.7	0.9
Increase/(Decrease) in Prepaid Expenses	-0.1	0.3	0.0	0.2	-0.1	-0.3	0.2	-1.4	-0.0	-0.3	0.1	-1.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	-0.0	-0.0	0.0	0.0	-0.1	-0.1	-0.1	-0.2	-0.1	-0.1
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	1.9	0.0	0.0	-1.6	1.6	0.0	0.0	0.0
Other Operating Payments	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.1	-0.2	-0.0	-0.0	0.4
Net Cash Flow from Operating Activities	-2.0	8.3	7.2	13.8	9.7	1.1	8.1	-6.7	7.1	5.5	-2.7	-2.2
Payments for Fixed Assets and Other Long-term Assets	0.1	-1.7	-0.5	-0.1	-3.0	-0.3	-0.2	0.4	-0.1	-0.4	-0.2	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Loans and Purchases of Debt Instruments	-0.2	—	3.5	-3.8	0.0	0.0	0.0	0.7	-1.7	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	0.0
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.7	—	0.2	—	-0.1	0.1	0.0	0.1	-0.0	0.0	0.0	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	0.6	-1.5	3.2	-3.9	-3.1	-0.2	-0.2	1.2	-1.8	-0.4	-0.2	-0.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	0.0	0.0	0.0	1.6	0.0	0.0	3.0	3.0	0.0	0.7	8.5	5.3
Repayment of Borrowings	0.0	0.0	0.0	-4.5	-2.8	0.0	-6.3	0.3	-5.4	-4.0	-5.1	-1.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	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	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.0	0.0	0.0	-2.9	-2.8	0.0	-3.3	3.3	-5.4	-3.2	3.4	3.3
Net Cash Flow During the Period	-1.4	6.7	10.4	7.1	3.8	0.9	4.6	-2.2	-0.1	1.9	0.5	0.8
Cash and Cash Equivalents at Beginning of Period	35.5	28.7	18.3	11.3	2.8	2.8	2.8	2.8	2.8	2.8	2.8	11.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	34.0	35.5	28.7	18.3	12.2	8.4	7.5	2.8	5.0	5.2	3.3	2.8

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HOT

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow