HPW

Cấp nước Hải Phòng ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.15%, +3.83pp YoY

Price

23,300

Latest close

02 Jun 2026

P/E 10.36x

P/B 1.47x

EPS 2,249

BVPS 15,852

ROE 14.6%

ROA 7.7%

Profit Margin 12.0%

Asset Turnover 0.64x

Equity Mult. 1.91x

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

What Is Changing

On a TTM 2026Q1 basis, HPW has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,395bn
	                                
+3.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 170bn
	                                
+51.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,388.6	1,287.8	1,131.1	1,073.0	1,023.4
Growth	+8%	+14%	+5%	+5%	—
Net Income	158.6	110.7	102.1	98.8	98.2
Net Margin	11.42%	8.59%	9.03%	9.21%	9.60%

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	331.2	347.3	370.3	346.2	324.8	331.1	351.9	336.2	271.1	291.8	298.9	284.0
Growth	-5%	-6%	+7%	+7%	-2%	-6%	+5%	+24%	-7%	-2%	+5%	—
Net Income	30.2	46.8	55.7	36.8	19.3	31.2	39.2	22.1	18.1	28.5	36.0	20.1
Net Margin	9.13%	13.47%	15.03%	10.64%	5.93%	9.43%	11.13%	6.58%	6.69%	9.78%	12.04%	7.09%

Drivers of HPW's profit

TTM

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

Gross profit ↑ 55.8bn

Finance costs ↓ 21.6bn

Other profit ↑ 6.9bn

Tax ↑ 14.5bn

Selling expenses ↑ 9.3bn

Administrative expenses ↑ 6.8bn

TTM

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

Gross profit ↑ 14.5bn

Financial income ↑ 2.3bn

Finance costs ↓ 2.2bn

Selling expenses ↑ 4.0bn

Tax ↑ 2.7bn

Administrative expenses ↑ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.2% = 8.3% × 0.62 × 1.97

2026Q1 14.9% = 12.2% × 0.64 × 1.91

ROE rose from 10.2% to 14.9% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 12.2% +3.8pp Asset turnover: 0.64x +0.02x Leverage: 1.91x -0.06x

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 12.15%, rising 3.8pp. Core operating signals are improving as Gross margin rose 2.7pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with additional support from Net financial result / Revenue rose 2.0pp and Other profit / Revenue rose 0.5pp).

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 12.15% +3.8pp

Gross Margin 38.90% +2.7pp

SG&A / Revenue 21.41% +0.4pp

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 8.7% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 8.66%, rising 2.8pp. That translates to 8.66 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.4pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 8.66% +2.8pp

NOPAT Margin 11.69% +3.4pp

Capital Turnover 0.74x +0.04x

Average Invested Capital 1,883.9bn −22.9bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.82x equity, net debt at 0.58x equity.

Over the last 12 months, working capital released 94.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +34.3bn

Inventories increased → lower CFO: −10.7bn

Payables increased → higher CFO: +70.8bn

Working Capital Efficiency

Cash conversion cycle lengthened by 6.7 days versus the same period last year. The main moves came from DIO rose 6.5 days, DSO fell 0.9 days, and DPO fell 1.2 days.

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

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.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +6.7 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +6.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 4.6 days −0.9 days

Inventory 36.7 days +6.5 days

Payables 6.4 days −1.2 days

Cash Conversion Cycle 34.8 days +6.7 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.58x and interest coverage at 2.82x.

At present, short-term debt accounts for 8.3% of total debt, cash equals 15.6% of debt, and total debt stands at 813.3bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 15.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.58x −0.14x

Interest Coverage 2.82x +1.35x

Cash / Debt 15.6% +7.9pp

Short-term Debt / Total Debt 8.3% −0.7pp

CFO / NI 2.23x −0.82x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 369.4bn in 2025, against investing cash flow of -216.6bn.

Post-investment cash flow was positive +152.8bn. Financing cash flow was negative +151.4bn.

CFO / net income was 2.23x.

After spending +101.9bn on fixed-asset investment, the business generated trailing free cash flow of +270.1bn.

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 372.0bn +31.4bn

Cash Capex 101.9bn −5.0bn

FCF TTM +270.1bn +36.3bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 3.8 pp. The next item to monitor is capital efficiency, with ROIC at 8.7%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.15% after expanding 3.8pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,388.6	1,287.8	1,131.1	1,073.0	1,023.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,388.6	1,287.8	1,131.1	1,073.0	1,023.4
Cost of Goods Sold	860.5	804.3	681.0	646.1	0.0
Gross Profit	528.1	483.5	450.2	426.9	370.7
Financial Income	30.1	23.6	26.2	15.0	20.4
Financial Expenses	74.4	96.6	87.2	65.4	-26.6
Interest Expense	47.2	57.5	60.8	34.4	-26.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	168.5	155.9	152.9	149.8	-148.4
General and Administrative Expenses	124.8	117.4	108.8	105.6	-93.7
Operating Profit	190.5	137.2	127.5	121.0	122.3
Other Income	22.2	17.3	13.1	16.1	0.0
Other Expenses	14.4	16.1	12.7	13.6	0.0
Other Profit	7.8	1.1	0.5	2.5	0.5
Profit Before Tax	198.2	138.3	127.9	123.5	122.8
Current Income Tax Expense	39.7	27.7	25.8	24.7	-24.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	158.6	110.7	102.1	98.8	98.2
Non-controlling Interest	8.7	8.2	7.8	7.7	3.1
Profit Attributable to Parent	149.8	102.5	94.3	91.1	95.1
Earnings per Share	2,019.00	1,381.00	1,271.00	1,228.00	410.00
Diluted EPS	2,019.09	1,381.01	1,271.35	1,227.67	1,281.38

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	808.7	673.1	570.3	497.9	481.4
I. Cash and cash equivalents	18.7	17.3	14.8	61.4	244.8
1. Cash	18.7	13.3	8.8	12.9	0.0
2. Cash equivalents	—	4.0	6.0	48.5	0.0
II. Short-term financial investments	678.8	539.8	432.8	300.0	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	678.8	539.8	432.8	300.0	0.0
III. Short-term receivables	28.2	34.8	29.3	44.1	60.7
1. Short-term trade accounts receivable	14.0	18.8	19.6	20.7	0.0
2. Short-term prepayments to suppliers	1.4	6.7	3.5	1.2	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	13.4	10.2	7.4	23.4	0.0
7. Provision for short-term doubtful debts (*)	-0.6	-0.8	-1.1	-1.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	77.2	60.6	57.9	50.7	49.4
1. Inventories	77.2	60.6	57.9	50.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.7	20.6	35.5	41.7	58.0
1. Short-term prepayments	0.7	0.6	0.5	0.4	0.0
2. Value added tax to be reclaimed	4.8	19.8	34.8	36.2	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	5.0	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)	1,285.3	1,402.6	1,516.5	1,707.2	1,879.1
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	1,222.5	1,350.8	1,477.4	1,683.4	1,831.7
1. Tangible fixed assets	1,221.2	1,349.2	1,476.9	1,683.1	1,830.4
- Cost	3,807.5	3,726.3	3,648.5	3,621.9	0.0
- Accumulated depreciation	-2,586.3	-2,377.1	-2,171.7	-1,938.8	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	1.3	1.5	0.5	0.3	1.3
- Cost	13.5	13.0	11.6	11.1	0.0
- Accumulated depreciation	-12.2	-11.5	-11.1	-10.8	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	55.6	46.1	34.6	8.5	29.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	55.6	46.1	34.6	8.5	0.0
V. Long-term financial investments	0.7	0.7	0.7	0.7	0.7
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	0.7	0.7	0.7	0.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.5	5.0	3.9	14.6	0.0
1. Long-term prepayments	6.5	5.0	3.9	14.6	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	17.0
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)	2,094.0	2,075.7	2,086.8	2,205.1	2,360.5
A. LIABILITIES (300=210+330)	946.3	987.3	1,015.1	1,142.3	1,308.2
I. Short -term liabilities	200.8	199.5	184.5	222.4	256.6
1. Short-term trade accounts payable	14.2	22.9	11.9	36.4	38.4
2. Short-term advances from customers	1.8	1.4	1.8	1.2	2.9
3. Taxes and other payables to state authorities	17.2	10.3	8.9	4.8	0.0
4. Payable to employees	68.2	53.2	45.8	49.7	0.0
5. Short-term acrrued expenses	3.5	4.9	4.9	3.0	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	14.8	13.8	19.2	29.6	0.0
10. Short-term borrowings and financial leases	67.7	78.4	73.3	80.3	96.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.4	14.6	18.7	17.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	745.6	787.8	830.6	920.0	1,051.7
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	745.6	787.8	830.6	920.0	1,051.7
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)	1,147.7	1,088.4	1,071.7	1,062.8	1,052.3
I. Owner's equity	1,147.7	1,088.4	1,071.7	1,062.8	0.0
1. Owner's capital	742.1	742.1	742.1	742.1	1,052.3
- Common stock with voting right	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.6	0.6	0.6	0.6	0.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	41.5	33.2	33.2	33.2	26.1
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	158.8	159.3	152.4	145.8	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	161.6	112.1	104.0	102.9	100.3
- Accumulated retained earning at the end of the previous period	11.8	9.7	9.7	11.8	10.8
- Undistributed earnings in this period	149.8	102.5	94.3	91.1	89.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	43.2	41.1	39.4	38.2	36.8
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,094.0	2,075.7	2,086.8	2,205.1	2,360.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	198.2	138.3	127.9	123.5	121.3
Depreciation of Fixed Assets and Investment Property	211.9	214.3	239.8	248.8	245.0
Provision (Increase)/Reversal	-0.2	-0.3	-0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	26.4	39.1	25.6	31.1	0.0
Gain/Loss from Investment Activities	-30.1	-23.7	-26.9	-14.7	0.0
Interest Expense	47.2	57.5	60.8	34.4	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	453.4	425.3	427.0	423.2	371.0
Increase/(Decrease) in Receivables	29.7	8.7	24.1	24.6	0.0
Increase/(Decrease) in Inventory	-16.6	-2.7	-7.2	-1.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.5	17.2	-8.2	8.6	0.0
Increase/(Decrease) in Prepaid Expenses	0.6	-1.3	10.6	8.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-47.9	-58.2	-58.9	-32.4	0.0
Corporate Income Tax Paid	-33.1	-26.3	-16.1	-33.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-30.3	-28.8	-23.7	-35.5	0.0
Net Cash Flow from Operating Activities	369.4	334.0	347.6	362.4	312.8
Payments for Fixed Assets and Other Long-term Assets	-105.2	-100.7	-97.7	-78.0	-330.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.3	0.7	0.1	0.1
Loans and Purchases of Debt Instruments	-167.5	-107.0	-132.8	-231.5	-21.0
Receipts from Loan Repayments and Sale of Debt Instruments	28.5	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	27.6	21.1	25.7	11.1	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	-216.6	-186.4	-204.2	-298.4	-341.6
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	—	0.0	0.0	11.0	80.7
Repayment of Borrowings	-79.3	-76.9	-121.8	-190.3	-97.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-72.1	-68.2	-68.2	-68.2	-64.5
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	-151.4	-145.1	-190.1	-247.4	-81.3
Net Cash Flow During the Period	1.4	2.5	-46.6	-183.4	-99.0
Cash and Cash Equivalents at Beginning of Period	17.3	14.8	61.4	244.8	355.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.1
Cash and Cash Equivalents at End of Period	18.7	17.3	14.8	61.4	244.8

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	331.2	347.3	370.3	346.2	324.8	331.1	351.9	336.2	271.1	291.8	298.9	284.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	331.2	347.3	370.3	346.2	324.8	331.1	351.9	336.2	271.1	291.8	298.9	284.0
Cost of Goods Sold	217.0	203.7	218.8	212.9	225.1	221.3	211.9	198.8	174.8	183.3	152.9	174.4
Gross Profit	114.2	143.6	151.5	133.3	99.7	109.8	140.0	137.5	96.4	108.5	146.0	109.6
Financial Income	8.3	9.2	7.3	7.5	6.1	7.8	5.8	8.7	1.3	10.2	3.0	12.2
Financial Expenses	9.7	15.5	12.0	35.1	11.9	16.6	14.4	51.0	14.6	13.3	42.9	21.5
Interest Expense	9.7	11.4	12.0	11.9	11.9	14.0	14.4	14.5	14.6	15.7	14.9	20.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	48.7	40.6	45.5	37.6	44.7	32.1	49.6	36.9	37.3	37.7	39.2	40.8
General and Administrative Expenses	26.5	38.0	32.1	29.6	25.1	31.5	31.9	30.9	23.2	32.1	22.0	34.1
Operating Profit	37.5	58.6	69.2	38.6	24.0	37.4	49.8	27.4	22.5	35.5	44.9	25.3
Other Income	3.4	4.0	3.8	11.2	3.3	6.9	3.6	4.0	2.8	4.1	3.1	3.3
Other Expenses	3.1	4.1	3.4	3.7	3.2	5.3	4.4	3.7	2.7	3.6	3.1	3.4
Other Profit	0.3	-0.1	0.3	7.5	0.1	1.6	-0.9	0.2	0.1	0.4	0.1	-0.1
Profit Before Tax	37.8	58.5	69.6	46.0	24.1	39.0	49.0	27.7	22.7	35.9	45.0	25.2
Current Income Tax Expense	7.6	11.7	13.9	9.2	4.8	7.8	9.8	5.5	4.5	7.4	9.0	5.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	30.2	46.8	55.7	36.8	19.3	31.2	39.2	22.1	18.1	28.5	36.0	20.1
Non-controlling Interest	2.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	27.6	46.8	55.7	36.8	19.3	31.2	39.2	22.1	18.1	28.5	36.0	20.1
Earnings per Share	372.00	630.31	750.21	496.43	259.59	420.82	527.96	298.19	244.33	384.47	485.01	271.50
Diluted EPS	371.96	630.31	750.21	496.43	259.59	420.82	527.96	298.19	244.33	384.47	485.01	271.50

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)	933.0	808.8	882.3	783.2	801.3	673.1	824.4	679.0	672.3	570.3	639.3	531.9
I. Cash and cash equivalents	127.3	18.7	31.1	23.1	67.3	17.3	22.5	19.0	85.5	14.8	55.7	24.0
1. Cash	33.3	18.7	28.1	23.1	24.3	13.3	22.5	16.0	19.5	8.8	49.7	18.0
2. Cash equivalents	94.0	—	3.0	—	43.0	4.0	0.0	3.0	66.0	6.0	6.0	6.0
II. Short-term financial investments	694.0	678.8	719.8	619.8	596.8	539.8	670.8	534.8	469.8	432.8	456.0	373.0
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	694.0	678.8	719.8	619.8	596.8	539.8	670.8	534.8	469.8	432.8	456.0	373.0
III. Short-term receivables	18.8	28.2	37.0	48.6	43.1	34.8	40.5	38.5	25.6	29.3	30.5	33.5
1. Short-term trade accounts receivable	14.7	14.0	22.8	21.9	20.2	18.8	22.3	23.6	19.9	19.6	19.9	19.9
2. Short-term prepayments to suppliers	1.0	1.4	6.7	9.8	11.0	6.7	12.5	4.5	1.0	3.5	4.0	2.7
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	3.7	13.4	8.4	17.8	12.7	10.2	6.9	11.6	5.8	7.4	7.7	12.2
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.8	-0.8	-0.8	-0.8	-1.1	-1.1	-1.1	-1.1	-1.1	-1.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	91.0	77.2	91.3	82.3	80.3	60.6	76.6	65.4	61.7	57.9	65.1	63.2
1. Inventories	91.0	77.2	91.3	82.3	80.3	60.6	76.6	65.4	61.7	57.9	65.1	63.2
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	1.9	5.8	3.1	9.3	13.9	20.6	14.0	21.2	29.7	35.5	32.0	38.1
1. Short-term prepayments	0.6	0.7	0.2	0.3	0.5	0.6	0.3	0.2	0.5	0.5	0.2	0.3
2. Value added tax to be reclaimed	0.7	4.9	2.7	8.4	12.3	19.8	13.3	20.2	28.1	34.8	31.6	37.6
3. Taxes and other receivables from state authorities	0.6	0.2	0.2	0.7	1.1	0.2	0.4	0.9	1.1	0.2	0.2	0.2
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)	1,245.9	1,285.3	1,304.4	1,353.4	1,377.4	1,401.9	1,401.6	1,425.7	1,473.8	1,516.4	1,547.2	1,594.6
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	1,170.7	1,222.5	1,257.1	1,305.0	1,333.1	1,350.2	1,363.2	1,374.9	1,424.9	1,477.4	1,512.1	1,569.9
1. Tangible fixed assets	1,169.6	1,221.2	1,255.6	1,303.8	1,331.7	1,348.6	1,361.8	1,374.5	1,424.4	1,476.9	1,512.0	1,569.7
- Cost	3,807.9	—	—	—	—	3,725.7	3,686.1	3,651.2	3,650.6	3,648.5	3,632.1	3,630.4
- Accumulated depreciation	-2,638.3	—	—	—	—	-2,377.1	-2,324.4	-2,276.7	-2,226.2	-2,171.7	-2,120.1	-2,060.7
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	1.3	1.5	1.2	1.4	1.6	1.5	0.4	0.4	0.5	0.1	0.2
- Cost	13.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.4	—	—	—	—	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	69.6	55.6	42.6	42.7	38.9	46.1	33.9	46.6	45.0	34.5	28.3	17.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	69.6	55.6	42.6	42.7	38.9	46.1	33.9	46.6	45.0	34.5	28.3	17.5
V. Long-term financial investments	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.9	6.5	4.0	5.0	4.7	5.0	3.8	3.4	3.2	3.9	6.1	6.6
1. Long-term prepayments	4.9	6.5	4.0	5.0	4.7	5.0	3.8	3.4	3.2	3.9	6.1	6.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,178.9	2,094.1	2,186.7	2,136.6	2,178.7	2,075.0	2,226.0	2,104.6	2,146.1	2,086.7	2,186.5	2,126.5
A. LIABILITIES (300=210+330)	1,002.5	946.4	1,087.6	1,093.2	1,072.3	986.7	1,168.9	1,086.7	1,056.3	1,015.1	1,143.3	1,119.3
I. Short -term liabilities	257.0	200.9	312.0	317.5	284.4	195.4	340.9	258.7	225.6	184.4	272.6	268.9
1. Short-term trade accounts payable	14.3	14.3	12.3	12.8	15.7	22.8	19.6	13.6	20.0	12.0	15.6	13.3
2. Short-term advances from customers	2.9	1.8	2.0	2.1	2.0	1.4	1.9	1.0	1.7	1.8	1.6	1.7
3. Taxes and other payables to state authorities	9.6	17.2	6.5	9.7	5.1	10.3	3.1	3.3	4.8	9.9	9.5	6.4
4. Payable to employees	68.6	68.2	74.9	62.0	44.0	53.1	75.6	48.9	31.9	44.8	44.9	42.3
5. Short-term acrrued expenses	52.2	3.5	16.0	4.1	16.8	4.3	19.2	4.8	19.5	4.9	19.3	4.6
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	29.7	14.9	15.2	46.7	41.5	13.8	29.5	25.1	31.9	19.1	32.6	39.6
10. Short-term borrowings and financial leases	67.7	67.7	73.8	73.8	78.4	75.0	74.8	74.8	73.3	73.3	73.2	75.5
11. Provision for short-term liabilities	—	—	86.4	74.8	68.3	0.0	91.3	54.8	26.5	0.0	45.2	53.9
12.. Bonus and welfare fund	12.0	13.4	24.8	31.6	12.6	14.6	25.9	32.4	16.1	18.7	30.8	31.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	745.6	745.6	775.7	775.7	787.8	791.3	827.9	827.9	830.6	830.6	870.7	850.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	745.6	745.6	775.7	775.7	787.8	791.3	827.9	827.9	830.6	830.6	870.7	850.5
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)	1,176.4	1,147.7	1,099.1	1,043.4	1,106.5	1,088.4	1,057.1	1,018.0	1,089.8	1,071.7	1,043.1	1,007.1
I. Owner's equity	1,176.4	1,147.7	1,099.1	1,043.4	1,106.5	1,088.4	1,057.1	1,018.0	1,089.8	1,071.7	1,043.1	1,007.1
1. Owner's capital	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1	742.1
- Common stock with voting right	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00	742,069,400,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	41.5	41.5	41.5	41.5	33.2	33.2	33.2	33.2	33.2	33.2	33.2	33.2
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	158.8	158.8	158.8	158.8	159.3	159.3	159.3	159.3	152.4	152.4	152.4	152.4
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	188.2	161.6	114.6	61.4	128.7	112.1	82.3	45.3	120.2	104.0	76.8	42.7
- Accumulated retained earning at the end of the previous period	160.6	11.8	9.9	9.9	111.4	9.7	9.7	9.7	104.0	9.7	9.7	9.7
- Undistributed earnings in this period	27.6	149.8	104.7	51.5	17.4	102.5	72.7	35.6	16.2	94.3	67.1	33.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	45.3	43.2	41.5	39.1	42.6	41.1	39.6	37.5	41.3	39.4	38.1	36.1
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)	2,178.9	2,094.1	2,186.7	2,136.6	2,178.7	2,075.0	2,226.0	2,104.6	2,146.1	2,086.7	2,186.5	2,126.5

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	37.8	58.5	69.6	46.0	24.1	39.0	49.0	27.7	22.7	35.9	45.0	28.6
Depreciation of Fixed Assets and Investment Property	52.2	52.9	53.2	53.2	52.5	52.8	53.3	53.6	54.6	58.3	59.4	60.3
Provision (Increase)/Reversal	—	-86.6	11.6	6.5	68.3	-91.5	36.4	28.3	26.5	-45.2	-8.9	13.2
FX Gain/Loss from Revaluation of Monetary Items	—	3.9	0.0	22.5	—	2.6	0.0	36.5	0.0	-3.1	27.9	0.7
Gain/Loss from Investment Activities	-8.3	-9.2	-7.3	-7.5	-6.1	-7.8	-5.8	-8.8	-1.3	-10.8	-3.0	-12.2
Interest Expense	9.7	11.4	12.0	11.9	11.9	14.0	14.4	14.5	14.6	15.7	14.9	20.6
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	91.4	31.0	139.0	132.6	150.8	9.2	147.3	151.7	117.1	50.8	135.3	111.3
Increase/(Decrease) in Receivables	3.3	11.1	11.0	8.8	-1.2	7.7	-4.4	-1.0	7.9	-9.2	20.6	-4.9
Increase/(Decrease) in Inventory	-13.8	14.1	-9.0	-2.0	-19.7	16.0	-11.2	-3.7	-3.8	7.2	-1.9	-7.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	57.9	-9.7	-4.5	27.0	0.7	-32.3	41.9	5.0	2.9	-6.4	-14.8	42.2
Increase/(Decrease) in Prepaid Expenses	1.8	-0.8	1.1	-0.0	0.4	-0.8	-1.3	0.7	0.1	1.7	7.6	-5.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-23.8	0.0	-24.2	—	-29.0	0.0	-29.2	0.0	-30.0	-0.2	-27.8
Corporate Income Tax Paid	-15.9	-2.4	-17.2	-4.8	-8.6	-1.5	-10.0	-7.5	-7.2	-9.1	-5.1	-0.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.0	-11.4	-6.8	-8.8	-3.2	-11.3	-5.4	-9.2	-2.8	-12.1	-0.8	-8.7
Net Cash Flow from Operating Activities	121.8	8.0	113.6	128.6	119.1	-42.0	156.8	106.7	114.1	-7.1	140.9	97.7
Payments for Fixed Assets and Other Long-term Assets	-12.7	-25.7	-22.6	-40.8	-16.0	-58.9	-26.1	-5.8	-10.9	-28.3	-23.6	-19.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.0	0.0	0.3	0.0	0.7	0.0	0.0
Loans and Purchases of Debt Instruments	-15.8	34.0	-37.0	-100.5	-64.0	114.0	-132.0	-76.0	-49.5	36.2	-96.0	-60.5
Receipts from Loan Repayments and Sale of Debt Instruments	9.5	7.0	-63.0	77.5	7.0	17.0	-4.0	11.0	12.5	-13.0	13.0	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	5.8	4.4	17.0	2.3	3.9	3.9	8.8	3.2	4.5	7.5	7.3	5.0
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	-13.3	19.7	-105.6	-61.5	-69.2	75.9	-153.3	-67.3	-43.3	3.1	-99.3	-74.9
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	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-40.1	0.0	-39.2	—	-39.1	0.0	-37.8	0.0	-36.9	-9.9	-37.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-72.1	—	0.0	0.0	-68.2	0.0	0.0	0.0	-68.2
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-40.1	0.0	-111.3	—	-39.1	0.0	-106.0	0.0	-36.9	-9.9	-105.6
Net Cash Flow During the Period	108.5	-12.4	8.0	-44.2	50.0	-5.2	3.5	-66.5	70.7	-40.9	31.7	-82.8
Cash and Cash Equivalents at Beginning of Period	18.7	31.1	23.1	67.3	17.3	14.8	14.8	14.8	14.8	61.4	61.4	61.4
FX Difference from Revaluation	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	127.3	18.7	31.1	23.1	67.3	17.3	22.5	19.0	85.5	14.8	55.7	24.0

Explore Other Stocks In The Same Sector

BWE, DNW, BWS, DNP, DNN, TDM, VAV, HWS, PMW, KHW, CTW, LDW, DWC, VLW, NNT, NQN, THN, TDW, CLW, NBT, DWS, HDW, BTW, GDW, QNW, BDW, TOW, BNW, TBW, NBW, NDW, LAW, PWS, PJS, STW, NAW, NS2, CMW, TNW, NTW, BGW, NLS, NVP, GLW, NQB, LKW, THW, DVW, SII, TAW, VPW, NSL, TQW, DKW, BWA

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

HPW

What Is Changing

Drivers of HPW's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ▲

Working Capital Efficiency ▼

Is financial risk significant?

Leverage & Liquidity ●

Cash Flow ▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow