HTL

Kỹ thuật và Ô tô Trường Long ·HOSE ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 3.34%, −2.22pp YoY

Price

21,200

Latest close

03 Jun 2026

P/E 9.33x

P/B 1.45x

EPS 2,272

BVPS 14,588

ROE 15.2%

ROA 7.6%

Profit Margin 3.3%

Asset Turnover 2.27x

Equity Mult. 2.00x

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

What Is Changing

On a TTM 2026Q1 basis, HTL is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 815bn
	                                
+61.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 27bn
	                                
−3.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    37.0%

Metric	2025	2024	2023	2022	2021
Revenue	689.5	476.5	657.5	1,047.2	905.8
Growth	+45%	-28%	-37%	+16%	—
Net Income	24.9	23.1	38.3	37.0	27.2
Net Margin	3.61%	4.86%	5.83%	3.53%	3.00%

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	215.8	255.5	184.6	159.2	91.1	135.1	135.4	142.9	63.8	288.0	146.2	122.2
Growth	-16%	+38%	+16%	+75%	-33%	-0%	-5%	+124%	-78%	+97%	+20%	—
Net Income	6.3	11.7	4.9	4.4	3.8	7.2	6.3	10.8	2.6	29.8	2.7	4.2
Net Margin	2.91%	4.59%	2.66%	2.74%	4.14%	5.31%	4.68%	7.57%	4.08%	10.35%	1.84%	3.47%

Drivers of HTL's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 5.3bn

Financial income ↑ 0.4bn

Other profit ↑ 0.3bn

Tax ↓ 0.2bn

Administrative expenses ↑ 3.2bn

Selling expenses ↑ 2.9bn

TTM

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

Gross profit ↑ 7.1bn

Financial income ↑ 0.4bn

Other profit ↑ 0.3bn

Selling expenses ↑ 2.3bn

Administrative expenses ↑ 1.9bn

Tax ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.3% = 5.6% × 1.32 × 1.82

2026Q1 15.2% = 3.3% × 2.27 × 2.00

ROE rose from 13.3% to 15.2% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 3.3% -2.2pp Asset turnover: 2.27x +0.96x Leverage: 2.00x +0.18x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 3.34%, losing 2.2pp. The main pressure is Gross margin fell 4.7pp, outweighing the improvement in SG&A / Revenue fell 2.8pp (with lingering pressure from Other profit / Revenue fell 0.9pp and Net financial result / Revenue fell 0.1pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 3.34% −2.2pp

Gross Margin 9.27% −4.7pp

SG&A / Revenue 6.56% −2.8pp

Non-core / Revenue 1.49% −1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 1.0pp, other income still accounts for 37.0% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 7.41%, broadly flat versus the same period. That translates to 7.41 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 1.5pp, but capital turnover rose 1.42x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

CAPITAL EFFICIENCY TREND

ROIC 7.41% −0.2pp

NOPAT Margin 2.11% −1.5pp

Capital Turnover 3.52x +1.42x

Average Invested Capital 231.6bn −8.2bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.14x equity, net debt at 0.40x equity.

Inventory ended the period at 235.8bn, roughly 65.3% of total assets.

Over the last 12 months, working capital absorbed 38.2bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +8.4bn

Inventories increased → lower CFO: −30.4bn

Payables decreased → lower CFO: −16.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 88.9 days versus the same period last year. The main moves came from DIO fell 95.9 days, DSO fell 10.0 days, and DPO fell 17.1 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 103.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 14.8 days −10.0 days

Inventory 121.4 days −95.9 days

Payables 32.9 days −17.1 days

Cash Conversion Cycle 103.3 days −88.9 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 0.40x and interest coverage at 6.84x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 19.6% of debt, and total debt stands at 87.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 19.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.40x +0.22x

Interest Coverage 6.84x −3.40x

Cash / Debt 19.6% −10.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.17x −4.21x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 9.5bn in 2025, against investing cash flow of -12.1bn.

Post-investment cash flow was negative +2.5bn. Financing cash flow was positive +2.8bn.

CFO / net income was 0.17x.

After spending +4.2bn on fixed-asset investment, the business generated trailing free cash flow of +0.5bn.

Cash Conversion

CFO TTM 4.6bn −118.5bn

Cash Capex 4.2bn +3.2bn

FCF TTM +0.5bn −121.7bn

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 next item to monitor is the earnings mix, when non-core contribution is -1.6%. The main risk still sits in core profitability, with net margin down 2.2 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -1.6% of PBT and CFO / net income currently at 0.17x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 3.34% after a 2.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	689.5	476.5	657.5	1,047.2	905.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	689.5	476.5	657.5	1,047.2	905.8
Cost of Goods Sold	621.1	411.7	567.2	960.9	0.0
Gross Profit	68.4	64.8	90.4	86.3	72.9
Financial Income	2.2	3.1	2.7	3.2	1.4
Financial Expenses	2.7	2.3	1.6	1.8	-2.2
Interest Expense	2.4	1.7	1.6	0.6	-1.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	27.3	27.2	29.8	34.4	-32.1
General and Administrative Expenses	21.6	21.6	25.9	24.5	-18.9
Operating Profit	18.9	16.8	35.7	28.8	21.1
Other Income	12.8	12.4	13.1	17.6	0.0
Other Expenses	0.3	0.1	0.2	0.1	0.0
Other Profit	12.5	12.3	12.9	17.5	13.0
Profit Before Tax	31.5	29.1	48.6	46.4	34.1
Current Income Tax Expense	6.6	5.9	10.3	9.3	-6.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	24.9	23.1	38.3	37.0	27.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	24.9	23.1	38.3	37.0	27.2
Earnings per Share	2,072.00	1,929.00	3,194.00	3,083.00	2,263.00
Diluted EPS	2,072.00	1,929.00	3,194.00	3,083.00	2,263.17

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	308.0	210.6	387.9	292.7	272.9
I. Cash and cash equivalents	20.9	20.6	35.0	31.5	55.3
1. Cash	20.9	20.6	35.0	24.5	0.0
2. Cash equivalents	—	0.0	0.0	7.0	0.0
II. Short-term financial investments	10.2	0.1	20.1	4.6	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	10.2	0.1	20.1	4.6	0.0
III. Short-term receivables	34.6	29.3	56.0	30.7	52.6
1. Short-term trade accounts receivable	29.1	27.9	53.3	28.1	0.0
2. Short-term prepayments to suppliers	3.9	0.5	0.9	0.7	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	1.7	0.9	1.6	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	0.2	0.0	0.0
IV. Inventories	235.8	158.1	268.9	218.1	153.2
1. Inventories	236.8	159.3	270.9	218.1	0.0
2. Provision for decline in value of inventories	-1.0	-1.3	-2.0	0.0	0.0
V. Other short-term assets	6.5	2.4	7.9	7.8	0.7
1. Short-term prepayments	1.4	1.0	0.6	1.3	0.0
2. Value added tax to be reclaimed	5.0	1.4	7.2	6.4	0.0
3. Taxes and other receivables from state authorities	—	0.1	0.0	0.1	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)	53.0	55.1	60.3	64.8	69.7
I. Long-term receivables	0.0	0.0	0.0	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	24.2	26.9	30.6	34.5	38.0
1. Tangible fixed assets	23.9	26.6	30.2	34.1	38.0
- Cost	86.4	87.9	88.8	88.9	0.0
- Accumulated depreciation	-62.5	-61.3	-58.6	-54.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.3	0.4	0.4	0.0
- Cost	0.8	0.7	0.7	0.8	0.0
- Accumulated depreciation	-0.5	-0.4	-0.3	-0.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.7	0.0	0.2	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.7	0.0	0.2	0.0	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	27.1	28.2	29.5	30.2	0.0
1. Long-term prepayments	26.9	28.0	29.4	30.0	0.0
2. Deferred income tax assets	0.2	0.2	0.2	0.2	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	31.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	361.0	265.7	448.2	357.5	342.5
A. LIABILITIES (300=210+330)	192.3	85.8	189.4	125.1	141.0
I. Short -term liabilities	191.5	84.8	188.0	124.3	139.6
1. Short-term trade accounts payable	66.2	31.1	72.4	60.7	48.2
2. Short-term advances from customers	37.6	6.6	4.9	5.2	32.7
3. Taxes and other payables to state authorities	6.0	3.0	11.0	2.8	0.0
4. Payable to employees	8.2	10.2	14.9	14.1	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.1
9. Other short-term payables	3.1	4.6	52.3	2.7	0.0
10. Short-term borrowings and financial leases	65.7	24.6	28.1	34.5	18.7
11. Provision for short-term liabilities	0.3	0.4	0.1	0.0	0.0
12.. Bonus and welfare fund	4.3	4.3	4.3	4.3	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	0.8	1.0	1.4	0.8	1.4
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.8	1.0	1.4	0.8	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)	168.8	179.9	258.8	232.4	201.5
I. Owner's equity	168.8	179.9	258.8	232.4	0.0
1. Owner's capital	120.0	120.0	120.0	120.0	201.5
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- 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	—	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	—	0.0	0.0	0.0	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	48.8	59.9	138.8	112.3	81.5
- Accumulated retained earning at the end of the previous period	23.9	36.8	100.4	75.3	54.3
- Undistributed earnings in this period	24.9	23.1	38.3	37.0	27.2
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)	361.0	265.7	448.2	357.5	342.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	31.5	29.1	48.6	46.4	22.1
Depreciation of Fixed Assets and Investment Property	3.5	4.2	5.5	6.0	5.2
Provision (Increase)/Reversal	-0.5	-0.9	2.7	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.0	-0.0	0.3	0.0
Gain/Loss from Investment Activities	-0.6	-1.1	-0.5	-0.4	0.0
Interest Expense	2.4	1.7	1.6	0.6	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	1.5	0.0
Operating Profit Before Changes in Working Capital	36.1	32.9	58.0	54.4	27.0
Increase/(Decrease) in Receivables	-8.7	32.5	-25.8	15.4	0.0
Increase/(Decrease) in Inventory	-77.4	111.6	-52.9	-69.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	64.1	-96.3	64.9	-7.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.6	1.0	1.3	0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.4	-1.7	-1.6	-0.6	0.0
Corporate Income Tax Paid	-2.8	-12.7	-5.1	-10.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	9.5	67.2	38.7	-18.5	23.3
Payments for Fixed Assets and Other Long-term Assets	-3.1	-2.3	-3.8	-4.0	0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	2.1	2.1	0.0	0.0
Loans and Purchases of Debt Instruments	-10.0	-20.0	0.0	-4.4	-10.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	40.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	-25.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	9.4	0.0	0.0
Dividends and Interest Income Received	0.1	1.0	0.4	0.4	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	-12.1	20.8	-16.9	-8.0	-8.8
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	201.2	181.7	148.0	51.1	164.7
Repayment of Borrowings	-160.1	-185.2	-154.4	-35.4	-181.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-38.2	-98.9	-12.0	-24.0	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	2.8	-102.4	-18.3	-8.3	-16.8
Net Cash Flow During the Period	0.3	-14.4	3.5	-34.8	39.7
Cash and Cash Equivalents at Beginning of Period	20.6	35.0	31.5	66.3	57.6
FX Difference from Revaluation	0.1	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	20.9	20.6	35.0	31.5	55.3

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	215.8	255.5	184.6	159.2	91.1	135.1	135.4	142.9	63.8	302.3	146.2	122.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	14.3	0.0	0.0
Net Revenue	215.8	255.5	184.6	159.2	91.1	135.1	135.4	142.9	63.8	288.0	146.2	122.2
Cost of Goods Sold	196.8	231.5	168.4	142.7	79.2	114.5	116.4	124.0	55.1	229.4	135.3	111.0
Gross Profit	19.0	23.9	16.2	16.5	11.9	20.6	19.0	18.8	8.7	58.6	10.9	11.2
Financial Income	0.4	1.6	0.4	0.2	0.0	0.4	0.3	1.5	0.8	0.4	1.1	0.7
Financial Expenses	0.9	0.8	0.8	0.7	0.5	0.2	1.1	0.5	0.5	0.6	0.1	0.3
Interest Expense	0.9	0.8	0.8	0.7	0.3	0.2	0.7	0.5	0.4	0.6	0.1	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	7.2	8.4	7.0	7.3	4.8	9.0	7.0	6.1	4.2	13.1	6.5	5.0
General and Administrative Expenses	6.0	6.1	5.8	5.7	4.2	6.2	5.2	5.0	3.8	10.6	5.7	4.7
Operating Profit	5.3	10.3	3.0	3.1	2.4	5.6	6.1	8.8	1.0	34.8	-0.4	1.9
Other Income	2.6	4.2	3.3	2.8	2.3	3.6	1.8	4.7	2.3	3.8	3.8	3.4
Other Expenses	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	1.2	0.0	0.0
Other Profit	2.6	4.2	3.3	2.6	2.3	3.5	1.8	4.7	2.2	2.6	3.8	3.4
Profit Before Tax	7.8	14.4	6.2	5.7	4.7	9.1	7.9	13.5	3.2	37.3	3.4	5.3
Current Income Tax Expense	1.6	2.7	1.3	1.4	0.9	1.9	1.6	2.7	0.6	7.5	0.7	1.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.3	11.7	4.9	4.4	3.8	7.2	6.3	10.8	2.6	29.8	2.7	4.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.3	11.7	4.9	4.4	3.8	7.2	6.3	10.8	2.6	29.8	2.7	4.2
Earnings per Share	523.00	977.00	409.00	363.00	314.00	598.00	527.00	901.00	217.00	2,485.00	225.00	354.00
Diluted EPS	523.00	977.00	409.00	363.00	314.00	2,234.00	527.00	901.37	216.95	2,484.54	224.62	354.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	318.2	308.1	340.1	306.8	293.1	210.5	257.1	334.0	362.4	388.0	278.6	256.2
I. Cash and cash equivalents	17.2	20.9	42.4	18.4	14.5	20.6	34.3	23.7	34.0	35.0	28.3	17.7
1. Cash	17.2	20.9	42.4	18.4	11.5	20.6	34.3	23.7	34.0	35.0	26.3	15.7
2. Cash equivalents	—	—	—	—	3.0	0.0	0.0	0.0	0.0	0.0	2.0	2.0
II. Short-term financial investments	0.1	10.2	0.1	0.1	0.1	0.1	20.1	30.1	0.1	20.1	0.1	8.7
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.1	10.2	0.1	0.1	0.1	0.1	20.1	30.1	0.1	20.1	0.1	8.7
III. Short-term receivables	34.2	34.7	25.3	27.4	41.4	29.3	21.1	34.2	35.8	56.0	18.2	15.2
1. Short-term trade accounts receivable	28.5	29.1	19.4	22.5	37.6	27.9	14.1	27.6	30.9	53.3	12.8	11.1
2. Short-term prepayments to suppliers	3.5	3.9	3.7	3.2	2.0	0.5	5.1	5.0	3.6	0.9	1.6	1.1
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	—	1.7	2.2	1.7	1.7	1.0	1.9	1.4	1.3	1.6	3.7	2.8
7. Provision for short-term doubtful debts (*)	2.2	—	—	—	—	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	0.1	0.0	0.2	0.0	0.1
IV. Inventories	260.1	235.8	261.9	250.7	229.7	158.1	179.8	242.0	284.4	268.9	224.8	208.1
1. Inventories	261.1	236.8	263.0	251.7	230.7	159.3	181.3	243.5	286.2	270.9	224.8	208.1
2. Provision for decline in value of inventories	-1.0	-1.0	-1.0	-1.0	-1.1	-1.3	-1.4	-1.5	-1.8	-2.0	0.0	0.0
V. Other short-term assets	6.6	6.6	10.3	10.2	7.4	2.4	1.7	3.9	8.0	8.0	7.1	6.5
1. Short-term prepayments	1.2	1.5	2.0	1.5	1.1	1.0	1.2	1.2	1.0	0.7	1.4	1.5
2. Value added tax to be reclaimed	5.4	4.8	8.2	8.7	6.3	1.4	0.5	2.7	7.0	7.2	5.7	4.5
3. Taxes and other receivables from state authorities	—	0.3	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.5
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	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	52.2	52.9	53.7	52.9	53.1	55.1	56.4	57.7	57.8	60.2	62.1	62.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2
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	0.0	0.0	0.0	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	25.3	24.0	24.7	24.6	25.3	26.9	27.9	28.9	28.5	30.6	31.6	32.4
1. Tangible fixed assets	25.1	23.7	24.5	24.3	25.0	26.6	27.6	28.6	28.1	30.2	31.2	32.0
- Cost	88.4	—	—	—	—	87.9	87.9	87.0	85.5	88.8	89.8	89.2
- Accumulated depreciation	-63.3	—	—	—	—	-61.3	-60.3	-58.4	-57.4	-58.6	-58.6	-57.3
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	0.2	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4
- Cost	0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	1.7	1.4	0.8	—	0.0	0.0	0.0	0.2	0.2	0.2	0.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	1.7	1.4	0.8	—	0.0	0.0	0.0	0.2	0.2	0.2	0.3
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	26.9	27.2	27.5	27.5	27.8	28.2	28.5	28.7	29.1	29.5	30.1	30.0
1. Long-term prepayments	26.6	27.0	27.2	27.3	27.6	28.0	28.3	28.6	28.9	29.3	29.9	29.8
2. Deferred income tax assets	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	—	—	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.1	—	—	—	—	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)	370.5	361.0	393.8	359.7	346.3	265.7	313.4	391.7	420.2	448.2	340.7	319.0
A. LIABILITIES (300=210+330)	195.4	192.1	200.6	171.4	162.6	82.1	95.1	179.6	182.8	189.1	111.3	92.1
I. Short -term liabilities	194.6	191.3	199.8	170.6	161.8	81.3	94.3	178.9	181.4	188.3	110.4	91.2
1. Short-term trade accounts payable	57.6	66.2	71.1	73.5	75.6	31.1	12.0	29.4	43.1	72.3	49.1	53.2
2. Short-term advances from customers	33.5	37.6	39.6	33.6	25.7	6.6	8.0	11.9	12.1	4.9	12.6	21.3
3. Taxes and other payables to state authorities	2.0	5.8	2.9	4.6	0.7	4.2	8.6	2.5	2.0	10.8	3.5	3.8
4. Payable to employees	5.4	8.3	7.2	5.4	4.9	5.4	4.9	4.7	6.5	14.9	4.7	4.5
5. Short-term acrrued expenses	0.1	—	0.0	0.0	0.1	0.0	0.7	0.2	0.3	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	3.6	3.0	1.8	2.2	1.6	4.6	2.4	40.1	54.4	52.1	1.9	1.8
10. Short-term borrowings and financial leases	87.7	65.7	72.6	46.4	48.4	24.6	53.0	85.2	58.6	28.1	34.3	2.4
11. Provision for short-term liabilities	0.4	0.4	0.4	0.5	0.6	0.6	0.4	0.5	0.1	0.8	0.0	0.0
12.. Bonus and welfare fund	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	1.4	0.8	0.8	0.8
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	—	—	—	—	—	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
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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	1.4	0.8	0.8	0.8
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)	175.1	168.9	193.2	188.3	183.7	183.6	218.3	212.0	237.4	259.1	229.4	227.0
I. Owner's equity	175.1	168.9	193.2	188.3	183.7	183.6	218.3	212.0	237.4	259.1	229.4	227.0
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	55.1	48.9	73.2	68.3	63.7	63.6	98.3	92.0	117.4	139.1	109.4	107.0
- Accumulated retained earning at the end of the previous period	48.8	23.9	59.9	59.9	59.9	36.8	78.8	78.8	114.8	100.4	100.4	100.4
- Undistributed earnings in this period	6.3	25.0	13.3	8.4	3.8	26.8	19.6	13.3	2.6	38.7	9.0	6.5
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)	370.5	361.0	393.8	359.7	346.3	265.7	313.4	391.7	420.2	448.2	340.7	319.0

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	7.8	14.4	6.2	6.1	4.7	9.2	7.9	13.4	3.2	37.0	3.2	5.6
Depreciation of Fixed Assets and Investment Property	0.8	0.8	0.8	0.9	0.9	1.5	0.8	1.0	1.1	1.3	1.4	1.4
Provision (Increase)/Reversal	0.0	-0.0	-0.1	-0.1	-0.3	0.1	-0.2	-0.5	-0.2	2.8	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	—	—	—	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.6	0.3	-0.3	-0.0	-0.2	-0.2	-0.2	-0.5	0.1	-0.5	0.1
Interest Expense	0.9	0.7	0.9	0.5	0.3	1.3	0.7	0.4	0.4	0.6	0.1	0.3
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	9.6	15.3	8.2	7.0	5.7	11.9	9.0	14.0	4.1	41.8	4.2	7.4
Increase/(Decrease) in Receivables	0.1	-5.8	2.4	11.6	-16.9	-9.1	25.3	6.0	20.4	-39.2	-3.7	15.3
Increase/(Decrease) in Inventory	-24.4	26.2	-8.7	-23.5	-71.4	21.9	62.3	42.7	-15.3	-46.1	-16.7	23.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-15.8	-11.6	7.1	4.1	64.4	54.3	-33.0	-32.6	-66.5	82.3	-17.2	2.9
Increase/(Decrease) in Prepaid Expenses	0.6	0.8	-0.4	-0.1	0.2	0.4	0.3	0.2	0.1	1.4	-0.1	-0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-0.7	-0.9	-0.5	-0.3	-1.3	-0.7	-0.4	-0.4	-0.6	-0.1	-0.3
Corporate Income Tax Paid	-4.6	9.5	-10.9	10.9	-12.3	-21.1	16.8	-13.3	4.9	-6.2	3.7	-7.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-35.4	33.8	-3.2	9.5	-30.5	57.0	80.0	16.6	-52.8	33.2	-29.8	41.6
Payments for Fixed Assets and Other Long-term Assets	-0.4	-1.1	-1.1	-1.6	0.7	-0.6	2.2	-3.2	0.9	-2.3	0.3	-2.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	1.0	—	0.0	-2.1	2.1	0.0	2.1	-0.7	0.7
Loans and Purchases of Debt Instruments	—	-10.0	—	—	—	0.0	-10.0	-40.0	20.0	-4.4	9.4	-0.9
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	—	—	—	—	0.0	0.0	20.0	0.0	0.0	-0.9	0.9
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-25.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	9.4	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.2	0.4	-0.0	0.5	-0.2	0.4	-0.1
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	9.6	-10.1	-2.0	-0.6	0.7	-0.4	-9.6	-21.1	21.3	-20.3	8.5	-1.7
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	—	201.1	-88.5	20.1	68.4	41.4	33.9	111.5	14.9	74.3	34.5	24.4
Repayment of Borrowings	22.0	-208.0	114.6	-22.0	-44.6	-69.8	-66.1	-84.9	15.6	-80.5	-2.6	-45.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-35.1	—	-3.1	—	-42.0	-37.6	-22.3	0.0	-0.0	0.0	-12.0
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	22.0	-45.1	29.2	-5.0	23.8	-70.4	-69.8	4.2	30.4	-6.2	31.9	-32.9
Net Cash Flow During the Period	-3.8	-21.5	24.0	3.9	-6.1	-13.7	0.6	-0.3	-1.0	6.7	10.6	6.9
Cash and Cash Equivalents at Beginning of Period	20.9	42.4	18.4	14.5	20.6	35.0	35.0	35.0	35.0	31.5	31.5	31.5
FX Difference from Revaluation	—	0.1	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.2	20.9	42.4	18.4	14.5	20.6	34.3	33.7	34.0	35.0	28.3	17.7

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HTL

What Is Changing

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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