KHW

Cấp thoát nước Khánh Hòa ·UPCOM ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity 19.06x

Price

34,500

Latest close

03 Jun 2026

P/E 11.06x

P/B 2.24x

EPS 3,120

BVPS 15,381

ROE 22.6%

ROA 14.4%

Profit Margin 19.3%

Asset Turnover 0.75x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, KHW is maintaining revenue, but margins are compressing slightly — profit is at an all-time high. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 462bn
	                                
+4.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 89bn
	                                
+3.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	456.3	436.0	386.0	335.0	309.7
Growth	+5%	+13%	+15%	+8%	—
Net Income	88.8	87.2	61.5	38.6	32.6
Net Margin	19.47%	20.01%	15.93%	11.52%	10.51%

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	106.0	108.5	128.5	119.5	99.9	106.5	122.0	113.2	93.9	100.3	105.3	99.0
Growth	-2%	-16%	+8%	+20%	-6%	-13%	+8%	+21%	-6%	-5%	+6%	—
Net Income	15.3	23.9	25.9	24.1	14.5	22.2	25.9	23.6	15.6	9.8	22.9	17.1
Net Margin	14.48%	22.04%	20.16%	20.16%	14.56%	20.87%	21.24%	20.85%	16.65%	9.74%	21.71%	17.31%

Drivers of KHW's profit

TTM

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

Financial income ↑ 1.8bn

Gross profit ↑ 1.3bn

Other profit ↑ 1.3bn

Administrative expenses ↑ 1.9bn

TTM

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

Financial income ↑ 0.8bn

Finance costs ↓ 0.7bn

Other profit ↑ 0.6bn

Gross profit ↓ 0.6bn

Administrative expenses ↑ 0.6bn

Tax ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 25.5% = 19.5% × 0.76 × 1.72

2026Q1 22.6% = 19.3% × 0.75 × 1.57

ROE fell from 25.5% to 22.6% — all three components weakened, with leverage being the main drag.

Net margin: 19.3% -0.2pp Asset turnover: 0.75x -0.02x Leverage: 1.57x -0.15x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 19.30%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 19.30% −0.2pp

Gross Margin 23.78% −0.8pp

SG&A / Revenue 3.02% +0.3pp

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 16.8% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 16.81%, losing 2.1pp. That translates to 16.81 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.5pp and capital turnover fell 0.08x, while invested capital rose by 66bn — pressure came from both operational efficiency and asset efficiency.

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 16.81% −2.1pp

NOPAT Margin 18.91% −0.5pp

Capital Turnover 0.89x −0.08x

Average Invested Capital 520.1bn +66.2bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.49x equity, net debt at 0.27x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.7 days versus the same period last year. The main moves came from DIO fell 4.3 days, DSO rose 1.0 days, and DPO rose 1.4 days.

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

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

Receivables collection is slowing

DSO increased by +1.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 34.5 days +1.0 days

Inventory 26.6 days −4.3 days

Payables 16.8 days +1.4 days

Cash Conversion Cycle 44.2 days −4.7 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 0.27x and interest coverage at 19.06x.

At present, short-term debt accounts for 22.6% of total debt, cash equals 4.8% of debt, and total debt stands at 125.5bn.

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 4.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.27x −0.10x

Interest Coverage 19.06x +0.91x

Cash / Debt 4.8% +1.8pp

Short-term Debt / Total Debt 22.6% +4.2pp

CFO / NI 1.53x +0.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 144.8bn in 2025, against investing cash flow of -94.0bn.

Post-investment cash flow was positive +50.8bn. Financing cash flow was negative +53.7bn.

CFO / net income was 1.53x.

After spending +79.3bn on fixed-asset investment, the business generated trailing free cash flow of +57.3bn.

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 136.6bn +38.2bn

Cash Capex 79.3bn +76.2bn

FCF TTM +57.3bn −38.0bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.53x. The next item to monitor is capital efficiency, with ROIC at 16.8%. The main risk still sits in leverage and liquidity, with interest coverage at 19.06x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.53x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.27x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	456.4	436.1	386.0	335.0	309.7
Revenue Deductions	0.1	0.0	0.0	0.0	0.0
Net Revenue	456.3	436.0	386.0	335.0	309.7
Cost of Goods Sold	345.4	327.3	306.2	280.3	0.0
Gross Profit	110.9	108.7	79.8	54.7	44.8
Financial Income	5.9	4.6	5.4	3.9	3.2
Financial Expenses	5.8	4.0	3.4	3.6	-2.6
Interest Expense	5.8	4.0	3.4	3.6	-2.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.5	0.5	0.6	0.6	-0.6
General and Administrative Expenses	13.0	11.5	13.5	10.5	-7.9
Operating Profit	97.6	97.4	67.6	44.0	36.9
Other Income	6.5	5.8	5.4	3.9	0.0
Other Expenses	5.1	5.2	4.3	4.5	0.0
Other Profit	1.4	0.6	1.1	-0.6	-0.1
Profit Before Tax	99.0	98.0	68.7	43.4	36.8
Current Income Tax Expense	10.2	10.7	7.2	4.8	-4.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	88.8	87.2	61.5	38.6	32.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	88.8	87.2	61.5	38.6	32.6
Earnings per Share	3,106.00	3,050.00	2,149.00	1,349.00	490.00
Diluted EPS	3,106.00	3,050.00	2,149.00	1,349.00	1,252.32

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	198.8	175.7	167.5	135.1	149.2
I. Cash and cash equivalents	3.7	6.6	5.9	6.9	13.9
1. Cash	0.6	3.5	2.9	0.9	0.0
2. Cash equivalents	3.2	3.1	3.0	6.0	0.0
II. Short-term financial investments	120.7	99.9	87.0	56.3	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	120.7	99.9	87.0	56.3	0.0
III. Short-term receivables	49.8	45.6	48.1	40.3	45.1
1. Short-term trade accounts receivable	44.8	43.2	45.6	38.2	0.0
2. Short-term prepayments to suppliers	2.0	0.4	1.1	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	3.2	2.2	1.6	1.9	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	24.5	23.6	26.3	30.6	32.8
1. Inventories	24.5	23.6	26.3	30.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.0	0.2	1.0	1.4
1. Short-term prepayments	—	0.0	0.2	0.0	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	1.0	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)	432.0	438.2	374.6	375.4	367.9
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	392.4	407.0	339.2	343.1	306.9
1. Tangible fixed assets	379.4	394.1	325.5	328.4	294.4
- Cost	1,340.0	1,279.1	1,251.1	1,181.4	0.0
- Accumulated depreciation	-960.6	-885.0	-925.6	-853.0	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	13.0	12.9	13.8	14.7	12.5
- Cost	28.8	28.8	28.7	28.7	0.0
- Accumulated depreciation	-15.9	-15.8	-14.9	-14.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.9	1.9	7.8	4.7	36.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.9	1.9	7.8	4.7	0.0
V. Long-term financial investments	24.0	24.0	24.0	24.0	24.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	24.0	24.0	24.0	24.0	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	10.7	5.3	3.6	3.6	0.0
1. Long-term prepayments	10.7	5.3	3.6	3.6	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	0.8
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)	630.8	614.0	542.1	510.5	517.1
A. LIABILITIES (300=210+330)	206.2	217.2	189.5	182.1	195.6
I. Short -term liabilities	101.5	96.0	99.5	95.1	91.5
1. Short-term trade accounts payable	17.7	11.0	18.3	24.8	30.6
2. Short-term advances from customers	2.5	1.8	2.3	2.8	2.1
3. Taxes and other payables to state authorities	11.9	13.0	9.6	7.9	0.0
4. Payable to employees	19.9	20.8	24.2	19.6	0.0
5. Short-term acrrued expenses	2.0	4.7	2.7	2.0	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	7.2	6.8	7.1	8.3	0.0
10. Short-term borrowings and financial leases	37.7	31.3	28.5	27.8	27.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	6.7	6.8	1.9	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	104.7	121.2	90.1	87.0	104.1
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	5.9	9.9	11.6	14.1	0.0
8. Long-term borrowings and financial leases	94.4	105.8	72.8	71.3	87.1
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	4.5	5.4	5.7	1.6	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	424.6	396.8	352.6	328.3	321.4
I. Owner's equity	424.6	396.8	352.6	328.3	0.0
1. Owner's capital	286.0	286.0	286.0	286.0	321.4
- Common stock with voting right	285,999,960,000.00	285,999,960,000.00	285,999,960,000.00	285,999,960,000.00	260,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.9	0.9	0.9	0.9	0.9
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	48.9	22.7	4.3	2.9	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	88.8	87.2	61.5	38.6	32.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	88.8	87.2	61.5	38.6	32.8
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)	630.8	614.0	542.1	510.5	517.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	99.0	98.0	68.7	43.4	0.0
Depreciation of Fixed Assets and Investment Property	90.1	80.2	76.4	70.4	23.0
Provision (Increase)/Reversal	—	0.0	0.0	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.9	-4.8	-5.4	-3.9	0.0
Interest Expense	5.8	4.0	3.4	3.6	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	4.2	1.2	0.0
Operating Profit Before Changes in Working Capital	188.9	177.4	147.4	114.8	0.0
Increase/(Decrease) in Receivables	-4.5	2.8	-7.0	5.9	0.0
Increase/(Decrease) in Inventory	-0.9	2.6	4.3	2.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	-8.9	-11.5	0.9	0.0
Increase/(Decrease) in Prepaid Expenses	-5.4	-1.5	-0.2	-2.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.8	-4.9	-3.5	-5.4	0.0
Corporate Income Tax Paid	-11.0	-8.8	-5.5	-6.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-16.6	-7.7	-2.3	-6.4	0.0
Net Cash Flow from Operating Activities	144.8	151.0	121.7	103.2	52.9
Payments for Fixed Assets and Other Long-term Assets	-79.4	-142.4	-70.0	-69.3	-27.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-226.9	-90.6	-100.5	-47.3	-58.0
Receipts from Loan Repayments and Sale of Debt Instruments	206.1	77.7	69.8	47.0	66.0
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	6.2	4.3	5.9	3.4	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	-94.0	-150.8	-94.8	-66.2	-17.5
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	28.4	67.3	31.5	12.1	7.8
Repayment of Borrowings	-33.5	-31.4	-29.3	-27.8	-25.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-48.6	-35.4	-30.0	-28.4	-25.7
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	-53.7	0.5	-27.8	-44.1	-43.7
Net Cash Flow During the Period	-2.9	0.7	-0.9	-7.1	-8.3
Cash and Cash Equivalents at Beginning of Period	6.6	5.9	6.9	13.9	22.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.7	6.6	5.9	6.9	13.9

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	106.0	108.5	128.5	119.5	99.9	106.5	122.0	113.2	93.9	100.3	105.3	99.0
Revenue Deductions	0.0	0.0	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	106.0	108.5	128.5	119.5	99.9	106.5	122.0	113.2	93.9	100.3	105.3	99.0
Cost of Goods Sold	86.0	79.5	96.5	90.3	79.3	80.5	89.4	83.7	73.3	83.8	79.4	76.8
Gross Profit	20.0	28.9	32.0	29.1	20.6	26.0	32.5	29.5	20.6	16.6	25.9	22.2
Financial Income	1.2	1.9	1.7	1.9	0.4	3.2	0.4	0.9	0.3	2.2	2.1	0.5
Financial Expenses	1.4	0.3	2.4	1.0	2.1	0.7	1.6	1.0	1.3	0.4	0.6	1.2
Interest Expense	1.4	0.3	2.4	1.0	2.1	0.7	1.6	1.9	1.3	0.4	0.6	1.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	0.1	0.1	0.2	0.1	0.0	0.1	0.1	0.1	0.1	0.1
General and Administrative Expenses	3.2	3.8	2.9	3.6	2.6	3.8	2.9	2.5	2.4	7.2	2.1	2.2
Operating Profit	16.5	26.7	28.2	26.2	16.2	24.6	28.5	26.8	17.1	11.1	25.2	19.1
Other Income	1.8	1.5	2.0	1.9	1.1	1.4	1.7	1.2	1.5	1.1	1.6	1.1
Other Expenses	1.2	1.5	1.3	1.2	1.1	1.1	1.2	1.3	1.1	1.1	1.2	1.1
Other Profit	0.6	0.0	0.7	0.7	0.0	0.3	0.5	-0.1	0.4	-0.0	0.4	0.0
Profit Before Tax	17.1	26.7	28.9	26.9	16.2	24.9	29.0	26.8	17.4	11.1	25.6	19.1
Current Income Tax Expense	1.8	2.8	3.0	2.8	1.6	2.7	3.1	3.2	1.8	1.3	2.7	2.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	15.3	23.9	25.9	24.1	14.5	22.2	25.9	23.6	15.6	9.8	22.9	17.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	15.3	23.9	25.9	24.1	14.5	22.2	25.9	23.6	15.6	9.8	22.9	17.1
Earnings per Share	536.54	835.85	905.52	842.10	997.06	1,523.79	905.64	825.58	1,071.48	669.94	1,567.25	599.21
Diluted EPS	536.54	835.85	905.52	842.10	997.06	1,523.79	905.64	825.58	1,071.48	669.94	1,567.25	599.21

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)	204.3	198.7	190.5	217.5	188.2	175.7	173.9	195.0	171.0	167.2	150.2	169.6
I. Cash and cash equivalents	6.0	3.7	7.2	23.1	4.1	6.6	6.8	34.1	5.9	5.9	10.9	29.8
1. Cash	2.8	0.6	4.0	4.0	1.0	3.5	3.7	2.5	2.8	2.9	2.9	11.8
2. Cash equivalents	3.2	3.2	3.2	19.1	3.1	3.1	3.1	31.6	3.1	3.0	8.0	18.0
II. Short-term financial investments	122.1	120.7	104.7	114.8	113.7	99.9	89.2	78.6	87.1	87.0	68.7	63.3
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	122.1	120.7	104.7	114.8	113.7	99.9	89.2	78.6	87.1	87.0	68.7	63.3
III. Short-term receivables	51.6	49.8	54.4	55.3	43.6	45.6	50.9	54.0	48.4	48.0	44.5	43.9
1. Short-term trade accounts receivable	46.4	44.8	50.5	49.7	41.0	43.2	48.6	50.8	40.0	45.6	43.2	43.1
2. Short-term prepayments to suppliers	3.1	2.0	3.3	2.3	1.6	0.4	2.4	2.1	7.8	1.1	1.2	1.0
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	2.3	3.2	0.7	3.4	1.2	2.2	0.1	1.3	0.7	1.5	0.2	-0.1
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	24.6	24.5	24.3	24.4	26.7	23.6	26.5	28.1	29.6	26.3	26.0	32.6
1. Inventories	24.6	24.5	24.3	24.4	26.7	23.6	26.5	28.1	29.6	26.3	26.0	32.6
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	—	—	—	—	—	0.0	0.6	0.2	0.0	0.0	0.1	0.1
1. Short-term prepayments	—	—	—	—	—	0.0	0.5	0.0	0.0	0.0	0.1	0.1
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.1	0.2	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
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)	418.6	432.7	421.8	428.3	427.7	438.6	425.2	393.5	372.7	374.8	374.7	375.0
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	379.0	392.4	386.0	393.3	395.4	407.0	389.8	336.4	339.7	339.2	332.6	340.5
1. Tangible fixed assets	366.3	379.4	373.6	380.7	382.6	394.1	376.7	323.0	326.0	325.5	318.6	326.3
- Cost	1,350.7	—	—	—	—	1,279.1	1,360.2	1,286.4	1,270.4	1,251.1	1,228.1	1,214.7
- Accumulated depreciation	-984.4	—	—	—	—	-885.0	-983.5	-963.4	-944.3	-925.6	-909.5	-888.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	12.7	13.0	12.3	12.6	12.7	12.9	13.1	13.4	13.6	13.8	14.0	14.2
- Cost	28.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-16.2	—	—	—	—	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	4.7	4.9	8.5	7.5	3.9	4.8	9.0	30.3	5.7	7.8	14.1	6.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.7	4.9	8.5	7.5	3.9	4.8	9.0	30.3	5.7	7.8	14.1	6.3
V. Long-term financial investments	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
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	11.0	11.4	3.4	3.5	4.4	2.8	2.4	2.8	3.3	3.8	4.0	4.2
1. Long-term prepayments	11.0	11.4	3.4	3.5	4.4	2.8	2.4	2.8	3.3	3.8	4.0	4.2
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)	622.9	631.4	612.4	645.8	615.9	614.3	599.2	588.6	543.7	542.1	524.9	544.7
A. LIABILITIES (300=210+330)	183.0	207.4	212.2	271.7	265.7	217.1	224.2	239.7	218.5	189.6	182.2	224.7
I. Short -term liabilities	75.6	82.6	95.4	89.2	91.9	96.8	92.3	87.2	80.8	101.1	75.5	91.4
1. Short-term trade accounts payable	15.1	17.7	11.8	18.8	17.4	11.0	23.7	19.3	10.7	18.3	11.0	27.1
2. Short-term advances from customers	2.9	2.5	2.0	2.1	1.8	1.8	2.7	2.7	2.8	2.3	2.9	2.9
3. Taxes and other payables to state authorities	11.4	12.0	12.8	12.4	10.6	12.9	12.4	11.5	10.6	9.8	11.4	9.5
4. Payable to employees	6.8	21.0	30.9	18.0	7.9	20.8	32.6	23.7	15.2	24.2	25.3	22.5
5. Short-term acrrued expenses	2.2	2.0	2.5	3.4	4.0	4.7	2.6	3.6	2.4	2.7	2.3	2.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	7.4	7.2	5.4	7.0	7.2	6.8	6.9	6.6	7.3	6.2	8.1	5.5
10. Short-term borrowings and financial leases	28.3	17.6	26.3	15.8	24.7	32.2	4.2	11.1	22.7	30.9	7.3	14.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	2.6	3.6	11.8	18.5	6.7	7.2	8.6	9.1	6.8	7.1	7.5
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	107.3	124.8	116.8	182.5	173.7	120.3	131.9	152.6	137.6	88.5	106.7	133.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	5.9	5.9	9.9	58.6	58.6	9.9	11.6	47.0	47.0	11.6	13.3	45.1
8. Long-term borrowings and financial leases	97.2	114.4	102.2	119.0	110.0	105.0	114.8	100.0	85.0	71.2	91.9	86.7
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	4.3	4.5	4.7	4.9	5.2	5.4	5.6	5.6	5.7	5.7	1.5	1.6
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)	439.9	424.0	400.1	374.1	350.3	397.2	375.0	348.8	325.2	352.5	342.7	320.0
I. Owner's equity	439.9	424.0	400.1	374.1	350.3	397.2	375.0	348.8	325.2	352.5	342.7	320.0
1. Owner's capital	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0	286.0
- Common stock with voting right	285,999,960,000.00	285,999,960,000.00	285,999,960,000.00	285,999,960,000.00	145,860,000,000.00	145,860,000,000.00	285,999,960,000.00	285,999,960,000.00	145,860,000,000.00	145,860,000,000.00	145,860,000,000.00	285,999,960,000.00
- Preferred stock	—	—	—	—	140,139,960,000.00	140,139,960,000.00	0.00	0.00	140,139,960,000.00	140,139,960,000.00	140,139,960,000.00	0.00
2. Share premium	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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	48.9	48.9	48.9	48.9	48.9	22.7	22.7	22.7	22.7	4.3	4.3	4.3
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	104.2	88.3	64.4	38.4	14.5	87.6	65.4	39.2	15.6	61.3	51.6	28.8
- Accumulated retained earning at the end of the previous period	88.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	15.3	88.3	64.4	38.4	14.5	87.6	65.4	39.2	15.6	61.3	51.6	28.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	622.9	631.4	612.4	645.8	615.9	614.3	599.2	588.6	543.7	542.1	524.9	544.7

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	—	56.1	—	42.9	—	0.0	0.0	0.0	0.0	68.7	-32.0	32.0
Depreciation of Fixed Assets and Investment Property	—	46.0	—	44.0	—	0.0	0.0	0.0	0.0	76.4	-35.8	35.8
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	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
Gain/Loss from Investment Activities	—	-3.7	—	-2.2	—	0.0	0.0	0.0	0.0	-5.4	1.1	-1.1
Interest Expense	—	2.8	—	3.0	—	0.0	0.0	0.0	0.0	3.4	-2.5	2.5
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	4.2	0.0	0.0
Operating Profit Before Changes in Working Capital	—	101.2	—	87.7	—	0.0	0.0	0.0	0.0	147.4	-69.2	69.2
Increase/(Decrease) in Receivables	—	3.3	—	-7.8	—	0.0	0.0	0.0	0.0	-7.0	4.1	-4.1
Increase/(Decrease) in Inventory	—	-0.1	—	-0.7	—	0.0	0.0	0.0	0.0	4.3	2.0	-2.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-3.9	—	3.9	—	0.0	0.0	0.0	0.0	-11.5	-2.9	2.9
Increase/(Decrease) in Prepaid Expenses	—	-7.2	—	1.8	—	0.0	0.0	0.0	0.0	-0.2	0.7	-0.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-3.0	—	-2.7	—	0.0	0.0	0.0	0.0	-3.5	2.4	-2.4
Corporate Income Tax Paid	-3.0	-3.0	-3.0	-2.0	-3.0	-2.6	-2.3	-2.5	-1.4	-2.1	-1.9	-1.0
Other Operating Receipts	4.8	—	—	—	—	15.5	8.9	5.4	6.3	-24.8	24.8	-4.0
Other Operating Payments	-45.8	173.8	-183.1	36.0	-43.3	-41.0	-42.5	-40.8	-43.9	107.6	-108.3	33.1
Net Cash Flow from Operating Activities	11.3	110.3	-35.3	50.3	19.5	18.2	27.9	32.7	7.5	51.5	10.3	50.1
Payments for Fixed Assets and Other Long-term Assets	-0.4	-77.5	34.5	-35.9	-0.4	-0.8	-1.5	-0.4	-0.5	-68.6	33.0	-33.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	—	—	0.0	0.4	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-116.4	—	-110.5	—	0.0	0.0	0.0	0.0	-100.5	6.9	-6.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	110.5	—	95.6	—	0.0	0.0	0.0	0.0	69.8	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	5.1	0.9	0.3	0.0	1.1	0.0	0.0	0.0	4.7	-1.5	2.6
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	-1.8	-88.5	45.5	-36.7	-14.3	-10.0	-11.7	8.2	-0.6	-82.4	26.3	-31.1
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	2.1	15.2	—	13.2	—	0.0	0.0	0.0	0.0	31.5	-15.5	15.5
Repayment of Borrowings	-9.4	-8.7	-9.3	-8.9	-6.6	-7.2	-6.9	-11.5	-5.8	-8.9	-6.8	-9.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-45.0	-2.5	—	-1.1	-1.2	-36.7	-1.2	-1.1	3.3	-33.3	1.0
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	-7.2	-25.3	-26.2	5.5	-7.7	-8.4	-43.6	-12.7	-6.9	25.9	-55.5	6.9
Net Cash Flow During the Period	2.3	-3.4	-16.0	19.0	-2.5	-0.1	-27.3	28.2	-0.0	-5.0	-18.9	25.9
Cash and Cash Equivalents at Beginning of Period	3.7	7.2	23.1	4.1	6.6	5.9	5.9	5.9	5.9	6.9	6.9	6.9
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.0	3.7	7.2	23.1	4.1	6.6	6.8	34.1	5.9	5.9	10.9	29.8

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KHW

What Is Changing

Drivers of KHW's profit

Financial Highlights

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What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ▼

Balance Sheet ●

Working Capital Efficiency ▲

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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