LAF

Chế biến hàng Xuất khẩu Long An ·HOSE ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 6.31%, −3.45pp YoY

Price

16,500

Latest close

02 Jun 2026

P/E 5.91x

P/B 0.95x

EPS 2,793

BVPS 17,337

ROE 16.5%

ROA 9.3%

Profit Margin 6.3%

Asset Turnover 1.48x

Equity Mult. 1.77x

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

What Is Changing

On a TTM 2026Q1 basis, LAF is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 674bn
	                                
+51.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 43bn
	                                
−1.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.26x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	616.0	466.0	431.5	509.8	415.4
Growth	+32%	+8%	-15%	+23%	—
Net Income	40.1	45.0	28.6	25.7	39.1
Net Margin	6.51%	9.65%	6.63%	5.05%	9.40%

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	134.0	278.6	127.0	134.6	75.8	150.5	104.4	113.3	97.8	130.8	92.2	133.4
Growth	-52%	+119%	-6%	+77%	-50%	+44%	-8%	+16%	-25%	+42%	-31%	—
Net Income	6.3	16.2	7.6	12.4	3.8	16.3	13.1	10.1	5.5	13.5	5.3	7.1
Net Margin	4.67%	5.83%	6.02%	9.21%	5.07%	10.85%	12.53%	8.92%	5.57%	10.32%	5.72%	5.32%

Drivers of LAF's profit

TTM

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

Administrative expenses ↓ 10.6bn

Financial income ↑ 1.7bn

Tax ↓ 1.0bn

Other profit ↑ 0.2bn

Finance costs ↑ 10.4bn

Selling expenses ↑ 2.8bn

TTM

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

Gross profit ↑ 2.5bn

Financial income ↑ 1.3bn

Administrative expenses ↓ 1.0bn

Finance costs ↑ 1.1bn

Other profit ↓ 0.6bn

Selling expenses ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.1% = 9.8% × 1.16 × 1.61

2026Q1 16.5% = 6.3% × 1.48 × 1.77

ROE fell from 18.1% to 16.5% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 6.3% -3.5pp Asset turnover: 1.48x +0.32x Leverage: 1.77x +0.17x

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 fell to 6.31%, losing 3.5pp. The main pressure is Gross margin fell 7.8pp, outweighing the improvement in SG&A / Revenue fell 4.4pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 1.3pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 6.31% −3.5pp

Gross Margin 14.44% −7.8pp

SG&A / Revenue 5.00% −4.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 10.65%, losing 2.2pp. That translates to 10.65 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.37x, NOPAT margin narrowed 3.6pp still pulled ROIC lower, while invested capital rose by 62bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 10.65% −2.2pp

NOPAT Margin 6.55% −3.6pp

Capital Turnover 1.63x +0.37x

Average Invested Capital 414.7bn +61.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.27x equity, net debt at 0.76x equity.

Inventory ended the period at 284.8bn, roughly 48.7% of total assets.

Over the last 12 months, working capital absorbed 71.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −25.8bn

Inventories increased → lower CFO: −69.9bn

Payables increased → higher CFO: +23.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 81.8 days versus the same period last year. The main moves came from DIO fell 74.2 days, DSO fell 1.2 days, and DPO rose 6.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 146.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 20.5 days −1.2 days

Inventory 136.7 days −74.2 days

Payables 10.5 days +6.4 days

Cash Conversion Cycle 146.7 days −81.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 60.3bn due to capex of 49.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.76x and interest coverage at 2.77x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 10.0% of debt, and total debt stands at 222.5bn.

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 10.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.76x +0.30x

Interest Coverage 2.77x −3.19x

Cash / Debt 10.0% +1.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.26x −2.37x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -119.0bn in 2025, against investing cash flow of -26.8bn.

Post-investment cash flow was negative +145.9bn. Financing cash flow was positive +150.7bn.

CFO / net income was -0.26x.

After spending +49.2bn on fixed-asset investment, the business generated trailing free cash flow of −60.3bn.

Cash Conversion

CFO TTM 11.1bn −102.7bn

Cash Capex 49.2bn +15.1bn

FCF TTM −60.3bn −117.8bn

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 -0.26x. The main risk still sits in core profitability, with net margin down 3.5 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.26x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 6.31% after a 3.5pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	619.4	466.0	431.5	509.8	415.4
Revenue Deductions	3.4	0.1	0.0	0.0	0.0
Net Revenue	616.0	466.0	431.5	509.8	415.4
Cost of Goods Sold	521.1	362.9	354.2	428.5	0.0
Gross Profit	94.9	103.1	77.2	81.3	81.0
Financial Income	10.6	9.5	6.5	3.8	5.1
Financial Expenses	18.9	10.7	14.5	21.1	-5.4
Interest Expense	10.0	3.6	6.7	9.8	-3.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	18.9	16.0	14.7	13.1	-15.2
General and Administrative Expenses	15.5	26.6	17.3	17.1	-20.5
Operating Profit	52.2	59.3	37.3	33.9	45.1
Other Income	0.1	0.0	0.7	0.4	0.0
Other Expenses	1.7	2.5	1.7	1.7	0.0
Other Profit	-1.6	-2.4	-1.1	-1.3	-1.9
Profit Before Tax	50.6	56.8	36.2	32.6	43.2
Current Income Tax Expense	10.5	11.8	7.5	6.9	-4.2
Deferred Income Tax Expense	-0.0	0.0	0.1	-0.0	0.0
Net Income	40.1	45.0	28.6	25.7	39.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	40.1	45.0	28.6	25.7	39.1
Earnings per Share	2,503.00	2,557.00	1,943.00	1,748.00	2,652.00
Diluted EPS	2,634.95	2,952.08	1,943.00	1,748.00	2,652.06

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	443.2	262.4	230.0	305.3	189.4
I. Cash and cash equivalents	13.7	8.9	6.2	12.8	24.5
1. Cash	13.7	8.9	6.2	12.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	30.0	57.3	0.0	13.0	0.0
1. Available for sale securities	1.1	1.1	1.1	1.1	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.1	-1.1	-1.1	-1.1	0.0
3. Held to maturity investments	30.0	57.3	0.0	13.0	0.0
III. Short-term receivables	110.2	52.4	33.5	45.6	28.2
1. Short-term trade accounts receivable	82.7	37.7	31.4	43.3	0.0
2. Short-term prepayments to suppliers	23.2	14.0	7.0	6.9	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	4.0	5.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	0.9	0.3	0.5	0.0
7. Provision for short-term doubtful debts (*)	—	-5.2	-5.2	-5.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	284.8	131.9	184.5	231.4	120.3
1. Inventories	285.3	131.9	184.5	231.4	0.0
2. Provision for decline in value of inventories	-0.6	0.0	0.0	0.0	0.0
V. Other short-term assets	4.6	11.8	5.8	2.5	3.4
1. Short-term prepayments	1.6	1.3	0.9	0.5	0.0
2. Value added tax to be reclaimed	3.0	10.5	4.9	2.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	141.1	103.6	102.1	98.3	89.8
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	114.4	83.2	75.1	81.3	73.1
1. Tangible fixed assets	113.8	82.3	73.9	81.3	73.1
- Cost	210.4	163.3	143.5	140.6	0.0
- Accumulated depreciation	-96.6	-81.1	-69.6	-59.3	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	0.6	0.9	1.1	0.0	0.0
- Cost	1.6	1.6	1.6	0.3	0.0
- Accumulated depreciation	-1.0	-0.7	-0.5	-0.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.7	0.7	0.7	0.0
- Accumulated depreciation	—	-0.7	-0.7	-0.7	0.0
IV. Long-term assets in progress	16.1	8.7	13.2	1.1	3.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	16.1	8.7	13.2	1.1	0.0
V. Long-term financial investments	—	0.1	0.1	0.1	0.1
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	—	0.1	0.1	0.1	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	10.5	11.7	13.8	15.8	0.0
1. Long-term prepayments	10.0	11.2	13.3	15.2	0.0
2. Deferred income tax assets	0.5	0.5	0.5	0.6	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	12.8
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)	584.3	366.0	332.1	403.6	279.2
A. LIABILITIES (300=210+330)	326.6	118.8	110.4	216.6	83.3
I. Short -term liabilities	324.0	116.3	107.7	213.9	80.5
1. Short-term trade accounts payable	29.4	4.7	7.4	2.9	9.0
2. Short-term advances from customers	3.3	0.1	0.0	0.4	0.4
3. Taxes and other payables to state authorities	4.2	4.2	3.5	2.7	0.0
4. Payable to employees	5.7	9.2	3.7	5.2	0.0
5. Short-term acrrued expenses	1.5	0.6	0.5	1.0	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	0.5	0.4	0.5	31.0	0.0
10. Short-term borrowings and financial leases	276.9	95.6	91.2	169.4	57.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.5	1.4	0.9	1.3	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	2.6	2.5	2.6	2.7	2.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	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	2.6	2.5	2.6	2.7	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)	257.8	247.2	221.7	187.1	195.9
I. Owner's equity	257.8	247.2	221.7	187.1	0.0
1. Owner's capital	152.3	152.3	147.3	147.3	195.9
- Common stock with voting right	152,280,190,000.00	152,280,190,000.00	147,280,190,000.00	147,280,190,000.00	147,280,190,000.00
- 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	105.5	94.9	74.5	39.8	48.6
- Accumulated retained earning at the end of the previous period	65.3	50.0	45.9	14.0	9.5
- Undistributed earnings in this period	40.1	45.0	28.6	25.7	39.1
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)	584.3	366.0	332.1	403.6	279.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	50.6	56.8	36.2	32.6	43.2
Depreciation of Fixed Assets and Investment Property	16.8	14.6	12.7	11.3	9.8
Provision (Increase)/Reversal	0.6	-0.1	-0.1	-0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	7.8	3.8	3.2	6.4	0.0
Gain/Loss from Investment Activities	-1.2	-0.6	-0.3	-0.9	0.0
Interest Expense	10.0	3.6	6.7	9.8	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	84.6	78.0	58.4	58.6	55.5
Increase/(Decrease) in Receivables	-48.1	-13.2	8.3	-16.1	0.0
Increase/(Decrease) in Inventory	-153.4	52.6	46.8	-111.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	23.0	3.8	1.7	-12.6	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	1.7	1.5	-2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-9.7	-3.6	-7.2	-9.3	0.0
Corporate Income Tax Paid	-10.6	-11.1	-6.8	-5.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.7	-1.8	-1.7	-4.4	0.0
Net Cash Flow from Operating Activities	-119.0	106.5	101.1	-102.8	2.1
Payments for Fixed Assets and Other Long-term Assets	-53.5	-24.6	-17.7	-15.8	-18.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-40.0	-62.3	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	68.3	0.0	13.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	-0.1
Proceeds from Investments in Other Entities	0.1	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-1.7	-0.3	0.4	1.1	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	-26.8	-87.1	-4.3	-14.7	-17.4
Proceeds from Equity Issuance and Capital Contributions	—	5,000,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	608.9	280.4	296.6	559.5	336.3
Repayment of Borrowings	-435.4	-279.9	-378.0	-453.7	-308.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-22.8	-22.1	-22.1	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	150.7	-16.6	-103.5	105.8	27.9
Net Cash Flow During the Period	4.8	2.7	-6.7	-11.6	20.1
Cash and Cash Equivalents at Beginning of Period	8.9	6.2	12.8	24.5	11.9
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	13.7	8.9	6.2	12.8	24.5

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
Revenue	134.1	278.6	127.4	137.7	75.8	150.5	104.4	113.3	97.8	130.8	92.2	133.4
Revenue Deductions	0.0	0.0	0.3	3.1	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	134.0	278.6	127.0	134.6	75.8	150.5	104.4	113.3	97.8	130.8	92.2	133.4
Cost of Goods Sold	116.9	242.5	107.7	109.9	61.1	112.8	80.9	90.5	78.7	100.6	76.9	112.4
Gross Profit	17.2	36.1	19.4	24.7	14.7	37.6	23.5	22.8	19.1	30.3	15.3	21.0
Financial Income	3.8	3.5	1.9	2.8	2.5	3.5	2.5	1.6	1.8	1.6	1.9	1.8
Financial Expenses	3.3	6.4	3.4	6.9	2.2	2.8	1.4	3.2	3.3	5.3	2.6	4.6
Interest Expense	2.8	3.4	3.1	3.0	0.6	0.8	0.7	1.4	0.7	1.1	1.6	2.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.6	5.8	4.4	4.5	4.2	5.0	3.8	3.5	3.8	3.9	3.2	4.2
General and Administrative Expenses	3.9	6.6	3.3	0.6	5.0	11.9	3.9	4.4	6.5	5.5	4.5	4.5
Operating Profit	9.1	20.7	10.2	15.5	5.8	21.5	17.0	13.4	7.4	17.1	6.9	9.4
Other Income	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.2	0.3	0.1
Other Expenses	1.0	0.4	0.5	0.4	0.4	0.9	0.5	0.6	0.5	0.4	0.5	0.5
Other Profit	-1.0	-0.3	-0.5	-0.3	-0.4	-0.9	-0.5	-0.6	-0.5	-0.2	-0.2	-0.4
Profit Before Tax	8.1	20.4	9.7	15.2	5.4	20.6	16.5	12.8	6.9	17.0	6.7	9.0
Current Income Tax Expense	1.9	4.3	2.0	2.7	1.6	4.2	3.5	2.7	1.5	3.5	1.4	1.8
Deferred Income Tax Expense	-0.0	-0.1	—	0.0	-0.0	0.0	-0.0	0.0	0.0	-0.0	0.0	0.1
Net Income	6.3	16.2	7.6	12.4	3.8	16.3	13.1	10.1	5.5	13.5	5.3	7.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.3	16.2	7.6	12.4	3.8	16.3	13.1	10.1	5.5	13.5	5.3	7.1
Earnings per Share	411.00	1,066.00	502.00	814.00	252.00	1,092.00	881.00	686.00	370.00	916.00	358.00	482.00
Diluted EPS	411.13	1,066.23	502.31	814.14	252.27	1,071.62	858.70	686.30	370.15	916.32	357.99	481.76

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)	382.7	443.2	429.2	438.5	277.4	262.4	211.3	235.4	280.3	230.0	246.6	308.4
I. Cash and cash equivalents	22.3	13.7	11.6	3.0	11.2	25.9	5.7	4.3	27.4	6.2	4.7	37.1
1. Cash	13.3	13.7	11.6	3.0	11.2	8.9	5.7	4.3	4.6	6.2	4.7	14.9
2. Cash equivalents	9.0	—	—	—	—	17.0	0.0	0.0	22.8	0.0	0.0	22.2
II. Short-term financial investments	34.0	30.0	0.0	6.0	39.0	40.3	20.3	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
2. Provision for diminution in value of available for sale securities (*)	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1
3. Held to maturity investments	34.0	30.0	—	6.0	39.0	40.3	20.3	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	69.2	110.2	61.2	67.7	39.2	52.4	36.3	36.2	27.1	33.5	27.6	20.0
1. Short-term trade accounts receivable	46.9	83.2	41.4	58.8	28.7	37.7	25.7	28.0	24.0	31.4	18.2	15.2
2. Short-term prepayments to suppliers	21.3	27.9	24.7	13.7	15.4	14.0	10.5	8.2	8.0	7.0	14.4	9.5
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	—	4.0	—	—	—	5.0	5.0	5.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.9	0.3	0.3	0.3	0.3	0.9	0.3	0.3	0.3	0.3	0.2	0.5
7. Provision for short-term doubtful debts (*)	—	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	250.9	284.8	344.8	352.4	181.1	131.9	139.2	185.8	218.1	184.5	209.6	247.2
1. Inventories	250.9	285.3	344.8	352.4	181.1	131.9	139.2	185.8	218.1	184.5	209.6	247.2
2. Provision for decline in value of inventories	—	-0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.3	4.6	11.6	9.4	7.0	11.8	9.7	9.1	7.6	5.8	4.7	4.0
1. Short-term prepayments	2.1	1.6	1.3	1.9	1.9	1.3	1.1	1.5	1.2	0.9	1.4	1.4
2. Value added tax to be reclaimed	4.2	3.0	10.3	7.5	5.1	10.5	8.6	7.6	6.4	4.9	3.3	2.5
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	142.8	141.2	125.8	122.7	109.3	103.6	97.4	98.8	100.7	102.1	89.8	94.0
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	129.6	114.4	101.6	103.9	86.1	83.2	81.4	82.6	80.3	75.1	75.5	78.0
1. Tangible fixed assets	129.1	113.8	101.0	103.1	85.3	82.3	80.4	81.6	79.2	73.9	74.3	76.7
- Cost	230.4	—	—	—	—	163.3	159.1	156.8	150.7	143.5	140.8	140.1
- Accumulated depreciation	-101.3	—	—	—	—	-81.1	-78.7	-75.2	-71.5	-69.6	-66.5	-63.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.6	0.7	0.7	0.8	0.9	0.9	1.0	1.1	1.1	1.2	1.3
- Cost	1.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- 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	2.5	16.1	13.7	7.8	11.9	8.7	3.5	3.2	7.2	13.2	0.1	0.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.5	16.1	13.7	7.8	11.9	8.7	3.5	3.2	7.2	13.2	0.1	0.7
V. Long-term financial investments	—	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	—	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	10.6	10.6	10.5	11.0	11.3	11.7	12.4	12.9	13.2	13.8	14.1	15.3
1. Long-term prepayments	10.1	10.0	10.0	10.5	10.8	11.2	11.9	12.4	12.7	13.3	13.6	14.8
2. Deferred income tax assets	0.5	0.6	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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)	525.5	584.4	555.0	561.2	386.8	366.0	308.7	334.2	380.9	332.1	336.4	402.4
A. LIABILITIES (300=210+330)	261.5	326.7	313.5	327.3	135.7	118.8	77.8	121.4	153.7	110.4	128.2	199.4
I. Short -term liabilities	258.7	324.1	310.9	324.7	133.1	116.3	75.2	118.9	151.1	107.7	125.5	196.7
1. Short-term trade accounts payable	30.1	29.4	34.8	13.7	2.9	4.7	1.7	5.6	4.8	7.4	1.2	3.5
2. Short-term advances from customers	0.5	3.3	2.9	0.4	0.0	0.1	0.4	0.3	0.0	0.0	0.1	0.2
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.8	4.3	4.8	4.6	1.8	4.2	6.1	2.7	1.5	3.5	3.4	2.8
4. Payable to employees	0.1	5.7	2.0	2.5	1.1	9.2	4.6	5.3	2.4	3.7	2.6	3.1
5. Short-term acrrued expenses	1.0	1.5	0.5	1.0	0.4	0.6	0.4	1.1	0.7	0.5	0.4	1.2
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	0.4	0.5	1.0	0.8	1.3	0.4	0.5	0.4	0.4	0.5	0.8	23.4
10. Short-term borrowings and financial leases	222.5	276.9	262.4	299.0	125.3	95.6	59.9	101.8	141.2	91.2	116.1	161.2
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	2.4	2.5	2.6	2.6	0.4	1.4	1.5	1.6	0.1	0.9	0.9	1.3
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	2.7	2.6	2.6	2.6	2.6	2.5	2.6	2.6	2.6	2.6	2.6	2.7
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	2.7	2.6	2.6	2.6	2.6	2.5	2.6	2.6	2.6	2.6	2.6	2.7
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)	264.0	257.8	241.5	233.9	251.1	247.2	230.9	212.8	227.2	221.7	208.3	203.0
I. Owner's equity	264.0	257.8	241.5	233.9	251.1	247.2	230.9	212.8	227.2	221.7	208.3	203.0
1. Owner's capital	152.3	152.3	152.3	152.3	152.3	152.3	152.3	147.3	147.3	147.3	147.3	147.3
- Common stock with voting right	152,280,190,000.00	152,280,190,000.00	152,280,190,000.00	152,280,190,000.00	152,280,190,000.00	152,280,190,000.00	152,280,190,000.00	147,280,190,000.00	147,280,190,000.00	147,280,190,000.00	147,280,190,000.00	147,280,190,000.00
- 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	111.7	105.5	89.2	81.6	98.8	94.9	78.6	65.5	79.9	74.5	61.0	55.7
- Accumulated retained earning at the end of the previous period	105.5	65.3	65.3	65.3	50.0	50.0	50.0	50.0	74.5	45.9	45.9	45.9
- Undistributed earnings in this period	6.3	40.1	23.9	16.2	48.8	45.0	28.6	15.6	5.5	28.6	15.1	9.8
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)	525.5	584.4	555.0	561.2	386.8	366.0	308.7	334.2	380.9	332.1	336.4	402.4

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	8.1	20.4	9.7	15.2	5.4	20.6	16.5	12.8	6.9	17.0	6.7	9.0
Depreciation of Fixed Assets and Investment Property	4.8	4.6	4.4	4.1	3.8	3.7	3.6	3.7	3.6	3.1	3.2	3.2
Provision (Increase)/Reversal	-0.4	0.6	0.0	0.0	0.1	-0.1	0.1	-0.1	0.0	0.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.3	3.9	0.0	2.9	1.0	1.4	-0.6	1.1	1.8	1.3	0.0	1.9
Gain/Loss from Investment Activities	-0.6	-0.1	-0.1	-0.7	-0.3	-0.5	-0.1	-0.1	0.1	-0.0	-0.1	-0.1
Interest Expense	2.8	3.4	3.1	3.0	0.6	0.8	0.7	1.4	0.7	1.1	1.6	2.3
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	13.4	32.7	17.0	24.4	10.5	25.9	20.2	18.8	13.1	22.6	11.3	16.3
Increase/(Decrease) in Receivables	36.3	-31.8	2.1	-32.4	13.9	-16.9	-6.0	2.7	-0.5	-7.1	-12.3	15.5
Increase/(Decrease) in Inventory	34.4	59.5	7.6	-171.3	-49.2	7.3	46.7	32.2	-33.5	25.1	37.6	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.4	-16.1	35.4	12.0	-8.4	10.7	1.8	-3.4	4.0	18.0	-15.2	-11.9
Increase/(Decrease) in Prepaid Expenses	-0.6	-0.4	1.1	0.4	-0.2	0.5	0.9	-0.0	0.3	0.8	1.2	1.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.0	-3.0	-3.3	-2.7	-0.7	-0.7	-0.8	-1.3	-0.8	-1.1	-1.7	-2.3
Corporate Income Tax Paid	-4.3	-4.8	-1.6	0.0	-4.2	-6.1	0.0	-1.5	-3.5	-3.2	-0.8	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-0.1	-4.5	-1.1	-0.0	-0.1	-0.0	-0.7	-0.1	-0.4	0.0
Net Cash Flow from Operating Activities	68.7	36.1	58.3	-174.2	-39.3	20.7	62.7	47.5	-21.6	54.9	19.8	18.5
Payments for Fixed Assets and Other Long-term Assets	-7.2	-7.2	-19.3	-15.6	-11.4	-14.8	-4.8	-3.1	-5.2	-5.3	-7.5	-2.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	—	-34.0	0.0	0.0	-6.0	-20.0	-20.3	-5.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	6.0	33.0	29.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	-3.5	0.2	0.7	0.9	0.1	0.1	0.0	0.0	0.0	0.3	-0.2
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	-7.1	-44.7	-13.1	18.1	12.8	-34.7	-25.0	-8.1	-5.2	-5.3	-7.2	-2.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	5,000,000,000.00	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	75.0	172.3	69.7	264.6	102.3	96.7	29.8	41.6	112.3	65.3	36.9	113.6
Repayment of Borrowings	-128.0	-161.7	-106.3	-93.8	-73.6	-62.5	-71.1	-82.1	-64.2	-91.4	-82.0	-96.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-22.8	—	0.0	0.0	-22.1	0.0	-22.1	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-53.1	10.6	-36.6	147.9	28.7	34.2	-36.3	-62.5	48.0	-48.2	-45.1	16.9
Net Cash Flow During the Period	8.5	2.1	8.6	-8.2	2.3	20.2	1.4	-23.1	21.2	1.5	-32.5	33.3
Cash and Cash Equivalents at Beginning of Period	13.7	11.6	3.0	11.2	8.9	6.2	6.2	6.2	6.2	12.8	12.8	12.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	22.3	13.7	11.6	3.0	11.2	25.9	5.7	4.3	27.4	6.2	4.7	37.1

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LAF

What Is Changing

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Leverage & Liquidity ●

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow