LDP

Dược Lâm Đồng (Ladophar) ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 11.25%, +7.97pp YoY

Price

8,100

Latest close

03 Jun 2026

P/E 5.17x

P/B 0.79x

EPS 1,566

BVPS 10,275

ROE 18.7%

ROA 10.5%

Profit Margin 11.2%

Asset Turnover 0.94x

Equity Mult. 1.77x

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

What Is Changing

On a TTM 2026Q1 basis, LDP has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 243bn
	                                
+4.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 27bn
	                                
+257.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    55.9%

Metric	2025	2024	2023	2022	2021
Revenue	243.9	218.0	186.0	187.4	161.9
Growth	+12%	+17%	-1%	+16%	—
Net Income	28.6	6.9	-20.1	-38.9	39.1
Net Margin	11.71%	3.17%	-10.81%	-20.76%	24.13%

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	59.9	73.8	59.2	50.0	60.9	71.8	53.1	47.7	45.3	45.3	52.4	45.4
Growth	-19%	+25%	+18%	-18%	-15%	+35%	+11%	+5%	-0%	-14%	+15%	—
Net Income	0.9	21.4	3.7	1.2	1.0	3.0	2.0	1.6	0.2	-9.9	-1.0	-2.9
Net Margin	1.56%	29.02%	6.32%	2.45%	1.67%	4.21%	3.70%	3.45%	0.39%	-21.76%	-1.90%	-6.32%

Drivers of LDP's profit

TTM

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

Other profit ↑ 15.2bn

Gross profit ↑ 9.4bn

Finance costs ↓ 3.1bn

Selling expenses ↑ 6.3bn

TTM

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

Gross profit ↑ 1.2bn

Finance costs ↓ 0.6bn

Other profit ↑ 0.3bn

Administrative expenses ↑ 0.9bn

Selling expenses ↑ 0.5bn

Financial income ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.9% = 3.3% × 1.17 × 2.08

2026Q1 18.7% = 11.2% × 0.94 × 1.77

ROE rose from 7.9% to 18.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 11.2% +8.0pp Asset turnover: 0.94x -0.23x Leverage: 1.77x -0.31x

Is the profit sustainable?

Margins improved (+8.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 11.25%, rising 8.0pp. Core operating signals are improving as Gross margin rose 2.7pp are enough to offset pressure from SG&A / Revenue rose 2.2pp (with additional support from Other profit / Revenue rose 6.3pp and Net financial result / Revenue rose 1.5pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 11.25% +8.0pp

Gross Margin 33.93% +2.7pp

SG&A / Revenue 27.36% +2.2pp

Non-core / Revenue 4.90% +7.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 55.9% of PBT and lifted net margin by 7.7pp — separate the operating contribution from this source.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.27x −0.35x

Average Invested Capital 191.1bn +46.6bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.61x equity, net debt at 0.22x equity.

Inventory ended the period at 55.4bn, roughly 18.0% of total assets.

Over the last 12 months, working capital absorbed 27.6bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −16.3bn

Inventories increased → lower CFO: −8.6bn

Payables decreased → lower CFO: −2.7bn

Working Capital Efficiency

Cash conversion cycle lengthened by 38.6 days versus the same period last year. The main moves came from DIO rose 25.9 days, DSO rose 20.8 days, and DPO rose 8.1 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 131.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +20.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 72.5 days +20.8 days

Inventory 117.1 days +25.9 days

Payables 58.2 days +8.1 days

Cash Conversion Cycle 131.4 days +38.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 62.9bn due to capex of 63.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.22x and interest coverage at 2.74x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 31.7% of debt, and total debt stands at 61.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.22x −0.26x

Interest Coverage 2.74x +1.78x

Cash / Debt 31.7% +6.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.04x −1.09x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3.5bn in 2025, against investing cash flow of -62.7bn.

Post-investment cash flow was negative +59.2bn. Financing cash flow was positive +66.4bn.

CFO / net income was 0.04x.

After spending +63.9bn on fixed-asset investment, the business generated trailing free cash flow of −62.9bn.

Cash Conversion

CFO TTM 1.0bn −7.6bn

Cash Capex 63.9bn +61.4bn

FCF TTM −62.9bn −69.0bn

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 brighter spot is operating efficiency, with net margin improving 8.0 pp. The next item to monitor is the earnings mix, when non-core contribution is -13.2%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 131 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.25% after expanding 8.0pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -13.2% of PBT and CFO / net income currently at 0.04x.

Key risk: working capital remains tied up for too long, with cash cycle at 131.4 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	245.6	218.4	186.3	188.0	162.3
Revenue Deductions	1.7	0.5	0.3	0.6	0.0
Net Revenue	243.9	218.0	186.0	187.4	161.9
Cost of Goods Sold	162.7	153.6	148.8	149.9	0.0
Gross Profit	81.2	64.4	37.2	37.5	21.0
Financial Income	1.0	0.3	0.8	2.8	31.6
Financial Expenses	5.1	7.0	7.7	16.4	-3.2
Interest Expense	4.2	5.0	7.0	7.5	-2.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	39.6	30.9	29.9	39.7	-30.5
General and Administrative Expenses	24.2	20.2	19.6	23.1	-10.8
Operating Profit	13.4	6.6	-19.2	-38.9	8.0
Other Income	15.4	0.6	0.3	0.4	0.0
Other Expenses	0.1	0.2	1.2	0.3	0.0
Other Profit	15.3	0.3	-0.9	0.0	34.3
Profit Before Tax	28.7	6.9	-20.1	-38.9	42.4
Current Income Tax Expense	0.1	0.0	0.0	0.0	-3.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	28.6	6.9	-20.1	-38.9	39.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	28.6	6.9	-20.1	-38.9	39.1
Earnings per Share	2,030.00	545.00	-1,583.00	-3,063.00	3,074.00
Diluted EPS	2,030.00	545.00	-1,583.00	-3,063.00	3,074.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	250.5	156.7	140.0	159.0	144.2
I. Cash and cash equivalents	18.6	11.5	16.2	16.6	65.2
1. Cash	11.6	4.5	7.2	9.6	0.0
2. Cash equivalents	7.0	7.0	9.0	7.0	0.0
II. Short-term financial investments	2.0	4.7	3.1	1.8	0.0
1. Available for sale securities	—	8.1	6.1	6.3	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-5.4	-5.0	-4.5	0.0
3. Held to maturity investments	2.0	2.0	2.0	0.0	0.0
III. Short-term receivables	171.4	89.1	82.2	83.2	24.2
1. Short-term trade accounts receivable	54.6	35.5	27.9	24.1	0.0
2. Short-term prepayments to suppliers	117.9	51.8	50.3	51.5	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	8.0	8.0	8.0	8.0	0.0
6. Other short-term receivables	1.4	2.4	2.8	2.3	0.0
7. Provision for short-term doubtful debts (*)	-10.6	-8.5	-6.7	-2.7	0.0
8. Assets awaiting resolution	0.2	0.0	0.0	0.0	0.0
IV. Inventories	55.4	49.0	37.8	56.0	54.6
1. Inventories	55.4	49.0	37.8	56.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.0	2.5	0.7	1.4	0.3
1. Short-term prepayments	1.9	2.1	0.2	1.0	0.0
2. Value added tax to be reclaimed	0.9	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.4	0.4	0.5	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)	57.3	50.4	54.8	69.4	71.6
I. Long-term receivables	9.8	0.2	0.0	0.2	0.0
1. Long-term trade receivables	9.3	0.0	0.0	0.0	1.1
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	0.5	0.2	0.0	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	35.7	39.8	46.6	55.5	61.5
1. Tangible fixed assets	35.7	39.7	46.3	55.1	60.7
- Cost	100.4	124.3	125.1	130.0	0.0
- Accumulated depreciation	-64.8	-84.6	-78.7	-74.9	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	—	0.1	0.2	0.5	0.7
- Cost	1.7	2.2	2.2	2.3	0.0
- Accumulated depreciation	-1.7	-2.1	-2.0	-1.8	0.0
III. Investment properties	2.2	2.3	2.4	2.5	2.6
- Cost	4.2	4.2	3.8	3.8	0.0
- Accumulated depreciation	-2.0	-1.9	-1.5	-1.3	0.0
IV. Long-term assets in progress	3.0	2.9	0.0	0.7	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.0	2.9	0.0	0.7	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	6.7	5.4	5.9	10.5	0.0
1. Long-term prepayments	6.7	5.4	5.9	10.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	6.5
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)	307.8	207.2	194.8	228.4	215.8
A. LIABILITIES (300=210+330)	116.3	107.9	102.4	115.9	61.3
I. Short -term liabilities	114.5	106.1	100.7	113.6	57.2
1. Short-term trade accounts payable	31.0	31.5	23.5	31.8	14.0
2. Short-term advances from customers	2.0	0.7	0.9	1.8	0.5
3. Taxes and other payables to state authorities	3.6	1.0	0.6	1.1	0.0
4. Payable to employees	7.3	7.5	3.6	3.6	0.0
5. Short-term acrrued expenses	11.0	7.7	3.6	1.7	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	0.1	0.1	0.0	0.1	0.1
9. Other short-term payables	2.3	1.9	1.3	1.4	0.0
10. Short-term borrowings and financial leases	57.0	55.0	66.0	70.3	30.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.5	1.1	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	1.8	1.8	1.7	2.3	4.1
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	1.8	1.8	1.7	1.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.6	2.3
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	191.5	99.3	92.4	112.5	154.6
I. Owner's equity	191.5	99.3	92.4	112.5	0.0
1. Owner's capital	187.3	127.0	127.0	127.0	154.6
- Common stock with voting right	187,281,670,000.00	127,031,670,000.00	127,031,670,000.00	127,031,670,000.00	127,031,670,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.2	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	-320,000.00	-320,000.00	-320,000.00	-320,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	24.3	24.3	24.3	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	0.0	-52.1	-59.0	-38.9	13.5
- Accumulated retained earning at the end of the previous period	-28.5	-59.0	-38.9	0.0	-25.6
- Undistributed earnings in this period	28.6	6.9	-20.1	-38.9	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)	307.8	207.2	194.8	228.4	215.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	28.7	6.9	-20.1	-38.9	42.4
Depreciation of Fixed Assets and Investment Property	5.7	7.0	8.2	8.9	-20.7
Provision (Increase)/Reversal	2.2	2.3	4.6	4.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-14.4	-0.3	0.1	-1.4	0.0
Interest Expense	4.2	5.0	7.0	7.5	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	0.7	0.0	0.0
Operating Profit Before Changes in Working Capital	26.4	20.9	0.6	-19.6	-7.7
Increase/(Decrease) in Receivables	-18.6	-8.9	-2.6	-50.3	0.0
Increase/(Decrease) in Inventory	-6.5	-11.2	18.2	-1.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.7	14.0	-9.4	15.3	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	-1.4	5.4	-4.6	0.0
Changes in Trading Securities	2.6	-2.0	0.0	-6.3	0.0
Interest Paid	-2.1	-1.9	-5.4	-6.6	0.0
Corporate Income Tax Paid	—	0.0	0.0	-3.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-0.6	-0.8	-0.1	0.0
Net Cash Flow from Operating Activities	3.5	8.8	6.0	-77.0	-6.3
Payments for Fixed Assets and Other Long-term Assets	-63.0	-2.9	-0.1	-3.6	-5.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.1	43.5
Loans and Purchases of Debt Instruments	-2.0	0.0	-2.0	-17.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	0.0	0.0	9.8	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	0.3	0.5	1.3	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	-62.7	-2.6	-1.5	-10.2	69.3
Proceeds from Equity Issuance and Capital Contributions	64,453,400,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	143.2	118.8	117.6	210.6	77.3
Repayment of Borrowings	-141.3	-129.8	-122.6	-172.0	-94.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	66.4	-10.9	-4.9	38.6	-17.0
Net Cash Flow During the Period	7.2	-4.8	-0.4	-48.5	53.2
Cash and Cash Equivalents at Beginning of Period	11.5	16.2	16.6	65.2	19.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	18.6	11.5	16.2	16.6	65.2

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	62.0	74.6	59.8	50.1	61.1	72.2	53.2	47.7	45.3	45.4	52.4	45.6
Revenue Deductions	2.1	0.8	0.7	0.1	0.2	0.4	0.1	0.0	0.0	0.1	0.0	0.2
Net Revenue	59.9	73.8	59.2	50.0	60.9	71.8	53.1	47.7	45.3	45.3	52.4	45.4
Cost of Goods Sold	38.0	50.5	38.0	34.0	40.2	49.8	37.4	33.1	33.3	37.6	39.2	37.1
Gross Profit	21.9	23.3	21.2	16.0	20.7	22.0	15.7	14.6	12.1	7.7	13.2	8.4
Financial Income	0.2	0.2	0.1	0.3	0.4	0.1	0.1	0.1	0.1	0.1	0.2	0.4
Financial Expenses	1.5	1.6	1.4	0.0	2.0	2.6	1.2	1.7	1.5	3.3	0.8	1.0
Interest Expense	1.3	1.2	1.2	-0.0	1.7	1.0	1.2	1.4	1.5	3.3	0.8	1.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	10.4	10.6	9.7	9.7	9.9	10.4	8.0	5.8	6.8	6.9	9.0	6.6
General and Administrative Expenses	9.1	5.1	6.5	5.4	8.2	6.3	4.5	5.7	3.8	6.6	4.5	4.0
Operating Profit	1.2	6.2	3.7	1.2	1.0	2.8	2.0	1.5	0.1	-9.0	-0.9	-2.8
Other Income	0.3	15.3	0.0	0.0	0.1	0.4	0.0	0.2	0.0	0.1	0.0	0.1
Other Expenses	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.9	0.1	0.2
Other Profit	0.3	15.2	0.0	0.0	0.1	0.3	-0.1	0.1	0.0	-0.9	-0.1	-0.1
Profit Before Tax	1.5	21.4	3.7	1.2	1.0	3.0	2.0	1.6	0.2	-9.9	-1.0	-2.9
Current Income Tax Expense	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.9	21.4	3.7	1.2	1.0	3.0	2.0	1.6	0.2	-9.9	-1.0	-2.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.9	21.4	3.7	1.2	1.0	3.0	2.0	1.6	0.2	-9.9	-1.0	-2.9
Earnings per Share	50.00	1,144.00	280.00	92.00	80.00	238.00	155.00	130.00	14.00	-777.00	-78.00	-226.00
Diluted EPS	50.00	1,144.00	280.00	92.00	80.00	536.00	155.00	130.00	14.00	-777.00	-78.00	-226.00

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)	249.8	259.9	173.8	163.5	161.4	156.6	134.3	142.0	136.4	140.2	144.3	150.7
I. Cash and cash equivalents	19.4	18.6	15.6	16.6	16.1	11.5	12.5	15.6	15.1	16.2	12.1	17.6
1. Cash	12.4	11.6	8.6	9.6	9.1	4.5	5.5	8.6	6.1	7.2	3.0	6.5
2. Cash equivalents	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	9.0	9.0	9.1	11.0
II. Short-term financial investments	10.0	2.0	4.3	4.5	4.2	4.7	5.8	2.8	3.1	3.1	3.1	1.1
1. Available for sale securities	—	—	2.3	2.5	2.2	8.1	9.1	6.1	6.1	6.1	6.1	6.1
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	-5.4	-5.3	-5.3	-5.0	-5.0	-5.0	-5.0
3. Held to maturity investments	10.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	0.0
III. Short-term receivables	159.2	180.7	100.6	91.7	93.6	89.0	76.9	81.6	82.5	82.2	90.8	85.5
1. Short-term trade accounts receivable	48.9	63.9	42.5	33.9	38.3	35.5	22.9	29.6	27.9	27.9	33.4	26.0
2. Short-term prepayments to suppliers	118.8	117.9	59.0	58.5	55.9	51.7	51.5	50.3	50.8	50.3	50.3	51.6
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	—	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
6. Other short-term receivables	3.7	1.4	1.6	1.8	2.0	2.4	3.0	2.2	2.5	2.8	3.0	3.0
7. Provision for short-term doubtful debts (*)	-12.2	-10.6	-10.6	-10.6	-10.6	-8.5	-8.5	-8.5	-6.7	-6.7	-3.9	-3.2
8. Assets awaiting resolution	0.1	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	57.6	55.4	52.3	48.9	45.4	49.0	38.2	40.9	34.8	37.8	37.5	45.8
1. Inventories	57.6	55.4	52.3	48.9	45.4	49.0	38.2	40.9	34.8	37.8	37.5	45.8
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	3.7	3.2	1.1	1.9	2.0	2.5	1.0	1.1	0.8	0.9	0.8	0.7
1. Short-term prepayments	1.6	1.9	0.6	1.4	1.6	2.1	0.6	0.6	0.4	0.4	0.3	0.2
2. Value added tax to be reclaimed	0.9	0.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.2	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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)	56.9	48.0	49.1	50.5	50.0	50.4	49.2	51.0	52.7	54.6	57.9	63.0
I. Long-term receivables	10.0	0.5	0.5	0.4	0.1	0.2	0.2	0.1	0.0	0.0	0.0	0.1
1. Long-term trade receivables	9.3	—	—	—	—	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	0.7	0.5	0.5	0.4	0.1	0.2	0.2	0.1	0.0	0.0	0.0	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	34.8	35.7	37.8	39.1	40.5	39.8	41.4	43.1	44.8	46.6	49.5	51.5
1. Tangible fixed assets	34.8	35.7	37.8	39.1	40.5	39.7	41.3	42.9	44.6	46.3	49.1	51.1
- Cost	100.6	—	—	—	—	124.3	124.8	125.1	125.1	125.1	130.0	130.0
- Accumulated depreciation	-65.8	—	—	—	—	-84.6	-83.5	-82.2	-80.5	-78.7	-80.9	-78.9
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	—	—	0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.2	0.3	0.4
- Cost	1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2.1	2.2	2.2	2.2	2.2	2.3	2.3	2.3	2.3	2.4	2.4	2.4
- Cost	4.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.7	3.0	2.0	2.0	1.6	2.9	0.0	0.0	0.0	0.0	0.0	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	3.7	3.0	2.0	2.0	1.6	2.9	0.0	0.0	0.0	0.0	0.0	0.7
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	6.3	6.7	6.6	6.7	5.5	5.4	5.2	5.4	5.6	5.6	6.1	8.3
1. Long-term prepayments	6.3	6.7	6.6	6.7	5.5	5.4	5.2	5.4	5.6	5.6	6.1	8.3
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)	306.7	307.9	222.9	214.0	211.4	207.0	183.5	192.9	189.1	194.8	202.2	213.7
A. LIABILITIES (300=210+330)	114.3	117.6	112.1	106.9	111.1	107.9	87.3	98.8	96.5	102.4	100.0	110.4
I. Short -term liabilities	112.5	115.8	110.3	105.1	109.3	106.1	85.6	97.0	94.8	100.7	98.2	108.6
1. Short-term trade accounts payable	26.6	31.0	22.9	22.7	24.6	31.5	18.7	21.4	19.5	23.5	20.7	26.9
2. Short-term advances from customers	2.2	2.0	1.9	1.8	1.4	0.7	0.5	0.6	0.7	0.9	0.9	2.5
3. Taxes and other payables to state authorities	1.5	3.6	3.2	2.4	1.1	1.0	2.6	0.7	0.5	0.6	4.1	2.1
4. Payable to employees	4.7	8.3	6.2	5.1	5.5	7.5	4.5	2.9	3.0	2.8	2.6	2.5
5. Short-term acrrued expenses	12.3	11.3	11.1	8.6	9.3	7.7	6.5	5.5	4.7	4.4	1.6	2.0
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	0.5	0.1	0.5	0.1	0.5	0.1	0.1	0.1	0.1	0.0	0.0	0.0
9. Other short-term payables	3.5	2.2	3.9	2.6	2.8	1.9	1.9	2.0	1.8	1.3	1.7	1.6
10. Short-term borrowings and financial leases	61.1	57.0	60.4	61.3	63.8	55.0	50.1	62.9	63.5	66.0	65.5	69.7
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	0.2	0.3	0.4	0.4	0.4	0.5	0.7	0.9	1.0	1.1	1.2	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	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.7	1.7	1.7	1.8
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	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.7	1.7	1.7	1.7
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	192.4	190.3	110.8	107.1	100.3	99.2	96.2	94.2	92.5	92.4	102.2	103.2
I. Owner's equity	192.4	190.3	110.8	107.1	100.3	99.2	96.2	94.2	92.5	92.4	102.2	103.2
1. Owner's capital	187.3	187.3	133.4	133.4	127.0	127.0	127.0	127.0	127.0	127.0	127.0	127.0
- Common stock with voting right	187,281,670,000.00	187,281,670,000.00	133,381,670,000.00	133,381,670,000.00	127,031,670,000.00	127,031,670,000.00	127,031,670,000.00	127,031,670,000.00	127,031,670,000.00	127,031,670,000.00	127,031,670,000.00	127,031,670,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.2	—	—	—	—	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	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00
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	—	—	24.3	24.3	24.3	24.3	24.3	24.3	24.3	24.3	24.3	24.3
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	0.9	3.1	-46.9	-50.7	-51.1	-52.2	-55.2	-57.2	-58.8	-59.0	-49.1	-48.2
- Accumulated retained earning at the end of the previous period	0.0	-24.3	-52.9	-52.9	-52.1	-59.0	-59.0	-59.0	-59.0	-38.9	-38.9	-38.9
- Undistributed earnings in this period	0.9	27.4	6.0	2.2	1.0	6.8	3.8	1.8	0.2	-20.1	-10.2	-9.2
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)	306.7	307.9	222.9	214.0	211.4	207.0	183.5	192.9	189.1	194.8	202.2	213.7

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	1.5	26.5	1.2	1.0	3.0	2.0	1.6	0.2	-20.1	9.2	-2.9	-6.4
Depreciation of Fixed Assets and Investment Property	1.1	2.8	1.4	1.5	1.2	1.7	1.8	1.8	8.2	-4.2	2.1	2.1
Provision (Increase)/Reversal	1.6	0.0	5.6	-3.3	0.1	0.0	2.2	0.0	4.6	-1.2	1.0	0.2
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-14.2	-0.1	—	-0.0	0.2	-0.2	-0.0	0.1	0.6	-2.1	1.5
Interest Expense	1.3	2.5	-0.0	1.7	1.0	1.2	1.4	1.5	7.0	-2.9	1.1	1.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	5.5	17.5	8.1	0.9	5.2	5.0	6.8	3.5	0.6	1.5	-0.8	-0.7
Increase/(Decrease) in Receivables	2.3	-13.7	1.6	-6.5	-12.0	4.6	-1.1	-0.3	-2.6	2.4	0.1	-2.6
Increase/(Decrease) in Inventory	-2.1	-6.5	-3.5	3.6	-10.8	2.7	-6.2	3.0	18.2	-10.1	3.6	6.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.4	11.5	-1.2	-6.7	15.8	3.3	1.2	-3.3	-9.4	3.5	-0.9	-2.6
Increase/(Decrease) in Prepaid Expenses	0.6	-0.4	-1.1	0.4	-1.7	0.3	-0.1	0.1	5.4	-2.9	1.1	1.8
Changes in Trading Securities	—	—	—	—	1.0	-3.0	0.0	0.0	0.0	-0.0	0.0	0.0
Interest Paid	-1.3	-1.0	-0.6	-0.5	-1.0	-2.9	0.4	-1.5	-5.4	3.1	-2.2	-0.9
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	-1.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Payments	-0.1	-0.1	-0.8	-0.1	-0.2	-0.1	-0.1	-0.1	-0.8	0.6	-0.6	-0.1
Net Cash Flow from Operating Activities	-2.5	9.7	-3.2	-3.1	-3.6	9.8	1.0	1.3	6.0	-1.8	0.3	1.5
Payments for Fixed Assets and Other Long-term Assets	-0.9	-61.6	-0.4	-1.1	-2.4	-0.0	-0.0	0.0	-0.1	0.1	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	—	-2.0	—	—	0.0	0.0	0.0	0.0	-2.0	2.0	-2.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	2.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Dividends and Interest Income Received	—	0.2	0.1	—	0.0	-0.2	0.2	0.0	0.5	-0.3	0.2	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.9	-61.4	-0.2	-1.1	-2.3	-0.2	0.1	0.0	-1.5	1.7	-1.8	0.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	44.7	62.1	38.3	42.8	38.3	25.7	32.4	22.5	117.6	-61.1	30.3	30.8
Repayment of Borrowings	-40.6	-66.5	-40.8	-33.9	-33.3	-38.5	-33.0	-25.0	-122.6	62.2	-30.2	-32.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	4.1	53.8	3.8	8.8	4.9	-12.8	-0.6	-2.4	-4.9	1.1	0.1	-1.2
Net Cash Flow During the Period	0.8	2.0	0.4	4.7	-1.0	-3.2	0.5	-1.1	-0.4	1.0	-1.4	0.4
Cash and Cash Equivalents at Beginning of Period	18.6	11.5	16.1	11.5	16.2	16.2	16.2	16.2	16.6	0.0	16.6	16.6
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.4	18.6	16.6	16.1	11.5	12.5	15.6	15.1	16.2	0.0	15.6	17.0

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LDP

What Is Changing

Drivers of LDP's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼

Working Capital Efficiency ▼▼

Is financial risk significant?

Leverage & Liquidity ●

Cash Flow ▼▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow