MHL

Minh Hữu Liên ·UPCOM ·2024Q2

▼▼ Declining sharply

Margins remain under pressure Net margin −14.80%, −15.45pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -878

BVPS 1,493

ROE -16.3%

ROA -2.6%

Profit Margin -14.8%

Asset Turnover 0.18x

Equity Mult. 6.26x

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

What Is Changing

On a TTM 2024Q2 basis, MHL posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 32bn
	                                
−66.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 5bn
	                                
−854.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -14.23x
	                                
negative cash flow vs profit

Metric	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q2'21
Revenue	0.0	0.0	0.0	31.7	0.0	0.0	21.6	73.1	221.6	93.1	93.1	94.8
Growth	—	—	-100%	—	—	-100%	-70%	-67%	+138%	0%	-2%	—
Net Income	-3.5	-1.8	-0.1	0.7	-0.2	-1.2	1.3	0.8	26.0	-5.2	-5.2	0.1
Net Margin	—	—	—	2.17%	—	—	6.01%	1.04%	11.73%	-5.61%	-5.61%	0.12%

Drivers of MHL's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Selling expenses ↓ 4.2bn

Finance costs ↓ 4.2bn

Administrative expenses ↓ 4.1bn

Gross profit ↓ 17.1bn

Financial income ↓ 0.6bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Gross profit ↓ 3.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q2 1.2% = 0.7% × 0.40 × 4.43

2024Q2 -16.3% = -14.8% × 0.18 × 6.26

ROE fell from 1.2% to -16.3% — asset turnover weakened the most, though leverage still provided support.

Net margin: -14.8% -15.5pp Asset turnover: 0.18x -0.22x Leverage: 6.26x +1.83x

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 -14.80%, losing 15.5pp. The main pressure is Gross margin fell 25.4pp, outweighing the improvement in SG&A / Revenue fell 6.3pp (in addition, Net financial result / Revenue rose 3.8pp added support while Other profit / Revenue fell 0.2pp 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 -14.80% −15.5pp

Gross Margin -11.05% −25.4pp

SG&A / Revenue 3.75% −6.3pp

TTM YoY · 2023Q2 -> 2024Q2

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 -3.91%, losing 4.2pp. That translates to -3.91 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 15.3pp and capital turnover fell 0.35x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

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

Watchpoints

ROIC remains low

ROIC is currently -3.91% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -3.91% −4.2pp

NOPAT Margin -14.80% −15.3pp

Capital Turnover 0.26x −0.35x

Average Invested Capital 119.9bn −35.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is very high, with clear pressure on the capital structure — liabilities at 8.26x equity, net debt at 10.16x equity.

Over the last 12 months, working capital released 66.6bn of cash, mainly thanks to lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +60.8bn

Inventories were broadly stable → neutral CFO: 0.0bn

Payables increased → higher CFO: +5.7bn

Working Capital Efficiency

Cash conversion cycle lengthened by 40.3 days versus the same period last year. The main moves came from DIO rose 37.1 days, DSO fell 33.0 days, and DPO fell 36.3 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 293.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +37.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 449.5 days −33.0 days

Inventory 97.7 days +37.1 days

Payables 253.5 days −36.3 days

Cash Conversion Cycle 293.7 days +40.3 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 68.6% of total debt, cash equals 0.1% of debt, and total debt stands at 82.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 10.16x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 68.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 10.16x +8.14x

Interest Coverage — —

Cash / Debt 0.1% +0.1pp

Short-term Debt / Total Debt 68.6% −23.0pp

CFO / NI -14.23x −20.52x

TTM YoY · 2023Q2 -> 2024Q2

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -0.9bn in 2023, against investing cash flow of 0.0bn.

Post-investment cash flow was negative +0.9bn. Financing cash flow was negative +1.2bn.

CFO / net income was -14.23x.

After spending +66.7bn on fixed-asset investment, the business generated trailing free cash flow of +0.0bn.

Cash Conversion

CFO TTM 66.7bn +62.8bn

Cash Capex 66.7bn +66.7bn

FCF TTM +0.0bn −3.9bn

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 next item to monitor is effective tax rate looks unusual, with effective tax rate at 0.0%. The main risk still sits in core profitability, with net margin down 15.5 pp.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: profitability remains under pressure, with trailing-12M net margin at -14.80% after a 15.5pp decline versus the same period last year.

Statement Data

Item	2023	2022	2021	2020
Revenue	29.9	409.2	246.1	430.2
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	29.9	409.2	246.1	430.2
Cost of Goods Sold	30.2	353.8	0.0	0.0
Gross Profit	-0.3	55.5	19.7	40.1
Financial Income	0.2	1.3	0.7	0.8
Financial Expenses	11.1	8.3	-7.1	-10.9
Interest Expense	11.1	7.8	-6.7	-10.4
Share of Associates and Joint Ventures	0.0	0.0	0.0	-0.0
Selling Expenses	0.4	14.5	-16.1	-20.3
General and Administrative Expenses	16.5	11.8	-6.2	-8.7
Operating Profit	-28.2	22.1	-8.9	0.9
Other Income	0.0	0.6	0.0	0.0
Other Expenses	7.2	0.1	0.0	0.0
Other Profit	-7.2	0.5	5.5	0.8
Profit Before Tax	-35.4	22.6	-3.4	1.7
Current Income Tax Expense	5.5	0.0	-1.9	-0.7
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	-40.8	22.6	-5.3	1.0
Non-controlling Interest	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-40.8	22.6	-5.3	1.0
Earnings per Share	-7,723.00	4,273.00	-976.65	21.00
Diluted EPS	-7,723.00	4,161.52	-976.65	180.22

Item	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	117.8	132.5	137.4	169.0
I. Cash and cash equivalents	0.1	2.2	1.7	8.3
1. Cash	0.1	2.2	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0
III. Short-term receivables	106.7	118.7	32.9	49.1
1. Short-term trade accounts receivable	84.4	109.5	0.0	0.0
2. Short-term prepayments to suppliers	41.0	13.8	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.6	0.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	-20.2	-4.8	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	9.4	9.8	90.9	101.5
1. Inventories	9.4	9.8	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	1.6	1.8	11.9	10.0
1. Short-term prepayments	0.3	0.5	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	1.3	1.3	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)	54.4	62.6	63.3	72.1
I. Long-term receivables	0.2	0.2	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.4	0.2
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	33.8	41.3	40.9	47.5
1. Tangible fixed assets	33.8	41.3	40.8	47.4
- Cost	80.6	80.6	0.0	0.0
- Accumulated depreciation	-46.8	-39.3	0.0	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	0.0	0.0	0.1	0.1
- Cost	0.5	0.5	0.0	0.0
- Accumulated depreciation	-0.5	-0.5	0.0	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	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	20.4	21.1	0.0	0.0
1. Long-term prepayments	20.4	21.1	0.0	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	22.0	24.5
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)	172.2	195.0	200.7	241.1
A. LIABILITIES (300=210+330)	153.6	135.6	169.1	178.1
I. Short -term liabilities	127.7	109.7	142.2	151.0
1. Short-term trade accounts payable	22.5	28.3	45.6	55.1
2. Short-term advances from customers	0.0	0.0	0.6	5.8
3. Taxes and other payables to state authorities	12.7	4.5	0.0	0.0
4. Payable to employees	0.0	0.1	0.0	0.0
5. Short-term acrrued expenses	12.9	1.8	0.0	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	5.7	0.0	0.0	0.0
10. Short-term borrowings and financial leases	73.9	75.1	91.6	85.7
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	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	25.9	25.9	26.9	27.0
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	25.9	25.9	26.9	27.0
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	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)	18.6	59.4	31.6	63.0
I. Owner's equity	18.6	59.4	0.0	0.0
1. Owner's capital	54.3	54.3	31.6	63.0
- Common stock with voting right	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00
- Preferred stock	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	2.3	2.3	2.3	2.3
5. Treasury shares	-2,294,874,180.00	-2,294,874,180.00	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	2.0	2.0	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	-37.8	3.0	-24.8	2.2
- Accumulated retained earning at the end of the previous period	3.0	-19.6	-19.6	1.8
- Undistributed earnings in this period	-40.8	22.6	-5.2	0.4
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)	172.2	195.0	200.7	241.1

Item	2023	2022	2021	2020
Profit Before Tax	-35.4	22.6	0.0	0.0
Depreciation of Fixed Assets and Investment Property	7.5	7.3	0.0	0.0
Provision (Increase)/Reversal	15.4	3.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	0.0	-0.1	0.0	0.0
Interest Expense	11.1	7.8	0.0	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	-1.3	40.6	0.0	0.0
Increase/(Decrease) in Receivables	-3.5	-76.6	0.0	0.0
Increase/(Decrease) in Inventory	0.4	103.4	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.6	-23.1	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	2.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	0.0	-7.8	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-0.9	38.6	-22.3	5.7
Payments for Fixed Assets and Other Long-term Assets	0.0	-6.0	0.0	-2.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.4	4.9	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	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	0.0	-5.6	5.5	-0.7
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	168.7	273.7	319.8
Repayment of Borrowings	-1.2	-201.8	-262.3	-321.1
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	-1.2	-33.1	11.3	-1.2
Net Cash Flow During the Period	-2.1	-0.1	-0.6	4.0
Cash and Cash Equivalents at Beginning of Period	2.2	2.3	8.3	4.5
FX Difference from Revaluation	0.0	0.0	0.0	0.1
Cash and Cash Equivalents at End of Period	0.1	2.2	1.7	8.3

Item	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q2'21
Revenue	0.0	0.0	0.0	31.7	0.0	0.0	21.6	73.1	221.6	93.1	93.1	94.8
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	0.0	0.0	31.7	0.0	0.0	21.6	73.1	221.6	93.1	93.1	94.8
Cost of Goods Sold	3.4	1.7	0.0	30.1	0.0	0.0	15.9	65.2	183.5	89.0	0.0	0.0
Gross Profit	-3.4	-1.7	0.0	1.6	0.0	0.0	5.7	7.8	38.0	4.1	4.1	11.2
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.5	0.4	0.3	0.3	0.2
Financial Expenses	0.0	0.0	0.0	0.0	0.0	0.5	1.8	1.9	2.2	2.4	-2.4	-2.5
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.5	1.8	1.8	1.9	2.3	-2.3	-2.4
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.4	0.0	0.2	1.3	3.1	4.8	5.6	-5.6	-5.7
General and Administrative Expenses	0.1	0.0	0.1	0.6	0.2	0.5	1.5	2.7	1.9	1.8	-1.8	-2.3
Operating Profit	-3.5	-1.8	-0.1	0.7	-0.2	-1.2	1.3	0.6	29.6	-5.5	-5.5	1.1
Other Income	0.0	0.0	0.0	0.0	0.0	0.5	0.0	0.2	0.1	0.3	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.5	0.0	0.0	0.1	0.0	0.0	0.0
Other Profit	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.2	0.1	0.3	0.3	0.0
Profit Before Tax	-3.5	-1.8	-0.1	0.7	-0.2	-1.2	1.3	0.8	29.7	-5.2	-5.2	1.1
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.7	0.0	0.0	-1.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-3.5	-1.8	-0.1	0.7	-0.2	-1.2	1.3	0.8	26.0	-5.2	-5.2	0.1
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-3.5	-1.8	-0.1	0.7	-0.2	-1.2	1.3	0.8	26.0	-5.2	-5.2	0.1
Earnings per Share	-648.66	-339.00	-16.57	126.69	-40.49	-224.11	239.15	139.81	4,785.83	-961.92	-961.92	21.15
Diluted EPS	-648.66	-324.66	-16.57	126.69	-40.49	-224.11	239.15	139.81	4,785.83	-961.92	-961.92	21.15

Item	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q2'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	60.7	111.4	154.7	154.7	126.9	116.8	138.1	249.7	222.9	137.4	137.4	186.5
I. Cash and cash equivalents	0.1	0.1	0.0	0.0	0.0	0.0	2.2	0.5	0.7	1.7	1.7	3.6
1. Cash	0.1	0.1	0.0	0.0	0.0	0.0	2.2	0.5	0.7	1.7	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	49.9	98.6	143.9	143.9	116.2	105.6	122.5	227.6	201.8	32.9	32.9	44.7
1. Short-term trade accounts receivable	29.4	82.5	91.5	91.5	48.6	99.2	109.5	228.0	201.7	33.1	0.0	0.0
2. Short-term prepayments to suppliers	41.0	41.0	70.2	70.2	67.5	10.3	13.8	0.3	0.8	0.4	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.0	1.3	1.7	1.7	0.0	0.9	0.1	0.1	0.2	0.2	0.0	0.0
7. Provision for short-term doubtful debts (*)	-21.5	-26.2	-19.4	-19.4	0.0	-4.8	-0.9	-0.9	-0.9	-0.9	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.4	9.4	9.4	9.4	9.4	9.8	9.8	18.0	17.5	90.9	90.9	128.0
1. Inventories	9.4	9.4	9.4	9.4	9.4	9.8	9.8	18.0	17.5	91.7	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.9	0.0	0.0
V. Other short-term assets	1.3	3.3	1.3	1.3	1.3	1.3	3.5	3.7	2.9	11.9	11.9	10.2
1. Short-term prepayments	0.0	0.3	0.0	0.0	0.0	0.4	0.5	0.9	1.5	0.8	0.0	0.0
2. Value added tax to be reclaimed	0.0	1.7	0.0	0.0	0.0	0.0	1.7	1.4	0.0	7.2	0.0	0.0
3. Taxes and other receivables from state authorities	1.3	1.3	1.3	1.3	1.3	0.9	1.3	1.3	1.3	3.9	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	115.1	51.4	58.1	58.1	58.2	62.3	62.6	64.7	66.9	63.3	63.3	68.3
I. Long-term receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.4	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.4	0.4
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.2	0.2	0.2	0.0	0.2	0.2	0.2	0.4	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	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	95.2	30.2	37.4	37.4	37.5	41.0	41.3	43.2	45.1	40.9	40.9	44.7
1. Tangible fixed assets	95.2	30.2	37.4	37.4	37.5	41.0	41.3	43.2	45.0	40.8	40.8	44.6
- Cost	147.3	80.6	80.6	80.6	80.6	80.6	80.6	80.6	80.6	79.3	0.0	0.0
- Accumulated depreciation	-52.1	-50.4	-43.2	-43.2	-43.1	-39.6	-39.3	-37.5	-35.6	-38.5	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
- Cost	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	19.8	21.0	20.5	20.5	20.5	21.1	21.1	21.4	21.7	22.0	0.0	0.0
1. Long-term prepayments	19.8	21.0	20.5	20.5	20.5	21.1	21.1	21.4	21.7	22.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	22.0	23.2
5. Goodwill	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	175.8	162.7	212.8	212.8	185.2	179.1	200.6	314.4	289.8	200.7	200.7	254.9
A. LIABILITIES (300=210+330)	167.7	132.0	176.3	176.2	135.6	143.5	137.3	255.7	232.2	169.1	169.1	197.4
I. Short -term liabilities	136.8	106.1	167.9	167.8	127.2	112.2	111.3	225.4	205.3	142.2	142.2	170.4
1. Short-term trade accounts payable	34.2	22.5	52.5	52.5	14.7	28.3	0.0	145.1	114.1	45.6	45.6	47.8
2. Short-term advances from customers	0.0	0.0	10.6	10.6	8.0	0.0	28.3	0.0	3.0	0.6	0.6	2.4
3. Taxes and other payables to state authorities	14.0	6.0	4.3	4.3	4.3	4.9	0.0	9.5	9.8	3.7	0.0	0.0
4. Payable to employees	0.0	0.0	0.1	0.0	0.0	0.0	6.2	0.1	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	15.6	15.6	3.2	3.2	3.2	0.3	0.1	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	3.9	0.7	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	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	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	16.4	5.4	5.7	5.7	5.7	0.9	1.0	0.1	1.0	0.7	0.0	0.0
10. Short-term borrowings and financial leases	56.5	56.5	91.5	91.5	91.3	73.9	75.0	70.6	77.4	91.6	91.6	112.4
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	30.9	25.9	8.4	8.4	8.4	31.3	26.0	30.3	26.9	26.9	26.9	27.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	5.0	0.0	0.0	0.0	0.0	5.4	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	25.9	25.9	8.4	8.4	8.4	25.9	26.0	30.3	26.9	26.9	26.9	27.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	8.1	30.8	36.5	36.6	49.5	35.6	63.3	58.7	57.6	31.6	31.6	57.5
I. Owner's equity	8.1	30.8	36.5	36.6	49.5	35.6	63.3	58.7	57.6	31.6	0.0	0.0
1. Owner's capital	54.3	54.3	54.3	54.3	54.3	54.3	54.3	54.3	54.3	54.3	31.6	57.5
- Common stock with voting right	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00	54,309,230,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
5. Treasury shares	-2,294,874,180.00	-2,294,874,180.00	-2,294,874,180.00	-2,294,874,180.00	-2,294,874,180.00	-2,294,874,180.00	-2,294,874,180.00	-2,294,874,180.00	-2,294,874,180.00	-2,294,874,180.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-48.3	-25.7	-19.9	-19.8	-6.9	-20.8	6.9	2.3	1.2	-24.8	-24.8	1.4
- Accumulated retained earning at the end of the previous period	-44.8	-23.9	-19.8	-20.5	-6.7	-19.6	-19.6	-19.6	-19.6	-19.6	-19.6	1.1
- Undistributed earnings in this period	-3.5	-1.8	-0.1	0.7	-0.2	-1.2	26.5	21.9	20.8	-5.2	-5.2	0.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	175.8	162.7	212.8	212.8	185.2	179.1	200.6	314.4	289.8	200.7	200.7	254.9

Item	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q2'21
Profit Before Tax	-3.5	0.0	-35.4	23.5	-23.5	0.0	22.6	-24.5	-79.5	104.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	3.5	0.0	7.5	-3.8	3.8	0.0	7.3	-3.5	82.0	-78.4	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	15.4	-14.6	14.6	0.0	3.0	0.9	4.3	-5.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	2.3	-2.4	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.1	-0.1	0.0	0.0	0.0
Interest Expense	0.0	0.0	11.1	-3.5	3.5	0.0	7.8	-4.2	-48.5	52.8	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	56.4	-56.4	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.1	0.0	-1.3	1.7	-1.7	0.0	40.6	-31.2	16.8	14.4	0.0	0.0
Increase/(Decrease) in Receivables	56.1	0.0	-3.5	8.2	-8.2	0.0	-76.6	156.1	-156.1	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.4	-0.4	0.4	0.0	103.4	-95.7	95.7	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.7	0.0	2.6	-7.5	7.5	0.0	-23.1	-66.8	66.8	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.9	-1.0	1.0	0.0	2.1	-0.5	0.5	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0	0.0	-7.8	4.3	-4.3	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	-11.6	11.6	-102.1	102.1	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	4.2	-4.2	101.1	-101.1	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	66.7	0.0	-0.9	0.9	0.0	-0.9	2.9	2.0	19.3	14.4	14.4	-34.2
Payments for Fixed Assets and Other Long-term Assets	-66.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-6.0	0.0	0.0	0.0
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	0.2	0.2	0.2	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	-0.0	0.0	-1.1	1.1	-0.2	0.2	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-66.7	0.0	0.0	0.0	-0.0	0.0	-1.2	1.2	-6.1	0.5	0.5	0.6
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.5	59.3	103.9	103.9	107.5
Repayment of Borrowings	0.0	0.0	-1.2	1.2	0.0	-1.2	-0.0	-8.9	-73.6	-119.4	-119.4	-78.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.0	0.0	-1.2	1.2	0.0	-1.2	-0.0	-3.4	-14.3	-15.5	-15.5	29.4
Net Cash Flow During the Period	0.0	0.0	-2.1	2.1	0.0	-2.1	1.7	-0.2	-1.0	-0.6	-0.6	-4.3
Cash and Cash Equivalents at Beginning of Period	0.1	0.1	2.2	0.0	2.2	2.2	2.3	2.3	2.3	2.3	2.3	7.9
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	-0.1
Cash and Cash Equivalents at End of Period	0.1	0.1	0.1	0.0	0.0	0.0	2.2	0.5	0.7	1.7	1.7	3.6

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MHL

What Is Changing

Drivers of MHL'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 ▼▼

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow