NAW

Cấp nước Nghệ An ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 5.24%, +4.32pp YoY

Price

11,600

Latest close

29 May 2026

P/E 21.08x

P/B 1.08x

EPS 550

BVPS 10,729

ROE 5.3%

ROA 2.8%

Profit Margin 5.2%

Asset Turnover 0.53x

Equity Mult. 1.89x

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

What Is Changing

On a TTM 2026Q1 basis, NAW has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 393bn
	                                
+16.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 21bn
	                                
+567.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    73.5%

Metric	2025	2024	2023	2022	2021
Revenue	374.0	329.7	306.1	281.9	132.6
Growth	+13%	+8%	+9%	+113%	—
Net Income	19.9	2.9	2.8	4.8	0.5
Net Margin	5.31%	0.89%	0.90%	1.71%	0.35%

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	98.4	95.3	105.2	93.9	79.7	84.6	89.0	84.0	72.2	76.6	83.4	73.0
Growth	+3%	-9%	+12%	+18%	-6%	-5%	+6%	+16%	-6%	-8%	+14%	—
Net Income	1.5	0.2	18.4	0.5	0.8	0.9	0.9	0.4	1.3	-1.7	2.4	1.4
Net Margin	1.48%	0.21%	17.50%	0.55%	1.04%	1.04%	1.06%	0.51%	1.86%	-2.21%	2.92%	1.91%

Drivers of NAW's profit

TTM

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

Other profit ↑ 19.5bn

Gross profit ↑ 10.9bn

Financial income ↑ 3.9bn

Administrative expenses ↑ 10.3bn

Tax ↑ 5.6bn

TTM

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

Gross profit ↑ 12.5bn

Administrative expenses ↑ 5.1bn

Other profit ↓ 5.0bn

Tax ↑ 1.4bn

Finance costs ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.8% = 0.9% × 0.45 × 1.96

2026Q1 5.3% = 5.2% × 0.53 × 1.89

ROE rose from 0.8% to 5.3% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 5.2% +4.3pp Asset turnover: 0.53x +0.08x Leverage: 1.89x -0.07x

Is the profit sustainable?

Margins improved (+4.3pp), 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 5.24%, rising 4.3pp. Despite pressure from Gross margin fell 0.5pp and SG&A / Revenue rose 0.0pp, the offset came from Other profit / Revenue rose 5.0pp and Net financial result / Revenue rose 1.3pp.

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 5.24% +4.3pp

Gross Margin 22.54% −0.5pp

SG&A / Revenue 20.28% +0.0pp

Non-core / Revenue 4.60% +6.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 73.5% of PBT and lifted net margin by 6.2pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 1.4% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC edged up to 1.45%, rising 0.8pp. That translates to 1.45 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 0.31x, while invested capital contracted by 81bn — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 1.45% +0.8pp

NOPAT Margin 1.39% +0.5pp

Capital Turnover 1.04x +0.31x

Average Invested Capital 376.5bn −81.5bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.89x equity, with a net cash position equivalent to 0.13x equity.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 20.2 days versus the same period last year. The main moves came from DIO fell 30.7 days, DSO rose 3.5 days, and DPO fell 7.1 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Receivables collection is slowing

DSO increased by +3.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 26.1 days +3.5 days

Inventory 88.9 days −30.7 days

Payables 61.5 days −7.1 days

Cash Conversion Cycle 53.5 days −20.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 57.1bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.13x and interest coverage only at 0.96x.

At present, short-term debt accounts for 18.1% of total debt, cash equals 141.4% of debt, and total debt stands at 121.4bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Interest coverage is thin

Interest coverage is 0.96x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.13x −0.18x

Interest Coverage 0.96x +0.50x

Cash / Debt 141.4% +55.0pp

Short-term Debt / Total Debt 18.1% +3.3pp

CFO / NI 5.32x −9.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 57.1bn in 2024, against investing cash flow of 25.0bn.

Post-investment cash flow was positive +82.1bn. Financing cash flow was negative +26.7bn.

CFO / net income was 5.32x.

After spending +12.2bn on fixed-asset investment, the business generated trailing free cash flow of +97.3bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 109.5bn +64.6bn

Cash Capex 12.2bn −63.4bn

FCF TTM +97.3bn +128.0bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 4.3 pp. The next item to monitor is the earnings mix, when non-core contribution is -6.5%. The main risk still sits in leverage and liquidity, with interest coverage at 0.96x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.24% after expanding 4.3pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 5.32x. Even so, net financial result still accounts for -6.5% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.96x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	374.0	329.7	306.1	281.9	132.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	374.0	329.7	306.1	281.9	132.6
Cost of Goods Sold	298.0	248.8	233.6	214.5	0.0
Gross Profit	76.0	80.9	72.5	67.4	24.2
Financial Income	5.7	1.9	6.5	6.9	3.0
Financial Expenses	7.3	8.4	11.4	10.4	-6.0
Interest Expense	7.2	8.3	10.3	10.1	-6.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	18.3	16.9	19.2	19.2	-7.2
General and Administrative Expenses	56.0	54.1	47.8	39.9	-14.1
Operating Profit	0.1	3.5	0.7	4.8	-0.1
Other Income	32.7	0.5	4.0	2.5	0.0
Other Expenses	8.0	0.3	0.4	1.1	0.0
Other Profit	24.7	0.2	3.6	1.3	0.7
Profit Before Tax	24.8	3.7	4.3	6.1	0.6
Current Income Tax Expense	5.0	0.7	1.5	1.3	-0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	19.9	2.9	2.8	4.8	0.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	19.9	2.9	2.8	4.8	0.5
Earnings per Share	531.29	67.00	63.00	71.00	12.00
Diluted EPS	531.29	67.00	63.00	71.00	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	362.0	238.8	271.2	285.8	261.3
I. Cash and cash equivalents	174.3	111.2	55.7	67.1	163.6
1. Cash	18.0	95.0	39.7	51.4	0.0
2. Cash equivalents	156.3	16.2	16.0	15.7	0.0
II. Short-term financial investments	76.8	25.9	75.3	109.9	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	76.8	25.9	75.3	109.9	0.0
III. Short-term receivables	36.7	24.5	27.4	28.3	25.2
1. Short-term trade accounts receivable	34.6	19.9	20.4	18.1	0.0
2. Short-term prepayments to suppliers	6.6	7.0	8.5	10.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	18.7	15.3	16.0	16.1	0.0
7. Provision for short-term doubtful debts (*)	-23.3	-17.7	-17.4	-16.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	74.0	72.8	99.1	71.8	65.4
1. Inventories	74.0	72.8	99.1	71.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	4.4	13.7	8.7	7.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.2	4.4	13.2	8.7	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.4	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)	393.3	503.9	586.0	578.0	535.3
I. Long-term receivables	0.5	0.5	0.5	0.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.5	0.5	0.5	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	368.2	478.3	537.9	526.5	510.2
1. Tangible fixed assets	367.9	478.2	537.8	526.4	504.4
- Cost	1,316.7	1,338.7	1,287.5	1,213.7	0.0
- Accumulated depreciation	-948.9	-860.4	-749.7	-687.3	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	0.3	0.1	0.1	0.1	5.9
- Cost	0.8	0.5	0.5	0.5	0.0
- Accumulated depreciation	-0.5	-0.5	-0.4	-0.4	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	8.7	6.3	25.9	19.7	20.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.7	6.3	25.9	19.7	0.0
V. Long-term financial investments	13.3	13.4	13.5	13.8	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	13.8	13.8	13.8	13.8	0.0
4. Provision for diminution in value of long-term investments	-0.5	-0.4	-0.3	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	2.6	5.4	8.2	17.4	0.0
1. Long-term prepayments	2.6	5.4	8.2	17.4	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	4.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	-0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	755.3	742.7	857.1	863.8	796.7
A. LIABILITIES (300=210+330)	355.5	361.4	477.6	483.9	422.0
I. Short -term liabilities	256.2	235.4	324.9	304.6	189.4
1. Short-term trade accounts payable	56.2	54.0	58.4	57.3	134.4
2. Short-term advances from customers	3.0	4.0	5.8	11.6	8.5
3. Taxes and other payables to state authorities	0.5	0.8	0.4	0.6	0.0
4. Payable to employees	19.7	15.1	16.2	14.9	0.0
5. Short-term acrrued expenses	2.8	3.3	3.3	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	7.3	7.4	105.2	105.0	0.0
10. Short-term borrowings and financial leases	26.6	26.7	26.7	26.7	26.6
11. Provision for short-term liabilities	135.5	120.9	107.1	85.7	0.0
12.. Bonus and welfare fund	4.5	3.1	1.9	1.2	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	99.3	126.0	152.7	179.3	232.6
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	99.3	126.0	152.7	179.3	232.6
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)	399.8	381.3	379.6	379.9	374.7
I. Owner's equity	399.8	381.3	379.6	379.9	0.0
1. Owner's capital	373.9	373.9	373.9	373.9	374.7
- Common stock with voting right	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00
- 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	6.1	4.5	3.0	1.2	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	19.9	2.9	2.8	4.8	0.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.2
- Undistributed earnings in this period	19.9	2.9	2.8	4.8	0.6
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)	755.3	742.7	857.1	863.8	796.7

Item	2024	2023	2022	2021	2020
Profit Before Tax	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	-2.2	-1.1	0.0	0.0
Other Operating Receipts	10.2	14.3	2.8	0.0	0.0
Other Operating Payments	-18.3	-38.4	-47.3	0.0	0.0
Net Cash Flow from Operating Activities	57.1	44.9	115.5	24.6	0.0
Payments for Fixed Assets and Other Long-term Assets	-27.2	-75.6	-99.6	-3.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	-25.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	19.0	0.0
Investments in Other Entities	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
Dividends and Interest Income Received	0.7	0.5	7.0	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	25.0	-29.6	-71.8	-8.7	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-26.7	-26.7	-39.1	-4.8	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-26.7	-26.7	-39.1	-4.8	0.0
Net Cash Flow During the Period	55.5	-11.4	4.6	0.0	0.0
Cash and Cash Equivalents at Beginning of Period	55.7	67.1	62.5	163.6	0.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	111.2	55.7	67.1	0.0	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	98.4	95.3	105.2	93.9	79.7	84.6	89.0	84.0	72.2	76.6	83.4	73.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	98.4	95.3	105.2	93.9	79.7	84.6	89.0	84.0	72.2	76.6	83.4	73.0
Cost of Goods Sold	69.5	66.9	88.3	79.5	63.3	61.4	72.6	62.2	50.3	51.5	64.3	65.9
Gross Profit	28.9	28.4	16.8	14.4	16.4	23.1	16.4	21.8	21.9	25.1	19.1	7.1
Financial Income	0.1	3.6	0.7	1.3	0.1	0.9	0.1	0.7	0.2	2.5	0.5	3.1
Financial Expenses	1.9	1.8	1.6	2.1	1.6	2.5	1.6	2.0	2.2	3.0	3.0	2.8
Interest Expense	1.9	1.8	1.6	2.1	1.6	2.5	1.6	2.0	2.2	3.0	3.0	2.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.3	6.1	4.2	3.8	4.2	4.2	4.0	4.9	3.8	6.8	4.0	4.4
General and Administrative Expenses	14.8	27.2	10.6	8.7	9.7	16.3	9.8	15.2	14.4	15.2	9.6	9.5
Operating Profit	7.9	-3.1	1.2	1.1	0.9	1.0	1.1	0.5	1.7	2.7	3.0	-6.5
Other Income	0.1	3.2	29.1	0.3	0.1	0.2	0.2	0.0	0.0	-4.6	0.1	8.2
Other Expenses	5.0	-0.2	7.3	0.8	0.0	0.1	0.2	0.0	0.0	0.2	0.1	0.0
Other Profit	-4.9	3.4	21.8	-0.4	0.1	0.1	0.1	0.0	-0.0	-4.8	0.0	8.2
Profit Before Tax	3.0	0.3	23.0	0.6	1.0	1.1	1.2	0.5	1.7	-2.1	3.1	1.7
Current Income Tax Expense	1.6	0.1	4.6	0.1	0.2	0.2	0.2	0.1	0.3	-0.4	0.6	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.5	0.2	18.4	0.5	0.8	0.9	0.9	0.4	1.3	-1.7	2.4	1.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.5	0.2	18.4	0.5	0.8	0.9	0.9	0.4	1.3	-1.7	2.4	1.4
Earnings per Share	38.91	5.43	492.18	13.77	22.17	23.63	25.23	11.40	35.98	-45.37	65.12	37.34
Diluted EPS	38.91	5.43	492.18	13.77	22.17	23.63	25.23	11.40	35.98	-45.37	65.12	37.34

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)	381.4	362.0	340.9	302.3	255.0	237.7	218.8	184.7	202.8	273.4	276.1	263.3
I. Cash and cash equivalents	171.7	174.3	200.5	173.5	127.8	111.2	83.5	46.5	41.8	55.7	68.2	48.8
1. Cash	15.4	18.0	124.2	37.3	61.6	95.0	67.4	30.3	25.7	39.7	52.2	32.9
2. Cash equivalents	156.3	156.3	76.3	136.2	66.2	16.2	16.2	16.1	16.0	16.0	16.0	15.9
II. Short-term financial investments	96.8	76.8	26.5	25.9	25.9	25.9	25.7	25.2	24.9	75.3	79.6	77.4
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	96.8	76.8	26.5	25.9	25.9	25.9	25.7	25.2	24.9	75.3	79.6	77.4
III. Short-term receivables	36.9	36.7	41.9	28.6	26.9	23.4	27.9	27.4	27.1	29.8	35.0	37.3
1. Short-term trade accounts receivable	33.9	34.6	37.4	22.9	22.3	19.9	21.5	21.7	19.6	20.4	19.7	18.9
2. Short-term prepayments to suppliers	10.5	6.6	6.3	7.7	6.1	7.1	7.5	6.4	6.7	8.5	14.7	18.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.0	18.7	15.8	15.8	16.2	15.2	16.3	16.8	18.2	18.4	18.1	16.9
7. Provision for short-term doubtful debts (*)	-17.6	-23.3	-17.6	-17.7	-17.7	-18.8	-17.4	-17.4	-17.4	-17.4	-17.4	-16.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	76.1	74.0	71.9	72.5	72.1	72.8	75.4	76.8	98.0	99.0	81.9	88.2
1. Inventories	76.1	74.0	71.9	72.5	72.1	72.8	75.4	76.8	98.0	99.0	81.9	88.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.2	0.1	1.8	2.3	4.5	6.3	8.8	11.1	13.5	11.4	11.6
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.2	—	1.7	2.1	4.5	6.3	8.7	11.0	13.0	11.4	11.5
3. Taxes and other receivables from state authorities	0.0	0.0	0.1	0.1	0.2	0.0	0.0	0.1	0.1	0.5	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)	373.5	393.3	418.9	446.8	473.2	504.3	544.0	564.9	565.1	583.3	579.4	570.8
I. Long-term receivables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	344.7	368.2	393.3	423.9	445.9	478.3	519.8	504.5	525.8	528.1	523.8	522.4
1. Tangible fixed assets	344.4	367.9	392.9	423.9	445.9	478.2	519.7	504.4	525.7	528.0	523.7	522.3
- Cost	1,316.7	—	—	—	—	1,338.7	1,338.6	1,300.1	1,292.0	1,276.6	1,256.1	1,237.2
- Accumulated depreciation	-972.3	—	—	—	—	-860.4	-818.9	-795.7	-766.2	-748.6	-732.4	-714.9
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	0.3	0.3	0.4	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	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	13.2	8.7	7.6	3.9	8.8	6.3	2.5	38.7	16.8	24.3	26.2	21.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	13.2	8.7	7.6	3.9	8.8	6.3	2.5	38.7	16.8	24.3	26.2	21.2
V. Long-term financial investments	13.3	13.3	13.3	13.4	13.4	13.4	13.4	13.5	13.5	13.5	13.5	13.8
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	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8
4. Provision for diminution in value of long-term investments	-0.5	-0.5	-0.5	-0.4	-0.4	-0.4	-0.4	-0.3	-0.3	-0.3	-0.3	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	1.8	2.6	4.3	5.1	4.5	5.8	7.8	7.8	8.5	16.9	15.5	12.8
1. Long-term prepayments	1.8	2.6	4.3	5.1	4.5	5.8	7.8	7.8	8.5	16.9	15.5	12.8
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	-0.0
TOTAL ASSETS (280=100+200)	754.9	755.3	759.8	749.1	728.2	742.1	762.8	749.6	767.9	856.6	855.5	834.1
A. LIABILITIES (300=210+330)	353.8	355.5	360.2	367.9	346.1	360.3	381.9	369.5	387.0	477.1	474.6	455.2
I. Short -term liabilities	254.4	256.2	247.5	255.2	220.1	234.3	242.5	216.8	234.3	324.4	308.5	275.8
1. Short-term trade accounts payable	55.6	56.2	47.5	42.2	47.0	54.6	48.6	48.7	50.6	59.0	51.3	45.7
2. Short-term advances from customers	4.4	3.0	3.2	23.7	6.6	4.0	4.8	6.3	6.5	5.8	5.5	5.3
3. Taxes and other payables to state authorities	2.5	0.5	1.7	0.6	0.4	1.0	0.6	0.3	0.3	0.3	1.5	0.9
4. Payable to employees	7.2	19.7	5.5	5.5	4.9	15.1	11.3	5.6	5.4	15.2	4.8	6.3
5. Short-term acrrued expenses	15.0	2.8	20.9	16.5	4.4	3.3	2.2	18.8	2.9	3.3	3.6	1.9
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	8.4	7.3	7.9	7.9	7.6	7.4	8.0	6.8	32.5	105.2	106.0	108.4
10. Short-term borrowings and financial leases	21.9	26.6	21.8	26.6	21.9	26.7	21.9	13.3	21.9	26.7	21.9	13.4
11. Provision for short-term liabilities	134.9	135.5	134.6	127.7	124.1	119.0	141.9	113.9	112.4	107.1	112.1	92.1
12.. Bonus and welfare fund	4.5	4.5	4.5	4.5	3.1	3.1	3.1	3.1	1.9	1.9	1.9	1.9
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	99.4	99.3	112.7	112.7	126.0	126.0	139.4	152.7	152.7	152.7	166.0	179.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	99.4	99.3	112.7	112.7	126.0	126.0	139.4	152.7	152.7	152.7	166.0	179.3
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)	401.1	399.8	399.6	381.3	382.1	381.8	380.9	380.1	380.9	379.5	380.9	378.9
I. Owner's equity	401.1	399.8	399.6	381.3	382.1	381.8	380.9	380.1	380.9	379.5	380.9	378.9
1. Owner's capital	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9	373.9
- Common stock with voting right	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00	373,859,830,000.00
- 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	6.1	6.1	6.1	6.1	4.5	4.5	4.5	4.5	3.0	3.0	3.0	2.9
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	21.2	19.9	19.7	1.3	3.8	3.5	2.6	1.8	4.1	2.7	4.1	2.2
- Accumulated retained earning at the end of the previous period	19.7	—	—	—	2.9	0.0	0.0	0.0	2.8	0.0	0.0	0.0
- Undistributed earnings in this period	1.5	19.9	19.7	1.3	0.8	3.5	2.6	1.8	1.3	2.7	4.1	2.2
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)	754.9	755.3	759.8	749.1	728.2	742.1	762.8	749.6	767.9	856.6	855.5	834.1

Item	Q1'26	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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
Interest Income and Dividends	—	—	—	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
Other Adjustments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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
Interest Paid	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	-0.7	0.0	0.0	0.0	0.0	-2.2	1.0	0.0	-1.0	-1.1
Other Operating Receipts	5.2	—	—	0.0	-6.2	54.7	-48.5	14.3	-3.3	40.0	-36.7	2.8
Other Operating Payments	-11.1	-47.9	30.1	0.0	8.5	78.8	-87.3	-38.4	16.9	1.8	-18.7	-47.3
Net Cash Flow from Operating Activities	43.5	-5.6	71.6	0.0	21.1	88.1	-109.2	44.9	9.1	77.8	-86.9	115.5
Payments for Fixed Assets and Other Long-term Assets	-1.8	-10.1	-0.3	0.0	25.3	-23.3	-2.0	-75.6	36.8	-35.1	-1.7	-99.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	20.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0	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
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
Investments in Other Entities	—	—	—	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
Dividends and Interest Income Received	0.1	—	0.1	0.0	-0.1	-0.1	0.2	0.5	-0.9	0.4	0.5	7.0
Increase/(Decrease) in Term Deposits	—	—	—	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
Other Investing Receipts	—	—	—	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
Net Cash Flow from Investing Activities	-21.7	59.8	-50.2	0.0	-26.3	-23.3	49.6	-29.6	-4.0	-29.7	33.7	-71.8
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
Share Repurchases	—	—	—	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	0.0	0.0
Repayment of Borrowings	-4.8	-8.6	-4.8	0.0	13.3	-8.6	-4.8	-26.7	13.3	-8.6	-4.8	-39.1
Repayment of Finance Leases	—	—	—	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
Other Financing Receipts	—	—	—	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
Net Cash Flow from Financing Activities	-4.8	-8.6	-4.8	0.0	13.3	-8.6	-4.8	-26.7	13.3	-8.6	-4.8	-39.1
Net Cash Flow During the Period	17.0	45.7	16.6	0.0	8.1	56.3	-64.4	-11.4	18.4	39.5	-57.9	4.6
Cash and Cash Equivalents at Beginning of Period	251.5	153.7	137.1	0.0	0.0	55.7	131.0	67.1	0.0	67.1	177.0	62.5
FX Difference from Revaluation	—	—	—	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	268.5	173.5	153.7	0.0	0.0	47.6	66.6	55.7	0.0	48.8	119.1	67.1

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NAW

What Is Changing

Drivers of NAW'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