NDW

Cấp nước Nam Định ·UPCOM ·2026Q1

▼ Under pressure

Capital efficiency needs cycle context ROE 7.88%

Price

14,900

Latest close

13 May 2026

P/E 16.48x

P/B 1.23x

EPS 904

BVPS 12,128

ROE 7.8%

ROA 6.0%

Profit Margin 11.0%

Asset Turnover 0.54x

Equity Mult. 1.31x

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

What Is Changing

On a TTM 2026Q1 basis, NDW is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 281bn
	                                
+2.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
−4.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	277.1	277.7	270.1	266.1	253.6
Growth	-0%	+3%	+2%	+5%	—
Net Income	31.1	33.4	33.0	30.5	36.8
Net Margin	11.21%	12.01%	12.23%	11.46%	14.53%

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	67.9	67.1	75.7	70.1	64.3	68.1	72.9	69.0	67.6	68.0	71.0	66.2
Growth	+1%	-11%	+8%	+9%	-6%	-7%	+6%	+2%	-1%	-4%	+7%	—
Net Income	9.7	-0.9	11.4	10.8	9.6	-0.3	11.6	11.6	10.5	-5.6	16.0	12.2
Net Margin	14.21%	-1.33%	15.07%	15.41%	15.02%	-0.49%	15.97%	16.76%	15.46%	-8.26%	22.56%	18.37%

Drivers of NDW's profit

TTM

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

Gross profit ↑ 6.0bn

Other profit ↑ 1.8bn

Tax ↓ 0.2bn

Administrative expenses ↑ 6.0bn

Selling expenses ↑ 2.9bn

Finance costs ↑ 0.4bn

TTM

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

Gross profit ↑ 2.4bn

Administrative expenses ↑ 1.2bn

Selling expenses ↑ 0.7bn

Finance costs ↑ 0.3bn

Financial income ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.6% = 11.9% × 0.58 × 1.25

2026Q1 7.8% = 11.0% × 0.54 × 1.31

ROE fell from 8.6% to 7.8% — asset turnover weakened the most, though leverage still provided support.

Net margin: 11.0% -0.8pp Asset turnover: 0.54x -0.04x Leverage: 1.31x +0.05x

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 narrowed to 11.03%, falling 0.8pp. The main pressure is SG&A / Revenue rose 2.7pp, outweighing the improvement in Gross margin rose 1.4pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 11.03% −0.8pp

Gross Margin 34.83% +1.4pp

SG&A / Revenue 22.19% +2.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 7.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 7.88%, losing 2.3pp. That translates to 7.88 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.4pp and capital turnover fell 0.11x, while invested capital rose by 56bn — pressure came from both operational efficiency and asset efficiency.

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

CAPITAL EFFICIENCY TREND

ROIC 7.88% −2.3pp

NOPAT Margin 10.68% −1.4pp

Capital Turnover 0.74x −0.11x

Average Invested Capital 380.6bn +56.4bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.38x equity, net debt at 0.04x 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 11.8 days versus the same period last year. The main moves came from DIO fell 5.4 days, DSO rose 14.0 days, and DPO rose 20.5 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 +14.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 17.6 days +14.0 days

Inventory 38.5 days −5.4 days

Payables 29.1 days +20.5 days

Cash Conversion Cycle 26.9 days −11.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 15.8bn due to capex of 143.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.04x and interest coverage at 12.63x.

At present, short-term debt accounts for 51.9% of total debt, cash equals 64.5% of debt, and total debt stands at 52.7bn.

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

Leverage and liquidity trend

Net Debt / Equity 0.04x +0.18x

Interest Coverage 12.63x −3.74x

Cash / Debt 64.5% −227.4pp

Short-term Debt / Total Debt 51.9% +36.7pp

CFO / NI 4.11x +1.87x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 103.9bn in 2025, against investing cash flow of -152.7bn.

Post-investment cash flow was negative +48.8bn. Financing cash flow was positive +3.7bn.

CFO / net income was 4.11x.

After spending +143.1bn on fixed-asset investment, the business generated trailing free cash flow of −15.8bn.

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 127.2bn +54.5bn

Cash Capex 143.1bn +101.3bn

FCF TTM −15.8bn −46.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is capital efficiency, with ROIC at 7.9%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 4.11x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.11x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	277.1	277.7	270.1	266.1	253.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	277.1	277.7	270.1	266.1	253.6
Cost of Goods Sold	181.6	184.8	177.9	176.4	0.0
Gross Profit	95.5	92.9	92.2	89.7	93.2
Financial Income	1.3	1.1	0.7	0.2	0.2
Financial Expenses	2.4	2.3	3.9	3.8	-4.7
Interest Expense	2.4	2.3	3.9	3.8	-3.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	29.7	27.0	25.3	25.2	-24.0
General and Administrative Expenses	30.8	26.2	26.4	25.7	-23.8
Operating Profit	33.9	38.4	37.3	35.2	40.9
Other Income	3.4	1.5	1.7	1.5	0.0
Other Expenses	2.3	2.3	1.8	1.5	0.0
Other Profit	1.1	-0.8	-0.1	-0.1	0.9
Profit Before Tax	35.1	37.6	37.2	35.1	41.8
Current Income Tax Expense	4.0	4.3	4.1	4.6	-4.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	31.1	33.4	33.0	30.5	36.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	31.1	33.4	33.0	30.5	36.8
Earnings per Share	908.00	975.00	965.00	891.00	1,075.00
Diluted EPS	905.58	972.30	962.98	888.81	1,073.96

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	130.3	110.9	105.7	88.2	101.9
I. Cash and cash equivalents	37.8	82.9	79.2	61.5	45.7
1. Cash	19.3	14.8	32.2	58.5	0.0
2. Cash equivalents	18.5	68.1	47.0	3.0	0.0
II. Short-term financial investments	12.6	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	12.6	0.0	0.0	0.0	0.0
III. Short-term receivables	57.5	11.3	4.8	3.1	19.8
1. Short-term trade accounts receivable	26.0	2.2	2.0	1.2	0.0
2. Short-term prepayments to suppliers	30.3	6.9	1.2	0.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.2	2.1	1.6	1.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	16.0	16.0	21.4	19.9	19.9
1. Inventories	18.9	19.4	24.9	23.7	0.0
2. Provision for decline in value of inventories	-3.0	-3.4	-3.5	-3.8	0.0
V. Other short-term assets	6.5	0.8	0.4	3.7	6.5
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	5.6	0.6	0.1	2.8	0.0
3. Taxes and other receivables from state authorities	—	0.1	0.3	0.9	0.0
4. Government bonds	0.9	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	432.4	360.7	376.0	410.1	400.9
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	335.6	325.8	346.1	384.5	301.8
1. Tangible fixed assets	335.0	325.5	345.7	383.8	301.4
- Cost	1,311.3	1,248.3	1,216.7	1,241.7	0.0
- Accumulated depreciation	-976.3	-922.8	-871.1	-857.9	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	0.6	0.2	0.4	0.6	0.4
- Cost	2.2	1.7	1.7	1.7	0.0
- Accumulated depreciation	-1.6	-1.5	-1.3	-1.1	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	78.8	18.0	16.3	13.3	81.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	78.8	18.0	16.3	13.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	1.0
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	18.0	16.9	13.6	12.3	0.0
1. Long-term prepayments	18.0	16.9	13.6	12.3	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	16.4
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)	562.7	471.6	481.7	498.3	502.8
A. LIABILITIES (300=210+330)	156.3	103.6	113.6	127.9	115.2
I. Short -term liabilities	101.9	59.1	64.1	73.9	63.2
1. Short-term trade accounts payable	27.3	2.9	5.2	16.6	5.5
2. Short-term advances from customers	2.1	2.5	5.2	5.9	8.5
3. Taxes and other payables to state authorities	1.9	3.7	1.1	0.5	0.0
4. Payable to employees	20.1	18.7	17.3	19.0	0.0
5. Short-term acrrued expenses	2.2	4.1	1.6	0.9	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	12.0	9.4	8.3	16.5	0.0
10. Short-term borrowings and financial leases	21.1	4.1	13.9	4.5	10.7
11. Provision for short-term liabilities	2.2	2.4	2.6	2.1	0.0
12.. Bonus and welfare fund	13.0	11.5	8.9	7.8	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	54.3	44.4	49.6	54.0	52.0
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	24.3	24.9	25.9	26.6	0.0
8. Long-term borrowings and financial leases	30.0	19.6	23.6	27.5	32.2
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)	406.5	368.0	368.1	370.4	387.6
I. Owner's equity	406.5	368.0	368.1	370.4	0.0
1. Owner's capital	343.1	343.1	343.1	343.1	387.6
- Common stock with voting right	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00
- 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	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00	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	13.4	11.6	9.9	8.7	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	50.8	14.2	15.9	19.4	36.8
- Accumulated retained earning at the end of the previous period	19.8	0.0	0.0	6.0	0.0
- Undistributed earnings in this period	31.1	14.2	15.9	13.4	36.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	562.7	471.6	481.7	498.3	502.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	35.1	37.6	37.2	35.1	0.0
Depreciation of Fixed Assets and Investment Property	53.6	53.5	66.6	63.9	0.0
Provision (Increase)/Reversal	-0.4	-0.1	-0.3	2.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.3	-0.3	-0.6	-0.2	0.0
Interest Expense	2.4	2.4	3.9	3.8	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	89.4	93.1	106.8	104.6	0.0
Increase/(Decrease) in Receivables	-28.8	-0.2	1.9	9.2	0.0
Increase/(Decrease) in Inventory	0.5	0.6	-7.2	-3.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	56.3	8.2	-10.4	1.4	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	-6.1	-2.0	1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-2.3	-3.9	-3.8	0.0
Corporate Income Tax Paid	-7.7	-2.5	-2.8	-4.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.5	-1.4	-0.8	-0.4	0.0
Net Cash Flow from Operating Activities	103.9	89.5	81.6	103.7	0.3
Payments for Fixed Assets and Other Long-term Assets	-141.3	-43.7	-28.3	-52.3	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-12.6	0.0	0.0	0.0	-11.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	1.0
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	1.3	1.1	0.7	0.2	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	-152.7	-42.6	-27.6	-52.1	-9.9
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	17.6	0.0	20.0	0.0	0.0
Repayment of Borrowings	-5.6	-13.9	-14.4	-10.9	-16.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-8.2	-29.2	-41.9	-36.0	-22.2
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	3.7	-43.2	-36.3	-46.9	-38.2
Net Cash Flow During the Period	-45.1	3.7	17.7	4.8	-28.4
Cash and Cash Equivalents at Beginning of Period	82.9	79.2	61.5	56.7	93.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	37.8	82.9	79.2	61.5	45.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	67.9	67.1	75.7	70.1	64.3	68.1	72.9	69.0	67.6	68.0	71.0	66.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	67.9	67.1	75.7	70.1	64.3	68.1	72.9	69.0	67.6	68.0	71.0	66.2
Cost of Goods Sold	42.3	50.1	47.6	43.0	41.0	53.8	47.2	40.6	43.4	59.9	39.5	37.5
Gross Profit	25.6	17.0	28.1	27.0	23.3	14.4	25.7	28.5	24.2	8.1	31.6	28.7
Financial Income	0.4	0.3	0.2	0.3	0.6	0.3	0.3	0.2	0.3	0.5	0.1	0.1
Financial Expenses	0.9	0.8	0.6	0.5	0.5	0.6	0.6	0.6	0.6	1.0	1.0	1.0
Interest Expense	0.9	0.8	0.6	0.5	0.5	0.6	0.6	0.6	0.6	1.0	1.0	1.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.8	9.1	7.2	7.3	6.1	7.1	6.6	7.6	5.7	6.5	6.6	6.5
General and Administrative Expenses	7.5	9.6	7.7	7.2	6.4	6.3	5.7	7.6	6.4	6.6	6.3	7.7
Operating Profit	10.8	-2.2	12.9	12.4	10.8	0.7	13.1	12.9	11.8	-5.6	17.7	13.6
Other Income	0.3	2.2	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.5	0.4	0.4
Other Expenses	0.3	0.7	0.6	0.6	0.4	1.2	0.4	0.3	0.5	1.3	0.4	0.4
Other Profit	-0.0	1.5	-0.3	-0.1	-0.0	-0.7	0.0	0.0	-0.1	-0.8	0.0	-0.1
Profit Before Tax	10.8	-0.7	12.6	12.2	10.7	-0.0	13.1	12.9	11.6	-6.3	17.8	13.6
Current Income Tax Expense	1.1	0.2	1.2	1.4	1.1	0.3	1.5	1.3	1.2	-0.7	1.7	1.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.7	-0.9	11.4	10.8	9.6	-0.3	11.6	11.6	10.5	-5.6	16.0	12.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.7	-0.9	11.4	10.8	9.6	-0.3	11.6	11.6	10.5	-5.6	16.0	12.2
Earnings per Share	282.00	-26.00	333.00	315.00	282.00	-10.00	340.00	338.00	306.00	-164.00	467.00	355.00
Diluted EPS	281.45	-26.03	332.49	314.71	281.22	-9.81	339.35	337.29	304.76	-163.66	466.95	354.51

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)	124.2	135.1	115.1	118.5	118.8	111.1	137.4	117.5	108.1	105.9	110.8	102.5
I. Cash and cash equivalents	34.0	50.4	60.2	64.3	78.0	82.9	108.9	91.2	83.1	79.2	85.7	68.5
1. Cash	20.5	19.3	27.1	24.7	22.9	14.8	43.9	33.2	35.1	32.2	54.2	64.5
2. Cash equivalents	13.5	31.1	33.1	39.6	55.1	68.1	65.0	58.0	48.0	47.0	31.5	4.0
II. Short-term financial investments	12.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	5.0
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	12.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	5.0
III. Short-term receivables	56.1	63.9	32.5	29.7	20.6	11.3	7.3	8.8	6.0	5.0	5.3	7.5
1. Short-term trade accounts receivable	24.8	26.0	2.4	2.5	2.2	2.2	3.0	3.0	3.1	2.2	1.8	1.4
2. Short-term prepayments to suppliers	29.7	36.8	27.9	24.8	15.8	6.9	1.9	3.4	0.8	1.2	1.3	4.2
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	1.6	1.2	2.2	2.4	2.6	2.2	2.4	2.4	2.0	1.6	2.3	1.8
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	13.8	16.0	18.6	22.9	18.4	16.2	21.1	16.9	18.5	21.4	19.7	21.4
1. Inventories	16.7	18.9	22.0	26.3	21.8	19.6	24.5	20.4	22.0	24.9	23.5	25.2
2. Provision for decline in value of inventories	-3.0	-3.0	-3.4	-3.4	-3.4	-3.4	-3.5	-3.5	-3.5	-3.5	-3.8	-3.8
V. Other short-term assets	7.7	4.9	3.8	1.6	1.7	0.6	0.2	0.5	0.5	0.4	0.0	0.1
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	6.4	4.0	3.5	1.6	1.3	0.0	0.0	0.0	0.0	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	1.3	0.9	0.3	—	0.4	0.6	0.2	0.5	0.5	0.3	0.0	0.1
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)	435.7	411.9	397.7	368.0	358.2	363.2	348.7	360.8	362.6	381.8	382.3	381.0
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	323.8	336.0	313.6	310.1	314.0	328.1	328.8	333.0	336.9	346.1	353.3	356.3
1. Tangible fixed assets	323.3	335.4	313.0	309.5	313.4	327.9	328.5	332.7	336.5	345.7	352.8	355.7
- Cost	1,313.6	—	—	—	—	1,248.3	1,239.7	1,230.6	1,221.0	1,216.7	1,254.2	1,242.9
- Accumulated depreciation	-990.3	—	—	—	—	-920.4	-911.2	-897.9	-884.5	-871.1	-901.3	-887.1
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	0.5	0.6	0.6	0.7	0.6	0.2	0.3	0.3	0.4	0.4	0.5	0.5
- Cost	2.2	—	—	—	—	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	—	—	—	—	—	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	91.0	57.9	71.9	43.2	30.9	18.0	5.9	17.6	14.7	16.3	18.9	14.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	91.0	57.9	71.9	43.2	30.9	18.0	5.9	17.6	14.7	16.3	18.9	14.7
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	20.9	18.0	12.2	14.7	13.3	17.1	14.0	10.1	11.0	19.4	10.1	10.0
1. Long-term prepayments	20.9	18.0	12.2	14.7	13.3	17.1	14.0	10.1	11.0	19.4	10.1	10.0
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)	559.9	547.0	512.9	486.5	477.0	474.3	486.1	478.3	470.7	487.8	493.1	483.5
A. LIABILITIES (300=210+330)	143.7	140.6	125.4	110.4	99.3	106.3	98.6	102.5	92.1	119.3	118.9	108.2
I. Short -term liabilities	94.5	86.3	73.5	63.3	52.0	61.8	53.0	55.4	44.0	69.9	67.6	56.7
1. Short-term trade accounts payable	23.2	11.6	5.0	8.9	6.0	3.0	6.9	6.5	2.6	5.2	5.3	7.7
2. Short-term advances from customers	2.2	2.1	5.2	6.9	5.5	2.5	2.4	2.7	2.6	5.4	6.3	4.8
3. Dividends and profits payable	2.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	—	1.9	3.4	3.1	2.4	3.6	4.2	3.1	2.5	0.8	3.6	2.8
4. Payable to employees	11.0	20.1	13.8	14.0	11.5	20.6	12.2	13.0	12.0	23.1	11.5	10.0
5. Short-term acrrued expenses	—	2.4	—	—	—	3.7	0.0	2.8	0.8	1.5	3.1	2.5
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	13.4	12.0	10.6	10.1	9.4	9.4	9.3	8.9	8.2	8.3	8.8	8.6
10. Short-term borrowings and financial leases	27.3	21.1	20.2	5.0	4.1	4.1	4.1	4.1	4.1	14.2	18.5	9.6
11. Provision for short-term liabilities	2.2	2.2	2.2	2.2	2.3	3.6	2.5	2.6	2.6	2.6	1.6	1.7
12.. Bonus and welfare fund	12.4	13.0	13.1	13.2	10.9	11.5	11.5	11.6	8.6	8.9	8.9	8.9
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	49.2	54.3	51.9	47.1	47.2	44.4	45.7	47.0	48.2	49.3	51.3	51.6
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	23.9	24.3	24.5	24.6	24.6	24.9	25.1	25.4	25.6	25.9	26.1	26.4
8. Long-term borrowings and financial leases	25.3	30.0	27.3	22.4	22.7	19.6	20.6	21.6	22.6	23.4	25.2	25.2
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)	416.1	406.4	387.5	376.1	377.7	368.0	387.5	375.9	378.5	368.5	374.1	375.2
I. Owner's equity	416.1	406.4	387.5	376.1	377.7	368.0	387.5	375.9	378.5	368.5	374.1	375.2
1. Owner's capital	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1
- Common stock with voting right	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00	343,117,480,000.00
- 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	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00	-845,370,000.00
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	13.4	13.4	13.4	13.4	11.6	11.6	11.6	11.6	9.9	9.9	9.9	9.9
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	60.5	50.7	31.9	20.4	23.8	14.2	33.7	22.0	26.4	16.4	22.0	23.1
- Accumulated retained earning at the end of the previous period	50.8	19.8	—	—	14.2	0.0	0.0	0.0	15.9	0.0	0.0	0.0
- Undistributed earnings in this period	9.7	31.0	31.9	20.4	9.6	14.2	33.7	22.0	10.5	16.4	22.0	23.1
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)	559.9	547.0	512.9	486.5	477.0	474.3	486.1	478.3	470.7	487.8	493.1	483.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	11.8	—	23.2	—	0.0	-24.6	24.6	0.0	37.2	-25.9	25.9
Depreciation of Fixed Assets and Investment Property	—	27.0	—	26.6	—	0.0	-27.0	27.0	0.0	66.6	-29.3	29.3
Provision (Increase)/Reversal	—	-0.4	—	—	—	0.0	0.0	-0.0	0.0	-0.3	0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-0.4	—	-0.8	—	0.0	0.5	-0.5	0.0	-0.6	0.2	-0.2
Interest Expense	—	1.3	—	1.0	—	0.0	-1.2	1.2	0.0	3.9	-2.0	2.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	39.3	—	50.0	—	0.0	-52.3	52.3	0.0	106.8	-57.0	57.0
Increase/(Decrease) in Receivables	—	-9.2	—	-19.5	—	0.0	4.2	-4.2	0.0	1.9	1.6	-1.6
Increase/(Decrease) in Inventory	—	7.4	—	-6.9	—	0.0	-4.5	4.5	0.0	-7.2	2.2	-2.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	37.7	—	18.7	—	0.0	-3.5	3.5	0.0	-10.4	8.6	-8.6
Increase/(Decrease) in Prepaid Expenses	—	-2.9	—	1.9	—	0.0	1.2	-1.2	0.0	-2.0	-2.2	2.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-1.2	—	-1.1	—	0.0	1.2	-1.2	0.0	-3.9	2.0	-2.0
Corporate Income Tax Paid	-0.7	-3.2	-2.0	0.0	-2.5	-1.0	-0.5	-0.5	-0.5	-1.5	-0.8	-0.5
Other Operating Receipts	17.6	—	—	—	—	3.5	15.1	-6.8	6.8	-19.2	19.2	-8.2
Other Operating Payments	-41.7	71.3	-71.3	38.3	-40.7	-16.0	-43.9	21.7	-23.0	21.2	-21.2	15.3
Net Cash Flow from Operating Activities	17.2	76.5	-10.7	44.2	-6.1	2.9	44.1	31.8	19.4	-23.5	61.4	19.7
Payments for Fixed Assets and Other Long-term Assets	-16.6	-66.1	-22.1	-38.2	-14.9	-5.9	-7.0	-13.9	-3.6	-15.7	-2.8	-9.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	0.1	—	0.1	0.1	0.1	-0.0	0.0	-0.1	0.1	-0.0
Loans and Purchases of Debt Instruments	—	-3.0	—	-9.6	—	0.0	0.0	0.0	0.0	0.0	5.0	-5.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.4	—	0.8	—	0.0	-0.5	0.5	0.0	0.7	-0.2	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-11.6	-90.7	-0.1	-60.1	-1.8	-8.9	-25.5	-12.4	-4.6	13.4	-26.3	-13.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	8.0	-6.4	17.9	2.0	4.1	0.0	0.0	0.0	0.0	9.9	0.0	5.1
Repayment of Borrowings	-17.4	-1.8	-1.5	-1.3	-1.0	-1.0	-1.0	-1.0	-10.9	-6.1	-1.0	-6.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-8.2	—	-19.0	0.0	-10.3	0.0	-0.2	-16.9	-16.3
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-9.4	-8.2	16.4	-7.5	3.1	-20.0	-1.0	-11.3	-10.9	3.5	-17.9	-17.3
Net Cash Flow During the Period	-3.8	-22.4	5.5	-23.4	-4.9	-26.0	17.7	8.1	4.0	-6.5	17.2	-11.0
Cash and Cash Equivalents at Beginning of Period	37.8	60.2	54.7	78.0	82.9	79.2	79.2	79.2	79.2	61.5	61.5	61.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	34.0	37.8	60.2	54.7	78.0	82.9	108.9	91.2	83.1	79.2	85.7	68.5

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NDW

What Is Changing

Drivers of NDW'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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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