PAS

Quốc tế Phương Anh ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 15.09x

Price

2,800

Latest close

03 Jun 2026

P/E 5.04x

P/B 0.18x

EPS 556

BVPS 15,936

ROE 3.7%

ROA 1.5%

Profit Margin 0.9%

Asset Turnover 1.71x

Equity Mult. 2.43x

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

What Is Changing

On a TTM 2026Q1 basis, PAS is maintaining revenue growth, but margins have not improved proportionally — margins have been expanding consistently over multiple periods. What is still missing is the ability to convert top-line growth into better profitability.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,830bn
	                                
+65.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 14bn
	                                
+25.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,658.1	1,068.1	683.2	968.7	1,123.5
Growth	+55%	+56%	-29%	-14%	—
Net Income	13.6	4.2	0.1	9.5	61.9
Net Margin	0.82%	0.39%	0.02%	0.99%	5.51%

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	438.3	453.2	358.2	580.0	266.7	255.4	231.6	353.6	227.5	161.9	269.3	107.4
Growth	-3%	+27%	-38%	+117%	+4%	+10%	-34%	+55%	+40%	-40%	+151%	—
Net Income	0.3	12.9	-1.1	1.6	0.2	9.6	0.4	0.8	1.2	3.7	-4.3	0.3
Net Margin	0.08%	2.85%	-0.31%	0.28%	0.06%	3.75%	0.18%	0.22%	0.54%	2.27%	-1.60%	0.32%

Drivers of PAS's profit

TTM

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

Gross profit ↑ 33.1bn

Financial income ↑ 22.0bn

Minority interests ↓ 2.1bn

Finance costs ↑ 26.7bn

Administrative expenses ↑ 12.3bn

Other profit ↓ 8.3bn

TTM

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

Gross profit ↑ 5.6bn

Financial income ↑ 1.4bn

Selling expenses ↓ 0.1bn

Finance costs ↑ 3.8bn

Administrative expenses ↑ 2.7bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.7% = 1.0% × 1.37 × 2.00

2026Q1 3.1% = 0.8% × 1.71 × 2.43

ROE is broadly flat at 3.1% — the components are offsetting one another.

Net margin: 0.8% -0.2pp Asset turnover: 1.71x +0.34x Leverage: 2.43x +0.43x

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 stands at 0.75%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.75% −0.2pp

Gross Margin 3.01% +1.0pp

SG&A / Revenue 1.10% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 80.3 days.

Is capital being deployed efficiently?

ROIC edged up to 1.68%, rising 1.0pp. That translates to 1.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 0.29x, while invested capital expanded strongly by 271bn — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 1.68% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.68% +1.0pp

NOPAT Margin 0.85% +0.5pp

Capital Turnover 1.98x +0.29x

Average Invested Capital 925.2bn +271.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.48x equity, net debt at 1.24x equity.

Inventory ended the period at 327.1bn, roughly 29.5% of total assets.

Over the last 12 months, working capital released 234.5bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +261.9bn

Inventories increased → lower CFO: −18.9bn

Payables decreased → lower CFO: −8.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.3 days versus the same period last year. The main moves came from DIO fell 36.1 days, DSO fell 7.6 days, and DPO fell 14.5 days.

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

Working Capital Efficiency

Receivables 36.1 days −7.6 days

Inventory 67.4 days −36.1 days

Payables 23.1 days −14.5 days

Cash Conversion Cycle 80.3 days −29.3 days

Is financial risk significant?

Leverage is safe but FCF is negative at 50.2bn due to capex of 298.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.24x and interest coverage only at 0.57x.

At present, short-term debt accounts for 80.0% of total debt, cash equals 2.9% of debt, and total debt stands at 571.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.24x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.57x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.24x +0.28x

Interest Coverage 0.57x +0.04x

Cash / Debt 2.9% +0.9pp

Short-term Debt / Total Debt 80.0% −20.0pp

CFO / NI 15.09x +50.22x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 164.9bn in 2025, against investing cash flow of -382.0bn.

Post-investment cash flow was negative +217.1bn. Financing cash flow was positive +203.5bn.

CFO / net income was 15.09x.

After spending +298.6bn on fixed-asset investment, the business generated trailing free cash flow of −50.2bn.

Cash Conversion

CFO TTM 248.4bn +655.0bn

Cash Capex 298.6bn +282.9bn

FCF TTM −50.2bn +372.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 15.09x. The main risk still sits in capital efficiency remains weak, with ROIC at 1.7%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 15.09x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,659.0	1,068.2	683.2	968.8	1,123.7
Revenue Deductions	0.9	0.1	0.1	0.1	0.0
Net Revenue	1,658.1	1,068.1	683.2	968.7	1,123.5
Cost of Goods Sold	1,608.7	1,051.4	681.9	955.4	0.0
Gross Profit	49.4	16.7	1.2	13.3	104.3
Financial Income	20.8	9.0	10.4	1.2	0.2
Financial Expenses	32.6	11.7	18.2	28.9	-18.3
Interest Expense	32.0	11.6	10.5	20.5	-17.0
Share of Associates and Joint Ventures	-0.1	0.0	0.0	0.0	-0.0
Selling Expenses	3.0	2.4	1.4	1.7	-1.9
General and Administrative Expenses	14.5	3.0	-9.3	93.1	-5.7
Operating Profit	20.1	8.6	1.3	-109.1	78.5
Other Income	0.0	0.0	0.0	123.0	0.0
Other Expenses	0.2	1.8	0.9	1.8	0.0
Other Profit	-0.1	-1.8	-0.9	121.3	-0.8
Profit Before Tax	19.9	6.8	0.4	12.1	77.7
Current Income Tax Expense	4.6	2.4	0.3	2.6	-15.7
Deferred Income Tax Expense	1.8	0.2	0.0	0.0	0.0
Net Income	13.6	4.2	0.1	9.5	61.9
Non-controlling Interest	-3.0	-0.2	0.0	0.0	-0.0
Profit Attributable to Parent	16.6	4.4	0.1	9.5	61.9
Earnings per Share	591.00	150.00	4.00	340.00	2,219.84
Diluted EPS	590.84	157.20	3.80	340.45	2,208.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	522.1	766.7	341.6	518.8	507.7
I. Cash and cash equivalents	5.4	19.1	4.3	2.4	8.6
1. Cash	5.4	19.1	4.3	2.4	0.0
2. Cash equivalents	—	0.0	0.0	0.1	0.0
II. Short-term financial investments	—	0.0	1.1	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	1.1	0.0	0.0
III. Short-term receivables	187.6	441.2	38.4	198.1	198.0
1. Short-term trade accounts receivable	124.1	196.0	83.8	186.6	0.0
2. Short-term prepayments to suppliers	9.3	142.1	21.9	98.6	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	81.8	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.9	138.7	6.1	1.0	0.0
7. Provision for short-term doubtful debts (*)	-35.6	-35.6	-73.4	-88.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	327.1	305.1	297.0	316.0	299.0
1. Inventories	328.7	308.2	301.9	316.1	0.0
2. Provision for decline in value of inventories	-1.7	-3.0	-4.9	-0.1	0.0
V. Other short-term assets	2.1	1.4	0.7	2.3	2.0
1. Short-term prepayments	0.4	0.4	0.2	0.1	0.0
2. Value added tax to be reclaimed	1.6	0.9	0.4	2.1	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	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)	584.9	118.1	363.3	244.9	187.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	11.2
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	175.8	53.1	45.8	49.7	63.7
1. Tangible fixed assets	80.8	53.1	45.8	49.7	61.7
- Cost	163.3	130.6	117.9	117.8	0.0
- Accumulated depreciation	-82.5	-77.5	-72.0	-68.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	2.0
- Cost	—	0.4	0.0	0.0	0.0
- Accumulated depreciation	—	-0.4	0.0	0.0	0.0
3. Intangible fixed assets	95.0	0.0	0.0	0.0	0.0
- Cost	95.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	305.5	31.6	31.6	31.6	56.7
- Cost	305.5	31.6	31.6	31.6	0.0
- Accumulated depreciation	-0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	13.8	11.4	211.4	2.5	2.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	13.8	11.4	211.4	2.5	0.0
V. Long-term financial investments	—	0.1	69.7	160.1	53.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	77.1	168.5	0.0
3. Investments in other entities	0.1	0.1	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.1	0.0	-7.4	-8.4	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	89.8	21.9	4.9	1.0	0.0
1. Long-term prepayments	6.9	1.2	4.9	1.0	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	0.0	0.6
5. Goodwill	82.9	20.7	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,107.0	884.8	704.9	763.7	695.4
A. LIABILITIES (300=210+330)	660.3	452.0	334.5	393.4	334.4
I. Short -term liabilities	578.8	451.8	334.5	393.4	333.0
1. Short-term trade accounts payable	105.5	108.2	174.9	160.6	107.1
2. Short-term advances from customers	2.2	2.2	58.1	0.7	0.4
3. Taxes and other payables to state authorities	9.8	5.4	7.2	12.8	0.0
4. Payable to employees	1.1	0.5	0.4	0.3	0.0
5. Short-term acrrued expenses	1.3	0.9	0.4	0.3	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	0.2	0.0	0.0	0.0	0.0
9. Other short-term payables	1.0	0.9	0.0	0.0	0.0
10. Short-term borrowings and financial leases	457.3	333.4	93.2	218.4	211.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.2	0.2	0.2	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	81.5	0.2	0.0	0.0	1.4
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	79.5	0.0	0.0	0.0	1.4
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	2.0	0.2	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)	446.7	432.9	370.4	370.3	360.9
I. Owner's equity	446.7	432.9	370.4	370.3	0.0
1. Owner's capital	280.5	280.5	280.5	280.5	360.9
- Common stock with voting right	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	0.8	0.6	0.6	0.6	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	72.8	57.2	89.3	89.2	79.9
- Accumulated retained earning at the end of the previous period	56.2	52.7	89.2	79.7	18.1
- Undistributed earnings in this period	16.6	4.4	0.1	9.5	61.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	92.5	94.7	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)	1,107.0	884.8	704.9	763.7	695.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	19.9	6.8	0.4	12.1	77.7
Depreciation of Fixed Assets and Investment Property	7.8	3.9	4.0	8.1	8.4
Provision (Increase)/Reversal	-1.3	-47.1	-10.8	90.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-1.1	0.0
Gain/Loss from Investment Activities	-6.1	-0.0	-8.1	-123.1	0.0
Interest Expense	32.0	11.6	10.5	20.5	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	52.4	-24.9	-4.1	7.3	104.2
Increase/(Decrease) in Receivables	272.5	29.3	186.4	-69.5	0.0
Increase/(Decrease) in Inventory	-20.6	-8.5	14.2	-17.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-100.7	-123.7	-131.6	52.6	0.0
Increase/(Decrease) in Prepaid Expenses	-5.8	3.6	-4.0	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-31.7	-11.6	-16.1	-20.4	0.0
Corporate Income Tax Paid	-1.4	-5.0	-5.7	-5.1	0.0
Other Operating Receipts	—	4.2	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.1	0.0
Net Cash Flow from Operating Activities	164.9	-136.6	39.3	-52.7	33.7
Payments for Fixed Assets and Other Long-term Assets	-303.2	-124.9	-0.1	-0.8	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	15.0	0.1
Loans and Purchases of Debt Instruments	-81.8	0.0	-1.1	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.1	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	29.9	89.0	34.5	0.0
Dividends and Interest Income Received	2.9	0.0	0.0	0.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-382.0	-93.9	87.9	48.8	-0.8
Proceeds from Equity Issuance and Capital Contributions	—	5,000,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,213.4	535.3	329.5	567.8	500.5
Repayment of Borrowings	-1,009.9	-295.1	-454.8	-560.5	-499.1
Repayment of Finance Leases	—	0.0	0.0	-9.6	-0.8
Dividends Paid	—	0.0	0.0	0.0	-27.3
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	203.5	245.2	-125.2	-2.3	-26.7
Net Cash Flow During the Period	-13.7	14.7	1.9	-6.2	-2.0
Cash and Cash Equivalents at Beginning of Period	19.1	4.3	2.4	8.6	2.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.4	19.1	4.3	2.4	8.6

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	438.5	453.4	358.6	580.2	266.7	255.4	231.7	353.6	227.5	162.0	269.3	107.4
Revenue Deductions	0.2	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Net Revenue	438.3	453.2	358.2	580.0	266.7	255.4	231.6	353.6	227.5	161.9	269.3	107.4
Cost of Goods Sold	422.0	441.8	347.1	563.7	256.0	255.9	225.2	348.2	222.2	164.6	268.7	109.7
Gross Profit	16.3	11.4	11.1	16.3	10.7	-0.5	6.4	5.4	5.3	-2.6	0.6	-2.3
Financial Income	1.4	18.3	0.9	1.6	0.0	0.1	0.0	0.0	0.0	0.7	0.0	9.7
Financial Expenses	10.1	9.1	8.3	8.9	6.2	-1.4	2.8	2.1	1.9	6.6	3.0	2.4
Interest Expense	10.1	9.3	7.6	8.9	6.2	5.3	2.7	1.8	1.8	1.4	2.9	5.3
Share of Associates and Joint Ventures	—	-0.1	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.9	0.8	0.6	0.5	1.0	0.7	0.5	0.7	0.5	0.3	0.4	0.4
General and Administrative Expenses	5.5	3.8	3.7	4.2	2.8	-1.0	1.6	1.5	1.0	-12.4	1.1	3.9
Operating Profit	1.1	15.7	-0.5	4.3	0.6	1.8	1.5	1.2	2.0	3.6	-3.9	0.8
Other Income	0.0	0.0	0.0	0.0	0.0	9.4	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0	0.4	0.8	0.0	0.5	-0.0	0.4	0.3
Other Profit	-0.0	-0.1	-0.0	-0.0	-0.0	9.0	-0.8	-0.0	-0.5	0.0	-0.4	-0.3
Profit Before Tax	1.1	15.6	-0.5	4.3	0.6	10.8	0.7	1.1	1.5	3.6	-4.3	0.5
Current Income Tax Expense	0.8	1.7	0.2	2.5	0.3	1.3	0.3	0.3	0.3	-0.0	0.0	0.2
Deferred Income Tax Expense	—	1.1	0.4	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.3	12.9	-1.1	1.6	0.2	9.6	0.4	0.8	1.2	3.7	-4.3	0.3
Non-controlling Interest	-0.2	-0.8	-1.1	-0.7	-0.4	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	13.7	-0.0	2.3	0.6	9.8	0.4	0.8	1.2	3.7	-4.3	0.3
Earnings per Share	12.00	487.93	-1.33	57.00	21.69	348.00	15.00	28.00	44.00	131.00	-153.00	12.00
Diluted EPS	17.73	487.93	-1.33	82.56	21.69	347.96	14.72	28.27	43.96	131.13	-153.33	12.23

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)	735.4	522.1	636.8	719.6	704.4	636.8	502.3	481.0	309.2	341.6	579.5	447.0
I. Cash and cash equivalents	16.4	5.4	14.0	22.6	8.5	26.5	1.7	12.0	0.9	4.3	4.6	1.8
1. Cash	16.4	5.4	14.0	22.6	8.5	26.5	1.7	12.0	0.9	4.3	4.6	1.8
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	12.5	—	—	—	—	0.0	20.1	0.1	1.1	1.1	1.1	0.9
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	12.5	—	—	—	—	0.0	20.1	0.1	1.1	1.1	1.1	0.9
III. Short-term receivables	366.5	187.6	281.8	375.9	377.9	303.8	164.4	167.4	10.7	38.4	273.1	140.1
1. Short-term trade accounts receivable	168.2	124.1	231.9	256.4	193.4	196.0	168.1	129.7	71.8	83.8	132.3	78.5
2. Short-term prepayments to suppliers	32.7	9.3	46.4	22.9	158.0	143.1	35.0	77.4	12.0	21.9	218.9	149.3
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	—	81.8	38.0	100.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	201.1	7.9	1.1	32.2	62.1	0.2	1.4	0.3	0.3	6.1	10.1	0.3
7. Provision for short-term doubtful debts (*)	-35.6	-35.6	-35.6	-35.6	-35.6	-35.6	-40.0	-40.0	-73.4	-73.4	-88.1	-88.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	337.0	327.1	338.3	319.0	315.0	305.1	314.6	300.8	295.7	297.0	300.2	303.4
1. Inventories	337.0	328.7	338.3	320.2	318.1	308.2	315.7	301.9	297.2	301.9	302.6	305.8
2. Provision for decline in value of inventories	—	-1.7	—	-1.2	-3.0	-3.0	-1.1	-1.1	-1.5	-4.9	-2.5	-2.5
V. Other short-term assets	3.1	2.1	2.7	2.1	2.9	1.4	1.5	0.8	0.7	0.7	0.5	0.9
1. Short-term prepayments	1.4	0.4	0.7	1.0	1.5	0.4	0.3	0.5	0.6	0.2	0.3	0.4
2. Value added tax to be reclaimed	1.6	1.6	1.9	1.0	1.3	0.9	1.1	0.3	0.1	0.4	0.1	0.4
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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)	464.9	584.9	371.7	343.6	236.4	327.0	330.0	330.7	362.5	363.3	239.4	240.4
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	174.7	175.8	168.9	169.0	167.1	53.1	46.0	45.8	45.1	45.8	46.6	47.6
1. Tangible fixed assets	79.7	80.8	73.9	74.0	72.1	53.1	46.0	45.8	45.1	45.8	46.6	47.6
- Cost	163.5	—	—	—	—	130.6	120.5	119.4	117.9	117.9	117.9	117.9
- Accumulated depreciation	-83.9	—	—	—	—	-77.5	-74.5	-73.6	-72.8	-72.0	-71.3	-70.3
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	95.0	95.0	95.0	95.0	95.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	95.0	—	—	—	—	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
III. Investment properties	188.6	305.5	131.9	131.9	31.6	31.6	31.6	31.6	31.6	31.6	31.6	31.6
- Cost	188.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	14.4	13.8	18.5	17.9	14.2	220.5	211.5	211.5	212.6	211.4	2.5	2.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	14.4	13.8	18.5	17.9	14.2	220.5	211.5	211.5	212.6	211.4	2.5	2.5
V. Long-term financial investments	—	—	26.3	0.1	0.1	0.1	39.6	39.6	69.7	69.7	157.7	157.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	26.9	—	—	0.0	47.1	47.1	47.1	77.1	162.6	162.6
3. Investments in other entities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	30.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.7	—	—	0.0	-7.6	-7.6	-7.4	-7.4	-4.8	-4.8
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	87.3	89.8	26.1	24.7	23.4	21.7	1.3	2.3	3.7	4.9	0.9	1.0
1. Long-term prepayments	6.5	6.9	7.0	5.0	3.2	1.2	1.3	2.3	3.7	4.9	0.9	1.0
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	80.7	82.9	19.1	19.6	20.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	20.5	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,200.4	1,107.0	1,008.5	1,063.2	940.8	963.8	832.3	811.8	671.7	704.9	818.9	687.4
A. LIABILITIES (300=210+330)	753.4	660.3	579.2	628.7	507.7	531.1	460.0	439.4	300.5	334.5	452.2	316.4
I. Short -term liabilities	637.2	578.8	578.2	628.1	507.4	530.9	460.0	439.4	300.5	334.5	452.2	316.4
1. Short-term trade accounts payable	156.4	105.5	167.0	146.4	68.3	109.2	191.6	296.2	155.2	174.9	313.0	165.5
2. Short-term advances from customers	7.1	2.2	3.0	3.0	3.7	2.2	5.2	13.6	48.6	58.1	28.9	16.3
3. Taxes and other payables to state authorities	10.5	9.8	7.7	8.5	7.1	5.4	2.5	2.5	4.7	7.2	9.9	11.9
4. Payable to employees	1.2	1.1	1.0	0.7	0.7	0.5	0.5	0.5	0.5	0.4	0.4	0.4
5. Short-term acrrued expenses	1.4	1.3	0.0	1.0	0.0	0.9	0.1	0.3	0.6	0.4	0.6	0.7
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	2.0	0.2	1.0	—	0.9	0.0	0.9	0.0	0.8	0.0	0.0	0.0
9. Other short-term payables	1.1	1.0	1.1	1.2	2.5	79.0	61.8	0.1	0.1	0.0	0.5	0.4
10. Short-term borrowings and financial leases	457.2	457.3	397.0	466.9	423.9	333.4	197.2	126.1	89.7	93.2	98.7	121.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.4	0.4	0.4	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	116.2	81.5	0.9	0.6	0.3	0.2	0.0	0.0	0.0	0.0	0.0	0.0
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	114.2	79.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2.0	2.0	0.9	0.6	0.3	0.2	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)	447.0	446.7	429.4	434.5	433.0	432.7	372.2	372.3	371.2	370.4	366.7	371.0
I. Owner's equity	447.0	446.7	429.4	434.5	433.0	432.7	372.2	372.3	371.2	370.4	366.7	371.0
1. Owner's capital	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5	280.5
- Common stock with voting right	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00	280,499,680,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.8	0.8	0.8	0.8	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	73.3	72.8	59.5	59.6	57.8	57.0	91.2	91.3	90.2	89.3	85.6	89.9
- Accumulated retained earning at the end of the previous period	72.8	56.2	58.9	56.7	57.6	46.2	88.9	88.9	88.9	89.2	89.2	89.2
- Undistributed earnings in this period	0.5	16.6	0.7	2.9	0.2	10.8	2.2	2.4	1.2	0.1	-3.6	0.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	92.4	92.5	88.5	93.5	94.2	94.7	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)	1,200.4	1,107.0	1,008.5	1,063.2	940.8	963.8	832.3	811.8	671.7	704.9	818.9	687.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	1.1	15.6	-0.5	4.3	0.6	12.6	-1.9	1.1	1.5	3.6	-4.3	0.5
Depreciation of Fixed Assets and Investment Property	3.6	4.5	0.1	1.7	1.5	1.8	0.8	0.8	0.8	0.8	1.0	1.1
Provision (Increase)/Reversal	-1.7	1.1	-0.5	-1.9	—	-10.2	0.0	-33.6	-3.4	-9.7	0.0	1.8
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	—	-0.0	—	-0.1	-0.0	0.0	0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	-1.4	-7.7	3.2	-1.6	-0.0	-9.0	-0.0	-0.0	-0.0	1.7	-0.0	-9.7
Interest Expense	10.1	16.8	—	8.9	6.2	5.3	2.7	1.8	1.8	-4.0	2.9	5.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	11.7	45.5	-12.8	11.4	8.3	0.4	1.6	-29.9	0.8	-7.6	-0.4	-1.1
Increase/(Decrease) in Receivables	-62.7	270.5	-108.7	162.8	-52.1	-17.1	0.0	-118.2	26.6	249.7	-132.8	64.0
Increase/(Decrease) in Inventory	-8.2	9.5	-18.1	-2.1	-9.9	7.5	-13.8	-4.7	2.5	0.8	3.2	11.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	57.6	-159.5	129.4	-36.1	-34.5	-188.7	-50.7	91.2	-15.1	-312.2	159.8	10.6
Increase/(Decrease) in Prepaid Expenses	-0.5	0.4	-1.7	-4.0	-0.5	0.1	1.2	1.5	0.9	-3.9	0.2	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.8	-17.0	—	-7.8	-6.9	-7.9	0.0	12.3	-16.1	-2.1	-3.0	-4.7
Corporate Income Tax Paid	—	-0.5	—	-0.9	—	0.0	-0.4	-1.9	-2.6	-2.6	-1.7	-1.3
Other Operating Receipts	—	—	—	—	—	6.6	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-12.0	133.4	3.7	123.3	-95.5	-199.2	-62.2	-49.7	-3.0	-77.9	25.2	78.8
Payments for Fixed Assets and Other Long-term Assets	-1.0	-271.9	-0.5	-25.3	-5.5	-7.6	-1.4	-1.2	-0.0	-0.0	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-12.5	-43.8	124.0	-162.0	—	20.1	-18.0	-0.9	-1.1	0.0	-0.3	-0.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	62.0	—	0.0	0.0	1.1	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	-15.4	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	85.5	0.0	25.6	4.3	83.1	0.0	5.9
Dividends and Interest Income Received	2.0	2.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-11.5	-281.9	57.5	-152.2	-5.5	82.7	-19.4	24.6	3.1	83.1	-0.3	5.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	5,000,000,000.00	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	272.7	478.2	206.2	329.3	199.8	241.3	138.5	136.0	19.5	75.1	15.2	123.4
Repayment of Borrowings	-238.3	-338.3	-276.0	-286.3	-109.3	-105.1	-67.3	-99.7	-23.0	-80.6	-37.4	-205.6
Repayment of Finance Leases	—	—	—	—	—	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
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	34.5	139.8	-69.8	42.9	90.5	141.2	71.1	36.4	-3.5	-5.5	-22.2	-82.2
Net Cash Flow During the Period	11.0	-8.6	-8.6	14.1	-10.5	24.7	-10.4	11.2	-3.4	-0.3	2.8	1.6
Cash and Cash Equivalents at Beginning of Period	5.4	14.0	22.6	8.5	19.1	4.3	4.3	4.3	4.3	2.4	2.4	2.4
FX Difference from Revaluation	—	0.0	—	0.0	—	0.1	-0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	16.4	5.4	14.0	22.6	8.5	26.5	1.7	12.1	0.9	4.3	4.6	1.8

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PAS

What Is Changing

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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