PEN

Xây lắp III Petrolimex ·HNX ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity −0.13x

Price

10,500

Latest close

02 Jun 2026

P/E -122.09x

P/B 0.95x

EPS -86

BVPS 11,071

ROE -0.8%

ROA -0.1%

Profit Margin -0.1%

Asset Turnover 1.31x

Equity Mult. 5.25x

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

What Is Changing

On a TTM 2026Q1 basis, PEN is maintaining revenue, but margins are compressing slightly — profit is at an all-time high. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 383bn
	                                
+28.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 0bn
	                                
−123.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    2326.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	388.4	268.5	134.0	157.3	131.6
Growth	+45%	+100%	-15%	+19%	—
Net Income	1.8	1.0	-15.5	0.4	-7.2
Net Margin	0.45%	0.38%	-11.53%	0.26%	-5.50%

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	42.4	195.2	90.1	55.6	51.0	97.1	67.3	82.0	22.1	67.1	22.9	33.0
Growth	-78%	+117%	+62%	+9%	-47%	+44%	-18%	+271%	-67%	+194%	-31%	—
Net Income	-4.1	0.5	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-0.9	-5.8	-6.6
Net Margin	-9.70%	0.27%	0.58%	4.73%	-3.30%	0.23%	0.41%	3.68%	-11.32%	-1.27%	-25.37%	-19.91%

Drivers of PEN's profit

TTM

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

Gross profit ↑ 3.7bn

Administrative expenses ↓ 3.0bn

Other profit ↑ 0.5bn

Finance costs ↑ 7.2bn

Financial income ↓ 2.1bn

TTM

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

Gross profit ↑ 0.7bn

Other profit ↑ 0.5bn

Finance costs ↑ 2.7bn

Administrative expenses ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.3% = 0.6% × 1.16 × 4.66

2026Q1 -0.8% = -0.1% × 1.31 × 5.25

ROE fell from 3.3% to -0.8% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: -0.1% -0.7pp Asset turnover: 1.31x +0.15x Leverage: 5.25x +0.59x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to -0.11%, falling 0.7pp. The main pressure is Gross margin fell 0.9pp, outweighing the improvement in SG&A / Revenue fell 2.5pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 2.4pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin -0.11% −0.7pp

Gross Margin 7.28% −0.9pp

SG&A / Revenue 5.09% −2.5pp

Non-core / Revenue -2.31% −2.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 2.3pp, financial result still accounts for 2598.4% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 2.72x −0.43x

Average Invested Capital 140.8bn +46.4bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage runs above the construction contractors average — project acceptance cycles warrant monitoring — liabilities at 4.44x equity, net debt at 2.36x equity.

Inventory ended the period at 49.6bn, roughly 15.3% of total assets.

Over the last 12 months, working capital absorbed 83.3bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −44.1bn

Inventories increased → lower CFO: −31.9bn

Payables decreased → lower CFO: −7.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.7 days versus the same period last year. The main moves came from DIO fell 1.9 days, DSO rose 8.0 days, and DPO rose 7.8 days.

Working capital cycle is flat — components are offsetting each other.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 113.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +8.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 84.3 days +8.0 days

Inventory 54.5 days −1.9 days

Payables 25.1 days +7.8 days

Cash Conversion Cycle 113.7 days −1.7 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.36x and interest coverage only at -0.13x.

At present, short-term debt accounts for 80.5% of total debt, cash equals 6.0% of debt, and total debt stands at 139.1bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.36x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.13x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.36x +1.66x

Interest Coverage -0.13x −0.33x

Cash / Debt 6.0% −27.7pp

Short-term Debt / Total Debt 80.5% −7.0pp

CFO / NI 188.21x +187.78x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -57.3bn in 2025, against investing cash flow of -1.1bn.

Post-investment cash flow was negative +58.4bn. Financing cash flow was positive +59.9bn.

CFO / net income was 188.21x.

Track how much investment can be funded internally from operating cash flow.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 81.0bn −81.7bn

Cash Capex — —

FCF TTM — —

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 leverage and liquidity remaining the main constraint, with interest coverage at -0.13x. The next watchpoint is the earnings mix, when non-core contribution is 2326.5%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 188.21x. Even so, net financial result still accounts for 2326.5% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.13x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	388.4	268.5	134.0	157.3	131.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	388.4	268.5	134.0	157.3	131.6
Cost of Goods Sold	361.4	246.8	126.4	140.8	0.0
Gross Profit	27.0	21.6	7.5	16.5	11.6
Financial Income	2.7	4.4	0.6	1.9	8.5
Financial Expenses	10.0	5.2	6.2	7.9	-9.9
Interest Expense	8.7	5.1	7.1	6.6	-10.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.2	0.1	0.6	0.4	-0.2
General and Administrative Expenses	18.5	21.0	15.5	11.5	-23.5
Operating Profit	1.1	-0.2	-14.2	-1.4	-13.6
Other Income	1.3	1.4	0.4	2.7	0.0
Other Expenses	0.6	0.3	0.9	1.0	0.0
Other Profit	0.7	1.2	-0.5	1.8	6.3
Profit Before Tax	1.8	1.0	-14.7	0.4	-7.3
Current Income Tax Expense	—	0.0	0.8	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.8	1.0	-15.5	0.4	-7.2
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.8	1.0	-15.5	0.4	-7.2
Earnings per Share	350.00	202.00	-3,090.00	83.00	-1,449.00
Diluted EPS	350.17	202.09	-3,090.16	82.76	-1,449.30

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	308.2	254.4	235.4	184.3	234.4
I. Cash and cash equivalents	16.9	15.4	35.0	12.3	62.3
1. Cash	16.1	15.4	35.0	12.3	0.0
2. Cash equivalents	0.8	0.0	0.0	0.0	0.0
II. Short-term financial investments	13.0	9.2	10.7	10.6	0.0
1. Available for sale securities	13.9	8.8	11.0	11.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.6	-0.4	-0.4	-1.4	0.0
3. Held to maturity investments	0.8	0.8	0.0	1.0	0.0
III. Short-term receivables	223.9	197.7	163.0	138.4	136.3
1. Short-term trade accounts receivable	137.3	110.5	74.5	82.6	0.0
2. Short-term prepayments to suppliers	11.4	10.0	15.3	3.4	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	96.6	97.7	90.2	67.7	0.0
7. Provision for short-term doubtful debts (*)	-21.4	-20.5	-17.0	-15.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	49.6	25.7	20.7	16.3	16.0
1. Inventories	49.8	25.7	20.7	16.3	0.0
2. Provision for decline in value of inventories	-0.2	0.0	0.0	0.0	0.0
V. Other short-term assets	4.7	6.3	6.0	6.7	8.8
1. Short-term prepayments	0.3	0.4	0.3	0.3	0.0
2. Value added tax to be reclaimed	3.0	5.2	5.6	6.5	0.0
3. Taxes and other receivables from state authorities	1.5	0.7	0.0	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)	15.6	18.1	20.0	50.5	31.5
I. Long-term receivables	0.0	0.0	0.0	25.7	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	25.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	14.0	16.2	18.8	22.8	29.4
1. Tangible fixed assets	14.0	16.2	18.8	22.8	29.4
- Cost	88.6	89.4	88.7	89.0	0.0
- Accumulated depreciation	-74.5	-73.2	-69.9	-66.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	1.0	1.0	1.0	1.0	0.0
- Accumulated depreciation	-1.0	-1.0	-1.0	-1.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	0.0
IV. Long-term assets in progress	0.2	0.4	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.4	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.4	0.4	0.4	0.4	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	-0.4	-0.4	-0.4	-0.4	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	1.3	1.5	1.2	2.0	0.0
1. Long-term prepayments	1.3	1.5	1.2	2.0	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	2.1
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)	323.8	272.4	255.4	234.9	265.9
A. LIABILITIES (300=210+330)	264.3	214.7	198.7	162.7	193.7
I. Short -term liabilities	241.4	209.6	188.2	154.0	179.2
1. Short-term trade accounts payable	46.4	35.7	10.2	14.7	14.9
2. Short-term advances from customers	76.8	102.0	114.5	65.8	63.6
3. Taxes and other payables to state authorities	1.4	1.5	0.6	0.7	0.0
4. Payable to employees	1.7	0.4	0.2	0.3	0.0
5. Short-term acrrued expenses	4.5	1.1	1.1	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	10.0	9.1	11.1	8.1	0.0
10. Short-term borrowings and financial leases	98.2	56.1	47.6	60.7	85.0
11. Provision for short-term liabilities	0.1	1.2	0.2	0.2	0.0
12.. Bonus and welfare fund	2.3	2.5	2.7	3.6	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	22.9	5.1	10.5	8.7	14.5
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	0.1	0.1	0.1	0.0	0.0
8. Long-term borrowings and financial leases	22.9	5.1	10.4	8.7	14.5
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)	59.5	57.7	56.7	72.2	72.2
I. Owner's equity	59.5	57.7	56.7	72.2	0.0
1. Owner's capital	50.0	50.0	50.0	50.0	72.2
- Common stock with voting right	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	13.3	13.3	13.3	13.3	13.3
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	16.8	16.8	16.8	16.8	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	-20.6	-22.3	-23.3	-7.9	-7.8
- Accumulated retained earning at the end of the previous period	-22.3	-23.3	-7.9	-8.3	0.3
- Undistributed earnings in this period	1.8	1.0	-15.5	0.4	-8.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	323.8	272.4	255.4	234.9	265.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.8	1.0	-14.7	0.4	-7.4
Depreciation of Fixed Assets and Investment Property	3.1	3.3	4.0	6.5	7.0
Provision (Increase)/Reversal	1.3	4.5	0.6	-5.1	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	-0.2	-0.4	-0.5	-1.6	0.0
Interest Expense	8.7	5.1	7.1	6.6	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	14.6	13.5	-3.4	6.8	17.5
Increase/(Decrease) in Receivables	-25.5	-38.5	0.3	-14.1	0.0
Increase/(Decrease) in Inventory	-23.5	-5.0	-4.4	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.2	12.1	48.2	-5.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	-0.3	0.8	-0.0	0.0
Changes in Trading Securities	-5.1	2.2	0.0	-6.3	0.0
Interest Paid	-8.6	-5.1	-7.1	-6.6	0.0
Corporate Income Tax Paid	—	0.0	-0.8	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.2	-0.8	-0.8	0.0
Net Cash Flow from Operating Activities	-57.3	-21.3	32.6	-27.1	54.7
Payments for Fixed Assets and Other Long-term Assets	-1.8	-1.1	0.0	0.0	-2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.8	0.0
Loans and Purchases of Debt Instruments	—	-0.8	0.0	0.0	-6.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	1.0	5.5	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.4	0.5	0.9	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	-1.1	-1.4	1.5	7.1	-7.8
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	344.5	121.0	91.3	91.0	110.3
Repayment of Borrowings	-284.6	-117.9	-102.6	-121.1	-140.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-5.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	59.9	3.1	-11.3	-30.1	-35.4
Net Cash Flow During the Period	1.5	-19.6	22.8	-50.0	25.5
Cash and Cash Equivalents at Beginning of Period	15.4	35.0	12.3	62.3	50.8
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	16.9	15.4	35.0	12.3	62.3

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	42.4	195.2	90.1	55.6	51.0	97.1	67.3	82.0	22.1	67.1	22.9	33.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	42.4	195.2	90.1	55.6	51.0	97.1	67.3	82.0	22.1	67.1	22.9	33.0
Cost of Goods Sold	37.6	185.8	85.0	47.0	46.9	88.3	62.0	76.0	19.3	61.4	23.1	33.1
Gross Profit	4.8	9.4	5.1	8.6	4.1	8.8	5.3	6.0	2.8	5.7	-0.2	-0.1
Financial Income	0.1	-1.4	3.4	0.5	0.2	0.3	1.2	3.1	0.1	0.0	0.0	0.5
Financial Expenses	4.0	3.6	2.6	2.3	1.4	1.4	1.0	1.6	1.3	3.0	0.9	1.8
Interest Expense	2.8	3.0	2.6	1.9	1.2	1.3	1.2	1.3	1.4	2.9	0.9	1.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.1	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.2	0.2	0.3
General and Administrative Expenses	5.0	4.9	5.4	4.1	4.1	8.5	4.9	4.8	4.0	5.7	3.3	4.9
Operating Profit	-4.2	-0.6	0.5	2.6	-1.2	-0.9	0.5	2.7	-2.5	-3.2	-4.6	-6.5
Other Income	0.1	1.1	0.0	0.0	0.1	1.2	0.0	0.3	0.0	2.4	0.3	0.1
Other Expenses	0.0	0.0	0.0	0.0	0.5	0.0	0.2	0.0	0.0	0.0	1.5	0.1
Other Profit	0.1	1.1	0.0	-0.0	-0.5	1.1	-0.2	0.3	0.0	2.3	-1.2	-0.1
Profit Before Tax	-4.1	0.5	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-0.9	-5.8	-6.6
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-4.1	0.5	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-0.9	-5.8	-6.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-4.1	0.5	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-0.9	-5.8	-6.6
Earnings per Share	-823.00	107.00	104.00	526.00	-337.00	44.00	55.00	603.00	-501.00	-171.00	-1,159.00	-1,314.00
Diluted EPS	-823.00	107.00	104.00	526.00	-337.00	202.00	55.00	603.00	-501.00	-171.00	-1,159.00	-1,314.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	313.8	308.4	294.6	273.7	238.4	254.7	213.9	213.5	238.1	237.8	177.2	172.7
I. Cash and cash equivalents	8.4	16.9	11.8	9.5	20.1	13.7	15.6	9.2	13.8	35.0	4.0	3.6
1. Cash	8.4	16.1	11.8	9.5	20.1	13.7	15.6	9.2	13.8	35.0	4.0	3.6
2. Cash equivalents	—	0.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	27.0	13.0	14.6	17.7	17.2	9.2	1.4	6.5	10.7	10.7	10.7	10.6
1. Available for sale securities	18.8	13.9	14.8	17.9	16.9	8.8	1.7	7.2	11.0	11.0	11.0	11.0
2. Provision for diminution in value of available for sale securities (*)	-2.2	-1.6	-1.0	-0.9	-0.5	-0.4	-0.3	-0.6	-0.3	-0.4	-0.4	-0.4
3. Held to maturity investments	10.3	0.8	0.8	0.8	0.8	0.8	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	202.8	223.9	186.3	173.5	157.7	199.5	158.3	160.0	157.0	165.3	136.2	131.0
1. Short-term trade accounts receivable	113.1	137.3	81.2	67.5	64.0	110.5	60.9	58.7	60.4	74.5	73.9	75.4
2. Short-term prepayments to suppliers	12.2	11.4	25.0	30.9	18.1	10.0	6.7	16.1	15.1	15.3	8.4	1.7
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	98.9	96.6	101.5	95.6	96.1	99.4	107.7	102.3	98.5	92.5	69.1	69.2
7. Provision for short-term doubtful debts (*)	-21.4	-21.4	-21.4	-20.5	-20.5	-20.5	-17.0	-17.0	-17.0	-17.0	-15.2	-15.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	69.1	49.8	75.0	65.3	36.8	26.1	31.9	31.4	47.5	20.8	19.8	20.4
1. Inventories	69.3	49.8	75.0	65.3	36.8	26.1	31.9	31.4	47.5	20.8	19.8	20.4
2. Provision for decline in value of inventories	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.6	4.7	6.9	7.6	6.7	6.3	6.7	6.4	9.1	6.0	6.6	7.1
1. Short-term prepayments	0.7	0.3	0.2	0.2	0.4	0.4	0.6	0.5	1.0	0.3	0.5	0.1
2. Value added tax to be reclaimed	4.4	3.0	5.8	6.5	5.4	5.2	5.6	5.6	7.8	5.7	5.8	6.7
3. Taxes and other receivables from state authorities	1.5	1.5	0.9	0.9	0.9	0.7	0.5	0.2	0.3	0.0	0.3	0.3
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)	14.8	15.6	16.0	17.0	18.0	17.7	18.0	18.4	19.0	20.0	46.9	48.0
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.7	25.7
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	0.0	0.0	0.0	25.7	25.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	13.4	14.0	14.3	15.1	15.9	16.2	16.4	17.1	17.9	18.8	19.7	20.7
1. Tangible fixed assets	13.4	14.0	14.3	15.1	15.9	16.2	16.4	17.1	17.9	18.8	19.7	20.7
- Cost	88.6	—	—	—	—	89.4	88.8	87.4	88.7	88.7	88.7	89.0
- Accumulated depreciation	-75.2	—	—	—	—	-73.2	-72.4	-70.3	-70.8	-69.9	-69.0	-68.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
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	1.2	1.3	1.5	1.7	2.0	1.5	1.6	1.3	1.1	1.2	1.5	1.6
1. Long-term prepayments	1.2	1.3	1.5	1.7	2.0	1.5	1.6	1.3	1.1	1.2	1.5	1.6
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)	328.6	324.0	310.6	290.6	256.5	272.4	231.9	231.9	257.1	257.8	224.1	220.7
A. LIABILITIES (300=210+330)	273.3	264.3	251.4	232.0	200.4	214.7	174.4	174.7	202.9	198.8	164.3	155.1
I. Short -term liabilities	246.2	241.4	237.3	223.8	193.0	208.0	170.2	163.8	193.1	188.4	157.8	149.3
1. Short-term trade accounts payable	28.2	46.4	25.8	22.1	20.7	35.7	17.4	7.7	5.2	10.4	13.8	14.7
2. Short-term advances from customers	90.8	76.8	92.5	94.8	100.4	102.0	89.8	91.5	131.4	114.5	80.4	68.5
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.1	1.4	1.6	0.4	0.3	1.5	0.5	0.3	0.4	0.6	0.8	1.1
4. Payable to employees	2.3	1.7	3.5	2.4	1.4	0.4	0.6	1.2	0.3	0.2	0.3	0.4
5. Short-term acrrued expenses	1.1	4.5	1.8	2.4	5.6	1.1	3.8	5.0	1.2	1.1	0.6	0.2
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	8.3	10.0	9.3	8.8	8.8	9.1	6.3	9.4	8.8	11.1	7.0	6.4
10. Short-term borrowings and financial leases	112.0	98.2	99.2	89.5	52.2	54.5	49.2	46.1	43.1	47.6	52.3	55.0
11. Provision for short-term liabilities	0.0	0.1	1.1	1.2	1.2	1.2	0.2	0.2	0.2	0.2	0.0	0.2
12.. Bonus and welfare fund	2.3	2.3	2.4	2.4	2.4	2.5	2.5	2.5	2.6	2.7	2.7	2.8
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	27.1	22.9	14.1	8.1	7.5	6.7	4.3	10.9	9.8	10.5	6.5	5.7
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	27.1	22.9	14.0	8.1	7.4	6.7	4.2	10.8	9.7	10.4	6.4	5.7
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)	55.4	59.7	59.2	58.7	56.0	57.7	57.5	57.2	54.2	59.0	59.8	65.6
I. Owner's equity	55.4	59.7	59.2	58.7	56.0	57.7	57.5	57.2	54.2	59.0	59.8	65.6
1. Owner's capital	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
- Common stock with voting right	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3
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	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8
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	-24.7	-20.3	-20.8	-21.4	-24.0	-22.3	-22.5	-22.8	-25.8	-21.1	-20.2	-14.4
- Accumulated retained earning at the end of the previous period	-20.6	-22.3	-22.3	-22.3	-22.3	-23.3	-23.3	-23.3	-23.3	-7.9	-7.9	-7.9
- Undistributed earnings in this period	-4.1	2.0	1.5	0.9	-1.7	1.0	0.8	0.5	-2.5	-13.2	-12.3	-6.5
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)	328.6	324.0	310.6	290.6	256.5	272.4	231.9	231.9	257.1	257.8	224.1	220.7

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
Profit Before Tax	-4.1	0.3	0.5	2.6	-1.7	0.2	0.3	3.0	-2.5	-2.3	-5.8	-6.6
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9	1.0	1.0
Provision (Increase)/Reversal	0.5	-0.1	0.9	0.4	0.1	2.5	-0.3	0.3	-0.0	2.0	-0.2	-0.2
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.0	-0.2	-0.0	-0.2	-0.0	-0.2	-0.0	-0.0	-0.0	-0.5
Interest Expense	2.8	3.0	2.6	1.9	1.2	1.3	1.2	1.3	1.4	2.9	0.9	1.8
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	-0.2	3.7	4.8	5.6	0.4	4.7	1.9	5.2	-0.4	3.5	-4.2	-4.5
Increase/(Decrease) in Receivables	21.2	-35.3	-13.0	-17.0	39.7	-44.5	1.4	-0.8	3.6	-2.6	-4.3	-7.3
Increase/(Decrease) in Inventory	-19.5	25.2	-10.9	-26.7	-11.1	5.8	-0.5	16.1	-26.8	-0.9	0.5	3.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.0	6.1	5.0	-9.3	-10.9	33.7	3.1	-32.2	9.5	34.9	11.6	3.4
Increase/(Decrease) in Prepaid Expenses	-0.3	0.1	0.2	0.5	-0.5	0.3	-0.4	0.3	-0.6	0.5	-0.3	1.3
Changes in Trading Securities	-4.9	—	—	—	—	-7.1	5.5	3.9	0.0	0.0	0.0	0.0
Interest Paid	-2.7	-2.9	-2.6	-1.9	-1.2	-1.3	-1.2	-1.3	-1.4	-2.9	-0.9	-1.8
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.8	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	0.0	-0.0	-0.1	-0.0	-0.1	-0.0	-0.1	-0.0	-0.1	-0.1
Net Cash Flow from Operating Activities	-15.5	-2.2	-13.4	-49.8	8.2	-8.4	9.8	-8.9	-16.0	31.7	2.4	-5.2
Payments for Fixed Assets and Other Long-term Assets	—	-0.5	0.0	0.7	-2.1	-0.7	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-9.7	—	—	—	—	-0.8	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	1.0
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	0.1	0.0	0.0	0.6	0.0	0.2	0.0	0.2	0.0	0.0	0.0	0.5
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	-9.6	-0.4	0.0	1.3	-2.0	-1.3	0.0	0.2	0.0	0.0	0.0	1.5
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	82.9	96.8	129.2	86.4	32.2	44.7	31.1	28.4	16.7	41.5	9.6	28.0
Repayment of Borrowings	-64.8	-89.0	-113.5	-48.4	-33.7	-37.0	-34.5	-24.4	-22.0	-42.2	-11.7	-24.2
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	18.0	7.8	15.7	37.9	-1.5	7.7	-3.5	4.1	-5.2	-0.7	-2.0	3.8
Net Cash Flow During the Period	-7.1	5.1	2.3	-10.5	4.6	-1.9	6.4	-4.6	-21.2	31.0	0.4	0.1
Cash and Cash Equivalents at Beginning of Period	15.5	11.8	9.5	20.1	15.4	35.0	35.0	35.0	35.0	12.3	12.3	12.3
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	8.4	16.9	11.8	9.5	20.1	13.7	15.6	9.2	13.8	35.0	4.0	3.6

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PEN

What Is Changing

Drivers of PEN'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