PVH

Xây lắp Dầu khí Thanh Hóa ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin −49.01%, +90.14pp YoY

Price

700,000

Latest close

29 May 2026

P/E -1,677.41x

P/B 326.30x

EPS -417

BVPS 2,145

ROE -17.7%

ROA -1.6%

Profit Margin -49.0%

Asset Turnover 0.03x

Equity Mult. 11.19x

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

What Is Changing

On a TTM 2026Q1 basis, PVH has not accelerated revenue sharply, but profitability is improving visibly — profit momentum has been slowing across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 18bn
	                                
+18.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 9bn
	                                
+58.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.08x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	13.1	17.1	24.7	30.6	10.8
Growth	-23%	-31%	-19%	+183%	—
Net Income	-9.1	-20.2	-1.9	-6.0	-5.7
Net Margin	-69.42%	-118.32%	-7.58%	-19.70%	-52.69%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	5.3	4.4	4.3	3.9	0.6	3.8	0.5	10.2	10.5	4.1	9.9	0.2
Growth	+22%	+2%	+11%	+584%	-85%	+601%	-95%	-3%	+152%	-58%	+4860%	—
Net Income	-1.9	-2.4	-2.4	-2.0	-2.2	-3.7	-2.7	-12.4	0.9	-1.5	-0.6	-0.6
Net Margin	-35.76%	-55.19%	-55.70%	-52.85%	-397.21%	-97.88%	-495.61%	-121.24%	8.13%	-36.03%	-6.15%	-312.28%

Drivers of PVH's profit

TTM

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

Gross profit ↑ 13.2bn

TTM

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

Gross profit ↑ 0.6bn

Other profit ↑ 0.1bn

Financial income ↑ 0.1bn

Selling expenses ↑ 0.3bn

Administrative expenses ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -32.4% = -139.1% × 0.03 × 8.87

2026Q1 -17.7% = -49.0% × 0.03 × 11.19

ROE rose from -32.4% to -17.7% — all three components improved, with leverage contributing the most.

Net margin: -49.0% +90.1pp Asset turnover: 0.03x +0.01x Leverage: 11.19x +2.31x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -49.01%, rising 90.1pp. Core operating signals are improving as Gross margin rose 90.0pp are enough to offset pressure from SG&A / Revenue rose 1.1pp (with additional support from Net financial result / Revenue rose 0.9pp and Other profit / Revenue rose 0.3pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin -49.01% +90.1pp

Gross Margin -17.32% +90.0pp

SG&A / Revenue 39.79% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

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 0.05x +0.01x

Average Invested Capital 352.6bn −20.9bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 10.57x equity, net debt at 6.62x equity.

Inventory ended the period at 67.7bn, roughly 12.5% of total assets.

Over the last 12 months, working capital released 16.1bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +10.9bn

Inventories decreased → higher CFO: +0.2bn

Payables increased → higher CFO: +5.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 865.8 days versus the same period last year. The main moves came from DIO rose 264.3 days, DSO fell 682.6 days, and DPO rose 447.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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 1656.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +264.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 1907.8 days −682.6 days

Inventory 1186.9 days +264.3 days

Payables 1438.3 days +447.5 days

Cash Conversion Cycle 1656.4 days −865.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

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

At present, cash equals 3.6% of debt and total debt stands at 309.6bn.

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 6.62x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 3.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 6.62x +0.90x

Interest Coverage — —

Cash / Debt 3.6% +3.1pp

Short-term Debt / Total Debt — —

CFO / NI -1.08x −0.95x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 0.6bn in 2025, against investing cash flow of 0.4bn.

Post-investment cash flow was positive +1.0bn. Financing cash flow was negative +0.1bn.

CFO / net income was -1.08x.

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 9.4bn +6.7bn

Cash Capex — —

FCF TTM — —

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 operating efficiency, with net margin improving 90.1 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 0.04x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -49.01% after expanding 90.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.04x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	13.1	17.1	24.7	30.6	10.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	13.1	17.1	24.7	30.6	10.8
Cost of Goods Sold	16.8	32.1	25.4	30.7	0.0
Gross Profit	-3.7	-15.0	-0.7	-0.1	-1.0
Financial Income	1.5	1.1	2.5	2.3	2.6
Financial Expenses	—	0.0	0.1	0.0	-2.2
Interest Expense	—	0.0	0.1	0.0	-2.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.7	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.0	6.3	8.0	8.3	-6.7
Operating Profit	-8.9	-20.1	-6.3	-6.0	-7.2
Other Income	0.1	0.0	4.5	0.1	0.0
Other Expenses	0.3	0.1	0.1	0.2	0.0
Other Profit	-0.2	-0.1	4.5	-0.0	1.5
Profit Before Tax	-9.1	-20.2	-1.9	-6.0	-5.7
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-9.1	-20.2	-1.9	-6.0	-5.7
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-9.1	-20.2	-1.9	-6.0	-5.7
Earnings per Share	-483.00	-964.00	-89.00	-287.00	-272.03
Diluted EPS	-433.49	-963.68	-89.02	-287.40	-272.03

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	172.6	183.6	219.6	226.8	221.3
I. Cash and cash equivalents	3.2	2.3	0.8	5.8	2.4
1. Cash	3.2	2.3	0.8	5.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	28.1	27.0	25.5	30.6	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	28.1	27.0	25.5	30.6	0.0
III. Short-term receivables	72.3	84.9	100.7	90.1	90.7
1. Short-term trade accounts receivable	26.0	38.5	50.8	43.0	0.0
2. Short-term prepayments to suppliers	3.1	3.2	6.0	3.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	43.1	43.1	43.9	44.1	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	67.7	68.2	90.3	96.9	82.7
1. Inventories	67.7	68.2	90.3	96.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.3	1.2	2.3	3.3	2.7
1. Short-term prepayments	0.0	0.0	0.1	0.1	0.0
2. Value added tax to be reclaimed	1.2	1.1	2.2	3.2	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)	370.9	374.7	380.2	382.4	407.0
I. Long-term receivables	105.4	105.6	106.4	107.6	0.0
1. Long-term trade receivables	64.0	64.3	65.1	66.2	138.3
2. Long-term prepayments to suppliers	39.3	39.3	39.3	39.3	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	28.9	28.9	28.9	28.9	0.0
7. Provision for long-term doubtful debts	-26.8	-26.8	-26.8	-26.8	0.0
II. Fixed assets	0.1	0.2	0.3	0.5	0.6
1. Tangible fixed assets	0.1	0.2	0.3	0.5	0.6
- Cost	2.6	2.6	2.6	2.5	0.0
- Accumulated depreciation	-2.5	-2.4	-2.3	-2.1	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	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	42.1	43.8	45.6	47.4	49.1
- Cost	73.2	73.2	73.2	73.2	0.0
- Accumulated depreciation	-31.2	-29.4	-27.6	-25.9	0.0
IV. Long-term assets in progress	219.0	219.0	219.0	226.9	219.0
1. Long-term production in progress	199.6	199.6	199.6	199.6	0.0
2. Construction in progress	19.4	19.4	19.4	27.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	18.3	18.3	18.3	18.3	0.0
4. Provision for diminution in value of long-term investments	-18.3	-18.3	-18.3	-18.3	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	4.3	6.1	8.9	0.1	0.0
1. Long-term prepayments	4.3	6.1	8.9	0.1	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	0.0
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)	543.5	558.3	599.8	609.2	628.3
A. LIABILITIES (300=210+330)	496.5	502.3	523.5	531.1	516.6
I. Short -term liabilities	102.7	107.8	128.3	135.4	117.6
1. Short-term trade accounts payable	12.7	16.3	16.7	24.3	9.1
2. Short-term advances from customers	0.8	0.9	1.3	0.8	1.0
3. Taxes and other payables to state authorities	0.1	0.1	0.5	0.3	0.0
4. Payable to employees	0.5	1.2	0.6	0.8	0.0
5. Short-term acrrued expenses	84.5	84.5	87.5	84.5	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	0.1	16.4	16.4	16.4
9. Other short-term payables	1.0	1.8	2.4	4.4	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.7	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.9	2.9	2.9	3.2	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	393.8	394.5	395.2	395.6	398.9
1. Long-term trade payables	68.7	68.8	69.0	69.0	71.8
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	15.4	15.9	16.4	16.8	17.3
7. Other long-term liabilities	0.1	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	309.6	309.8	309.8	309.8	309.8
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)	47.0	56.1	76.3	78.1	111.7
I. Owner's equity	47.0	56.1	76.3	78.1	0.0
1. Owner's capital	210.0	210.0	210.0	210.0	111.7
- Common stock with voting right	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	6.4	6.4	6.4	6.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.6	1.6	1.6	1.6	0.0
11. Undistributed earnings after tax	-171.0	-161.9	-141.6	-139.8	-106.2
- Accumulated retained earning at the end of the previous period	-161.9	-141.6	-139.8	-133.8	-0.2
- Undistributed earnings in this period	-9.1	-20.2	-1.9	-6.0	-106.0
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)	543.5	558.3	599.8	609.2	628.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	-9.1	-20.2	-1.9	-6.0	-5.7
Depreciation of Fixed Assets and Investment Property	1.8	1.9	2.0	2.2	2.2
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.5	-1.1	-2.5	-2.3	0.0
Interest Expense	—	0.0	0.1	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-8.7	-19.5	-2.3	-6.2	-4.0
Increase/(Decrease) in Receivables	12.7	17.5	-8.7	3.2	0.0
Increase/(Decrease) in Inventory	0.6	22.1	6.6	-14.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.7	-21.1	-6.6	11.1	0.0
Increase/(Decrease) in Prepaid Expenses	1.8	2.8	-0.9	-0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-0.1	-0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.0	-0.3	-0.2	0.0
Net Cash Flow from Operating Activities	0.6	1.7	-12.2	-6.6	4.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.1	-5.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-68.8	-49.4	-46.4	-47.6	-70.2
Receipts from Loan Repayments and Sale of Debt Instruments	67.8	47.9	51.5	59.8	66.0
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	1.4	1.3	2.8	2.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.4	-0.2	7.8	9.5	-4.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	1.4	0.0
Repayment of Borrowings	-0.1	0.0	-0.7	-0.7	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.1	0.0	-0.7	0.7	0.0
Net Cash Flow During the Period	0.9	1.5	-5.1	3.5	0.9
Cash and Cash Equivalents at Beginning of Period	2.3	0.8	5.8	2.4	2.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.2	2.3	0.8	5.8	2.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	5.3	4.4	4.3	3.9	0.6	3.8	0.5	10.2	10.5	4.1	9.9	0.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.3	4.4	4.3	3.9	0.6	3.8	0.5	10.2	10.5	4.1	9.9	0.2
Cost of Goods Sold	5.9	5.2	5.1	4.7	1.7	6.2	2.1	21.4	11.3	4.5	9.4	0.2
Gross Profit	-0.6	-0.8	-0.8	-0.9	-1.2	-2.4	-1.5	-11.2	-0.8	-0.4	0.5	0.0
Financial Income	0.4	0.3	0.4	0.4	0.4	0.2	0.3	0.3	0.4	0.6	0.7	0.8
Financial Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.2	0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.5	1.7	1.6	1.4	1.4	1.6	1.4	1.4	3.2	1.7	1.7	1.4
Operating Profit	-1.9	-2.4	-2.3	-2.0	-2.2	-3.7	-2.7	-12.3	-3.6	-1.5	-0.6	-0.6
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.5	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	-0.0	-0.1	-0.0	-0.1	-0.0	-0.0	-0.0	4.5	-0.0	-0.0	-0.0
Profit Before Tax	-1.9	-2.4	-2.4	-2.0	-2.2	-3.7	-2.7	-12.4	0.9	-1.5	-0.6	-0.6
Current Income Tax Expense	—	—	—	—	0.0	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	0.0
Net Income	-1.9	-2.4	-2.4	-2.0	-2.2	-3.7	-2.7	-12.4	0.9	-1.5	-0.6	-0.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.9	-2.4	-2.4	-2.0	-2.2	-3.7	-2.7	-12.4	0.9	-1.5	-0.6	-0.6
Earnings per Share	-90.79	-115.10	-114.13	-97.29	-106.97	-178.22	-128.76	-588.88	40.54	-71.17	-28.86	-29.53
Diluted EPS	-90.79	-115.10	-114.13	-97.29	-106.97	-178.22	-128.76	-588.88	40.54	-71.17	-28.86	-29.53

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	181.9	172.6	178.8	179.9	181.7	183.6	187.2	188.6	219.6	223.1	223.8	222.3
I. Cash and cash equivalents	11.2	3.2	2.1	2.0	1.8	2.3	1.1	0.4	0.8	1.1	1.6	1.2
1. Cash	11.2	3.2	2.1	2.0	1.8	2.3	1.1	0.4	0.8	1.1	1.6	1.2
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	30.1	28.1	26.4	26.4	28.5	27.0	25.0	25.0	25.5	29.2	29.5	30.2
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	30.1	28.1	26.4	26.4	28.5	27.0	25.0	25.0	25.5	29.2	29.5	30.2
III. Short-term receivables	71.0	72.3	80.8	81.6	81.6	84.9	86.9	89.8	100.7	93.6	94.2	87.7
1. Short-term trade accounts receivable	24.3	26.0	34.1	35.3	34.8	38.5	40.3	43.2	50.8	44.6	45.9	39.8
2. Short-term prepayments to suppliers	3.3	3.1	3.2	3.1	3.2	3.2	3.2	3.4	6.0	5.3	5.3	4.3
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	43.4	43.1	43.5	43.1	43.5	43.1	43.4	43.3	43.9	43.6	43.1	43.6
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	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	0.0
IV. Inventories	68.1	67.7	67.7	67.9	68.3	68.2	72.2	71.5	90.3	95.4	94.6	99.7
1. Inventories	68.1	67.7	67.7	67.9	68.3	68.2	72.2	71.5	90.3	95.4	94.6	99.7
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	1.3	1.7	2.0	1.5	1.2	1.9	1.9	2.3	3.8	3.8	3.5
1. Short-term prepayments	0.2	0.0	0.5	0.7	0.3	0.0	0.4	0.5	0.1	0.9	1.1	0.0
2. Value added tax to be reclaimed	1.3	1.2	1.2	1.2	1.1	1.1	1.4	1.4	2.2	2.8	2.7	3.4
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	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	369.2	370.9	372.2	373.5	373.3	374.7	376.1	377.5	380.2	380.7	381.2	381.7
I. Long-term receivables	105.0	105.4	105.4	105.4	105.5	105.6	105.8	106.0	106.4	106.4	107.3	107.3
1. Long-term trade receivables	63.7	64.0	64.0	64.0	64.1	64.3	64.5	64.7	65.1	65.1	66.0	66.0
2. Long-term prepayments to suppliers	39.3	39.3	39.3	39.3	39.3	39.3	39.3	39.3	39.3	39.3	39.3	39.3
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	28.9	28.9	28.9	28.9	28.9	28.9	28.9	28.9	28.9	28.9	28.9	28.9
7. Provision for long-term doubtful debts	-26.8	-26.8	-26.8	-26.8	-26.8	-26.8	-26.8	-26.8	-26.8	-26.8	-26.8	-26.8
II. Fixed assets	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.4	0.5
1. Tangible fixed assets	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.4	0.5
- Cost	2.6	—	—	—	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
- Accumulated depreciation	-2.5	—	—	—	-2.5	-2.4	-2.4	-2.4	-2.3	-2.3	-2.2	-2.2
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	41.6	42.1	42.5	43.0	43.4	43.8	44.3	44.7	45.6	46.0	46.5	46.9
- Cost	73.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-31.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	219.0	219.0	219.0	219.0	219.0	219.0	219.0	219.0	219.0	227.7	226.9	226.9
1. Long-term production in progress	199.6	199.6	199.6	199.6	199.6	199.6	199.6	199.6	199.6	199.6	199.6	199.6
2. Construction in progress	19.4	19.4	19.4	19.4	19.4	19.4	19.4	19.4	19.4	28.1	27.3	27.3
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3
4. Provision for diminution in value of long-term investments	-18.3	-18.3	-18.3	-18.3	-18.3	-18.3	-18.3	-18.3	-18.3	-18.3	-18.3	-18.3
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.5	4.3	5.2	6.0	5.3	6.1	6.8	7.6	8.9	0.1	0.1	0.1
1. Long-term prepayments	3.5	4.3	5.2	6.0	5.3	6.1	6.8	7.6	8.9	0.1	0.1	0.1
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	551.1	543.5	550.9	553.3	555.0	558.3	563.3	566.1	599.8	603.8	605.0	604.0
A. LIABILITIES (300=210+330)	506.0	496.5	501.6	501.5	501.2	502.3	503.5	503.6	523.5	528.3	528.0	526.4
I. Short -term liabilities	112.4	102.7	107.6	107.5	107.0	107.8	108.9	108.9	128.3	133.0	132.6	130.9
1. Short-term trade accounts payable	12.1	12.7	16.6	15.9	16.0	16.3	16.7	16.6	16.7	19.1	18.5	20.5
2. Short-term advances from customers	11.0	0.8	0.8	0.9	0.9	0.9	0.8	0.8	1.3	4.0	4.0	0.8
3. Taxes and other payables to state authorities	0.1	0.1	0.4	0.5	0.1	0.1	0.3	0.3	0.5	0.5	0.5	0.1
4. Payable to employees	0.6	0.5	0.5	0.8	0.9	1.2	1.2	1.2	0.6	0.6	0.6	0.2
5. Short-term acrrued expenses	84.5	84.5	84.5	84.5	84.5	84.5	84.7	85.0	87.5	84.5	84.5	84.5
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	0.2	0.2	0.2	0.2	0.1	0.1	0.0	0.0	16.4	16.4	16.4	16.4
9. Other short-term payables	1.0	1.0	1.7	1.7	1.7	1.8	2.3	2.0	2.4	4.9	4.9	4.5
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.7
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	3.0	3.2	3.2
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	393.7	393.8	393.9	394.1	394.2	394.5	394.6	394.7	395.2	395.3	395.4	395.5
1. Long-term trade payables	68.6	68.7	68.7	68.7	68.7	68.8	68.8	68.8	69.0	69.0	69.0	69.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	15.3	15.4	15.5	15.6	15.8	15.9	16.0	16.1	16.4	16.5	16.6	16.7
7. Other long-term liabilities	0.1	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	309.6	309.6	309.6	309.8	309.8	309.8	309.8	309.8	309.8	309.8	309.8	309.8
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	45.1	47.0	49.4	51.8	53.8	56.1	59.8	62.5	76.3	75.4	76.9	77.5
I. Owner's equity	45.1	47.0	49.4	51.8	53.8	56.1	59.8	62.5	76.3	75.4	76.9	77.5
1. Owner's capital	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0
- Common stock with voting right	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00
- Preferred stock	—	—	—	—	0.00	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	0.0
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
11. Undistributed earnings after tax	-172.9	-171.0	-168.5	-166.2	-164.1	-161.9	-158.1	-155.4	-141.6	-142.5	-141.0	-140.4
- Accumulated retained earning at the end of the previous period	-171.0	-161.9	-161.9	-161.9	-161.9	-141.6	-141.6	-141.6	-139.8	-139.8	-139.8	-139.8
- Undistributed earnings in this period	-1.9	-9.1	-6.7	-4.3	-2.2	-20.2	-16.5	-13.8	-1.9	-2.7	-1.2	-0.6
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	551.1	543.5	550.9	553.3	555.0	558.3	563.3	566.1	599.8	603.8	605.0	604.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	-1.9	-2.4	-2.4	-2.0	-2.2	-3.7	-2.7	-13.8	0.9	-1.5	-0.6	-0.6
Depreciation of Fixed Assets and Investment Property	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.9	0.5	0.5	0.5	0.5
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-0.3	-0.4	-0.4	-0.4	-0.2	-0.3	-0.6	-0.4	-0.6	-0.7	-0.8
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.5	0.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	0.1	0.0
Operating Profit Before Changes in Working Capital	-1.9	-2.3	-2.3	-2.0	-2.2	-3.5	-2.5	-13.4	0.9	-1.6	-1.2	-0.4
Increase/(Decrease) in Receivables	1.7	8.3	0.8	0.0	3.5	2.5	3.0	12.1	-6.5	1.6	-6.0	2.6
Increase/(Decrease) in Inventory	-0.4	0.0	0.2	0.5	-0.1	4.0	-0.7	18.8	13.9	-1.7	5.1	-2.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.5	-4.7	-0.2	0.4	-1.2	-1.2	-0.0	-19.9	-2.8	-0.4	2.3	-4.7
Increase/(Decrease) in Prepaid Expenses	0.7	1.3	1.1	-1.2	0.5	1.2	0.8	0.9	-7.9	0.2	-1.0	-0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.2	—	—	—	0.0	-0.2	0.2	0.0	0.5	0.9	-0.8	0.8
Other Operating Payments	—	—	—	—	0.0	-0.2	0.1	-0.1	0.0	0.0	0.5	-0.5
Net Cash Flow from Operating Activities	9.8	2.1	0.1	-2.6	1.0	2.6	0.8	-1.6	-1.9	-1.1	-1.2	-5.0
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	-3.1	0.0	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-2.5	-37.8	-1.0	-25.5	-4.5	-26.5	-3.0	-19.9	-14.8	-7.5	-16.6	-7.5
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	36.2	1.0	27.6	3.0	24.5	3.0	20.4	18.5	7.8	17.3	7.9
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.7	0.0	0.7	0.0	0.6	0.0	0.7	0.9	0.2	1.7	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.7	-1.0	0.0	2.8	-1.5	-1.4	0.0	1.2	1.6	0.5	2.4	0.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.7	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.7	0.0
Net Cash Flow During the Period	8.1	1.0	0.1	0.2	-0.5	1.1	0.8	-0.4	-0.3	-0.6	0.5	-4.7
Cash and Cash Equivalents at Beginning of Period	3.2	2.1	2.0	1.8	2.3	0.8	0.8	0.8	5.8	5.8	5.8	5.8
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	11.2	3.2	2.1	2.0	1.8	2.3	1.1	0.4	0.8	1.1	1.6	1.2

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PVH

What Is Changing

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Balance Sheet ▼▼

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Cash Flow ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow