PXS

Kết cấu Kim loại và Lắp máy Dầu khí ·UPCOM ·2026Q1

▲ Slightly positive

The balance sheet remains flexible Debt/equity −0.58x

Price

2,700

Latest close

29 May 2026

P/E 11.25x

P/B 1.71x

EPS 240

BVPS 1,583

ROE 12.9%

ROA 1.6%

Profit Margin 1.5%

Asset Turnover 1.08x

Equity Mult. 8.24x

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

What Is Changing

On a TTM 2026Q1 basis, PXS is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,000bn
	                                
+57.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 15bn
	                                
+17.9%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    33.1%

Metric	2025	2024	2023	2022	2021
Revenue	945.7	570.0	412.4	553.9	1,081.5
Growth	+66%	+38%	-26%	-49%	—
Net Income	14.8	9.9	-159.0	-64.6	4.3
Net Margin	1.56%	1.75%	-38.55%	-11.67%	0.39%

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	255.5	172.6	346.7	224.8	201.7	174.2	112.1	147.1	136.6	94.1	35.6	160.0
Growth	+48%	-50%	+54%	+11%	+16%	+55%	-24%	+8%	+45%	+164%	-78%	—
Net Income	3.4	3.4	3.8	4.0	3.6	5.8	1.5	1.4	1.3	-10.3	-24.1	-75.1
Net Margin	1.32%	1.98%	1.09%	1.76%	1.80%	3.31%	1.30%	0.98%	0.94%	-10.92%	-67.72%	-46.94%

Drivers of PXS's profit

TTM

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

Gross profit ↑ 12.7bn

Financial income ↑ 1.1bn

Other profit ↓ 7.4bn

Administrative expenses ↑ 5.1bn

TTM

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

Gross profit ↑ 2.7bn

Financial income ↑ 0.3bn

Administrative expenses ↑ 1.6bn

Other profit ↓ 1.2bn

Finance costs ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.8% = 1.9% × 0.75 × 6.78

2026Q1 12.9% = 1.5% × 1.08 × 8.24

ROE rose from 9.8% to 12.9% — mainly driven by leverage, despite net margin moving in the opposite direction.

Net margin: 1.5% -0.5pp Asset turnover: 1.08x +0.33x Leverage: 8.24x +1.46x

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 1.45%, falling 0.5pp. The main pressure is Gross margin fell 1.3pp, outweighing the improvement in SG&A / Revenue fell 1.3pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.9pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 1.45% −0.5pp

Gross Margin 5.79% −1.3pp

SG&A / Revenue 3.70% −1.3pp

Non-core / Revenue -0.64% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 0.6pp, other income still accounts for 33.1% 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 14.11x +7.95x

Average Invested Capital 70.9bn −32.4bn

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 9.75x equity, with a net cash position equivalent to 0.58x equity.

Inventory ended the period at 202.6bn, roughly 20.6% of total assets.

Over the last 12 months, working capital absorbed 48.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −105.6bn

Inventories increased → lower CFO: −19.0bn

Payables increased → higher CFO: +76.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 63.5 days versus the same period last year. The main moves came from DIO fell 52.4 days, DSO fell 12.6 days, and DPO fell 128.5 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 is lengthening

CCC is up by +63.5 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 59.7 days −12.6 days

Inventory 84.8 days −52.4 days

Payables 209.0 days −128.5 days

Cash Conversion Cycle -64.5 days +63.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.58x and interest coverage at 6.40x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 194.0% of debt, and total debt stands at 59.1bn.

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

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.58x −0.37x

Interest Coverage 6.40x +3.06x

Cash / Debt 194.0% −180.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 2.15x +0.62x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -35.4bn in 2025, against investing cash flow of -4.2bn.

Post-investment cash flow was negative +39.6bn. Financing cash flow was negative +0.1bn.

CFO / net income was 2.15x.

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 31.2bn +12.3bn

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 balance-sheet flexibility, with net cash/equity at about -0.58x. The next item to monitor is the earnings mix, when non-core contribution is -11.4%.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.58x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.15x. Even so, net financial result still accounts for -11.4% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	945.7	570.0	412.4	553.9	1,081.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	945.7	570.0	412.4	553.9	1,081.5
Cost of Goods Sold	890.5	528.1	541.8	583.6	0.0
Gross Profit	55.2	41.9	-129.4	-29.7	-71.5
Financial Income	1.1	0.4	1.1	1.6	1.4
Financial Expenses	2.6	2.9	2.2	6.3	-9.6
Interest Expense	1.4	1.2	1.2	5.1	-9.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	35.3	31.7	30.0	29.0	79.6
Operating Profit	18.3	7.7	-160.5	-63.4	-0.1
Other Income	0.7	9.2	4.2	2.1	0.0
Other Expenses	4.2	6.2	2.8	3.3	0.0
Other Profit	-3.6	3.0	1.5	-1.2	4.3
Profit Before Tax	14.8	10.7	-159.0	-64.6	4.3
Current Income Tax Expense	—	0.7	0.0	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	14.8	9.9	-159.0	-64.6	4.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	14.8	9.9	-159.0	-64.6	4.3
Earnings per Share	246.00	166.00	-2,650.00	-1,077.00	70.00
Diluted EPS	246.27	165.78	-2,650.10	-1,077.13	71.06

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	522.7	334.5	290.4	518.8	591.6
I. Cash and cash equivalents	11.9	51.6	40.2	79.8	93.1
1. Cash	6.5	35.6	24.4	32.4	0.0
2. Cash equivalents	5.4	16.0	15.8	47.4	0.0
II. Short-term financial investments	4.2	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	4.2	0.0	0.0	0.0	0.0
III. Short-term receivables	293.9	173.5	89.8	150.8	237.9
1. Short-term trade accounts receivable	222.4	155.5	79.7	141.8	0.0
2. Short-term prepayments to suppliers	41.3	7.6	12.4	12.4	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	45.1	22.3	8.3	7.4	0.0
7. Provision for short-term doubtful debts (*)	-14.9	-11.9	-10.7	-10.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	202.6	97.4	149.1	275.8	242.2
1. Inventories	325.0	187.5	265.8	403.3	0.0
2. Provision for decline in value of inventories	-122.4	-90.1	-116.6	-127.4	0.0
V. Other short-term assets	10.0	12.0	11.3	12.4	18.4
1. Short-term prepayments	0.4	2.3	0.9	2.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	9.7	9.7	10.4	10.4	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)	462.2	503.2	530.3	547.0	571.7
I. Long-term receivables	1.0	0.9	1.6	1.3	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	1.0	0.9	1.6	1.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	365.1	395.6	414.8	425.9	452.7
1. Tangible fixed assets	361.8	386.1	404.3	416.2	442.5
- Cost	922.9	925.9	953.6	937.0	0.0
- Accumulated depreciation	-561.1	-539.9	-549.3	-520.8	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	3.3	9.6	10.4	9.7	10.2
- Cost	15.2	29.9	29.9	28.6	0.0
- Accumulated depreciation	-11.9	-20.4	-19.5	-18.8	0.0
III. Investment properties	12.4	11.4	11.3	25.3	26.0
- Cost	20.4	18.1	17.5	38.6	0.0
- Accumulated depreciation	-8.0	-6.7	-6.2	-13.2	0.0
IV. Long-term assets in progress	1.6	3.3	1.6	3.0	1.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	3.3	1.6	3.0	0.0
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.1
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	5.0	5.0	5.0	5.0	0.0
4. Provision for diminution in value of long-term investments	-5.0	-5.0	-5.0	-5.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	82.0	91.9	100.9	91.4	0.0
1. Long-term prepayments	82.0	91.9	100.9	91.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	91.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	984.9	837.8	820.7	1,065.8	1,163.3
A. LIABILITIES (300=210+330)	893.3	711.1	702.1	788.2	818.0
I. Short -term liabilities	892.8	704.4	693.2	787.1	814.1
1. Short-term trade accounts payable	594.2	550.8	537.7	594.6	553.5
2. Short-term advances from customers	11.2	12.4	31.6	9.1	39.3
3. Taxes and other payables to state authorities	13.9	26.8	20.9	21.2	0.0
4. Payable to employees	34.4	16.0	12.2	18.4	0.0
5. Short-term acrrued expenses	171.9	64.3	61.7	84.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	3.2	0.1	0.0	0.1
9. Other short-term payables	46.1	15.5	18.5	17.9	0.0
10. Short-term borrowings and financial leases	12.2	12.2	7.6	34.3	85.3
11. Provision for short-term liabilities	5.9	0.0	0.0	2.6	0.0
12.. Bonus and welfare fund	3.0	3.0	3.0	4.3	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	0.6	6.8	8.8	1.1	3.9
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	—	0.2	0.3	0.4	0.5
7. Other long-term liabilities	0.6	0.6	0.7	0.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	—	5.9	7.9	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)	91.6	126.6	118.6	277.6	345.3
I. Owner's equity	91.6	126.6	118.6	277.6	0.0
1. Owner's capital	600.0	600.0	600.0	600.0	345.3
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
- 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	-20,000.00	-20,000.00	-20,000.00	-20,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	92.3	92.3	92.3	92.3	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	-613.9	-578.9	-586.9	-427.9	-360.2
- Accumulated retained earning at the end of the previous period	-628.7	-588.8	-427.9	-363.3	-364.5
- Undistributed earnings in this period	14.8	9.9	-159.0	-64.6	4.3
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)	984.9	837.8	820.7	1,065.8	1,163.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	14.8	10.7	-159.0	-64.6	4.3
Depreciation of Fixed Assets and Investment Property	25.9	25.6	26.5	28.7	41.9
Provision (Increase)/Reversal	35.3	-27.3	-5.7	8.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.2	0.1	1.0	1.2	0.0
Gain/Loss from Investment Activities	-0.4	-2.1	-1.5	-1.6	0.0
Interest Expense	1.4	1.2	1.2	5.1	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	78.1	8.2	-137.5	-23.3	-56.7
Increase/(Decrease) in Receivables	-123.4	-84.3	60.7	90.8	0.0
Increase/(Decrease) in Inventory	-137.5	78.3	137.5	-45.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	137.1	6.3	-64.2	24.5	0.0
Increase/(Decrease) in Prepaid Expenses	11.9	7.5	-8.4	-1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.6	-3.1	-1.3	-6.2	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	0.0
Other Operating Payments	—	0.0	-1.4	-0.2	0.0
Net Cash Flow from Operating Activities	-35.4	12.9	-14.4	38.5	63.6
Payments for Fixed Assets and Other Long-term Assets	-0.4	-8.2	-0.0	-2.1	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.7	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	-4.2	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
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	0.3	0.4	1.1	1.6	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	-4.2	-6.1	1.5	-0.5	0.3
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	15.7	34.4	9.0	191.4	486.7
Repayment of Borrowings	-15.7	-29.8	-35.7	-242.6	-523.2
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	4.6	-26.7	-51.3	-36.5
Net Cash Flow During the Period	-39.6	11.4	-39.6	-13.3	12.2
Cash and Cash Equivalents at Beginning of Period	51.6	40.2	79.8	93.1	65.7
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	11.9	51.6	40.2	79.8	93.1

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	255.5	172.6	346.7	224.8	201.7	174.2	112.1	147.1	136.6	94.1	35.6	160.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	255.5	172.6	346.7	224.8	201.7	174.2	112.1	147.1	136.6	94.1	35.6	160.0
Cost of Goods Sold	239.8	157.5	333.2	211.1	188.7	163.8	101.3	136.0	126.9	94.2	55.0	228.2
Gross Profit	15.7	15.0	13.5	13.7	13.0	10.4	10.7	11.0	9.8	-0.1	-19.4	-68.2
Financial Income	0.3	0.8	0.0	0.2	0.0	0.1	0.1	0.1	0.1	0.2	0.2	0.1
Financial Expenses	0.8	0.5	0.3	1.3	0.4	0.4	0.3	1.9	0.2	1.3	0.2	0.3
Interest Expense	0.4	0.4	0.3	0.3	0.4	0.3	0.3	0.4	0.2	0.2	0.2	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	10.5	9.0	9.0	8.5	8.9	6.6	8.0	8.3	8.7	7.7	7.3	7.2
Operating Profit	4.7	6.4	4.2	4.1	3.7	3.4	2.5	0.9	0.9	-9.0	-26.7	-75.6
Other Income	0.3	0.4	0.2	-0.0	0.0	7.2	0.7	0.8	0.5	0.7	2.8	0.6
Other Expenses	1.6	3.4	0.7	0.1	0.1	4.1	1.7	0.2	0.1	2.0	0.2	0.2
Other Profit	-1.3	-3.0	-0.4	-0.1	-0.1	3.1	-1.1	0.6	0.4	-1.3	2.6	0.5
Profit Before Tax	3.4	3.4	3.8	4.0	3.6	6.5	1.5	1.4	1.3	-10.3	-24.1	-75.1
Current Income Tax Expense	—	—	—	—	—	0.7	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	3.4	3.4	3.8	4.0	3.6	5.8	1.5	1.4	1.3	-10.3	-24.1	-75.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.4	3.4	3.8	4.0	3.6	5.8	1.5	1.4	1.3	-10.3	-24.1	-75.1
Earnings per Share	56.00	57.00	61.00	66.00	61.00	96.00	24.00	24.00	21.00	-171.00	-394.00	-1,252.00
Diluted EPS	56.13	57.04	62.72	65.85	60.56	96.00	24.34	24.12	21.47	-171.30	-401.62	-1,251.74

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)	546.1	522.3	560.9	374.3	363.5	334.5	299.4	342.2	319.1	289.9	228.6	254.6
I. Cash and cash equivalents	114.6	13.2	21.7	84.2	38.2	51.5	30.8	82.0	25.6	40.2	26.7	52.8
1. Cash	42.7	6.5	14.3	76.0	18.0	35.6	17.0	28.3	11.3	24.4	11.1	39.8
2. Cash equivalents	72.0	6.7	7.4	8.2	20.1	15.9	13.7	53.7	14.2	15.8	15.7	13.0
II. Short-term financial investments	5.7	2.9	2.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	5.7	2.9	2.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	296.3	293.9	332.8	154.6	208.2	173.6	138.4	138.6	156.1	89.5	77.5	90.3
1. Short-term trade accounts receivable	198.0	173.9	314.9	140.6	129.2	155.6	110.0	131.9	122.5	79.7	76.6	88.9
2. Short-term prepayments to suppliers	33.2	41.3	8.0	4.4	6.8	7.6	5.6	6.2	9.6	12.3	3.2	2.3
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	36.7	48.5	—	—	59.9	0.0	24.3	0.0	26.1	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	43.3	45.2	24.1	23.0	25.1	22.3	9.2	11.1	8.6	8.1	8.3	9.7
7. Provision for short-term doubtful debts (*)	-14.9	-14.9	-14.2	-13.4	-12.7	-11.9	-10.6	-10.6	-10.7	-10.7	-10.6	-10.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	119.4	202.2	193.5	125.1	105.8	97.4	117.9	110.4	125.9	148.8	113.3	100.7
1. Inventories	241.2	324.6	306.9	229.9	196.2	187.5	207.4	199.9	247.1	265.5	218.0	260.2
2. Provision for decline in value of inventories	-121.7	-122.4	-113.4	-104.8	-90.4	-90.1	-89.4	-89.4	-121.2	-116.6	-104.7	-159.4
V. Other short-term assets	10.0	10.0	10.1	10.4	11.3	12.0	12.3	11.3	11.5	11.3	11.1	10.8
1. Short-term prepayments	0.4	0.4	0.4	0.7	1.6	2.3	1.9	0.8	1.1	0.9	0.7	0.4
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	9.7	9.7	9.7	9.7	9.7	9.7	10.4	10.4	10.4	10.4	10.4	10.4
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)	453.3	462.2	470.5	477.8	493.5	503.3	509.7	514.2	520.8	530.3	563.6	573.2
I. Long-term receivables	1.0	1.0	0.8	0.8	1.0	0.9	0.8	0.9	1.6	1.6	1.6	1.6
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	1.0	1.0	0.8	0.8	1.0	0.9	0.8	0.9	1.6	1.6	1.6	1.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	358.7	365.1	370.9	376.6	388.7	395.8	396.7	402.0	408.2	414.8	422.3	414.3
1. Tangible fixed assets	355.6	361.8	367.4	373.0	379.3	386.2	386.9	391.9	398.0	404.3	411.7	403.4
- Cost	922.9	—	—	—	—	926.0	945.3	950.3	953.6	953.6	959.8	937.0
- Accumulated depreciation	-567.3	—	—	—	—	-539.9	-558.4	-558.3	-555.6	-549.3	-548.1	-533.6
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	3.1	3.3	3.4	3.6	9.3	9.6	9.8	10.0	10.2	10.4	10.7	10.9
- Cost	15.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	12.3	12.4	13.0	13.8	12.1	11.4	11.1	11.2	11.3	11.3	10.3	25.0
- Cost	20.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.6	1.6	1.6	1.6	3.3	3.3	5.7	1.6	1.6	1.6	1.6	1.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	1.6	1.6	1.6	3.3	3.3	5.7	1.6	1.6	1.6	1.6	1.6
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
4. Provision for diminution in value of long-term investments	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	79.6	82.0	84.2	85.0	88.4	91.9	95.3	98.5	98.1	100.9	127.6	130.6
1. Long-term prepayments	79.6	82.0	84.2	85.0	88.4	91.9	95.3	98.5	98.1	100.9	127.6	130.6
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)	999.4	984.5	1,031.5	852.1	856.9	837.9	809.0	856.5	839.9	820.1	792.2	827.8
A. LIABILITIES (300=210+330)	904.4	889.7	911.3	735.7	726.7	711.3	684.1	735.1	720.0	701.6	663.4	675.2
I. Short -term liabilities	903.8	889.0	910.6	729.1	719.9	704.5	675.4	726.4	711.2	700.5	662.3	674.1
1. Short-term trade accounts payable	533.6	593.5	593.5	594.6	544.9	550.5	546.7	557.2	546.1	537.7	536.3	559.4
2. Short-term advances from customers	6.4	11.2	11.2	4.8	10.8	12.4	11.2	10.7	23.9	31.6	5.3	5.7
3. Taxes and other payables to state authorities	18.8	13.9	20.4	24.8	23.9	27.1	23.6	26.6	24.5	20.9	22.9	22.8
4. Payable to employees	22.4	34.4	40.1	36.8	27.3	16.0	18.5	20.3	21.6	12.2	18.6	14.2
5. Short-term acrrued expenses	95.0	172.0	208.2	32.2	81.6	64.4	46.1	60.9	54.4	61.3	43.7	44.3
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	0.1	0.1	0.7	1.8	3.4	3.2	3.9	6.5	6.9	0.1	0.1	0.0
9. Other short-term payables	159.6	42.7	16.1	16.9	14.8	15.5	18.1	19.7	21.1	18.3	19.7	17.1
10. Short-term borrowings and financial leases	59.1	12.2	11.4	14.3	10.2	12.2	4.2	21.3	9.9	7.6	5.0	5.0
11. Provision for short-term liabilities	5.9	5.9	5.9	—	—	0.0	0.0	0.0	0.0	7.9	7.9	2.6
12.. Bonus and welfare fund	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
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	0.6	0.7	0.7	6.6	6.8	6.7	8.8	8.8	8.8	1.1	1.1	1.1
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	—	—	—	—	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3
7. Other long-term liabilities	0.6	0.7	0.7	0.7	0.7	0.6	0.6	0.7	0.7	0.8	0.7	0.7
8. Long-term borrowings and financial leases	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	5.9	5.9	5.9	7.9	7.9	7.9	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)	95.0	94.8	120.2	116.4	130.2	126.6	124.9	121.3	119.9	118.5	128.8	152.6
I. Owner's equity	95.0	94.8	120.2	116.4	130.2	126.6	124.9	121.3	119.9	118.5	128.8	152.6
1. Owner's capital	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
- 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	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3	92.3
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	-610.5	-610.7	-585.3	-589.1	-575.3	-578.9	-580.6	-584.2	-585.6	-587.0	-576.7	-552.9
- Accumulated retained earning at the end of the previous period	-613.9	-625.5	-596.7	-596.7	-578.9	-588.8	-584.8	-586.9	-586.9	-427.9	-427.9	-427.9
- Undistributed earnings in this period	3.4	14.8	11.3	7.6	3.6	10.0	4.2	2.7	1.3	-159.1	-148.8	-125.0
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)	999.4	984.5	1,031.5	852.1	856.9	837.9	809.0	856.5	839.9	820.1	792.2	827.8

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	3.4	3.4	3.8	4.0	3.6	6.5	1.5	1.4	1.3	-10.2	-24.1	-74.8
Depreciation of Fixed Assets and Investment Property	6.5	6.4	6.5	6.4	6.5	6.4	6.3	6.4	6.6	6.5	6.6	6.6
Provision (Increase)/Reversal	0.7	9.5	9.5	14.5	1.7	-0.1	-0.0	-31.8	4.6	27.8	-65.2	-11.8
FX Gain/Loss from Revaluation of Monetary Items	—	0.1	0.0	1.0	—	0.1	0.0	1.5	0.0	1.1	0.0	-0.1
Gain/Loss from Investment Activities	-0.3	-0.2	-0.0	-0.2	-0.0	-0.5	-0.6	-0.1	-0.1	-0.6	-0.2	-0.2
Interest Expense	0.8	0.4	0.3	0.3	0.4	0.3	0.3	0.4	0.2	0.2	0.2	0.3
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	11.0	19.8	20.1	26.0	12.3	12.6	7.4	-22.1	12.6	24.7	-82.7	-80.1
Increase/(Decrease) in Receivables	-17.7	40.1	-181.0	53.1	-35.5	-35.9	-6.0	24.6	-66.3	-11.9	12.4	59.3
Increase/(Decrease) in Inventory	109.8	-18.1	-77.0	-33.7	-8.7	19.9	-7.5	47.2	18.6	-47.8	42.2	143.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-44.7	-52.4	180.4	-6.8	15.9	19.9	-29.5	-2.8	15.6	18.7	-0.6	-89.3
Increase/(Decrease) in Prepaid Expenses	-2.5	2.2	1.1	4.3	4.3	2.9	2.2	-0.2	2.6	26.6	2.6	-18.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.7	-0.3	-1.1	0.6	-0.3	-0.5	-1.7	-0.2	-0.2	-0.2	-0.1
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	55.4	-9.2	-56.8	41.8	-11.2	19.1	-33.9	44.9	-17.0	10.2	-26.4	14.3
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	0.0	-0.1	-0.2	-6.9	-0.8	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	—	0.5	0.5	0.0	0.0	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	—	-1.3	0.0	-2.9	—	0.0	0.0	0.0	0.0	-0.9	0.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.3	0.1	0.0	0.1	0.0	0.0	0.1	0.1	0.1	1.1	-0.7	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.3	-1.2	0.0	-2.8	-0.2	-6.4	-0.2	0.1	0.1	0.6	0.2	0.2
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	64.4	2.1	0.9	7.0	5.7	13.8	0.2	17.2	3.3	6.1	2.5	0.3
Repayment of Borrowings	-17.5	-1.4	-3.8	-2.9	-7.7	-5.8	-17.3	-5.8	-1.0	-3.5	-2.5	-7.8
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	46.9	0.7	-2.9	4.1	-2.0	8.0	-17.1	11.4	2.3	2.6	0.0	-7.5
Net Cash Flow During the Period	102.7	-9.7	-59.6	43.1	-13.4	20.7	-51.2	56.4	-14.6	13.5	-26.2	7.0
Cash and Cash Equivalents at Beginning of Period	11.9	21.7	81.3	38.2	51.6	40.2	40.2	40.2	40.2	79.8	79.8	79.8
FX Difference from Revaluation	—	-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	114.6	11.9	21.7	81.3	38.2	51.5	30.8	82.0	25.6	40.2	26.7	52.9

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PXS

What Is Changing

Drivers of PXS'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