QNW

Cấp thoát nước và Xây dựng Quảng Ngãi ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 35.18%, +1.54pp YoY

Price

19,000

Latest close

02 Jun 2026

P/E 9.05x

P/B 1.36x

EPS 2,098

BVPS 13,982

ROE 15.4%

ROA 13.8%

Profit Margin 35.1%

Asset Turnover 0.39x

Equity Mult. 1.12x

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

What Is Changing

On a TTM 2026Q1 basis, QNW has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 119bn
	                                
+4.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 42bn
	                                
+8.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	118.5	114.5	80.3	70.5	70.5
Growth	+4%	+43%	+14%	+0%	—
Net Income	40.0	33.4	10.8	7.7	11.4
Net Margin	33.73%	29.20%	13.41%	10.86%	16.16%

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	27.0	28.8	32.0	31.7	26.1	28.4	30.6	29.6	26.0	24.8	20.0	18.5
Growth	-6%	-10%	+1%	+21%	-8%	-7%	+3%	+14%	+5%	+24%	+8%	—
Net Income	8.7	8.7	12.6	12.0	8.5	7.1	11.9	11.1	8.4	1.4	4.0	3.9
Net Margin	32.21%	30.16%	39.50%	37.90%	32.45%	25.12%	38.86%	37.43%	32.43%	5.57%	19.84%	21.23%

Drivers of QNW's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 5.4bn

Financial income ↑ 3.1bn

Finance costs ↓ 0.4bn

Gross profit ↓ 4.6bn

Tax ↑ 0.7bn

TTM

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

Financial income ↑ 0.9bn

Finance costs ↓ 0.2bn

Administrative expenses ↓ 0.1bn

Tax ↓ 0.1bn

Gross profit ↓ 0.9bn

Selling expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.2% = 33.6% × 0.40 × 1.13

2026Q1 15.4% = 35.2% × 0.39 × 1.12

ROE is broadly flat at 15.4% — the components are offsetting one another.

Net margin: 35.2% +1.5pp Asset turnover: 0.39x -0.01x Leverage: 1.12x -0.01x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 35.18%, rising 1.5pp. Core operating signals are improving as SG&A / Revenue fell 5.0pp are enough to offset pressure from Gross margin fell 6.0pp (in addition, Net financial result / Revenue rose 2.8pp added support while Other profit / Revenue fell 0.0pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 35.18% +1.5pp

Gross Margin 46.87% −6.0pp

SG&A / Revenue 8.22% −5.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 20.7% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 20.68%, rising 1.8pp. That translates to 20.68 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.6pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 20.68% +1.8pp

NOPAT Margin 35.24% +1.6pp

Capital Turnover 0.59x +0.03x

Average Invested Capital 203.5bn −1.4bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.11x equity, with a net cash position equivalent to 0.27x equity.

Over the last 12 months, working capital released 2.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +20.5bn

Inventories decreased → higher CFO: +4.6bn

Payables decreased → lower CFO: −22.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 30.7 days versus the same period last year. The main moves came from DIO fell 33.7 days, DSO rose 0.1 days, and DPO fell 2.9 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 117.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +0.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 35.7 days +0.1 days

Inventory 108.9 days −33.7 days

Payables 27.4 days −2.9 days

Cash Conversion Cycle 117.1 days −30.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 49.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.27x and interest coverage at 260.00x.

At present, short-term debt accounts for 16.7% of total debt, cash equals 1777.9% of debt, and total debt stands at 4.6bn.

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

Leverage and liquidity trend

Net Debt / Equity -0.27x −0.04x

Interest Coverage 260.00x +173.16x

Cash / Debt 1777.9% +741.9pp

Short-term Debt / Total Debt 16.7% −4.5pp

CFO / NI 1.04x −0.51x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 49.2bn in 2025, against investing cash flow of -14.4bn.

Post-investment cash flow was positive +34.8bn. Financing cash flow was negative +21.9bn.

CFO / net income was 1.04x.

After spending +4.8bn on fixed-asset investment, the business generated trailing free cash flow of +38.9bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 43.7bn −16.0bn

Cash Capex 4.8bn −8.1bn

FCF TTM +38.9bn −7.9bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 1.5 pp. The next item to monitor is capital efficiency, with ROIC at 20.7%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 35.18% after expanding 1.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	118.5	114.5	80.3	70.5	70.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	118.5	114.5	80.3	70.5	70.5
Cost of Goods Sold	63.7	55.2	57.3	50.1	0.0
Gross Profit	54.8	59.4	23.1	20.5	25.2
Financial Income	5.9	3.7	4.8	2.8	2.3
Financial Expenses	0.3	0.5	0.6	0.7	-0.6
Interest Expense	0.3	0.5	0.6	0.7	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	4.1	4.9	4.2	4.3	-4.3
General and Administrative Expenses	6.0	15.5	9.3	8.1	-8.1
Operating Profit	50.4	42.1	13.8	10.2	14.6
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.0	0.1	0.4	0.0
Other Profit	-0.1	-0.0	-0.1	-0.4	-0.0
Profit Before Tax	50.2	42.0	13.7	9.8	14.5
Current Income Tax Expense	10.3	8.6	2.9	2.1	-3.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	40.0	33.4	10.8	7.7	11.4
Non-controlling Interest	0.1	0.1	0.1	0.1	0.0
Profit Attributable to Parent	39.9	33.4	10.7	7.6	11.3
Earnings per Share	1,995.00	1,669.00	533.00	380.00	567.27
Diluted EPS	1,995.15	1,668.78	533.19	380.27	567.27

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	189.0	182.9	158.2	131.0	133.7
I. Cash and cash equivalents	81.6	68.7	44.0	23.3	13.6
1. Cash	3.7	6.4	4.2	3.6	0.0
2. Cash equivalents	77.9	62.3	39.8	19.7	0.0
II. Short-term financial investments	82.7	71.6	65.5	58.0	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	82.7	71.6	65.5	58.0	0.0
III. Short-term receivables	15.1	30.3	35.4	36.4	50.8
1. Short-term trade accounts receivable	11.9	11.4	11.6	10.2	0.0
2. Short-term prepayments to suppliers	1.5	22.2	22.0	26.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.7	4.5	4.7	4.6	0.0
7. Provision for short-term doubtful debts (*)	-3.0	-7.8	-2.8	-5.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	8.1	11.9	13.0	12.2	12.8
1. Inventories	16.9	20.5	21.9	18.5	0.0
2. Provision for decline in value of inventories	-8.9	-8.6	-8.9	-6.4	0.0
V. Other short-term assets	1.6	0.5	0.3	1.1	0.2
1. Short-term prepayments	0.2	0.3	0.1	0.3	0.0
2. Value added tax to be reclaimed	1.1	0.1	0.1	0.7	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	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)	112.4	111.5	107.2	123.6	128.7
I. Long-term receivables	0.1	0.1	0.1	2.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	2.3	2.3	2.3	2.3	0.0
7. Provision for long-term doubtful debts	-2.2	-2.2	-2.2	0.0	0.0
II. Fixed assets	75.4	82.9	79.9	91.7	91.3
1. Tangible fixed assets	75.4	82.9	79.9	91.7	91.3
- Cost	253.1	244.1	224.9	220.7	0.0
- Accumulated depreciation	-177.7	-161.2	-145.0	-129.0	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	0.7	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.7	-0.7	-0.7	-0.7	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	19.0	9.9	8.7	11.4	18.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	19.0	9.9	8.7	11.4	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	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	17.9	18.5	18.5	18.1	0.0
1. Long-term prepayments	17.9	18.5	18.5	18.1	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	18.5
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)	301.4	294.4	265.4	254.6	262.5
A. LIABILITIES (300=210+330)	29.6	38.4	34.0	27.9	29.1
I. Short -term liabilities	25.0	32.5	26.4	18.2	16.3
1. Short-term trade accounts payable	6.6	3.9	9.7	4.9	5.4
2. Short-term advances from customers	1.1	2.8	1.4	0.7	0.5
3. Taxes and other payables to state authorities	2.8	2.2	3.7	2.5	0.0
4. Payable to employees	9.3	8.2	6.3	4.7	0.0
5. Short-term acrrued expenses	0.8	10.9	0.2	0.5	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1.8	1.9	1.6	2.1	0.0
10. Short-term borrowings and financial leases	0.8	1.7	2.0	2.0	1.0
11. Provision for short-term liabilities	—	0.0	0.2	0.2	0.0
12.. Bonus and welfare fund	1.9	1.0	1.2	0.7	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	4.6	5.9	7.6	9.7	12.8
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	0.6	0.7	0.8	0.9	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	0.2	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.8	5.1	6.8	8.8	11.8
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)	271.8	256.0	231.4	226.7	233.3
I. Owner's equity	270.9	255.1	230.5	225.9	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	231.8
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	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	20.7	17.4	16.3	15.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	47.7	35.2	11.8	7.9	15.0
- Accumulated retained earning at the end of the previous period	7.8	1.9	1.2	0.4	3.9
- Undistributed earnings in this period	39.9	33.3	10.6	7.6	11.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.6	2.5	2.4	2.3	2.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.9	0.9	0.9	0.9	1.5
1. Subsidized not-for-profit funds	0.9	0.9	0.9	0.9	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)	301.4	294.4	265.4	254.6	262.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	50.2	42.0	13.7	9.8	14.3
Depreciation of Fixed Assets and Investment Property	16.5	16.2	16.0	15.5	10.9
Provision (Increase)/Reversal	-4.6	4.7	2.5	2.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.9	-3.7	-4.8	-2.8	0.0
Interest Expense	0.3	0.5	0.6	0.7	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	56.6	59.7	28.0	25.3	24.3
Increase/(Decrease) in Receivables	19.0	0.4	3.5	11.5	0.0
Increase/(Decrease) in Inventory	3.6	1.4	-3.4	-0.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.3	-12.6	6.2	-1.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	-0.2	-0.2	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.6	-0.7	-0.8	0.0
Corporate Income Tax Paid	-9.5	-9.9	-1.7	-2.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.4	-0.9	-1.0	-1.0	0.0
Net Cash Flow from Operating Activities	49.2	37.2	30.8	30.2	25.6
Payments for Fixed Assets and Other Long-term Assets	-9.0	0.0	-1.5	-12.6	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-28.0	-79.0	-54.3	-57.0	-56.4
Receipts from Loan Repayments and Sale of Debt Instruments	16.9	73.0	46.8	46.8	44.5
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	5.7	3.4	5.1	2.6	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	-14.4	-2.7	-3.8	-20.3	-11.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-2.3	-2.0	-2.0	-2.0	-3.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-19.6	-7.9	-5.0	-6.8	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	-21.9	-9.9	-7.0	-8.8	-3.5
Net Cash Flow During the Period	12.9	24.7	20.1	1.1	1.7
Cash and Cash Equivalents at Beginning of Period	68.7	44.0	23.3	22.3	3.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	81.6	68.7	43.4	23.3	13.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	27.0	28.8	32.0	31.7	26.1	28.4	30.6	29.6	26.0	24.8	20.0	18.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	27.0	28.8	32.0	31.7	26.1	28.4	30.6	29.6	26.0	24.8	20.0	18.5
Cost of Goods Sold	14.4	20.3	14.5	14.4	12.5	15.6	13.0	13.0	13.0	18.9	12.9	12.2
Gross Profit	12.6	8.5	17.5	17.3	13.6	12.8	17.7	16.6	13.0	5.9	7.1	6.3
Financial Income	2.1	2.0	1.4	1.4	1.1	0.9	0.6	1.1	0.9	0.9	1.3	1.5
Financial Expenses	0.1	0.1	0.1	0.0	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Interest Expense	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.2	1.1	0.8	1.2	1.0	1.0	1.0	1.3	1.0	1.4	1.2	0.8
General and Administrative Expenses	2.6	-1.7	2.3	2.4	2.7	3.5	2.4	2.3	2.2	3.4	2.1	1.7
Operating Profit	10.9	11.1	15.8	15.1	10.8	9.1	14.9	14.0	10.6	1.9	5.0	5.0
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Other Profit	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0
Profit Before Tax	10.9	11.0	15.8	15.1	10.8	9.0	14.9	14.0	10.6	1.9	5.0	5.0
Current Income Tax Expense	2.2	2.3	3.2	3.1	2.3	1.9	3.0	2.9	2.1	0.5	1.0	1.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.7	8.7	12.6	12.0	8.5	7.1	11.9	11.1	8.4	1.4	4.0	3.9
Non-controlling Interest	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Profit Attributable to Parent	8.7	8.6	12.6	12.0	8.5	7.1	11.9	11.1	8.4	1.4	4.0	3.9
Earnings per Share	435.00	432.00	631.66	599.77	422.92	355.00	595.00	555.00	405.64	69.00	199.00	193.00
Diluted EPS	434.96	432.16	631.66	599.77	422.92	354.56	594.98	554.92	405.64	69.03	198.86	193.19

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)	195.3	189.4	211.8	201.5	189.8	187.7	182.4	175.0	161.3	158.5	144.9	141.1
I. Cash and cash equivalents	81.0	81.6	97.2	77.1	67.4	68.7	66.5	60.4	47.1	44.0	25.3	25.2
1. Cash	4.8	3.7	8.8	6.4	5.1	6.4	32.3	26.2	13.3	4.2	1.6	7.7
2. Cash equivalents	76.2	77.9	88.4	70.7	62.3	62.3	34.2	34.2	33.8	39.8	23.6	17.5
II. Short-term financial investments	88.8	82.7	77.9	77.9	76.6	71.6	66.8	66.8	65.5	65.5	61.8	61.8
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	88.8	82.7	77.9	77.9	76.6	71.6	66.8	66.8	65.5	65.5	61.8	61.8
III. Short-term receivables	16.8	15.1	25.6	35.3	32.7	35.4	37.8	37.2	36.4	35.4	47.3	42.4
1. Short-term trade accounts receivable	12.1	11.9	13.1	12.7	11.2	11.4	12.2	13.1	11.1	11.6	10.6	9.8
2. Short-term prepayments to suppliers	1.8	1.5	14.3	25.7	23.6	22.2	22.1	22.0	22.4	22.0	30.8	30.7
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	5.9	4.7	6.0	4.6	5.7	4.5	6.2	4.9	5.7	4.7	8.8	6.9
7. Provision for short-term doubtful debts (*)	-3.0	-2.9	-7.8	-7.8	-7.8	-2.7	-2.7	-2.7	-2.8	-2.8	-2.8	-5.0
8. Assets awaiting resolution	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	7.8	8.4	10.7	11.1	12.6	11.7	11.0	10.3	12.1	13.4	10.3	11.4
1. Inventories	16.6	17.0	19.4	19.8	21.2	20.6	19.9	19.2	21.0	22.3	18.1	17.7
2. Provision for decline in value of inventories	-8.9	-8.6	-8.6	-8.6	-8.6	-8.9	-8.9	-8.9	-8.9	-8.9	-7.7	-6.3
V. Other short-term assets	0.9	1.6	0.3	0.1	0.5	0.3	0.4	0.3	0.1	0.3	0.3	0.3
1. Short-term prepayments	0.3	0.4	0.3	0.1	0.2	0.2	0.3	0.3	0.1	0.1	0.2	0.2
2. Value added tax to be reclaimed	0.3	1.1	0.0	-0.0	0.2	0.2	0.0	0.0	0.0	0.1	0.0	0.1
3. Taxes and other receivables from state authorities	0.3	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	109.6	112.2	109.0	111.5	112.9	102.2	102.3	104.7	109.5	107.2	111.0	116.7
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	2.3
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	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
7. Provision for long-term doubtful debts	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	0.0
II. Fixed assets	72.3	75.4	73.5	78.2	78.9	65.1	68.6	72.9	76.1	80.6	84.3	84.8
1. Tangible fixed assets	72.3	75.4	73.5	78.2	78.9	65.1	68.6	72.9	76.1	79.9	83.6	84.1
- Cost	253.1	—	—	—	—	225.1	224.9	225.5	224.9	224.9	224.6	221.0
- Accumulated depreciation	-180.8	—	—	—	—	-160.1	-156.3	-152.6	-148.9	-145.0	-141.0	-136.9
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	0.7	0.7	0.7
- Cost	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	19.5	19.0	17.5	15.0	15.4	18.3	14.7	13.2	10.2	8.7	8.6	11.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	19.5	19.0	17.5	15.0	15.4	18.3	14.7	13.2	10.2	8.7	8.6	11.6
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	17.7	17.7	18.0	18.2	18.4	18.7	18.9	18.5	18.3	17.8	17.9	18.0
1. Long-term prepayments	17.7	17.7	18.0	18.2	18.4	18.7	18.9	18.5	18.3	17.8	17.9	18.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	4.8	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	304.8	301.6	320.8	313.1	302.6	289.8	284.8	279.7	270.8	265.8	255.9	257.8
A. LIABILITIES (300=210+330)	25.2	29.0	56.8	60.6	37.9	28.6	30.8	37.6	26.2	34.4	25.9	29.7
I. Short -term liabilities	20.6	24.1	51.6	55.3	32.0	23.1	24.2	31.1	18.6	26.8	17.2	21.0
1. Short-term trade accounts payable	3.3	6.6	3.3	2.7	6.3	3.9	3.4	3.3	2.7	10.0	2.8	3.4
2. Short-term advances from customers	1.1	1.1	1.3	2.1	3.0	2.8	1.7	1.4	1.3	1.4	1.7	1.8
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.7	3.0	5.9	5.8	2.7	3.5	7.3	5.9	4.0	3.7	3.5	3.2
4. Payable to employees	7.8	8.6	5.5	5.5	5.4	7.5	5.8	6.0	5.5	6.5	3.8	1.9
5. Short-term acrrued expenses	0.8	0.8	11.2	10.8	11.0	0.2	0.5	0.4	0.4	0.2	0.7	0.3
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	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.5	1.8	21.5	22.0	1.6	1.9	2.5	10.1	1.9	1.6	1.5	6.6
10. Short-term borrowings and financial leases	0.8	0.5	0.5	1.6	1.4	2.0	1.7	2.0	1.7	2.0	1.7	2.0
11. Provision for short-term liabilities	—	—	—	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2
12.. Bonus and welfare fund	1.6	1.8	2.4	4.8	0.7	1.0	1.2	1.8	0.9	1.2	1.3	1.6
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	4.6	4.9	5.3	5.2	5.9	5.5	6.5	6.5	7.6	7.6	8.6	8.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.6	0.6	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.9	0.9
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	0.2	0.2	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.8	4.1	4.5	4.5	5.1	4.8	5.8	5.8	6.8	6.8	7.8	7.8
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)	279.6	272.6	264.0	252.5	264.7	261.2	254.0	242.1	244.6	231.4	230.0	228.1
I. Owner's equity	279.6	271.7	263.1	251.6	263.8	260.3	253.1	241.2	243.8	230.5	229.1	227.2
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	208.0	200.0	200.0	200.0
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	207,973,236,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	20.7	20.7	20.7	20.7	17.4	17.4	17.4	17.4	16.3	16.3	16.3	16.3
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	56.4	48.4	39.9	28.5	43.9	40.5	33.4	21.5	19.5	11.7	10.4	8.5
- Accumulated retained earning at the end of the previous period	47.8	7.9	7.8	7.8	35.3	2.1	2.1	2.1	11.1	1.2	1.1	1.2
- Undistributed earnings in this period	8.6	40.6	32.1	20.6	8.7	38.4	31.2	19.4	8.4	10.5	9.3	7.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.6	2.6	2.4	2.4	2.5	2.5	2.4	2.4	0.0	2.4	2.4	2.4
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
1. Subsidized not-for-profit funds	—	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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)	304.8	301.6	320.8	313.1	302.6	289.8	284.8	279.7	270.8	265.8	255.9	257.8

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	10.9	10.0	15.8	13.7	10.8	9.1	14.9	14.0	10.6	1.9	5.0	2.4
Depreciation of Fixed Assets and Investment Property	3.1	5.4	3.3	4.7	3.2	3.7	3.7	3.7	3.9	4.0	4.1	4.0
Provision (Increase)/Reversal	—	-4.6	—	—	—	0.0	0.0	-0.1	0.0	1.2	0.0	1.4
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.1	-9.9	6.5	-3.7	1.1	0.9	4.8	-1.2	-0.9	-0.9	-1.3	-1.5
Interest Expense	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	12.0	1.0	25.6	14.8	15.1	13.9	23.5	16.6	13.7	6.3	7.9	6.4
Increase/(Decrease) in Receivables	-0.9	14.2	9.8	-2.4	-2.5	1.5	-0.4	-0.8	-0.9	8.7	0.1	-1.4
Increase/(Decrease) in Inventory	0.3	2.4	4.7	-2.8	-0.7	-0.7	3.6	-2.5	0.9	-3.9	-0.2	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.6	-13.5	-0.2	-4.0	-0.7	11.9	-8.8	0.8	-7.1	8.5	-0.1	2.2
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.0	0.4	0.2	0.4	0.1	-0.8	0.2	-0.5	0.1	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.1	-0.3	-0.1	-0.3
Corporate Income Tax Paid	-2.3	-4.9	-3.0	-0.0	-1.5	-7.0	0.0	-0.6	-2.3	-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	-0.3	0.1	-2.3	-0.3	-0.0	0.3	-0.6	-0.1	-0.3	-0.5	-0.3	-0.0
Net Cash Flow from Operating Activities	4.3	-0.8	34.6	5.6	9.8	20.2	17.3	12.5	4.0	18.2	7.4	7.1
Payments for Fixed Assets and Other Long-term Assets	-0.5	0.2	-6.8	2.2	-4.6	-3.8	-6.0	1.5	-1.5	0.3	-0.5	-0.4
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	-6.1	-21.7	0.0	-1.4	-5.0	-4.8	0.0	45.6	-46.8	-50.5	0.0	5.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	16.9	—	—	—	0.0	0.0	-46.8	46.8	46.8	0.0	-9.2
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	2.1	9.7	-6.6	3.7	-1.1	-0.9	-4.9	1.3	0.9	4.1	-1.6	2.5
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	-4.5	5.2	-13.4	4.5	-10.7	-9.5	-10.9	1.5	-0.6	0.7	-2.1	-1.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-0.4	-1.2	-0.4	-0.3	-0.7	-0.3	-0.7	-0.3	-0.7	-0.3	-0.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.4	-19.6	—	—	—	-7.8	0.0	0.0	0.0	-0.1	-4.9	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	-0.4	-20.0	-1.2	-0.4	-0.3	-8.5	-0.3	-0.7	-0.3	-0.8	-5.2	-0.7
Net Cash Flow During the Period	-0.6	-15.6	20.1	9.7	-1.3	2.2	6.1	13.3	3.1	18.1	0.1	4.8
Cash and Cash Equivalents at Beginning of Period	81.6	97.2	77.1	67.4	68.7	44.0	44.0	44.0	44.0	23.3	23.3	23.3
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	81.0	81.6	97.2	77.1	67.4	68.7	66.5	60.4	47.1	43.4	25.3	25.2

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QNW

What Is Changing

Drivers of QNW'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