SBL

Bia Sài Gòn - Bạc Liêu ·UPCOM ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 0.25x

Price

5,000

Latest close

29 May 2026

P/E -181.30x

P/B 0.34x

EPS -28

BVPS 14,693

ROE -0.2%

ROA -0.1%

Profit Margin -0.3%

Asset Turnover 0.50x

Equity Mult. 1.23x

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

What Is Changing

On a TTM 2026Q1 basis, SBL posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 111bn
	                                
−19.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 0bn
	                                
−121.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    369.2%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	116.0	140.3	147.7	170.5	165.4
Growth	-17%	-5%	-13%	+3%	—
Net Income	0.6	1.9	4.9	7.0	0.2
Net Margin	0.56%	1.38%	3.32%	4.10%	0.13%

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	19.7	34.9	26.9	29.1	25.1	44.1	30.6	37.6	28.1	50.4	22.9	43.6
Growth	-43%	+30%	-8%	+16%	-43%	+44%	-19%	+34%	-44%	+120%	-47%	—
Net Income	-2.0	-1.3	2.2	0.8	-1.0	1.4	0.2	0.9	-0.6	1.2	-1.9	3.7
Net Margin	-9.99%	-3.79%	8.19%	2.61%	-3.94%	3.28%	0.77%	2.29%	-2.16%	2.47%	-8.35%	8.38%

Drivers of SBL's profit

TTM

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

Financial income ↑ 1.3bn

Administrative expenses ↑ 2.6bn

Deferred tax ↑ 0.6bn

Gross profit ↓ 0.6bn

TTM

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

Finance costs ↓ 0.3bn

Administrative expenses ↑ 0.5bn

Gross profit ↓ 0.5bn

Deferred tax ↑ 0.2bn

Selling expenses ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.8% = 1.1% × 0.60 × 1.24

2026Q1 -0.2% = -0.3% × 0.50 × 1.23

ROE fell from 0.8% to -0.2% — all three components weakened, with asset turnover being the main drag.

Net margin: -0.3% -1.4pp Asset turnover: 0.50x -0.10x Leverage: 1.23x -0.00x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to -0.30%, falling 1.4pp. The main pressure is SG&A / Revenue rose 4.2pp, outweighing the improvement in Gross margin rose 1.7pp (with additional support from Net financial result / Revenue rose 1.0pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -0.30% −1.4pp

Gross Margin 10.96% +1.7pp

SG&A / Revenue 12.03% +4.2pp

Non-core / Revenue 1.35% +1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 369.2% of PBT and lifted net margin by 1.0pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 0.09% −1.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.25x equity, with a net cash position equivalent to 0.01x equity.

Over the last 12 months, working capital released 1.5bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +2.6bn

Inventories increased → lower CFO: −1.1bn

Payables decreased → lower CFO: −0.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.2 days versus the same period last year. The main moves came from DIO rose 7.4 days, DSO fell 3.5 days, and DPO rose 3.7 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +0.2 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +7.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 18.5 days −3.5 days

Inventory 51.5 days +7.4 days

Payables 11.4 days +3.7 days

Cash Conversion Cycle 58.6 days +0.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 28.3bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.01x and interest coverage only at 0.25x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Watchpoints

Interest coverage is thin

Interest coverage is 0.25x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.01x +0.10x

Interest Coverage 0.25x −2.06x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -50.94x −65.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 28.3bn in 2025, against investing cash flow of 1.4bn.

Post-investment cash flow was positive +29.7bn. Financing cash flow was negative +31.7bn.

CFO / net income was -50.94x.

After spending +0.9bn on fixed-asset investment, the business generated trailing free cash flow of +16.0bn.

Cash Conversion

CFO TTM 16.9bn −6.4bn

Cash Capex 0.9bn −0.1bn

FCF TTM +16.0bn −6.4bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 0.25x. The next watchpoint is the earnings mix, when non-core contribution is 369.2%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 369.2% of PBT and CFO / net income currently at -50.94x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.25x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	116.0	140.3	147.7	170.5	165.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	116.0	140.3	147.7	170.5	165.4
Cost of Goods Sold	103.4	126.8	127.9	146.0	0.0
Gross Profit	12.6	13.6	19.8	24.5	14.8
Financial Income	2.7	1.0	0.4	0.2	0.0
Financial Expenses	1.5	0.7	1.0	2.0	-4.3
Interest Expense	1.5	0.7	1.0	2.0	-4.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	1.9	2.1	2.7	2.4	-0.5
General and Administrative Expenses	10.8	9.0	9.9	11.6	-8.9
Operating Profit	1.1	2.8	6.6	8.7	1.1
Other Income	0.2	0.0	0.0	0.1	0.0
Other Expenses	0.1	0.0	0.0	0.1	0.0
Other Profit	0.1	0.0	0.0	0.1	0.0
Profit Before Tax	1.2	2.8	6.6	8.7	1.1
Current Income Tax Expense	0.5	1.2	1.8	1.6	-0.9
Deferred Income Tax Expense	0.1	-0.4	-0.1	0.1	0.0
Net Income	0.6	1.9	4.9	7.0	0.2
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.6	1.9	4.9	7.0	0.2
Earnings per Share	54.00	161.00	388.00	553.00	-238.00
Diluted EPS	53.85	161.11	407.92	581.63	17.32

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	67.1	84.3	53.2	57.4	51.9
I. Cash and cash equivalents	55.8	57.7	15.8	29.3	33.2
1. Cash	0.3	0.3	0.3	0.4	0.0
2. Cash equivalents	55.5	57.5	15.4	28.9	0.0
II. Short-term financial investments	—	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	2.6	13.0	24.4	5.2	1.8
1. Short-term trade accounts receivable	5.6	15.9	27.0	8.1	0.0
2. Short-term prepayments to suppliers	0.1	0.1	0.4	0.2	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	0.0	0.1	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-3.1	-3.1	-3.1	-3.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	8.4	13.4	12.8	22.6	16.6
1. Inventories	10.2	13.4	12.8	22.6	0.0
2. Provision for decline in value of inventories	-1.8	0.0	0.0	0.0	0.0
V. Other short-term assets	0.3	0.1	0.2	0.3	0.3
1. Short-term prepayments	0.3	0.1	0.2	0.3	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	—	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)	156.1	173.0	193.2	211.7	234.9
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	155.0	171.8	188.9	209.3	230.3
1. Tangible fixed assets	155.0	171.8	188.9	209.3	230.3
- Cost	490.9	491.4	487.7	488.1	0.0
- Accumulated depreciation	-335.9	-319.6	-298.9	-278.8	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	—	0.0	0.0	0.0	0.0
- Cost	—	0.2	0.2	0.2	0.0
- Accumulated depreciation	—	-0.2	-0.2	-0.2	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	—	0.0	3.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	3.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	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	1.1	1.2	1.4	2.4	0.0
1. Long-term prepayments	0.8	1.2	1.4	2.4	0.0
2. Deferred income tax assets	0.4	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	4.6
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)	223.3	257.2	246.4	269.1	286.8
A. LIABILITIES (300=210+330)	44.8	73.2	58.8	73.9	97.9
I. Short -term liabilities	43.8	72.6	57.8	68.3	74.4
1. Short-term trade accounts payable	2.6	4.7	4.3	6.8	2.7
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	20.1	24.1	48.3	46.9	0.0
4. Payable to employees	3.7	2.2	2.7	2.8	0.0
5. Short-term acrrued expenses	2.6	1.2	1.4	1.7	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	0.1	0.1	0.1	0.1
9. Other short-term payables	0.9	0.6	0.8	0.6	0.0
10. Short-term borrowings and financial leases	13.8	39.7	0.0	9.0	18.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.3	0.4	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	1.0	0.6	1.0	5.6	23.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	4.5	22.6
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	1.0	0.6	1.0	1.1	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)	178.5	184.0	187.6	195.2	188.9
I. Owner's equity	178.5	184.0	187.6	195.2	0.0
1. Owner's capital	120.1	120.1	120.1	120.1	188.9
- Common stock with voting right	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00
- 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	27.9	27.9	27.9	27.9	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	30.4	36.0	39.6	47.2	40.9
- Accumulated retained earning at the end of the previous period	29.8	34.0	35.2	40.9	40.7
- Undistributed earnings in this period	0.6	1.9	4.4	6.3	0.2
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)	223.3	257.2	246.4	269.1	286.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.2	2.8	6.6	8.7	1.1
Depreciation of Fixed Assets and Investment Property	17.4	21.0	20.9	21.0	29.2
Provision (Increase)/Reversal	1.8	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	-2.9	-1.1	-0.4	-0.2	0.0
Interest Expense	1.5	0.7	1.0	2.0	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	19.0	23.4	28.1	31.5	34.4
Increase/(Decrease) in Receivables	10.4	11.4	-19.2	-3.3	0.0
Increase/(Decrease) in Inventory	3.1	-0.5	9.7	-6.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.6	-24.7	-1.8	0.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	0.3	1.0	2.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.5	-0.7	-1.0	-2.0	0.0
Corporate Income Tax Paid	-1.2	-1.9	-1.6	-0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	0.0	-0.3	-0.0	0.0
Net Cash Flow from Operating Activities	28.3	7.3	14.9	23.4	55.5
Payments for Fixed Assets and Other Long-term Assets	-1.5	-0.1	-3.3	-0.0	-0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-54.1	0.0	-3.1	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	54.1	0.0	3.1	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	2.7	1.0	0.4	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	1.4	1.0	-2.9	0.2	-0.7
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	154.8	215.5	203.5	193.5	236.3
Repayment of Borrowings	-180.7	-175.8	-217.1	-220.9	-261.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5.7	-6.0	-12.0	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	-31.7	33.7	-25.6	-27.4	-24.8
Net Cash Flow During the Period	-1.9	42.0	-13.5	-3.9	28.8
Cash and Cash Equivalents at Beginning of Period	57.7	15.8	29.3	33.2	3.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	55.8	57.7	15.8	29.3	33.2

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	19.7	34.9	26.9	29.1	25.1	44.1	30.6	37.6	28.1	50.4	22.9	43.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	19.7	34.9	26.9	29.1	25.1	44.1	30.6	37.6	28.1	50.4	22.9	43.6
Cost of Goods Sold	19.3	32.2	22.7	24.2	24.3	38.6	28.0	33.8	26.3	43.9	22.7	36.2
Gross Profit	0.4	2.6	4.2	4.9	0.9	5.5	2.6	3.7	1.7	6.4	0.2	7.4
Financial Income	0.5	1.0	0.8	0.4	0.5	0.8	0.2	0.0	0.0	0.1	0.1	0.1
Financial Expenses	0.1	0.4	0.4	0.4	0.4	0.3	0.3	0.0	0.1	0.1	0.2	0.3
Interest Expense	0.1	0.4	0.4	0.4	0.4	0.3	0.3	0.0	0.1	0.1	0.2	0.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.2	1.7	0.1	0.0	0.1	1.8	0.0	0.1	0.1	2.2	0.2	0.1
General and Administrative Expenses	2.4	3.0	2.0	3.8	1.9	2.2	2.1	2.4	2.2	2.5	2.1	2.5
Operating Profit	-1.8	-1.4	2.5	1.0	-1.1	2.0	0.3	1.1	-0.7	1.7	-2.3	4.7
Other Income	0.0	—	0.2	—	0.0	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	0.0	0.0
Other Profit	0.0	-0.1	0.2	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Profit Before Tax	-1.8	-1.5	2.7	1.0	-1.0	2.0	0.3	1.1	-0.7	1.8	-2.3	4.7
Current Income Tax Expense	—	0.1	0.4	—	0.0	0.6	0.2	0.4	0.0	0.6	-0.4	1.0
Deferred Income Tax Expense	0.1	-0.2	0.1	0.2	-0.0	-0.1	-0.1	-0.2	-0.1	-0.1	-0.0	0.0
Net Income	-2.0	-1.3	2.2	0.8	-1.0	1.4	0.2	0.9	-0.6	1.2	-1.9	3.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.0	-1.3	2.2	0.8	-1.0	1.4	0.2	0.9	-0.6	1.2	-1.9	3.7
Earnings per Share	-163.96	-110.02	183.27	63.14	-82.53	120.36	19.57	71.68	-50.50	103.74	-159.11	303.93
Diluted EPS	-163.96	-110.02	183.27	63.14	-82.53	120.36	19.57	71.68	-50.50	103.74	-159.11	303.93

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)	48.1	67.1	82.1	88.4	76.0	84.3	68.1	45.6	25.7	53.2	33.5	48.8
I. Cash and cash equivalents	16.3	55.8	10.9	68.3	58.0	57.7	50.0	16.8	2.3	15.8	3.4	29.0
1. Cash	6.1	0.3	0.3	0.3	3.8	0.3	0.4	0.4	0.3	0.3	0.4	0.2
2. Cash equivalents	10.2	55.5	10.6	68.0	54.2	57.5	49.6	16.4	2.0	15.4	3.0	28.9
II. Short-term financial investments	17.1	—	50.5	3.6	0.0	0.0	0.0	0.0	0.0	0.0	3.1	0.0
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	17.1	—	50.5	3.6	0.0	0.0	0.0	0.0	0.0	0.0	3.1	0.0
III. Short-term receivables	1.8	2.6	5.2	4.0	4.4	13.0	3.1	13.0	6.2	24.4	4.6	2.0
1. Short-term trade accounts receivable	3.9	5.6	8.1	6.7	7.3	15.9	6.0	15.9	9.2	27.0	7.1	4.5
2. Short-term prepayments to suppliers	0.4	0.1	0.1	0.3	0.1	0.1	0.0	0.0	0.0	0.4	0.4	0.3
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	0.6	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.2
7. Provision for short-term doubtful debts (*)	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	12.7	8.4	15.4	12.4	13.3	13.4	14.8	15.6	16.8	12.8	22.2	17.6
1. Inventories	14.4	10.2	15.4	12.4	13.3	13.4	14.8	15.6	16.8	12.8	22.2	17.6
2. Provision for decline in value of inventories	-1.7	-1.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.3	0.1	0.1	0.3	0.1	0.1	0.2	0.3	0.2	0.1	0.2
1. Short-term prepayments	0.2	0.3	0.1	0.1	0.3	0.1	0.1	0.2	0.3	0.2	0.1	0.2
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	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	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)	152.1	156.1	159.8	164.4	167.8	173.0	177.2	182.7	188.2	193.2	195.7	201.0
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	151.1	155.0	159.3	163.7	166.7	171.8	176.2	181.4	186.6	188.9	194.0	199.1
1. Tangible fixed assets	151.1	155.0	159.3	163.7	166.7	171.8	176.2	181.4	186.6	188.9	194.0	199.1
- Cost	491.0	—	—	—	491.1	491.4	490.7	490.7	490.7	487.7	488.5	488.3
- Accumulated depreciation	-340.0	—	—	—	-324.4	-319.6	-314.6	-309.4	-304.1	-298.9	-294.4	-289.2
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	—	—	—	—	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
IV. Long-term assets in progress	—	—	—	—	0.2	0.0	0.0	0.0	0.0	3.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.2	0.0	0.0	0.0	0.0	3.0	0.0	0.0
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	—	—	—	—	0.0	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	0.0
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	1.0	1.1	0.5	0.7	0.9	1.2	1.1	1.3	1.6	1.4	1.6	1.9
1. Long-term prepayments	0.6	0.8	0.5	0.7	0.9	1.2	1.1	1.3	1.6	1.4	1.6	1.9
2. Deferred income tax assets	0.3	0.4	—	—	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)	200.1	223.3	241.9	252.7	243.9	257.2	245.3	228.4	213.9	246.4	229.1	249.8
A. LIABILITIES (300=210+330)	23.6	44.8	62.1	69.1	60.8	73.2	62.8	46.0	26.9	58.8	42.3	61.0
I. Short -term liabilities	22.5	43.8	61.2	68.3	60.2	72.6	62.1	45.2	26.0	57.8	41.2	60.0
1. Short-term trade accounts payable	2.7	2.6	1.4	1.4	3.5	4.7	2.1	3.9	1.8	4.3	1.0	2.5
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	8.3	20.1	19.5	19.4	15.3	24.1	18.4	18.9	19.9	48.3	23.8	24.4
4. Payable to employees	2.1	3.7	2.6	1.7	0.8	2.2	2.2	1.8	0.9	2.7	2.4	2.3
5. Short-term acrrued expenses	2.1	2.6	1.7	1.6	1.9	1.2	1.9	1.9	1.9	1.4	1.5	1.9
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	0.4	0.1	0.4	0.1	0.3	0.1	0.3	0.1	0.3	0.1	0.3	0.1
9. Other short-term payables	6.6	0.9	1.3	0.7	0.6	0.6	0.7	0.9	0.9	0.8	0.6	6.7
10. Short-term borrowings and financial leases	—	13.8	34.2	43.5	37.8	39.7	36.5	17.6	0.0	0.0	11.6	22.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.3	0.0	0.0
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	1.2	1.0	0.9	0.8	0.6	0.6	0.7	0.8	0.9	1.0	1.1	1.1
1. Long-term trade payables	—	—	—	—	0.0	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	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	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	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	1.2	1.0	0.9	0.8	0.6	0.6	0.7	0.8	0.9	1.0	1.1	1.1
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)	176.5	178.5	179.8	183.6	183.0	184.0	182.6	182.3	187.0	187.6	186.8	188.8
I. Owner's equity	176.5	178.5	179.8	183.6	183.0	184.0	182.6	182.3	187.0	187.6	186.8	188.8
1. Owner's capital	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1	120.1
- Common stock with voting right	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00	120,120,000,000.00
- 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	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	28.5	30.4	31.7	35.6	35.0	36.0	34.5	34.3	39.0	39.6	38.8	40.7
- Accumulated retained earning at the end of the previous period	30.4	29.8	29.8	35.8	36.0	34.0	34.0	34.0	39.6	35.2	35.2	35.2
- Undistributed earnings in this period	-2.0	0.6	2.0	-0.2	-1.0	1.9	0.5	0.3	-0.6	4.4	3.7	5.6
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)	200.1	223.3	241.9	252.7	243.9	257.2	245.3	228.4	213.9	246.4	229.1	249.8

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	-1.8	-1.5	2.7	1.0	-1.0	2.0	0.3	1.1	-0.7	1.8	-2.3	4.7
Depreciation of Fixed Assets and Investment Property	4.2	4.3	4.4	3.6	5.1	5.2	5.2	5.2	5.2	5.2	5.2	5.2
Provision (Increase)/Reversal	-0.1	1.8	—	—	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	-0.5	-1.0	-1.0	-0.4	-0.5	-0.8	-0.2	-0.0	-0.0	-0.1	-0.1	-0.1
Interest Expense	0.1	0.4	0.4	0.4	0.4	0.3	0.3	0.0	0.1	0.1	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	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	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1.9	4.0	6.4	4.6	3.9	6.7	5.7	6.4	4.6	6.9	3.1	10.1
Increase/(Decrease) in Receivables	0.9	2.6	-1.2	0.4	8.7	-9.9	9.9	-6.7	18.2	-19.8	-2.7	3.5
Increase/(Decrease) in Inventory	-4.2	5.2	-3.0	1.0	0.0	1.5	0.8	1.2	-4.0	9.4	-4.6	7.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.1	3.1	1.3	2.5	-8.6	5.8	-1.8	1.3	-30.0	27.2	-2.0	6.3
Increase/(Decrease) in Prepaid Expenses	0.2	-0.4	0.1	0.4	0.1	-0.1	0.3	0.4	-0.3	0.2	0.3	0.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.4	-0.4	-0.4	-0.4	-0.3	-0.3	-0.0	-0.1	-0.1	-0.3	-0.2
Corporate Income Tax Paid	-0.5	0.0	0.0	0.0	-1.2	0.0	0.0	-0.1	-1.8	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.3
Net Cash Flow from Operating Activities	-8.9	14.2	3.3	8.3	2.6	3.7	14.6	2.4	-13.4	23.7	-6.1	26.8
Payments for Fixed Assets and Other Long-term Assets	-0.3	-0.1	0.0	-0.5	-0.9	-0.0	0.0	-0.0	-0.0	-3.0	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-17.0	0.0	-50.5	-3.6	0.0	0.0	0.0	0.0	0.0	0.0	-3.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	50.5	3.6	—	0.0	0.0	0.0	0.0	0.0	3.1	0.0	0.0
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	0.4	1.0	0.8	0.4	0.5	0.8	0.2	0.0	0.0	0.1	0.1	0.1
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	-16.8	51.4	-45.9	-3.8	-0.4	0.8	0.2	-0.0	-0.0	0.2	-3.0	0.0
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	24.1	32.1	39.9	46.9	35.9	42.2	50.8	54.3	68.1	31.8	49.0	58.3
Repayment of Borrowings	-37.9	-52.6	-49.2	-41.2	-37.8	-38.9	-32.0	-36.7	-68.1	-43.3	-59.5	-58.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.2	-5.5	—	0.0	0.0	-0.4	-5.5	0.0	0.0	-6.0	-6.0
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	-13.8	-20.7	-14.8	5.7	-1.9	3.2	18.4	12.1	0.0	-11.6	-16.5	-6.5
Net Cash Flow During the Period	-39.5	44.9	-57.4	10.3	0.3	7.7	33.2	14.5	-13.4	12.3	-25.6	20.4
Cash and Cash Equivalents at Beginning of Period	55.8	10.9	68.3	58.0	57.7	15.8	15.8	15.8	15.8	29.3	29.3	29.3
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	16.3	55.8	10.9	68.3	58.0	57.7	50.0	16.8	2.3	15.8	3.4	29.0

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SBL

What Is Changing

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Balance Sheet ▼

Working Capital Efficiency ●

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow