SHE

Phát triển Năng lượng Sơn Hà ·HNX ·2026Q1

● Maintaining

Part of pre-tax profit currently comes from other profit Net financial result/PBT 24.76%

Price

6,300

Latest close

03 Jun 2026

P/E 7.04x

P/B 0.63x

EPS 895

BVPS 10,057

ROE 4.2%

ROA 1.1%

Profit Margin 2.0%

Asset Turnover 0.52x

Equity Mult. 3.98x

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

What Is Changing

On a TTM 2026Q1 basis, SHE is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 842bn
	                                
+279.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 24bn
	                                
+88.3%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -6.58x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	372.8	196.4	184.8	263.8	226.6
Growth	+90%	+6%	-30%	+16%	—
Net Income	12.5	12.2	17.9	19.6	15.6
Net Margin	3.36%	6.24%	9.68%	7.44%	6.87%

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	535.1	101.9	73.5	131.9	65.5	70.5	48.4	37.6	39.9	49.4	50.9	47.0
Growth	+425%	+39%	-44%	+101%	-7%	+46%	+29%	-6%	-19%	-3%	+8%	—
Net Income	13.3	3.6	4.5	3.1	2.3	5.2	2.4	3.0	3.3	8.7	3.1	3.7
Net Margin	2.49%	3.49%	6.11%	2.32%	3.57%	7.42%	4.92%	8.06%	8.27%	17.53%	6.08%	7.92%

Drivers of SHE's profit

TTM

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

Gross profit ↑ 39.9bn

Financial income ↑ 4.5bn

Other profit ↑ 3.2bn

Finance costs ↑ 13.3bn

Selling expenses ↑ 11.5bn

Administrative expenses ↑ 10.3bn

TTM

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

Gross profit ↑ 34.7bn

Financial income ↑ 4.0bn

Other profit ↑ 1.5bn

Finance costs ↑ 12.4bn

Selling expenses ↑ 12.3bn

Administrative expenses ↑ 3.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.8% = 5.8% × 0.85 × 1.77

2026Q1 6.1% = 2.9% × 0.52 × 3.98

ROE fell from 8.8% to 6.1% — asset turnover weakened the most, though leverage still provided support.

Net margin: 2.9% -2.9pp Asset turnover: 0.52x -0.33x Leverage: 3.98x +2.21x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 2.90%, losing 2.9pp. The main pressure is Gross margin fell 4.2pp, outweighing the improvement in SG&A / Revenue fell 0.8pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.9pp remained a drag).

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

Profitability trend

Net Margin 2.90% −2.9pp

Gross Margin 7.94% −4.2pp

SG&A / Revenue 3.79% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 1.31%, losing 3.3pp. That translates to 1.31 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.3pp and capital turnover fell 0.43x, while invested capital expanded strongly by 1,185bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 1.31% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.31% −3.3pp

NOPAT Margin 2.18% −2.3pp

Capital Turnover 0.60x −0.43x

Average Invested Capital 1,399.8bn +1,185.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is very high, with clear pressure on the capital structure — liabilities at 0.86x equity, net debt at 2.95x equity.

Inventory ended the period at 59.3bn, roughly 19.5% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 69.9 days versus the same period last year. The main moves came from DIO fell 15.1 days, DSO rose 72.7 days, and DPO fell 12.3 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 377.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +72.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 288.8 days +72.7 days

Inventory 148.3 days −15.1 days

Payables 59.9 days −12.3 days

Cash Conversion Cycle 377.1 days +69.9 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.95x and interest coverage only at 1.22x.

At present, short-term debt accounts for 97.8% of total debt, cash equals 1.3% of debt, and total debt stands at 1,952.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.95x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.22x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.95x +2.51x

Interest Coverage 1.22x −1.57x

Cash / Debt 1.3% −0.3pp

Short-term Debt / Total Debt 97.8% +2.1pp

CFO / NI -6.58x −7.05x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -21.5bn in 2025, against investing cash flow of -2.8bn.

Post-investment cash flow was negative +24.2bn. Financing cash flow was positive +22.5bn.

CFO / net income was -6.58x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 112.2bn −118.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 24.8%. The main risk still sits in core profitability, with net margin down 2.9 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 24.8% of PBT and CFO / net income currently at -6.58x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.90% after a 2.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	376.8	197.6	185.0	265.8	226.9
Revenue Deductions	4.0	1.2	0.2	2.0	0.0
Net Revenue	372.8	196.4	184.8	263.8	226.6
Cost of Goods Sold	344.1	167.3	146.9	225.1	0.0
Gross Profit	28.7	29.1	37.8	38.6	33.2
Financial Income	0.7	0.2	0.8	1.5	1.3
Financial Expenses	5.3	4.4	5.8	5.4	-3.7
Interest Expense	5.3	4.3	5.7	5.2	-3.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.1	3.3	5.1	5.0	-4.7
General and Administrative Expenses	11.9	9.8	8.8	10.3	-11.2
Operating Profit	10.1	11.7	18.9	19.5	14.8
Other Income	6.3	3.7	3.7	5.1	0.0
Other Expenses	0.7	0.1	0.1	0.0	0.0
Other Profit	5.6	3.6	3.6	5.1	4.7
Profit Before Tax	15.7	15.4	22.6	24.5	19.5
Current Income Tax Expense	3.2	3.1	4.7	4.9	-3.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	12.5	12.2	17.9	19.6	15.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.5	12.2	17.9	19.6	15.6
Earnings per Share	838.00	1,065.00	1,555.00	2,046.00	1,947.79
Diluted EPS	838.00	1,065.00	1,555.00	2,046.00	1,947.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	281.8	228.8	195.1	223.2	158.4
I. Cash and cash equivalents	2.2	4.0	2.0	3.0	2.2
1. Cash	2.2	4.0	2.0	3.0	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	11.2	8.2	1.9	9.2	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	11.2	8.2	1.9	9.2	0.0
III. Short-term receivables	209.0	133.0	102.3	128.6	112.2
1. Short-term trade accounts receivable	210.0	128.8	91.1	100.8	0.0
2. Short-term prepayments to suppliers	4.9	6.4	8.3	13.6	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	2.4	13.8	0.0
6. Other short-term receivables	1.3	1.2	1.8	1.8	0.0
7. Provision for short-term doubtful debts (*)	-7.2	-3.4	-1.3	-1.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	59.3	83.5	87.8	78.7	43.6
1. Inventories	62.8	83.5	87.8	78.7	0.0
2. Provision for decline in value of inventories	-3.5	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.2	1.2	3.7	0.5
1. Short-term prepayments	0.2	0.2	0.3	0.4	0.0
2. Value added tax to be reclaimed	—	0.0	0.9	3.3	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)	21.6	24.0	26.6	28.9	28.6
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	21.1	23.0	24.9	27.7	26.9
1. Tangible fixed assets	21.1	23.0	24.9	27.7	26.9
- Cost	39.4	39.3	38.9	39.4	0.0
- Accumulated depreciation	-18.3	-16.3	-14.0	-11.7	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	0.2	0.0
- Accumulated depreciation	-0.2	-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	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	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	0.5	1.0	1.7	1.2	0.0
1. Long-term prepayments	0.5	1.0	1.7	1.2	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	1.7
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)	303.4	252.8	221.7	252.0	187.1
A. LIABILITIES (300=210+330)	140.5	102.2	83.0	130.9	85.0
I. Short -term liabilities	138.2	98.3	77.7	119.6	69.8
1. Short-term trade accounts payable	43.4	27.0	20.2	20.5	19.8
2. Short-term advances from customers	0.5	0.9	0.9	1.4	0.2
3. Taxes and other payables to state authorities	2.6	2.6	4.7	1.8	0.0
4. Payable to employees	1.5	1.6	2.0	2.0	0.0
5. Short-term acrrued expenses	0.4	0.1	0.1	0.1	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	1.0
9. Other short-term payables	0.3	0.6	0.6	0.6	0.0
10. Short-term borrowings and financial leases	87.7	63.8	47.6	91.7	41.3
11. Provision for short-term liabilities	0.3	0.3	0.3	0.3	0.0
12.. Bonus and welfare fund	1.5	1.5	1.3	1.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	2.4	3.9	5.3	11.3	15.2
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	1.5	2.9	4.4	10.3	14.2
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	0.9	0.9	0.9	1.0	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)	162.8	150.6	138.7	121.1	102.1
I. Owner's equity	162.8	150.6	138.7	121.1	0.0
1. Owner's capital	149.5	115.0	115.0	95.9	102.1
- Common stock with voting right	149,531,560,000.00	115,025,160,000.00	115,025,160,000.00	95,855,110,000.00	79,879,480,000.00
- 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	—	4.4	4.0	3.7	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	13.3	31.2	19.6	21.6	18.9
- Accumulated retained earning at the end of the previous period	0.8	18.9	1.7	2.0	3.3
- Undistributed earnings in this period	12.5	12.2	17.9	19.6	15.6
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)	303.4	252.8	221.7	252.0	187.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	15.7	15.4	22.6	24.5	0.0
Depreciation of Fixed Assets and Investment Property	2.0	2.3	2.8	2.8	0.0
Provision (Increase)/Reversal	7.3	2.1	-0.1	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.5	-0.2	-0.8	-1.4	0.0
Interest Expense	5.3	4.3	5.7	5.2	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	29.6	23.9	30.2	31.1	0.0
Increase/(Decrease) in Receivables	-79.7	-34.6	17.3	-21.5	0.0
Increase/(Decrease) in Inventory	20.7	4.3	-9.1	-35.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	16.1	6.6	-1.0	-0.3	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	0.9	-0.4	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.2	-4.3	-5.7	-5.2	0.0
Corporate Income Tax Paid	-3.4	-5.6	-1.8	-5.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	-0.2	-0.0	0.0
Net Cash Flow from Operating Activities	-21.5	-8.9	29.4	-35.9	-36.3
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.4	0.0	-3.6	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-3.0	-6.3	-1.9	-7.7	-3.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	2.4	20.6	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	0.4	0.4	0.8	1.4	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	-2.8	-3.8	19.5	-9.9	-3.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	980,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	163.1	130.0	104.4	161.4	94.9
Repayment of Borrowings	-140.6	-115.3	-154.3	-114.8	-62.7
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	22.5	14.7	-50.0	46.6	33.2
Net Cash Flow During the Period	-1.8	2.0	-1.0	0.8	0.8
Cash and Cash Equivalents at Beginning of Period	4.0	2.0	3.0	2.2	8.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.2	4.0	2.0	3.0	2.2

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	536.8	102.4	73.6	133.1	67.7	71.3	48.7	37.6	40.0	49.5	50.9	47.0
Revenue Deductions	1.7	0.5	0.1	1.2	2.2	0.8	0.3	0.0	0.1	0.2	0.0	0.0
Net Revenue	535.1	101.9	73.5	131.9	65.5	70.5	48.4	37.6	39.9	49.4	50.9	47.0
Cost of Goods Sold	495.4	89.8	65.6	124.8	60.5	61.4	42.3	30.9	32.7	34.9	42.6	38.0
Gross Profit	39.7	12.1	7.9	7.1	5.1	9.1	6.1	6.7	7.2	14.5	8.3	9.0
Financial Income	4.1	0.4	0.0	0.2	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.4
Financial Expenses	13.5	1.5	1.3	1.4	1.0	1.1	0.9	1.4	1.1	1.2	1.2	1.9
Interest Expense	11.8	1.5	1.3	1.4	1.0	1.1	0.9	1.2	1.1	1.1	1.0	1.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	12.7	0.6	0.6	0.4	0.4	0.7	0.8	0.8	1.0	1.2	1.0	2.0
General and Administrative Expenses	5.4	7.8	2.1	2.4	1.8	1.8	2.1	1.7	2.0	1.9	2.3	2.1
Operating Profit	12.2	2.6	3.9	3.0	1.7	5.6	2.4	2.7	3.2	10.3	3.8	3.4
Other Income	2.7	1.9	1.7	1.5	1.2	1.0	0.8	1.1	0.9	0.5	0.4	1.2
Other Expenses	0.0	0.0	0.0	0.7	0.0	0.0	0.1	0.0	0.0	0.0	0.2	0.0
Other Profit	2.7	1.9	1.7	0.8	1.2	1.0	0.7	1.1	0.9	0.5	0.2	1.2
Profit Before Tax	14.9	4.5	5.6	3.8	2.9	6.5	3.0	3.8	4.1	10.8	4.0	4.7
Current Income Tax Expense	1.6	0.9	1.1	0.8	0.6	1.3	0.7	0.8	0.8	2.2	0.9	1.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	13.3	3.6	4.5	3.1	2.3	5.2	2.4	3.0	3.3	8.7	3.1	3.7
Non-controlling Interest	7.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.9	3.6	4.5	3.1	2.3	5.2	2.4	3.0	3.3	8.7	3.1	3.7
Earnings per Share	91.00	237.79	300.03	266.21	203.27	454.75	206.83	263.13	287.08	752.41	322.80	388.31
Diluted EPS	91.00	237.79	300.03	266.21	203.27	454.75	206.83	263.13	287.08	752.41	322.80	388.31

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)	2,479.7	283.1	300.4	267.0	262.3	231.3	212.5	202.0	209.1	195.8	188.5	176.7
I. Cash and cash equivalents	25.8	2.2	1.8	2.3	1.1	4.0	0.9	0.7	1.4	2.0	1.1	0.4
1. Cash	25.8	2.2	1.8	2.3	1.1	4.0	0.9	0.7	1.4	2.0	1.1	0.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	210.9	11.2	11.0	10.2	8.2	8.2	5.1	3.9	2.9	1.9	3.1	9.2
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	210.9	11.2	11.0	10.2	8.2	8.2	5.1	3.9	2.9	1.9	3.1	9.2
III. Short-term receivables	1,497.1	210.3	216.1	178.5	166.7	135.5	115.7	107.6	115.3	103.1	97.0	76.8
1. Short-term trade accounts receivable	1,170.9	210.0	213.7	175.4	161.9	128.8	109.9	96.3	100.9	92.1	86.7	64.4
2. Short-term prepayments to suppliers	279.9	4.9	4.6	5.2	6.9	6.6	5.5	10.8	11.5	8.3	7.5	6.8
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	2.4	2.4	2.4	4.9
6. Other short-term receivables	55.1	1.3	1.2	1.3	1.2	1.2	1.4	1.6	1.7	1.5	1.6	1.9
7. Provision for short-term doubtful debts (*)	-8.9	-5.9	-3.3	-3.4	-3.4	-1.1	-1.1	-1.2	-1.2	-1.2	-1.2	-1.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	540.6	59.3	70.8	75.8	86.0	83.5	90.5	88.7	88.6	87.6	85.5	87.8
1. Inventories	544.1	62.8	70.8	75.8	86.0	83.5	90.5	88.7	88.6	87.6	85.5	87.8
2. Provision for decline in value of inventories	-3.5	-3.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	205.4	0.2	0.7	0.2	0.4	0.2	0.3	1.0	0.9	1.2	1.8	2.5
1. Short-term prepayments	3.1	0.2	0.7	0.2	0.2	0.2	0.1	0.2	0.2	0.3	0.2	0.3
2. Value added tax to be reclaimed	202.0	—	—	—	0.2	0.0	0.2	0.8	0.7	0.9	1.7	2.3
3. Taxes and other receivables from state authorities	0.3	—	—	—	—	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)	444.2	21.6	22.1	22.8	23.4	24.0	24.7	25.2	25.8	26.6	26.8	27.4
I. Long-term receivables	166.0	—	—	—	—	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
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	166.0	—	—	—	—	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
II. Fixed assets	269.5	21.1	21.5	22.0	22.5	23.0	23.5	23.9	24.3	24.9	25.5	26.3
1. Tangible fixed assets	53.8	21.1	21.5	22.0	22.5	23.0	23.5	23.9	24.3	24.9	25.5	26.3
- Cost	171.8	—	—	—	—	39.3	39.3	39.1	38.9	38.9	38.9	39.4
- Accumulated depreciation	-118.1	—	—	—	—	-16.3	-15.8	-15.2	-14.6	-14.0	-13.5	-13.1
2. Financial leased fixed assets	186.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	224.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-38.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	29.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	32.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.9	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	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	8.7	0.5	0.6	0.7	0.9	1.0	1.2	1.4	1.5	1.7	1.3	1.1
1. Long-term prepayments	8.7	0.5	0.6	0.7	0.9	1.0	1.2	1.4	1.5	1.7	1.3	1.1
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)	2,923.9	304.7	322.5	289.8	285.7	255.2	237.2	227.2	234.9	222.4	215.3	204.1
A. LIABILITIES (300=210+330)	2,270.2	140.9	162.4	134.1	132.8	102.8	90.0	82.5	92.9	83.8	85.3	77.4
I. Short -term liabilities	2,225.4	138.2	159.6	130.2	128.9	98.2	85.4	77.2	87.6	77.6	79.2	66.1
1. Short-term trade accounts payable	194.8	43.6	81.3	48.9	59.8	27.2	25.1	15.5	17.4	20.9	22.0	12.1
2. Short-term advances from customers	50.4	0.5	0.9	0.5	0.9	0.9	1.2	1.2	0.7	0.9	1.4	1.8
3. Taxes and other payables to state authorities	2.0	2.8	3.6	2.4	0.7	3.0	2.0	1.7	0.9	4.7	2.5	1.6
4. Payable to employees	6.2	1.5	1.4	1.1	1.0	1.6	1.3	1.0	1.1	2.0	1.6	1.4
5. Short-term acrrued expenses	1.0	0.4	—	—	—	0.1	0.0	0.1	0.0	0.1	0.1	0.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	59.2	0.3	0.3	0.4	0.3	0.6	0.6	0.8	0.7	0.6	0.4	0.7
10. Short-term borrowings and financial leases	1,908.6	87.4	70.2	75.1	64.4	63.0	53.2	55.1	65.2	46.9	49.6	46.8
11. Provision for short-term liabilities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
12.. Bonus and welfare fund	2.8	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.3	1.3	1.3	1.3
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	44.8	2.7	2.7	3.9	3.9	4.6	4.6	5.3	5.3	6.1	6.1	11.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	43.9	1.8	1.8	2.9	2.9	3.7	3.7	4.4	4.4	5.2	5.2	10.3
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	—	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	1.0	1.0	1.0
13. Fund for technology development	0.9	—	—	—	—	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)	653.7	163.7	160.2	155.7	152.9	152.4	147.2	144.7	142.0	138.6	129.9	126.7
I. Owner's equity	653.7	163.7	160.2	155.7	152.9	152.4	147.2	144.7	142.0	138.6	129.9	126.7
1. Owner's capital	650.0	149.5	149.5	115.0	115.0	115.0	115.0	115.0	115.0	115.0	95.9	95.9
- Common stock with voting right	650,039,190,000.00	149,531,560,000.00	149,531,560,000.00	115,025,160,000.00	115,025,160,000.00	115,025,160,000.00	115,025,160,000.00	115,025,160,000.00	115,025,160,000.00	115,025,160,000.00	95,855,110,000.00	95,855,110,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.1	—	—	—	—	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	-24.1	—	—	—	—	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	—	—	—	4.4	4.4	4.4	4.4	4.4	4.0	4.0	4.0	4.0
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	26.6	14.2	10.7	36.3	33.5	33.0	27.7	25.2	22.9	19.5	30.0	26.8
- Accumulated retained earning at the end of the previous period	19.7	0.8	0.8	30.9	18.9	18.9	18.9	18.9	1.7	1.7	20.9	20.9
- Undistributed earnings in this period	6.9	13.4	9.9	5.4	14.6	14.0	8.8	6.3	21.2	17.8	9.1	5.9
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)	2,923.9	304.7	322.5	289.8	285.7	255.2	237.2	227.2	234.9	222.4	215.3	204.1

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
Profit Before Tax	14.9	9.0	—	6.7	—	0.0	-8.0	8.0	0.0	22.6	-7.6	7.6
Depreciation of Fixed Assets and Investment Property	3.2	1.0	—	1.0	—	0.0	-1.2	1.2	0.0	2.8	-1.5	1.5
Provision (Increase)/Reversal	1.6	7.4	—	-0.0	—	0.0	0.1	-0.1	0.0	-0.1	0.1	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	-0.2	—	—	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-2.4	-0.4	—	-0.2	—	0.0	0.2	-0.2	0.0	-0.8	0.6	-0.6
Interest Expense	11.8	2.8	—	2.4	—	0.0	-2.3	2.3	0.0	5.7	-3.4	3.4
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	29.1	19.6	—	10.0	—	0.0	-11.2	11.2	0.0	30.2	-11.8	11.8
Increase/(Decrease) in Receivables	56.6	-34.3	—	-45.4	—	0.0	8.0	-8.0	0.0	17.3	-44.0	44.0
Increase/(Decrease) in Inventory	-481.3	13.1	—	7.7	—	0.0	0.9	-0.9	0.0	-9.1	9.2	-9.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	328.8	-5.1	—	21.2	—	0.0	5.2	-5.2	0.0	-1.0	8.7	-8.7
Increase/(Decrease) in Prepaid Expenses	-11.1	0.3	—	0.2	—	0.0	-0.5	0.5	0.0	-0.4	-0.2	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-11.1	-2.8	—	-2.4	—	0.0	2.3	-2.3	0.0	-5.7	3.5	-3.5
Corporate Income Tax Paid	-5.3	-1.3	0.0	-0.0	-2.1	-0.7	-0.3	0.0	-4.6	0.0	-0.1	-0.3
Other Operating Receipts	—	—	—	—	—	0.4	1.1	-0.2	0.2	-1.9	1.9	-0.3
Other Operating Payments	—	7.7	-7.7	2.6	-2.7	-2.6	-11.1	2.1	-2.1	9.2	-9.4	4.0
Net Cash Flow from Operating Activities	-94.2	-16.7	6.2	-7.5	-3.5	-2.5	4.3	7.8	-17.1	1.6	-5.0	25.4
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.1	—	-0.1	—	0.0	0.1	-0.1	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-10.1	-0.9	—	-2.1	—	0.0	2.0	-2.0	0.0	-1.9	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	-2.4	2.4	0.0	20.6	-8.9	8.9
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	2.4	0.4	-0.1	0.1	0.0	0.0	-0.5	0.5	0.0	0.7	-0.5	0.5
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-7.9	-0.0	-0.8	-2.0	0.0	-3.1	-1.5	1.7	-1.0	2.1	8.0	3.1
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	407.8	58.0	29.9	41.0	34.2	33.4	27.8	26.5	41.2	24.4	29.0	23.0
Repayment of Borrowings	-279.5	-40.8	-35.9	-30.3	-33.6	-24.7	-30.4	-36.6	-23.6	-27.2	-31.3	-51.5
Repayment of Finance Leases	-2.5	—	—	—	—	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	125.8	17.1	-5.9	10.6	0.6	8.6	-2.6	-10.1	17.6	-2.8	-2.3	-28.4
Net Cash Flow During the Period	23.7	0.4	-0.5	1.2	-2.8	3.0	0.2	-0.7	-0.6	0.9	0.7	0.1
Cash and Cash Equivalents at Beginning of Period	2.1	1.8	2.3	1.1	4.0	2.0	2.0	2.0	2.0	3.0	3.0	3.0
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	25.8	2.2	1.8	2.3	1.1	4.0	0.9	0.7	1.4	2.0	1.1	0.4

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SHE

What Is Changing

Drivers of SHE'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