SPM

SPM ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 4.31%, −1.84pp YoY

Price

9,400

Latest close

29 May 2026

P/E 13.80x

P/B 0.16x

EPS 681

BVPS 57,028

ROE 1.2%

ROA 1.0%

Profit Margin 4.3%

Asset Turnover 0.22x

Equity Mult. 1.21x

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

What Is Changing

On a TTM 2026Q1 basis, SPM is losing revenue quickly, though margins have not been hit proportionally yet — margins have been compressing consistently over multiple periods. This only holds if margins can continue to resist — if revenue stays weak, margin pressure will build.

	                            
	                                TTM REVENUE
	                            
	                                    VND 217bn
	                                
−27.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 9bn
	                                
−49.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	254.0	297.8	406.1	697.2	709.9
Growth	-15%	-27%	-42%	-2%	—
Net Income	-1.7	4.6	12.1	23.9	20.2
Net Margin	-0.67%	1.55%	2.98%	3.43%	2.84%

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	46.0	48.1	57.7	65.6	82.5	73.2	73.7	72.1	78.9	78.9	102.1	125.1
Growth	-4%	-17%	-12%	-20%	+13%	-1%	+2%	-9%	-0%	-23%	-18%	—
Net Income	3.2	-3.0	5.1	4.1	3.1	10.2	1.2	4.0	1.3	0.4	3.7	5.0
Net Margin	6.99%	-6.29%	8.79%	6.27%	3.82%	13.90%	1.66%	5.56%	1.60%	0.48%	3.64%	4.01%

Drivers of SPM's profit

TTM

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

Selling expenses ↓ 3.3bn

Finance costs ↓ 1.7bn

Administrative expenses ↑ 8.0bn

Gross profit ↓ 3.0bn

Other profit ↓ 2.3bn

Tax ↑ 1.1bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 0.7bn

Administrative expenses ↓ 0.5bn

Finance costs ↓ 0.3bn

Financial income ↑ 0.0bn

Gross profit ↓ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.3% = 6.2% × 0.30 × 1.24

2026Q1 1.2% = 4.3% × 0.22 × 1.21

ROE fell from 2.3% to 1.2% — all three components weakened, with asset turnover being the main drag.

Net margin: 4.3% -1.8pp Asset turnover: 0.22x -0.08x Leverage: 1.21x -0.03x

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 4.31%, losing 1.8pp. The main pressure is SG&A / Revenue rose 6.6pp, outweighing the improvement in Gross margin rose 6.6pp (with lingering pressure from Other profit / Revenue fell 1.0pp and Net financial result / Revenue fell 0.1pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 4.31% −1.8pp

Gross Margin 27.38% +6.6pp

SG&A / Revenue 17.95% +6.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 1.18%, falling 0.8pp. That translates to 1.18 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.1pp and capital turnover fell 0.08x, with invested capital holding roughly steady — 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 1.18% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.18% −0.8pp

NOPAT Margin 4.92% −1.1pp

Capital Turnover 0.24x −0.08x

Average Invested Capital 907.4bn −35.8bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.17x equity, net debt at 0.10x equity.

Over the last 12 months, working capital released 17.9bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +20.0bn

Inventories increased → lower CFO: −9.1bn

Payables increased → higher CFO: +7.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 381.7 days versus the same period last year. The main moves came from DIO rose 49.0 days, DSO rose 351.9 days, and DPO rose 19.2 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 1385.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +351.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 1323.9 days +351.9 days

Inventory 114.6 days +49.0 days

Payables 53.3 days +19.2 days

Cash Conversion Cycle 1385.2 days +381.7 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.10x and interest coverage at 2.31x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2.4% of debt, and total debt stands at 85.3bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Cash buffer is thin relative to debt

Cash / debt stands at 2.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.10x −0.05x

Interest Coverage 2.31x −0.23x

Cash / Debt 2.4% +2.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 6.51x +4.84x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 62.0bn in 2025, against investing cash flow of -12.0bn.

Post-investment cash flow was positive +50.0bn. Financing cash flow was negative +77.4bn.

CFO / net income was 6.51x.

After spending +11.1bn on fixed-asset investment, the business generated trailing free cash flow of +50.0bn.

Cash Conversion

CFO TTM 61.1bn +30.0bn

Cash Capex 11.1bn +6.0bn

FCF TTM +50.0bn +24.0bn

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 brighter spot is earnings conversion is confirmed, with CFO/NI at 6.51x. The main risk still sits in core profitability, with net margin down 1.8 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 6.51x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 4.31% after a 1.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	302.5	349.0	461.0	771.3	768.4
Revenue Deductions	48.6	51.2	54.9	74.0	0.0
Net Revenue	254.0	297.8	406.1	697.2	709.9
Cost of Goods Sold	193.1	237.1	336.4	617.2	0.0
Gross Profit	60.9	60.7	69.7	80.0	84.9
Financial Income	0.4	0.1	0.3	0.8	0.3
Financial Expenses	6.5	7.7	12.1	11.9	-12.4
Interest Expense	6.0	7.4	11.8	11.6	-11.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	19.3	23.2	22.9	22.9	-33.0
General and Administrative Expenses	35.3	26.2	16.3	15.3	-13.3
Operating Profit	0.3	3.7	18.8	30.8	26.4
Other Income	0.9	0.4	0.4	0.3	0.0
Other Expenses	1.2	0.0	2.7	0.5	0.0
Other Profit	-0.3	0.4	-2.3	-0.3	-0.2
Profit Before Tax	-0.1	4.1	16.5	30.5	26.2
Current Income Tax Expense	1.1	0.1	4.3	6.7	-6.0
Deferred Income Tax Expense	0.5	-0.5	0.0	-0.1	0.0
Net Income	-1.7	4.6	12.1	23.9	20.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-1.7	4.6	12.1	23.9	20.2
Earnings per Share	-123.00	335.00	880.00	1,735.00	1,466.00
Diluted EPS	-123.00	335.00	880.00	1,735.00	1,441.63

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	796.0	864.6	871.6	913.7	882.6
I. Cash and cash equivalents	2.7	30.1	0.2	20.1	0.5
1. Cash	2.7	30.1	0.2	20.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	2.0	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	2.0	0.0	0.0
III. Short-term receivables	738.7	791.6	823.3	836.7	831.3
1. Short-term trade accounts receivable	753.6	759.8	794.0	786.0	0.0
2. Short-term prepayments to suppliers	2.0	35.1	16.1	32.7	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	37.0	0.0
6. Other short-term receivables	15.6	33.5	39.0	75.0	0.0
7. Provision for short-term doubtful debts (*)	-32.5	-36.8	-25.7	-94.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	51.5	40.5	45.4	55.0	49.1
1. Inventories	52.4	41.6	47.0	56.9	0.0
2. Provision for decline in value of inventories	-0.9	-1.1	-1.7	-1.9	0.0
V. Other short-term assets	3.1	2.5	0.8	1.8	1.8
1. Short-term prepayments	0.3	0.3	0.2	1.8	0.0
2. Value added tax to be reclaimed	0.7	0.1	0.5	0.0	0.0
3. Taxes and other receivables from state authorities	2.1	2.1	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)	135.0	144.2	154.7	151.8	185.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	35.0
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	122.7	117.6	82.7	78.7	71.1
1. Tangible fixed assets	117.7	112.7	78.1	74.0	66.2
- Cost	351.3	324.8	277.6	261.6	0.0
- Accumulated depreciation	-233.6	-212.1	-199.4	-187.7	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	5.0	4.8	4.5	4.7	4.9
- Cost	9.6	9.1	8.6	8.6	0.0
- Accumulated depreciation	-4.6	-4.3	-4.1	-3.9	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	7.1	20.8	67.9	67.6	67.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.1	20.8	67.9	67.6	0.0
V. Long-term financial investments	2.8	2.8	2.8	2.8	9.5
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	2.8	2.8	2.8	2.8	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	2.5	3.1	1.5	2.8	0.0
1. Long-term prepayments	2.4	2.6	1.4	2.7	0.0
2. Deferred income tax assets	0.1	0.6	0.0	0.1	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	2.3
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)	931.0	1,008.8	1,026.4	1,065.5	1,068.2
A. LIABILITIES (300=210+330)	135.8	205.1	220.4	269.7	282.6
I. Short -term liabilities	117.8	187.1	202.4	269.7	282.6
1. Short-term trade accounts payable	28.3	25.9	19.9	22.9	25.4
2. Short-term advances from customers	9.9	8.9	8.7	5.2	7.2
3. Taxes and other payables to state authorities	0.4	0.3	0.4	5.4	0.0
4. Payable to employees	3.7	3.5	3.2	3.1	0.0
5. Short-term acrrued expenses	0.8	0.9	0.7	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	2.8	5.0	8.3	22.7	0.0
10. Short-term borrowings and financial leases	72.1	142.6	161.2	210.0	211.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	18.0	18.0	18.0	0.0	0.0
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	18.0	18.0	18.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	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)	795.2	803.8	806.0	795.8	785.7
I. Owner's equity	795.2	803.8	806.0	795.8	0.0
1. Owner's capital	140.0	140.0	140.0	140.0	785.7
- Common stock with voting right	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	210.9	210.9	210.9	210.9	210.9
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	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	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	454.3	462.9	465.2	454.9	444.8
- Accumulated retained earning at the end of the previous period	456.0	458.3	453.1	431.1	424.6
- Undistributed earnings in this period	-1.7	4.6	12.1	23.9	20.2
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)	931.0	1,008.8	1,026.4	1,065.5	1,068.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	-0.1	4.1	16.5	30.5	26.2
Depreciation of Fixed Assets and Investment Property	22.0	16.7	12.0	9.9	8.3
Provision (Increase)/Reversal	21.1	10.6	-0.2	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.2	0.2	0.2	0.0
Gain/Loss from Investment Activities	0.0	-0.4	-0.2	-0.6	0.0
Interest Expense	6.0	7.4	11.8	11.6	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	49.5	38.7	40.0	51.5	44.4
Increase/(Decrease) in Receivables	30.2	22.1	10.3	19.0	0.0
Increase/(Decrease) in Inventory	-10.8	5.4	9.9	-5.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.2	3.3	3.1	-10.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	-1.2	2.8	-0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.1	-7.4	-11.4	-11.5	0.0
Corporate Income Tax Paid	-1.2	-2.5	-10.8	-6.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	62.0	58.5	43.8	35.8	13.5
Payments for Fixed Assets and Other Long-term Assets	-12.1	-5.5	-15.7	-18.1	-9.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.4	0.0	0.3	0.0
Loans and Purchases of Debt Instruments	—	0.0	-2.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	2.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	6.8	0.0
Dividends and Interest Income Received	—	0.0	2.7	10.1	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	-12.0	-3.0	-15.0	-1.0	-9.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	157.0	236.2	390.2	653.7	669.0
Repayment of Borrowings	-227.5	-254.8	-439.0	-655.1	-673.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6.9	-6.8	0.0	-13.7	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	-77.4	-25.5	-48.8	-15.1	-4.1
Net Cash Flow During the Period	-27.4	29.9	-19.9	19.7	-0.8
Cash and Cash Equivalents at Beginning of Period	30.1	0.2	20.1	0.5	0.2
FX Difference from Revaluation	0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.7	30.1	0.2	20.1	0.5

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	58.9	73.1	65.3	73.1	91.0	85.2	88.1	84.5	91.1	94.2	116.1	139.1
Revenue Deductions	12.9	25.0	7.7	7.5	8.5	12.0	14.4	12.5	12.3	15.3	14.0	14.0
Net Revenue	46.0	48.1	57.7	65.6	82.5	73.2	73.7	72.1	78.9	78.9	102.1	125.1
Cost of Goods Sold	32.4	40.2	41.3	44.0	67.6	53.7	64.0	53.7	65.1	64.5	85.9	103.7
Gross Profit	13.6	7.9	16.4	21.6	15.0	19.4	9.7	18.4	13.7	14.4	16.2	21.4
Financial Income	0.1	0.0	0.2	0.3	0.1	0.1	0.0	0.2	0.0	0.0	0.0	0.3
Financial Expenses	1.4	1.6	1.5	1.9	1.7	1.8	1.7	2.9	1.5	2.8	2.7	3.4
Interest Expense	1.3	1.4	—	1.6	1.6	1.7	1.7	2.5	1.5	2.6	2.7	3.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.0	2.8	4.7	6.1	5.7	6.5	2.8	6.9	6.9	5.9	4.0	5.6
General and Administrative Expenses	3.1	6.7	3.8	6.9	3.6	1.6	3.6	3.6	3.6	5.1	4.6	3.7
Operating Profit	4.2	-3.1	6.5	7.1	4.1	9.7	1.6	5.1	1.7	0.6	4.8	9.0
Other Income	0.0	0.1	0.1	0.0	0.1	0.4	0.0	0.0	0.0	0.0	0.0	0.1
Other Expenses	0.0	0.5	0.1	1.5	0.1	0.0	0.0	0.0	0.0	0.0	0.1	2.2
Other Profit	0.0	-0.4	0.0	-1.5	-0.0	0.4	-0.0	0.0	0.0	0.0	-0.1	-2.1
Profit Before Tax	4.2	-3.5	6.5	5.6	4.1	10.0	1.6	5.1	1.7	0.6	4.8	7.0
Current Income Tax Expense	1.0	-0.4	1.5	1.5	1.0	-0.1	0.4	1.1	0.4	0.3	1.1	1.9
Deferred Income Tax Expense	—	-0.1	—	—	—	-0.0	0.0	0.0	0.0	-0.0	0.0	0.1
Net Income	3.2	-3.0	5.1	4.1	3.1	10.2	1.2	4.0	1.3	0.4	3.7	5.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.2	-3.0	5.1	4.1	3.1	10.2	1.2	4.0	1.3	0.4	3.7	5.0
Earnings per Share	234.00	-220.00	368.00	299.00	229.00	738.00	89.00	291.00	92.00	27.00	270.00	365.00
Diluted EPS	234.00	-220.00	368.00	299.00	229.00	458.00	89.00	291.00	92.00	27.00	270.00	365.00

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)	820.1	803.6	832.0	840.7	851.1	866.8	846.2	848.2	861.1	871.6	867.7	864.8
I. Cash and cash equivalents	2.1	2.7	3.2	10.5	0.4	30.1	0.4	0.6	0.4	0.2	2.7	0.3
1. Cash	2.1	2.7	3.2	10.5	0.4	30.1	0.4	0.6	0.4	0.2	2.7	0.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	2.0	2.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	2.0	2.0	0.0
III. Short-term receivables	763.2	748.0	779.7	784.3	805.1	795.8	802.0	809.3	821.4	823.3	822.9	817.9
1. Short-term trade accounts receivable	777.1	753.6	790.8	781.9	800.2	759.8	800.5	784.6	805.1	794.0	804.0	796.4
2. Short-term prepayments to suppliers	2.7	2.0	1.6	9.7	8.0	35.1	2.1	12.4	2.6	16.1	2.2	4.9
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	15.8	15.6	33.1	33.5	33.6	33.5	34.9	37.9	39.3	39.0	42.3	42.3
7. Provision for short-term doubtful debts (*)	-32.5	-23.2	-45.8	-40.7	-36.8	-32.6	-35.5	-25.7	-25.7	-25.7	-25.7	-25.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	53.3	51.5	48.9	45.5	43.9	40.5	40.3	38.0	39.3	45.4	39.9	45.8
1. Inventories	54.1	52.4	50.2	46.9	45.1	41.6	41.4	39.2	40.9	47.0	41.4	47.2
2. Provision for decline in value of inventories	-0.9	-0.9	-1.4	-1.4	-1.1	-1.1	-1.2	-1.2	-1.7	-1.7	-1.4	-1.4
V. Other short-term assets	1.6	1.4	0.3	0.4	1.7	0.5	3.5	0.4	0.1	0.8	0.2	0.8
1. Short-term prepayments	0.1	0.3	0.1	0.3	0.1	0.3	3.4	0.1	0.1	0.2	0.0	0.3
2. Value added tax to be reclaimed	0.3	0.7	0.2	—	0.4	0.1	0.2	0.3	0.0	0.5	0.2	0.5
3. Taxes and other receivables from state authorities	1.2	0.4	—	0.1	1.1	0.1	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)	130.6	135.0	138.7	138.9	141.4	143.7	147.0	150.9	153.7	154.7	153.3	154.3
I. Long-term receivables	—	—	—	—	—	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	—	—	—	—	—	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	118.7	122.7	126.9	109.2	114.0	117.6	120.9	125.1	81.7	82.7	81.3	81.9
1. Tangible fixed assets	113.8	117.7	121.9	104.5	109.2	112.7	116.2	120.2	77.2	78.1	76.7	77.3
- Cost	352.8	—	—	—	—	324.8	327.3	326.5	279.7	277.6	273.2	270.7
- Accumulated depreciation	-239.0	—	—	—	—	-212.1	-211.1	-206.3	-202.5	-199.4	-196.4	-193.4
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	4.9	5.0	5.0	4.7	4.7	4.8	4.8	4.8	4.5	4.5	4.6	4.6
- Cost	9.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	7.1	—	—	—	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	7.3	—	6.1	23.9	22.0	20.8	20.8	20.8	67.9	67.9	67.6	67.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.3	—	6.1	23.9	22.0	20.8	20.8	20.8	67.9	67.9	67.6	67.6
V. Long-term financial investments	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
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	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
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	1.9	2.5	2.9	3.0	2.7	2.6	2.5	2.3	1.5	1.5	1.6	2.0
1. Long-term prepayments	1.8	2.4	2.9	2.5	2.1	2.6	2.5	2.3	1.4	1.4	1.6	2.0
2. Deferred income tax assets	0.1	0.1	—	0.6	0.6	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)	950.7	938.6	970.7	979.5	992.5	1,010.5	993.2	999.2	1,014.9	1,026.4	1,021.0	1,019.1
A. LIABILITIES (300=210+330)	152.3	136.5	158.6	168.5	185.6	205.1	191.0	187.9	207.6	220.3	215.3	217.1
I. Short -term liabilities	134.3	118.5	140.6	150.5	167.6	187.1	173.0	169.9	189.6	220.3	215.3	217.1
1. Short-term trade accounts payable	22.9	28.3	16.9	23.1	23.2	25.9	22.6	22.6	21.4	19.9	21.1	19.7
2. Short-term advances from customers	11.5	10.5	10.3	8.8	7.2	8.9	6.6	7.4	9.3	8.7	6.3	7.9
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.0	0.4	1.2	1.9	0.0	0.3	0.4	1.1	0.5	0.3	2.0	4.0
4. Payable to employees	2.4	3.7	2.9	2.0	2.0	3.5	1.9	2.6	1.7	3.2	1.7	1.6
5. Short-term acrrued expenses	0.7	0.8	0.8	0.8	0.8	0.9	0.8	0.9	0.2	0.2	0.2	0.2
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	11.2	2.8	5.5	7.6	7.7	5.0	9.7	4.9	10.1	26.8	27.3	28.2
10. Short-term borrowings and financial leases	85.3	72.1	103.0	106.3	126.7	142.6	131.1	130.3	146.3	161.2	156.8	155.6
11. Provision for short-term liabilities	—	—	—	—	—	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
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	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	0.0	0.0	0.0
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	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	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
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)	798.4	802.1	812.0	811.0	806.9	805.4	802.2	811.3	807.3	806.1	805.7	802.0
I. Owner's equity	798.4	802.1	812.0	811.0	806.9	805.4	802.2	811.3	807.3	806.1	805.7	802.0
1. Owner's capital	140.0	140.0	140.0	140.0	140.0	140.0	140.0	140.0	140.0	140.0	140.0	140.0
- Common stock with voting right	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00	140,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	210.9	210.9	210.9	210.9	210.9	210.9	210.9	210.9	210.9	210.9	210.9	210.9
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	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00	-10,036,370,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	457.5	461.3	471.2	470.2	466.1	464.6	461.3	470.4	466.4	465.2	464.9	461.1
- Accumulated retained earning at the end of the previous period	454.3	456.0	462.9	462.9	462.9	458.3	465.2	465.2	465.2	454.9	454.9	454.9
- Undistributed earnings in this period	3.2	5.3	8.3	7.3	3.1	6.3	-3.9	5.3	1.3	10.3	9.9	6.2
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)	950.7	938.6	970.7	979.5	992.5	1,010.5	993.2	999.2	1,014.9	1,026.4	1,021.0	1,019.1

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	4.2	-12.2	6.5	1.5	4.1	10.0	1.6	-5.0	1.7	0.7	4.8	8.9
Depreciation of Fixed Assets and Investment Property	5.5	5.5	5.5	6.1	4.9	4.9	4.9	3.8	3.1	3.0	3.1	3.0
Provision (Increase)/Reversal	—	11.9	0.0	9.2	—	-3.0	2.3	7.0	2.0	70.6	-70.4	-0.4
FX Gain/Loss from Revaluation of Monetary Items	—	0.3	—	0.0	—	0.0	-0.2	0.2	0.0	0.2	-0.0	0.0
Gain/Loss from Investment Activities	—	0.0	-0.0	0.0	-0.0	-0.5	0.0	0.0	0.0	-0.2	0.2	-0.2
Interest Expense	1.3	1.4	1.5	1.6	1.6	1.7	1.7	2.5	1.5	2.6	2.7	3.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	11.0	7.0	13.5	18.4	10.6	13.2	10.3	8.5	8.3	76.8	-59.6	14.5
Increase/(Decrease) in Receivables	-23.1	25.3	1.4	16.4	-12.9	9.1	-2.9	12.2	2.5	-71.8	64.6	35.3
Increase/(Decrease) in Inventory	-1.8	-2.1	-2.2	-3.0	-3.4	-0.2	-2.2	1.7	6.1	-5.7	5.8	1.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.3	10.4	-8.8	3.2	-4.6	3.2	3.4	-4.6	2.1	1.3	0.5	-1.4
Increase/(Decrease) in Prepaid Expenses	0.8	0.3	-0.3	-0.5	0.6	3.0	-3.6	-0.7	0.2	-0.0	0.6	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-1.4	-1.5	-1.6	-1.6	-1.7	-1.8	-2.4	-1.5	-2.2	-2.5	-3.5
Corporate Income Tax Paid	—	-1.2	—	—	—	-0.5	-1.3	-0.4	-0.3	-2.0	-3.0	-3.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-12.2	38.2	2.1	32.9	-11.2	26.1	1.9	14.3	17.3	-3.5	6.4	43.8
Payments for Fixed Assets and Other Long-term Assets	-1.7	-0.8	-6.2	-2.4	-2.7	-1.5	-0.9	-0.0	-2.1	-4.2	-4.1	-5.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.0	0.0	-0.0	0.1	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	-2.0	0.0	-0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	-2.0	2.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	—	—	—	—	0.0	0.0	0.0	0.0	2.7	-1.1	1.1
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	-1.7	-0.8	-6.2	-2.4	-2.6	-1.0	-2.9	2.0	-2.1	-3.4	-5.2	-3.9
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	38.0	26.4	40.8	40.4	49.4	73.2	52.2	60.5	50.1	116.2	83.3	115.3
Repayment of Borrowings	-24.7	-57.4	-44.2	-60.7	-65.3	-61.8	-51.4	-76.6	-65.1	-111.8	-82.1	-154.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-6.9	—	-0.0	—	-6.9	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	13.3	-37.8	-3.3	-20.4	-15.9	4.6	0.8	-16.0	-14.9	4.5	1.2	-39.6
Net Cash Flow During the Period	-0.6	-0.5	-7.3	10.1	-29.7	29.7	-0.1	0.2	0.2	-2.5	2.4	0.3
Cash and Cash Equivalents at Beginning of Period	2.7	3.2	10.5	0.4	30.1	0.2	0.2	0.2	0.2	20.1	20.1	20.1
FX Difference from Revaluation	—	0.0	—	0.0	—	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	2.1	2.7	3.2	10.5	0.4	30.1	0.4	0.5	0.4	0.2	2.7	0.3

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SPM

What Is Changing

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Balance Sheet ▲

Working Capital Efficiency ▼▼

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Leverage & Liquidity ●

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Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow