TDF

Trung Đô ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 4.94%, +2.12pp YoY

Price

9,100

Latest close

04 Jun 2026

P/E 10.32x

P/B 0.35x

EPS 882

BVPS 25,691

ROE 3.4%

ROA 1.6%

Profit Margin 4.9%

Asset Turnover 0.33x

Equity Mult. 2.14x

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

What Is Changing

On a TTM 2026Q1 basis, TDF has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 535bn
	                                
+11.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 26bn
	                                
+96.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	465.4	479.7	518.6	686.6	800.7
Growth	-3%	-8%	-24%	-14%	—
Net Income	4.1	13.6	34.8	93.0	95.8
Net Margin	0.88%	2.84%	6.71%	13.55%	11.97%

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	157.4	155.1	91.6	131.3	87.5	125.7	121.5	143.8	88.7	155.4	131.4	119.5
Growth	+1%	+69%	-30%	+50%	-30%	+3%	-16%	+62%	-43%	+18%	+10%	—
Net Income	1.2	48.2	-23.2	0.3	-21.2	33.7	0.4	0.6	-19.7	15.2	2.1	7.4
Net Margin	0.74%	31.10%	-25.35%	0.21%	-24.23%	26.80%	0.32%	0.43%	-22.17%	9.78%	1.63%	6.19%

Drivers of TDF's profit

TTM

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

Gross profit ↑ 30.8bn

Administrative expenses ↓ 10.6bn

Selling expenses ↓ 1.9bn

Other profit ↓ 35.7bn

Finance costs ↑ 1.3bn

TTM

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

Gross profit ↑ 22.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.8% = 2.8% × 0.29 × 2.18

2026Q1 3.5% = 4.9% × 0.33 × 2.14

ROE rose from 1.8% to 3.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 4.9% +2.1pp Asset turnover: 0.33x +0.04x Leverage: 2.14x -0.04x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 4.94%, rising 2.1pp. The main driver is Gross margin rose 4.2pp and SG&A / Revenue fell 3.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 7.5pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 4.94% +2.1pp

Gross Margin 19.15% +4.2pp

SG&A / Revenue 5.66% −3.3pp

TTM YoY · 2025Q1 -> 2026Q1

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 — —

Capital Turnover 0.38x +0.04x

Average Invested Capital 1,401.9bn −7.4bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.06x equity, net debt at 0.85x equity.

Inventory ended the period at 472.2bn, roughly 29.9% 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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 28.3 days versus the same period last year. The main moves came from DIO fell 25.7 days, DSO rose 5.4 days, and DPO rose 8.0 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 411.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +5.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 82.6 days +5.4 days

Inventory 400.3 days −25.7 days

Payables 71.6 days +8.0 days

Cash Conversion Cycle 411.3 days −28.3 days

Is financial risk significant?

Leverage is safe but FCF is negative at 21.1bn due to capex of 34.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.85x and interest coverage only at 0.65x.

At present, short-term debt accounts for 53.2% of total debt, cash equals 2.1% of debt, and total debt stands at 666.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.65x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 2.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.85x −0.01x

Interest Coverage 0.65x +0.96x

Cash / Debt 2.1% +0.5pp

Short-term Debt / Total Debt 53.2% +8.2pp

CFO / NI 0.52x −5.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.4bn in 2025, against investing cash flow of -26.6bn.

Post-investment cash flow was negative +15.2bn. Financing cash flow was positive +10.8bn.

CFO / net income was 0.52x.

After spending +34.6bn on fixed-asset investment, the business generated trailing free cash flow of −21.1bn.

Cash Conversion

CFO TTM 13.5bn −74.2bn

Cash Capex 34.6bn +3.5bn

FCF TTM −21.1bn −77.7bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.1 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 0.65x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.94% after expanding 2.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.65x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	468.0	483.0	522.8	696.3	810.3
Revenue Deductions	2.6	3.4	4.2	9.7	0.0
Net Revenue	465.4	479.7	518.6	686.6	800.7
Cost of Goods Sold	385.0	407.2	392.1	491.4	0.0
Gross Profit	80.4	72.5	126.5	195.3	177.5
Financial Income	0.1	0.2	1.6	7.9	8.9
Financial Expenses	42.4	44.4	39.2	15.9	-11.3
Interest Expense	42.2	43.8	39.2	15.7	-11.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	19.6	22.2	24.0	38.5	-29.3
General and Administrative Expenses	11.3	20.6	21.9	32.1	-26.3
Operating Profit	7.3	-14.4	42.9	116.7	119.6
Other Income	1.0	37.1	2.2	1.6	0.0
Other Expenses	1.9	1.3	1.5	2.1	0.0
Other Profit	-0.9	35.8	0.6	-0.5	-0.0
Profit Before Tax	6.3	21.4	43.5	116.2	119.5
Current Income Tax Expense	2.2	7.8	8.7	23.2	-23.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	4.1	13.6	34.8	93.0	95.8
Non-controlling Interest	0.2	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	3.9	13.6	34.8	93.0	95.8
Earnings per Share	137.00	454.00	1,161.00	3,101.00	3,194.00
Diluted EPS	129.99	454.00	1,161.00	3,101.00	3,193.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	620.9	584.1	655.2	552.6	699.1
I. Cash and cash equivalents	5.5	9.9	13.2	14.1	10.0
1. Cash	5.5	9.9	13.2	14.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.0	1.0	7.5	33.0	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	1.0	1.0	7.5	33.0	0.0
III. Short-term receivables	132.7	95.3	105.4	124.1	210.9
1. Short-term trade accounts receivable	134.4	97.9	106.8	118.5	0.0
2. Short-term prepayments to suppliers	9.6	5.9	7.6	10.9	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	0.1	0.1	0.0
6. Other short-term receivables	8.9	10.5	9.6	13.1	0.0
7. Provision for short-term doubtful debts (*)	-20.2	-19.0	-18.6	-18.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	472.2	463.0	496.7	347.6	349.0
1. Inventories	475.0	466.3	500.5	348.7	0.0
2. Provision for decline in value of inventories	-2.9	-3.4	-3.7	-1.0	0.0
V. Other short-term assets	9.5	15.0	32.4	33.7	5.9
1. Short-term prepayments	4.2	1.6	2.5	2.7	0.0
2. Value added tax to be reclaimed	1.9	10.5	26.2	30.9	0.0
3. Taxes and other receivables from state authorities	3.5	2.8	3.6	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)	959.1	997.4	1,050.5	1,063.6	486.3
I. Long-term receivables	2.9	0.3	0.7	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.5
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	—	0.1	0.0	0.0	0.0
6. Other long-term receivables	2.9	0.2	0.7	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	773.9	824.0	886.8	196.4	154.2
1. Tangible fixed assets	770.6	824.0	886.8	196.3	154.0
- Cost	1,474.7	1,457.4	1,444.8	697.9	0.0
- Accumulated depreciation	-704.1	-633.4	-558.0	-501.6	0.0
2. Financial leased fixed assets	3.3	0.0	0.0	0.0	0.0
- Cost	3.5	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.1	0.1
- Cost	1.0	1.0	1.0	1.0	0.0
- Accumulated depreciation	-1.0	-1.0	-1.0	-0.9	0.0
III. Investment properties	67.2	74.8	79.1	82.4	66.6
- Cost	94.8	100.2	100.2	99.1	0.0
- Accumulated depreciation	-27.6	-25.5	-21.1	-16.7	0.0
IV. Long-term assets in progress	85.0	71.0	53.4	770.0	249.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	85.0	71.0	53.4	770.0	0.0
V. Long-term financial investments	—	0.0	1.0	1.5	2.0
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	1.0	1.5	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	30.0	27.3	29.5	13.3	0.0
1. Long-term prepayments	30.0	27.3	29.5	13.3	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	14.1
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)	1,580.0	1,581.6	1,705.8	1,616.2	1,185.4
A. LIABILITIES (300=210+330)	811.4	817.0	937.8	844.9	457.8
I. Short -term liabilities	473.1	440.1	511.6	629.4	397.3
1. Short-term trade accounts payable	62.0	80.5	81.7	251.7	99.5
2. Short-term advances from customers	8.6	5.6	7.9	3.8	26.6
3. Taxes and other payables to state authorities	1.7	4.6	6.3	24.0	0.0
4. Payable to employees	7.4	8.3	11.7	15.6	0.0
5. Short-term acrrued expenses	9.8	8.1	5.9	2.6	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	5.6	6.5	0.6	1.5	3.0
9. Other short-term payables	69.4	70.0	80.4	60.4	0.0
10. Short-term borrowings and financial leases	306.2	251.7	312.1	267.3	172.1
11. Provision for short-term liabilities	—	2.3	2.3	0.0	0.0
12.. Bonus and welfare fund	2.4	2.6	2.6	2.6	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	338.3	376.9	426.2	215.5	60.4
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	3.1	3.1	2.7	2.6	0.0
8. Long-term borrowings and financial leases	325.9	364.5	376.4	159.0	23.4
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	9.3	9.3	47.1	53.9	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	768.6	764.6	768.0	771.3	727.6
I. Owner's equity	764.2	759.9	761.3	771.4	0.0
1. Owner's capital	300.0	300.0	300.0	300.0	727.6
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	70.2	70.2	70.2	70.2	70.2
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	235.8	235.8	235.8	235.8	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	157.8	153.9	155.2	165.4	121.6
- Accumulated retained earning at the end of the previous period	153.9	140.2	120.4	72.4	25.9
- Undistributed earnings in this period	3.9	13.6	34.8	93.0	95.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.4	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	4.5	4.7	6.7	-0.2	0.0
1. Subsidized not-for-profit funds	2.8	2.8	4.6	-0.2	0.0
2. Funds invested in fixed assets	1.7	1.9	2.1	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)	1,580.0	1,581.6	1,705.8	1,616.2	1,185.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	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	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-8.1	-8.7	-22.7	-23.6	0.0
Other Operating Receipts	1.6	5.8	23.5	17.5	0.0
Other Operating Payments	-21.7	-30.4	-40.4	-54.3	0.0
Net Cash Flow from Operating Activities	11.4	103.0	33.5	101.0	102.1
Payments for Fixed Assets and Other Long-term Assets	-27.1	-28.6	-308.5	-383.5	-105.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.1	1.0	0.2
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-159.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	169.9
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.1	0.5	9.4	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	-26.6	-21.0	-280.3	-280.5	-91.2
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	468.4	500.6	846.4	783.8	366.0
Repayment of Borrowings	-455.3	-560.6	-584.1	-552.0	-367.9
Repayment of Finance Leases	-0.5	0.0	0.0	0.0	0.0
Dividends Paid	-1.8	-25.3	-16.3	-48.1	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	10.8	-85.3	245.9	183.7	-1.9
Net Cash Flow During the Period	-4.4	-3.3	-0.8	4.1	3.3
Cash and Cash Equivalents at Beginning of Period	9.9	13.2	14.1	10.0	4.9
FX Difference from Revaluation	—	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.5	9.9	13.2	14.1	10.0

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	158.5	156.2	92.0	131.7	88.2	126.8	122.3	144.9	89.2	156.5	132.2	121.1
Revenue Deductions	1.1	1.1	0.4	0.4	0.7	1.1	0.8	1.0	0.4	1.0	0.9	1.5
Net Revenue	157.4	155.1	91.6	131.3	87.5	125.7	121.5	143.8	88.7	155.4	131.4	119.5
Cost of Goods Sold	136.4	90.6	92.4	113.4	88.6	104.5	97.2	116.4	88.4	108.7	107.3	92.2
Gross Profit	21.0	64.5	-0.8	17.8	-1.1	21.1	24.2	27.4	0.3	46.8	24.1	27.4
Financial Income	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.2	-0.0	0.3	0.2	0.5
Financial Expenses	11.6	10.9	10.8	10.4	10.3	8.9	11.5	11.8	12.2	14.0	14.2	5.8
Interest Expense	11.6	10.8	10.8	10.4	10.3	8.3	11.5	11.8	12.2	14.0	14.2	5.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.8	5.3	4.4	5.3	4.6	5.5	5.8	6.8	3.9	5.8	4.7	6.7
General and Administrative Expenses	2.0	-0.4	7.1	0.8	3.8	8.0	3.7	4.7	3.1	7.5	4.1	6.0
Operating Profit	1.6	48.8	-23.2	1.3	-19.7	-1.2	3.3	4.4	-19.0	19.8	1.4	9.4
Other Income	—	0.7	0.1	0.2	0.0	36.7	0.2	0.0	0.1	0.0	1.6	0.1
Other Expenses	0.1	0.4	0.1	0.9	0.6	0.0	0.6	0.4	0.4	0.9	0.3	0.3
Other Profit	-0.1	0.4	-0.1	-0.6	-0.6	36.6	-0.4	-0.4	-0.3	-0.9	1.3	-0.2
Profit Before Tax	1.5	49.2	-23.2	0.6	-20.2	35.4	2.9	4.0	-19.3	18.9	2.7	9.2
Current Income Tax Expense	0.3	0.9	—	0.4	0.9	1.7	2.5	3.4	0.4	3.7	0.5	1.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.2	48.2	-23.2	0.3	-21.2	33.7	0.4	0.6	-19.7	15.2	2.1	7.4
Non-controlling Interest	0.2	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.0	48.0	-23.2	0.3	-21.2	33.7	0.4	0.6	-19.7	15.2	2.1	7.4
Earnings per Share	39.00	1,608.00	-774.00	9.00	-706.00	1,123.00	13.00	20.00	-655.63	506.00	72.00	247.00
Diluted EPS	32.94	1,601.22	-774.05	9.12	-706.29	1,122.71	12.87	20.45	-655.63	506.43	71.53	246.82

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)	666.9	620.9	584.7	595.6	599.0	585.6	585.2	605.1	632.9	650.1	666.1	622.4
I. Cash and cash equivalents	14.2	5.5	3.6	5.5	10.3	9.9	3.2	8.0	5.1	13.2	4.0	8.1
1. Cash	14.2	5.5	3.6	5.5	10.3	9.9	3.2	8.0	5.1	13.2	4.0	8.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.0	1.0	1.0	1.0	1.0	1.0	0.0	0.0	0.0	7.5	9.9	9.9
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	1.0	1.0	1.0	1.0	1.0	1.0	0.0	0.0	0.0	7.5	9.9	9.9
III. Short-term receivables	152.0	132.7	104.0	111.8	113.6	95.6	98.3	98.2	111.8	106.2	118.4	125.9
1. Short-term trade accounts receivable	137.4	134.4	101.7	104.1	104.9	97.9	100.5	99.6	97.5	107.3	118.1	123.6
2. Short-term prepayments to suppliers	20.2	9.6	12.4	16.1	17.0	6.1	6.0	7.4	22.3	7.8	7.1	10.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1
6. Other short-term receivables	14.9	8.9	9.4	11.1	10.7	10.5	10.8	10.2	10.5	9.7	11.5	9.8
7. Provision for short-term doubtful debts (*)	-20.3	-20.2	-19.5	-19.5	-19.0	-19.0	-19.1	-19.1	-18.6	-18.6	-18.2	-18.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	485.5	472.2	454.5	461.9	457.6	464.1	465.1	469.5	484.7	490.5	500.0	444.0
1. Inventories	488.3	475.0	457.3	464.8	461.0	467.5	468.9	473.4	488.4	497.2	514.7	445.2
2. Provision for decline in value of inventories	-2.9	-2.9	-2.9	-2.9	-3.4	-3.4	-3.8	-3.8	-3.7	-6.7	-14.7	-1.2
V. Other short-term assets	14.2	9.5	21.7	15.4	16.4	15.0	18.6	29.3	31.3	32.6	33.7	34.5
1. Short-term prepayments	3.6	4.2	2.5	1.5	1.6	1.6	1.7	2.0	2.0	2.5	1.7	2.1
2. Value added tax to be reclaimed	5.3	1.9	15.0	7.2	9.4	10.5	13.0	18.2	22.8	26.4	31.9	30.0
3. Taxes and other receivables from state authorities	5.3	3.5	4.2	6.7	5.4	2.8	3.9	9.0	6.5	3.6	0.1	2.4
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	995.1	959.1	961.1	966.9	981.2	996.6	1,016.6	1,030.6	1,031.8	1,050.5	1,079.5	1,095.2
I. Long-term receivables	2.9	2.9	2.9	1.0	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	2.9	2.9	2.9	1.0	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	757.0	773.9	776.7	791.0	805.6	813.0	833.8	850.1	868.2	802.2	820.9	187.5
1. Tangible fixed assets	753.7	770.6	776.7	791.0	805.6	813.0	833.8	850.1	868.2	802.2	820.9	187.5
- Cost	1,475.6	—	—	—	—	1,447.7	1,448.3	1,445.7	1,445.2	1,354.8	1,356.6	707.1
- Accumulated depreciation	-721.9	—	—	—	—	-634.7	-614.5	-595.6	-577.1	-552.6	-535.7	-519.7
2. Financial leased fixed assets	3.3	3.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	3.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	0.1	0.1
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	97.8	67.2	71.6	72.6	73.7	74.8	75.9	76.9	78.0	79.1	80.2	81.3
- Cost	126.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-28.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	107.9	85.0	82.0	74.6	73.1	80.8	77.6	73.9	55.7	120.0	128.5	809.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	107.9	85.0	82.0	74.6	73.1	80.8	77.6	73.9	55.7	120.0	128.5	809.7
V. Long-term financial investments	—	—	—	—	—	0.0	1.0	1.0	1.0	1.0	1.0	1.0
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	1.0	1.0	1.0	1.0	1.0	1.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	29.5	30.0	27.8	27.7	28.1	27.3	27.7	28.0	28.2	47.5	48.2	15.1
1. Long-term prepayments	29.5	30.0	27.8	27.7	28.1	27.3	27.7	28.0	28.2	47.5	48.2	15.1
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)	1,662.0	1,580.0	1,545.8	1,562.5	1,580.2	1,582.2	1,601.7	1,635.7	1,664.6	1,700.6	1,745.6	1,717.6
A. LIABILITIES (300=210+330)	891.2	811.4	825.6	818.9	836.9	816.2	870.2	903.9	917.9	937.7	958.0	932.1
I. Short -term liabilities	566.7	473.1	474.4	465.3	468.3	440.6	447.4	473.2	480.2	506.8	521.0	492.8
1. Short-term trade accounts payable	99.3	62.0	62.2	67.1	70.4	80.7	81.5	83.3	71.3	81.9	120.6	96.0
2. Short-term advances from customers	19.7	8.6	7.6	9.5	12.4	5.6	22.1	9.7	14.7	7.9	5.4	22.9
3. Dividends and profits payable	23.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.4	1.7	11.6	0.7	0.6	4.8	2.8	4.4	1.9	5.4	5.9	3.8
4. Payable to employees	6.6	7.4	6.2	4.7	4.2	8.3	7.0	6.9	4.9	12.6	15.4	11.1
5. Short-term acrrued expenses	7.6	9.8	10.2	10.1	8.8	8.1	9.4	8.1	5.7	3.5	2.5	2.7
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	3.8	5.6	5.8	4.4	7.1	6.5	6.8	5.9	7.8	0.6	2.5	1.5
9. Other short-term payables	45.8	69.4	68.3	68.2	68.5	70.1	74.5	74.8	62.9	80.2	52.1	51.5
10. Short-term borrowings and financial leases	354.4	306.2	297.9	295.7	291.5	251.7	238.4	275.2	306.2	312.1	313.8	300.8
11. Provision for short-term liabilities	—	—	2.3	2.3	2.3	2.3	2.3	2.3	2.3	0.0	0.0	0.0
12.. Bonus and welfare fund	2.4	2.4	2.4	2.5	2.5	2.6	2.6	2.6	2.6	2.6	2.6	2.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	324.5	338.3	351.1	353.7	368.5	375.7	422.8	430.7	437.7	430.9	437.1	439.3
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	3.1	3.1	3.1	3.1	3.1	3.1	2.7	2.7	2.7	2.7	2.7	2.7
8. Long-term borrowings and financial leases	312.1	325.9	338.8	341.3	356.2	364.5	378.6	385.0	390.1	376.4	379.0	381.6
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	9.3	9.3	9.3	9.3	9.3	8.1	41.5	43.0	44.9	51.7	55.4	55.1
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)	770.7	768.6	720.3	743.5	743.3	766.0	731.6	731.8	746.7	762.9	787.6	785.5
I. Owner's equity	770.7	764.2	715.7	738.9	738.7	761.3	727.6	727.2	741.6	758.3	788.1	786.0
1. Owner's capital	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	70.1	70.2	70.2	70.2	70.2	70.2	70.2	70.2	70.2	70.2	70.2	70.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	4.4	—	—	—	—	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	235.8	235.8	235.8	235.8	235.8	235.8	235.8	235.8	235.8	235.8	235.8	235.8
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	159.8	157.8	109.7	132.9	132.7	155.3	121.6	121.2	135.6	152.3	182.1	180.0
- Accumulated retained earning at the end of the previous period	158.8	153.9	153.9	153.9	153.9	140.2	140.2	140.2	155.2	120.4	165.4	165.4
- Undistributed earnings in this period	1.0	3.9	-44.1	-20.9	-21.2	15.0	-18.7	-19.1	-19.7	31.9	16.7	14.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.6	0.4	—	—	—	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	—	4.5	4.5	4.6	4.6	4.7	4.0	4.6	5.1	4.6	-0.5	-0.5
1. Subsidized not-for-profit funds	—	2.8	2.8	2.8	2.8	2.8	2.0	2.6	3.1	4.6	-0.5	-0.5
2. Funds invested in fixed assets	—	1.7	1.7	1.8	1.8	1.9	1.9	2.0	2.1	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)	1,662.0	1,580.0	1,545.8	1,562.5	1,580.2	1,582.2	1,601.7	1,635.7	1,664.6	1,700.6	1,745.6	1,717.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	1.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	18.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	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
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	11.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	32.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-26.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-12.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	23.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-11.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.5	0.0	0.0	0.0	-8.1	0.0	0.0	-0.7	-8.0	0.0	0.0	-10.2
Other Operating Receipts	-1.6	—	—	—	—	1.8	0.8	1.1	0.5	18.9	0.4	1.2
Other Operating Payments	-0.1	-10.0	-3.9	-3.6	-4.2	-6.8	-6.7	-9.3	-9.3	-14.4	-7.9	-4.0
Net Cash Flow from Operating Activities	3.1	10.6	11.2	-11.4	1.0	15.3	28.5	42.8	14.2	31.1	-14.6	11.1
Payments for Fixed Assets and Other Long-term Assets	-28.9	-8.1	-9.0	11.4	-21.4	-3.4	-2.8	-3.6	-17.1	-4.1	0.0	-76.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2	—	0.0	0.2	0.0	0.1	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	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	0.2	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	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	-28.9	-7.9	-9.0	11.6	-21.3	-3.3	-2.5	-3.6	-9.5	-1.3	0.1	-60.0
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	151.3	132.6	98.2	115.9	121.7	93.8	111.2	112.7	182.9	174.1	130.7	171.1
Repayment of Borrowings	-116.6	-133.1	-102.2	-120.7	-99.2	-94.6	-142.1	-148.8	-175.1	-178.4	-120.3	-132.5
Repayment of Finance Leases	-0.3	-0.3	-0.2	-0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-0.2	-1.7	-4.4	-0.0	-0.3	-20.6	-16.3	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	34.5	-0.8	-4.1	-5.0	20.8	-5.3	-30.8	-36.4	-12.8	-20.6	10.5	38.6
Net Cash Flow During the Period	8.7	1.9	-1.9	-4.9	0.5	6.7	-4.8	2.9	-8.1	9.2	-4.0	-10.4
Cash and Cash Equivalents at Beginning of Period	5.5	3.6	5.5	10.3	9.9	13.2	13.2	13.2	13.2	14.1	14.1	14.1
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	14.2	5.5	3.6	5.5	10.3	9.9	3.2	8.0	5.1	13.2	4.0	8.1

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TDF

What Is Changing

Drivers of TDF'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