TDW

Cấp nước Thủ Đức ·HOSE ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 2.05x

Price

46,100

Latest close

03 Jun 2026

P/E 6.63x

P/B 1.44x

EPS 6,956

BVPS 32,063

ROE 22.5%

ROA 9.2%

Profit Margin 4.4%

Asset Turnover 2.10x

Equity Mult. 2.44x

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

What Is Changing

On a TTM 2026Q1 basis, TDW shows mild improvement in both revenue and margins, but the magnitude of change is narrow — profit is at an all-time high. This signal only becomes convincing if the improvement widens in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,351bn
	                                
+2.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 59bn
	                                
+6.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,342.8	1,318.1	1,282.6	1,184.0	1,039.5
Growth	+2%	+3%	+8%	+14%	—
Net Income	60.4	56.1	53.9	47.5	31.0
Net Margin	4.50%	4.25%	4.20%	4.01%	2.98%

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	325.3	341.8	335.5	348.1	317.3	330.1	323.8	342.5	321.7	296.8	317.3	328.1
Growth	-5%	+2%	-4%	+10%	-4%	+2%	-5%	+6%	+8%	-6%	-3%	—
Net Income	10.0	23.1	10.6	15.4	11.5	16.0	10.4	17.8	14.1	13.2	7.2	16.6
Net Margin	3.09%	6.76%	3.16%	4.42%	3.61%	4.84%	3.20%	5.19%	4.38%	4.46%	2.27%	5.07%

Drivers of TDW's profit

TTM

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

Gross profit ↑ 14.3bn

Selling expenses ↓ 4.1bn

Administrative expenses ↑ 5.7bn

Finance costs ↑ 4.5bn

Other profit ↓ 3.6bn

Tax ↑ 1.8bn

TTM

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

Gross profit ↑ 3.9bn

Administrative expenses ↓ 1.6bn

Tax ↓ 0.2bn

Selling expenses ↑ 5.5bn

Finance costs ↑ 1.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 22.2% = 4.2% × 2.54 × 2.07

2026Q1 22.5% = 4.4% × 2.10 × 2.44

ROE is broadly flat at 22.5% — the components are offsetting one another.

Net margin: 4.4% +0.1pp Asset turnover: 2.10x -0.44x Leverage: 2.44x +0.38x

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 stands at 4.38%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 4.38% +0.1pp

Gross Margin 35.23% +0.1pp

SG&A / Revenue 29.91% −0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 17.2% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 17.17%, losing 2.1pp. That translates to 17.17 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 1.10x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 68bn.

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

CAPITAL EFFICIENCY TREND

ROIC 17.17% −2.1pp

NOPAT Margin 3.89% +0.4pp

Capital Turnover 4.42x −1.10x

Average Invested Capital 305.8bn +67.5bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 1.73x equity, net debt at 0.34x equity.

Over the last 12 months, working capital released 4.7bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −8.7bn

Inventories decreased → higher CFO: +11.5bn

Payables increased → higher CFO: +2.0bn

Working Capital Efficiency

Cash conversion cycle improved by 0.6 days versus the same period last year. The main moves came from DIO fell 3.8 days, DSO rose 0.7 days, and DPO fell 2.5 days.

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

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

Watchpoints

Receivables collection is slowing

DSO increased by +0.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 12.5 days +0.7 days

Inventory 21.9 days −3.8 days

Payables 36.4 days −2.5 days

Cash Conversion Cycle -2.0 days −0.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 77.4bn due to capex of 198.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.34x and interest coverage at 10.30x.

At present, short-term debt accounts for 41.7% of total debt, cash equals 44.8% of debt, and total debt stands at 166.0bn.

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

Leverage and liquidity trend

Net Debt / Equity 0.34x +0.36x

Interest Coverage 10.30x −20.83x

Cash / Debt 44.8% −69.1pp

Short-term Debt / Total Debt 41.7% +20.2pp

CFO / NI 2.05x −1.70x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 151.1bn in 2025, against investing cash flow of -211.1bn.

Post-investment cash flow was negative +60.0bn. Financing cash flow was positive +92.5bn.

CFO / net income was 2.05x.

After spending +198.8bn on fixed-asset investment, the business generated trailing free cash flow of −77.4bn.

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

Cash Conversion

CFO TTM 121.5bn −87.4bn

Cash Capex 198.8bn +5.6bn

FCF TTM −77.4bn −92.9bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 2.05x. The next item to monitor is capital efficiency, with ROIC at 17.2%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.05x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,342.8	1,318.1	1,282.7	1,184.1	1,040.0
Revenue Deductions	0.0	0.0	0.1	0.1	0.0
Net Revenue	1,342.8	1,318.1	1,282.6	1,184.0	1,039.5
Cost of Goods Sold	870.8	857.1	825.4	798.0	0.0
Gross Profit	471.9	461.1	457.2	386.0	337.6
Financial Income	0.1	0.1	2.1	3.6	2.4
Financial Expenses	4.7	1.6	3.1	3.6	-4.3
Interest Expense	4.7	1.6	3.1	3.6	-4.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	240.6	249.3	252.2	218.0	-216.8
General and Administrative Expenses	159.5	152.0	142.4	113.1	-86.0
Operating Profit	67.3	58.3	61.5	55.0	32.9
Other Income	14.3	15.5	10.6	15.8	0.0
Other Expenses	5.7	3.6	4.0	9.7	0.0
Other Profit	8.5	12.0	6.6	6.1	5.6
Profit Before Tax	75.8	70.3	68.1	61.0	38.5
Current Income Tax Expense	15.1	13.1	14.4	14.7	-7.5
Deferred Income Tax Expense	0.3	1.1	-0.2	-1.2	0.0
Net Income	60.4	56.1	53.9	47.5	31.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	60.4	56.1	53.9	47.5	31.0
Earnings per Share	7,110.00	6,598.00	6,342.00	5,591.00	3,645.54
Diluted EPS	7,110.10	6,598.00	6,342.00	5,590.56	3,645.54

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	189.2	173.7	184.1	233.9	155.3
I. Cash and cash equivalents	102.1	69.5	92.5	150.2	67.8
1. Cash	102.1	64.5	67.5	57.0	0.0
2. Cash equivalents	—	5.0	25.0	93.2	0.0
II. Short-term financial investments	0.2	0.0	1.4	3.6	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	0.2	0.0	1.4	3.6	0.0
III. Short-term receivables	21.4	18.5	18.9	13.1	20.5
1. Short-term trade accounts receivable	25.2	20.1	16.6	12.9	0.0
2. Short-term prepayments to suppliers	3.4	4.1	7.0	4.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.6	0.8	1.1	0.9	0.0
7. Provision for short-term doubtful debts (*)	-7.7	-6.6	-5.7	-4.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	48.8	66.1	57.6	58.2	12.5
1. Inventories	48.8	66.4	57.8	58.3	0.0
2. Provision for decline in value of inventories	—	-0.2	-0.2	-0.1	0.0
V. Other short-term assets	16.8	19.6	13.6	8.7	7.2
1. Short-term prepayments	10.4	12.1	9.7	6.6	0.0
2. Value added tax to be reclaimed	5.8	7.4	3.9	2.1	0.0
3. Taxes and other receivables from state authorities	0.5	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)	526.9	390.4	282.3	228.1	222.1
I. Long-term receivables	0.9	0.7	0.2	0.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.4
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	0.9	0.7	0.2	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	489.9	332.9	266.0	215.7	208.4
1. Tangible fixed assets	482.7	325.2	259.8	214.5	207.5
- Cost	1,306.2	1,067.5	945.5	846.5	0.0
- Accumulated depreciation	-823.5	-742.3	-685.7	-632.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	7.3	7.7	6.2	1.1	0.9
- Cost	21.8	21.0	15.9	9.3	0.0
- Accumulated depreciation	-14.5	-13.4	-9.6	-8.1	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	3.6	48.8	7.2	8.2	5.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.6	48.8	7.2	8.2	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	32.4	8.0	9.0	3.6	0.0
1. Long-term prepayments	32.4	7.7	7.6	2.4	0.0
2. Deferred income tax assets	—	0.3	1.4	1.2	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	7.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	716.1	564.1	466.4	461.9	377.4
A. LIABILITIES (300=210+330)	453.6	321.7	233.1	226.6	200.3
I. Short -term liabilities	363.8	287.5	215.7	192.3	156.1
1. Short-term trade accounts payable	112.6	106.2	112.4	100.9	64.5
2. Short-term advances from customers	6.9	6.3	3.7	3.6	13.7
3. Taxes and other payables to state authorities	114.3	114.6	30.6	33.3	0.0
4. Payable to employees	30.7	27.3	25.3	22.0	0.0
5. Short-term acrrued expenses	7.2	1.1	2.3	1.8	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	9.5	9.8	18.6	10.3	0.0
10. Short-term borrowings and financial leases	71.5	13.2	12.9	12.9	12.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.1	8.8	9.9	7.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	89.8	34.2	17.5	34.3	44.2
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	3.9	0.0
8. Long-term borrowings and financial leases	89.8	34.2	17.5	30.4	43.2
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	—	0.0	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)	262.5	242.4	233.2	235.3	177.1
I. Owner's equity	262.5	242.4	233.2	235.3	0.0
1. Owner's capital	85.0	85.0	85.0	85.0	177.1
- Common stock with voting right	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	69.2	52.4	36.4	36.4	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	108.3	105.0	111.9	113.9	55.8
- Accumulated retained earning at the end of the previous period	47.9	49.0	57.9	66.4	25.5
- Undistributed earnings in this period	60.4	56.1	53.9	47.5	30.3
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)	716.1	564.1	466.4	461.9	377.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	75.8	70.3	68.1	61.0	38.5
Depreciation of Fixed Assets and Investment Property	91.3	71.3	56.5	51.1	53.4
Provision (Increase)/Reversal	0.9	0.8	1.2	1.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-0.1	-2.2	-4.0	0.0
Interest Expense	4.7	1.6	3.1	3.6	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	172.0	143.9	126.7	112.9	95.0
Increase/(Decrease) in Receivables	-3.8	-4.5	-7.8	1.5	0.0
Increase/(Decrease) in Inventory	17.5	-8.5	0.5	-6.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	21.5	73.9	11.0	24.5	0.0
Increase/(Decrease) in Prepaid Expenses	-23.0	-2.6	-8.2	4.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.9	-1.6	-3.1	-3.6	0.0
Corporate Income Tax Paid	-13.0	-15.5	-22.8	-10.4	0.0
Other Operating Receipts	0.1	0.7	0.0	0.0	0.0
Other Operating Payments	-16.4	-18.7	-12.9	-9.9	0.0
Net Cash Flow from Operating Activities	151.1	167.1	83.3	113.8	-7.4
Payments for Fixed Assets and Other Long-term Assets	-211.7	-179.8	-103.6	-59.4	-41.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.0	0.0	0.4	0.0
Loans and Purchases of Debt Instruments	-0.2	-0.0	-1.4	-0.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.5	3.6	44.0	10.0
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	0.1	0.2	2.3	7.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-211.1	-178.2	-99.2	-8.2	-29.4
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	237.3	29.8	0.0	0.0	0.0
Repayment of Borrowings	-123.4	-12.9	-12.9	-12.9	-12.9
Repayment of Finance Leases	—	0.0	0.0	-10.3	0.0
Dividends Paid	-21.3	-28.9	-28.9	0.0	-10.2
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	92.5	-11.9	-41.8	-23.1	-23.1
Net Cash Flow During the Period	32.5	-23.0	-57.7	82.4	-19.9
Cash and Cash Equivalents at Beginning of Period	69.5	92.5	150.2	67.8	127.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	102.1	69.5	92.5	150.2	67.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	325.3	341.8	335.5	348.1	317.3	330.1	323.8	342.5	321.7	297.0	317.3	328.1
Revenue Deductions	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Net Revenue	325.3	341.8	335.5	348.1	317.3	330.1	323.8	342.5	321.7	296.8	317.3	328.1
Cost of Goods Sold	212.1	226.0	217.2	219.6	208.0	218.7	210.6	214.7	211.5	199.8	203.3	176.2
Gross Profit	113.2	115.8	118.3	128.6	109.3	111.4	113.2	127.7	110.3	97.0	114.0	151.9
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.3	0.4	0.5
Financial Expenses	2.4	1.9	1.4	0.6	0.8	0.3	0.3	0.4	0.5	0.6	0.7	0.8
Interest Expense	2.4	1.9	1.4	0.6	0.8	0.3	0.3	0.4	0.5	0.6	0.7	0.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	62.9	54.2	63.2	65.7	57.4	58.9	69.3	64.6	55.5	47.5	69.6	86.7
General and Administrative Expenses	35.2	40.7	40.6	41.4	36.8	38.4	36.5	40.5	36.6	36.4	37.4	44.2
Operating Profit	12.7	19.1	13.1	20.9	14.3	13.9	7.0	22.3	17.7	12.8	6.7	20.6
Other Income	0.9	11.5	1.0	1.0	0.9	7.4	6.7	0.8	0.7	4.5	3.1	2.4
Other Expenses	1.0	1.6	0.7	2.6	0.9	1.2	0.7	0.8	0.8	0.6	0.7	2.2
Other Profit	-0.1	9.9	0.2	-1.6	0.0	6.1	5.9	0.0	-0.1	3.9	2.4	0.2
Profit Before Tax	12.6	29.0	13.3	19.3	14.4	20.0	13.0	22.3	17.7	16.7	9.1	20.9
Current Income Tax Expense	2.6	5.9	2.7	3.8	2.7	3.9	2.3	4.2	3.2	4.3	1.7	4.0
Deferred Income Tax Expense	—	0.0	0.0	0.1	0.2	0.2	0.3	0.3	0.3	-0.8	0.2	0.2
Net Income	10.0	23.1	10.6	15.4	11.5	16.0	10.4	17.8	14.1	13.2	7.2	16.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.0	23.1	10.6	15.4	11.5	16.0	10.4	17.8	14.1	13.2	7.2	16.6
Earnings per Share	1,182.00	2,718.00	1,246.00	1,810.00	1,349.00	1,878.52	1,219.18	2,092.00	1,656.72	1,556.96	848.12	1,955.02
Diluted EPS	1,182.00	2,718.02	1,245.83	1,810.29	1,348.58	1,878.52	1,219.18	2,092.14	1,656.72	1,556.96	848.12	1,955.02

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)	186.2	189.5	190.7	216.8	168.8	174.3	156.0	163.4	165.8	183.9	249.8	252.9
I. Cash and cash equivalents	74.3	102.1	74.1	87.6	52.7	69.5	34.3	60.2	45.3	92.5	129.4	136.5
1. Cash	74.3	102.1	74.1	87.6	52.7	64.5	34.3	60.2	45.3	67.5	91.1	98.4
2. Cash equivalents	—	—	—	—	—	5.0	0.0	0.0	0.0	25.0	38.3	38.1
II. Short-term financial investments	0.2	0.2	0.2	—	—	0.0	0.0	0.5	1.4	1.4	1.4	1.4
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	0.2	0.2	0.2	—	—	0.0	0.0	0.5	1.4	1.4	1.4	1.4
III. Short-term receivables	48.9	21.4	62.5	66.5	39.2	18.5	58.0	43.1	44.8	18.6	54.4	48.4
1. Short-term trade accounts receivable	51.2	25.2	55.8	52.3	41.1	20.1	50.0	44.7	43.4	16.6	55.3	45.0
2. Short-term prepayments to suppliers	4.8	3.4	13.6	20.8	4.3	4.1	13.2	2.9	6.3	7.0	4.6	7.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.7	0.6	0.6	0.9	0.8	0.8	1.1	1.8	1.1	0.7	1.3	1.0
7. Provision for short-term doubtful debts (*)	-7.8	-7.7	-7.6	-7.5	-7.1	-6.6	-6.4	-6.3	-6.1	-5.7	-6.7	-5.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	46.7	48.9	45.6	48.1	57.9	66.7	54.9	49.8	61.4	57.3	55.0	55.4
1. Inventories	46.7	48.9	45.8	48.3	58.1	66.9	55.2	50.1	61.6	57.3	55.0	55.5
2. Provision for decline in value of inventories	—	—	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	0.0	0.0	-0.1
V. Other short-term assets	16.2	17.0	8.5	14.6	19.0	19.6	8.7	9.8	12.9	14.0	9.5	11.1
1. Short-term prepayments	12.7	10.7	7.3	11.4	13.2	12.1	8.4	9.4	10.6	9.7	7.7	9.8
2. Value added tax to be reclaimed	3.0	5.8	0.1	3.2	5.8	7.4	0.0	0.4	2.2	4.3	0.0	1.3
3. Taxes and other receivables from state authorities	0.5	0.5	1.1	—	—	0.0	0.3	0.0	0.0	0.0	1.7	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)	524.2	522.0	451.7	413.7	407.2	390.4	302.1	306.9	293.8	282.0	244.5	237.5
I. Long-term receivables	0.8	0.9	0.9	0.9	0.7	0.7	0.5	0.5	0.2	0.5	0.5	0.5
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	0.8	0.9	0.9	0.9	0.7	0.7	0.5	0.5	0.2	0.5	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	489.9	489.9	423.6	394.5	367.1	332.9	286.2	281.3	275.6	264.9	228.6	217.0
1. Tangible fixed assets	482.2	482.7	415.1	385.1	358.3	325.2	278.2	272.5	267.4	258.7	225.5	214.6
- Cost	1,328.9	—	—	—	—	1,067.5	1,012.8	990.3	968.6	944.2	895.4	871.6
- Accumulated depreciation	-846.7	—	—	—	—	-742.3	-734.7	-717.8	-701.2	-685.5	-669.9	-656.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	7.7	7.3	8.5	9.4	8.8	7.7	8.0	8.8	8.2	6.2	3.2	2.4
- Cost	23.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.9	—	—	—	—	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	5.0	3.6	23.7	13.8	33.2	48.8	8.4	16.8	8.7	7.6	6.7	12.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	3.6	23.7	13.8	33.2	48.8	8.4	16.8	8.7	7.6	6.7	12.8
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	28.5	27.5	3.5	4.4	6.1	8.0	7.0	8.3	9.4	8.9	8.6	7.1
1. Long-term prepayments	28.5	27.5	3.5	4.4	6.0	7.7	6.5	7.5	8.3	7.5	8.0	6.4
2. Deferred income tax assets	—	—	0.0	0.1	0.1	0.3	0.5	0.8	1.1	1.4	0.6	0.8
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)	710.4	711.5	642.5	630.4	576.0	564.7	458.0	470.3	459.7	465.8	494.2	490.3
A. LIABILITIES (300=210+330)	437.8	449.0	403.1	401.0	322.2	321.8	230.0	251.1	212.3	233.7	264.0	267.8
I. Short -term liabilities	341.0	359.3	353.5	360.1	285.8	287.3	212.5	240.0	194.8	210.3	236.2	239.9
1. Short-term trade accounts payable	84.4	108.0	28.0	94.1	89.9	106.2	98.6	106.4	91.6	112.4	78.9	85.5
2. Short-term advances from customers	9.2	6.9	11.8	12.0	9.3	6.3	7.3	7.3	8.4	3.7	9.6	7.7
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	139.6	114.3	107.6	159.3	146.4	114.7	36.2	38.0	38.9	30.2	29.6	30.6
4. Payable to employees	16.0	30.7	24.2	20.4	11.8	27.3	23.2	20.0	13.3	26.3	35.5	38.1
5. Short-term acrrued expenses	5.8	7.3	78.1	3.1	4.8	1.1	5.4	7.2	12.7	2.3	30.0	20.9
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	9.3	9.5	20.5	18.9	9.9	9.8	18.0	32.4	15.7	12.5	28.4	29.2
10. Short-term borrowings and financial leases	69.2	71.5	67.9	36.1	9.9	12.9	9.7	12.9	9.7	12.9	9.7	12.9
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	7.3	11.1	15.4	16.3	3.8	8.8	14.1	15.9	4.6	9.9	14.5	14.9
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	96.8	89.8	49.6	41.0	36.4	34.5	17.6	11.1	17.5	23.4	27.9	27.9
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	6.5	0.0	0.0	5.9	3.9	3.9
8. Long-term borrowings and financial leases	96.8	89.8	49.6	41.0	36.4	34.5	11.1	11.1	17.5	17.5	23.9	23.9
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)	272.5	262.4	239.3	229.4	253.9	242.9	228.0	219.2	247.3	232.1	230.2	222.6
I. Owner's equity	272.5	262.4	239.3	229.4	253.9	242.9	228.0	219.2	247.3	232.1	230.2	222.6
1. Owner's capital	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0
- Common stock with voting right	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00	85,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	69.2	69.2	69.2	69.2	52.4	52.4	52.4	52.4	36.4	36.4	36.4	36.4
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	118.3	108.2	85.1	75.2	116.5	105.5	90.6	81.9	125.9	110.8	108.8	101.2
- Accumulated retained earning at the end of the previous period	108.3	47.9	47.8	48.3	105.0	50.0	50.0	50.0	111.9	58.4	69.6	69.6
- Undistributed earnings in this period	10.0	60.4	37.3	26.9	11.5	55.5	40.6	31.9	14.1	52.4	39.2	31.5
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)	710.4	711.5	642.5	630.4	576.0	564.7	458.0	470.3	459.7	465.8	494.2	490.3

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	12.6	29.0	13.3	19.1	14.4	70.9	-37.9	37.9	0.0	18.5	9.1	40.4
Depreciation of Fixed Assets and Investment Property	24.6	24.6	23.0	22.5	21.3	71.3	-34.8	34.8	0.0	16.3	14.3	25.9
Provision (Increase)/Reversal	0.1	-0.1	0.1	0.4	0.5	0.8	-0.5	0.5	0.0	-0.7	1.3	0.6
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	-0.7	-0.0	-0.0	-0.0	-0.1	0.1	-0.1	0.0	-0.4	-0.4	-1.4
Interest Expense	2.4	1.9	1.4	0.6	0.8	1.6	-1.0	1.0	0.0	0.6	0.7	1.8
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	39.7	54.7	37.8	42.7	36.9	144.5	-74.1	74.1	0.0	34.3	25.1	67.4
Increase/(Decrease) in Receivables	-24.5	35.2	-10.6	-8.7	-19.6	-4.5	24.0	-24.0	0.0	35.2	-7.7	-35.3
Increase/(Decrease) in Inventory	2.1	-3.0	2.5	9.8	8.2	-9.1	-8.8	8.8	0.0	-2.8	0.4	2.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.2	9.6	-32.4	24.9	19.3	69.8	-0.1	0.1	0.0	-32.6	1.3	42.4
Increase/(Decrease) in Prepaid Expenses	1.6	-32.0	5.3	3.0	0.7	-2.6	-0.3	0.3	0.0	-1.5	-0.0	-6.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.0	-1.4	-1.5	-0.6	-0.4	-1.6	1.0	-1.0	0.0	-0.6	-0.7	-1.8
Corporate Income Tax Paid	-5.9	-2.7	-4.3	-2.6	-3.4	-3.4	-4.2	-3.2	-4.6	-1.7	-4.2	-3.8
Other Operating Receipts	0.0	—	—	—	—	-13.4	13.4	-1.1	1.8	0.0	0.0	-1.0
Other Operating Payments	-3.8	-4.6	-0.7	-6.0	-5.1	268.3	-274.3	73.8	-85.5	-4.8	-0.2	65.0
Net Cash Flow from Operating Activities	7.1	55.9	-4.0	62.5	36.7	104.5	20.0	47.7	-8.1	25.4	13.9	26.5
Payments for Fixed Assets and Other Long-term Assets	-39.6	-62.8	-49.8	-46.6	-52.5	-87.4	-34.7	-18.7	-35.9	-42.8	-17.8	-21.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-0.2	—	—	-0.0	0.0	-0.0	0.0	0.0	0.0	-1.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	1.5	-1.0	1.0	0.0	0.0	0.0	3.6
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	0.0	0.0	-0.0	0.1	0.1	0.4	0.4	0.8
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	-39.6	-62.2	-50.0	-46.6	-52.4	-87.4	-34.2	-17.6	-35.9	-42.4	-17.4	-18.9
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	67.1	132.5	68.6	34.0	2.1	29.8	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-62.3	-88.8	-28.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-9.5	-0.0	-11.9	—	-8.5	-8.5	-11.9	-0.0	-16.6	-0.4	-11.9
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	4.8	34.3	40.4	18.9	-1.1	18.1	-11.7	-15.1	-3.2	-19.9	-3.6	-15.1
Net Cash Flow During the Period	-27.8	28.0	-13.6	34.9	-16.8	35.2	-25.9	14.9	-47.2	-36.9	-7.1	-7.5
Cash and Cash Equivalents at Beginning of Period	102.1	74.1	87.6	52.7	69.5	92.5	92.5	92.5	92.5	150.2	150.2	150.2
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	74.3	102.1	74.1	87.6	52.7	69.5	34.3	60.2	45.3	92.5	129.4	136.5

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TDW

What Is Changing

Drivers of TDW'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