THS

Thanh Hoa - Sông Đà ·HNX ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 0.06x

Price

9,100

Latest close

28 Apr 2026

P/E 46.91x

P/B 0.72x

EPS 194

BVPS 12,627

ROE 1.4%

ROA 0.3%

Profit Margin 0.1%

Asset Turnover 2.22x

Equity Mult. 4.58x

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

What Is Changing

On a TTM 2026Q1 basis, THS is maintaining revenue, but margins are compressing slightly — profit is at an all-time high. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 393bn
	                                
+36.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−61.7%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    53.8%

Metric	2025	2024	2023	2022	2021
Revenue	352.6	268.2	226.6	252.8	278.4
Growth	+31%	+18%	-10%	-9%	—
Net Income	0.5	1.1	2.4	3.4	3.8
Net Margin	0.14%	0.41%	1.04%	1.35%	1.36%

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	117.7	86.9	67.4	120.8	77.5	60.6	51.9	98.7	57.1	49.2	48.2	76.9
Growth	+35%	+29%	-44%	+56%	+28%	+17%	-47%	+73%	+16%	+2%	-37%	—
Net Income	0.2	-0.1	0.2	0.2	0.2	0.3	0.2	0.6	0.2	0.8	0.6	0.8
Net Margin	0.19%	-0.13%	0.26%	0.20%	0.27%	0.55%	0.46%	0.59%	0.41%	1.58%	1.17%	1.06%

Drivers of THS's profit

TTM

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

Gross profit ↑ 2.2bn

Financial income ↑ 0.7bn

Tax ↓ 0.2bn

Finance costs ↑ 2.4bn

Administrative expenses ↑ 1.3bn

Other profit ↓ 0.2bn

TTM

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

Gross profit ↑ 1.3bn

Financial income ↑ 0.1bn

Finance costs ↑ 0.9bn

Administrative expenses ↑ 0.2bn

Other profit ↓ 0.2bn

Tax ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.4% = 0.5% × 2.25 × 3.20

2026Q1 1.4% = 0.1% × 2.22 × 4.58

ROE fell from 3.4% to 1.4% — asset turnover weakened the most, though leverage still provided support.

Net margin: 0.1% -0.3pp Asset turnover: 2.22x -0.04x Leverage: 4.58x +1.38x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 0.13%, falling 0.3pp. The main pressure is Gross margin fell 1.1pp, outweighing the improvement in SG&A / Revenue fell 1.0pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.1pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 0.13% −0.3pp

Gross Margin 5.28% −1.1pp

SG&A / Revenue 4.25% −1.0pp

Non-core / Revenue -0.86% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 0.3pp, financial result still accounts for 53.8% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 0.06% −0.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 3.23x equity, net debt at 2.72x equity.

Inventory ended the period at 64.8bn, roughly 40.7% of total assets.

Over the last 12 months, working capital absorbed 1.3bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +3.4bn

Inventories increased → lower CFO: −18.9bn

Payables increased → higher CFO: +14.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.5 days versus the same period last year. The main moves came from DIO fell 1.0 days, DSO fell 5.6 days, and DPO fell 4.2 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Working Capital Efficiency

Receivables 11.5 days −5.6 days

Inventory 92.1 days −1.0 days

Payables 30.9 days −4.2 days

Cash Conversion Cycle 72.7 days −2.5 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.72x and interest coverage only at 0.06x.

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

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

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.72x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.06x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.72x +0.56x

Interest Coverage 0.06x −0.37x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -46.83x −23.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -26.7bn in 2025, against investing cash flow of -7.9bn.

Post-investment cash flow was negative +34.6bn. Financing cash flow was positive +33.2bn.

CFO / net income was -46.83x.

After spending +7.1bn on fixed-asset investment, the business generated trailing free cash flow of −31.6bn.

Cash Conversion

CFO TTM 24.5bn +6.8bn

Cash Capex 7.1bn −0.8bn

FCF TTM −31.6bn +7.6bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 0.06x. The next watchpoint is the earnings mix, when non-core contribution is -570.5%. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 7.6bn versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -570.5% of PBT and CFO / net income currently at -46.83x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.06x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	352.6	268.5	226.6	252.8	279.0
Revenue Deductions	0.0	0.2	0.0	0.0	0.0
Net Revenue	352.6	268.2	226.6	252.8	278.4
Cost of Goods Sold	332.6	251.0	209.1	233.2	0.0
Gross Profit	20.0	17.2	17.5	19.6	20.3
Financial Income	1.3	0.8	0.5	0.1	0.3
Financial Expenses	4.3	2.4	2.2	1.3	-0.9
Interest Expense	4.3	2.4	2.2	1.3	-0.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	10.1	9.9	8.8	10.1	-10.5
General and Administrative Expenses	6.3	4.8	4.4	4.6	-5.1
Operating Profit	0.6	0.9	2.6	3.8	4.1
Other Income	1.2	1.5	1.5	1.9	0.0
Other Expenses	1.2	1.1	1.1	1.3	0.0
Other Profit	0.0	0.4	0.3	0.6	0.6
Profit Before Tax	0.6	1.4	3.0	4.4	4.7
Current Income Tax Expense	0.5	0.3	0.6	1.0	-0.9
Deferred Income Tax Expense	-0.3	0.0	0.0	0.0	0.0
Net Income	0.5	1.1	2.4	3.4	3.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.5	1.1	2.4	3.4	3.8
Earnings per Share	188.00	403.00	874.00	1,200.00	1,399.00
Diluted EPS	188.00	403.00	874.00	1,200.00	1,259.50

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	127.1	91.0	51.7	47.1	49.8
I. Cash and cash equivalents	3.6	5.1	4.4	3.3	4.2
1. Cash	3.6	5.1	4.4	3.3	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	43.6	14.9	0.0	0.0	0.0
1. Available for sale securities	43.6	14.9	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	14.1	27.9	14.1	11.2	10.5
1. Short-term trade accounts receivable	7.2	17.5	11.0	9.0	0.0
2. Short-term prepayments to suppliers	3.7	8.0	0.5	0.5	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	3.6	2.9	3.0	2.5	0.0
7. Provision for short-term doubtful debts (*)	-0.5	-0.5	-0.4	-0.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	64.8	42.9	32.6	31.6	34.0
1. Inventories	65.3	43.9	33.4	32.3	0.0
2. Provision for decline in value of inventories	-0.5	-1.1	-0.8	-0.8	0.0
V. Other short-term assets	1.0	0.2	0.6	1.1	1.1
1. Short-term prepayments	0.3	0.1	0.0	0.2	0.0
2. Value added tax to be reclaimed	0.7	0.2	0.0	0.3	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.6	0.6	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)	32.0	28.4	24.0	23.9	24.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	9.0	8.9	11.4	12.7	12.5
1. Tangible fixed assets	9.0	8.9	11.4	12.7	12.5
- Cost	31.5	29.1	29.3	28.1	0.0
- Accumulated depreciation	-22.5	-20.2	-17.9	-15.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	16.3	9.8	10.4	11.0	11.6
- Cost	29.0	20.9	20.9	20.9	0.0
- Accumulated depreciation	-12.7	-11.1	-10.5	-9.9	0.0
IV. Long-term assets in progress	4.7	7.3	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.7	7.3	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.1	2.4	2.3	0.2	0.0
1. Long-term prepayments	1.7	2.4	2.3	0.2	0.0
2. Deferred income tax assets	0.3	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	0.1
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)	159.1	119.4	75.7	71.0	74.0
A. LIABILITIES (300=210+330)	121.5	80.0	35.3	30.8	34.4
I. Short -term liabilities	120.8	79.4	35.3	30.8	34.4
1. Short-term trade accounts payable	13.7	9.4	7.4	13.2	16.3
2. Short-term advances from customers	0.1	0.1	0.0	0.3	0.8
3. Taxes and other payables to state authorities	0.4	0.1	0.4	0.4	0.0
4. Payable to employees	1.0	0.0	0.0	0.1	0.0
5. Short-term acrrued expenses	—	0.1	0.0	0.0	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	0.3	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.1	0.5	0.4	0.0
10. Short-term borrowings and financial leases	105.1	69.7	27.0	16.4	15.6
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	0.6	0.6	0.0	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	0.6	0.6	0.0	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)	37.7	39.3	40.4	40.2	39.6
I. Owner's equity	37.7	39.3	40.4	40.2	0.0
1. Owner's capital	30.0	30.0	30.0	30.0	39.6
- Common stock with voting right	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00
- 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	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	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	9.3	10.4	10.2	8.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	0.5	1.1	2.4	3.4	3.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	0.5	1.1	2.4	3.4	3.8
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)	159.1	119.4	75.7	71.0	74.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.6	1.4	3.0	4.4	4.7
Depreciation of Fixed Assets and Investment Property	3.9	3.0	3.1	2.7	2.6
Provision (Increase)/Reversal	-0.6	0.3	0.1	0.2	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	0.1	0.0
Interest Expense	4.3	2.4	2.2	1.3	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	8.3	7.1	8.3	8.7	8.5
Increase/(Decrease) in Receivables	13.3	-7.0	-2.6	0.4	0.0
Increase/(Decrease) in Inventory	-15.3	-10.5	-1.1	1.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.4	2.2	-5.9	-3.8	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	-0.1	-2.0	-0.1	0.0
Changes in Trading Securities	-28.8	-14.9	0.0	0.0	0.0
Interest Paid	-4.3	-2.4	-2.2	-1.3	0.0
Corporate Income Tax Paid	-0.1	-0.4	-0.8	-1.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	-0.8	0.0
Net Cash Flow from Operating Activities	-26.7	-26.0	-6.2	3.2	-4.2
Payments for Fixed Assets and Other Long-term Assets	-7.9	-13.8	-1.2	-3.1	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.7	0.1
Loans and Purchases of Debt Instruments	—	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
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	0.0	0.0	0.0	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-7.9	-13.8	-1.2	-2.2	-1.0
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	335.1	220.2	134.3	93.8	113.5
Repayment of Borrowings	-299.8	-177.6	-123.7	-93.0	-106.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.2	-2.2	-2.2	-2.7	-2.7
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	33.2	40.5	8.4	-1.8	4.8
Net Cash Flow During the Period	-1.4	0.7	1.1	-0.9	0.4
Cash and Cash Equivalents at Beginning of Period	5.1	4.4	3.3	4.2	4.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.6	5.1	4.4	3.3	4.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	117.7	86.9	67.4	120.8	77.5	60.8	51.9	98.7	57.1	49.2	48.2	76.9
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	117.7	86.9	67.4	120.8	77.5	60.6	51.9	98.7	57.1	49.2	48.2	76.9
Cost of Goods Sold	112.1	81.7	62.3	116.0	73.1	55.2	47.7	94.2	53.6	44.3	44.0	72.2
Gross Profit	5.6	5.2	5.1	4.8	4.4	5.4	4.2	4.5	3.6	4.9	4.2	4.7
Financial Income	0.2	0.3	0.3	0.5	0.1	0.3	0.2	0.1	0.2	0.2	0.3	0.0
Financial Expenses	1.7	1.3	1.1	1.1	0.8	0.8	0.7	0.4	0.5	0.5	0.5	0.6
Interest Expense	1.7	1.3	1.1	1.1	0.8	0.8	0.7	0.4	0.5	0.5	0.5	0.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.4	2.8	2.5	2.5	2.4	3.2	2.2	2.4	2.0	2.5	2.0	2.1
General and Administrative Expenses	1.5	1.7	1.8	1.5	1.3	1.4	1.3	1.2	1.0	1.2	1.3	1.1
Operating Profit	0.3	-0.2	0.0	0.3	0.0	0.2	0.2	0.7	0.2	0.9	0.6	0.9
Other Income	0.3	0.4	0.6	0.4	0.4	0.4	0.5	0.3	0.3	0.3	0.4	0.4
Other Expenses	0.3	0.3	0.4	0.3	0.2	0.2	0.4	0.3	0.2	0.2	0.4	0.3
Other Profit	0.0	0.1	0.2	0.0	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1
Profit Before Tax	0.3	-0.1	0.2	0.3	0.3	0.4	0.3	0.7	0.3	1.0	0.7	1.0
Current Income Tax Expense	0.1	-0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	-0.1	0.2	0.2	0.2	0.3	0.2	0.6	0.2	0.8	0.6	0.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	-0.1	0.2	0.2	0.2	0.3	0.2	0.6	0.2	0.8	0.6	0.8
Earnings per Share	83.00	-42.00	64.00	89.00	78.00	123.00	89.00	217.00	86.00	288.00	209.00	302.00
Diluted EPS	74.51	-37.97	57.96	79.92	69.94	110.85	80.03	195.00	77.32	259.45	188.11	271.77

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)	173.3	127.0	134.2	112.1	122.2	91.1	93.4	80.8	82.6	51.7	55.5	59.7
I. Cash and cash equivalents	2.0	3.6	1.3	5.6	1.7	5.1	5.3	5.7	5.1	4.4	2.2	1.3
1. Cash	2.0	3.6	1.3	5.6	1.7	5.1	5.3	5.7	5.1	4.4	2.2	1.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	43.6	59.0	59.2	14.9	14.9	14.9	14.9	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	43.6	43.6	43.6	—	—	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	—	15.4	15.5	14.9	14.9	14.9	14.9	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	17.6	14.0	9.9	23.6	21.1	28.2	25.6	22.3	19.5	14.3	7.9	4.2
1. Short-term trade accounts receivable	13.0	7.2	5.5	19.3	11.7	17.6	20.6	13.3	15.3	11.0	6.2	2.3
2. Short-term prepayments to suppliers	1.9	3.7	2.6	0.5	7.3	8.2	4.4	3.9	0.8	0.5	0.5	0.8
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	3.6	2.4	4.3	2.6	2.9	1.1	5.7	3.8	3.3	1.5	1.5
7. Provision for short-term doubtful debts (*)	3.2	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.4	-0.4	-0.4	-0.4
8. Assets awaiting resolution	-0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	105.8	49.4	61.3	65.0	80.6	42.8	47.2	51.4	55.7	32.4	44.3	52.0
1. Inventories	106.3	49.9	62.8	65.7	81.4	43.9	48.2	52.2	56.5	33.2	44.8	52.7
2. Provision for decline in value of inventories	-0.5	-0.5	-1.5	-0.8	-0.8	-1.1	-1.0	-0.8	-0.8	-0.8	-0.5	-0.7
V. Other short-term assets	4.3	0.9	2.5	3.1	4.0	0.2	0.5	1.4	2.3	0.6	1.1	2.2
1. Short-term prepayments	0.3	0.2	0.4	0.2	0.1	0.1	0.0	0.1	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	4.0	0.7	2.1	2.9	3.9	0.1	0.5	1.3	2.2	0.0	1.0	2.1
3. Taxes and other receivables from state authorities	0.0	0.0	—	—	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0
4. Government bonds	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	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)	30.6	31.8	33.1	69.7	28.5	28.4	25.7	22.0	23.0	24.0	25.1	26.1
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	8.5	9.0	9.6	9.9	8.4	10.8	9.5	10.1	10.7	11.4	12.0	15.2
1. Tangible fixed assets	8.5	9.0	9.6	9.9	8.4	10.8	9.5	10.1	10.7	11.4	12.0	15.2
- Cost	31.5	—	—	—	—	31.1	29.1	29.1	29.3	29.3	29.3	32.1
- Accumulated depreciation	-23.1	—	—	—	—	-20.2	-19.6	-19.0	-18.6	-17.9	-17.3	-16.9
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	—	—	—	—	—	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
III. Investment properties	15.7	16.3	16.9	17.4	9.6	14.3	14.4	10.1	10.2	10.4	10.5	10.7
- Cost	29.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.8	4.7	4.5	4.5	8.1	0.7	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.8	4.7	4.5	4.5	8.1	0.7	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	35.1	—	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	—	—	—	35.1	—	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	1.7	1.8	2.2	2.7	2.4	2.6	1.7	1.8	2.0	2.3	2.6	0.2
1. Long-term prepayments	1.3	1.8	2.2	2.7	2.4	2.6	1.7	1.8	2.0	2.3	2.6	0.2
2. Deferred income tax assets	0.3	—	—	—	—	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)	203.9	158.8	167.3	181.7	150.7	119.5	119.1	102.8	105.6	75.7	80.5	85.8
A. LIABILITIES (300=210+330)	166.0	121.2	129.5	144.1	111.2	80.1	79.9	63.8	65.0	35.3	40.9	46.7
I. Short -term liabilities	165.2	120.3	128.7	143.5	110.5	80.1	79.9	63.8	65.0	35.3	40.9	46.7
1. Short-term trade accounts payable	41.3	13.7	17.2	39.4	21.6	9.4	9.9	20.8	30.3	7.4	10.3	18.7
2. Short-term advances from customers	0.2	0.1	0.0	0.2	0.4	0.1	0.0	0.1	0.1	0.0	0.3	0.1
3. Dividends and profits payable	1.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.6	0.1	1.0	1.2	0.6	0.1	0.5	0.3	0.1	0.4	1.3	0.7
4. Payable to employees	—	0.6	0.6	—	0.6	0.0	0.6	0.7	0.5	0.0	0.4	0.5
5. Short-term acrrued expenses	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
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	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.3	0.6	0.1	—	0.0	0.0	0.0	0.3	0.0	0.0	0.0
9. Other short-term payables	121.4	0.6	0.1	-0.0	0.1	0.7	0.6	0.6	0.1	0.5	0.1	0.1
10. Short-term borrowings and financial leases	—	105.1	109.2	102.5	87.2	69.7	68.4	41.3	33.7	27.0	28.6	26.7
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	0.8	0.8	0.8	0.6	0.6	0.0	0.0	0.0	0.0	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	0.8	0.8	0.8	0.6	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	37.9	37.7	37.8	37.6	39.5	39.5	39.1	39.0	40.6	40.4	39.6	39.1
I. Owner's equity	37.9	37.7	37.8	37.6	39.5	39.5	39.1	39.0	40.6	40.4	39.6	39.1
1. Owner's capital	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
- Common stock with voting right	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00
- 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	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00	-2,162,020,000.00
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	9.3	9.3	9.3	9.3	10.4	10.4	10.4	10.4	10.2	10.2	10.2	10.2
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	0.7	0.5	0.6	0.4	1.3	1.2	0.9	0.8	2.6	2.4	1.6	1.1
- Accumulated retained earning at the end of the previous period	0.5	—	—	—	—	0.0	0.0	0.0	2.4	0.0	0.0	0.0
- Undistributed earnings in this period	0.2	0.5	0.6	0.4	1.3	1.2	0.9	0.8	0.2	2.4	1.6	1.1
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)	203.9	158.8	167.3	181.7	150.7	119.5	119.1	102.8	105.6	75.7	80.5	85.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	0.3	-0.1	0.2	0.3	0.3	0.4	0.3	0.5	0.3	1.0	0.7	1.0
Depreciation of Fixed Assets and Investment Property	1.1	1.1	1.2	0.9	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.7
Provision (Increase)/Reversal	—	-1.0	0.0	0.7	-0.3	0.0	-0.2	0.2	0.0	0.5	0.0	-0.5
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	0.2	0.0	—	-0.1	0.1	0.0	0.7	-0.2	0.2	-0.4	0.4	-0.1
Interest Expense	1.7	1.3	1.1	1.1	0.8	0.8	0.7	0.1	0.8	0.5	0.5	0.3
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	3.3	1.3	2.5	2.9	1.6	2.0	2.3	1.5	2.0	2.4	2.4	1.5
Increase/(Decrease) in Receivables	-6.8	-2.8	14.4	-1.4	3.1	-2.3	-2.4	-1.9	-7.1	-6.2	-2.5	7.4
Increase/(Decrease) in Inventory	-41.1	3.6	3.9	14.7	-37.4	4.4	4.2	4.3	-23.1	11.7	7.6	5.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	28.1	-10.3	-14.5	10.8	13.6	-1.3	-10.7	-9.0	23.1	-3.8	-7.8	-10.5
Increase/(Decrease) in Prepaid Expenses	0.4	0.6	0.4	-0.5	0.0	-0.9	0.2	0.2	0.2	0.3	0.2	-2.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.7	-1.3	-1.2	-1.1	-0.8	-0.8	-0.7	-0.1	-0.8	-0.5	-0.5	-0.3
Corporate Income Tax Paid	—	0.0	-0.1	-0.0	—	-0.1	-0.1	-0.1	-0.2	-0.4	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	-1.1	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	-0.0
Net Cash Flow from Operating Activities	-17.7	6.7	-38.9	25.4	-20.0	1.1	-7.3	-5.1	-5.8	3.4	-0.7	0.7
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.2	-7.3	0.4	-0.9	12.3	-19.4	0.0	0.0	0.0	0.0	1.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	-14.9	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	-0.2	-0.0	—	0.1	-0.1	-0.1	-0.7	0.2	-0.2	0.4	-0.4	0.1
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	-0.3	-0.2	27.8	-34.6	-1.0	-2.6	-20.1	0.2	-0.2	0.4	-0.4	1.5
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	128.2	77.5	92.6	86.6	78.5	50.2	70.9	57.5	41.6	31.5	34.6	40.2
Repayment of Borrowings	-111.9	-81.6	-85.9	-71.3	-60.9	-48.9	-43.9	-49.8	-35.0	-33.1	-32.7	-40.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-2.2	—	0.0	-0.1	-2.1	0.0	-0.0	-0.0	-2.1
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	16.3	-4.1	6.7	13.1	17.5	1.3	26.9	5.6	6.7	-1.5	1.9	-2.5
Net Cash Flow During the Period	-1.7	2.4	-4.3	4.0	-3.4	-0.2	-0.5	0.7	0.7	2.2	0.8	-0.3
Cash and Cash Equivalents at Beginning of Period	3.6	1.3	5.6	1.7	5.1	4.4	4.4	4.4	4.4	3.3	3.3	3.3
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	2.0	3.6	1.3	5.6	1.7	5.1	5.3	5.7	5.1	4.4	2.2	1.3

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THS

What Is Changing

Drivers of THS's profit

Financial Highlights

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Balance Sheet ▼▼

Working Capital Efficiency ●

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Leverage & Liquidity ▼

Cash Flow ▲

Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow