TNI

Tập đoàn Thành Nam ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 5.68%, +6.85pp YoY

Price

4,820

Latest close

03 Jun 2026

P/E 4.08x

P/B 0.42x

EPS 1,182

BVPS 11,419

ROE 11.3%

ROA 7.3%

Profit Margin 5.7%

Asset Turnover 1.28x

Equity Mult. 1.56x

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

What Is Changing

On a TTM 2026Q1 basis, TNI has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,091bn
	                                
+1.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 62bn
	                                
+593.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    88.4%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	1,060.2	992.7	761.4	1,710.5	1,905.8
Growth	+7%	+30%	-55%	-10%	—
Net Income	43.5	-27.8	0.5	2.8	-17.8
Net Margin	4.10%	-2.80%	0.06%	0.16%	-0.93%

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	239.7	354.1	175.0	322.0	208.9	382.2	259.8	224.3	126.4	205.7	238.7	94.6
Growth	-32%	+102%	-46%	+54%	-45%	+47%	+16%	+77%	-39%	-14%	+152%	—
Net Income	6.6	52.6	-2.2	5.0	-5.3	-21.6	6.0	8.4	-9.0	17.9	4.0	7.9
Net Margin	2.76%	14.85%	-1.26%	1.55%	-2.56%	-5.65%	2.30%	3.75%	-7.09%	8.68%	1.68%	8.31%

Drivers of TNI's profit

TTM

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

Financial income ↑ 68.3bn

Other profit ↑ 29.3bn

Finance costs ↓ 8.5bn

Gross profit ↓ 25.1bn

Administrative expenses ↑ 10.7bn

TTM

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

Financial income ↑ 10.2bn

Gross profit ↑ 4.2bn

Administrative expenses ↑ 2.5bn

Finance costs ↑ 1.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -2.5% = -1.2% × 1.33 × 1.59

2026Q1 11.3% = 5.7% × 1.28 × 1.56

ROE rose from -2.5% to 11.3% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 5.7% +6.9pp Asset turnover: 1.28x -0.05x Leverage: 1.56x -0.03x

Is the profit sustainable?

Margins improved (+6.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 5.68%, rising 6.8pp. Despite pressure from Gross margin fell 2.3pp and SG&A / Revenue rose 1.0pp, the offset came from Net financial result / Revenue rose 7.1pp and Other profit / Revenue rose 2.7pp.

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 5.68% +6.8pp

Gross Margin 0.22% −2.3pp

SG&A / Revenue 2.00% +1.0pp

Non-core / Revenue 7.78% +9.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 135.4% of PBT and lifted net margin by 9.8pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 4.27%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 4.27% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.27% —

NOPAT Margin 2.93% —

Capital Turnover 1.46x −0.02x

Average Invested Capital 748.5bn +22.1bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.58x equity, net debt at 0.45x equity.

Inventory ended the period at 181.8bn, roughly 19.5% of total assets.

Over the last 12 months, working capital released 63.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +6.6bn

Inventories increased → lower CFO: −14.8bn

Payables increased → higher CFO: +71.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.6 days versus the same period last year. The main moves came from DIO fell 9.3 days, DSO fell 7.4 days, and DPO rose 1.9 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 120.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 60.7 days −7.4 days

Inventory 83.0 days −9.3 days

Payables 23.5 days +1.9 days

Cash Conversion Cycle 120.2 days −18.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 19.0bn due to capex of 80.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.45x and interest coverage at 2.03x.

At present, short-term debt accounts for 93.6% of total debt, cash equals 7.8% of debt, and total debt stands at 289.5bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 93.6% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 7.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.45x +0.18x

Interest Coverage 2.03x +2.54x

Cash / Debt 7.8% +0.9pp

Short-term Debt / Total Debt 93.6% +7.5pp

CFO / NI 1.00x +14.89x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -28.7bn in 2025, against investing cash flow of -18.5bn.

Post-investment cash flow was negative +47.1bn. Financing cash flow was negative +111.1bn.

CFO / net income was 1.00x.

After spending +80.8bn on fixed-asset investment, the business generated trailing free cash flow of −19.0bn.

Cash Conversion

CFO TTM 61.8bn −110.9bn

Cash Capex 80.8bn +74.3bn

FCF TTM −19.0bn −185.1bn

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 6.8 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 4.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.68% after expanding 6.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 88.4% of PBT and CFO / net income currently at 1.00x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,060.2	992.7	761.4	1,710.5	1,905.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,060.2	992.7	761.4	1,710.5	1,905.8
Cost of Goods Sold	1,062.1	965.9	709.1	1,575.7	0.0
Gross Profit	-1.9	26.8	52.3	134.8	27.5
Financial Income	61.0	0.5	1.5	1.5	1.3
Financial Expenses	14.5	28.2	28.3	24.6	-23.7
Interest Expense	14.5	28.0	24.3	24.3	-23.2
Share of Associates and Joint Ventures	-5.4	-6.2	-6.0	0.0	0.0
Selling Expenses	4.9	6.3	5.3	22.2	-0.8
General and Administrative Expenses	14.0	11.3	18.6	54.2	-5.3
Operating Profit	20.2	-24.7	-4.3	35.3	-1.0
Other Income	31.1	0.1	5.4	0.0	0.0
Other Expenses	6.8	2.9	0.5	5.2	0.0
Other Profit	24.4	-2.9	4.9	-5.2	-16.2
Profit Before Tax	44.6	-27.5	0.6	30.1	-17.2
Current Income Tax Expense	0.3	0.1	0.0	27.3	-0.5
Deferred Income Tax Expense	0.8	0.2	0.1	0.0	0.0
Net Income	43.5	-27.8	0.5	2.8	-17.8
Non-controlling Interest	-0.3	-0.0	0.2	0.0	0.0
Profit Attributable to Parent	43.7	-27.7	0.3	2.8	-17.8
Earnings per Share	833.00	-529.00	5.00	53.00	-338.54
Diluted EPS	833.00	-529.00	5.00	53.00	-338.54

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	706.7	634.2	600.3	616.8	878.2
I. Cash and cash equivalents	16.1	174.3	9.5	18.2	7.5
1. Cash	9.0	7.3	9.5	18.2	0.0
2. Cash equivalents	7.1	167.0	0.0	0.0	0.0
II. Short-term financial investments	7.8	9.0	9.3	9.1	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	7.8	9.0	9.3	9.1	0.0
III. Short-term receivables	494.0	219.5	298.3	363.7	569.7
1. Short-term trade accounts receivable	244.4	226.1	256.3	227.9	0.0
2. Short-term prepayments to suppliers	1.3	2.0	74.2	19.4	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	248.2	38.2	14.7	157.4	0.0
7. Provision for short-term doubtful debts (*)	—	-46.8	-46.8	-41.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	181.8	223.1	282.5	225.4	244.2
1. Inventories	181.8	223.1	282.5	230.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-4.6	0.0
V. Other short-term assets	7.1	8.4	0.6	0.5	50.6
1. Short-term prepayments	0.7	0.6	0.6	0.5	0.0
2. Value added tax to be reclaimed	6.4	7.8	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	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)	227.7	296.4	304.1	318.8	246.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	84.8	93.4	94.2	100.4	3.4
1. Tangible fixed assets	84.8	93.4	94.1	100.1	3.0
- Cost	135.6	136.1	128.5	125.9	0.0
- Accumulated depreciation	-50.8	-42.7	-34.4	-25.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.1	0.3	0.4
- Cost	1.1	1.1	1.1	1.1	0.0
- Accumulated depreciation	-1.1	-1.1	-1.0	-0.9	0.0
III. Investment properties	—	0.0	0.0	0.0	152.9
- 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	102.9	0.0	0.0	1.7	90.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	102.9	0.0	0.0	1.7	0.0
V. Long-term financial investments	—	197.8	204.0	210.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	197.8	204.0	210.0	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	40.0	5.2	5.9	6.7	0.0
1. Long-term prepayments	2.5	0.3	0.4	0.4	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	0.2	0.3
5. Goodwill	37.5	4.9	5.5	6.1	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	934.4	930.6	904.4	935.7	1,124.8
A. LIABILITIES (300=210+330)	343.4	427.5	373.0	404.4	553.0
I. Short -term liabilities	330.4	409.8	346.4	338.5	437.7
1. Short-term trade accounts payable	119.9	93.1	62.4	52.6	44.9
2. Short-term advances from customers	—	0.0	2.3	0.5	3.0
3. Taxes and other payables to state authorities	20.3	16.3	16.0	31.6	0.0
4. Payable to employees	0.6	0.4	0.4	0.3	0.0
5. Short-term acrrued expenses	0.7	1.1	0.7	0.9	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	0.1	4.4	0.0	0.0	0.0
10. Short-term borrowings and financial leases	187.5	293.1	263.4	251.2	338.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.4	1.4	1.4	1.4	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	13.0	17.7	26.6	65.8	115.3
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	30.3	0.0
8. Long-term borrowings and financial leases	12.0	17.5	26.5	35.5	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	1.0	0.3	0.1	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)	591.0	502.9	531.4	531.3	571.8
I. Owner's equity	591.0	502.9	531.4	531.3	0.0
1. Owner's capital	525.0	525.0	525.0	525.0	571.8
- Common stock with voting right	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3.8	3.8	3.8	3.8	3.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	4.2	4.2	4.2	4.2	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	7.9	-36.1	-7.7	-7.6	38.8
- Accumulated retained earning at the end of the previous period	-35.8	-8.4	-7.9	-10.4	55.9
- Undistributed earnings in this period	43.7	-27.7	0.3	2.8	-17.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	50.1	6.0	6.1	5.9	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)	934.4	930.4	904.4	935.7	1,124.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	44.6	-27.5	0.6	30.1	-17.2
Depreciation of Fixed Assets and Investment Property	9.8	8.4	8.8	1.6	0.8
Provision (Increase)/Reversal	—	0.0	5.8	45.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-1.8	-0.9	0.0
Gain/Loss from Investment Activities	-61.0	5.8	-0.6	-115.9	0.0
Interest Expense	14.5	28.0	24.3	24.3	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	7.9	14.7	37.0	-15.4	6.4
Increase/(Decrease) in Receivables	-79.3	71.7	63.4	269.8	0.0
Increase/(Decrease) in Inventory	41.3	59.0	-53.9	17.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.2	45.7	-20.0	-79.7	0.0
Increase/(Decrease) in Prepaid Expenses	-2.3	0.1	-0.2	-0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-14.8	-27.8	-24.6	-24.1	0.0
Corporate Income Tax Paid	-0.6	-14.4	-13.1	-0.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-2.7	0.0	-0.2	0.0
Net Cash Flow from Operating Activities	-28.7	146.2	-11.3	167.4	23.3
Payments for Fixed Assets and Other Long-term Assets	-52.1	-2.9	-0.3	-2.3	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	267.3	0.0
Loans and Purchases of Debt Instruments	—	-0.8	-9.3	-7.0	-282.7
Receipts from Loan Repayments and Sale of Debt Instruments	1.3	1.1	9.0	6.3	272.8
Investments in Other Entities	—	0.0	0.0	-333.7	0.0
Proceeds from Investments in Other Entities	31.0	0.0	0.0	20.0	0.0
Dividends and Interest Income Received	1.4	0.5	0.0	1.9	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	-18.5	-2.1	-0.5	-47.4	-9.8
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	482.8	706.4	606.5	728.6	703.0
Repayment of Borrowings	-593.9	-685.8	-603.4	-837.9	-716.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-111.1	20.7	3.1	-109.3	-13.5
Net Cash Flow During the Period	-158.2	164.8	-8.7	10.7	3.6
Cash and Cash Equivalents at Beginning of Period	174.3	9.5	18.2	7.5	7.5
FX Difference from Revaluation	—	-0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	16.1	174.3	9.5	18.2	7.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	239.7	354.1	175.0	322.0	208.9	382.2	259.8	224.3	126.4	205.7	238.7	94.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	239.7	354.1	175.0	322.0	208.9	382.2	259.8	224.3	126.4	205.7	238.7	94.6
Cost of Goods Sold	231.0	380.5	168.4	308.6	204.5	388.9	242.1	212.4	115.8	179.9	210.4	72.5
Gross Profit	8.7	-26.4	6.7	13.4	4.4	-6.7	17.8	11.9	10.6	25.8	28.3	22.1
Financial Income	10.7	59.7	0.2	0.7	0.5	0.1	0.1	2.3	0.1	0.9	0.2	0.2
Financial Expenses	4.8	3.8	3.7	3.5	3.5	7.7	6.2	7.0	6.7	7.7	6.5	8.2
Interest Expense	10.1	3.8	3.7	3.5	3.5	7.6	5.5	6.5	5.5	5.4	4.2	7.4
Share of Associates and Joint Ventures	—	-0.3	-1.8	-1.8	-1.9	-1.6	-1.5	-2.9	-1.5	-1.6	-1.5	0.0
Selling Expenses	2.2	1.4	1.2	1.1	1.3	1.8	1.2	1.2	1.9	1.3	1.3	0.4
General and Administrative Expenses	6.1	4.3	3.2	2.4	3.5	3.6	2.7	-4.6	9.7	3.4	15.1	5.8
Operating Profit	6.3	23.6	-3.0	5.3	-5.3	-21.3	6.3	7.8	-8.9	12.6	4.1	7.9
Other Income	0.4	31.1	0.0	0.0	0.0	0.0	0.1	3.0	0.0	5.3	0.1	0.0
Other Expenses	0.1	1.7	0.1	0.2	0.1	0.1	0.4	2.3	0.0	0.1	0.1	0.1
Other Profit	0.3	29.4	-0.1	-0.2	-0.1	-0.1	-0.3	0.7	-0.0	5.2	-0.0	-0.1
Profit Before Tax	6.5	53.1	-2.1	5.1	-5.3	-21.4	6.0	8.4	-9.0	17.8	4.0	7.9
Current Income Tax Expense	—	0.3	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Deferred Income Tax Expense	-0.1	0.2	0.2	0.1	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.6	52.6	-2.2	5.0	-5.3	-21.6	6.0	8.4	-9.0	17.9	4.0	7.9
Non-controlling Interest	0.1	-0.3	0.0	0.1	-0.0	-0.3	0.1	0.1	-9.0	0.0	0.1	1.6
Profit Attributable to Parent	6.5	52.9	-2.2	4.9	-5.3	-21.3	5.9	8.3	0.1	17.8	3.9	6.3
Earnings per Share	123.07	1,008.11	-42.72	93.87	-101.37	-405.70	111.80	158.56	1.15	339.72	74.85	119.75
Diluted EPS	123.07	1,008.11	-42.72	93.87	-101.37	-405.70	111.80	158.56	1.15	339.72	74.85	119.75

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)	598.3	706.7	466.4	485.6	441.1	634.3	576.7	587.4	582.6	610.5	619.4	564.4
I. Cash and cash equivalents	22.5	16.1	18.0	21.1	9.7	7.3	8.7	7.5	1.8	9.5	7.5	6.9
1. Cash	22.5	9.0	11.0	21.1	9.7	7.3	8.7	7.5	1.8	9.5	7.5	6.9
2. Cash equivalents	—	7.1	7.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	7.8	7.8	9.2	9.2	9.1	176.0	10.1	9.8	9.5	9.3	9.2	8.4
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	7.8	7.8	9.2	9.2	9.1	176.0	10.1	9.8	9.5	9.3	9.2	8.4
III. Short-term receivables	304.4	494.0	194.3	172.5	173.7	225.3	270.7	284.8	281.0	298.3	359.9	337.2
1. Short-term trade accounts receivable	206.6	244.4	216.3	189.7	156.1	226.1	222.3	244.6	245.2	256.3	337.6	254.1
2. Short-term prepayments to suppliers	28.8	1.3	0.8	0.9	5.1	7.8	65.6	82.6	77.7	74.2	37.1	88.5
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	69.0	248.2	24.0	28.8	59.3	38.2	29.6	4.3	12.1	14.7	38.8	35.6
7. Provision for short-term doubtful debts (*)	—	—	-46.8	-46.8	-46.8	-46.8	-46.8	-46.8	-54.1	-46.8	-53.7	-41.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	254.9	181.8	236.8	274.1	240.0	217.3	286.9	284.6	289.7	282.5	232.8	211.1
1. Inventories	254.9	181.8	236.8	274.1	240.0	217.3	286.9	284.6	289.7	282.5	233.0	213.7
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.3	-2.6
V. Other short-term assets	8.8	7.1	8.1	8.7	8.5	8.4	0.4	0.8	0.5	10.7	10.0	0.8
1. Short-term prepayments	1.3	0.7	1.2	1.0	0.9	0.6	0.4	0.8	0.5	0.6	0.5	0.8
2. Value added tax to be reclaimed	7.5	6.4	6.9	7.7	7.6	7.8	0.0	0.0	0.0	10.1	9.6	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	377.1	227.7	355.7	358.1	293.1	296.4	294.5	297.3	300.5	309.6	313.3	311.4
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	111.0	84.8	88.1	90.0	92.0	93.4	89.5	90.5	92.0	94.2	95.6	96.3
1. Tangible fixed assets	111.0	84.8	88.1	90.0	92.0	93.4	89.5	90.5	91.9	94.1	95.4	96.1
- Cost	164.8	—	—	—	—	136.1	130.1	129.1	128.5	128.5	125.1	123.6
- Accumulated depreciation	-53.8	—	—	—	—	-42.7	-40.6	-38.6	-36.5	-34.4	-29.7	-27.5
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	0.0	0.1	0.1	0.1	0.2
- Cost	1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.1	—	—	—	—	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	103.2	102.9	1.5	0.3	0.1	0.0	0.0	0.1	0.2	0.0	1.7	1.7
1. Long-term production in progress	—	—	—	—	0.1	0.0	0.0	0.1	0.2	0.0	1.7	1.7
2. Construction in progress	103.2	102.9	1.5	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	261.1	262.9	195.9	197.8	199.7	201.1	202.6	209.6	210.0	207.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	261.1	262.9	195.9	197.8	199.7	201.1	202.6	210.0	210.0	207.1
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	-0.4	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	162.9	40.0	5.1	4.9	5.0	5.1	5.3	5.5	0.3	0.4	0.3	0.5
1. Long-term prepayments	2.8	2.5	0.6	0.3	0.2	0.3	0.3	0.3	0.3	0.4	0.3	0.5
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	160.1	37.5	4.4	4.6	4.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	4.9	5.0	5.2	5.4	5.5	5.7	5.8
TOTAL ASSETS (280=100+200)	975.4	934.4	822.2	843.6	734.1	930.7	871.3	884.7	883.1	920.1	932.7	875.8
A. LIABILITIES (300=210+330)	375.9	338.5	323.4	341.6	236.3	427.5	342.5	352.4	360.7	383.1	422.0	373.1
I. Short -term liabilities	356.5	329.2	298.8	323.7	216.3	409.7	322.7	330.3	336.3	356.6	393.2	333.0
1. Short-term trade accounts payable	62.6	119.9	105.8	105.2	77.3	93.1	32.9	44.6	46.7	62.4	87.8	56.4
2. Short-term advances from customers	0.1	—	2.3	0.2	0.4	0.0	5.3	5.3	0.0	2.3	0.5	0.5
3. Taxes and other payables to state authorities	20.0	15.6	15.2	13.9	14.0	16.2	2.6	1.6	4.8	26.1	33.3	24.6
4. Payable to employees	1.0	0.6	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
5. Short-term acrrued expenses	0.2	0.7	0.8	0.9	0.2	1.2	0.3	0.4	0.0	0.7	0.2	1.2
6. Short-term inter-company payables	—	—	—	0.0	—	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	0.2	0.1	0.6	30.7	0.1	4.4	0.7	0.1	5.6	0.0	12.0	2.0
10. Short-term borrowings and financial leases	271.1	191.1	172.2	171.0	122.7	293.1	279.0	276.6	277.5	263.4	257.6	246.4
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	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
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	19.3	9.2	24.6	17.8	20.0	17.7	19.8	22.1	24.3	26.5	28.8	40.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	18.4	8.4	24.0	17.4	19.8	17.5	19.7	22.0	24.2	26.5	28.8	40.1
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	0.9	0.8	0.6	0.5	0.2	0.3	0.1	0.1	0.1	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)	599.5	595.9	498.8	502.1	497.8	503.2	528.8	532.3	522.4	537.0	510.7	502.7
I. Owner's equity	599.5	595.9	498.8	502.1	497.8	503.2	528.8	532.3	522.4	537.0	510.7	502.7
1. Owner's capital	525.0	525.0	525.0	525.0	525.0	525.0	525.0	525.0	525.0	525.0	525.0	525.0
- Common stock with voting right	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00	525,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8
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	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2
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	14.4	12.9	-40.4	-37.0	-41.2	-35.9	-10.6	-7.0	-16.7	-2.1	-28.4	-36.2
- Accumulated retained earning at the end of the previous period	7.9	-35.8	-35.8	-35.8	-35.9	-8.2	-7.7	-7.7	-7.7	-7.9	-7.9	-7.9
- Undistributed earnings in this period	6.5	48.7	-4.5	-1.2	-5.3	-27.7	-2.9	0.7	-9.0	5.9	-20.4	-28.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	52.1	50.1	6.1	6.1	6.0	6.1	6.4	6.3	6.2	6.1	6.1	5.9
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)	975.4	934.4	822.2	843.6	734.1	930.7	871.3	884.7	883.1	920.1	932.7	875.8

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	6.5	48.7	-3.1	4.4	-5.3	-29.4	10.7	-1.4	-7.5	25.2	3.9	4.5
Depreciation of Fixed Assets and Investment Property	5.1	3.0	2.3	2.4	2.1	2.1	2.0	2.1	2.2	6.4	-1.9	4.0
Provision (Increase)/Reversal	—	—	0.0	-0.4	0.4	0.8	-3.5	10.8	-7.3	4.4	0.0	-41.1
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	-0.0	-0.3	0.0	0.0	-1.8	-0.1	0.1
Gain/Loss from Investment Activities	-10.7	-59.7	-0.2	-2.5	1.4	-0.1	-0.1	-0.1	-0.1	-0.6	0.3	-0.6
Interest Expense	10.1	3.8	3.7	3.5	3.5	7.6	4.0	8.7	5.5	6.0	3.9	8.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	11.0	-4.3	2.7	7.3	2.1	-19.0	12.9	20.0	-7.2	39.5	6.2	-24.9
Increase/(Decrease) in Receivables	129.6	-105.4	-21.0	3.3	43.8	49.0	7.3	14.1	0.5	45.0	-8.4	99.1
Increase/(Decrease) in Inventory	-73.1	55.0	37.3	-34.0	-16.9	69.5	-2.3	5.1	-7.2	-45.2	-25.1	12.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	32.6	3.1	6.3	29.4	-19.7	60.0	-14.1	-11.5	7.1	-19.7	29.1	-37.9
Increase/(Decrease) in Prepaid Expenses	-1.0	-1.3	-0.5	-0.2	-0.2	-0.2	0.3	-0.1	0.1	-0.8	0.6	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.7	-3.8	-3.7	-3.1	-4.3	-7.1	-5.1	-7.6	-6.2	-4.5	-6.0	-8.0
Corporate Income Tax Paid	—	-0.3	0.0	-0.1	-0.2	-0.2	0.0	-4.7	-9.5	-7.2	-1.5	1.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	-0.6	6.3	-1.2	-2.7	2.7	6.5	-6.5	57.3
Net Cash Flow from Operating Activities	94.4	-56.9	21.1	3.2	4.0	158.4	-2.3	12.6	-19.6	13.7	-11.5	100.1
Payments for Fixed Assets and Other Long-term Assets	-29.5	-49.5	-1.4	-0.4	-0.8	-5.7	0.7	-0.7	0.0	0.1	-0.1	-0.3
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	-0.1	—	-0.1	-0.1	-0.1	-167.0	-0.4	0.0	0.0	-9.3	0.0	4.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.3	—	—	—	1.1	0.5	-0.5	0.0	2.0	6.3	-98.0
Investments in Other Entities	-122.7	—	—	—	—	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	31.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	10.7	0.1	0.2	0.8	0.4	0.0	-0.2	0.2	0.0	0.0	-0.3	0.4
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	-141.5	51.7	-1.3	-68.4	-0.5	-171.6	0.5	-1.0	0.0	-7.2	5.9	-93.3
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	187.6	240.0	-56.8	236.8	62.9	199.3	148.4	190.0	168.8	151.8	131.1	125.0
Repayment of Borrowings	-134.1	-236.7	34.0	-160.2	-231.0	-187.5	-148.2	-193.1	-156.9	-156.4	-124.9	-322.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	187.3
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	53.5	3.2	-22.9	76.6	-168.1	11.8	0.1	-3.2	11.9	-4.6	6.2	-9.8
Net Cash Flow During the Period	6.4	-2.0	-3.0	11.3	-164.6	-1.4	-1.6	8.5	-7.7	2.0	0.5	-3.0
Cash and Cash Equivalents at Beginning of Period	16.1	18.0	21.1	9.7	174.3	9.5	9.5	9.5	9.5	18.2	18.2	18.2
FX Difference from Revaluation	—	—	-0.0	—	—	-0.0	0.0	0.0	0.0	0.0	0.1	-0.1
Cash and Cash Equivalents at End of Period	22.5	16.1	18.0	21.1	9.7	7.3	8.7	10.3	1.8	9.5	7.5	6.9

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TNI

What Is Changing

Drivers of TNI's profit

Financial Highlights

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲

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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