TNT

Tập đoàn TNT ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 2.75%, +2.44pp YoY

Price

9,970

Latest close

03 Jun 2026

P/E 14.34x

P/B 0.77x

EPS 695

BVPS 12,984

ROE 2.6%

ROA 2.0%

Profit Margin 1.5%

Asset Turnover 1.39x

Equity Mult. 1.27x

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

What Is Changing

On a TTM 2026Q1 basis, TNT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — this marks a reversal from the difficult phase before. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,141bn
	                                
+38.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
+1109.0%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -5.08x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,015.7	918.2	637.5	379.3	640.9
Growth	+11%	+44%	+68%	-41%	—
Net Income	19.8	-0.1	18.7	6.9	29.7
Net Margin	1.95%	-0.01%	2.93%	1.83%	4.64%

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	227.3	573.5	208.4	131.7	102.3	187.7	220.3	315.3	194.9	261.8	208.5	106.2
Growth	-60%	+175%	+58%	+29%	-46%	-15%	-30%	+62%	-26%	+26%	+96%	—
Net Income	17.6	10.4	2.8	0.7	6.0	-4.6	0.7	0.5	3.3	11.6	2.3	4.6
Net Margin	7.74%	1.81%	1.33%	0.50%	5.86%	-2.43%	0.30%	0.16%	1.71%	4.43%	1.09%	4.37%

Drivers of TNT's profit

TTM

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

Gross profit ↑ 57.1bn

Finance costs ↓ 19.8bn

Other profit ↑ 5.6bn

Financial income ↓ 44.2bn

Minority interests ↑ 15.1bn

Administrative expenses ↑ 5.5bn

TTM

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

Gross profit ↑ 22.9bn

Minority interests ↑ 8.5bn

Financial income ↓ 6.1bn

Tax ↑ 3.0bn

Administrative expenses ↑ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.4% = 0.3% × 0.71 × 1.77

2026Q1 4.9% = 2.8% × 1.39 × 1.27

ROE rose from 0.4% to 4.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 2.8% +2.4pp Asset turnover: 1.39x +0.68x Leverage: 1.27x -0.50x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 2.75%, rising 2.4pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 1.9pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 2.75% +2.4pp

Gross Margin 5.65% +4.8pp

SG&A / Revenue -0.17% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 73.4 days.

Is capital being deployed efficiently?

ROIC expanded to 4.11%, rising 3.7pp. That translates to 4.11 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.1pp and capital turnover rose 0.85x, while invested capital contracted by 371bn — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 4.11% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.11% +3.7pp

NOPAT Margin 2.54% +2.1pp

Capital Turnover 1.62x +0.85x

Average Invested Capital 705.1bn −370.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.29x equity, net debt at 0.12x equity.

Over the last 12 months, working capital released 36.7bn 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: +19.5bn

Inventories increased → lower CFO: −88.1bn

Payables increased → higher CFO: +105.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.7 days versus the same period last year. The main moves came from DIO rose 11.9 days, DSO fell 4.4 days, and DPO rose 14.1 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Inventory turnover is slowing

DIO increased by +11.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 68.1 days −4.4 days

Inventory 24.5 days +11.9 days

Payables 19.2 days +14.1 days

Cash Conversion Cycle 73.4 days −6.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 87.5bn due to capex of 2.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.12x and interest coverage only at 0.96x.

At present, short-term debt accounts for 98.2% of total debt, cash equals 29.4% of debt, and total debt stands at 116.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.96x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.12x +0.07x

Interest Coverage 0.96x +0.82x

Cash / Debt 29.4% −17.4pp

Short-term Debt / Total Debt 98.2% −0.7pp

CFO / NI -5.08x −106.06x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -158.8bn in 2025, against investing cash flow of -15.5bn.

Post-investment cash flow was negative +174.3bn. Financing cash flow was positive +50.1bn.

CFO / net income was -5.08x.

After spending +2.8bn on fixed-asset investment, the business generated trailing free cash flow of −87.5bn.

Cash Conversion

CFO TTM 84.7bn −388.1bn

Cash Capex 2.8bn −47.8bn

FCF TTM −87.5bn −340.3bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.4 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 4.1%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.75% after expanding 2.4pp versus the same period last year.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,015.7	918.2	637.5	379.3	640.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,015.7	918.2	637.5	379.3	640.9
Cost of Goods Sold	974.3	908.2	619.3	350.5	0.0
Gross Profit	41.4	10.1	18.2	28.8	53.4
Financial Income	13.3	69.9	46.5	6.3	0.7
Financial Expenses	37.4	81.4	31.5	8.6	-0.1
Interest Expense	4.8	66.2	34.8	0.4	-0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.3	4.1	7.1	0.6	-0.2
General and Administrative Expenses	-6.2	-9.9	1.2	22.0	-17.0
Operating Profit	21.3	4.3	25.0	4.0	36.9
Other Income	4.0	0.0	0.3	4.9	0.0
Other Expenses	0.8	2.4	2.6	0.2	0.0
Other Profit	3.2	-2.4	-2.3	4.7	-0.1
Profit Before Tax	24.5	1.9	22.7	8.7	36.8
Current Income Tax Expense	4.7	2.0	4.0	1.8	-7.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	19.8	-0.1	18.7	6.9	29.7
Non-controlling Interest	6.1	-0.4	3.4	0.0	-0.0
Profit Attributable to Parent	13.7	0.4	15.3	6.9	29.7
Earnings per Share	268.00	7.00	300.00	136.00	1,145.00
Diluted EPS	268.00	7.00	300.07	135.91	583.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	460.4	424.4	581.1	503.2	504.6
I. Cash and cash equivalents	13.5	137.7	259.8	358.3	142.3
1. Cash	13.5	47.7	59.8	28.0	0.0
2. Cash equivalents	—	90.0	200.0	330.3	0.0
II. Short-term financial investments	108.6	0.0	0.0	40.3	0.0
1. Available for sale securities	133.7	0.0	0.0	43.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-25.1	-0.0	-0.0	-3.2	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	314.6	252.3	288.4	78.3	299.1
1. Short-term trade accounts receivable	235.6	205.3	82.6	77.8	0.0
2. Short-term prepayments to suppliers	36.3	13.9	99.7	4.4	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	—	32.3	0.0	0.0	0.0
6. Other short-term receivables	59.1	30.9	153.1	48.8	0.0
7. Provision for short-term doubtful debts (*)	-16.5	-30.1	-47.0	-52.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	20.5	27.2	28.6	26.1	62.3
1. Inventories	20.5	27.2	28.6	26.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.3	7.2	4.3	0.2	0.9
1. Short-term prepayments	0.0	0.1	0.1	0.2	0.0
2. Value added tax to be reclaimed	3.1	7.0	4.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	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)	372.4	240.6	1,023.5	99.2	81.6
I. Long-term receivables	300.1	219.6	996.7	74.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	81.0
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	300.1	219.6	996.7	74.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1.2	1.4	0.0	0.1	0.6
1. Tangible fixed assets	1.2	1.4	0.0	0.1	0.6
- Cost	2.6	5.1	3.6	3.4	0.0
- Accumulated depreciation	-1.4	-3.6	-3.6	-3.3	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	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	0.0
III. Investment properties	50.9	0.0	0.0	0.0	0.0
- Cost	50.9	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	20.2	19.5	26.7	25.1	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	30.0	0.0
3. Investments in other entities	30.0	30.0	30.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-9.8	-10.5	-3.3	-4.9	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	0.0	0.0	0.1	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.1	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
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)	832.8	665.0	1,604.6	602.4	586.2
A. LIABILITIES (300=210+330)	188.2	40.2	926.2	42.8	33.5
I. Short -term liabilities	187.7	39.5	84.5	39.1	30.1
1. Short-term trade accounts payable	81.5	11.1	50.0	2.8	10.0
2. Short-term advances from customers	—	0.0	1.3	0.0	0.0
3. Taxes and other payables to state authorities	7.3	1.6	4.1	2.0	0.0
4. Payable to employees	0.6	0.3	1.3	0.2	0.0
5. Short-term acrrued expenses	2.5	2.4	11.2	2.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	25.3	3.8	8.7	2.1	0.0
10. Short-term borrowings and financial leases	70.6	20.3	7.5	30.1	0.3
11. Provision for short-term liabilities	—	0.0	0.4	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	0.5	0.8	841.7	3.7	3.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	27.3	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	1.9	3.6	0.0
8. Long-term borrowings and financial leases	0.5	0.8	812.5	0.1	0.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	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)	644.6	624.8	678.4	559.6	552.7
I. Owner's equity	644.6	624.8	678.4	559.6	0.0
1. Owner's capital	510.0	510.0	510.0	510.0	552.7
- Common stock with voting right	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.9	1.9	1.9	1.9	1.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	74.9	61.2	63.0	47.7	40.7
- Accumulated retained earning at the end of the previous period	61.2	60.8	47.7	40.7	11.0
- Undistributed earnings in this period	13.7	0.4	15.3	6.9	29.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	57.8	51.7	103.6	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)	832.8	665.0	1,604.6	602.4	586.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	24.5	1.9	22.7	8.7	36.8
Depreciation of Fixed Assets and Investment Property	0.3	0.2	0.2	0.4	0.5
Provision (Increase)/Reversal	10.7	-10.1	-10.4	26.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.6	-67.9	-3.5	-2.4	0.0
Interest Expense	4.8	66.2	34.8	0.4	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	37.9	-9.7	43.7	33.9	50.8
Increase/(Decrease) in Receivables	-158.2	723.6	-1,036.6	210.1	0.0
Increase/(Decrease) in Inventory	6.7	1.4	-2.5	36.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	93.4	-865.9	62.0	-17.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.0	-0.2	0.0
Changes in Trading Securities	-133.7	0.0	43.4	-43.5	0.0
Interest Paid	-3.2	-15.6	-1.1	-0.4	0.0
Corporate Income Tax Paid	-1.8	-4.4	-1.3	-4.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-158.8	-170.5	-892.3	214.1	-113.7
Payments for Fixed Assets and Other Long-term Assets	-51.0	-1.6	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-62.5	-47.6	-0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	94.8	31.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	-30.0	0.0
Proceeds from Investments in Other Entities	—	175.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.0	16.1	4.2	2.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-15.5	172.9	4.1	-27.6	0.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	255,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	306.8	268.0	865.7	47.9	0.0
Repayment of Borrowings	-256.7	-392.4	-76.0	-18.3	-0.3
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	50.1	-124.4	789.7	29.6	254.7
Net Cash Flow During the Period	-124.2	-122.1	-98.5	216.0	135.6
Cash and Cash Equivalents at Beginning of Period	137.7	259.8	358.3	142.3	0.5
FX Difference from Revaluation	—	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.5	137.7	259.8	358.3	142.3

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
Revenue	227.3	573.5	208.4	131.7	102.3	187.7	220.3	315.3	194.9	261.8	208.5	106.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	227.3	573.5	208.4	131.7	102.3	187.7	220.3	315.3	194.9	261.8	208.5	106.2
Cost of Goods Sold	203.4	542.5	200.1	130.6	101.2	185.1	217.7	314.2	191.1	252.7	202.1	104.6
Gross Profit	24.0	31.0	8.3	1.2	1.1	2.6	2.6	1.1	3.8	9.1	6.5	1.6
Financial Income	1.5	0.2	0.8	4.7	7.6	4.0	17.6	22.3	25.8	42.6	1.3	1.7
Financial Expenses	1.0	24.5	8.4	3.7	0.7	12.0	17.8	26.9	24.4	34.0	0.3	-1.1
Interest Expense	1.5	2.8	0.5	0.7	0.7	2.9	17.5	21.5	23.9	0.0	0.3	0.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.5	0.6	0.7	0.5	1.0	0.6	1.0	1.5	6.2	0.4	0.2
General and Administrative Expenses	2.1	-3.1	-3.0	0.0	-0.1	-4.0	0.8	-6.2	-0.4	-2.3	1.8	-1.6
Operating Profit	22.1	9.3	3.1	1.4	7.6	-2.5	1.0	1.7	4.2	13.7	5.2	5.8
Other Income	0.0	3.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.0
Other Expenses	0.1	0.4	0.0	0.3	0.2	2.3	0.1	0.0	0.0	0.0	2.6	0.0
Other Profit	-0.1	3.5	-0.0	-0.3	-0.2	-2.3	-0.1	-0.0	-0.0	0.0	-2.3	-0.0
Profit Before Tax	22.0	12.8	3.1	1.1	7.4	-4.7	0.9	1.6	4.2	13.8	2.9	5.8
Current Income Tax Expense	4.4	2.4	0.3	0.5	1.5	-0.2	0.2	1.1	0.8	2.2	0.6	1.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	17.6	10.4	2.8	0.7	6.0	-4.6	0.7	0.5	3.3	11.6	2.3	4.6
Non-controlling Interest	8.6	4.7	1.4	0.0	0.1	-0.4	-0.1	0.0	0.4	0.0	0.0	0.0
Profit Attributable to Parent	9.0	5.7	1.3	0.7	5.9	-4.1	0.7	0.5	2.9	11.6	2.3	4.6
Earnings per Share	176.18	204.00	185.00	130.00	118.00	-80.89	14.44	9.75	57.00	227.00	44.00	91.00
Diluted EPS	176.18	112.23	25.79	12.77	115.62	-80.89	14.44	9.75	56.53	227.37	44.49	91.10

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)	590.4	460.4	594.7	341.3	322.2	424.4	655.6	450.2	464.7	585.9	640.3	636.6
I. Cash and cash equivalents	34.2	13.5	4.7	21.5	31.0	137.7	102.9	18.8	24.3	259.8	168.6	307.0
1. Cash	34.2	13.5	4.7	21.5	31.0	47.7	32.9	18.8	24.3	59.8	14.5	7.0
2. Cash equivalents	—	—	—	—	—	90.0	70.0	0.0	0.0	200.0	154.1	300.0
II. Short-term financial investments	155.3	108.6	130.1	1.1	0.0	0.0	0.0	5.3	21.0	0.0	0.0	0.0
1. Available for sale securities	169.1	133.7	138.1	1.1	0.0	0.0	0.0	6.0	21.5	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-13.8	-25.1	-7.9	-0.0	-0.0	-0.0	-0.0	-0.6	-0.4	-0.0	-0.0	-0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	273.9	314.6	332.0	264.2	255.5	252.3	516.9	389.6	384.6	293.2	426.3	303.4
1. Short-term trade accounts receivable	219.4	235.6	187.1	212.0	206.2	205.3	194.3	140.6	121.7	82.6	147.5	216.5
2. Short-term prepayments to suppliers	25.9	36.3	15.2	7.9	6.4	13.9	93.4	69.8	35.5	99.7	11.8	10.0
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	—	—	—	—	—	32.3	14.0	23.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	45.1	59.1	151.6	71.5	71.5	30.9	251.5	193.6	272.4	153.1	314.1	123.9
7. Provision for short-term doubtful debts (*)	-16.5	-16.5	-21.9	-27.2	-28.6	-30.1	-36.3	-37.3	-45.0	-42.2	-47.0	-47.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	116.4	20.5	113.7	45.8	28.4	27.2	28.6	29.2	28.6	28.6	34.1	26.1
1. Inventories	116.4	20.5	113.7	45.8	28.4	27.2	28.6	29.2	28.6	28.6	34.1	26.1
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	10.5	3.3	14.2	8.7	7.3	7.2	7.3	7.2	6.3	4.3	11.3	0.0
1. Short-term prepayments	0.1	0.0	0.2	0.1	0.2	0.1	0.1	0.1	0.2	0.2	9.9	0.0
2. Value added tax to be reclaimed	10.3	3.1	13.9	8.5	7.0	7.0	7.0	7.0	5.9	4.1	1.2	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1	0.2	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)	326.5	372.4	386.7	401.8	401.3	240.6	827.7	1,165.8	1,129.4	1,022.9	1,119.7	76.2
I. Long-term receivables	300.1	300.1	315.2	330.2	329.8	219.6	799.5	1,137.5	1,101.0	996.7	1,093.5	50.0
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	300.1	300.1	315.2	330.2	329.8	219.6	799.5	1,137.5	1,101.0	996.7	1,093.5	50.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3.6	1.2	1.3	1.4	1.4	1.4	1.5	1.5	1.6	0.0	0.0	0.0
1. Tangible fixed assets	3.6	1.2	1.3	1.4	1.4	1.4	1.5	1.5	1.6	0.0	0.0	0.0
- Cost	5.1	—	—	—	—	5.1	5.2	5.2	5.2	3.6	3.6	3.5
- Accumulated depreciation	-1.5	—	—	—	—	-3.6	-3.7	-3.6	-3.6	-3.6	-3.5	-3.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	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	0.0
- Accumulated depreciation	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	50.9	—	—	—	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	—	—	50.7	50.7	50.7	0.0	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	—	—	50.7	50.7	50.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	22.8	20.2	19.5	19.5	19.5	19.5	26.7	26.7	26.7	26.1	26.1	26.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	31.1	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
4. Provision for diminution in value of long-term investments	-8.3	-9.8	-10.5	-10.5	-10.5	-10.5	-3.3	-3.3	-3.3	-3.9	-3.9	-3.9
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	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.1	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.1	0.0
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	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)	916.9	832.8	981.4	743.0	723.5	665.0	1,483.3	1,616.0	1,594.2	1,608.8	1,760.0	712.8
A. LIABILITIES (300=210+330)	254.7	188.2	347.2	111.6	92.7	40.2	800.4	933.7	912.8	927.0	1,128.6	145.0
I. Short -term liabilities	252.6	187.7	346.5	110.9	92.0	39.5	232.9	300.3	39.9	85.2	295.9	142.3
1. Short-term trade accounts payable	98.3	81.5	92.5	31.7	14.8	11.1	12.9	14.4	7.9	50.0	113.1	130.6
2. Short-term advances from customers	—	—	135.4	—	—	0.0	15.0	0.0	0.0	1.3	149.5	0.0
3. Taxes and other payables to state authorities	8.9	7.3	2.2	1.7	2.6	1.6	2.4	4.1	5.3	4.9	2.7	2.2
4. Payable to employees	0.4	0.6	0.5	0.5	0.2	0.3	0.3	0.3	0.5	1.3	0.4	0.2
5. Short-term acrrued expenses	5.5	2.5	2.0	2.0	2.0	2.4	66.4	80.8	2.2	11.2	12.0	2.0
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	—	—	—	—	—	0.0	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	25.4	25.3	3.9	3.9	6.9	3.8	10.6	10.9	9.0	8.7	7.3	2.1
10. Short-term borrowings and financial leases	114.2	70.6	110.0	71.2	65.5	20.3	125.2	189.9	15.1	7.3	10.9	5.3
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	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	2.1	0.5	0.6	0.6	0.7	0.8	567.5	633.4	872.9	841.8	832.7	2.6
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	17.2	0.0	57.3	27.3	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	1.9	1.9	1.9	2.6
8. Long-term borrowings and financial leases	2.1	0.5	0.6	0.6	0.7	0.8	550.4	633.4	813.7	812.6	830.7	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)	662.2	644.6	634.2	631.5	630.8	624.8	682.9	682.3	681.4	681.8	631.4	567.8
I. Owner's equity	662.2	644.6	634.2	631.5	630.8	624.8	682.9	682.3	681.4	681.8	631.4	567.8
1. Owner's capital	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0	510.0
- Common stock with voting right	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00	510,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	83.8	74.9	69.1	67.8	67.1	61.2	65.4	64.7	65.5	66.3	55.3	55.9
- Accumulated retained earning at the end of the previous period	74.9	61.2	61.2	61.2	61.2	60.8	60.8	60.8	62.6	47.7	44.9	47.7
- Undistributed earnings in this period	9.0	13.7	8.0	6.6	5.9	0.4	4.6	3.8	2.9	18.6	10.4	8.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	66.4	57.8	53.2	51.7	51.8	51.7	105.6	105.7	104.0	103.6	64.2	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)	916.9	832.8	981.4	743.0	723.5	665.0	1,483.3	1,616.0	1,594.2	1,608.8	1,760.0	712.8

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	22.0	12.8	3.1	1.1	7.4	-4.7	0.9	1.6	4.2	9.6	2.7	5.8
Depreciation of Fixed Assets and Investment Property	0.1	2.6	-2.5	0.1	0.1	0.1	0.1	0.1	0.0	-0.1	0.1	0.0
Provision (Increase)/Reversal	-12.9	11.0	2.6	-1.4	-1.5	1.0	-1.6	-7.1	-2.0	-0.6	0.0	-4.6
FX Gain/Loss from Revaluation of Monetary Items	—	0.5	-0.3	—	-0.0	-0.0	0.0	0.0	0.0	0.4	-0.4	0.0
Gain/Loss from Investment Activities	10.7	-2.9	0.8	-0.1	-0.4	-2.2	-19.1	-22.3	-24.4	-0.7	-0.8	-1.1
Interest Expense	1.5	2.7	0.5	1.0	0.7	2.9	17.4	22.0	23.9	33.3	0.3	0.4
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	21.5	26.8	4.2	0.7	6.3	-3.0	-2.3	-5.7	1.7	41.8	2.0	0.6
Increase/(Decrease) in Receivables	33.5	48.0	-72.3	10.3	-144.2	1,196.3	57.0	15.3	-180.7	278.6	-1,119.7	-179.9
Increase/(Decrease) in Inventory	-95.9	93.2	-67.9	-17.5	-1.2	1.4	0.6	-0.6	0.0	5.5	-8.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	18.1	-133.3	216.3	4.2	6.2	-843.3	6.6	-1.2	-42.8	-205.0	140.7	75.9
Increase/(Decrease) in Prepaid Expenses	-0.1	0.1	-0.1	0.1	-0.1	0.1	-0.1	0.1	-0.1	-9.7	9.5	0.1
Changes in Trading Securities	-35.3	—	—	—	—	0.0	5.9	15.5	-21.4	0.0	0.0	43.4
Interest Paid	-1.5	-1.1	-0.5	-1.0	-0.6	14.2	-14.7	-0.5	-0.2	0.4	-0.3	-0.4
Corporate Income Tax Paid	-0.0	0.1	-0.1	-1.5	-0.3	-0.5	-2.0	-1.9	0.0	-0.1	0.0	-1.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-59.8	38.1	-57.3	-5.7	-133.9	365.2	51.0	21.1	-243.5	111.6	-975.8	-61.8
Payments for Fixed Assets and Other Long-term Assets	-2.5	-2.8	2.5	-0.1	-50.7	0.0	0.0	0.0	-1.6	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	39.0	-0.0	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-42.2	0.0	-20.3	—	-12.6	-14.0	-21.0	0.0	-0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	52.7	0.0	9.8	32.3	-4.0	35.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	-1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	-313.0	138.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	2.4	-0.9	1.1	0.4	-15.8	16.8	0.0	0.7	1.4	0.9	1.0
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	35.4	10.1	1.9	-9.5	-18.0	-345.4	175.8	-21.0	-0.9	1.3	0.9	1.1
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	158.3	27.2	101.5	74.1	104.1	200.1	0.0	55.8	12.2	-22.3	837.2	34.7
Repayment of Borrowings	-113.1	-66.7	-62.8	-68.4	-58.9	-185.1	-142.7	-61.4	-3.3	0.6	-0.8	-42.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	45.1	-39.5	38.7	5.7	45.1	15.0	-142.7	-5.6	8.8	-21.7	836.4	-7.6
Net Cash Flow During the Period	20.7	8.7	-16.7	-9.5	-106.8	34.8	84.1	-5.5	-235.5	91.2	-138.5	-68.4
Cash and Cash Equivalents at Beginning of Period	13.5	4.7	21.5	31.0	137.7	259.8	259.8	259.8	259.8	358.3	358.3	358.3
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	34.2	13.5	4.7	21.5	31.0	137.7	102.9	18.8	24.3	259.8	168.6	307.0

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TNT

What Is Changing

Drivers of TNT'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