TSB

Ắc quy Tia Sáng ·HNX ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 0.83%, −1.45pp YoY

Price

23,500

Latest close

03 Jun 2026

P/E 264.04x

P/B 2.08x

EPS 89

BVPS 11,294

ROE 0.8%

ROA 0.5%

Profit Margin 0.3%

Asset Turnover 1.46x

Equity Mult. 1.76x

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

What Is Changing

On a TTM 2026Q1 basis, TSB posted a sharp profit decline versus the same period — margins have been compressing consistently over multiple periods. 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 194bn
	                                
+11.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−75.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    47.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	192.3	182.1	157.5	182.6	180.1
Growth	+6%	+16%	-14%	+1%	—
Net Income	2.1	5.2	4.2	3.4	4.6
Net Margin	1.09%	2.86%	2.69%	1.89%	2.56%

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	43.9	47.6	44.5	57.7	42.5	41.9	42.9	46.5	50.7	36.3	34.0	46.1
Growth	-8%	+7%	-23%	+36%	+1%	-2%	-8%	-8%	+40%	+7%	-26%	—
Net Income	-1.3	0.9	0.9	0.1	0.2	-0.5	1.1	1.7	3.0	1.3	1.2	1.0
Net Margin	-2.93%	1.87%	1.98%	0.20%	0.47%	-1.30%	2.50%	3.57%	5.97%	3.62%	3.39%	2.14%

Drivers of TSB's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 0.6bn

Selling expenses ↓ 0.4bn

Gross profit ↓ 1.2bn

Tax ↑ 0.3bn

Financial income ↓ 0.3bn

Finance costs ↑ 0.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Selling expenses ↓ 0.4bn

Gross profit ↓ 0.5bn

Tax ↑ 0.4bn

Financial income ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.1% = 1.4% × 1.37 × 1.66

2026Q1 0.8% = 0.3% × 1.46 × 1.76

ROE fell from 3.1% to 0.8% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 0.3% -1.1pp Asset turnover: 1.46x +0.09x Leverage: 1.76x +0.09x

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 0.31%, falling 1.1pp. The main pressure is Gross margin fell 2.0pp, outweighing the improvement in SG&A / Revenue fell 1.8pp (with lingering pressure from Net financial result / Revenue fell 0.3pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 0.31% −1.1pp

Gross Margin 11.40% −2.0pp

SG&A / Revenue 10.61% −1.8pp

Non-core / Revenue 0.38% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 0.3pp, financial result still accounts for 47.9% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC narrowed to 0.83%, falling 1.4pp. That translates to 0.83 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.9pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 0.83% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.83% −1.4pp

NOPAT Margin 0.45% −0.9pp

Capital Turnover 1.83x +0.18x

Average Invested Capital 105.7bn +0.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.60x equity, net debt at 0.42x equity.

Inventory ended the period at 60.0bn, roughly 48.3% of total assets.

Over the last 12 months, working capital absorbed 19.8bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −6.7bn

Inventories increased → lower CFO: −6.1bn

Payables decreased → lower CFO: −7.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.1 days versus the same period last year. The main moves came from DIO rose 2.1 days, DSO fell 6.0 days, and DPO rose 2.2 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 148.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +2.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 37.0 days −6.0 days

Inventory 136.5 days +2.1 days

Payables 24.6 days +2.2 days

Cash Conversion Cycle 148.9 days −6.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 18.1bn due to capex of 2.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.42x and interest coverage only at 1.77x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.8% of debt, and total debt stands at 34.6bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.77x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.42x +0.04x

Interest Coverage 1.77x −1.05x

Cash / Debt 6.8% +1.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -25.57x −33.34x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -12.7bn in 2025, against investing cash flow of 8.5bn.

Post-investment cash flow was negative +4.3bn. Financing cash flow was positive +3.6bn.

CFO / net income was -25.57x.

After spending +2.8bn on fixed-asset investment, the business generated trailing free cash flow of −18.1bn.

Cash Conversion

CFO TTM 15.2bn −33.8bn

Cash Capex 2.8bn −2.2bn

FCF TTM −18.1bn −31.6bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. 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 0.8%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 47.9% of PBT and CFO / net income currently at -25.57x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	196.9	187.7	160.8	185.0	182.3
Revenue Deductions	4.7	5.7	3.3	2.3	0.0
Net Revenue	192.3	182.1	157.5	182.6	180.1
Cost of Goods Sold	169.7	155.3	135.6	156.3	0.0
Gross Profit	22.5	26.7	21.9	26.4	25.5
Financial Income	2.2	2.1	0.7	0.8	0.6
Financial Expenses	1.3	1.0	0.4	1.5	-0.7
Interest Expense	1.3	0.7	0.3	0.9	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	15.5	15.0	10.9	13.1	-12.6
General and Administrative Expenses	5.3	6.3	6.0	8.2	-7.5
Operating Profit	2.6	6.5	5.3	4.4	5.3
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	0.0
Other Profit	0.0	-0.0	0.0	0.0	0.1
Profit Before Tax	2.6	6.5	5.3	4.4	5.4
Current Income Tax Expense	0.5	1.3	1.1	0.9	-0.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	2.1	5.2	4.2	3.4	4.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	2.1	5.2	4.2	3.4	4.6
Earnings per Share	311.00	773.00	627.00	511.00	684.00
Diluted EPS	310.96	773.08	627.31	511.00	682.66

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	102.6	96.3	85.8	74.5	69.3
I. Cash and cash equivalents	5.2	5.9	1.5	1.2	5.2
1. Cash	5.2	1.9	1.5	1.2	0.0
2. Cash equivalents	—	4.0	0.0	0.0	0.0
II. Short-term financial investments	18.6	31.5	19.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	18.6	31.5	19.0	0.0	0.0
III. Short-term receivables	14.8	12.8	12.5	14.3	12.1
1. Short-term trade accounts receivable	18.6	17.0	17.0	19.2	0.0
2. Short-term prepayments to suppliers	0.7	0.1	0.1	0.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.5	0.7	0.4	0.1	0.0
7. Provision for short-term doubtful debts (*)	-5.0	-5.0	-4.9	-5.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	60.0	44.9	49.5	57.5	50.1
1. Inventories	60.4	45.2	49.7	58.0	0.0
2. Provision for decline in value of inventories	-0.3	-0.3	-0.2	-0.5	0.0
V. Other short-term assets	3.9	1.2	3.4	1.5	1.9
1. Short-term prepayments	0.4	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	2.9	1.1	3.0	1.5	0.0
3. Taxes and other receivables from state authorities	0.5	0.1	0.3	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)	21.8	20.3	23.1	28.0	33.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	20.3	19.6	22.4	27.8	33.1
1. Tangible fixed assets	19.3	18.6	21.4	24.4	29.1
- Cost	152.5	146.6	144.3	141.8	0.0
- Accumulated depreciation	-133.2	-127.9	-122.9	-117.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	2.4	3.0
- Cost	—	0.0	0.0	3.0	0.0
- Accumulated depreciation	—	0.0	0.0	-0.6	0.0
3. Intangible fixed assets	1.0	1.0	1.0	1.0	1.0
- Cost	1.0	1.0	1.0	1.3	0.0
- Accumulated depreciation	—	0.0	0.0	-0.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.0	0.3	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.0	0.3	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	1.4	0.6	0.4	0.2	0.0
1. Long-term prepayments	1.4	0.6	0.4	0.2	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)	124.3	116.6	108.9	102.5	102.6
A. LIABILITIES (300=210+330)	46.9	36.2	29.6	23.7	23.2
I. Short -term liabilities	46.6	36.0	29.4	22.9	20.7
1. Short-term trade accounts payable	7.1	4.9	3.3	5.1	5.5
2. Short-term advances from customers	1.2	0.0	3.5	2.3	0.4
3. Taxes and other payables to state authorities	0.3	0.3	1.1	0.3	0.0
4. Payable to employees	1.9	2.7	5.0	2.6	0.0
5. Short-term acrrued expenses	0.1	0.0	0.3	0.2	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	0.2	0.4	0.4	0.3	0.0
10. Short-term borrowings and financial leases	35.7	27.4	15.1	9.6	8.1
11. Provision for short-term liabilities	—	0.0	0.0	1.1	0.0
12.. Bonus and welfare fund	0.1	0.2	0.7	1.3	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	0.2	0.2	0.2	0.8	2.6
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	0.2	0.2	0.2	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.7	2.5
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)	77.5	80.4	79.4	78.9	79.3
I. Owner's equity	77.5	80.4	79.4	78.9	0.0
1. Owner's capital	67.5	67.5	67.5	67.5	79.3
- Common stock with voting right	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	7.9	7.7	7.5	7.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	2.1	5.2	4.4	4.1	5.5
- Accumulated retained earning at the end of the previous period	—	0.0	0.2	0.6	0.9
- Undistributed earnings in this period	2.1	5.2	4.2	3.4	4.6
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)	124.3	116.6	108.9	102.5	102.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	2.6	6.5	5.3	4.4	5.4
Depreciation of Fixed Assets and Investment Property	5.3	5.0	5.5	6.7	6.6
Provision (Increase)/Reversal	0.0	0.1	-1.5	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.2	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-1.6	-1.4	-0.2	-0.0	0.0
Interest Expense	1.3	0.7	0.3	0.9	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	7.7	11.1	9.6	11.6	12.2
Increase/(Decrease) in Receivables	-4.3	1.8	0.1	-2.0	0.0
Increase/(Decrease) in Inventory	-15.2	4.5	8.4	-7.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.5	-4.4	2.0	-0.1	0.0
Increase/(Decrease) in Prepaid Expenses	-1.2	-0.1	-0.3	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-0.7	-0.3	-0.8	0.0
Corporate Income Tax Paid	-0.6	-2.1	-0.3	-0.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-1.0	-0.9	-0.2	0.0
Net Cash Flow from Operating Activities	-12.7	9.1	18.3	0.4	8.4
Payments for Fixed Assets and Other Long-term Assets	-6.1	-2.0	-0.4	-0.9	-5.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-27.1	-45.5	-19.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	40.0	33.0	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	1.6	1.1	0.0	0.0	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	8.5	-13.3	-19.4	-0.9	-5.9
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	152.2	121.5	53.5	117.5	115.0
Repayment of Borrowings	-143.9	-109.2	-47.2	-116.8	-110.3
Repayment of Finance Leases	—	0.0	-1.5	-1.0	-0.1
Dividends Paid	-4.7	-3.8	-3.4	-3.4	-3.4
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	3.6	8.6	1.4	-3.6	1.3
Net Cash Flow During the Period	-0.7	4.4	0.3	-4.0	4.4
Cash and Cash Equivalents at Beginning of Period	5.9	1.5	1.2	5.2	1.5
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	5.2	5.9	1.5	1.2	5.2

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	49.0	48.6	45.9	58.8	43.6	43.7	44.3	48.0	51.8	37.7	35.0	46.7
Revenue Deductions	5.1	1.1	1.4	1.1	1.1	1.8	1.3	1.5	1.1	1.3	0.9	0.6
Net Revenue	43.9	47.6	44.5	57.7	42.5	41.9	42.9	46.5	50.7	36.3	34.0	46.1
Cost of Goods Sold	39.0	42.0	38.1	52.5	37.2	36.8	36.8	39.8	41.9	30.9	28.8	39.7
Gross Profit	4.9	5.5	6.4	5.2	5.4	5.1	6.2	6.7	8.8	5.4	5.2	6.4
Financial Income	0.4	0.4	0.6	0.7	0.6	0.5	0.7	0.5	0.4	0.2	0.1	0.3
Financial Expenses	0.2	0.3	0.4	0.4	0.2	0.2	0.3	0.4	0.2	0.2	0.1	0.1
Interest Expense	0.2	0.2	0.4	0.4	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.7	3.4	4.3	3.7	4.1	4.3	3.8	3.2	3.6	2.1	2.5	3.7
General and Administrative Expenses	1.6	1.0	1.2	1.7	1.4	1.8	1.5	1.4	1.6	1.6	1.3	1.7
Operating Profit	-0.1	1.1	1.1	0.1	0.3	-0.7	1.3	2.1	3.8	1.7	1.4	1.2
Other Income	0.0	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.7	0.0	—	0.0	—	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	-0.8	1.1	1.1	0.1	0.3	-0.7	1.3	2.1	3.8	1.7	1.4	1.2
Current Income Tax Expense	0.5	0.3	0.2	0.0	0.1	-0.1	0.2	0.5	0.8	0.4	0.3	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.3	0.9	0.9	0.1	0.2	-0.5	1.1	1.7	3.0	1.3	1.2	1.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.3	0.9	0.9	0.1	0.2	-0.5	1.1	1.7	3.0	1.3	1.2	1.0
Earnings per Share	-191.00	132.00	131.00	17.00	30.00	-81.00	159.00	246.00	449.00	195.00	171.00	147.00
Diluted EPS	-190.94	131.72	130.81	16.81	29.91	-80.86	158.93	245.96	449.05	194.69	171.13	146.61

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)	109.3	102.6	110.9	115.7	112.9	96.3	96.1	104.1	96.9	85.8	68.6	70.0
I. Cash and cash equivalents	2.4	5.2	2.6	3.3	1.6	5.9	2.2	8.0	0.9	1.5	3.1	6.2
1. Cash	2.4	5.2	2.6	3.3	1.6	1.9	2.2	2.5	0.9	1.5	3.1	6.2
2. Cash equivalents	—	—	—	—	—	4.0	0.0	5.5	0.0	0.0	0.0	0.0
II. Short-term financial investments	16.1	18.6	28.0	33.5	33.5	31.5	37.0	29.0	23.0	19.0	0.0	0.0
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	16.1	18.6	28.0	33.5	33.5	31.5	37.0	29.0	23.0	19.0	0.0	0.0
III. Short-term receivables	19.2	14.8	12.1	14.2	13.3	12.8	10.6	16.4	19.4	12.5	10.9	11.9
1. Short-term trade accounts receivable	21.9	18.6	15.4	17.8	17.4	17.0	13.4	20.3	23.6	17.0	15.3	16.3
2. Short-term prepayments to suppliers	1.5	0.7	0.6	0.2	0.1	0.1	1.0	0.2	0.1	0.1	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.8	0.5	1.0	1.1	0.8	0.7	1.1	0.8	0.6	0.4	0.4	0.4
7. Provision for short-term doubtful debts (*)	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-4.9	-4.9	-4.9	-4.9	-4.8	-4.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	66.9	60.0	65.5	62.5	60.8	44.9	45.4	49.7	49.6	49.5	51.2	49.1
1. Inventories	67.2	60.4	65.8	62.8	61.1	45.2	45.6	49.9	49.8	49.7	51.8	49.7
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.2	-0.2	-0.2	-0.2	-0.5	-0.5
V. Other short-term assets	4.8	3.9	2.8	2.3	3.7	1.2	0.8	1.0	4.0	3.4	3.4	2.7
1. Short-term prepayments	0.6	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.1
2. Value added tax to be reclaimed	4.0	2.9	2.8	2.3	3.7	1.1	0.8	1.0	3.9	3.0	3.2	2.4
3. Taxes and other receivables from state authorities	0.2	0.5	—	—	—	0.1	0.0	0.0	0.1	0.3	0.0	0.2
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)	20.0	21.8	21.5	21.8	22.3	20.3	20.6	21.6	21.8	23.1	24.2	25.5
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	18.9	20.3	19.8	20.1	21.4	19.6	19.4	20.7	21.4	22.4	23.7	25.0
1. Tangible fixed assets	17.9	19.3	18.8	19.1	20.4	18.6	18.4	19.7	20.4	21.4	22.7	24.0
- Cost	152.5	—	—	—	—	146.6	145.1	145.1	144.6	144.3	144.3	144.6
- Accumulated depreciation	-134.6	—	—	—	—	-127.9	-126.6	-125.4	-124.2	-122.9	-121.6	-120.6
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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
- Cost	1.0	—	—	—	—	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
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	—	0.2	0.1	—	—	0.0	0.6	0.3	0.0	0.4	0.1	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.2	0.1	—	—	0.0	0.6	0.3	0.0	0.4	0.1	0.1
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.1	1.4	1.5	1.7	0.9	0.6	0.5	0.6	0.4	0.4	0.4	0.4
1. Long-term prepayments	1.1	1.4	1.5	1.7	0.9	0.6	0.5	0.6	0.4	0.4	0.4	0.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	129.3	124.3	132.4	137.5	135.2	116.6	116.7	125.7	118.7	108.9	92.8	95.5
A. LIABILITIES (300=210+330)	53.1	46.9	55.8	62.3	60.8	36.2	35.7	45.8	40.5	29.6	14.7	18.6
I. Short -term liabilities	52.9	46.6	55.6	62.1	60.6	36.0	35.6	45.7	40.3	29.4	14.5	18.4
1. Short-term trade accounts payable	7.3	7.1	9.2	13.1	15.8	4.9	5.5	9.0	2.6	3.3	4.4	5.1
2. Short-term advances from customers	4.7	1.2	1.3	0.2	6.6	0.0	0.8	0.6	0.2	3.5	2.2	3.2
3. Taxes and other payables to state authorities	—	0.3	0.4	0.1	0.3	0.3	1.7	1.2	0.8	1.1	0.8	0.1
4. Payable to employees	1.9	1.9	1.8	2.0	1.9	2.7	1.6	1.7	1.8	5.0	1.4	0.4
5. Short-term acrrued expenses	0.2	0.1	0.1	0.1	0.4	0.0	0.0	0.1	0.1	0.3	0.2	2.7
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
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	4.3	0.2	0.3	0.3	5.1	0.4	0.3	0.3	4.2	0.4	2.6	0.0
10. Short-term borrowings and financial leases	34.6	35.7	42.4	46.3	30.1	27.4	25.3	32.3	29.9	15.1	0.8	4.4
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.4	1.3
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.4	0.2	0.3	0.4	0.8	0.7	0.7	0.7
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	76.2	77.5	76.6	75.2	74.5	80.4	81.0	79.9	78.2	79.4	78.1	76.9
I. Owner's equity	76.2	77.5	76.6	75.2	74.5	80.4	81.0	79.9	78.2	79.4	78.1	76.9
1. Owner's capital	67.5	67.5	67.5	67.5	67.5	67.5	67.5	67.5	67.5	67.5	67.5	67.5
- Common stock with voting right	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00	67,454,800,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	7.9	7.9	7.9	7.5	6.8	7.7	7.7	7.7	7.7	7.5	7.5	7.5
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	0.8	2.1	1.2	0.3	0.2	5.2	5.8	4.7	3.0	4.4	3.1	1.9
- Accumulated retained earning at the end of the previous period	2.1	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.2	0.2
- Undistributed earnings in this period	-1.3	2.1	1.2	0.3	0.2	5.2	5.8	4.7	3.0	4.2	2.9	1.8
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)	129.3	124.3	132.4	137.5	135.2	116.6	116.7	125.7	118.7	108.9	92.8	95.5

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
Profit Before Tax	-0.8	1.1	1.1	0.1	0.3	-0.7	1.3	2.1	3.8	1.7	1.4	1.2
Depreciation of Fixed Assets and Investment Property	1.3	1.4	1.3	1.3	1.3	1.3	1.3	1.2	1.2	1.4	1.4	1.4
Provision (Increase)/Reversal	—	0.1	0.0	-0.0	—	0.2	-0.0	-0.0	-0.0	-1.6	0.0	0.2
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	—	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.3	-0.3	-0.4	-0.4	-0.4	-0.5	-0.4	-0.3	-0.3	-0.1	-0.0	-0.0
Interest Expense	0.2	0.2	0.4	0.4	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1
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	0.4	2.5	2.5	1.4	1.3	0.5	2.3	3.4	4.9	1.4	2.9	2.8
Increase/(Decrease) in Receivables	-5.1	-4.0	1.5	0.9	-2.7	-3.1	6.1	6.2	-7.3	-1.4	0.1	1.7
Increase/(Decrease) in Inventory	-6.8	5.4	-2.5	-2.1	-15.9	0.5	4.2	-0.0	-0.2	2.1	-2.1	8.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.7	-2.3	-2.8	-9.6	17.2	-0.5	-3.0	6.4	-7.4	1.6	3.5	-17.0
Increase/(Decrease) in Prepaid Expenses	0.2	-0.3	0.2	-0.8	-0.2	-0.1	0.1	-0.2	0.1	0.1	0.0	-0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.3	-0.4	-0.4	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.0
Corporate Income Tax Paid	-0.7	-0.3	0.0	0.0	-0.3	-1.0	0.0	0.0	-1.1	0.0	0.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.3	0.0
Other Operating Payments	—	-0.0	0.0	0.7	-1.1	-0.1	-0.2	-0.3	-0.4	0.0	-0.0	-0.3
Net Cash Flow from Operating Activities	-4.5	0.8	-1.6	-9.9	-2.0	-4.1	9.4	15.2	-11.4	3.4	4.6	-4.4
Payments for Fixed Assets and Other Long-term Assets	0.2	-1.8	-1.2	0.0	-3.1	-0.8	-0.3	-0.8	-0.0	-0.2	-0.1	-0.1
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	-4.0	-6.1	-6.5	-4.0	-10.5	-19.5	-12.0	-10.0	-4.0	-19.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	6.5	15.5	12.0	4.0	8.5	25.0	4.0	4.0	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	0.8	0.5	0.1	0.2	0.9	0.1	0.1	0.0	0.0	0.0	0.0
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	2.8	8.4	4.8	0.1	-4.9	5.6	-8.2	-6.7	-4.0	-19.2	-0.1	-0.1
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	24.1	27.4	29.0	50.3	45.4	35.0	32.5	27.5	26.5	25.6	4.6	14.9
Repayment of Borrowings	-25.2	-34.1	-32.9	-34.2	-42.8	-32.9	-39.5	-25.1	-11.7	-11.3	-9.0	-10.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-4.7	—	0.0	0.0	-3.8	0.0	0.0	-3.4	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	-1.1	-6.7	-3.9	11.5	2.6	2.1	-7.0	-1.3	14.8	14.3	-7.7	4.7
Net Cash Flow During the Period	-2.8	2.6	-0.7	1.6	-4.2	3.6	-5.8	7.1	-0.6	-1.6	-3.2	0.3
Cash and Cash Equivalents at Beginning of Period	5.2	2.6	3.3	1.6	5.9	1.5	1.5	1.5	1.5	1.2	1.2	1.2
FX Difference from Revaluation	—	-0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.4	5.2	2.6	3.3	1.6	5.9	2.2	8.0	0.9	1.5	3.1	6.2

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TSB

What Is Changing

Drivers of TSB's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

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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