TV3

Tư vấn Xây dựng Điện 3 ·HNX ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 4.11%, −3.65pp YoY

Price

16,000

Latest close

22 May 2026

P/E 11.46x

P/B 0.90x

EPS 1,396

BVPS 17,784

ROE 8.1%

ROA 5.0%

Profit Margin 4.1%

Asset Turnover 1.21x

Equity Mult. 1.63x

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

What Is Changing

On a TTM 2026Q1 basis, TV3 is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 323bn
	                                
+55.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
−17.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    55.4%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	315.4	185.1	200.9	251.2	312.2
Growth	+70%	-8%	-20%	-20%	—
Net Income	16.9	11.8	14.8	19.9	20.3
Net Margin	5.37%	6.35%	7.38%	7.91%	6.50%

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	49.6	92.3	114.8	66.7	41.6	107.3	27.8	31.0	19.0	110.1	42.8	24.7
Growth	-46%	-20%	+72%	+60%	-61%	+286%	-10%	+63%	-83%	+157%	+74%	—
Net Income	3.8	1.9	5.8	1.7	4.2	11.4	0.3	0.3	0.2	14.6	3.0	-2.9
Net Margin	7.70%	2.10%	5.07%	2.56%	10.05%	10.59%	0.91%	1.03%	1.25%	13.25%	6.96%	-11.81%

Drivers of TV3's profit

TTM

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

Gross profit ↑ 35.6bn

Other profit ↑ 0.4bn

Administrative expenses ↑ 22.1bn

Selling expenses ↑ 12.4bn

Financial income ↓ 2.3bn

Finance costs ↑ 0.6bn

TTM

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

Gross profit ↑ 6.4bn

Financial income ↓ 2.4bn

Administrative expenses ↑ 2.3bn

Selling expenses ↑ 1.6bn

Finance costs ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.4% = 7.8% × 0.85 × 1.58

2026Q1 8.1% = 4.1% × 1.21 × 1.63

ROE fell from 10.4% to 8.1% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 4.1% -3.6pp Asset turnover: 1.21x +0.35x Leverage: 1.63x +0.05x

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 fell to 4.11%, losing 3.6pp. The main pressure is SG&A / Revenue rose 1.7pp, outweighing the improvement in Gross margin rose 1.0pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 2.9pp remained a drag).

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

Profitability trend

Net Margin 4.11% −3.6pp

Gross Margin 28.98% +1.0pp

SG&A / Revenue 26.75% +1.7pp

Non-core / Revenue 2.75% −2.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 2.7pp, financial result still accounts for 55.7% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 8.25%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 8.25% —

NOPAT Margin 4.12% —

Capital Turnover 2.00x +0.70x

Average Invested Capital 161.6bn +1.9bn

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.75x equity, with a net cash position equivalent to 0.06x equity.

Inventory ended the period at 44.2bn, roughly 15.3% of total assets.

Over the last 12 months, working capital released 16.7bn 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: +2.0bn

Inventories increased → lower CFO: −7.0bn

Payables increased → higher CFO: +21.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 98.0 days versus the same period last year. The main moves came from DIO fell 47.2 days, DSO fell 57.2 days, and DPO fell 6.4 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 223.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 165.4 days −57.2 days

Inventory 70.1 days −47.2 days

Payables 12.2 days −6.4 days

Cash Conversion Cycle 223.3 days −98.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 3.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.06x and interest coverage at 6.17x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 305.5% of debt, and total debt stands at 5.0bn.

Watchpoints

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 -0.06x −0.09x

Interest Coverage 6.17x −2.63x

Cash / Debt 305.5% +232.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.96x −0.80x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3.0bn in 2025, against investing cash flow of 8.7bn.

Post-investment cash flow was positive +11.8bn. Financing cash flow was negative +26.5bn.

CFO / net income was 0.96x.

After spending +5.4bn on fixed-asset investment, the business generated trailing free cash flow of +7.4bn.

Cash Conversion

CFO TTM 12.8bn −15.6bn

Cash Capex 5.4bn —

FCF TTM +7.4bn —

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is balance-sheet flexibility, with net cash/equity at about -0.06x. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 55.4%. The residual risk still sits in core profitability, with net margin down 3.6 pp.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.06x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 55.4% of PBT and CFO / net income currently at 0.96x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 4.11% after a 3.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	315.4	185.1	200.9	251.2	316.3
Revenue Deductions	0.1	0.0	0.0	0.0	0.0
Net Revenue	315.4	185.1	200.9	251.2	312.2
Cost of Goods Sold	229.4	133.1	132.9	157.5	0.0
Gross Profit	86.0	52.0	68.1	93.8	95.6
Financial Income	14.3	11.3	6.4	7.0	0.8
Financial Expenses	2.6	1.9	1.9	0.7	0.6
Interest Expense	0.9	0.8	0.7	0.5	-0.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	21.4	9.7	12.6	22.0	-18.9
General and Administrative Expenses	56.3	38.4	42.5	54.8	-54.0
Operating Profit	19.9	13.4	17.6	23.2	24.0
Other Income	0.6	0.8	0.9	1.3	0.0
Other Expenses	0.6	1.2	0.8	0.9	0.0
Other Profit	0.0	-0.4	0.1	0.4	1.4
Profit Before Tax	19.9	13.0	17.7	23.6	25.4
Current Income Tax Expense	3.0	1.3	2.7	3.7	-5.1
Deferred Income Tax Expense	—	0.0	0.2	0.0	0.0
Net Income	16.9	11.8	14.8	19.9	20.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	16.9	11.8	14.8	19.9	20.3
Earnings per Share	1,603.00	1,111.00	1,402.00	1,880.00	2,399.00
Diluted EPS	1,780.90	1,234.97	1,557.97	2,089.43	2,450.42

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	176.0	153.5	178.4	153.8	207.6
I. Cash and cash equivalents	24.5	38.9	26.2	17.3	40.0
1. Cash	15.9	38.9	16.2	10.3	0.0
2. Cash equivalents	8.5	0.0	10.0	7.0	0.0
II. Short-term financial investments	0.2	0.2	0.2	0.2	0.0
1. Available for sale securities	0.2	0.2	0.2	0.2	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	105.9	76.0	111.3	108.4	145.8
1. Short-term trade accounts receivable	127.6	93.2	134.5	133.5	0.0
2. Short-term prepayments to suppliers	3.5	6.0	6.1	1.4	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	11.5	9.3	3.8	3.9	0.0
7. Provision for short-term doubtful debts (*)	-36.8	-32.5	-33.1	-30.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	44.2	36.6	39.9	26.5	21.1
1. Inventories	44.2	36.6	39.9	26.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	1.7	0.7	1.3	0.5
1. Short-term prepayments	1.2	1.0	0.7	0.6	0.0
2. Value added tax to be reclaimed	—	0.7	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.8	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)	113.8	112.1	105.6	115.6	120.8
I. Long-term receivables	40.8	44.4	35.6	42.3	0.0
1. Long-term trade receivables	40.1	39.8	35.2	41.8	43.3
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	0.6	4.6	0.5	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	13.2	12.6	15.4	17.0	20.1
1. Tangible fixed assets	5.5	4.5	6.9	8.4	10.4
- Cost	53.7	56.1	57.8	57.1	0.0
- Accumulated depreciation	-48.2	-51.5	-50.9	-48.7	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	7.7	8.1	8.5	8.6	9.6
- Cost	21.3	21.3	21.3	20.9	0.0
- Accumulated depreciation	-13.5	-13.2	-12.8	-12.3	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	4.0	1.4	0.0	0.3	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.0	1.4	0.0	0.3	0.0
V. Long-term financial investments	53.1	53.1	53.1	53.1	53.1
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	53.1	53.1	53.1	53.1	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.5	0.6	1.4	2.9	0.0
1. Long-term prepayments	2.5	0.6	1.4	2.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.2	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.1
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	289.7	265.7	283.9	269.5	328.4
A. LIABILITIES (300=210+330)	124.3	110.9	134.5	127.4	203.4
I. Short -term liabilities	124.3	110.9	134.5	127.4	203.4
1. Short-term trade accounts payable	13.5	15.4	16.4	5.0	9.1
2. Short-term advances from customers	33.6	29.1	25.4	24.3	32.1
3. Taxes and other payables to state authorities	4.0	3.2	5.8	3.6	0.0
4. Payable to employees	48.9	20.2	39.0	44.1	0.0
5. Short-term acrrued expenses	6.1	0.3	3.9	3.4	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	11.0	12.9	17.4	20.9	0.0
10. Short-term borrowings and financial leases	1.7	23.4	21.1	21.5	17.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.6	6.5	5.5	4.6	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	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	165.4	154.7	149.4	142.0	125.0
I. Owner's equity	165.4	154.7	149.4	142.0	0.0
1. Owner's capital	95.2	95.2	95.2	95.2	125.0
- Common stock with voting right	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	82,760,800,000.00
- 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	-140,000.00	-140,000.00	-140,000.00	-140,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	39.1	35.5	31.1	25.1	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	31.2	24.0	23.2	21.8	23.2
- Accumulated retained earning at the end of the previous period	14.3	12.3	8.3	1.9	8.0
- Undistributed earnings in this period	16.9	11.8	14.8	19.9	15.2
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)	289.7	265.7	283.9	269.5	328.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	19.9	13.0	17.7	23.6	25.4
Depreciation of Fixed Assets and Investment Property	2.3	2.9	2.7	3.6	8.3
Provision (Increase)/Reversal	-4.2	-0.5	2.8	6.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.3	-0.4	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-13.6	-10.9	-6.3	-6.9	0.0
Interest Expense	0.9	0.8	0.7	0.5	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	4.9	5.0	17.7	26.9	42.0
Increase/(Decrease) in Receivables	-21.6	26.8	1.8	30.8	0.0
Increase/(Decrease) in Inventory	-7.6	3.3	-13.4	-5.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	35.2	-23.6	1.7	-77.1	0.0
Increase/(Decrease) in Prepaid Expenses	-2.0	0.4	1.2	1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-0.8	-0.7	-0.5	0.0
Corporate Income Tax Paid	-2.7	-2.5	-0.3	-8.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.4	-0.8	-1.8	-1.1	0.0
Net Cash Flow from Operating Activities	3.0	7.8	6.1	-33.4	7.7
Payments for Fixed Assets and Other Long-term Assets	-4.9	-1.1	-0.8	-0.9	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.1	0.0	0.8	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	4.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	-23.2
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	13.3	10.8	6.3	6.9	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	8.7	9.8	5.4	10.8	-22.2
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	24.0	38.4	37.1	41.0	5.1
Repayment of Borrowings	-45.8	-36.1	-37.6	-36.8	-16.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4.7	-7.2	-2.2	-0.3	-7.9
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	-26.5	-4.9	-2.7	3.9	-19.2
Net Cash Flow During the Period	-14.7	12.8	8.9	-18.7	8.0
Cash and Cash Equivalents at Beginning of Period	38.9	26.2	17.3	36.0	73.7
FX Difference from Revaluation	0.2	-0.1	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	24.5	38.9	26.2	17.3	40.0

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	49.6	92.4	114.8	66.7	41.6	107.3	27.8	31.0	19.0	110.1	42.8	24.7
Revenue Deductions	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	49.6	92.3	114.8	66.7	41.6	107.3	27.8	31.0	19.0	110.1	42.8	24.7
Cost of Goods Sold	31.6	65.4	90.7	42.0	30.0	67.9	20.9	30.7	13.2	73.2	28.6	17.3
Gross Profit	18.0	27.0	24.1	24.7	11.6	39.4	6.8	0.3	5.8	37.0	14.2	7.4
Financial Income	2.7	0.5	5.6	2.7	5.1	0.6	2.9	5.1	2.6	5.1	1.0	0.2
Financial Expenses	0.5	0.4	0.5	1.2	0.4	0.6	0.6	0.4	0.3	0.4	0.5	0.5
Interest Expense	0.1	0.0	0.3	0.3	0.2	0.2	0.3	0.2	0.2	0.3	0.2	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.0	6.9	3.7	9.0	3.4	5.5	2.1	1.1	0.9	5.6	2.6	2.7
General and Administrative Expenses	11.0	17.6	18.9	14.3	8.7	21.4	7.0	2.7	7.1	19.0	9.1	7.4
Operating Profit	4.2	2.5	6.5	2.9	4.1	12.5	0.2	1.2	0.1	17.0	3.0	-3.0
Other Income	0.0	0.3	0.1	0.1	0.0	0.3	0.1	0.3	0.1	0.2	0.1	0.4
Other Expenses	—	0.5	0.0	0.1	—	0.7	0.0	0.5	0.0	0.2	0.1	0.1
Other Profit	0.0	-0.1	0.1	-0.0	0.0	-0.4	0.1	-0.2	0.1	-0.0	-0.0	0.3
Profit Before Tax	4.2	2.4	6.6	2.9	4.2	12.1	0.3	1.0	0.2	17.0	3.0	-2.6
Current Income Tax Expense	0.4	0.5	0.8	1.2	—	0.7	0.0	0.6	0.0	2.4	0.0	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Net Income	3.8	1.9	5.8	1.7	4.2	11.4	0.3	0.3	0.2	14.6	3.0	-2.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.8	1.9	5.8	1.7	4.2	11.4	0.3	0.3	0.2	14.6	3.0	-2.9
Earnings per Share	401.00	204.00	612.00	179.00	439.00	1,193.00	27.00	33.00	25.00	1,533.00	313.00	-306.00
Diluted EPS	401.19	203.77	611.75	179.49	439.49	1,193.48	26.54	33.50	24.90	1,532.74	312.76	-305.98

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)	167.5	175.9	196.0	175.6	145.4	153.6	153.5	125.1	131.5	173.1	143.0	108.9
I. Cash and cash equivalents	15.2	24.3	42.0	32.7	13.8	38.9	22.5	13.1	10.7	26.2	16.7	11.5
1. Cash	7.7	15.9	17.6	29.4	10.4	38.9	18.3	5.1	7.7	16.2	13.7	2.5
2. Cash equivalents	7.5	8.4	24.4	3.4	3.4	0.0	4.2	8.0	3.0	10.0	3.0	9.0
II. Short-term financial investments	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. Available for sale securities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	102.8	106.0	111.3	94.0	89.3	75.7	78.5	63.8	62.9	111.7	82.3	59.7
1. Short-term trade accounts receivable	116.3	127.6	121.4	97.6	95.6	93.2	86.5	76.9	84.5	134.5	99.0	79.6
2. Short-term prepayments to suppliers	5.3	3.5	5.2	4.2	5.3	6.0	3.2	2.5	4.4	6.1	5.7	3.2
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	18.0	11.5	19.4	26.9	21.0	9.0	16.2	12.9	7.1	4.2	6.0	5.2
7. Provision for short-term doubtful debts (*)	-36.8	-36.7	-34.7	-34.7	-32.5	-32.5	-27.4	-28.5	-33.1	-33.1	-28.3	-28.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	47.6	44.2	40.9	46.8	40.6	37.0	51.1	45.3	55.5	34.3	42.1	35.8
1. Inventories	47.6	44.2	40.9	46.8	40.6	37.0	51.1	45.3	55.5	34.3	42.1	35.8
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	1.7	1.2	1.6	1.8	1.5	1.7	1.3	2.8	2.2	0.7	1.7	1.6
1. Short-term prepayments	1.7	1.2	1.6	1.3	1.1	1.0	1.0	1.3	0.9	0.7	1.1	1.1
2. Value added tax to be reclaimed	—	—	—	0.4	0.2	0.7	0.0	1.3	1.2	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.1	0.2	0.0	0.3	0.2	0.2	0.0	0.6	0.5
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)	117.6	113.8	111.7	111.1	105.7	112.1	104.3	104.0	104.6	105.6	104.1	111.3
I. Long-term receivables	44.0	40.8	42.3	43.7	38.3	44.4	37.3	36.2	35.8	35.6	33.1	39.4
1. Long-term trade receivables	43.3	40.1	41.7	43.1	37.8	39.8	36.8	35.7	35.4	35.2	32.6	38.9
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	0.6	0.6	0.6	0.6	0.5	4.6	0.5	0.5	0.5	0.5	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	12.8	13.2	11.1	11.6	12.3	12.6	13.1	13.9	14.6	15.4	16.1	16.7
1. Tangible fixed assets	5.1	5.5	3.3	3.7	4.3	4.5	5.0	5.6	6.3	6.9	7.6	8.1
- Cost	53.7	—	—	—	—	56.1	57.8	57.8	57.8	57.8	57.8	57.5
- Accumulated depreciation	-48.6	—	—	—	—	-51.5	-52.8	-52.2	-51.6	-50.9	-50.2	-49.4
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	7.7	7.7	7.8	7.9	8.0	8.1	8.1	8.2	8.4	8.5	8.5	8.6
- Cost	21.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5.2	4.0	4.0	1.8	1.4	1.4	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	5.2	4.0	4.0	1.8	1.4	1.4	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1
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	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1	53.1
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	2.4	2.5	1.1	0.8	0.6	0.6	0.7	0.8	1.0	1.4	1.7	2.0
1. Long-term prepayments	2.4	2.5	1.1	0.8	0.6	0.6	0.7	0.8	1.0	1.4	1.7	2.0
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
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)	285.1	289.6	307.7	286.7	251.1	265.7	257.8	229.1	236.2	278.7	247.1	220.2
A. LIABILITIES (300=210+330)	115.8	127.2	142.4	127.5	92.2	110.6	109.3	80.9	86.5	129.5	107.7	83.9
I. Short -term liabilities	115.8	127.2	142.4	127.5	92.2	110.6	109.3	80.9	86.5	129.5	107.7	83.9
1. Short-term trade accounts payable	8.8	13.5	17.2	16.5	6.6	15.4	10.0	8.0	8.7	10.3	8.3	4.4
2. Short-term advances from customers	48.4	33.6	39.9	43.7	30.1	29.1	43.1	24.9	25.6	25.4	30.2	26.4
3. Dividends and profits payable	0.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.9	3.4	6.5	1.3	0.8	3.3	0.1	0.2	0.2	6.0	0.9	0.7
4. Payable to employees	35.4	52.4	43.1	18.8	13.2	20.0	5.0	6.6	18.8	45.2	18.0	9.8
5. Short-term acrrued expenses	5.2	6.0	11.4	5.1	5.9	0.3	5.8	1.8	0.7	3.9	2.6	3.1
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	3.8	11.0	8.3	9.7	11.1	12.6	10.0	9.9	11.3	15.7	22.9	13.5
10. Short-term borrowings and financial leases	5.0	1.7	10.4	25.4	19.0	23.4	28.8	22.9	16.2	17.4	18.9	20.1
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	4.4	5.6	5.8	7.0	5.6	6.5	6.5	6.7	5.1	5.5	5.9	5.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	169.3	162.5	165.3	159.1	158.9	155.1	148.5	148.3	149.7	149.3	139.4	136.3
I. Owner's equity	169.3	162.5	165.3	159.1	158.9	155.1	148.5	148.3	149.7	149.3	139.4	136.3
1. Owner's capital	95.2	95.2	95.2	95.2	95.2	95.2	95.2	95.2	95.2	95.2	95.2	95.2
- Common stock with voting right	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00	95,173,030,000.00
- 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	-140,000.00	-140,000.00	-140,000.00	-140,000.00	-140,000.00	-140,000.00	-140,000.00	-140,000.00	-140,000.00	-140,000.00	-140,000.00	-140,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	39.1	39.1	39.1	39.1	35.5	35.5	35.5	35.5	31.1	31.1	31.1	31.1
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	35.0	28.2	31.1	24.9	28.2	24.4	17.8	17.6	23.4	23.0	13.2	10.1
- Accumulated retained earning at the end of the previous period	29.3	26.3	25.2	23.2	24.0	13.1	17.6	17.3	23.2	8.4	10.2	13.0
- Undistributed earnings in this period	5.7	1.9	5.8	1.7	4.2	11.4	0.3	0.3	0.2	14.6	3.0	-2.9
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)	285.1	289.6	307.7	286.7	251.1	265.7	257.8	229.1	236.2	278.7	247.1	220.2

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
Profit Before Tax	4.2	5.9	6.6	3.2	4.2	12.1	0.3	1.0	0.2	17.0	3.0	-2.6
Depreciation of Fixed Assets and Investment Property	0.4	0.5	0.6	0.6	0.6	0.7	0.7	0.8	0.8	0.8	0.9	0.5
Provision (Increase)/Reversal	—	-6.5	0.0	2.2	—	5.1	-1.1	-4.7	0.0	4.8	0.0	-0.2
FX Gain/Loss from Revaluation of Monetary Items	—	-0.3	0.0	-0.0	—	-0.4	0.0	-0.1	0.0	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-0.0	-13.6	7.7	-7.7	-0.0	-0.0	7.6	-7.6	-0.0	-6.3	0.3	-0.3
Interest Expense	0.1	0.0	0.3	0.3	0.2	0.2	0.3	0.2	0.2	0.3	0.2	0.2
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	4.7	-13.9	15.2	-1.4	5.0	17.7	7.8	-10.5	1.2	16.6	4.3	-2.4
Increase/(Decrease) in Receivables	14.8	11.3	-17.2	-6.9	-8.8	-19.3	4.0	7.0	46.1	-55.2	3.2	9.8
Increase/(Decrease) in Inventory	-3.4	-3.3	5.5	-5.7	-4.0	15.0	-6.6	10.2	-15.6	2.1	-6.2	-6.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-24.2	-10.8	35.8	20.8	-10.6	17.9	23.6	-17.8	-37.0	28.4	16.9	-15.2
Increase/(Decrease) in Prepaid Expenses	-0.4	-0.9	-0.7	-0.3	-0.1	0.1	0.4	-0.2	0.2	0.7	0.3	-0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.4	—	-0.5	—	0.0	0.4	-0.4	0.0	-0.7	0.3	-0.3
Corporate Income Tax Paid	-0.6	-2.1	1.1	-1.1	-0.6	0.0	0.0	-0.6	-1.8	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.4	-1.1	-0.1	-0.9	-0.1	0.0	-0.1	-0.4	-0.5	0.1	-0.3
Net Cash Flow from Operating Activities	-10.2	-21.1	39.3	4.8	-19.9	31.3	29.4	-12.4	-7.3	-8.5	18.9	-14.7
Payments for Fixed Assets and Other Long-term Assets	-0.5	-2.3	-1.8	-0.7	—	-0.8	-0.1	-0.3	0.0	-0.8	0.4	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	-1.2	—	—	—	—	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	2.7	0.2	5.4	2.6	5.1	0.2	2.9	5.0	2.6	5.0	0.9	0.2
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	1.0	-1.8	3.6	2.0	5.1	-0.6	2.8	4.7	2.6	4.3	1.3	-0.2
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	—	1.7	—	22.4	—	0.8	-19.2	19.2	0.0	35.9	-14.4	15.7
Repayment of Borrowings	—	-14.2	-11.1	-10.2	-10.3	-10.5	-3.7	-9.0	-8.4	-19.9	-0.6	-10.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-4.7	-0.0	-0.0	-0.0	-4.6	0.1	-0.2	-2.4	-2.2	-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	—	5.1	-33.5	12.2	-10.3	-14.2	-22.8	10.0	-10.8	13.7	-15.0	5.2
Net Cash Flow During the Period	-9.2	-17.8	9.3	18.9	-25.2	16.5	9.4	2.3	-15.5	9.5	5.2	-9.7
Cash and Cash Equivalents at Beginning of Period	24.5	42.0	32.7	13.8	38.9	26.2	26.2	26.2	26.2	17.3	17.3	17.3
FX Difference from Revaluation	—	0.2	—	0.1	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	15.2	24.5	42.0	32.7	13.8	38.9	22.5	13.1	10.7	26.2	16.7	11.5

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TV3

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