VDP

Dược phẩm Trung ương VIDIPHA ·HOSE ·2026Q1

▼ Under pressure

Working capital is tied up too long in the operating cycle Working capital 190 days

Price

54,000

Latest close

03 Jun 2026

P/E 19.36x

P/B 1.56x

EPS 2,789

BVPS 34,505

ROE 8.1%

ROA 6.0%

Profit Margin 6.6%

Asset Turnover 0.91x

Equity Mult. 1.36x

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

What Is Changing

On a TTM 2026Q1 basis, VDP is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 937bn
	                                
−2.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 62bn
	                                
−10.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	985.6	934.5	1,019.3	1,007.8	775.5
Growth	+5%	-8%	+1%	+30%	—
Net Income	63.8	71.8	80.2	73.5	55.4
Net Margin	6.47%	7.69%	7.87%	7.30%	7.14%

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	195.9	156.8	358.6	225.1	210.3	307.7	213.5	225.5	201.5	289.4	213.9	245.8
Growth	+25%	-56%	+59%	+7%	-32%	+44%	-5%	+12%	-30%	+35%	-13%	—
Net Income	11.9	19.5	12.0	18.2	14.1	23.4	15.6	15.6	17.6	20.9	11.6	27.6
Net Margin	6.08%	12.45%	3.34%	8.06%	6.72%	7.62%	7.29%	6.94%	8.71%	7.23%	5.40%	11.21%

Drivers of VDP's profit

TTM

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

Gross profit ↑ 14.3bn

Finance costs ↓ 5.0bn

Selling expenses ↑ 16.1bn

Other profit ↓ 4.8bn

Financial income ↓ 4.3bn

Tax ↑ 1.2bn

TTM

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

Other profit ↑ 2.5bn

Finance costs ↓ 1.0bn

Tax ↓ 0.6bn

Financial income ↑ 0.5bn

Gross profit ↓ 4.3bn

Selling expenses ↑ 2.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.2% = 7.2% × 0.89 × 1.44

2026Q1 8.1% = 6.6% × 0.91 × 1.36

ROE fell from 9.2% to 8.1% — leverage weakened the most, though asset turnover still provided support.

Net margin: 6.6% -0.6pp Asset turnover: 0.91x +0.02x Leverage: 1.36x -0.09x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 6.58%, falling 0.6pp. The main pressure is SG&A / Revenue rose 2.1pp, outweighing the improvement in Gross margin rose 2.1pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.5pp 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 6.58% −0.6pp

Gross Margin 26.95% +2.1pp

SG&A / Revenue 18.45% +2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 8.28%, broadly flat versus the same period. That translates to 8.28 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover rose 0.08x, with invested capital easing slightly by 70bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

CAPITAL EFFICIENCY TREND

ROIC 8.28% +0.3pp

NOPAT Margin 6.69% −0.2pp

Capital Turnover 1.24x +0.08x

Average Invested Capital 756.4bn −69.8bn

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.49x equity, with a net cash position equivalent to 0.09x equity.

Inventory ended the period at 283.6bn, roughly 25.4% of total assets.

Over the last 12 months, working capital released 163.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +82.1bn

Inventories decreased → higher CFO: +92.7bn

Payables decreased → lower CFO: −11.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.1 days versus the same period last year. The main moves came from DIO fell 12.9 days, DSO fell 1.9 days, and DPO fell 5.6 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 189.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 63.9 days −1.9 days

Inventory 160.1 days −12.9 days

Payables 34.1 days −5.6 days

Cash Conversion Cycle 189.9 days −9.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 238.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.09x and interest coverage at 6.57x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 139.7% of debt, and total debt stands at 171.1bn.

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 -0.09x −0.17x

Interest Coverage 6.57x +1.81x

Cash / Debt 139.7% +79.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 4.16x +4.57x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 238.2bn in 2025, against investing cash flow of -66.2bn.

Post-investment cash flow was positive +172.1bn. Financing cash flow was negative +115.0bn.

CFO / net income was 4.16x.

After spending +19.6bn on fixed-asset investment, the business generated trailing free cash flow of +236.5bn.

Cash Conversion

CFO TTM 256.2bn +284.7bn

Cash Capex 19.6bn −6.0bn

FCF TTM +236.5bn +290.7bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 190 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.16x.

Key risk: working capital remains tied up for too long, with cash cycle at 189.9 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,040.7	981.0	1,075.9	1,093.7	843.9
Revenue Deductions	55.1	46.5	56.6	85.9	0.0
Net Revenue	985.6	934.5	1,019.3	1,007.8	775.5
Cost of Goods Sold	728.6	704.7	748.7	755.4	0.0
Gross Profit	257.1	229.7	270.6	252.4	178.4
Financial Income	14.5	20.3	19.6	26.1	31.6
Financial Expenses	13.5	17.9	27.6	24.5	-14.4
Interest Expense	10.4	14.8	27.6	20.5	-12.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	95.2	81.5	120.3	90.1	-72.8
General and Administrative Expenses	79.1	66.4	51.1	71.6	-59.5
Operating Profit	83.7	84.2	91.2	92.2	63.2
Other Income	3.0	76.7	74.4	37.8	0.0
Other Expenses	3.2	70.6	65.0	36.7	0.0
Other Profit	-0.2	6.1	9.4	1.1	7.2
Profit Before Tax	83.5	90.4	100.6	93.3	70.4
Current Income Tax Expense	19.7	18.5	20.3	19.8	-15.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	63.8	71.8	80.2	73.5	55.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	63.8	71.8	80.2	73.5	55.4
Earnings per Share	2,889.00	3,252.00	4,766.00	4,029.00	3,444.39
Diluted EPS	2,889.38	3,252.36	4,359.03	4,029.00	3,444.39

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	921.7	922.2	875.0	920.7	728.1
I. Cash and cash equivalents	180.9	123.8	214.0	88.1	71.9
1. Cash	120.9	123.8	214.0	71.1	0.0
2. Cash equivalents	60.0	0.0	0.0	17.0	0.0
II. Short-term financial investments	252.5	192.8	119.0	214.7	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	252.5	192.8	119.0	214.7	0.0
III. Short-term receivables	202.9	256.1	238.6	267.3	267.4
1. Short-term trade accounts receivable	194.3	231.4	200.7	188.5	0.0
2. Short-term prepayments to suppliers	3.6	8.7	21.4	56.1	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	0.6	0.0
6. Other short-term receivables	6.0	16.9	17.5	23.1	0.0
7. Provision for short-term doubtful debts (*)	-0.9	-0.9	-1.0	-1.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	283.6	346.5	296.7	341.3	324.6
1. Inventories	283.6	346.5	296.7	341.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.8	3.1	6.7	9.3	13.0
1. Short-term prepayments	1.6	2.4	2.0	0.4	0.0
2. Value added tax to be reclaimed	0.1	0.5	2.6	7.8	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	2.0	1.1	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)	194.4	203.6	218.4	181.5	282.4
I. Long-term receivables	0.0	0.4	1.0	2.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.4	1.0	2.3	0.0
6. Other long-term receivables	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
II. Fixed assets	185.5	194.7	211.0	167.5	135.8
1. Tangible fixed assets	141.1	155.5	172.1	139.6	122.1
- Cost	429.0	414.0	400.6	342.1	0.0
- Accumulated depreciation	-287.9	-258.4	-228.5	-202.4	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	44.4	39.2	38.9	27.8	13.7
- Cost	50.2	44.2	43.5	32.0	0.0
- Accumulated depreciation	-5.9	-5.1	-4.6	-4.1	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	0.1	0.1	0.2	11.5	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.1	0.2	11.5	0.0
V. Long-term financial investments	—	0.0	5.0	0.0	146.5
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	5.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	8.8	8.4	1.2	0.2	0.0
1. Long-term prepayments	8.8	8.4	1.2	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)	1,116.0	1,125.8	1,093.4	1,102.2	1,010.4
A. LIABILITIES (300=210+330)	365.9	374.1	361.5	475.6	426.0
I. Short -term liabilities	365.9	374.1	361.5	475.6	426.0
1. Short-term trade accounts payable	101.7	50.7	28.0	67.2	99.5
2. Short-term advances from customers	2.1	1.2	4.1	3.8	0.0
3. Taxes and other payables to state authorities	9.1	3.2	0.0	4.8	0.0
4. Payable to employees	16.9	16.1	17.3	23.6	0.0
5. Short-term acrrued expenses	—	15.0	0.3	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	17.4	17.4	20.6	14.3	0.0
10. Short-term borrowings and financial leases	198.4	258.4	273.1	336.3	250.4
11. Provision for short-term liabilities	9.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.4	12.1	18.0	25.6	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)	750.1	751.8	732.0	626.6	584.5
I. Owner's equity	750.1	751.8	732.0	626.6	0.0
1. Owner's capital	220.8	220.8	184.0	168.3	584.5
- Common stock with voting right	220,833,920,000.00	220,833,920,000.00	184,029,040,000.00	168,319,040,000.00	160,829,040,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	179.9	179.9	216.7	176.0	156.9
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	280.7	269.9	242.1	218.0	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	68.6	81.2	89.2	64.2	68.3
- Accumulated retained earning at the end of the previous period	4.8	9.4	9.0	8.1	7.4
- Undistributed earnings in this period	63.8	71.8	80.2	56.1	60.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,116.0	1,125.8	1,093.4	1,102.2	1,010.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	83.5	90.4	100.6	93.3	77.1
Depreciation of Fixed Assets and Investment Property	30.0	30.2	27.6	20.8	17.4
Provision (Increase)/Reversal	9.0	-0.1	-0.1	1.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-1.1	0.0	-0.3	0.0
Gain/Loss from Investment Activities	-14.1	-14.8	-17.7	-24.4	0.0
Interest Expense	10.4	14.8	27.6	20.5	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	-0.4	0.0	-0.6	0.0
Operating Profit Before Changes in Working Capital	118.9	119.0	137.9	110.5	107.2
Increase/(Decrease) in Receivables	49.1	-15.3	35.3	23.7	0.0
Increase/(Decrease) in Inventory	62.9	-49.7	44.6	-16.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	39.0	30.0	-39.8	-62.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	-7.5	-2.7	-0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-10.4	-14.8	-27.6	-20.5	0.0
Corporate Income Tax Paid	-15.3	-15.0	-25.1	-19.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.2	-12.1	-13.9	-3.4	0.0
Net Cash Flow from Operating Activities	238.2	34.5	108.7	11.1	-27.2
Payments for Fixed Assets and Other Long-term Assets	-21.0	-13.4	-59.8	-65.0	-22.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	0.1	0.0
Loans and Purchases of Debt Instruments	-367.8	-192.8	-119.0	-231.6	-170.6
Receipts from Loan Repayments and Sale of Debt Instruments	309.3	124.6	211.6	213.4	162.4
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.3	6.7	0.0
Dividends and Interest Income Received	13.2	17.5	14.6	17.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-66.2	-64.1	47.9	-59.1	-3.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	56,327,480,000.00	27,036,945,520.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	464.1	599.8	664.1	810.9	603.7
Repayment of Borrowings	-524.2	-614.5	-727.3	-725.3	-560.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-55.0	-45.9	-24.0	-48.3	-15.7
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-115.0	-60.6	-30.8	64.3	27.9
Net Cash Flow During the Period	57.0	-90.2	125.9	16.3	15.1
Cash and Cash Equivalents at Beginning of Period	123.8	214.0	88.1	71.9	74.1
FX Difference from Revaluation	—	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	180.9	123.8	214.0	88.1	71.9

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	201.1	164.1	369.4	234.8	228.3	357.4	217.4	229.8	202.3	394.6	215.0	247.7
Revenue Deductions	5.1	7.3	10.8	9.7	18.0	49.7	4.0	4.4	0.9	105.2	1.1	1.9
Net Revenue	195.9	156.8	358.6	225.1	210.3	307.7	213.5	225.5	201.5	289.4	213.9	245.8
Cost of Goods Sold	143.9	82.2	300.1	158.0	153.9	249.1	150.9	164.9	137.9	243.1	153.7	168.2
Gross Profit	52.1	74.7	58.6	67.1	56.4	58.6	62.6	60.5	63.6	46.3	60.2	77.5
Financial Income	1.1	5.0	5.9	2.9	0.7	10.9	2.5	5.1	2.3	8.8	2.2	3.8
Financial Expenses	2.6	2.4	4.2	3.4	3.6	4.0	3.6	6.2	4.3	6.2	5.3	9.1
Interest Expense	2.3	2.3	3.1	2.5	2.5	3.6	3.6	2.9	4.2	4.5	5.3	6.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	25.0	11.9	28.9	29.9	23.0	5.1	26.8	24.6	25.0	16.3	25.2	34.8
General and Administrative Expenses	13.5	34.3	15.8	13.5	13.0	31.0	17.8	15.4	16.4	10.7	19.6	7.5
Operating Profit	12.1	31.2	15.6	23.2	17.4	29.4	16.8	19.5	20.2	22.0	12.3	29.8
Other Income	7.0	1.9	4.9	13.8	26.5	5.0	10.6	13.8	47.7	34.0	4.2	30.9
Other Expenses	4.1	5.4	5.3	14.2	26.1	4.9	7.8	13.6	45.9	29.9	2.0	26.0
Other Profit	2.9	-3.5	-0.4	-0.3	0.4	0.1	2.8	0.2	1.8	4.0	2.2	4.9
Profit Before Tax	15.0	27.7	15.2	22.9	17.8	29.5	19.6	19.7	22.0	26.0	14.5	34.8
Current Income Tax Expense	3.0	8.1	3.2	4.7	3.7	6.1	4.0	4.1	4.4	5.1	3.0	7.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.9	19.5	12.0	18.2	14.1	23.4	15.6	15.6	17.6	20.9	11.6	27.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.9	19.5	12.0	18.2	14.1	23.4	15.6	15.6	17.6	20.9	11.6	27.6
Earnings per Share	539.66	884.24	543.01	822.04	640.07	1,061.39	704.86	849.66	953.71	1,136.37	686.68	1,637.58
Diluted EPS	539.66	884.24	543.01	822.04	640.07	1,061.39	704.86	849.66	953.71	1,136.37	686.68	1,637.58

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)	864.0	916.2	858.7	928.9	821.9	919.1	919.4	891.3	911.5	861.7	891.5	869.8
I. Cash and cash equivalents	239.0	120.9	124.9	124.2	96.2	123.8	103.5	99.2	145.4	214.0	69.8	60.1
1. Cash	108.0	120.9	124.9	124.2	96.2	123.8	103.5	99.2	145.4	214.0	69.8	60.1
2. Cash equivalents	131.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	143.3	312.5	222.9	220.9	211.0	188.6	201.0	199.8	179.8	125.0	215.3	215.6
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	143.3	312.5	222.9	220.9	211.0	188.6	201.0	199.8	179.8	125.0	215.3	215.6
III. Short-term receivables	185.0	208.0	176.1	194.2	180.9	242.5	209.4	209.8	208.2	212.0	223.8	243.0
1. Short-term trade accounts receivable	175.0	192.9	154.3	179.4	152.8	230.2	183.2	185.8	192.0	196.6	204.8	227.6
2. Short-term prepayments to suppliers	11.0	—	—	—	—	0.0	0.0	12.8	0.0	0.0	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	—	16.0	22.8	15.7	29.1	13.3	27.2	12.2	17.2	16.4	20.0	16.4
7. Provision for short-term doubtful debts (*)	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-1.0	-1.0	-1.0	-1.1	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	283.9	264.1	314.5	364.6	316.4	353.2	386.7	361.5	365.1	303.7	368.8	340.1
1. Inventories	283.9	264.1	314.5	364.6	316.4	353.2	386.7	361.5	365.1	303.7	368.8	340.1
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	12.7	10.7	20.2	25.1	17.4	10.9	18.8	20.9	13.0	7.0	13.8	11.0
1. Short-term prepayments	11.8	9.9	19.4	19.1	15.3	9.6	16.2	15.8	7.6	2.0	2.9	1.1
2. Value added tax to be reclaimed	0.2	0.1	0.1	0.9	0.2	0.5	1.4	1.9	4.6	2.6	6.4	5.0
3. Taxes and other receivables from state authorities	—	—	0.0	0.1	0.4	0.1	0.4	2.6	0.1	1.7	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.7	0.7	0.7	4.9	1.4	0.7	0.8	0.7	0.6	0.6	4.5	4.8
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	179.9	186.1	193.5	191.2	194.3	201.1	205.0	211.3	218.7	212.4	201.5	200.3
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	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	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	178.6	185.5	192.9	187.1	193.1	194.7	199.4	205.2	212.4	211.0	188.9	187.8
1. Tangible fixed assets	134.5	141.1	148.5	144.3	150.2	155.5	160.8	166.5	173.6	172.1	161.4	160.2
- Cost	429.5	—	—	—	—	414.0	411.8	410.1	409.6	400.6	383.5	375.3
- Accumulated depreciation	-295.1	—	—	—	—	-258.4	-251.0	-243.6	-236.0	-228.5	-222.2	-215.1
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	44.1	44.4	44.4	42.8	42.9	39.2	38.6	38.7	38.8	38.9	27.5	27.6
- Cost	50.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.7	0.1	0.1	3.5	0.1	0.1	0.1	0.3	0.3	0.2	11.7	11.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	0.1	0.1	3.5	0.1	0.1	0.1	0.3	0.3	0.2	11.7	11.6
V. Long-term financial investments	—	—	—	—	—	5.0	5.0	5.0	5.0	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	—	—	—	—	—	5.0	5.0	5.0	5.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	5.0	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	0.5	0.5	0.4	0.6	1.0	1.2	0.5	0.7	1.0	1.2	0.9	0.8
1. Long-term prepayments	0.5	0.5	0.4	0.6	1.0	1.2	0.5	0.7	1.0	1.2	0.9	0.8
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)	1,043.8	1,102.3	1,052.2	1,120.2	1,016.2	1,120.1	1,124.4	1,102.6	1,130.2	1,074.1	1,092.9	1,070.0
A. LIABILITIES (300=210+330)	281.9	347.7	302.0	387.5	259.9	362.6	390.3	389.8	398.8	343.3	439.4	428.0
I. Short -term liabilities	281.9	347.7	302.0	387.5	259.9	362.6	390.3	389.8	398.8	343.3	439.4	428.0
1. Short-term trade accounts payable	62.1	98.4	30.5	108.6	65.7	42.1	8.6	0.8	90.7	10.4	42.9	37.6
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.0	9.8	4.0	4.0	1.7	4.0	3.9	3.9	2.3	0.0	3.5	5.3
4. Payable to employees	8.4	14.5	8.0	6.0	7.4	31.5	15.0	11.1	11.4	15.6	21.1	17.7
5. Short-term acrrued expenses	—	—	17.8	5.5	-1.3	0.7	22.1	8.4	11.9	3.0	33.8	29.4
6. Short-term inter-company payables	—	—	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	25.4	15.2	14.2	14.1	17.7	13.7	7.9	20.2	17.9	23.2	35.2	35.8
10. Short-term borrowings and financial leases	171.1	198.4	214.8	235.7	158.7	258.4	319.3	330.4	247.8	273.1	282.5	278.3
11. Provision for short-term liabilities	5.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.6	0.6
12.. Bonus and welfare fund	6.5	11.4	12.7	13.6	10.0	12.1	13.4	15.0	17.0	17.9	19.7	23.3
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)	762.0	754.6	750.2	732.7	756.3	757.5	734.1	712.7	731.3	730.8	653.6	642.0
I. Owner's equity	762.0	754.6	750.2	732.7	756.3	757.5	734.1	712.7	731.3	730.8	653.6	642.0
1. Owner's capital	220.8	220.8	220.8	220.8	220.8	220.8	220.8	184.0	184.0	184.0	168.3	168.3
- Common stock with voting right	220,833,920,000.00	220,833,920,000.00	220,833,920,000.00	220,833,920,000.00	220,833,920,000.00	220,833,920,000.00	220,833,920,000.00	184,029,040,000.00	184,029,040,000.00	184,029,040,000.00	168,319,040,000.00	168,319,040,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	179.9	179.9	179.9	179.9	179.9	179.9	179.9	216.7	216.7	216.7	176.0	176.0
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	280.7	280.7	280.7	280.7	269.9	269.9	269.9	269.9	242.1	242.1	242.1	242.1
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	80.6	73.2	68.8	51.2	85.7	87.0	63.5	42.2	88.5	88.0	67.1	55.6
- Accumulated retained earning at the end of the previous period	68.6	9.4	24.5	18.9	71.6	14.8	14.8	9.0	71.0	8.1	8.1	8.1
- Undistributed earnings in this period	11.9	63.8	44.3	32.3	14.1	72.2	48.8	33.2	17.6	79.9	59.0	47.4
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)	1,043.8	1,102.3	1,052.2	1,120.2	1,016.2	1,120.1	1,124.4	1,102.6	1,130.2	1,074.1	1,092.9	1,070.0

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
Profit Before Tax	15.0	27.7	15.1	23.0	17.8	29.5	19.6	19.7	22.0	26.3	14.5	34.7
Depreciation of Fixed Assets and Investment Property	7.4	7.4	7.7	7.4	7.5	7.5	7.5	7.7	7.6	7.5	7.2	6.6
Provision (Increase)/Reversal	4.4	9.9	0.0	—	-0.9	0.1	-1.0	1.0	-1.0	0.4	-0.5	1.1
FX Gain/Loss from Revaluation of Monetary Items	-2.0	—	-2.0	2.4	-2.4	0.0	-2.4	2.4	-2.4	2.4	-2.4	2.4
Gain/Loss from Investment Activities	—	-9.0	—	-5.1	—	0.0	8.4	-8.4	0.0	-17.7	5.2	-5.2
Interest Expense	2.3	2.3	3.1	2.5	2.5	4.0	3.2	3.7	4.2	9.7	5.3	6.0
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	27.0	35.3	28.0	31.1	24.5	41.2	35.4	26.1	30.3	28.7	29.4	45.6
Increase/(Decrease) in Receivables	23.2	19.0	-16.9	56.7	-9.8	-31.8	48.5	-46.9	29.7	15.5	3.1	26.2
Increase/(Decrease) in Inventory	-0.3	80.9	-5.4	17.4	-30.1	33.4	-30.0	8.7	-68.6	72.1	-31.9	33.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-48.2	72.9	-72.1	36.0	2.2	-21.4	-35.7	-6.4	9.8	-27.4	-24.2	14.3
Increase/(Decrease) in Prepaid Expenses	-2.0	9.5	-4.9	1.4	-5.5	6.0	-7.4	-0.8	-5.4	0.6	-2.0	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-2.3	-3.1	-2.5	-2.5	-4.0	-3.2	-3.8	-4.2	-9.7	-5.3	-6.0
Corporate Income Tax Paid	-14.6	-0.7	-6.8	6.8	-14.6	0.0	-9.6	9.6	-14.6	-14.1	0.0	3.6
Other Operating Receipts	0.3	—	—	—	—	0.0	1.0	-1.0	1.0	-0.1	0.1	-1.0
Other Operating Payments	-1.7	-4.6	2.5	-2.5	-1.7	0.0	7.3	-7.3	-1.7	-5.4	-0.4	-6.5
Net Cash Flow from Operating Activities	-18.5	209.7	-78.4	143.4	-36.4	23.3	6.4	-21.8	-23.5	60.1	-31.2	109.3
Payments for Fixed Assets and Other Long-term Assets	15.0	-17.6	3.9	18.3	-25.6	0.0	-16.0	16.0	-25.6	-26.6	0.1	-7.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	0.0	0.0
Loans and Purchases of Debt Instruments	-162.3	-205.5	5.0	-146.6	-20.7	0.0	178.5	-178.5	-20.7	18.3	0.0	-116.6
Receipts from Loan Repayments and Sale of Debt Instruments	142.6	174.8	-5.0	139.6	—	0.0	-92.8	92.8	26.6	55.3	17.0	112.8
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	0.3	0.0	0.0
Dividends and Interest Income Received	—	9.7	—	3.5	—	0.0	-8.5	8.5	0.0	9.3	-0.0	-17.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-4.8	-35.1	0.4	14.8	-46.3	0.0	61.2	-61.2	-19.7	56.9	17.1	-28.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	56,327,480,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	83.7	46.5	182.8	123.5	111.4	145.7	124.5	218.2	111.4	385.6	0.0	109.5
Repayment of Borrowings	-2.3	-0.0	-116.4	-120.8	-136.8	-148.8	-193.4	-135.5	-136.8	-390.8	0.0	-198.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-15.0	12.5	-42.8	-9.6	0.2	5.6	-45.9	0.0	-24.0	23.8	-23.8
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	81.4	-118.7	78.8	-40.1	-35.0	-3.0	-63.3	36.8	-25.4	27.2	23.8	-112.5
Net Cash Flow During the Period	58.1	55.9	0.8	118.0	-117.8	20.4	4.3	-46.2	-68.6	144.2	9.7	-31.9
Cash and Cash Equivalents at Beginning of Period	180.9	124.9	124.2	96.2	214.0	214.0	214.0	214.0	214.0	88.1	88.1	88.1
FX Difference from Revaluation	—	—	—	0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	239.0	180.9	124.9	124.2	96.2	123.8	103.5	99.2	145.4	214.0	69.8	60.1

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VDP

What Is Changing

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Working Capital Efficiency ▲

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow