VNC

Tập đoàn Vinacontrol ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.15%, +3.42pp YoY

Price

35,000

Latest close

02 Jun 2026

P/E 6.08x

P/B 2.08x

EPS 5,758

BVPS 16,850

ROE 26.5%

ROA 19.3%

Profit Margin 7.5%

Asset Turnover 2.59x

Equity Mult. 1.37x

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

What Is Changing

On a TTM 2026Q1 basis, VNC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,147bn
	                                
+37.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 93bn
	                                
+136.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,070.3	820.5	709.0	635.5	590.7
Growth	+30%	+16%	+12%	+8%	—
Net Income	83.2	36.4	37.7	37.6	32.1
Net Margin	7.77%	4.43%	5.32%	5.92%	5.43%

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	256.5	291.3	285.5	313.2	180.2	233.0	212.5	210.0	164.5	198.4	185.3	180.6
Growth	-12%	+2%	-9%	+74%	-23%	+10%	+1%	+28%	-17%	+7%	+3%	—
Net Income	22.5	30.2	26.4	14.3	11.8	8.5	9.3	9.9	8.7	8.9	9.9	9.6
Net Margin	8.76%	10.36%	9.25%	4.58%	6.57%	3.65%	4.37%	4.72%	5.27%	4.46%	5.32%	5.29%

Drivers of VNC's profit

TTM

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

Gross profit ↑ 120.9bn

Selling expenses ↑ 33.9bn

Administrative expenses ↑ 19.6bn

Tax ↑ 13.8bn

Minority interests ↑ 6.1bn

TTM

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

Gross profit ↑ 34.0bn

Selling expenses ↑ 13.4bn

Administrative expenses ↑ 7.4bn

Tax ↑ 2.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.3% = 4.7% × 2.21 × 1.27

2026Q1 28.9% = 8.1% × 2.59 × 1.37

ROE rose from 13.3% to 28.9% — all three components improved, with asset turnover contributing the most.

Net margin: 8.1% +3.4pp Asset turnover: 2.59x +0.37x Leverage: 1.37x +0.11x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 8.15%, rising 3.4pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 8.15% +3.4pp

Gross Margin 25.89% +4.8pp

SG&A / Revenue 15.86% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 37.3 days.

Is capital being deployed efficiently?

ROIC expanded to 45.56%, rising 28.2pp. That translates to 45.56 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.5pp and capital turnover rose 1.85x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 45.56% +28.2pp

NOPAT Margin 8.24% +3.5pp

Capital Turnover 5.53x +1.85x

Average Invested Capital 207.2bn −20.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.59x equity, with a net cash position equivalent to 0.45x equity.

Over the last 12 months, working capital released 71.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −23.7bn

Inventories increased → lower CFO: −0.7bn

Payables increased → higher CFO: +95.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.6 days versus the same period last year. The main moves came from DIO fell 1.2 days, DSO fell 8.3 days, and DPO fell 0.9 days.

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

Working Capital Efficiency

Receivables 39.3 days −8.3 days

Inventory 1.0 days −1.2 days

Payables 3.1 days −0.9 days

Cash Conversion Cycle 37.3 days −8.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 150.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.45x and interest coverage at 175.30x.

At present, short-term debt accounts for 59.7% of total debt, cash equals 4969.3% of debt, and total debt stands at 3.3bn.

Leverage and liquidity trend

Net Debt / Equity -0.45x −0.20x

Interest Coverage 175.30x +128.04x

Cash / Debt 4969.3% +3127.2pp

Short-term Debt / Total Debt 59.7% +20.3pp

CFO / NI 2.23x +0.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 150.2bn in 2025, against investing cash flow of -46.6bn.

Post-investment cash flow was positive +103.6bn. Financing cash flow was negative +18.2bn.

CFO / net income was 2.23x.

After spending +25.7bn on fixed-asset investment, the business generated trailing free cash flow of +165.6bn.

Cash Conversion

CFO TTM 191.3bn +143.1bn

Cash Capex 25.7bn +10.2bn

FCF TTM +165.6bn +132.8bn

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.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.15% after expanding 3.4pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,070.3	820.5	709.0	635.5	590.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,070.3	820.5	709.0	635.5	590.7
Cost of Goods Sold	806.1	652.9	567.8	497.6	0.0
Gross Profit	264.2	167.6	141.1	137.9	115.7
Financial Income	3.8	3.0	2.9	2.5	0.7
Financial Expenses	1.2	0.8	0.3	1.0	-0.9
Interest Expense	0.4	0.1	0.0	0.9	-1.0
Share of Associates and Joint Ventures	0.0	0.3	0.1	0.1	0.2
Selling Expenses	78.5	54.0	37.8	37.3	-34.9
General and Administrative Expenses	82.9	69.5	59.6	53.7	-40.1
Operating Profit	105.3	46.6	46.4	48.5	40.8
Other Income	0.4	0.3	1.1	0.2	0.0
Other Expenses	1.1	0.9	0.2	0.9	0.0
Other Profit	-0.7	-0.6	0.9	-0.7	-0.2
Profit Before Tax	104.6	46.0	47.3	47.8	40.7
Current Income Tax Expense	21.4	9.6	9.6	10.2	-8.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	83.2	36.4	37.7	37.6	32.1
Non-controlling Interest	7.3	1.5	1.2	0.9	0.7
Profit Attributable to Parent	75.9	34.8	36.5	36.7	31.4
Earnings per Share	3,613.00	3,318.00	3,479.00	3,497.00	2,988.00
Diluted EPS	3,613.00	3,318.00	3,479.00	3,497.00	2,987.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	384.4	256.4	264.8	202.6	203.8
I. Cash and cash equivalents	206.2	120.4	145.9	92.9	103.9
1. Cash	149.2	117.9	113.9	60.1	0.0
2. Cash equivalents	57.1	2.5	32.0	32.8	0.0
II. Short-term financial investments	43.6	10.0	14.7	15.5	0.0
1. Available for sale securities	0.5	1.4	1.4	1.4	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.3	-0.4	-0.2	-0.3	0.0
3. Held to maturity investments	43.3	9.0	13.5	14.4	0.0
III. Short-term receivables	131.3	123.8	97.8	88.0	93.4
1. Short-term trade accounts receivable	127.0	118.1	97.5	86.2	0.0
2. Short-term prepayments to suppliers	10.0	5.0	2.6	3.1	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	0.0	0.0
6. Other short-term receivables	5.1	10.8	6.6	7.3	0.0
7. Provision for short-term doubtful debts (*)	-10.6	-10.1	-8.9	-8.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.8	1.6	6.2	5.3	3.0
1. Inventories	2.8	1.6	6.2	5.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.5	0.5	0.2	1.0	0.1
1. Short-term prepayments	0.5	0.5	0.2	1.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	142.0	148.3	155.8	156.2	164.1
I. Long-term receivables	0.9	0.8	0.1	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.9	0.8	0.1	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	116.4	121.0	127.8	126.9	132.5
1. Tangible fixed assets	95.8	101.5	112.1	111.7	120.2
- Cost	314.1	299.2	290.6	275.1	0.0
- Accumulated depreciation	-218.3	-197.7	-178.5	-163.4	0.0
2. Financial leased fixed assets	6.2	5.4	1.4	0.0	0.0
- Cost	7.9	5.9	1.5	0.0	0.0
- Accumulated depreciation	-1.7	-0.4	-0.1	0.0	0.0
3. Intangible fixed assets	14.4	14.1	14.3	15.2	12.3
- Cost	19.9	18.9	18.3	18.3	0.0
- Accumulated depreciation	-5.6	-4.8	-3.9	-3.1	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	—	0.3	0.3	0.0	3.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.3	0.3	0.0	0.0
V. Long-term financial investments	0.5	1.4	1.6	1.6	1.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	1.4	1.2	1.2	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	0.5	0.0	0.4	0.4	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	24.2	24.9	26.1	27.6	0.0
1. Long-term prepayments	24.2	24.9	26.1	27.6	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	27.1
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)	526.4	404.7	420.6	358.8	367.9
A. LIABILITIES (300=210+330)	195.0	124.7	125.0	82.1	110.7
I. Short -term liabilities	193.1	121.8	124.1	82.1	102.6
1. Short-term trade accounts payable	11.6	7.8	6.8	6.8	7.5
2. Short-term advances from customers	14.0	8.7	7.1	4.6	7.6
3. Taxes and other payables to state authorities	29.1	24.8	11.9	11.6	0.0
4. Payable to employees	121.9	68.5	88.3	50.0	0.0
5. Short-term acrrued expenses	8.7	6.9	6.4	6.0	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	5.6	3.2	2.7	2.9	0.0
10. Short-term borrowings and financial leases	2.0	1.5	0.3	0.1	2.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.3	0.6	0.3	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	1.9	2.8	0.9	0.0	8.1
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	1.9	2.8	0.9	0.0	8.1
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)	331.4	280.0	295.6	276.7	257.2
I. Owner's equity	331.4	280.0	295.6	276.7	0.0
1. Owner's capital	210.0	105.0	105.0	105.0	257.2
- Common stock with voting right	209,995,110,000.00	104,999,550,000.00	104,999,550,000.00	104,999,550,000.00	104,999,550,000.00
- 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	-3,990,000.00	-3,990,000.00	-3,954,000.00	-3,954,000.00	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	52.3	148.9	148.9	133.6	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	62.7	23.4	39.0	35.9	32.5
- Accumulated retained earning at the end of the previous period	—	0.0	2.5	0.0	0.0
- Undistributed earnings in this period	62.7	23.4	36.5	35.9	32.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	6.4	2.7	2.7	2.2	2.9
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)	526.4	404.7	420.6	358.8	367.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	104.6	46.0	47.3	47.8	40.7
Depreciation of Fixed Assets and Investment Property	23.3	22.3	21.9	21.9	20.9
Provision (Increase)/Reversal	1.1	3.4	1.6	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.4	-0.6	-0.3	0.5	0.0
Gain/Loss from Investment Activities	-2.0	-2.4	-2.4	-0.9	0.0
Interest Expense	0.4	0.1	0.0	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	127.0	68.9	68.3	69.8	61.0
Increase/(Decrease) in Receivables	2.1	-27.4	-11.6	5.3	0.0
Increase/(Decrease) in Inventory	-1.2	4.6	-0.9	-2.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	62.0	-3.0	39.3	-18.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	1.5	-2.0	0.0
Changes in Trading Securities	0.9	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.1	-0.0	-0.9	0.0
Corporate Income Tax Paid	-16.3	-9.7	-9.7	-10.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-24.0	-27.3	-4.1	-4.4	0.0
Net Cash Flow from Operating Activities	150.2	6.1	82.7	37.4	70.2
Payments for Fixed Assets and Other Long-term Assets	-14.8	-11.6	-19.7	-12.9	-31.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	0.8	0.0	0.5
Loans and Purchases of Debt Instruments	-36.1	-0.0	-13.5	-17.8	-0.5
Receipts from Loan Repayments and Sale of Debt Instruments	1.5	5.1	14.4	5.4	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.1	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.7	2.1	1.7	1.0	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	-46.6	-4.2	-16.4	-24.4	-11.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	490,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.1
Repayment of Borrowings	—	0.0	-0.1	-10.5	-3.5
Repayment of Finance Leases	-1.9	-0.6	-0.1	0.0	0.0
Dividends Paid	-16.3	-27.4	-13.4	-13.5	-39.3
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	-18.2	-27.9	-13.6	-24.0	-42.2
Net Cash Flow During the Period	85.5	-26.0	52.8	-11.0	18.2
Cash and Cash Equivalents at Beginning of Period	120.4	145.9	92.9	104.4	87.5
FX Difference from Revaluation	0.4	0.5	0.1	-0.5	-0.2
Cash and Cash Equivalents at End of Period	206.2	120.4	145.9	92.9	103.9

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	256.5	291.3	285.5	313.2	180.2	233.0	212.5	210.0	164.5	198.4	185.3	180.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	256.5	291.3	285.5	313.2	180.2	233.0	212.5	210.0	164.5	198.4	185.3	180.6
Cost of Goods Sold	182.8	221.3	202.7	242.9	140.5	189.5	165.3	164.5	130.4	163.5	137.4	145.8
Gross Profit	73.7	69.9	82.9	70.4	39.7	43.5	47.2	45.5	34.1	34.9	48.0	34.8
Financial Income	0.8	0.6	1.8	1.0	0.4	1.4	0.3	0.7	0.7	0.8	1.1	0.6
Financial Expenses	0.2	-0.4	0.6	0.3	0.3	0.1	0.6	0.1	0.0	0.1	0.1	0.0
Interest Expense	0.1	-0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.1	0.1	0.0	0.1	-0.0	0.1	0.0
Selling Expenses	23.2	25.1	14.3	27.3	9.8	19.1	13.8	13.3	7.8	14.1	10.0	8.3
General and Administrative Expenses	22.6	6.7	36.8	25.9	15.2	15.2	21.5	20.4	15.2	10.6	27.1	15.4
Operating Profit	28.6	39.1	33.0	17.9	14.9	10.6	11.7	12.4	11.8	10.9	12.0	11.8
Other Income	—	0.1	0.0	0.0	0.3	-0.1	0.3	0.1	0.0	0.2	0.3	0.5
Other Expenses	0.5	0.7	0.0	0.1	0.3	-0.1	0.3	0.1	0.6	0.0	0.0	0.1
Other Profit	-0.5	-0.6	-0.0	-0.1	0.0	0.0	0.0	-0.1	-0.6	0.2	0.3	0.4
Profit Before Tax	28.1	38.5	33.0	17.8	14.9	10.6	11.7	12.4	11.2	11.1	12.3	12.2
Current Income Tax Expense	5.6	8.3	6.6	3.4	3.1	2.1	2.5	2.5	2.6	2.3	2.4	2.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	22.5	30.2	26.4	14.3	11.8	8.5	9.3	9.9	8.7	8.9	9.9	9.6
Non-controlling Interest	0.5	4.7	1.4	1.1	0.1	0.5	0.4	0.6	0.0	0.3	0.2	0.3
Profit Attributable to Parent	22.0	25.5	25.0	13.2	11.7	8.0	8.9	9.3	8.6	8.5	9.7	9.3
Earnings per Share	2,091.00	1,215.00	1,190.00	1,262.00	1,118.00	762.00	849.00	882.00	822.00	813.00	920.00	882.00
Diluted EPS	1,045.34	1,215.17	1,189.64	1,261.49	1,117.63	761.61	849.44	882.09	822.08	812.99	920.35	881.87

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)	353.3	384.9	365.4	303.5	218.7	257.4	250.8	255.0	238.1	268.4	257.2	228.3
I. Cash and cash equivalents	162.4	213.2	199.4	153.2	76.2	120.4	100.9	69.8	70.8	145.9	120.6	95.8
1. Cash	128.4	149.2	135.6	123.2	73.2	117.9	74.4	61.8	69.2	113.9	85.9	76.0
2. Cash equivalents	34.0	64.1	63.8	30.0	3.0	2.5	26.5	8.0	1.7	32.0	34.8	19.8
II. Short-term financial investments	53.7	36.6	18.9	11.1	7.9	10.0	10.0	10.1	9.7	14.7	13.0	6.5
1. Available for sale securities	0.5	0.5	1.1	1.3	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.3	-0.5	-0.4	-0.4	-0.4	-0.4	-0.2	-0.2	-0.2	-0.3	-0.3
3. Held to maturity investments	53.4	36.3	18.3	10.3	7.0	9.0	9.0	9.0	8.5	13.5	11.9	5.4
III. Short-term receivables	133.3	131.8	142.4	135.5	131.7	124.9	136.4	169.8	151.3	101.4	118.9	122.5
1. Short-term trade accounts receivable	132.3	127.0	142.1	133.3	114.9	118.1	120.8	122.0	103.4	99.5	112.1	113.8
2. Short-term prepayments to suppliers	4.9	10.0	4.5	4.0	3.9	5.1	6.2	3.6	2.9	2.7	3.7	5.6
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	7.1	5.5	11.8	9.1	23.7	11.0	19.7	54.0	54.7	7.9	13.1	12.9
7. Provision for short-term doubtful debts (*)	-11.0	-10.6	-15.9	-10.8	-10.8	-9.4	-10.3	-9.9	-9.7	-8.7	-10.0	-9.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.7	2.8	3.8	2.7	1.9	1.6	3.0	4.4	5.9	6.2	3.9	3.0
1. Inventories	2.7	2.8	3.8	2.7	1.9	1.6	3.0	4.4	5.9	6.2	3.9	3.0
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	1.3	0.5	0.9	1.0	0.9	0.5	0.5	0.8	0.4	0.2	0.7	0.5
1. Short-term prepayments	1.3	0.5	0.9	1.0	0.9	0.5	0.5	0.7	0.3	0.2	0.7	0.5
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	168.9	141.6	138.4	142.3	145.7	148.0	146.8	149.4	153.2	156.3	156.6	150.2
I. Long-term receivables	0.3	0.5	0.7	0.8	0.6	0.5	0.1	0.1	0.1	0.0	0.0	0.0
1. Long-term trade receivables	—	0.5	—	—	—	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	0.3	—	0.7	0.8	0.6	0.5	0.1	0.1	0.1	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	124.7	116.4	112.7	116.1	117.9	121.0	120.1	123.1	125.4	127.8	128.5	122.1
1. Tangible fixed assets	104.8	95.8	92.7	95.6	98.7	101.5	103.7	107.3	109.4	112.1	112.5	107.4
- Cost	328.4	—	—	—	—	299.2	296.3	295.4	292.4	291.4	289.6	280.0
- Accumulated depreciation	-223.6	—	—	—	—	-197.7	-192.7	-188.1	-183.0	-179.3	-177.1	-172.6
2. Financial leased fixed assets	5.9	6.2	6.5	6.8	5.4	5.4	2.2	1.3	1.4	1.4	1.5	0.0
- Cost	7.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	14.1	14.4	13.5	13.7	13.9	14.1	14.3	14.5	14.7	14.3	14.5	14.7
- Cost	19.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.8	—	—	—	—	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	—	—	—	—	1.3	0.3	0.2	0.0	0.0	0.3	0.2	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	—	—	—	—	1.3	0.3	0.2	0.0	0.0	0.3	0.2	0.0
V. Long-term financial investments	20.5	0.5	0.5	0.5	1.2	1.4	1.3	1.2	1.7	1.6	1.7	1.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	1.2	1.4	1.3	1.2	1.3	1.2	1.3	1.1
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	20.5	0.5	0.5	0.5	—	0.0	0.0	0.0	0.4	0.4	0.4	0.4
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	23.4	24.2	24.6	24.9	24.6	24.9	25.2	25.0	26.0	26.6	26.2	26.6
1. Long-term prepayments	23.4	24.2	24.6	24.9	24.6	24.9	25.2	25.0	26.0	26.6	26.2	26.6
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)	522.3	526.5	503.8	445.8	364.4	405.4	397.7	404.4	391.3	424.7	413.8	378.6
A. LIABILITIES (300=210+330)	168.4	195.1	186.4	155.3	72.6	125.4	114.1	130.1	87.0	128.8	125.6	100.1
I. Short -term liabilities	167.1	193.2	183.3	152.4	70.1	122.6	113.0	129.4	86.2	127.6	125.6	100.1
1. Short-term trade accounts payable	6.6	11.6	7.8	7.2	7.6	7.6	8.5	7.5	6.6	9.3	9.0	6.2
2. Short-term advances from customers	32.1	14.0	15.2	17.5	17.5	8.7	8.9	8.3	9.1	6.7	8.9	7.1
3. Dividends and profits payable	3.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	19.2	29.1	25.9	16.3	9.3	28.0	13.1	13.5	7.6	11.9	7.1	9.0
4. Payable to employees	82.4	121.8	114.1	84.6	42.5	66.0	76.9	62.7	57.1	88.9	93.8	68.9
5. Short-term acrrued expenses	16.6	8.8	11.4	17.8	1.7	6.9	3.4	5.2	5.1	6.4	3.4	5.1
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	4.2	5.6	6.1	3.2	3.0	3.5	1.8	17.1	2.6	3.9	0.4	1.8
10. Short-term borrowings and financial leases	2.0	2.0	1.6	1.8	1.6	1.5	0.6	0.3	0.3	0.0	1.3	0.1
11. Provision for short-term liabilities	—	—	0.8	3.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.4	0.4	0.4	-13.2	0.3	-0.1	14.8	-2.4	0.6	1.7	1.9
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	1.3	1.9	3.1	2.8	2.5	2.8	1.1	0.7	0.8	1.2	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	1.3	1.9	3.1	2.8	2.5	2.8	1.1	0.7	0.8	1.2	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)	353.8	331.4	317.4	290.6	291.9	280.0	283.5	274.3	304.3	295.9	288.2	278.5
I. Owner's equity	353.8	331.4	317.4	290.6	291.9	280.0	283.5	274.3	304.3	295.9	288.2	278.5
1. Owner's capital	210.0	210.0	210.0	105.0	105.0	105.0	105.0	105.0	105.0	105.0	105.0	105.0
- Common stock with voting right	209,995,110,000.00	209,995,110,000.00	209,995,110,000.00	104,999,550,000.00	104,999,550,000.00	104,999,550,000.00	104,999,550,000.00	104,999,550,000.00	104,999,550,000.00	104,999,550,000.00	104,999,550,000.00	104,999,550,000.00
- 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	-3,990,000.00	-3,990,000.00	-3,990,000.00	-3,990,000.00	-3,990,000.00	-3,990,000.00	-3,990,000.00	-3,990,000.00	-3,954,000.00	-3,954,000.00	-3,954,000.00	-3,954,000.00
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	52.3	52.3	52.3	157.3	148.9	148.9	148.9	148.9	148.9	148.9	148.9	148.9
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	84.6	62.7	49.8	24.5	35.2	23.4	25.9	17.0	47.7	39.3	30.7	21.2
- Accumulated retained earning at the end of the previous period	62.7	0.0	—	—	23.4	0.0	0.0	-0.9	39.0	1.1	1.1	1.1
- Undistributed earnings in this period	22.0	62.7	49.8	24.5	11.7	23.4	25.9	17.9	8.6	38.2	29.6	20.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	7.0	6.4	5.4	3.9	2.9	2.8	3.8	3.4	2.8	2.7	3.6	3.4
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)	522.3	526.5	503.8	445.8	364.4	405.4	397.7	404.4	391.3	424.7	413.8	378.6

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	28.1	38.5	33.0	18.2	14.9	10.6	11.7	12.4	11.2	10.9	12.3	12.0
Depreciation of Fixed Assets and Investment Property	5.9	6.4	5.3	6.0	5.6	5.4	5.2	5.7	5.2	6.2	4.9	5.8
Provision (Increase)/Reversal	0.3	-6.2	5.5	1.1	0.7	0.2	0.5	0.6	0.5	0.3	-0.2	0.8
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.2	-0.2	-0.3	-0.1	-0.4	-0.1	-0.0	-0.1	0.2	-0.4	-0.1
Gain/Loss from Investment Activities	-0.4	-0.7	-1.1	-0.2	-0.1	-0.9	-0.4	-0.3	-0.4	-0.8	-0.5	-0.9
Interest Expense	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-7.8	7.8	0.0
Operating Profit Before Changes in Working Capital	33.9	38.2	42.6	24.9	21.2	15.0	17.0	18.5	16.5	9.0	23.9	17.6
Increase/(Decrease) in Receivables	-3.6	-10.7	27.8	-37.2	22.1	-27.3	65.4	-30.0	-43.5	-33.2	56.1	-29.6
Increase/(Decrease) in Inventory	0.1	1.0	-1.1	-0.7	-0.3	1.4	1.5	1.5	0.3	-2.3	-0.9	0.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-21.0	19.0	18.8	78.6	-54.4	51.3	-12.6	21.8	-45.8	66.0	-45.6	35.4
Increase/(Decrease) in Prepaid Expenses	0.1	0.2	0.6	-0.5	-0.2	0.3	0.4	0.3	-0.1	-0.2	0.6	0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.1	-0.1	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0
Corporate Income Tax Paid	-6.5	-8.4	-3.5	-2.9	-1.5	-3.1	-2.3	-2.6	-1.5	-3.1	-2.5	-2.4
Other Operating Receipts	0.1	—	—	—	—	-0.5	0.4	-1.2	1.2	-1.9	1.9	17.3
Other Operating Payments	-2.3	10.7	-24.1	18.9	-29.5	3.6	-24.6	-5.3	-4.7	2.1	-2.3	-0.6
Net Cash Flow from Operating Activities	0.6	48.2	63.3	79.2	-40.6	40.7	45.0	3.1	-77.8	36.5	31.2	38.9
Payments for Fixed Assets and Other Long-term Assets	-14.3	-5.0	-6.6	0.1	-3.4	-6.0	-2.8	-3.3	-2.5	-2.2	-8.7	-5.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.1	-0.1	0.1	0.0	0.3	0.0	0.0	0.1	0.3	0.4
Loans and Purchases of Debt Instruments	-30.1	-23.0	-11.4	-1.6	—	-0.0	0.0	0.0	-0.0	-13.5	1.5	-1.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.1	0.4	0.0	—	-7.1	2.1	0.1	5.0	6.5	-2.7	10.5
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	—	1.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	1.1	0.5	0.1	0.0	-0.6	0.3	0.3	0.3	0.7	0.3	0.5
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	-43.9	-24.8	-18.1	-0.4	-3.3	-13.7	-0.2	-2.9	2.8	-8.3	-9.2	4.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-490,000,000.00	490,000,000.00	-490,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	0.0	2.8	0.9	0.0	0.0	-1.4	1.4	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	-0.1	0.0
Repayment of Finance Leases	-0.5	-2.3	1.4	-0.6	-0.4	-0.2	-0.2	-0.1	-0.1	-0.1	0.0	0.0
Dividends Paid	—	-14.2	-0.6	-1.5	-0.0	-10.5	-14.6	-1.2	0.0	-0.8	0.8	-31.0
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	-0.5	-16.4	0.7	-2.1	-0.4	-7.9	-13.9	-1.3	-0.1	-2.7	2.6	-31.5
Net Cash Flow During the Period	-43.9	7.0	46.0	76.7	-44.3	19.1	31.0	-1.0	-75.1	25.5	24.5	11.8
Cash and Cash Equivalents at Beginning of Period	206.2	199.4	153.2	76.2	120.4	145.9	145.9	145.9	145.9	92.9	92.9	92.9
FX Difference from Revaluation	0.1	0.4	0.5	0.4	0.0	0.4	0.1	0.0	0.0	-0.2	0.3	0.1
Cash and Cash Equivalents at End of Period	162.4	206.2	199.4	153.2	76.2	120.4	100.9	69.8	70.8	145.9	120.6	95.8

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VNC

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Balance Sheet ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow