VTH

Dây cáp Điện Việt Thái ·HNX ·2026Q1

▼ Slightly negative

Capital efficiency remains weak ROE 2.35%, −1.39pp YoY

Price

9,400

Latest close

02 Jun 2026

P/E 6.59x

P/B 0.71x

EPS 1,427

BVPS 13,195

ROE 10.2%

ROA 1.6%

Profit Margin 1.1%

Asset Turnover 1.45x

Equity Mult. 6.44x

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

What Is Changing

On a TTM 2026Q1 basis, VTH posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,144bn
	                                
+28.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
−2.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -4.27x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,133.9	756.8	509.0	414.4	298.4
Growth	+50%	+49%	+23%	+39%	—
Net Income	12.1	9.2	6.6	2.6	4.3
Net Margin	1.07%	1.22%	1.30%	0.64%	1.45%

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	232.5	363.7	202.5	345.2	222.5	293.1	243.2	134.0	87.2	197.5	127.6	112.8
Growth	-36%	+80%	-41%	+55%	-24%	+21%	+81%	+54%	-56%	+55%	+13%	—
Net Income	4.5	2.1	2.2	3.7	2.9	5.5	2.4	2.1	0.8	4.7	1.9	1.6
Net Margin	1.92%	0.59%	1.10%	1.07%	1.30%	1.86%	0.97%	1.57%	0.88%	2.40%	1.45%	1.39%

Drivers of VTH's profit

TTM

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

Gross profit ↑ 7.5bn

Selling expenses ↓ 5.6bn

Financial income ↑ 1.2bn

Finance costs ↑ 13.7bn

Other profit ↓ 0.9bn

Tax ↑ 0.1bn

TTM

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

Gross profit ↑ 3.9bn

Selling expenses ↓ 3.7bn

Finance costs ↑ 4.7bn

Administrative expenses ↑ 0.7bn

Financial income ↓ 0.4bn

Tax ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.5% = 1.4% × 1.83 × 5.14

2026Q1 10.2% = 1.1% × 1.45 × 6.44

ROE fell from 13.5% to 10.2% — asset turnover weakened the most, though leverage still provided support.

Net margin: 1.1% -0.3pp Asset turnover: 1.45x -0.38x Leverage: 6.44x +1.31x

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 1.09%, falling 0.3pp. The main pressure is Gross margin fell 1.4pp, outweighing the improvement in SG&A / Revenue fell 1.7pp (with lingering pressure from Net financial result / Revenue fell 0.7pp and Other profit / Revenue fell 0.1pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 1.09% −0.3pp

Gross Margin 7.94% −1.4pp

SG&A / Revenue 3.90% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC narrowed to 2.35%, falling 1.4pp. That translates to 2.35 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.3pp and capital turnover fell 0.54x, while invested capital expanded strongly by 224bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 2.35% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.35% −1.4pp

NOPAT Margin 1.19% −0.3pp

Capital Turnover 1.98x −0.54x

Average Invested Capital 579.0bn +224.2bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is very high, with clear pressure on the capital structure — liabilities at 6.03x equity, net debt at 4.20x equity.

Inventory ended the period at 195.3bn, roughly 25.4% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 3.5 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO rose 3.9 days, and DPO rose 0.3 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 100.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +3.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 46.8 days +3.9 days

Inventory 93.9 days −0.1 days

Payables 40.1 days +0.3 days

Cash Conversion Cycle 100.6 days +3.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 4.20x and interest coverage only at 0.56x.

At present, short-term debt accounts for 73.9% of total debt, cash equals 3.5% of debt, and total debt stands at 625.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 4.20x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.56x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 4.20x +1.11x

Interest Coverage 0.56x −0.42x

Cash / Debt 3.5% −0.2pp

Short-term Debt / Total Debt 73.9% −18.7pp

CFO / NI -4.27x −21.14x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 24.7bn in 2025, against investing cash flow of -250.5bn.

Post-investment cash flow was negative +225.8bn. Financing cash flow was positive +228.4bn.

CFO / net income was -4.27x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 53.4bn −269.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at -4.27x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 2.4%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -4.27x.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,133.9	762.8	509.3	414.7	298.5
Revenue Deductions	0.1	6.0	0.3	0.2	0.0
Net Revenue	1,133.9	756.8	509.0	414.4	298.4
Cost of Goods Sold	1,047.0	683.9	441.7	379.0	0.0
Gross Profit	86.9	72.9	67.2	35.5	23.6
Financial Income	3.8	0.6	0.5	0.2	0.2
Financial Expenses	26.4	16.2	14.4	8.7	-5.4
Interest Expense	24.8	15.5	12.5	7.2	-4.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	37.9	34.0	31.7	13.9	-7.0
General and Administrative Expenses	9.7	11.1	12.6	9.0	-5.3
Operating Profit	16.7	12.2	9.1	4.1	6.1
Other Income	0.2	0.0	0.0	1.1	0.0
Other Expenses	1.2	0.3	0.8	1.7	0.0
Other Profit	-1.0	-0.2	-0.8	-0.6	-0.7
Profit Before Tax	15.7	12.0	8.3	3.4	5.4
Current Income Tax Expense	3.6	2.8	1.7	0.8	-1.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	12.1	9.2	6.6	2.6	4.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	12.1	9.2	6.6	2.6	4.3
Earnings per Share	1,458.00	1,167.00	840.00	333.00	532.00
Diluted EPS	1,458.00	1,167.00	840.00	333.00	864.60

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	466.0	398.6	259.2	189.9	142.5
I. Cash and cash equivalents	17.5	14.9	8.8	6.7	3.9
1. Cash	4.5	4.4	0.7	6.7	0.0
2. Cash equivalents	13.0	10.5	8.1	0.0	0.0
II. Short-term financial investments	79.7	41.5	2.1	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	79.7	41.5	2.1	0.0	0.0
III. Short-term receivables	144.1	103.3	89.2	93.6	80.0
1. Short-term trade accounts receivable	127.9	99.4	75.9	83.8	0.0
2. Short-term prepayments to suppliers	13.2	5.1	2.5	4.1	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	6.1	2.1	13.8	6.4	0.0
7. Provision for short-term doubtful debts (*)	-3.3	-3.3	-3.0	-0.7	0.0
8. Assets awaiting resolution	0.1	0.0	0.0	0.0	0.0
IV. Inventories	195.3	235.2	157.6	88.3	57.7
1. Inventories	195.3	235.2	157.6	88.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	29.4	3.6	1.4	1.3	0.9
1. Short-term prepayments	12.6	1.4	1.4	0.9	0.0
2. Value added tax to be reclaimed	16.8	2.3	0.0	0.4	0.0
3. Taxes and other receivables from state authorities	—	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)	302.4	110.6	91.8	55.5	48.6
I. Long-term receivables	0.2	0.2	0.5	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	0.2	0.2	0.5	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	278.7	68.9	59.9	32.2	37.6
1. Tangible fixed assets	178.2	64.4	56.3	28.2	33.3
- Cost	266.8	144.3	128.1	93.9	0.0
- Accumulated depreciation	-88.6	-79.9	-71.9	-65.7	0.0
2. Financial leased fixed assets	4.0	4.3	3.3	3.6	3.8
- Cost	4.5	4.5	4.1	4.1	0.0
- Accumulated depreciation	-0.5	-0.2	-0.8	-0.5	0.0
3. Intangible fixed assets	96.5	0.3	0.3	0.4	0.4
- Cost	97.0	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.5	-0.2	-0.1	-0.1	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	18.9	23.4	20.0	13.6	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	18.9	23.4	20.0	13.6	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.6	18.0	11.5	9.6	0.0
1. Long-term prepayments	4.6	18.0	11.5	9.6	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	10.6
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)	768.5	509.2	351.0	245.4	191.1
A. LIABILITIES (300=210+330)	659.1	411.5	262.5	159.6	107.8
I. Short -term liabilities	498.6	389.0	245.4	151.2	100.5
1. Short-term trade accounts payable	99.6	106.8	62.8	22.7	15.6
2. Short-term advances from customers	38.5	13.0	9.1	10.4	2.3
3. Taxes and other payables to state authorities	0.8	1.2	1.7	0.4	0.0
4. Payable to employees	1.8	3.4	2.2	2.2	0.0
5. Short-term acrrued expenses	2.1	1.9	4.2	2.7	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	3.7	1.6	0.5	7.9	0.0
10. Short-term borrowings and financial leases	351.5	261.1	164.8	104.8	69.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	160.5	22.5	17.1	8.3	7.3
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	160.5	22.5	17.1	8.3	7.3
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)	109.4	97.7	88.5	85.9	83.3
I. Owner's equity	109.4	97.7	88.5	85.9	0.0
1. Owner's capital	79.0	79.0	79.0	79.0	83.3
- Common stock with voting right	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	50,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	11.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	30.3	18.7	9.5	6.8	4.2
- Accumulated retained earning at the end of the previous period	18.2	9.5	2.8	4.2	-0.0
- Undistributed earnings in this period	12.1	9.2	6.6	2.6	4.3
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)	768.5	509.2	351.0	245.4	191.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	15.7	12.0	8.3	3.4	0.0
Depreciation of Fixed Assets and Investment Property	9.7	7.5	6.5	6.1	0.0
Provision (Increase)/Reversal	—	0.3	2.3	0.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.3	1.1	0.0	0.0
Gain/Loss from Investment Activities	-3.6	-0.4	-0.1	0.0	0.0
Interest Expense	24.8	15.5	12.5	7.2	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	46.6	35.1	30.6	17.4	0.0
Increase/(Decrease) in Receivables	-54.8	-16.4	-1.8	-12.7	0.0
Increase/(Decrease) in Inventory	39.9	-77.6	-69.3	-30.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.7	66.0	15.3	14.8	0.0
Increase/(Decrease) in Prepaid Expenses	2.2	-6.6	-2.3	0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-24.8	-15.4	-13.4	-6.6	0.0
Corporate Income Tax Paid	-4.0	-3.2	-0.5	-1.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	24.7	-18.1	-41.4	-18.4	110.5
Payments for Fixed Assets and Other Long-term Assets	-214.5	-36.9	-19.5	-15.3	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-38.2	-39.4	-2.1	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.2	0.4	0.1	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-250.5	-75.9	-21.5	-15.3	2.6
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	1,043.5	673.4	441.7	311.5	4.1
Repayment of Borrowings	-814.0	-571.9	-375.4	-274.3	-112.8
Repayment of Finance Leases	-1.1	-1.3	-1.2	-0.8	0.0
Dividends Paid	—	0.0	-0.0	-0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	228.4	100.1	65.0	36.4	-108.8
Net Cash Flow During the Period	2.6	6.1	2.1	2.7	3.4
Cash and Cash Equivalents at Beginning of Period	14.9	8.8	6.7	3.9	1.0
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.5	14.9	8.8	6.7	3.9

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	232.5	363.7	202.5	345.2	222.5	293.4	244.2	134.0	91.9	197.8	127.6	112.8
Revenue Deductions	—	—	0.1	—	—	0.3	1.0	0.0	4.7	0.3	0.0	0.0
Net Revenue	232.5	363.7	202.5	345.2	222.5	293.1	243.2	134.0	87.2	197.5	127.6	112.8
Cost of Goods Sold	209.2	343.6	180.6	319.6	203.2	262.2	224.6	119.5	77.2	170.6	112.0	99.0
Gross Profit	23.2	20.1	21.9	25.6	19.3	30.9	18.6	14.6	10.0	26.9	15.6	13.8
Financial Income	0.0	0.8	0.8	0.3	0.4	0.3	0.0	0.1	0.0	0.0	0.0	0.0
Financial Expenses	9.3	9.2	6.6	5.6	4.7	4.7	4.3	3.5	3.3	4.0	3.4	3.4
Interest Expense	9.0	8.9	6.3	5.0	4.5	4.6	4.3	3.3	3.3	3.3	3.4	3.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.4	5.7	11.2	11.9	9.1	16.0	8.8	6.0	3.2	12.3	7.3	6.3
General and Administrative Expenses	2.9	2.8	1.9	2.8	2.2	3.2	2.5	2.5	2.6	4.3	2.6	2.2
Operating Profit	5.6	3.1	2.9	5.7	3.7	7.3	3.0	2.6	0.9	6.3	2.3	2.0
Other Income	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.3	0.0	0.1
Other Expenses	0.0	0.3	0.2	0.9	0.1	0.4	0.1	0.0	0.0	0.5	0.0	0.1
Other Profit	-0.0	-0.3	-0.2	-0.9	-0.1	-0.4	-0.1	-0.0	0.1	-0.2	-0.0	-0.0
Profit Before Tax	5.6	2.8	2.8	4.8	3.6	6.9	3.0	2.6	1.0	6.1	2.3	2.0
Current Income Tax Expense	1.1	0.6	0.6	1.1	0.7	1.5	0.6	0.5	0.2	1.3	0.5	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.5	2.1	2.2	3.7	2.9	5.5	2.4	2.1	0.8	4.7	1.9	1.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.5	2.1	2.2	3.7	2.9	5.5	2.4	2.1	0.8	4.7	1.9	1.6
Earnings per Share	408.00	271.00	282.00	466.08	366.91	691.35	299.13	266.51	96.67	600.83	234.38	199.00
Diluted EPS	408.00	271.00	282.00	466.08	366.91	691.35	299.13	266.51	96.67	600.83	234.38	199.18

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)	664.3	464.6	398.4	437.1	492.6	399.9	345.7	306.8	280.0	262.7	270.3	220.2
I. Cash and cash equivalents	21.8	15.2	18.0	18.8	12.0	4.4	3.0	0.7	9.6	0.7	0.1	0.9
1. Cash	8.8	4.5	7.4	8.2	1.5	4.4	2.5	0.1	0.6	0.7	0.1	0.9
2. Cash equivalents	13.0	10.7	10.7	10.6	10.5	0.0	0.6	0.6	9.0	0.0	0.0	0.0
II. Short-term financial investments	92.3	82.0	69.5	68.6	62.6	52.0	22.0	13.0	0.0	10.2	4.3	2.8
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	92.3	82.0	69.5	68.6	62.6	52.0	22.0	13.0	0.0	10.2	4.3	2.8
III. Short-term receivables	217.5	142.8	86.0	91.0	163.5	103.7	126.2	83.7	102.3	93.0	120.6	90.1
1. Short-term trade accounts receivable	159.5	127.9	64.8	87.6	133.8	99.5	109.0	79.1	76.0	76.2	114.0	79.8
2. Short-term prepayments to suppliers	28.6	13.4	21.0	5.3	13.5	5.1	5.2	3.5	5.6	4.8	2.7	4.7
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	32.5	4.6	2.5	1.4	18.8	2.3	15.3	4.1	23.7	13.8	4.6	6.3
7. Provision for short-term doubtful debts (*)	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.0	-3.0	-1.8	-0.7	-0.7
8. Assets awaiting resolution	0.1	0.1	0.8	—	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	291.6	195.2	218.1	256.2	250.4	236.3	192.4	205.3	166.6	157.5	137.7	120.7
1. Inventories	291.6	195.2	218.1	256.2	250.4	236.3	192.4	205.3	166.6	157.5	137.7	120.7
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	41.1	29.4	6.8	2.5	4.1	3.5	2.1	4.1	1.4	1.4	7.6	5.5
1. Short-term prepayments	13.7	12.6	3.2	2.4	2.0	1.2	1.1	1.4	1.2	1.4	3.3	1.6
2. Value added tax to be reclaimed	27.4	16.8	3.6	0.2	2.0	2.3	1.1	2.6	0.2	0.0	4.3	3.9
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.2	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)	306.7	302.1	299.6	116.7	110.9	110.5	109.9	95.1	91.8	91.7	83.9	77.3
I. Long-term receivables	—	0.2	0.2	—	—	0.0	0.5	0.5	0.5	0.5	0.5	0.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.5
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	—	0.2	0.2	—	—	0.0	0.5	0.5	0.5	0.5	0.5	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	275.1	278.4	88.5	90.9	67.7	68.9	70.4	72.0	58.2	59.9	29.0	30.1
1. Tangible fixed assets	175.5	178.0	83.6	86.0	62.6	68.7	67.1	68.6	54.7	56.3	25.3	26.3
- Cost	267.6	—	—	—	—	148.8	144.3	143.9	128.1	128.1	95.2	94.8
- Accumulated depreciation	-92.1	—	—	—	—	-80.1	-77.2	-75.3	-73.5	-71.9	-69.9	-68.5
2. Financial leased fixed assets	3.8	3.9	4.0	4.0	4.1	-0.1	3.1	3.1	3.2	3.3	3.4	3.4
- Cost	4.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	95.7	96.5	0.9	0.9	0.9	0.3	0.3	0.3	0.3	0.3	0.3	0.3
- Cost	97.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	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	28.8	18.9	197.0	9.8	25.7	23.4	22.0	12.2	22.0	20.0	44.4	37.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	28.8	18.9	197.0	9.8	25.7	23.4	22.0	12.2	22.0	20.0	44.4	37.4
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.9	4.6	13.8	16.1	17.5	18.2	16.9	10.4	11.1	11.4	10.1	9.4
1. Long-term prepayments	2.9	4.6	13.8	16.1	17.5	18.2	16.9	10.4	11.1	11.4	10.1	9.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	971.1	766.7	698.0	553.8	603.5	510.4	455.6	401.9	371.7	354.5	354.2	297.4
A. LIABILITIES (300=210+330)	827.3	658.8	592.2	449.5	502.9	411.5	362.2	310.5	282.5	263.1	263.5	208.6
I. Short -term liabilities	664.3	461.2	403.5	427.9	479.3	386.1	341.6	288.2	261.1	242.0	240.8	184.2
1. Short-term trade accounts payable	91.5	99.6	56.2	107.3	140.0	106.5	65.9	40.9	36.5	61.7	55.6	24.5
2. Short-term advances from customers	104.7	38.5	21.9	18.4	32.0	13.0	12.3	12.5	16.8	9.4	10.3	11.8
3. Taxes and other payables to state authorities	1.3	0.5	2.6	1.8	2.1	1.5	1.6	0.9	1.7	2.8	1.9	1.0
4. Payable to employees	1.9	1.8	1.7	1.5	1.8	1.9	1.3	1.5	1.1	1.5	1.3	1.1
5. Short-term acrrued expenses	1.1	2.1	1.4	1.9	1.9	3.4	2.1	1.7	1.2	2.5	3.9	3.7
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	1.0	3.7	5.4	3.5	2.9	2.9	4.2	5.6	5.9	3.2	6.3	8.2
10. Short-term borrowings and financial leases	462.4	314.5	313.8	293.5	298.5	257.0	254.1	225.0	197.9	160.9	161.6	133.9
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	0.5	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	162.9	197.6	188.7	21.7	23.6	25.5	20.6	22.3	21.4	21.1	22.7	24.3
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	162.9	197.6	188.7	21.7	23.6	25.5	20.6	22.3	21.4	21.1	22.7	24.3
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)	143.8	107.9	105.8	104.3	100.6	98.9	93.4	91.4	89.3	91.4	90.7	88.9
I. Owner's equity	143.8	107.9	105.8	104.3	100.6	98.9	93.4	91.4	89.3	91.4	90.7	88.9
1. Owner's capital	109.0	79.0	79.0	79.0	79.0	79.0	79.0	79.0	79.0	79.0	79.0	79.0
- Common stock with voting right	108,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00	78,999,890,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	34.8	28.9	26.8	25.3	21.6	19.8	14.4	12.3	10.2	12.4	11.7	9.8
- Accumulated retained earning at the end of the previous period	30.3	26.8	24.5	18.7	18.7	9.5	9.5	9.5	9.5	2.8	6.8	6.8
- Undistributed earnings in this period	4.5	2.1	2.2	6.6	2.9	10.4	4.9	2.9	0.8	9.6	4.8	3.0
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)	971.1	766.7	698.0	553.8	603.5	510.4	455.6	401.9	371.7	354.5	354.2	297.4

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	—	7.3	—	8.4	—	0.0	-3.3	3.3	0.0	8.3	-3.7	3.7
Depreciation of Fixed Assets and Investment Property	—	5.5	—	4.2	—	0.0	-3.6	3.6	0.0	6.5	-3.0	3.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	-0.3	0.3	0.0	2.3	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.2	—	0.2	—	0.0	-0.2	0.2	0.0	1.1	0.0	-0.0
Gain/Loss from Investment Activities	—	-3.1	—	-0.6	—	0.0	0.2	-0.2	0.0	-0.1	0.0	-0.0
Interest Expense	—	15.2	—	9.6	—	0.0	-6.7	6.7	0.0	12.5	-5.9	5.9
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	—	24.8	—	21.8	—	0.0	-13.8	13.8	0.0	30.6	-12.5	12.5
Increase/(Decrease) in Receivables	—	-67.4	—	12.6	—	0.0	-3.2	3.2	0.0	-1.8	3.1	-3.1
Increase/(Decrease) in Inventory	—	60.8	—	-21.0	—	0.0	47.7	-47.7	0.0	-69.3	32.4	-32.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	14.1	—	5.5	—	0.0	3.4	-3.4	0.0	15.3	-5.0	5.0
Increase/(Decrease) in Prepaid Expenses	—	1.2	—	1.0	—	0.0	-1.0	1.0	0.0	-2.3	0.4	-0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-15.3	—	-9.6	—	0.0	6.6	-6.6	0.0	-13.4	5.5	-5.5
Corporate Income Tax Paid	-0.6	-2.7	—	-1.3	—	1.5	0.0	-1.5	0.0	-0.5	0.3	0.0
Other Operating Receipts	19.5	—	—	—	—	-38.9	38.9	-3.4	3.4	0.0	0.0	-2.1
Other Operating Payments	-49.4	—	-28.2	—	-35.8	44.6	-44.6	14.5	-14.5	0.0	0.0	6.6
Net Cash Flow from Operating Activities	105.4	-102.7	118.3	-174.3	183.4	66.6	-25.4	-8.0	-33.1	-41.4	24.3	-19.8
Payments for Fixed Assets and Other Long-term Assets	—	-16.5	-186.4	-11.6	—	13.0	9.9	-17.0	-5.9	-19.5	20.0	-4.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.0	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-11.1	—	-27.1	—	0.0	4.0	-4.0	0.0	-2.1	1.6	-1.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	1.7	-0.1	0.3	0.4	-0.0	-0.1	0.2	0.0	0.1	-0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-12.6	-52.3	-160.2	-17.2	-20.7	24.6	2.2	-22.0	-4.7	-21.5	21.6	-3.8
Proceeds from Equity Issuance and Capital Contributions	30,000,000,000.00	—	—	—	—	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	77.4	822.0	-208.1	429.5	—	-431.4	176.0	152.4	103.0	441.7	-207.3	125.4
Repayment of Borrowings	-195.8	-662.6	244.9	-230.6	-165.6	337.9	-150.1	-122.5	-65.3	-375.4	165.5	-100.4
Repayment of Finance Leases	—	-0.5	—	-0.5	—	0.0	0.8	-0.8	0.0	-1.2	0.5	-0.5
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-88.4	158.3	37.3	198.4	-165.6	-93.5	26.6	29.1	37.7	65.0	-41.3	24.5
Net Cash Flow During the Period	4.3	3.4	-4.7	6.8	-2.9	-2.3	3.4	-1.0	-0.1	2.1	4.5	0.9
Cash and Cash Equivalents at Beginning of Period	17.5	18.0	18.8	12.0	14.9	0.0	0.7	8.8	0.7	6.7	0.0	6.7
FX Difference from Revaluation	—	-0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	21.8	17.5	18.0	18.8	12.0	0.0	3.0	7.7	0.6	8.8	0.0	2.1

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VTH

What Is Changing

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Cash Flow ●

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow