BRC

Cao su Bến Thành ·HOSE ·2026Q1

▼ Under pressure

Working capital is tied up too long in the operating cycle Working capital 138 days

Price

12,100

Latest close

04 Jun 2026

P/E 7.19x

P/B 0.69x

EPS 1,684

BVPS 17,474

ROE 9.6%

ROA 7.2%

Profit Margin 4.8%

Asset Turnover 1.50x

Equity Mult. 1.34x

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

What Is Changing

On a TTM 2026Q1 basis, BRC is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 435bn
	                                
−1.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 21bn
	                                
−3.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	436.9	419.1	332.2	338.1	348.1
Growth	+4%	+26%	-2%	-3%	—
Net Income	20.8	21.8	19.4	18.6	21.4
Net Margin	4.76%	5.19%	5.85%	5.51%	6.15%

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	95.3	113.3	111.2	115.7	97.9	118.3	123.7	103.6	73.5	87.5	97.8	78.8
Growth	-16%	+2%	-4%	+18%	-17%	-4%	+19%	+41%	-16%	-11%	+24%	—
Net Income	4.6	4.7	5.5	6.0	4.2	4.0	7.7	5.6	4.4	5.2	6.7	3.1
Net Margin	4.88%	4.17%	4.94%	5.17%	4.29%	3.40%	6.26%	5.39%	5.93%	6.00%	6.84%	3.95%

Drivers of BRC's profit

TTM

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

Selling expenses ↓ 8.1bn

Administrative expenses ↓ 5.0bn

Finance costs ↓ 0.9bn

Other profit ↑ 0.7bn

Gross profit ↓ 14.8bn

Financial income ↓ 0.7bn

TTM

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

Gross profit ↑ 1.6bn

Finance costs ↓ 0.2bn

Financial income ↓ 0.5bn

Administrative expenses ↑ 0.5bn

Selling expenses ↑ 0.2bn

Other profit ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.5% = 4.9% × 1.52 × 1.42

2026Q1 9.6% = 4.8% × 1.50 × 1.34

ROE fell from 10.5% to 9.6% — leverage weakened the most.

Net margin: 4.8% -0.1pp Asset turnover: 1.50x -0.02x Leverage: 1.34x -0.08x

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 stands at 4.79%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 4.79% −0.1pp

Gross Margin 16.17% −3.0pp

SG&A / Revenue 10.43% −2.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 8.68%, falling 0.7pp. That translates to 8.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.2pp and capital turnover fell 0.06x, with invested capital holding roughly steady — 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.

CAPITAL EFFICIENCY TREND

ROIC 8.68% −0.7pp

NOPAT Margin 4.67% −0.2pp

Capital Turnover 1.86x −0.06x

Average Invested Capital 234.3bn +3.6bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.37x equity, net debt at 0.05x equity.

Inventory ended the period at 88.6bn, roughly 30.5% of total assets.

Over the last 12 months, working capital released 1.3bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −9.7bn

Inventories decreased → higher CFO: +12.5bn

Payables decreased → lower CFO: −1.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.1 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 0.6 days, and DPO rose 0.6 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 138.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 75.0 days −0.6 days

Inventory 92.5 days +0.1 days

Payables 29.4 days +0.6 days

Cash Conversion Cycle 138.2 days −1.1 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 15.90x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 56.5% of debt, and total debt stands at 25.8bn.

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 0.05x −0.06x

Interest Coverage 15.90x +5.18x

Cash / Debt 56.5% +22.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.35x +0.45x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 29.5bn in 2025, against investing cash flow of -0.7bn.

Post-investment cash flow was positive +28.8bn. Financing cash flow was negative +31.2bn.

CFO / net income was 1.35x.

After spending +0.8bn on fixed-asset investment, the business generated trailing free cash flow of +27.4bn.

Cash Conversion

CFO TTM 28.2bn +8.8bn

Cash Capex 0.8bn −4.1bn

FCF TTM +27.4bn +12.9bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.35x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 138 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.35x.

Key risk: working capital remains tied up for too long, with cash cycle at 138.2 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	437.4	419.3	332.3	338.1	348.1
Revenue Deductions	0.5	0.3	0.0	0.0	0.0
Net Revenue	436.9	419.1	332.2	338.1	348.1
Cost of Goods Sold	368.3	336.4	260.3	262.9	0.0
Gross Profit	68.6	82.6	72.0	75.2	80.3
Financial Income	2.6	2.8	2.2	2.0	1.0
Financial Expenses	1.8	2.4	3.6	3.7	-2.8
Interest Expense	1.6	1.9	3.0	2.2	-1.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	33.9	41.8	34.9	39.2	-39.1
General and Administrative Expenses	10.2	14.2	11.3	10.4	-13.0
Operating Profit	25.3	27.0	24.4	23.8	26.5
Other Income	0.9	0.2	0.1	0.1	0.0
Other Expenses	0.2	0.0	0.3	0.4	0.0
Other Profit	0.7	0.1	-0.2	-0.3	0.3
Profit Before Tax	26.0	27.1	24.2	23.5	26.9
Current Income Tax Expense	5.3	5.4	4.8	4.9	-5.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	20.8	21.8	19.4	18.6	21.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	20.8	21.8	19.4	18.6	21.4
Earnings per Share	1,680.00	1,758.00	1,569.00	1,505.00	1,730.00
Diluted EPS	1,680.32	1,757.68	1,569.30	1,504.76	1,730.21

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	221.3	224.6	197.2	208.4	200.8
I. Cash and cash equivalents	27.1	29.5	25.8	22.8	14.5
1. Cash	22.1	19.5	25.3	14.7	0.0
2. Cash equivalents	5.1	10.0	0.5	8.1	0.0
II. Short-term financial investments	—	0.3	0.0	1.6	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	—	0.3	0.0	1.6	0.0
III. Short-term receivables	100.5	101.2	92.9	95.2	101.5
1. Short-term trade accounts receivable	89.7	102.8	93.2	94.6	0.0
2. Short-term prepayments to suppliers	2.7	3.7	3.0	3.2	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	10.6	0.4	0.5	0.5	0.0
7. Provision for short-term doubtful debts (*)	-2.6	-5.7	-3.8	-3.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	88.6	89.9	77.9	86.8	79.5
1. Inventories	88.6	89.9	77.9	86.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.0	3.6	0.5	2.0	0.1
1. Short-term prepayments	0.2	0.2	0.1	0.0	0.0
2. Value added tax to be reclaimed	4.7	3.4	0.5	1.9	0.0
3. Taxes and other receivables from state authorities	0.1	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)	69.4	84.5	93.4	100.8	110.2
I. Long-term receivables	0.1	0.1	0.0	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	0.1	0.1	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	43.8	56.1	64.9	73.0	81.3
1. Tangible fixed assets	43.8	56.1	64.9	73.0	81.3
- Cost	268.9	267.4	262.2	256.6	0.0
- Accumulated depreciation	-225.0	-211.4	-197.3	-183.6	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	—	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
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	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.1	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.3	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	6.0	6.0	6.0	6.0	0.0
4. Provision for diminution in value of long-term investments	-6.0	-6.0	-6.0	-6.0	0.0
5. Held to maturity investments	—	0.0	0.3	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	25.3	28.2	28.3	27.9	0.0
1. Long-term prepayments	25.3	28.2	28.3	27.9	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	28.9
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)	290.6	309.1	290.6	309.2	311.0
A. LIABILITIES (300=210+330)	79.1	96.5	80.8	98.9	99.7
I. Short -term liabilities	79.1	96.5	80.8	98.9	99.7
1. Short-term trade accounts payable	31.9	36.5	27.5	24.7	25.9
2. Short-term advances from customers	5.5	4.6	1.8	0.8	3.0
3. Taxes and other payables to state authorities	1.4	0.9	1.2	1.0	0.0
4. Payable to employees	11.8	10.6	3.2	6.5	0.0
5. Short-term acrrued expenses	0.5	0.4	0.4	0.5	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	1.2	1.4	1.4	1.7	0.0
10. Short-term borrowings and financial leases	24.1	40.5	40.1	57.5	46.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.5	1.6	5.1	6.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	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)	211.6	212.6	209.8	210.3	211.3
I. Owner's equity	211.6	212.6	209.8	210.3	0.0
1. Owner's capital	123.7	123.7	123.7	123.7	211.3
- Common stock with voting right	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	26.3	26.3	26.3	26.3	26.3
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	40.3	40.3	40.3	40.3	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	21.2	22.2	19.4	19.9	25.2
- Accumulated retained earning at the end of the previous period	0.4	0.5	0.0	1.3	3.8
- Undistributed earnings in this period	20.8	21.8	19.4	18.6	21.4
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)	290.6	309.1	290.6	309.2	311.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	26.0	27.1	24.2	23.5	26.9
Depreciation of Fixed Assets and Investment Property	14.6	15.0	14.6	15.9	15.0
Provision (Increase)/Reversal	-3.1	1.9	0.7	-0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.4	-0.3	0.1	0.0
Gain/Loss from Investment Activities	-0.2	-0.1	-0.1	-0.3	0.0
Interest Expense	1.6	1.9	3.0	2.2	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	38.9	45.4	42.0	41.0	45.1
Increase/(Decrease) in Receivables	2.1	-12.2	3.2	4.9	0.0
Increase/(Decrease) in Inventory	1.3	-12.0	8.8	-7.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.2	19.1	0.4	-9.4	0.0
Increase/(Decrease) in Prepaid Expenses	2.0	-1.0	-1.4	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.7	-1.9	-3.0	-2.1	0.0
Corporate Income Tax Paid	-4.9	-5.7	-4.5	-5.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.1	-8.9	-5.6	-5.4	0.0
Net Cash Flow from Operating Activities	29.5	22.9	40.0	16.7	33.5
Payments for Fixed Assets and Other Long-term Assets	-1.2	-5.9	-5.6	-6.7	-10.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	0.3
Loans and Purchases of Debt Instruments	—	-0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.3	0.0	1.4	3.6	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	0.2	0.1	0.2	0.2	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	-0.7	-5.9	-4.0	-2.8	-10.3
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	85.1	97.8	94.7	119.5	66.1
Repayment of Borrowings	-101.5	-97.4	-112.1	-107.9	-78.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-14.9	-13.6	-15.7	-17.2	-10.1
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	-31.2	-13.2	-33.1	-5.6	-22.3
Net Cash Flow During the Period	-2.4	3.8	2.9	8.3	-6.0
Cash and Cash Equivalents at Beginning of Period	29.5	25.8	22.8	14.7	13.6
FX Difference from Revaluation	0.0	0.0	0.0	-0.2	-0.0
Cash and Cash Equivalents at End of Period	27.1	29.5	25.8	22.8	14.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	95.3	113.4	111.2	115.7	98.3	118.6	123.7	103.6	73.5	87.5	97.8	78.8
Revenue Deductions	—	0.1	—	0.0	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	95.3	113.3	111.2	115.7	97.9	118.3	123.7	103.6	73.5	87.5	97.8	78.8
Cost of Goods Sold	78.0	95.7	94.4	97.0	82.2	97.0	96.7	82.4	60.3	67.1	77.1	63.6
Gross Profit	17.3	17.6	16.9	18.7	15.7	21.3	27.0	21.1	13.2	20.4	20.8	15.1
Financial Income	0.1	0.4	0.6	1.1	0.6	1.0	0.5	0.7	0.6	0.9	0.5	0.3
Financial Expenses	0.3	0.5	0.3	0.5	0.5	0.6	0.7	0.7	0.5	0.9	0.5	1.3
Interest Expense	0.2	0.4	0.3	0.5	0.3	0.5	0.5	0.6	0.4	0.7	0.5	1.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	7.3	8.4	8.8	9.6	7.0	12.6	10.8	11.7	6.7	9.1	9.6	8.7
General and Administrative Expenses	3.9	3.1	2.2	2.2	3.4	4.2	6.3	2.4	1.3	4.7	2.6	1.5
Operating Profit	5.9	6.0	6.0	7.5	5.4	4.8	9.7	7.0	5.3	6.5	8.6	3.8
Other Income	0.0	0.0	0.9	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.1
Other Expenses	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0
Other Profit	-0.1	-0.1	0.8	-0.0	0.0	-0.0	-0.0	-0.0	0.1	-0.0	-0.3	0.1
Profit Before Tax	5.8	5.9	6.9	7.5	5.4	4.8	9.7	7.0	5.5	6.5	8.4	3.9
Current Income Tax Expense	1.2	1.2	1.4	1.5	1.2	0.8	1.9	1.5	1.1	1.2	1.7	0.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.6	4.7	5.5	6.0	4.2	4.0	7.7	5.6	4.4	5.2	6.7	3.1
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.6	4.7	5.5	6.0	4.2	4.0	7.7	5.6	4.4	5.2	6.7	3.1
Earnings per Share	375.00	382.00	444.00	483.00	340.00	325.00	626.00	451.00	353.00	424.00	556.00	251.00
Diluted EPS	375.48	381.86	443.95	483.43	339.72	324.57	626.19	451.09	352.72	424.11	540.70	251.49

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)	216.5	218.1	230.0	222.9	214.1	224.5	237.5	209.6	197.9	197.4	216.7	197.6
I. Cash and cash equivalents	14.6	37.6	33.4	16.4	12.3	29.5	17.2	11.8	15.0	25.3	16.4	15.1
1. Cash	9.5	32.5	28.4	16.4	12.3	19.5	16.7	11.3	14.6	25.3	16.4	12.1
2. Cash equivalents	5.1	5.1	5.0	—	0.0	10.0	0.5	0.5	0.5	0.0	0.0	3.0
II. Short-term financial investments	—	—	—	0.3	0.3	0.3	0.3	0.0	0.0	0.7	0.6	0.6
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	—	—	—	0.3	0.3	0.3	0.3	0.0	0.0	0.7	0.6	0.6
III. Short-term receivables	110.4	90.9	100.3	108.3	96.9	101.3	120.1	106.7	98.9	95.1	119.3	101.5
1. Short-term trade accounts receivable	87.0	89.7	97.1	106.6	92.0	102.8	119.1	106.2	91.8	93.2	116.0	95.9
2. Short-term prepayments to suppliers	15.2	3.6	5.5	5.4	9.3	3.8	5.8	1.8	8.7	5.3	4.2	6.8
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.8	0.2	0.3	0.3	1.3	0.4	0.8	0.6	0.7	0.5	0.8	0.6
7. Provision for short-term doubtful debts (*)	-2.6	-2.6	-2.7	-4.0	-5.7	-5.8	-5.6	-2.0	-2.3	-3.8	-1.8	-1.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	86.3	84.7	90.5	92.0	98.7	89.8	96.9	88.8	82.7	75.7	79.8	80.0
1. Inventories	86.3	84.7	90.5	92.0	98.7	89.8	96.9	88.8	82.7	75.7	79.8	80.0
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.2	4.9	5.8	5.9	5.8	3.6	3.1	2.4	1.3	0.5	0.7	0.5
1. Short-term prepayments	0.7	0.1	0.3	0.5	0.4	0.2	0.2	0.4	0.2	0.1	0.2	0.3
2. Value added tax to be reclaimed	4.5	4.7	5.6	5.4	5.4	3.4	2.8	2.0	1.1	0.5	0.5	0.1
3. Taxes and other receivables from state authorities	—	0.1	—	—	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	0.0
5. Other short-term assets	—	—	—	—	0.0	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)	67.2	69.4	73.2	77.5	81.1	84.4	86.9	90.5	90.1	93.2	95.8	94.7
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	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	0.0
II. Fixed assets	41.3	43.8	46.7	50.0	53.4	56.1	59.3	62.9	61.5	64.9	63.4	66.2
1. Tangible fixed assets	41.3	43.8	46.7	50.0	53.4	56.1	59.3	62.9	61.5	64.9	63.4	66.2
- Cost	269.2	—	—	—	268.2	267.4	267.2	267.2	262.3	262.2	257.2	256.7
- Accumulated depreciation	-227.9	—	—	—	-214.8	-211.4	-207.9	-204.3	-200.8	-197.3	-193.8	-190.4
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.1	0.2	0.2	0.1	0.0	0.0	0.1	1.0	0.1	4.3	0.1
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.1	0.2	0.2	0.1	0.0	0.0	0.1	1.0	0.1	4.3	0.1
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.1	0.3	0.3	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	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	0.0
3. Investments in other entities	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0
4. Provision for diminution in value of long-term investments	-6.0	-6.0	-6.0	-6.0	-6.0	-6.0	-6.0	-6.0	-6.0	-6.0	-6.0	-6.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.1	0.3	0.3	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	0.0
VI. Other long-term assets	25.7	25.4	26.2	27.3	27.6	28.2	27.5	27.2	27.3	28.3	28.1	28.3
1. Long-term prepayments	25.7	25.4	26.2	27.3	27.6	28.2	27.5	27.2	27.3	28.3	28.1	28.3
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	283.7	287.5	303.2	300.4	295.2	308.9	324.4	300.1	288.0	290.6	312.5	292.3
A. LIABILITIES (300=210+330)	67.5	75.9	96.3	84.6	78.5	96.3	115.9	99.3	92.9	80.8	108.0	94.5
I. Short -term liabilities	67.5	75.9	96.3	84.6	78.5	96.3	115.9	99.3	92.9	80.8	108.0	94.5
1. Short-term trade accounts payable	27.8	29.2	39.0	35.1	30.9	36.4	40.9	33.4	25.6	27.5	36.4	24.8
2. Short-term advances from customers	2.6	5.5	6.1	3.2	1.5	4.6	7.5	4.9	2.9	1.8	2.2	1.7
3. Dividends and profits payable	0.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.4	1.3	2.9	2.9	1.2	0.9	3.7	1.7	1.1	1.3	2.9	2.2
4. Payable to employees	5.7	11.8	9.9	8.4	5.7	10.6	6.7	3.5	2.2	3.2	2.5	1.9
5. Short-term acrrued expenses	—	0.1	—	0.3	0.2	0.4	0.4	0.4	0.2	0.4	0.2	0.4
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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.4	1.2	2.1	1.9	1.9	1.4	9.0	15.3	15.1	1.4	12.8	16.8
10. Short-term borrowings and financial leases	25.8	24.1	31.4	26.5	36.6	40.5	43.8	35.1	40.3	40.1	44.8	40.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	2.5	5.0	6.3	0.4	1.7	4.0	5.0	5.6	5.1	6.1	6.7
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	—	—	—	—	0.0	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	0.0
2. Long-term advances from customers	—	—	—	—	0.0	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	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	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	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	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	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	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	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	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	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	216.2	211.6	206.9	215.8	216.8	212.5	208.5	200.8	195.1	209.8	204.5	197.8
I. Owner's equity	216.2	211.6	206.9	215.8	216.8	212.5	208.5	200.8	195.1	209.8	204.5	197.8
1. Owner's capital	123.7	123.7	123.7	123.7	123.7	123.7	123.7	123.7	123.7	123.7	123.7	123.7
- Common stock with voting right	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00	123,749,970,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3	26.3
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	40.3	40.3	40.3	40.3	40.3	40.3	40.3	40.3	40.3	40.3	40.3	40.3
9. Fund to support corporate restructuring	—	—	—	—	0.0	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
11. Undistributed earnings after tax	25.9	21.2	16.5	25.5	26.4	22.2	18.1	10.4	4.8	19.4	14.2	7.4
- Accumulated retained earning at the end of the previous period	21.2	0.4	0.4	15.3	22.2	0.5	0.5	0.5	0.4	0.0	0.0	0.0
- Undistributed earnings in this period	4.6	20.8	16.1	10.2	4.2	21.7	17.7	9.9	4.4	19.4	14.1	7.4
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	283.7	287.5	303.2	300.4	295.2	308.9	324.4	300.1	288.0	290.6	312.5	292.3

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	5.8	5.9	6.9	7.9	5.4	4.8	9.7	7.0	5.5	6.5	8.4	4.0
Depreciation of Fixed Assets and Investment Property	2.9	4.3	2.9	3.9	3.5	3.5	3.5	3.5	3.5	4.4	3.4	3.4
Provision (Increase)/Reversal	—	-0.1	-0.6	-2.4	0.0	0.1	3.7	-0.4	-1.5	2.1	0.0	-1.4
FX Gain/Loss from Revaluation of Monetary Items	—	0.1	0.0	-0.1	0.0	-0.5	0.0	0.1	0.0	-0.2	0.0	-0.0
Gain/Loss from Investment Activities	-0.0	-0.1	0.0	-0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.1	0.1	-0.1
Interest Expense	0.2	0.5	0.3	0.5	0.3	0.4	0.6	0.6	0.4	0.7	0.5	1.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	8.9	10.5	9.5	9.8	9.1	8.3	17.6	10.9	7.8	13.3	12.4	6.9
Increase/(Decrease) in Receivables	-9.6	0.4	6.7	-7.3	2.3	18.1	-17.9	-8.5	-5.0	24.5	-18.5	-1.7
Increase/(Decrease) in Inventory	2.3	1.9	3.7	4.5	-8.8	7.2	-7.4	-6.9	-4.7	1.9	0.2	1.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.5	-5.8	7.7	9.2	-13.3	-3.2	11.7	12.3	-2.1	-8.5	12.5	3.7
Increase/(Decrease) in Prepaid Expenses	-0.9	0.0	1.8	-0.2	0.4	-0.7	-0.1	-0.1	0.9	-1.0	0.6	-1.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.5	-0.3	-0.4	-0.5	-1.0	0.1	-0.5	-0.5	-0.6	-0.7	-0.9
Corporate Income Tax Paid	-1.2	-2.9	-1.2	0.0	-0.9	-3.4	0.0	-1.1	-1.2	-2.5	-1.1	0.0
Other Operating Receipts	0.0	—	—	—	0.0	0.0	0.1	-0.0	0.0	-0.2	0.2	-0.1
Other Operating Payments	-0.7	-2.6	-1.2	-1.2	-1.0	-1.9	-1.0	-0.6	-5.0	0.0	-1.6	-0.7
Net Cash Flow from Operating Activities	-13.9	1.0	26.8	14.3	-12.6	23.3	3.2	5.6	-9.8	26.8	4.1	7.2
Payments for Fixed Assets and Other Long-term Assets	-0.4	-0.2	-0.1	-0.2	-0.7	-0.2	-0.4	-3.6	-1.1	-1.2	-4.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.1	-0.1	0.0	0.0	0.1	-0.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.3	—	—	0.0	0.0	0.0	0.0	0.0	-0.3	0.0	1.6
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-0.3	0.2	-0.0	-0.2	-0.7	-0.2	-0.3	-3.6	-1.1	-1.5	-4.1	1.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	19.9	17.8	26.5	18.4	22.4	22.4	32.1	22.3	21.1	26.5	23.5	24.5
Repayment of Borrowings	-18.2	-25.1	-21.6	-28.6	-26.2	-25.7	-23.4	-27.5	-20.9	-31.1	-18.7	-36.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.1	-14.6	-0.1	0.0	-7.4	-6.1	-0.0	-0.0	-11.3	-4.0	-0.3
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	1.7	-7.4	-9.7	-10.2	-3.9	-10.7	2.5	-5.2	0.2	-16.0	0.7	-12.6
Net Cash Flow During the Period	-12.6	-6.2	17.0	3.9	-17.2	12.4	5.4	-3.2	-10.7	9.3	0.8	-3.9
Cash and Cash Equivalents at Beginning of Period	27.1	33.4	16.4	12.3	29.5	25.8	25.8	25.8	25.8	22.8	22.8	22.8
FX Difference from Revaluation	—	0.0	0.1	0.1	0.0	0.0	0.0	-0.1	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.6	27.1	33.4	16.4	12.3	29.5	17.2	11.8	15.0	25.8	16.4	15.6

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DRC, FBC, FT1, KTL, DFC, CSM, SRC, RBC, GER

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BRC

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Balance Sheet ●

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Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow