CMS

Tập Đoàn CMH Việt Nam ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.50%, +5.64pp YoY

Price

8,200

Latest close

02 Jun 2026

P/E 5.84x

P/B 0.67x

EPS 1,403

BVPS 12,208

ROE 10.2%

ROA 4.7%

Profit Margin 8.6%

Asset Turnover 0.55x

Equity Mult. 2.18x

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

What Is Changing

On a TTM 2026Q1 basis, CMS 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. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 353bn
	                                
+48.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 30bn
	                                
+342.9%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    44.2%

Metric	2025	2024	2023	2022	2021
Revenue	340.8	202.1	98.1	160.2	187.4
Growth	+69%	+106%	-39%	-15%	—
Net Income	27.8	5.0	1.7	0.0	13.0
Net Margin	8.15%	2.45%	1.76%	0.02%	6.96%

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	69.3	137.1	66.9	79.4	57.3	69.2	70.4	40.1	22.3	48.6	25.3	20.7
Growth	-49%	+105%	-16%	+39%	-17%	-2%	+76%	+79%	-54%	+92%	+22%	—
Net Income	2.5	20.8	5.3	1.3	2.2	1.3	1.2	2.1	0.1	0.9	0.0	0.1
Net Margin	3.63%	15.15%	7.99%	1.70%	3.86%	1.93%	1.64%	5.16%	0.37%	1.88%	0.17%	0.67%

Drivers of CMS's profit

TTM

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

Gross profit ↑ 21.0bn

Financial income ↑ 13.9bn

Other profit ↑ 6.7bn

Finance costs ↑ 11.1bn

Tax ↑ 4.7bn

Administrative expenses ↑ 2.5bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 2.5bn

Gross profit ↑ 0.2bn

Administrative expenses ↓ 0.1bn

Other profit ↓ 2.4bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.5% = 2.9% × 0.44 × 2.01

2026Q1 10.1% = 8.5% × 0.55 × 2.18

ROE rose from 2.5% to 10.1% — all three components improved, with leverage contributing the most.

Net margin: 8.5% +5.6pp Asset turnover: 0.55x +0.11x Leverage: 2.18x +0.16x

Is the profit sustainable?

Margins improved (+5.6pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 8.50%, rising 5.6pp. The main driver is Gross margin rose 3.5pp and SG&A / Revenue fell 1.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.4pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 8.50% +5.6pp

Gross Margin 11.02% +3.5pp

SG&A / Revenue 4.65% −1.2pp

Non-core / Revenue 4.16% +2.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 44.2% of PBT and lifted net margin by 2.0pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 3.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 3.17%, rising 3.3pp. That translates to 3.17 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.9pp and capital turnover rose 0.07x, while invested capital expanded strongly by 128bn — capital-return quality improved from both sides.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 3.17% +3.3pp

NOPAT Margin 4.74% +4.9pp

Capital Turnover 0.67x +0.07x

Average Invested Capital 527.1bn +128.3bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.08x equity, net debt at 0.57x equity.

Inventory ended the period at 68.4bn, roughly 10.7% 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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 90.9 days versus the same period last year. The main moves came from DIO fell 59.6 days, DSO fell 48.4 days, and DPO fell 17.1 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 169.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 109.2 days −48.4 days

Inventory 114.6 days −59.6 days

Payables 54.5 days −17.1 days

Cash Conversion Cycle 169.3 days −90.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.57x and interest coverage only at 1.25x.

At present, short-term debt accounts for 19.7% of total debt, cash equals 4.3% of debt, and total debt stands at 185.1bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is 1.25x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.57x −0.43x

Interest Coverage 1.25x +1.35x

Cash / Debt 4.3% +4.1pp

Short-term Debt / Total Debt 19.7% +2.8pp

CFO / NI 0.14x +11.68x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -30.6bn in 2025, against investing cash flow of 0.6bn.

Post-investment cash flow was negative +30.0bn. Financing cash flow was positive +33.5bn.

CFO / net income was 0.14x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 4.1bn +82.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 5.6 pp. The next item to monitor is the earnings mix, when non-core contribution is -4.7%. The main risk still sits in leverage and liquidity, with interest coverage at 1.25x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.50% after expanding 5.6pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -4.7% of PBT and CFO / net income currently at 0.14x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.25x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	340.8	202.1	98.1	160.2	187.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	340.8	202.1	98.1	160.2	187.4
Cost of Goods Sold	302.1	186.8	88.1	147.0	0.0
Gross Profit	38.7	15.3	10.0	13.3	1.9
Financial Income	14.8	1.1	4.8	3.7	22.9
Financial Expenses	3.1	2.5	2.6	3.2	8.7
Interest Expense	3.1	2.5	2.3	2.8	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-6.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	16.5	13.4	13.5	17.9	-13.4
Operating Profit	33.9	0.5	-1.3	-4.1	14.1
Other Income	12.4	7.4	5.0	12.2	0.0
Other Expenses	11.3	1.1	0.7	7.2	0.0
Other Profit	1.0	6.4	4.3	5.0	1.4
Profit Before Tax	34.9	6.9	3.0	0.9	15.5
Current Income Tax Expense	7.1	1.9	1.3	1.1	-2.5
Deferred Income Tax Expense	—	0.0	0.0	-0.2	0.0
Net Income	27.8	5.0	1.7	0.0	13.0
Non-controlling Interest	-3.7	0.0	-0.3	-0.3	0.8
Profit Attributable to Parent	31.5	4.9	2.0	0.3	12.2
Earnings per Share	1,238.00	194.00	79.00	15.00	709.47
Diluted EPS	1,238.00	194.00	79.00	15.00	709.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	563.2	504.4	385.8	432.2	315.7
I. Cash and cash equivalents	12.0	8.4	57.2	38.0	15.0
1. Cash	12.0	7.9	44.1	0.5	0.0
2. Cash equivalents	—	0.6	13.0	37.4	0.0
II. Short-term financial investments	14.4	13.3	18.4	27.8	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	14.4	13.3	18.4	27.8	0.0
III. Short-term receivables	462.0	348.5	212.3	329.1	207.9
1. Short-term trade accounts receivable	88.6	68.4	103.2	154.5	0.0
2. Short-term prepayments to suppliers	22.4	2.2	7.2	10.0	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	—	1.1	0.0	10.2	0.0
6. Other short-term receivables	396.0	320.7	145.8	198.2	0.0
7. Provision for short-term doubtful debts (*)	-45.0	-43.9	-43.9	-43.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	68.4	119.7	83.0	27.9	50.6
1. Inventories	68.4	119.7	83.0	27.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.3	14.5	14.9	9.5	13.0
1. Short-term prepayments	0.5	0.4	1.6	0.7	0.0
2. Value added tax to be reclaimed	1.6	10.9	11.1	7.7	0.0
3. Taxes and other receivables from state authorities	4.3	3.2	2.2	1.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	78.2	55.7	42.0	65.8	64.2
I. Long-term receivables	59.0	23.4	9.2	30.6	0.0
1. Long-term trade receivables	58.8	23.4	9.0	30.5	30.9
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	0.0	0.2	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	15.3	20.7	26.3	31.8	5.7
1. Tangible fixed assets	15.2	20.6	26.1	31.8	5.6
- Cost	169.0	168.9	168.7	180.9	0.0
- Accumulated depreciation	-153.8	-148.3	-142.6	-149.1	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	0.1	0.1	0.1	0.0	0.0
- Cost	0.4	0.4	0.4	0.2	0.0
- Accumulated depreciation	-0.3	-0.3	-0.2	-0.2	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	3.3	9.1	3.3	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.3	9.1	3.3	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	24.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.7	2.5	3.2	3.5	0.0
1. Long-term prepayments	0.3	1.6	1.6	1.3	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	3.1
5. Goodwill	0.3	0.9	1.6	2.2	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	641.4	560.1	427.8	498.0	379.9
A. LIABILITIES (300=210+330)	333.2	279.7	150.6	189.3	151.5
I. Short -term liabilities	170.0	135.0	130.4	173.3	133.6
1. Short-term trade accounts payable	29.7	41.4	30.0	54.2	22.4
2. Short-term advances from customers	23.5	18.8	58.8	56.7	45.9
3. Taxes and other payables to state authorities	10.0	4.4	3.0	4.6	0.0
4. Payable to employees	2.2	3.3	2.2	2.0	0.0
5. Short-term acrrued expenses	23.6	16.0	16.7	19.8	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	0.1	0.4
9. Other short-term payables	3.5	2.7	1.3	1.2	0.0
10. Short-term borrowings and financial leases	61.7	43.5	13.4	29.7	30.1
11. Provision for short-term liabilities	10.8	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.0	5.0	5.0	5.0	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	163.2	144.6	20.2	16.0	17.9
1. Long-term trade payables	10.2	6.9	11.1	10.9	15.3
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	151.4	136.1	7.5	3.5	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	1.6	1.6	1.6	1.6	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)	308.2	280.4	277.1	308.8	228.4
I. Owner's equity	308.2	280.4	277.1	308.8	0.0
1. Owner's capital	254.5	254.5	254.5	254.5	228.4
- Common stock with voting right	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	172,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.2
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	0.4	0.4	0.4	0.4	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	37.4	5.9	2.7	1.2	2.8
- Accumulated retained earning at the end of the previous period	5.9	1.0	0.6	0.9	-9.4
- Undistributed earnings in this period	31.5	4.9	2.0	0.3	12.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	16.2	20.0	19.9	53.1	53.3
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)	641.4	560.1	427.8	498.0	379.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	34.9	6.9	3.0	0.9	0.0
Depreciation of Fixed Assets and Investment Property	6.1	6.4	6.7	5.4	0.0
Provision (Increase)/Reversal	11.8	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.3	0.0
Gain/Loss from Investment Activities	-0.5	-0.9	-4.8	-6.7	0.0
Interest Expense	3.1	2.5	2.3	2.8	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	55.5	14.8	7.3	2.1	0.0
Increase/(Decrease) in Receivables	-143.2	-151.8	39.4	-158.4	0.0
Increase/(Decrease) in Inventory	51.2	-36.7	-58.3	22.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.7	-30.5	-24.8	15.8	0.0
Increase/(Decrease) in Prepaid Expenses	1.2	1.3	-1.3	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.0	-2.4	-3.0	-2.7	0.0
Corporate Income Tax Paid	-1.9	-2.4	-2.6	-0.8	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	-30.6	-207.9	-43.4	-121.7	-136.3
Payments for Fixed Assets and Other Long-term Assets	-0.1	-5.9	-18.7	-13.6	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	4.7	0.0
Loans and Purchases of Debt Instruments	-16.4	-4.0	-57.7	-57.6	-80.6
Receipts from Loan Repayments and Sale of Debt Instruments	16.4	8.3	76.6	77.3	167.5
Investments in Other Entities	—	0.0	0.0	0.0	-24.9
Proceeds from Investments in Other Entities	—	0.0	72.2	46.2	0.0
Dividends and Interest Income Received	0.6	2.0	2.5	2.2	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	0.6	0.4	74.9	59.2	65.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	82,295,000,000.00	32,800,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	203.9	209.7	30.1	74.2	120.0
Repayment of Borrowings	-170.4	-51.0	-42.4	-71.1	-89.9
Repayment of Finance Leases	—	0.0	0.0	0.0	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	33.5	158.7	-12.3	85.4	62.9
Net Cash Flow During the Period	3.5	-48.7	19.2	22.9	0.0
Cash and Cash Equivalents at Beginning of Period	8.4	57.2	38.0	15.0	11.5
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	12.0	8.4	57.2	38.0	12.3

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
Revenue	69.3	137.1	66.9	79.4	57.3	69.2	70.4	40.1	22.3	48.6	25.3	20.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	69.3	137.1	66.9	79.4	57.3	69.2	70.4	40.1	22.3	48.6	25.3	20.7
Cost of Goods Sold	63.3	114.5	59.9	76.3	51.5	65.5	66.6	35.6	19.1	45.6	23.4	16.4
Gross Profit	6.0	22.6	7.0	3.1	5.8	3.8	3.8	4.5	3.2	3.0	1.9	4.3
Financial Income	0.1	14.3	0.1	0.2	0.1	0.3	0.2	0.2	0.3	0.7	1.2	0.7
Financial Expenses	0.9	9.6	0.7	5.3	3.4	0.7	0.8	0.6	0.4	0.4	0.6	0.4
Interest Expense	0.9	1.0	0.7	5.3	3.4	0.7	0.8	0.0	0.0	1.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.8	4.6	3.8	4.2	3.9	3.3	3.4	3.4	3.4	3.3	3.5	4.0
Operating Profit	1.5	22.7	2.7	-6.2	-1.3	0.1	-0.1	0.8	-0.3	0.0	-0.9	0.5
Other Income	2.2	2.6	4.3	8.1	4.4	1.9	1.8	3.0	0.7	1.4	1.1	1.7
Other Expenses	0.2	0.2	0.2	0.1	0.1	0.4	0.0	0.9	0.0	0.1	0.0	1.8
Other Profit	1.9	2.4	4.1	8.0	4.3	1.5	1.8	2.1	0.7	1.3	1.1	-0.1
Profit Before Tax	3.4	25.1	6.8	1.8	3.0	1.6	1.7	2.9	0.4	1.4	0.2	0.4
Current Income Tax Expense	0.9	4.3	1.5	0.5	0.8	0.3	0.5	0.8	0.3	0.5	0.2	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.5	20.8	5.3	1.3	2.2	1.3	1.2	2.1	0.1	0.9	0.0	0.1
Non-controlling Interest	-0.1	-0.1	-0.1	-0.1	-0.1	0.2	-0.1	-0.1	-0.1	-0.0	-0.1	-0.1
Profit Attributable to Parent	2.6	20.9	5.4	1.4	2.3	1.1	1.2	2.1	0.2	0.9	0.1	0.3
Earnings per Share	101.00	1,033.00	213.00	56.00	90.00	44.00	48.34	84.00	6.00	37.22	4.63	10.02
Diluted EPS	101.00	820.12	212.50	56.23	90.00	195.00	48.34	84.12	5.90	37.22	4.63	10.02

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)	554.1	562.6	613.9	590.5	608.2	512.3	386.1	387.5	387.0	488.4	402.2	411.5
I. Cash and cash equivalents	8.0	12.0	5.2	18.3	0.5	8.1	3.8	8.9	48.0	56.8	14.2	33.3
1. Cash	8.0	12.0	5.2	18.3	0.5	8.1	3.8	8.7	33.0	44.3	0.9	6.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.3	15.0	12.5	13.3	27.0
II. Short-term financial investments	14.5	14.4	14.4	15.7	15.3	13.9	18.7	18.4	18.4	21.6	37.4	9.1
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	14.5	14.4	14.4	15.7	15.3	13.9	18.7	18.4	18.4	21.6	37.4	9.1
III. Short-term receivables	430.4	460.9	498.1	471.2	470.1	348.9	223.6	217.9	197.5	312.2	277.2	307.2
1. Short-term trade accounts receivable	46.7	88.6	79.8	66.9	79.8	69.3	82.4	61.7	88.5	103.2	94.7	117.7
2. Short-term prepayments to suppliers	36.3	21.4	12.9	8.4	5.5	2.2	2.8	9.6	4.9	7.2	8.9	8.9
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	—	—	—	—	—	1.2	3.6	4.1	0.1	0.1	0.1	10.3
6. Other short-term receivables	392.3	395.9	449.3	439.8	428.7	320.0	178.6	186.3	147.9	245.6	217.4	214.2
7. Provision for short-term doubtful debts (*)	-45.0	-45.0	-43.9	-43.9	-43.9	-43.9	-43.9	-43.9	-43.9	-43.9	-43.9	-43.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	93.1	68.9	86.1	74.6	104.1	119.8	122.5	125.4	105.1	82.9	59.9	49.5
1. Inventories	93.1	68.9	86.1	74.6	104.1	119.8	122.5	125.4	105.1	82.9	59.9	49.5
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	8.1	6.5	10.1	10.7	18.2	21.6	17.5	16.8	18.0	14.9	13.5	12.4
1. Short-term prepayments	0.5	0.5	0.5	0.6	5.6	7.2	2.4	0.5	2.6	1.6	1.4	0.8
2. Value added tax to be reclaimed	3.0	1.8	5.5	6.0	9.4	11.1	12.0	13.4	12.8	11.1	10.3	11.0
3. Taxes and other receivables from state authorities	4.5	4.3	4.2	4.1	3.2	3.3	3.1	2.9	2.6	2.2	1.8	0.6
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.1	—	—	—	—	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)	78.9	69.5	56.9	54.0	49.8	45.6	45.4	43.3	42.7	42.0	53.8	50.1
I. Long-term receivables	59.8	59.0	36.2	31.9	25.0	20.1	16.3	12.2	11.6	9.1	15.9	17.6
1. Long-term trade receivables	59.6	58.8	36.2	31.9	25.0	20.1	16.2	12.0	11.4	9.0	15.8	17.5
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	0.2	0.2	0.2	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	14.1	15.3	16.5	17.9	19.3	20.7	22.1	23.5	24.9	26.3	27.2	28.8
1. Tangible fixed assets	14.0	15.2	16.4	17.8	19.2	20.6	22.0	23.4	24.8	26.1	27.1	28.6
- Cost	169.0	—	—	—	—	168.9	168.9	168.9	168.8	181.3	180.9	168.3
- Accumulated depreciation	-155.0	—	—	—	—	-148.3	-146.9	-145.5	-144.0	-155.2	-153.8	-139.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	0.0
1. Long-term production in progress	—	—	—	—	—	3.3	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.3	3.3	3.3	3.3	3.3	0.0	3.3	3.3	3.3	3.3	3.3	0.0
V. Long-term financial investments	—	-8.7	—	—	—	0.0	0.0	0.0	0.0	0.0	3.5	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	—	-8.7	—	—	—	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	3.5	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	1.7	0.7	0.9	0.9	2.2	1.4	3.7	4.3	1.5	1.7	2.1	1.9
1. Long-term prepayments	1.5	0.3	0.4	0.3	1.4	0.5	2.6	2.8	1.5	1.7	2.1	1.9
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	0.2	0.3	0.5	0.6	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.9	1.1	1.5	1.4	1.6	1.9	1.9
TOTAL ASSETS (280=100+200)	632.9	632.1	670.8	644.5	658.0	557.9	431.5	430.8	429.7	530.4	456.0	461.7
A. LIABILITIES (300=210+330)	322.2	321.8	381.3	360.6	375.4	277.5	152.4	152.9	152.5	150.6	97.7	115.8
I. Short -term liabilities	161.0	191.5	176.1	116.7	130.4	133.0	137.0	136.4	132.1	130.4	74.6	92.2
1. Short-term trade accounts payable	35.9	29.7	38.5	34.1	39.6	42.4	41.8	37.8	27.4	30.0	25.5	28.1
2. Short-term advances from customers	31.5	23.5	24.0	20.6	16.4	15.5	40.4	49.9	67.1	58.8	24.5	32.1
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.5	10.0	5.2	3.6	4.9	4.6	5.5	5.1	2.3	3.0	2.8	1.8
4. Payable to employees	2.1	2.2	2.0	1.7	2.4	3.3	2.5	2.7	2.5	2.2	2.3	1.3
5. Short-term acrrued expenses	27.2	23.8	21.2	16.3	11.1	16.1	14.2	10.1	10.8	16.7	9.9	7.2
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	7.5	2.7	2.0	1.8	2.9	2.4	2.0	2.1	2.0	1.2	1.5	1.6
10. Short-term borrowings and financial leases	36.4	94.6	78.1	33.5	48.1	43.7	25.5	23.6	14.8	13.5	2.9	15.1
11. Provision for short-term liabilities	10.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
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	161.2	130.3	205.2	243.9	245.0	144.5	15.5	16.4	20.5	20.2	23.1	23.7
1. Long-term trade payables	10.9	10.2	7.9	7.5	7.3	6.9	7.4	7.8	11.6	11.1	10.6	11.2
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	148.7	118.5	195.8	234.7	236.1	135.9	6.5	7.1	7.2	7.5	10.9	10.9
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	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
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)	310.7	310.3	289.5	284.0	282.6	260.5	279.1	277.9	257.3	379.7	358.3	345.8
I. Owner's equity	310.7	310.3	289.5	284.0	282.6	260.5	279.1	277.9	257.3	379.7	358.3	345.8
1. Owner's capital	254.5	254.5	254.5	254.5	254.5	254.5	254.5	254.5	254.5	254.5	254.5	254.5
- Common stock with voting right	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00	254,525,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	40.0	36.1	15.3	9.7	8.2	5.9	4.8	3.6	2.8	2.7	1.8	1.5
- Accumulated retained earning at the end of the previous period	37.4	5.9	5.9	5.9	5.9	1.0	1.0	1.3	2.7	0.6	0.6	1.1
- Undistributed earnings in this period	2.6	30.2	9.3	3.7	2.3	5.0	3.8	2.3	0.2	2.1	1.1	0.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	16.2	19.6	19.7	19.8	19.9	0.0	19.7	19.8	0.0	122.5	102.0	89.8
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	—	—	—	—	—	20.0	0.0	0.0	19.9	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	632.9	632.1	670.8	644.5	658.0	557.9	431.5	430.8	429.7	530.4	456.0	461.7

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	3.4	29.8	—	5.1	—	0.0	-3.6	3.6	0.0	3.0	-1.5	1.5
Depreciation of Fixed Assets and Investment Property	1.2	3.0	—	3.1	—	0.0	-3.2	3.2	0.0	6.7	-3.5	3.5
Provision (Increase)/Reversal	—	11.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.3	—	-0.2	—	0.0	0.4	-0.4	0.0	-4.8	2.9	-2.9
Interest Expense	0.9	1.7	—	1.5	—	0.0	-1.0	1.0	0.0	2.3	-1.5	1.5
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	0.0
Operating Profit Before Changes in Working Capital	5.4	46.0	—	9.5	—	0.0	-7.4	7.4	0.0	7.3	-3.6	3.6
Increase/(Decrease) in Receivables	29.2	-15.7	—	-127.5	—	0.0	8.3	-8.3	0.0	39.4	-92.0	92.0
Increase/(Decrease) in Inventory	-24.5	6.0	—	45.2	—	0.0	42.4	-42.4	0.0	-58.3	18.7	-18.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	21.4	12.5	—	-2.9	—	0.0	9.2	-9.2	0.0	-24.8	96.3	-96.3
Increase/(Decrease) in Prepaid Expenses	-1.3	0.2	—	1.0	—	0.0	0.0	-0.0	0.0	-1.3	0.7	-0.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-1.5	—	-1.5	—	0.0	1.0	-1.0	0.0	-3.0	2.2	-2.2
Corporate Income Tax Paid	-5.7	-0.0	0.0	-1.9	—	-1.2	-0.2	0.0	-1.1	-2.6	2.6	-1.1
Other Operating Receipts	0.2	—	—	—	—	3.2	40.9	-17.5	17.5	0.0	0.0	-0.9
Other Operating Payments	—	—	-35.6	—	-9.2	-17.8	-76.4	19.6	-19.6	0.0	0.0	7.5
Net Cash Flow from Operating Activities	23.8	-37.6	85.0	-67.1	-10.9	-18.8	-4.0	-44.5	-10.2	-43.4	25.0	-15.3
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	—	—	—	0.0	0.2	-0.2	0.0	-18.7	21.4	-21.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-14.0	—	-2.4	—	0.0	4.0	-4.0	0.0	-57.7	17.4	-17.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	15.3	—	1.1	—	0.0	0.0	0.0	0.0	76.6	-21.5	21.5
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	0.0	0.0	0.0	72.2	-27.8	27.8
Dividends and Interest Income Received	0.1	0.6	-0.5	0.5	—	-0.1	-0.9	0.9	0.0	2.5	-1.3	1.3
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	0.1	-0.0	1.4	-0.5	-0.3	7.2	12.8	-1.2	-2.0	74.9	-11.7	-18.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	17.4	149.8	-85.2	119.5	19.8	32.7	19.6	19.6	3.8	30.1	-10.6	10.6
Repayment of Borrowings	-45.4	-106.0	-13.8	-34.1	-16.6	-16.7	-20.5	-10.9	-2.8	-42.4	17.9	-3.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-27.9	43.8	-99.0	85.5	3.2	16.0	-0.9	8.6	1.1	-12.3	7.4	6.8
Net Cash Flow During the Period	-4.0	6.2	-12.6	17.9	-8.0	4.4	7.8	-37.1	-11.1	19.2	20.6	-26.9
Cash and Cash Equivalents at Beginning of Period	12.0	5.2	18.3	0.5	8.4	44.1	44.1	57.2	44.1	38.0	0.0	38.0
FX Difference from Revaluation	—	—	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	8.0	12.0	5.2	18.3	0.5	8.1	3.8	8.9	33.0	57.2	0.0	17.3

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CMS

What Is Changing

Drivers of CMS's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ●

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow