DAN

Dược Danapha ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 15.75%, +3.79pp YoY

Price

26,800

Latest close

21 May 2026

P/E 5.54x

P/B 0.63x

EPS 4,836

BVPS 42,240

ROE 12.2%

ROA 5.2%

Profit Margin 15.8%

Asset Turnover 0.33x

Equity Mult. 2.35x

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

What Is Changing

On a TTM 2026Q1 basis, DAN has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 643bn
	                                
+12.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 101bn
	                                
+48.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	647.3	564.7	576.1	555.8	326.9
Growth	+15%	-2%	+4%	+70%	—
Net Income	85.7	70.0	76.6	49.3	43.1
Net Margin	13.25%	12.39%	13.29%	8.87%	13.19%

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	135.1	189.3	163.4	155.0	139.6	147.4	133.1	151.7	132.6	143.0	167.2	144.9
Growth	-29%	+16%	+5%	+11%	-5%	+11%	-12%	+14%	-7%	-14%	+15%	—
Net Income	33.8	32.5	27.1	7.9	16.7	12.2	23.6	15.9	22.0	1.5	31.2	25.5
Net Margin	24.99%	17.18%	16.58%	5.09%	11.93%	8.30%	17.76%	10.48%	16.58%	1.08%	18.65%	17.63%

Drivers of DAN's profit

TTM

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

Gross profit ↑ 54.6bn

Financial income ↑ 9.7bn

Other profit ↑ 4.6bn

Selling expenses ↑ 15.0bn

Finance costs ↑ 10.6bn

Tax ↑ 9.7bn

TTM

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

Financial income ↑ 16.0bn

Finance costs ↓ 3.4bn

Gross profit ↑ 2.8bn

Administrative expenses ↓ 2.7bn

Tax ↑ 10.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.0% = 12.0% × 0.36 × 2.09

2026Q1 12.2% = 15.8% × 0.33 × 2.35

ROE rose from 9.0% to 12.2% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 15.8% +3.8pp Asset turnover: 0.33x -0.03x Leverage: 2.35x +0.26x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 15.75%, rising 3.8pp. The main driver is Gross margin rose 2.6pp and SG&A / Revenue fell 1.7pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.8pp).

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

Profitability trend

Net Margin 15.75% +3.8pp

Gross Margin 55.80% +2.6pp

SG&A / Revenue 33.34% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to -171.9 days.

Is capital being deployed efficiently?

ROIC edged up to 7.33%, rising 1.3pp. That translates to 7.33 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.4pp, with capital turnover broadly stable; while invested capital rose by 211bn.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 7.33% +1.3pp

NOPAT Margin 16.03% +3.4pp

Capital Turnover 0.46x −0.02x

Average Invested Capital 1,405.1bn +210.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.56x equity, net debt at 0.69x equity.

Over the last 12 months, working capital released 44.0bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +144.5bn

Inventories increased → lower CFO: −54.7bn

Payables decreased → lower CFO: −45.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 99.8 days versus the same period last year. The main moves came from DIO rose 32.8 days, DSO fell 32.9 days, and DPO rose 99.7 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Inventory turnover is slowing

DIO increased by +32.8 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 166.0 days −32.9 days

Inventory 158.9 days +32.8 days

Payables 496.8 days +99.7 days

Cash Conversion Cycle -171.9 days −99.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 50.6bn due to capex of 268.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.69x and interest coverage at 3.74x.

At present, short-term debt accounts for 29.7% of total debt, cash equals 15.5% of debt, and total debt stands at 724.6bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 15.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.69x +0.01x

Interest Coverage 3.74x +0.00x

Cash / Debt 15.5% +8.3pp

Short-term Debt / Total Debt 29.7% −7.0pp

CFO / NI 2.15x +0.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 55.1bn in 2025, against investing cash flow of -218.1bn.

Post-investment cash flow was negative +163.0bn. Financing cash flow was positive +154.9bn.

CFO / net income was 2.15x.

After spending +268.1bn on fixed-asset investment, the business generated trailing free cash flow of −50.6bn.

Cash Conversion

CFO TTM 217.5bn +137.8bn

Cash Capex 268.1bn +15.2bn

FCF TTM −50.6bn +122.6bn

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 operating efficiency, with net margin improving 3.8 pp. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 15.75% after expanding 3.8pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	650.6	572.2	598.5	559.8	335.0
Revenue Deductions	3.3	7.4	22.4	4.1	0.0
Net Revenue	647.3	564.7	576.1	555.8	326.9
Cost of Goods Sold	291.4	271.5	314.3	284.9	0.0
Gross Profit	355.9	293.2	261.8	270.8	140.2
Financial Income	4.1	6.0	9.4	27.2	10.9
Financial Expenses	36.7	13.9	16.1	27.5	-6.6
Interest Expense	7.7	7.7	5.3	5.4	-1.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	108.1	87.1	81.8	145.8	-52.7
General and Administrative Expenses	107.1	100.1	78.2	57.2	-37.4
Operating Profit	108.1	98.1	95.2	67.5	54.5
Other Income	0.2	0.3	0.0	0.2	0.0
Other Expenses	0.3	5.0	0.2	3.5	0.0
Other Profit	-0.0	-4.8	-0.1	-3.3	-0.2
Profit Before Tax	108.1	93.3	95.0	64.2	54.3
Current Income Tax Expense	17.7	23.3	18.5	14.9	-11.2
Deferred Income Tax Expense	4.6	0.0	0.0	0.0	0.0
Net Income	85.7	70.0	76.6	49.3	43.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	85.7	70.0	76.6	49.3	43.1
Earnings per Share	4,095.00	3,343.00	3,657.00	2,355.00	2,049.00
Diluted EPS	4,095.00	3,343.00	3,657.00	2,355.00	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	657.9	567.2	551.5	553.3	453.1
I. Cash and cash equivalents	69.0	74.6	59.5	81.8	18.9
1. Cash	69.0	6.4	39.5	24.8	0.0
2. Cash equivalents	—	68.1	20.0	57.0	0.0
II. Short-term financial investments	—	0.0	0.0	129.4	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	—	0.0	0.0	129.4	0.0
III. Short-term receivables	432.8	370.6	359.2	228.0	192.2
1. Short-term trade accounts receivable	383.0	285.8	291.3	182.5	0.0
2. Short-term prepayments to suppliers	59.3	85.3	64.7	36.9	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	6.4	8.7	9.7	11.4	0.0
7. Provision for short-term doubtful debts (*)	-15.9	-9.2	-6.5	-2.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	129.8	82.4	91.2	87.9	89.4
1. Inventories	134.9	85.2	94.1	90.0	0.0
2. Provision for decline in value of inventories	-5.2	-2.7	-2.8	-2.1	0.0
V. Other short-term assets	26.4	39.6	41.5	26.4	15.6
1. Short-term prepayments	2.3	4.1	1.3	3.7	0.0
2. Value added tax to be reclaimed	24.0	35.5	39.3	22.7	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.9	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)	1,523.1	1,028.9	743.2	521.0	268.7
I. Long-term receivables	—	0.0	4.5	4.5	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	—	0.0	4.5	4.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	95.7	109.7	124.0	141.4	187.1
1. Tangible fixed assets	60.5	73.6	86.9	103.3	138.4
- Cost	375.1	372.7	369.6	366.3	0.0
- Accumulated depreciation	-314.7	-299.1	-282.7	-263.0	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	35.2	36.2	37.1	38.0	48.7
- Cost	48.7	48.7	48.7	48.7	0.0
- Accumulated depreciation	-13.4	-12.5	-11.6	-10.7	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	1,405.4	895.9	593.4	354.4	51.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,405.4	895.9	593.4	354.4	0.0
V. Long-term financial investments	6.8	6.8	6.8	6.8	16.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	8.8	8.8	8.8	8.8	0.0
3. Investments in other entities	6.8	6.8	6.8	6.8	0.0
4. Provision for diminution in value of long-term investments	-8.8	-8.8	-8.8	-8.8	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	15.2	16.5	14.4	14.0	0.0
1. Long-term prepayments	15.2	16.5	14.4	14.0	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	14.2
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)	2,181.0	1,596.1	1,294.6	1,074.2	721.7
A. LIABILITIES (300=210+330)	1,330.2	831.1	584.4	424.9	121.8
I. Short -term liabilities	516.2	400.3	379.1	232.4	121.8
1. Short-term trade accounts payable	199.9	134.8	181.4	124.3	38.7
2. Short-term advances from customers	1.9	2.1	0.5	1.0	0.4
3. Taxes and other payables to state authorities	16.6	21.6	1.2	2.1	0.0
4. Payable to employees	32.4	35.2	24.0	16.7	0.0
5. Short-term acrrued expenses	34.5	23.2	21.2	23.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	32.6	18.6	0.2	0.1	0.0
10. Short-term borrowings and financial leases	196.8	163.4	149.6	65.1	66.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.4	1.4	0.9	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	814.0	430.8	205.2	192.4	0.0
1. Long-term trade payables	328.4	104.5	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	481.0	326.3	205.2	192.4	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	4.6	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)	850.8	765.1	710.2	649.4	600.0
I. Owner's equity	850.7	764.9	710.1	649.2	0.0
1. Owner's capital	209.4	209.4	209.4	211.3	599.8
- Common stock with voting right	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	211,270,000,000.00	211,410,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	181.2	181.2	181.2	181.5	181.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	-2.3
5. Treasury shares	—	0.00	0.00	-2,268,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	374.1	304.1	242.7	209.1	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	86.0	70.2	76.8	49.6	33.7
- Accumulated retained earning at the end of the previous period	0.2	0.2	0.2	0.2	0.0
- Undistributed earnings in this period	85.7	70.0	76.6	49.3	33.7
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	0.1	0.1	0.1	0.2	0.2
1. Subsidized not-for-profit funds	0.1	0.1	0.1	0.1	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.1	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,181.0	1,596.1	1,294.6	1,074.2	721.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	108.1	93.3	95.0	64.2	0.0
Depreciation of Fixed Assets and Investment Property	16.5	18.3	20.6	22.5	0.0
Provision (Increase)/Reversal	9.1	2.7	4.4	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	28.7	6.1	10.7	13.1	0.0
Gain/Loss from Investment Activities	-0.8	-0.6	-7.1	-15.2	0.0
Interest Expense	7.7	7.7	5.3	5.4	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	-0.1	0.0	0.0
Operating Profit Before Changes in Working Capital	169.3	127.4	129.0	89.9	0.0
Increase/(Decrease) in Receivables	-59.5	10.2	-123.4	-82.7	0.0
Increase/(Decrease) in Inventory	-49.8	8.9	-4.1	11.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	23.5	23.7	3.4	46.7	0.0
Increase/(Decrease) in Prepaid Expenses	3.1	-4.9	1.9	-1.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.8	-7.8	-5.2	-3.2	0.0
Corporate Income Tax Paid	-23.7	-3.3	-19.5	-14.9	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.1	-1.0	0.0
Net Cash Flow from Operating Activities	55.1	154.2	-18.1	44.1	130.9
Payments for Fixed Assets and Other Long-term Assets	-219.2	-260.6	-213.9	-251.7	-6.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-75.0	-352.8	-285.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	204.4	478.8	284.9
Investments in Other Entities	—	0.0	0.0	0.0	-12.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.1	0.4	10.0	17.9	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	-218.1	-260.2	-74.5	-107.8	1.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	-168,000,000.00	0.00
Proceeds from Borrowings	557.3	492.3	261.2	340.4	60.9
Repayment of Borrowings	-402.4	-356.7	-176.7	-270.6	-83.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-14.7	-14.7	-25.1	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	154.9	120.9	69.8	44.4	-22.7
Net Cash Flow During the Period	-8.1	14.9	-22.7	-19.2	0.0
Cash and Cash Equivalents at Beginning of Period	74.6	59.5	81.8	101.5	18.9
FX Difference from Revaluation	2.5	0.2	0.4	-0.5	0.1
Cash and Cash Equivalents at End of Period	69.0	74.6	59.5	81.8	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	135.7	190.1	164.6	155.4	140.6	154.3	133.3	151.9	132.7	163.7	167.2	145.3
Revenue Deductions	0.6	0.8	1.2	0.4	1.0	6.9	0.2	0.2	0.1	20.7	0.0	0.4
Net Revenue	135.1	189.3	163.4	155.0	139.6	147.4	133.1	151.7	132.6	143.0	167.2	144.9
Cost of Goods Sold	55.7	83.2	74.9	70.3	63.0	70.2	62.7	71.7	66.8	86.0	86.5	73.8
Gross Profit	79.4	106.1	88.5	84.7	76.6	77.1	70.3	80.0	65.8	57.1	80.7	71.1
Financial Income	16.6	1.9	0.2	3.2	0.5	7.0	2.8	1.9	2.2	1.4	1.6	2.2
Financial Expenses	4.6	2.0	4.2	24.3	7.9	6.4	1.8	8.4	5.2	8.1	1.7	2.9
Interest Expense	4.5	2.0	1.8	2.1	1.9	1.7	1.8	1.9	2.4	1.9	1.3	1.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	24.2	33.0	26.5	25.2	24.4	24.5	19.8	25.3	17.6	23.9	20.0	21.2
General and Administrative Expenses	22.9	30.2	24.7	27.5	25.7	33.1	21.8	25.8	17.2	24.9	21.6	17.0
Operating Profit	44.3	42.7	33.3	10.9	19.2	20.1	29.8	22.4	28.0	1.5	38.9	32.1
Other Income	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.1	0.1	0.0	4.5	0.2	0.4	0.0	0.0	0.0	0.1
Other Profit	0.0	-0.1	0.0	-0.0	0.1	-4.5	-0.2	-0.1	-0.0	0.0	0.0	-0.1
Profit Before Tax	44.3	42.7	33.3	10.9	19.2	15.6	29.6	22.3	28.0	1.5	38.9	31.9
Current Income Tax Expense	13.4	9.7	6.2	-1.3	2.6	3.4	6.0	6.4	6.0	0.0	7.7	6.4
Deferred Income Tax Expense	-2.9	0.4	—	4.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	33.8	32.5	27.1	7.9	16.7	12.2	23.6	15.9	22.0	1.5	31.2	25.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	33.8	32.5	27.1	7.9	16.7	12.2	23.6	15.9	22.0	1.5	31.2	25.5
Earnings per Share	1,612.08	1,553.26	1,293.41	376.84	795.47	584.05	1,128.56	759.17	1,050.36	73.61	1,489.79	1,220.19
Diluted EPS	1,612.08	1,553.26	1,293.41	376.84	795.47	584.05	1,128.56	759.17	1,050.36	73.61	1,489.79	1,220.19

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)	583.7	657.9	659.9	672.4	612.8	567.2	553.9	518.0	536.2	552.3	564.2	511.4
I. Cash and cash equivalents	112.2	69.0	65.1	78.0	41.1	74.6	70.8	9.0	26.9	59.5	39.1	38.7
1. Cash	5.7	69.0	65.1	23.8	13.6	6.4	3.6	9.0	26.9	39.5	39.1	20.6
2. Cash equivalents	106.5	—	—	54.2	27.5	68.1	67.2	0.0	0.0	20.0	0.0	18.1
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	35.0	70.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	35.0	70.0
III. Short-term receivables	295.4	432.8	470.6	450.3	430.2	370.6	363.7	385.7	369.9	360.0	366.6	280.4
1. Short-term trade accounts receivable	252.8	383.0	368.1	336.4	331.8	285.8	267.0	305.3	291.3	291.3	273.6	204.0
2. Short-term prepayments to suppliers	49.9	59.3	105.1	118.6	101.2	85.3	96.1	80.7	76.8	64.7	87.6	71.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	8.6	6.4	8.7	6.5	6.4	8.7	8.1	7.2	8.2	9.7	10.3	9.5
7. Provision for short-term doubtful debts (*)	-15.9	-15.9	-11.3	-11.3	-9.2	-9.2	-7.5	-7.5	-6.5	-5.7	-5.0	-5.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	147.7	129.8	101.5	102.4	92.3	82.4	76.3	81.1	87.0	91.2	91.0	86.3
1. Inventories	152.4	134.9	103.9	106.1	95.1	85.2	77.7	82.5	89.9	94.1	93.1	88.4
2. Provision for decline in value of inventories	-4.7	-5.2	-2.3	-3.7	-2.7	-2.7	-1.3	-1.3	-2.8	-2.8	-2.1	-2.1
V. Other short-term assets	28.5	26.4	22.7	41.7	49.2	39.6	43.1	42.2	52.4	41.5	32.6	36.0
1. Short-term prepayments	2.4	2.3	3.7	4.9	4.5	4.1	3.1	3.7	4.2	1.3	2.6	3.7
2. Value added tax to be reclaimed	26.0	24.0	19.0	35.2	44.6	35.5	40.0	38.5	48.1	39.3	29.8	32.0
3. Taxes and other receivables from state authorities	0.0	—	—	1.6	0.1	0.0	0.0	0.0	0.1	0.9	0.3	0.3
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)	1,566.0	1,523.1	1,382.1	1,224.1	1,152.3	1,028.9	952.6	917.1	859.8	743.2	636.8	596.1
I. Long-term receivables	—	—	—	—	—	0.0	4.5	4.5	4.5	4.5	4.5	4.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	4.5	4.5	4.5	4.5	4.5	4.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	826.0	95.7	99.6	103.1	106.4	109.7	112.7	117.1	121.7	124.0	127.7	132.9
1. Tangible fixed assets	791.0	60.5	64.2	67.4	70.4	73.6	76.2	80.5	84.8	86.9	90.4	95.4
- Cost	1,112.7	—	—	—	—	372.7	371.2	371.2	371.4	369.6	368.4	368.5
- Accumulated depreciation	-321.8	—	—	—	—	-299.1	-294.9	-290.7	-286.6	-282.7	-278.0	-273.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	35.0	35.2	35.5	35.7	35.9	36.2	36.4	36.6	36.9	37.1	37.3	37.6
- Cost	48.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.7	—	—	—	—	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	718.1	1,405.4	1,260.5	1,098.5	1,023.0	895.9	812.1	773.4	712.3	593.4	483.0	436.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	718.1	1,405.4	1,260.5	1,098.5	1,023.0	895.9	812.1	773.4	712.3	593.4	483.0	436.7
V. Long-term financial investments	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8
3. Investments in other entities	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8
4. Provision for diminution in value of long-term investments	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8
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	15.1	15.2	15.2	15.6	16.1	16.5	16.6	15.3	14.6	14.4	14.8	15.2
1. Long-term prepayments	15.1	15.2	15.2	15.6	16.1	16.5	16.6	15.3	14.6	14.4	14.8	15.2
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)	2,149.7	2,181.0	2,042.0	1,896.5	1,765.1	1,596.1	1,506.5	1,435.1	1,396.0	1,295.4	1,201.0	1,107.5
A. LIABILITIES (300=210+330)	1,265.3	1,331.8	1,225.3	1,106.9	983.4	829.1	749.9	687.5	664.3	584.4	492.1	429.7
I. Short -term liabilities	428.0	517.8	380.4	422.6	417.1	398.3	403.2	373.0	355.9	379.1	296.0	233.3
1. Short-term trade accounts payable	106.0	199.9	86.2	140.6	136.9	134.8	126.0	134.9	138.8	181.4	138.8	124.1
2. Short-term advances from customers	3.2	1.9	6.2	1.9	2.6	2.1	3.4	3.6	3.4	0.5	0.6	0.9
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	16.8	16.2	11.2	3.6	6.7	19.6	17.6	11.6	5.7	1.2	13.0	9.1
4. Payable to employees	16.4	34.4	17.0	13.8	14.3	35.2	25.8	23.9	15.8	24.0	15.0	11.1
5. Short-term acrrued expenses	32.3	34.5	31.1	31.9	22.6	23.2	15.2	16.1	25.0	21.2	18.6	17.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	36.5	32.6	31.5	28.4	22.3	18.6	16.3	14.8	0.4	0.2	0.1	14.8
10. Short-term borrowings and financial leases	215.5	196.8	195.7	201.1	210.4	163.4	197.5	166.8	165.4	149.6	109.0	55.3
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	1.3	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	0.9	0.9	1.0
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	837.2	814.0	844.9	684.3	566.2	430.8	346.7	314.5	308.3	205.2	196.0	196.4
1. Long-term trade payables	326.3	328.4	393.3	241.2	204.1	104.5	102.2	104.7	102.7	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	509.2	481.0	447.4	438.9	362.2	326.3	244.6	209.7	205.6	205.2	196.0	196.4
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	1.7	4.6	4.2	4.2	—	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)	884.4	849.2	816.7	789.6	781.7	767.0	756.6	747.6	731.7	711.0	709.0	677.8
I. Owner's equity	884.4	849.1	816.6	789.5	781.6	766.9	756.4	747.5	731.6	710.9	708.8	677.7
1. Owner's capital	209.4	209.4	209.4	209.4	209.4	209.4	209.4	209.4	209.4	209.4	209.4	209.4
- Common stock with voting right	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00	209,380,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	181.2	181.2	181.2	181.2	181.2	181.2	181.2	181.2	181.2	181.2	181.2	181.2
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	460.1	374.1	374.1	374.1	374.1	304.1	304.1	304.1	304.1	242.7	242.7	242.7
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	33.8	84.4	51.9	24.8	16.9	72.2	61.8	52.8	36.9	77.6	75.6	44.4
- Accumulated retained earning at the end of the previous period	—	0.2	0.2	0.2	0.2	0.2	0.2	14.9	14.9	0.2	0.2	0.2
- Undistributed earnings in this period	33.8	84.1	51.6	24.5	16.7	71.9	61.5	37.9	22.0	77.4	75.3	44.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
1. Subsidized not-for-profit funds	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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)	2,149.7	2,181.0	2,042.0	1,896.5	1,765.1	1,596.1	1,506.5	1,435.1	1,396.0	1,295.4	1,201.0	1,107.5

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
Profit Before Tax	44.3	44.7	33.3	10.9	19.2	13.4	29.6	22.3	28.0	0.7	38.9	31.9
Depreciation of Fixed Assets and Investment Property	7.5	3.9	4.1	4.1	4.3	4.4	4.5	4.7	4.8	5.0	5.1	5.2
Provision (Increase)/Reversal	-0.3	6.1	0.0	3.0	—	4.4	3.1	-0.5	0.0	2.2	-0.0	2.2
FX Gain/Loss from Revaluation of Monetary Items	0.0	29.3	-28.7	28.0	-0.0	0.0	-9.4	9.4	-0.2	6.2	0.6	3.5
Gain/Loss from Investment Activities	-0.1	-0.0	-0.1	-0.1	-0.5	-0.5	-0.1	-0.0	-0.1	-0.5	-1.3	1.2
Interest Expense	4.5	2.0	1.8	2.1	1.9	1.7	1.8	1.9	2.4	1.9	1.3	1.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.0	0.0
Operating Profit Before Changes in Working Capital	56.0	86.0	10.4	47.9	24.9	23.4	29.5	37.7	34.8	15.5	44.6	45.0
Increase/(Decrease) in Receivables	135.3	26.0	-60.0	43.1	-68.7	11.0	-6.0	8.6	-18.6	-23.3	-68.5	-15.3
Increase/(Decrease) in Inventory	-12.3	-30.4	1.5	-13.6	-7.3	-9.0	4.8	11.2	0.4	-1.0	-4.7	7.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-42.7	-63.4	103.2	-42.9	26.6	-3.1	59.6	-9.9	6.8	7.8	13.9	-31.5
Increase/(Decrease) in Prepaid Expenses	-0.0	1.3	1.7	0.1	0.0	-1.0	-0.7	-0.1	-3.1	1.6	1.5	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-2.1	-1.9	-2.1	-1.7	-1.7	-1.8	-2.0	-2.4	-1.8	-1.2	-0.9
Corporate Income Tax Paid	-17.4	-0.0	-0.0	-0.3	-23.3	0.0	-0.0	0.0	-3.3	-11.4	-3.8	-0.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	-3.8	3.8	0.0	0.0	0.0
Other Operating Payments	-15.3	17.7	-17.7	11.5	-11.5	0.8	-6.7	-0.0	-0.0	-0.0	-0.1	-0.0
Net Cash Flow from Operating Activities	101.4	35.1	37.3	43.7	-61.0	20.4	78.6	41.8	18.5	-12.7	-18.3	3.7
Payments for Fixed Assets and Other Long-term Assets	-105.1	-34.5	-84.2	-44.3	-56.1	-64.4	-72.3	-60.2	-68.0	-44.0	-57.0	-61.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-5.0	-35.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	35.0	40.0	35.4
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	0.0	0.1	0.1	0.8	0.2	0.0	-0.5	0.6	1.2	1.5	3.2
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	-105.0	-34.5	-84.0	-44.2	-55.4	-64.2	-72.2	-60.7	-67.4	-7.9	-20.4	-57.7
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	155.0	108.5	158.0	143.8	146.9	191.9	128.8	88.7	91.6	101.8	94.1	25.8
Repayment of Borrowings	-108.2	-107.0	-122.8	-108.5	-64.1	-144.2	-58.7	-87.7	-75.5	-61.1	-40.4	-42.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	-0.0	-14.7	0.0	0.0	0.0	-14.7	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	46.8	1.5	35.2	35.3	82.8	47.6	55.4	1.0	16.1	40.7	39.0	-16.7
Net Cash Flow During the Period	43.2	2.1	-11.5	34.8	-33.5	3.8	61.7	-17.9	-32.8	20.2	0.3	-70.6
Cash and Cash Equivalents at Beginning of Period	69.0	65.1	78.0	41.1	74.6	59.5	59.5	59.5	59.5	81.8	81.8	81.8
FX Difference from Revaluation	-0.0	2.5	0.7	2.1	0.0	-0.0	0.0	0.0	0.2	0.2	0.1	0.1
Cash and Cash Equivalents at End of Period	112.2	69.0	65.1	78.0	41.1	74.6	70.8	9.0	26.9	59.5	39.1	38.7

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DAN

What Is Changing

Drivers of DAN'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 ▲▲

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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