HAS

Hacisco ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin −4.19%, +8.82pp YoY

Price

9,100

Latest close

01 Jun 2026

P/E -25.63x

P/B 0.59x

EPS -355

BVPS 15,501

ROE -2.2%

ROA -1.8%

Profit Margin -4.2%

Asset Turnover 0.44x

Equity Mult. 1.21x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 66bn
	                                
+17.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 3bn
	                                
+62.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	45.1	69.3	115.6	145.6	197.5
Growth	-35%	-40%	-21%	-26%	—
Net Income	-3.5	-10.7	0.3	0.7	2.9
Net Margin	-7.80%	-15.49%	0.27%	0.50%	1.48%

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	12.3	33.8	7.3	12.9	3.0	10.4	8.8	34.2	15.9	76.7	19.0	9.6
Growth	-64%	+366%	-43%	+331%	-71%	+18%	-74%	+115%	-79%	+304%	+97%	—
Net Income	0.0	-3.2	0.4	0.0	0.0	-3.5	-0.6	-3.3	-2.5	2.1	1.3	0.7
Net Margin	0.26%	-9.60%	5.87%	0.12%	0.34%	-33.41%	-6.58%	-9.62%	-15.85%	2.71%	7.05%	6.97%

Drivers of HAS's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 2.7bn

Other profit ↑ 2.2bn

Finance costs ↓ 0.6bn

Financial income ↓ 0.5bn

TTM

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

Gross profit ↑ 0.1bn

Administrative expenses ↓ 0.0bn

Financial income ↑ 0.0bn

Finance costs ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -5.6% = -13.0% × 0.31 × 1.40

2026Q1 -2.2% = -4.2% × 0.44 × 1.21

ROE rose from -5.6% to -2.2% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: -4.2% +8.8pp Asset turnover: 0.44x +0.13x Leverage: 1.21x -0.19x

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 -4.19%, rising 8.8pp. Core operating signals are improving as SG&A / Revenue fell 14.2pp are enough to offset pressure from Gross margin fell 1.6pp (in addition, Other profit / Revenue rose 3.8pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

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 -4.19% +8.8pp

Gross Margin 6.50% −1.6pp

SG&A / Revenue 13.24% −14.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

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 — —

NOPAT Margin — —

Capital Turnover 0.52x +0.12x

Average Invested Capital 128.4bn −13.7bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.39x equity, net debt at 0.01x equity.

Inventory ended the period at 27.7bn, roughly 16.1% of total assets.

Over the last 12 months, working capital released 2.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +8.5bn

Inventories decreased → higher CFO: +0.6bn

Payables decreased → lower CFO: −6.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 176.1 days versus the same period last year. The main moves came from DIO fell 9.0 days, DSO fell 217.8 days, and DPO fell 50.6 days.

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

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 434.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 315.7 days −217.8 days

Inventory 153.2 days −9.0 days

Payables 34.1 days −50.6 days

Cash Conversion Cycle 434.8 days −176.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.01x and interest coverage only at -2.78x.

At present, short-term debt accounts for 97.0% of total debt, cash equals 88.2% of debt, and total debt stands at 5.9bn.

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 -2.78x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 97.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.01x −0.03x

Interest Coverage -2.78x +0.43x

Cash / Debt 88.2% +32.6pp

Short-term Debt / Total Debt 97.0% +12.3pp

CFO / NI 0.23x −1.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -19.5bn in 2025, against investing cash flow of 4.0bn.

Post-investment cash flow was negative +15.5bn. Financing cash flow was positive +15.4bn.

CFO / net income was 0.23x.

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 0.6bn +8.4bn

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 8.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 18.2%. The main risk still sits in leverage and liquidity, with interest coverage at -2.78x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -4.19% after expanding 8.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.2% of PBT and CFO / net income currently at 0.23x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -2.78x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	45.1	69.3	115.6	145.6	197.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	45.1	69.3	115.6	145.6	197.5
Cost of Goods Sold	41.4	66.8	108.2	135.4	0.0
Gross Profit	3.7	2.5	7.4	10.2	14.8
Financial Income	2.4	3.3	4.6	1.1	2.2
Financial Expenses	1.0	2.0	1.7	2.2	-2.8
Interest Expense	1.0	1.9	1.6	1.1	-3.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	9.1	12.7	10.5	8.4	-11.3
Operating Profit	-3.9	-8.9	-0.2	0.6	2.9
Other Income	0.4	0.0	0.7	0.5	0.0
Other Expenses	0.0	1.8	0.0	0.1	0.0
Other Profit	0.4	-1.8	0.7	0.4	0.6
Profit Before Tax	-3.5	-10.7	0.5	1.0	3.4
Current Income Tax Expense	—	0.1	0.2	0.3	-0.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-3.5	-10.7	0.3	0.7	2.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-3.5	-10.7	0.3	0.7	2.9
Earnings per Share	-439.96	-1,377.00	41.00	93.00	375.00
Diluted EPS	-439.96	-1,342.60	39.68	90.24	365.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	140.2	132.1	178.1	180.4	179.8
I. Cash and cash equivalents	2.4	3.1	5.9	5.6	4.0
1. Cash	2.4	3.1	4.2	4.0	0.0
2. Cash equivalents	—	0.0	1.7	1.6	0.0
II. Short-term financial investments	0.3	1.1	21.2	25.1	0.0
1. Available for sale securities	1.1	2.0	2.1	2.1	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.8	-0.9	-1.1	-1.0	0.0
3. Held to maturity investments	—	0.0	20.2	24.0	0.0
III. Short-term receivables	109.0	102.7	138.2	138.7	145.8
1. Short-term trade accounts receivable	67.1	72.8	112.6	117.2	0.0
2. Short-term prepayments to suppliers	4.6	2.8	2.6	3.0	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	9.7	0.0	0.0	0.0	0.0
6. Other short-term receivables	29.0	28.2	24.1	24.4	0.0
7. Provision for short-term doubtful debts (*)	-1.5	-1.0	-1.0	-5.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	27.7	25.2	12.8	10.7	7.7
1. Inventories	27.7	25.2	12.8	10.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.8	0.0	0.0	0.3	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.8	0.0	0.0	0.3	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	31.9	23.5	35.8	39.8	22.8
I. Long-term receivables	—	0.0	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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.9	2.3	13.1	16.0	3.0
1. Tangible fixed assets	0.9	2.3	13.1	16.0	3.0
- Cost	8.0	10.3	23.8	23.6	0.0
- Accumulated depreciation	-7.0	-8.0	-10.7	-7.7	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	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	0.0
III. Investment properties	12.1	12.9	14.0	10.0	11.3
- Cost	23.7	23.7	23.7	18.1	0.0
- Accumulated depreciation	-11.6	-10.8	-9.7	-8.1	0.0
IV. Long-term assets in progress	0.5	0.1	0.0	5.5	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	0.1	0.0	5.5	0.0
V. Long-term financial investments	18.0	8.1	8.3	8.3	8.3
1. Investments in subsidiaries	10.0	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	8.1	8.1	8.3	8.3	0.0
4. Provision for diminution in value of long-term investments	-0.1	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	0.4	0.1	0.4	0.0	0.0
1. Long-term prepayments	0.4	0.1	0.4	0.0	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	0.3
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)	172.1	155.7	213.9	220.2	202.6
A. LIABILITIES (300=210+330)	48.1	28.0	74.8	79.5	61.1
I. Short -term liabilities	47.2	26.3	66.7	71.5	60.8
1. Short-term trade accounts payable	11.6	4.9	19.8	40.3	13.1
2. Short-term advances from customers	1.1	3.1	8.1	3.0	8.5
3. Taxes and other payables to state authorities	0.1	0.7	2.9	2.2	0.0
4. Payable to employees	0.3	0.6	2.4	2.2	0.0
5. Short-term acrrued expenses	0.2	0.2	16.9	0.1	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	0.4	0.5	0.0	0.0	0.0
9. Other short-term payables	2.5	5.9	3.9	8.0	0.0
10. Short-term borrowings and financial leases	31.0	10.4	12.7	15.8	25.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.1	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	0.9	1.7	8.1	8.0	0.3
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.3	0.8	0.2	0.0
8. Long-term borrowings and financial leases	0.3	1.5	7.3	7.7	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)	124.0	127.7	139.1	140.7	141.6
I. Owner's equity	124.0	127.7	139.1	140.7	0.0
1. Owner's capital	80.0	80.0	80.0	80.0	141.6
- Common stock with voting right	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	57.1	57.1	57.1	57.1	57.1
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	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	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	3.8	3.8	3.8	3.8	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	-14.5	-10.8	0.7	2.2	3.1
- Accumulated retained earning at the end of the previous period	-10.9	-0.0	0.4	1.6	0.3
- Undistributed earnings in this period	-3.5	-10.7	0.2	0.6	2.8
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)	172.1	155.7	213.9	220.2	202.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	-3.5	-10.7	0.5	1.0	3.4
Depreciation of Fixed Assets and Investment Property	1.6	3.0	4.6	3.3	2.2
Provision (Increase)/Reversal	0.5	-0.2	-4.8	-6.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.2	-2.2	-4.6	-1.1	0.0
Interest Expense	1.0	1.9	1.6	1.1	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	-2.8	-8.2	-2.7	-1.8	5.1
Increase/(Decrease) in Receivables	-17.1	35.1	5.6	10.0	0.0
Increase/(Decrease) in Inventory	-5.5	-12.4	-2.1	-3.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.1	-38.9	5.1	15.5	0.0
Increase/(Decrease) in Prepaid Expenses	-0.3	0.3	-0.4	0.3	0.0
Changes in Trading Securities	0.9	0.1	0.0	4.0	0.0
Interest Paid	-0.8	-1.9	-1.7	-1.6	0.0
Corporate Income Tax Paid	—	-0.1	-1.1	-0.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.1	-0.5	-0.6	0.0
Net Cash Flow from Operating Activities	-19.5	-26.0	2.2	22.2	-8.9
Payments for Fixed Assets and Other Long-term Assets	-0.5	-0.1	-5.8	-14.9	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	7.9	0.0	0.0	0.5
Loans and Purchases of Debt Instruments	-6.1	0.0	-13.2	-35.0	-14.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.8	20.2	17.0	31.0	4.5
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	1.2	0.0	0.0	0.0
Dividends and Interest Income Received	1.8	2.5	4.7	1.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	4.0	31.8	2.8	-18.0	-7.3
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	31.8	36.6	27.1	39.4	97.6
Repayment of Borrowings	-16.4	-44.7	-30.6	-41.0	-93.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.4	-1.2	-1.2	-2.4
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	15.4	-8.5	-4.7	-2.7	1.4
Net Cash Flow During the Period	-0.1	-2.8	0.3	1.5	-5.7
Cash and Cash Equivalents at Beginning of Period	2.5	5.9	5.6	4.0	18.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.4	3.1	5.9	5.6	4.0

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	12.3	33.8	7.3	12.9	3.0	10.4	8.8	34.2	15.9	76.7	19.0	9.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	12.3	33.8	7.3	12.9	3.0	10.4	8.8	34.2	15.9	76.7	19.0	9.6
Cost of Goods Sold	10.3	34.6	6.6	10.5	1.1	9.5	8.1	33.1	15.2	72.2	18.1	8.9
Gross Profit	2.0	-0.7	0.7	2.3	1.9	0.9	0.6	1.1	0.7	4.4	0.8	0.7
Financial Income	0.0	0.0	2.1	0.4	0.0	0.1	1.7	1.3	0.1	0.5	3.7	3.8
Financial Expenses	0.2	0.4	0.2	0.3	0.1	0.4	0.6	0.7	0.3	0.5	0.8	0.2
Interest Expense	—	0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	4.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.8	1.9	2.7	2.4	1.8	4.0	1.8	3.8	2.9	2.8	2.4	3.5
Operating Profit	0.0	-3.0	-0.0	0.0	0.0	-3.4	0.0	-2.1	-2.5	1.6	1.4	0.7
Other Income	0.0	0.1	0.5	0.0	0.0	0.0	0.0	3.5	0.0	0.6	0.0	0.0
Other Expenses	0.0	0.1	0.0	—	0.0	0.1	0.6	4.6	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.5	0.0	-0.0	-0.1	-0.6	-1.1	-0.0	0.6	0.0	0.0
Profit Before Tax	0.0	-3.0	0.4	0.0	0.0	-3.5	-0.6	-3.2	-2.5	2.2	1.4	0.7
Current Income Tax Expense	—	0.2	—	0.0	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.0	-3.2	0.4	0.0	0.0	-3.5	-0.6	-3.3	-2.5	2.1	1.3	0.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.0	-3.2	0.4	0.0	0.0	-3.5	-0.6	-3.3	-2.5	2.1	1.3	0.7
Earnings per Share	4.00	-416.00	55.00	2.00	1.00	-445.00	-74.00	-422.00	-324.00	267.00	172.00	86.00
Diluted EPS	3.98	-406.09	53.28	2.01	1.27	-434.28	-72.18	-411.82	-315.58	259.93	167.27	83.97

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)	122.6	150.2	140.3	135.5	137.0	148.2	142.3	158.5	173.9	179.0	161.5	162.0
I. Cash and cash equivalents	5.2	2.9	4.9	3.2	5.4	3.1	2.5	10.2	8.2	5.9	12.6	8.4
1. Cash	5.2	2.9	4.9	3.2	5.4	3.1	2.5	9.2	6.5	4.2	5.9	2.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	1.0	1.7	1.7	6.7	5.7
II. Short-term financial investments	0.3	0.3	0.3	1.5	1.1	1.1	4.9	10.7	11.0	21.2	12.1	12.2
1. Available for sale securities	1.1	1.1	1.1	2.3	1.9	2.0	2.6	2.6	2.9	2.1	2.1	2.1
2. Provision for diminution in value of available for sale securities (*)	-0.8	-0.8	-0.8	-0.8	-0.8	-0.9	-1.0	-1.2	-1.1	-1.1	-1.0	-0.9
3. Held to maturity investments	—	—	—	—	—	0.0	3.2	9.2	9.2	20.2	11.0	11.0
III. Short-term receivables	91.5	116.3	106.9	102.0	103.5	117.9	111.6	118.8	133.6	139.1	120.0	120.7
1. Short-term trade accounts receivable	51.3	74.8	68.5	67.2	63.3	72.7	79.0	86.4	101.5	113.5	77.0	82.6
2. Short-term prepayments to suppliers	4.4	5.2	9.0	5.2	3.8	2.8	2.3	7.2	6.3	2.6	3.2	4.1
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	—	—	—	2.2	0.3	15.2	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	37.4	30.4	28.5	37.1	28.3	31.3	26.3	26.8	24.1	40.8	35.1
7. Provision for short-term doubtful debts (*)	37.4	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0
8. Assets awaiting resolution	-1.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	25.3	29.9	28.2	28.7	26.7	26.1	22.9	18.0	19.3	12.8	16.5	19.5
1. Inventories	25.3	29.9	28.2	28.7	26.7	26.1	22.9	18.0	19.3	12.8	16.5	19.5
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	0.3	0.8	0.0	0.0	0.2	0.0	0.4	0.9	1.8	0.0	0.5	1.1
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.2	0.3	0.0	0.1	0.1
2. Value added tax to be reclaimed	0.3	0.8	0.0	0.0	0.2	0.0	0.4	0.7	1.5	0.0	0.4	1.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	21.6	22.1	22.7	23.1	23.2	23.5	23.6	29.4	34.6	35.8	36.6	37.8
I. Long-term receivables	—	0.0	—	—	—	0.0	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
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	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
II. Fixed assets	0.8	0.9	1.7	2.0	2.2	2.3	2.5	7.6	12.3	13.1	13.8	14.5
1. Tangible fixed assets	0.8	0.9	1.7	2.0	2.2	2.3	2.5	7.6	12.3	13.1	13.8	14.5
- Cost	8.0	—	—	—	—	10.3	10.3	17.8	23.8	23.8	23.7	23.7
- Accumulated depreciation	-7.1	—	—	—	—	-8.0	-7.8	-10.2	-11.4	-10.7	-9.9	-9.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	11.9	12.1	12.3	12.5	12.7	12.9	12.8	13.4	13.7	14.0	14.3	9.4
- Cost	23.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.5	0.5	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	5.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	0.5	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	5.2
V. Long-term financial investments	8.0	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.3	8.3	8.3	8.3
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	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.3	8.3	8.3	8.3
4. Provision for diminution in value of long-term investments	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.4	0.4	0.5	0.5	0.1	0.1	0.1	0.2	0.3	0.4	0.3	0.3
1. Long-term prepayments	0.4	0.4	0.5	0.5	0.1	0.1	0.1	0.2	0.3	0.4	0.3	0.3
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)	144.2	172.3	163.0	158.6	160.2	171.7	165.8	188.0	208.5	214.9	198.1	199.8
A. LIABILITIES (300=210+330)	20.2	47.7	35.2	30.9	32.5	43.2	33.8	55.4	71.9	75.7	60.8	60.4
I. Short -term liabilities	19.5	46.9	33.9	29.1	30.8	41.5	32.1	51.1	64.6	67.6	51.9	53.6
1. Short-term trade accounts payable	7.2	12.4	5.3	4.4	4.4	4.8	4.6	4.2	19.7	20.7	22.1	24.3
2. Short-term advances from customers	1.0	1.2	6.8	4.5	4.9	2.9	4.8	3.9	12.7	8.1	9.7	7.6
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.1	0.3	0.6	0.5	0.2	0.7	0.3	0.4	0.3	2.9	0.1	0.4
4. Payable to employees	0.2	0.4	0.7	0.3	0.3	0.8	0.7	1.2	0.8	2.4	5.0	4.4
5. Short-term acrrued expenses	0.9	0.9	6.6	6.6	0.3	0.2	0.2	0.4	0.0	16.9	0.1	0.0
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	0.5	0.4	0.2	0.4	0.4	0.7	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	3.9	4.7	5.3	5.2	12.1	5.8	4.9	13.8	13.9	3.9	1.6	1.9
10. Short-term borrowings and financial leases	5.7	26.6	8.4	7.3	8.2	25.6	16.5	27.3	17.2	12.7	13.3	14.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.3
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	0.7	0.9	1.3	1.8	1.7	1.7	1.8	4.3	7.4	8.1	8.9	6.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.5	0.5	0.5	0.3	0.3	0.1	0.2	0.8	0.8	0.8	0.2
8. Long-term borrowings and financial leases	0.2	0.3	0.7	1.3	1.5	1.5	1.7	4.1	6.6	7.3	8.1	6.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	124.0	124.6	127.8	127.7	127.7	128.5	132.0	132.6	136.6	139.1	137.3	139.4
I. Owner's equity	124.0	124.6	127.8	127.7	127.7	128.5	132.0	132.6	136.6	139.1	137.3	139.4
1. Owner's capital	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0
- Common stock with voting right	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1
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	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00	-2,511,165,126.00
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	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8
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	-14.4	-13.9	-10.6	-10.8	-10.8	-9.9	-6.5	-5.9	-1.9	0.7	-1.1	1.0
- Accumulated retained earning at the end of the previous period	-14.5	-10.8	-10.8	-10.8	-10.8	0.2	0.1	0.1	0.6	0.4	0.7	0.7
- Undistributed earnings in this period	0.0	-3.1	0.2	0.0	0.0	-10.2	-6.6	-6.0	-2.5	0.2	-1.8	0.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	144.2	172.3	163.0	158.6	160.2	171.7	165.8	188.0	208.5	214.9	198.1	199.8

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	0.0	-3.7	0.4	-0.3	0.0	-3.5	-0.6	-3.3	-2.5	2.2	1.4	-2.7
Depreciation of Fixed Assets and Investment Property	0.3	1.3	-0.5	0.4	0.3	0.1	1.0	0.7	1.1	1.0	1.6	0.8
Provision (Increase)/Reversal	0.0	0.6	-0.0	0.0	-0.1	-0.0	-0.2	0.1	-0.0	-4.8	0.2	-0.1
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	-0.0	-0.7	-1.3	-0.3	-0.0	-0.1	-1.4	-0.7	-0.1	-0.5	-3.7	-0.3
Interest Expense	0.2	0.4	0.2	0.2	0.2	0.3	0.6	0.6	0.4	0.4	0.6	0.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.5	-2.1	-1.1	0.1	0.4	-3.2	-0.5	-2.5	-1.1	-1.8	0.0	-2.0
Increase/(Decrease) in Receivables	24.9	-12.9	-7.2	3.7	-0.7	9.3	7.6	15.3	3.0	-12.8	-2.3	2.0
Increase/(Decrease) in Inventory	4.6	-2.5	0.5	-1.9	-1.5	-3.2	-4.9	1.3	-6.5	3.6	3.1	-3.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.5	-3.9	3.6	0.0	6.3	0.5	-8.5	-24.0	-6.6	15.2	0.6	-3.8
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.0	-0.4	-0.0	0.0	0.1	0.3	-0.2	-0.1	0.1	0.1
Changes in Trading Securities	—	—	—	—	—	0.6	0.0	0.2	-0.7	0.0	0.0	0.0
Interest Paid	-0.2	-0.3	-0.2	-0.2	-0.2	-0.3	-0.6	-0.6	-0.4	-0.4	-0.6	-0.3
Corporate Income Tax Paid	-0.1	—	-0.0	-0.1	-0.0	-0.1	-0.0	-0.0	-0.1	-0.2	-0.0	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.0	-0.0	-0.0	-0.1	-0.2	-0.1	-0.0	-0.3	-0.1
Net Cash Flow from Operating Activities	23.3	-21.6	-3.2	0.9	4.4	3.6	-6.8	-10.2	-12.6	3.7	0.7	-7.2
Payments for Fixed Assets and Other Long-term Assets	—	-0.4	—	—	-0.1	0.0	-0.0	0.0	-0.0	-0.1	-0.4	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.8	0.3	—	—	0.0	4.4	3.5	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-4.0	—	-1.9	-0.3	0.0	0.0	0.0	0.0	-10.2	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	5.7	2.2	—	—	0.0	6.0	0.0	11.0	1.0	0.0	1.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	0.2	—	1.9	0.0	1.2	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	-0.0	1.8	0.0	0.0	0.1	2.0	0.2	0.1	0.3	3.9	0.3
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	0.0	-0.2	6.1	-1.5	-0.4	2.0	12.3	5.0	11.1	-9.0	3.5	0.9
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	—	28.6	-2.8	4.5	1.4	-15.0	6.7	19.8	7.0	6.1	5.7	6.5
Repayment of Borrowings	-21.0	-8.7	1.5	-6.1	-3.2	10.1	-19.9	-12.3	-3.2	-7.4	-5.6	-0.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	-0.4	0.0	0.0	-0.0	-1.1
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	-21.0	19.9	-1.2	-1.6	-1.8	-4.9	-13.2	7.2	3.8	-1.3	0.0	4.7
Net Cash Flow During the Period	2.3	-1.9	1.7	-2.2	2.3	0.6	-7.7	2.0	2.3	-6.6	4.2	-1.5
Cash and Cash Equivalents at Beginning of Period	2.9	4.9	3.2	5.4	3.1	5.9	5.9	5.9	5.9	5.6	5.6	5.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.2	2.4	4.9	3.2	5.4	3.1	2.5	10.2	8.2	5.9	12.6	8.4

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HAS

What Is Changing

Drivers of HAS'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