HMH

Hải Minh ·HNX ·2026Q1

▼ Slightly negative

Pre-tax profit relies materially on non-core sources Net financial result/PBT 62.72%

Price

18,000

Latest close

25 May 2026

P/E 8.68x

P/B 0.98x

EPS 2,074

BVPS 18,315

ROE 11.6%

ROA 10.3%

Profit Margin 22.5%

Asset Turnover 0.46x

Equity Mult. 1.13x

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

What Is Changing

On a TTM 2026Q1 basis, HMH posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been expanding consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 125bn
	                                
+10.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 28bn
	                                
+6.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    62.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	121.8	107.9	80.4	83.8	90.8
Growth	+13%	+34%	-4%	-8%	—
Net Income	27.0	18.1	3.9	1.9	16.3
Net Margin	22.19%	16.79%	4.89%	2.29%	17.90%

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	30.7	33.2	30.4	30.4	27.7	29.6	28.3	27.3	22.6	20.2	20.4	21.0
Growth	-7%	+9%	+0%	+10%	-6%	+4%	+4%	+21%	+12%	-1%	-3%	—
Net Income	12.4	5.0	8.9	1.9	11.2	1.8	11.2	2.4	2.8	-0.7	5.7	-1.0
Net Margin	40.50%	15.18%	29.17%	6.29%	40.36%	5.93%	39.47%	8.69%	12.37%	-3.61%	27.76%	-4.82%

Drivers of HMH's profit

TTM

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

Financial income ↑ 4.1bn

Tax ↓ 1.5bn

Administrative expenses ↑ 1.8bn

Finance costs ↑ 1.4bn

TTM

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

Finance costs ↓ 2.3bn

Gross profit ↑ 0.5bn

Financial income ↓ 1.4bn

Other profit ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.2% = 23.5% × 0.47 × 1.11

2026Q1 11.7% = 22.7% × 0.46 × 1.13

ROE fell from 12.2% to 11.7% — asset turnover weakened the most, though leverage still provided support.

Net margin: 22.7% -0.8pp Asset turnover: 0.46x -0.01x Leverage: 1.13x +0.02x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 22.66%, falling 0.8pp. The main pressure comes from Gross margin fell 1.6pp and SG&A / Revenue rose 0.8pp (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 0.1pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 22.66% −0.8pp

Gross Margin 16.56% −1.6pp

SG&A / Revenue 7.19% +0.8pp

Non-core / Revenue 16.41% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 63.7% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 13.07%, falling 1.0pp. That translates to 13.07 in after-tax operating profit for every 100 units of operating capital. ROIC is under pressure as NOPAT margin steady and capital turnover broadly stable have not provided enough support, with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 13.07% −1.0pp

NOPAT Margin 22.29% −0.1pp

Capital Turnover 0.59x −0.04x

Average Invested Capital 212.7bn +32.3bn

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.16x equity, with a net cash position equivalent to 0.13x equity.

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

Working Capital Drivers

Receivables increased → lower CFO: −2.0bn

Inventories increased → lower CFO: −0.0bn

Payables increased → higher CFO: +4.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 24.1 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 6.9 days, and DPO fell 17.1 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +24.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +6.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 40.8 days +6.9 days

Inventory 0.1 days +0.1 days

Payables 19.4 days −17.1 days

Cash Conversion Cycle 21.5 days +24.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.13x and interest coverage at 6.20x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1616.1% of debt, and total debt stands at 2.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.13x −0.01x

Interest Coverage 6.20x −2.07x

Cash / Debt 1616.1% +222.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.67x +3.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -30.6bn in 2025, against investing cash flow of 27.5bn.

Post-investment cash flow was negative +3.1bn. Financing cash flow was positive +6.9bn.

CFO / net income was 0.67x.

After spending +6.4bn on fixed-asset investment, the business generated trailing free cash flow of +12.4bn.

Cash Conversion

CFO TTM 18.8bn +88.7bn

Cash Capex 6.4bn +2.1bn

FCF TTM +12.4bn +86.6bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.13x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.13x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 62.7% of PBT and CFO / net income currently at 0.67x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	121.8	107.9	80.4	83.8	90.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	121.8	107.9	80.4	83.8	90.8
Cost of Goods Sold	101.6	87.1	68.3	73.3	0.0
Gross Profit	20.1	20.8	12.1	10.5	15.0
Financial Income	26.7	11.1	2.0	4.6	11.9
Financial Expenses	7.5	4.5	1.0	3.8	-1.4
Interest Expense	0.2	0.0	0.6	0.0	-0.0
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	9.0	7.1	11.6	9.3	-7.0
Operating Profit	30.3	20.2	1.5	1.9	18.5
Other Income	0.6	0.7	6.0	0.6	0.0
Other Expenses	0.1	0.2	1.8	0.3	0.0
Other Profit	0.6	0.6	4.2	0.3	1.0
Profit Before Tax	30.9	20.8	5.6	2.1	19.5
Current Income Tax Expense	4.1	3.5	1.1	0.1	-3.3
Deferred Income Tax Expense	-0.2	-0.9	0.6	0.1	0.0
Net Income	27.0	18.1	3.9	1.9	16.3
Non-controlling Interest	0.1	0.1	0.1	-0.0	0.0
Profit Attributable to Parent	26.9	18.0	3.9	2.0	16.2
Earnings per Share	2,050.00	1,402.00	300.00	130.00	1,186.00
Diluted EPS	1,944.22	1,365.00	292.10	130.00	1,229.26

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	167.5	111.6	73.9	80.9	147.3
I. Cash and cash equivalents	32.4	28.6	29.2	26.8	81.5
1. Cash	22.9	22.1	9.9	12.1	0.0
2. Cash equivalents	9.5	6.5	19.3	14.7	0.0
II. Short-term financial investments	116.4	66.1	25.1	13.1	0.0
1. Available for sale securities	122.9	66.1	1.3	3.7	0.0
2. Provision for diminution in value of available for sale securities (*)	-8.0	0.0	0.0	-0.1	0.0
3. Held to maturity investments	1.5	0.0	23.8	9.5	0.0
III. Short-term receivables	17.4	15.6	18.5	37.0	39.2
1. Short-term trade accounts receivable	12.0	12.3	10.9	9.0	0.0
2. Short-term prepayments to suppliers	0.0	0.1	6.3	27.7	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	5.4	3.2	4.7	0.8	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	-3.5	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.1	1.1
1. Inventories	0.0	0.0	0.0	0.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	1.3	1.2	3.9	2.1
1. Short-term prepayments	1.2	0.9	0.8	1.5	0.0
2. Value added tax to be reclaimed	—	0.1	0.0	1.4	0.0
3. Taxes and other receivables from state authorities	0.1	0.3	0.4	1.0	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)	115.9	136.5	148.9	141.6	125.4
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	88.0	88.3	94.5	109.6	120.6
1. Tangible fixed assets	69.0	68.8	74.5	89.0	99.4
- Cost	178.1	173.9	176.0	192.3	0.0
- Accumulated depreciation	-109.1	-105.1	-101.5	-103.3	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	19.0	19.5	20.0	20.6	21.2
- Cost	24.1	24.1	24.1	24.1	0.0
- Accumulated depreciation	-5.2	-4.6	-4.0	-3.4	0.0
III. Investment properties	22.9	23.4	23.6	0.0	0.0
- Cost	23.6	23.6	23.6	0.0	0.0
- Accumulated depreciation	-0.7	-0.2	0.0	0.0	0.0
IV. Long-term assets in progress	0.7	3.5	0.7	0.2	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	3.5	0.7	0.2	0.0
V. Long-term financial investments	—	18.0	27.3	27.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	27.3	27.0	0.0
3. Investments in other entities	—	20.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-2.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.3	3.4	2.8	4.8	0.0
1. Long-term prepayments	3.8	3.1	2.8	4.8	0.0
2. Deferred income tax assets	0.5	0.3	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	4.4
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)	283.3	248.1	222.8	222.6	272.6
A. LIABILITIES (300=210+330)	40.1	28.8	21.1	24.5	35.6
I. Short -term liabilities	39.9	28.8	20.1	24.2	35.3
1. Short-term trade accounts payable	4.9	8.5	7.3	6.9	15.4
2. Short-term advances from customers	0.2	0.2	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.6	3.0	0.8	0.6	0.0
4. Payable to employees	5.4	4.6	3.0	3.3	0.0
5. Short-term acrrued expenses	0.3	0.3	6.7	0.3	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	0.1	0.1	0.0	0.0	0.0
9. Other short-term payables	12.8	9.5	2.2	1.0	0.0
10. Short-term borrowings and financial leases	10.5	2.1	0.0	11.0	0.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.1	0.7	0.2	1.1	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	0.2	0.0	1.0	0.3	0.4
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	0.2	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.4	0.3	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.6	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)	243.2	219.2	201.7	198.1	237.0
I. Owner's equity	243.2	219.2	201.7	198.1	0.0
1. Owner's capital	138.4	132.0	132.0	132.0	237.0
- Common stock with voting right	138,422,290,000.00	131,998,470,000.00	131,998,470,000.00	131,998,470,000.00	131,998,470,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.8	5.9	5.9	5.9	5.9
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	—	-4,394,588,700.00	-4,394,588,700.00	-4,394,588,700.00	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	6.7	6.7	6.7	6.7	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	89.8	77.5	60.1	56.5	95.3
- Accumulated retained earning at the end of the previous period	62.9	59.5	56.2	54.5	79.3
- Undistributed earnings in this period	26.9	18.0	3.9	2.0	16.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1.5	1.5	1.4	1.3	1.4
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)	283.3	248.1	222.8	222.6	272.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.9	20.8	5.6	2.1	19.3
Depreciation of Fixed Assets and Investment Property	7.4	7.5	9.4	9.2	9.1
Provision (Increase)/Reversal	6.0	-1.5	2.9	0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.2	0.0	0.0
Gain/Loss from Investment Activities	-15.7	-1.6	-6.1	-3.0	0.0
Interest Expense	0.2	0.0	0.6	0.0	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	28.7	25.3	12.6	8.9	15.6
Increase/(Decrease) in Receivables	-1.5	6.1	-2.8	-16.8	0.0
Increase/(Decrease) in Inventory	0.0	-0.0	0.1	1.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.3	1.2	6.7	-6.9	0.0
Increase/(Decrease) in Prepaid Expenses	-1.0	-0.3	2.7	-0.9	0.0
Changes in Trading Securities	-56.8	-64.8	2.4	13.0	0.0
Interest Paid	-0.2	-0.0	-0.6	0.0	0.0
Corporate Income Tax Paid	-4.1	-1.8	-0.2	-1.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-1.2	-3.1	0.0
Net Cash Flow from Operating Activities	-30.6	-34.5	19.7	-6.2	26.4
Payments for Fixed Assets and Other Long-term Assets	-6.8	-1.6	-0.7	-0.0	-9.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	1.3	10.1	2.3	6.5
Loans and Purchases of Debt Instruments	-1.5	0.0	-35.8	-9.5	-21.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	23.8	18.5	23.0	14.7
Investments in Other Entities	—	0.0	-0.3	-27.0	0.0
Proceeds from Investments in Other Entities	30.0	7.3	0.0	0.0	0.0
Dividends and Interest Income Received	5.3	1.2	1.9	4.3	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	27.5	31.9	-6.3	-6.9	2.0
Proceeds from Equity Issuance and Capital Contributions	11,736,479,330.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	12.6	2.1	0.0	11.0	0.0
Repayment of Borrowings	-4.2	0.0	-11.0	-0.3	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-13.3	-0.0	-0.0	-51.4	-12.8
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	6.9	2.0	-11.0	-40.7	-12.8
Net Cash Flow During the Period	3.8	-0.6	2.4	-53.8	-2.3
Cash and Cash Equivalents at Beginning of Period	28.6	29.2	26.8	80.6	66.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	32.4	28.6	29.2	26.8	81.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	30.7	33.2	30.4	30.4	27.7	29.6	28.3	27.3	22.6	20.2	20.4	21.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	30.7	33.2	30.4	30.4	27.7	29.6	28.3	27.3	22.6	20.2	20.4	21.0
Cost of Goods Sold	25.8	27.1	25.5	25.7	23.3	24.6	22.2	22.3	18.0	18.1	17.0	17.3
Gross Profit	4.9	6.2	4.9	4.7	4.4	5.0	6.1	5.0	4.6	2.0	3.4	3.7
Financial Income	9.2	5.2	8.8	2.2	10.5	4.2	6.2	0.3	0.5	0.6	0.4	0.6
Financial Expenses	-3.1	4.3	1.8	2.2	-0.7	4.0	0.3	0.1	0.1	0.5	0.2	0.1
Interest Expense	0.2	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.4	2.1	2.1	2.4	2.4	3.0	-0.7	2.5	2.4	2.6	2.2	4.9
Operating Profit	14.8	5.0	9.9	2.2	13.3	2.2	12.7	2.7	2.7	-0.5	1.5	-0.7
Other Income	0.0	0.0	0.2	0.1	0.2	0.1	0.9	0.0	0.4	0.1	11.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.8	0.1	0.0	0.3	6.5	0.2
Other Profit	-0.0	-0.0	0.2	0.1	0.2	0.1	0.1	-0.0	0.4	-0.2	4.6	-0.2
Profit Before Tax	14.8	4.9	10.1	2.3	13.5	2.3	12.8	2.6	3.1	-0.7	6.1	-0.9
Current Income Tax Expense	2.3	-0.0	1.2	0.6	2.3	1.0	1.6	0.6	0.3	0.0	0.4	0.1
Deferred Income Tax Expense	—	-0.1	—	-0.1	—	-0.5	0.0	-0.4	0.0	0.0	0.0	0.0
Net Income	12.4	5.0	8.9	1.9	11.2	1.8	11.2	2.4	2.8	-0.7	5.7	-1.0
Non-controlling Interest	0.1	0.1	0.0	0.0	0.0	-0.0	0.1	0.0	0.0	-0.0	0.0	-0.0
Profit Attributable to Parent	12.4	5.0	8.8	1.9	11.2	1.8	11.1	2.4	2.8	-0.7	5.6	-1.0
Earnings per Share	894.00	363.00	670.00	147.00	871.00	137.00	866.00	183.00	217.00	-55.00	442.00	-76.13
Diluted EPS	894.00	401.00	638.00	140.00	871.00	1,365.00	843.00	178.00	217.00	-55.00	442.00	-76.13

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)	159.6	167.5	152.6	139.2	139.1	111.6	107.4	94.0	72.2	73.9	76.2	68.8
I. Cash and cash equivalents	33.9	32.4	26.5	41.1	28.7	28.6	24.4	24.0	47.4	41.7	35.7	22.2
1. Cash	23.2	22.9	12.5	30.1	8.7	22.1	16.9	11.5	15.9	9.9	13.4	8.9
2. Cash equivalents	10.7	9.5	14.0	11.0	20.0	6.5	7.5	12.5	31.5	31.8	22.3	13.3
II. Short-term financial investments	104.5	116.4	103.9	75.4	90.7	66.1	68.1	52.7	14.8	12.6	19.1	11.7
1. Available for sale securities	107.4	122.9	108.2	78.1	91.9	66.1	68.1	42.4	1.3	1.3	1.3	2.7
2. Provision for diminution in value of available for sale securities (*)	-4.4	-8.0	-4.3	-2.7	-1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	1.5	1.5	—	—	—	0.0	0.0	10.3	13.5	11.3	17.8	9.0
III. Short-term receivables	19.0	17.4	20.8	20.7	18.1	15.6	13.7	15.6	8.5	18.5	19.7	30.9
1. Short-term trade accounts receivable	14.0	12.0	14.4	15.4	13.9	12.3	11.0	13.3	7.1	10.9	11.3	13.6
2. Short-term prepayments to suppliers	0.1	0.0	0.2	0.5	0.2	0.1	0.5	0.1	0.2	6.4	6.4	8.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	5.0
6. Other short-term receivables	4.9	5.4	6.2	4.8	4.1	3.2	2.1	5.3	4.7	4.6	5.5	7.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	-3.0	-3.5	-3.5	-3.5	-3.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
1. Inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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	2.2	1.2	1.4	2.0	1.6	1.3	1.2	1.6	1.6	1.2	1.7	3.9
1. Short-term prepayments	2.2	1.2	1.3	1.8	1.5	0.9	1.1	1.3	1.4	0.8	1.1	1.6
2. Value added tax to be reclaimed	—	—	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	1.1
3. Taxes and other receivables from state authorities	—	0.1	—	—	0.0	0.3	0.1	0.3	0.1	0.4	0.6	1.1
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)	127.2	115.9	117.3	118.4	119.0	136.5	135.5	136.9	150.9	148.9	145.4	158.0
I. Long-term receivables	0.0	0.0	0.0	0.0	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
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	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	88.5	88.0	89.6	90.6	92.0	88.3	88.5	90.3	96.8	94.5	97.5	105.4
1. Tangible fixed assets	69.7	69.0	70.5	71.4	72.6	68.8	68.9	70.5	76.9	74.5	77.3	85.1
- Cost	180.3	—	—	—	—	173.9	172.3	174.2	174.0	176.0	170.7	186.9
- Accumulated depreciation	-110.7	—	—	—	—	-105.1	-103.4	-103.7	-97.1	-101.5	-93.4	-101.8
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	18.8	19.0	19.1	19.2	19.3	19.5	19.6	19.8	19.9	20.0	20.2	20.3
- Cost	24.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	22.8	22.9	23.0	23.1	23.2	23.4	23.5	23.6	23.6	23.6	17.2	0.0
- Cost	23.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.7	0.7	0.7	0.7	0.7	3.5	0.7	0.7	0.7	0.7	0.0	20.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	0.7	0.7	0.7	0.7	3.5	0.7	0.7	0.7	0.7	0.0	20.2
V. Long-term financial investments	11.4	—	—	—	—	18.0	20.0	20.0	27.3	27.3	27.2	27.7
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	27.3	27.3	27.2	27.3
3. Investments in other entities	11.4	—	—	—	—	20.0	20.0	20.0	0.0	0.0	0.0	0.4
4. Provision for diminution in value of long-term investments	—	—	—	—	—	-2.0	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	3.9	4.3	4.0	4.0	3.1	3.4	2.9	2.4	2.6	2.8	3.4	4.8
1. Long-term prepayments	3.4	3.8	3.5	3.6	2.9	3.1	2.9	2.4	2.6	2.8	3.4	4.7
2. Deferred income tax assets	0.5	0.5	0.4	0.4	0.3	0.3	0.0	0.0	0.0	0.0	0.1	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)	286.8	283.3	269.8	257.6	258.1	248.1	243.0	230.9	223.2	222.8	221.6	226.8
A. LIABILITIES (300=210+330)	33.3	40.1	36.8	34.6	27.7	28.8	24.5	24.7	18.7	21.0	18.2	28.5
I. Short -term liabilities	33.1	39.9	36.8	34.6	27.7	28.8	24.3	24.5	17.7	20.0	17.1	27.6
1. Short-term trade accounts payable	3.9	4.9	4.9	6.5	7.2	8.5	5.1	8.2	11.3	7.3	10.2	7.3
2. Short-term advances from customers	0.5	0.2	0.3	0.3	0.2	0.2	0.1	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	4.9	3.6	7.6	6.3	3.9	3.0	4.9	2.8	1.8	0.8	2.6	2.0
4. Payable to employees	3.3	5.4	5.2	4.2	3.3	4.6	1.7	1.8	1.7	3.0	1.4	1.2
5. Short-term acrrued expenses	0.4	0.3	—	0.9	0.6	0.3	0.6	0.5	0.4	6.5	0.4	0.8
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	0.1	0.1	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	13.7	12.8	15.7	12.2	9.8	9.5	11.2	10.6	2.3	2.1	2.2	5.3
10. Short-term borrowings and financial leases	2.1	10.5	1.1	2.1	2.1	2.1	0.0	0.0	0.0	0.0	0.0	10.0
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	4.3	2.1	2.1	2.1	0.7	0.7	0.7	0.7	0.1	0.2	0.2	0.9
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	0.2	0.2	—	—	—	0.0	0.2	0.2	1.0	1.0	1.2	0.8
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	0.2	0.2	—	—	—	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	0.4	0.4	0.8	0.8
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.2	0.2	0.6	0.6	0.4	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)	253.5	243.2	233.0	223.0	230.4	219.2	218.5	206.3	204.5	201.8	203.3	198.4
I. Owner's equity	253.5	243.2	233.0	223.0	230.4	219.2	218.5	206.3	204.5	201.8	203.3	198.4
1. Owner's capital	138.4	138.4	133.2	132.0	132.0	132.0	132.0	132.0	132.0	132.0	132.0	132.0
- Common stock with voting right	138,422,290,000.00	138,422,290,000.00	133,166,290,000.00	131,998,470,000.00	131,998,470,000.00	131,998,470,000.00	131,998,470,000.00	131,998,470,000.00	131,998,470,000.00	131,998,470,000.00	131,998,470,000.00	131,998,470,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.8	6.8	6.9	6.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9
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	—	—	—	—	-4,394,588,700.00	-4,394,588,700.00	-4,394,588,700.00	-4,394,588,700.00	-4,394,588,700.00	-4,394,588,700.00	-4,394,588,700.00	-4,394,588,700.00
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	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.8
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	100.0	89.8	84.8	76.0	88.7	77.5	76.8	64.6	62.9	60.2	61.8	56.8
- Accumulated retained earning at the end of the previous period	87.6	84.8	76.0	62.9	77.5	59.5	60.5	59.5	60.1	56.2	56.2	56.4
- Undistributed earnings in this period	12.4	5.0	8.8	13.1	11.2	18.0	16.3	5.1	2.8	4.0	5.6	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	1.5	1.5	1.4	1.4	1.5	1.5	1.5	1.4	1.4	1.4	1.3	1.4
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)	286.8	283.3	269.8	257.6	258.1	248.1	243.0	230.9	223.2	222.8	221.6	226.8

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	14.8	4.9	10.1	2.3	13.5	2.3	12.8	2.6	3.1	-0.9	6.3	-1.1
Depreciation of Fixed Assets and Investment Property	1.9	2.2	1.8	1.5	1.9	0.9	2.2	2.9	1.5	2.8	2.1	2.3
Provision (Increase)/Reversal	-3.6	3.7	1.6	1.5	-0.8	2.0	-3.0	-0.5	0.0	-0.1	0.1	2.9
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.1
Gain/Loss from Investment Activities	-0.1	-4.8	-0.4	-0.4	-10.2	-0.1	-0.4	-0.3	-0.9	-0.2	-5.3	-0.1
Interest Expense	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2
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	13.1	6.1	13.2	4.9	4.5	5.2	11.6	4.7	3.7	1.8	3.4	4.3
Increase/(Decrease) in Receivables	-1.5	2.0	-0.2	-2.2	-1.0	-2.3	5.2	-6.8	10.0	-17.1	20.6	-1.3
Increase/(Decrease) in Inventory	-0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.0	-0.0	0.0	0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.2	-5.7	4.0	7.2	-1.3	-0.3	-1.1	6.4	-3.7	11.3	-3.7	-0.5
Increase/(Decrease) in Prepaid Expenses	-0.6	-0.1	0.5	-1.1	-0.4	0.0	-0.3	0.3	-0.4	0.8	1.9	-0.9
Changes in Trading Securities	15.6	—	—	—	—	2.0	-25.7	-41.1	-0.0	0.0	1.4	1.0
Interest Paid	-0.2	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	-0.0	-0.5	-0.0
Corporate Income Tax Paid	-1.6	-0.5	-1.6	0.0	-1.9	-1.6	-0.0	-0.1	-0.0	0.0	-0.2	0.0
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	-0.1	0.0	0.0	-0.0	-0.1	-0.3	-0.3	-0.4
Net Cash Flow from Operating Activities	23.5	-13.0	-14.3	22.6	-25.9	2.9	-10.3	-36.6	9.5	-3.6	22.7	2.2
Payments for Fixed Assets and Other Long-term Assets	-2.3	-0.4	-0.7	-3.0	-2.7	-1.6	0.0	0.0	-0.1	-0.5	0.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.1	0.2	0.2	0.1	0.7	0.2	0.0	0.4	-1.6	11.7	0.0
Loans and Purchases of Debt Instruments	—	-1.5	—	—	—	10.3	0.0	9.7	-20.0	-19.9	-8.4	7.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	-10.3	10.3	-4.1	27.9	18.5	-3.0	-13.1
Investments in Other Entities	-11.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	1.5	0.0	0.0	28.5	0.0	0.0	7.3	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	4.9	0.1	0.2	0.0	0.1	0.2	0.4	0.5	0.5	0.5	0.5
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	-13.6	4.4	-0.4	-2.5	26.0	-0.7	10.7	13.3	8.7	-3.0	0.8	-4.9
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	—	10.5	0.0	2.1	—	2.1	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-8.4	-1.1	-1.0	-2.1	—	0.0	0.0	0.0	0.0	0.0	-10.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	-0.1	-13.1	—	-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	-8.4	14.5	0.0	-7.6	—	2.1	0.0	-0.0	0.0	0.0	-10.0	-0.0
Net Cash Flow During the Period	1.5	5.9	-14.6	12.4	0.1	4.2	0.4	-23.4	18.2	-6.6	13.5	-2.7
Cash and Cash Equivalents at Beginning of Period	32.4	26.5	41.1	28.7	28.6	29.2	29.2	29.2	29.2	26.8	26.8	26.8
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	33.9	32.4	26.5	41.1	28.7	28.6	24.4	24.0	47.4	29.2	35.7	22.2

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HMH

What Is Changing

Drivers of HMH'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