HNF

Thực phẩm Hữu Nghị ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 5.15%, −4.67pp YoY

Price

27,000

Latest close

03 Jun 2026

P/E 8.04x

P/B 1.14x

EPS 3,360

BVPS 23,670

ROE 14.1%

ROA 5.0%

Profit Margin 5.2%

Asset Turnover 0.97x

Equity Mult. 2.81x

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

What Is Changing

On a TTM 2026Q1 basis, HNF is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,957bn
	                                
+2.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 101bn
	                                
−46.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,800.3	1,969.6	1,756.3	1,962.9	1,607.5
Growth	-9%	+12%	-11%	+22%	—
Net Income	102.3	178.3	71.0	120.0	51.8
Net Margin	5.68%	9.05%	4.04%	6.11%	3.22%

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	542.2	536.1	534.1	344.5	385.2	620.0	537.6	361.5	451.7	530.3	540.1	332.4
Growth	+1%	+0%	+55%	-11%	-38%	+15%	+49%	-20%	-15%	-2%	+62%	—
Net Income	27.8	24.6	39.8	8.5	29.2	71.8	45.3	40.7	20.2	43.7	18.8	5.3
Net Margin	5.13%	4.60%	7.44%	2.48%	7.58%	11.59%	8.43%	11.25%	4.47%	8.24%	3.49%	1.58%

Drivers of HNF's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher selling expenses. Supporting and offsetting drivers:

Selling expenses ↑ 42.7bn

Gross profit ↓ 37.6bn

Financial income ↓ 11.5bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Gross profit ↑ 49.5bn

Selling expenses ↑ 41.0bn

Financial income ↓ 3.2bn

Administrative expenses ↑ 2.8bn

Tax ↑ 2.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 28.3% = 9.8% × 1.03 × 2.79

2026Q1 14.1% = 5.2% × 0.97 × 2.81

ROE fell from 28.3% to 14.1% — asset turnover weakened the most, though leverage still provided support.

Net margin: 5.2% -4.7pp Asset turnover: 0.97x -0.06x Leverage: 2.81x +0.02x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 5.15%, losing 4.7pp. The main pressure comes from Gross margin fell 2.8pp and SG&A / Revenue rose 1.5pp (with lingering pressure from Net financial result / Revenue fell 0.7pp).

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

Profitability trend

Net Margin 5.15% −4.7pp

Gross Margin 30.27% −2.8pp

SG&A / Revenue 22.50% +1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 6.63%, losing 6.6pp. That translates to 6.63 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 4.6pp and capital turnover fell 0.06x, while invested capital rose by 102bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 6.63% −6.6pp

NOPAT Margin 5.10% −4.6pp

Capital Turnover 1.30x −0.06x

Average Invested Capital 1,504.4bn +102.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 1.81x equity, net debt at 1.14x equity.

Over the last 12 months, working capital released 135.9bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +95.1bn

Inventories decreased → higher CFO: +26.0bn

Payables increased → higher CFO: +14.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.7 days versus the same period last year. The main moves came from DIO fell 2.3 days, DSO fell 3.1 days, and DPO fell 1.7 days.

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

Working Capital Efficiency

Receivables 74.3 days −3.1 days

Inventory 30.1 days −2.3 days

Payables 28.1 days −1.7 days

Cash Conversion Cycle 76.3 days −3.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 107.4bn due to capex of 412.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.14x and interest coverage only at 2.79x.

At present, short-term debt accounts for 64.4% of total debt, cash equals 19.3% of debt, and total debt stands at 999.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.14x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 64.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 1.14x +0.07x

Interest Coverage 2.79x −2.37x

Cash / Debt 19.3% +10.1pp

Short-term Debt / Total Debt 64.4% −12.6pp

CFO / NI 3.03x +2.74x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 204.6bn in 2025, against investing cash flow of -72.0bn.

Post-investment cash flow was positive +132.6bn. Financing cash flow was negative +55.7bn.

CFO / net income was 3.03x.

After spending +412.6bn on fixed-asset investment, the business generated trailing free cash flow of −107.4bn.

Cash Conversion

CFO TTM 305.3bn +251.4bn

Cash Capex 412.6bn +398.8bn

FCF TTM −107.4bn −147.4bn

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 earnings conversion is confirmed, with CFO/NI at 3.03x. The main risk still sits in core profitability, with net margin down 4.7 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.03x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 5.15% after a 4.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,956.6	2,124.3	1,916.4	2,114.2	1,734.4
Revenue Deductions	156.3	154.7	160.1	151.3	0.0
Net Revenue	1,800.3	1,969.6	1,756.3	1,962.9	1,607.5
Cost of Goods Sold	1,256.3	1,328.8	1,275.2	1,406.5	0.0
Gross Profit	544.0	640.8	481.2	556.4	438.4
Financial Income	13.9	19.0	17.7	19.1	7.3
Financial Expenses	41.9	45.3	67.8	78.2	-58.1
Interest Expense	38.2	40.7	62.0	68.1	-46.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	352.2	357.4	305.0	314.7	-281.4
General and Administrative Expenses	45.1	52.7	45.1	45.8	-55.8
Operating Profit	118.7	204.5	81.0	136.7	50.3
Other Income	2.4	3.5	3.1	2.3	0.0
Other Expenses	0.6	2.1	0.7	0.6	0.0
Other Profit	1.8	1.5	2.5	1.8	1.8
Profit Before Tax	120.5	205.9	83.5	138.5	52.1
Current Income Tax Expense	18.1	27.6	12.5	18.5	-0.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	102.3	178.3	71.0	120.0	51.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	102.3	178.3	71.0	120.0	51.8
Earnings per Share	3,411.00	5,945.00	2,365.00	4,000.00	1,726.13
Diluted EPS	3,410.95	5,944.71	2,365.15	4,000.13	1,726.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	973.0	1,198.2	965.0	964.8	910.5
I. Cash and cash equivalents	231.6	154.4	179.4	32.9	52.1
1. Cash	141.6	72.8	179.4	32.9	0.0
2. Cash equivalents	90.0	81.6	0.0	0.0	0.0
II. Short-term financial investments	128.5	372.8	170.0	275.5	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	128.5	372.8	170.0	275.5	0.0
III. Short-term receivables	467.1	513.9	451.0	472.9	498.7
1. Short-term trade accounts receivable	420.3	448.8	415.4	437.9	0.0
2. Short-term prepayments to suppliers	42.4	7.7	14.9	18.6	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	5.1	58.0	20.8	16.3	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.6	-0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	121.5	135.0	139.1	168.6	159.1
1. Inventories	121.5	135.0	139.1	168.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	24.3	22.0	25.5	14.9	10.6
1. Short-term prepayments	10.9	10.5	15.9	13.8	0.0
2. Value added tax to be reclaimed	13.4	11.5	9.4	1.1	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.2	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)	1,071.0	867.0	903.8	1,076.9	1,070.5
I. Long-term receivables	0.1	0.1	0.1	121.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	121.1
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	0.1	0.1	0.1	121.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	633.6	683.3	726.6	777.5	769.4
1. Tangible fixed assets	631.5	637.3	674.7	717.1	706.7
- Cost	1,153.6	1,076.2	1,054.0	1,031.8	0.0
- Accumulated depreciation	-522.1	-438.8	-379.3	-314.7	0.0
2. Financial leased fixed assets	—	42.7	48.7	56.1	61.7
- Cost	—	58.9	61.9	66.6	0.0
- Accumulated depreciation	—	-16.1	-13.2	-10.4	0.0
3. Intangible fixed assets	2.1	3.2	3.2	4.3	0.9
- Cost	5.8	5.7	4.7	4.9	0.0
- Accumulated depreciation	-3.7	-2.5	-1.5	-0.6	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	268.3	9.4	0.5	0.0	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	268.3	9.4	0.5	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	169.1	174.3	176.7	178.3	0.0
1. Long-term prepayments	169.1	174.3	176.7	178.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	178.9
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,044.0	2,065.1	1,868.9	2,041.8	1,981.0
A. LIABILITIES (300=210+330)	1,316.8	1,371.3	1,289.8	1,377.7	1,444.9
I. Short -term liabilities	905.3	1,090.0	876.9	909.8	870.8
1. Short-term trade accounts payable	169.0	209.0	173.5	184.7	198.5
2. Short-term advances from customers	5.6	4.6	7.9	17.5	21.0
3. Taxes and other payables to state authorities	9.8	23.9	13.7	16.3	0.0
4. Payable to employees	45.7	51.8	30.8	35.8	0.0
5. Short-term acrrued expenses	75.0	82.6	86.9	68.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	9.8	9.6	3.5	6.1	4.9
9. Other short-term payables	3.4	3.4	5.5	5.9	0.0
10. Short-term borrowings and financial leases	557.9	684.8	538.1	563.8	510.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	29.1	20.4	16.9	10.9	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	411.5	281.3	412.9	467.8	574.1
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	85.8	86.7	88.5	87.7	0.0
8. Long-term borrowings and financial leases	325.7	194.6	324.5	380.1	488.5
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)	727.3	693.8	579.1	664.1	536.1
I. Owner's equity	727.3	693.8	579.1	664.1	0.0
1. Owner's capital	300.0	300.0	300.0	300.0	536.1
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	16.7	16.7	16.7	16.7	16.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	137.3	110.6	99.9	81.9	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	273.2	266.6	162.4	265.5	145.3
- Accumulated retained earning at the end of the previous period	170.9	118.2	91.5	145.5	93.5
- Undistributed earnings in this period	102.3	148.3	71.0	120.0	51.8
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)	2,044.0	2,065.1	1,868.9	2,041.8	1,981.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	120.5	205.9	83.5	138.5	51.8
Depreciation of Fixed Assets and Investment Property	69.7	67.7	68.4	61.6	53.1
Provision (Increase)/Reversal	0.1	0.5	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-1.4	-0.2	1.8	0.0
Gain/Loss from Investment Activities	-11.8	-12.9	-16.0	-17.9	0.0
Interest Expense	38.2	40.7	62.0	68.1	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	216.5	300.6	197.6	252.2	144.4
Increase/(Decrease) in Receivables	85.2	-61.8	20.9	26.9	0.0
Increase/(Decrease) in Inventory	13.5	4.1	29.4	-9.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-49.7	46.0	-9.2	-18.8	0.0
Increase/(Decrease) in Prepaid Expenses	4.7	8.0	-0.5	-6.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-38.1	-40.8	-63.0	-68.7	0.0
Corporate Income Tax Paid	-27.3	-14.5	-14.8	-8.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	204.6	241.6	160.5	167.2	-65.7
Payments for Fixed Assets and Other Long-term Assets	-325.9	-32.7	-18.0	-59.3	-48.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	1.3	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	-100.0	-544.8	-381.0	-325.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	344.3	342.0	601.5	240.0	-190.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	9.2	10.1	14.5	14.8	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	-72.0	-224.2	217.0	-130.0	-232.4
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	1,603.9	1,394.6	1,146.8	1,504.7	1,469.5
Repayment of Borrowings	-1,591.7	-1,372.0	-1,221.9	-1,554.0	-1,158.5
Repayment of Finance Leases	-8.0	-5.7	-6.4	-6.8	-13.1
Dividends Paid	-59.9	-60.0	-149.5	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-55.7	-43.1	-230.9	-56.2	297.9
Net Cash Flow During the Period	77.0	-25.7	146.5	-19.0	-4.1
Cash and Cash Equivalents at Beginning of Period	154.4	179.4	32.9	52.1	52.3
FX Difference from Revaluation	0.2	0.7	-0.0	-0.2	0.0
Cash and Cash Equivalents at End of Period	231.6	154.4	179.4	32.9	52.1

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	565.8	593.4	574.0	378.2	411.1	678.3	580.6	381.2	484.3	575.2	601.3	355.7
Revenue Deductions	23.6	57.3	39.8	33.7	25.8	58.4	43.0	19.7	32.5	45.0	61.2	23.2
Net Revenue	542.2	536.1	534.1	344.5	385.2	620.0	537.6	361.5	451.7	530.3	540.1	332.4
Cost of Goods Sold	374.3	391.5	352.2	246.7	266.8	419.0	341.8	246.8	321.2	378.4	360.6	254.5
Gross Profit	168.0	144.7	181.9	97.7	118.5	201.0	195.8	114.7	130.5	151.9	179.4	77.9
Financial Income	3.1	2.2	0.2	5.4	6.2	7.9	2.4	5.9	4.1	4.1	2.7	1.9
Financial Expenses	12.3	10.3	9.1	11.3	11.2	9.8	11.6	8.5	15.7	15.0	18.4	18.5
Interest Expense	11.2	9.5	8.1	10.4	10.0	9.1	9.5	7.3	14.8	13.4	15.6	17.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	111.0	97.1	112.8	68.6	70.0	98.2	120.6	58.0	82.2	78.0	129.1	45.7
General and Administrative Expenses	13.1	10.3	14.2	13.3	10.3	17.4	13.1	11.5	11.4	12.9	13.9	9.3
Operating Profit	34.7	29.2	46.0	10.0	33.2	83.5	52.9	42.6	25.5	50.1	20.8	6.3
Other Income	0.4	0.4	0.8	0.3	0.9	1.1	0.6	1.3	0.6	1.2	0.4	0.9
Other Expenses	0.2	0.1	0.2	0.1	0.2	1.1	0.1	0.4	0.4	0.1	0.2	0.3
Other Profit	0.2	0.2	0.6	0.2	0.8	-0.0	0.5	0.9	0.1	1.1	0.2	0.6
Profit Before Tax	34.9	29.4	46.6	10.2	34.0	83.4	53.4	43.5	25.6	51.3	21.0	6.9
Current Income Tax Expense	7.1	4.8	6.9	1.6	4.8	11.6	8.1	2.8	5.4	7.6	2.2	1.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	27.8	24.6	39.8	8.5	29.2	71.8	45.3	40.7	20.2	43.7	18.8	5.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	27.8	24.6	39.8	8.5	29.2	71.8	45.3	40.7	20.2	43.7	18.8	5.3
Earnings per Share	928.00	822.00	1,325.00	284.57	973.30	2,394.99	1,510.06	1,355.21	673.82	1,456.62	627.53	175.32
Diluted EPS	928.12	821.56	1,325.22	284.57	973.30	2,394.99	1,510.06	1,355.21	673.82	1,456.62	627.53	175.32

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)	1,020.7	973.2	795.5	801.4	1,031.2	1,198.5	1,005.9	816.7	916.4	964.1	1,029.4	821.1
I. Cash and cash equivalents	193.1	211.6	134.1	115.5	77.6	154.9	38.9	75.5	152.9	179.4	57.0	140.5
1. Cash	133.1	141.6	104.8	85.5	77.6	154.9	38.9	75.5	152.9	179.4	57.0	140.5
2. Cash equivalents	60.0	70.0	29.3	30.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	168.5	148.5	30.0	57.1	259.9	373.2	220.6	165.0	210.0	170.0	210.0	0.0
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	168.5	148.5	30.0	57.1	259.9	373.2	220.6	165.0	210.0	170.0	210.0	0.0
III. Short-term receivables	534.9	467.3	478.5	434.7	546.2	513.3	611.4	432.5	428.1	450.1	616.1	530.9
1. Short-term trade accounts receivable	382.0	420.3	430.0	384.3	414.6	453.1	438.4	388.1	393.1	415.4	455.5	378.2
2. Short-term prepayments to suppliers	74.2	42.4	40.4	42.7	88.6	7.7	34.0	24.6	18.5	14.9	17.5	22.6
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	79.4	5.3	8.9	8.2	43.6	53.1	139.1	19.7	16.5	19.8	143.1	130.2
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.7	-0.6	-0.6	-0.6	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	99.7	121.5	131.4	158.7	125.7	135.0	114.1	119.9	100.8	139.1	123.2	130.4
1. Inventories	99.7	121.5	131.4	158.7	125.7	135.0	114.1	119.9	100.8	139.1	123.2	130.4
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	24.5	24.3	21.5	35.4	21.8	22.0	20.9	23.8	24.7	25.5	23.1	19.3
1. Short-term prepayments	9.0	10.9	6.8	8.7	9.4	10.5	8.6	8.8	11.5	15.9	16.4	9.6
2. Value added tax to be reclaimed	14.7	13.4	14.5	26.4	11.9	11.5	12.3	14.8	11.9	9.4	6.3	8.2
3. Taxes and other receivables from state authorities	0.8	—	0.2	0.3	0.5	0.0	0.0	0.2	1.3	0.2	0.4	1.5
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)	1,116.4	1,071.2	1,074.5	988.5	853.9	867.0	855.9	870.7	889.1	903.8	916.7	930.4
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.6	0.6
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.6	0.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	640.3	633.6	646.2	660.2	677.9	683.3	682.8	696.9	713.0	726.6	738.7	752.6
1. Tangible fixed assets	638.4	631.5	604.4	617.0	633.4	637.3	636.4	649.2	662.6	674.7	685.3	697.8
- Cost	1,177.2	—	—	—	—	1,076.2	1,062.9	1,060.2	1,056.4	1,054.0	1,049.1	1,045.7
- Accumulated depreciation	-538.8	—	—	—	—	-438.8	-426.5	-411.0	-393.8	-379.3	-363.7	-348.0
2. Financial leased fixed assets	—	—	39.3	40.5	41.6	42.7	43.9	45.0	47.5	48.7	50.0	51.2
- 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	1.9	2.1	2.4	2.7	2.9	3.2	2.5	2.7	3.0	3.2	3.4	3.7
- Cost	5.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.9	—	—	—	—	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	309.3	268.4	259.0	157.0	1.8	9.4	0.9	0.6	0.5	0.5	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	309.3	268.4	259.0	157.0	1.8	9.4	0.9	0.6	0.5	0.5	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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	166.8	169.1	169.3	171.2	174.1	174.3	172.1	173.1	175.5	176.7	177.4	177.1
1. Long-term prepayments	166.8	169.1	169.3	171.2	174.1	174.3	172.1	173.1	175.5	176.7	177.4	177.1
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)	2,137.2	2,044.4	1,870.0	1,789.8	1,885.1	2,065.5	1,861.8	1,687.4	1,805.5	1,867.9	1,946.1	1,751.5
A. LIABILITIES (300=210+330)	1,427.1	1,317.2	1,167.5	1,127.2	1,162.0	1,372.0	1,210.2	1,081.0	1,206.3	1,288.8	1,410.7	1,234.8
I. Short -term liabilities	988.1	905.8	759.4	776.2	880.1	1,090.6	897.7	765.4	873.0	873.0	968.3	790.9
1. Short-term trade accounts payable	109.0	169.0	127.9	119.5	101.3	208.7	138.9	112.1	107.1	173.6	147.1	105.6
2. Short-term advances from customers	9.1	5.6	9.1	9.9	6.8	4.6	8.8	4.0	3.3	7.9	5.2	5.9
3. Taxes and other payables to state authorities	8.9	9.8	10.4	13.2	6.2	24.2	31.6	12.3	8.1	13.4	27.7	14.1
4. Payable to employees	35.5	46.3	47.6	33.6	28.4	55.1	30.8	24.8	25.3	30.8	26.1	18.2
5. Short-term acrrued expenses	83.4	74.8	64.3	30.8	51.9	80.3	90.7	46.8	76.2	84.6	111.8	15.3
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	16.9	9.8	8.6	5.6	8.6	8.7	5.5	5.6	5.6	3.5	6.1	1.3
9. Other short-term payables	52.0	3.4	4.4	5.3	4.6	4.0	36.1	42.3	7.9	7.2	154.9	154.5
10. Short-term borrowings and financial leases	644.2	557.9	457.9	529.1	651.8	684.8	534.9	497.1	622.5	535.2	472.4	459.0
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	29.1	29.1	29.3	29.3	20.4	20.4	20.4	20.4	16.9	16.9	16.9	16.9
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	439.0	411.5	408.1	351.0	282.0	281.3	312.4	315.6	333.3	415.8	442.4	443.9
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	83.3	85.8	86.7	85.7	87.4	86.7	88.3	88.8	89.5	88.5	88.3	89.9
8. Long-term borrowings and financial leases	355.7	325.7	321.4	265.3	194.6	194.6	224.1	226.8	243.8	327.3	354.1	354.0
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	0.0	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)	710.1	727.1	702.5	662.7	723.0	693.5	651.7	606.4	599.3	579.1	535.4	516.6
I. Owner's equity	710.1	727.1	702.5	662.7	723.0	693.5	651.7	606.4	599.3	579.1	535.4	516.6
1. Owner's capital	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7
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	137.3	137.3	137.3	137.3	110.6	110.6	110.6	110.6	99.9	99.9	99.9	99.9
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	256.1	273.1	248.5	208.6	295.8	266.2	224.4	179.1	182.6	162.5	118.8	100.0
- Accumulated retained earning at the end of the previous period	228.2	170.9	170.9	170.9	266.6	88.2	118.2	118.2	162.4	91.5	91.5	91.5
- Undistributed earnings in this period	27.8	102.2	77.6	37.7	29.2	178.0	106.2	60.9	20.2	71.0	27.3	8.6
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)	2,137.2	2,044.4	1,870.0	1,789.8	1,885.1	2,065.5	1,861.8	1,687.4	1,805.5	1,867.9	1,946.1	1,751.5

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	34.9	29.6	46.6	10.3	34.0	83.4	53.4	43.5	25.6	51.5	21.0	6.8
Depreciation of Fixed Assets and Investment Property	17.0	17.4	17.4	17.4	17.5	18.0	16.8	16.9	17.0	17.1	17.2	17.1
Provision (Increase)/Reversal	—	0.0	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.7	0.0	-0.9	—	-1.5	0.7	-0.7	0.1	0.3	0.0	-0.6
Gain/Loss from Investment Activities	-2.8	-1.6	-0.1	-3.7	-6.4	-5.8	-2.2	-2.3	-4.2	-7.5	-2.6	-0.9
Interest Expense	11.2	9.7	8.1	10.4	10.0	9.1	9.5	7.3	14.8	13.5	15.6	17.6
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	60.2	55.7	72.2	33.5	55.0	103.2	78.1	64.7	53.2	74.8	51.2	40.0
Increase/(Decrease) in Receivables	-19.5	20.3	-32.4	126.7	-29.4	97.7	-185.2	2.8	16.9	53.0	-80.5	9.8
Increase/(Decrease) in Inventory	21.8	9.9	27.2	-33.0	9.4	-20.9	5.8	-19.1	38.4	-15.9	7.2	5.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-97.5	46.5	52.4	13.3	-161.9	46.8	95.9	-26.4	-89.4	-9.1	160.0	-31.1
Increase/(Decrease) in Prepaid Expenses	4.2	-3.8	4.2	3.1	1.3	-4.0	1.2	5.0	5.6	1.2	-7.0	5.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-14.4	-9.1	-8.4	-9.9	-10.8	-8.0	-10.3	-8.8	-13.5	-14.4	-13.8	-17.8
Corporate Income Tax Paid	-8.9	-5.5	-3.5	0.0	-18.3	-8.4	-1.4	-0.1	-4.6	-4.9	-1.6	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-0.1	-0.0	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-54.0	113.9	111.7	133.7	-154.7	206.4	-15.9	18.1	6.6	84.7	115.6	11.2
Payments for Fixed Assets and Other Long-term Assets	-91.4	-22.3	-105.6	-193.4	-4.6	-6.0	-3.2	-0.1	-2.9	-5.4	-3.3	0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.3	0.1	0.0	0.0	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-176.0	-100.0	—	—	—	-192.7	-217.6	15.0	-150.0	-50.0	-331.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	166.0	1.5	7.1	222.8	112.9	40.1	162.0	30.0	110.0	205.0	121.0	130.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	1.2	0.2	5.6	2.3	6.9	3.9	0.9	6.1	2.2	0.8	6.9
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	-100.7	-119.6	-98.3	35.0	110.9	-151.6	-54.9	45.8	-36.6	151.8	-212.5	137.8
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	445.2	394.9	423.0	363.4	422.6	402.3	329.7	286.7	376.0	375.3	305.3	269.2
Repayment of Borrowings	-328.9	-287.0	-436.3	-414.2	-454.3	-280.5	-293.5	-427.3	-371.0	-338.3	-290.3	-299.1
Repayment of Finance Leases	—	-4.0	-1.3	-1.3	-1.3	-1.3	-1.3	-1.6	-1.5	-1.5	-1.5	-1.5
Dividends Paid	-0.0	0.0	-0.2	-59.7	-0.0	-59.9	-0.0	-0.1	-0.0	-149.5	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	116.3	103.9	-14.8	-111.8	-33.0	60.5	34.9	-142.3	3.5	-114.0	13.4	-31.4
Net Cash Flow During the Period	-38.4	98.2	-1.4	56.9	-76.7	115.3	-35.9	-78.4	-26.5	122.4	-83.5	117.6
Cash and Cash Equivalents at Beginning of Period	231.6	134.1	135.5	77.6	154.4	179.4	179.4	179.4	179.4	32.9	32.9	32.9
FX Difference from Revaluation	—	0.2	0.9	0.9	—	0.7	-0.7	1.0	0.0	-0.1	0.0	0.1
Cash and Cash Equivalents at End of Period	193.1	231.6	134.1	135.5	77.6	154.9	38.9	75.5	152.9	179.4	57.0	140.5

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HNF

What Is Changing

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow