HNM

Sữa Hà Nội ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 1.80%, −2.27pp YoY

Price

8,100

Latest close

03 Jun 2026

P/E 27.27x

P/B 0.76x

EPS 297

BVPS 10,718

ROE 2.7%

ROA 1.7%

Profit Margin 1.8%

Asset Turnover 0.97x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, HNM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 732bn
	                                
−5.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
−58.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	734.1	714.4	698.8	484.2	271.2
Growth	+3%	+2%	+44%	+79%	—
Net Income	17.5	29.6	33.6	38.3	14.9
Net Margin	2.38%	4.14%	4.81%	7.91%	5.48%

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	189.6	206.6	152.9	182.4	192.2	187.6	216.1	179.1	131.6	206.5	183.7	168.6
Growth	-8%	+35%	-16%	-5%	+2%	-13%	+21%	+36%	-36%	+12%	+9%	—
Net Income	3.7	2.8	1.6	5.0	8.1	6.0	8.1	9.5	6.0	3.3	13.5	14.8
Net Margin	1.97%	1.37%	1.05%	2.74%	4.20%	3.19%	3.73%	5.29%	4.60%	1.59%	7.38%	8.78%

Drivers of HNM's profit

TTM

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

Gross profit ↑ 14.3bn

Tax ↓ 5.0bn

Selling expenses ↑ 10.7bn

Finance costs ↑ 9.1bn

Administrative expenses ↑ 7.6bn

Other profit ↓ 6.2bn

TTM

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

Gross profit ↑ 10.3bn

Tax ↓ 1.1bn

Selling expenses ↑ 5.1bn

Other profit ↓ 4.3bn

Finance costs ↑ 4.0bn

Financial income ↓ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.7% = 4.1% × 1.18 × 1.40

2026Q1 2.7% = 1.8% × 0.97 × 1.57

ROE fell from 6.7% to 2.7% — asset turnover weakened the most, though leverage still provided support.

Net margin: 1.8% -2.3pp Asset turnover: 0.97x -0.21x Leverage: 1.57x +0.17x

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 1.80%, losing 2.3pp. The main pressure is SG&A / Revenue rose 3.1pp, outweighing the improvement in Gross margin rose 2.8pp (with lingering pressure from Net financial result / Revenue fell 1.8pp and Other profit / Revenue fell 0.8pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 1.80% −2.3pp

Gross Margin 17.76% +2.8pp

SG&A / Revenue 13.59% +3.1pp

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 2.28%, losing 3.0pp. That translates to 2.28 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.6pp and capital turnover fell 0.29x, while invested capital rose by 83bn — 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.

Watchpoints

ROIC remains low

ROIC is currently 2.28% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.28% −3.0pp

NOPAT Margin 1.84% −1.6pp

Capital Turnover 1.24x −0.29x

Average Invested Capital 588.6bn +83.3bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.86x equity, net debt at 0.44x equity.

Inventory ended the period at 294.7bn, roughly 33.6% of total assets.

Over the last 12 months, working capital absorbed 9.6bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −54.4bn

Inventories decreased → higher CFO: +17.7bn

Payables increased → higher CFO: +27.2bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 8.7 days versus the same period last year. The main moves came from DIO rose 19.0 days, DSO rose 6.1 days, and DPO rose 16.5 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 156.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +6.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 42.8 days +6.1 days

Inventory 167.8 days +19.0 days

Payables 53.8 days +16.5 days

Cash Conversion Cycle 156.8 days +8.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 131.2bn due to capex of 157.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.44x and interest coverage only at 1.18x.

At present, short-term debt accounts for 48.8% of total debt, cash equals 15.3% of debt, and total debt stands at 246.6bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.18x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 15.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.44x +0.42x

Interest Coverage 1.18x −5.37x

Cash / Debt 15.3% −41.9pp

Short-term Debt / Total Debt 48.8% −51.2pp

CFO / NI 2.00x −0.48x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 29.5bn in 2025, against investing cash flow of -130.2bn.

Post-investment cash flow was negative +100.7bn. Financing cash flow was positive +194.0bn.

CFO / net income was 2.00x.

After spending +157.5bn on fixed-asset investment, the business generated trailing free cash flow of −131.2bn.

Cash Conversion

CFO TTM 26.3bn −52.0bn

Cash Capex 157.5bn —

FCF TTM −131.2bn —

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 2.00x. The main risk still sits in core profitability, with net margin down 2.3 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.00x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.80% after a 2.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	743.9	722.9	704.1	486.6	272.5
Revenue Deductions	9.8	8.5	5.2	2.5	0.0
Net Revenue	734.1	714.4	698.8	484.2	271.2
Cost of Goods Sold	611.4	601.9	579.2	377.9	0.0
Gross Profit	122.7	112.5	119.6	106.3	76.0
Financial Income	2.0	3.8	3.5	2.4	0.1
Financial Expenses	10.4	6.6	7.6	13.6	-11.1
Interest Expense	9.8	5.4	7.4	12.9	-10.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	78.6	68.9	62.6	48.1	-32.0
General and Administrative Expenses	17.7	8.6	12.7	1.5	-12.2
Operating Profit	17.9	32.1	40.2	45.4	20.9
Other Income	4.2	7.4	6.2	0.0	0.0
Other Expenses	0.2	2.0	2.3	7.1	0.0
Other Profit	4.0	5.4	3.9	-7.1	-6.0
Profit Before Tax	21.9	37.5	44.1	38.3	14.9
Current Income Tax Expense	4.4	7.9	10.5	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	17.5	29.6	33.6	38.3	14.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	17.5	29.6	33.6	38.3	14.9
Earnings per Share	393.00	666.00	1,052.00	191,443.00	403.00
Diluted EPS	393.04	666.38	757.59	1,914.43	743.77

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	532.4	383.2	374.6	319.4	266.3
I. Cash and cash equivalents	104.9	11.5	3.4	3.2	1.5
1. Cash	69.9	11.5	3.4	3.2	0.0
2. Cash equivalents	35.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.1	0.1	0.1	0.1	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	-0.1	-0.1	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	121.4	76.6	109.3	85.4	106.3
1. Short-term trade accounts receivable	66.3	63.3	89.4	50.3	0.0
2. Short-term prepayments to suppliers	63.1	21.4	24.3	37.5	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	3.4	2.0	8.9	9.7	0.0
7. Provision for short-term doubtful debts (*)	-11.4	-10.1	-13.3	-12.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	294.7	291.3	253.7	230.9	158.2
1. Inventories	294.7	291.3	253.7	230.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	11.4	3.7	8.1	0.0	0.2
1. Short-term prepayments	0.3	0.5	1.4	0.0	0.0
2. Value added tax to be reclaimed	7.8	0.1	4.0	0.0	0.0
3. Taxes and other receivables from state authorities	3.4	3.1	2.7	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)	344.4	222.2	308.8	190.0	195.1
I. Long-term receivables	3.5	0.0	102.7	92.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	92.2
2. Long-term prepayments to suppliers	—	0.0	101.5	88.1	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	3.5	0.0	1.2	4.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	198.7	176.8	119.0	65.1	71.2
1. Tangible fixed assets	198.2	176.1	107.8	52.7	57.7
- Cost	403.1	363.8	281.7	231.1	0.0
- Accumulated depreciation	-204.9	-187.7	-173.9	-178.4	0.0
2. Financial leased fixed assets	—	0.0	10.4	11.4	12.4
- Cost	—	0.0	14.8	14.8	0.0
- Accumulated depreciation	—	0.0	-4.3	-3.3	0.0
3. Intangible fixed assets	0.5	0.7	0.8	1.0	1.1
- Cost	2.3	2.3	2.3	2.3	0.0
- Accumulated depreciation	-1.8	-1.7	-1.5	-1.3	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	113.4	15.4	57.7	4.3	3.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	113.4	15.4	57.7	4.3	0.0
V. Long-term financial investments	27.0	27.0	27.0	27.0	27.0
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	27.0	27.0	27.0	27.0	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	1.7	3.1	2.3	1.3	0.0
1. Long-term prepayments	1.7	3.1	2.3	1.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.7
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)	876.8	605.4	683.3	509.4	461.4
A. LIABILITIES (300=210+330)	404.6	129.7	237.2	340.6	332.7
I. Short -term liabilities	289.5	129.7	237.2	340.6	330.2
1. Short-term trade accounts payable	137.7	43.1	78.6	77.6	62.0
2. Short-term advances from customers	7.0	5.1	2.1	3.4	6.1
3. Taxes and other payables to state authorities	3.7	6.1	10.9	5.5	0.0
4. Payable to employees	7.4	6.1	5.8	5.2	0.0
5. Short-term acrrued expenses	5.4	39.8	34.1	28.3	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	8.3	9.4	26.1	25.3	0.0
10. Short-term borrowings and financial leases	120.0	20.2	79.6	195.3	200.5
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	0.0
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	115.2	0.0	0.0	0.0	2.5
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	115.2	0.0	0.0	0.0	2.5
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)	472.1	475.7	446.1	168.8	128.7
I. Owner's equity	472.1	475.7	446.1	168.8	0.0
1. Owner's capital	444.0	444.0	444.0	200.0	128.7
- Common stock with voting right	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	4.3	4.3	4.6	4.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	4.3	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	5.0	5.0	5.0	5.0	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	18.9	22.4	-7.2	-40.8	-80.8
- Accumulated retained earning at the end of the previous period	1.4	-7.2	-40.8	-79.1	-93.5
- Undistributed earnings in this period	17.5	29.6	33.6	38.3	12.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	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)	876.8	605.4	683.3	509.4	461.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	21.9	37.5	44.1	38.3	15.2
Depreciation of Fixed Assets and Investment Property	17.4	15.0	-3.4	9.0	9.8
Provision (Increase)/Reversal	1.3	-3.2	1.2	-7.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.0	-0.0	0.1	0.0
Gain/Loss from Investment Activities	-0.1	-1.7	-0.0	-0.0	0.0
Interest Expense	9.8	5.4	7.4	12.9	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	50.2	53.0	49.4	53.3	37.4
Increase/(Decrease) in Receivables	-57.6	142.1	-32.8	26.0	0.0
Increase/(Decrease) in Inventory	-3.4	-37.6	-22.8	-71.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	50.8	-6.3	15.8	6.1	0.0
Increase/(Decrease) in Prepaid Expenses	42.9	0.2	-2.3	0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-46.4	0.0	-0.2	-2.2	0.0
Corporate Income Tax Paid	-7.0	-12.8	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	29.5	138.6	7.0	12.2	3.5
Payments for Fixed Assets and Other Long-term Assets	-130.3	-72.7	-104.0	-4.2	-3.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.7	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
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	0.1	0.0	0.0	0.0	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	-130.2	-71.0	-104.0	-4.2	-3.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	99,670,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	338.7	76.0	50.0	6.6	10.1
Repayment of Borrowings	-123.7	-135.4	-49.9	-10.1	-8.7
Repayment of Finance Leases	—	0.0	-2.6	-2.9	-2.2
Dividends Paid	-21.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	194.0	-59.4	97.2	-6.4	-0.8
Net Cash Flow During the Period	93.3	8.1	0.2	1.6	-0.4
Cash and Cash Equivalents at Beginning of Period	11.5	3.4	3.2	1.5	2.0
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	104.9	11.5	3.4	3.2	1.5

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	192.2	211.1	154.7	183.5	194.6	191.8	217.5	180.9	132.8	207.6	184.8	169.6
Revenue Deductions	2.6	4.5	1.8	1.1	2.4	4.1	1.4	1.8	1.3	1.1	1.1	1.0
Net Revenue	189.6	206.6	152.9	182.4	192.2	187.6	216.1	179.1	131.6	206.5	183.7	168.6
Cost of Goods Sold	153.9	173.2	124.9	149.6	166.8	162.4	183.7	146.6	109.0	176.0	148.5	137.6
Gross Profit	35.7	33.4	28.0	32.8	25.4	25.2	32.4	32.4	22.6	30.6	35.2	31.0
Financial Income	0.0	0.3	0.1	0.3	1.3	1.2	1.2	1.2	0.1	0.9	0.7	1.0
Financial Expenses	4.2	3.3	1.7	5.1	0.2	1.4	1.8	1.8	1.6	1.8	1.8	2.0
Interest Expense	4.1	3.7	1.1	5.0	1.6	1.2	1.3	1.3	1.6	1.8	1.8	1.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	22.0	22.3	19.9	18.1	16.9	18.4	18.5	17.7	14.3	15.8	16.8	17.4
General and Administrative Expenses	4.8	4.6	4.2	3.6	3.7	-0.6	3.1	3.3	2.9	2.7	3.1	2.8
Operating Profit	4.8	3.5	2.3	6.2	5.9	7.2	10.2	10.7	3.9	11.2	14.1	9.8
Other Income	—	0.0	0.0	—	4.2	0.3	0.0	3.2	3.9	1.4	0.0	4.8
Other Expenses	0.1	-0.0	0.3	0.0	0.0	0.0	0.1	1.7	0.2	0.7	0.5	-0.1
Other Profit	-0.1	0.1	-0.3	-0.0	4.2	0.2	-0.1	1.5	3.7	0.6	-0.5	5.0
Profit Before Tax	4.7	3.6	2.0	6.2	10.1	7.5	10.1	12.3	7.6	11.9	13.5	14.8
Current Income Tax Expense	1.0	0.8	0.4	1.2	2.0	1.5	2.1	2.8	1.5	8.6	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.7	2.8	1.6	5.0	8.1	6.0	8.1	9.5	6.0	3.3	13.5	14.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.7	2.8	1.6	5.0	8.1	6.0	8.1	9.5	6.0	3.3	13.5	14.8
Earnings per Share	84.00	64.00	36.00	113.00	182.00	135.00	182.00	213.00	136.00	74.00	305.00	740.00
Diluted EPS	84.12	63.87	36.26	112.60	181.83	134.77	181.63	213.16	136.19	73.87	305.16	740.36

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)	515.7	555.9	513.6	463.3	410.8	383.3	414.6	375.5	369.9	398.3	504.4	374.1
I. Cash and cash equivalents	37.7	69.9	49.8	52.3	11.6	11.5	8.1	4.4	7.9	3.4	4.7	0.5
1. Cash	37.7	69.9	49.8	52.3	11.6	11.5	8.1	4.4	7.9	3.4	4.7	0.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	47.0	35.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
3. Held to maturity investments	47.0	35.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	155.1	148.5	165.8	146.6	113.2	76.7	137.4	90.4	104.5	128.9	219.4	78.4
1. Short-term trade accounts receivable	95.6	91.8	77.1	90.0	75.9	63.4	77.4	73.8	79.7	97.9	89.0	54.9
2. Short-term prepayments to suppliers	68.8	63.3	96.0	64.7	43.7	21.4	66.8	22.2	28.4	33.6	131.7	25.3
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	2.1	3.5	2.8	2.0	3.7	2.0	7.0	8.3	9.7	8.9	10.3	9.7
7. Provision for short-term doubtful debts (*)	-11.4	-10.1	-10.1	-10.1	-10.1	-10.1	-13.9	-13.9	-13.3	-11.5	-11.6	-11.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	267.8	291.1	295.3	264.1	285.4	291.3	268.1	276.4	252.2	257.8	279.6	294.1
1. Inventories	267.8	291.1	295.3	264.1	285.4	291.3	268.1	276.4	252.2	257.8	279.6	294.1
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	8.2	11.5	2.6	0.3	0.6	3.7	1.0	4.2	5.2	8.1	0.6	1.2
1. Short-term prepayments	0.1	0.3	0.4	0.3	0.2	0.5	1.0	0.9	1.3	1.4	0.6	0.0
2. Value added tax to be reclaimed	4.3	7.8	—	—	—	0.1	0.0	3.3	3.7	4.0	0.0	1.1
3. Taxes and other receivables from state authorities	3.8	3.4	2.2	—	0.4	3.1	0.0	0.0	0.2	2.7	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)	366.4	344.5	223.2	220.4	217.6	222.2	235.2	315.8	313.4	301.0	198.5	202.3
I. Long-term receivables	3.5	3.5	3.5	3.5	0.0	0.0	23.0	101.5	105.1	94.9	95.4	98.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	23.0	101.5	105.1	93.7	85.0	88.1
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	3.5	3.5	3.5	3.5	0.0	0.0	0.0	0.0	0.0	1.2	10.5	10.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	193.8	198.8	170.6	173.8	172.5	176.8	167.5	170.3	116.3	119.0	64.9	66.6
1. Tangible fixed assets	193.4	198.3	170.1	173.2	171.8	176.1	166.8	169.6	115.6	107.8	53.4	54.8
- Cost	403.3	—	—	—	—	363.8	350.4	349.0	292.5	281.7	237.2	236.7
- Accumulated depreciation	-209.9	—	—	—	—	-187.7	-183.5	-179.5	-177.0	-173.9	-183.8	-182.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	10.4	10.7	10.9
- 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	0.5	0.5	0.5	0.6	0.6	0.7	0.7	0.7	0.8	0.8	0.9	0.9
- Cost	2.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.9	—	—	—	—	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	140.6	113.4	19.8	13.9	15.4	15.4	14.9	14.9	62.9	57.7	9.6	9.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	140.6	113.4	19.8	13.9	15.4	15.4	14.9	14.9	62.9	57.7	9.6	9.2
V. Long-term financial investments	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0
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	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0
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	1.6	1.8	2.2	2.2	2.7	3.1	2.7	2.1	2.0	2.3	1.6	1.1
1. Long-term prepayments	1.6	1.8	2.2	2.2	2.7	3.1	2.7	2.1	2.0	2.3	1.6	1.1
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)	882.2	900.5	736.7	683.7	628.4	605.5	649.8	691.3	683.3	699.2	702.9	576.4
A. LIABILITIES (300=210+330)	406.3	428.3	267.4	195.0	144.6	129.9	180.1	229.7	231.1	246.3	251.9	382.6
I. Short -term liabilities	279.9	313.1	170.1	95.0	144.6	129.9	180.1	229.7	231.1	246.3	251.9	382.6
1. Short-term trade accounts payable	121.7	163.5	87.1	64.1	55.7	43.2	50.3	77.0	79.1	78.6	84.1	100.8
2. Short-term advances from customers	11.4	6.8	10.2	7.1	15.3	5.2	17.2	14.4	7.5	2.1	4.8	8.4
3. Taxes and other payables to state authorities	4.6	3.0	3.0	6.1	2.6	6.0	4.9	3.5	4.0	10.3	5.9	4.4
4. Payable to employees	10.3	6.7	4.4	3.8	4.2	6.1	3.9	3.9	4.6	5.8	3.9	3.7
5. Short-term acrrued expenses	1.8	4.7	6.1	5.1	36.2	39.8	39.9	38.3	36.6	34.1	35.5	32.9
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	9.8	8.3	9.3	8.8	10.5	9.3	8.9	23.7	25.3	26.4	26.6	26.9
10. Short-term borrowings and financial leases	120.3	120.0	50.0	—	20.2	20.2	55.0	68.8	74.0	89.1	91.1	205.5
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
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	126.4	115.2	97.2	100.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	126.4	115.2	97.2	100.0	—	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	0.0	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)	475.9	472.2	469.4	488.7	483.8	475.7	469.7	461.6	452.1	452.9	451.0	193.9
I. Owner's equity	475.9	472.2	469.4	488.7	483.8	475.7	469.7	461.6	452.1	452.9	451.0	193.9
1. Owner's capital	444.0	444.0	444.0	444.0	444.0	444.0	444.0	444.0	444.0	444.0	444.0	200.0
- Common stock with voting right	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	444,000,000,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.6
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	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
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	22.6	19.0	16.1	35.5	30.5	22.4	16.4	8.4	-1.1	-0.4	-2.2	-15.7
- Accumulated retained earning at the end of the previous period	18.9	1.4	1.4	22.4	22.4	-7.2	-7.2	-7.2	-7.2	-42.2	-40.8	-40.8
- Undistributed earnings in this period	3.7	17.5	14.7	13.1	8.1	29.6	23.6	15.5	6.0	41.9	38.6	25.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	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)	882.2	900.5	736.7	683.7	628.4	605.5	649.8	691.3	683.3	699.2	702.9	576.4

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	4.7	3.5	2.0	6.2	10.1	7.5	10.1	12.3	7.6	5.5	13.5	14.8
Depreciation of Fixed Assets and Investment Property	5.0	4.6	4.1	4.4	4.3	4.2	-1.3	8.0	-1.2	-9.6	2.1	2.1
Provision (Increase)/Reversal	—	1.3	0.0	-0.0	—	-3.8	-0.0	0.6	0.0	1.7	0.0	-0.5
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.1	—	0.0	-0.0	0.0	0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	-0.0	-0.1	-0.0	1.2	-1.3	2.5	-0.8	-1.6	-0.1	-0.0	-0.0	0.9
Interest Expense	4.1	3.7	1.1	3.3	1.6	1.2	1.3	1.3	1.6	1.8	1.8	1.9
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	13.8	13.2	7.2	15.1	14.8	11.6	9.3	20.6	7.8	-0.7	17.5	19.2
Increase/(Decrease) in Receivables	-30.6	30.8	-19.1	-35.5	-33.7	82.5	34.7	17.9	5.2	97.6	-133.4	12.6
Increase/(Decrease) in Inventory	26.9	0.6	-31.2	21.3	5.9	-23.2	8.1	-24.0	1.5	25.9	14.5	-34.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.8	51.3	16.3	-29.6	12.9	-16.9	-88.9	51.9	-2.0	12.5	-21.9	-2.7
Increase/(Decrease) in Prepaid Expenses	0.3	42.0	-0.1	0.5	0.6	0.2	-0.8	0.4	0.4	-1.4	-1.1	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.1	-44.6	-0.3	—	-1.6	-1.2	-4.2	1.6	-1.6	-0.0	-0.0	1.8
Corporate Income Tax Paid	—	-1.5	—	-5.5	—	0.0	11.5	-11.5	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-4.4	86.3	-23.4	-32.2	-1.2	53.0	-30.4	56.9	11.2	133.9	-124.4	-3.4
Payments for Fixed Assets and Other Long-term Assets	-27.2	-119.2	-5.3	-5.7	—	-13.9	46.9	-56.7	-1.3	-92.7	-1.0	-9.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	1.7	-1.7	1.7	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-47.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.1	0.0	-1.2	1.3	-2.5	2.5	-0.1	0.1	0.0	-0.0	-0.9
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	-74.2	-119.1	-5.3	-7.0	1.3	-14.8	47.7	-55.2	-1.1	-92.7	-1.0	-10.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-330,000,000.00	100,000,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	123.3	162.7	50.0	126.0	—	11.1	62.1	0.5	2.3	-1.1	33.6	16.9
Repayment of Borrowings	-111.8	-74.8	-2.8	-46.2	—	-45.9	-75.8	-5.8	-7.9	-40.6	-3.4	-3.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.6	-0.7	-0.6
Dividends Paid	—	-0.0	-21.0	—	—	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	11.5	87.9	26.3	79.8	—	-34.8	-13.8	-5.2	-5.6	-42.6	129.6	12.7
Net Cash Flow During the Period	-67.2	55.1	-2.5	40.6	0.0	3.4	3.6	-3.4	4.5	-1.3	4.2	-0.8
Cash and Cash Equivalents at Beginning of Period	104.9	49.8	52.3	11.6	11.5	3.4	3.4	3.4	3.4	3.2	3.2	3.2
FX Difference from Revaluation	—	0.0	0.0	0.1	—	0.1	0.0	-0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	37.7	104.9	49.8	52.3	11.6	11.5	8.1	4.4	7.9	3.4	4.7	0.5

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HNM

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ▼

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow