HVH

Đầu tư và Công nghệ HVC ·HOSE ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT −1.12x

Price

10,200

Latest close

03 Jun 2026

P/E 8.48x

P/B 0.78x

EPS 1,203

BVPS 13,029

ROE 8.6%

ROA 6.1%

Profit Margin 6.5%

Asset Turnover 0.93x

Equity Mult. 1.42x

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

What Is Changing

On a TTM 2026Q1 basis, HVH is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 913bn
	                                
+150.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 60bn
	                                
+116.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.12x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	700.8	393.6	250.8	443.6	308.3
Growth	+78%	+57%	-43%	+44%	—
Net Income	42.2	30.6	11.1	22.5	11.1
Net Margin	6.01%	7.77%	4.42%	5.06%	3.60%

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	286.5	361.2	132.4	132.4	74.7	103.1	69.6	116.6	104.3	76.7	29.2	106.9
Growth	-21%	+173%	-0%	+77%	-28%	+48%	-40%	+12%	+36%	+163%	-73%	—
Net Income	23.9	15.9	9.5	10.7	5.9	7.4	4.4	9.8	9.2	2.3	0.5	7.2
Net Margin	8.33%	4.40%	7.14%	8.06%	7.96%	7.21%	6.31%	8.44%	8.81%	2.95%	1.81%	6.77%

Drivers of HVH's profit

TTM

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

Gross profit ↑ 44.2bn

Tax ↑ 8.2bn

Finance costs ↑ 5.6bn

TTM

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

Gross profit ↑ 20.6bn

Administrative expenses ↓ 2.4bn

Financial income ↑ 1.9bn

Tax ↑ 4.5bn

Finance costs ↑ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.2% = 7.6% × 0.55 × 1.25

2026Q1 8.6% = 6.6% × 0.93 × 1.42

ROE rose from 5.2% to 8.6% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 6.6% -1.0pp Asset turnover: 0.93x +0.38x Leverage: 1.42x +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 narrowed to 6.56%, falling 1.0pp. The main pressure is Gross margin fell 5.3pp, outweighing the improvement in SG&A / Revenue fell 4.5pp (with lingering pressure from Net financial result / Revenue fell 0.5pp and Other profit / Revenue fell 0.1pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 6.56% −1.0pp

Gross Margin 11.57% −5.3pp

SG&A / Revenue 3.20% −4.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 95.9 days.

Is capital being deployed efficiently?

ROIC expanded to 8.35%, rising 2.9pp. That translates to 8.35 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.55x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 1.0pp; while invested capital expanded strongly by 211bn.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 8.35% +2.9pp

NOPAT Margin 6.54% −1.0pp

Capital Turnover 1.28x +0.55x

Average Invested Capital 714.2bn +211.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.64x equity, net debt at 0.08x equity.

Inventory ended the period at 111.7bn, roughly 11.5% of total assets.

Over the last 12 months, working capital absorbed 127.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −276.1bn

Inventories increased → lower CFO: −43.1bn

Payables increased → higher CFO: +191.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 75.8 days versus the same period last year. The main moves came from DIO fell 42.8 days, DSO fell 41.7 days, and DPO fell 8.7 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 95.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 82.5 days −41.7 days

Inventory 40.6 days −42.8 days

Payables 27.2 days −8.7 days

Cash Conversion Cycle 95.9 days −75.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 183.7bn due to capex of 116.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.08x and interest coverage at 12.20x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 61.9% of debt, and total debt stands at 166.4bn.

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 0.08x +0.11x

Interest Coverage 12.20x −46.52x

Cash / Debt 61.9% −64.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -1.12x −2.27x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -82.2bn in 2025, against investing cash flow of -22.5bn.

Post-investment cash flow was negative +104.7bn. Financing cash flow was positive +100.2bn.

CFO / net income was -1.12x.

After spending +116.8bn on fixed-asset investment, the business generated trailing free cash flow of −183.7bn.

Cash Conversion

CFO TTM 66.9bn −98.3bn

Cash Capex 116.8bn −46.0bn

FCF TTM −183.7bn −52.3bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at -1.12x. The main risk still sits in self-funded cash generation remains weak.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -1.12x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 183.7bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	700.8	393.6	250.8	443.6	309.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	700.8	393.6	250.8	443.6	308.3
Cost of Goods Sold	615.8	329.5	207.7	366.7	0.0
Gross Profit	85.0	64.1	43.1	76.9	49.9
Financial Income	3.0	1.9	3.3	1.7	1.2
Financial Expenses	4.0	0.8	0.9	1.2	-1.5
Interest Expense	3.7	0.6	0.7	1.2	-1.5
Share of Associates and Joint Ventures	-0.0	-0.0	-0.0	-0.0	0.1
Selling Expenses	-0.8	-2.1	1.7	5.2	-6.3
General and Administrative Expenses	31.7	29.0	30.4	35.6	-27.3
Operating Profit	53.1	38.2	13.4	36.6	16.1
Other Income	0.2	0.8	1.4	1.1	0.0
Other Expenses	0.4	0.6	0.7	9.2	0.0
Other Profit	-0.2	0.2	0.7	-8.1	-1.4
Profit Before Tax	52.8	38.4	14.1	28.5	14.7
Current Income Tax Expense	10.9	7.9	3.1	6.0	-3.6
Deferred Income Tax Expense	-0.2	-0.1	0.0	0.0	0.0
Net Income	42.2	30.6	11.1	22.5	11.1
Non-controlling Interest	0.3	0.4	0.2	0.3	1.6
Profit Attributable to Parent	41.9	30.2	10.9	22.2	9.5
Earnings per Share	963.00	743.00	269.00	600.00	-24.00
Diluted EPS	963.00	743.00	269.00	599.92	256.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	650.1	343.0	365.6	385.4	446.7
I. Cash and cash equivalents	93.4	98.0	72.7	62.5	49.5
1. Cash	60.8	18.5	8.0	15.4	0.0
2. Cash equivalents	32.7	79.4	64.7	47.1	0.0
II. Short-term financial investments	23.9	25.6	0.0	0.0	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	23.9	25.6	0.0	0.0	0.0
III. Short-term receivables	420.4	125.6	204.4	197.9	259.8
1. Short-term trade accounts receivable	295.4	103.8	169.5	190.3	0.0
2. Short-term prepayments to suppliers	37.1	3.4	11.9	5.7	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	35.1	8.1	11.1	10.0	0.0
6. Other short-term receivables	71.6	26.7	25.9	3.1	0.0
7. Provision for short-term doubtful debts (*)	-19.0	-16.4	-14.0	-11.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	111.7	91.3	87.5	120.6	129.1
1. Inventories	111.7	91.3	87.5	120.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-0.1	0.0
V. Other short-term assets	0.7	2.6	1.1	4.3	8.3
1. Short-term prepayments	0.2	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.5	2.5	1.1	3.9	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.4	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)	322.0	351.0	295.5	294.9	269.8
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	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	46.7	49.4	52.5	53.0	58.0
1. Tangible fixed assets	46.7	49.4	52.5	53.0	57.9
- Cost	74.5	73.6	72.8	69.6	0.0
- Accumulated depreciation	-27.9	-24.2	-20.3	-16.6	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	0.0
III. Investment properties	2.8	2.8	0.0	0.0	0.0
- Cost	2.8	2.8	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	151.5	178.0	121.8	120.4	91.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	151.5	178.0	121.8	120.4	0.0
V. Long-term financial investments	119.7	119.7	119.8	119.8	119.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	119.7	119.7	119.8	119.8	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	1.2	1.0	1.4	1.7	0.0
1. Long-term prepayments	0.9	1.0	1.4	1.7	0.0
2. Deferred income tax assets	0.3	0.1	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.8
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)	972.0	694.0	661.2	680.3	716.5
A. LIABILITIES (300=210+330)	380.6	142.6	173.2	203.5	255.5
I. Short -term liabilities	380.6	142.6	173.2	203.5	255.5
1. Short-term trade accounts payable	110.8	43.2	47.3	55.4	85.6
2. Short-term advances from customers	109.9	43.1	60.0	24.1	56.7
3. Taxes and other payables to state authorities	11.6	8.7	2.9	6.0	0.0
4. Payable to employees	5.9	4.9	4.2	5.4	0.0
5. Short-term acrrued expenses	0.9	0.0	0.0	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	7.2
9. Other short-term payables	—	12.2	18.4	13.7	0.0
10. Short-term borrowings and financial leases	140.4	28.0	34.9	94.2	87.9
11. Provision for short-term liabilities	1.1	2.5	5.6	4.6	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	—	0.0	0.0	0.0	0.0
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	—	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	0.0	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)	591.4	551.4	488.0	476.8	461.0
I. Owner's equity	591.4	551.4	488.0	476.8	0.0
1. Owner's capital	434.9	406.4	406.4	369.5	461.0
- Common stock with voting right	434,893,340,000.00	406,448,300,000.00	406,448,300,000.00	369,499,950,000.00	369,499,950,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-4.5	-4.4	-4.4	-4.4	-4.4
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	—	0.0	0.0	0.0	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	111.2	97.0	78.9	105.0	77.9
- Accumulated retained earning at the end of the previous period	69.3	78.9	68.0	77.2	80.1
- Undistributed earnings in this period	41.9	18.0	11.0	27.7	-2.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	49.8	52.3	7.0	6.7	18.0
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)	972.0	694.0	661.2	680.3	716.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	52.8	38.4	14.1	28.5	14.7
Depreciation of Fixed Assets and Investment Property	3.6	3.9	3.8	3.7	3.7
Provision (Increase)/Reversal	1.1	-0.7	3.8	6.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.1	0.0	-0.1	0.0
Gain/Loss from Investment Activities	-2.9	-1.7	-2.9	-1.5	0.0
Interest Expense	3.7	0.6	0.7	1.2	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	58.7	40.6	19.6	38.3	21.9
Increase/(Decrease) in Receivables	-244.6	77.0	-2.6	84.9	0.0
Increase/(Decrease) in Inventory	-20.4	-3.8	33.2	9.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	136.1	-48.2	31.0	-85.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	0.4	0.5	-0.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.4	-0.6	-0.7	-1.2	0.0
Corporate Income Tax Paid	-8.3	-2.5	-6.2	-2.6	0.0
Other Operating Receipts	—	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	-82.2	62.9	74.8	42.4	-76.6
Payments for Fixed Assets and Other Long-term Assets	1.9	-59.8	-32.3	-26.5	-49.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	6.0	24.0	0.0	0.0
Loans and Purchases of Debt Instruments	-67.4	-25.6	-12.0	-10.0	-9.0
Receipts from Loan Repayments and Sale of Debt Instruments	42.1	3.0	12.0	0.0	23.8
Investments in Other Entities	-2.0	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	2.9	1.5	2.8	0.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-22.5	-74.9	-5.4	-35.7	-33.8
Proceeds from Equity Issuance and Capital Contributions	-100,000,000.00	44,112,017,105.00	110,000,000.00	0.00	150,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	310.3	169.9	103.4	197.9	190.9
Repayment of Borrowings	-197.8	-176.7	-162.8	-191.6	-168.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-12.2	0.0	0.0	0.0	-17.6
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	100.2	37.2	-59.2	6.3	154.7
Net Cash Flow During the Period	-4.6	25.3	10.1	13.0	-7.2
Cash and Cash Equivalents at Beginning of Period	98.0	72.7	62.5	49.6	5.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	93.4	98.0	72.7	62.5	49.5

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	286.5	361.2	132.4	132.4	74.7	103.1	70.3	116.6	104.3	76.7	29.2	106.9
Revenue Deductions	—	—	—	—	—	0.0	0.7	0.0	0.0	0.0	0.0	0.0
Net Revenue	286.5	361.2	132.4	132.4	74.7	103.1	69.6	116.6	104.3	76.7	29.2	106.9
Cost of Goods Sold	252.1	327.4	116.5	111.1	60.8	84.9	59.8	97.1	87.1	66.1	22.2	88.7
Gross Profit	34.5	33.8	16.0	21.3	13.9	18.2	9.9	19.5	17.3	10.6	6.9	18.1
Financial Income	2.4	1.1	0.8	0.5	0.6	0.4	0.5	0.5	0.3	0.7	0.8	1.0
Financial Expenses	2.2	1.5	1.4	1.1	0.0	0.4	0.2	0.0	0.1	0.1	0.2	0.2
Interest Expense	2.2	1.5	1.4	0.9	0.0	0.4	0.2	0.0	0.1	0.1	0.1	0.2
Share of Associates and Joint Ventures	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0
Selling Expenses	0.3	-0.9	0.4	0.1	0.1	-0.4	-1.3	2.2	0.0	0.5	0.2	0.7
General and Administrative Expenses	4.5	14.1	3.0	7.7	6.8	9.3	6.2	5.3	5.8	8.3	7.0	9.2
Operating Profit	30.0	20.1	11.9	13.0	7.5	9.3	5.4	12.4	11.6	2.4	0.4	9.0
Other Income	0.0	0.0	0.0	0.4	0.1	0.4	0.1	0.3	0.1	0.2	0.4	0.4
Other Expenses	0.1	0.2	0.0	0.0	0.1	0.2	0.0	0.2	0.2	0.1	0.0	0.0
Other Profit	-0.1	-0.2	-0.0	0.3	0.0	0.2	0.1	0.0	-0.1	0.1	0.4	0.4
Profit Before Tax	29.9	19.9	11.9	13.4	7.5	9.5	5.4	12.4	11.5	2.6	0.8	9.4
Current Income Tax Expense	6.0	4.1	2.4	2.9	1.5	2.0	1.0	2.6	2.3	0.3	0.3	2.1
Deferred Income Tax Expense	—	-0.1	-0.0	-0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	23.9	15.9	9.5	10.7	5.9	7.4	4.4	9.8	9.2	2.3	0.5	7.2
Non-controlling Interest	0.1	-0.1	0.0	0.1	0.1	-0.0	0.3	0.0	0.1	0.1	-0.0	0.0
Profit Attributable to Parent	23.8	15.9	9.4	10.6	5.8	7.5	4.1	9.8	9.1	2.1	0.6	7.2
Earnings per Share	375.00	366.00	217.00	245.00	144.00	183.00	101.00	241.83	225.00	53.00	14.00	195.31
Diluted EPS	375.00	366.00	217.00	245.00	144.00	744.00	101.00	241.83	225.00	53.00	14.00	195.31

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)	850.8	650.0	537.8	433.2	361.4	343.0	355.4	386.2	311.8	354.5	376.0	382.5
I. Cash and cash equivalents	102.9	93.4	92.8	69.3	95.3	98.0	107.7	94.5	59.4	67.7	91.0	82.8
1. Cash	63.0	60.8	42.2	18.8	20.9	18.5	43.3	19.1	11.1	8.0	31.9	37.2
2. Cash equivalents	40.0	32.7	50.5	50.5	74.5	79.4	64.4	75.4	48.4	59.7	59.0	45.6
II. Short-term financial investments	138.5	23.9	37.6	37.0	19.1	25.6	0.0	0.0	0.0	5.0	0.0	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	138.5	23.9	37.6	37.0	19.1	25.6	0.0	0.0	0.0	5.0	0.0	0.0
III. Short-term receivables	493.7	420.4	310.2	244.7	154.6	125.6	164.2	205.9	180.9	193.2	197.0	231.3
1. Short-term trade accounts receivable	312.3	295.6	193.2	137.2	100.3	103.9	140.2	174.0	147.3	163.1	159.0	178.4
2. Short-term prepayments to suppliers	100.2	25.4	50.5	57.1	27.3	3.4	6.8	6.8	7.9	32.2	28.4	27.0
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	—	35.1	23.1	8.1	8.1	8.1	8.1	10.8	11.1	0.0	10.0	22.0
6. Other short-term receivables	97.5	83.4	56.4	59.5	35.5	26.7	23.3	26.3	28.6	11.9	12.5	16.7
7. Provision for short-term doubtful debts (*)	-16.2	-19.0	-13.1	-17.2	-16.6	-16.4	-14.3	-12.0	-14.0	-14.0	-12.9	-12.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	111.3	111.7	96.4	81.8	68.3	91.3	81.3	83.8	70.0	87.5	85.6	68.3
1. Inventories	111.3	111.7	96.4	81.8	68.3	91.3	81.3	83.8	70.0	87.5	85.6	68.3
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	4.3	0.7	0.8	0.5	24.1	2.5	2.2	2.1	1.4	1.1	2.4	0.1
1. Short-term prepayments	0.2	0.2	0.0	0.0	23.7	0.0	0.1	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.5	0.5	0.7	0.4	0.5	2.5	2.1	2.1	1.1	1.1	1.5	0.1
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.3	0.0	0.9	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	3.6	—	—	—	—	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)	407.0	322.0	321.3	334.0	339.9	350.9	350.8	302.2	301.2	306.6	295.5	271.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	2.7	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	2.7	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	45.8	46.7	47.5	48.4	48.5	49.4	50.3	51.3	51.5	49.8	50.7	51.3
1. Tangible fixed assets	45.8	46.7	47.5	48.4	48.5	49.4	50.3	51.3	51.5	49.7	50.7	51.3
- Cost	74.6	—	—	—	—	73.6	73.6	73.6	72.8	70.1	70.0	69.7
- Accumulated depreciation	-28.8	—	—	—	—	-24.2	-23.3	-22.3	-21.3	-20.3	-19.4	-18.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
- Accumulated depreciation	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2.8	2.8	2.8	2.8	2.8	2.8	0.0	1.7	3.0	0.0	0.0	0.0
- Cost	2.8	—	—	—	—	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	271.6	151.5	150.1	161.8	167.8	178.0	176.9	128.0	125.6	124.6	124.5	99.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	271.6	151.5	150.1	161.8	167.8	178.0	176.9	128.0	125.6	124.6	124.5	99.3
V. Long-term financial investments	85.4	119.7	119.7	119.7	119.8	119.7	119.7	119.8	119.8	130.9	119.8	119.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	85.4	119.7	119.7	119.7	119.8	119.7	119.7	119.8	119.8	119.8	119.8	119.8
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	11.1	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	1.3	1.2	1.1	1.1	1.0	1.0	1.1	1.4	1.4	1.4	0.5	1.4
1. Long-term prepayments	1.0	1.0	0.9	0.9	1.0	1.0	1.1	1.4	1.4	1.4	0.5	1.4
2. Deferred income tax assets	0.3	0.3	0.2	0.2	—	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)	1,257.8	972.0	859.0	767.2	701.3	694.0	706.2	688.4	613.0	661.1	671.5	654.2
A. LIABILITIES (300=210+330)	430.6	380.7	283.6	201.3	144.0	142.6	150.0	146.6	115.8	173.0	185.6	168.8
I. Short -term liabilities	430.6	380.7	283.6	201.3	144.0	142.6	150.0	146.6	115.8	173.0	185.6	168.8
1. Short-term trade accounts payable	93.3	110.8	49.7	47.4	27.2	43.1	55.4	59.5	32.4	47.3	43.5	36.6
2. Short-term advances from customers	154.2	110.0	92.9	51.4	30.8	43.2	32.6	26.9	40.2	60.0	53.3	49.4
3. Taxes and other payables to state authorities	11.1	11.6	8.3	5.8	4.6	9.3	9.0	7.0	4.1	2.9	8.6	8.7
4. Payable to employees	4.3	5.9	3.5	3.2	3.0	4.9	3.0	3.0	3.2	4.2	3.5	3.1
5. Short-term acrrued expenses	—	0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.4
9. Other short-term payables	0.4	0.3	0.3	0.3	0.2	11.6	1.4	0.3	0.3	18.1	18.5	15.2
10. Short-term borrowings and financial leases	166.4	140.4	126.8	91.1	75.8	28.0	45.2	42.4	30.1	34.9	53.1	49.2
11. Provision for short-term liabilities	1.0	1.1	2.1	2.1	2.5	2.5	3.4	7.6	5.6	5.6	5.2	5.2
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	—	—	—	—	—	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	—	—	—	—	—	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)	827.2	591.4	575.5	565.9	557.3	551.4	556.2	541.8	497.2	488.2	485.9	485.4
I. Owner's equity	827.2	591.4	575.5	565.9	557.3	551.4	556.2	541.8	497.2	488.2	485.9	485.4
1. Owner's capital	634.9	434.9	434.9	434.9	406.4	406.4	406.4	406.4	406.4	406.4	406.4	369.5
- Common stock with voting right	634,893,340,000.00	434,893,340,000.00	434,893,340,000.00	434,893,340,000.00	406,448,300,000.00	406,448,300,000.00	406,448,300,000.00	406,448,300,000.00	406,448,300,000.00	406,448,300,000.00	406,448,300,000.00	369,499,950,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-4.6	-4.5	-4.5	-4.5	-4.4	-4.4	-4.4	-4.4	-4.4	-4.4	-4.4	-4.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	135.0	111.1	95.2	85.7	102.8	97.0	101.7	97.9	88.1	79.1	77.0	113.4
- Accumulated retained earning at the end of the previous period	111.2	69.2	69.2	69.2	97.0	66.8	78.9	78.9	78.9	68.0	68.0	105.0
- Undistributed earnings in this period	23.8	41.9	26.0	16.5	5.8	30.2	22.8	19.0	9.1	11.1	9.0	8.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	61.9	49.8	49.9	49.8	52.5	52.3	52.4	41.9	7.1	7.0	6.9	6.9
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)	1,257.8	972.0	859.0	767.2	701.3	694.0	706.2	688.4	613.0	661.1	671.5	654.2

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	29.9	20.0	11.9	13.4	7.5	9.5	5.4	12.1	11.5	2.4	0.8	9.4
Depreciation of Fixed Assets and Investment Property	0.9	0.9	0.9	0.9	0.9	0.2	1.0	1.0	1.0	1.0	1.0	0.9
Provision (Increase)/Reversal	-2.9	4.8	-4.1	0.2	0.2	1.3	-2.3	0.4	0.0	1.5	0.0	2.3
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.2	—	0.0	0.2	-0.2	0.0	0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-2.4	-1.0	-0.8	-1.0	-0.1	-0.8	-0.5	-0.3	-0.2	-0.6	-0.8	-0.8
Interest Expense	2.2	1.5	1.4	0.9	0.0	0.4	0.2	0.0	0.1	-0.1	0.2	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	-0.1	0.1	0.0
Operating Profit Before Changes in Working Capital	27.7	26.2	9.3	14.7	8.5	10.6	4.0	12.9	12.3	4.2	1.2	12.0
Increase/(Decrease) in Receivables	-78.3	-104.3	-40.8	-52.7	-46.7	31.4	38.6	-25.2	35.6	-5.8	1.4	-5.1
Increase/(Decrease) in Inventory	0.4	-15.3	-14.7	-13.5	23.0	-10.0	2.5	-13.8	17.5	-1.8	-17.3	41.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	32.4	84.7	39.5	34.7	-22.9	1.2	-1.6	25.8	-68.4	-21.0	43.5	15.6
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.2	0.1	-0.0	0.0	0.2	0.0	0.1	0.1	-0.7	1.0	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.5	-1.2	-1.4	-0.9	-0.0	-0.4	-0.2	0.0	-0.1	0.2	-0.4	-0.2
Corporate Income Tax Paid	-8.7	-0.0	0.0	-2.0	-6.3	0.0	-0.2	-0.4	-1.9	-0.3	-0.1	-1.0
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	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-29.0	-10.2	-8.0	-19.7	-44.3	33.1	43.2	-0.5	-5.0	-25.2	29.3	62.6
Payments for Fixed Assets and Other Long-term Assets	-119.2	-4.1	9.3	-2.8	-0.5	-48.2	-109.2	-4.9	-3.8	-1.1	-24.7	-6.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	46.4	58.2	0.0	0.0	24.0	-10.9	10.9
Loans and Purchases of Debt Instruments	-115.2	3.5	-42.1	-23.2	-5.6	-46.8	-24.1	15.3	-18.0	20.9	-20.9	8.0
Receipts from Loan Repayments and Sale of Debt Instruments	59.7	9.3	6.0	16.7	10.1	-5.0	24.1	-15.0	18.0	-24.9	36.9	-10.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	10.9	-10.9	10.9
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	1.7	-0.1	1.2	0.1	0.3	0.5	0.3	0.2	0.4	0.2	1.4
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	-174.0	8.3	-24.9	-10.0	4.1	-53.3	-50.5	-4.2	-3.6	30.3	-30.2	14.6
Proceeds from Equity Issuance and Capital Contributions	212,000,000,000.00	—	—	—	—	0.00	10,190,022,006.00	33,921,995,099.00	0.00	-10,890,000,000.00	11,000,000,000.00	-11,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	229.6	114.7	100.8	38.4	56.3	78.5	68.5	7.8	43.9	4.4	35.3	28.3
Repayment of Borrowings	-227.7	-112.0	-54.1	-25.1	-6.6	-68.0	-58.2	-2.0	-48.6	-16.8	-37.2	-80.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-12.2	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	213.9	2.6	46.8	13.2	37.6	10.6	20.6	39.8	-4.7	-23.3	9.1	-62.7
Net Cash Flow During the Period	10.9	0.7	14.0	-16.5	-2.7	-9.7	13.2	35.1	-13.2	-18.3	8.2	14.6
Cash and Cash Equivalents at Beginning of Period	92.0	92.8	78.8	95.3	98.0	72.7	72.7	72.7	72.7	62.5	62.5	62.5
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	102.9	93.4	92.8	78.8	95.3	98.0	107.7	94.5	59.4	72.7	91.0	82.8

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HVH

What Is Changing

Drivers of HVH's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ▲▲

Balance Sheet ▼

Working Capital Efficiency ▲▲

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Leverage & Liquidity ▲

Cash Flow ▼▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow