HVX

Xi măng VICEM Hải Vân ·HOSE ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity −1.27x

Price

2,500

Latest close

02 Jun 2026

P/E -2.34x

P/B 0.38x

EPS -1,069

BVPS 6,645

ROE -14.9%

ROA -8.0%

Profit Margin -9.8%

Asset Turnover 0.82x

Equity Mult. 1.85x

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

What Is Changing

On a TTM 2026Q1 basis, HVX is improving on both revenue and margins, though the magnitude is still moderate — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 454bn
	                                
+20.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 44bn
	                                
−17.7%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    92.8%

Metric	2025	2024	2023	2022	2021
Revenue	431.1	347.8	512.0	750.8	672.6
Growth	+24%	-32%	-32%	+12%	—
Net Income	-45.7	-43.8	-64.1	1.9	0.9
Net Margin	-10.61%	-12.60%	-12.52%	0.25%	0.13%

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	107.7	104.5	116.2	125.6	84.8	86.4	109.6	97.1	54.8	88.2	126.8	170.2
Growth	+3%	-10%	-7%	+48%	-2%	-21%	+13%	+77%	-38%	-30%	-25%	—
Net Income	-12.4	-13.6	-8.9	-9.5	-13.7	-6.3	-8.3	-9.5	-20.1	-29.6	-15.9	-18.7
Net Margin	-11.51%	-12.97%	-7.70%	-7.56%	-16.19%	-7.24%	-7.56%	-9.76%	-36.71%	-33.55%	-12.54%	-11.00%

Drivers of HVX's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Gross profit ↑ 23.2bn

Finance costs ↓ 1.1bn

Other profit ↓ 30.1bn

Administrative expenses ↑ 1.1bn

TTM

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

Other profit ↑ 1.3bn

Finance costs ↓ 0.4bn

Selling expenses ↓ 0.1bn

Administrative expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -11.3% = -10.0% × 0.60 × 1.87

2026Q1 -14.9% = -9.8% × 0.82 × 1.85

ROE fell from -11.3% to -14.9% — leverage weakened the most, though net margin and asset turnover still provided support.

Net margin: -9.8% +0.2pp Asset turnover: 0.82x +0.22x Leverage: 1.85x -0.01x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at -9.78%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin -9.78% +0.2pp

Gross Margin 6.57% +4.8pp

SG&A / Revenue 6.73% −1.1pp

Non-core / Revenue -9.62% −5.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 5.7pp, other income still accounts for 98.4% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.21x +0.35x

Average Invested Capital 375.6bn −65.6bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.83x equity, net debt at 0.25x equity.

Inventory ended the period at 76.8bn, roughly 14.6% of total assets.

Over the last 12 months, working capital released 16.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +19.6bn

Inventories decreased → higher CFO: +0.1bn

Payables decreased → lower CFO: −3.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 20.8 days versus the same period last year. The main moves came from DIO fell 19.1 days, DSO fell 13.9 days, and DPO fell 12.2 days.

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

Working Capital Efficiency

Receivables 22.8 days −13.9 days

Inventory 51.1 days −19.1 days

Payables 108.3 days −12.2 days

Cash Conversion Cycle -34.4 days −20.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.25x and interest coverage only at -1.27x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 13.0% of debt, and total debt stands at 80.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.27x, leaving limited room to absorb financing costs.

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 0.25x −0.01x

Interest Coverage -1.27x +6.05x

Cash / Debt 13.0% −6.3pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.34x +0.77x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 8.6bn in 2025, against investing cash flow of -0.3bn.

Post-investment cash flow was positive +8.3bn. Financing cash flow was negative +29.5bn.

CFO / net income was -0.34x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 15.1bn −26.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at -1.27x. The next watchpoint is the earnings mix, when non-core contribution is 5.6%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 5.6% of PBT and CFO / net income currently at -0.34x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.27x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	437.9	353.9	521.9	756.3	677.8
Revenue Deductions	6.8	6.1	9.9	5.5	0.0
Net Revenue	431.1	347.8	512.0	750.8	672.6
Cost of Goods Sold	401.3	315.3	537.5	711.0	0.0
Gross Profit	29.8	32.5	-25.6	39.7	32.0
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	2.9	4.1	6.1	7.9	-9.8
Interest Expense	2.9	4.1	6.1	7.9	-9.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	3.1	2.9	1.8	1.2	-1.0
General and Administrative Expenses	27.1	26.5	29.2	27.4	-22.5
Operating Profit	-3.3	-0.9	-62.6	3.2	-1.2
Other Income	0.0	0.1	0.2	0.1	0.0
Other Expenses	42.5	43.0	1.5	0.7	0.0
Other Profit	-42.4	-42.9	-1.3	-0.6	2.4
Profit Before Tax	-45.7	-43.8	-64.0	2.6	1.2
Current Income Tax Expense	—	0.0	0.1	0.8	-0.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-45.7	-43.8	-64.1	1.9	0.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-45.7	-43.8	-64.1	1.9	0.9
Earnings per Share	-1,101.00	-1,056.00	-1,544.00	45.00	22.00
Diluted EPS	-1,101.07	-1,055.59	-1,544.16	44.61	21.85

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	90.1	119.6	155.0	194.1	154.2
I. Cash and cash equivalents	3.8	25.1	7.0	16.6	4.8
1. Cash	3.8	25.1	7.0	16.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	6.9	11.9	30.5	42.3	24.2
1. Short-term trade accounts receivable	11.8	17.1	35.6	45.7	0.0
2. Short-term prepayments to suppliers	1.4	0.8	1.4	1.4	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	5.2	5.5	5.0	6.0	0.0
7. Provision for short-term doubtful debts (*)	-11.5	-11.5	-11.5	-10.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	76.8	76.2	106.7	127.3	117.9
1. Inventories	76.8	76.2	106.7	127.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.5	6.5	10.7	8.0	7.3
1. Short-term prepayments	0.1	4.1	8.1	1.7	0.0
2. Value added tax to be reclaimed	1.6	1.6	1.3	5.7	0.0
3. Taxes and other receivables from state authorities	0.8	0.8	1.3	0.5	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)	436.9	482.6	531.0	577.6	611.6
I. Long-term receivables	0.8	0.8	0.6	0.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.4
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	0.8	0.8	0.6	0.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	377.6	424.0	471.2	519.4	554.9
1. Tangible fixed assets	374.5	420.7	467.8	515.7	551.2
- Cost	1,226.1	1,225.4	1,225.1	1,224.8	0.0
- Accumulated depreciation	-851.5	-804.7	-757.3	-709.0	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	3.1	3.2	3.4	3.6	3.8
- Cost	5.5	5.5	5.5	5.5	0.0
- Accumulated depreciation	-2.5	-2.3	-2.1	-1.9	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	13.5	13.6	13.5	13.9	16.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	13.5	13.6	13.5	13.9	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	45.0	44.3	45.7	43.8	0.0
1. Long-term prepayments	45.0	44.3	45.7	43.8	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	40.0
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)	527.0	602.3	686.0	771.7	765.8
A. LIABILITIES (300=210+330)	238.7	268.2	316.4	328.2	334.0
I. Short -term liabilities	238.0	267.6	315.9	327.7	305.2
1. Short-term trade accounts payable	121.1	125.0	137.0	181.2	103.2
2. Short-term advances from customers	1.8	1.6	1.0	0.7	2.3
3. Taxes and other payables to state authorities	0.8	0.0	0.9	1.0	0.0
4. Payable to employees	19.8	21.2	20.5	15.2	0.0
5. Short-term acrrued expenses	2.1	1.2	15.2	10.2	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	16.7	13.1	14.5	3.6	0.0
10. Short-term borrowings and financial leases	75.5	105.0	126.1	115.8	177.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.5	0.8	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	0.7	0.6	0.6	0.5	28.8
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	28.4
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	0.7	0.6	0.6	0.5	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)	288.3	334.0	369.6	443.5	431.8
I. Owner's equity	288.3	334.0	369.6	443.5	0.0
1. Owner's capital	415.3	415.3	415.3	415.3	431.8
- Common stock with voting right	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.9	-0.9	-0.9	-0.9	-0.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	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	15.9	15.9	15.9	15.9	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	-142.0	-96.3	-60.8	13.2	1.4
- Accumulated retained earning at the end of the previous period	-96.3	-52.4	3.4	11.3	0.5
- Undistributed earnings in this period	-45.7	-43.8	-64.1	1.9	0.9
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)	527.0	602.3	686.0	771.7	765.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	-45.7	-43.8	-64.0	2.6	1.2
Depreciation of Fixed Assets and Investment Property	47.1	47.5	48.5	49.8	50.5
Provision (Increase)/Reversal	—	-0.0	0.7	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.1	0.0
Interest Expense	2.9	4.1	6.1	7.9	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	4.2	7.8	-8.8	60.6	61.5
Increase/(Decrease) in Receivables	5.0	18.9	14.6	-20.0	0.0
Increase/(Decrease) in Inventory	-0.7	30.6	20.6	-9.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.4	-20.0	-31.1	87.8	0.0
Increase/(Decrease) in Prepaid Expenses	3.2	5.5	-7.9	-0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.8	-3.5	-3.7	-5.3	0.0
Corporate Income Tax Paid	—	-0.0	-0.5	-3.8	0.0
Other Operating Receipts	1.9	1.7	5.1	-0.1	0.0
Other Operating Payments	-1.9	-1.3	-5.8	-0.1	0.0
Net Cash Flow from Operating Activities	8.6	39.7	-17.5	109.1	26.9
Payments for Fixed Assets and Other Long-term Assets	-0.3	-0.6	-2.4	-7.9	-10.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	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	0.0	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	-0.3	-0.6	-2.4	-7.8	-10.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	34.8	142.9	227.4	381.1	611.6
Repayment of Borrowings	-64.3	-164.1	-217.0	-470.7	-623.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	0.0	-0.0	-0.0	-8.3
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	-29.5	-21.1	10.4	-89.6	-19.7
Net Cash Flow During the Period	-21.2	18.0	-9.5	11.8	-1.5
Cash and Cash Equivalents at Beginning of Period	25.1	7.0	16.6	4.8	7.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.8	25.1	7.0	16.6	4.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	109.2	106.2	117.8	127.3	86.6	88.0	111.6	98.7	55.7	90.4	129.7	172.9
Revenue Deductions	1.5	1.7	1.6	1.6	1.8	1.6	2.0	1.6	0.9	2.2	2.9	2.7
Net Revenue	107.7	104.5	116.2	125.6	84.8	86.4	109.6	97.1	54.8	88.2	126.8	170.2
Cost of Goods Sold	102.3	99.9	107.4	114.6	79.4	83.6	109.9	98.3	66.4	104.3	131.8	179.7
Gross Profit	5.4	4.6	8.8	11.0	5.4	2.8	-0.3	-1.2	-11.6	-16.1	-5.0	-9.5
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.5	0.4	0.7	0.8	0.9	0.8	0.8	1.1	1.5	1.2	0.9	2.2
Interest Expense	0.5	0.4	0.7	0.8	0.9	0.8	0.8	1.1	1.5	1.2	0.9	2.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	0.5	0.8	1.1	0.8	0.8	0.8	0.8	0.5	0.7	0.4	0.4
General and Administrative Expenses	7.1	6.9	5.9	7.8	6.5	7.3	6.3	6.4	6.5	11.5	9.5	6.7
Operating Profit	-2.8	-3.2	1.4	1.3	-2.8	-6.2	-8.2	-9.5	-20.1	-29.6	-15.8	-18.8
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.0
Other Expenses	9.7	10.4	10.4	10.8	10.9	0.1	0.2	0.0	0.0	0.1	0.1	0.0
Other Profit	-9.6	-10.4	-10.4	-10.8	-10.9	-0.1	-0.1	0.0	-0.0	-0.0	0.0	-0.0
Profit Before Tax	-12.4	-13.6	-8.9	-9.5	-13.7	-6.3	-8.3	-9.5	-20.1	-29.6	-15.8	-18.8
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	-0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-12.4	-13.6	-8.9	-9.5	-13.7	-6.3	-8.3	-9.5	-20.1	-29.6	-15.9	-18.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-12.4	-13.6	-8.9	-9.5	-13.7	-6.3	-8.3	-9.5	-20.1	-29.6	-15.9	-18.7
Earnings per Share	-299.00	-326.00	-215.00	-229.00	-331.00	-151.00	-199.00	-228.00	-484.00	-713.00	-383.00	-451.00
Diluted EPS	-298.70	-326.36	-215.37	-228.81	-330.52	-150.63	-199.38	-228.23	-484.31	-712.71	-382.94	-450.75

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)	103.7	90.1	116.3	121.4	106.6	125.9	128.1	130.4	160.6	162.4	164.6	152.5
I. Cash and cash equivalents	10.4	3.8	5.9	23.5	20.2	25.1	16.7	7.8	16.5	7.0	10.1	16.1
1. Cash	10.4	3.8	5.9	23.5	20.2	25.1	16.7	7.8	16.5	7.0	10.1	16.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term investments	1.2	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	29.9	6.9	16.5	24.0	20.3	13.2	22.2	24.1	45.7	30.8	31.5	29.1
1. Short-term trade accounts receivable	31.8	11.8	20.7	28.0	24.9	17.1	26.4	29.7	51.0	35.6	35.6	32.7
2. Short-term prepayments to suppliers	3.3	1.4	1.9	2.1	1.0	0.9	0.9	0.8	0.8	1.4	1.6	1.9
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	6.3	5.2	5.3	5.4	5.8	6.8	6.4	5.1	5.4	5.2	5.1	5.3
7. Provision for short-term doubtful debts (*)	-11.5	-11.5	-11.5	-11.5	-11.5	-11.5	-11.5	-11.5	-11.5	-11.5	-10.8	-10.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	59.3	76.8	90.3	69.7	59.5	76.2	79.0	85.9	83.4	107.1	110.8	96.0
1. Inventories	59.3	76.8	90.3	69.7	59.5	76.2	79.0	85.9	83.4	107.1	110.8	96.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.8	2.5	3.6	4.1	6.7	11.4	10.2	12.6	15.1	17.4	12.2	11.3
1. Short-term prepayments	0.0	0.1	1.4	1.9	4.4	9.0	7.9	10.3	12.8	13.5	9.1	8.4
2. Value added tax to be reclaimed	1.9	1.6	1.4	1.4	1.4	1.6	1.5	1.3	1.2	2.7	2.2	2.0
3. Taxes and other receivables from state authorities	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9	1.0	1.2	0.9	0.9
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)	425.7	436.9	442.8	456.8	468.9	477.5	490.4	502.6	513.6	524.0	548.9	558.0
I. Long-term receivables	0.9	0.8	0.8	0.8	0.8	0.8	0.8	0.7	0.7	0.6	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	0.9	0.8	0.8	0.8	0.8	0.8	0.8	0.7	0.7	0.6	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	365.8	377.6	388.7	400.5	412.2	424.0	435.7	447.6	459.5	471.1	483.2	495.2
1. Tangible fixed assets	362.8	374.5	385.6	397.3	409.0	420.7	432.4	444.2	456.1	467.7	479.7	491.7
- Cost	1,221.9	—	—	—	—	1,225.4	1,225.4	1,225.4	1,225.4	1,224.9	1,225.1	1,225.0
- Accumulated depreciation	-859.1	—	—	—	—	-804.7	-793.0	-781.1	-769.2	-757.2	-745.4	-733.4
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	3.0	3.1	3.1	3.2	3.2	3.2	3.3	3.3	3.4	3.4	3.5	3.5
- Cost	5.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.5	—	—	—	—	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	15.9	13.5	13.6	13.6	13.6	13.6	13.8	13.8	13.5	4.4	22.1	17.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	15.9	13.5	13.6	13.6	13.6	13.6	13.8	13.8	13.5	4.4	22.1	17.0
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	43.1	45.0	39.6	41.9	42.3	39.2	40.1	40.6	39.9	47.9	43.0	45.3
1. Long-term prepayments	43.1	45.0	39.6	41.9	42.3	39.2	40.1	40.6	39.9	47.9	43.0	45.3
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	529.4	527.0	559.1	578.2	575.6	603.4	618.5	633.0	674.1	686.4	713.6	710.5
A. LIABILITIES (300=210+330)	253.5	238.7	257.2	267.4	255.2	269.6	278.5	284.7	324.7	316.9	314.4	295.5
I. Short -term liabilities	252.7	238.0	256.5	266.7	254.6	269.0	277.9	284.1	324.1	311.6	313.9	294.9
1. Short-term trade accounts payable	138.3	121.1	125.0	124.8	113.4	125.1	126.1	145.8	131.6	137.4	168.9	157.6
2. Short-term advances from customers	1.4	1.8	1.0	1.0	0.8	1.6	1.0	0.8	0.8	1.0	1.0	11.3
3. Taxes and other payables to state authorities	2.1	0.8	4.8	5.0	4.1	0.0	4.4	1.7	0.8	0.8	4.0	3.7
4. Payable to employees	7.9	19.8	17.8	15.2	9.2	17.2	21.1	17.0	12.3	20.5	13.9	3.6
5. Short-term acrrued expenses	—	2.1	3.9	3.8	2.6	1.3	18.5	13.3	13.7	15.1	20.1	14.4
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	22.1	16.7	17.5	15.7	17.9	17.1	5.1	4.7	19.9	9.7	15.2	15.9
10. Short-term borrowings and financial leases	80.5	75.5	86.3	100.8	105.0	106.3	101.0	100.1	144.2	126.1	90.0	87.6
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	0.4	0.3	0.4	0.4	1.5	0.5	0.5	0.6	0.7	0.8	0.8	0.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.7	0.7	0.7	0.7	0.7	0.6	0.6	0.6	0.6	5.3	0.6	0.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	4.8	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	—	0.7	0.7	0.7	0.7	0.6	0.6	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	0.7	—	—	—	—	0.0	0.0	0.6	0.6	0.6	0.6	0.6
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)	275.9	288.3	301.9	310.8	320.3	333.8	340.0	348.3	349.5	369.5	399.1	415.0
I. Owner's equity	275.9	288.3	301.9	310.8	320.3	333.8	340.0	348.3	349.5	369.5	399.1	415.0
1. Owner's capital	415.3	415.3	415.3	415.3	415.3	415.3	415.3	415.3	415.3	415.3	415.3	415.3
- Common stock with voting right	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00	415,252,500,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	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	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9
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	-154.4	-142.0	-128.5	-119.5	-110.0	-96.6	-90.3	-82.0	-80.9	-60.8	-31.2	-15.3
- Accumulated retained earning at the end of the previous period	-142.0	-96.3	-96.3	-96.3	-96.3	-52.4	-52.4	-52.4	-60.8	3.4	3.4	3.4
- Undistributed earnings in this period	-12.4	-45.7	-32.2	-23.2	-13.7	-44.1	-37.9	-29.6	-20.1	-64.2	-34.6	-18.7
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)	529.4	527.0	559.1	578.2	575.6	603.4	618.5	633.0	674.1	686.4	713.6	710.5

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	-12.4	-13.6	-8.9	-9.5	-13.7	-6.3	-8.3	-9.5	-20.1	-29.6	-15.8	-18.8
Depreciation of Fixed Assets and Investment Property	11.8	11.9	11.6	11.8	11.8	11.7	11.9	11.9	12.0	12.0	12.0	12.3
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.1	0.0	0.0	0.6	0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0
Interest Expense	0.5	0.4	0.7	0.8	0.9	0.8	0.8	1.0	1.5	1.2	0.9	2.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.1	-1.2	3.4	3.1	-1.1	6.3	4.5	3.5	-6.6	-15.7	-2.8	-4.3
Increase/(Decrease) in Receivables	23.0	0.4	16.5	-20.4	8.4	8.5	1.5	21.9	-15.1	4.2	-6.0	19.8
Increase/(Decrease) in Inventory	17.5	-14.8	7.7	-10.3	16.7	3.0	7.4	-3.3	23.3	4.1	-14.8	1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-14.8	9.7	-14.2	16.1	-13.0	-21.6	8.0	-6.0	8.2	-29.2	14.5	30.6
Increase/(Decrease) in Prepaid Expenses	1.9	-4.1	2.7	3.0	1.6	-8.1	-8.3	1.6	1.0	-1.2	1.5	-2.4
Changes in Trading Securities	—	—	—	—	—	-3.5	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	-0.4	-0.9	-0.5	2.0	-0.4	-0.6	-1.0	-1.2	-0.5	-0.6
Corporate Income Tax Paid	—	—	—	—	—	8.0	0.0	-0.0	0.0	-0.0	-0.1	0.1
Other Operating Receipts	4.0	—	—	—	—	2.5	0.0	-1.1	2.8	0.1	0.0	0.0
Other Operating Payments	-29.9	18.9	-19.0	16.8	-18.6	6.3	-5.1	19.8	-20.9	-0.2	0.0	-0.6
Net Cash Flow from Operating Activities	1.6	9.1	-3.2	7.5	-4.9	3.4	7.7	35.7	-8.3	-39.2	-8.2	43.6
Payments for Fixed Assets and Other Long-term Assets	—	-0.4	0.1	-0.0	—	-0.2	0.3	-0.3	-0.3	-0.1	-0.1	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	-0.4	0.1	-0.0	0.0	-0.2	0.3	-0.3	-0.3	-0.1	-0.1	-1.0
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	5.0	0.0	0.0	34.8	—	48.7	54.3	23.1	18.0	79.6	20.0	42.4
Repayment of Borrowings	—	-10.8	-14.5	-39.0	—	-43.5	-53.4	-67.2	0.0	-43.5	-17.6	-78.3
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	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	5.0	-10.8	-14.5	-4.2	—	5.2	0.9	-44.1	18.0	36.2	2.4	-35.9
Net Cash Flow During the Period	6.6	-2.0	-17.6	3.3	-4.9	8.3	8.9	-8.6	9.4	-3.1	-5.9	6.7
Cash and Cash Equivalents at Beginning of Period	3.8	5.9	23.5	20.2	25.1	7.0	7.0	7.0	7.0	16.6	16.6	16.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	10.4	3.8	5.9	23.5	20.2	25.1	16.7	7.8	16.5	7.0	10.1	16.1

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HVX

What Is Changing

Drivers of HVX's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲▲

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow