IFS

Thực phẩm Quốc tế ·UPCOM ·2026Q1

▼▼ Declining sharply

Financial result is supporting part of pre-tax profit Net financial result/PBT 16.94%

Price

17,800

Latest close

04 Jun 2026

P/E 10.60x

P/B 1.25x

EPS 1,679

BVPS 14,231

ROE 11.7%

ROA 9.8%

Profit Margin 7.3%

Asset Turnover 1.34x

Equity Mult. 1.19x

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

What Is Changing

On a TTM 2026Q1 basis, IFS is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,009bn
	                                
−0.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 146bn
	                                
−14.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,005.1	1,973.2	1,868.3	1,712.7	1,229.2
Growth	+2%	+6%	+9%	+39%	—
Net Income	140.7	172.9	208.6	155.6	125.6
Net Margin	7.02%	8.76%	11.16%	9.09%	10.21%

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	500.2	518.2	500.9	489.7	496.2	536.7	464.7	524.7	447.1	528.1	468.1	476.9
Growth	-3%	+3%	+2%	-1%	-8%	+15%	-11%	+17%	-15%	+13%	-2%	—
Net Income	52.9	18.1	36.5	38.8	47.3	25.2	42.7	55.0	50.0	43.5	63.4	68.4
Net Margin	10.57%	3.50%	7.28%	7.92%	9.53%	4.70%	9.19%	10.48%	11.19%	8.24%	13.54%	14.34%

Drivers of IFS's profit

TTM

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

Tax ↓ 11.5bn

Financial income ↑ 5.8bn

Gross profit ↓ 29.6bn

Selling expenses ↑ 7.1bn

Other profit ↓ 5.7bn

TTM

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

Gross profit ↑ 15.0bn

Administrative expenses ↓ 1.5bn

Deferred tax ↓ 1.2bn

Financial income ↑ 1.1bn

Selling expenses ↑ 9.4bn

Tax ↑ 2.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.2% = 8.4% × 1.34 × 1.17

2026Q1 11.7% = 7.3% × 1.34 × 1.19

ROE fell from 13.2% to 11.7% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 7.3% -1.1pp Asset turnover: 1.34x +0.00x Leverage: 1.19x +0.02x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 7.28%, falling 1.1pp. The main pressure comes from Gross margin fell 1.3pp and SG&A / Revenue rose 0.4pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 7.28% −1.1pp

Gross Margin 32.40% −1.3pp

SG&A / Revenue 24.46% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

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 7.58% −0.9pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.22x equity, with a net cash position equivalent to 0.72x equity.

Inventory ended the period at 327.2bn, roughly 22.5% of total assets.

Over the last 12 months, working capital released 30.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +22.7bn

Inventories increased → lower CFO: −18.1bn

Payables increased → higher CFO: +25.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3.5 days versus the same period last year. The main moves came from DIO rose 6.2 days, DSO fell 0.1 days, and DPO rose 2.7 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.5 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +6.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 5.0 days −0.1 days

Inventory 83.3 days +6.2 days

Payables 39.6 days +2.7 days

Cash Conversion Cycle 48.7 days +3.5 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 117.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.72x and interest coverage at 405.79x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.72x —

Interest Coverage 405.79x +40.29x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.15x +0.24x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 117.3bn in 2025, against investing cash flow of -59.8bn.

Post-investment cash flow was positive +57.5bn. Financing cash flow was negative +172.9bn.

CFO / net income was 1.15x.

After spending +135.1bn on fixed-asset investment, the business generated trailing free cash flow of +32.5bn.

Cash Conversion

CFO TTM 167.6bn +12.7bn

Cash Capex 135.1bn +94.7bn

FCF TTM +32.5bn −82.0bn

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 some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 16.9%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.72x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.72x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.15x. Even so, net financial result still accounts for 16.9% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,136.1	2,111.9	1,995.0	1,830.3	1,313.2
Revenue Deductions	131.0	138.7	126.7	117.5	0.0
Net Revenue	2,005.1	1,973.2	1,868.3	1,712.7	1,229.2
Cost of Goods Sold	1,369.2	1,296.5	1,197.4	1,151.2	0.0
Gross Profit	636.0	676.7	670.9	561.5	447.2
Financial Income	30.4	22.4	35.5	22.1	7.2
Financial Expenses	0.5	0.5	0.2	0.5	-0.2
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	431.7	427.3	398.2	359.3	-233.4
General and Administrative Expenses	51.9	48.0	43.3	36.5	-36.4
Operating Profit	182.3	223.3	264.6	187.4	184.4
Other Income	2.4	5.6	3.1	7.9	0.0
Other Expenses	8.7	8.3	5.5	1.7	0.0
Other Profit	-6.3	-2.7	-2.4	6.2	-27.3
Profit Before Tax	176.0	220.6	262.2	193.5	157.2
Current Income Tax Expense	33.7	49.5	53.0	36.2	-31.6
Deferred Income Tax Expense	1.6	-1.8	0.6	1.7	0.0
Net Income	140.7	172.9	208.6	155.6	125.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	140.7	172.9	208.6	155.6	125.6
Earnings per Share	1,615.00	1,984.00	2,394.00	1,786.00	1,440.86
Diluted EPS	1,614.84	1,984.43	2,393.76	1,786.14	1,440.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,305.2	1,324.6	1,344.6	1,323.2	1,144.1
I. Cash and cash equivalents	855.8	971.0	964.7	1,009.1	928.6
1. Cash	155.8	271.0	264.7	309.1	0.0
2. Cash equivalents	700.0	700.0	700.0	700.0	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	118.3	48.4	45.9	47.3	34.8
1. Short-term trade accounts receivable	33.4	35.3	35.6	30.2	0.0
2. Short-term prepayments to suppliers	77.9	5.2	5.1	2.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.0	8.0	5.2	14.4	0.0
7. Provision for short-term doubtful debts (*)	—	-0.0	-0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	327.2	302.6	330.4	265.0	179.6
1. Inventories	328.6	303.6	331.0	270.8	0.0
2. Provision for decline in value of inventories	-1.4	-1.0	-0.6	-5.8	0.0
V. Other short-term assets	3.9	2.5	3.7	1.9	1.0
1. Short-term prepayments	3.9	2.5	3.7	1.8	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.1	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)	148.1	151.7	120.9	121.5	132.7
I. Long-term receivables	1.1	0.9	0.9	0.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.9
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	1.1	0.9	0.9	0.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	99.1	92.4	69.2	76.6	88.3
1. Tangible fixed assets	93.1	92.1	68.9	75.9	86.3
- Cost	347.2	338.1	433.6	430.9	0.0
- Accumulated depreciation	-254.1	-246.1	-364.7	-354.9	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	6.0	0.3	0.4	0.7	2.0
- Cost	19.9	14.1	14.1	14.1	0.0
- Accumulated depreciation	-13.9	-13.8	-13.7	-13.4	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	11.9	16.1	10.1	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	11.9	16.1	10.1	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	36.0	42.4	40.7	43.9	0.0
1. Long-term prepayments	23.7	28.4	28.6	31.3	0.0
2. Deferred income tax assets	12.3	13.9	12.1	12.7	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	43.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,453.3	1,476.3	1,465.6	1,444.7	1,276.7
A. LIABILITIES (300=210+330)	266.0	256.9	209.9	242.6	213.6
I. Short -term liabilities	260.2	253.5	207.6	239.0	210.0
1. Short-term trade accounts payable	153.6	147.8	110.5	153.2	107.2
2. Short-term advances from customers	17.2	12.4	5.1	12.9	18.7
3. Taxes and other payables to state authorities	20.8	15.1	21.5	8.1	0.0
4. Payable to employees	12.1	10.6	9.4	9.3	0.0
5. Short-term acrrued expenses	54.4	65.3	59.5	54.0	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	2.1	2.4	1.6	1.4	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	5.9	3.4	2.3	3.6	3.6
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	5.9	3.4	2.3	3.6	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)	1,187.3	1,219.4	1,255.6	1,202.2	1,063.1
I. Owner's equity	1,187.3	1,219.4	1,255.6	1,202.2	0.0
1. Owner's capital	871.4	871.4	871.4	871.4	1,063.1
- Common stock with voting right	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	85.0	85.0	85.0	85.0	85.0
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	90.0	90.0	90.0	90.0	0.0
11. Undistributed earnings after tax	140.8	173.0	209.2	155.7	16.6
- Accumulated retained earning at the end of the previous period	0.1	0.0	0.6	0.0	-109.0
- Undistributed earnings in this period	140.7	172.9	208.6	155.6	125.6
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)	1,453.3	1,476.3	1,465.6	1,444.7	1,276.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	176.0	220.6	262.2	193.5	157.2
Depreciation of Fixed Assets and Investment Property	11.9	10.4	10.9	16.0	17.3
Provision (Increase)/Reversal	4.3	3.3	2.4	6.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.6	0.2	0.1	0.0
Gain/Loss from Investment Activities	-28.8	-23.4	-34.8	-21.2	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	163.3	210.3	240.8	195.2	174.9
Increase/(Decrease) in Receivables	3.5	-2.3	-1.2	-7.7	0.0
Increase/(Decrease) in Inventory	-26.1	25.9	-68.6	-91.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.6	49.0	-41.1	24.8	0.0
Increase/(Decrease) in Prepaid Expenses	4.3	3.9	0.7	-3.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-28.3	-50.9	-45.6	-32.5	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	117.3	235.9	85.1	84.9	209.9
Payments for Fixed Assets and Other Long-term Assets	-88.0	-44.0	-11.7	-4.3	-2.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	2.1	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	28.2	21.4	37.2	16.2	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	-59.8	-20.6	25.5	11.9	-1.2
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	-0.0
Dividends Paid	-172.9	-209.1	-155.1	-16.6	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	-172.9	-209.1	-155.1	-16.6	-0.0
Net Cash Flow During the Period	-115.3	6.2	-44.5	80.3	29.4
Cash and Cash Equivalents at Beginning of Period	971.0	964.7	1,009.1	928.6	720.1
FX Difference from Revaluation	0.1	0.1	0.1	0.2	-0.1
Cash and Cash Equivalents at End of Period	855.8	971.0	964.7	1,009.1	928.6

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	533.9	554.5	531.4	520.1	530.2	577.0	497.4	559.1	478.4	568.7	497.9	506.8
Revenue Deductions	33.6	36.2	30.5	30.3	33.9	40.3	32.7	34.4	31.3	40.6	29.8	29.9
Net Revenue	500.2	518.2	500.9	489.7	496.2	536.7	464.7	524.7	447.1	528.1	468.1	476.9
Cost of Goods Sold	327.7	350.8	346.8	332.9	338.7	373.9	298.1	331.0	293.4	339.0	291.3	299.0
Gross Profit	172.5	167.5	154.1	156.8	157.6	162.7	166.6	193.7	153.7	189.0	176.8	177.9
Financial Income	8.4	8.2	7.4	7.5	7.3	6.5	7.0	4.9	4.0	6.7	8.5	10.0
Financial Expenses	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.2	0.0	0.1	0.1	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	101.9	134.2	102.0	102.9	92.5	125.3	107.0	109.2	85.8	124.5	95.9	91.1
General and Administrative Expenses	12.1	11.3	14.0	13.0	13.6	12.5	11.4	15.0	9.1	13.7	10.0	9.5
Operating Profit	66.7	30.1	45.4	48.2	58.5	31.4	55.0	74.2	62.7	57.5	79.2	87.2
Other Income	0.1	0.3	0.4	0.6	1.1	3.6	1.1	0.6	0.3	1.2	0.7	0.1
Other Expenses	0.7	7.8	0.3	0.3	0.4	2.7	2.2	3.0	0.4	3.4	0.5	1.4
Other Profit	-0.5	-7.5	0.2	0.3	0.7	0.9	-1.1	-2.4	-0.1	-2.2	0.2	-1.3
Profit Before Tax	66.2	22.6	45.6	48.5	59.2	32.2	53.9	71.8	62.6	55.3	79.4	85.9
Current Income Tax Expense	9.6	6.7	10.1	9.8	7.1	11.4	11.4	17.9	8.9	12.8	19.0	17.5
Deferred Income Tax Expense	3.7	-2.2	-1.0	-0.1	4.8	-4.4	-0.2	-1.0	3.8	-1.1	-3.0	0.0
Net Income	52.9	18.1	36.5	38.8	47.3	25.2	42.7	55.0	50.0	43.5	63.4	68.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	52.9	18.1	36.5	38.8	47.3	25.2	42.7	55.0	50.0	43.5	63.4	68.4
Earnings per Share	607.00	208.00	419.00	445.00	543.00	290.00	490.00	631.00	574.00	499.00	728.00	785.00
Diluted EPS	606.72	208.08	418.62	445.30	542.84	289.56	490.03	630.92	573.92	499.34	727.59	784.96

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,306.7	1,305.2	1,230.6	1,373.7	1,349.6	1,324.6	1,288.8	1,450.2	1,402.0	1,352.8	1,334.2	1,402.4
I. Cash and cash equivalents	895.7	855.8	821.2	1,010.3	1,007.6	971.0	941.4	1,152.8	1,087.8	964.7	934.9	1,073.2
1. Cash	195.7	155.8	121.2	310.3	307.6	271.0	241.4	452.8	387.8	264.7	234.9	373.2
2. Cash equivalents	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0
II. Short-term financial investments	—	—	—	—	—	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
III. Short-term receivables	89.8	118.3	102.0	34.2	38.2	48.4	38.0	41.9	41.0	54.1	47.5	44.0
1. Short-term trade accounts receivable	25.8	33.4	28.0	24.4	29.2	35.3	23.0	31.4	26.8	35.6	27.5	28.5
2. Short-term prepayments to suppliers	56.9	77.9	67.7	2.6	1.9	5.2	8.5	5.3	10.9	13.3	13.2	6.4
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	7.1	7.0	6.4	7.2	7.1	8.0	6.5	5.3	3.3	5.2	6.9	9.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	317.0	327.2	304.7	325.0	300.6	302.6	306.0	250.5	264.4	330.4	349.0	280.9
1. Inventories	318.2	328.6	305.7	326.0	301.6	303.6	306.9	251.2	264.8	331.0	349.6	281.2
2. Provision for decline in value of inventories	-1.2	-1.4	-1.0	-1.0	-1.0	-1.0	-0.9	-0.6	-0.4	-0.6	-0.6	-0.3
V. Other short-term assets	4.2	3.9	2.6	4.2	3.3	2.5	3.4	4.9	8.8	3.7	2.7	4.2
1. Short-term prepayments	4.2	3.9	2.6	4.2	3.3	2.5	3.4	4.9	8.8	3.7	2.7	4.1
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	188.3	148.1	150.3	144.7	143.0	151.7	137.6	139.3	115.7	110.9	110.8	109.3
I. Long-term receivables	1.1	1.1	1.1	1.1	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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	1.1	1.1	1.1	1.1	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	96.3	99.1	96.2	97.3	100.2	92.4	94.2	85.1	75.5	69.2	71.3	71.3
1. Tangible fixed assets	90.4	93.1	95.9	97.1	99.9	92.1	93.8	84.8	75.2	68.9	70.9	70.8
- Cost	347.4	—	—	—	—	338.1	385.6	451.1	442.2	433.6	434.2	432.0
- Accumulated depreciation	-257.0	—	—	—	—	-246.1	-291.8	-366.3	-367.0	-364.7	-363.3	-361.1
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	5.8	6.0	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4
- Cost	19.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.1	—	—	—	—	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	59.6	11.9	17.7	11.1	5.9	16.1	2.4	11.0	1.4	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	59.6	11.9	17.7	11.1	5.9	16.1	2.4	11.0	1.4	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	31.4	36.0	35.4	35.2	36.0	42.4	40.1	42.3	37.9	40.7	38.6	37.1
1. Long-term prepayments	22.8	23.7	25.3	26.1	26.9	28.4	30.6	33.0	29.5	28.6	27.5	29.1
2. Deferred income tax assets	8.6	12.3	10.1	9.1	9.1	13.9	9.5	9.4	8.4	12.1	11.1	8.0
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)	1,495.1	1,453.3	1,380.9	1,518.4	1,492.6	1,476.3	1,426.4	1,589.5	1,517.7	1,463.7	1,444.9	1,511.7
A. LIABILITIES (300=210+330)	254.9	266.0	211.8	212.9	225.9	256.9	232.2	228.9	212.0	208.1	232.8	211.6
I. Short -term liabilities	249.1	260.2	206.1	207.0	220.3	253.5	228.8	225.6	209.7	205.7	230.6	209.3
1. Short-term trade accounts payable	155.7	153.6	126.1	137.4	138.8	147.8	136.6	143.8	132.3	110.5	137.9	134.7
2. Short-term advances from customers	18.0	17.2	7.4	5.9	8.5	12.4	7.4	7.5	7.3	5.1	6.5	8.1
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	16.9	20.8	15.0	11.0	13.8	15.1	29.6	19.3	13.9	21.5	22.4	16.5
4. Payable to employees	20.2	12.1	11.5	11.5	18.3	10.6	9.9	9.9	15.6	9.4	9.7	11.1
5. Short-term acrrued expenses	36.1	54.4	43.8	39.2	38.9	65.3	43.3	42.8	39.1	57.6	52.4	37.4
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	1.6	2.1	2.3	2.0	2.1	2.4	2.0	2.3	1.6	1.6	1.6	1.5
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	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	5.8	5.9	5.8	5.8	5.6	3.4	3.3	3.3	2.3	2.3	2.3	2.3
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	5.8	5.9	5.8	5.8	5.6	3.4	3.3	3.3	2.3	2.3	2.3	2.3
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)	1,240.1	1,187.3	1,169.1	1,305.5	1,266.7	1,219.4	1,194.2	1,360.6	1,305.7	1,255.6	1,212.1	1,300.1
I. Owner's equity	1,240.1	1,187.3	1,169.1	1,305.5	1,266.7	1,219.4	1,194.2	1,360.6	1,305.7	1,255.6	1,212.1	1,300.1
1. Owner's capital	871.4	871.4	871.4	871.4	871.4	871.4	871.4	871.4	871.4	871.4	871.4	871.4
- Common stock with voting right	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00	871,409,840,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0	85.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	90.0	—	—	—	—	90.0	0.0	0.0	0.0	0.0	0.0	90.0
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	—	90.0	90.0	90.0	90.0	0.0	90.0	90.0	90.0	90.0	90.0	0.0
11. Undistributed earnings after tax	193.7	140.8	122.7	259.1	220.3	173.0	147.7	314.2	259.2	209.2	165.7	253.6
- Accumulated retained earning at the end of the previous period	140.8	0.1	0.1	173.0	173.0	0.0	0.0	209.2	209.2	0.6	0.6	155.7
- Undistributed earnings in this period	52.9	140.7	122.6	86.1	47.3	172.9	147.7	105.0	50.0	208.6	165.1	97.9
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)	1,495.1	1,453.3	1,380.9	1,518.4	1,492.6	1,476.3	1,426.4	1,589.5	1,517.7	1,463.7	1,444.9	1,511.7

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	66.2	22.7	45.6	48.5	59.2	32.2	53.9	71.8	62.6	55.3	79.4	85.9
Depreciation of Fixed Assets and Investment Property	3.0	3.0	2.9	3.0	3.0	2.8	2.9	2.5	2.3	2.2	2.2	2.7
Provision (Increase)/Reversal	0.0	0.9	0.5	0.8	2.1	1.0	0.6	1.4	0.2	0.2	2.8	-0.9
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.2	-0.0	0.1	—	-0.1	-0.5	0.1	0.0	-0.1	0.1	0.1
Gain/Loss from Investment Activities	-8.3	-7.0	-7.3	-7.3	-7.2	-6.2	-6.3	-4.8	-3.9	-6.4	-8.3	-9.9
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	61.0	19.4	41.7	45.0	57.2	29.6	50.5	71.0	61.2	51.2	76.2	77.9
Increase/(Decrease) in Receivables	36.7	56.0	-67.6	-2.4	17.5	-10.2	6.0	0.3	2.8	-7.6	-0.4	1.1
Increase/(Decrease) in Inventory	10.2	-23.2	19.7	-24.9	2.2	2.5	-56.1	13.6	65.8	18.7	-70.9	-1.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.0	47.3	-1.5	-16.3	-28.9	40.5	-7.8	8.3	6.0	-18.6	14.5	-1.5
Increase/(Decrease) in Prepaid Expenses	0.5	1.3	2.3	-0.1	0.8	3.0	1.3	3.0	-6.0	-2.1	3.0	-0.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-16.8	0.0	-9.8	-7.1	-11.4	-27.4	-0.0	-10.7	-12.8	-19.0	-8.7	-12.4
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	87.6	100.8	-15.1	-5.7	37.3	38.1	-5.9	85.5	117.0	22.5	13.7	63.0
Payments for Fixed Assets and Other Long-term Assets	-47.8	-73.6	-8.4	-5.4	-0.7	-14.6	-0.8	-24.3	0.1	-1.1	-6.4	-3.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0	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	0.1	7.3	7.2	13.7	—	6.1	4.4	3.7	6.0	8.4	9.3	9.3
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	-47.7	-66.3	-1.1	8.3	-0.7	-8.5	3.6	-20.6	6.1	7.3	2.9	5.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	-172.9	—	—	209.1	-209.1	0.0	0.0	155.0	-155.0	0.0
Dividends Paid	—	-172.9	—	—	—	-209.1	0.0	0.0	0.0	-155.1	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	—	0.0	-172.9	—	—	0.0	-209.1	0.0	0.0	-0.1	-155.0	0.0
Net Cash Flow During the Period	39.9	34.5	-189.0	2.7	36.6	29.6	-211.4	65.0	123.1	29.7	-138.3	68.5
Cash and Cash Equivalents at Beginning of Period	855.8	821.2	1,010.3	1,007.6	971.0	964.7	964.7	964.7	964.7	1,009.1	1,009.1	1,009.1
FX Difference from Revaluation	—	0.1	—	—	—	0.1	0.0	0.0	0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	895.7	855.8	821.2	1,010.3	1,007.6	971.0	941.4	1,152.8	1,087.8	964.7	934.9	1,073.2

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IFS

What Is Changing

Drivers of IFS'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