ISH

Thủy điện Srok Phu Miêng IDICO ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 40.07%, +1.68pp YoY

Price

24,000

Latest close

01 Jun 2026

P/E 12.40x

P/B 1.96x

EPS 1,935

BVPS 12,266

ROE 15.6%

ROA 14.8%

Profit Margin 40.1%

Asset Turnover 0.37x

Equity Mult. 1.06x

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

What Is Changing

On a TTM 2026Q1 basis, ISH is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 224bn
	                                
+13.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 90bn
	                                
+18.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	218.0	198.3	233.9	267.2	238.2
Growth	+10%	-15%	-12%	+12%	—
Net Income	84.2	76.2	93.1	112.9	95.5
Net Margin	38.65%	38.42%	39.79%	42.26%	40.08%

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	30.4	71.6	74.9	47.5	24.0	60.2	71.0	42.1	25.0	66.7	74.5	56.3
Growth	-58%	-4%	+57%	+98%	-60%	-15%	+68%	+68%	-62%	-10%	+32%	—
Net Income	9.4	26.9	35.9	17.8	3.7	23.2	33.3	15.5	4.1	21.6	34.7	24.3
Net Margin	30.79%	37.57%	47.95%	37.36%	15.35%	38.59%	46.92%	36.84%	16.51%	32.40%	46.61%	43.20%

Drivers of ISH's profit

TTM

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

Gross profit ↑ 22.3bn

Financial income ↑ 2.2bn

Other profit ↓ 7.3bn

Tax ↑ 2.7bn

TTM

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

Gross profit ↑ 6.9bn

Financial income ↑ 0.8bn

Tax ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.5% = 38.4% × 0.31 × 1.04

2026Q1 15.6% = 40.1% × 0.37 × 1.06

ROE rose from 12.5% to 15.6% — all three components improved, with asset turnover contributing the most.

Net margin: 40.1% +1.7pp Asset turnover: 0.37x +0.06x Leverage: 1.06x +0.02x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 40.07%, rising 1.7pp. The main driver is Gross margin rose 3.5pp and SG&A / Revenue fell 1.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 3.3pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 40.07% +1.7pp

Gross Margin 57.08% +3.5pp

SG&A / Revenue 5.17% −1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 16.1% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 16.07%, rising 3.6pp. That translates to 16.07 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.3pp and capital turnover rose 0.05x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 16.07% +3.6pp

NOPAT Margin 42.38% +4.3pp

Capital Turnover 0.38x +0.05x

Average Invested Capital 592.1bn −10.4bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.10x equity, net debt at 0.05x equity.

Over the last 12 months, working capital absorbed 11.3bn 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: −12.5bn

Inventories increased → lower CFO: −1.9bn

Payables increased → higher CFO: +3.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.5 days versus the same period last year. The main moves came from DIO rose 1.0 days, DSO fell 6.8 days, and DPO rose 3.7 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Inventory turnover is slowing

DIO increased by +1.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 38.6 days −6.8 days

Inventory 32.1 days +1.0 days

Payables 4.8 days +3.7 days

Cash Conversion Cycle 65.9 days −9.5 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 112.69x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.8% of debt, and total debt stands at 31.2bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.05x +0.05x

Interest Coverage 112.69x −60.01x

Cash / Debt 4.8% −58.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.30x −0.36x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 116.3bn in 2025, against investing cash flow of -38.9bn.

Post-investment cash flow was positive +77.4bn. Financing cash flow was negative +71.4bn.

CFO / net income was 1.30x.

After spending +1.9bn on fixed-asset investment, the business generated trailing free cash flow of +114.7bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 116.6bn −9.2bn

Cash Capex 1.9bn +1.8bn

FCF TTM +114.7bn −11.0bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 1.7 pp. The next item to monitor is capital efficiency, with ROIC at 16.1%. The main risk still sits in leverage and liquidity, with interest coverage at 112.69x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 40.07% after expanding 1.7pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.05x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	218.0	198.3	233.9	267.2	238.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	218.0	198.3	233.9	267.2	238.2
Cost of Goods Sold	96.8	91.8	103.1	110.4	0.0
Gross Profit	121.2	106.6	130.8	156.8	139.5
Financial Income	2.9	1.0	0.3	0.2	0.1
Financial Expenses	0.7	0.8	1.8	2.1	-6.8
Interest Expense	0.7	0.8	1.8	2.1	-6.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	11.5	12.9	12.8	12.6	-13.2
Operating Profit	111.8	93.8	116.5	142.3	119.6
Other Income	0.5	0.6	0.0	0.0	0.0
Other Expenses	6.8	0.0	0.0	0.0	0.0
Other Profit	-6.3	0.6	-0.0	0.0	0.0
Profit Before Tax	105.5	94.4	116.5	142.3	119.6
Current Income Tax Expense	21.0	18.7	23.4	29.4	-24.1
Deferred Income Tax Expense	0.2	-0.6	0.0	0.0	0.0
Net Income	84.2	76.2	93.1	112.9	95.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	84.2	76.2	93.1	112.9	95.5
Earnings per Share	1,803.00	1,659.00	2,068.00	2,510.00	2,119.50
Diluted EPS	1,803.00	1,659.00	2,068.42	2,509.51	2,121.45

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	150.1	90.8	89.3	76.3	69.7
I. Cash and cash equivalents	15.0	9.0	17.6	12.5	6.3
1. Cash	3.0	7.0	0.6	0.5	0.0
2. Cash equivalents	12.0	2.0	17.0	12.0	0.0
II. Short-term financial investments	80.5	40.0	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	80.5	40.0	0.0	0.0	0.0
III. Short-term receivables	46.5	34.1	63.7	55.8	56.5
1. Short-term trade accounts receivable	45.4	33.5	62.8	54.9	0.0
2. Short-term prepayments to suppliers	0.2	0.5	0.8	0.7	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	0.9	0.0	0.1	0.2	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	8.0	7.7	8.0	8.0	6.8
1. Inventories	8.0	7.7	8.0	8.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	498.5	542.5	578.6	615.9	653.4
I. Long-term receivables	—	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
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	336.5	375.2	407.3	615.0	652.5
1. Tangible fixed assets	334.4	373.0	405.0	437.0	469.1
- Cost	1,073.4	1,085.2	1,085.8	1,085.7	0.0
- Accumulated depreciation	-739.0	-712.2	-680.8	-648.7	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	2.1	2.2	2.4	178.1	183.4
- Cost	5.0	4.9	4.9	216.6	0.0
- Accumulated depreciation	-2.9	-2.7	-2.6	-38.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.6	1.5	0.9	0.9	0.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	1.5	0.9	0.9	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	160.4	165.8	170.4	0.0	0.0
1. Long-term prepayments	160.1	165.2	170.4	0.0	0.0
2. Deferred income tax assets	0.3	0.6	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	0.0
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)	648.6	633.3	667.9	692.2	723.1
A. LIABILITIES (300=210+330)	61.0	37.8	56.1	116.2	132.1
I. Short -term liabilities	61.0	37.8	56.1	116.2	102.1
1. Short-term trade accounts payable	0.2	0.2	0.2	0.2	0.1
2. Short-term advances from customers	—	0.0	0.0	0.1	0.1
3. Taxes and other payables to state authorities	13.5	11.2	12.2	22.5	0.0
4. Payable to employees	3.4	1.2	1.5	4.0	0.0
5. Short-term acrrued expenses	0.2	0.8	0.0	0.0	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	6.1	5.5	6.1	60.3	0.0
10. Short-term borrowings and financial leases	35.0	16.4	31.2	24.3	24.8
11. Provision for short-term liabilities	1.6	2.2	4.2	4.3	0.0
12.. Bonus and welfare fund	1.0	0.5	0.8	0.5	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	30.0
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	30.0
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)	587.6	595.5	611.8	576.0	591.0
I. Owner's equity	587.6	595.5	611.8	576.0	0.0
1. Owner's capital	450.0	450.0	450.0	450.0	591.0
- Common stock with voting right	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	2.4
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	137.6	145.5	161.8	126.0	138.6
- Accumulated retained earning at the end of the previous period	53.4	69.3	68.7	49.1	43.1
- Undistributed earnings in this period	84.2	76.2	93.1	76.9	95.5
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)	648.6	633.3	667.9	692.2	723.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	105.5	94.4	116.5	142.3	119.6
Depreciation of Fixed Assets and Investment Property	32.1	32.1	32.2	37.4	37.5
Provision (Increase)/Reversal	-0.6	-2.0	-0.1	4.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	3.9	-1.1	-0.3	-0.2	0.0
Interest Expense	0.7	0.8	1.8	2.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	141.6	124.2	150.1	185.9	163.7
Increase/(Decrease) in Receivables	-11.7	29.0	-7.9	0.7	0.0
Increase/(Decrease) in Inventory	-0.2	0.2	0.0	-5.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.1	-0.6	-0.9	-2.8	0.0
Increase/(Decrease) in Prepaid Expenses	5.2	5.2	5.2	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-0.9	-1.8	-2.9	0.0
Corporate Income Tax Paid	-20.3	-19.8	-35.2	-13.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.6	-2.8	-2.9	-1.9	0.0
Net Cash Flow from Operating Activities	116.3	134.6	106.5	160.1	114.9
Payments for Fixed Assets and Other Long-term Assets	-1.0	0.0	-0.1	-0.1	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-96.0	-40.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	55.5	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	2.0	1.0	0.4	0.2	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	-38.9	-38.9	0.3	0.1	-0.5
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	61.8	43.4	67.6	60.1	67.9
Repayment of Borrowings	-43.2	-58.2	-60.8	-90.6	-111.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-89.9	-89.6	-108.4	-123.6	-73.9
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	-71.4	-104.4	-101.6	-154.1	-117.1
Net Cash Flow During the Period	6.0	-8.7	5.2	6.2	-1.8
Cash and Cash Equivalents at Beginning of Period	9.0	17.6	12.5	6.3	9.0
FX Difference from Revaluation	—	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.0	9.0	17.6	12.5	6.3

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	30.4	71.6	74.9	47.5	24.0	60.2	71.0	42.1	25.0	66.7	74.5	56.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	30.4	71.6	74.9	47.5	24.0	60.2	71.0	42.1	25.0	66.7	74.5	56.3
Cost of Goods Sold	17.2	28.4	27.5	23.3	17.7	27.4	26.9	19.5	18.0	34.6	27.3	22.6
Gross Profit	13.2	43.2	47.4	24.3	6.3	32.8	44.1	22.6	7.1	32.2	47.2	33.7
Financial Income	1.5	0.9	0.4	0.9	0.7	0.2	0.2	0.3	0.2	0.1	0.1	0.1
Financial Expenses	0.4	0.4	0.2	0.1	0.1	0.1	0.1	0.2	0.4	0.5	0.4	0.5
Interest Expense	0.4	0.4	0.2	0.1	0.1	0.1	0.1	0.2	0.4	0.5	0.4	0.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.6	3.5	2.7	2.7	2.5	3.9	3.0	3.4	2.6	3.6	3.4	2.9
Operating Profit	11.7	40.2	44.9	22.3	4.4	29.0	41.2	19.3	4.3	28.1	43.4	30.4
Other Income	0.0	0.2	0.0	0.0	0.3	0.1	0.5	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	6.7	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	-6.5	0.0	-0.0	0.3	0.1	0.5	0.0	0.0	0.0	-0.0	0.0
Profit Before Tax	11.7	33.7	44.9	22.3	4.6	29.1	41.7	19.3	4.3	28.1	43.4	30.4
Current Income Tax Expense	2.1	6.7	9.1	4.3	0.9	6.4	8.4	3.8	0.1	6.5	8.7	6.1
Deferred Income Tax Expense	0.3	0.1	-0.1	0.2	0.1	-0.6	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.4	26.9	35.9	17.8	3.7	23.2	33.3	15.5	4.1	21.6	34.7	24.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.4	26.9	35.9	17.8	3.7	23.2	33.3	15.5	4.1	21.6	34.7	24.3
Earnings per Share	208.00	577.00	767.00	383.00	82.00	506.00	725.00	345.00	92.00	480.00	772.00	540.00
Diluted EPS	208.00	577.00	767.00	394.66	81.75	516.20	740.09	345.04	91.86	480.44	771.61	540.37

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)	106.5	150.1	91.5	77.3	85.5	90.8	98.2	92.4	74.7	89.3	99.9	72.7
I. Cash and cash equivalents	1.5	15.0	2.1	13.0	5.8	9.0	36.8	43.6	33.5	17.6	17.9	8.2
1. Cash	1.5	3.0	1.1	5.2	5.1	7.0	0.8	3.1	3.9	0.6	1.9	4.2
2. Cash equivalents	—	12.0	1.0	7.8	0.7	2.0	36.0	40.5	29.6	17.0	16.0	4.0
II. Short-term financial investments	65.1	80.5	29.3	15.5	53.5	40.0	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	65.1	80.5	29.3	15.5	53.5	40.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	30.4	46.5	52.2	41.1	18.5	34.1	53.6	40.8	32.9	63.7	74.4	56.8
1. Short-term trade accounts receivable	30.3	45.4	51.8	40.6	17.2	33.5	53.2	39.9	32.0	62.8	73.3	56.0
2. Short-term prepayments to suppliers	0.0	0.2	0.3	0.1	0.6	0.5	0.3	0.8	0.8	0.8	1.1	0.7
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	—	0.9	0.1	0.3	0.7	0.0	0.1	0.1	0.1	0.1	0.1	0.1
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	9.4	8.0	7.8	7.7	7.5	7.7	7.9	7.9	8.1	8.0	7.4	7.7
1. Inventories	9.4	8.0	7.8	7.7	7.5	7.7	7.9	7.9	8.1	8.0	7.4	7.7
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	0.1	0.2	0.1	0.1	0.3	0.0	0.0	0.0	0.3	0.0	0.1	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.1	—	0.2	0.0	0.0	0.0	0.3	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	490.0	498.5	515.1	524.2	533.1	542.5	551.3	559.9	569.2	578.6	590.5	597.3
I. Long-term receivables	—	—	—	—	—	0.0	0.0	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	0.0	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	328.5	336.5	351.8	359.6	367.3	375.2	383.2	391.3	399.3	407.3	587.1	596.4
1. Tangible fixed assets	326.5	334.4	349.6	357.5	365.1	373.0	381.0	389.0	397.0	405.0	413.0	421.0
- Cost	1,073.4	—	—	—	—	1,085.2	1,085.8	1,085.8	1,085.8	1,085.8	1,085.8	1,085.8
- Accumulated depreciation	-746.9	—	—	—	—	-712.2	-704.8	-696.8	-688.8	-680.8	-672.8	-664.8
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	2.1	2.1	2.2	2.1	2.2	2.2	2.2	2.3	2.3	2.4	174.1	175.4
- Cost	5.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.7	1.6	1.6	1.6	1.5	1.5	1.5	0.9	0.9	0.9	3.4	0.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.7	1.6	1.6	1.6	1.5	1.5	1.5	0.9	0.9	0.9	3.4	0.9
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	158.8	160.4	161.8	162.9	164.4	165.8	166.5	167.8	169.1	170.4	0.0	0.0
1. Long-term prepayments	158.8	160.1	161.4	162.6	163.9	165.2	166.5	167.8	169.1	170.4	0.0	0.0
2. Deferred income tax assets	0.0	0.3	0.4	0.3	0.5	0.6	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)	596.6	648.6	606.6	601.5	618.7	633.3	649.5	652.3	643.9	667.9	690.3	670.0
A. LIABILITIES (300=210+330)	44.6	61.0	45.9	31.7	19.5	37.8	77.2	68.4	28.0	56.1	100.1	60.5
I. Short -term liabilities	44.6	61.0	45.9	31.7	19.5	37.8	77.2	68.4	28.0	56.1	100.1	60.5
1. Short-term trade accounts payable	2.2	0.2	0.1	0.3	0.3	0.2	0.2	0.1	0.3	0.2	2.4	0.1
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	3.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.0	13.5	14.1	9.9	3.0	11.2	15.5	7.1	3.2	12.2	14.7	9.8
4. Payable to employees	1.9	3.4	1.4	1.1	0.9	1.2	0.6	0.6	0.0	1.5	2.7	1.1
5. Short-term acrrued expenses	0.2	0.2	0.6	0.5	0.6	0.8	0.0	0.0	0.0	0.0	0.0	0.0
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	1.7	6.1	6.9	4.7	3.6	5.5	51.0	49.6	4.0	6.1	60.4	31.0
10. Short-term borrowings and financial leases	31.2	35.0	20.0	12.3	9.1	16.4	9.4	9.8	20.0	31.2	18.5	16.4
11. Provision for short-term liabilities	0.1	1.6	1.6	1.1	1.9	2.2	0.0	0.0	0.5	4.2	0.0	0.0
12.. Bonus and welfare fund	0.1	1.0	1.2	1.7	0.1	0.5	0.7	1.2	0.1	0.8	1.3	2.1
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)	552.0	587.6	560.7	569.8	599.2	595.5	572.3	584.0	615.9	611.8	590.2	609.4
I. Owner's equity	552.0	587.6	560.7	569.8	599.2	595.5	572.3	584.0	615.9	611.8	590.2	609.4
1. Owner's capital	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0
- Common stock with voting right	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	102.0	137.6	110.7	119.8	149.2	145.5	122.3	134.0	165.9	161.8	140.2	159.4
- Accumulated retained earning at the end of the previous period	92.6	53.4	53.4	98.4	145.5	69.3	69.3	114.3	161.8	68.7	68.7	122.7
- Undistributed earnings in this period	9.4	84.2	57.3	21.4	3.7	76.2	53.0	19.7	4.1	93.1	71.5	36.7
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)	596.6	648.6	606.6	601.5	618.7	633.3	649.5	652.3	643.9	667.9	690.3	670.0

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	11.7	33.7	44.9	22.3	4.6	29.1	41.7	19.3	4.3	28.1	43.4	30.4
Depreciation of Fixed Assets and Investment Property	7.9	8.0	8.0	8.0	8.0	8.0	8.0	8.1	8.0	4.2	9.4	9.3
Provision (Increase)/Reversal	-1.5	-0.0	0.6	-0.8	-0.3	2.2	0.0	-0.5	-3.7	4.2	0.0	0.0
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	-1.5	5.9	-0.4	-0.9	-0.7	-0.3	-0.2	-0.3	-0.2	-0.1	-0.1	-0.1
Interest Expense	0.4	0.4	0.2	0.1	0.1	0.1	0.1	0.2	0.4	0.5	0.4	0.5
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	17.0	47.9	53.3	28.7	11.7	39.2	49.6	26.8	8.7	37.0	53.1	40.2
Increase/(Decrease) in Receivables	15.3	6.4	-11.4	-22.8	16.1	18.8	-12.7	-7.6	30.5	10.7	-17.6	-21.2
Increase/(Decrease) in Inventory	-1.5	-0.1	-0.1	-0.2	0.2	0.2	0.0	0.0	-0.0	-0.6	0.3	4.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.0	1.1	0.7	4.2	-2.0	-3.5	4.3	1.3	-2.7	-3.5	6.0	-5.3
Increase/(Decrease) in Prepaid Expenses	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	5.3	-0.1	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.4	-0.2	-0.1	-0.1	-0.1	-0.1	-0.2	-0.4	-0.5	-2.4	1.5
Corporate Income Tax Paid	-9.5	-7.3	-3.5	-0.7	-8.8	-6.7	-3.1	-0.1	-9.9	-7.0	-4.9	-1.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.8	-0.2	-0.5	-0.5	-0.4	-0.2	-0.5	-1.5	-0.7	-0.5	-0.7	-1.2
Net Cash Flow from Operating Activities	18.3	48.7	39.6	10.0	18.0	48.9	38.8	20.1	26.9	40.8	33.7	16.5
Payments for Fixed Assets and Other Long-term Assets	-1.0	0.0	-0.3	-0.5	-0.1	0.7	-0.7	0.0	0.0	0.0	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-10.5	-53.2	-27.3	-2.0	-13.5	-40.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	27.3	2.0	13.5	40.0	—	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	1.0	0.1	0.7	1.3	0.0	0.2	0.2	0.3	0.3	0.1	0.1	0.1
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	16.7	-50.6	-13.5	38.7	-13.6	-39.0	-0.4	0.3	0.3	0.1	0.1	0.0
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	9.4	21.9	18.5	12.3	9.1	16.4	9.4	9.8	7.9	22.1	15.6	13.4
Repayment of Borrowings	-13.1	-6.9	-10.8	-9.1	-16.4	-9.4	-9.8	-20.0	-19.1	-9.4	-13.5	-24.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-44.8	-0.2	-44.7	-44.7	-0.4	-44.7	-44.8	0.0	-0.1	-53.9	-26.1	-9.6
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	-48.5	14.7	-37.0	-41.5	-7.6	-37.7	-45.2	-10.2	-11.3	-41.3	-24.0	-20.3
Net Cash Flow During the Period	-13.5	12.9	-10.9	7.2	-3.1	-27.8	-6.9	10.2	15.8	-0.3	9.8	-3.7
Cash and Cash Equivalents at Beginning of Period	15.0	2.1	13.0	5.8	9.0	17.6	17.6	17.6	17.6	12.5	12.5	12.5
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	1.5	15.0	2.1	13.0	5.8	9.0	36.8	43.6	33.5	17.6	17.9	8.2

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ISH

What Is Changing

Drivers of ISH's profit

Financial Highlights

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Is capital being deployed efficiently? ▲

Balance Sheet ▼

Working Capital Efficiency ▲

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow