MAC

Tập đoàn Macstar ·HNX ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 27.42%, −3.21pp YoY

Price

11,500

Latest close

02 Jun 2026

P/E 4.28x

P/B 0.53x

EPS 2,685

BVPS 21,561

ROE 9.7%

ROA 7.7%

Profit Margin 21.3%

Asset Turnover 0.36x

Equity Mult. 1.26x

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

What Is Changing

On a TTM 2026Q1 basis, MAC is showing a few mildly positive signals versus the same period, though the magnitude is narrow — 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 300bn
	                                
+102.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 82bn
	                                
+81.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    80.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	253.6	124.5	76.2	82.0	89.6
Growth	+104%	+63%	-7%	-8%	—
Net Income	65.8	42.5	42.1	9.0	-11.3
Net Margin	25.96%	34.13%	55.16%	10.95%	-12.62%

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	89.1	85.6	72.0	53.2	42.8	40.6	34.4	30.1	19.1	21.0	20.6	19.7
Growth	+4%	+19%	+35%	+24%	+5%	+18%	+14%	+58%	-9%	+2%	+4%	—
Net Income	23.9	14.5	27.4	16.4	7.6	5.4	7.4	24.9	5.1	3.9	19.3	15.1
Net Margin	26.79%	16.95%	38.10%	30.87%	17.73%	13.32%	21.50%	82.71%	26.83%	18.59%	93.90%	76.72%

Drivers of MAC's profit

TTM

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

Financial income ↑ 34.8bn

Gross profit ↑ 14.2bn

Other profit ↑ 9.1bn

Minority interests ↑ 20.4bn

Finance costs ↑ 17.9bn

Administrative expenses ↑ 8.7bn

TTM

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

Financial income ↑ 7.4bn

Gross profit ↑ 4.5bn

Minority interests ↑ 5.7bn

Finance costs ↑ 2.2bn

Selling expenses ↑ 2.2bn

Administrative expenses ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.0% = 30.6% × 0.48 × 1.08

2026Q1 12.4% = 27.4% × 0.36 × 1.26

ROE fell from 16.0% to 12.4% — asset turnover weakened the most, though leverage still provided support.

Net margin: 27.4% -3.2pp Asset turnover: 0.36x -0.12x Leverage: 1.26x +0.18x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 27.42%, losing 3.2pp. The main pressure is Gross margin fell 1.2pp, outweighing the improvement in SG&A / Revenue fell 2.3pp (in addition, Other profit / Revenue rose 3.1pp added support while Net financial result / Revenue fell 14.5pp remained a drag).

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

Profitability trend

Net Margin 27.42% −3.2pp

Gross Margin 10.45% −1.2pp

SG&A / Revenue 10.68% −2.3pp

Non-core / Revenue 28.21% −11.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 11.4pp, financial result still accounts for 90.0% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 12.06%, losing 7.0pp. That translates to 12.06 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 5.9pp and capital turnover fell 0.13x, while invested capital expanded strongly by 378bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

CAPITAL EFFICIENCY TREND

ROIC 12.06% −7.0pp

NOPAT Margin 24.81% −5.9pp

Capital Turnover 0.49x −0.13x

Average Invested Capital 617.1bn +378.2bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.27x equity, with a net cash position equivalent to 0.03x equity.

Over the last 12 months, working capital released 55.9bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −20.6bn

Inventories increased → lower CFO: −0.4bn

Payables increased → higher CFO: +76.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.9 days versus the same period last year. The main moves came from DIO fell 4.5 days, DSO rose 0.2 days, and DPO rose 10.6 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +0.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 44.9 days +0.2 days

Inventory 7.5 days −4.5 days

Payables 28.7 days +10.6 days

Cash Conversion Cycle 23.7 days −14.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 437.7bn due to capex of 114.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.03x and interest coverage at 4.01x.

At present, short-term debt accounts for 80.2% of total debt, cash equals 115.4% of debt, and total debt stands at 212.3bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 80.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.03x +0.11x

Interest Coverage 4.01x −13.17x

Cash / Debt 115.4% −181.1pp

Short-term Debt / Total Debt 80.2% +70.1pp

CFO / NI -5.05x −5.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -175.1bn in 2025, against investing cash flow of -135.4bn.

Post-investment cash flow was negative +310.5bn. Financing cash flow was positive +728.2bn.

CFO / net income was -5.05x.

After spending +114.4bn on fixed-asset investment, the business generated trailing free cash flow of −437.7bn.

Cash Conversion

CFO TTM 323.2bn −355.0bn

Cash Capex 114.4bn +95.2bn

FCF TTM −437.7bn −450.2bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.03x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 3.2 pp.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.03x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 80.5% of PBT and CFO / net income currently at -5.05x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 27.42% after a 3.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	253.6	124.5	76.2	82.0	89.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	253.6	124.5	76.2	82.0	89.6
Cost of Goods Sold	227.0	114.0	59.0	69.9	0.0
Gross Profit	26.7	10.5	17.3	12.1	4.5
Financial Income	88.6	62.2	40.2	19.7	0.6
Financial Expenses	18.3	2.0	1.4	3.4	-0.7
Interest Expense	9.0	0.4	0.9	0.1	-0.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.0	0.1	0.0	0.4	-0.5
General and Administrative Expenses	26.2	16.8	9.8	16.8	-13.9
Operating Profit	68.9	53.8	46.3	11.2	-10.0
Other Income	9.9	0.4	1.8	1.0	0.0
Other Expenses	0.6	0.4	0.4	3.3	0.0
Other Profit	9.3	0.0	1.4	-2.2	-1.4
Profit Before Tax	78.2	53.8	47.7	9.0	-11.3
Current Income Tax Expense	12.3	11.3	5.7	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	65.8	42.5	42.1	9.0	-11.3
Non-controlling Interest	—	-6.5	-0.3	0.0	0.0
Profit Attributable to Parent	65.8	49.0	42.3	9.0	-11.3
Earnings per Share	2,245.00	3,106.00	2,794.00	593.00	-33.00
Diluted EPS	2,245.00	3,106.00	2,794.00	593.00	-747.09

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	886.0	226.7	138.3	84.4	76.7
I. Cash and cash equivalents	458.9	41.2	25.8	12.0	13.3
1. Cash	83.5	16.1	13.2	4.2	0.0
2. Cash equivalents	375.4	25.1	12.6	7.8	0.0
II. Short-term financial investments	305.4	115.4	86.4	31.7	0.0
1. Available for sale securities	306.8	27.5	86.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.4	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	87.9	0.4	31.7	0.0
III. Short-term receivables	104.6	63.7	21.1	31.3	45.5
1. Short-term trade accounts receivable	46.4	18.0	16.8	42.2	0.0
2. Short-term prepayments to suppliers	36.4	41.5	0.7	3.2	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	23.3	4.9	3.6	3.9	0.0
7. Provision for short-term doubtful debts (*)	-1.4	-0.6	0.0	-18.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	5.6	3.8	3.5	9.1	13.2
1. Inventories	5.7	3.9	3.6	9.1	0.0
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	0.0	0.0
V. Other short-term assets	11.5	2.6	1.4	0.3	0.3
1. Short-term prepayments	0.5	0.3	0.4	0.1	0.0
2. Value added tax to be reclaimed	10.5	2.2	1.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.0	0.0	0.2	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)	288.1	83.6	71.6	82.8	106.7
I. Long-term receivables	24.2	38.1	39.5	35.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	35.3
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	24.2	38.1	39.5	35.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	130.8	33.8	28.8	20.4	26.1
1. Tangible fixed assets	130.1	33.2	28.1	19.8	24.2
- Cost	183.3	74.6	64.4	54.2	0.0
- Accumulated depreciation	-53.2	-41.4	-36.2	-34.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.6	0.6	0.6	1.9
- Cost	0.7	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	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	9.1	9.1	0.0	0.0	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	9.1	9.1	0.0	0.0	0.0
V. Long-term financial investments	121.5	1.2	1.8	27.1	43.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	120.6	0.0	0.0	9.5	0.0
3. Investments in other entities	0.9	1.2	1.2	23.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-6.9	0.0
5. Held to maturity investments	—	0.0	0.6	0.6	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.5	1.3	1.4	0.3	0.0
1. Long-term prepayments	2.5	1.3	1.4	0.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.4
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)	1,174.2	310.3	209.8	167.2	183.4
A. LIABILITIES (300=210+330)	249.2	45.0	21.6	18.4	40.4
I. Short -term liabilities	211.2	33.6	21.6	18.4	40.4
1. Short-term trade accounts payable	39.0	9.5	5.5	8.2	11.2
2. Short-term advances from customers	37.6	0.6	0.1	0.0	0.1
3. Taxes and other payables to state authorities	11.4	9.6	0.8	1.5	0.0
4. Payable to employees	7.4	5.4	2.2	2.9	0.0
5. Short-term acrrued expenses	1.2	5.4	2.3	0.5	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	0.2	0.2	0.0	0.0	0.0
9. Other short-term payables	1.6	0.7	0.6	5.1	0.0
10. Short-term borrowings and financial leases	109.8	1.3	9.9	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.0	1.0	0.2	0.3	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	38.0	11.4	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	38.0	11.4	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	925.0	265.2	188.2	148.7	143.0
I. Owner's equity	925.0	265.2	188.2	148.7	0.0
1. Owner's capital	439.6	151.4	151.4	151.4	143.0
- Common stock with voting right	439,560,690,000.00	151,397,450,000.00	151,397,450,000.00	151,397,450,000.00	151,397,450,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-1.2	-0.6	-0.6	-0.6	-0.6
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	—	22.4	14.7	14.7	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	0.0
11. Undistributed earnings after tax	62.3	62.7	21.0	-16.7	-22.4
- Accumulated retained earning at the end of the previous period	9.1	13.7	-16.7	-25.7	-17.1
- Undistributed earnings in this period	53.2	49.0	37.8	9.0	-5.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	424.3	29.3	1.7	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)	1,174.2	310.3	209.8	167.2	183.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	78.2	53.8	47.7	9.0	-11.3
Depreciation of Fixed Assets and Investment Property	14.3	6.8	3.8	5.3	5.7
Provision (Increase)/Reversal	2.2	0.6	0.4	9.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-7.9	-6.8	-40.2	-20.4	0.0
Interest Expense	9.0	0.4	0.9	0.1	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	95.8	54.8	12.7	3.3	-3.5
Increase/(Decrease) in Receivables	-36.9	-42.6	35.3	11.1	0.0
Increase/(Decrease) in Inventory	-1.8	-0.3	5.6	4.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	65.5	11.1	-3.8	-3.5	0.0
Increase/(Decrease) in Prepaid Expenses	-1.4	0.2	-1.5	0.3	0.0
Changes in Trading Securities	-279.3	58.6	-86.0	1.5	0.0
Interest Paid	-6.2	-0.4	0.0	-0.1	0.0
Corporate Income Tax Paid	-10.8	-2.6	-5.5	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.2	-0.0	-0.4	0.0
Net Cash Flow from Operating Activities	-175.1	78.6	-43.3	16.3	14.3
Payments for Fixed Assets and Other Long-term Assets	-111.3	-21.2	-12.8	-2.7	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	0.2	2.9	0.3
Loans and Purchases of Debt Instruments	-50.0	-87.5	-6.4	-31.8	0.1
Receipts from Loan Repayments and Sale of Debt Instruments	137.9	0.6	37.7	3.0	0.6
Investments in Other Entities	-120.6	0.0	-2.2	-9.8	-1.5
Proceeds from Investments in Other Entities	0.3	0.0	35.3	21.3	0.0
Dividends and Interest Income Received	8.3	6.3	1.9	1.1	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	-135.4	-101.5	53.7	-16.0	0.3
Proceeds from Equity Issuance and Capital Contributions	595,910,020,000.00	35,500,000,000.00	2,000,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	650.6	46.7	85.7	3.5	18.3
Repayment of Borrowings	-518.3	-44.0	-76.7	-5.0	-28.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-7.6	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	728.2	38.3	3.5	-1.5	-10.5
Net Cash Flow During the Period	417.7	15.4	13.8	-1.2	5.4
Cash and Cash Equivalents at Beginning of Period	41.2	25.8	12.0	13.2	9.3
FX Difference from Revaluation	—	0.0	0.0	-0.0	-0.1
Cash and Cash Equivalents at End of Period	458.9	41.2	25.8	12.0	13.3

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	89.1	85.6	72.0	53.2	42.8	40.6	34.4	30.1	19.1	21.0	20.6	19.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	89.1	85.6	72.0	53.2	42.8	40.6	34.4	30.1	19.1	21.0	20.6	19.7
Cost of Goods Sold	78.9	76.1	66.4	47.2	37.2	34.8	31.0	28.0	20.0	17.6	14.4	14.6
Gross Profit	10.2	9.5	5.6	6.1	5.7	5.9	3.5	2.2	-0.9	3.4	6.2	5.1
Financial Income	17.3	10.3	45.9	23.4	9.8	5.3	10.6	36.4	10.0	2.2	20.6	6.3
Financial Expenses	2.7	6.9	7.8	3.7	0.5	-2.4	0.4	4.8	0.1	0.3	0.2	-6.4
Interest Expense	2.9	5.3	3.3	0.7	0.3	0.2	0.1	0.1	0.0	0.3	0.1	0.5
Share of Associates and Joint Ventures	10.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.2	1.3	0.6	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.3	6.9	8.5	6.1	4.7	6.5	4.5	3.4	2.4	2.7	2.3	1.5
Operating Profit	26.2	4.6	34.5	19.7	10.2	7.0	9.2	30.3	6.5	2.7	24.3	16.2
Other Income	0.1	9.9	0.0	0.0	0.2	0.3	0.0	0.0	0.0	1.8	0.3	0.1
Other Expenses	0.4	0.0	0.5	0.0	0.2	0.3	0.2	0.1	0.0	0.9	0.4	0.1
Other Profit	-0.4	9.8	-0.5	-0.0	-0.0	0.1	-0.2	-0.0	-0.0	0.9	-0.1	0.0
Profit Before Tax	25.8	14.4	34.0	19.7	10.2	7.1	9.0	30.2	6.5	3.5	24.2	16.2
Current Income Tax Expense	2.0	-0.1	6.6	3.2	2.6	1.6	1.6	5.3	1.4	-0.4	4.9	1.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	23.9	14.5	27.4	16.4	7.6	5.4	7.4	24.9	5.1	3.9	19.3	15.1
Non-controlling Interest	5.2	3.1	5.5	4.4	-0.5	-1.1	-0.3	-0.3	-0.3	-0.3	-0.0	-0.0
Profit Attributable to Parent	18.6	11.4	21.9	12.0	8.1	6.5	7.7	25.2	5.4	4.1	19.3	15.1
Earnings per Share	424.00	500.00	966.00	795.00	535.00	429.00	506.00	1,665.25	357.00	274.00	1,276.00	985.00
Diluted EPS	424.00	500.00	965.94	529.76	534.62	428.88	505.90	1,665.25	357.30	274.03	1,276.13	985.19

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)	961.3	878.9	482.3	320.1	339.8	226.9	178.5	163.4	134.3	138.3	152.4	126.8
I. Cash and cash equivalents	244.9	458.9	16.3	21.6	84.0	41.2	63.5	7.2	34.8	26.2	43.5	17.8
1. Cash	15.7	83.5	16.3	13.6	77.0	16.1	10.3	7.2	5.8	13.6	2.7	8.8
2. Cash equivalents	229.2	375.4	—	8.0	7.0	25.1	53.2	0.0	29.0	12.6	40.8	9.0
II. Short-term financial investments	573.2	305.4	380.4	225.9	156.9	115.4	45.3	92.6	72.1	86.0	78.0	77.3
1. Available for sale securities	462.9	306.8	380.0	89.7	—	27.5	47.6	96.5	71.7	86.0	78.0	77.3
2. Provision for diminution in value of available for sale securities (*)	-0.7	-1.4	—	-2.7	—	0.0	-2.7	-4.3	0.0	0.0	0.0	0.0
3. Held to maturity investments	111.0	0.0	0.4	138.9	156.9	87.9	0.4	0.4	0.4	0.0	0.0	0.0
III. Short-term receivables	125.5	98.1	69.2	58.0	92.2	63.8	63.1	55.9	20.0	21.4	26.4	26.8
1. Short-term trade accounts receivable	51.7	46.4	34.3	26.2	22.2	18.0	18.4	24.8	14.1	16.8	21.5	36.9
2. Short-term prepayments to suppliers	62.3	36.4	27.0	22.2	57.9	41.5	34.3	25.3	2.3	0.9	1.7	3.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	13.0	16.7	9.5	11.0	12.8	4.9	10.4	5.8	3.6	3.6	3.2	4.6
7. Provision for short-term doubtful debts (*)	-1.4	-1.4	-1.6	-1.4	-0.6	-0.6	0.0	0.0	0.0	0.0	0.0	-18.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	6.8	5.4	5.0	4.6	4.1	3.8	4.0	4.4	4.4	3.5	4.2	4.7
1. Inventories	6.8	5.4	5.1	4.6	4.2	3.9	4.0	4.4	4.4	3.6	4.4	4.7
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2	0.0
V. Other short-term assets	10.9	11.2	11.4	10.1	2.5	2.7	2.7	3.4	3.1	1.1	0.3	0.2
1. Short-term prepayments	0.6	0.2	0.4	0.3	0.3	0.4	0.3	0.8	1.7	0.1	0.2	0.2
2. Value added tax to be reclaimed	10.2	10.5	11.0	9.8	2.2	2.2	2.3	2.5	1.4	1.0	0.1	0.0
3. Taxes and other receivables from state authorities	0.1	0.5	0.0	0.0	0.0	0.0	0.0	0.1	0.0	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)	296.6	296.4	182.1	176.5	70.6	83.4	85.3	87.5	71.0	71.6	60.8	66.5
I. Long-term receivables	24.2	31.6	33.2	34.8	36.5	38.1	39.5	39.5	39.5	39.5	39.5	37.3
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	24.2	31.6	33.2	34.8	36.5	38.1	39.5	39.5	39.5	39.5	39.5	37.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	127.4	131.4	136.0	109.6	32.0	33.8	34.1	35.8	29.2	28.8	17.6	18.5
1. Tangible fixed assets	126.7	130.8	135.3	108.9	31.3	33.2	33.5	35.2	28.5	28.1	17.0	17.8
- Cost	184.0	—	—	—	—	74.6	74.7	74.7	66.3	64.4	53.8	53.9
- Accumulated depreciation	-57.2	—	—	—	—	-41.4	-41.3	-39.5	-37.7	-36.2	-36.9	-36.1
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
- Cost	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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	11.3	9.1	9.5	30.0	—	9.1	9.1	9.1	0.4	0.0	1.2	0.0
1. Long-term production in progress	1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	10.0	9.1	9.5	30.0	—	9.1	9.1	9.1	0.4	0.0	1.2	0.0
V. Long-term financial investments	131.5	121.5	0.9	0.9	0.9	1.2	1.2	1.8	1.8	1.8	1.8	10.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	130.6	120.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	9.5
3. Investments in other entities	0.9	0.9	0.9	0.9	0.9	1.2	1.2	1.2	1.2	1.2	1.2	1.2
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.7
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.6	0.6	0.6	0.6	0.6
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.2	2.7	2.6	1.2	1.3	1.2	1.4	1.2	0.1	1.4	0.6	0.2
1. Long-term prepayments	2.2	2.7	2.6	1.2	1.3	1.2	1.4	1.2	0.1	1.4	0.6	0.2
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)	1,257.9	1,175.3	664.5	496.7	410.4	310.3	263.8	250.9	205.4	209.9	213.2	193.3
A. LIABILITIES (300=210+330)	310.2	249.9	248.1	107.4	45.0	43.8	36.3	31.6	12.0	21.6	24.3	23.8
I. Short -term liabilities	268.2	206.4	205.5	64.6	19.6	31.6	28.5	27.6	12.0	21.6	24.3	23.8
1. Short-term trade accounts payable	35.3	39.0	43.1	17.9	6.9	9.5	10.0	12.6	6.0	5.5	6.5	7.1
2. Short-term advances from customers	49.4	37.6	0.2	1.5	1.2	0.6	0.8	0.7	0.1	0.1	0.0	0.0
3. Taxes and other payables to state authorities	2.5	11.4	13.0	6.9	3.4	8.3	8.6	6.1	2.0	0.8	8.3	2.4
4. Payable to employees	3.6	6.6	3.1	2.7	2.3	5.4	1.9	1.9	1.6	2.2	1.6	1.5
5. Short-term acrrued expenses	1.0	2.7	0.5	1.1	1.0	5.4	5.0	3.4	0.5	0.1	0.0	0.4
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	0.2	0.2	0.1	0.1	0.1	0.2	0.1	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.7	1.6	1.3	1.3	0.9	0.7	0.5	0.6	1.8	2.9	3.9	4.6
10. Short-term borrowings and financial leases	170.3	104.3	141.2	30.0	2.9	0.5	0.6	1.4	0.0	9.9	3.7	7.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	3.0	3.0	3.0	1.0	1.0	1.0	1.0	0.0	0.2	0.2	0.2
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	41.9	43.5	42.6	42.8	25.5	12.2	7.8	4.0	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	41.9	43.5	42.6	42.8	25.5	12.2	7.8	4.0	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)	947.7	925.4	416.4	389.3	374.8	266.5	227.5	219.3	193.4	188.2	188.9	169.6
I. Owner's equity	947.7	925.4	416.4	389.3	374.8	266.5	227.5	219.3	193.4	188.2	188.9	169.6
1. Owner's capital	439.6	439.6	227.1	227.1	151.4	151.4	151.4	151.4	151.4	151.4	151.4	153.4
- Common stock with voting right	439,560,690,000.00	439,560,690,000.00	227,094,080,000.00	227,094,080,000.00	151,397,450,000.00	151,397,450,000.00	151,397,450,000.00	151,397,450,000.00	151,397,450,000.00	151,397,450,000.00	151,397,450,000.00	153,397,450,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-1.2	-1.2	-0.9	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	22.4	20.9	20.9	22.4	14.7	14.7	14.7	14.7
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	1.5	1.5	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	79.4	62.6	51.1	29.2	72.4	58.0	51.5	43.0	26.4	21.0	21.4	2.1
- Accumulated retained earning at the end of the previous period	60.7	51.3	29.2	17.2	64.3	51.5	43.8	17.7	21.0	16.9	2.1	-13.0
- Undistributed earnings in this period	18.6	11.4	21.9	12.0	8.1	6.5	7.7	25.2	5.4	4.1	19.3	15.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	430.0	424.4	139.1	133.6	129.2	35.4	2.9	3.2	1.5	1.7	2.0	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)	1,257.9	1,175.3	664.5	496.7	419.8	310.3	263.8	250.9	205.4	209.9	213.2	193.3

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
Profit Before Tax	25.8	14.3	34.0	19.7	10.2	7.1	9.0	31.3	6.5	3.5	24.2	16.2
Depreciation of Fixed Assets and Investment Property	4.8	5.0	4.9	2.6	1.8	0.1	1.8	1.8	1.5	1.4	0.5	0.9
Provision (Increase)/Reversal	-0.6	1.2	-2.4	3.4	—	-2.0	-0.8	3.5	0.0	25.2	-24.9	-0.5
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	-4.3	-2.1	-0.1	-3.5	-2.1	-1.0	-0.2	-14.1	10.0	-78.1	55.4	-22.2
Interest Expense	2.9	4.6	3.3	0.8	0.3	0.2	0.1	0.1	0.0	0.3	0.1	0.4
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	-10.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	18.6	22.9	39.7	23.0	10.2	4.4	9.8	22.6	17.9	-47.8	55.4	-5.2
Increase/(Decrease) in Receivables	-10.3	-47.3	6.8	30.2	-26.7	-3.3	-7.3	-36.6	0.7	22.9	-1.3	8.9
Increase/(Decrease) in Inventory	1.1	-0.6	-0.5	-0.4	-0.3	0.1	0.4	-0.0	-0.8	0.8	0.3	3.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.1	98.7	-64.8	50.0	-18.4	3.0	0.4	8.4	-0.8	-6.0	7.1	-2.8
Increase/(Decrease) in Prepaid Expenses	0.2	-0.0	-1.5	0.1	0.0	0.1	0.3	-0.3	0.1	-1.0	-0.5	0.0
Changes in Trading Securities	-156.2	—	—	—	—	20.2	48.9	-24.8	14.3	-8.0	-0.7	-69.5
Interest Paid	-1.1	-4.0	-1.4	-0.4	-0.3	-0.2	-0.1	-0.0	-0.0	0.6	-0.6	0.1
Corporate Income Tax Paid	-10.3	-2.0	—	0.0	-8.8	3.7	0.0	-1.1	0.0	-5.5	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	-0.2	0.0	0.0	-0.0
Net Cash Flow from Operating Activities	-164.9	132.1	-303.2	12.9	-16.8	28.0	52.5	-31.9	31.1	-44.0	59.6	-65.5
Payments for Fixed Assets and Other Long-term Assets	-3.6	-9.1	-0.9	-100.8	-0.5	-1.6	-0.1	-17.1	-2.3	-12.0	-0.8	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.2	-0.1	0.1
Loans and Purchases of Debt Instruments	-111.0	5.0	—	5.0	-60.0	-87.5	0.0	-0.0	0.0	-38.1	37.7	4.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	32.9	17.5	86.5	1.0	0.0	0.6	0.0	0.0	37.7	-37.7	37.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-34.4	34.4	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.3	—	-4.3	4.3	0.0	0.0	35.3	-25.8	25.8
Dividends and Interest Income Received	2.7	2.4	3.1	0.7	2.1	5.3	-4.1	14.1	-10.0	39.9	-38.3	5.1
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	-111.8	-144.6	74.6	-8.3	-57.1	-88.1	0.8	-3.0	-12.3	28.6	-30.6	72.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	33,500,000,000.00	0.00	2,000,000,000.00	0.00	0.00	0.00	2,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	272.9	474.8	141.2	-39.3	73.9	10.3	4.6	22.6	0.0	18.3	11.2	56.1
Repayment of Borrowings	-210.1	-513.7	-1.4	55.9	-59.1	-5.9	-1.6	-17.3	-9.9	-13.0	-14.6	-49.1
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	-7.6	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	62.8	455.1	139.8	16.6	116.8	37.9	3.0	7.4	-9.9	-2.2	-3.3	9.0
Net Cash Flow During the Period	-214.0	442.6	-88.9	21.1	42.8	-22.3	56.3	-27.6	8.9	-17.7	25.7	16.3
Cash and Cash Equivalents at Beginning of Period	458.9	16.3	105.2	84.0	41.2	25.8	25.8	25.8	25.8	12.0	12.0	12.0
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	244.9	458.9	16.3	105.2	84.0	41.2	63.5	7.2	34.8	25.8	43.5	17.8

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MAC

What Is Changing

Drivers of MAC'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