MCO

Đầu tư và Xây dựng BDC Việt Nam ·HNX ·2026Q1

▼▼ Declining sharply

Pre-tax profit relies materially on non-core sources Net financial result/PBT −22.79%

Price

6,100

Latest close

03 Jun 2026

P/E -677.78x

P/B 0.47x

EPS -9

BVPS 12,986

ROE -0.1%

ROA -0.0%

Profit Margin -0.1%

Asset Turnover 0.26x

Equity Mult. 2.09x

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

What Is Changing

On a TTM 2026Q1 basis, MCO posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 29bn
	                                
−39.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 0bn
	                                
−117.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    14622.6%

Metric	2025	2024	2023	2022	2021
Revenue	32.7	54.9	80.8	72.3	71.9
Growth	-41%	-32%	+12%	+1%	—
Net Income	0.1	0.2	0.3	0.2	0.1
Net Margin	0.25%	0.37%	0.39%	0.30%	0.19%

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	10.0	17.4	2.3	-0.3	13.3	6.1	13.5	15.4	19.9	33.9	15.6	25.9
Growth	-43%	+667%	-851%	-102%	+118%	-55%	-12%	-22%	-41%	+118%	-40%	—
Net Income	0.0	-0.1	0.0	-0.0	0.0	0.1	0.0	0.0	0.1	0.2	0.1	0.0
Net Margin	0.22%	-0.30%	1.15%	10.08%	0.23%	2.00%	0.17%	0.14%	0.27%	0.64%	0.38%	0.11%

Drivers of MCO's profit

TTM

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

Administrative expenses ↓ 3.4bn

Tax ↓ 0.1bn

Other profit ↓ 2.5bn

Gross profit ↓ 1.1bn

Finance costs ↑ 0.1bn

TTM

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

Gross profit ↑ 1.9bn

Administrative expenses ↓ 0.2bn

Tax ↓ 0.0bn

Other profit ↓ 2.1bn

Finance costs ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.4% = 0.4% × 0.38 × 2.41

2026Q1 -0.1% = -0.1% × 0.26 × 2.09

ROE is broadly flat at -0.1% — the components are offsetting one another.

Net margin: -0.1% -0.5pp Asset turnover: 0.26x -0.11x Leverage: 2.09x -0.33x

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 narrowed to -0.12%, falling 0.5pp. Gross margin rose 4.7pp and SG&A / Revenue fell 3.2pp improved but not enough to offset the weakness in Other profit / Revenue fell 7.9pp and Net financial result / Revenue fell 0.5pp.

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

Profitability trend

Net Margin -0.12% −0.5pp

Gross Margin 17.88% +4.7pp

SG&A / Revenue 9.66% −3.2pp

Non-core / Revenue -8.17% −8.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 8.5pp, other income still accounts for 14622.6% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of -9.4% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to -9.36%, losing 9.3pp. That translates to -9.36 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 17.2pp and capital turnover fell 0.27x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC -9.36% −9.3pp

NOPAT Margin -17.29% −17.2pp

Capital Turnover 0.54x −0.27x

Average Invested Capital 54.3bn −5.2bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.92x equity, net debt at 0.06x equity.

Inventory ended the period at 10.8bn, roughly 10.6% of total assets.

Over the last 12 months, working capital absorbed 0.6bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +6.5bn

Inventories decreased → higher CFO: +16.7bn

Payables decreased → lower CFO: −23.8bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 18.5 days versus the same period last year. The main moves came from DIO rose 53.0 days, DSO rose 108.6 days, and DPO rose 143.1 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 99.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +108.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 327.6 days +108.6 days

Inventory 146.6 days +53.0 days

Payables 375.2 days +143.1 days

Cash Conversion Cycle 99.0 days +18.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 9.5bn due to capex of 3.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.06x and interest coverage at 6.46x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 115.0% of debt, and total debt stands at 3.0bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.06x +0.02x

Interest Coverage 6.46x +6.81x

Cash / Debt 115.0% +69.1pp

Short-term Debt / Total Debt 100.0% +61.5pp

CFO / NI 170.50x +140.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.3bn in 2025, against investing cash flow of -3.8bn.

Post-investment cash flow was negative +3.5bn. Financing cash flow was positive +6.2bn.

CFO / net income was 170.50x.

After spending +3.6bn on fixed-asset investment, the business generated trailing free cash flow of −9.5bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 5.9bn −11.9bn

Cash Capex 3.6bn +2.6bn

FCF TTM −9.5bn −14.4bn

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 -2279.0%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 170.50x. Even so, net financial result still accounts for -2279.0% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	32.7	54.9	80.8	72.3	71.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	32.7	54.9	80.8	72.3	71.9
Cost of Goods Sold	49.2	48.6	78.1	66.1	0.0
Gross Profit	-16.5	6.3	2.7	6.2	2.7
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.7	0.4	0.3	0.4	-0.2
Interest Expense	0.7	0.4	0.3	0.4	-0.2
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	3.5	6.1	2.3	5.8	-2.4
Operating Profit	-20.7	-0.1	0.1	0.1	0.2
Other Income	20.9	0.5	0.3	0.2	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0
Other Profit	20.9	0.4	0.3	0.2	-0.0
Profit Before Tax	0.2	0.3	0.4	0.3	0.2
Current Income Tax Expense	0.1	0.1	0.1	0.1	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.1	0.2	0.3	0.2	0.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.1	0.2	0.3	0.2	0.1
Earnings per Share	20.00	50.00	77.00	52.00	34.00
Diluted EPS	19.99	49.92	77.00	52.00	33.89

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	70.2	79.0	97.9	89.2	90.0
I. Cash and cash equivalents	6.2	3.5	8.7	10.5	4.1
1. Cash	6.2	3.5	8.7	10.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	52.1	56.8	71.0	59.0	76.5
1. Short-term trade accounts receivable	24.3	27.0	35.0	33.7	0.0
2. Short-term prepayments to suppliers	23.3	21.1	27.0	25.8	0.0
3. Short-term inter-company receivables	—	-0.1	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	19.5	23.5	20.8	11.3	0.0
7. Provision for short-term doubtful debts (*)	-15.0	-14.7	-11.8	-11.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	10.8	17.8	17.2	18.3	8.1
1. Inventories	10.8	17.8	17.2	18.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	0.9	1.1	1.4	1.3
1. Short-term prepayments	0.0	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.5	0.0
3. Taxes and other receivables from state authorities	1.1	0.9	1.0	1.0	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)	31.8	48.7	50.9	46.8	58.9
I. Long-term receivables	0.7	0.0	0.3	0.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
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	0.7	0.0	0.3	0.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	9.6	7.1	8.7	2.6	3.8
1. Tangible fixed assets	9.6	6.9	8.6	2.6	3.8
- Cost	73.6	69.0	73.4	71.5	0.0
- Accumulated depreciation	-64.0	-62.0	-64.8	-68.9	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	0.1	0.1	0.1	0.0	0.0
- Cost	0.1	0.1	0.1	0.0	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	17.3	37.3	37.5	38.6	45.4
1. Long-term production in progress	16.4	36.4	36.6	37.7	0.0
2. Construction in progress	0.9	0.9	0.9	0.9	0.0
V. Long-term financial investments	4.2	4.2	4.2	4.2	8.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.2	4.2	4.2	4.2	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	0.0	0.1	0.2	0.7	0.0
1. Long-term prepayments	0.0	0.1	0.2	0.7	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	0.7
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)	102.1	127.6	148.8	136.0	148.9
A. LIABILITIES (300=210+330)	48.8	74.4	95.9	83.3	96.4
I. Short -term liabilities	43.6	69.0	88.6	79.5	91.0
1. Short-term trade accounts payable	24.7	28.2	35.5	36.3	41.5
2. Short-term advances from customers	3.1	5.5	14.3	9.5	17.5
3. Taxes and other payables to state authorities	0.8	21.5	21.4	21.7	0.0
4. Payable to employees	0.5	0.1	0.1	0.1	0.0
5. Short-term acrrued expenses	5.8	7.9	7.7	0.0	0.0
6. Short-term inter-company payables	—	0.1	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	0.1	3.9	1.2	0.2	0.0
10. Short-term borrowings and financial leases	8.5	1.7	8.3	11.7	8.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	5.2	5.5	7.3	3.8	5.4
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	2.1	1.7	1.7	1.7	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	3.1	3.8	5.6	2.1	3.7
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)	53.3	53.2	53.0	52.7	52.5
I. Owner's equity	53.3	53.2	53.0	52.7	0.0
1. Owner's capital	41.0	41.0	41.0	41.0	52.5
- Common stock with voting right	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1
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	3.3	3.3	3.3	3.3	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	8.7	8.7	8.5	8.1	8.0
- Accumulated retained earning at the end of the previous period	8.7	8.5	8.1	7.9	7.8
- Undistributed earnings in this period	0.1	0.2	0.3	0.2	0.1
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)	102.1	127.6	148.8	136.0	148.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.2	0.3	0.4	0.3	0.2
Depreciation of Fixed Assets and Investment Property	2.1	1.6	0.9	0.8	0.8
Provision (Increase)/Reversal	0.2	2.9	0.0	3.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.2	0.0
Interest Expense	0.7	0.4	0.3	0.4	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	3.1	5.1	1.6	4.8	1.5
Increase/(Decrease) in Receivables	3.6	11.7	-10.8	13.6	0.0
Increase/(Decrease) in Inventory	27.0	-0.5	2.2	-1.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-33.1	-13.2	12.4	-15.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.2	0.3	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.4	-0.3	-0.4	0.0
Corporate Income Tax Paid	-0.1	-0.1	-0.1	-0.0	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	0.3	3.0	5.5	1.2	1.1
Payments for Fixed Assets and Other Long-term Assets	-5.0	0.0	-7.4	-0.0	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	0.1	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	4.4	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-3.8	0.2	-7.3	4.4	-0.4
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	11.2	7.8	13.5	16.8	4.4
Repayment of Borrowings	-5.0	-16.2	-13.4	-15.7	-7.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	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	6.2	-8.4	0.0	1.1	-2.8
Net Cash Flow During the Period	2.7	-5.2	-1.8	6.7	-0.3
Cash and Cash Equivalents at Beginning of Period	3.5	8.7	10.5	3.8	6.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.2	3.5	8.7	10.5	4.1

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	10.0	17.4	2.3	-0.3	13.3	6.1	13.5	15.4	19.9	33.9	15.6	25.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	10.0	17.4	2.3	-0.3	13.3	6.1	13.5	15.4	19.9	33.9	15.6	25.9
Cost of Goods Sold	7.2	16.4	1.5	-1.0	12.4	5.2	9.8	14.7	19.0	33.2	14.8	25.2
Gross Profit	2.8	1.0	0.8	0.7	0.9	0.9	3.8	0.7	0.9	0.8	0.8	0.7
Financial Income	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.1
Interest Expense	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.1
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	0.6	1.0	0.6	0.7	0.8	0.7	3.7	0.9	0.7	0.8	0.7	0.5
Operating Profit	2.1	-0.0	0.1	-0.0	0.1	0.2	-0.0	-0.3	0.1	-0.0	0.1	0.0
Other Income	1.5	—	—	—	—	0.0	0.1	0.4	0.0	0.3	0.0	0.0
Other Expenses	3.6	0.0	0.0	-0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	-2.1	-0.0	-0.0	0.0	-0.0	-0.0	0.1	0.3	-0.0	0.3	-0.0	-0.0
Profit Before Tax	0.0	-0.0	0.1	-0.0	0.1	0.2	0.1	0.0	0.1	0.3	0.1	0.0
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.0	-0.1	0.0	-0.0	0.0	0.1	0.0	0.0	0.1	0.2	0.1	0.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.0	-0.1	0.0	-0.0	0.0	0.1	0.0	0.0	0.1	0.2	0.1	0.0
Earnings per Share	5.00	-13.00	6.00	-7.00	7.00	30.00	6.00	5.00	13.02	53.00	15.00	7.00
Diluted EPS	5.39	-12.72	6.36	-7.43	7.43	29.69	5.64	5.27	13.02	53.06	14.50	7.08

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)	73.3	70.0	74.4	77.4	72.9	79.8	80.0	82.0	85.1	89.7	89.7	101.2
I. Cash and cash equivalents	3.4	6.0	2.8	2.1	2.1	3.5	2.7	3.3	3.9	8.9	3.8	6.4
1. Cash	3.4	6.0	2.8	2.1	2.1	3.5	2.7	3.3	3.9	8.9	3.8	6.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	57.2	51.8	57.1	62.6	61.8	56.8	59.6	63.8	66.7	65.1	69.8	78.6
1. Short-term trade accounts receivable	24.4	24.3	21.9	27.0	28.3	27.8	30.5	30.4	29.7	35.0	33.0	43.6
2. Short-term prepayments to suppliers	21.7	23.3	21.5	22.2	21.6	21.1	21.2	24.9	25.2	27.4	29.0	29.4
3. Short-term inter-company receivables	—	—	—	-0.1	-0.1	-0.9	-0.9	0.0	0.0	0.0	0.0	0.1
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	26.0	19.2	28.7	28.1	26.7	23.5	23.6	20.3	23.6	14.5	19.6	17.2
7. Provision for short-term doubtful debts (*)	-15.0	-15.0	-15.0	-14.7	-14.7	-14.7	-14.7	-11.8	-11.8	-11.8	-11.8	-11.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	11.3	11.2	13.6	11.8	8.1	19.2	17.3	13.8	13.5	14.5	13.9	15.1
1. Inventories	11.3	11.2	13.6	11.8	8.1	19.2	17.3	13.8	13.5	14.5	13.9	15.1
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	1.3	0.9	0.9	1.0	1.0	0.4	0.4	1.0	1.0	1.2	2.3	1.1
1. Short-term prepayments	0.4	—	—	0.0	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	1.3	0.1
3. Taxes and other receivables from state authorities	1.0	0.9	0.9	1.0	1.0	0.3	0.4	1.0	1.0	0.9	0.9	0.9
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	27.8	52.2	53.5	52.2	48.3	47.3	47.8	49.5	50.2	51.9	46.0	46.7
I. Long-term receivables	0.7	1.2	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.3	0.3
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	0.7	1.2	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.3	0.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	5.6	9.6	10.4	10.7	6.7	6.9	7.4	7.7	8.3	8.7	2.9	3.0
1. Tangible fixed assets	5.6	9.5	10.3	10.6	6.6	6.8	7.3	7.6	8.2	8.7	2.9	3.0
- Cost	69.0	—	—	—	—	69.5	69.5	73.1	73.4	73.6	72.4	72.2
- Accumulated depreciation	-63.4	—	—	—	—	-62.7	-62.2	-65.5	-65.1	-64.9	-69.5	-69.3
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0
- Cost	0.1	—	—	—	—	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	17.3	37.1	37.8	37.3	37.3	36.1	36.1	37.5	37.5	38.6	38.6	38.6
1. Long-term production in progress	16.4	36.2	36.9	36.4	36.4	35.2	35.2	36.6	36.6	37.7	37.7	37.7
2. Construction in progress	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
V. Long-term financial investments	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.2	4.2	4.2	4.2	4.2	0.0	0.0	4.2	4.2	4.2	4.2	4.2
3. Investments in other entities	—	—	—	—	—	4.2	4.2	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	0.0	0.0	0.0	0.1	0.1	0.0	0.1	0.2	0.2	0.1	0.0	0.7
1. Long-term prepayments	0.0	0.0	0.0	0.1	0.1	0.0	0.1	0.2	0.2	0.1	0.0	0.7
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)	101.1	122.2	127.9	129.7	121.2	127.1	127.9	131.5	135.3	141.6	135.7	147.9
A. LIABILITIES (300=210+330)	47.8	69.1	74.6	76.5	68.0	73.9	74.8	78.4	82.3	88.6	82.9	95.2
I. Short -term liabilities	42.8	63.5	67.6	69.9	63.5	68.2	69.5	71.6	75.0	80.8	79.1	91.0
1. Short-term trade accounts payable	24.3	24.7	25.9	26.9	25.3	28.3	28.7	28.1	28.1	35.2	32.2	35.2
2. Short-term advances from customers	2.3	3.1	6.0	6.1	5.4	5.5	5.5	10.1	12.5	14.7	17.5	22.7
3. Taxes and other payables to state authorities	0.7	21.4	20.9	21.0	21.6	20.9	21.2	21.8	22.6	21.7	22.8	21.6
4. Payable to employees	0.1	0.5	0.3	0.3	0.2	0.1	0.2	0.2	0.2	0.2	0.3	0.1
5. Short-term acrrued expenses	5.8	5.8	7.9	7.9	7.9	7.4	7.4	7.9	2.9	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	0.1	0.1	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	6.6	0.1	3.9	4.0	1.2	3.9	2.2	1.8	0.2	1.2	0.4	0.1
10. Short-term borrowings and financial leases	3.0	7.8	2.5	3.5	1.7	2.0	4.2	1.6	8.5	7.8	5.8	11.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	4.9	5.6	7.0	6.6	4.5	5.7	5.3	6.8	7.3	7.8	3.8	4.2
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	2.1	1.7	1.7	1.7	1.7	2.2	2.2	1.7	1.7	1.7	1.7	1.7
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	2.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	3.9	5.3	4.9	2.8	3.5	3.1	5.1	5.6	6.1	2.1	2.5
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)	53.3	53.1	53.3	53.2	53.2	53.2	53.1	53.1	53.0	53.0	52.8	52.7
I. Owner's equity	53.3	53.1	53.3	53.2	53.2	53.2	53.1	53.1	53.0	53.0	52.8	52.7
1. Owner's capital	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0
- Common stock with voting right	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00	41,039,290,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3
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	8.8	8.5	8.8	8.7	8.7	8.7	8.5	8.5	8.5	8.5	8.2	8.2
- Accumulated retained earning at the end of the previous period	8.7	8.5	8.7	8.7	8.7	8.5	8.5	8.5	8.5	8.1	8.1	8.1
- Undistributed earnings in this period	0.0	0.1	0.1	—	0.0	0.2	0.1	0.1	0.1	0.3	0.1	0.0
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)	101.1	122.2	127.9	129.7	121.2	127.1	127.9	131.5	135.3	141.6	135.7	147.9

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	0.1	-0.0	0.0	0.0	0.2	0.1	0.0	0.1	0.1	0.3	0.0	0.1
Depreciation of Fixed Assets and Investment Property	-0.6	0.7	0.4	-3.8	4.8	0.5	0.3	-4.6	5.4	0.3	0.2	-5.1
Provision (Increase)/Reversal	0.2	0.0	0.0	-2.7	2.9	0.0	0.0	2.9	0.0	0.0	0.0	-3.5
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	-0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.1	-0.3	-0.0	0.0	-0.0	0.2
Interest Expense	0.1	0.5	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.2	1.2	0.5	-6.3	7.8	0.7	0.3	-1.8	5.5	0.6	0.3	-8.3
Increase/(Decrease) in Receivables	-5.2	19.8	-13.0	4.9	-8.1	2.9	1.5	2.8	5.0	-0.4	7.5	-4.7
Increase/(Decrease) in Inventory	-0.5	23.4	-2.0	-4.1	9.8	-1.9	0.9	-3.3	3.7	-2.1	1.9	8.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.7	-31.2	1.3	2.5	-5.6	0.9	-4.0	3.3	-13.8	7.0	-6.6	3.9
Increase/(Decrease) in Prepaid Expenses	-0.3	-0.0	0.1	0.0	-0.0	0.1	0.1	0.0	0.1	-0.3	-0.0	0.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.3	-0.1	-0.1	-0.1	-0.0	-0.1	-0.1	-0.1	-0.1	-0.0	-0.0	-0.1
Corporate Income Tax Paid	-0.1	0.0	0.0	-0.0	-0.1	0.0	0.0	-0.0	-0.1	0.0	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	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-2.4	-1.6	1.2	-3.1	3.8	2.6	-1.3	1.0	0.3	4.7	3.0	-0.6
Payments for Fixed Assets and Other Long-term Assets	4.3	-0.0	-0.1	-0.5	-4.4	0.0	0.1	5.4	-5.4	-5.6	-0.1	4.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	1.1	—	—	0.1	0.0	0.1	0.5	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	5.5	1.2	-0.1	-0.7	-4.2	0.0	0.2	5.9	-5.4	-5.6	-0.1	4.0
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	-0.8	7.9	-0.5	-11.3	15.2	-1.8	0.6	-6.5	13.7	12.9	-5.6	-9.1
Repayment of Borrowings	-5.0	-4.1	0.0	15.2	-16.2	0.0	0.0	-0.9	-13.4	-7.0	0.0	9.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-5.8	3.8	-0.5	3.9	-1.0	-1.8	0.6	-7.4	0.2	5.9	-5.6	0.2
Net Cash Flow During the Period	-2.8	3.4	0.6	0.1	-1.4	0.8	-0.6	-0.6	-4.8	5.0	-2.7	3.7
Cash and Cash Equivalents at Beginning of Period	6.2	2.8	2.1	2.1	3.5	8.7	8.7	8.7	8.7	10.5	10.5	10.5
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	3.4	6.2	2.8	2.1	2.1	3.5	2.7	3.3	3.9	8.7	3.8	6.4

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MCO

What Is Changing

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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