NAP

Cảng Nghệ Tĩnh ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 10.36%, +3.01pp YoY

Price

10,900

Latest close

02 Jun 2026

P/E 9.07x

P/B 0.90x

EPS 1,202

BVPS 12,048

ROE 10.2%

ROA 8.5%

Profit Margin 10.4%

Asset Turnover 0.82x

Equity Mult. 1.21x

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

What Is Changing

On a TTM 2026Q1 basis, NAP is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 250bn
	                                
+23.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 26bn
	                                
+74.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	246.2	208.0	237.3	191.9	213.8
Growth	+18%	-12%	+24%	-10%	—
Net Income	24.7	16.9	21.4	16.5	15.8
Net Margin	10.02%	8.13%	9.02%	8.59%	7.41%

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	63.4	63.8	56.2	66.4	59.9	45.1	46.4	50.7	65.8	59.7	72.1	57.8
Growth	-1%	+14%	-15%	+11%	+33%	-3%	-9%	-23%	+10%	-17%	+25%	—
Net Income	6.3	4.3	5.2	10.1	4.3	3.8	2.7	4.1	6.7	4.7	6.8	5.1
Net Margin	9.92%	6.70%	9.21%	15.27%	7.12%	8.50%	5.72%	8.09%	10.20%	7.88%	9.47%	8.82%

Drivers of NAP's profit

TTM

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

Gross profit ↑ 14.7bn

Financial income ↑ 5.3bn

Administrative expenses ↑ 7.8bn

Tax ↑ 1.4bn

TTM

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

Financial income ↑ 2.5bn

Administrative expenses ↑ 0.4bn

Gross profit ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.0% = 7.4% × 0.67 × 1.21

2026Q1 10.2% = 10.4% × 0.82 × 1.21

ROE rose from 6.0% to 10.2% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 10.4% +3.0pp Asset turnover: 0.82x +0.14x Leverage: 1.21x -0.00x

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 10.36%, rising 3.0pp. Core operating signals are improving as Gross margin rose 1.2pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 1.7pp and Other profit / Revenue rose 0.4pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 10.36% +3.0pp

Gross Margin 25.98% +1.2pp

SG&A / Revenue 16.12% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 38.0 days.

Is capital being deployed efficiently?

ROIC expanded to 9.52%, rising 3.7pp. That translates to 9.52 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.7pp and capital turnover rose 0.15x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 9.52% +3.7pp

NOPAT Margin 10.27% +2.7pp

Capital Turnover 0.93x +0.15x

Average Invested Capital 269.5bn +8.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.23x equity, net debt at 0.04x equity.

Over the last 12 months, working capital released 4.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +5.4bn

Inventories increased → lower CFO: −0.4bn

Payables decreased → lower CFO: −0.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.0 days versus the same period last year. The main moves came from DIO rose 0.3 days, DSO fell 11.0 days, and DPO fell 0.7 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +0.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 43.6 days −11.0 days

Inventory 6.0 days +0.3 days

Payables 11.5 days −0.7 days

Cash Conversion Cycle 38.0 days −10.0 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 0.04x and interest coverage at 16.16x.

At present, short-term debt accounts for 27.5% of total debt, cash equals 56.3% of debt, and total debt stands at 23.0bn.

Leverage and liquidity trend

Net Debt / Equity 0.04x −0.05x

Interest Coverage 16.16x +0.79x

Cash / Debt 56.3% +32.7pp

Short-term Debt / Total Debt 27.5% +2.3pp

CFO / NI 1.78x −0.95x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 53.9bn in 2025, against investing cash flow of -54.1bn.

Post-investment cash flow was negative +0.2bn. Financing cash flow was positive +6.3bn.

CFO / net income was 1.78x.

After spending +29.5bn on fixed-asset investment, the business generated trailing free cash flow of +16.5bn.

Cash Conversion

CFO TTM 46.0bn +5.4bn

Cash Capex 29.5bn −18.0bn

FCF TTM +16.5bn +23.5bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 19.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.36% after expanding 3.0pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.78x. Even so, net financial result still accounts for 19.3% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	246.2	208.0	237.3	191.9	213.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	246.2	208.0	237.3	191.9	213.8
Cost of Goods Sold	180.1	155.1	180.9	146.2	0.0
Gross Profit	66.1	52.9	56.4	45.7	37.1
Financial Income	5.3	2.8	3.4	3.0	3.5
Financial Expenses	1.9	1.1	0.8	0.1	-0.1
Interest Expense	1.8	0.9	0.5	0.1	-0.0
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	39.8	33.4	33.7	29.3	-22.7
Operating Profit	29.7	21.1	25.2	19.2	17.7
Other Income	1.0	0.2	1.7	2.1	0.0
Other Expenses	0.8	0.3	0.6	1.0	0.0
Other Profit	0.2	-0.1	1.2	1.1	1.8
Profit Before Tax	29.9	21.0	26.4	20.3	19.5
Current Income Tax Expense	5.2	4.1	5.0	3.8	-3.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	24.7	16.9	21.4	16.5	15.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	24.7	16.9	21.4	16.5	15.8
Earnings per Share	1,146.00	786.00	994.00	766.00	575.00
Diluted EPS	1,146.15	786.00	994.00	765.82	736.03

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	50.5	49.6	57.8	57.7	89.1
I. Cash and cash equivalents	18.5	12.4	18.6	4.0	19.8
1. Cash	18.5	7.4	6.6	4.0	0.0
2. Cash equivalents	—	5.0	12.0	0.0	0.0
II. Short-term financial investments	4.0	4.0	4.0	18.0	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	4.0	4.0	4.0	18.0	0.0
III. Short-term receivables	23.4	27.1	27.2	31.0	31.5
1. Short-term trade accounts receivable	23.1	24.3	27.1	20.7	0.0
2. Short-term prepayments to suppliers	0.9	2.3	0.8	11.1	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	2.0	0.5	0.5	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.9	-1.6	-1.7	0.0
8. Assets awaiting resolution	0.4	0.4	0.4	0.4	0.0
IV. Inventories	2.3	2.9	2.0	1.9	2.4
1. Inventories	2.3	2.9	2.0	1.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.3	3.2	6.0	2.9	1.4
1. Short-term prepayments	2.1	0.6	0.7	0.7	0.0
2. Value added tax to be reclaimed	0.2	2.6	4.4	2.2	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.9	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)	259.9	265.4	251.7	204.4	184.9
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	236.6	214.3	203.0	187.6	176.9
1. Tangible fixed assets	236.4	213.9	202.5	187.6	176.9
- Cost	725.8	674.7	633.4	601.4	0.0
- Accumulated depreciation	-489.5	-460.8	-430.9	-413.8	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	0.3	0.4	0.5	0.0	0.0
- Cost	0.9	0.9	0.9	0.4	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-0.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5.0	32.5	36.1	2.0	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	32.5	36.1	2.0	0.0
V. Long-term financial investments	4.9	4.9	4.9	4.9	4.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.9	4.9	4.9	4.9	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	13.5	13.7	7.8	10.0	0.0
1. Long-term prepayments	13.5	13.7	7.8	10.0	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	2.8
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)	310.4	315.0	309.5	262.1	274.0
A. LIABILITIES (300=210+330)	57.5	72.3	68.1	25.3	42.8
I. Short -term liabilities	39.3	67.6	50.4	25.3	42.8
1. Short-term trade accounts payable	12.7	38.4	14.7	4.5	10.8
2. Short-term advances from customers	0.4	1.1	0.5	1.6	1.5
3. Taxes and other payables to state authorities	1.1	1.1	1.1	0.9	0.0
4. Payable to employees	15.3	24.0	26.1	16.7	0.0
5. Short-term acrrued expenses	0.2	0.2	0.2	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	2.4	0.3	0.7	0.9	0.0
10. Short-term borrowings and financial leases	6.3	1.7	5.4	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	0.9	1.8	0.7	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	18.2	4.7	17.7	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	18.2	4.7	17.7	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)	252.9	242.7	241.4	236.8	231.2
I. Owner's equity	252.9	242.7	241.4	236.8	0.0
1. Owner's capital	215.2	215.2	215.2	215.2	231.2
- Common stock with voting right	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00
- 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	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	12.2	9.8	4.8	2.4	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	25.6	17.7	21.4	19.2	16.1
- Accumulated retained earning at the end of the previous period	0.9	0.8	0.0	2.7	0.2
- Undistributed earnings in this period	24.7	16.9	21.4	16.5	15.8
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)	310.4	315.0	309.5	262.1	274.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	29.9	21.0	26.4	20.3	19.5
Depreciation of Fixed Assets and Investment Property	34.1	30.0	27.5	24.5	24.8
Provision (Increase)/Reversal	-0.1	0.3	-0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.1	-0.8	0.0	0.0
Gain/Loss from Investment Activities	-5.7	-1.9	-2.9	-3.9	0.0
Interest Expense	1.8	0.9	0.5	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	59.9	50.2	50.6	41.0	38.8
Increase/(Decrease) in Receivables	3.6	10.2	1.4	1.1	0.0
Increase/(Decrease) in Inventory	0.6	-1.0	-0.1	0.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.5	-0.2	-21.8	-15.2	0.0
Increase/(Decrease) in Prepaid Expenses	-1.2	-5.9	2.2	-6.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.8	-0.9	-0.4	-0.1	0.0
Corporate Income Tax Paid	-5.2	-4.2	-4.8	-3.7	0.0
Other Operating Receipts	—	0.0	0.0	0.2	0.0
Other Operating Payments	-2.6	-2.1	-3.6	-2.8	0.0
Net Cash Flow from Operating Activities	53.9	46.2	23.5	14.5	40.2
Payments for Fixed Assets and Other Long-term Assets	-59.7	-24.9	-36.6	-38.7	-48.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	0.0	0.6	1.1	2.2
Loans and Purchases of Debt Instruments	-4.1	-4.0	0.0	-15.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.1	4.0	14.1	28.0	16.0
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	4.8	1.9	2.1	3.1	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	-54.1	-22.9	-19.8	-21.5	-26.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	52.1	7.3	34.8	22.5	5.5
Repayment of Borrowings	-34.0	-23.9	-11.8	-22.5	-5.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11.9	-12.9	-12.3	-11.8	-17.2
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	6.3	-29.5	10.8	-11.8	-17.2
Net Cash Flow During the Period	6.1	-6.3	14.4	-18.9	1.2
Cash and Cash Equivalents at Beginning of Period	12.4	18.6	4.0	22.8	23.2
FX Difference from Revaluation	-0.0	0.1	0.3	0.1	-0.0
Cash and Cash Equivalents at End of Period	18.5	12.4	18.6	4.0	19.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	63.4	63.8	56.2	66.4	59.9	45.1	46.4	50.7	65.8	59.7	72.1	57.8
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	63.4	63.8	56.2	66.4	59.9	45.1	46.4	50.7	65.8	59.7	72.1	57.8
Cost of Goods Sold	49.2	44.1	43.6	48.0	45.3	31.3	35.4	39.9	48.4	45.5	54.9	45.4
Gross Profit	14.2	19.7	12.6	18.4	14.6	13.8	11.0	10.8	17.4	14.2	17.2	12.4
Financial Income	2.6	0.1	1.9	3.2	0.1	0.5	0.1	1.9	0.3	0.7	0.7	1.7
Financial Expenses	0.5	0.5	0.4	0.4	0.5	0.1	0.4	0.2	0.4	0.4	0.2	0.0
Interest Expense	0.4	0.5	0.4	0.4	0.5	0.1	0.2	0.2	0.4	0.1	0.2	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	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	0.0
General and Administrative Expenses	8.9	13.4	8.9	9.1	8.5	8.4	7.4	8.2	9.1	8.9	9.3	8.8
Operating Profit	7.5	5.9	5.3	12.0	5.7	5.8	3.2	4.3	8.2	5.6	8.5	5.3
Other Income	0.6	0.1	0.9	0.0	0.0	-0.8	0.2	0.5	0.4	0.6	0.2	0.8
Other Expenses	0.7	0.6	0.0	0.0	0.2	0.1	0.0	0.0	0.1	0.4	0.1	0.0
Other Profit	-0.1	-0.5	0.9	0.0	-0.2	-0.9	0.1	0.5	0.2	0.2	0.1	0.8
Profit Before Tax	7.3	5.4	6.1	12.0	5.5	4.8	3.4	4.8	8.4	5.8	8.6	6.0
Current Income Tax Expense	1.0	1.1	1.0	1.9	1.2	1.0	0.7	0.7	1.7	1.1	1.7	0.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.3	4.3	5.2	10.1	4.3	3.8	2.7	4.1	6.7	4.7	6.8	5.1
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.3	4.3	5.2	10.1	4.3	3.8	2.7	4.1	6.7	4.7	6.8	5.1
Earnings per Share	292.00	199.00	240.00	471.00	198.00	178.00	123.00	191.00	312.00	219.00	317.00	237.00
Diluted EPS	292.37	198.89	240.50	471.04	197.99	178.30	123.38	190.71	312.01	218.87	317.45	236.91

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)	49.9	50.4	48.0	60.6	49.3	50.0	50.4	59.3	47.8	58.2	60.9	74.7
I. Cash and cash equivalents	12.9	18.5	4.6	18.6	7.0	12.4	11.7	25.1	9.2	18.6	22.3	14.5
1. Cash	12.9	18.5	4.6	12.7	7.0	7.4	4.7	20.1	4.2	6.6	12.3	9.5
2. Cash equivalents	—	—	—	5.9	0.0	5.0	7.0	5.0	5.0	12.0	10.0	5.0
II. Short-term financial investments	4.0	4.0	4.1	4.1	4.0	4.0	4.0	4.0	4.0	4.0	8.1	13.1
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	4.0	4.0	4.1	4.1	4.0	4.0	4.0	4.0	4.0	4.0	8.1	13.1
III. Short-term receivables	28.3	23.1	36.2	34.2	34.0	27.4	31.1	25.4	29.2	27.6	26.2	44.7
1. Short-term trade accounts receivable	27.5	23.1	30.0	28.8	32.1	24.3	27.2	25.0	28.3	25.9	23.6	28.9
2. Short-term prepayments to suppliers	1.2	0.9	6.0	5.2	0.9	2.3	3.6	0.6	0.8	0.8	2.5	16.0
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.0	0.6	1.7	1.8	2.6	2.4	1.9	1.1	1.4	2.1	1.3	1.1
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.9	-1.9	-1.9	-1.9	-1.9	-1.6	-1.6	-1.6	-1.6	-1.6
8. Assets awaiting resolution	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
IV. Inventories	3.2	2.3	2.5	3.2	2.8	2.9	2.7	2.6	1.9	2.0	2.6	2.1
1. Inventories	3.2	2.3	2.5	3.2	2.8	2.9	2.7	2.6	1.9	2.0	2.6	2.1
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	2.6	0.7	0.4	1.5	3.2	0.9	2.1	3.5	6.0	1.7	0.3
1. Short-term prepayments	1.4	2.1	0.6	0.4	0.6	0.6	0.8	0.9	0.5	0.7	0.2	0.2
2. Value added tax to be reclaimed	—	0.4	—	—	0.9	2.5	0.1	1.2	2.9	4.4	1.5	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.9	0.0	0.0
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	253.3	259.9	256.3	251.4	259.1	265.4	228.7	234.7	242.9	251.8	233.6	207.4
I. Long-term receivables	—	—	—	—	0.0	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	—	0.0	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	0.0
II. Fixed assets	227.8	236.6	237.8	231.0	239.5	214.3	211.3	218.7	226.1	203.0	202.5	180.7
1. Tangible fixed assets	227.6	236.4	237.5	230.7	239.2	214.0	210.9	218.3	225.7	202.5	202.5	180.7
- Cost	725.8	—	—	—	708.4	674.7	664.3	664.3	664.2	633.4	632.4	603.5
- Accumulated depreciation	-498.2	—	—	—	-469.3	-460.8	-453.4	-446.0	-438.5	-430.9	-429.9	-422.8
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.5	0.0	0.0
- Cost	0.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	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	0.0
- Cost	—	—	—	—	0.0	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
IV. Long-term assets in progress	1.5	5.0	0.4	0.2	3.5	32.5	2.7	0.4	0.2	36.2	20.3	14.5
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.5	5.0	0.4	0.2	3.5	32.5	2.7	0.4	0.2	36.2	20.3	14.5
V. Long-term financial investments	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
3. Investments in other entities	—	—	—	—	0.0	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	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	19.1	13.5	13.3	15.3	11.3	13.7	9.9	10.7	11.7	7.8	5.9	7.2
1. Long-term prepayments	19.1	13.5	13.3	15.3	11.3	13.7	9.9	10.7	11.7	7.8	5.9	7.2
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	303.2	310.4	304.3	312.0	308.5	315.4	279.0	293.9	290.7	310.0	294.5	282.1
A. LIABILITIES (300=210+330)	44.0	57.5	55.7	69.3	61.5	72.7	40.1	44.4	42.6	68.4	57.6	39.8
I. Short -term liabilities	27.3	39.3	35.9	47.8	39.2	68.0	33.7	34.9	33.1	45.4	41.6	32.8
1. Short-term trade accounts payable	3.9	12.7	2.9	9.3	7.8	38.0	1.5	2.7	2.4	14.7	5.4	4.9
2. Short-term advances from customers	1.2	0.4	0.8	0.4	1.5	1.1	1.1	1.4	0.4	0.5	0.2	0.5
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.6	1.1	5.1	5.4	1.9	1.1	1.5	0.7	1.7	1.1	4.1	3.4
4. Payable to employees	12.4	15.3	19.2	17.8	18.0	24.8	27.4	26.2	22.7	26.5	27.6	18.6
5. Short-term acrrued expenses	0.3	0.2	0.2	0.3	0.3	0.2	0.2	0.3	0.3	0.2	0.2	0.0
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.5	2.3	0.3	12.0	2.0	0.3	0.3	0.1	0.7	0.7	0.5	0.3
10. Short-term borrowings and financial leases	6.3	6.3	6.3	0.9	7.5	1.7	0.4	1.3	4.7	0.0	0.0	0.9
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.8	1.2	1.8	0.1	0.9	1.3	2.3	0.2	1.7	3.6	4.1
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	16.6	18.2	19.8	21.4	22.3	4.7	6.4	9.5	9.5	23.1	16.0	7.0
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	16.6	18.2	19.8	21.4	22.3	4.7	6.4	9.5	9.5	23.1	16.0	7.0
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	259.2	252.9	248.6	242.7	247.0	242.7	238.9	249.5	248.1	241.6	236.9	242.3
I. Owner's equity	259.2	252.9	248.6	242.7	247.0	242.7	238.9	249.5	248.1	241.6	236.9	242.3
1. Owner's capital	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2
- Common stock with voting right	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00	215,172,000,000.00
- Preferred stock	—	—	—	—	0.00	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	0.0
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	12.2	12.2	12.2	12.2	9.8	9.8	9.8	9.8	4.8	4.8	4.8	4.8
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	31.9	25.5	21.3	15.3	22.0	17.8	13.9	24.6	28.1	21.6	16.9	22.3
- Accumulated retained earning at the end of the previous period	25.6	0.9	0.9	0.9	17.7	0.8	0.8	13.7	21.4	0.0	0.0	12.3
- Undistributed earnings in this period	6.3	24.6	20.3	14.4	4.3	17.0	13.1	10.8	6.7	21.6	16.9	10.1
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	303.2	310.4	304.3	312.0	308.5	315.4	279.0	293.9	290.7	310.0	294.5	282.1

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
Profit Before Tax	7.3	5.4	6.1	12.9	5.5	4.8	3.4	4.4	8.4	5.6	8.6	6.0
Depreciation of Fixed Assets and Investment Property	8.8	8.6	8.5	8.5	8.5	7.4	7.4	7.5	7.6	7.2	7.2	6.5
Provision (Increase)/Reversal	—	-0.0	0.0	-0.1	0.0	0.0	-0.1	0.4	0.0	0.1	-0.1	-0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.1	-0.0	0.0	0.1	0.0	-0.0	0.0	-0.4	-0.4	-0.1
Gain/Loss from Investment Activities	-2.5	-0.1	-2.7	-2.9	-0.1	-0.5	-0.4	-1.6	-0.2	-0.0	-1.0	-1.6
Interest Expense	0.4	0.5	0.4	0.5	0.5	0.1	0.2	0.2	0.4	0.2	0.2	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	14.0	14.3	12.3	18.9	14.3	12.0	10.4	11.0	16.2	12.7	14.4	10.8
Increase/(Decrease) in Receivables	-4.6	12.7	-4.5	1.8	-6.4	6.4	-2.2	6.1	-0.3	10.1	3.4	-14.1
Increase/(Decrease) in Inventory	-0.9	0.2	0.8	-0.4	0.1	-0.2	-0.0	-0.7	0.1	0.7	-0.5	-0.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.8	0.9	3.1	-0.4	-3.1	3.2	-8.6	8.5	-3.3	-31.6	9.1	9.8
Increase/(Decrease) in Prepaid Expenses	-4.9	-1.2	1.4	-3.8	2.4	-0.8	0.9	-6.7	3.8	-1.9	0.9	1.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.4	-0.4	-0.4	-0.5	-0.1	-0.2	-0.2	-0.4	-0.1	-0.2	0.0
Corporate Income Tax Paid	-1.1	-3.0	-1.2	0.0	-1.0	-0.7	-0.7	-1.7	-1.1	-2.6	-1.3	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-1.9	-0.1	—	-0.5	4.9	-4.5	-0.9	-1.6	-3.6	0.0	2.7
Net Cash Flow from Operating Activities	-2.6	21.6	10.7	16.3	5.3	24.8	-4.8	15.3	13.4	-16.3	25.9	10.5
Payments for Fixed Assets and Other Long-term Assets	-3.9	-6.1	-19.5	0.0	-34.1	-8.5	-4.7	-0.2	-11.5	-7.3	-10.6	-14.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.1	0.9	—	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	0.6
Loans and Purchases of Debt Instruments	—	-4.0	-0.1	—	0.0	-4.0	0.0	0.0	0.0	0.1	0.0	-0.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	4.1	—	—	0.0	4.0	0.0	0.0	0.0	4.1	5.0	0.0
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	2.5	0.1	1.9	2.8	0.0	0.1	0.0	1.7	0.1	0.0	0.2	1.6
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-1.4	-6.0	-16.9	2.9	-34.1	-8.3	-4.6	1.4	-11.4	-3.0	-5.4	-12.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	4.3	4.4	11.2	6.0	30.6	-2.6	0.0	2.6	4.7	16.5	0.0	7.9
Repayment of Borrowings	-5.9	-5.9	-7.4	-13.6	-7.1	-0.4	-3.9	-3.5	-16.1	-0.4	-0.9	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.2	-11.7	—	0.0	-12.7	0.0	0.0	0.0	-0.2	-12.1	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-1.6	-1.7	-7.9	-7.5	23.4	-15.7	-3.9	-0.9	-11.4	15.9	-13.1	7.9
Net Cash Flow During the Period	-5.5	13.9	-14.0	11.6	-5.4	0.7	-13.4	15.8	-9.4	-3.4	7.4	6.3
Cash and Cash Equivalents at Beginning of Period	18.5	4.6	18.6	7.0	12.4	18.6	18.6	18.6	18.6	4.0	4.0	4.0
FX Difference from Revaluation	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	0.4	0.1
Cash and Cash Equivalents at End of Period	12.9	18.5	4.6	18.6	7.0	12.4	11.7	25.1	9.2	18.6	22.3	14.5

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NAP

What Is Changing

Drivers of NAP'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 ▲

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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