NST

Ngân Sơn ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT −2.09x

Price

12,600

Latest close

27 May 2026

P/E 5.62x

P/B 0.71x

EPS 2,242

BVPS 17,692

ROE 12.9%

ROA 7.6%

Profit Margin 2.6%

Asset Turnover 2.96x

Equity Mult. 1.70x

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

What Is Changing

On a TTM 2026Q1 basis, NST is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 985bn
	                                
+23.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 25bn
	                                
+42.1%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.09x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	945.4	869.5	706.5	569.6	655.9
Growth	+9%	+23%	+24%	-13%	—
Net Income	24.3	18.3	11.2	7.1	6.4
Net Margin	2.57%	2.11%	1.59%	1.25%	0.97%

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	140.2	227.3	312.5	304.9	100.7	238.1	279.0	180.1	172.3	146.8	331.9	136.9
Growth	-38%	-27%	+2%	+203%	-58%	-15%	+55%	+5%	+17%	-56%	+143%	—
Net Income	5.2	1.2	8.7	10.0	4.4	2.3	5.3	5.7	5.1	1.3	4.8	3.2
Net Margin	3.72%	0.51%	2.79%	3.29%	4.40%	0.95%	1.89%	3.18%	2.94%	0.86%	1.45%	2.31%

Drivers of NST's profit

TTM

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

Gross profit ↑ 23.9bn

Selling expenses ↑ 10.0bn

Finance costs ↑ 2.0bn

Tax ↑ 1.9bn

Administrative expenses ↑ 1.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 14.1bn

Gross profit ↓ 10.1bn

Selling expenses ↑ 1.7bn

Finance costs ↑ 1.0bn

Financial income ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.4% = 2.2% × 2.91 × 1.45

2026Q1 12.9% = 2.6% × 2.96 × 1.70

ROE rose from 9.4% to 12.9% — all three components improved, with leverage contributing the most.

Net margin: 2.6% +0.3pp Asset turnover: 2.96x +0.05x Leverage: 1.70x +0.25x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 2.55%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 1.2pp are enough to offset pressure from Gross margin fell 0.6pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 2.55% +0.3pp

Gross Margin 15.17% −0.6pp

SG&A / Revenue 11.16% −1.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 9.41%, falling 0.5pp. That translates to 9.41 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 0.4pp, capital turnover fell 0.84x still pulled ROIC lower, while invested capital expanded strongly by 90bn.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 9.41% −0.5pp

NOPAT Margin 2.55% +0.4pp

Capital Turnover 3.70x −0.84x

Average Invested Capital 266.5bn +90.5bn

Balance Sheet

Capital structure is balanced — liabilities at 1.36x equity, net debt at 0.59x equity.

Inventory ended the period at 245.2bn, roughly 53.9% of total assets.

Over the last 12 months, working capital absorbed 82.9bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +22.2bn

Inventories increased → lower CFO: −65.1bn

Payables decreased → lower CFO: −40.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 20.0 days versus the same period last year. The main moves came from DIO rose 21.8 days, DSO fell 3.4 days, and DPO fell 1.7 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +20.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +21.8 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 24.2 days −3.4 days

Inventory 71.6 days +21.8 days

Payables 12.5 days −1.7 days

Cash Conversion Cycle 83.3 days +20.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 79.9bn due to capex of 27.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.59x and interest coverage at 3.67x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.7% of debt, and total debt stands at 119.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Cash buffer is thin relative to debt

Cash / debt stands at 1.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.59x +0.46x

Interest Coverage 3.67x +0.32x

Cash / Debt 1.7% −15.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -2.09x +0.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -114.6bn in 2025, against investing cash flow of -20.4bn.

Post-investment cash flow was negative +135.0bn. Financing cash flow was positive +132.7bn.

CFO / net income was -2.09x.

After spending +27.5bn on fixed-asset investment, the business generated trailing free cash flow of −79.9bn.

Cash Conversion

CFO TTM 52.4bn +1.4bn

Cash Capex 27.5bn +14.1bn

FCF TTM −79.9bn −12.7bn

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 leverage and liquidity remaining the main constraint, with interest coverage at 3.67x. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -2.09x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -2.09x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.59x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	945.4	869.5	706.5	569.6	655.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	945.4	869.5	706.5	569.6	655.9
Cost of Goods Sold	785.9	737.3	584.4	479.0	0.0
Gross Profit	159.5	132.2	122.1	90.6	98.8
Financial Income	1.0	2.5	0.9	2.3	2.7
Financial Expenses	7.6	5.2	3.2	6.4	-6.4
Interest Expense	6.3	3.6	3.2	5.4	-6.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	28.5	21.3	17.3	16.1	-18.8
General and Administrative Expenses	93.8	85.6	88.8	61.7	-68.3
Operating Profit	30.5	22.6	13.7	8.6	8.0
Other Income	0.2	0.6	0.6	0.4	0.0
Other Expenses	0.1	0.1	0.1	0.0	0.0
Other Profit	0.2	0.5	0.5	0.4	0.1
Profit Before Tax	30.6	23.1	14.2	9.0	8.2
Current Income Tax Expense	6.3	4.8	3.0	1.9	-1.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	24.3	18.3	11.2	7.1	6.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	24.3	18.3	11.2	7.1	6.4
Earnings per Share	2,171.00	1,635.00	1,004.00	634.00	568.00
Diluted EPS	2,171.34	1,634.63	1,004.06	634.22	567.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	380.8	227.8	297.9	208.9	213.6
I. Cash and cash equivalents	3.6	5.9	71.4	4.0	3.7
1. Cash	3.6	5.9	29.4	4.0	0.0
2. Cash equivalents	—	0.0	42.0	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	112.8	82.5	113.2	144.6	130.4
1. Short-term trade accounts receivable	109.0	77.0	39.7	65.9	0.0
2. Short-term prepayments to suppliers	1.0	1.7	0.3	0.2	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	2.9	3.9	73.3	78.5	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	245.2	117.4	93.2	40.3	59.8
1. Inventories	245.2	117.4	93.2	40.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	19.2	22.0	20.1	20.1	19.7
1. Short-term prepayments	1.7	1.5	1.4	1.4	0.0
2. Value added tax to be reclaimed	17.5	20.4	18.7	17.9	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.8	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)	73.9	67.8	73.4	81.3	98.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	38.3	42.4	51.4	60.4	76.8
1. Tangible fixed assets	35.7	41.3	50.1	59.5	76.2
- Cost	326.1	320.1	318.5	317.0	0.0
- Accumulated depreciation	-290.4	-278.8	-268.4	-257.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.6	1.1	1.4	0.9	0.6
- Cost	3.8	2.1	2.1	1.5	0.0
- Accumulated depreciation	-1.2	-1.0	-0.7	-0.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.1	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.1	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	28.5	25.3	22.0	20.9	0.0
1. Long-term prepayments	28.5	25.3	22.0	20.9	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	21.5
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)	454.7	295.6	371.3	290.3	312.0
A. LIABILITIES (300=210+330)	261.8	107.7	191.4	114.8	137.5
I. Short -term liabilities	261.8	107.7	191.4	113.2	120.9
1. Short-term trade accounts payable	15.4	11.7	52.0	4.7	63.2
2. Short-term advances from customers	7.3	6.6	2.3	0.5	4.3
3. Taxes and other payables to state authorities	3.1	1.8	1.7	0.0	0.0
4. Payable to employees	21.0	19.9	23.3	14.2	0.0
5. Short-term acrrued expenses	3.0	2.8	2.6	1.9	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	1.6	1.6	102.7	78.9	0.0
10. Short-term borrowings and financial leases	198.8	54.3	0.0	8.4	27.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.6	9.0	6.7	4.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	1.6	16.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	1.6	16.6
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)	193.0	187.8	179.9	175.5	174.5
I. Owner's equity	193.0	187.8	179.9	175.5	0.0
1. Owner's capital	112.0	112.0	112.0	112.0	174.5
- Common stock with voting right	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	16.4	16.4	16.4	16.4	16.4
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	36.3	36.3	36.3	35.7	0.0
9. Fund to support corporate restructuring	4.0	4.0	4.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	4.0	0.0
11. Undistributed earnings after tax	24.3	19.2	11.2	7.4	7.0
- Accumulated retained earning at the end of the previous period	—	0.9	0.0	0.3	0.6
- Undistributed earnings in this period	24.3	18.3	11.2	7.1	6.4
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)	454.7	295.6	371.3	290.3	312.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.6	23.1	14.2	9.0	8.2
Depreciation of Fixed Assets and Investment Property	12.0	13.0	13.6	20.9	25.1
Provision (Increase)/Reversal	—	0.0	0.0	-0.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	-0.6	-0.1	0.1	0.0
Gain/Loss from Investment Activities	-0.1	-0.9	-1.0	-0.1	0.0
Interest Expense	6.3	3.6	3.2	5.4	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	49.1	38.1	29.8	34.6	39.4
Increase/(Decrease) in Receivables	-27.6	30.5	31.5	-13.9	0.0
Increase/(Decrease) in Inventory	-127.8	-24.3	-52.9	16.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.0	-132.8	81.0	15.8	0.0
Increase/(Decrease) in Prepaid Expenses	-3.3	-3.1	-1.1	0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.1	-3.6	-3.2	-5.5	0.0
Corporate Income Tax Paid	-6.6	-4.7	-2.3	-2.9	0.0
Other Operating Receipts	0.0	0.0	2.8	0.0	0.0
Other Operating Payments	-4.2	-1.5	-3.7	-0.5	0.0
Net Cash Flow from Operating Activities	-114.6	-101.3	82.0	44.9	-12.3
Payments for Fixed Assets and Other Long-term Assets	-20.4	-12.5	-2.0	-6.6	-5.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	0.5	0.0	0.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.4	0.5	0.1	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	-20.4	-11.6	-1.0	-6.5	1.8
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	798.6	496.6	385.6	332.7	401.1
Repayment of Borrowings	-654.1	-442.3	-395.7	-366.8	-388.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11.8	-7.1	-3.5	-4.1	-5.9
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	132.7	47.1	-13.6	-38.2	6.6
Net Cash Flow During the Period	-2.3	-65.7	67.4	0.3	-3.1
Cash and Cash Equivalents at Beginning of Period	5.9	71.4	4.0	3.7	7.6
FX Difference from Revaluation	0.0	0.2	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	3.6	5.9	71.4	4.0	3.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	140.2	227.3	312.5	304.9	100.7	238.1	279.0	180.1	172.3	146.8	331.9	136.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	140.2	227.3	312.5	304.9	100.7	238.1	279.0	180.1	172.3	146.8	331.9	136.9
Cost of Goods Sold	116.8	211.1	269.0	238.5	67.3	222.9	236.1	146.3	132.0	133.2	269.0	108.4
Gross Profit	23.3	16.2	43.4	66.4	33.4	15.2	42.9	33.8	40.2	13.6	62.9	28.4
Financial Income	0.0	0.1	0.2	0.4	0.3	0.5	0.1	0.6	1.2	0.2	0.1	0.2
Financial Expenses	2.7	2.6	2.1	1.3	1.7	2.7	1.9	0.2	0.4	0.3	2.3	0.3
Interest Expense	2.5	2.5	2.0	1.3	0.5	1.3	1.9	0.2	0.2	0.3	2.3	0.4
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.7	8.9	8.6	8.0	3.0	4.2	8.5	4.5	4.1	4.4	7.0	3.1
General and Administrative Expenses	9.4	3.4	22.0	44.8	23.6	6.0	26.0	22.7	30.8	7.5	48.1	21.2
Operating Profit	6.5	1.5	10.9	12.6	5.4	2.8	6.7	7.0	6.1	1.6	5.6	3.9
Other Income	—	0.1	—	—	0.1	0.1	0.0	0.2	0.3	0.1	0.4	0.1
Other Expenses	—	0.1	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.0	-0.0	—	0.1	0.1	-0.1	0.2	0.3	0.1	0.4	0.1
Profit Before Tax	6.5	1.5	10.9	12.6	5.5	3.0	6.6	7.2	6.3	1.7	6.0	4.0
Current Income Tax Expense	1.3	0.4	2.2	2.6	1.1	0.7	1.4	1.5	1.3	0.4	1.2	0.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.2	1.2	8.7	10.0	4.4	2.3	5.3	5.7	5.1	1.3	4.8	3.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.2	1.2	8.7	10.0	4.4	2.3	5.3	5.7	5.1	1.3	4.8	3.2
Earnings per Share	466.00	103.00	778.00	895.00	395.00	202.00	470.00	510.00	452.00	112.00	429.00	283.00
Diluted EPS	466.01	103.21	778.29	894.64	395.20	202.23	469.94	510.46	452.00	112.40	429.23	282.53

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)	278.4	380.8	463.9	501.9	239.4	227.8	374.5	318.3	173.3	297.9	246.7	268.3
I. Cash and cash equivalents	2.0	3.6	1.6	2.7	5.3	5.9	8.5	10.3	50.7	71.4	6.2	4.8
1. Cash	2.0	3.6	1.6	2.7	5.3	5.9	8.5	10.3	10.7	29.4	6.2	4.8
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	40.0	42.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	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	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	58.2	112.8	109.9	147.9	79.6	82.5	152.3	35.2	50.1	113.2	128.3	133.1
1. Short-term trade accounts receivable	55.0	109.0	104.5	142.3	75.5	77.0	147.0	28.4	45.1	39.7	123.9	127.3
2. Short-term prepayments to suppliers	0.3	1.0	2.5	2.8	1.2	1.7	2.3	2.6	0.9	0.3	1.5	1.0
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	2.8	2.9	2.8	2.9	2.9	3.9	2.9	4.2	4.2	73.3	2.9	4.8
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	196.5	245.2	330.9	326.6	131.4	117.4	191.6	248.8	52.4	93.2	90.7	107.5
1. Inventories	196.5	245.2	330.9	326.6	131.4	117.4	191.6	248.8	52.4	93.2	90.7	107.5
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	21.7	19.2	21.6	24.7	23.1	22.0	22.0	23.9	20.1	20.1	21.4	22.9
1. Short-term prepayments	1.1	1.7	2.2	3.4	1.3	1.5	2.6	5.6	0.6	1.4	2.3	3.1
2. Value added tax to be reclaimed	17.7	17.5	19.2	20.0	20.0	20.4	19.4	18.3	17.7	18.7	18.1	18.6
3. Taxes and other receivables from state authorities	2.9	—	0.3	1.2	1.8	0.0	0.0	0.0	1.8	0.0	1.0	1.2
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)	80.7	73.9	59.6	63.2	66.1	67.8	66.0	67.7	68.8	73.4	72.8	77.3
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	36.3	38.3	36.0	38.7	41.4	42.4	44.3	46.0	48.0	51.4	53.1	56.1
1. Tangible fixed assets	33.9	35.7	35.1	37.7	40.3	41.3	43.1	44.8	46.7	50.1	51.9	55.2
- Cost	327.3	—	—	—	322.1	320.1	318.9	317.7	317.9	318.5	317.0	318.7
- Accumulated depreciation	-293.4	—	—	—	-281.7	-278.8	-275.8	-272.9	-271.1	-268.4	-265.1	-263.5
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	2.4	2.6	0.9	1.0	1.0	1.1	1.2	1.2	1.3	1.4	1.2	0.8
- Cost	3.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	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	17.4	7.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	17.4	7.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	27.0	28.5	23.6	24.5	24.7	25.3	21.8	21.7	20.7	22.0	19.7	21.2
1. Long-term prepayments	27.0	28.5	23.6	24.5	24.7	25.3	21.8	21.7	20.7	22.0	19.7	21.2
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)	359.2	454.7	523.5	565.1	305.5	295.6	440.5	386.0	242.1	371.3	319.4	345.6
A. LIABILITIES (300=210+330)	161.0	261.7	331.7	382.0	113.2	107.7	255.0	205.7	57.1	191.4	140.8	171.7
I. Short -term liabilities	161.0	261.7	331.7	382.0	113.2	107.7	255.0	205.7	57.1	191.4	140.8	171.7
1. Short-term trade accounts payable	11.0	15.3	97.0	140.9	46.2	11.7	12.3	26.4	6.0	52.0	25.3	13.1
2. Short-term advances from customers	6.9	7.3	36.6	31.7	6.6	6.6	6.6	7.0	6.5	2.3	0.5	0.5
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.9	3.1	2.0	2.2	0.8	1.8	1.1	1.4	0.9	1.7	0.8	0.6
4. Payable to employees	5.9	21.0	47.6	47.3	13.0	19.9	41.6	34.9	31.4	23.3	56.8	22.3
5. Short-term acrrued expenses	3.3	3.0	5.3	6.5	4.2	2.8	6.4	3.4	3.4	2.6	6.0	6.1
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	3.5	1.6	13.2	13.6	3.5	1.6	8.5	8.8	3.1	102.7	3.6	4.8
10. Short-term borrowings and financial leases	119.1	198.8	116.7	125.9	30.7	54.3	169.2	114.5	0.0	0.0	40.9	117.2
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	9.9	11.6	13.4	13.9	8.3	9.0	9.1	9.2	5.8	6.7	6.8	7.1
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	198.2	193.0	191.8	183.1	192.2	187.8	185.6	180.3	185.0	179.9	178.6	173.8
I. Owner's equity	198.2	193.0	191.8	183.1	192.2	187.8	185.6	180.3	185.0	179.9	178.6	173.8
1. Owner's capital	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0	112.0
- Common stock with voting right	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00	112,020,030,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4
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	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3
9. Fund to support corporate restructuring	4.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
11. Undistributed earnings after tax	29.5	24.3	23.2	14.4	23.6	19.2	16.9	11.6	16.3	11.2	10.0	5.2
- Accumulated retained earning at the end of the previous period	24.3	—	—	—	19.2	0.9	0.9	0.9	11.2	0.0	0.0	0.0
- Undistributed earnings in this period	5.2	24.3	23.2	14.4	4.4	18.3	16.0	10.8	5.1	11.2	10.0	5.2
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)	359.2	454.7	523.5	565.1	305.5	295.6	440.5	386.0	242.1	371.3	319.4	345.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	6.5	1.5	10.9	12.6	5.5	3.0	6.6	7.2	6.3	1.7	6.0	4.0
Depreciation of Fixed Assets and Investment Property	3.2	3.0	3.0	3.0	3.0	3.0	3.1	3.4	3.4	3.4	3.4	3.3
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	0.1	-0.1	0.2	0.1	-0.1	-0.1	-0.6	-0.1	-0.0	-0.1
Gain/Loss from Investment Activities	-0.0	0.0	-0.0	-0.0	-0.1	0.1	-0.0	-0.3	-0.7	0.5	-1.0	-0.2
Interest Expense	2.5	2.5	2.0	1.3	0.5	1.3	1.9	0.2	0.2	0.3	2.3	0.4
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	12.3	7.1	16.0	16.8	9.2	7.5	11.5	10.5	8.7	5.7	10.7	7.5
Increase/(Decrease) in Receivables	51.0	-0.6	39.8	-68.0	1.2	69.0	-118.1	16.9	62.7	15.7	5.5	-81.9
Increase/(Decrease) in Inventory	48.7	85.7	-4.3	-195.2	-13.9	74.2	57.2	-196.5	40.8	-2.4	16.7	-77.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-20.1	-136.6	-38.0	154.7	31.9	-20.5	-3.6	24.1	-132.9	88.9	47.5	25.0
Increase/(Decrease) in Prepaid Expenses	2.1	-4.5	2.2	-2.0	0.9	-2.5	3.0	-5.6	2.0	-1.4	2.3	-2.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.6	-2.4	-2.0	-1.2	-0.5	-1.5	-1.8	-0.2	-0.2	-0.4	-2.4	-0.3
Corporate Income Tax Paid	-0.4	-2.2	-2.6	-1.1	-0.7	-1.4	-1.7	-1.3	-0.4	-1.2	-0.9	-0.3
Other Operating Receipts	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.4	-1.6	-0.5	-1.4	-0.7	-0.1	-0.2	-0.4	-0.8	-2.9	-0.3	-0.1
Net Cash Flow from Operating Activities	89.5	-55.1	10.6	-97.4	27.4	124.8	-53.7	-152.3	-20.1	102.0	79.2	-130.3
Payments for Fixed Assets and Other Long-term Assets	-11.4	-13.3	-2.4	-0.4	-4.4	-5.4	-2.8	-0.8	-3.5	3.6	-1.0	-4.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	0.0	0.1	0.1	0.0	0.2	0.3	0.0	0.5	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	40.0	-40.0	2.8	0.0	23.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	-42.0	42.0	0.0	0.0	-4.0
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	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.1	0.4	0.1	0.1	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	-11.4	-13.3	-2.4	-0.4	-4.3	-5.4	-2.8	-2.5	-0.8	6.5	-0.4	14.9
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	42.8	195.3	267.3	300.4	35.6	92.4	168.6	185.6	50.1	42.6	206.0	133.8
Repayment of Borrowings	-122.5	-113.2	-276.5	-205.2	-59.2	-207.4	-113.9	-71.0	-50.1	-83.5	-282.3	-17.4
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-11.6	-0.1	0.0	-0.1	-7.1	0.0	-0.0	0.0	-2.4	-1.1	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	-79.7	70.5	-9.3	95.2	-23.7	-122.1	54.7	114.5	0.0	-43.4	-77.4	116.5
Net Cash Flow During the Period	-1.6	2.1	-1.1	-2.6	-0.6	-2.6	-1.8	-40.3	-20.9	65.2	1.4	1.1
Cash and Cash Equivalents at Beginning of Period	3.6	1.6	2.7	5.3	5.9	71.4	71.4	71.4	71.4	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	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.0	3.6	1.6	2.7	5.3	5.9	8.5	10.3	50.7	71.4	6.2	4.8

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NST

What Is Changing

Drivers of NST'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