PCE

Phân bón và Hóa chất Dầu khí Miền Trung ·HNX ·2026Q1

▼ Slightly negative

Self-funded cash generation remains weak CFO/NPAT −103 bn, −174 bn YoY

Price

19,000

Latest close

02 Jun 2026

P/E 6.47x

P/B 0.95x

EPS 2,937

BVPS 20,043

ROE 14.6%

ROA 6.0%

Profit Margin 0.8%

Asset Turnover 7.91x

Equity Mult. 2.45x

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

What Is Changing

On a TTM 2026Q1 basis, PCE posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,890bn
	                                
+13.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 29bn
	                                
+5.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -3.38x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	3,630.8	3,150.4	3,174.0	3,490.4	3,036.6
Growth	+15%	-1%	-9%	+15%	—
Net Income	25.4	27.7	20.9	29.7	65.8
Net Margin	0.70%	0.88%	0.66%	0.85%	2.17%

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	1,239.0	533.5	609.9	1,507.7	979.7	546.8	717.4	1,172.9	713.3	562.4	801.0	1,125.0
Growth	+132%	-13%	-60%	+54%	+79%	-24%	-39%	+64%	+27%	-30%	-29%	—
Net Income	10.7	2.8	2.3	13.6	6.7	5.4	5.0	10.8	6.6	2.9	5.5	7.3
Net Margin	0.86%	0.53%	0.37%	0.90%	0.68%	0.99%	0.70%	0.92%	0.92%	0.51%	0.68%	0.65%

Drivers of PCE's profit

TTM

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

Gross profit ↑ 20.9bn

Financial income ↑ 1.9bn

Selling expenses ↓ 1.3bn

Administrative expenses ↑ 4.6bn

Tax ↑ 0.4bn

TTM

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

Gross profit ↑ 6.9bn

Selling expenses ↓ 0.8bn

Tax ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.1% = 0.8% × 11.66 × 1.48

2026Q1 14.6% = 0.8% × 7.91 × 2.45

ROE rose from 14.1% to 14.6% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 0.8% -0.1pp Asset turnover: 7.91x -3.76x Leverage: 2.45x +0.96x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.76%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.76% −0.1pp

Gross Margin 2.62% +0.2pp

SG&A / Revenue 1.95% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 0.61% +0.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.97x equity, net debt at 0.08x equity.

Inventory ended the period at 56.8bn, roughly 15.2% of total assets.

Over the last 12 months, working capital absorbed 118.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −178.4bn

Inventories increased → lower CFO: −168.7bn

Payables increased → higher CFO: +228.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 1.0 days versus the same period last year. The main moves came from DIO rose 4.2 days, DSO fell 1.1 days, and DPO rose 2.2 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +1.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +4.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 4.2 days −1.1 days

Inventory 8.3 days +4.2 days

Payables 2.6 days +2.2 days

Cash Conversion Cycle 9.9 days +1.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 103.1bn due to capex of 3.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 100.0% of total debt, cash equals 79.4% of debt, and total debt stands at 75.0bn.

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 0.08x —

Interest Coverage — —

Cash / Debt 79.4% —

Short-term Debt / Total Debt 100.0% —

CFO / NI -3.38x −5.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6.7bn in 2025, against investing cash flow of 0.9bn.

Post-investment cash flow was positive +7.7bn. Financing cash flow was negative +25.0bn.

CFO / net income was -3.38x.

After spending +3.8bn on fixed-asset investment, the business generated trailing free cash flow of −103.1bn.

Cash Conversion

CFO TTM 99.4bn −171.6bn

Cash Capex 3.8bn +2.5bn

FCF TTM −103.1bn −174.1bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at -3.38x. The next item to monitor is capital efficiency. The main risk still sits in self-funded cash generation remains weak.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -3.38x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 103.1bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,720.3	3,216.6	3,230.3	3,518.9	3,061.3
Revenue Deductions	89.5	66.2	56.3	28.5	0.0
Net Revenue	3,630.8	3,150.4	3,174.0	3,490.4	3,036.6
Cost of Goods Sold	3,535.8	3,069.9	3,093.3	3,397.5	0.0
Gross Profit	95.0	80.4	80.7	92.9	134.3
Financial Income	4.0	1.4	1.6	0.5	1.5
Financial Expenses	0.1	0.3	0.4	0.9	-1.6
Interest Expense	0.1	0.3	0.4	0.9	-1.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	50.8	50.2	43.3	41.8	-44.0
General and Administrative Expenses	25.4	20.9	22.2	21.5	-17.3
Operating Profit	22.7	10.4	16.4	29.2	72.9
Other Income	9.2	24.6	10.2	8.9	0.0
Other Expenses	0.0	0.1	0.2	0.3	0.0
Other Profit	9.2	24.4	9.9	8.6	10.5
Profit Before Tax	31.9	34.8	26.4	37.8	83.4
Current Income Tax Expense	6.5	7.1	5.3	8.0	-17.6
Deferred Income Tax Expense	—	0.0	0.1	0.1	0.0
Net Income	25.4	27.7	20.9	29.7	65.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	25.4	27.7	20.9	29.7	65.8
Earnings per Share	2,021.00	2,218.00	1,626.00	2,319.00	1.00
Diluted EPS	2,539.57	2,771.88	2,093.91	2,969.82	6,580.93

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	341.2	292.8	195.7	237.4	248.4
I. Cash and cash equivalents	147.2	164.5	146.2	55.6	15.6
1. Cash	6.2	74.5	76.2	7.6	0.0
2. Cash equivalents	141.0	90.0	70.0	48.0	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	131.4	126.7	49.0	50.1	96.8
1. Short-term trade accounts receivable	15.6	21.8	35.6	18.8	0.0
2. Short-term prepayments to suppliers	114.1	103.9	13.4	28.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.7	1.0	0.1	2.6	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	56.8	1.0	0.0	131.1	133.5
1. Inventories	58.3	1.0	0.0	146.5	0.0
2. Provision for decline in value of inventories	-1.5	0.0	0.0	-15.4	0.0
V. Other short-term assets	5.8	0.7	0.5	0.6	2.5
1. Short-term prepayments	3.1	0.7	0.5	0.6	0.0
2. Value added tax to be reclaimed	2.7	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	33.3	31.4	32.4	32.1	36.0
I. Long-term receivables	0.1	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	0.1	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	28.0	27.0	27.7	27.0	30.5
1. Tangible fixed assets	7.5	6.3	6.9	6.2	9.5
- Cost	80.2	78.6	77.8	75.2	0.0
- Accumulated depreciation	-72.7	-72.3	-70.8	-69.0	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	20.5	20.7	20.8	20.9	21.0
- Cost	22.3	22.3	22.3	22.3	0.0
- Accumulated depreciation	-1.7	-1.6	-1.5	-1.4	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	—	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	—	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	5.2	4.4	4.7	5.0	0.0
1. Long-term prepayments	5.2	4.4	4.7	4.9	0.0
2. Deferred income tax assets	—	0.0	0.0	0.1	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	5.5
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)	374.5	324.3	228.1	269.5	284.4
A. LIABILITIES (300=210+330)	184.7	129.4	41.4	69.1	81.0
I. Short -term liabilities	184.7	129.4	41.4	69.1	81.0
1. Short-term trade accounts payable	12.1	7.9	4.9	35.2	44.3
2. Short-term advances from customers	147.1	103.2	20.6	16.2	8.0
3. Taxes and other payables to state authorities	1.2	2.0	1.2	0.9	0.0
4. Payable to employees	17.4	7.8	7.3	6.3	0.0
5. Short-term acrrued expenses	0.4	0.6	0.6	0.6	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	0.0
9. Other short-term payables	0.0	1.0	0.1	2.2	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.5	6.9	6.7	7.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	189.8	194.9	186.7	200.4	203.4
I. Owner's equity	189.8	194.9	186.7	200.4	0.0
1. Owner's capital	100.0	100.0	100.0	100.0	203.4
- Common stock with voting right	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	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	24.9	24.9	24.9	24.9	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	64.9	70.0	61.8	75.5	78.5
- Accumulated retained earning at the end of the previous period	44.7	47.8	45.5	52.3	23.5
- Undistributed earnings in this period	20.2	22.2	16.3	23.2	55.0
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)	374.5	324.3	228.1	269.5	284.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	31.9	34.8	26.4	37.8	83.4
Depreciation of Fixed Assets and Investment Property	1.8	1.9	1.9	4.0	3.8
Provision (Increase)/Reversal	1.5	0.0	-15.4	15.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.1	-1.4	-1.6	-0.5	0.0
Interest Expense	0.1	0.3	0.4	0.9	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	31.3	35.6	11.7	57.6	86.3
Increase/(Decrease) in Receivables	-7.1	-77.7	1.1	46.7	0.0
Increase/(Decrease) in Inventory	-57.3	-1.0	146.5	-13.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	55.6	87.6	-27.2	-2.6	0.0
Increase/(Decrease) in Prepaid Expenses	-3.2	0.1	0.4	2.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.3	-0.4	-0.9	0.0
Corporate Income Tax Paid	-6.6	-6.9	-4.7	-17.6	0.0
Other Operating Receipts	0.1	0.3	1.8	0.0	0.0
Other Operating Payments	-6.0	-5.6	-7.6	-7.8	0.0
Net Cash Flow from Operating Activities	6.7	32.1	121.6	64.8	-10.3
Payments for Fixed Assets and Other Long-term Assets	-2.8	-1.1	-2.6	-0.6	-1.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	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	0.0	0.0
Dividends and Interest Income Received	3.7	1.4	1.6	0.5	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	0.9	0.3	-1.0	-0.1	-0.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	39.3	205.0	245.0	237.6	365.4
Repayment of Borrowings	-39.3	-205.0	-245.0	-237.6	-365.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-25.0	-14.0	-30.0	-24.7	-12.0
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	-25.0	-14.0	-30.0	-24.7	-12.0
Net Cash Flow During the Period	-17.3	18.3	90.6	40.0	-77.0
Cash and Cash Equivalents at Beginning of Period	164.5	146.2	55.6	15.6	38.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	147.2	164.5	146.2	55.6	15.6

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
Revenue	1,270.7	537.1	615.2	1,561.3	1,006.7	543.2	729.8	1,207.7	735.9	571.6	817.6	1,145.7
Revenue Deductions	31.7	3.5	5.3	53.6	27.1	-3.6	12.4	34.8	22.6	9.2	16.6	20.6
Net Revenue	1,239.0	533.5	609.9	1,507.7	979.7	546.8	717.4	1,172.9	713.3	562.4	801.0	1,125.0
Cost of Goods Sold	1,211.4	502.4	596.7	1,477.8	958.9	525.6	703.9	1,147.2	693.2	549.9	777.9	1,098.9
Gross Profit	27.7	31.1	13.3	29.9	20.7	21.1	13.5	25.7	20.1	12.4	23.1	26.2
Financial Income	0.6	1.5	0.9	0.8	0.8	0.6	0.5	0.1	0.2	0.3	0.3	0.4
Financial Expenses	—	—	0.1	0.0	—	0.1	0.0	0.2	0.0	0.1	0.1	0.2
Interest Expense	—	—	0.1	0.0	—	0.1	0.0	0.2	0.0	0.1	0.1	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	9.4	23.7	8.6	8.3	10.3	24.2	9.6	7.2	9.2	7.3	16.2	12.3
General and Administrative Expenses	5.5	10.7	4.1	5.4	5.3	5.4	5.5	4.9	5.0	4.7	6.9	5.1
Operating Profit	13.4	-1.8	1.5	16.9	6.0	-8.0	-1.1	13.4	6.2	0.6	0.1	9.1
Other Income	—	5.4	1.3	0.1	2.3	14.9	7.4	0.0	2.2	3.5	6.7	0.0
Other Expenses	—	0.0	0.0	—	—	0.0	0.0	0.0	0.1	0.2	0.0	0.0
Other Profit	—	5.4	1.3	0.1	2.3	14.9	7.4	0.0	2.1	3.2	6.7	0.0
Profit Before Tax	13.4	3.7	2.8	17.0	8.3	6.9	6.3	13.4	8.2	3.8	6.8	9.1
Current Income Tax Expense	2.7	0.9	0.6	3.4	1.7	1.5	1.3	2.7	1.7	0.8	1.4	1.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Net Income	10.7	2.8	2.3	13.6	6.7	5.4	5.0	10.8	6.6	2.9	5.5	7.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.7	2.8	2.3	13.6	6.7	5.4	5.0	10.8	6.6	2.9	5.5	7.3
Earnings per Share	1,068.44	281.30	225.70	1,361.60	667.13	539.03	501.53	1,075.56	655.76	287.28	547.24	725.78
Diluted EPS	1,068.44	281.30	225.70	1,361.60	667.13	539.03	501.53	1,075.56	655.76	287.28	547.24	725.78

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)	609.4	341.1	241.9	412.7	310.1	292.8	360.2	319.3	213.0	195.7	347.3	263.0
I. Cash and cash equivalents	59.5	147.2	106.1	138.9	108.8	164.5	73.2	78.7	49.8	146.2	86.9	40.3
1. Cash	19.5	6.2	11.1	22.9	8.8	74.5	53.2	58.7	49.8	76.2	56.9	10.3
2. Cash equivalents	40.0	141.0	95.0	116.0	100.0	90.0	20.0	20.0	0.0	70.0	30.0	30.0
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	370.1	131.4	69.7	221.0	198.5	126.7	125.1	167.0	90.0	49.0	112.3	107.7
1. Short-term trade accounts receivable	38.1	15.6	63.9	53.8	52.1	21.8	61.6	86.3	47.5	35.6	99.4	75.6
2. Short-term prepayments to suppliers	303.8	114.1	2.9	167.1	124.1	103.9	63.6	80.7	42.3	13.4	12.9	31.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	28.2	1.7	2.9	0.2	22.3	1.0	0.0	0.0	0.1	0.1	0.0	0.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	170.5	56.8	62.4	52.0	1.9	1.0	153.9	73.1	72.7	0.0	147.3	114.5
1. Inventories	170.5	58.3	62.4	52.0	1.9	1.0	153.9	73.1	72.7	0.0	148.7	119.0
2. Provision for decline in value of inventories	—	-1.5	—	—	—	0.0	0.0	0.0	0.0	0.0	-1.4	-4.5
V. Other short-term assets	9.3	5.8	3.7	0.7	0.9	0.7	8.0	0.4	0.5	0.5	0.8	0.5
1. Short-term prepayments	2.3	3.1	1.0	0.7	0.7	0.7	7.9	0.4	0.4	0.5	0.8	0.5
2. Value added tax to be reclaimed	6.9	2.7	2.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	33.7	33.3	31.7	30.6	31.0	31.4	30.8	31.3	31.8	32.4	32.5	31.6
I. Long-term receivables	0.1	0.1	0.0	0.0	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
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	0.1	0.1	0.0	0.0	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
II. Fixed assets	28.6	28.0	26.6	26.2	26.6	27.0	26.4	26.9	27.2	27.7	27.7	26.7
1. Tangible fixed assets	8.0	7.5	6.0	5.6	6.0	6.3	5.7	6.1	6.5	6.9	6.9	5.8
- Cost	81.3	—	—	—	—	78.6	77.5	77.5	77.8	77.8	77.3	75.8
- Accumulated depreciation	-73.2	—	—	—	—	-72.3	-71.8	-71.4	-71.3	-70.8	-70.4	-69.9
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	20.5	20.5	20.6	20.6	20.6	20.7	20.7	20.7	20.7	20.8	20.8	20.8
- Cost	22.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.7	—	—	—	—	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	—	—	—	—	—	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
2. Construction in progress	—	—	—	—	—	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
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	5.1	5.2	5.1	4.3	4.4	4.4	4.4	4.4	4.5	4.7	4.8	4.9
1. Long-term prepayments	5.1	5.2	5.1	4.3	4.4	4.4	4.4	4.4	4.5	4.7	4.7	4.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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)	643.1	374.4	273.6	443.2	341.1	324.3	390.9	350.6	244.8	228.1	379.8	294.6
A. LIABILITIES (300=210+330)	442.7	184.7	85.5	232.5	139.6	129.4	199.4	150.1	51.5	41.4	193.9	84.1
I. Short -term liabilities	442.7	184.7	85.5	232.5	139.6	129.4	199.4	150.1	51.5	41.4	193.9	84.1
1. Short-term trade accounts payable	50.5	12.1	4.6	105.9	4.0	7.9	5.5	3.7	4.4	4.9	11.6	28.6
2. Short-term advances from customers	272.0	147.1	2.9	24.2	94.9	103.2	40.4	43.3	11.0	20.6	33.6	3.7
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.7	1.2	0.9	3.7	1.8	2.0	1.3	3.0	1.5	1.2	2.3	2.1
4. Payable to employees	3.9	17.4	5.2	6.4	4.1	7.8	7.8	4.9	3.4	7.3	8.6	5.5
5. Short-term acrrued expenses	1.0	0.4	0.8	1.4	0.8	0.6	8.3	2.1	2.8	0.6	11.7	6.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
9. Other short-term payables	32.3	0.0	64.2	81.0	28.4	1.0	59.4	49.4	23.1	0.1	70.0	30.7
10. Short-term borrowings and financial leases	75.0	—	—	—	—	0.0	70.0	35.0	0.0	0.0	50.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	6.5	6.9	9.9	5.6	6.9	6.6	8.7	5.4	6.7	6.0	6.7
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	200.4	189.7	188.0	210.8	201.5	194.9	191.5	200.5	193.2	186.7	186.0	210.5
I. Owner's equity	200.4	189.7	188.0	210.8	201.5	194.9	191.5	200.5	193.2	186.7	186.0	210.5
1. Owner's capital	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
- Common stock with voting right	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9
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	75.5	64.8	63.1	85.9	76.6	70.0	66.7	75.6	68.4	61.8	61.1	85.6
- Accumulated retained earning at the end of the previous period	64.9	44.7	44.7	69.7	70.0	47.8	47.8	61.8	61.8	45.5	45.5	75.5
- Undistributed earnings in this period	10.7	20.2	18.5	16.2	6.7	22.2	18.9	13.9	6.6	16.3	15.5	10.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	643.1	374.4	273.6	443.2	341.1	324.3	390.9	350.6	244.8	228.1	379.8	294.6

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	13.4	3.7	2.8	17.0	8.3	6.9	6.3	13.4	8.2	3.8	6.8	9.1
Depreciation of Fixed Assets and Investment Property	0.6	0.5	0.5	0.4	0.4	0.5	0.5	0.5	0.5	0.5	0.5	0.4
Provision (Increase)/Reversal	-1.5	1.5	—	—	—	0.0	0.0	0.0	0.0	-1.4	-3.2	2.7
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	-0.6	-1.5	-1.0	-0.8	-0.8	-0.6	-0.4	-0.1	-0.2	-1.3	-0.3	0.7
Interest Expense	—	0.0	0.1	0.0	—	0.1	0.0	0.2	0.0	0.1	0.1	0.2
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	11.8	4.3	2.3	16.7	8.0	6.8	6.3	14.1	8.5	1.6	4.0	13.0
Increase/(Decrease) in Receivables	-243.3	-61.4	148.6	-22.2	-72.0	-1.5	41.8	-76.9	-41.1	63.3	-4.6	-52.7
Increase/(Decrease) in Inventory	-112.2	4.1	-10.4	-50.1	-0.9	152.9	-80.8	-0.5	-72.7	148.7	-31.1	-57.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	183.6	99.2	-141.3	86.9	10.7	14.0	3.8	59.0	10.7	-79.9	39.8	53.9
Increase/(Decrease) in Prepaid Expenses	0.9	-2.3	-0.9	0.0	0.0	7.2	-7.5	0.1	0.2	0.3	-0.1	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-0.1	-0.0	—	-0.1	0.0	-0.2	0.0	-0.1	-0.1	-0.2
Corporate Income Tax Paid	-0.9	-0.6	-3.4	-1.7	-1.0	-1.8	-2.7	-1.6	-0.8	-1.4	-1.8	-1.3
Other Operating Receipts	0.6	—	—	—	—	0.0	0.2	0.1	0.0	0.0	0.0	0.0
Other Operating Payments	-3.0	-1.6	-3.0	-0.2	-1.3	-1.8	-2.3	-0.2	-1.3	-1.4	-0.8	-1.9
Net Cash Flow from Operating Activities	-162.6	41.7	-8.1	29.5	-56.4	175.8	-41.0	-6.1	-96.6	131.1	5.2	-46.1
Payments for Fixed Assets and Other Long-term Assets	-1.1	-1.8	-0.8	0.0	-0.1	-1.0	0.0	-0.1	0.0	-0.5	-1.5	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	—	—	0.0	0.0	0.0	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	0.6	1.3	0.9	0.6	0.8	0.6	0.5	0.1	0.2	1.3	0.3	-0.7
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	-0.4	-0.5	0.2	0.6	0.7	-0.4	0.5	0.0	0.2	0.8	-1.2	-1.2
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	75.0	0.0	23.3	16.0	—	0.0	70.0	135.0	0.0	25.0	100.0	120.0
Repayment of Borrowings	—	0.0	-23.3	-16.0	—	-70.0	-35.0	-100.0	0.0	-75.0	-50.0	-120.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	-24.9	—	—	-14.0	0.0	0.0	0.0	-22.7	-7.3	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	75.0	-0.1	-24.9	—	—	-84.0	35.0	35.0	0.0	-72.7	42.7	0.0
Net Cash Flow During the Period	-88.0	41.1	-32.9	30.1	-55.7	91.3	-5.6	28.9	-96.3	59.2	46.6	-47.3
Cash and Cash Equivalents at Beginning of Period	147.5	106.1	138.9	108.8	164.5	146.2	146.2	146.2	146.2	55.6	55.6	55.6
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	59.5	147.2	106.1	138.9	108.8	164.5	73.2	78.7	49.8	146.2	86.9	40.3

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PCE

What Is Changing

Drivers of PCE's profit

Financial Highlights

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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