PHH

Hồng Hà Việt Nam ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 179.93%, +469.47pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 1,624

BVPS 13,370

ROE 13.1%

ROA 6.8%

Profit Margin 179.9%

Asset Turnover 0.04x

Equity Mult. 1.93x

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

What Is Changing

On a TTM 2026Q1 basis, PHH is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 18bn
	                                
+2046.6%YoY

	                            
	                                NET MARGIN
	                            
	                                    179.93%
	                                
+469.5ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 32bn
	                                
+1434.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    210.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	18.0	0.8	5.0	19.6	172.8
Growth	+2020%	-83%	-74%	-89%	—
Net Income	38.4	-2.4	2.3	-8.7	0.5
Net Margin	213.43%	-282.91%	45.86%	-44.23%	0.28%

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	0.3	17.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	2.6	0.4	1.9
Growth	-98%	+6151%	+25%	+9%	+0%	-8%	0%	+4%	-92%	+638%	-82%	—
Net Income	2.1	-41.1	71.5	-0.1	-0.1	0.1	0.0	-2.5	-0.1	2.1	-0.1	-0.3
Net Margin	787.08%	-237.61%	25877.23%	-58.56%	-69.46%	73.51%	10.04%	-1129.44%	-58.70%	82.52%	-37.60%	-14.30%

Drivers of PHH's profit

TTM

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

Financial income ↑ 88.3bn

Gross profit ↓ 41.4bn

TTM

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

Financial income ↑ 3.1bn

Administrative expenses ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -1.1% = -289.5% × 0.00 × 1.98

2026Q1 13.1% = 179.9% × 0.04 × 1.93

ROE rose from -1.1% to 13.1% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 179.9% +469.5pp Asset turnover: 0.04x +0.04x Leverage: 1.93x -0.05x

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 expanded to 179.93%, rising 469.5pp. Core operating signals are improving as SG&A / Revenue fell 362.2pp are enough to offset pressure from Gross margin fell 261.9pp (with additional support from Net financial result / Revenue rose 403.4pp).

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 179.93% +469.5pp

Gross Margin -227.49% −261.9pp

SG&A / Revenue 34.15% −362.2pp

Non-core / Revenue 493.40% +403.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 210.0% of PBT and lifted net margin by 403.4pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for construction contractors — liabilities at 0.86x equity, with a net cash position equivalent to 0.16x equity.

Inventory ended the period at 176.9bn, roughly 35.9% of total assets.

Over the last 12 months, working capital released 0.9bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +11.8bn

Inventories increased → lower CFO: −19.2bn

Payables increased → higher CFO: +8.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 91590.3 days versus the same period last year. The main moves came from DIO fell 119388.5 days, DSO fell 2384.4 days, and DPO fell 30182.6 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 946.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 116.1 days −2384.4 days

Inventory 1185.9 days −119388.5 days

Payables 355.8 days −30182.6 days

Cash Conversion Cycle 946.2 days −91590.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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 871.0% of debt, and total debt stands at 5.5bn.

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

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity -0.16x —

Interest Coverage — —

Cash / Debt 871.0% —

Short-term Debt / Total Debt 100.0% —

CFO / NI -1.36x −4.94x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -49.3bn in 2025, against investing cash flow of 80.4bn.

Post-investment cash flow was positive +31.1bn. Financing cash flow was positive +5.9bn.

CFO / net income was -1.36x.

Track how much investment can be funded internally from operating cash flow.

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

Cash Conversion

CFO TTM 44.1bn −35.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 469.5 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 179.93% after expanding 469.5pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 210.0% of PBT and CFO / net income currently at -1.36x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	18.0	0.8	5.0	19.6	172.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	18.0	0.8	5.0	19.6	172.8
Cost of Goods Sold	59.1	0.6	4.4	14.3	0.0
Gross Profit	-41.1	0.3	0.6	5.4	20.1
Financial Income	86.0	2.9	4.0	3.2	5.8
Financial Expenses	—	0.0	0.0	10.7	-1.5
Interest Expense	—	0.0	0.0	0.3	-1.5
Share of Associates and Joint Ventures	0.6	-2.3	0.0	-1.6	-0.0
Selling Expenses	—	0.0	0.0	0.8	-4.3
General and Administrative Expenses	5.9	3.3	1.6	7.3	-17.4
Operating Profit	39.6	-2.4	3.1	-11.8	2.7
Other Income	—	0.0	0.5	9.4	0.0
Other Expenses	0.0	0.0	1.1	5.0	0.0
Other Profit	-0.0	0.0	-0.7	4.4	-0.5
Profit Before Tax	39.6	-2.4	2.4	-7.4	2.1
Current Income Tax Expense	1.2	0.0	0.1	0.4	-1.7
Deferred Income Tax Expense	—	0.0	0.0	1.0	0.0
Net Income	38.4	-2.4	2.3	-8.7	0.5
Non-controlling Interest	-0.0	-0.0	-0.0	0.5	2.9
Profit Attributable to Parent	38.4	-2.4	2.3	-9.2	-2.4
Earnings per Share	2,121.00	-133.00	128.00	-508.00	163.00
Diluted EPS	1,919.18	-119.96	115.87	-459.75	-118.89

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	428.4	233.8	237.2	237.1	516.2
I. Cash and cash equivalents	43.2	6.1	11.8	9.5	60.4
1. Cash	14.8	5.3	1.3	1.2	0.0
2. Cash equivalents	28.4	0.8	10.5	8.3	0.0
II. Short-term financial investments	70.0	2.7	2.6	3.5	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	70.0	2.7	2.6	3.5	0.0
III. Short-term receivables	134.4	42.5	40.8	40.3	149.3
1. Short-term trade accounts receivable	5.8	5.8	5.8	5.8	0.0
2. Short-term prepayments to suppliers	16.3	14.2	14.2	14.1	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	155.0	64.0	64.0	60.0	0.0
6. Other short-term receivables	18.4	19.5	17.9	21.4	0.0
7. Provision for short-term doubtful debts (*)	-61.0	-61.0	-61.0	-61.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	176.9	182.1	181.6	182.2	291.5
1. Inventories	176.9	182.1	181.6	182.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.9	0.5	0.4	1.6	15.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.7	0.3	0.2	1.5	0.0
3. Taxes and other receivables from state authorities	0.1	0.2	0.2	0.2	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	64.1	217.1	219.4	230.2	180.2
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	3.2	0.0	0.0	0.0	6.5
1. Tangible fixed assets	3.2	0.0	0.0	0.0	6.5
- Cost	3.8	0.5	0.7	2.5	0.0
- Accumulated depreciation	-0.6	-0.5	-0.7	-2.5	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	—	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
III. Investment properties	4.2	4.3	4.4	6.5	13.4
- Cost	4.7	4.7	4.7	6.8	0.0
- Accumulated depreciation	-0.5	-0.4	-0.3	-0.3	0.0
IV. Long-term assets in progress	8.7	8.5	8.3	4.6	103.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.7	8.5	8.3	4.6	0.0
V. Long-term financial investments	15.4	171.7	174.0	186.3	16.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.2	165.5	167.8	180.1	0.0
3. Investments in other entities	6.2	6.2	6.2	6.2	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	32.5	32.6	32.6	32.7	0.0
1. Long-term prepayments	32.5	32.6	32.6	32.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	39.9
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)	492.5	450.9	456.6	467.3	696.4
A. LIABILITIES (300=210+330)	227.3	224.0	227.3	240.0	348.7
I. Short -term liabilities	227.3	224.0	227.3	240.0	346.5
1. Short-term trade accounts payable	61.1	46.7	49.3	60.3	87.6
2. Short-term advances from customers	155.9	174.5	174.5	176.5	178.1
3. Taxes and other payables to state authorities	1.2	0.0	0.1	0.0	0.0
4. Payable to employees	0.1	0.0	0.0	0.1	0.0
5. Short-term acrrued expenses	—	0.0	0.0	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	0.0
9. Other short-term payables	2.9	2.6	3.2	3.0	0.0
10. Short-term borrowings and financial leases	5.9	0.0	0.0	0.0	30.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	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	2.2
1. Long-term trade payables	—	0.0	0.0	0.0	2.0
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	0.2
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)	265.3	226.9	229.3	227.3	347.6
I. Owner's equity	265.3	226.9	229.3	227.3	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	347.6
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	59.7	59.7	59.7	59.7	59.7
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	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	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	23.9	23.9	23.9	23.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	4.2	4.2	4.2	4.2	0.0
11. Undistributed earnings after tax	-4.6	-43.0	-40.6	-42.6	-33.4
- Accumulated retained earning at the end of the previous period	-43.0	-40.6	-42.9	-33.4	-31.0
- Undistributed earnings in this period	38.4	-2.4	2.3	-9.2	-2.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3.2	3.2	3.2	3.2	114.3
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)	492.5	450.9	456.6	467.3	696.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	39.6	-2.4	2.4	-7.4	2.1
Depreciation of Fixed Assets and Investment Property	0.3	0.1	0.2	1.0	3.9
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-86.0	-0.6	-4.5	6.6	0.0
Interest Expense	—	0.0	0.0	0.3	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	-46.2	-2.9	-1.9	0.5	-2.2
Increase/(Decrease) in Receivables	-4.4	-0.3	1.2	-167.7	0.0
Increase/(Decrease) in Inventory	5.1	-0.5	0.6	5.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.9	-3.2	-12.7	41.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.1	3.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.3	0.0
Corporate Income Tax Paid	-0.0	-0.1	0.0	-1.5	0.0
Other Operating Receipts	—	0.0	0.0	1.0	0.0
Other Operating Payments	-0.0	-0.0	-0.0	-0.6	0.0
Net Cash Flow from Operating Activities	-49.3	-7.0	-12.8	-119.1	-28.9
Payments for Fixed Assets and Other Long-term Assets	-3.6	-0.2	-0.2	-0.3	14.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	2.4	3.8	4.7
Loans and Purchases of Debt Instruments	-167.3	-5.0	-15.6	-204.7	-34.8
Receipts from Loan Repayments and Sale of Debt Instruments	9.0	5.0	12.5	0.0	0.1
Investments in Other Entities	—	0.0	0.0	-148.8	-8.2
Proceeds from Investments in Other Entities	240.4	0.0	15.6	-13.9	0.0
Dividends and Interest Income Received	1.9	1.5	0.4	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	80.4	1.3	15.1	-360.8	-15.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	460,000,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9.4	0.0	0.0	0.4	38.6
Repayment of Borrowings	-3.5	0.0	0.0	-31.4	-53.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	5.9	0.0	0.0	429.0	-15.2
Net Cash Flow During the Period	37.0	-5.7	2.3	-50.8	1.1
Cash and Cash Equivalents at Beginning of Period	6.1	11.8	9.5	60.4	119.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	43.2	6.1	11.8	9.5	60.4

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	0.3	17.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	2.6	0.4	1.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.3	17.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	2.6	0.4	1.9
Cost of Goods Sold	0.1	58.7	0.1	0.1	0.1	0.1	0.1	0.1	0.1	2.1	0.3	1.8
Gross Profit	0.1	-41.4	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.5	0.1	0.1
Financial Income	3.1	1.3	84.5	0.1	0.1	0.4	0.1	0.2	0.1	1.6	0.0	0.2
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.6	—	—	—	-0.1	0.0	-0.0	0.0	-0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.6	1.5	3.7	0.3	0.3	0.2	0.2	2.7	0.3	0.2	0.3	0.5
Operating Profit	2.7	-41.1	80.9	-0.1	-0.1	0.1	0.0	-2.5	-0.1	1.7	-0.1	-0.3
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.0	0.0
Other Expenses	—	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	-0.0	-0.0	—	—	0.0	0.0	0.0	0.0	0.5	0.0	0.0
Profit Before Tax	2.7	-41.1	80.9	-0.1	-0.1	0.1	0.0	-2.5	-0.1	2.2	-0.1	-0.3
Current Income Tax Expense	0.6	—	9.4	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.1	-41.1	71.5	-0.1	-0.1	0.1	0.0	-2.5	-0.1	2.1	-0.1	-0.3
Non-controlling Interest	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	2.1	-41.1	71.5	-0.1	-0.1	0.1	0.0	-2.5	-0.1	2.1	-0.1	-0.3
Earnings per Share	106.61	-2,053.22	3,577.08	-6.45	-7.00	7.42	1.10	-123.20	-6.13	106.64	-6.58	-13.51
Diluted EPS	106.61	-2,053.22	3,577.08	-6.45	-7.00	7.42	1.10	-123.20	-6.13	106.64	-6.58	-13.51

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)	439.3	428.4	486.3	238.3	231.7	233.8	233.8	232.6	235.3	240.7	224.1	224.0
I. Cash and cash equivalents	47.9	43.2	58.1	4.3	3.0	6.1	1.2	1.7	4.1	11.8	4.8	5.3
1. Cash	1.3	14.8	0.7	4.3	0.7	5.3	0.2	0.1	0.2	1.3	1.0	0.9
2. Cash equivalents	46.6	28.4	57.3	—	2.3	0.8	1.0	1.5	3.9	10.5	3.8	4.3
II. Short-term financial investments	50.0	70.0	70.0	—	2.7	2.7	2.6	2.6	2.6	2.6	2.0	2.0
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	50.0	70.0	70.0	—	2.7	2.7	2.6	2.6	2.6	2.6	2.0	2.0
III. Short-term receivables	133.7	134.4	135.3	36.7	43.0	42.5	47.5	46.1	46.2	44.2	35.4	35.4
1. Short-term trade accounts receivable	5.7	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.8	5.9
2. Short-term prepayments to suppliers	10.2	16.3	17.4	17.7	14.7	14.2	14.2	14.2	14.2	14.2	14.2	14.2
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	—	155.0	155.0	55.0	64.0	64.0	69.0	69.0	69.0	64.0	55.0	55.0
6. Other short-term receivables	178.8	18.4	18.1	19.3	19.6	19.5	19.6	18.2	18.2	21.3	21.4	21.3
7. Provision for short-term doubtful debts (*)	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0	-61.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	201.7	176.9	219.0	195.6	182.5	182.1	182.0	181.7	181.9	181.6	181.3	180.7
1. Inventories	201.7	176.9	219.0	195.6	182.5	182.1	182.0	181.7	181.9	181.6	181.3	180.7
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.0	3.9	3.9	1.6	0.5	0.5	0.5	0.5	0.5	0.4	0.7	0.7
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	5.9	3.7	3.7	1.5	0.3	0.3	0.3	0.3	0.3	0.2	0.5	0.4
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	64.0	64.1	63.3	217.2	217.1	217.1	217.1	219.3	219.4	213.8	229.6	230.0
I. Long-term receivables	—	—	—	—	—	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	—	—	—	—	—	0.0	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	3.0	3.2	3.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible fixed assets	3.0	3.2	3.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	3.8	—	—	—	—	0.5	0.7	0.7	0.7	0.7	2.5	2.5
- Accumulated depreciation	-0.8	—	—	—	—	-0.5	-0.7	-0.7	-0.7	-0.7	-2.5	-2.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	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
III. Investment properties	4.2	4.2	4.3	4.3	4.3	4.3	4.4	4.4	4.4	4.4	6.4	6.4
- Cost	4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	8.7	8.7	8.6	8.6	8.5	8.5	8.3	8.3	8.3	4.8	4.6	4.6
1. Long-term production in progress	—	8.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	8.7	—	8.6	8.6	8.5	8.5	8.3	8.3	8.3	4.8	4.6	4.6
V. Long-term financial investments	15.4	15.4	14.8	171.7	171.7	171.7	171.8	174.0	174.0	171.8	186.0	186.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.2	9.2	8.6	165.5	165.5	165.6	165.6	167.8	167.8	165.6	179.8	180.1
3. Investments in other entities	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2
4. Provision for diminution in value of long-term investments	—	—	—	—	—	-0.1	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	32.6	32.5	32.6	32.6	32.6	32.6	32.6	32.6	32.6	32.6	32.5	32.6
1. Long-term prepayments	32.6	32.5	32.6	32.6	32.6	32.6	32.6	32.6	32.6	32.6	32.5	32.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	503.3	492.5	549.6	455.5	448.8	450.9	450.9	451.9	454.6	454.4	453.7	454.0
A. LIABILITIES (300=210+330)	235.9	227.3	251.4	228.8	222.0	224.0	224.2	225.2	225.4	227.3	228.8	228.6
I. Short -term liabilities	235.9	227.3	251.4	228.8	222.0	224.0	224.2	225.2	225.4	227.3	228.8	228.6
1. Short-term trade accounts payable	70.5	61.1	60.1	46.5	44.7	46.7	47.1	47.0	47.5	49.3	50.5	50.1
2. Short-term advances from customers	155.9	155.9	174.3	174.5	174.3	174.5	174.3	174.5	174.3	174.5	174.6	174.9
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.6	1.2	9.4	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
4. Payable to employees	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.3	2.9	5.3	6.6	2.7	2.6	2.6	3.4	3.4	3.2	3.5	3.4
10. Short-term borrowings and financial leases	5.5	5.9	2.1	1.0	—	0.0	0.0	0.0	0.0	0.0	0.0	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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	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)	267.4	265.3	298.2	226.6	226.7	226.9	226.7	226.7	229.2	227.1	224.9	225.4
I. Owner's equity	267.4	265.3	298.2	226.6	226.7	226.9	226.7	226.7	229.2	227.1	224.9	225.4
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7	59.7
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	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00	-21,118,002,077.00
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	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9
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	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2
11. Undistributed earnings after tax	-2.5	-4.6	28.2	-43.3	-43.2	-43.0	-43.2	-43.2	-40.8	-42.8	-45.0	-44.5
- Accumulated retained earning at the end of the previous period	-4.6	-43.0	-43.0	-43.0	-43.0	-40.6	-40.6	-40.6	-40.6	-42.9	-42.9	-42.6
- Undistributed earnings in this period	2.1	38.4	71.3	-0.3	-0.1	-2.4	-2.6	-2.6	-0.1	0.1	-2.1	-1.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2
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)	503.3	492.5	549.6	455.5	448.8	450.9	450.9	451.9	454.6	454.4	453.7	454.0

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	2.7	-41.1	80.9	-0.1	-0.1	0.1	0.0	-2.5	-0.1	4.5	-0.1	-0.3
Depreciation of Fixed Assets and Investment Property	0.2	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-3.1	-30.0	-55.8	-0.1	-0.1	-0.3	-0.1	-0.2	-0.1	-4.3	-0.0	-0.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.3	-71.0	25.2	-0.2	-0.2	-0.1	-0.0	-2.6	-0.2	0.3	-0.1	-0.4
Increase/(Decrease) in Receivables	16.8	90.2	-90.0	-5.1	0.6	0.0	-1.4	-0.7	0.4	0.4	-0.0	-3.0
Increase/(Decrease) in Inventory	-24.7	42.5	-23.8	-13.2	-0.4	-0.1	-0.3	0.2	-0.3	-0.3	-0.6	1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.0	-30.5	22.8	6.9	-3.1	-0.2	-1.0	0.5	-2.6	-1.5	0.2	-2.8
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	1.2	0.1	-0.1	—	—	0.0	0.0	0.0	-0.1	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	2.0	31.2	-65.8	-11.6	-3.1	-0.3	-2.8	-2.6	-2.8	-1.3	-0.5	-4.6
Payments for Fixed Assets and Other Long-term Assets	—	-3.4	-0.1	-0.1	-0.0	-0.1	0.0	-0.1	0.0	-0.2	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	2.4	0.0	0.0
Loans and Purchases of Debt Instruments	—	-62.3	-105.0	—	—	0.0	0.0	-0.0	-5.0	-13.6	0.0	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	-2.7	0.0	11.7	—	5.0	0.0	0.0	0.0	4.0	0.0	8.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	32.1	208.3	—	—	0.0	0.0	0.0	0.0	15.6	0.0	0.0
Dividends and Interest Income Received	3.1	-1.8	3.4	0.3	0.0	0.4	2.3	0.2	0.1	0.1	0.0	0.2
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	3.1	-38.1	106.6	11.9	-0.0	5.2	2.3	0.1	-4.9	8.3	0.0	6.7
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	—	7.3	1.1	1.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.4	-3.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.4	3.8	1.1	1.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	4.7	-3.1	42.0	1.3	-3.1	5.0	-0.5	-2.5	-7.7	7.0	-0.5	2.1
Cash and Cash Equivalents at Beginning of Period	43.2	58.1	4.3	3.0	6.1	11.8	11.8	11.8	11.8	9.5	9.5	9.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	47.9	43.2	58.1	4.3	3.0	6.1	1.2	1.7	4.1	11.8	4.8	5.3

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PHH

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Cash Flow ●

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Statement Data

What is driving the margin?

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Cash Flow