PIC

Đầu tư Điện lực 3 ·HNX ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 23.82%, −6.02pp YoY

Price

15,600

Latest close

04 Jun 2026

P/E 14.73x

P/B 1.33x

EPS 1,059

BVPS 11,740

ROE 9.1%

ROA 8.4%

Profit Margin 23.8%

Asset Turnover 0.35x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2026Q1 basis, PIC is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 148bn
	                                
+16.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 35bn
	                                
−7.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	155.5	116.7	137.9	149.4	127.4
Growth	+33%	-15%	-8%	+17%	—
Net Income	40.8	32.2	38.2	42.9	33.1
Net Margin	26.26%	27.59%	27.68%	28.70%	26.01%

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	34.0	54.6	26.2	33.4	41.2	51.4	16.6	18.3	30.4	52.3	17.1	23.1
Growth	-38%	+108%	-21%	-19%	-20%	+209%	-9%	-40%	-42%	+207%	-26%	—
Net Income	12.3	7.2	4.0	11.7	17.4	20.4	-0.8	1.1	11.3	14.8	-2.0	4.0
Net Margin	36.31%	13.25%	15.37%	35.06%	42.13%	39.70%	-4.78%	6.05%	37.31%	28.27%	-11.58%	17.12%

Drivers of PIC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 7.4bn

Finance costs ↓ 0.6bn

Financial income ↑ 0.5bn

Administrative expenses ↑ 8.8bn

TTM

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

Tax ↓ 1.7bn

Gross profit ↓ 6.3bn

Administrative expenses ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.1% = 29.8% × 0.30 × 1.13

2026Q1 9.1% = 23.8% × 0.35 × 1.08

ROE fell from 10.1% to 9.1% — net margin weakened the most, though asset turnover still provided support.

Net margin: 23.8% -6.0pp Asset turnover: 0.35x +0.05x Leverage: 1.08x -0.05x

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 fell to 23.82%, losing 6.0pp. The main pressure comes from SG&A / Revenue rose 4.2pp and Gross margin fell 1.6pp (with additional support from Net financial result / Revenue rose 1.0pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 23.82% −6.0pp

Gross Margin 45.76% −1.6pp

SG&A / Revenue 16.50% +4.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 8.8% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC stands at 8.83%, broadly flat versus the same period. That translates to 8.83 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 4.4pp, but capital turnover rose 0.06x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 8.83% −0.1pp

NOPAT Margin 23.82% −4.4pp

Capital Turnover 0.37x +0.06x

Average Invested Capital 399.8bn −6.0bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.00x equity.

Over the last 12 months, working capital released 18.0bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +16.0bn

Inventories decreased → higher CFO: +0.0bn

Payables increased → higher CFO: +1.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 23.9 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO fell 15.8 days, and DPO rose 8.7 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Inventory turnover is slowing

DIO increased by +0.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 45.0 days −15.8 days

Inventory 1.8 days +0.6 days

Payables 16.1 days +8.7 days

Cash Conversion Cycle 30.7 days −23.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 70.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.00x and interest coverage at 22.78x.

At present, cash equals 105.8% of debt and total debt stands at 5.0bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.00x −0.06x

Interest Coverage 22.78x +5.69x

Cash / Debt 105.8% +77.2pp

Short-term Debt / Total Debt — —

CFO / NI 2.26x +0.60x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 70.0bn in 2025, against investing cash flow of -32.6bn.

Post-investment cash flow was positive +37.3bn. Financing cash flow was negative +36.4bn.

CFO / net income was 2.26x.

After spending +22.8bn on fixed-asset investment, the business generated trailing free cash flow of +57.1bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 79.9bn +16.6bn

Cash Capex 22.8bn −5.5bn

FCF TTM +57.1bn +22.1bn

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 margins remain under pressure remaining the main constraint, with net margin down 6.0 pp. The next watchpoint is capital efficiency, with ROIC at 8.8%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.26x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.26x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 23.82% after a 6.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	155.5	116.7	137.9	149.4	127.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	155.5	116.7	137.9	149.4	127.4
Cost of Goods Sold	80.8	65.0	72.1	76.1	0.0
Gross Profit	74.7	51.7	65.7	73.3	60.1
Financial Income	1.0	0.6	1.7	2.3	1.3
Financial Expenses	2.1	2.6	6.7	10.8	-13.0
Interest Expense	2.1	2.6	6.7	10.8	-13.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	23.6	15.3	17.9	19.1	-13.3
Operating Profit	49.9	34.4	42.8	45.7	35.1
Other Income	0.0	4.6	0.0	0.0	0.0
Other Expenses	0.0	2.6	0.0	0.1	0.0
Other Profit	0.0	1.9	-0.0	-0.1	-0.1
Profit Before Tax	49.9	36.4	42.8	45.6	35.0
Current Income Tax Expense	9.1	4.2	4.7	2.7	-1.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	40.8	32.2	38.2	42.9	33.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	40.8	32.2	38.2	42.9	33.1
Earnings per Share	1,081.00	861.00	1,040.00	1,197.00	993.71
Diluted EPS	1,081.00	861.00	1,040.00	1,197.00	993.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	88.5	79.0	67.8	93.0	83.1
I. Cash and cash equivalents	16.0	15.1	21.8	39.9	33.3
1. Cash	0.5	0.6	0.2	0.2	0.0
2. Cash equivalents	15.5	14.5	21.6	39.7	0.0
II. Short-term financial investments	27.0	20.0	15.0	19.5	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	27.0	20.0	15.0	19.5	0.0
III. Short-term receivables	36.6	37.1	25.2	24.8	24.0
1. Short-term trade accounts receivable	32.0	23.0	23.7	24.0	0.0
2. Short-term prepayments to suppliers	3.2	12.8	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	1.4	1.3	1.2	0.7	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	0.6	0.4	0.1	0.4	0.5
1. Inventories	0.6	0.4	0.1	0.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.4	6.4	5.7	8.4	9.4
1. Short-term prepayments	0.1	0.3	0.3	0.3	0.0
2. Value added tax to be reclaimed	7.7	6.1	5.1	7.6	0.0
3. Taxes and other receivables from state authorities	0.6	0.0	0.3	0.5	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)	355.5	354.3	379.8	415.7	452.4
I. Long-term receivables	—	0.0	0.8	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	0.8	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	289.2	327.2	364.1	400.9	438.1
1. Tangible fixed assets	284.2	322.3	359.1	395.9	433.1
- Cost	655.3	654.5	654.1	652.5	0.0
- Accumulated depreciation	-371.0	-332.2	-295.0	-256.5	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	4.9	5.0	5.0	5.0	5.0
- Cost	5.1	5.1	5.1	5.1	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.1	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	62.0	22.3	10.6	10.1	10.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	62.0	22.3	10.6	10.1	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	4.4	4.8	4.3	4.7	0.0
1. Long-term prepayments	2.0	2.1	1.7	1.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	2.4	2.7	2.6	2.8	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.2
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)	444.0	433.3	447.6	508.7	535.5
A. LIABILITIES (300=210+330)	64.9	63.7	88.1	154.2	164.9
I. Short -term liabilities	34.9	23.7	38.1	48.2	24.5
1. Short-term trade accounts payable	5.2	1.1	0.9	2.0	0.2
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.8	5.3	4.0	3.2	0.0
4. Payable to employees	18.8	8.4	11.1	12.7	0.0
5. Short-term acrrued expenses	0.1	2.2	0.1	0.2	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	5.0	2.8	19.2	28.8	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	6.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.0	3.9	2.9	1.3	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	30.0	40.0	50.0	106.0	140.5
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	30.0	40.0	50.0	106.0	140.5
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)	379.1	369.6	359.5	354.5	370.6
I. Owner's equity	379.1	369.6	359.5	354.5	0.0
1. Owner's capital	333.4	333.4	333.4	333.4	370.6
- Common stock with voting right	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-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	—	1.1	1.1	1.1	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	45.7	35.1	25.0	20.0	36.1
- Accumulated retained earning at the end of the previous period	3.7	2.9	3.5	3.8	3.0
- Undistributed earnings in this period	42.0	32.2	21.5	16.2	33.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	444.0	433.3	447.6	508.7	535.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	49.9	36.4	42.8	45.6	35.0
Depreciation of Fixed Assets and Investment Property	38.8	37.2	38.6	39.5	38.3
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	0.0
Gain/Loss from Investment Activities	-1.0	-0.6	-1.7	-2.1	0.0
Interest Expense	2.1	2.6	6.7	10.8	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	89.9	75.6	86.5	93.7	84.9
Increase/(Decrease) in Receivables	-11.3	0.5	1.3	0.4	0.0
Increase/(Decrease) in Inventory	0.1	-0.4	0.5	-0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.7	-0.6	-2.6	2.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.4	0.2	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.1	-2.6	-6.9	-10.8	0.0
Corporate Income Tax Paid	-8.9	-2.7	-4.5	-3.1	0.0
Other Operating Receipts	0.4	0.0	0.0	0.7	0.0
Other Operating Payments	-7.1	-4.4	-5.0	-4.1	0.0
Net Cash Flow from Operating Activities	70.0	65.1	69.5	78.9	69.8
Payments for Fixed Assets and Other Long-term Assets	-26.6	-24.6	-1.6	-2.1	-6.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-18.1	-24.0	-28.0	-30.6	-0.9
Receipts from Loan Repayments and Sale of Debt Instruments	11.1	19.0	32.5	27.0	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	1.0	0.8	1.7	1.9	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	-32.6	-28.8	4.6	-3.8	-5.9
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	—	0.0	50.0	0.0	0.0
Repayment of Borrowings	-10.0	-10.0	-106.0	-40.7	-28.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-26.4	-33.1	-36.3	-27.7	-16.5
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	-36.4	-43.1	-92.2	-68.5	-44.7
Net Cash Flow During the Period	0.9	-6.7	-18.1	6.6	24.0
Cash and Cash Equivalents at Beginning of Period	15.1	21.8	39.9	33.3	14.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	16.0	15.1	21.8	39.9	33.3

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	34.0	54.6	26.2	33.4	41.2	51.4	16.6	18.3	30.4	52.3	17.1	23.1
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	34.0	54.6	26.2	33.4	41.2	51.4	16.6	18.3	30.4	52.3	17.1	23.1
Cost of Goods Sold	15.2	32.0	17.8	15.4	16.2	23.1	14.1	13.8	14.2	26.2	15.7	14.6
Gross Profit	18.8	22.6	8.5	18.0	25.1	28.3	2.6	4.6	16.1	26.1	1.4	8.6
Financial Income	0.3	0.2	0.3	0.3	0.2	0.1	0.2	0.2	0.2	0.2	0.5	0.5
Financial Expenses	0.3	0.5	0.5	0.5	0.5	0.7	0.7	0.5	0.6	1.1	1.6	1.9
Interest Expense	0.3	0.5	0.5	0.5	0.5	0.7	0.7	0.5	0.6	1.1	1.6	1.9
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.7	14.6	3.1	3.0	2.9	6.8	2.9	3.1	2.9	8.5	2.8	3.1
Operating Profit	15.1	7.7	5.1	14.7	21.8	20.8	-0.8	1.1	12.8	16.8	-2.6	4.1
Other Income	—	0.0	—	—	0.0	4.6	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	0.0	2.2	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.0	-0.0	-0.0	0.0	2.4	-0.0	-0.0	-0.0	-0.0	0.0	-0.0
Profit Before Tax	15.1	7.7	5.1	14.7	21.8	23.2	-0.8	1.1	12.8	16.8	-2.6	4.1
Current Income Tax Expense	2.7	0.5	1.1	3.0	4.5	2.8	-0.0	-0.0	1.4	2.0	-0.6	0.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	12.3	7.2	4.0	11.7	17.4	20.4	-0.8	1.1	11.3	14.8	-2.0	4.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.3	7.2	4.0	11.7	17.4	20.4	-0.8	1.1	11.3	14.8	-2.0	4.0
Earnings per Share	369.85	217.13	120.91	350.93	431.00	611.79	-23.87	33.27	340.00	443.49	-59.21	118.89
Diluted EPS	369.85	217.13	120.91	350.93	431.00	856.00	-23.87	33.27	340.00	443.49	-59.21	118.89

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)	57.8	88.5	62.7	88.5	72.8	79.0	56.3	52.4	52.0	67.8	42.4	57.4
I. Cash and cash equivalents	5.3	16.0	2.6	26.8	8.6	15.1	4.8	15.7	12.7	21.8	8.8	15.7
1. Cash	1.0	0.5	0.6	5.3	0.6	0.6	0.2	0.4	0.6	0.2	0.3	0.3
2. Cash equivalents	4.3	15.5	2.0	21.5	8.0	14.5	4.6	15.3	12.1	21.6	8.5	15.4
II. Short-term financial investments	30.0	27.0	24.0	28.0	20.0	20.0	17.0	12.0	12.0	15.0	15.0	16.0
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	30.0	27.0	24.0	28.0	20.0	20.0	17.0	12.0	12.0	15.0	15.0	16.0
III. Short-term receivables	13.8	36.6	26.4	24.8	36.1	37.1	26.9	17.8	21.7	25.2	11.0	19.0
1. Short-term trade accounts receivable	11.0	32.0	19.8	15.1	25.6	23.0	12.8	5.7	16.9	23.7	9.7	17.2
2. Short-term prepayments to suppliers	2.0	3.2	5.0	8.1	9.6	12.8	13.3	11.2	4.5	0.3	0.3	0.2
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	0.9	1.4	1.6	1.6	0.9	1.3	0.8	0.9	0.3	1.2	1.0	1.5
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	0.5	0.6	0.7	0.6	0.3	0.4	0.3	0.1	0.2	0.1	0.5	0.7
1. Inventories	0.5	0.6	0.7	0.6	0.3	0.4	0.3	0.1	0.2	0.1	0.5	0.7
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	8.2	8.4	9.0	8.3	7.9	6.4	7.3	6.7	5.5	5.7	7.0	6.0
1. Short-term prepayments	0.5	0.1	0.2	0.5	0.4	0.3	0.3	0.4	0.4	0.3	0.4	0.5
2. Value added tax to be reclaimed	6.2	7.7	8.8	7.8	7.5	6.1	5.5	5.3	5.2	5.1	4.9	5.0
3. Taxes and other receivables from state authorities	1.4	0.6	—	—	0.0	0.0	1.5	1.1	0.0	0.3	1.8	0.4
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)	351.6	355.5	355.8	352.7	358.6	354.3	357.8	364.7	371.4	379.8	388.1	397.4
I. Long-term receivables	—	—	—	—	0.0	0.0	0.5	1.0	1.0	0.8	0.8	0.8
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	0.5	1.0	1.0	0.8	0.8	0.8
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	306.8	289.2	299.3	308.3	317.5	327.2	336.6	345.7	354.7	364.1	372.6	382.1
1. Tangible fixed assets	301.9	284.2	294.3	303.3	312.6	322.3	331.6	340.7	349.7	359.1	367.6	377.1
- Cost	682.7	—	—	—	654.5	654.5	653.9	653.8	654.1	654.1	652.6	652.6
- Accumulated depreciation	-380.8	—	—	—	-342.0	-332.2	-322.3	-313.1	-304.4	-295.0	-284.9	-275.5
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	4.9	4.9	4.9	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
- Cost	5.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	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	40.1	62.0	52.0	40.1	36.6	22.3	15.7	12.8	10.9	10.6	10.3	10.2
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	40.1	62.0	52.0	40.1	36.6	22.3	15.7	12.8	10.9	10.6	10.3	10.2
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	4.7	4.4	4.5	4.3	4.5	4.8	4.9	5.1	4.7	4.3	4.5	4.3
1. Long-term prepayments	2.3	2.0	1.8	1.6	1.9	2.1	2.2	2.5	2.1	1.7	1.6	1.5
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	2.4	2.4	2.7	2.7	2.6	2.7	2.7	2.6	2.6	2.6	2.8	2.8
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)	409.4	444.0	418.5	441.2	431.4	433.3	414.1	417.1	423.4	447.6	430.5	454.8
A. LIABILITIES (300=210+330)	18.0	65.4	47.1	47.2	44.4	63.8	65.1	50.5	52.6	88.1	69.1	81.4
I. Short -term liabilities	13.0	35.4	17.1	17.2	14.4	23.8	25.1	10.5	7.6	38.1	9.1	11.4
1. Short-term trade accounts payable	4.5	5.2	4.6	3.3	2.6	1.1	0.4	0.6	0.2	0.9	0.1	0.1
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	2.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.2	3.7	6.3	7.3	5.9	5.3	1.9	0.8	1.7	4.0	1.7	1.0
4. Payable to employees	1.1	19.4	0.8	0.9	1.2	8.5	0.9	1.2	1.2	11.0	1.0	1.2
5. Short-term acrrued expenses	1.1	0.1	0.0	0.0	0.0	2.2	0.1	0.1	0.0	0.1	0.1	0.1
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	0.8	5.0	3.0	2.7	2.7	2.8	17.1	2.5	2.6	19.2	2.5	2.3
10. Short-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
12.. Bonus and welfare fund	0.2	2.0	2.4	2.9	1.9	3.9	4.6	5.3	1.9	2.9	3.8	6.6
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	5.0	30.0	30.0	30.0	30.0	40.0	40.0	40.0	45.0	50.0	60.0	70.0
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	5.0	30.0	30.0	30.0	30.0	40.0	40.0	40.0	45.0	50.0	60.0	70.0
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)	391.4	378.6	371.3	394.0	387.0	369.5	349.1	366.5	370.8	359.5	361.4	373.4
I. Owner's equity	391.4	378.6	371.3	394.0	387.0	369.5	349.1	366.5	370.8	359.5	361.4	373.4
1. Owner's capital	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4	333.4
- Common stock with voting right	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00	333,398,910,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	58.0	45.2	38.0	60.6	52.5	35.0	14.6	32.0	36.3	25.0	26.9	38.9
- Accumulated retained earning at the end of the previous period	45.7	3.7	3.7	30.4	35.1	2.9	2.9	19.6	25.0	3.5	3.5	13.5
- Undistributed earnings in this period	12.3	41.5	34.2	30.2	17.4	32.0	11.6	12.4	11.3	21.5	23.4	25.4
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)	409.4	444.0	418.5	441.2	431.4	433.3	414.1	417.1	423.4	447.6	430.5	454.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	15.1	8.3	5.1	14.7	21.8	23.2	-0.8	1.1	12.8	16.7	-2.6	4.1
Depreciation of Fixed Assets and Investment Property	9.8	10.2	9.7	9.3	9.7	10.0	9.2	8.7	9.4	10.2	9.5	9.0
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	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-0.3	-0.2	-0.3	-0.3	-0.2	-0.1	-0.2	-0.2	-0.2	-0.2	-0.5	-0.5
Interest Expense	0.3	0.5	0.5	0.5	0.5	0.7	0.7	0.5	0.6	1.1	1.6	1.9
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	24.9	18.7	15.0	24.2	31.9	33.8	8.9	10.2	22.6	27.8	8.0	14.4
Increase/(Decrease) in Receivables	23.2	-11.5	-5.7	10.1	-4.1	-10.7	-6.6	10.5	7.3	-14.2	7.9	8.6
Increase/(Decrease) in Inventory	0.1	0.4	-0.1	-0.4	0.2	-0.2	-0.2	0.1	-0.0	0.7	0.2	-0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.0	19.8	-0.4	0.5	-11.3	12.0	0.4	-0.4	-12.4	12.6	0.5	-1.2
Increase/(Decrease) in Prepaid Expenses	-0.7	-0.1	0.1	0.1	0.2	0.1	0.4	-0.4	-0.5	-0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.5	-0.5	-0.5	-0.6	-0.7	-0.7	-0.5	-0.7	-1.2	-1.6	-2.0
Corporate Income Tax Paid	-4.9	-2.8	-2.2	-2.0	-1.9	-0.1	-0.4	-1.1	-1.1	-0.5	-0.7	-2.7
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.7	-0.5	-0.8	-3.7	-2.1	-0.7	-0.7	-1.9	-1.1	-0.8	-2.8	-1.1
Net Cash Flow from Operating Activities	22.4	23.5	5.8	28.2	12.4	33.6	1.0	16.4	14.2	24.3	11.4	15.5
Payments for Fixed Assets and Other Long-term Assets	-5.2	-7.5	-7.8	-2.3	-9.0	-5.9	-5.0	-8.4	-5.2	-1.4	-0.1	-0.1
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
Loans and Purchases of Debt Instruments	-5.0	-9.0	-1.0	-8.0	-0.0	-13.0	-5.0	0.0	-6.0	-3.0	-9.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	6.0	5.1	—	0.0	10.0	0.0	0.0	9.0	3.0	10.0	8.5
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	0.1	0.4	0.2	0.3	0.1	0.0	0.2	0.1	0.4	0.1	0.7	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-8.1	-10.2	-3.6	-10.0	-8.9	-8.9	-9.8	-8.3	-1.8	-1.3	1.7	8.9
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	50.0	0.0	0.0
Repayment of Borrowings	-25.0	0.0	0.0	0.0	-10.0	0.0	0.0	-5.0	-5.0	-60.0	-10.0	-16.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-26.4	-0.0	-0.0	-14.4	-2.1	-0.1	-16.5	-0.0	-9.9	-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	-25.0	-0.0	-26.4	-0.0	-10.0	-14.4	-2.1	-5.1	-21.5	-10.0	-19.9	-16.0
Net Cash Flow During the Period	-10.7	13.4	-24.1	18.2	-6.5	10.2	-10.9	3.0	-9.1	13.0	-6.9	8.4
Cash and Cash Equivalents at Beginning of Period	16.0	2.6	26.8	8.6	15.1	21.8	21.8	21.8	21.8	39.9	39.9	39.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.3	16.0	2.6	26.8	8.6	15.1	4.8	15.7	12.7	21.8	8.8	15.7

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PIC

What Is Changing

Drivers of PIC's profit

Financial Highlights

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Balance Sheet ▲

Working Capital Efficiency ▲

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow