PPP

Dược phẩm Phong Phú ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 17.45%, +3.85pp YoY

Price

18,100

Latest close

02 Jun 2026

P/E 7.15x

P/B 1.07x

EPS 2,532

BVPS 16,872

ROE 17.3%

ROA 14.0%

Profit Margin 17.4%

Asset Turnover 0.80x

Equity Mult. 1.23x

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

What Is Changing

On a TTM 2026Q1 basis, PPP has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 142bn
	                                
+0.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 25bn
	                                
+28.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	139.7	137.5	152.2	150.6	133.3
Growth	+2%	-10%	+1%	+13%	—
Net Income	18.6	17.4	20.1	20.5	16.9
Net Margin	13.28%	12.62%	13.21%	13.64%	12.65%

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	37.4	41.3	32.5	31.1	34.9	36.5	33.4	36.9	30.7	39.7	36.0	39.5
Growth	-9%	+27%	+5%	-11%	-4%	+9%	-9%	+20%	-23%	+10%	-9%	—
Net Income	10.8	6.4	3.3	4.3	4.5	5.4	4.7	4.6	2.6	5.6	5.0	4.8
Net Margin	28.88%	15.55%	10.09%	13.90%	12.97%	14.88%	14.09%	12.48%	8.50%	14.05%	13.75%	12.24%

Drivers of PPP's profit

TTM

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

Other profit ↑ 6.0bn

Gross profit ↑ 3.1bn

Tax ↑ 1.4bn

Administrative expenses ↑ 1.3bn

Selling expenses ↑ 1.2bn

TTM

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

Other profit ↑ 5.8bn

Gross profit ↑ 2.6bn

Tax ↑ 1.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.2% = 13.6% × 0.87 × 1.20

2026Q1 17.3% = 17.4% × 0.80 × 1.23

ROE rose from 14.2% to 17.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: 17.4% +3.8pp Asset turnover: 0.80x -0.06x Leverage: 1.23x +0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 17.45%, rising 3.8pp. Core operating signals are improving as Gross margin rose 2.0pp are enough to offset pressure from SG&A / Revenue rose 1.7pp (with additional support from Other profit / Revenue rose 4.2pp and Net financial result / Revenue rose 0.2pp).

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 17.45% +3.8pp

Gross Margin 36.48% +2.0pp

SG&A / Revenue 20.16% +1.7pp

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 13.95% +0.5pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.27x equity, with a net cash position equivalent to 0.03x equity.

Inventory ended the period at 40.1bn, roughly 22.7% of total assets.

Over the last 12 months, working capital released 0.6bn 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: +0.3bn

Inventories increased → lower CFO: −4.9bn

Payables increased → higher CFO: +5.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 11.1 days versus the same period last year. The main moves came from DIO rose 17.1 days, DSO fell 2.9 days, and DPO rose 3.0 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 135.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +17.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 28.4 days −2.9 days

Inventory 155.4 days +17.1 days

Payables 47.9 days +3.0 days

Cash Conversion Cycle 135.9 days +11.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 16.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.03x and interest coverage at 141.51x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 215.3% of debt, and total debt stands at 3.7bn.

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 -0.03x —

Interest Coverage 141.51x −467.85x

Cash / Debt 215.3% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 1.04x +0.02x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 16.8bn in 2025, against investing cash flow of -9.2bn.

Post-investment cash flow was positive +7.6bn. Financing cash flow was negative +6.9bn.

CFO / net income was 1.04x.

After spending +1.5bn on fixed-asset investment, the business generated trailing free cash flow of +24.3bn.

Cash Conversion

CFO TTM 25.9bn +6.2bn

Cash Capex 1.5bn +0.9bn

FCF TTM +24.3bn +5.3bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.1%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 136 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 17.45% after expanding 3.8pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.04x. Even so, net financial result still accounts for 20.1% of PBT, so the earnings mix still needs monitoring.

Key risk: working capital remains tied up for too long, with cash cycle at 135.9 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	141.1	138.1	152.5	150.9	133.7
Revenue Deductions	1.4	0.5	0.3	0.4	0.0
Net Revenue	139.7	137.5	152.2	150.6	133.3
Cost of Goods Sold	90.4	91.1	103.0	99.4	0.0
Gross Profit	49.3	46.4	49.2	51.2	45.2
Financial Income	1.7	1.4	1.3	0.6	0.1
Financial Expenses	0.1	0.0	0.0	0.1	-0.4
Interest Expense	0.1	0.0	0.0	0.0	-0.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	14.4	13.4	13.4	13.6	-14.5
General and Administrative Expenses	13.7	12.8	12.7	12.6	-11.1
Operating Profit	22.8	21.6	24.4	25.6	19.3
Other Income	0.4	0.2	0.3	0.1	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.0
Other Profit	0.4	0.2	0.2	0.1	0.1
Profit Before Tax	23.2	21.8	24.6	25.7	19.4
Current Income Tax Expense	5.0	4.6	4.3	5.1	-2.5
Deferred Income Tax Expense	-0.3	-0.1	0.1	0.1	0.0
Net Income	18.6	17.4	20.1	20.5	16.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	18.6	17.4	20.1	20.5	16.9
Earnings per Share	1,883.00	1,767.00	2,061.00	2,106.00	1,722.00
Diluted EPS	2,108.49	1,972.63	2,284.32	2,334.25	1,916.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	100.4	91.2	79.6	78.5	70.8
I. Cash and cash equivalents	9.5	8.9	8.5	10.3	12.1
1. Cash	4.5	4.9	4.5	6.3	0.0
2. Cash equivalents	5.0	4.0	4.0	4.0	0.0
II. Short-term financial investments	40.1	31.1	23.6	16.0	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	40.1	31.1	23.6	16.0	0.0
III. Short-term receivables	10.3	13.9	15.3	15.3	11.0
1. Short-term trade accounts receivable	7.6	11.2	13.3	13.7	0.0
2. Short-term prepayments to suppliers	1.0	2.0	0.8	1.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.8	0.9	1.3	0.6	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	40.1	36.9	32.0	36.8	41.5
1. Inventories	40.7	37.5	32.9	37.7	0.0
2. Provision for decline in value of inventories	-0.6	-0.6	-0.9	-0.9	0.0
V. Other short-term assets	0.4	0.4	0.3	0.2	0.2
1. Short-term prepayments	0.3	0.4	0.2	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.1	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)	76.3	75.9	80.4	79.7	85.2
I. Long-term receivables	0.1	0.1	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	0.1	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	72.4	74.3	78.0	77.9	83.3
1. Tangible fixed assets	56.2	57.4	60.5	59.7	64.4
- Cost	114.1	111.8	112.1	107.2	0.0
- Accumulated depreciation	-57.9	-54.3	-51.6	-47.5	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	16.2	16.9	17.5	18.2	18.9
- Cost	24.6	24.6	24.6	24.6	0.0
- Accumulated depreciation	-8.4	-7.8	-7.1	-6.4	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	—	0.1	0.0	0.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.1	0.0	0.6	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	3.9	1.5	2.3	1.2	0.0
1. Long-term prepayments	3.1	1.0	2.0	0.7	0.0
2. Deferred income tax assets	0.8	0.5	0.3	0.5	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	1.9
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)	176.7	167.1	160.0	158.2	156.1
A. LIABILITIES (300=210+330)	38.0	31.8	29.7	33.6	39.5
I. Short -term liabilities	37.8	31.6	29.4	33.4	39.3
1. Short-term trade accounts payable	10.2	13.5	11.7	12.6	16.4
2. Short-term advances from customers	4.6	4.7	4.8	8.4	11.9
3. Taxes and other payables to state authorities	2.0	1.7	1.6	2.2	0.0
4. Payable to employees	6.3	4.0	4.5	4.5	0.0
5. Short-term acrrued expenses	0.4	0.5	0.5	0.7	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	0.8	0.8	0.7	0.9	0.0
10. Short-term borrowings and financial leases	6.3	0.0	0.0	0.0	2.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.1	6.3	5.8	4.1	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	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	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)	138.7	135.4	130.4	124.6	116.6
I. Owner's equity	138.7	135.4	130.4	124.6	0.0
1. Owner's capital	88.0	88.0	88.0	88.0	116.6
- Common stock with voting right	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.2	2.2	2.2	2.2	2.2
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	11.3	10.3	9.4	8.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	37.3	34.9	30.8	26.0	19.0
- Accumulated retained earning at the end of the previous period	21.7	20.3	13.7	8.5	4.7
- Undistributed earnings in this period	15.6	14.6	17.2	17.5	14.3
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)	176.7	167.1	160.0	158.2	156.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	23.2	21.8	24.6	25.7	19.4
Depreciation of Fixed Assets and Investment Property	4.2	4.2	4.8	6.2	6.2
Provision (Increase)/Reversal	-0.0	-0.3	-0.1	-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	-1.7	-1.4	-1.3	-0.6	0.0
Interest Expense	0.1	0.0	0.0	0.0	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	25.8	24.4	27.9	31.4	26.8
Increase/(Decrease) in Receivables	4.0	1.2	0.5	-4.2	0.0
Increase/(Decrease) in Inventory	-3.2	-4.6	4.8	4.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.7	1.3	-6.1	-6.3	0.0
Increase/(Decrease) in Prepaid Expenses	-2.0	0.8	-0.8	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	0.0	0.0	-0.0	0.0
Corporate Income Tax Paid	-4.8	-4.5	-4.1	-4.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.2	-1.2	-0.3	-0.3	0.0
Net Cash Flow from Operating Activities	16.8	17.3	22.1	20.9	19.3
Payments for Fixed Assets and Other Long-term Assets	-1.5	-0.5	-4.6	-0.8	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-41.1	-38.2	-29.6	-23.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	32.1	30.7	22.0	13.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.3	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	1.6	0.8	0.4	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	-9.2	-6.5	-11.4	-10.4	-1.1
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	10.7	0.0	0.0	0.0	9.2
Repayment of Borrowings	-4.4	0.0	0.0	-2.0	-18.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-13.2	-10.4	-12.5	-10.3	-6.0
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	-6.9	-10.4	-12.5	-12.3	-15.1
Net Cash Flow During the Period	0.7	0.4	-1.8	-1.8	3.7
Cash and Cash Equivalents at Beginning of Period	8.9	8.5	10.3	12.1	9.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.5	8.9	8.5	10.3	12.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	38.1	41.8	32.9	31.4	35.1	36.9	33.5	37.0	30.8	39.8	36.1	39.7
Revenue Deductions	0.7	0.4	0.4	0.3	0.2	0.4	0.0	0.1	0.0	0.0	0.1	0.2
Net Revenue	37.4	41.3	32.5	31.1	34.9	36.5	33.4	36.9	30.7	39.7	36.0	39.5
Cost of Goods Sold	22.8	26.3	21.3	19.9	22.9	23.5	21.1	25.4	21.2	26.7	23.9	27.2
Gross Profit	14.6	15.0	11.2	11.1	12.0	13.0	12.3	11.5	9.5	13.1	12.2	12.3
Financial Income	0.1	0.9	0.1	0.7	0.1	0.6	0.1	0.6	0.1	0.7	0.1	0.5
Financial Expenses	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.1	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.5	4.0	3.9	3.3	3.2	3.7	3.4	3.2	3.1	4.0	3.0	3.2
General and Administrative Expenses	3.5	4.1	3.3	3.1	3.2	3.2	3.1	3.2	3.3	3.5	3.0	3.5
Operating Profit	7.7	7.8	4.1	5.4	5.6	6.8	5.9	5.7	3.2	6.3	6.2	6.1
Other Income	6.0	0.3	0.0	0.0	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.1
Other Expenses	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Other Profit	5.9	0.3	0.0	0.0	0.1	0.1	-0.0	0.1	0.1	0.1	0.0	-0.0
Profit Before Tax	13.5	8.1	4.1	5.4	5.7	6.9	5.9	5.7	3.3	6.4	6.2	6.1
Current Income Tax Expense	2.7	1.5	1.1	1.1	1.2	1.4	1.3	1.1	0.7	0.8	1.2	1.2
Deferred Income Tax Expense	0.0	0.1	-0.3	-0.1	-0.1	0.1	-0.1	-0.0	-0.1	-0.0	0.1	-0.0
Net Income	10.8	6.4	3.3	4.3	4.5	5.4	4.7	4.6	2.6	5.6	5.0	4.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.8	6.4	3.3	4.3	4.5	5.4	4.7	4.6	2.6	5.6	5.0	4.8
Earnings per Share	1,107.00	662.00	324.00	439.00	459.00	554.00	477.00	472.00	263.00	570.00	510.00	494.00
Diluted EPS	1,228.56	730.56	372.82	490.82	514.30	617.31	535.05	523.27	296.96	634.76	562.62	549.16

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)	111.6	96.3	83.4	84.4	90.7	91.2	79.3	74.9	80.4	79.6	79.5	73.3
I. Cash and cash equivalents	8.0	9.5	4.6	5.3	8.6	8.9	3.8	4.5	10.0	8.5	5.2	6.7
1. Cash	8.0	4.5	4.6	5.3	6.6	4.9	3.8	4.5	6.0	4.5	5.2	6.7
2. Cash equivalents	—	5.0	—	—	2.0	4.0	0.0	0.0	4.0	4.0	0.0	0.0
II. Short-term financial investments	49.0	36.0	27.7	24.6	32.0	31.1	29.1	23.6	20.6	23.6	22.1	15.0
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	49.0	36.0	27.7	24.6	32.0	31.1	29.1	23.6	20.6	23.6	22.1	15.0
III. Short-term receivables	14.0	10.3	10.5	15.7	14.1	13.9	13.7	15.6	15.8	15.3	19.8	18.3
1. Short-term trade accounts receivable	10.7	7.6	7.7	13.0	11.4	11.2	12.3	12.4	12.9	13.3	14.7	15.8
2. Short-term prepayments to suppliers	1.8	1.0	1.9	1.6	1.9	2.0	0.9	2.1	2.1	0.8	4.5	1.8
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	1.5	1.8	1.0	1.2	0.8	0.9	0.6	1.1	0.9	1.3	0.7	0.8
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	40.4	40.1	40.1	38.3	35.5	36.9	32.4	30.9	33.5	32.0	31.9	32.9
1. Inventories	41.0	40.7	40.6	38.9	36.1	37.5	33.3	31.9	34.3	32.9	32.8	33.8
2. Provision for decline in value of inventories	-0.6	-0.6	-0.5	-0.6	-0.6	-0.6	-0.9	-1.0	-0.9	-0.9	-0.9	-0.9
V. Other short-term assets	0.3	0.4	0.5	0.5	0.5	0.4	0.3	0.3	0.5	0.3	0.5	0.4
1. Short-term prepayments	0.2	0.3	0.4	0.5	0.5	0.4	0.3	0.3	0.5	0.2	0.4	0.4
2. Value added tax to be reclaimed	—	—	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	—	0.0	—	0.0	0.0	0.0	0.0	0.1	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	75.1	80.4	79.6	77.8	76.8	75.9	76.9	77.9	79.1	80.4	77.0	77.3
I. Long-term receivables	0.0	0.1	0.1	0.1	0.1	0.1	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	0.1	0.1	0.1	0.1	0.1	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	71.4	72.4	71.8	72.6	73.4	74.3	75.0	75.9	77.0	78.0	75.0	75.2
1. Tangible fixed assets	55.4	56.2	55.4	56.1	56.7	57.4	58.0	58.7	59.6	60.5	57.3	57.3
- Cost	113.0	—	—	—	—	111.8	112.2	112.1	112.1	112.1	108.0	107.2
- Accumulated depreciation	-57.6	—	—	—	—	-54.3	-54.3	-53.4	-52.5	-51.6	-50.7	-49.9
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	16.0	16.2	16.3	16.5	16.7	16.9	17.0	17.2	17.4	17.5	17.7	17.9
- Cost	24.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.6	—	—	—	—	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	—	—	1.9	1.9	0.1	0.1	0.0	0.0	0.0	0.0	0.1	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	—	—	1.9	1.9	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.0
V. Long-term financial investments	—	4.1	4.1	2.0	2.0	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
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	—	4.1	4.1	2.0	2.0	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
VI. Other long-term assets	3.6	3.9	1.8	1.3	1.2	1.5	1.8	2.0	2.1	2.3	1.9	2.1
1. Long-term prepayments	2.9	3.1	0.9	0.6	0.7	1.0	1.3	1.6	1.7	2.0	1.6	1.7
2. Deferred income tax assets	0.7	0.8	0.9	0.6	0.6	0.5	0.5	0.4	0.4	0.3	0.3	0.4
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)	186.7	176.7	163.0	162.2	167.5	167.1	156.2	152.8	159.4	160.0	156.4	150.6
A. LIABILITIES (300=210+330)	38.3	38.0	30.1	32.1	28.1	31.8	25.7	26.5	26.7	29.6	31.1	29.7
I. Short -term liabilities	38.1	37.8	29.9	31.9	27.9	31.6	25.5	26.3	26.5	29.4	30.8	29.5
1. Short-term trade accounts payable	11.8	10.2	10.8	10.4	11.9	13.5	8.4	10.4	10.9	11.7	11.8	13.5
2. Short-term advances from customers	7.6	4.6	5.1	6.9	4.8	4.7	3.8	4.0	5.8	4.8	6.8	5.3
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.2	2.0	1.4	1.4	1.7	1.7	1.7	1.6	1.2	1.6	2.2	1.9
4. Payable to employees	3.3	6.3	4.0	3.2	2.4	4.0	4.4	3.3	2.4	4.5	3.4	2.7
5. Short-term acrrued expenses	0.3	0.4	0.4	0.3	0.2	0.5	0.4	0.3	0.3	0.5	0.4	0.3
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
9. Other short-term payables	0.1	0.8	0.9	0.9	0.8	0.8	0.8	1.0	0.6	0.7	0.9	1.1
10. Short-term borrowings and financial leases	3.7	6.3	0.8	2.3	—	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	7.4	7.1	6.6	6.5	6.1	6.3	5.9	5.7	5.3	5.8	5.2	4.8
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	148.5	138.7	132.9	130.1	139.4	135.4	130.5	126.3	132.7	130.4	125.4	120.9
I. Owner's equity	148.5	138.7	132.9	130.1	139.4	135.4	130.5	126.3	132.7	130.4	125.4	120.9
1. Owner's capital	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0	88.0
- Common stock with voting right	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00	87,999,910,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
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	11.8	11.3	10.9	10.7	10.5	10.3	10.0	9.7	9.5	9.4	9.1	8.8
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	46.5	37.3	31.8	29.1	38.7	34.9	30.3	26.3	33.0	30.8	26.1	21.8
- Accumulated retained earning at the end of the previous period	37.3	21.7	21.7	21.7	34.9	20.3	20.3	20.3	30.8	13.7	13.7	13.7
- Undistributed earnings in this period	9.2	15.6	10.1	7.4	3.8	14.6	10.0	6.1	2.2	17.2	12.4	8.2
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)	186.7	176.7	163.0	162.2	167.5	167.1	156.2	152.8	159.4	160.0	156.4	150.6

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	13.5	8.1	4.1	5.4	5.7	6.9	5.9	5.7	3.3	6.4	6.1	6.1
Depreciation of Fixed Assets and Investment Property	1.1	1.1	1.1	1.1	1.0	1.0	1.0	1.1	1.1	1.1	1.0	1.2
Provision (Increase)/Reversal	-0.1	0.1	-0.1	0.1	—	-0.3	-0.1	0.2	0.0	-0.1	-0.1	-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	-0.1	-0.9	-0.1	-0.7	-0.1	-0.7	-0.1	-0.6	-0.1	-0.7	-0.1	-0.5
Interest Expense	0.1	0.0	0.0	0.0	—	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	14.5	8.4	5.0	5.8	6.6	7.0	6.8	6.4	4.2	6.7	7.0	6.8
Increase/(Decrease) in Receivables	-4.0	1.1	4.5	-1.3	-0.2	0.4	1.2	0.5	-0.8	5.2	-1.7	-1.2
Increase/(Decrease) in Inventory	-0.3	-0.1	-1.7	-2.9	1.4	-4.2	-1.4	2.4	-1.5	-0.1	1.0	1.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.5	0.7	-0.5	3.5	-5.4	5.4	-0.9	-1.4	-1.8	-1.6	0.8	-0.8
Increase/(Decrease) in Prepaid Expenses	0.3	-2.1	-0.2	0.1	0.2	0.2	0.3	0.2	0.1	-0.2	0.1	-0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.0	-0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.5	-1.1	-1.1	-1.2	-1.4	-1.3	-1.2	-0.7	-1.3	-1.2	-0.8	-1.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-0.0	-0.4	-0.1	-0.7	-0.1	-0.4	-0.0	-0.8	-0.0	-0.1	-0.0
Net Cash Flow from Operating Activities	9.6	6.9	5.5	3.9	0.6	7.4	4.4	7.3	-1.8	8.8	6.5	5.0
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.9	-0.2	-2.1	-0.1	-0.4	-0.2	0.0	0.0	-3.8	-0.8	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-16.5	-9.3	-18.7	-7.1	-6.0	-6.0	-18.6	-10.5	-3.1	-2.5	-12.0	-7.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.6	1.0	13.5	12.5	5.1	4.0	13.1	7.5	6.1	1.0	5.0	7.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	1.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	—	0.7	0.4	0.2	0.1	0.7	0.4	0.4	0.0	0.2	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	-8.6	-7.3	-4.7	3.7	-0.8	-2.3	-5.0	-2.6	3.4	-5.3	-7.6	0.2
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	3.7	6.3	0.8	3.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-6.3	-0.8	-2.3	-1.3	—	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	-13.2	—	-0.0	-0.1	-10.3	-0.0	-0.3	-0.3	-11.9
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	-2.6	5.4	-1.5	-10.9	—	-0.0	-0.1	-10.3	-0.0	-0.3	-0.3	-11.9
Net Cash Flow During the Period	-1.6	4.9	-0.7	-3.3	-0.3	5.1	-0.7	-5.6	1.6	3.3	-1.5	-6.7
Cash and Cash Equivalents at Beginning of Period	9.5	4.6	5.3	8.6	8.9	8.5	8.5	8.5	8.5	10.3	10.3	10.3
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	8.0	9.5	4.6	5.3	8.6	8.9	3.8	4.5	10.0	8.5	5.2	6.7

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PPP

What Is Changing

Drivers of PPP's profit

Financial Highlights

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What is driving the margin? ▲▲

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Is capital being deployed efficiently? ●

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