PSN

Dịch Vụ Kỹ Thuật PTSC Thanh Hóa ·UPCOM ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT −1.65x

Price

8,200

Latest close

14 May 2026

P/E 7.91x

P/B 0.58x

EPS 1,037

BVPS 14,034

ROE 7.5%

ROA 3.1%

Profit Margin 2.6%

Asset Turnover 1.17x

Equity Mult. 2.44x

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

What Is Changing

On a TTM 2026Q1 basis, PSN is maintaining revenue growth, but margins have not improved proportionally — margins have been compressing consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,576bn
	                                
+38.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 41bn
	                                
+27.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.65x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,372.2	1,197.4	1,030.6	942.1	746.4
Growth	+15%	+16%	+9%	+26%	—
Net Income	34.5	37.1	40.1	27.5	36.9
Net Margin	2.52%	3.10%	3.89%	2.91%	4.94%

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	389.2	487.1	381.1	318.8	197.1	306.8	298.3	339.9	235.7	410.0	225.7	216.1
Growth	-20%	+28%	+20%	+62%	-36%	+3%	-12%	+44%	-43%	+82%	+4%	—
Net Income	10.6	9.1	9.8	12.0	7.3	7.9	6.4	10.9	9.8	6.5	12.9	12.6
Net Margin	2.73%	1.86%	2.56%	3.76%	3.70%	2.58%	2.14%	3.21%	4.16%	1.59%	5.73%	5.84%

Drivers of PSN's profit

TTM

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

Gross profit ↑ 18.3bn

Financial income ↑ 5.2bn

Deferred tax ↓ 1.5bn

Administrative expenses ↑ 19.9bn

Tax ↑ 3.7bn

Finance costs ↑ 3.3bn

TTM

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

Gross profit ↑ 9.6bn

Administrative expenses ↑ 4.8bn

Tax ↑ 1.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.0% = 2.8% × 1.07 × 1.97

2026Q1 7.5% = 2.6% × 1.17 × 2.44

ROE rose from 6.0% to 7.5% — mainly driven by leverage, despite net margin moving in the opposite direction.

Net margin: 2.6% -0.2pp Asset turnover: 1.17x +0.10x Leverage: 2.44x +0.48x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 2.63%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

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

Profitability trend

Net Margin 2.63% −0.2pp

Gross Margin 7.39% −1.2pp

SG&A / Revenue 4.19% −1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 6.39%, rising 0.8pp. That translates to 6.39 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.38x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital rose by 91bn.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 6.39% +0.8pp

NOPAT Margin 2.69% −0.1pp

Capital Turnover 2.37x +0.38x

Average Invested Capital 664.2bn +91.0bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.84x equity, net debt at 0.28x equity.

Over the last 12 months, working capital absorbed 94.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −438.0bn

Inventories increased → lower CFO: −83.0bn

Payables increased → higher CFO: +426.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.5 days versus the same period last year. The main moves came from DIO fell 9.4 days, DSO fell 13.4 days, and DPO fell 12.4 days.

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

Working Capital Efficiency

Receivables 99.3 days −13.4 days

Inventory 20.8 days −9.4 days

Payables 60.0 days −12.4 days

Cash Conversion Cycle 60.1 days −10.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 122.6bn due to capex of 54.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.28x and interest coverage at 6.47x.

At present, short-term debt accounts for 73.5% of total debt, cash equals 1.5% of debt, and total debt stands at 159.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 73.5% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 1.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.28x +0.16x

Interest Coverage 6.47x −1.98x

Cash / Debt 1.5% −32.7pp

Short-term Debt / Total Debt 73.5% +9.9pp

CFO / NI -1.65x −2.92x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 99.6bn in 2025, against investing cash flow of -81.9bn.

Post-investment cash flow was positive +17.7bn. Financing cash flow was negative +0.7bn.

CFO / net income was -1.65x.

After spending +54.2bn on fixed-asset investment, the business generated trailing free cash flow of −122.6bn.

Cash Conversion

CFO TTM 68.4bn −109.8bn

Cash Capex 54.2bn +52.2bn

FCF TTM −122.6bn −162.0bn

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is earnings conversion is confirmed, with CFO/NI at -1.65x. The residual risk still sits in leverage and liquidity, with interest coverage at 6.47x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -1.65x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.28x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,372.4	1,197.1	1,030.6	942.1	746.4
Revenue Deductions	0.2	-0.3	0.0	0.0	0.0
Net Revenue	1,372.2	1,197.4	1,030.6	942.1	746.4
Cost of Goods Sold	1,265.3	1,081.1	950.9	891.8	0.0
Gross Profit	106.9	116.3	79.8	50.3	65.5
Financial Income	6.9	2.3	7.5	10.5	9.9
Financial Expenses	7.8	3.1	1.3	0.1	-0.2
Interest Expense	4.2	3.0	1.1	0.0	0.0
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	61.3	69.9	43.3	32.2	-35.6
Operating Profit	44.7	45.6	42.8	28.6	39.5
Other Income	0.6	3.0	0.0	1.0	0.0
Other Expenses	1.9	6.0	0.3	0.5	0.0
Other Profit	-1.3	-3.1	-0.3	0.5	-0.1
Profit Before Tax	43.4	42.5	42.5	29.0	39.4
Current Income Tax Expense	10.9	4.5	2.7	1.7	-2.5
Deferred Income Tax Expense	-2.1	0.9	-0.3	-0.1	0.0
Net Income	34.5	37.1	40.1	27.5	36.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	34.5	37.1	40.1	27.5	36.9
Earnings per Share	733.00	789.00	853.00	584.00	921.80
Diluted EPS	862.93	789.00	853.00	584.00	921.80

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,074.5	502.8	640.7	552.7	525.1
I. Cash and cash equivalents	48.4	30.9	57.7	91.1	31.9
1. Cash	48.4	29.5	47.6	32.6	0.0
2. Cash equivalents	—	1.4	10.1	58.6	0.0
II. Short-term financial investments	73.8	34.9	34.9	76.1	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	73.8	34.9	34.9	76.1	0.0
III. Short-term receivables	830.4	408.7	411.9	294.2	198.7
1. Short-term trade accounts receivable	319.4	340.6	356.0	243.6	0.0
2. Short-term prepayments to suppliers	343.4	2.8	8.9	9.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	117.3	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	80.5	93.1	57.7	48.5	0.0
7. Provision for short-term doubtful debts (*)	-30.1	-27.9	-10.7	-7.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	119.8	27.7	134.5	90.1	51.0
1. Inventories	119.8	27.7	134.5	90.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.0	0.6	1.6	1.1	1.0
1. Short-term prepayments	1.7	0.6	1.0	1.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.6	0.1	0.0
3. Taxes and other receivables from state authorities	0.3	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	487.0	465.1	463.9	324.4	280.5
I. Long-term receivables	3.4	3.4	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	3.4	3.4	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	436.0	410.4	388.8	283.9	271.7
1. Tangible fixed assets	435.5	409.8	388.5	283.7	271.5
- Cost	1,013.8	929.7	852.0	701.3	0.0
- Accumulated depreciation	-578.3	-520.0	-463.5	-417.6	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	0.5	0.7	0.3	0.2	0.2
- Cost	2.8	2.8	2.2	2.0	0.0
- Accumulated depreciation	-2.3	-2.2	-1.9	-1.7	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	6.2	4.9	35.8	18.0	1.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.2	4.9	35.8	18.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	41.4	46.3	39.3	22.5	0.0
1. Long-term prepayments	37.8	44.8	36.9	20.4	0.0
2. Deferred income tax assets	3.6	1.5	2.4	2.1	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	7.2
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)	1,561.5	967.9	1,104.6	877.1	805.6
A. LIABILITIES (300=210+330)	1,010.8	430.1	569.9	350.4	272.9
I. Short -term liabilities	949.6	388.3	530.0	332.2	258.2
1. Short-term trade accounts payable	360.7	211.5	279.4	186.9	133.3
2. Short-term advances from customers	93.1	29.4	77.6	38.5	17.3
3. Taxes and other payables to state authorities	13.5	11.0	1.3	1.5	0.0
4. Payable to employees	25.2	8.5	21.1	14.0	0.0
5. Short-term acrrued expenses	390.8	84.0	94.5	63.7	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	17.8	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	40.7	29.5	25.8	23.7	0.0
10. Short-term borrowings and financial leases	17.6	12.0	8.4	0.0	0.0
11. Provision for short-term liabilities	0.2	0.2	0.0	0.0	0.0
12.. Bonus and welfare fund	7.9	2.3	4.0	3.9	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	61.2	41.8	39.9	18.2	14.7
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	46.8	37.1	31.4	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	14.4	4.7	8.5	18.2	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)	550.7	537.8	534.7	526.6	532.7
I. Owner's equity	550.7	537.8	534.7	526.6	0.0
1. Owner's capital	400.0	400.0	400.0	400.0	532.7
- Common stock with voting right	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	111.4	100.2	88.2	80.0	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	39.3	37.5	46.5	46.7	63.8
- Accumulated retained earning at the end of the previous period	4.8	0.4	6.3	19.2	26.9
- Undistributed earnings in this period	34.5	37.1	40.1	27.5	36.9
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)	1,561.5	967.9	1,104.6	877.1	805.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	43.4	42.5	42.5	29.0	39.4
Depreciation of Fixed Assets and Investment Property	60.0	59.4	47.6	35.3	37.3
Provision (Increase)/Reversal	11.9	24.0	5.1	1.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.6	-0.6	-0.5	0.4	0.0
Gain/Loss from Investment Activities	-4.5	-2.9	-6.9	-10.1	0.0
Interest Expense	4.2	3.0	1.1	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	114.4	125.4	88.8	56.5	93.2
Increase/(Decrease) in Receivables	-423.4	-19.4	-118.6	-71.8	0.0
Increase/(Decrease) in Inventory	-92.1	106.8	-44.4	-28.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	505.8	-166.7	175.5	63.8	0.0
Increase/(Decrease) in Prepaid Expenses	5.9	-7.5	-16.4	-15.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.1	-3.0	-1.1	0.0	0.0
Corporate Income Tax Paid	-3.8	-2.5	-2.5	-2.5	0.0
Other Operating Receipts	—	0.0	0.1	0.0	0.0
Other Operating Payments	-3.0	-7.8	-7.3	-6.5	0.0
Net Cash Flow from Operating Activities	99.6	25.3	74.1	-4.0	113.8
Payments for Fixed Assets and Other Long-term Assets	-48.4	-37.5	-168.1	-51.7	-11.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-49.0	-61.1	-25.0	-147.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	49.1	102.3	154.9	41.4
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	5.4	3.5	7.1	13.3	0.0
Increase/(Decrease) in Term Deposits	-38.9	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	-81.9	-33.9	-119.9	91.5	-109.4
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	95.6	18.3	52.0	0.0	0.0
Repayment of Borrowings	-80.4	-8.9	-12.3	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-16.0	-28.1	-27.8	-27.9	-27.8
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	-0.7	-18.8	11.9	-27.9	-27.8
Net Cash Flow During the Period	17.0	-27.5	-33.9	59.6	-12.9
Cash and Cash Equivalents at Beginning of Period	30.9	57.7	91.1	31.9	55.2
FX Difference from Revaluation	0.6	0.7	0.4	-0.4	0.1
Cash and Cash Equivalents at End of Period	48.4	30.9	57.7	91.1	31.9

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	389.2	487.4	381.1	318.8	197.1	306.8	298.3	340.2	235.7	410.0	225.7	216.1
Revenue Deductions	—	0.2	—	—	—	0.0	0.0	0.3	0.0	0.0	0.0	0.0
Net Revenue	389.2	487.1	381.1	318.8	197.1	306.8	298.3	339.9	235.7	410.0	225.7	216.1
Cost of Goods Sold	356.8	455.6	355.1	292.4	174.3	289.0	264.3	316.3	213.5	390.3	200.7	196.6
Gross Profit	32.4	31.5	26.0	26.5	22.8	17.8	34.0	23.5	22.2	19.7	25.0	19.5
Financial Income	0.2	3.0	0.8	3.0	0.1	1.0	0.1	0.7	0.5	1.7	1.0	4.0
Financial Expenses	2.0	3.7	0.8	1.2	2.1	0.8	0.7	0.7	0.9	0.8	0.4	0.0
Interest Expense	2.0	1.0	0.8	1.2	1.2	0.8	0.7	0.7	0.8	0.8	0.3	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	12.5	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	17.7	21.2	12.5	14.7	12.8	0.0	21.2	12.2	11.4	13.0	11.9	10.2
Operating Profit	13.0	9.6	13.6	13.6	7.9	5.5	12.2	11.3	10.5	7.6	13.6	13.3
Other Income	0.3	0.6	—	—	-0.0	2.1	0.1	0.7	0.1	0.0	0.0	0.0
Other Expenses	0.8	0.3	0.9	0.0	0.6	-3.7	5.3	0.2	0.1	0.3	0.0	0.0
Other Profit	-0.5	0.3	-0.9	-0.0	-0.6	5.8	-5.1	0.5	0.0	-0.3	-0.0	0.0
Profit Before Tax	12.5	9.9	12.7	13.5	7.3	11.2	7.1	11.8	10.5	7.3	13.6	13.3
Current Income Tax Expense	2.5	0.4	3.2	1.7	0.8	1.1	0.8	1.3	1.1	0.9	0.7	0.7
Deferred Income Tax Expense	-0.6	0.5	-0.2	-0.2	-0.8	2.2	-0.1	-0.4	-0.4	-0.1	-0.0	-0.0
Net Income	10.6	9.1	9.8	12.0	7.3	7.9	6.4	10.9	9.8	6.5	12.9	12.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.6	9.1	9.8	12.0	7.3	7.9	6.4	10.9	9.8	6.5	12.9	12.6
Earnings per Share	266.06	226.87	243.85	299.86	182.07	197.88	159.58	273.10	245.32	162.83	323.50	315.69
Diluted EPS	266.06	226.87	243.85	299.86	182.07	197.88	159.58	273.10	245.32	162.83	323.50	315.69

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)	1,098.9	1,042.5	781.7	667.8	651.7	507.3	589.6	637.6	550.2	635.6	574.6	515.0
I. Cash and cash equivalents	2.5	48.4	122.0	50.7	33.7	30.9	26.7	40.9	45.4	57.7	97.5	74.0
1. Cash	2.5	48.4	12.0	50.7	33.7	29.5	26.7	40.9	33.4	47.6	61.3	54.0
2. Cash equivalents	—	—	110.0	—	—	1.4	0.0	0.0	12.0	10.1	36.2	20.0
II. Short-term financial investments	61.5	73.8	64.9	115.0	115.0	34.9	28.8	38.8	23.8	34.9	34.9	91.0
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	61.5	73.8	64.9	115.0	115.0	34.9	28.8	38.8	23.8	34.9	34.9	91.0
III. Short-term receivables	895.4	814.2	512.6	449.5	458.6	407.3	414.7	445.1	348.7	409.8	226.2	233.9
1. Short-term trade accounts receivable	480.7	323.1	260.8	356.2	376.6	343.1	389.2	422.4	328.7	356.3	191.0	184.0
2. Short-term prepayments to suppliers	343.6	343.4	78.4	70.6	60.7	3.4	3.4	9.9	5.2	8.9	12.4	19.0
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	46.3	102.0	163.7	—	—	0.0	2.3	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	54.9	75.9	37.6	50.6	49.2	78.3	39.6	25.5	25.4	55.3	33.6	38.4
7. Provision for short-term doubtful debts (*)	-30.1	-30.1	-27.9	-27.8	-27.9	-17.4	-19.8	-12.7	-10.7	-10.7	-10.9	-7.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	124.7	104.1	76.7	51.2	41.7	33.6	118.5	112.1	131.3	131.8	200.4	109.2
1. Inventories	124.7	104.1	76.7	51.2	41.7	33.6	118.5	112.1	131.3	131.8	200.4	109.2
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	14.8	2.0	5.4	1.3	2.7	0.6	0.9	0.7	1.0	1.3	15.5	7.0
1. Short-term prepayments	1.5	1.7	1.5	1.1	0.7	0.6	0.9	0.7	1.0	0.9	1.6	0.8
2. Value added tax to be reclaimed	—	—	4.0	0.2	2.0	0.0	0.0	0.0	0.0	0.4	13.9	6.2
3. Taxes and other receivables from state authorities	0.0	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	13.3	—	—	—	—	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)	474.6	483.0	470.7	466.8	477.6	460.8	466.4	453.7	463.1	462.4	467.1	418.3
I. Long-term receivables	3.4	3.4	3.4	3.4	3.4	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	3.4	3.4	3.4	3.4	3.4	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	425.8	435.2	414.7	406.2	417.5	410.4	410.1	412.1	373.0	385.5	360.4	344.3
1. Tangible fixed assets	425.3	434.7	414.2	405.6	416.9	409.8	409.3	404.0	372.1	385.2	360.0	344.0
- Cost	1,019.6	—	—	—	—	929.7	915.8	898.7	852.7	848.5	810.9	781.8
- Accumulated depreciation	-594.3	—	—	—	—	-520.0	-506.5	-494.6	-480.6	-463.4	-450.9	-437.8
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	0.4	0.5	0.5	0.6	0.6	0.7	0.7	8.1	0.8	0.3	0.4	0.4
- Cost	2.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.4	—	—	—	—	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	7.8	6.0	6.4	5.7	4.9	4.7	5.1	6.6	52.7	39.1	67.8	46.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.8	6.0	6.4	5.7	4.9	4.7	5.1	6.6	52.7	39.1	67.8	46.3
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	37.6	38.5	46.2	51.5	51.8	45.7	51.3	35.0	37.4	37.9	38.8	27.7
1. Long-term prepayments	33.4	37.8	45.0	49.0	49.4	44.6	48.0	31.8	34.6	35.6	36.6	25.5
2. Deferred income tax assets	4.2	0.7	1.2	2.5	2.3	1.1	3.3	3.2	2.8	2.3	2.2	2.2
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)	1,573.4	1,525.6	1,252.4	1,134.6	1,129.3	968.1	1,056.0	1,091.3	1,013.3	1,098.0	1,041.7	933.4
A. LIABILITIES (300=210+330)	1,012.1	975.5	711.4	599.1	584.2	430.7	526.5	569.9	468.8	563.7	513.8	416.3
I. Short -term liabilities	952.8	914.3	669.5	556.8	541.2	388.9	487.9	535.5	429.6	523.8	463.4	396.5
1. Short-term trade accounts payable	254.9	374.6	228.8	212.5	224.9	211.5	230.3	264.5	189.1	276.9	199.3	211.2
2. Short-term advances from customers	47.2	90.5	51.4	55.5	20.6	29.4	53.8	73.8	73.9	77.6	73.1	42.0
3. Taxes and other payables to state authorities	19.2	9.9	7.6	1.9	2.1	9.5	9.2	5.6	3.0	1.4	1.5	1.4
4. Payable to employees	17.8	21.7	20.0	16.4	9.2	8.9	13.2	18.6	17.9	28.7	27.1	24.4
5. Short-term acrrued expenses	459.5	359.8	300.5	176.3	90.2	85.1	84.9	65.3	80.0	83.2	95.2	55.0
6. Short-term inter-company payables	9.8	15.8	15.8	18.5	18.5	18.5	18.5	18.5	18.5	18.5	18.5	18.5
7. Construction contract progress payments due to suppliers	—	3.6	—	—	101.3	0.0	12.6	7.9	17.6	17.8	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.5
9. Other short-term payables	21.3	12.8	21.9	24.6	11.0	11.5	47.9	65.5	19.1	7.3	36.0	36.0
10. Short-term borrowings and financial leases	117.5	17.6	15.5	42.5	62.5	12.0	10.6	8.4	8.4	8.4	0.0	0.0
11. Provision for short-term liabilities	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	8.0	0.0
12.. Bonus and welfare fund	5.3	7.9	7.8	8.5	0.7	2.3	6.9	7.4	2.1	4.0	4.6	5.6
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	59.3	61.2	41.9	42.3	43.0	41.8	38.6	34.4	39.2	39.9	50.4	19.8
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	42.4	46.8	29.6	32.7	35.8	37.1	34.0	27.2	29.3	31.4	41.8	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	16.9	14.4	12.3	9.7	7.2	4.7	4.5	7.2	9.9	8.5	8.6	19.8
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)	561.4	550.1	541.0	535.5	545.1	537.4	529.5	521.4	544.5	534.3	527.8	517.1
I. Owner's equity	561.4	550.1	541.0	535.5	545.1	537.4	529.5	521.4	544.5	534.3	527.8	517.1
1. Owner's capital	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0	400.0
- Common stock with voting right	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00	400,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	111.4	111.4	111.4	111.4	100.2	100.2	100.2	100.2	88.2	88.2	88.2	88.2
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	50.0	38.7	29.6	24.1	44.8	37.2	29.3	21.1	56.3	46.1	39.6	28.9
- Accumulated retained earning at the end of the previous period	39.3	4.8	4.8	4.8	37.5	0.4	0.4	0.4	46.5	6.3	6.3	6.3
- Undistributed earnings in this period	10.6	33.8	24.8	19.3	7.3	36.8	28.9	20.7	9.8	39.8	33.3	22.5
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)	1,573.4	1,525.6	1,252.4	1,134.6	1,129.3	968.1	1,056.0	1,091.3	1,013.3	1,098.0	1,041.7	933.4

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
Profit Before Tax	12.5	10.1	12.7	13.3	7.3	11.2	7.1	13.8	10.5	7.5	13.6	11.0
Depreciation of Fixed Assets and Investment Property	15.4	18.5	13.6	14.0	13.9	13.6	14.5	14.1	17.2	14.3	13.1	10.3
Provision (Increase)/Reversal	—	6.8	0.0	5.1	—	-2.0	8.5	4.9	0.0	1.3	-6.3	10.2
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.1	—	-0.5	0.0	0.0	0.4	-0.2	-0.2	-0.5	0.3	-0.1
Gain/Loss from Investment Activities	0.1	-4.0	1.4	-1.9	-0.1	-0.2	0.3	-0.5	-0.2	-6.5	4.1	-1.9
Interest Expense	2.0	5.0	-3.2	1.2	1.2	-0.8	-2.3	0.7	0.8	6.4	-5.3	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	—	—	—	—	—	0.8	2.2	0.0	0.0	-0.3	0.3	0.0
Operating Profit Before Changes in Working Capital	30.1	32.7	28.1	31.2	22.4	22.7	30.8	32.9	28.0	22.2	19.8	29.4
Increase/(Decrease) in Receivables	-66.6	-479.2	94.4	13.3	-51.9	10.2	37.7	-113.3	62.0	-170.9	-4.2	8.3
Increase/(Decrease) in Inventory	-4.8	-43.2	-25.5	-9.6	-14.0	84.9	-6.4	19.2	3.2	65.9	-86.1	2.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-87.1	331.9	67.3	114.8	-8.2	-114.4	-63.8	83.6	-99.8	88.7	116.7	10.2
Increase/(Decrease) in Prepaid Expenses	4.6	7.0	3.7	0.0	-4.8	3.7	-9.3	-4.0	2.3	0.3	-17.0	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-1.0	-0.8	-1.2	-1.2	-0.8	-0.7	-0.7	-0.8	-0.8	-0.3	0.8
Corporate Income Tax Paid	—	0.0	0.0	-1.9	-1.9	-0.7	0.0	-1.0	-0.9	-0.8	-0.5	-1.2
Other Operating Receipts	—	—	—	—	—	-11.0	0.0	0.0	0.0	0.1	0.0	0.0
Other Operating Payments	-2.2	-0.1	-0.6	-0.7	-1.7	3.2	-0.5	-0.7	-2.0	-0.6	-4.3	-1.0
Net Cash Flow from Operating Activities	-127.9	-151.8	166.7	44.6	40.1	-2.3	-12.3	15.9	-8.0	4.1	24.1	49.4
Payments for Fixed Assets and Other Long-term Assets	-13.7	-28.4	-7.9	-4.2	-7.8	35.5	-21.2	-4.4	-15.7	-14.2	-101.1	-34.5
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	—	—	-60.0	0.0	-80.1	-21.5	-0.2	-15.0	-12.3	0.0	-2.3	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	1.4	15.4	10.2	0.0	23.5	0.0	58.4	21.3
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	2.3	2.5	0.6	0.1	0.4	0.2	0.8	2.1	0.2	2.5	3.6
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	-13.6	75.0	-65.5	-5.0	-86.4	29.8	-11.0	-18.6	-2.4	-13.9	-42.5	-11.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	6,276,093,540.00	-6,276,093,540.00	0.00	0.00	10,202,620,500.00	-10,202,620,500.00	0.00
Proceeds from Borrowings	111.3	40.3	3.0	0.0	52.3	7.1	11.2	0.0	0.0	0.0	52.0	0.0
Repayment of Borrowings	-15.8	-54.1	3.2	-26.2	—	-8.9	4.2	-2.1	-2.1	-12.3	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-16.0	—	—	—	-28.0	0.0	0.0	0.0	-27.8	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	95.5	3.3	-30.1	-23.1	49.2	-23.5	9.1	-2.1	-2.1	-29.9	41.8	0.0
Net Cash Flow During the Period	-46.0	-73.6	71.2	16.5	2.8	4.0	-14.2	-4.7	-12.5	-39.8	23.4	37.8
Cash and Cash Equivalents at Beginning of Period	48.4	122.0	50.7	33.7	30.9	57.7	57.7	57.7	57.7	91.1	91.1	91.1
FX Difference from Revaluation	0.0	0.6	0.6	0.5	-0.0	0.2	0.0	0.2	0.2	-0.0	0.2	0.1
Cash and Cash Equivalents at End of Period	2.5	48.4	122.0	50.7	33.7	30.9	26.7	40.9	45.4	57.7	97.5	73.9

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PSN

What Is Changing

Drivers of PSN's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ●

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ▼▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow