PWS

Cấp thoát nước Phú Yên ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 20.86%, −2.53pp YoY

Price

14,400

Latest close

28 May 2026

P/E 20.48x

P/B 1.26x

EPS 703

BVPS 11,391

ROE 6.4%

ROA 5.8%

Profit Margin 20.9%

Asset Turnover 0.28x

Equity Mult. 1.11x

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

What Is Changing

On a TTM 2026Q1 basis, PWS is going through a period of clear decline across multiple metrics at once — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 136bn
	                                
+0.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 28bn
	                                
−10.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	133.6	136.5	127.9	109.6	105.4
Growth	-2%	+7%	+17%	+4%	—
Net Income	23.8	38.8	30.6	15.6	17.6
Net Margin	17.82%	28.43%	23.90%	14.24%	16.67%

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	32.5	31.7	36.6	35.2	30.1	32.1	37.1	36.4	30.8	31.1	35.6	33.6
Growth	+2%	-13%	+4%	+17%	-6%	-13%	+2%	+18%	-1%	-13%	+6%	—
Net Income	7.0	8.8	7.2	5.3	4.9	7.0	10.2	9.6	7.8	7.2	10.8	8.6
Net Margin	21.61%	27.81%	19.71%	15.12%	16.27%	21.92%	27.56%	26.33%	25.16%	23.05%	30.31%	25.68%

Drivers of PWS's profit

TTM

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

Administrative expenses ↓ 1.9bn

Other profit ↑ 1.9bn

Finance costs ↓ 0.6bn

Gross profit ↓ 3.4bn

Selling expenses ↑ 3.3bn

Financial income ↓ 0.5bn

TTM

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

Gross profit ↑ 2.1bn

Other profit ↑ 1.9bn

Selling expenses ↑ 1.0bn

Administrative expenses ↑ 0.4bn

Tax ↑ 0.3bn

Financial income ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.1% = 23.4% × 0.27 × 1.12

2026Q1 6.4% = 20.9% × 0.28 × 1.11

ROE fell from 7.1% to 6.4% — net margin weakened the most, though asset turnover still provided support.

Net margin: 20.9% -2.5pp Asset turnover: 0.28x +0.01x Leverage: 1.11x -0.02x

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 20.86%, losing 2.5pp. The main pressure comes from Gross margin fell 2.7pp and SG&A / Revenue rose 1.0pp (with additional support from Other profit / Revenue rose 1.4pp and Net financial result / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 20.86% −2.5pp

Gross Margin 46.38% −2.7pp

SG&A / Revenue 26.44% +1.0pp

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 5.7% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC narrowed to 5.68%, falling 0.9pp. That translates to 5.68 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.8pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

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 5.68% −0.9pp

NOPAT Margin 19.69% −3.8pp

Capital Turnover 0.29x +0.01x

Average Invested Capital 471.6bn −11.0bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.11x equity, net debt at 0.08x equity.

Over the last 12 months, working capital released 0.7bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −0.1bn

Inventories decreased → higher CFO: +0.4bn

Payables increased → higher CFO: +0.5bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 1.5 days versus the same period last year. The main moves came from DIO rose 1.3 days, DSO fell 6.4 days, and DPO fell 6.5 days.

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

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

Cash conversion cycle is lengthening

CCC is up by +1.5 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +1.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 8.2 days −6.4 days

Inventory 30.5 days +1.3 days

Payables 7.3 days −6.5 days

Cash Conversion Cycle 31.4 days +1.5 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.08x and interest coverage at 14.54x.

At present, short-term debt accounts for 25.4% of total debt, cash equals 13.8% of debt, and total debt stands at 39.1bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 13.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.08x +0.03x

Interest Coverage 14.54x +1.66x

Cash / Debt 13.8% −31.0pp

Short-term Debt / Total Debt 25.4% +0.4pp

CFO / NI 1.90x +0.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 54.1bn in 2025, against investing cash flow of -4.1bn.

Post-investment cash flow was positive +50.0bn. Financing cash flow was negative +48.3bn.

CFO / net income was 1.90x.

After spending +53.7bn on fixed-asset investment, the business generated trailing free cash flow of +0.4bn.

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 54.0bn −3.2bn

Cash Capex 53.7bn +27.2bn

FCF TTM +0.4bn −30.4bn

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 2.5 pp. The next watchpoint is capital efficiency, with ROIC at 5.7%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.90x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.90x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 20.86% after a 2.5pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	133.6	136.5	127.9	109.6	105.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	133.6	136.5	127.9	109.6	105.4
Cost of Goods Sold	73.8	70.6	62.6	60.6	0.0
Gross Profit	59.8	65.8	65.3	49.0	47.1
Financial Income	5.2	5.9	9.1	8.4	9.9
Financial Expenses	2.2	2.9	3.6	4.5	-5.3
Interest Expense	2.2	2.9	3.6	4.5	-5.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	24.2	19.6	20.1	22.5	-15.7
General and Administrative Expenses	11.7	7.3	16.8	12.8	-16.3
Operating Profit	26.9	42.0	33.9	17.7	19.8
Other Income	0.4	0.0	0.0	0.6	0.0
Other Expenses	0.7	0.1	0.1	0.4	0.0
Other Profit	-0.2	-0.1	-0.1	0.2	-0.2
Profit Before Tax	26.7	41.9	33.8	17.9	19.6
Current Income Tax Expense	2.9	2.2	3.1	2.4	-2.1
Deferred Income Tax Expense	—	0.9	0.1	-0.1	0.0
Net Income	23.8	38.8	30.6	15.6	17.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	23.8	38.8	30.6	15.6	17.6
Earnings per Share	590.00	961.00	757.00	366.00	435.00
Diluted EPS	590.00	961.00	757.00	406.60	457.70

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	95.0	128.0	144.8	174.8	191.4
I. Cash and cash equivalents	8.1	6.4	6.9	10.2	6.4
1. Cash	8.1	6.4	6.9	10.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	74.3	104.5	122.2	125.5	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	74.3	104.5	122.2	125.5	0.0
III. Short-term receivables	3.7	10.0	6.2	25.2	10.4
1. Short-term trade accounts receivable	3.0	7.5	8.2	8.8	0.0
2. Short-term prepayments to suppliers	1.2	3.7	1.1	15.3	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	2.0	1.6	4.3	5.8	0.0
7. Provision for short-term doubtful debts (*)	-2.8	-2.8	-7.3	-4.8	0.0
8. Assets awaiting resolution	0.3	0.0	0.0	0.0	0.0
IV. Inventories	7.4	6.1	5.7	6.7	4.6
1. Inventories	7.4	6.1	5.7	6.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.4	1.0	3.8	7.2	8.6
1. Short-term prepayments	0.3	0.3	0.1	5.8	0.0
2. Value added tax to be reclaimed	1.1	0.6	3.6	1.4	0.0
3. Taxes and other receivables from state authorities	0.0	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)	382.2	367.3	371.5	325.6	326.2
I. Long-term receivables	0.8	1.6	1.6	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	0.8	1.6	1.6	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	310.9	331.9	321.2	306.4	304.6
1. Tangible fixed assets	310.8	331.8	321.1	306.4	304.5
- Cost	743.2	733.5	692.2	649.0	0.0
- Accumulated depreciation	-432.4	-401.7	-371.1	-342.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.1	0.2	0.1	0.0
- Cost	1.1	1.3	1.3	1.1	0.0
- Accumulated depreciation	-1.1	-1.2	-1.1	-1.0	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	49.8	6.2	33.1	8.9	16.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	49.8	6.2	33.1	8.9	0.0
V. Long-term financial investments	—	5.0	0.0	4.0	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	—	5.0	0.0	4.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	20.7	22.5	15.5	6.3	0.0
1. Long-term prepayments	20.7	22.5	14.6	5.3	0.0
2. Deferred income tax assets	0.0	0.0	0.9	1.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	5.4
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)	477.2	495.3	516.2	500.4	517.7
A. LIABILITIES (300=210+330)	46.9	49.2	78.3	78.5	93.1
I. Short -term liabilities	27.1	19.5	38.6	27.2	28.5
1. Short-term trade accounts payable	8.2	2.9	18.6	3.2	7.3
2. Short-term advances from customers	0.1	0.2	0.2	0.2	0.1
3. Taxes and other payables to state authorities	1.6	0.8	1.5	1.5	0.0
4. Payable to employees	4.3	2.5	2.7	3.5	0.0
5. Short-term acrrued expenses	1.0	1.0	1.2	2.9	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	1.7	0.9	1.6	1.0	0.0
10. Short-term borrowings and financial leases	9.9	9.9	11.6	13.3	13.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	1.3	1.2	1.6	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	19.8	29.8	39.7	51.3	64.6
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	19.8	29.8	39.7	51.3	64.6
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)	430.3	446.1	438.0	421.9	424.6
I. Owner's equity	430.3	446.1	438.0	421.9	0.0
1. Owner's capital	383.6	383.6	383.6	384.0	424.6
- Common stock with voting right	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,981,790,000.00	383,981,790,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	8.8	8.8	8.8	8.8	8.8
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	-361,000,000.00	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	15.0	15.0	15.0	16.6	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	22.9	38.6	30.6	12.9	16.8
- Accumulated retained earning at the end of the previous period	0.3	1.8	1.5	0.4	0.1
- Undistributed earnings in this period	22.6	36.9	29.0	12.5	16.7
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)	477.2	495.3	516.2	500.4	517.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	26.7	41.9	33.8	17.9	19.6
Depreciation of Fixed Assets and Investment Property	30.7	30.7	28.5	27.5	27.0
Provision (Increase)/Reversal	0.0	-4.5	2.6	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	-5.2	-5.9	-9.1	-8.4	0.0
Interest Expense	2.2	2.9	3.6	4.5	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	54.4	65.1	59.4	41.5	46.1
Increase/(Decrease) in Receivables	5.0	1.1	-1.7	-1.1	0.0
Increase/(Decrease) in Inventory	-1.3	-0.4	0.9	-2.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.7	5.9	-2.1	2.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.8	-8.1	-3.6	-1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-2.9	-3.7	-4.5	0.0
Corporate Income Tax Paid	-2.1	-3.0	-3.1	-1.6	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.2	-1.9	-1.4	-0.8	0.0
Net Cash Flow from Operating Activities	54.1	55.8	44.7	32.6	35.6
Payments for Fixed Assets and Other Long-term Assets	-44.5	-37.0	-37.7	-38.6	-37.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	-69.3	-187.5	-164.7	-129.5	-166.5
Receipts from Loan Repayments and Sale of Debt Instruments	104.5	200.2	172.0	161.5	187.5
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	5.2	8.5	9.2	8.7	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	-4.1	-15.9	-21.2	2.1	-4.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	-361,000,000.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-9.9	-11.6	-13.3	-13.3	-13.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-38.3	-28.8	-13.4	-17.3	-20.3
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	-48.3	-40.4	-26.8	-31.0	-33.7
Net Cash Flow During the Period	1.8	-0.5	-3.3	3.7	-1.1
Cash and Cash Equivalents at Beginning of Period	6.4	6.9	10.2	6.4	9.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.1	6.4	6.9	10.2	6.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	32.5	31.7	36.6	35.2	30.1	32.1	37.1	36.4	30.8	31.1	35.6	33.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	32.5	31.7	36.6	35.2	30.1	32.1	37.1	36.4	30.8	31.1	35.6	33.6
Cost of Goods Sold	17.7	14.0	20.4	20.9	17.3	16.0	18.2	17.7	15.6	15.1	17.2	16.2
Gross Profit	14.9	17.8	16.2	14.3	12.8	16.1	18.9	18.7	15.3	16.0	18.5	17.4
Financial Income	1.1	1.1	1.3	1.4	1.4	1.4	1.3	1.3	1.8	2.1	2.4	2.5
Financial Expenses	0.4	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.8	0.8	0.9	0.9
Interest Expense	0.4	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.8	0.8	0.9	0.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.4	5.8	5.9	6.1	5.4	6.1	5.0	4.4	4.1	4.3	4.5	5.1
General and Administrative Expenses	3.0	2.7	3.0	3.1	2.6	3.1	3.5	4.5	3.7	4.9	3.7	4.3
Operating Profit	6.2	9.8	8.0	5.9	5.6	7.7	11.0	10.4	8.5	8.0	11.8	9.6
Other Income	2.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.4	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0
Other Profit	1.9	-0.1	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0
Profit Before Tax	8.1	9.8	8.0	5.9	5.6	7.7	11.0	10.4	8.5	7.9	11.8	9.5
Current Income Tax Expense	1.0	0.9	0.8	0.6	0.7	0.6	0.7	0.8	0.7	0.8	1.0	0.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.0	8.8	7.2	5.3	4.9	7.0	10.2	9.6	7.8	7.2	10.8	8.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.0	8.8	7.2	5.3	4.9	7.0	10.2	9.6	7.8	7.2	10.8	8.6
Earnings per Share	174.00	218.00	179.00	132.00	121.00	174.00	253.00	238.00	192.00	177.00	268.00	216.00
Diluted EPS	174.00	218.00	179.00	132.00	121.00	857.00	266.32	250.11	202.25	186.74	281.59	225.19

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)	104.5	101.5	88.0	142.5	135.4	123.6	126.0	140.4	140.4	144.2	141.9	158.9
I. Cash and cash equivalents	5.4	8.1	2.4	13.9	17.8	6.4	4.6	18.6	3.9	6.9	2.6	3.0
1. Cash	5.4	8.1	2.4	5.9	17.8	6.4	4.6	18.6	3.9	6.9	2.6	3.0
2. Cash equivalents	—	—	—	8.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	84.3	74.3	65.8	103.5	106.5	104.5	111.5	109.2	123.7	122.2	118.2	123.5
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	84.3	74.3	65.8	103.5	106.5	104.5	111.5	109.2	123.7	122.2	118.2	123.5
III. Short-term receivables	8.4	11.2	11.4	17.9	4.5	5.6	3.6	4.4	5.2	6.2	11.0	22.6
1. Short-term trade accounts receivable	3.1	3.0	3.1	3.0	3.0	7.5	7.7	7.9	7.8	8.2	8.1	8.2
2. Short-term prepayments to suppliers	5.0	8.7	8.0	13.4	1.3	3.7	1.7	0.8	0.6	1.1	2.7	14.3
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	2.8	2.0	3.1	4.3	3.0	1.6	1.5	2.9	4.0	4.3	5.1	4.9
7. Provision for short-term doubtful debts (*)	-2.8	-2.8	-2.8	-2.8	-2.8	-7.2	-7.3	-7.3	-7.3	-7.4	-4.8	-4.8
8. Assets awaiting resolution	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5.9	7.4	7.4	7.1	6.3	6.1	5.2	6.0	4.8	5.7	6.9	6.9
1. Inventories	5.9	7.4	7.4	7.1	6.3	6.1	5.2	6.0	4.8	5.7	6.9	6.9
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	0.5	0.5	1.0	0.1	0.3	1.0	1.1	2.3	2.9	3.2	3.2	2.9
1. Short-term prepayments	0.1	0.3	0.1	0.1	0.2	0.3	0.1	0.1	0.1	0.1	0.2	1.1
2. Value added tax to be reclaimed	0.3	0.1	0.8	0.0	0.2	0.6	1.0	2.1	2.7	3.0	2.9	1.8
3. Taxes and other receivables from state authorities	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	380.4	369.8	385.2	360.0	360.7	368.2	366.8	368.1	369.5	372.1	368.9	335.3
I. Long-term receivables	0.8	0.8	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	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	0.8	0.8	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	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	306.4	310.2	314.2	319.1	325.2	331.9	334.7	341.1	316.1	321.3	327.8	296.4
1. Tangible fixed assets	306.4	310.1	314.2	319.0	325.1	331.8	334.6	341.0	315.9	321.1	327.6	296.3
- Cost	745.2	—	—	—	—	733.5	728.7	727.2	694.5	692.2	691.2	652.5
- Accumulated depreciation	-438.8	—	—	—	—	-401.7	-394.0	-386.3	-378.5	-371.2	-363.6	-356.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.1
- Cost	1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.1	—	—	—	—	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	53.2	37.5	38.3	17.0	12.1	6.2	6.2	6.3	34.2	33.4	21.6	28.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	53.2	37.5	38.3	17.0	12.1	6.2	6.2	6.3	34.2	33.4	21.6	28.4
V. Long-term financial investments	1.0	—	9.0	—	—	5.0	3.0	0.0	0.0	0.0	6.5	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	1.0	—	9.0	—	—	5.0	3.0	0.0	0.0	0.0	6.5	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	18.9	21.3	22.0	22.2	21.7	23.4	21.3	19.0	17.6	15.8	13.0	10.6
1. Long-term prepayments	18.9	21.3	22.0	22.2	21.7	22.5	20.4	18.1	16.7	14.8	12.0	9.5
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.9	0.9	0.9	0.9	0.9	0.9	1.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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)	484.9	471.3	473.1	502.5	496.0	491.8	492.9	508.5	509.9	516.2	510.8	494.2
A. LIABILITIES (300=210+330)	47.9	38.7	48.9	46.7	45.3	49.7	57.5	82.8	64.5	77.3	78.7	72.4
I. Short -term liabilities	18.8	18.9	24.1	21.9	15.6	20.0	22.8	48.1	24.9	39.4	34.1	27.8
1. Short-term trade accounts payable	2.2	2.4	1.7	5.1	0.8	2.9	1.5	1.3	4.5	10.7	0.5	5.1
2. Short-term advances from customers	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.1
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.9	1.8	1.8	1.5	1.2	1.4	1.9	1.9	1.9	1.5	2.0	2.0
4. Payable to employees	0.1	1.7	1.6	1.4	0.0	2.6	2.3	1.5	1.2	2.2	2.0	1.6
5. Short-term acrrued expenses	3.1	1.1	7.9	3.2	2.9	1.0	5.4	3.4	4.7	9.0	14.3	4.1
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	1.3	1.5	0.6	0.3	0.4	0.9	0.5	29.3	0.6	1.1	0.7	0.7
10. Short-term borrowings and financial leases	9.9	9.9	9.9	9.9	9.9	9.9	9.9	9.9	11.6	13.3	13.3	13.3
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.4	0.4	0.3	0.2	1.1	0.9	0.5	0.1	1.3	1.0	0.7
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	29.2	19.8	24.8	24.8	29.8	29.8	34.7	34.7	39.7	38.0	44.6	44.6
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	29.2	19.8	24.8	24.8	29.8	29.8	34.7	34.7	39.7	38.0	44.6	44.6
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)	437.0	432.6	424.3	455.8	450.7	442.1	435.4	425.7	445.3	438.9	432.1	421.8
I. Owner's equity	437.0	432.6	424.3	455.8	450.7	442.1	435.4	425.7	445.3	438.9	432.1	421.8
1. Owner's capital	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6
- Common stock with voting right	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00	383,635,790,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8
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	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0
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	29.6	25.2	16.8	48.3	43.3	34.7	28.0	18.3	37.9	31.5	24.7	14.4
- Accumulated retained earning at the end of the previous period	22.9	0.3	0.3	38.6	38.6	1.8	1.8	1.8	30.6	1.5	1.5	1.5
- Undistributed earnings in this period	6.7	24.9	16.6	9.7	4.6	32.9	26.2	16.5	7.4	30.0	23.2	12.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	484.9	471.3	473.1	502.5	496.0	491.8	492.9	508.5	509.9	516.2	510.8	494.2

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	8.1	7.1	8.0	5.9	5.6	7.7	11.0	10.4	8.5	6.9	11.8	9.6
Depreciation of Fixed Assets and Investment Property	7.5	7.6	7.8	7.6	7.7	7.7	7.8	7.8	7.4	7.6	7.3	6.8
Provision (Increase)/Reversal	—	0.0	—	—	—	-0.2	0.0	0.0	0.0	2.6	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.1	-1.1	-1.3	-1.4	-1.4	-1.4	-1.3	-1.3	-1.8	-2.1	-2.4	-2.5
Interest Expense	0.4	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.8	0.8	0.9	0.9
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	14.9	14.1	15.1	12.7	12.5	14.4	18.2	17.6	14.8	15.8	17.6	14.8
Increase/(Decrease) in Receivables	-0.8	1.1	-0.7	0.4	4.3	0.2	-1.0	1.0	0.1	-2.9	0.3	0.4
Increase/(Decrease) in Inventory	1.5	-0.0	-0.3	-0.8	-0.2	-0.9	0.8	-1.2	0.9	1.2	-0.0	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.3	-3.7	2.9	3.5	-2.0	0.2	6.8	-0.8	0.5	-9.0	4.5	4.5
Increase/(Decrease) in Prepaid Expenses	1.9	1.1	0.2	-0.5	1.0	-2.3	-2.3	-1.4	-2.1	-2.4	-1.7	-1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-1.1	0.0	-1.2	—	-1.4	0.0	-1.6	0.0	-1.8	0.0	-2.0
Corporate Income Tax Paid	-0.9	-0.8	-0.6	-0.1	-0.6	-0.7	-0.8	-0.7	-0.8	-0.9	-0.9	-0.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.8	-0.3	-0.4	-0.0	-1.4	-0.2	-0.1	-0.1	-1.5	-0.1	-0.3	-0.0
Net Cash Flow from Operating Activities	13.4	10.5	16.2	14.0	13.5	9.2	21.6	12.9	12.0	-0.0	19.6	16.0
Payments for Fixed Assets and Other Long-term Assets	-14.5	-2.2	-21.0	-16.0	-5.3	-8.7	-3.9	-8.6	-15.9	6.6	-21.1	-11.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-26.0	-35.0	-26.3	0.0	-8.0	-37.5	-75.0	-36.0	-39.0	-31.0	-46.2	-39.0
Receipts from Loan Repayments and Sale of Debt Instruments	15.0	35.5	55.0	3.0	11.0	42.5	69.7	50.5	37.5	33.5	45.0	49.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	2.0	2.9	0.1	0.2	1.2	2.2	2.6	2.4	1.9	2.3	2.8
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	-25.5	0.3	10.6	-12.9	-2.0	-2.4	-6.9	8.5	-15.0	11.0	-19.9	2.2
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	9.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-5.0	0.0	-5.0	—	-5.0	0.0	-6.7	0.0	-6.7	0.0	-6.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-38.3	—	—	-0.0	-28.8	0.0	0.0	-0.0	-0.0	-13.4
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	9.3	-5.0	-38.3	-5.0	—	-5.0	-28.8	-6.7	0.0	-6.7	-0.0	-20.0
Net Cash Flow During the Period	-2.7	5.7	-11.5	-3.9	11.4	1.8	-14.0	14.7	-3.0	4.3	-0.4	-1.9
Cash and Cash Equivalents at Beginning of Period	8.1	2.4	13.9	17.8	6.4	6.9	6.9	6.9	6.9	10.2	10.2	10.2
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	5.4	8.1	2.4	13.9	17.8	6.4	4.6	18.6	3.9	6.9	2.6	3.0

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PWS

What Is Changing

Drivers of PWS'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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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