TA9

Xây lắp Thành An 96 ·HNX ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 32.11x

Price

11,300

Latest close

03 Jun 2026

P/E 5.38x

P/B 0.83x

EPS 2,099

BVPS 13,592

ROE 15.6%

ROA 0.9%

Profit Margin 0.8%

Asset Turnover 1.16x

Equity Mult. 16.98x

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

What Is Changing

On a TTM 2026Q1 basis, TA9 shows mild improvement in both revenue and margins, but the magnitude of change is narrow — profit momentum has been slowing across consecutive periods. This signal only becomes convincing if the improvement widens in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,304bn
	                                
+2.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 26bn
	                                
+2.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,349.6	3,455.6	2,843.8	2,201.4	1,226.2
Growth	-3%	+22%	+29%	+80%	—
Net Income	26.8	27.1	23.0	20.3	19.6
Net Margin	0.80%	0.78%	0.81%	0.92%	1.60%

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	74.7	1,746.4	561.9	921.1	120.1	1,527.1	915.1	651.2	362.3	1,340.1	549.9	898.9
Growth	-96%	+211%	-39%	+667%	-92%	+67%	+41%	+80%	-73%	+144%	-39%	—
Net Income	0.7	13.9	4.0	7.4	1.0	11.8	7.4	5.2	2.7	10.5	4.4	7.2
Net Margin	0.90%	0.80%	0.72%	0.81%	0.81%	0.77%	0.80%	0.80%	0.75%	0.78%	0.80%	0.81%

Drivers of TA9's profit

TTM

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

Gross profit ↑ 15.1bn

Financial income ↑ 7.8bn

Other profit ↑ 2.9bn

Finance costs ↑ 4.6bn

Tax ↑ 0.3bn

TTM

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

Financial income ↑ 4.3bn

Other profit ↑ 0.5bn

Tax ↓ 0.1bn

Gross profit ↓ 4.4bn

Finance costs ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.5% = 0.8% × 1.52 × 12.92

2026Q1 15.6% = 0.8% × 1.16 × 16.98

ROE is broadly flat at 15.6% — the components are offsetting one another.

Net margin: 0.8% +0.0pp Asset turnover: 1.16x -0.35x Leverage: 16.98x +4.06x

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 stands at 0.79%, 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 0.79% +0.0pp

Gross Margin 4.41% +0.3pp

SG&A / Revenue 3.90% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of -411.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to -411.14%, losing 431.7pp. That translates to -411.14 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 601.09x — capital is being absorbed faster than revenue is being generated; while invested capital contracted by 128bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC -411.14% −431.7pp

NOPAT Margin 0.72% −0.1pp

Capital Turnover -574.87x −601.09x

Average Invested Capital 5.7bn −128.3bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 12.67x equity, with a net cash position equivalent to 3.28x equity.

Inventory ended the period at 469.8bn, roughly 20.4% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 11.4 days versus the same period last year. The main moves came from DIO fell 5.2 days, DSO rose 7.8 days, and DPO fell 8.9 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +11.4 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +7.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 34.0 days +7.8 days

Inventory 118.8 days −5.2 days

Payables 63.9 days −8.9 days

Cash Conversion Cycle 88.8 days +11.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 308.4bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -3.28x and interest coverage only at 1.69x.

At present, short-term debt accounts for 87.2% of total debt, cash equals 328.7% of debt, and total debt stands at 242.2bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is 1.69x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 87.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -3.28x −4.53x

Interest Coverage 1.69x −0.72x

Cash / Debt 328.7% +291.8pp

Short-term Debt / Total Debt 87.2% −4.9pp

CFO / NI 32.11x +49.20x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 308.4bn in 2025, against investing cash flow of -51.2bn.

Post-investment cash flow was positive +257.2bn. Financing cash flow was negative +12.7bn.

CFO / net income was 32.11x.

After spending +69.9bn on fixed-asset investment, the business generated trailing free cash flow of +767.5bn.

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

Cash Conversion

CFO TTM 837.3bn +1,270.9bn

Cash Capex 69.9bn —

FCF TTM +767.5bn —

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 earnings conversion is confirmed, with CFO/NI at 32.11x. The next item to monitor is capital efficiency, with ROIC at -411.1%. The main risk still sits in leverage and liquidity, with interest coverage at 1.69x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 32.11x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.69x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,349.6	3,455.6	2,843.8	2,201.4	1,226.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,349.6	3,455.6	2,843.8	2,201.4	1,226.2
Cost of Goods Sold	3,199.4	3,314.0	2,727.7	2,103.6	0.0
Gross Profit	150.2	141.6	116.1	97.8	81.8
Financial Income	7.4	4.9	19.2	13.2	1.7
Financial Expenses	17.6	13.5	13.3	4.6	-10.9
Interest Expense	17.6	13.5	13.3	4.6	-10.9
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	108.1	98.1	93.2	83.0	-49.0
Operating Profit	31.8	34.8	28.7	23.4	23.7
Other Income	3.7	0.3	0.2	2.5	0.0
Other Expenses	1.3	0.5	0.2	0.5	0.0
Other Profit	2.4	-0.2	0.0	2.1	1.0
Profit Before Tax	34.2	34.6	28.8	25.5	24.6
Current Income Tax Expense	7.4	7.5	5.8	5.2	-5.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	26.8	27.1	23.0	20.3	19.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	26.8	27.1	23.0	20.3	19.6
Earnings per Share	1,665.00	1,678.00	1,537.00	1,357.00	1,580.00
Diluted EPS	2,161.42	2,179.10	1,852.69	1,635.06	1,578.97

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,124.7	1,801.2	2,130.7	1,557.0	1,379.1
I. Cash and cash equivalents	471.0	226.4	632.8	768.2	502.4
1. Cash	155.0	131.4	267.8	163.2	0.0
2. Cash equivalents	316.0	95.0	365.0	605.0	0.0
II. Short-term financial investments	1.7	0.0	5.0	5.0	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	1.7	0.0	5.0	5.0	0.0
III. Short-term receivables	1,093.7	632.8	842.1	540.7	547.6
1. Short-term trade accounts receivable	914.1	404.8	561.2	308.1	0.0
2. Short-term prepayments to suppliers	33.9	11.0	30.4	40.1	0.0
3. Short-term inter-company receivables	46.2	91.3	91.9	52.3	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	6.0	8.0	12.0	21.0	0.0
6. Other short-term receivables	109.8	130.8	162.6	133.9	0.0
7. Provision for short-term doubtful debts (*)	-16.3	-13.1	-16.0	-14.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	469.8	839.8	582.8	209.6	294.4
1. Inventories	469.8	839.8	582.8	209.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	88.6	102.2	68.0	33.5	34.7
1. Short-term prepayments	2.2	3.0	0.3	0.1	0.0
2. Value added tax to be reclaimed	43.8	70.1	57.3	33.4	0.0
3. Taxes and other receivables from state authorities	42.6	29.2	10.4	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)	173.1	152.1	96.0	42.2	49.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	166.0	143.7	86.8	34.3	42.6
1. Tangible fixed assets	162.1	139.8	82.9	30.3	38.6
- Cost	312.1	259.4	174.7	111.6	0.0
- Accumulated depreciation	-150.0	-119.7	-91.8	-81.3	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	3.9	3.9	3.9	4.0	4.0
- Cost	8.5	8.5	8.5	8.5	0.0
- Accumulated depreciation	-4.5	-4.5	-4.5	-4.5	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	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	7.1	8.4	9.2	8.0	0.0
1. Long-term prepayments	7.1	8.4	9.2	8.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	7.1
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)	2,297.9	1,953.2	2,226.7	1,599.3	1,428.7
A. LIABILITIES (300=210+330)	2,129.7	1,788.2	2,067.6	1,446.0	1,276.2
I. Short -term liabilities	2,094.6	1,760.3	2,050.3	1,446.0	1,276.2
1. Short-term trade accounts payable	663.6	827.1	757.6	410.7	420.8
2. Short-term advances from customers	1,000.5	557.5	869.9	879.8	669.2
3. Taxes and other payables to state authorities	23.5	3.3	3.4	1.2	0.0
4. Payable to employees	50.1	40.8	39.8	33.8	0.0
5. Short-term acrrued expenses	9.1	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.7	0.0	0.0	0.0	0.0
9. Other short-term payables	122.1	104.1	97.9	71.7	0.0
10. Short-term borrowings and financial leases	221.0	222.0	277.8	45.6	131.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	5.3	3.8	3.4	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	35.1	27.9	17.3	0.0	0.0
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	0.3	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	33.6	27.7	17.3	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	1.3	0.2	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)	168.1	165.1	159.2	153.3	152.5
I. Owner's equity	168.1	165.1	159.2	153.3	0.0
1. Owner's capital	124.2	124.2	124.2	124.2	152.5
- Common stock with voting right	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00
- 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	26.5	23.3	20.0	15.9	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	17.5	17.6	15.0	13.2	19.6
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	17.5	17.6	15.0	13.2	19.6
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)	2,297.9	1,953.2	2,226.7	1,599.3	1,428.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	34.2	34.6	28.8	20.3	0.0
Depreciation of Fixed Assets and Investment Property	36.3	27.9	12.9	11.5	0.0
Provision (Increase)/Reversal	3.2	-2.9	1.4	9.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.6	-4.9	-19.2	-15.7	0.0
Interest Expense	17.6	13.5	13.3	4.6	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	83.8	68.2	37.2	30.2	0.0
Increase/(Decrease) in Receivables	-452.9	176.4	-346.2	0.8	0.0
Increase/(Decrease) in Inventory	370.0	-257.0	-373.1	84.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	339.8	-234.0	369.0	258.9	0.0
Increase/(Decrease) in Prepaid Expenses	2.0	-1.9	-1.4	-1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-17.6	-13.5	-13.3	-4.6	0.0
Corporate Income Tax Paid	-9.6	-9.1	-3.2	-5.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-7.1	-4.7	-3.5	-4.8	0.0
Net Cash Flow from Operating Activities	308.4	-275.6	-334.5	358.7	478.1
Payments for Fixed Assets and Other Long-term Assets	-58.6	-84.7	-66.1	-3.7	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.6	3.0	0.7
Loans and Purchases of Debt Instruments	-1.7	0.0	0.0	-12.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	9.0	9.0	5.0	0.1
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	7.0	5.3	19.2	12.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-51.2	-70.4	-37.3	5.3	-8.5
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	825.4	707.8	621.8	188.0	154.6
Repayment of Borrowings	-820.5	-753.2	-372.2	-273.5	-269.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-17.6	-15.0	-13.2	-12.7	-28.4
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	-12.7	-60.4	236.4	-98.3	-142.8
Net Cash Flow During the Period	244.6	-406.4	-135.3	265.7	445.7
Cash and Cash Equivalents at Beginning of Period	226.4	632.8	768.2	502.4	183.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	471.0	226.4	632.8	768.2	502.4

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	74.7	1,746.4	561.9	921.1	120.1	1,527.1	915.1	651.2	362.3	1,340.1	549.9	898.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	74.7	1,746.4	561.9	921.1	120.1	1,527.1	915.1	651.2	362.3	1,340.1	549.9	898.9
Cost of Goods Sold	70.5	1,677.8	531.9	878.1	111.6	1,472.4	877.1	621.6	342.9	1,281.8	524.2	867.0
Gross Profit	4.2	68.6	30.1	43.0	8.5	54.7	38.0	29.5	19.3	58.3	25.7	32.0
Financial Income	5.5	4.9	0.8	0.5	1.2	0.9	0.7	1.1	2.2	2.1	2.4	6.1
Financial Expenses	3.4	4.2	5.6	4.7	3.2	4.1	3.6	2.4	3.5	5.3	3.6	3.4
Interest Expense	3.4	4.2	5.6	4.7	3.2	4.1	3.6	2.4	3.5	5.3	3.6	3.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	52.8	19.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.4	—	19.4	30.9	5.7	35.9	25.9	21.8	14.5	42.1	19.0	25.6
Operating Profit	-0.1	16.5	5.9	7.9	0.8	15.5	9.2	6.5	3.6	13.1	5.5	9.1
Other Income	1.3	1.6	0.2	1.4	0.4	0.2	0.0	0.1	0.0	0.2	0.0	0.0
Other Expenses	0.3	0.7	0.4	0.0	0.0	0.4	0.0	0.1	0.0	0.2	0.0	0.0
Other Profit	1.0	0.9	-0.2	1.4	0.4	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	0.8	17.4	5.7	9.3	1.2	15.3	9.2	6.5	3.6	13.1	5.5	9.1
Current Income Tax Expense	0.2	3.5	1.7	1.9	0.2	3.5	1.8	1.3	0.9	2.6	1.1	1.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.7	13.9	4.0	7.4	1.0	11.8	7.4	5.2	2.7	10.5	4.4	7.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.7	13.9	4.0	7.4	1.0	11.8	7.4	5.2	2.7	10.5	4.4	7.2
Earnings per Share	54.00	1,122.00	324.00	599.00	79.00	952.00	592.00	419.00	220.00	846.00	355.00	583.00
Diluted EPS	53.97	1,122.28	324.30	599.33	78.74	951.74	591.89	419.48	219.51	845.74	355.49	583.24

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)	3,397.3	2,103.5	2,439.9	1,816.1	1,964.5	1,801.0	2,234.3	2,340.0	2,027.5	2,130.7	1,604.4	1,406.8
I. Cash and cash equivalents	796.2	472.7	615.4	277.6	121.6	221.4	271.4	303.7	437.8	632.8	238.7	281.9
1. Cash	55.3	155.0	127.4	225.5	36.6	131.4	221.4	138.7	42.7	267.8	48.7	76.9
2. Cash equivalents	740.9	317.7	488.0	52.1	85.0	90.0	50.0	165.0	395.0	365.0	190.0	205.0
II. Short-term financial investments	877.7	—	—	—	—	5.0	5.0	5.0	5.0	5.0	0.0	5.0
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	871.7	—	—	—	—	5.0	5.0	5.0	5.0	5.0	0.0	5.0
5. Other short-term investments	6.0	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	688.3	1,092.9	588.3	517.2	536.6	632.7	585.8	576.1	539.1	842.1	545.4	572.7
1. Short-term trade accounts receivable	345.7	914.1	282.4	238.5	269.1	405.1	228.9	177.1	191.7	561.2	169.4	234.5
2. Short-term prepayments to suppliers	144.5	33.9	44.4	56.0	43.7	11.0	74.0	112.6	79.5	30.4	43.8	41.9
3. Short-term inter-company receivables	37.7	46.2	64.1	43.1	41.1	91.3	78.8	94.2	89.8	91.9	117.5	74.5
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	—	6.0	7.0	8.0	8.0	8.0	9.0	9.0	9.0	12.0	21.0	21.0
6. Other short-term receivables	176.7	109.8	203.4	184.8	187.7	130.4	211.1	199.2	185.1	162.6	208.4	215.4
7. Provision for short-term doubtful debts (*)	-16.3	-17.0	-13.1	-13.1	-13.1	-13.1	-16.0	-16.0	-16.0	-16.0	-14.6	-14.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	897.2	466.7	1,096.8	898.8	1,158.8	839.8	1,232.9	1,309.4	936.5	582.8	732.3	480.8
1. Inventories	897.2	466.7	1,096.8	898.8	1,158.8	839.8	1,232.9	1,309.4	936.5	582.8	732.3	480.8
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	138.0	71.2	139.4	122.4	147.5	102.1	139.1	145.8	109.2	68.0	88.0	66.5
1. Short-term prepayments	17.6	4.4	19.8	15.6	21.0	2.8	6.2	7.4	4.9	0.3	7.5	7.1
2. Value added tax to be reclaimed	76.0	24.2	81.0	70.3	93.2	68.2	108.2	115.3	83.8	57.3	69.3	59.4
3. Taxes and other receivables from state authorities	44.4	42.6	38.6	36.5	33.3	31.0	24.7	23.1	20.5	10.4	11.2	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)	179.2	172.8	166.7	143.5	144.2	152.0	155.4	139.3	101.4	96.0	81.6	60.7
I. Long-term receivables	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	166.1	165.2	156.1	136.0	135.6	143.7	115.8	123.2	92.7	86.8	71.8	51.1
1. Tangible fixed assets	162.2	161.3	152.1	132.1	131.7	139.8	111.9	119.2	88.7	82.9	67.9	47.1
- Cost	323.3	—	—	—	—	259.4	223.5	223.2	185.6	174.7	154.9	133.2
- Accumulated depreciation	-161.1	—	—	—	—	-119.6	-111.7	-103.9	-96.9	-91.8	-87.0	-86.1
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	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
- Cost	8.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.5	—	—	—	—	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	—	0.3	3.4	—	—	0.0	28.2	6.2	0.0	0.0	0.0	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	—	0.3	3.4	—	—	0.0	28.2	6.2	0.0	0.0	0.0	0.0
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	13.0	7.3	7.2	7.5	8.6	8.3	11.5	9.9	8.8	9.2	9.8	9.6
1. Long-term prepayments	13.0	7.3	7.2	7.5	8.6	8.3	11.5	9.9	8.8	9.2	9.8	9.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,576.6	2,276.3	2,606.6	1,959.6	2,108.7	1,953.0	2,389.7	2,479.3	2,129.0	2,226.7	1,686.1	1,467.5
A. LIABILITIES (300=210+330)	3,407.8	2,108.5	2,446.7	1,803.7	1,942.7	1,788.0	2,230.2	2,327.1	1,967.1	2,067.6	1,533.5	1,319.3
I. Short -term liabilities	3,375.0	2,073.4	2,409.2	1,778.8	1,916.3	1,760.4	2,200.8	2,296.0	1,950.0	2,050.3	1,523.1	1,319.3
1. Short-term trade accounts payable	476.0	663.6	598.0	621.0	630.1	827.2	681.9	660.4	599.8	757.6	494.2	420.8
2. Short-term advances from customers	2,554.2	1,000.5	1,366.7	484.2	824.1	557.5	1,046.9	1,259.9	1,114.1	869.9	655.5	563.9
3. Taxes and other payables to state authorities	0.2	3.6	8.2	2.3	0.6	3.3	3.8	1.7	1.7	3.4	3.3	2.3
4. Payable to employees	27.8	49.4	24.5	32.7	20.7	40.8	19.6	18.6	17.9	39.8	17.5	18.2
5. Short-term acrrued expenses	—	8.6	3.1	1.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.7	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	103.4	121.8	162.3	167.6	132.9	104.1	108.4	99.9	82.9	97.9	108.1	123.8
10. Short-term borrowings and financial leases	211.2	221.0	244.2	466.2	303.3	222.0	338.6	253.5	130.2	277.8	243.5	188.7
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	2.0	4.4	2.2	2.9	4.7	5.4	1.7	1.9	3.4	3.8	1.1	1.6
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	32.8	35.0	37.5	24.9	26.4	27.7	29.4	31.1	17.1	17.3	10.4	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.3	0.6	0.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	31.0	33.6	36.0	24.2	25.9	27.7	29.4	31.1	17.1	17.3	10.4	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	1.5	0.8	0.8	0.7	0.4	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)	168.8	167.8	159.9	155.9	166.0	165.0	159.5	152.1	161.9	159.2	152.6	148.2
I. Owner's equity	168.8	167.8	159.9	155.9	166.0	165.0	159.5	152.1	161.9	159.2	152.6	148.2
1. Owner's capital	124.2	124.2	124.2	124.2	124.2	124.2	124.2	124.2	124.2	124.2	124.2	124.2
- Common stock with voting right	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00	124,197,870,000.00
- 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	26.5	26.4	23.3	23.3	23.3	23.3	20.0	20.0	20.0	20.0	15.9	15.9
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	18.1	17.2	12.4	8.4	18.6	17.5	15.3	7.9	17.7	15.0	12.5	8.1
- Accumulated retained earning at the end of the previous period	17.5	—	—	—	17.6	0.0	0.0	0.0	15.0	0.0	0.0	0.0
- Undistributed earnings in this period	0.7	17.2	12.4	8.4	1.0	17.5	15.3	7.9	2.7	15.0	12.5	8.1
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)	3,576.6	2,276.3	2,606.6	1,959.6	2,108.7	1,953.0	2,389.7	2,479.3	2,129.0	2,226.7	1,686.1	1,467.5

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	—	23.7	—	10.5	—	0.0	-10.1	10.1	0.0	28.8	-10.1	10.1
Depreciation of Fixed Assets and Investment Property	—	20.2	—	16.1	—	0.0	-12.1	12.1	0.0	12.9	-4.9	4.9
Provision (Increase)/Reversal	—	3.2	—	—	—	0.0	0.0	0.0	0.0	1.4	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	—	-5.9	—	-1.7	—	0.0	3.4	-3.4	0.0	-19.2	14.7	-14.7
Interest Expense	—	9.8	—	7.9	—	0.0	-5.8	5.8	0.0	13.3	-4.4	4.4
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	—	51.0	—	32.8	—	0.0	-24.7	24.7	0.0	37.2	-4.7	4.7
Increase/(Decrease) in Receivables	—	-560.8	—	108.0	—	0.0	-192.5	192.5	0.0	-346.2	58.0	-58.0
Increase/(Decrease) in Inventory	—	429.1	—	-59.1	—	0.0	726.6	-726.6	0.0	-373.1	271.2	-271.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	579.0	—	-239.2	—	0.0	-258.5	258.5	0.0	369.0	283.3	-283.3
Increase/(Decrease) in Prepaid Expenses	—	13.8	—	-11.7	—	0.0	7.9	-7.9	0.0	-1.4	8.6	-8.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-9.8	—	-7.9	—	0.0	5.8	-5.8	0.0	-13.3	4.4	-4.4
Corporate Income Tax Paid	-3.6	-6.2	-0.2	-0.0	-3.1	-4.3	-1.2	-1.3	-2.4	-2.9	-0.2	0.0
Other Operating Receipts	600.3	—	—	—	—	529.9	364.7	-29.5	29.5	-269.0	269.0	-18.3
Other Operating Payments	-1,504.4	204.7	-209.3	15.9	-18.4	-400.6	-375.6	102.1	-104.0	281.5	-283.2	95.9
Net Cash Flow from Operating Activities	343.4	-89.6	580.7	2.7	-185.5	74.1	-94.0	-228.2	-42.0	374.0	-86.0	-375.7
Payments for Fixed Assets and Other Long-term Assets	-11.2	-17.0	-33.1	-8.5	—	-7.7	-22.3	-43.8	-10.9	-19.8	-24.7	-8.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	—	0.0	0.0	0.0	0.0	0.6	0.0	0.0
Loans and Purchases of Debt Instruments	—	-1.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	2.0	—	—	—	0.0	-3.0	3.0	0.0	9.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.5	5.9	-0.6	0.6	1.2	0.8	0.7	0.6	2.7	2.1	2.4	6.1
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	-5.8	-11.8	-32.7	-7.9	1.2	-5.9	-21.7	-43.1	-5.2	-8.0	-22.3	-2.8
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	11.7	214.4	144.3	289.4	177.3	152.5	265.9	178.5	110.9	187.7	195.7	135.3
Repayment of Borrowings	-24.1	-240.0	-354.6	-128.2	-97.7	-270.8	-182.5	-41.2	-258.8	-146.4	-130.7	-70.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-17.6	—	—	—	0.0	0.0	-0.0	0.0	-13.2	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	-12.4	-43.2	-210.2	161.2	79.5	-118.3	83.4	137.4	-147.8	28.1	65.1	64.8
Net Cash Flow During the Period	325.2	-144.5	337.8	156.0	-104.8	-50.0	-32.3	-134.0	-195.0	394.2	-43.2	-313.7
Cash and Cash Equivalents at Beginning of Period	471.0	615.4	277.6	121.6	226.4	632.8	632.8	632.8	632.8	768.2	768.2	768.2
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	796.2	471.0	615.4	277.6	121.6	221.4	271.4	303.7	437.8	632.8	238.7	281.9

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TA9

What Is Changing

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Balance Sheet ▼▼

Working Capital Efficiency ▼

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow