TED

Tổng Công ty tư vấn thiết kế giao thông vận tải - CTCP ·UPCOM ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 4.91x

Price

69,000

Latest close

02 Jun 2026

P/E 7.66x

P/B 1.84x

EPS 9,010

BVPS 37,489

ROE 26.3%

ROA 6.7%

Profit Margin 5.2%

Asset Turnover 1.30x

Equity Mult. 3.91x

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

What Is Changing

On a TTM 2026Q1 basis, TED is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,184bn
	                                
+55.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 149bn
	                                
+58.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,796.4	1,362.5	1,480.4	1,461.6	946.4
Growth	+32%	-8%	+1%	+54%	—
Net Income	120.8	86.8	96.5	90.6	59.8
Net Margin	6.72%	6.37%	6.52%	6.20%	6.31%

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	851.3	648.3	252.7	431.7	464.4	450.0	295.3	194.4	422.8	307.5	427.4	354.5
Growth	+31%	+157%	-41%	-7%	+3%	+52%	+52%	-54%	+37%	-28%	+21%	—
Net Income	65.4	47.5	14.7	21.0	36.4	29.2	19.3	8.6	30.1	20.0	27.3	27.2
Net Margin	7.68%	7.33%	5.81%	4.87%	7.84%	6.48%	6.54%	4.44%	7.12%	6.50%	6.39%	7.67%

Drivers of TED's profit

TTM

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

Gross profit ↑ 213.9bn

Financial income ↑ 5.0bn

Administrative expenses ↑ 150.1bn

Tax ↑ 13.9bn

Minority interests ↑ 12.6bn

TTM

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

Gross profit ↑ 109.1bn

Administrative expenses ↑ 73.4bn

Tax ↑ 7.4bn

Minority interests ↑ 5.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 24.8% = 6.7% × 1.11 × 3.37

2026Q1 34.7% = 6.8% × 1.30 × 3.91

ROE rose from 24.8% to 34.7% — all three components improved, with leverage contributing the most.

Net margin: 6.8% +0.1pp Asset turnover: 1.30x +0.20x Leverage: 3.91x +0.54x

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 6.81%, 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 6.81% +0.1pp

Gross Margin 25.30% +1.2pp

SG&A / Revenue 17.20% +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 207.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 207.33%, rising 161.8pp. That translates to 207.33 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 23.79x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital contracted by 137bn.

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 207.33% +161.8pp

NOPAT Margin 6.79% +0.0pp

Capital Turnover 30.53x +23.79x

Average Invested Capital 71.5bn −136.7bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 3.25x equity, with a net cash position equivalent to 1.14x equity.

Inventory ended the period at 355.3bn, roughly 20.3% of total assets.

Over the last 12 months, working capital released 402.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −207.7bn

Inventories increased → lower CFO: −44.5bn

Payables increased → higher CFO: +654.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 64.6 days versus the same period last year. The main moves came from DIO fell 29.6 days, DSO fell 39.6 days, and DPO fell 4.6 days.

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

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 remains stretched

CCC stands at 148.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 104.5 days −39.6 days

Inventory 65.1 days −29.6 days

Payables 20.7 days −4.6 days

Cash Conversion Cycle 148.9 days −64.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 327.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -1.14x and interest coverage at 70.06x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 7055.9% of debt, and total debt stands at 7.7bn.

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

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -1.14x −0.68x

Interest Coverage 70.06x −70.35x

Cash / Debt 7055.9% +5861.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 4.91x +3.74x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 327.7bn in 2025, against investing cash flow of -77.5bn.

Post-investment cash flow was positive +250.2bn. Financing cash flow was negative +36.2bn.

CFO / net income was 4.91x.

After spending +15.0bn on fixed-asset investment, the business generated trailing free cash flow of +538.7bn.

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

Cash Conversion

CFO TTM 553.7bn +471.1bn

Cash Capex 15.0bn −0.7bn

FCF TTM +538.7bn +471.7bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 4.91x. The next item to monitor is capital efficiency, with ROIC at 207.3%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.91x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,800.1	1,365.2	1,481.6	1,463.9	956.4
Revenue Deductions	3.7	2.8	1.2	2.3	0.0
Net Revenue	1,796.4	1,362.5	1,480.4	1,461.6	946.4
Cost of Goods Sold	1,351.7	1,031.0	1,123.6	1,118.5	0.0
Gross Profit	444.6	331.5	356.8	343.0	223.4
Financial Income	12.1	7.4	11.2	6.2	5.7
Financial Expenses	2.6	0.9	0.7	3.7	-2.6
Interest Expense	1.2	0.7	0.7	3.6	-2.5
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	302.3	225.9	244.4	230.0	-151.5
Operating Profit	151.8	112.0	122.8	115.6	75.1
Other Income	1.3	0.4	1.6	1.0	0.0
Other Expenses	0.9	2.1	1.9	2.3	0.0
Other Profit	0.3	-1.6	-0.3	-1.3	-1.1
Profit Before Tax	152.1	110.4	122.4	114.3	74.0
Current Income Tax Expense	31.3	23.6	25.9	24.1	-14.3
Deferred Income Tax Expense	0.0	0.0	0.0	-0.5	0.0
Net Income	120.8	86.8	96.5	90.6	59.8
Non-controlling Interest	30.4	23.3	25.1	27.6	15.9
Profit Attributable to Parent	90.4	63.6	71.4	63.1	43.9
Earnings per Share	7,224.00	5,085.00	5,707.00	5,027.00	3,457.00
Diluted EPS	7,230.71	5,084.73	5,713.22	5,044.36	3,511.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,665.9	1,202.9	1,142.1	1,246.4	922.9
I. Cash and cash equivalents	387.3	172.9	155.2	189.7	120.8
1. Cash	243.5	137.0	105.4	157.7	0.0
2. Cash equivalents	143.8	35.9	49.8	32.1	0.0
II. Short-term financial investments	138.0	67.8	63.0	47.8	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	138.0	67.8	63.0	47.8	0.0
III. Short-term receivables	779.7	620.9	590.8	651.5	441.9
1. Short-term trade accounts receivable	686.2	567.7	527.8	535.6	0.0
2. Short-term prepayments to suppliers	86.2	59.0	62.9	89.8	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	90.6	62.1	64.7	76.3	0.0
7. Provision for short-term doubtful debts (*)	-83.2	-67.8	-64.5	-50.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	355.3	336.8	330.1	356.9	309.0
1. Inventories	357.7	339.1	332.4	361.7	0.0
2. Provision for decline in value of inventories	-2.3	-2.3	-2.3	-4.8	0.0
V. Other short-term assets	5.5	4.5	3.0	0.5	1.6
1. Short-term prepayments	0.8	0.8	0.3	0.4	0.0
2. Value added tax to be reclaimed	2.2	0.0	1.4	0.0	0.0
3. Taxes and other receivables from state authorities	2.5	3.7	1.3	0.2	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)	87.9	93.6	97.1	88.2	79.8
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.9
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	74.7	77.2	72.8	73.3	69.7
1. Tangible fixed assets	71.4	73.4	69.7	69.8	68.1
- Cost	269.9	264.5	249.9	245.5	0.0
- Accumulated depreciation	-198.5	-191.1	-180.2	-175.7	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	3.3	3.9	3.1	3.5	1.6
- Cost	21.0	20.2	18.3	18.0	0.0
- Accumulated depreciation	-17.7	-16.3	-15.2	-14.5	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	2.7	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	2.7	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	13.3	16.4	21.6	14.9	0.0
1. Long-term prepayments	12.8	15.9	21.2	14.4	0.0
2. Deferred income tax assets	0.4	0.4	0.5	0.5	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	9.2
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)	1,753.8	1,296.5	1,239.2	1,334.6	1,002.7
A. LIABILITIES (300=210+330)	1,341.6	937.3	894.3	1,014.0	726.6
I. Short -term liabilities	1,339.7	935.6	892.6	1,011.4	722.1
1. Short-term trade accounts payable	101.2	87.2	70.7	79.4	68.5
2. Short-term advances from customers	636.8	440.8	460.8	575.2	397.6
3. Taxes and other payables to state authorities	39.6	17.8	16.0	19.9	0.0
4. Payable to employees	221.5	134.0	128.5	128.2	0.0
5. Short-term acrrued expenses	66.1	73.0	59.7	58.9	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	1.1	1.1	1.1	1.1	0.0
8. Short-term unearned revenue	27.6	1.2	1.0	0.4	0.0
9. Other short-term payables	208.4	147.6	130.4	104.9	0.0
10. Short-term borrowings and financial leases	13.0	9.4	6.6	20.5	52.7
11. Provision for short-term liabilities	—	2.0	2.0	14.3	0.0
12.. Bonus and welfare fund	24.5	21.5	15.9	8.6	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	1.9	1.7	1.7	2.7	4.4
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	0.5	0.5	0.5	0.5	1.8
7. Other long-term liabilities	1.3	1.1	0.9	1.3	0.0
8. Long-term borrowings and financial leases	—	0.0	0.2	0.9	1.5
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	412.2	359.2	344.9	320.6	276.1
I. Owner's equity	412.2	359.2	344.9	320.6	0.0
1. Owner's capital	125.0	125.0	125.0	125.0	276.1
- Common stock with voting right	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.8	0.8	0.8	0.8	0.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	28.9	26.1	26.1	26.1	19.5
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-9.9	-9.9	-9.9	-9.9	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1	0.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	166.4	122.9	108.4	84.6	62.1
- Accumulated retained earning at the end of the previous period	76.1	59.4	37.0	21.7	18.2
- Undistributed earnings in this period	90.3	63.6	71.3	62.8	43.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	100.8	94.2	94.4	93.9	78.4
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)	1,753.8	1,296.5	1,239.2	1,334.6	1,002.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	152.1	110.4	122.4	114.3	61.0
Depreciation of Fixed Assets and Investment Property	14.1	13.4	12.3	12.2	8.5
Provision (Increase)/Reversal	13.4	3.3	-0.3	20.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.4	-0.6	-0.5	0.0	0.0
Gain/Loss from Investment Activities	-11.0	-7.0	-10.7	-7.1	0.0
Interest Expense	1.2	0.7	0.7	3.6	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	169.5	120.2	124.0	143.2	77.5
Increase/(Decrease) in Receivables	-175.2	-33.6	44.0	-216.9	0.0
Increase/(Decrease) in Inventory	-18.5	-6.7	29.2	-48.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	393.3	38.1	-101.3	309.4	0.0
Increase/(Decrease) in Prepaid Expenses	3.1	4.7	-6.7	-5.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.0	-0.6	-0.7	-3.6	0.0
Corporate Income Tax Paid	-22.7	-26.8	-25.5	-22.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-20.6	-19.1	-19.6	-14.5	0.0
Net Cash Flow from Operating Activities	327.7	76.2	43.5	140.8	35.1
Payments for Fixed Assets and Other Long-term Assets	-11.7	-14.9	-14.7	-15.7	-8.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.4	0.1	0.9	0.2
Loans and Purchases of Debt Instruments	-101.8	-20.5	-75.7	-13.5	-24.4
Receipts from Loan Repayments and Sale of Debt Instruments	32.2	16.0	61.0	16.7	19.0
Investments in Other Entities	-5.7	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	9.2	6.4	9.8	5.7	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	-77.5	-12.6	-19.5	-5.9	-3.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	394,155,865.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	35.4	26.9	11.8	157.3	76.5
Repayment of Borrowings	-31.7	-24.4	-26.3	-190.2	-62.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-39.9	-49.0	-44.5	-32.6	-27.2
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-36.2	-46.5	-59.0	-65.0	-12.7
Net Cash Flow During the Period	214.0	17.1	-35.0	70.0	12.1
Cash and Cash Equivalents at Beginning of Period	172.9	155.2	189.7	119.8	121.2
FX Difference from Revaluation	0.4	0.6	0.5	-0.0	0.0
Cash and Cash Equivalents at End of Period	387.3	172.9	155.2	189.7	120.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	852.3	648.7	254.8	432.7	464.7	451.0	295.6	195.6	423.1	308.1	427.4	355.0
Revenue Deductions	1.1	0.4	2.1	1.0	0.3	1.0	0.3	1.1	0.3	0.5	0.0	0.5
Net Revenue	851.3	648.3	252.7	431.7	464.4	450.0	295.3	194.4	422.8	307.5	427.4	354.5
Cost of Goods Sold	637.7	475.6	183.8	334.4	360.0	343.6	219.6	142.3	326.3	220.9	328.9	263.5
Gross Profit	213.5	172.7	69.0	97.3	104.4	106.4	75.6	52.2	96.5	86.6	98.6	91.0
Financial Income	2.1	5.8	2.0	2.9	1.4	1.3	1.2	3.9	0.9	3.9	2.7	3.1
Financial Expenses	0.2	1.9	0.2	0.4	0.1	0.2	0.3	0.2	0.1	0.2	0.1	0.2
Interest Expense	0.2	0.5	0.2	0.4	0.1	0.2	0.2	0.2	0.1	0.2	0.1	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	133.5	116.3	52.3	73.4	60.0	68.5	52.1	44.9	59.2	64.4	66.7	59.4
Operating Profit	82.0	60.3	18.5	26.3	45.7	39.0	24.5	11.0	38.0	25.9	34.4	34.5
Other Income	0.0	0.7	0.1	0.4	0.1	0.0	0.3	0.0	0.1	0.5	0.1	0.6
Other Expenses	0.0	0.4	0.0	0.3	0.2	1.4	0.2	0.2	0.2	0.3	0.5	0.3
Other Profit	-0.0	0.3	0.0	0.1	-0.1	-1.4	0.1	-0.2	-0.1	0.2	-0.4	0.4
Profit Before Tax	81.9	60.6	18.5	26.4	45.6	37.6	24.5	10.8	37.9	26.1	34.0	34.8
Current Income Tax Expense	16.5	13.1	3.8	5.4	9.2	8.4	5.2	2.2	7.8	6.1	6.7	7.6
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Net Income	65.4	47.5	14.7	21.0	36.4	29.2	19.3	8.6	30.1	20.0	27.3	27.2
Non-controlling Interest	13.1	10.9	3.8	8.0	7.7	7.7	4.4	3.6	7.6	5.9	7.4	5.8
Profit Attributable to Parent	52.3	36.6	10.9	13.0	28.8	21.4	14.9	5.1	22.5	14.1	19.9	21.4
Earnings per Share	4,184.00	2,920.00	869.00	1,037.00	2,302.00	1,715.00	1,195.00	405.00	1,798.00	1,124.00	1,591.00	1,712.00
Diluted EPS	4,184.03	2,926.76	869.34	1,036.95	2,302.28	1,715.07	1,194.78	405.22	1,797.63	1,125.59	1,595.46	1,711.81

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)	1,952.7	1,670.2	1,377.5	1,296.8	1,212.8	1,194.3	1,131.9	1,150.1	1,141.7	1,145.5	1,274.9	1,232.8
I. Cash and cash equivalents	541.9	384.5	240.5	274.6	195.2	172.8	114.1	131.2	166.0	155.3	211.1	158.2
1. Cash	281.2	243.3	126.0	173.5	103.0	137.0	74.0	79.8	88.1	105.4	152.2	104.8
2. Cash equivalents	260.6	141.2	114.5	101.0	92.2	35.9	40.0	51.4	77.9	49.9	58.9	53.4
II. Short-term financial investments	248.0	140.6	114.8	97.2	87.6	67.8	67.7	68.3	83.7	62.9	107.4	112.5
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	248.0	140.6	114.8	97.2	87.6	67.8	67.7	68.3	83.7	62.9	107.4	112.5
III. Short-term receivables	843.8	785.5	711.3	673.9	658.2	620.8	612.4	629.9	603.8	590.2	646.7	643.5
1. Short-term trade accounts receivable	665.5	692.5	589.0	585.2	585.5	567.7	533.7	539.3	523.6	527.6	528.4	508.1
2. Short-term prepayments to suppliers	100.7	86.6	89.5	57.9	58.7	59.0	64.1	66.2	60.7	63.1	82.5	86.6
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	160.1	89.5	105.8	99.8	83.6	62.1	81.6	92.2	88.1	64.5	95.3	99.0
7. Provision for short-term doubtful debts (*)	-82.6	-83.1	-73.0	-69.0	-69.5	-68.0	-67.0	-67.8	-68.6	-64.9	-59.5	-50.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	311.0	354.3	304.4	250.3	266.5	328.1	333.4	315.5	281.9	334.2	308.3	317.4
1. Inventories	313.3	356.6	306.7	252.6	268.8	330.4	335.7	317.8	284.3	334.9	310.7	321.5
2. Provision for decline in value of inventories	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-0.7	-2.3	-4.1
V. Other short-term assets	8.0	5.4	6.4	0.9	5.3	4.8	4.4	5.3	6.2	2.8	1.4	1.2
1. Short-term prepayments	0.7	0.8	1.6	0.5	0.7	0.8	1.6	1.7	0.3	0.2	0.6	0.1
2. Value added tax to be reclaimed	2.3	2.2	2.0	0.0	1.1	0.0	0.0	0.5	1.3	1.4	0.6	0.0
3. Taxes and other receivables from state authorities	5.0	2.4	2.8	0.3	3.6	3.9	2.7	3.1	4.7	1.3	0.2	1.1
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)	90.3	87.9	90.8	92.9	91.8	93.3	95.2	95.3	94.3	97.4	84.5	85.4
I. Long-term receivables	—	—	—	—	—	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	78.6	74.7	76.6	78.8	77.2	77.2	78.0	77.1	75.3	77.6	70.0	70.0
1. Tangible fixed assets	75.7	71.4	73.1	74.9	72.6	73.4	74.3	74.1	72.3	69.7	66.5	66.2
- Cost	277.4	—	—	—	—	264.5	262.3	259.4	255.1	249.9	247.1	246.4
- Accumulated depreciation	-201.7	—	—	—	—	-191.1	-187.9	-185.3	-182.8	-180.2	-180.6	-180.2
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	2.9	3.3	3.5	3.9	4.6	3.9	3.7	3.0	3.0	7.9	3.5	3.7
- Cost	21.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-18.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	2.7	0.2	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	—	—	—	—	—	0.0	0.0	0.0	0.0	2.7	0.2	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	11.6	13.3	14.1	14.1	14.6	16.1	17.1	18.2	19.0	17.1	14.2	15.4
1. Long-term prepayments	11.2	12.8	13.7	13.7	14.2	15.7	16.7	17.7	18.5	16.6	13.8	15.0
2. Deferred income tax assets	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.5	0.5
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)	2,043.0	1,758.1	1,468.2	1,389.7	1,304.5	1,287.6	1,227.1	1,245.4	1,236.0	1,242.8	1,359.4	1,318.2
A. LIABILITIES (300=210+330)	1,574.4	1,347.1	1,098.9	1,035.0	917.0	928.1	896.8	934.5	869.1	896.6	1,033.8	1,019.9
I. Short -term liabilities	1,572.2	1,345.2	1,097.0	1,033.2	915.0	926.0	894.8	932.3	866.8	894.7	1,032.0	1,017.6
1. Short-term trade accounts payable	104.3	101.8	86.2	83.1	80.8	85.1	74.4	69.8	66.9	70.7	67.3	61.4
2. Short-term advances from customers	732.9	642.4	539.1	398.6	411.8	440.8	442.8	468.4	433.1	460.8	495.6	541.6
3. Dividends and profits payable	9.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	25.4	39.8	20.7	27.4	13.1	17.8	16.5	7.1	14.1	16.0	45.3	38.1
4. Payable to employees	298.6	197.6	151.0	193.8	149.1	134.1	109.7	102.0	124.3	130.8	159.1	146.4
5. Short-term acrrued expenses	194.7	68.0	60.3	83.1	73.4	72.9	65.8	65.4	79.7	59.7	109.2	86.1
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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
8. Short-term unearned revenue	4.5	27.6	3.9	3.5	1.1	1.2	0.8	1.0	0.5	1.0	0.6	0.4
9. Other short-term payables	170.8	204.9	178.2	187.6	145.0	140.4	150.6	179.6	123.4	130.3	123.5	114.3
10. Short-term borrowings and financial leases	7.7	13.0	19.1	15.4	16.3	9.0	7.8	10.3	6.2	6.4	8.4	4.1
11. Provision for short-term liabilities	—	24.5	6.0	6.0	2.0	2.0	0.0	0.0	0.5	2.0	2.0	2.0
12.. Bonus and welfare fund	23.1	24.5	31.5	33.5	21.2	21.6	25.3	27.6	16.9	15.9	20.1	22.1
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	2.1	1.9	1.9	1.9	2.1	2.1	2.1	2.2	2.3	1.9	1.9	2.3
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
7. Other long-term liabilities	1.6	1.3	1.4	1.3	1.5	1.1	1.1	1.1	1.0	0.9	0.9	1.2
8. Long-term borrowings and financial leases	—	—	—	—	—	0.4	0.5	0.5	0.7	0.4	0.4	0.6
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)	468.6	411.0	369.3	354.6	387.5	359.6	330.2	310.9	366.9	346.2	325.6	298.4
I. Owner's equity	468.6	411.0	369.3	354.6	387.5	359.6	330.2	310.9	366.9	346.2	325.6	298.4
1. Owner's capital	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0
- Common stock with voting right	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	28.9	28.9	27.4	27.4	27.4	26.1	26.1	26.1	26.1	26.1	26.1	26.1
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	214.0	165.3	132.5	121.6	148.3	123.3	101.8	86.8	129.1	109.2	94.7	74.8
- Accumulated retained earning at the end of the previous period	161.7	76.1	79.9	79.9	119.5	59.4	59.3	59.3	106.7	37.3	36.8	36.8
- Undistributed earnings in this period	52.3	89.1	52.6	41.7	28.8	63.9	42.5	27.5	22.5	71.9	57.9	38.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	81.4
13. Minority's interest	109.6	100.9	93.4	89.6	95.8	94.2	86.4	82.0	95.7	94.9	88.8	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)	2,043.0	1,758.1	1,468.2	1,389.7	1,304.5	1,287.6	1,227.1	1,245.4	1,236.0	1,242.8	1,359.4	1,318.2

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	81.9	61.6	18.5	26.4	45.6	37.6	24.5	10.9	37.9	-97.8	34.0	34.8
Depreciation of Fixed Assets and Investment Property	3.6	3.6	3.4	3.6	3.5	3.8	3.4	3.3	3.1	-9.4	3.1	3.2
Provision (Increase)/Reversal	-0.7	4.2	4.0	3.5	1.7	3.0	-0.8	-1.3	2.6	5.4	7.6	-9.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.2	0.0	-0.2	—	0.0	0.0	-0.6	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.1	-5.5	-1.3	-2.8	-1.4	-1.3	-1.5	-3.9	-0.3	7.2	-2.8	-3.1
Interest Expense	0.2	0.5	0.2	0.4	0.1	0.2	0.2	0.2	0.1	-0.5	0.1	0.2
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	82.9	64.2	24.8	30.9	49.5	43.2	25.8	8.6	43.4	-95.1	42.1	26.1
Increase/(Decrease) in Receivables	-66.8	-76.9	-48.2	-15.8	-34.3	-9.9	18.3	-22.7	-20.5	24.4	-32.5	-51.0
Increase/(Decrease) in Inventory	44.4	-50.9	-54.1	16.2	70.3	5.3	-17.9	-33.6	48.1	-51.0	10.9	-16.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	225.2	261.2	101.9	66.4	-36.3	41.4	2.1	-2.6	-15.5	-49.2	50.3	60.8
Increase/(Decrease) in Prepaid Expenses	1.8	1.6	-1.1	0.7	1.9	1.8	1.1	-0.6	2.7	-0.5	0.7	-1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.4	-0.1	-0.4	-0.1	-0.2	-0.3	-0.2	-0.1	0.5	-0.1	-0.2
Corporate Income Tax Paid	-11.7	-6.4	-8.5	-3.7	-4.1	-10.8	-2.2	-8.4	-5.6	6.3	-5.8	-3.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0
Other Operating Payments	-7.0	-7.7	-2.2	-6.6	-4.2	-3.7	-2.3	7.5	-19.6	-157.0	-2.5	-8.1
Net Cash Flow from Operating Activities	268.7	184.7	12.6	87.8	42.7	67.2	24.7	-52.0	33.0	-89.7	63.0	7.3
Payments for Fixed Assets and Other Long-term Assets	-6.7	-1.8	-1.0	-5.5	-3.3	-2.7	-4.3	-5.4	-2.7	-4.2	-3.9	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	-0.0	0.2	0.0	0.0	0.3	0.0	0.0	-0.1	0.1	0.0
Loans and Purchases of Debt Instruments	-135.0	-22.4	-48.0	23.3	-54.7	-0.0	-0.6	0.6	-20.6	71.6	-0.9	-60.7
Receipts from Loan Repayments and Sale of Debt Instruments	25.0	-0.4	30.4	-26.8	29.0	0.0	0.6	15.5	0.0	-12.2	6.0	1.1
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	2.9	3.5	2.6	1.4	1.7	0.6	2.1	2.6	1.2	25.1	-5.7	2.3
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	-113.8	-26.7	-16.0	-7.4	-27.4	-2.2	-1.9	13.4	-22.2	64.8	-4.4	-59.3
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	1.7	9.2	7.1	10.0	9.1	14.4	2.3	7.7	2.5	-4.3	3.8	0.5
Repayment of Borrowings	-1.4	-15.2	-3.4	-10.9	-2.2	-13.3	-4.9	-3.8	-2.4	6.1	-2.0	-2.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.7	-5.3	-34.3	-0.2	—	-7.4	-38.1	-0.1	-0.0	9.3	-7.4	-30.6
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	-0.3	-11.4	-30.6	-1.2	7.0	-6.3	-40.6	3.7	0.0	11.1	-5.7	-32.3
Net Cash Flow During the Period	154.6	146.6	-34.0	79.2	22.3	58.8	-17.7	-34.8	10.8	-13.8	52.9	-84.3
Cash and Cash Equivalents at Beginning of Period	387.3	240.5	274.6	195.2	172.9	155.2	155.2	155.2	155.2	58.5	189.7	189.7
FX Difference from Revaluation	—	0.4	0.2	0.2	—	-0.0	0.0	0.6	0.0	0.5	0.0	0.0
Cash and Cash Equivalents at End of Period	541.9	387.3	240.5	274.6	195.2	172.8	114.1	131.8	166.0	66.6	211.1	158.2

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TED

What Is Changing

Drivers of TED'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