TFC

Trang ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 14.42%, −3.95pp YoY

Price

49,000

Latest close

02 Jun 2026

P/E 5.51x

P/B 1.53x

EPS 8,891

BVPS 31,963

ROE 31.0%

ROA 16.6%

Profit Margin 14.4%

Asset Turnover 1.15x

Equity Mult. 1.87x

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

What Is Changing

On a TTM 2026Q1 basis, TFC is retaining some revenue, but margins are collapsing sharply — profit is at an all-time high. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,039bn
	                                
+1.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 150bn
	                                
−20.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,027.3	904.1	782.3	850.1	671.6
Growth	+14%	+16%	-8%	+27%	—
Net Income	169.9	161.5	52.1	29.7	-23.7
Net Margin	16.54%	17.87%	6.66%	3.49%	-3.53%

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	224.8	195.7	388.6	230.0	213.0	222.9	398.6	192.5	93.8	167.4	335.4	169.2
Growth	+15%	-50%	+69%	+8%	-4%	-44%	+107%	+105%	-44%	-50%	+98%	—
Net Income	18.6	31.0	69.3	30.9	39.2	40.3	81.8	27.3	3.3	12.4	45.1	-1.3
Net Margin	8.27%	15.82%	17.83%	13.45%	18.39%	18.09%	20.53%	14.19%	3.51%	7.41%	13.44%	-0.79%

Drivers of TFC's profit

TTM

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

Tax ↓ 10.7bn

Finance costs ↓ 9.8bn

Other profit ↑ 6.4bn

Gross profit ↓ 41.8bn

Administrative expenses ↑ 10.7bn

Selling expenses ↑ 7.8bn

TTM

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

Gross profit ↓ 22.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 55.6% = 18.4% × 1.39 × 2.18

2026Q1 31.1% = 14.4% × 1.15 × 1.87

ROE fell from 55.6% to 31.1% — all three components weakened, with leverage being the main drag.

Net margin: 14.4% -4.0pp Asset turnover: 1.15x -0.24x Leverage: 1.87x -0.30x

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 14.42%, losing 4.0pp. The main pressure comes from Gross margin fell 4.4pp and SG&A / Revenue rose 1.7pp (with additional support from Other profit / Revenue rose 0.6pp and Net financial result / Revenue rose 0.5pp).

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

Profitability trend

Net Margin 14.42% −4.0pp

Gross Margin 24.67% −4.4pp

SG&A / Revenue 11.42% +1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 23.81%, losing 11.7pp. That translates to 23.81 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 4.5pp and capital turnover fell 0.22x, while invested capital rose by 76bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

CAPITAL EFFICIENCY TREND

ROIC 23.81% −11.7pp

NOPAT Margin 13.97% −4.5pp

Capital Turnover 1.71x −0.22x

Average Invested Capital 609.4bn +75.5bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.97x equity, net debt at 0.21x equity.

Inventory ended the period at 190.1bn, roughly 18.6% of total assets.

Over the last 12 months, working capital absorbed 61.8bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −21.4bn

Inventories increased → lower CFO: −13.2bn

Payables decreased → lower CFO: −27.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 14.5 days versus the same period last year. The main moves came from DIO fell 2.5 days, DSO rose 12.0 days, and DPO fell 4.9 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 104.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +12.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 74.2 days +12.0 days

Inventory 66.8 days −2.5 days

Payables 36.6 days −4.9 days

Cash Conversion Cycle 104.3 days +14.5 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 0.21x and interest coverage at 8.17x.

At present, short-term debt accounts for 98.3% of total debt, cash equals 63.2% of debt, and total debt stands at 300.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.21x −0.13x

Interest Coverage 8.17x +0.74x

Cash / Debt 63.2% +10.9pp

Short-term Debt / Total Debt 98.3% +1.8pp

CFO / NI 0.34x −0.38x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 94.4bn in 2025, against investing cash flow of -13.5bn.

Post-investment cash flow was positive +80.9bn. Financing cash flow was negative +35.9bn.

CFO / net income was 0.34x.

After spending +8.2bn on fixed-asset investment, the business generated trailing free cash flow of +42.3bn.

Cash Conversion

CFO TTM 50.5bn −84.4bn

Cash Capex 8.2bn −0.6bn

FCF TTM +42.3bn −83.8bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.34x. The main risk still sits in core profitability, with net margin down 4.0 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.34x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 14.42% after a 4.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,027.5	908.0	782.5	850.2	673.7
Revenue Deductions	0.2	3.8	0.2	0.1	0.0
Net Revenue	1,027.3	904.1	782.3	850.1	671.6
Cost of Goods Sold	748.9	643.2	648.4	741.0	0.0
Gross Profit	278.5	261.0	133.9	109.2	40.3
Financial Income	24.2	29.2	17.4	17.4	14.1
Financial Expenses	21.2	31.3	33.6	29.7	-16.4
Interest Expense	17.0	16.4	21.9	14.6	-11.6
Share of Associates and Joint Ventures	25.3	19.3	9.4	1.6	-4.6
Selling Expenses	42.1	27.6	26.1	31.2	-22.7
General and Administrative Expenses	62.8	61.0	42.6	35.6	-34.4
Operating Profit	201.8	189.6	58.4	31.7	-23.7
Other Income	0.0	0.3	0.3	0.4	0.0
Other Expenses	3.2	1.5	0.4	0.1	0.0
Other Profit	-3.2	-1.2	-0.1	0.3	-0.0
Profit Before Tax	198.7	188.3	58.3	32.0	-23.7
Current Income Tax Expense	26.9	30.1	6.2	2.3	0.0
Deferred Income Tax Expense	1.9	-3.3	0.0	0.0	0.0
Net Income	169.9	161.5	52.1	29.7	-23.7
Non-controlling Interest	0.0	0.0	-0.2	0.6	0.0
Profit Attributable to Parent	169.9	161.5	52.3	29.1	-23.7
Earnings per Share	9,888.00	9,563.00	3,076.00	1,698.00	-1,436.00
Diluted EPS	9,888.00	9,563.00	3,076.00	1,698.00	-1,410.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	782.6	696.5	495.8	543.8	457.5
I. Cash and cash equivalents	258.6	213.7	42.4	62.9	9.0
1. Cash	209.8	187.7	42.4	62.9	0.0
2. Cash equivalents	48.8	26.0	0.0	0.0	0.0
II. Short-term financial investments	115.6	93.8	86.6	84.9	0.0
1. Available for sale securities	—	0.3	0.3	0.3	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	115.6	93.5	86.3	84.6	0.0
III. Short-term receivables	188.6	230.9	237.2	259.2	188.4
1. Short-term trade accounts receivable	170.1	182.7	214.3	246.7	0.0
2. Short-term prepayments to suppliers	2.0	1.0	0.7	2.3	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	7.2	0.0
6. Other short-term receivables	16.7	47.4	22.6	4.6	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.2	-0.3	-1.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	190.1	155.2	123.9	130.5	144.6
1. Inventories	191.9	158.2	126.8	130.5	0.0
2. Provision for decline in value of inventories	-1.8	-3.0	-2.9	0.0	0.0
V. Other short-term assets	29.7	2.9	5.7	6.4	7.3
1. Short-term prepayments	2.7	2.9	2.8	2.2	0.0
2. Value added tax to be reclaimed	27.0	0.0	2.9	4.2	0.0
3. Taxes and other receivables from state authorities	—	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)	240.3	217.3	187.2	169.8	138.2
I. Long-term receivables	145.0	139.7	134.6	128.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	100.1
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	63.3	63.3	63.3	63.3	0.0
6. Other long-term receivables	81.6	76.4	71.2	65.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	39.5	36.4	34.0	31.5	28.1
1. Tangible fixed assets	28.3	26.3	24.1	24.5	21.3
- Cost	100.7	95.3	90.1	86.4	0.0
- Accumulated depreciation	-72.4	-69.0	-66.1	-61.9	0.0
2. Financial leased fixed assets	10.9	9.8	9.9	6.9	6.8
- Cost	13.9	11.9	11.0	7.4	0.0
- Accumulated depreciation	-3.0	-2.0	-1.2	-0.5	0.0
3. Intangible fixed assets	0.2	0.3	0.1	0.1	0.1
- Cost	0.7	0.7	0.5	0.5	0.0
- Accumulated depreciation	-0.5	-0.4	-0.4	-0.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.4	0.0	0.0	0.0	2.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.0	0.0	0.0	0.0
V. Long-term financial investments	47.2	33.5	14.2	4.9	3.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	47.2	33.5	14.2	4.9	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	8.3	7.6	4.4	4.9	0.0
1. Long-term prepayments	8.3	5.7	4.4	4.9	0.0
2. Deferred income tax assets	—	1.9	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	4.6
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)	1,022.9	913.7	683.1	713.6	595.7
A. LIABILITIES (300=210+330)	503.6	526.1	434.7	508.4	414.7
I. Short -term liabilities	496.9	513.1	426.9	501.4	408.3
1. Short-term trade accounts payable	65.9	112.7	65.7	75.2	44.5
2. Short-term advances from customers	0.0	0.3	0.5	0.8	1.7
3. Taxes and other payables to state authorities	12.6	14.3	4.8	2.4	0.0
4. Payable to employees	28.3	23.5	10.6	10.8	0.0
5. Short-term acrrued expenses	7.1	4.7	17.5	14.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	15.5	0.5	1.5	1.3	0.0
10. Short-term borrowings and financial leases	360.4	354.4	325.3	395.8	334.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.2	2.6	1.1	1.1	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	6.7	13.0	7.7	7.0	6.4
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	—	0.0	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	4.4	10.7	4.1	3.3	2.7
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	2.2	2.2	3.7	3.7	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)	519.3	387.6	248.4	205.3	180.9
I. Owner's equity	519.3	387.6	248.4	205.3	0.0
1. Owner's capital	168.3	168.3	168.3	168.3	180.9
- Common stock with voting right	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	17.2	17.2	17.2	17.2	17.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	334.3	202.6	63.4	20.1	-4.5
- Accumulated retained earning at the end of the previous period	164.4	41.7	11.6	-8.5	18.9
- Undistributed earnings in this period	169.9	161.0	51.8	28.6	-23.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	-0.4	-0.5	-0.5	-0.3	-0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,022.9	913.7	683.1	713.6	595.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	198.7	188.3	58.3	32.0	-13.1
Depreciation of Fixed Assets and Investment Property	5.8	5.0	4.9	4.7	3.2
Provision (Increase)/Reversal	-1.3	0.0	3.0	-4.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.6	-0.1	3.0	0.0
Gain/Loss from Investment Activities	-33.9	-26.9	-20.1	-11.2	0.0
Interest Expense	17.0	16.4	21.9	14.6	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	186.4	183.4	67.9	38.3	0.0
Increase/(Decrease) in Receivables	14.7	9.8	14.6	-86.9	0.0
Increase/(Decrease) in Inventory	-33.7	-31.4	3.7	14.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-25.1	47.2	-5.9	28.9	0.0
Increase/(Decrease) in Prepaid Expenses	-2.4	-1.4	-0.0	-0.2	0.0
Changes in Trading Securities	0.3	0.0	0.0	0.0	0.0
Interest Paid	-17.2	-15.7	-21.8	-14.6	0.0
Corporate Income Tax Paid	-28.7	-20.2	-4.3	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.6	-0.5	-0.5	0.0
Net Cash Flow from Operating Activities	94.4	171.0	53.7	-20.6	-51.7
Payments for Fixed Assets and Other Long-term Assets	-8.7	-7.7	-4.0	-3.0	-9.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	1.3	0.1	0.4	0.0
Loans and Purchases of Debt Instruments	-23.1	-77.0	-29.7	-10.6	-48.8
Receipts from Loan Repayments and Sale of Debt Instruments	1.7	69.8	35.2	26.7	0.0
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	15.5	3.2	5.2	3.7	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	-13.5	-10.3	6.9	17.2	-56.8
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	694.1	660.7	691.9	756.8	583.6
Repayment of Borrowings	-693.7	-627.6	-762.3	-691.9	-515.9
Repayment of Finance Leases	-2.6	-2.2	-2.4	-2.5	-2.2
Dividends Paid	-33.6	-21.2	-8.1	-3.4	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-35.9	9.7	-81.0	59.1	65.5
Net Cash Flow During the Period	45.0	170.4	-20.5	55.7	0.0
Cash and Cash Equivalents at Beginning of Period	213.7	42.4	62.9	9.0	49.4
FX Difference from Revaluation	-0.1	0.9	-0.0	-1.8	0.2
Cash and Cash Equivalents at End of Period	258.6	213.7	42.4	62.9	0.0

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	224.9	195.7	388.7	230.0	213.1	222.9	398.6	192.6	93.9	167.4	335.4	169.3
Revenue Deductions	0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.0
Net Revenue	224.8	195.7	388.6	230.0	213.0	222.9	398.6	192.5	93.8	167.4	335.4	169.2
Cost of Goods Sold	190.7	145.4	280.5	166.2	156.1	150.5	281.8	140.5	72.2	134.8	262.9	151.6
Gross Profit	34.1	50.3	108.1	63.8	56.9	72.4	116.8	52.1	21.6	32.5	72.5	17.6
Financial Income	5.2	4.9	8.1	6.1	5.0	16.8	4.0	3.3	5.1	5.9	3.1	3.1
Financial Expenses	4.1	7.6	4.5	4.0	5.1	9.5	8.5	7.0	6.7	7.9	11.1	6.6
Interest Expense	3.8	5.5	4.4	3.8	3.4	5.3	14.4	3.4	3.8	5.8	5.7	5.4
Share of Associates and Joint Ventures	2.6	1.6	13.7	5.6	4.4	5.7	14.4	1.7	-2.5	0.0	9.4	0.2
Selling Expenses	4.1	8.3	13.1	14.4	4.5	11.6	9.7	6.3	4.5	6.6	9.2	6.2
General and Administrative Expenses	12.4	15.5	33.2	17.7	11.4	24.8	20.0	11.9	9.1	8.6	14.5	9.4
Operating Profit	21.3	25.5	79.1	39.5	45.3	49.0	97.0	31.9	4.0	15.3	50.2	-1.3
Other Income	0.1	9.4	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	—	4.1	0.0	0.3	0.9	0.0	0.1	0.0	0.0	0.0
Other Profit	0.1	9.4	0.0	-4.1	0.0	-0.2	-0.9	0.1	-0.1	0.0	0.0	-0.0
Profit Before Tax	21.4	34.8	79.1	35.4	45.3	48.7	96.1	32.0	3.9	15.4	50.2	-1.3
Current Income Tax Expense	2.8	3.9	9.8	4.5	4.3	8.4	14.3	4.7	0.6	3.0	5.1	0.0
Deferred Income Tax Expense	—	—	—	—	1.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.6	31.0	69.3	30.9	39.2	40.3	81.8	27.3	3.3	12.4	45.1	-1.3
Non-controlling Interest	0.0	0.1	-0.0	-0.0	-0.0	0.1	0.0	-0.0	-0.1	-0.0	-0.0	-0.0
Profit Attributable to Parent	18.6	30.8	69.3	31.0	39.2	40.2	81.8	27.3	3.3	12.4	45.1	-1.3
Earnings per Share	1,103.00	1,833.00	4,115.00	1,840.00	2,330.00	2,382.00	4,743.00	1,713.00	199.00	740.00	2,678.00	-78.00
Diluted EPS	1,103.00	1,833.00	4,115.00	1,840.00	2,330.00	9,031.00	4,743.00	1,713.00	199.00	740.00	2,678.00	-78.00

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)	702.8	783.3	840.7	747.3	640.3	727.1	704.2	517.7	430.7	496.4	624.7	532.6
I. Cash and cash equivalents	189.8	258.6	157.5	132.9	156.7	213.3	50.2	20.1	22.9	42.4	15.2	13.2
1. Cash	136.8	209.8	138.7	100.9	104.7	187.3	50.2	20.1	22.9	42.4	15.2	13.2
2. Cash equivalents	53.0	48.8	18.8	32.0	52.0	26.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	86.8	115.6	107.9	94.3	93.8	93.8	86.9	61.1	86.6	86.6	84.9	84.9
1. Available for sale securities	—	—	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	86.8	115.6	107.9	94.0	93.5	93.5	86.6	60.8	86.3	86.3	84.6	84.6
III. Short-term receivables	238.8	188.6	387.0	299.3	248.7	263.6	431.4	242.2	178.8	237.8	360.3	204.0
1. Short-term trade accounts receivable	222.5	170.1	348.5	239.5	200.0	186.3	389.6	209.8	150.0	214.3	340.2	183.5
2. Short-term prepayments to suppliers	2.4	2.0	1.0	1.1	0.9	1.0	0.9	2.4	1.1	0.7	0.7	1.5
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	0.3	7.2
6. Other short-term receivables	14.0	16.7	37.6	58.8	48.0	76.5	41.2	30.4	28.0	24.5	20.9	13.4
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.3	-0.3	-0.3	-1.8	-1.8	-1.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	149.8	190.7	169.9	216.7	133.6	153.5	119.6	186.5	137.0	123.9	155.7	221.5
1. Inventories	149.8	192.5	172.1	218.1	136.6	158.2	124.0	187.9	139.9	126.8	155.7	221.5
2. Provision for decline in value of inventories	-0.0	-1.8	-2.1	-1.4	-3.0	-4.7	-4.4	-1.5	-2.9	-2.9	-0.0	0.0
V. Other short-term assets	37.6	29.7	18.3	4.2	7.4	2.9	16.0	7.7	5.4	5.7	8.7	9.1
1. Short-term prepayments	3.2	2.7	2.9	4.2	3.7	2.8	2.8	2.6	2.6	2.8	2.1	2.7
2. Value added tax to be reclaimed	34.4	27.0	15.4	—	3.6	0.0	13.2	5.1	2.8	2.9	6.6	6.4
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.1	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)	244.2	240.4	236.6	231.0	221.3	215.5	201.9	187.2	184.2	186.8	185.8	174.5
I. Long-term receivables	146.4	145.0	143.7	142.3	141.0	139.7	138.4	137.2	135.8	134.6	133.2	131.5
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	—	63.3	63.3	63.3	63.3	63.3	63.3	63.3	63.3	63.3	63.3	63.3
6. Other long-term receivables	146.4	81.6	80.4	78.9	77.6	76.4	75.1	73.8	72.5	71.2	69.8	68.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	39.3	39.5	39.1	36.6	35.8	36.4	30.4	31.5	32.3	34.0	33.3	33.0
1. Tangible fixed assets	27.3	28.3	27.7	26.2	25.7	26.3	20.2	21.1	22.6	24.1	24.0	23.8
- Cost	100.9	—	—	—	—	95.3	88.2	88.0	89.4	90.1	89.0	87.8
- Accumulated depreciation	-73.6	—	—	—	—	-69.0	-67.9	-66.9	-66.8	-66.1	-65.1	-64.0
2. Financial leased fixed assets	11.9	10.9	11.2	10.2	9.9	9.8	10.1	10.3	9.7	9.9	9.2	9.1
- Cost	15.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.2	0.2	0.2	0.3	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	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	0.4	0.4	0.4	1.6	0.4	0.0	0.1	0.0	0.0	0.0	0.9	0.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.4	1.6	0.4	0.0	0.1	0.0	0.0	0.0	0.9	0.9
V. Long-term financial investments	49.8	47.2	45.6	43.6	37.9	33.6	27.9	13.5	11.8	13.8	13.8	4.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	49.8	47.2	45.6	43.6	37.9	33.6	27.9	13.5	11.8	13.8	13.8	4.5
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	8.4	8.3	7.8	7.0	6.2	5.8	5.2	5.1	4.3	4.4	4.7	4.7
1. Long-term prepayments	8.4	8.3	7.8	7.0	6.2	5.8	5.2	5.1	4.3	4.4	4.7	4.7
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)	947.1	1,023.6	1,077.2	978.4	861.7	942.5	906.1	704.9	614.8	683.2	810.5	707.1
A. LIABILITIES (300=210+330)	409.1	502.5	587.1	525.2	434.9	563.9	547.3	427.7	363.2	436.8	567.9	515.9
I. Short -term liabilities	401.8	496.1	582.7	513.8	422.3	549.5	532.3	420.3	355.9	429.1	560.2	507.9
1. Short-term trade accounts payable	63.0	66.5	123.5	155.2	94.2	108.6	125.0	139.7	71.9	65.7	107.8	109.8
2. Short-term advances from customers	0.0	0.0	0.0	0.5	0.0	0.3	0.9	1.1	0.5	0.5	1.1	3.7
3. Taxes and other payables to state authorities	9.8	11.1	13.2	7.4	13.4	12.2	17.7	5.5	2.9	6.6	5.3	0.1
4. Payable to employees	7.3	28.3	38.9	24.2	18.7	28.8	20.0	8.9	6.2	10.6	10.9	6.2
5. Short-term acrrued expenses	4.4	6.8	6.6	5.9	2.8	8.7	7.2	5.1	5.4	17.6	17.6	17.6
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	—	—	—	—	—	33.4	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	14.7	15.5	45.6	10.0	0.8	0.5	0.6	2.0	2.6	1.7	2.7	11.0
10. Short-term borrowings and financial leases	295.5	360.6	347.8	303.4	289.8	354.4	358.3	255.4	265.2	325.3	413.8	358.4
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.2	7.2	7.2	7.2	2.6	2.6	2.6	2.6	1.1	1.1	1.1	1.1
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	7.3	6.5	4.4	11.4	12.6	14.4	15.0	7.5	7.3	7.7	7.7	8.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	5.1	4.2	2.1	9.1	10.4	10.7	11.3	3.8	3.6	4.1	4.0	4.3
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	2.2	2.2	2.2	2.2	2.2	3.7	3.7	3.7	3.7	3.7	3.7	3.7
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)	537.9	521.1	490.1	453.2	426.8	378.7	358.8	277.2	251.7	246.4	242.7	191.3
I. Owner's equity	537.9	521.1	490.1	453.2	426.8	378.7	358.8	277.2	251.7	246.4	242.7	191.3
1. Owner's capital	168.3	168.3	168.3	168.3	168.3	168.3	168.3	168.3	168.3	168.3	168.3	168.3
- Common stock with voting right	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00	168,299,940,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	352.8	336.0	305.2	268.2	241.8	193.7	173.9	92.2	66.8	61.3	57.6	6.1
- Accumulated retained earning at the end of the previous period	334.3	164.4	164.4	198.1	202.6	41.7	62.3	61.9	63.4	11.6	20.1	11.6
- Undistributed earnings in this period	18.6	171.6	140.8	70.2	39.2	152.0	111.6	30.4	3.3	49.7	37.5	-5.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	-0.4	-0.4	-0.5	-0.6	-0.5	-0.5	-0.6	-0.6	-0.5	-0.4	-0.4	-0.3
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)	947.1	1,023.6	1,077.2	978.4	861.7	942.5	906.1	704.9	614.8	683.2	810.5	707.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	18.7	48.3	65.3	39.7	45.3	49.6	95.2	32.0	3.9	21.9	43.8	-4.0
Depreciation of Fixed Assets and Investment Property	1.5	1.5	1.5	1.5	1.4	1.3	1.2	1.2	1.2	1.3	1.3	1.2
Provision (Increase)/Reversal	-1.8	-0.3	-0.0	-1.0	-0.0	-10.9	1.3	-1.4	0.0	2.9	0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	-2.1	2.3	-2.1	-0.7	0.5	1.2	-2.2	-0.4	1.9	-2.5	2.5	-0.1
Gain/Loss from Investment Activities	-2.2	-29.9	9.9	-7.8	-6.2	4.1	-13.7	-3.2	-0.3	-9.1	-6.1	-4.9
Interest Expense	3.8	5.5	4.4	3.8	3.4	4.2	4.3	3.4	3.8	5.2	5.7	10.9
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	18.0	27.4	79.1	35.5	44.5	49.5	86.1	31.6	10.6	19.7	47.2	3.2
Increase/(Decrease) in Receivables	-55.6	184.8	-103.1	-47.4	-19.6	186.1	-202.4	-67.6	63.0	116.7	-157.0	23.1
Increase/(Decrease) in Inventory	42.1	-19.9	46.1	-81.5	21.6	-34.2	63.9	-48.0	-13.1	28.8	65.8	-67.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-28.6	-60.9	-14.4	76.7	-26.5	26.4	-4.7	71.1	-11.3	-42.0	-2.4	41.9
Increase/(Decrease) in Prepaid Expenses	-0.6	0.1	3.8	-4.6	-1.7	-1.0	0.0	-0.7	0.3	-0.5	0.7	-0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.8	-5.5	-3.9	-3.8	-4.0	-4.2	-4.7	-3.2	-3.6	-5.1	-5.9	-10.8
Corporate Income Tax Paid	-6.0	-6.0	-6.0	-11.7	-5.0	-14.0	-2.0	-2.2	-2.0	-2.0	-0.0	-2.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.3	-0.3	0.0	-0.5	0.2	-0.2
Net Cash Flow from Operating Activities	-34.5	119.9	1.8	-36.7	9.4	208.5	-63.5	-19.4	43.9	115.2	-51.3	-13.1
Payments for Fixed Assets and Other Long-term Assets	-0.2	-4.8	-3.4	0.2	-0.6	-6.9	-1.3	0.0	-0.2	2.5	-4.2	-1.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.1	0.0	0.0	—	0.0	0.0	0.0	0.0	0.1	-0.1	0.1
Loans and Purchases of Debt Instruments	—	-7.5	-14.1	14.0	-15.6	-32.1	-36.8	-3.5	0.0	-10.7	-19.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	29.1	0.2	0.0	-14.0	15.5	26.7	11.0	29.0	0.0	9.3	25.9	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	0.9	13.4	0.5	0.9	0.7	1.1	0.6	0.5	0.9	4.5	-0.7	1.3
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	29.9	2.4	-17.0	1.1	0.0	-11.2	-26.5	26.0	0.7	5.7	2.0	-0.0
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	149.9	170.2	221.0	160.7	142.1	205.9	248.0	139.2	105.3	149.2	211.9	198.1
Repayment of Borrowings	-214.1	-156.7	-180.3	-148.6	-208.1	-219.5	-128.2	-146.8	-169.0	-235.6	-159.4	-180.3
Repayment of Finance Leases	-0.8	-0.5	-1.0	-0.5	-0.6	-1.5	-0.5	-0.7	-0.5	0.8	-2.0	-0.7
Dividends Paid	—	-33.6	0.0	-0.0	—	-21.2	2.0	-1.0	0.0	-8.1	0.8	-0.8
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	-65.0	-20.6	39.7	11.6	-66.6	-36.3	121.3	-9.2	-64.2	-93.7	51.3	16.4
Net Cash Flow During the Period	-69.6	101.7	24.5	-23.9	-57.2	161.0	31.3	-2.7	-19.6	27.3	2.0	3.3
Cash and Cash Equivalents at Beginning of Period	258.6	157.5	133.0	156.7	213.7	42.4	42.4	42.4	42.4	62.9	62.9	62.9
FX Difference from Revaluation	0.8	-0.1	0.4	0.4	0.2	2.1	-1.2	-0.1	0.1	-0.1	0.0	0.1
Cash and Cash Equivalents at End of Period	189.8	258.6	157.5	133.0	156.7	213.3	50.2	20.1	22.9	42.4	15.2	13.2

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TFC

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What is driving the margin?

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Balance Sheet

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Cash Flow