THG

Đầu tư và Xây dựng Tiền Giang ·HOSE ·2026Q1

● Maintaining

Price

43,100

Latest close

03 Jun 2026

P/E 9.07x

P/B 1.69x

EPS 4,753

BVPS 25,491

ROE 21.1%

ROA 7.2%

Profit Margin 6.9%

Asset Turnover 1.04x

Equity Mult. 2.93x

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

What Is Changing

On a TTM 2026Q1 basis, THG posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,346bn
	                                
+14.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 164bn
	                                
+4.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,412.9	1,867.2	1,669.8	1,648.1	1,313.3
Growth	+29%	+12%	+1%	+25%	—
Net Income	163.9	144.4	118.8	143.9	130.3
Net Margin	6.79%	7.73%	7.12%	8.73%	9.92%

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	447.0	707.3	566.5	624.8	514.4	618.0	548.3	376.1	324.8	440.3	468.5	405.7
Growth	-37%	+25%	-9%	+21%	-17%	+13%	+46%	+16%	-26%	-6%	+15%	—
Net Income	32.1	44.5	46.2	41.5	31.9	55.6	51.4	18.4	17.9	21.0	39.1	31.0
Net Margin	7.19%	6.29%	8.16%	6.65%	6.20%	8.99%	9.38%	4.88%	5.52%	4.77%	8.35%	7.65%

Drivers of THG's profit

TTM

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

Gross profit ↑ 20.0bn

Deferred tax ↓ 13.1bn

Selling expenses ↓ 5.1bn

Financial income ↑ 0.9bn

Tax ↑ 18.7bn

Finance costs ↑ 10.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 15.3bn

Minority interests ↓ 0.7bn

Deferred tax ↓ 0.6bn

Financial income ↑ 0.1bn

Gross profit ↓ 11.8bn

Tax ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 22.2% = 7.6% × 1.04 × 2.78

2026Q1 21.5% = 7.0% × 1.04 × 2.93

ROE fell from 22.2% to 21.5% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 7.0% -0.6pp Asset turnover: 1.04x +0.00x Leverage: 2.93x +0.15x

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 narrowed to 7.01%, falling 0.6pp. The main pressure is Gross margin fell 2.1pp, outweighing the improvement in SG&A / Revenue fell 1.9pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.1pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 7.01% −0.6pp

Gross Margin 21.67% −2.1pp

SG&A / Revenue 12.17% −1.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 14.79%, falling 0.4pp. That translates to 14.79 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.10x, NOPAT margin narrowed 0.6pp still pulled ROIC lower, while invested capital rose by 88bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 14.79% −0.4pp

NOPAT Margin 7.01% −0.6pp

Capital Turnover 2.11x +0.10x

Average Invested Capital 1,111.0bn +87.9bn

Balance Sheet

Capital structure is balanced — liabilities at 2.05x equity, net debt at 0.52x equity.

Inventory ended the period at 832.0bn, roughly 34.4% of total assets.

Over the last 12 months, working capital released 65.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +36.4bn

Inventories decreased → higher CFO: +51.5bn

Payables decreased → lower CFO: −22.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.0 days versus the same period last year. The main moves came from DIO fell 16.0 days, DSO fell 5.9 days, and DPO fell 4.0 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 126.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 38.6 days −5.9 days

Inventory 171.7 days −16.0 days

Payables 84.0 days −4.0 days

Cash Conversion Cycle 126.4 days −18.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 36.9bn due to capex of 282.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.52x and interest coverage at 7.51x.

At present, short-term debt accounts for 44.3% of total debt, cash equals 36.3% of debt, and total debt stands at 645.4bn.

Leverage and liquidity trend

Net Debt / Equity 0.52x +0.14x

Interest Coverage 7.51x −3.80x

Cash / Debt 36.3% −5.9pp

Short-term Debt / Total Debt 44.3% −4.1pp

CFO / NI 1.52x −0.54x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 353.2bn in 2025, against investing cash flow of -296.0bn.

Post-investment cash flow was positive +57.2bn. Financing cash flow was positive +25.6bn.

CFO / net income was 1.52x.

After spending +282.0bn on fixed-asset investment, the business generated trailing free cash flow of −36.9bn.

Cash Conversion

CFO TTM 245.0bn −71.4bn

Cash Capex 282.0bn +90.3bn

FCF TTM −36.9bn −161.7bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.52x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 126 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.52x.

Key risk: working capital remains tied up for too long, with cash cycle at 126.4 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,412.9	1,867.2	1,669.8	1,648.1	1,313.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,412.9	1,867.2	1,669.8	1,648.1	1,313.3
Cost of Goods Sold	1,892.5	1,426.8	1,288.0	1,273.0	0.0
Gross Profit	520.4	440.4	381.8	375.1	322.8
Financial Income	6.7	5.1	9.0	5.4	3.4
Financial Expenses	26.0	14.1	19.9	11.3	-13.4
Interest Expense	25.7	13.6	19.9	11.3	-13.4
Share of Associates and Joint Ventures	0.1	0.1	0.1	0.1	0.1
Selling Expenses	229.8	195.7	161.1	142.8	-116.2
General and Administrative Expenses	70.1	63.5	62.0	47.5	-35.5
Operating Profit	201.3	172.4	147.9	179.0	161.3
Other Income	2.5	2.7	0.7	3.6	0.0
Other Expenses	2.3	0.5	1.3	1.0	0.0
Other Profit	0.2	2.1	-0.6	2.6	1.1
Profit Before Tax	201.5	174.5	147.3	181.6	162.4
Current Income Tax Expense	50.1	31.7	27.4	36.2	-32.1
Deferred Income Tax Expense	-12.5	-1.6	1.1	1.5	0.0
Net Income	163.9	144.4	118.8	143.9	130.3
Non-controlling Interest	3.6	2.6	2.2	1.8	0.5
Profit Attributable to Parent	160.2	141.8	116.7	142.1	129.8
Earnings per Share	4,735.00	5,139.00	4,777.00	6,692.00	8,265.00
Diluted EPS	4,735.00	5,139.00	4,777.00	6,692.00	8,125.82

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,593.0	1,554.5	1,313.0	1,237.6	936.0
I. Cash and cash equivalents	381.7	298.9	216.6	221.3	219.4
1. Cash	239.7	122.8	103.2	124.5	0.0
2. Cash equivalents	142.0	176.1	113.4	96.8	0.0
II. Short-term financial investments	33.6	54.1	65.9	41.7	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	33.6	54.1	65.9	41.7	0.0
III. Short-term receivables	320.2	319.8	287.5	335.7	260.1
1. Short-term trade accounts receivable	274.9	267.1	264.9	292.3	0.0
2. Short-term prepayments to suppliers	37.7	17.5	5.6	14.9	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	54.4	75.0	52.3	60.9	0.0
7. Provision for short-term doubtful debts (*)	-46.8	-39.8	-35.3	-32.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	832.0	857.6	730.2	628.8	419.7
1. Inventories	832.3	857.9	730.5	629.2	0.0
2. Provision for decline in value of inventories	-0.4	-0.4	-0.4	-0.4	0.0
V. Other short-term assets	25.6	24.1	12.8	10.1	4.9
1. Short-term prepayments	0.6	0.1	0.2	0.0	0.0
2. Value added tax to be reclaimed	20.2	19.2	8.6	2.5	0.0
3. Taxes and other receivables from state authorities	4.8	4.9	3.9	7.6	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)	827.5	627.2	539.3	611.0	614.4
I. Long-term receivables	0.3	0.3	0.3	0.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
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	0.3	0.3	0.3	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	358.3	327.1	305.2	339.0	362.8
1. Tangible fixed assets	321.8	294.3	271.3	306.6	331.3
- Cost	844.4	757.4	699.5	684.9	0.0
- Accumulated depreciation	-522.6	-463.1	-428.1	-378.3	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	36.5	32.8	33.9	32.3	31.5
- Cost	43.8	39.0	39.0	36.4	0.0
- Accumulated depreciation	-7.2	-6.2	-5.1	-4.0	0.0
III. Investment properties	16.1	17.6	19.2	17.4	18.7
- Cost	26.6	26.6	26.6	23.3	0.0
- Accumulated depreciation	-10.5	-8.9	-7.4	-5.9	0.0
IV. Long-term assets in progress	401.0	270.5	204.5	241.9	214.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	401.0	270.5	204.5	241.9	0.0
V. Long-term financial investments	2.9	0.4	0.4	0.4	0.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.4	0.4	0.4	0.4	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	2.6	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	48.8	11.3	9.6	12.1	0.0
1. Long-term prepayments	29.5	4.4	4.4	5.8	0.0
2. Deferred income tax assets	19.3	6.9	5.2	6.3	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	17.3
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)	2,420.5	2,181.7	1,852.2	1,848.6	1,550.5
A. LIABILITIES (300=210+330)	1,626.2	1,450.4	1,163.8	1,206.8	1,019.3
I. Short -term liabilities	1,197.5	1,214.9	990.6	898.2	775.0
1. Short-term trade accounts payable	448.0	450.7	321.6	269.2	253.0
2. Short-term advances from customers	343.8	314.4	252.3	284.4	176.1
3. Taxes and other payables to state authorities	41.2	21.4	16.7	7.0	0.0
4. Payable to employees	21.6	23.5	20.7	16.0	0.0
5. Short-term acrrued expenses	54.0	94.9	43.9	109.8	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	0.6	0.5	0.3	0.0	0.0
9. Other short-term payables	4.3	29.6	1.3	4.8	0.0
10. Short-term borrowings and financial leases	259.6	263.5	316.6	188.8	199.2
11. Provision for short-term liabilities	15.7	11.9	9.9	9.9	0.0
12.. Bonus and welfare fund	8.7	4.6	7.3	8.4	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	428.7	235.5	173.1	308.7	244.3
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	51.1	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	0.4	0.4	0.5	0.5	0.0
8. Long-term borrowings and financial leases	370.3	230.0	169.1	303.2	243.8
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	6.9	5.1	3.5	5.0	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)	794.3	731.3	688.5	641.7	531.2
I. Owner's equity	794.3	731.3	688.5	641.7	0.0
1. Owner's capital	311.3	259.4	229.6	199.6	531.2
- Common stock with voting right	311,299,070,000.00	259,418,870,000.00	229,578,960,000.00	199,638,930,000.00	159,713,060,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.7	5.7	5.7	5.7	5.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1.0	1.0	1.0	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	241.2	212.4	188.6	159.8	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	222.0	241.3	252.9	267.4	223.2
- Accumulated retained earning at the end of the previous period	61.8	99.5	136.2	125.3	93.4
- Undistributed earnings in this period	160.2	141.8	116.7	142.1	129.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	13.0	11.5	10.7	9.2	8.4
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)	2,420.5	2,181.7	1,852.2	1,848.6	1,550.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	201.5	174.5	147.3	181.6	162.4
Depreciation of Fixed Assets and Investment Property	64.0	54.6	52.3	47.4	51.2
Provision (Increase)/Reversal	12.6	8.1	1.4	2.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.9	-5.9	-9.1	-6.2	0.0
Interest Expense	25.7	13.6	19.9	11.3	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	296.9	244.8	211.9	236.5	224.2
Increase/(Decrease) in Receivables	-12.7	-45.0	40.0	-67.7	0.0
Increase/(Decrease) in Inventory	108.4	-127.4	-101.4	-209.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	53.6	244.5	-13.0	134.1	0.0
Increase/(Decrease) in Prepaid Expenses	-25.6	0.1	1.2	2.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-25.6	-13.8	-19.7	-11.3	0.0
Corporate Income Tax Paid	-29.9	-34.1	-12.3	-42.8	0.0
Other Operating Receipts	—	0.0	0.0	2.6	0.0
Other Operating Payments	-11.9	-7.8	-12.7	-10.4	0.0
Net Cash Flow from Operating Activities	353.2	261.3	93.9	34.3	102.0
Payments for Fixed Assets and Other Long-term Assets	-321.5	-134.2	-16.6	-52.7	-46.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.8	0.0	0.8	0.6
Loans and Purchases of Debt Instruments	-5.5	-10.2	-24.4	-9.7	-2.9
Receipts from Loan Repayments and Sale of Debt Instruments	23.5	21.9	0.2	0.0	12.3
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	6.9	5.2	8.9	5.3	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	-296.0	-116.5	-31.9	-56.3	-32.8
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	548.7	475.4	342.2	496.6	450.9
Repayment of Borrowings	-412.4	-467.5	-348.5	-447.7	-378.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-110.8	-70.5	-60.4	-25.0	-73.4
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	25.6	-62.6	-66.7	24.0	-1.3
Net Cash Flow During the Period	82.8	82.3	-4.7	1.9	104.1
Cash and Cash Equivalents at Beginning of Period	298.9	216.6	221.3	219.4	151.3
FX Difference from Revaluation	0.0	-0.0	0.0	-0.0	0.1
Cash and Cash Equivalents at End of Period	381.7	298.9	216.6	221.3	219.4

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	447.0	707.3	566.5	624.8	514.4	618.0	548.3	376.1	324.8	440.3	468.5	405.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	447.0	707.3	566.5	624.8	514.4	618.0	548.3	376.1	324.8	440.3	468.5	405.7
Cost of Goods Sold	344.8	568.0	430.6	493.9	400.4	458.8	413.7	295.7	256.9	356.7	352.0	310.1
Gross Profit	102.2	139.2	135.9	130.9	114.0	159.1	134.6	80.5	67.9	83.6	116.5	95.6
Financial Income	2.1	1.8	1.4	1.6	2.0	1.6	1.2	1.1	1.2	1.8	2.2	2.6
Financial Expenses	7.4	6.6	6.6	6.4	6.2	3.5	3.2	3.8	3.6	2.7	3.1	3.2
Interest Expense	7.3	6.6	6.5	6.3	6.1	3.3	3.2	3.6	3.5	2.7	3.1	3.2
Share of Associates and Joint Ventures	-0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	43.6	56.2	58.1	56.3	59.0	61.2	55.6	43.6	35.1	36.3	50.5	40.8
General and Administrative Expenses	14.1	24.0	15.1	18.0	13.1	28.4	15.3	13.7	9.0	24.0	14.9	14.8
Operating Profit	39.1	54.1	57.5	51.9	37.8	67.8	61.7	20.6	21.5	22.5	50.3	39.3
Other Income	0.3	0.3	0.7	1.0	0.4	1.0	0.6	0.8	0.4	3.2	0.1	0.1
Other Expenses	0.1	0.1	1.3	0.8	0.1	0.4	0.1	0.1	0.1	0.3	0.2	0.6
Other Profit	0.2	0.2	-0.6	0.3	0.3	0.6	0.5	0.6	0.3	2.8	-0.1	-0.4
Profit Before Tax	39.4	54.3	56.9	52.2	38.1	68.4	62.2	21.2	21.8	25.3	50.2	38.9
Current Income Tax Expense	8.0	20.0	11.4	13.5	6.4	12.2	11.9	3.5	3.9	4.5	10.0	7.4
Deferred Income Tax Expense	-0.8	-10.1	-0.8	-2.8	-0.2	0.6	-1.2	-0.6	-0.0	-0.2	1.2	0.4
Net Income	32.1	44.5	46.2	41.5	31.9	55.6	51.4	18.4	17.9	21.0	39.1	31.0
Non-controlling Interest	0.1	0.9	1.0	0.8	0.9	1.2	0.8	0.3	0.4	0.6	0.5	0.7
Profit Attributable to Parent	32.0	43.5	45.2	40.7	31.0	54.4	50.6	18.1	17.6	20.5	38.6	30.4
Earnings per Share	946.00	1,399.00	1,366.00	1,042.00	1,124.00	1,971.00	1,835.00	656.00	719.00	856.00	1,581.00	1,243.00
Diluted EPS	946.00	1,399.00	1,366.00	1,042.00	1,124.00	5,092.00	1,835.00	656.00	719.00	856.00	1,581.00	1,243.00

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)	1,507.8	1,597.4	1,448.2	1,424.6	1,476.8	1,549.1	1,481.2	1,318.4	1,264.2	1,315.6	1,307.0	1,223.2
I. Cash and cash equivalents	234.0	380.7	233.5	246.0	204.8	283.3	168.2	165.3	149.1	216.6	214.0	191.0
1. Cash	107.0	239.7	124.0	137.3	67.1	122.8	34.9	53.4	56.9	103.2	108.5	76.1
2. Cash equivalents	127.1	141.0	109.5	108.7	137.6	160.5	133.3	111.9	92.1	113.4	105.5	114.9
II. Short-term financial investments	7.5	34.6	24.6	46.2	54.3	69.7	50.0	48.1	61.1	65.9	64.8	55.9
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	7.5	34.6	24.6	46.2	54.3	69.7	50.0	48.1	61.1	65.9	64.8	55.9
III. Short-term receivables	288.7	320.2	353.5	300.5	341.8	320.9	424.7	295.6	274.4	288.0	286.6	265.6
1. Short-term trade accounts receivable	232.3	274.9	273.7	249.9	263.8	267.1	338.0	252.9	237.6	265.4	256.9	232.3
2. Short-term prepayments to suppliers	41.4	37.8	24.0	20.7	29.3	18.6	28.9	14.1	9.2	5.6	12.0	10.4
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	61.8	54.3	97.5	72.2	88.8	75.0	93.3	63.0	61.5	52.3	46.5	53.5
7. Provision for short-term doubtful debts (*)	-46.7	-46.8	-41.7	-42.2	-40.1	-39.8	-35.4	-34.4	-33.9	-35.3	-28.9	-30.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	879.7	836.2	805.2	804.0	848.4	849.9	817.0	791.6	764.7	732.2	731.1	702.3
1. Inventories	880.0	836.5	805.6	804.3	848.7	850.3	817.4	791.9	765.1	732.6	731.5	702.6
2. Provision for decline in value of inventories	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
V. Other short-term assets	97.8	25.8	31.4	27.9	27.7	25.3	21.3	17.8	15.0	12.8	10.5	8.4
1. Short-term prepayments	0.9	0.9	0.1	0.1	0.0	1.2	3.1	0.1	0.2	0.2	0.5	0.3
2. Value added tax to be reclaimed	30.1	20.2	26.5	23.4	23.5	19.2	13.9	13.3	9.9	8.6	3.9	2.6
3. Taxes and other receivables from state authorities	3.1	4.8	4.8	4.4	4.1	4.9	4.3	4.3	4.9	3.9	6.1	5.5
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	63.8	—	—	—	—	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)	831.6	824.1	888.5	720.5	674.4	627.8	555.1	548.6	537.0	575.7	576.9	588.3
I. Long-term receivables	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	345.0	353.3	341.5	331.2	327.9	327.7	287.9	297.4	297.7	305.2	313.7	322.7
1. Tangible fixed assets	308.7	321.5	309.5	298.9	295.4	294.9	254.8	264.0	264.1	271.3	279.6	288.3
- Cost	847.0	—	—	—	—	757.4	705.1	717.5	704.9	699.5	695.1	691.4
- Accumulated depreciation	-538.3	—	—	—	—	-462.5	-450.3	-453.5	-440.8	-428.1	-415.6	-403.2
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	36.3	31.8	32.0	32.3	32.5	32.8	33.1	33.3	33.6	33.9	34.1	34.4
- Cost	43.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	15.7	16.1	16.5	16.9	17.2	17.6	18.0	18.4	18.8	19.2	16.3	16.7
- Cost	26.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	421.3	401.3	488.1	331.7	317.7	269.7	238.1	222.5	210.5	240.8	236.4	238.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	421.3	401.3	488.1	331.7	317.7	269.7	238.1	222.5	210.5	240.8	236.4	238.1
V. Long-term financial investments	0.3	2.9	1.4	0.3	0.3	0.4	0.3	0.3	0.3	0.4	0.3	0.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.3	0.3	0.3	0.3	0.3	0.4	0.3	0.3	0.3	0.4	0.3	0.3
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	—	2.6	1.0	—	—	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	49.1	50.3	40.7	40.1	10.9	12.1	10.4	9.7	9.4	9.7	9.8	10.3
1. Long-term prepayments	28.9	29.5	30.0	30.2	3.9	5.7	3.3	3.9	4.1	4.4	4.7	4.4
2. Deferred income tax assets	20.1	20.8	10.6	9.9	7.1	6.4	7.1	5.9	5.3	5.3	5.1	5.8
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)	2,339.4	2,421.6	2,336.7	2,145.1	2,151.2	2,176.9	2,036.3	1,867.1	1,801.2	1,891.3	1,883.8	1,811.5
A. LIABILITIES (300=210+330)	1,545.9	1,627.1	1,555.6	1,406.3	1,414.5	1,420.9	1,335.9	1,218.0	1,118.4	1,199.4	1,213.0	1,180.2
I. Short -term liabilities	1,123.6	1,198.2	1,107.6	1,106.5	1,158.9	1,184.8	1,190.0	1,075.6	975.1	1,029.0	901.5	868.9
1. Short-term trade accounts payable	395.3	447.9	476.5	432.3	450.0	456.0	419.3	336.6	305.6	321.6	282.9	276.3
2. Short-term advances from customers	331.1	343.8	266.8	283.8	335.5	314.4	262.5	257.6	234.1	248.8	258.7	226.6
3. Dividends and profits payable	31.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.8	42.5	27.3	16.5	5.8	21.2	19.0	5.0	3.4	18.0	21.8	14.5
4. Payable to employees	11.2	21.5	17.2	13.9	10.3	23.5	11.7	9.3	9.0	20.7	11.1	10.5
5. Short-term acrrued expenses	37.9	53.9	56.5	89.8	78.2	86.3	83.0	47.4	50.9	80.4	94.0	91.2
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	—	—	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.5	0.6	1.0	0.9	1.6	0.5	0.7	1.0	1.3	4.3	22.7	9.4
9. Other short-term payables	1.8	1.1	1.6	27.0	27.6	3.5	13.1	24.5	1.8	1.3	10.9	20.9
10. Short-term borrowings and financial leases	286.2	259.4	233.8	216.9	235.0	262.9	363.1	376.8	356.1	316.6	178.2	193.0
11. Provision for short-term liabilities	14.9	15.7	14.2	13.0	12.7	11.9	10.2	9.7	9.7	9.9	12.7	12.1
12.. Bonus and welfare fund	7.5	11.9	12.5	12.4	2.2	4.6	7.3	7.8	3.2	7.3	8.4	14.4
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	422.2	428.9	448.0	299.8	255.7	236.1	145.8	142.4	143.2	170.4	311.5	311.4
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	55.2	51.1	53.8	—	—	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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.5
8. Long-term borrowings and financial leases	359.2	370.5	387.0	293.2	250.2	230.6	140.9	138.3	139.2	169.1	307.2	307.5
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	7.4	6.9	6.8	6.2	5.1	5.1	4.5	3.5	3.5	0.8	3.8	3.3
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)	793.5	794.4	781.1	738.8	736.7	756.0	700.4	649.1	682.9	691.9	670.8	631.3
I. Owner's equity	793.5	794.4	781.1	738.8	736.7	756.0	700.4	649.1	682.9	691.9	670.8	631.3
1. Owner's capital	311.3	311.3	311.3	311.3	259.4	259.4	259.4	259.4	229.6	229.6	229.6	229.6
- Common stock with voting right	311,299,070,000.00	311,299,070,000.00	311,299,070,000.00	311,299,070,000.00	259,418,870,000.00	259,418,870,000.00	259,418,870,000.00	259,418,870,000.00	229,578,960,000.00	229,578,960,000.00	229,578,960,000.00	229,578,960,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.7	5.7	5.7	5.7	5.7	5.7	5.7	5.7	5.7	5.7	5.7	5.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3.8	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
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	242.0	241.2	241.2	241.2	212.4	212.4	212.4	212.4	188.6	188.6	188.6	188.6
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	218.8	222.2	209.8	168.5	246.4	266.0	211.6	161.0	247.4	256.2	235.8	196.7
- Accumulated retained earning at the end of the previous period	186.8	61.7	92.9	96.7	215.4	125.4	125.4	125.3	229.9	136.2	136.2	136.2
- Undistributed earnings in this period	32.0	160.4	116.9	71.7	31.0	140.5	86.1	35.7	17.6	120.0	99.6	60.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	12.0	13.0	12.1	11.1	11.8	11.5	10.4	9.6	10.6	10.7	10.2	9.7
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)	2,339.4	2,421.6	2,336.7	2,145.1	2,151.2	2,176.9	2,036.3	1,867.1	1,801.2	1,891.3	1,883.8	1,811.5

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	39.4	54.3	56.9	52.2	38.1	68.4	62.2	21.0	21.8	20.7	50.2	39.0
Depreciation of Fixed Assets and Investment Property	16.3	18.5	14.5	16.2	14.8	29.1	-2.6	13.4	13.4	13.2	13.0	13.0
Provision (Increase)/Reversal	-0.4	6.6	1.2	3.7	1.1	6.6	2.3	0.8	-1.6	3.4	-0.7	0.6
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	-0.0	-0.0	-0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-2.3	-1.6	-1.6	-1.6	-2.1	-1.6	-1.0	-1.3	-1.2	-1.9	-2.2	-2.6
Interest Expense	7.3	6.6	6.5	6.5	6.1	3.3	3.2	3.6	3.5	10.2	3.1	3.3
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	60.4	84.4	77.5	77.0	58.0	105.8	64.1	37.5	35.8	45.6	63.5	53.3
Increase/(Decrease) in Receivables	23.5	30.3	-51.0	33.5	-25.6	93.8	-133.3	-22.4	12.5	-13.5	-16.2	14.6
Increase/(Decrease) in Inventory	-47.7	56.1	-1.1	44.3	9.2	-32.9	-25.4	-26.9	-34.5	1.0	-28.9	-34.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-96.4	75.6	52.3	-54.3	-19.9	109.2	127.7	50.3	-38.0	1.6	51.9	-19.8
Increase/(Decrease) in Prepaid Expenses	0.3	0.0	0.1	-26.4	0.6	-0.5	-2.4	0.3	0.3	0.6	-0.4	0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.5	-7.2	-6.6	-8.1	-3.7	-5.3	-1.0	-3.7	-3.5	-10.1	-3.1	-3.7
Corporate Income Tax Paid	-37.3	-11.5	-0.9	-2.7	-14.8	-13.5	-1.9	-0.6	-18.1	-3.7	-3.7	-0.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	-3.9	-3.9	-1.8	-2.3	-2.7	-0.5	-0.5	-4.1	-1.1	-5.9	-3.7
Net Cash Flow from Operating Activities	-106.8	223.8	66.5	61.6	1.3	253.8	27.3	34.0	-49.5	20.3	57.1	6.2
Payments for Fixed Assets and Other Long-term Assets	-22.9	-45.1	-186.3	-27.7	-62.4	-100.1	-1.0	-28.2	-10.0	-9.3	-2.2	-1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.2	0.2	0.0	0.2	0.6	0.0	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-4.0	-4.8	-0.1	-0.4	-0.1	-21.8	1.4	-1.4	0.0	3.6	-0.9	-26.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	-5.6	19.6	9.5	—	1.5	-3.4	14.3	4.9	-4.8	0.0	5.0
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	1.9	1.8	1.6	1.8	1.7	1.4	1.2	1.5	1.1	2.5	2.1	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	-24.7	-53.6	-164.9	-16.8	-60.6	-118.4	-1.8	-13.6	-4.1	-7.9	-1.0	-20.5
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	99.3	107.6	187.5	154.6	99.1	213.6	95.0	101.3	66.7	96.2	69.5	96.8
Repayment of Borrowings	-83.8	-98.5	-76.7	-129.7	-107.4	-224.1	-106.1	-81.5	-57.0	-95.9	-84.6	-78.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.6	-31.1	-25.9	-27.3	-26.5	-9.9	-11.4	-24.1	-23.5	-10.0	-10.0	-20.5
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	15.0	-22.0	84.9	-2.5	-34.8	-20.3	-22.6	-4.2	-13.9	-9.7	-25.1	-1.7
Net Cash Flow During the Period	-116.5	148.2	-13.5	42.2	-94.1	115.1	2.9	16.2	-67.5	2.6	31.0	-16.0
Cash and Cash Equivalents at Beginning of Period	350.6	233.5	247.0	204.8	298.9	216.6	216.6	216.6	216.6	221.3	221.3	221.3
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	234.0	381.7	233.5	247.0	204.8	283.3	168.2	165.3	149.1	216.6	214.0	183.0

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THG

What Is Changing

Drivers of THG's profit

Financial Highlights

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Is capital being deployed efficiently? ▼

Balance Sheet ●

Working Capital Efficiency ▲

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Leverage & Liquidity ●

Cash Flow ▼▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow