TL4

Tổng Công ty cổ phần Xây dựng Thủy Lợi 4 - CTCP ·UPCOM ·2026Q1

▲ Slightly positive

Price

12,500

Latest close

29 May 2026

P/E 128.87x

P/B 1.08x

EPS 97

BVPS 11,534

ROE 0.8%

ROA 0.3%

Profit Margin 2.9%

Asset Turnover 0.10x

Equity Mult. 2.85x

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

What Is Changing

On a TTM 2026Q1 basis, TL4 posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — the growth momentum has held across consecutive periods. The point still to be proven is whether this profit level holds without further revenue momentum.

	                            
	                                TTM REVENUE
	                            
	                                    VND 53bn
	                                
+32.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+5.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	45.8	33.9	77.2	108.2	213.7
Growth	+35%	-56%	-29%	-49%	—
Net Income	1.0	1.7	-48.2	-3.1	-11.5
Net Margin	2.25%	5.05%	-62.38%	-2.87%	-5.37%

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	18.1	12.5	10.5	11.4	11.3	10.2	8.6	9.4	5.7	17.7	32.8	16.4
Growth	+44%	+19%	-8%	+1%	+11%	+18%	-8%	+65%	-68%	-46%	+99%	—
Net Income	1.9	2.5	-0.4	-2.6	1.5	-31.0	10.0	20.8	1.9	-58.1	-0.1	12.6
Net Margin	10.59%	20.00%	-4.23%	-22.38%	13.59%	-302.85%	115.63%	221.53%	33.65%	-328.77%	-0.45%	76.87%

Drivers of TL4's profit

TTM

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

Administrative expenses ↓ 55.5bn

Other profit ↑ 12.9bn

Gross profit ↑ 3.8bn

Financial income ↓ 41.1bn

Finance costs ↑ 33.8bn

Minority interests ↑ 0.1bn

TTM

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

Administrative expenses ↓ 0.5bn

Gross profit ↑ 0.1bn

Financial income ↑ 0.1bn

Other profit ↑ 0.1bn

Finance costs ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.7% = 3.4% × 0.07 × 3.06

2026Q1 0.8% = 2.7% × 0.10 × 2.85

ROE is broadly flat at 0.8% — the components are offsetting one another.

Net margin: 2.7% -0.7pp Asset turnover: 0.10x +0.03x Leverage: 2.85x -0.20x

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 2.68%, falling 0.7pp. SG&A / Revenue fell 127.4pp and Gross margin rose 0.6pp improved but not enough to offset the weakness in Net financial result / Revenue fell 168.6pp (Other profit / Revenue rose 32.7pp still added support).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 2.68% −0.7pp

Gross Margin 27.54% +0.6pp

SG&A / Revenue -38.92% −127.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is relatively light for construction contractors — liabilities at 1.80x equity, with a net cash position equivalent to 0.05x equity.

Over the last 12 months, working capital released 14.5bn 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: +38.2bn

Inventories decreased → higher CFO: +0.4bn

Payables decreased → lower CFO: −24.0bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 56.7 days versus the same period last year. The main moves came from DIO fell 57.5 days, DSO fell 223.3 days, and DPO fell 337.5 days.

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

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +56.7 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 291.8 days −223.3 days

Inventory 102.6 days −57.5 days

Payables 613.2 days −337.5 days

Cash Conversion Cycle -218.8 days +56.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 23.4bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.05x and interest coverage only at 0.06x.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Watchpoints

Interest coverage is thin

Interest coverage is 0.06x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.05x −0.03x

Interest Coverage 0.06x −231.55x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 18.57x +14.47x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 23.4bn in 2025, against investing cash flow of -12.7bn.

Post-investment cash flow was positive +10.7bn. Financing cash flow was negative +1.8bn.

CFO / net income was 18.57x.

After spending +0.2bn on fixed-asset investment, the business generated trailing free cash flow of +27.7bn.

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

Cash Conversion

CFO TTM 27.9bn +21.7bn

Cash Capex 0.2bn −0.6bn

FCF TTM +27.7bn +22.3bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in leverage and liquidity, with interest coverage at 0.06x.

Watchpoint: Capital structure should be read with cycle risk in mind.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.06x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	45.8	33.9	77.2	108.2	213.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	45.8	33.9	77.2	108.2	213.7
Cost of Goods Sold	31.5	26.0	91.5	83.2	0.0
Gross Profit	14.4	7.9	-14.3	25.0	13.0
Financial Income	0.6	42.4	43.4	3.1	4.2
Financial Expenses	33.4	1.2	12.3	16.6	-13.4
Interest Expense	0.0	2.8	12.3	16.6	-13.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.3	-0.3
General and Administrative Expenses	-16.5	34.2	76.1	13.7	-19.6
Operating Profit	-1.9	15.0	-59.3	-2.6	-16.1
Other Income	7.4	7.2	11.5	1.1	0.0
Other Expenses	4.1	17.8	0.4	0.4	0.0
Other Profit	3.3	-10.6	11.1	0.6	4.7
Profit Before Tax	1.5	4.4	-48.2	-1.9	-11.5
Current Income Tax Expense	0.4	3.7	0.0	1.2	0.0
Deferred Income Tax Expense	0.0	-1.0	0.0	0.0	0.0
Net Income	1.0	1.7	-48.2	-3.1	-11.5
Non-controlling Interest	-0.1	-0.2	-0.5	-0.7	-0.6
Profit Attributable to Parent	1.1	1.9	-47.7	-2.4	-10.9
Earnings per Share	73.00	130.00	-3,253.00	-163.00	-749.00
Diluted EPS	73.00	130.00	-3,253.00	-163.00	-680.54

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	79.1	77.7	161.6	334.8	404.8
I. Cash and cash equivalents	10.6	1.8	31.1	36.7	83.7
1. Cash	5.6	1.8	11.1	36.7	0.0
2. Cash equivalents	5.0	0.0	20.0	0.0	0.0
II. Short-term financial investments	1.7	0.7	0.0	0.4	0.0
1. Available for sale securities	2.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.4	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.7	0.0	0.4	0.0
III. Short-term receivables	49.8	57.2	99.5	180.4	206.2
1. Short-term trade accounts receivable	31.3	54.0	60.4	92.2	0.0
2. Short-term prepayments to suppliers	37.7	47.8	52.1	58.8	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	48.2	52.3	57.8	39.7	0.0
7. Provision for short-term doubtful debts (*)	-67.4	-96.8	-70.8	-10.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	11.1	9.8	14.4	99.2	89.3
1. Inventories	12.1	11.0	14.4	99.2	0.0
2. Provision for decline in value of inventories	-1.0	-1.2	0.0	0.0	0.0
V. Other short-term assets	5.9	8.3	16.7	18.1	23.1
1. Short-term prepayments	0.2	0.5	0.4	2.8	0.0
2. Value added tax to be reclaimed	3.3	5.8	8.5	11.0	0.0
3. Taxes and other receivables from state authorities	2.4	2.0	7.8	4.3	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)	432.9	459.3	440.2	536.3	534.0
I. Long-term receivables	14.9	14.9	2.9	68.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	70.8
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	1.4	1.4	1.4	67.4	0.0
6. Other long-term receivables	13.4	13.4	1.4	1.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	165.5	167.1	169.5	172.4	401.2
1. Tangible fixed assets	34.5	36.0	38.4	41.3	162.1
- Cost	77.1	80.7	119.3	200.3	0.0
- Accumulated depreciation	-42.6	-44.7	-80.9	-158.9	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	131.1	131.1	131.1	131.1	239.1
- Cost	131.1	131.1	131.1	131.1	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	213.8	219.5	225.3	231.6	0.0
- Cost	249.5	249.1	248.6	248.6	0.0
- Accumulated depreciation	-35.7	-29.5	-23.3	-17.1	0.0
IV. Long-term assets in progress	22.2	22.2	22.8	21.4	19.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	22.2	22.2	22.8	21.4	0.0
V. Long-term financial investments	10.6	30.0	14.4	36.5	36.5
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	43.7	30.0	15.6	37.7	0.0
4. Provision for diminution in value of long-term investments	-33.0	0.0	-1.2	-1.2	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	5.8	5.6	5.4	5.5	0.0
1. Long-term prepayments	5.8	5.6	5.4	5.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	5.7
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)	512.0	537.0	601.9	871.1	938.8
A. LIABILITIES (300=210+330)	329.3	355.2	425.8	576.3	638.7
I. Short -term liabilities	99.1	130.1	143.7	246.5	365.3
1. Short-term trade accounts payable	57.6	73.2	77.5	108.3	131.6
2. Short-term advances from customers	0.7	4.0	7.1	19.8	106.6
3. Taxes and other payables to state authorities	0.6	0.9	0.4	0.8	0.0
4. Payable to employees	1.2	0.9	0.5	2.2	0.0
5. Short-term acrrued expenses	6.7	11.1	12.4	8.6	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	0.1	0.1	0.0	0.0	0.0
9. Other short-term payables	30.8	36.2	35.2	37.0	0.0
10. Short-term borrowings and financial leases	—	1.8	8.3	64.5	51.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	1.9	2.4	5.3	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	230.2	225.1	282.1	329.8	273.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	88.0	88.0	120.0	56.8
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	230.1	137.1	131.1	131.1	0.0
8. Long-term borrowings and financial leases	—	0.0	62.1	77.8	84.6
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	1.0	1.0	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)	182.7	181.8	176.1	294.8	300.0
I. Owner's equity	182.7	181.8	176.1	294.8	0.0
1. Owner's capital	160.1	160.1	160.1	160.1	300.0
- Common stock with voting right	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-2.7	-2.7	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-6,750,000,000.00	-6,750,000,000.00	-13,500,000,000.00	-13,500,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	46.3	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	11.3	0.0
11. Undistributed earnings after tax	24.9	23.8	21.9	11.9	14.4
- Accumulated retained earning at the end of the previous period	23.7	21.9	69.6	14.3	25.4
- Undistributed earnings in this period	1.1	1.9	-47.7	-2.4	-11.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	7.3	7.4	7.6	78.6	81.4
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)	512.0	537.0	601.9	871.1	938.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.5	4.4	-48.2	-1.9	-11.5
Depreciation of Fixed Assets and Investment Property	7.9	8.0	8.6	8.8	7.3
Provision (Increase)/Reversal	7.5	26.0	60.5	0.0	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	-0.8	-44.6	-51.2	-3.9	0.0
Interest Expense	0.0	2.8	12.3	16.6	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	16.0	-3.4	-18.0	19.6	-3.6
Increase/(Decrease) in Receivables	35.3	10.1	21.3	25.7	0.0
Increase/(Decrease) in Inventory	-1.3	3.4	84.8	-9.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-23.8	-0.8	-77.8	-58.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	-0.4	2.6	3.6	0.0
Changes in Trading Securities	-2.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-2.9	-12.4	-16.5	0.0
Corporate Income Tax Paid	-0.4	0.0	-3.5	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.5	-3.1	-0.4	0.0
Net Cash Flow from Operating Activities	23.4	5.4	-6.0	-36.1	27.2
Payments for Fixed Assets and Other Long-term Assets	-0.6	-0.4	-2.0	-23.4	-25.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	3.8	8.5	0.8	2.2
Loans and Purchases of Debt Instruments	—	-40.7	-30.0	-71.0	-103.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.7	40.0	30.4	75.1	105.0
Investments in Other Entities	-43.7	-30.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	30.3	56.8	64.3	0.0	0.0
Dividends and Interest Income Received	0.3	0.3	1.2	3.1	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	-12.7	29.8	72.4	-15.4	-17.2
Proceeds from Equity Issuance and Capital Contributions	—	4,010,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	4.3	13.4	131.7	187.4
Repayment of Borrowings	-1.8	-72.8	-85.4	-125.0	-239.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-0.1	-2.2	-8.5
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	-1.8	-64.5	-72.0	4.5	-60.4
Net Cash Flow During the Period	8.9	-29.3	-5.7	-47.0	28.8
Cash and Cash Equivalents at Beginning of Period	1.8	31.1	36.7	83.7	134.2
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	10.6	1.8	31.1	36.7	83.7

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	18.1	12.5	10.5	11.4	11.3	10.2	8.6	9.4	5.7	17.7	32.8	16.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	18.1	12.5	10.5	11.4	11.3	10.2	8.6	9.4	5.7	17.7	32.8	16.4
Cost of Goods Sold	13.5	8.9	7.9	7.8	6.9	8.2	6.9	7.0	3.9	37.9	30.6	16.0
Gross Profit	4.6	3.6	2.7	3.6	4.5	2.0	1.7	2.4	1.7	-20.2	2.1	0.5
Financial Income	0.1	0.1	0.1	0.4	-0.0	0.3	6.3	35.2	0.6	0.1	0.5	42.4
Financial Expenses	0.4	-0.8	28.7	5.4	0.0	-0.2	-0.7	0.8	1.2	2.1	2.3	3.9
Interest Expense	—	—	—	—	0.0	0.1	0.6	0.8	1.2	2.1	2.3	3.9
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	1.8	1.6	-22.1	-1.7	2.2	21.8	-5.2	16.2	1.4	40.7	4.1	28.4
Operating Profit	2.5	2.9	-3.7	0.3	2.2	-19.2	13.9	20.6	-0.3	-62.9	-3.7	10.5
Other Income	0.3	3.9	3.3	0.2	0.1	3.7	0.1	1.1	2.2	1.7	4.1	5.0
Other Expenses	0.5	3.8	0.0	3.5	0.3	11.8	5.0	0.9	0.0	0.3	0.0	0.0
Other Profit	-0.1	0.1	3.3	-3.3	-0.2	-8.1	-4.9	0.2	2.2	1.3	4.1	5.0
Profit Before Tax	2.4	2.9	-0.4	-3.0	2.0	-27.3	9.0	20.8	1.9	-61.6	0.3	15.6
Current Income Tax Expense	0.5	0.4	—	-0.5	0.5	3.6	0.0	0.0	0.0	-3.5	0.5	2.9
Deferred Income Tax Expense	0.0	0.0	—	—	—	0.0	-1.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.9	2.5	-0.4	-2.6	1.5	-31.0	10.0	20.8	1.9	-58.1	-0.1	12.6
Non-controlling Interest	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.1	-0.1	-0.1	-0.1
Profit Attributable to Parent	1.9	2.5	-0.4	-2.5	1.6	-30.9	10.0	20.8	2.0	-57.9	-0.0	12.8
Earnings per Share	127.00	162.00	-27.00	-165.00	103.00	-2,099.00	681.00	1,422.00	136.00	-3,953.00	-3.00	872.00
Diluted EPS	127.00	162.00	-27.00	-165.00	103.00	131.00	681.00	1,422.00	136.00	-3,953.00	-3.00	872.00

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)	82.5	79.1	91.5	108.8	79.1	77.8	110.7	155.8	131.0	163.3	230.6	308.6
I. Cash and cash equivalents	9.5	10.6	17.9	12.9	4.5	1.8	1.0	2.2	2.3	11.1	31.7	3.8
1. Cash	2.5	5.6	1.9	2.9	2.5	1.8	1.0	2.2	2.3	11.1	31.7	3.8
2. Cash equivalents	7.0	5.0	16.0	10.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	11.6	1.7	0.9	22.0	0.3	0.7	0.7	40.7	0.4	20.0	0.0	0.0
1. Available for sale securities	2.2	2.0	0.9	27.4	—	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 (*)	-0.6	-0.4	—	-5.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	10.0	—	—	—	0.3	0.7	0.7	40.7	0.4	20.0	0.0	0.0
III. Short-term receivables	47.7	49.8	56.8	57.3	57.0	57.2	84.2	86.1	97.9	101.2	113.9	196.6
1. Short-term trade accounts receivable	30.4	31.3	34.6	55.2	53.6	54.0	54.8	59.7	58.0	60.6	62.7	82.3
2. Short-term prepayments to suppliers	37.5	37.7	37.6	42.7	47.8	47.8	48.9	52.1	52.0	52.1	52.0	50.4
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	47.1	48.2	51.4	51.1	52.4	52.2	57.5	58.2	57.9	59.3	34.0	98.6
7. Provision for short-term doubtful debts (*)	-67.3	-67.4	-66.8	-91.7	-96.8	-96.8	-77.0	-83.9	-70.1	-70.8	-34.7	-34.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.5	11.1	9.7	9.8	9.8	9.8	12.6	14.4	14.4	14.4	69.5	92.5
1. Inventories	10.4	12.1	10.9	11.0	11.0	11.0	12.6	14.4	14.4	14.4	69.5	92.5
2. Provision for decline in value of inventories	-0.9	-1.0	-1.2	-1.2	-1.2	-1.2	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	4.2	5.9	6.2	6.8	7.6	8.5	12.3	12.4	16.0	16.7	15.5	15.7
1. Short-term prepayments	0.1	0.2	0.2	0.4	0.5	0.7	0.4	0.1	0.3	0.4	2.9	2.6
2. Value added tax to be reclaimed	0.6	3.3	4.0	4.4	5.1	5.8	6.4	6.7	7.9	8.5	8.8	9.2
3. Taxes and other receivables from state authorities	3.6	2.4	2.0	2.0	2.0	2.0	5.5	5.7	7.9	7.8	3.8	3.9
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)	430.8	432.9	433.3	425.7	457.7	459.1	461.8	423.8	437.4	440.2	440.4	508.8
I. Long-term receivables	13.4	14.9	14.9	14.9	14.9	14.9	14.9	2.9	2.9	2.9	2.9	68.8
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	—	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	67.4
6. Other long-term receivables	13.4	13.4	13.4	13.4	13.4	13.4	13.4	1.4	1.4	1.4	1.4	1.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	165.1	165.5	165.8	166.2	166.6	167.1	167.5	167.9	169.0	169.5	169.9	170.8
1. Tangible fixed assets	34.1	34.5	34.8	35.2	35.6	36.0	36.4	36.8	37.9	38.4	38.9	39.7
- Cost	77.1	—	—	—	—	80.7	90.4	90.4	104.0	119.3	123.4	156.5
- Accumulated depreciation	-43.0	—	—	—	—	-44.7	-54.0	-53.6	-66.1	-80.9	-84.5	-116.8
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	131.1	131.1	131.1	131.1	131.1	131.1	131.1	131.1	131.1	131.1	131.1	131.1
- Cost	131.1	—	—	—	—	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
III. Investment properties	212.2	213.8	215.3	216.8	218.4	219.5	220.7	222.3	223.8	225.3	226.9	228.4
- Cost	249.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-37.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	22.2	22.2	22.2	22.2	22.2	22.2	23.4	23.4	22.2	22.8	20.9	20.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	22.2	22.2	22.2	22.2	22.2	22.2	23.4	23.4	22.2	22.8	20.9	20.9
V. Long-term financial investments	12.0	10.6	9.5	—	30.0	30.0	30.0	2.0	14.2	14.4	14.4	14.4
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	43.7	43.7	43.7	—	30.0	30.0	31.2	3.2	15.4	15.6	15.6	15.6
4. Provision for diminution in value of long-term investments	-33.1	-33.0	-34.1	—	—	0.0	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
5. Held to maturity investments	1.4	—	—	—	—	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	5.8	5.8	5.5	5.6	5.6	5.4	5.4	5.4	5.4	5.4	5.4	5.3
1. Long-term prepayments	5.8	5.8	5.5	5.6	5.6	5.4	5.4	5.4	5.4	5.4	5.4	5.3
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)	513.4	512.0	524.8	534.5	536.9	537.0	572.5	579.5	568.4	603.5	671.1	817.4
A. LIABILITIES (300=210+330)	328.7	329.3	344.6	353.9	353.5	355.2	359.6	380.7	390.4	427.4	436.9	512.5
I. Short -term liabilities	98.1	99.1	114.9	124.4	128.2	130.0	136.6	136.9	135.1	145.4	138.7	190.8
1. Short-term trade accounts payable	54.9	57.6	65.7	73.0	73.2	73.2	76.0	77.0	77.5	77.6	80.5	101.2
2. Short-term advances from customers	0.5	0.7	0.5	0.4	4.0	4.0	9.1	8.4	7.5	7.1	8.3	19.1
3. Dividends and profits payable	2.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.0	0.6	5.0	3.5	1.9	0.9	0.1	0.1	0.0	0.4	0.5	3.0
4. Payable to employees	0.3	1.2	0.4	0.4	0.5	0.9	0.5	1.0	0.5	0.5	1.2	0.4
5. Short-term acrrued expenses	9.8	6.7	10.5	11.0	11.0	11.1	12.3	12.3	12.3	13.9	8.3	8.6
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	0.0	0.1	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	27.7	30.8	30.8	33.9	35.4	36.2	34.3	34.1	35.2	35.2	35.3	30.5
10. Short-term borrowings and financial leases	—	—	0.2	0.2	0.2	1.8	2.2	1.9	0.0	8.3	0.3	22.9
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	1.4	1.5	1.7	1.9	1.9	1.9	2.0	2.1	2.1	2.4	4.3	5.1
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	230.6	230.2	229.7	229.5	225.3	225.1	223.1	243.9	255.2	282.1	298.2	321.7
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	—	—	—	—	88.0	88.0	88.0	88.0	88.0	88.0	95.8	111.9
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	230.6	230.1	229.7	229.5	137.3	137.1	131.1	131.1	131.1	131.1	131.1	131.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	4.0	23.8	35.2	62.1	70.3	77.8
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	1.0	1.0	1.0	1.0	1.0
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)	184.6	182.7	180.2	180.7	183.3	181.8	212.8	198.8	178.0	176.1	234.2	304.9
I. Owner's equity	184.6	182.7	180.2	180.7	183.3	181.8	212.8	198.8	178.0	176.1	234.2	304.9
1. Owner's capital	160.1	160.1	160.1	160.1	160.1	160.1	160.1	160.1	160.1	160.1	160.1	160.1
- Common stock with voting right	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00	160,083,380,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-6,750,000,000.00	-6,750,000,000.00	-6,750,000,000.00	-6,750,000,000.00	-6,750,000,000.00	-6,750,000,000.00	-6,750,000,000.00	-13,500,000,000.00	-13,500,000,000.00	-13,500,000,000.00	-13,500,000,000.00	-13,500,000,000.00
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	26.8	24.9	22.4	22.8	25.4	23.8	54.8	44.7	23.9	21.9	79.9	79.9
- Accumulated retained earning at the end of the previous period	24.9	23.7	23.7	23.7	23.8	21.9	21.9	21.9	21.9	69.6	69.6	69.6
- Undistributed earnings in this period	1.9	1.1	-1.4	-1.0	1.6	1.9	32.9	22.8	2.0	-47.7	10.3	10.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	7.2	7.3	7.3	7.3	7.3	7.4	7.4	7.5	7.5	7.6	7.7	78.4
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)	513.4	512.0	524.8	534.5	536.9	537.0	572.5	579.5	568.4	603.5	671.1	817.4

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
Profit Before Tax	2.4	2.9	-0.4	-3.0	2.0	-27.3	9.0	20.8	1.9	-61.6	0.3	15.6
Depreciation of Fixed Assets and Investment Property	1.9	1.9	1.9	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.1	2.2
Provision (Increase)/Reversal	0.2	-0.0	3.7	3.8	—	19.8	-6.9	13.8	-0.7	36.1	0.0	24.4
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
Gain/Loss from Investment Activities	-0.1	-0.1	-0.4	-0.4	0.0	0.5	-6.3	-36.2	-2.6	-0.3	-3.0	-47.2
Interest Expense	—	0.0	0.0	0.0	0.0	0.1	0.6	0.8	1.2	2.1	2.3	3.9
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	4.4	4.8	4.9	2.4	4.0	-4.9	-1.6	1.2	1.8	-21.7	1.7	-1.0
Increase/(Decrease) in Receivables	3.7	6.6	25.8	2.1	0.8	8.0	-3.4	1.9	3.6	-23.0	18.7	11.7
Increase/(Decrease) in Inventory	1.7	-1.4	0.1	-0.0	—	1.6	1.8	0.0	0.0	55.2	23.0	5.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.5	-15.4	-9.0	0.9	-0.2	-0.3	-0.5	0.1	-0.2	-7.5	-46.0	-10.9
Increase/(Decrease) in Prepaid Expenses	0.2	-0.3	0.2	0.1	0.0	-0.4	-0.2	0.1	0.1	2.5	-0.2	0.0
Changes in Trading Securities	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	-0.0	-0.1	-0.6	-0.8	-1.3	-2.0	-2.4	-3.8
Corporate Income Tax Paid	-0.4	-0.1	0.0	0.0	-0.3	0.0	0.0	0.0	0.0	-0.5	-3.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-0.2	-0.2	-0.0	-0.1	-0.1	0.2	-0.5	-2.4	-0.4	-0.1
Net Cash Flow from Operating Activities	8.8	-7.0	48.3	-22.2	4.3	3.8	-4.7	2.8	3.5	0.7	-8.7	1.8
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.1	-0.0	0.0	-0.4	0.8	-0.0	-1.2	0.0	-1.3	-0.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	—	—	0.0	0.0	1.2	2.5	0.2	2.4	5.6
Loans and Purchases of Debt Instruments	-10.0	—	—	—	—	0.0	0.0	-40.3	-0.4	0.0	2.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.7	—	0.0	40.0	0.0	0.0	0.0	-2.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	-30.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	29.9	0.4	0.3	8.9	46.9	0.7	0.0	64.3	0.0
Dividends and Interest Income Received	0.1	0.1	0.1	0.0	0.0	0.3	0.0	0.0	0.0	0.1	0.5	0.2
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	-9.9	-0.0	-43.3	30.6	-0.0	1.5	18.9	6.6	2.8	-1.0	66.7	5.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	-40,000,000.00	4,050,000,000.00	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	—	—	—	—	—	0.2	2.2	1.9	0.0	0.0	0.0	4.8
Repayment of Borrowings	—	-0.2	0.0	0.0	-1.6	-4.6	-21.7	-11.4	-35.1	-0.3	-30.2	-49.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.0	—	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-0.2	0.0	-0.0	-1.6	-4.5	-15.4	-9.5	-35.1	-0.3	-30.2	-44.3
Net Cash Flow During the Period	-1.2	-7.2	5.0	8.4	2.7	0.8	-1.2	-0.1	-28.7	-0.6	27.9	-36.8
Cash and Cash Equivalents at Beginning of Period	10.6	17.9	12.9	4.5	1.8	31.1	31.1	31.1	31.1	36.7	36.7	36.7
FX Difference from Revaluation	—	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	9.5	10.6	17.9	12.9	4.5	1.8	1.0	2.2	2.3	31.1	31.7	3.8

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TL4

What Is Changing

Drivers of TL4's profit

Financial Highlights

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What is driving the margin? ▼

Is capital being used efficiently?

Balance Sheet ▲

Working Capital Efficiency ▼

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ▲

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow