TLD

Đầu tư Xây dựng và Phát triển Đô thị Thăng Long ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.13%, +9.12pp YoY

Price

8,500

Latest close

02 Jun 2026

P/E 7.26x

P/B 0.63x

EPS 1,172

BVPS 13,413

ROE 9.4%

ROA 6.9%

Profit Margin 12.1%

Asset Turnover 0.57x

Equity Mult. 1.35x

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

What Is Changing

On a TTM 2026Q1 basis, TLD is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 753bn
	                                
+29.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 91bn
	                                
+423.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	666.4	568.7	329.3	537.6	408.4
Growth	+17%	+73%	-39%	+32%	—
Net Income	66.1	14.1	5.0	13.7	16.3
Net Margin	9.92%	2.48%	1.50%	2.54%	3.98%

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	210.0	258.1	107.0	177.7	123.5	144.0	146.0	166.3	110.8	132.3	32.7	83.3
Growth	-19%	+141%	-40%	+44%	-14%	-1%	-12%	+50%	-16%	+305%	-61%	—
Net Income	27.4	52.6	5.2	6.1	2.5	4.5	4.4	6.1	2.6	4.4	0.5	1.6
Net Margin	13.06%	20.39%	4.83%	3.42%	2.04%	3.10%	2.98%	3.67%	2.39%	3.29%	1.67%	1.87%

Drivers of TLD's profit

TTM

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

Gross profit ↑ 98.4bn

Tax ↑ 16.2bn

TTM

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

Gross profit ↑ 36.4bn

Tax ↑ 5.1bn

Finance costs ↑ 5.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.0% = 3.0% × 0.52 × 1.32

2026Q1 9.4% = 12.1% × 0.57 × 1.35

ROE rose from 2.0% to 9.4% — all three components improved, with net margin contributing the most.

Net margin: 12.1% +9.1pp Asset turnover: 0.57x +0.06x Leverage: 1.35x +0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 12.13%, rising 9.1pp. The main driver is Gross margin rose 11.3pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.4pp and Other profit / Revenue fell 0.0pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 12.13% +9.1pp

Gross Margin 19.14% +11.3pp

SG&A / Revenue 3.32% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 8.5% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 8.48%, rising 6.6pp. That translates to 8.48 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 9.1pp and capital turnover rose 0.09x, while invested capital rose by 122bn — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 8.48% +6.6pp

NOPAT Margin 12.16% +9.1pp

Capital Turnover 0.70x +0.09x

Average Invested Capital 1,078.7bn +122.3bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.43x equity, net debt at 0.16x equity.

Inventory ended the period at 544.4bn, roughly 37.5% of total assets.

Over the last 12 months, working capital released 53.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −133.2bn

Inventories decreased → higher CFO: +33.0bn

Payables increased → higher CFO: +153.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 38.7 days versus the same period last year. The main moves came from DIO fell 43.5 days, DSO fell 9.7 days, and DPO fell 14.5 days.

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

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 341.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 68.7 days −9.7 days

Inventory 305.7 days −43.5 days

Payables 32.5 days −14.5 days

Cash Conversion Cycle 341.9 days −38.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 120.7bn due to capex of 211.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.16x and interest coverage at 8.10x.

At present, short-term debt accounts for 55.0% of total debt, cash equals 45.5% of debt, and total debt stands at 305.5bn.

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

Leverage and liquidity trend

Net Debt / Equity 0.16x +0.11x

Interest Coverage 8.10x +6.10x

Cash / Debt 45.5% −29.6pp

Short-term Debt / Total Debt 55.0% −28.3pp

CFO / NI 1.00x −2.75x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 201.6bn in 2025, against investing cash flow of -238.3bn.

Post-investment cash flow was negative +36.7bn. Financing cash flow was positive +162.1bn.

CFO / net income was 1.00x.

After spending +211.9bn on fixed-asset investment, the business generated trailing free cash flow of −120.7bn.

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

Cash Conversion

CFO TTM 91.2bn +25.9bn

Cash Capex 211.9bn +210.5bn

FCF TTM −120.7bn −184.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 9.1 pp. The next item to monitor is capital efficiency, with ROIC at 8.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.13% after expanding 9.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	666.4	568.7	329.3	537.6	408.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	666.4	568.7	329.3	537.6	408.4
Cost of Goods Sold	558.8	527.7	307.7	499.4	0.0
Gross Profit	107.6	41.0	21.6	38.2	32.6
Financial Income	2.2	3.5	6.5	2.2	2.1
Financial Expenses	8.3	8.8	12.2	7.5	-6.7
Interest Expense	7.9	8.7	12.1	7.4	-6.7
Share of Associates and Joint Ventures	1.5	-0.0	0.0	0.1	0.0
Selling Expenses	14.8	11.1	3.0	8.6	-1.7
General and Administrative Expenses	9.3	8.2	6.8	9.3	-9.0
Operating Profit	78.9	16.4	6.1	14.9	17.2
Other Income	0.0	0.2	0.0	0.1	0.0
Other Expenses	0.3	0.6	0.4	0.7	0.0
Other Profit	-0.3	-0.5	-0.4	-0.6	-0.5
Profit Before Tax	78.5	16.0	5.7	14.3	16.7
Current Income Tax Expense	12.4	1.8	0.8	0.7	-0.4
Deferred Income Tax Expense	0.1	0.0	0.0	0.0	0.0
Net Income	66.1	14.1	5.0	13.7	16.3
Non-controlling Interest	-0.2	0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	66.3	14.1	5.0	13.7	16.3
Earnings per Share	852.00	181.00	66.00	236.00	407.00
Diluted EPS	852.00	181.00	66.00	236.00	407.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,101.7	800.4	738.6	781.9	352.0
I. Cash and cash equivalents	150.1	24.7	7.9	19.4	20.7
1. Cash	90.1	24.7	7.9	19.0	0.0
2. Cash equivalents	60.0	0.0	0.0	0.4	0.0
II. Short-term financial investments	3.5	8.8	8.3	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	3.5	8.8	8.3	0.0	0.0
III. Short-term receivables	394.4	224.6	213.4	493.1	204.7
1. Short-term trade accounts receivable	114.9	144.7	100.7	107.3	0.0
2. Short-term prepayments to suppliers	98.9	43.8	63.2	172.7	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	71.8	36.0	51.3	40.3	0.0
6. Other short-term receivables	113.9	3.6	0.7	174.3	0.0
7. Provision for short-term doubtful debts (*)	-5.1	-3.6	-2.6	-1.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	544.4	535.0	500.2	261.1	111.1
1. Inventories	544.4	535.0	500.2	261.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	9.4	7.3	8.8	8.4	8.6
1. Short-term prepayments	0.5	0.4	0.6	0.5	0.0
2. Value added tax to be reclaimed	8.6	2.4	4.8	4.5	0.0
3. Taxes and other receivables from state authorities	0.2	4.5	3.5	3.4	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)	351.6	250.2	271.8	257.5	276.5
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	210.5	150.9	172.7	193.8	204.3
1. Tangible fixed assets	210.5	150.9	172.7	193.8	204.3
- Cost	348.3	267.1	272.4	272.1	0.0
- Accumulated depreciation	-137.8	-116.2	-99.7	-78.3	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	—	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
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	39.5	0.0	0.0	0.0	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	39.5	0.0	0.0	0.0	0.0
V. Long-term financial investments	97.5	96.0	96.0	60.1	60.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	97.5	96.0	96.0	60.1	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	4.1	3.3	3.2	3.6	0.0
1. Long-term prepayments	4.0	3.2	3.0	3.4	0.0
2. Deferred income tax assets	0.1	0.1	0.1	0.1	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	11.9
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)	1,453.2	1,050.6	1,010.4	1,039.4	628.4
A. LIABILITIES (300=210+330)	437.9	234.2	215.1	249.0	172.1
I. Short -term liabilities	300.2	209.3	181.5	215.5	142.7
1. Short-term trade accounts payable	54.5	67.2	24.4	80.5	38.9
2. Short-term advances from customers	28.4	6.7	19.1	12.7	8.2
3. Taxes and other payables to state authorities	7.2	0.7	0.6	0.2	0.0
4. Payable to employees	1.4	0.8	0.1	0.2	0.0
5. Short-term acrrued expenses	25.4	0.2	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	0.2	0.2	0.1	0.0
10. Short-term borrowings and financial leases	181.4	132.0	135.6	120.2	93.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	1.5	1.5	1.5	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	137.7	24.9	33.6	33.5	29.4
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	137.6	24.9	33.6	33.5	29.4
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	0.1	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,015.3	816.4	795.3	790.4	456.3
I. Owner's equity	1,015.3	816.4	795.3	790.4	0.0
1. Owner's capital	777.4	777.4	747.5	747.5	456.3
- Common stock with voting right	777,413,560,000.00	777,413,560,000.00	747,525,860,000.00	747,525,860,000.00	399,563,720,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	0.8	0.8	0.8	0.8	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	93.5	27.2	43.1	38.1	52.6
- Accumulated retained earning at the end of the previous period	27.2	13.1	38.1	24.4	36.3
- Undistributed earnings in this period	66.3	14.1	5.0	13.7	16.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	143.7	11.1	4.0	4.1	4.2
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)	1,453.2	1,050.6	1,010.4	1,039.4	628.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	78.5	16.0	5.7	14.3	16.7
Depreciation of Fixed Assets and Investment Property	21.6	20.8	21.5	21.7	16.1
Provision (Increase)/Reversal	1.5	1.0	1.1	1.5	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	-2.2	-3.6	-6.4	-2.2	0.0
Interest Expense	7.9	8.7	12.1	7.4	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	107.4	42.8	34.0	42.9	37.4
Increase/(Decrease) in Receivables	-48.5	-26.2	289.0	-270.3	0.0
Increase/(Decrease) in Inventory	-9.4	-34.8	-239.1	-150.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	167.1	38.4	-49.7	48.2	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	-0.0	0.3	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-8.0	-8.6	-12.1	-7.4	0.0
Corporate Income Tax Paid	-6.2	-1.8	-0.5	-0.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	201.6	9.7	21.8	-338.2	12.4
Payments for Fixed Assets and Other Long-term Assets	-210.0	-1.4	-0.4	-3.6	-65.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.6	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-172.9	-99.8	-382.1	-53.3	-86.4
Receipts from Loan Repayments and Sale of Debt Instruments	142.5	114.9	363.4	39.8	115.0
Investments in Other Entities	-55.0	0.0	-96.0	0.0	0.0
Proceeds from Investments in Other Entities	55.0	0.0	60.0	0.0	0.0
Dividends and Interest Income Received	2.1	3.1	6.3	2.2	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	-238.3	19.4	-48.8	-14.9	-26.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	319,966,800,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	512.7	365.2	348.8	341.2	184.3
Repayment of Borrowings	-350.6	-377.6	-333.2	-310.8	-175.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	162.1	-12.3	15.5	350.4	8.7
Net Cash Flow During the Period	125.4	16.8	-11.4	-2.7	7.8
Cash and Cash Equivalents at Beginning of Period	24.7	7.9	19.4	22.1	25.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	150.1	24.7	7.9	19.4	20.7

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	210.0	256.6	108.5	177.7	123.5	144.0	146.5	166.3	110.8	132.3	32.7	83.4
Revenue Deductions	—	-1.5	1.5	—	—	0.0	0.5	0.0	0.0	0.0	0.0	0.1
Net Revenue	210.0	258.1	107.0	177.7	123.5	144.0	146.0	166.3	110.8	132.3	32.7	83.3
Cost of Goods Sold	164.4	187.5	93.6	163.3	114.3	131.5	135.0	153.3	103.0	124.5	28.9	78.6
Gross Profit	45.7	70.7	13.4	14.4	9.3	12.4	11.0	13.0	7.9	7.8	3.8	4.7
Financial Income	0.5	0.4	0.6	0.6	0.4	0.6	0.8	1.1	0.8	1.8	1.8	2.4
Financial Expenses	7.0	2.3	2.1	2.0	2.0	1.9	2.4	3.2	2.9	2.2	3.3	2.1
Interest Expense	7.0	1.9	2.4	2.0	2.0	1.8	2.4	3.2	2.9	2.3	3.3	2.1
Share of Associates and Joint Ventures	-0.0	1.3	0.1	—	—	0.0	0.0	-0.0	-0.0	0.0	0.0	0.0
Selling Expenses	3.2	2.2	4.4	4.4	3.5	4.3	2.5	2.4	1.6	1.2	0.2	0.9
General and Administrative Expenses	3.1	3.8	1.9	2.0	1.5	2.2	1.9	1.7	1.2	1.5	1.4	2.0
Operating Profit	32.8	64.1	5.7	6.6	2.7	4.6	4.9	6.8	3.0	4.7	0.7	2.1
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.2	0.1	0.0	0.0	0.2	0.1	0.1	0.0	0.0	0.2
Other Profit	-0.0	-0.0	-0.2	-0.0	-0.0	-0.0	-0.1	-0.1	-0.1	-0.0	-0.0	-0.2
Profit Before Tax	32.7	64.1	5.6	6.5	2.7	4.5	4.9	6.7	2.9	4.7	0.7	1.9
Current Income Tax Expense	5.3	11.5	0.4	0.5	0.2	0.1	0.5	0.6	0.3	0.3	0.1	0.3
Deferred Income Tax Expense	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	27.4	52.6	5.2	6.1	2.5	4.5	4.4	6.1	2.6	4.4	0.5	1.6
Non-controlling Interest	0.0	0.1	0.2	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	27.4	52.6	5.0	6.1	2.5	4.5	4.4	6.1	2.6	4.4	0.5	1.6
Earnings per Share	353.00	676.25	64.08	78.26	32.38	57.39	56.02	78.43	35.00	58.21	7.30	20.80
Diluted EPS	353.00	676.25	64.08	78.26	32.38	57.39	56.02	78.43	35.18	58.21	7.30	20.80

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)	1,105.4	1,140.7	1,139.6	1,085.4	926.7	804.9	797.7	808.1	807.5	740.7	808.5	811.4
I. Cash and cash equivalents	139.0	150.1	13.6	27.7	147.7	24.7	27.7	21.5	17.6	16.9	22.4	16.2
1. Cash	79.0	90.1	13.6	27.7	147.7	24.7	27.7	20.2	17.6	8.7	17.8	12.3
2. Cash equivalents	60.0	60.0	—	—	0.0	0.0	0.0	1.3	0.0	8.2	4.7	3.9
II. Short-term financial investments	44.4	3.5	3.4	3.3	9.4	8.8	8.6	9.1	10.3	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	44.4	3.5	3.4	3.3	9.4	8.8	8.6	9.1	10.3	0.0	0.0	0.0
III. Short-term receivables	420.2	394.6	520.3	506.5	235.1	225.8	231.3	252.9	277.2	214.4	295.9	321.1
1. Short-term trade accounts receivable	153.9	114.9	119.4	124.7	129.5	144.8	144.3	135.7	119.5	100.7	95.9	108.1
2. Short-term prepayments to suppliers	118.6	101.3	103.8	95.5	70.7	44.0	53.1	50.1	81.5	63.2	95.7	92.4
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	—	71.8	83.7	83.0	36.0	36.0	36.0	69.0	78.0	51.3	101.5	120.0
6. Other short-term receivables	152.8	111.8	217.0	206.9	2.6	3.6	0.5	0.7	0.8	0.7	4.3	2.1
7. Provision for short-term doubtful debts (*)	-5.1	-5.1	-3.6	-3.6	-3.6	-2.6	-2.6	-2.6	-2.6	-1.5	-1.5	-1.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	493.3	583.4	583.8	534.3	526.3	538.4	523.8	517.0	495.6	500.7	481.1	465.0
1. Inventories	493.3	583.4	583.8	534.3	526.3	538.4	523.8	517.0	495.6	500.7	481.1	465.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	8.5	9.1	18.4	13.5	8.2	7.1	6.3	7.6	6.8	8.8	9.0	9.2
1. Short-term prepayments	0.6	0.4	0.4	0.2	0.3	0.4	0.4	0.2	0.4	0.5	0.7	0.7
2. Value added tax to be reclaimed	7.9	8.6	13.4	8.7	3.5	2.4	1.7	3.5	2.8	4.8	4.9	5.2
3. Taxes and other receivables from state authorities	0.0	0.2	4.6	4.6	4.5	4.3	4.2	3.9	3.6	3.5	3.4	3.3
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)	346.6	314.2	279.9	278.2	245.1	250.2	255.2	259.3	264.2	271.8	180.9	186.3
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	205.2	210.5	135.6	140.7	145.8	150.9	155.8	160.0	165.1	172.6	177.6	183.0
1. Tangible fixed assets	205.2	210.5	135.6	140.7	145.8	150.9	155.8	160.0	165.1	172.6	177.6	183.0
- Cost	350.0	—	—	—	—	267.1	266.9	269.0	268.9	272.4	272.1	272.1
- Accumulated depreciation	-144.7	—	—	—	—	-116.3	-111.2	-109.0	-103.8	-99.8	-94.5	-89.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	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
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	39.6	2.1	43.9	38.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	39.6	2.1	43.9	38.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	97.5	97.5	96.1	96.0	96.0	96.0	96.0	96.0	96.0	96.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	97.5	97.5	96.1	96.0	96.0	96.0	96.0	96.0	96.0	96.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.3	4.1	4.3	3.2	3.2	3.3	3.4	3.3	3.1	3.2	3.4	3.3
1. Long-term prepayments	4.2	4.0	4.1	3.1	3.1	3.2	3.3	3.2	2.9	3.1	3.2	3.3
2. Deferred income tax assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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)	1,452.0	1,454.9	1,419.5	1,363.5	1,171.8	1,055.1	1,052.9	1,067.4	1,071.6	1,012.5	989.5	997.7
A. LIABILITIES (300=210+330)	409.3	439.1	424.8	374.2	272.7	233.8	236.1	256.3	266.6	215.3	196.3	204.4
I. Short -term liabilities	271.6	298.4	261.2	281.1	239.7	205.7	208.0	222.7	233.0	169.8	150.8	170.9
1. Short-term trade accounts payable	45.5	54.7	69.5	89.2	62.9	67.0	99.1	105.1	74.6	24.4	15.1	29.0
2. Short-term advances from customers	16.7	28.3	54.2	50.4	9.1	6.7	5.3	4.1	12.4	19.1	19.3	10.6
3. Taxes and other payables to state authorities	12.7	7.2	1.4	1.4	1.6	0.7	1.1	1.4	0.3	0.7	0.5	0.3
4. Payable to employees	3.5	1.4	—	—	—	0.7	0.0	0.0	0.0	0.1	0.0	0.0
5. Short-term acrrued expenses	23.1	26.5	—	—	0.4	0.1	0.1	0.5	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.8	0.4	0.8	0.5	0.5	0.2	0.5	0.5	0.4	0.3	0.3	0.3
10. Short-term borrowings and financial leases	167.9	178.3	133.8	138.0	163.8	128.9	100.4	109.6	143.8	123.7	114.1	129.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.5
12.. Bonus and welfare fund	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	0.0
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	137.7	140.7	163.6	93.1	32.9	28.1	28.1	33.6	33.6	45.5	45.5	33.5
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	137.6	140.7	163.6	93.1	32.9	28.1	28.1	33.6	33.6	45.5	45.5	33.5
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	0.1	0.0	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,042.8	872.0	994.7	989.3	899.1	821.3	816.8	811.1	805.0	797.2	793.2	793.3
I. Owner's equity	1,042.8	872.0	994.7	989.3	899.1	821.3	816.8	811.1	805.0	797.2	793.2	793.3
1. Owner's capital	777.4	777.4	777.4	777.4	777.4	777.4	777.4	777.4	747.5	747.5	747.5	747.5
- Common stock with voting right	777,413,560,000.00	777,413,560,000.00	777,413,560,000.00	777,413,560,000.00	777,413,560,000.00	777,413,560,000.00	777,413,560,000.00	777,413,560,000.00	747,525,860,000.00	747,525,860,000.00	747,525,860,000.00	747,525,860,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	120.9	93.9	41.1	35.8	29.7	32.0	27.6	21.8	45.6	44.9	40.9	41.0
- Accumulated retained earning at the end of the previous period	93.5	27.2	27.2	27.2	27.2	13.0	13.1	13.2	43.0	37.8	38.1	38.0
- Undistributed earnings in this period	27.4	66.6	13.9	8.6	2.5	18.9	14.5	8.7	2.6	7.1	2.8	2.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	143.8	—	175.5	175.4	91.2	11.2	11.1	11.2	11.1	4.1	4.1	4.1
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	—	143.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,452.0	1,454.9	1,419.5	1,363.5	1,171.8	1,055.1	1,052.9	1,067.4	1,071.6	1,012.5	989.5	997.7

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
Profit Before Tax	32.7	63.6	5.6	6.7	2.7	4.5	4.9	8.4	2.9	2.4	0.6	1.3
Depreciation of Fixed Assets and Investment Property	6.9	6.1	5.1	5.2	5.1	5.1	5.2	5.2	5.3	5.3	5.4	5.4
Provision (Increase)/Reversal	—	1.5	—	—	—	0.0	0.0	0.0	0.0	1.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.3	—	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.5	-0.3	-0.7	-0.7	-0.4	-0.6	-0.9	-1.3	-0.8	-1.6	-1.9	-2.3
Interest Expense	7.0	1.8	2.4	1.8	2.0	1.8	2.4	1.8	2.9	3.4	3.3	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	0.1	-0.1	0.0	0.0	-0.3
Operating Profit Before Changes in Working Capital	46.2	-91.6	176.4	-67.0	89.5	10.9	11.5	14.1	10.3	10.5	7.3	7.3
Increase/(Decrease) in Receivables	-96.6	210.5	-23.4	-223.7	-11.8	4.6	-10.2	14.6	-35.2	29.2	7.7	10.8
Increase/(Decrease) in Inventory	51.1	39.4	-49.1	-8.4	8.7	-14.6	-5.3	-23.0	4.7	-19.1	-16.3	-23.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-15.1	117.1	-174.3	225.7	-1.3	-30.1	9.5	7.6	50.4	9.2	-5.2	-45.4
Increase/(Decrease) in Prepaid Expenses	-0.3	0.0	-1.3	0.0	0.3	0.1	-0.3	-0.1	0.3	0.3	-0.4	1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.0	-1.8	-2.4	-2.0	-1.8	-2.0	-2.6	-1.3	-2.9	-3.4	-3.3	-3.3
Corporate Income Tax Paid	-5.3	-5.4	-0.3	-0.3	-0.2	-0.7	-0.3	-0.4	-0.3	-0.4	0.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-27.0	268.2	-74.4	-75.6	83.3	-31.9	2.4	11.4	27.3	26.3	-10.1	-53.2
Payments for Fixed Assets and Other Long-term Assets	-1.9	-166.0	-2.1	-41.8	-0.1	-0.2	-1.0	-0.1	0.0	-0.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.2	0.2	2.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-109.0	-35.0	-61.3	-76.0	-0.6	0.0	-59.2	24.2	-65.0	-193.6	-47.5	-108.5
Receipts from Loan Repayments and Sale of Debt Instruments	140.0	47.0	78.5	17.0	—	0.0	93.9	-15.3	36.3	239.6	66.0	12.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-96.0	0.0	0.0
Proceeds from Investments in Other Entities	—	55.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	0.7	0.7	0.2	0.5	0.6	0.9	1.1	0.8	1.5	3.1	1.4
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	29.5	-153.3	15.8	-100.6	-0.1	0.4	34.9	10.2	-25.7	-48.9	21.7	-94.6
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	82.0	93.6	150.8	176.1	92.2	128.9	86.8	100.5	49.1	186.8	-20.7	116.8
Repayment of Borrowings	-95.5	-72.0	84.2	-130.8	80.1	-100.4	-116.3	-119.9	-41.0	-177.2	17.7	-119.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	-0.1	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	-13.5	21.6	55.5	45.3	39.8	28.4	-29.5	-19.4	8.1	9.6	-3.0	-3.1
Net Cash Flow During the Period	-11.1	136.5	-3.1	-131.0	123.0	-3.0	7.8	2.3	9.7	-13.0	8.5	-150.8
Cash and Cash Equivalents at Beginning of Period	150.1	13.6	16.7	147.7	24.7	7.9	7.9	7.9	7.9	19.4	19.4	19.4
FX Difference from Revaluation	—	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	139.0	150.1	13.6	16.7	147.7	24.7	27.7	19.9	17.6	7.9	20.9	12.3

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TLD

What Is Changing

Drivers of TLD's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ▲

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow