TNS

Thép tấm lá Thống Nhất ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 54.63%, −1.93pp YoY

Price

3,500

Latest close

29 May 2026

P/E 12.54x

P/B 0.75x

EPS 279

BVPS 4,658

ROE 6.2%

ROA 1.3%

Profit Margin 0.5%

Asset Turnover 2.29x

Equity Mult. 4.93x

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

What Is Changing

On a TTM 2026Q1 basis, TNS posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,021bn
	                                
−53.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6bn
	                                
−89.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,059.2	2,555.8	1,107.9	624.6	1,552.2
Growth	-59%	+131%	+77%	-60%	—
Net Income	14.0	49.5	3.8	0.3	35.1
Net Margin	1.32%	1.94%	0.34%	0.04%	2.26%

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	412.0	139.5	182.2	287.5	450.0	238.3	592.9	919.9	804.8	447.5	412.7	121.6
Growth	+195%	-23%	-37%	-36%	+89%	-60%	-36%	+14%	+80%	+8%	+239%	—
Net Income	0.3	1.2	1.0	3.1	8.8	21.7	10.9	13.2	5.6	2.7	3.1	-1.3
Net Margin	0.07%	0.86%	0.54%	1.08%	1.95%	9.11%	1.83%	1.44%	0.70%	0.60%	0.75%	-1.03%

Drivers of TNS's profit

TTM

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

Tax ↓ 7.7bn

Gross profit ↓ 47.9bn

Finance costs ↑ 13.7bn

TTM

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

Tax ↓ 2.2bn

Gross profit ↓ 11.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 88.0% = 2.5% × 4.77 × 7.45

2026Q1 6.2% = 0.5% × 2.29 × 4.93

ROE fell from 88.0% to 6.2% — all three components weakened, with leverage being the main drag.

Net margin: 0.5% -1.9pp Asset turnover: 2.29x -2.47x Leverage: 4.93x -2.52x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 0.55%, losing 1.9pp. The main pressure comes from Gross margin fell 0.9pp and SG&A / Revenue rose 0.5pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.8pp remained a drag).

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

Profitability trend

Net Margin 0.55% −1.9pp

Gross Margin 2.41% −0.9pp

SG&A / Revenue 1.32% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC fell to 4.65%, losing 41.0pp. That translates to 4.65 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.9pp and capital turnover fell 10.05x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

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

Watchpoints

ROIC remains low

ROIC is currently 4.65% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.65% −41.0pp

NOPAT Margin 0.57% −1.9pp

Capital Turnover 8.10x −10.05x

Average Invested Capital 126.1bn +4.8bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 3.45x equity, net debt at 0.45x equity.

Inventory ended the period at 170.1bn, roughly 41.2% of total assets.

Over the last 12 months, working capital absorbed 1.5bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −50.9bn

Inventories decreased → higher CFO: +41.9bn

Payables increased → higher CFO: +7.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.2 days versus the same period last year. The main moves came from DIO rose 25.1 days, DSO rose 15.0 days, and DPO rose 47.3 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +15.0 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +25.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 17.4 days +15.0 days

Inventory 58.2 days +25.1 days

Payables 72.2 days +47.3 days

Cash Conversion Cycle 3.3 days −7.2 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.45x and interest coverage at 2.96x.

At present, cash equals 6.6% of debt and total debt stands at 34.8bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 6.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.45x +0.00x

Interest Coverage 2.96x −3.09x

Cash / Debt 6.6% −5.1pp

Short-term Debt / Total Debt — —

CFO / NI 2.22x +1.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 23.2bn in 2025, against investing cash flow of -4.6bn.

Post-investment cash flow was positive +18.6bn. Financing cash flow was negative +18.3bn.

CFO / net income was 2.22x.

After spending +6.0bn on fixed-asset investment, the business generated trailing free cash flow of +6.4bn.

Cash Conversion

CFO TTM 12.4bn −36.4bn

Cash Capex 6.0bn −0.6bn

FCF TTM +6.4bn −35.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 1.9 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.22x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.22x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 54.63% after a 1.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,059.7	2,556.2	1,108.3	624.7	1,552.7
Revenue Deductions	0.5	0.4	0.4	0.1	0.0
Net Revenue	1,059.2	2,555.8	1,107.9	624.6	1,552.2
Cost of Goods Sold	1,023.0	2,485.1	1,088.7	602.2	0.0
Gross Profit	36.3	70.7	19.2	22.4	48.0
Financial Income	0.1	0.1	0.2	0.5	1.2
Financial Expenses	3.3	-10.3	2.3	11.4	-0.1
Interest Expense	2.9	-10.9	0.6	9.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.2	4.9	2.5	1.4	-2.8
General and Administrative Expenses	11.7	15.6	9.2	8.6	-10.0
Operating Profit	19.2	60.6	5.4	1.5	36.3
Other Income	0.5	0.6	2.5	0.8	0.0
Other Expenses	1.0	1.5	3.2	1.3	0.0
Other Profit	-0.6	-0.9	-0.7	-0.5	-1.3
Profit Before Tax	18.6	59.7	4.6	1.0	35.1
Current Income Tax Expense	4.6	10.2	0.8	0.8	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	14.0	49.5	3.8	0.3	35.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	14.0	49.5	3.8	0.3	35.1
Earnings per Share	701.00	2,474.00	189.00	13.00	1,753.00
Diluted EPS	700.74	2,473.70	188.92	13.14	1,753.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	196.6	221.4	163.6	87.4	113.8
I. Cash and cash equivalents	4.5	4.2	8.7	24.0	31.6
1. Cash	4.5	4.2	8.7	1.8	0.0
2. Cash equivalents	—	0.0	0.0	22.2	0.0
II. Short-term financial investments	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	9.2	13.7	46.0	1.7	8.9
1. Short-term trade accounts receivable	1.0	4.9	38.7	0.4	0.0
2. Short-term prepayments to suppliers	2.3	3.3	1.7	0.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.9	5.5	5.5	1.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	170.1	189.4	106.4	60.2	71.8
1. Inventories	170.1	189.4	106.4	60.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	12.8	14.1	2.5	1.5	1.5
1. Short-term prepayments	1.1	1.1	1.2	0.5	0.0
2. Value added tax to be reclaimed	11.8	13.0	1.3	0.2	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.8	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)	216.5	229.2	235.2	256.0	265.7
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	154.8	175.5	198.9	221.7	246.8
1. Tangible fixed assets	154.8	175.5	198.9	221.7	246.8
- Cost	551.8	547.2	545.6	543.5	0.0
- Accumulated depreciation	-397.0	-371.7	-346.8	-321.8	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	7.7	5.3	0.5	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.7	5.3	0.5	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	54.0	48.4	35.8	34.3	0.0
1. Long-term prepayments	54.0	48.4	35.8	34.3	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	18.9
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)	413.1	450.6	398.7	343.4	379.5
A. LIABILITIES (300=210+330)	320.2	371.7	367.9	307.4	340.6
I. Short -term liabilities	285.4	334.9	310.1	238.6	270.6
1. Short-term trade accounts payable	175.8	48.4	91.6	60.5	90.8
2. Short-term advances from customers	0.6	144.2	48.2	0.2	0.1
3. Taxes and other payables to state authorities	4.0	11.5	0.1	0.0	0.0
4. Payable to employees	1.4	8.0	0.7	1.2	0.0
5. Short-term acrrued expenses	0.3	1.7	1.6	21.5	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	103.3	104.7	117.7	91.2	0.0
10. Short-term borrowings and financial leases	—	16.2	50.1	63.8	68.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	34.8	36.8	57.8	68.8	69.9
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	34.8	36.8	57.8	68.8	69.9
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	92.9	78.8	30.8	36.0	38.9
I. Owner's equity	92.9	78.8	30.8	36.0	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	38.9
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	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	—	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	-107.9	-121.9	-169.9	-164.7	-161.8
- Accumulated retained earning at the end of the previous period	-121.9	-171.4	-173.7	-165.0	-196.9
- Undistributed earnings in this period	14.0	49.5	3.8	0.3	35.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	413.1	450.6	398.7	343.4	379.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	18.6	59.7	4.6	1.0	35.1
Depreciation of Fixed Assets and Investment Property	25.3	25.0	24.9	25.2	25.6
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.4	1.7	2.4	0.0
Gain/Loss from Investment Activities	-0.1	-0.1	-0.2	-0.5	0.0
Interest Expense	2.9	-10.9	0.6	9.0	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	0.1	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	47.1	74.1	31.7	37.2	64.5
Increase/(Decrease) in Receivables	3.4	20.6	-45.2	7.0	0.0
Increase/(Decrease) in Inventory	19.3	-83.0	-46.2	11.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.5	65.8	105.4	-32.9	0.0
Increase/(Decrease) in Prepaid Expenses	-5.5	-12.0	-10.5	-14.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.8	-2.2	-21.9	-3.8	0.0
Corporate Income Tax Paid	-7.8	-4.6	0.0	-4.9	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	23.2	58.6	13.2	-0.3	52.5
Payments for Fixed Assets and Other Long-term Assets	-4.7	-6.9	-2.6	-0.2	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	0.2	0.5	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	-4.6	-6.8	-2.5	0.3	-1.7
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-18.3	-56.3	-26.0	-7.6	-30.6
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	-18.3	-56.3	-26.0	-7.6	-30.6
Net Cash Flow During the Period	0.3	-4.5	-15.3	-7.6	15.8
Cash and Cash Equivalents at Beginning of Period	4.2	8.7	24.0	31.6	11.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.5	4.2	8.7	24.0	31.6

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	412.0	139.5	182.2	287.5	450.0	238.3	592.9	920.2	804.8	447.5	412.7	122.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.4	0.0	0.0	0.0	0.4
Net Revenue	412.0	139.5	182.2	287.5	450.0	238.3	592.9	919.9	804.8	447.5	412.7	121.6
Cost of Goods Sold	407.0	133.9	177.3	278.3	433.5	223.8	572.5	898.8	790.0	444.1	405.1	119.5
Gross Profit	4.9	5.6	4.9	9.3	16.6	14.5	20.4	21.1	14.8	3.4	7.6	2.1
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.6	0.6	0.6	1.1	1.0	-17.6	1.5	4.3	2.0	-2.3	1.1	1.2
Interest Expense	0.6	0.6	0.6	0.8	1.0	-15.3	1.4	1.6	1.8	-4.0	1.1	1.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.8	0.5	0.5	0.6	0.6	1.3	1.1	0.8	1.6	0.9	0.9	0.4
General and Administrative Expenses	3.2	2.9	2.2	2.8	3.8	4.6	2.9	2.8	5.4	2.6	2.4	2.5
Operating Profit	0.4	1.6	1.6	4.8	11.2	26.2	14.9	13.2	5.8	2.2	3.1	-1.9
Other Income	—	—	0.0	0.2	0.2	0.0	0.3	0.1	0.2	1.2	0.2	0.8
Other Expenses	0.0	0.1	0.3	0.3	0.4	0.3	0.8	0.1	0.3	0.1	0.2	0.1
Other Profit	-0.0	-0.1	-0.3	-0.0	-0.2	-0.3	-0.5	0.0	-0.2	1.1	-0.0	0.7
Profit Before Tax	0.4	1.5	1.3	4.8	11.1	25.9	14.4	13.2	5.6	3.3	3.1	-1.3
Current Income Tax Expense	0.1	0.3	0.3	1.7	2.3	4.2	3.5	0.0	0.0	0.6	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.3	1.2	1.0	3.1	8.8	21.7	10.9	13.2	5.6	2.7	3.1	-1.3
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.3	1.2	1.0	3.1	8.8	21.7	10.9	13.2	5.6	2.7	3.1	-1.3
Earnings per Share	15.00	60.00	49.00	155.00	438.00	1,085.00	544.00	661.00	280.00	134.00	156.00	-63.00
Diluted EPS	14.83	59.70	49.27	155.14	437.99	1,085.17	543.77	661.32	280.17	133.54	155.56	-62.77

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)	233.3	203.5	82.6	92.5	228.9	221.4	170.5	330.8	251.5	163.7	126.4	122.8
I. Cash and cash equivalents	2.3	4.5	9.9	5.8	5.2	4.2	14.4	16.5	19.3	8.7	16.0	8.6
1. Cash	2.3	4.5	9.9	5.8	5.2	4.2	14.4	16.5	19.3	8.7	16.0	8.6
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	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	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	84.8	16.1	17.9	21.4	34.6	13.7	31.8	40.4	17.0	46.0	19.8	29.9
1. Short-term trade accounts receivable	76.6	1.0	3.2	3.2	20.6	4.9	15.7	29.8	8.0	38.7	9.8	21.6
2. Short-term prepayments to suppliers	2.3	9.2	9.2	12.8	6.6	3.3	5.9	5.1	3.5	1.7	4.0	5.2
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.9	5.9	5.5	5.5	7.4	5.5	10.2	5.5	5.5	5.5	6.1	3.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	137.9	170.1	53.5	64.5	179.8	189.4	123.1	263.2	206.1	106.4	86.7	79.8
1. Inventories	137.9	170.1	53.5	64.5	179.8	189.4	123.1	263.2	206.1	106.4	86.7	79.8
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	8.3	12.8	1.3	0.8	9.4	14.1	1.2	10.7	9.1	2.7	3.8	4.6
1. Short-term prepayments	1.7	1.1	1.1	0.8	1.2	1.1	1.2	1.4	1.4	1.3	1.9	2.1
2. Value added tax to be reclaimed	6.6	11.8	0.2	—	8.3	13.0	0.0	9.3	7.8	1.3	1.2	1.8
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.7	0.7
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	210.6	209.6	205.4	211.7	217.5	229.2	212.7	215.8	225.7	235.1	241.8	249.8
I. Long-term receivables	—	—	—	—	0.0	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	—	0.0	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	0.0
II. Fixed assets	158.0	154.8	155.4	161.6	168.7	175.5	176.5	179.7	189.4	198.9	205.8	212.3
1. Tangible fixed assets	156.1	154.8	155.4	161.6	168.7	175.5	176.5	179.7	189.4	198.9	205.8	212.3
- Cost	558.2	—	—	—	551.8	547.2	547.2	546.3	546.0	545.6	543.7	543.6
- Accumulated depreciation	-402.2	—	—	—	-383.1	-371.7	-370.7	-366.6	-356.6	-346.8	-337.9	-331.3
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	2.0	—	—	—	0.0	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	0.0	0.0
III. Investment properties	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.9	0.9	0.9	0.9	0.9	5.3	0.0	0.0	0.5	0.5	0.5	0.5
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.9	0.9	0.9	0.9	0.9	5.3	0.0	0.0	0.5	0.5	0.5	0.5
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	51.8	54.0	49.1	49.2	47.9	48.4	36.3	36.1	35.8	35.7	35.5	37.1
1. Long-term prepayments	51.8	54.0	49.1	49.2	47.9	48.4	36.3	36.1	35.8	35.7	35.5	37.1
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	444.0	413.1	288.0	304.2	446.4	450.6	383.3	546.6	477.3	398.8	368.1	372.7
A. LIABILITIES (300=210+330)	350.8	320.2	196.3	213.5	358.8	372.2	326.6	497.0	440.9	369.1	341.1	339.6
I. Short -term liabilities	316.0	285.4	161.5	178.6	324.0	335.4	285.8	452.1	388.0	311.3	278.3	272.8
1. Short-term trade accounts payable	207.3	175.8	47.0	40.1	187.0	48.4	91.3	166.5	103.5	91.6	97.5	92.2
2. Short-term advances from customers	2.2	0.6	1.7	17.3	7.0	144.2	30.3	118.8	113.2	48.2	1.7	0.0
3. Taxes and other payables to state authorities	2.1	4.0	5.8	11.5	9.4	11.5	6.3	0.0	0.0	0.0	1.3	1.3
4. Payable to employees	1.0	1.4	0.9	2.4	3.2	8.0	4.2	2.6	2.3	2.0	0.8	0.5
5. Short-term acrrued expenses	2.4	0.3	0.4	1.9	3.0	1.7	1.9	2.5	3.1	1.6	0.7	1.3
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	100.9	103.3	105.6	105.3	105.0	105.2	123.0	122.0	119.5	117.7	120.4	118.4
10. Short-term borrowings and financial leases	—	—	—	—	9.2	16.2	28.7	39.7	46.1	50.1	55.6	58.8
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	34.8	34.8	34.8	34.8	34.8	36.8	40.8	44.8	52.8	57.8	62.8	66.8
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	34.8	34.8	34.8	34.8	34.8	36.8	40.8	44.8	52.8	57.8	62.8	66.8
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	93.2	92.9	91.7	90.7	87.6	78.4	56.7	49.7	36.4	29.7	27.0	33.0
I. Owner's equity	93.2	92.9	91.7	90.7	87.6	78.4	56.7	49.7	36.4	29.7	27.0	33.0
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	0.0	0.0	0.0	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	0.0
4. Other capital of owners	—	—	—	—	0.0	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	0.00
6. Assets revaluation differences	—	—	—	—	0.0	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	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	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-107.6	-107.9	-109.1	-110.1	-113.2	-122.4	-144.1	-151.1	-164.3	-171.1	-173.7	-167.7
- Accumulated retained earning at the end of the previous period	-107.9	-121.9	-121.9	-121.9	-121.9	-169.9	-169.9	-169.9	-169.9	-173.9	-173.9	-164.7
- Undistributed earnings in this period	0.3	14.0	12.8	11.9	8.8	47.6	25.9	18.8	5.6	2.8	0.1	-3.0
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	444.0	413.1	288.0	304.2	446.4	450.6	383.3	546.6	477.3	398.8	368.1	372.7

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	0.4	1.5	1.3	4.8	11.1	25.9	14.4	13.2	5.6	4.5	3.1	-1.3
Depreciation of Fixed Assets and Investment Property	5.2	0.6	6.2	7.1	11.4	1.0	4.1	10.0	9.9	8.8	6.6	6.5
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.2	0.0	-2.2	0.0	2.6	0.0	1.7	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	0.6	0.6	0.6	0.8	1.0	-15.3	1.4	1.6	1.8	-4.0	1.1	1.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	6.1	2.7	8.0	12.9	23.4	9.4	20.0	27.4	17.3	11.0	10.8	6.4
Increase/(Decrease) in Receivables	-70.5	-5.3	3.3	21.5	-16.2	5.1	17.9	-24.9	22.5	-26.2	9.8	-7.2
Increase/(Decrease) in Inventory	32.2	-116.6	11.0	115.3	9.6	-66.3	140.1	-57.1	-99.7	-19.7	-6.9	-3.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	32.2	124.9	-10.7	-138.8	-5.9	66.2	-160.8	66.4	82.3	36.9	8.9	10.7
Increase/(Decrease) in Prepaid Expenses	1.6	-4.8	-0.2	-1.0	0.5	-12.0	0.0	0.2	-0.2	0.5	-6.7	-1.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-1.9	-0.3	0.7	-1.3	10.3	-0.3	1.5	-2.1	3.9	-1.1	-1.1
Corporate Income Tax Paid	-2.0	0.0	-7.1	-0.7	0.0	-1.4	-3.1	0.0	-0.0	0.0	0.0	0.7
Other Operating Receipts	—	—	—	—	0.0	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	-0.7	-1.0	4.1	9.9	10.1	11.3	13.9	13.5	20.0	6.4	14.8	4.9
Payments for Fixed Assets and Other Long-term Assets	-1.5	-4.5	0.0	0.0	-0.2	-5.3	-0.9	-0.3	-0.4	-1.9	-0.2	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-1.5	-4.4	0.0	-0.0	-0.2	-5.2	-0.9	-0.3	-0.4	-1.9	-0.2	-0.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.1	-9.0	-16.3	-15.0	-16.0	-9.0	-11.8	-7.2	-5.0
Repayment of Finance Leases	—	—	—	—	0.0	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
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	-9.3	-9.0	-16.3	-15.0	-16.0	-9.0	-11.8	-7.2	-5.0
Net Cash Flow During the Period	-2.2	-5.4	4.1	0.6	0.9	-10.2	-2.0	-2.8	10.6	-7.3	7.4	-0.5
Cash and Cash Equivalents at Beginning of Period	4.5	9.9	5.8	5.2	4.2	8.7	8.7	8.7	8.7	24.0	24.0	24.0
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
Cash and Cash Equivalents at End of Period	2.3	4.5	9.9	5.8	5.2	4.2	14.4	16.5	19.3	8.7	16.0	8.6

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TNS

What Is Changing

Drivers of TNS'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