TNV

Thống Nhất Hà Nội ·UPCOM ·2026Q1

▲▲ Improving positively

Leverage pressure is easing Debt/equity 0.21x, −0.08x YoY

Price

10,200

Latest close

11 Jun 2026

P/E 6.44x

P/B 0.96x

EPS 1,585

BVPS 10,584

ROE 16.1%

ROA 11.6%

Profit Margin 13.5%

Asset Turnover 0.86x

Equity Mult. 1.38x

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

What Is Changing

On a Năm 2025 basis, TNV 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. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 220bn
	                                
+20.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 33bn
	                                
+674.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    68.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022
Revenue	219.6	182.7	176.6	142.0
Growth	+20%	+3%	+24%	—
Net Income	33.4	4.3	2.6	13.7
Net Margin	15.21%	2.36%	1.49%	9.66%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	86.6	55.7	74.1	61.7	28.2
Growth	+55%	-25%	+20%	+119%	—
Net Income	3.8	29.8	3.1	0.8	-0.4
Net Margin	4.37%	53.56%	4.24%	1.34%	-1.34%

Drivers of TNV's profit

TTM

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

Gross profit ↑ 8.2bn

Selling expenses ↑ 1.9bn

Administrative expenses ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 13.51% +12.8pp

Gross Margin 17.46% —

SG&A / Revenue 12.63% —

Non-core / Revenue 9.40% —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (70.1% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 13.18%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 13.18% —

NOPAT Margin 13.78% —

Capital Turnover 0.96x —

Average Invested Capital 290.7bn —

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.41x equity, net debt at 0.21x equity.

Inventory ended the period at 106.1bn, roughly 30.1% of total assets.

Over the last 12 months, working capital absorbed 3.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −8.2bn

Inventories increased → lower CFO: −14.9bn

Payables increased → higher CFO: +19.8bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 13.7bn due to capex of 19.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.21x and interest coverage at 11.34x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.6% of debt, and total debt stands at 55.2bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

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 0.21x −0.08x

Interest Coverage 11.34x —

Cash / Debt 6.6% +3.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.15x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -0.8bn in 2025, against investing cash flow of 7.3bn.

Post-investment cash flow was positive +6.6bn. Financing cash flow was positive +2.5bn.

CFO / net income was 0.15x.

After spending +19.5bn on fixed-asset investment, the business generated trailing free cash flow of −13.7bn.

Cash Conversion

CFO TTM 5.7bn —

Cash Capex 19.5bn —

FCF TTM −13.7bn —

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 leverage pressure is easing, with net debt/equity down to 0.21x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 11.34x.

Improvement: leverage pressure is easing, with net debt / equity down 0.08x to 0.21x while interest coverage holds at 11.34x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 68.1% of PBT and CFO / net income currently at 0.15x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.21x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022
Revenue	219.8	182.9	176.6	142.2
Revenue Deductions	0.2	0.1	0.0	0.2
Net Revenue	219.6	182.7	176.6	142.0
Cost of Goods Sold	179.2	150.3	147.8	116.1
Gross Profit	40.4	32.4	28.8	25.9
Financial Income	30.4	0.5	0.3	7.7
Financial Expenses	3.9	3.4	3.4	-0.2
Interest Expense	3.9	3.4	3.4	4.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	18.0	12.2	12.4	8.8
General and Administrative Expenses	13.6	12.4	10.0	11.8
Operating Profit	35.2	4.9	3.3	13.2
Other Income	0.1	0.1	0.1	1.1
Other Expenses	0.9	0.7	0.8	0.5
Other Profit	-0.8	-0.6	-0.7	0.6
Profit Before Tax	34.4	4.3	2.6	13.7
Current Income Tax Expense	1.1	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	33.4	4.3	2.6	13.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	33.4	4.3	2.6	13.7
Earnings per Share	1,409.00	182.00	111.00	579.00
Diluted EPS	1,409.00	182.00	110.92	578.82

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	155.3	110.6	98.4	83.7
I. Cash and cash equivalents	22.6	13.5	4.7	1.7
1. Cash	2.6	13.5	4.7	1.7
2. Cash equivalents	20.0	0.0	0.0	0.0
II. Short-term financial investments	12.2	6.5	6.5	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	12.2	6.5	6.5	0.0
III. Short-term receivables	11.3	14.7	17.5	16.9
1. Short-term trade accounts receivable	8.0	20.5	20.5	20.9
2. Short-term prepayments to suppliers	3.0	2.0	1.7	4.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	3.0	0.0
6. Other short-term receivables	0.2	0.3	0.5	0.2
7. Provision for short-term doubtful debts (*)	—	-8.2	-8.1	-8.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	106.1	74.1	67.4	61.5
1. Inventories	106.1	74.1	67.4	61.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	3.1	1.8	2.3	3.6
1. Short-term prepayments	0.4	0.7	0.5	0.5
2. Value added tax to be reclaimed	2.4	0.3	1.0	2.3
3. Taxes and other receivables from state authorities	0.3	0.8	0.8	0.8
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	196.9	186.4	184.3	176.8
I. Long-term receivables	0.4	0.4	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	0.4	0.4	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	59.4	58.9	55.7	51.1
1. Tangible fixed assets	56.8	57.5	55.7	51.1
- Cost	110.5	105.9	100.5	98.9
- Accumulated depreciation	-53.7	-48.5	-44.8	-47.8
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	2.6	1.5	0.0	0.0
- Cost	3.2	1.7	0.1	0.1
- Accumulated depreciation	-0.6	-0.2	-0.1	-0.1
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	16.6	5.6	5.9	5.9
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	16.6	5.6	5.9	5.9
V. Long-term financial investments	117.0	117.0	117.0	117.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	117.0	117.0	117.0	117.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	3.4	4.4	5.7	2.9
1. Long-term prepayments	3.4	4.4	5.7	2.9
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	352.2	297.0	282.7	260.5
A. LIABILITIES (300=210+330)	101.8	80.0	70.0	50.5
I. Short -term liabilities	101.8	80.0	69.8	49.6
1. Short-term trade accounts payable	29.7	7.2	5.8	4.0
2. Short-term advances from customers	0.1	0.8	1.9	0.4
3. Taxes and other payables to state authorities	0.3	0.1	0.1	2.7
4. Payable to employees	2.8	1.7	1.3	1.5
5. Short-term acrrued expenses	0.4	0.1	0.4	0.4
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.0	0.2	0.1	3.4
10. Short-term borrowings and financial leases	68.4	65.9	54.2	30.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	4.1	6.0	7.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.2	0.8
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.2	0.8
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	250.4	217.0	212.7	210.1
I. Owner's equity	250.4	217.0	212.7	210.1
1. Owner's capital	237.0	237.0	237.0	237.0
- Common stock with voting right	237,000,000,000.00	237,000,000,000.00	237,000,000,000.00	237,000,000,000.00
- Preferred stock	—	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
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	13.4	-20.0	-24.3	-26.9
- Accumulated retained earning at the end of the previous period	-20.0	-24.3	-26.9	-40.7
- Undistributed earnings in this period	33.4	4.3	2.6	13.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	352.2	297.0	282.7	260.5

Item	2025	2024	2023	2022
Profit Before Tax	34.4	4.3	2.6	13.7
Depreciation of Fixed Assets and Investment Property	5.7	4.8	3.8	3.2
Provision (Increase)/Reversal	—	0.1	0.0	-5.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-30.4	-0.8	-0.3	-7.7
Interest Expense	3.9	3.4	3.4	4.7
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	13.6	11.8	9.5	8.9
Increase/(Decrease) in Receivables	2.0	0.2	3.7	-13.5
Increase/(Decrease) in Inventory	-32.0	-6.7	-5.9	18.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	23.0	0.5	-2.8	-2.3
Increase/(Decrease) in Prepaid Expenses	1.3	1.1	-2.9	-1.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-3.8	-3.4	-3.4	-8.5
Corporate Income Tax Paid	-0.9	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-4.1	-2.0	-1.2	0.0
Net Cash Flow from Operating Activities	-0.8	1.5	-3.0	1.9
Payments for Fixed Assets and Other Long-term Assets	-17.1	-7.8	-8.5	-7.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-5.7	0.0	-9.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	3.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	26.1
Dividends and Interest Income Received	30.2	0.6	0.3	7.7
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	7.3	-4.1	-17.6	26.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	147.2	139.5	114.9	58.3
Repayment of Borrowings	-144.7	-128.0	-91.3	-86.2
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	2.5	11.5	23.6	-27.8
Net Cash Flow During the Period	9.1	8.8	3.0	0.4
Cash and Cash Equivalents at Beginning of Period	13.5	4.7	1.7	1.3
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	22.6	13.5	4.7	1.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	86.6	55.7	74.1	61.8	28.2
Revenue Deductions	0.0	0.0	0.0	0.1	0.0
Net Revenue	86.6	55.7	74.1	61.7	28.2
Cost of Goods Sold	72.8	44.3	61.6	50.7	22.6
Gross Profit	13.7	11.4	12.5	11.0	5.6
Financial Income	0.2	30.2	0.0	0.1	0.1
Financial Expenses	0.6	0.9	1.0	1.0	0.9
Interest Expense	0.6	0.9	1.0	1.0	0.9
Selling Expenses	4.4	5.9	4.6	5.0	2.5
General and Administrative Expenses	4.2	4.8	3.0	3.2	2.6
Operating Profit	4.7	29.9	3.9	1.8	-0.4
Other Income	0.0	0.1	0.0	0.0	—
Other Expenses	0.0	0.2	0.0	0.7	—
Other Profit	-0.0	-0.1	-0.0	-0.7	—
Profit Before Tax	4.7	29.8	3.9	1.1	-0.4
Current Income Tax Expense	0.9	-0.0	0.8	0.3	—
Net Income	3.8	29.8	3.1	0.8	-0.4
Profit Attributable to Parent	3.8	29.8	3.1	0.8	-0.4
Earnings per Share	159.00	1,258.00	133.00	35.00	-16.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	146.7	155.3	115.9	120.9	113.9
I. Cash and cash equivalents	3.7	22.6	2.5	5.8	2.1
1. Cash	3.7	2.6	2.5	5.8	2.1
2. Cash equivalents	—	20.0	—	—	—
II. Short-term financial investments	12.2	12.2	9.0	6.5	6.5
3. Held to maturity investments	12.2	12.2	9.0	6.5	6.5
III. Short-term receivables	26.2	11.3	12.7	14.1	17.3
1. Short-term trade accounts receivable	12.3	8.0	14.9	20.8	24.6
2. Short-term prepayments to suppliers	13.5	3.0	5.8	1.4	0.5
6. Other short-term receivables	0.4	0.2	0.1	0.1	0.4
7. Provision for short-term doubtful debts (*)	—	—	-8.2	-8.2	-8.2
IV. Inventories	100.5	106.1	89.6	91.0	85.6
1. Inventories	100.5	106.1	89.6	91.0	85.6
V. Other short-term assets	4.2	3.1	2.1	3.5	2.4
1. Short-term prepayments	2.9	0.4	1.3	2.1	0.6
2. Value added tax to be reclaimed	1.1	2.4	—	0.7	1.0
3. Taxes and other receivables from state authorities	0.2	0.3	0.8	0.8	0.8
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	199.9	196.9	186.1	185.6	186.9
I. Long-term receivables	0.4	0.4	0.4	0.4	0.4
6. Other long-term receivables	0.4	0.4	0.4	0.4	0.4
II. Fixed assets	72.8	59.4	58.4	58.0	59.3
1. Tangible fixed assets	70.4	56.8	57.2	56.7	57.9
- Cost	125.7	—	—	—	—
- Accumulated depreciation	-55.4	—	—	—	—
3. Intangible fixed assets	2.4	2.6	1.2	1.3	1.4
- Cost	3.2	—	—	—	—
- Accumulated depreciation	-0.8	—	—	—	—
IV. Long-term assets in progress	5.7	16.6	6.2	5.6	5.6
2. Construction in progress	5.7	16.6	6.2	5.6	5.6
V. Long-term financial investments	117.0	117.0	117.0	117.0	117.0
2. Investments in associates, joint-ventures	117.0	117.0	117.0	117.0	117.0
VI. Other long-term assets	4.0	3.4	4.1	4.6	4.6
1. Long-term prepayments	4.0	3.4	4.1	4.6	4.6
TOTAL ASSETS (280=100+200)	346.6	352.2	302.0	306.4	300.8
A. LIABILITIES (300=210+330)	95.8	101.8	81.4	89.0	84.2
I. Short -term liabilities	95.8	101.8	81.4	89.0	84.2
1. Short-term trade accounts payable	18.6	29.7	14.5	14.2	12.7
2. Short-term advances from customers	11.1	0.1	2.1	0.9	1.5
3. Taxes and other payables to state authorities	3.9	0.3	2.7	1.7	0.1
4. Payable to employees	3.5	2.8	1.8	1.7	1.7
5. Short-term acrrued expenses	—	0.4	0.4	0.4	—
9. Other short-term payables	0.1	0.0	0.4	0.4	0.4
10. Short-term borrowings and financial leases	55.2	68.4	56.4	66.5	64.4
12.. Bonus and welfare fund	3.3	0.0	3.1	3.3	3.3
B. OWNER'S EQUITY (400=410+430)	250.8	250.4	220.6	217.5	216.6
I. Owner's equity	250.8	250.4	220.6	217.5	216.6
1. Owner's capital	237.0	237.0	237.0	237.0	237.0
- Common stock with voting right	237,000,000,000.00	237,000,000,000.00	237,000,000,000.00	237,000,000,000.00	237,000,000,000.00
2. Share premium	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	3.3	—	—	—	—
11. Undistributed earnings after tax	10.5	13.4	-16.4	-19.6	-20.4
- Accumulated retained earning at the end of the previous period	6.7	-20.0	-20.0	-20.0	-20.0
- Undistributed earnings in this period	3.8	33.4	3.6	0.5	-0.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	346.6	352.2	302.0	306.4	300.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	4.7	29.8	3.9	1.1	-0.4
Depreciation of Fixed Assets and Investment Property	1.8	1.5	1.4	1.4	1.4
Gain/Loss from Investment Activities	-0.2	-30.2	-0.0	-0.1	-0.1
Interest Expense	0.6	0.9	1.0	1.0	0.9
Operating Profit Before Changes in Working Capital	7.0	2.0	6.3	3.5	1.9
Increase/(Decrease) in Receivables	-13.4	-0.3	2.1	3.4	-3.2
Increase/(Decrease) in Inventory	5.6	-16.5	1.4	-5.3	-11.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.2	12.8	1.3	2.5	6.4
Increase/(Decrease) in Prepaid Expenses	-3.0	1.6	1.2	-1.4	-0.1
Interest Paid	-0.7	-0.9	-1.0	-1.0	-0.9
Corporate Income Tax Paid	-0.2	-1.3	0.5	—	—
Other Operating Payments	-0.2	-3.1	-0.1	-0.0	-0.8
Net Cash Flow from Operating Activities	-1.8	-5.8	11.7	1.7	-8.3
Payments for Fixed Assets and Other Long-term Assets	-4.1	-12.8	-2.5	-0.1	-1.7
Loans and Purchases of Debt Instruments	—	-3.2	-2.5	—	—
Dividends and Interest Income Received	0.2	30.0	0.0	0.1	0.1
Net Cash Flow from Investing Activities	-3.9	14.0	-5.0	-0.0	-1.7
Proceeds from Borrowings	23.8	38.0	32.1	46.8	30.3
Repayment of Borrowings	-37.0	-26.1	-42.2	-44.8	-31.7
Net Cash Flow from Financing Activities	-13.2	12.0	-10.0	2.0	-1.4
Net Cash Flow During the Period	-18.9	20.1	-3.3	3.7	-11.4
Cash and Cash Equivalents at Beginning of Period	22.6	2.5	5.8	2.1	13.5
Cash and Cash Equivalents at End of Period	3.7	22.6	2.5	5.8	2.1

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

TNV

What Is Changing

Drivers of TNV'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