TTZ

Đầu tư Xây dựng và Công nghệ Tiến Trung ·UPCOM ·2023Q4

▲ Showing improvement

Operating efficiency is improving Net margin −5.54%, +39.95pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -27

BVPS 8,733

ROE -0.3%

ROA -0.3%

Profit Margin -5.5%

Asset Turnover 0.05x

Equity Mult. 1.21x

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

What Is Changing

On a TTM 2023Q4 basis, TTZ posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4bn
	                                
−31.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 0bn
	                                
+91.6%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    101.8%

Metric	2023	2022	2021	2020
Revenue	3.7	5.2	3.5	0.3
Growth	-28%	+50%	+1037%	—
Net Income	-1.1	-2.3	0.6	-5.9
Net Margin	-28.12%	-44.11%	16.64%	-1931.16%

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q4'20
Revenue	0.1	1.2	0.7	1.7	4.4	0.3	0.4	0.4	0.3	2.3	0.9	0.3
Growth	-87%	+59%	-57%	-61%	+1446%	-22%	-17%	+64%	-88%	+138%	+205%	—
Net Income	0.2	-0.4	-0.2	0.2	2.6	-0.3	-4.5	-0.2	-0.4	0.8	0.2	-2.4
Net Margin	150.99%	-37.43%	-33.07%	14.54%	59.24%	-114.46%	-1248.06%	-45.71%	-157.76%	36.63%	17.76%	-777.35%

Drivers of TTZ's profit

TTM

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

Other profit ↑ 2.4bn

Administrative expenses ↓ 0.4bn

Gross profit ↓ 0.9bn

TTM

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

Administrative expenses ↓ 0.4bn

Other profit ↓ 1.6bn

Gross profit ↓ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2022Q4 -3.7% = -45.5% × 0.07 × 1.17

2023Q4 -0.3% = -5.5% × 0.05 × 1.21

ROE rose from -3.7% to -0.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: -5.5% +40.0pp Asset turnover: 0.05x -0.02x Leverage: 1.21x +0.04x

Is the profit sustainable?

Margins improved (+40.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -5.54%, rising 40.0pp. Despite pressure from Gross margin fell 11.9pp and SG&A / Revenue rose 0.3pp, the offset came from Other profit / Revenue rose 46.2pp and Net financial result / Revenue rose 6.0pp.

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin -5.54% +40.0pp

Gross Margin 16.98% −11.9pp

SG&A / Revenue 34.16% +0.3pp

Non-core / Revenue 11.64% +52.2pp

TTM YoY · 2022Q4 -> 2023Q4

Watchpoints

Non-core sources is supporting margin

Non-core sources accounts for 101.8% of PBT and lifted net margin by 52.2pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at -0.64%, broadly flat versus the same period. That translates to -0.64 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 6.2pp, but capital turnover broadly stable, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently -0.64% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -0.64% −0.2pp

NOPAT Margin -11.17% −6.2pp

Capital Turnover 0.06x −0.02x

Average Invested Capital 65.5bn −2.1bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.15x equity, net debt at 0.01x equity.

Inventory ended the period at 11.8bn, roughly 15.5% of total assets.

Over the last 12 months, working capital absorbed 3.4bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −1.9bn

Inventories increased → lower CFO: −1.3bn

Payables decreased → lower CFO: −0.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 268.9 days versus the same period last year. The main moves came from DIO rose 809.7 days, DSO fell 64.7 days, and DPO rose 476.1 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 1017.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +809.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 570.9 days −64.7 days

Inventory 1287.2 days +809.7 days

Payables 840.5 days +476.1 days

Cash Conversion Cycle 1017.7 days +268.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 2.5bn due to capex of 0.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.01x and interest coverage only at -1.86x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 61.4% of debt, and total debt stands at 1.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.86x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.01x +0.04x

Interest Coverage -1.86x —

Cash / Debt 61.4% −96.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 9.89x +11.13x

TTM YoY · 2022Q4 -> 2023Q4

Cash Flow

Operating cash flow reached -2.0bn in 2023, against investing cash flow of -0.5bn.

Post-investment cash flow was negative +2.5bn. Financing cash flow was positive +1.0bn.

CFO / net income was 9.89x.

After spending +0.5bn on fixed-asset investment, the business generated trailing free cash flow of −2.5bn.

Cash Conversion

CFO TTM 2.0bn −5.1bn

Cash Capex 0.5bn +0.3bn

FCF TTM −2.5bn −5.4bn

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 capital efficiency remains weak remaining the main constraint, with ROIC at -0.6%. The next watchpoint is the earnings mix, when non-core contribution is -108.4%. The main offsetting support comes from operating efficiency, with net margin improving 40.0 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -5.54% after expanding 40.0pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 9.89x. Even so, net financial result still accounts for -108.4% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2023	2022	2021	2020
Revenue	3.7	5.2	3.5	0.5
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	3.7	5.2	3.5	0.3
Cost of Goods Sold	3.0	3.5	0.0	0.0
Gross Profit	0.7	1.7	0.8	0.2
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	0.0	0.0	-0.0	-0.5
Interest Expense	0.0	0.0	-0.0	-0.1
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	0.2	0.2	-0.2	-0.3
General and Administrative Expenses	1.3	1.8	0.0	-3.2
Operating Profit	-0.8	-0.2	0.7	-3.8
Other Income	0.0	2.0	0.0	0.0
Other Expenses	0.3	4.1	0.0	0.0
Other Profit	-0.3	-2.1	-0.1	-1.7
Profit Before Tax	-1.0	-2.3	0.6	-5.4
Current Income Tax Expense	0.0	0.0	0.0	-0.5
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	-1.1	-2.3	0.6	-5.9
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.1	-2.3	0.6	-5.9
Earnings per Share	-139.00	-304.00	0.00	-778.42
Diluted EPS	-138.76	-304.00	0.00	-778.42

Item	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	22.6	20.4	19.3
I. Cash and cash equivalents	0.6	2.1	3.4
1. Cash	0.6	2.1	0.0
2. Cash equivalents	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	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	0.0	0.0	0.0
III. Short-term receivables	8.7	6.3	8.2
1. Short-term trade accounts receivable	6.7	4.7	0.0
2. Short-term prepayments to suppliers	5.7	5.3	0.0
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	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-3.8	-3.7	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	11.8	10.4	7.7
1. Inventories	11.8	10.4	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	1.5	1.6	0.0
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.5	1.6	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0
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)	53.3	55.6	60.0
I. Long-term receivables	14.0	14.0	0.0
1. Long-term trade receivables	0.0	0.0	14.0
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	14.0	14.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	20.2	22.9	10.2
1. Tangible fixed assets	20.2	22.9	10.2
- Cost	39.3	39.3	0.0
- Accumulated depreciation	-19.1	-16.4	0.0
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	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
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	18.2	18.2	35.7
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	18.2	18.2	0.0
V. Long-term financial investments	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0
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	0.9	0.6	0.0
1. Long-term prepayments	0.7	0.4	0.0
2. Deferred income tax assets	0.2	0.2	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.1
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	75.9	76.1	79.3
A. LIABILITIES (300=210+330)	9.9	9.5	11.3
I. Short -term liabilities	8.5	8.1	11.3
1. Short-term trade accounts payable	5.1	4.3	2.9
2. Short-term advances from customers	0.0	0.8	0.1
3. Taxes and other payables to state authorities	2.3	2.8	0.0
4. Payable to employees	0.0	0.0	0.0
5. Short-term acrrued expenses	0.2	0.2	0.0
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	0.0	0.0
10. Short-term borrowings and financial leases	1.0	0.0	5.5
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	1.4	1.4	0.0
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	1.4	1.4	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0
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)	66.0	66.5	68.1
I. Owner's equity	66.0	66.5	0.0
1. Owner's capital	75.7	75.7	68.1
- Common stock with voting right	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	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	-9.7	-9.2	-7.6
- Accumulated retained earning at the end of the previous period	-8.7	-6.9	-1.7
- Undistributed earnings in this period	-1.1	-2.3	-5.9
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)	75.9	76.1	79.3

Item	2023	2022	2021	2020
Profit Before Tax	-1.0	-2.3	0.6	-3.0
Depreciation of Fixed Assets and Investment Property	2.7	3.0	1.6	1.6
Provision (Increase)/Reversal	0.0	0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1.7	0.8	1.4	-0.8
Increase/(Decrease) in Receivables	-1.9	-0.0	0.0	0.0
Increase/(Decrease) in Inventory	-1.3	0.6	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.1	2.1	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.3	-0.4	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	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	-2.0	3.1	0.1	3.1
Payments for Fixed Assets and Other Long-term Assets	-0.5	-0.1	-0.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.2
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	0.0	0.0	0.0	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	-0.5	-0.1	-0.2	0.2
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	1.0	0.1	0.9	5.8
Repayment of Borrowings	0.0	-3.9	-2.7	-8.9
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	1.0	-3.8	-1.8	-3.1
Net Cash Flow During the Period	-1.5	-0.9	0.0	0.0
Cash and Cash Equivalents at Beginning of Period	2.1	3.0	3.4	1.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.6	2.1	0.0	0.0

Item	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q4'20
Revenue	0.1	1.2	0.7	1.7	4.4	0.3	0.4	0.4	0.3	2.3	0.9	0.3
Revenue Deductions	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 Revenue	0.1	1.2	0.7	1.7	4.4	0.3	0.4	0.4	0.3	2.3	0.9	0.3
Cost of Goods Sold	0.1	1.2	0.5	1.3	3.1	0.1	0.3	0.3	0.0	0.0	0.0	0.0
Gross Profit	0.0	-0.0	0.2	0.4	1.3	0.1	0.0	0.1	0.0	0.7	0.1	0.1
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	0.0	0.0	0.0	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0
Interest 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
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	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	0.1	0.1	0.1	-0.1	-0.1	-0.1	-0.1
General and Administrative Expenses	0.2	0.3	0.4	0.3	0.6	0.4	0.4	0.2	-0.4	0.3	0.1	-2.5
Operating Profit	-0.2	-0.4	-0.1	0.3	0.6	-0.3	-0.5	-0.1	-0.4	0.9	0.2	-2.4
Other Income	0.5	0.0	0.0	0.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.1	0.1	0.1	0.0	0.0	4.1	0.1	0.0	0.0	0.0	0.0
Other Profit	0.4	-0.1	-0.1	-0.1	2.0	0.0	-4.1	-0.1	-0.0	-0.1	-0.0	-0.0
Profit Before Tax	0.2	-0.4	-0.2	0.2	2.6	-0.3	-4.5	-0.2	-0.4	0.8	0.2	-2.4
Current 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
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	0.2	-0.4	-0.2	0.2	2.6	-0.3	-4.5	-0.2	-0.4	0.8	0.2	-2.4
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	-0.4	-0.2	0.2	2.6	-0.3	-4.5	-0.2	-0.4	0.8	0.2	-2.4
Earnings per Share	29.65	-57.46	-32.00	32.49	340.96	-42.62	-598.82	-26.28	-55.18	109.18	22.25	-319.44
Diluted EPS	29.65	-57.46	-32.00	32.49	340.96	-42.62	-598.82	-26.28	-55.18	109.18	22.25	-319.44

Item	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q4'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	17.1	16.9	16.1	15.6	24.3	22.3	21.9	22.5	19.3	21.0	20.7	19.3
I. Cash and cash equivalents	0.6	0.1	0.2	0.3	5.9	3.0	3.2	3.3	1.5	3.5	3.5	3.4
1. Cash	0.6	0.1	0.2	0.3	5.9	3.0	3.2	3.3	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
III. Short-term receivables	3.2	4.4	3.1	3.3	6.5	5.7	7.8	7.3	7.2	7.4	8.6	8.2
1. Short-term trade accounts receivable	6.7	7.6	6.7	6.8	4.9	4.1	4.4	5.6	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.1	0.5	0.2	0.2	5.3	5.3	5.3	5.3	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	1.8	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.6	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	0.0	0.0	0.0	0.0
IV. Inventories	11.8	10.9	11.2	10.4	10.1	11.5	10.4	11.9	10.5	10.0	8.6	7.7
1. Inventories	11.8	10.9	11.2	10.4	10.1	11.5	10.4	11.9	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	1.5	1.6	1.6	1.8	2.1	0.4	0.0	0.1	0.1	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.2	0.2	0.3	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.5	1.5	1.6	1.6	1.6	1.9	0.1	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	63.7	64.0	64.9	65.7	55.5	56.2	56.6	57.4	58.6	59.2	59.5	60.0
I. Long-term receivables	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	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	14.0	14.0	14.0	14.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
6. Other long-term receivables	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	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	0.0	0.0	0.0	0.0
II. Fixed assets	20.1	20.8	21.5	22.2	22.8	23.5	24.0	25.0	8.8	9.4	9.7	10.2
1. Tangible fixed assets	20.1	20.8	21.5	22.2	22.8	23.5	24.0	25.0	8.8	9.4	9.7	10.2
- Cost	39.3	39.3	39.3	39.3	39.3	39.3	39.0	39.3	0.0	0.0	0.0	0.0
- Accumulated depreciation	-19.2	-18.5	-17.8	-17.1	-16.5	-15.8	-15.1	-14.3	0.0	0.0	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0
IV. Long-term assets in progress	28.7	28.2	28.2	28.2	18.2	18.2	18.2	18.1	35.7	35.7	35.7	35.7
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	28.7	28.2	28.2	28.2	18.2	18.2	18.2	18.1	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.9	1.0	1.2	1.3	0.5	0.5	0.5	0.2	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.7	0.8	1.0	1.1	0.2	0.3	0.3	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	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	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	0.1	0.1	0.1	0.1
5. Goodwill	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	80.8	81.0	81.0	81.3	79.8	78.6	78.5	79.8	77.9	80.1	80.2	79.3
A. LIABILITIES (300=210+330)	14.7	15.1	14.6	14.7	13.2	14.6	14.4	11.2	9.3	11.1	12.0	11.3
I. Short -term liabilities	14.7	15.1	14.6	13.3	13.2	13.2	14.4	11.2	9.3	11.1	12.0	11.3
1. Short-term trade accounts payable	10.0	10.0	10.3	10.1	4.3	5.8	5.8	4.9	3.4	5.2	3.8	2.9
2. Short-term advances from customers	0.0	0.0	0.0	0.2	0.8	0.9	0.8	0.0	0.0	0.0	0.1	0.1
3. Taxes and other payables to state authorities	2.3	2.8	3.0	3.0	2.8	2.8	2.8	1.1	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.2	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	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	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	0.0	0.0	0.0	0.0
9. Other short-term payables	1.4	1.4	1.4	0.0	1.4	0.0	1.4	1.4	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	1.0	0.8	0.0	0.0	3.7	3.6	3.6	3.6	3.6	3.6	5.2	5.5
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	1.4	0.0	1.4	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	1.4	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	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	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	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	1.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	66.1	65.9	66.3	66.6	66.6	64.0	64.1	68.6	68.7	69.1	68.2	68.1
I. Owner's equity	66.1	65.9	66.3	66.6	66.6	64.0	64.1	68.6	0.0	0.0	0.0	0.0
1. Owner's capital	75.7	75.7	75.7	75.7	75.7	75.7	75.7	75.7	68.7	69.1	68.2	68.1
- Common stock with voting right	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00	75,704,440,000.00
- Preferred stock	0.00	0.00	0.00	0.00	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	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	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	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	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	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	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	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	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	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-9.6	-9.8	-9.4	-9.1	-9.1	-11.7	-11.6	-7.1	-7.0	-6.6	-7.5	-7.6
- Accumulated retained earning at the end of the previous period	-9.8	-9.4	-9.2	-9.2	-6.9	-6.9	-6.9	-6.9	-7.6	-7.6	-7.6	-1.7
- Undistributed earnings in this period	0.2	-0.4	-0.2	0.0	-2.3	-4.9	-4.7	-0.2	0.6	1.0	0.2	-5.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	80.8	81.0	81.0	81.3	79.8	78.6	78.5	79.8	77.9	80.1	80.2	79.3

Item	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q4'20
Profit Before Tax	-0.4	-0.4	-0.3	0.0	2.6	-0.3	-4.3	-0.2	-0.4	0.8	0.2	0.0
Depreciation of Fixed Assets and Investment Property	0.6	0.7	0.7	0.7	0.7	0.7	0.8	0.8	0.5	0.5	0.5	0.0
Provision (Increase)/Reversal	0.0	-0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	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 Income and Dividends	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.3	0.3	0.4	0.7	3.2	0.4	-3.5	0.6	0.2	0.8	0.4	0.0
Increase/(Decrease) in Receivables	-5.2	5.2	-6.5	4.6	1.7	-1.6	-0.5	0.5	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-0.9	0.3	-0.8	0.0	1.3	-1.4	1.5	-0.8	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.5	3.2	-3.4	3.6	-3.5	2.1	3.2	0.2	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.1	-0.8	0.1	0.1	-0.6	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	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 Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-9.2	9.1	-10.1	8.2	2.8	-0.4	0.1	0.5	-1.9	1.6	0.3	0.0
Payments for Fixed Assets and Other Long-term Assets	9.5	-10.0	10.0	-10.0	-0.1	0.1	-0.1	0.0	-0.2	0.0	0.0	0.0
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	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	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	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	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	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	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	9.5	-10.0	10.0	-10.0	-0.1	0.1	-0.1	0.0	-0.2	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.2	0.8	0.0	0.0	0.1	0.0	0.0	0.0	0.2	0.7	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	0.0	-3.7	0.0	0.0	-0.2	-0.2	-2.3	-0.3	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.2	0.8	0.0	0.0	-3.6	0.0	0.0	-0.2	0.0	-1.6	-0.2	0.0
Net Cash Flow During the Period	0.5	-0.1	-0.1	-1.8	-0.9	-0.2	-0.0	0.3	-2.0	-0.0	0.1	0.0
Cash and Cash Equivalents at Beginning of Period	2.1	2.1	2.1	2.1	3.0	3.0	3.0	3.0	3.5	3.5	3.4	0.0
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	0.0
Cash and Cash Equivalents at End of Period	0.6	0.1	0.2	0.3	2.1	3.0	3.2	3.3	1.5	3.5	3.5	0.0

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TTZ

What Is Changing

Drivers of TTZ'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