UIC

Đầu tư Phát triển Nhà và Đô thị IDICO ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.24x

Price

64,000

Latest close

04 Jun 2026

P/E 4.94x

P/B 0.90x

EPS 12,958

BVPS 71,268

ROE 20.1%

ROA 13.9%

Profit Margin 3.1%

Asset Turnover 4.44x

Equity Mult. 1.45x

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

What Is Changing

On a TTM 2026Q1 basis, UIC is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,454bn
	                                
+12.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 108bn
	                                
+62.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,379.7	2,967.4	2,450.0	2,546.7	2,472.6
Growth	+14%	+21%	-4%	+3%	—
Net Income	102.0	57.4	48.7	51.8	55.2
Net Margin	3.02%	1.94%	1.99%	2.03%	2.23%

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	810.3	917.1	891.5	835.0	736.0	836.3	777.9	725.9	627.3	678.5	624.5	617.9
Growth	-12%	+3%	+7%	+13%	-12%	+8%	+7%	+16%	-8%	+9%	+1%	—
Net Income	24.8	33.5	25.5	24.2	18.8	19.0	16.2	12.7	10.5	15.9	13.2	9.7
Net Margin	3.06%	3.66%	2.86%	2.90%	2.55%	2.27%	2.08%	1.74%	1.68%	2.34%	2.11%	1.58%

Drivers of UIC's profit

TTM

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

Gross profit ↑ 43.3bn

Financial income ↑ 5.7bn

Tax ↑ 10.6bn

TTM

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

Gross profit ↑ 5.6bn

Financial income ↑ 2.5bn

Tax ↑ 1.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.8% = 2.2% × 4.79 × 1.43

2026Q1 20.1% = 3.1% × 4.44 × 1.45

ROE rose from 14.8% to 20.1% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 3.1% +1.0pp Asset turnover: 4.44x -0.35x Leverage: 1.45x +0.02x

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 edged up to 3.13%, rising 1.0pp. The main driver is Gross margin rose 0.9pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 3.13% +1.0pp

Gross Margin 4.38% +0.9pp

SG&A / Revenue 0.77% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 20.2% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 20.16%, rising 4.0pp. That translates to 20.16 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.9pp, with capital turnover fell 0.81x; while invested capital expanded strongly by 111bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 20.16% +4.0pp

NOPAT Margin 3.11% +0.9pp

Capital Turnover 6.48x −0.81x

Average Invested Capital 533.4bn +111.3bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.45x equity, net debt at 0.08x equity.

Inventory ended the period at 96.1bn, roughly 11.7% of total assets.

Over the last 12 months, working capital absorbed 0.2bn 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: −13.6bn

Inventories increased → lower CFO: −0.0bn

Payables increased → higher CFO: +13.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.4 days versus the same period last year. The main moves came from DIO fell 2.6 days, DSO fell 0.0 days, and DPO fell 0.2 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 14.9 days −0.0 days

Inventory 10.4 days −2.6 days

Payables 12.5 days −0.2 days

Cash Conversion Cycle 12.8 days −2.4 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.08x and interest coverage at 40.48x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 35.3% of debt, and total debt stands at 75.0bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

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 0.08x +0.20x

Interest Coverage 40.48x +3.62x

Cash / Debt 35.3% −109.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.24x −0.27x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 135.5bn in 2025, against investing cash flow of -251.4bn.

Post-investment cash flow was negative +115.9bn. Financing cash flow was negative +29.0bn.

CFO / net income was 1.24x.

After spending +12.1bn on fixed-asset investment, the business generated trailing free cash flow of +122.2bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 134.4bn +33.2bn

Cash Capex 12.1bn −40.9bn

FCF TTM +122.2bn +74.1bn

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 earnings conversion is confirmed, with CFO/NI at 1.24x. The next item to monitor is capital efficiency, with ROIC at 20.2%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.24x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,379.7	2,967.4	2,450.0	2,546.7	2,472.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,379.7	2,967.4	2,450.0	2,546.7	2,472.6
Cost of Goods Sold	3,234.2	2,869.6	2,372.1	2,473.0	0.0
Gross Profit	145.5	97.8	78.0	73.7	72.4
Financial Income	11.8	7.4	4.8	2.0	17.6
Financial Expenses	3.1	1.9	0.9	1.9	-0.9
Interest Expense	3.1	2.0	1.4	1.4	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	26.2	28.7	24.8	25.9	-23.7
Operating Profit	128.2	74.6	57.1	47.8	65.4
Other Income	0.4	0.4	4.5	17.6	0.0
Other Expenses	0.6	2.1	0.2	0.0	0.0
Other Profit	-0.1	-1.7	4.3	17.6	3.5
Profit Before Tax	128.0	72.9	61.4	65.3	69.0
Current Income Tax Expense	26.6	15.4	12.8	13.5	-13.8
Deferred Income Tax Expense	-0.6	0.0	0.0	0.0	0.0
Net Income	102.0	57.4	48.7	51.8	55.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	102.0	57.4	48.7	51.8	55.2
Earnings per Share	12,221.00	7,035.00	6,021.00	6,283.00	5,588.00
Diluted EPS	12,221.00	7,035.00	6,081.80	6,477.40	6,896.58

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	538.0	423.5	347.6	268.1	236.8
I. Cash and cash equivalents	45.5	190.4	97.4	54.0	8.1
1. Cash	5.5	19.0	6.0	52.6	0.0
2. Cash equivalents	40.0	171.4	91.4	1.4	0.0
II. Short-term financial investments	245.0	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	245.0	0.0	0.0	0.0	0.0
III. Short-term receivables	150.3	131.5	128.9	103.0	122.1
1. Short-term trade accounts receivable	143.8	124.5	113.1	92.9	0.0
2. Short-term prepayments to suppliers	10.5	12.8	17.5	11.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.0	1.7	1.6	1.6	0.0
7. Provision for short-term doubtful debts (*)	-9.0	-7.5	-3.3	-3.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	96.1	99.3	119.7	110.5	104.3
1. Inventories	97.9	99.3	119.7	110.5	0.0
2. Provision for decline in value of inventories	-1.7	0.0	0.0	0.0	0.0
V. Other short-term assets	1.0	2.3	1.6	0.6	2.3
1. Short-term prepayments	1.0	1.3	0.1	0.3	0.0
2. Value added tax to be reclaimed	—	0.7	1.3	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.3	0.2	0.3	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	283.5	298.3	223.1	216.4	210.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.4
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	238.7	244.5	163.6	185.0	149.4
1. Tangible fixed assets	238.7	244.5	163.6	185.0	149.4
- Cost	526.4	497.3	387.2	389.4	0.0
- Accumulated depreciation	-287.7	-252.8	-223.6	-204.4	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	1.5	2.4	3.3	4.2	5.1
- Cost	16.0	16.0	16.0	16.0	0.0
- Accumulated depreciation	-14.5	-13.6	-12.8	-11.9	0.0
IV. Long-term assets in progress	34.7	43.7	49.8	20.9	46.9
1. Long-term production in progress	24.5	24.5	0.0	0.0	0.0
2. Construction in progress	10.1	19.2	49.8	20.9	0.0
V. Long-term financial investments	2.6	2.6	2.6	2.1	2.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	2.6	0.0	0.0	0.0
3. Investments in other entities	2.6	0.0	2.6	2.6	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-0.1	-0.5	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	6.0	5.1	3.8	4.2	0.0
1. Long-term prepayments	0.8	1.6	0.8	1.2	0.0
2. Deferred income tax assets	0.6	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	4.7	3.6	3.0	3.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2.2
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)	821.5	721.9	570.8	484.5	447.5
A. LIABILITIES (300=210+330)	254.2	258.5	163.8	125.1	114.3
I. Short -term liabilities	254.1	258.3	152.1	124.9	113.2
1. Short-term trade accounts payable	116.3	106.7	96.2	15.7	87.2
2. Short-term advances from customers	19.1	7.8	3.6	3.0	3.6
3. Taxes and other payables to state authorities	9.8	4.6	3.9	2.9	0.0
4. Payable to employees	6.9	6.9	6.3	4.5	0.0
5. Short-term acrrued expenses	0.1	0.1	0.2	65.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.1	0.0	0.0	0.0
9. Other short-term payables	3.8	2.3	2.3	2.3	0.0
10. Short-term borrowings and financial leases	97.0	129.0	38.5	30.1	12.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	1.0	1.1	1.1	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	0.1	0.1	11.7	0.3	1.2
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	0.1	0.1	0.1	0.1	0.1
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	11.6	0.1	1.1
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)	567.3	463.4	407.0	359.3	333.2
I. Owner's equity	567.3	463.4	407.0	359.3	0.0
1. Owner's capital	83.1	80.0	80.0	80.0	333.2
- Common stock with voting right	83,080,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	16.2	16.2	16.2	16.2	16.2
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	-80,000,000.00	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	141.6	141.6	141.6	141.6	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	326.5	225.6	169.2	121.6	95.4
- Accumulated retained earning at the end of the previous period	224.5	168.2	120.5	69.7	40.2
- Undistributed earnings in this period	102.0	57.4	48.7	51.8	55.2
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)	821.5	721.9	570.8	484.5	447.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	128.0	72.9	61.4	65.3	69.0
Depreciation of Fixed Assets and Investment Property	35.9	31.8	26.1	24.5	22.5
Provision (Increase)/Reversal	3.2	4.2	-0.5	0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-11.8	-7.4	-9.3	-3.2	0.0
Interest Expense	3.1	2.0	1.4	1.4	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	158.3	103.4	79.1	88.6	74.8
Increase/(Decrease) in Receivables	-16.3	-6.3	-27.1	25.6	0.0
Increase/(Decrease) in Inventory	2.1	-4.0	-2.7	-8.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	16.5	17.6	17.2	-5.7	0.0
Increase/(Decrease) in Prepaid Expenses	1.0	-1.9	0.6	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.1	-1.9	-1.4	-1.4	0.0
Corporate Income Tax Paid	-22.1	-14.7	-11.2	-13.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-1.1	-1.0	-1.8	0.0
Net Cash Flow from Operating Activities	135.5	91.0	53.6	83.5	58.3
Payments for Fixed Assets and Other Long-term Assets	-15.4	-84.3	-39.4	-33.5	-46.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	4.5	1.6	-0.1
Loans and Purchases of Debt Instruments	-255.0	-165.0	-111.3	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	165.0	111.3	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	8.9	7.3	4.8	2.0	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	-251.4	-77.0	-30.1	-30.0	3.1
Proceeds from Equity Issuance and Capital Contributions	3,080,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	-80,000,000.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,704.5	2,354.9	620.2	170.4	67.9
Repayment of Borrowings	-2,736.5	-2,275.9	-600.3	-153.9	-172.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-24.1	-8.0
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	-29.0	78.9	19.9	-7.6	-112.3
Net Cash Flow During the Period	-144.9	93.0	43.4	45.9	-42.0
Cash and Cash Equivalents at Beginning of Period	190.4	97.4	54.0	8.1	59.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	45.5	190.4	97.4	54.0	8.1

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	810.3	917.1	891.5	835.0	736.0	836.3	777.9	725.9	627.3	678.5	624.5	617.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	810.3	917.1	891.5	835.0	736.0	836.3	777.9	725.9	627.3	678.5	624.5	617.9
Cost of Goods Sold	776.7	872.8	852.9	800.4	708.1	802.1	752.7	705.4	609.4	652.9	603.2	600.6
Gross Profit	33.6	44.3	38.6	34.7	28.0	34.3	25.2	20.5	17.9	25.6	21.3	17.3
Financial Income	4.6	3.9	3.2	2.7	2.0	2.6	2.1	1.9	0.8	1.4	1.3	1.2
Financial Expenses	0.9	0.9	0.9	0.7	0.6	0.6	0.5	0.6	0.2	-0.1	-0.0	0.6
Interest Expense	0.9	0.9	0.9	0.7	0.6	0.6	0.6	0.7	0.1	0.1	0.2	0.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.2	5.6	8.4	6.3	5.9	11.3	5.1	5.9	5.4	7.1	6.1	5.5
Operating Profit	31.1	41.7	32.6	30.3	23.6	24.9	21.7	15.9	13.1	19.9	16.5	12.3
Other Income	0.0	0.3	0.0	0.1	0.0	0.1	0.1	0.0	0.2	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.5	0.0	—	1.1	1.0	0.0	0.0	-0.1	0.0	0.0
Other Profit	0.0	0.3	-0.5	0.1	0.0	-1.0	-0.9	0.0	0.2	0.1	-0.0	0.0
Profit Before Tax	31.1	42.0	32.1	30.4	23.6	23.9	20.8	15.9	13.3	20.0	16.5	12.3
Current Income Tax Expense	6.3	9.0	6.6	6.2	4.8	4.9	4.6	3.2	2.7	4.2	3.4	2.6
Deferred Income Tax Expense	—	-0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	24.8	33.5	25.5	24.2	18.8	19.0	16.2	12.7	10.5	15.9	13.2	9.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	24.8	33.5	25.5	24.2	18.8	19.0	16.2	12.7	10.5	15.9	13.2	9.7
Earnings per Share	2,927.00	4,018.00	3,066.00	2,947.00	2,300.00	2,328.00	1,984.00	1,551.00	1,291.00	1,963.00	1,628.00	1,206.00
Diluted EPS	2,927.00	4,018.00	3,066.00	2,947.00	2,300.00	7,035.00	1,984.00	1,551.00	1,317.70	1,963.00	1,644.34	1,218.28

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)	544.5	538.0	515.8	473.8	444.2	423.5	381.1	395.5	287.1	347.6	314.8	296.6
I. Cash and cash equivalents	26.5	45.5	93.1	127.6	180.9	190.4	20.4	5.5	11.1	97.4	13.3	4.3
1. Cash	26.5	5.5	28.1	22.6	5.9	19.0	19.0	4.1	9.7	6.0	11.9	3.0
2. Cash equivalents	—	40.0	65.0	105.0	175.0	171.4	1.4	1.4	1.4	91.4	1.4	1.4
II. Short-term financial investments	269.7	245.0	180.0	110.0	25.0	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
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	269.7	245.0	180.0	110.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	153.1	150.3	144.0	138.7	141.0	131.5	260.1	268.2	154.5	128.9	187.5	177.8
1. Short-term trade accounts receivable	147.2	143.8	130.9	131.7	135.1	124.5	107.7	117.8	116.8	113.1	102.5	96.6
2. Short-term prepayments to suppliers	12.7	10.5	16.5	11.0	11.3	12.8	14.4	11.0	13.8	17.5	25.6	22.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	140.0	140.0	25.0	0.0	60.0	60.0
6. Other short-term receivables	2.2	5.0	5.4	3.6	2.2	1.7	1.7	2.7	2.3	1.6	2.6	2.2
7. Provision for short-term doubtful debts (*)	-9.0	-9.0	-8.9	-7.6	-7.5	-7.5	-3.7	-3.3	-3.3	-3.3	-3.3	-3.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	92.8	96.1	96.4	94.2	93.9	99.3	95.9	116.7	118.0	119.7	113.5	113.3
1. Inventories	94.6	97.9	98.1	94.2	93.9	99.3	95.9	116.7	118.0	119.7	113.5	113.3
2. Provision for decline in value of inventories	-1.7	-1.7	-1.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.4	1.0	2.4	3.3	3.5	2.3	4.7	5.1	3.5	1.6	0.5	1.2
1. Short-term prepayments	2.2	1.0	1.6	2.4	2.8	1.3	1.2	1.4	0.1	0.1	0.0	0.1
2. Value added tax to be reclaimed	—	—	0.4	0.4	—	0.7	2.9	3.2	2.8	1.3	0.0	0.5
3. Taxes and other receivables from state authorities	0.2	—	0.4	0.5	0.7	0.3	0.6	0.6	0.6	0.2	0.5	0.7
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)	274.4	283.5	287.9	294.0	292.0	298.3	302.0	269.7	260.8	223.1	208.1	207.7
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	230.0	238.7	231.5	238.4	236.5	244.5	251.4	237.3	157.4	163.6	166.3	172.4
1. Tangible fixed assets	229.6	238.7	231.5	238.4	236.5	244.5	251.4	237.3	157.4	163.6	166.3	172.4
- Cost	526.4	—	—	—	—	497.3	496.2	473.5	386.2	387.2	384.1	384.0
- Accumulated depreciation	-296.8	—	—	—	—	-252.8	-244.8	-236.2	-228.8	-223.6	-217.8	-211.5
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	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	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
III. Investment properties	1.3	1.5	1.8	2.0	2.2	2.4	2.6	2.9	3.1	3.3	3.5	3.7
- Cost	16.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	34.7	34.7	46.5	46.4	45.9	43.7	40.0	21.8	92.9	49.8	32.0	25.1
1. Long-term production in progress	24.5	24.5	24.5	24.5	24.5	24.5	24.5	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	10.1	10.1	22.0	21.9	21.4	19.2	15.5	21.8	92.9	49.8	32.0	25.1
V. Long-term financial investments	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.5	2.6	2.4	2.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	-0.1	-0.1	-0.1	-0.3	-0.5
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	5.8	6.0	5.5	4.5	4.8	5.1	5.3	5.2	4.9	3.8	4.0	4.3
1. Long-term prepayments	0.5	0.8	0.9	0.9	1.2	1.6	1.8	2.2	1.9	0.8	1.0	1.2
2. Deferred income tax assets	0.6	0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	4.7	4.7	4.7	3.6	3.6	3.6	3.6	3.0	3.0	3.0	3.0	3.0
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)	818.9	821.5	803.7	767.8	736.2	721.9	683.1	665.2	547.9	570.8	522.9	504.2
A. LIABILITIES (300=210+330)	226.8	254.2	270.0	259.4	254.0	258.5	238.7	236.0	130.4	163.8	131.8	126.3
I. Short -term liabilities	226.7	254.1	269.9	259.3	253.9	258.3	238.6	235.9	118.7	152.1	120.1	121.5
1. Short-term trade accounts payable	120.7	116.3	116.4	108.4	105.6	106.7	91.9	105.1	101.2	96.2	78.3	83.7
2. Short-term advances from customers	12.7	19.1	11.1	9.1	7.2	7.8	5.9	5.9	5.2	3.6	11.1	7.5
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.7	9.8	12.8	10.9	6.4	4.6	4.3	3.1	2.5	3.9	3.3	2.4
4. Payable to employees	3.8	6.9	8.8	5.7	4.0	6.9	8.4	5.5	3.7	6.3	5.6	3.7
5. Short-term acrrued expenses	1.7	0.1	1.3	1.3	1.7	0.1	1.9	0.1	2.9	0.2	2.5	3.0
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	0.1	0.1	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	3.8	3.8	4.3	4.1	3.5	2.3	2.3	2.2	2.2	2.3	2.3	2.3
10. Short-term borrowings and financial leases	75.0	97.0	114.0	118.3	124.8	129.0	122.7	112.6	0.0	38.5	15.8	17.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.1	1.2	1.3	1.5	0.8	1.0	1.1	1.4	1.0	1.1	1.2	1.4
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	11.7	11.7	11.7	4.8
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	—	—	—	—	—	0.0	0.0	0.0	11.6	11.6	11.6	4.7
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	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)	592.1	567.3	533.8	508.4	482.2	463.4	444.4	429.2	417.5	407.0	391.1	377.9
I. Owner's equity	592.1	567.3	533.8	508.4	482.2	463.4	444.4	429.2	417.5	407.0	391.1	377.9
1. Owner's capital	83.1	83.1	83.1	83.1	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0
- Common stock with voting right	83,080,000,000.00	83,080,000,000.00	83,080,000,000.00	83,080,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	16.2	16.2	16.2	16.2	16.2	16.2	16.2	16.2	16.2	16.2	16.2	16.2
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	-80,000,000.00	-80,000,000.00	-80,000,000.00	—	—	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
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	141.6	141.6	141.6	141.6	141.6	141.6	141.6	141.6	141.6	141.6	141.6	141.6
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	351.3	326.5	293.0	267.5	244.4	225.6	206.6	191.4	179.7	169.2	153.3	140.1
- Accumulated retained earning at the end of the previous period	326.5	224.5	224.5	224.5	225.6	168.2	168.2	168.2	169.2	120.5	120.5	120.5
- Undistributed earnings in this period	24.8	102.0	68.5	43.0	18.8	57.4	38.4	23.2	10.5	48.7	32.8	19.6
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	818.9	821.5	803.7	767.8	736.2	721.9	683.1	665.2	547.9	570.8	522.9	504.2

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	31.1	42.0	32.1	30.4	23.6	23.9	20.8	14.9	13.3	20.0	16.5	12.3
Depreciation of Fixed Assets and Investment Property	9.3	9.0	9.1	9.0	8.8	8.9	8.8	7.6	6.4	6.3	6.5	6.6
Provision (Increase)/Reversal	—	0.1	3.0	0.1	—	3.8	-0.7	0.9	0.1	-0.2	-0.2	0.2
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.6	-3.9	-3.2	-2.7	-2.0	-2.6	-2.1	-1.9	-0.8	-1.4	-1.3	-1.2
Interest Expense	0.9	0.9	0.9	0.7	0.6	0.6	0.6	0.7	0.1	0.1	0.2	0.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	36.7	48.1	41.8	37.5	30.9	34.7	27.4	22.1	19.1	24.9	21.7	18.4
Increase/(Decrease) in Receivables	-6.3	-5.1	-5.1	2.9	-9.0	-12.4	7.9	0.7	-2.5	-3.6	-7.9	9.6
Increase/(Decrease) in Inventory	3.3	0.9	-3.8	-0.4	5.4	-3.3	-3.7	1.3	1.7	0.3	-0.2	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.6	2.1	19.8	-6.0	0.6	11.2	8.5	-0.5	-1.7	8.5	-0.3	-4.4
Increase/(Decrease) in Prepaid Expenses	-0.9	0.7	0.8	0.7	-1.2	0.2	0.6	-1.6	-1.1	0.1	0.3	-0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-0.9	-0.9	-0.7	-0.6	-0.6	-0.6	-0.6	-0.1	-0.1	-0.2	-0.4
Corporate Income Tax Paid	-9.0	-12.8	-4.8	0.0	-4.6	-4.6	-3.4	-2.7	-4.0	-3.4	-2.6	-2.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-0.2	-0.5	-0.2	-0.1	-0.3	-0.5	-0.2	-0.0	-0.2	-0.6
Net Cash Flow from Operating Activities	20.2	32.9	47.6	33.6	21.4	25.0	36.4	18.3	11.3	26.8	10.6	20.2
Payments for Fixed Assets and Other Long-term Assets	-0.4	-1.8	-9.7	-0.3	-3.6	-3.6	-33.8	-12.1	-34.8	-27.9	-7.0	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-70.0	-75.0	-70.0	-85.0	-25.0	0.0	0.0	-140.0	-25.0	-0.9	-0.9	-109.5
Receipts from Loan Repayments and Sale of Debt Instruments	50.0	10.0	—	—	—	140.0	0.0	25.0	0.0	61.0	0.9	49.5
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	3.1	3.4	1.9	1.7	1.9	2.2	2.1	2.3	0.7	2.5	0.2	1.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-17.3	-63.4	-77.8	-83.6	-26.7	138.6	-31.7	-124.8	-59.1	34.6	-6.8	-59.8
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	538.0	545.0	673.0	790.0	696.5	791.5	758.5	645.6	159.3	146.3	109.5	226.6
Repayment of Borrowings	-560.0	-562.0	-677.3	-796.4	-700.8	-785.2	-748.4	-544.6	-197.8	-123.6	-104.3	-215.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
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	-22.0	-17.1	-4.3	-3.3	-4.3	6.3	10.1	101.0	-38.5	22.7	5.2	11.4
Net Cash Flow During the Period	-19.0	-47.6	-34.5	-53.3	-9.5	170.0	14.9	-5.6	-86.3	84.2	8.9	-28.2
Cash and Cash Equivalents at Beginning of Period	45.5	93.1	127.6	180.9	190.4	97.4	97.4	97.4	97.4	54.0	54.0	54.0
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	26.5	45.5	93.1	127.6	180.9	190.4	20.4	5.5	11.1	97.4	13.3	4.3

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UIC

What Is Changing

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

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Cash Flow