V12

Xây dựng Số 12 ·HNX ·2026Q1

▲ Showing improvement

The balance sheet remains flexible Debt/equity −0.96x

Price

10,600

Latest close

28 May 2026

P/E 9.35x

P/B 0.74x

EPS 1,134

BVPS 14,386

ROE 8.0%

ROA 2.0%

Profit Margin 2.2%

Asset Turnover 0.90x

Equity Mult. 4.09x

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

What Is Changing

On a TTM 2026Q1 basis, V12 is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 610bn
	                                
+34.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
+47.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.39x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	551.1	460.9	371.6	337.4	468.2
Growth	+20%	+24%	+10%	-28%	—
Net Income	11.2	9.1	9.4	6.2	6.2
Net Margin	2.04%	1.97%	2.52%	1.83%	1.32%

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	112.9	195.7	86.4	215.4	53.6	198.3	71.9	129.9	60.8	231.0	84.5	32.5
Growth	-42%	+126%	-60%	+301%	-73%	+176%	-45%	+114%	-74%	+173%	+160%	—
Net Income	3.1	3.5	2.1	4.5	1.1	4.0	1.1	2.8	1.3	6.5	1.8	0.6
Net Margin	2.70%	1.81%	2.49%	2.07%	2.03%	2.00%	1.53%	2.15%	2.09%	2.82%	2.18%	1.88%

Drivers of V12's profit

TTM

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

Gross profit ↑ 26.3bn

Financial income ↑ 2.3bn

Administrative expenses ↑ 19.1bn

Tax ↑ 4.8bn

Other profit ↓ 0.9bn

TTM

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

Gross profit ↑ 3.7bn

Financial income ↑ 0.6bn

Administrative expenses ↑ 1.6bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.5% = 2.0% × 0.82 × 3.40

2026Q1 8.0% = 2.2% × 0.90 × 4.09

ROE rose from 5.5% to 8.0% — all three components improved, with leverage contributing the most.

Net margin: 2.2% +0.2pp Asset turnover: 0.90x +0.08x Leverage: 4.09x +0.69x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 2.16%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 2.16% +0.2pp

Gross Margin 8.68% +2.8pp

SG&A / Revenue 5.89% +2.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 36.8% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 36.78%, rising 28.3pp. That translates to 36.78 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 12.23x, while invested capital contracted by 63bn — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 36.78% +28.3pp

NOPAT Margin 2.19% +0.3pp

Capital Turnover 16.78x +12.23x

Average Invested Capital 36.4bn −63.3bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage runs above the construction contractors average — project acceptance cycles warrant monitoring — liabilities at 3.96x equity, with a net cash position equivalent to 0.96x equity.

Over the last 12 months, working capital absorbed 32.9bn 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: −75.6bn

Inventories increased → lower CFO: −46.5bn

Payables increased → higher CFO: +89.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.0 days versus the same period last year. The main moves came from DIO rose 16.6 days, DSO fell 47.9 days, and DPO fell 17.2 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +16.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 68.9 days −47.9 days

Inventory 40.0 days +16.6 days

Payables 43.0 days −17.2 days

Cash Conversion Cycle 65.9 days −14.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 67.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.96x and interest coverage at 50.03x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3547.2% of debt, and total debt stands at 4.7bn.

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

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 -0.96x −0.37x

Interest Coverage 50.03x —

Cash / Debt 3547.2% −1369.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.39x −15.55x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 67.7bn in 2025, against investing cash flow of 1.2bn.

Post-investment cash flow was positive +68.9bn. Financing cash flow was negative +5.6bn.

CFO / net income was -0.39x.

Track how much investment can be funded internally from operating cash flow.

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

Cash Conversion

CFO TTM 5.2bn −140.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.96x. The next item to monitor is the earnings mix, when non-core contribution is 17.7%.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.96x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 17.7% of PBT and CFO / net income currently at -0.39x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	551.1	460.9	371.6	337.4	468.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	551.1	460.9	371.6	337.4	468.2
Cost of Goods Sold	501.8	432.0	345.0	320.4	0.0
Gross Profit	49.3	28.9	26.7	16.9	26.5
Financial Income	2.6	1.3	1.9	1.3	1.4
Financial Expenses	-0.4	2.8	0.4	0.9	-4.0
Interest Expense	0.2	0.1	0.4	0.9	-4.0
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	34.4	16.2	15.7	12.0	-15.9
Operating Profit	17.9	11.2	12.4	5.3	8.0
Other Income	—	1.0	0.8	2.6	0.0
Other Expenses	0.1	0.8	1.5	0.3	0.0
Other Profit	-0.1	0.2	-0.7	2.3	-0.5
Profit Before Tax	17.8	11.4	11.7	7.6	7.5
Current Income Tax Expense	6.6	2.3	2.4	1.5	-1.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	11.2	9.1	9.4	6.2	6.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	11.2	9.1	9.4	6.2	6.2
Earnings per Share	965.00	779.00	993.00	1,063.00	1,059.00
Diluted EPS	965.00	779.00	993.00	1,063.00	1,058.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	759.8	574.1	540.6	377.8	512.5
I. Cash and cash equivalents	295.0	231.7	143.0	37.8	52.5
1. Cash	254.1	226.7	138.0	22.8	0.0
2. Cash equivalents	40.8	5.0	5.0	15.0	0.0
II. Short-term financial investments	—	1.2	16.2	19.2	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	—	1.2	16.2	19.2	0.0
III. Short-term receivables	413.7	328.7	357.7	307.0	392.3
1. Short-term trade accounts receivable	108.5	144.3	198.9	187.0	0.0
2. Short-term prepayments to suppliers	82.1	57.1	55.6	42.2	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	281.3	169.8	145.8	119.8	0.0
7. Provision for short-term doubtful debts (*)	-58.2	-42.6	-42.6	-42.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	41.5	11.4	23.5	13.5	63.5
1. Inventories	41.5	11.4	23.5	13.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	9.6	1.0	0.2	0.3	2.5
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	9.5	0.9	0.2	0.2	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	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)	54.6	55.0	57.4	56.0	49.9
I. Long-term receivables	17.3	17.3	17.2	0.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	10.4
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	17.3	17.3	17.2	0.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	14.1	14.3	13.0	13.3	15.7
1. Tangible fixed assets	9.0	9.0	7.5	7.7	9.9
- Cost	62.4	61.2	58.9	61.0	0.0
- Accumulated depreciation	-53.4	-52.2	-51.4	-53.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.1	5.3	5.4	5.6	5.7
- Cost	6.7	6.7	6.7	6.7	0.0
- Accumulated depreciation	-1.6	-1.4	-1.3	-1.1	0.0
III. Investment properties	12.5	13.1	13.8	14.4	15.1
- Cost	19.2	19.2	19.2	19.2	0.0
- Accumulated depreciation	-6.7	-6.1	-5.4	-4.8	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	6.8	6.1	8.9	23.2	5.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	8.9	8.9	8.9	23.2	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	-2.1	-2.8	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	3.9	4.1	4.5	4.2	0.0
1. Long-term prepayments	3.9	4.1	4.5	4.2	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	3.6
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)	814.4	629.0	598.0	433.8	562.4
A. LIABILITIES (300=210+330)	650.1	467.0	437.4	345.0	474.0
I. Short -term liabilities	626.9	442.9	412.4	319.0	447.1
1. Short-term trade accounts payable	87.3	93.9	109.2	121.9	152.4
2. Short-term advances from customers	360.4	198.2	167.5	89.1	175.7
3. Taxes and other payables to state authorities	6.1	3.2	8.7	4.7	0.0
4. Payable to employees	3.7	3.8	0.7	0.0	0.0
5. Short-term acrrued expenses	90.4	100.0	83.0	25.5	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	0.9	0.9	0.9	0.9	0.9
9. Other short-term payables	75.3	39.9	35.5	59.0	0.0
10. Short-term borrowings and financial leases	1.8	2.4	6.2	15.8	16.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	0.5	0.7	2.0	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	23.2	24.1	25.0	26.0	26.9
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	23.2	24.1	25.0	26.0	26.9
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	164.3	162.1	160.6	88.8	88.4
I. Owner's equity	164.3	162.1	160.6	88.8	0.0
1. Owner's capital	116.4	116.4	116.4	58.2	88.4
- Common stock with voting right	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	58,180,000,000.00	58,180,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	16.8	16.8	16.8	5.5	5.5
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	18.0	18.0	18.0	18.0	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	13.2	11.0	9.5	7.2	6.8
- Accumulated retained earning at the end of the previous period	2.0	1.9	0.2	1.0	0.6
- Undistributed earnings in this period	11.2	9.1	9.4	6.2	6.2
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)	814.4	629.0	598.0	433.8	562.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	17.8	11.4	11.7	7.6	7.5
Depreciation of Fixed Assets and Investment Property	2.0	1.6	1.8	2.9	3.5
Provision (Increase)/Reversal	15.0	2.8	0.6	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	-0.6	-1.3	-2.6	-3.9	0.0
Interest Expense	0.2	0.1	0.4	0.9	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	34.5	14.5	12.0	7.4	14.5
Increase/(Decrease) in Receivables	-111.8	29.8	-52.6	87.5	0.0
Increase/(Decrease) in Inventory	-30.1	12.1	-10.1	50.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	179.4	33.7	107.9	-132.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	0.3	-0.3	-0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.1	-0.6	-0.9	0.0
Corporate Income Tax Paid	-2.8	-3.3	-0.9	-1.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.5	-1.0	-2.0	-1.8	0.0
Net Cash Flow from Operating Activities	67.7	86.0	53.4	7.7	22.9
Payments for Fixed Assets and Other Long-term Assets	-1.2	-2.2	-0.8	-0.2	-1.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.8	2.9	13.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	-25.7	-15.1
Receipts from Loan Repayments and Sale of Debt Instruments	1.2	15.0	3.0	8.1	54.9
Investments in Other Entities	—	0.0	0.0	-8.5	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.1	0.7	1.8	1.3	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	1.2	13.5	4.7	-22.0	53.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	69,503,127,273.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1.8	0.3	21.5	31.9	70.4
Repayment of Borrowings	-0.3	-4.2	-31.1	-32.3	-126.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-7.0	-7.0	-12.9	0.0	-7.0
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	-5.6	-10.8	47.0	-0.4	-62.9
Net Cash Flow During the Period	63.3	88.7	105.1	-14.7	39.5
Cash and Cash Equivalents at Beginning of Period	231.7	143.0	37.8	52.5	39.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	295.0	231.7	143.0	37.8	52.5

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	112.9	195.7	86.4	215.4	53.6	198.3	71.9	129.9	60.8	231.0	84.5	32.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	112.9	195.7	86.4	215.4	53.6	198.3	71.9	129.9	60.8	231.0	84.5	32.5
Cost of Goods Sold	105.7	166.8	80.7	204.1	50.1	186.6	67.2	123.2	57.1	212.6	80.1	30.6
Gross Profit	7.2	28.8	5.7	11.2	3.5	11.8	4.7	6.7	3.7	18.5	4.4	1.9
Financial Income	0.9	0.8	0.5	1.0	0.3	0.2	0.0	0.3	0.8	0.6	0.0	1.1
Financial Expenses	0.0	-0.4	0.0	-0.1	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
Interest Expense	0.0	0.1	0.0	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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	4.0	21.7	3.5	6.9	2.4	6.9	3.0	4.5	2.4	9.2	2.8	2.3
Operating Profit	4.1	8.3	2.7	5.5	1.4	5.0	1.7	2.6	2.0	9.8	1.6	0.6
Other Income	—	—	—	—	—	0.0	0.0	1.0	0.0	0.0	0.8	0.1
Other Expenses	0.2	0.0	0.0	0.0	0.1	0.0	0.3	0.0	0.5	1.5	0.0	0.0
Other Profit	-0.2	-0.0	-0.0	-0.0	-0.1	-0.0	-0.3	0.9	-0.5	-1.5	0.8	0.1
Profit Before Tax	3.9	8.3	2.7	5.5	1.4	5.0	1.4	3.5	1.6	8.3	2.3	0.6
Current Income Tax Expense	0.8	4.8	0.5	1.0	0.3	1.0	0.3	0.7	0.3	1.8	0.5	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.1	3.5	2.1	4.5	1.1	4.0	1.1	2.8	1.3	6.5	1.8	0.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.1	3.5	2.1	4.5	1.1	4.0	1.1	2.8	1.3	6.5	1.8	0.6
Earnings per Share	262.00	303.00	185.00	384.00	93.00	341.00	95.00	240.00	109.00	561.00	189.00	22.00
Diluted EPS	262.42	303.76	184.53	383.53	93.48	340.95	94.60	240.19	109.24	560.53	158.31	52.44

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)	708.0	820.4	644.7	679.6	535.0	574.1	412.2	432.4	457.2	541.8	429.9	395.3
I. Cash and cash equivalents	166.1	295.0	150.9	195.7	98.3	231.7	10.0	39.6	33.0	143.0	51.3	35.1
1. Cash	45.6	254.1	87.9	127.7	20.3	226.7	5.0	14.6	18.0	138.0	27.3	20.1
2. Cash equivalents	120.5	40.8	63.0	68.0	78.0	5.0	5.0	25.0	15.0	5.0	24.0	15.0
II. Short-term financial investments	—	—	—	1.2	1.2	1.2	13.2	13.2	16.2	16.2	6.2	1.2
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	—	—	—	1.2	1.2	1.2	13.2	13.2	16.2	16.2	6.2	1.2
III. Short-term receivables	443.1	474.3	455.9	453.4	388.8	328.7	358.5	361.0	388.5	358.9	352.9	345.3
1. Short-term trade accounts receivable	93.4	108.5	107.1	185.1	137.2	144.3	130.4	137.7	153.2	200.8	159.8	155.2
2. Short-term prepayments to suppliers	104.6	82.1	83.9	68.3	81.3	57.1	96.9	92.5	102.2	55.6	73.5	75.9
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	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	303.3	341.9	307.4	242.6	212.8	169.8	173.7	173.4	175.6	145.1	161.5	156.2
7. Provision for short-term doubtful debts (*)	-58.2	-58.2	-42.6	-42.6	-42.6	-42.6	-42.6	-42.6	-42.6	-42.6	-41.9	-41.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	84.3	41.5	27.9	22.7	37.8	11.4	26.0	15.8	16.8	23.5	19.1	13.4
1. Inventories	84.3	43.7	27.9	22.7	37.8	11.4	26.0	15.8	16.8	23.5	19.1	13.4
2. Provision for decline in value of inventories	—	-2.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	14.5	9.6	10.0	6.6	8.9	1.0	4.5	2.7	2.7	0.2	0.3	0.2
1. Short-term prepayments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	14.4	9.5	9.9	6.5	8.8	0.9	4.5	2.6	2.6	0.2	0.2	0.2
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	53.9	54.6	54.6	55.3	55.6	55.0	53.0	56.3	56.8	57.4	54.8	55.2
I. Long-term receivables	17.3	17.3	17.3	17.3	17.3	17.3	17.3	17.3	17.2	0.9	0.9	0.9
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	17.3	17.3	17.3	17.3	17.3	17.3	17.3	17.3	17.2	0.9	0.9	0.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	13.7	14.1	14.2	14.6	14.6	14.3	12.3	12.5	12.7	13.0	12.5	12.7
1. Tangible fixed assets	8.6	9.0	9.0	9.3	9.3	9.0	6.9	7.1	7.3	7.5	7.0	7.1
- Cost	62.4	—	—	—	—	61.2	58.9	58.9	58.9	58.9	58.2	61.0
- Accumulated depreciation	-53.7	—	—	—	—	-52.2	-52.0	-51.8	-51.6	-51.4	-51.2	-53.9
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	5.1	5.1	5.2	5.2	5.3	5.3	5.3	5.4	5.4	5.4	5.5	5.5
- Cost	6.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	12.3	12.5	12.7	12.8	13.0	13.1	13.3	13.5	13.6	13.8	14.0	14.1
- Cost	19.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	6.8	6.8	6.3	6.3	6.1	6.2	6.2	8.9	8.9	25.2	23.2	23.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	25.2	23.2	23.2
3. Investments in other entities	-2.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-2.1	-2.6	-2.6	-2.8	-2.7	-2.7	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.7	3.9	4.1	4.3	4.6	4.1	4.0	4.2	4.3	4.5	4.2	4.4
1. Long-term prepayments	3.7	3.9	4.1	4.3	4.6	4.1	4.0	4.2	4.3	4.5	4.2	4.4
2. Deferred income tax assets	—	—	—	—	—	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
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)	761.9	875.0	699.3	734.9	590.5	629.1	465.2	488.7	514.0	599.2	484.6	450.5
A. LIABILITIES (300=210+330)	594.5	710.6	538.5	576.2	427.4	467.0	307.1	331.6	352.1	438.6	330.5	298.3
I. Short -term liabilities	571.5	687.5	515.1	552.6	403.5	442.9	282.8	307.0	327.3	413.6	305.3	272.8
1. Short-term trade accounts payable	61.5	87.3	67.2	69.0	69.8	93.9	73.7	70.6	71.1	109.2	85.7	84.7
2. Short-term advances from customers	341.1	420.9	288.1	297.0	228.9	198.2	102.4	118.6	157.4	169.4	133.1	100.0
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.3	6.1	3.1	1.8	1.4	3.2	1.9	2.6	1.8	8.7	1.6	2.7
4. Payable to employees	1.2	3.7	1.7	2.4	—	3.8	0.7	1.3	0.1	0.7	0.0	0.0
5. Short-term acrrued expenses	84.4	90.4	70.6	96.0	84.9	100.0	71.7	79.2	63.9	83.1	31.3	22.0
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
9. Other short-term payables	77.6	75.3	73.1	81.9	16.1	39.9	28.5	30.8	28.4	35.5	46.5	54.6
10. Short-term borrowings and financial leases	4.7	1.8	9.3	2.0	2.0	2.4	2.4	2.4	3.6	6.2	6.2	7.7
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	-1.4	1.0	1.1	1.5	-0.5	0.5	0.6	0.6	0.1	0.0	0.0	0.2
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	22.9	23.2	23.4	23.6	23.9	24.1	24.3	24.6	24.8	25.0	25.3	25.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	22.9	23.2	23.4	23.6	23.9	24.1	24.3	24.6	24.8	25.0	25.3	25.5
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	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
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)	167.4	164.3	160.8	158.7	163.2	162.1	158.1	157.1	161.9	160.6	154.1	152.3
I. Owner's equity	167.4	164.3	160.8	158.7	163.2	162.1	158.1	157.1	161.9	160.6	154.1	152.3
1. Owner's capital	116.4	116.4	116.4	116.4	116.4	116.4	116.4	116.4	116.4	116.4	116.4	116.4
- Common stock with voting right	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00	116,360,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0
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	16.3	13.2	9.7	7.6	12.0	11.0	7.0	6.0	10.8	9.5	3.0	1.1
- Accumulated retained earning at the end of the previous period	13.2	2.0	2.0	2.0	11.0	1.9	1.9	1.9	9.5	0.2	0.2	0.2
- Undistributed earnings in this period	3.1	11.2	7.7	5.6	1.1	9.1	5.1	4.1	1.3	9.3	2.8	1.0
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)	761.9	875.0	699.3	734.9	590.5	629.1	465.2	488.7	514.0	599.2	484.6	450.5

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	3.9	8.3	2.7	5.5	1.4	5.0	1.4	3.5	1.6	8.4	2.3	0.6
Depreciation of Fixed Assets and Investment Property	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Provision (Increase)/Reversal	—	15.1	0.0	-0.1	—	0.0	0.0	2.7	0.0	0.6	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
Gain/Loss from Investment Activities	-0.9	1.2	-1.2	-0.3	-0.3	-0.2	-0.0	-0.9	-0.2	-0.4	-0.9	-1.1
Interest Expense	0.0	0.1	0.0	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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	3.5	25.4	2.0	5.6	1.5	5.2	1.8	5.7	1.8	9.0	1.9	0.1
Increase/(Decrease) in Receivables	-30.0	24.4	-64.8	-5.3	-66.1	32.6	0.6	28.8	-32.9	-6.3	-8.8	-52.8
Increase/(Decrease) in Inventory	-42.8	-13.7	-5.2	15.1	-26.3	14.5	-8.9	-0.3	6.7	-4.4	-5.7	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-56.4	60.2	76.6	8.8	33.7	162.7	-21.0	-24.6	-80.6	106.0	39.7	3.2
Increase/(Decrease) in Prepaid Expenses	0.2	0.2	0.2	0.2	-0.4	-0.1	0.1	0.2	0.2	-0.3	0.2	-0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.2	—	0.1	-0.1	0.0	0.0	-0.0	-0.0	0.0	-0.1	-0.0
Corporate Income Tax Paid	-4.8	-1.5	-0.3	-0.0	-1.0	-1.0	-0.2	-0.3	-1.8	-0.5	-0.1	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	0.0
Other Operating Payments	-2.4	-0.1	-0.4	-0.0	-1.0	-0.1	0.0	-0.3	-0.6	0.1	-0.3	-0.0
Net Cash Flow from Operating Activities	-132.6	92.8	10.2	24.4	-59.7	213.8	-27.6	9.1	-107.3	103.5	26.8	-50.1
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	0.0	-0.3	-0.6	-2.2	0.0	0.0	0.0	-0.8	-0.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.8	0.0
Loans and Purchases of Debt Instruments	—	—	-5.0	—	-78.0	0.0	0.0	0.3	-0.3	5.0	-5.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	-18.8	15.0	—	5.0	10.0	0.0	3.0	0.0	-15.0	15.0	3.0
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	0.9	-0.2	0.7	0.3	0.3	0.2	0.0	0.3	0.2	1.1	0.0	0.6
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	0.9	63.8	-62.3	72.9	-73.3	7.9	0.0	3.6	-0.1	-9.7	10.7	3.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	11,323,127,273.00	-11,323,127,273.00	69,503,127,273.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	-11,323,127,273.00	11,323,127,273.00	227,000,000.00
Proceeds from Borrowings	4.2	-8.9	10.6	—	—	0.0	0.0	0.0	0.3	1.2	2.6	13.2
Repayment of Borrowings	-1.3	3.3	-3.3	0.0	-0.3	0.0	0.0	-1.2	-2.9	-1.2	-4.1	-14.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-7.0	—	—	—	0.0	-2.1	-4.8	0.0	-2.2	-4.8	-5.8
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	2.9	-12.6	7.3	0.0	-0.3	0.0	-2.1	-6.1	-2.6	-2.2	-6.4	62.2
Net Cash Flow During the Period	-128.8	144.0	-44.8	97.4	-133.3	221.7	-29.7	6.7	-110.0	91.7	31.2	15.7
Cash and Cash Equivalents at Beginning of Period	295.0	150.9	195.7	98.3	231.7	143.0	143.0	143.0	143.0	37.8	37.8	37.8
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	166.1	295.0	150.9	195.7	98.3	231.7	10.0	39.6	33.0	143.0	51.3	20.1

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V12

What Is Changing

Drivers of V12'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