VKC

VKC Holdings ·UPCOM ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin −200.07%, +317.86pp YoY

Price

1,100

Latest close

29 May 2026

P/E -0.42x

P/B -0.07x

EPS -2,635

BVPS -15,292

ROE 18.3%

ROA -21.2%

Profit Margin -199.9%

Asset Turnover 0.11x

Equity Mult. -0.86x

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

What Is Changing

On a TTM 2026Q1 basis, VKC has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 25bn
	                                
−4.1%YoY

	                            
	                                NET MARGIN
	                            
	                                    −200.07%
	                                
+317.9ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 51bn
	                                
+63.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    84.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	26.0	24.9	30.0	262.9	884.1
Growth	+5%	-17%	-89%	-70%	—
Net Income	-53.4	-158.5	-88.4	-239.6	2.4
Net Margin	-205.33%	-637.48%	-295.06%	-91.11%	0.27%

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	5.2	6.8	8.6	4.8	7.1	7.3	6.2	5.9	5.4	4.7	7.3	7.2
Growth	-23%	-21%	+82%	-33%	-4%	+18%	+5%	+9%	+14%	-35%	+1%	—
Net Income	-11.5	-12.1	-13.6	-13.7	-9.2	-22.2	-76.8	-29.2	-15.7	-37.0	-14.6	-19.7
Net Margin	-219.34%	-177.76%	-157.06%	-288.94%	-130.68%	-302.12%	-1238.61%	-492.57%	-289.92%	-781.16%	-200.99%	-275.44%

Drivers of VKC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 54.9bn

Finance costs ↓ 20.4bn

Gross profit ↑ 17.1bn

TTM

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

Gross profit ↑ 3.3bn

Administrative expenses ↓ 0.4bn

Other profit ↓ 4.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 78.5% = -517.9% × 0.09 × -1.72

2026Q1 18.3% = -200.1% × 0.11 × -0.86

ROE edged down from 78.5% to 18.3% — the components are broadly offsetting.

Net margin: -200.1% +317.9pp Asset turnover: 0.11x +0.02x Leverage: -0.86x +0.86x

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 expanded to -200.07%, rising 317.9pp. The main driver is SG&A / Revenue fell 214.1pp and Gross margin rose 65.0pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 70.0pp added support while Other profit / Revenue fell 31.1pp remained a drag).

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

Profitability trend

Net Margin -200.07% +317.9pp

Gross Margin 9.42% +65.0pp

SG&A / Revenue 36.68% −214.1pp

Non-core / Revenue -180.01% +38.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 86.9% of PBT and lifted net margin by 38.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.31x +0.17x

Average Invested Capital 81.8bn −105.0bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -1.80x equity, with a net cash position equivalent to 1.17x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 919.0 days versus the same period last year. The main moves came from DIO fell 69.2 days, DSO fell 797.1 days, and DPO rose 52.8 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 573.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 678.8 days −797.1 days

Inventory 24.2 days −69.2 days

Payables 129.5 days +52.8 days

Cash Conversion Cycle 573.5 days −919.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 1.5bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -1.17x and interest coverage only at -1.15x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.5% of debt, and total debt stands at 361.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.15x, 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 -1.17x +0.27x

Interest Coverage -1.15x +1.09x

Cash / Debt 0.5% +0.3pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.09x −0.12x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.5bn in 2025, against investing cash flow of -1.0bn.

Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +0.1bn.

CFO / net income was -0.09x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 4.4bn +9.4bn

Cash Capex — —

FCF TTM — —

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 operating efficiency, with net margin improving 317.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at -1.15x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -200.07% after expanding 317.9pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 84.5% of PBT and CFO / net income currently at -0.09x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.15x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	26.3	24.9	30.0	264.4	886.0
Revenue Deductions	0.3	0.0	0.0	1.5	0.0
Net Revenue	26.0	24.9	30.0	262.9	884.1
Cost of Goods Sold	24.1	38.9	36.4	259.0	0.0
Gross Profit	1.9	-14.1	-6.4	3.9	47.8
Financial Income	0.0	0.0	0.3	2.4	5.1
Financial Expenses	42.3	82.5	44.2	41.8	-23.3
Interest Expense	42.3	46.5	44.2	37.0	-22.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.1	4.0	5.1	10.1	-13.9
General and Administrative Expenses	7.8	59.9	34.2	91.5	-11.9
Operating Profit	-50.3	-160.5	-89.6	-137.0	3.8
Other Income	0.4	3.8	1.5	11.3	0.0
Other Expenses	5.3	1.3	0.3	113.8	0.0
Other Profit	-4.9	2.6	1.2	-102.5	-0.6
Profit Before Tax	-55.2	-157.9	-88.4	-239.6	3.2
Current Income Tax Expense	0.0	0.6	0.0	0.0	-0.8
Deferred Income Tax Expense	-1.8	0.0	0.0	0.0	0.0
Net Income	-53.4	-158.5	-88.4	-239.6	2.4
Non-controlling Interest	-0.1	-0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-53.3	-158.5	-88.4	-239.6	2.4
Earnings per Share	-2,762.00	-8,222.00	-4,586.00	-12,426.00	115.00
Diluted EPS	-2,762.00	-8,222.00	-4,586.00	-12,426.00	120.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	191.9	193.5	255.9	285.1	442.4
I. Cash and cash equivalents	2.2	1.8	0.7	1.6	26.0
1. Cash	2.2	1.8	0.7	1.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.5	0.5	0.5	0.5	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.5	0.5	0.5	0.5	0.0
III. Short-term receivables	185.7	188.3	234.1	255.1	264.4
1. Short-term trade accounts receivable	25.6	74.2	150.8	149.2	0.0
2. Short-term prepayments to suppliers	13.4	8.0	6.5	7.7	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	2.6	2.6	2.6	0.0	0.0
6. Other short-term receivables	165.4	167.0	165.8	166.3	0.0
7. Provision for short-term doubtful debts (*)	-21.3	-63.5	-92.9	-68.2	0.0
8. Assets awaiting resolution	—	0.0	1.2	0.0	0.0
IV. Inventories	2.4	2.9	20.6	27.8	68.0
1. Inventories	2.4	2.9	21.2	28.4	0.0
2. Provision for decline in value of inventories	—	0.0	-0.6	-0.6	0.0
V. Other short-term assets	1.0	0.0	0.0	0.0	0.3
1. Short-term prepayments	0.2	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.9	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	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)	42.5	50.3	102.8	121.2	235.4
I. Long-term receivables	5.9	5.9	5.7	10.2	0.0
1. Long-term trade receivables	—	0.0	0.0	2.0	15.7
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	2.5	0.0
6. Other long-term receivables	5.9	5.9	5.7	5.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	34.3	44.3	57.4	68.3	72.6
1. Tangible fixed assets	33.0	36.7	49.5	59.9	71.3
- Cost	121.9	123.3	255.4	278.6	0.0
- Accumulated depreciation	-88.9	-86.6	-205.9	-218.6	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	1.4	7.6	7.9	8.4	1.3
- Cost	5.2	11.7	11.7	11.7	0.0
- Accumulated depreciation	-3.9	-4.2	-3.8	-3.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	106.6
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	—	0.0	36.0	36.0	36.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	36.0	36.0	36.0	36.0	0.0
4. Provision for diminution in value of long-term investments	-36.0	-36.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.2	0.1	3.7	6.6	0.0
1. Long-term prepayments	0.1	0.1	3.7	6.6	0.0
2. Deferred income tax assets	2.1	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	4.6
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)	234.3	243.8	358.7	406.2	677.9
A. LIABILITIES (300=210+330)	528.7	485.4	442.8	402.0	437.7
I. Short -term liabilities	528.4	485.4	442.8	401.0	318.3
1. Short-term trade accounts payable	7.6	7.4	7.8	6.9	31.4
2. Short-term advances from customers	0.2	0.6	0.0	0.0	0.1
3. Taxes and other payables to state authorities	1.2	0.8	0.9	2.5	0.0
4. Payable to employees	0.5	0.6	0.0	1.1	0.0
5. Short-term acrrued expenses	155.0	112.7	66.4	22.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	2.5	1.8	1.8	1.6	0.0
10. Short-term borrowings and financial leases	361.5	361.6	366.0	366.7	281.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	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	0.3	0.0	0.0	1.0	119.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	1.0	0.3
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	0.3	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)	-294.4	-241.6	-84.1	4.3	240.2
I. Owner's equity	-294.4	-241.6	-84.1	4.3	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	240.2
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	11.4	11.4	11.4	11.4	11.4
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	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	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	13.6	13.6	13.6	13.6	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	-516.2	-463.0	-305.3	-216.9	19.0
- Accumulated retained earning at the end of the previous period	-463.0	-304.5	-216.9	22.5	16.6
- Undistributed earnings in this period	-53.3	-158.5	-88.4	-239.3	2.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.8	0.3	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)	234.3	243.8	358.7	406.2	677.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	-55.2	-157.1	-88.4	-239.6	0.0
Depreciation of Fixed Assets and Investment Property	5.8	8.7	9.7	12.0	0.0
Provision (Increase)/Reversal	-0.7	62.6	24.8	68.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	4.3	-5.1	-0.1	5.1	0.0
Interest Expense	42.3	46.5	44.2	37.0	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	1.4	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-2.1	-44.5	-9.8	-116.8	0.0
Increase/(Decrease) in Receivables	2.4	19.9	2.1	-59.5	0.0
Increase/(Decrease) in Inventory	0.6	18.3	7.2	131.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.8	0.9	-1.6	-23.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	3.6	2.9	6.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.1	0.0	-15.7	0.0
Corporate Income Tax Paid	-0.0	-0.6	0.0	-0.4	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	1.5	-2.6	0.8	-77.3	-78.3
Payments for Fixed Assets and Other Long-term Assets	-1.0	-0.7	0.0	-2.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	10.2	0.0	3.7	0.0
Loans and Purchases of Debt Instruments	—	-1.5	-0.1	21.5	-78.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	61.6	42.2
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	0.1	2.1	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	-1.0	8.1	-0.0	86.4	-33.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.0	0.0	308.1	894.2
Repayment of Borrowings	-0.1	-4.4	-1.8	-341.6	-793.7
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	-0.1	-4.4	-1.8	-33.5	100.4
Net Cash Flow During the Period	0.5	1.1	-1.0	-24.4	4.2
Cash and Cash Equivalents at Beginning of Period	1.8	0.7	1.6	26.0	37.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.2	1.8	0.7	1.6	26.0

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	5.2	6.8	8.9	4.8	7.1	7.3	6.2	5.9	5.4	4.7	7.3	7.2
Revenue Deductions	—	0.0	0.2	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.2	6.8	8.6	4.8	7.1	7.3	6.2	5.9	5.4	4.7	7.3	7.2
Cost of Goods Sold	4.0	5.3	8.2	5.5	9.1	16.7	7.8	7.7	6.8	7.7	7.9	8.5
Gross Profit	1.3	1.5	0.4	-0.8	-2.1	-9.3	-1.6	-1.8	-1.4	-2.9	-0.6	-1.3
Financial Income	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Financial Expenses	10.5	11.2	10.6	12.4	10.5	11.9	28.5	14.1	10.5	11.1	10.5	12.1
Interest Expense	10.5	5.2	10.6	10.6	10.5	0.0	10.5	14.1	10.5	11.1	10.5	12.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.3	0.7	0.6	0.5	1.0	1.6	1.0	1.1	1.2	1.3	1.3
General and Administrative Expenses	1.8	1.9	2.5	1.2	2.2	2.4	46.7	11.0	2.8	22.4	2.3	6.7
Operating Profit	-11.3	-11.9	-13.4	-15.0	-15.3	-24.6	-78.4	-27.9	-15.7	-37.4	-14.7	-21.4
Other Income	0.0	0.0	0.0	0.3	10.4	10.7	0.8	0.0	0.0	1.2	1.0	2.6
Other Expenses	0.3	0.2	0.2	0.9	6.0	7.6	0.1	1.2	0.0	0.8	0.9	0.9
Other Profit	-0.3	-0.2	-0.2	-0.5	4.3	3.1	0.8	-1.2	0.0	0.4	0.1	1.7
Profit Before Tax	-11.5	-12.1	-13.6	-15.5	-11.0	-21.5	-77.6	-29.2	-15.7	-37.0	-14.6	-19.7
Current Income Tax Expense	—	—	—	0.0	—	0.6	-0.8	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	-0.0	—	—	-1.8	-1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-11.5	-12.1	-13.6	-13.7	-9.2	-22.2	-76.8	-29.2	-15.7	-37.0	-14.6	-19.7
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	-11.5	-12.1	-13.5	-13.7	-9.2	-22.2	-76.8	-29.2	-15.7	-37.0	-14.6	-19.7
Earnings per Share	-597.00	-627.00	-701.00	-710.00	-477.00	-1,108.02	-3,839.29	-1,458.94	-784.65	-1,850.33	-729.34	-986.81
Diluted EPS	-597.00	-627.00	-701.00	-710.00	-477.00	-1,108.02	-3,839.29	-1,458.94	-784.65	-1,850.33	-729.34	-986.81

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)	193.4	191.9	191.3	193.6	194.6	193.7	195.8	241.1	254.2	254.6	279.3	290.7
I. Cash and cash equivalents	1.9	2.2	1.0	2.0	1.0	1.8	1.7	2.1	2.4	0.7	0.8	0.7
1. Cash	1.9	2.2	1.0	2.0	1.0	1.8	1.7	2.1	2.4	0.7	0.8	0.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
III. Short-term receivables	188.9	185.7	186.8	184.8	190.3	188.4	179.9	222.0	232.7	232.8	254.7	258.2
1. Short-term trade accounts receivable	29.1	25.6	25.2	23.2	65.4	74.3	66.8	148.8	149.0	150.8	152.0	149.9
2. Short-term prepayments to suppliers	12.7	13.4	14.9	13.6	19.0	8.0	8.1	7.1	7.1	6.5	6.5	6.6
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	—	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
6. Other short-term receivables	168.4	165.4	165.4	166.7	166.8	167.0	166.0	165.6	165.7	165.8	166.1	171.7
7. Provision for short-term doubtful debts (*)	-21.3	-21.3	-21.3	-21.3	-63.5	-63.5	-63.5	-102.2	-92.9	-92.9	-72.6	-72.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	1.2	0.0	0.0	0.0
IV. Inventories	1.1	2.4	2.0	5.1	2.0	2.9	13.6	16.5	18.6	20.6	23.3	25.9
1. Inventories	1.1	2.4	2.0	5.1	2.0	2.9	14.2	17.1	19.1	21.2	23.9	26.5
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
V. Other short-term assets	1.0	1.0	1.0	1.2	0.9	0.0	0.0	0.0	0.0	0.0	0.0	5.3
1. Short-term prepayments	0.2	0.2	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.2
2. Value added tax to be reclaimed	0.8	0.9	0.9	1.1	0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.1
3. Taxes and other receivables from state authorities	—	—	—	—	—	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
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)	39.2	41.5	42.8	43.2	52.4	49.6	59.4	97.5	100.1	104.0	107.2	99.4
I. Long-term receivables	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.7	5.7	5.7	5.7	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	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.7	5.7	5.7	5.7	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	32.9	33.3	34.8	35.3	44.6	43.6	51.1	53.1	55.2	58.7	61.0	63.4
1. Tangible fixed assets	31.6	32.0	33.4	33.8	43.1	36.0	43.5	45.4	47.4	50.8	53.0	55.3
- Cost	121.9	—	—	—	—	121.4	255.9	255.4	255.4	278.0	278.6	278.6
- Accumulated depreciation	-90.3	—	—	—	—	-85.4	-212.5	-210.0	-208.0	-227.2	-225.5	-223.3
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	1.3	1.4	1.4	1.4	1.5	7.6	7.6	7.7	7.8	7.9	8.0	8.1
- Cost	5.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.9	—	—	—	—	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
- 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
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	—	—	—	—	—	0.0	0.0	36.0	36.0	36.0	36.0	36.0
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	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0	36.0
4. Provision for diminution in value of long-term investments	-36.0	-36.0	-36.0	-36.0	-36.0	-36.0	-36.0	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.3	2.2	2.1	2.0	1.9	0.1	2.3	2.7	3.2	3.7	4.5	0.0
1. Long-term prepayments	0.0	0.1	0.1	0.0	0.1	0.1	2.3	2.7	3.2	3.7	4.5	0.0
2. Deferred income tax assets	0.3	2.1	2.0	2.0	1.7	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)	232.6	233.3	234.1	236.8	247.0	243.3	255.2	338.6	354.3	358.7	386.5	390.1
A. LIABILITIES (300=210+330)	538.5	528.5	518.0	507.1	497.2	485.4	475.5	467.6	454.2	442.8	433.7	422.6
I. Short -term liabilities	538.5	528.4	517.8	507.0	497.2	485.4	475.5	467.6	454.2	442.8	433.7	422.6
1. Short-term trade accounts payable	7.6	7.6	7.8	7.5	8.8	7.4	8.1	8.2	8.6	7.8	8.3	8.0
2. Short-term advances from customers	0.2	0.2	0.2	0.3	0.6	0.6	0.7	1.0	0.5	0.0	0.0	0.1
3. Taxes and other payables to state authorities	1.2	1.2	1.0	1.1	1.0	0.8	0.1	0.9	0.9	0.9	1.1	0.8
4. Payable to employees	0.5	0.5	0.5	0.5	0.4	0.6	0.1	0.0	0.0	0.0	0.5	0.0
5. Short-term acrrued expenses	165.5	155.0	144.4	133.8	123.2	112.7	100.8	91.0	76.9	66.4	55.2	44.7
6. Short-term inter-company payables	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.5	2.5	2.5	2.2	1.7	1.8	1.8	1.8	1.8	1.8	1.9	1.9
10. Short-term borrowings and financial leases	361.0	361.5	361.5	361.6	361.6	361.6	364.0	364.7	365.5	366.0	366.6	367.2
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	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
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	—	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	0.1	0.1	0.1	—	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)	-305.8	-295.2	-283.8	-270.3	-250.2	-242.1	-220.3	-129.0	-99.8	-84.2	-47.2	-32.6
I. Owner's equity	-305.8	-295.2	-283.8	-270.3	-250.2	-242.1	-220.3	-129.0	-99.8	-84.2	-47.2	-32.6
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
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	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00	-3,811,929,315.00
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	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.6
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	-527.8	-517.1	-505.7	-492.2	-472.2	-463.6	-441.4	-350.2	-321.0	-305.3	-268.3	-253.7
- Accumulated retained earning at the end of the previous period	-516.2	-463.0	-463.0	-463.0	-463.0	-305.3	-305.3	-305.3	-305.3	-216.9	-216.9	-216.9
- Undistributed earnings in this period	-11.5	-54.1	-42.7	-29.2	-9.2	-158.3	-136.1	-44.9	-15.7	-88.4	-51.4	-36.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.8	0.8	0.8	0.8	0.9	0.3	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)	232.6	233.3	234.1	236.8	247.0	243.3	255.2	338.6	354.3	358.7	386.5	390.1

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
Profit Before Tax	—	-24.0	—	-31.2	—	0.0	59.3	-59.3	0.0	-88.4	36.8	-36.8
Depreciation of Fixed Assets and Investment Property	—	2.9	—	2.9	—	0.0	-4.3	4.3	0.0	9.7	-4.9	4.9
Provision (Increase)/Reversal	—	-0.0	—	-0.6	—	0.0	-24.3	24.3	0.0	24.8	-4.4	4.4
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	—	0.0	—	4.3	—	0.0	1.3	-1.3	0.0	-0.1	0.0	-0.0
Interest Expense	—	21.1	—	21.1	—	0.0	-24.0	24.0	0.0	44.2	-22.6	22.6
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	—	-2.8	—	0.7	—	0.0	7.9	-7.9	0.0	-9.8	4.9	-4.9
Increase/(Decrease) in Receivables	—	1.1	—	1.3	—	0.0	-1.6	1.6	0.0	2.1	-2.6	2.6
Increase/(Decrease) in Inventory	—	2.7	—	-2.1	—	0.0	-4.1	4.1	0.0	7.2	-2.0	2.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.4	—	0.4	—	0.0	-1.4	1.4	0.0	-1.6	1.4	-1.4
Increase/(Decrease) in Prepaid Expenses	—	-0.1	—	-0.0	—	0.0	-1.0	1.0	0.0	2.9	-1.4	1.4
Changes in Trading Securities	—	—	—	—	—	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
Corporate Income Tax Paid	—	0.0	0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	2.0	—	—	—	—	-0.6	-0.6	0.4	0.9	0.0	0.0	-2.7
Other Operating Payments	-1.5	—	-6.6	—	-7.8	1.5	-1.5	2.2	-2.2	-0.0	0.0	1.3
Net Cash Flow from Operating Activities	0.1	2.9	-1.6	3.0	-2.7	-0.3	-1.1	-0.7	2.2	0.8	0.3	-0.4
Payments for Fixed Assets and Other Long-term Assets	—	-1.0	—	—	—	0.0	-1.2	1.2	0.0	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
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	-0.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	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
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	—	—	—	—	—	0.0	-0.0	0.0	0.0	0.1	-0.0	0.0
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	—	-1.0	—	—	—	0.0	-1.3	1.3	0.0	-0.0	0.1	0.0
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	—	-1.4	—	—	1.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.4	-2.7	-0.1	4.1	—	0.7	0.6	-0.8	-0.5	-1.8	0.5	-0.0
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	-0.4	-0.6	-1.4	—	2.0	0.7	0.6	-0.8	-0.5	-1.8	0.5	-0.0
Net Cash Flow During the Period	-0.3	1.3	-1.1	1.0	-0.8	0.4	-1.8	-0.3	1.7	-1.0	1.0	-0.4
Cash and Cash Equivalents at Beginning of Period	2.2	1.0	2.0	1.0	1.8	0.0	2.1	0.7	0.7	1.6	0.0	1.6
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	1.9	2.2	1.0	2.0	1.0	0.0	1.7	2.1	2.4	0.7	0.0	0.7

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VKC

What Is Changing

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Balance Sheet ●

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Cash Flow ●

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow