VNT

Giao nhận Vận tải Ngoại thương ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 1.31%, +1.01pp YoY

Price

24,500

Latest close

17 Apr 2026

P/E 26.43x

P/B 1.73x

EPS 927

BVPS 14,179

ROE 8.9%

ROA 3.0%

Profit Margin 1.3%

Asset Turnover 2.27x

Equity Mult. 3.00x

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

What Is Changing

On a TTM 2026Q1 basis, VNT is improving on both growth and profitability, painting a notably more positive picture versus the same period — 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 1,544bn
	                                
+3.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 20bn
	                                
+348.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.42x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,524.9	1,433.5	879.5	1,803.6	2,544.3
Growth	+6%	+63%	-51%	-29%	—
Net Income	18.7	0.2	-17.6	-11.2	11.0
Net Margin	1.23%	0.02%	-2.01%	-0.62%	0.43%

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	346.7	427.6	346.3	423.6	327.6	384.5	401.3	382.4	256.4	261.7	220.6	187.4
Growth	-19%	+23%	-18%	+29%	-15%	-4%	+5%	+49%	-2%	+19%	+18%	—
Net Income	2.9	5.7	7.9	3.7	0.3	2.8	-2.7	4.1	-3.9	-5.5	-5.8	-3.6
Net Margin	0.82%	1.34%	2.28%	0.88%	0.10%	0.72%	-0.66%	1.07%	-1.54%	-2.09%	-2.65%	-1.91%

Drivers of VNT's profit

TTM

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

Finance costs ↓ 3.0bn

Tax ↓ 2.2bn

Gross profit ↑ 2.1bn

Financial income ↓ 13.3bn

Administrative expenses ↑ 1.6bn

TTM

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

Gross profit ↑ 1.5bn

Financial income ↑ 0.4bn

Administrative expenses ↓ 0.3bn

Other profit ↓ 0.5bn

Finance costs ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.1% = 0.3% × 2.20 × 3.16

2026Q1 8.9% = 1.3% × 2.27 × 3.00

ROE rose from 2.1% to 8.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 1.3% +1.0pp Asset turnover: 2.27x +0.06x Leverage: 3.00x -0.16x

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 edged up to 1.31%, rising 1.0pp. Despite pressure from SG&A / Revenue rose 0.2pp and Gross margin fell 0.0pp, the offset came from Other profit / Revenue rose 0.1pp (pressure remains from Net financial result / Revenue fell 0.7pp).

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

Profitability trend

Net Margin 1.31% +1.0pp

Gross Margin 4.88% −0.0pp

SG&A / Revenue 2.48% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 4.90%, rising 3.8pp. That translates to 4.90 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 0.07x; with invested capital holding roughly steady.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 4.90% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.90% +3.8pp

NOPAT Margin 1.21% +0.9pp

Capital Turnover 4.05x −0.07x

Average Invested Capital 381.4bn +18.3bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.99x equity, net debt at 0.71x equity.

Over the last 12 months, working capital absorbed 30.9bn of cash, mainly because of higher receivables and lower payables.

Working Capital Drivers

Receivables increased → lower CFO: −1.1bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −29.8bn

Working Capital Efficiency

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

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

Watchpoints

Receivables collection is slowing

DSO increased by +10.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 57.9 days +10.0 days

Inventory — —

Payables 29.0 days −8.7 days

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 8.7bn due to capex of 0.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.71x and interest coverage only at 1.31x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 39.9% of debt, and total debt stands at 280.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.31x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.71x +0.07x

Interest Coverage 1.31x +0.75x

Cash / Debt 39.9% −14.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.42x +16.37x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -6.9bn in 2025, against investing cash flow of -19.5bn.

Post-investment cash flow was negative +26.4bn. Financing cash flow was negative +25.7bn.

CFO / net income was -0.42x.

After spending +0.2bn on fixed-asset investment, the business generated trailing free cash flow of −8.7bn.

Cash Conversion

CFO TTM 8.5bn +67.3bn

Cash Capex 0.2bn —

FCF TTM −8.7bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 4.9%. The main offsetting support comes from operating efficiency, with net margin improving 1.0 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.31% after expanding 1.0pp versus the same period last year.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,524.9	1,433.5	879.5	1,803.6	2,544.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,524.9	1,433.5	879.5	1,803.6	2,544.3
Cost of Goods Sold	1,451.8	1,366.3	830.6	1,713.4	0.0
Gross Profit	73.1	67.2	48.9	90.2	99.4
Financial Income	10.6	26.9	16.6	16.8	33.1
Financial Expenses	18.1	20.6	18.8	27.1	-26.7
Interest Expense	16.5	15.6	14.5	18.5	-22.9
Share of Associates and Joint Ventures	-8.6	-33.5	-31.8	-39.5	-44.8
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	34.4	32.8	30.4	41.6	-39.6
Operating Profit	22.5	7.2	-15.4	-1.3	21.3
Other Income	2.6	1.5	0.5	0.3	0.0
Other Expenses	0.0	0.4	0.1	0.7	0.0
Other Profit	2.6	1.1	0.4	-0.4	-0.2
Profit Before Tax	25.1	8.4	-15.0	-1.7	21.1
Current Income Tax Expense	6.3	8.1	2.6	9.5	-10.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	18.7	0.2	-17.6	-11.2	11.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	18.7	0.2	-17.6	-11.2	11.0
Earnings per Share	1,084.00	-16.00	-1,113.00	-984.00	884.00
Diluted EPS	1,084.00	-16.00	-1,113.00	-487.00	921.96

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	522.7	481.6	423.1	473.1	617.5
I. Cash and cash equivalents	131.6	182.2	119.6	124.5	112.9
1. Cash	54.9	57.8	33.9	58.9	0.0
2. Cash equivalents	76.8	124.4	85.6	65.7	0.0
II. Short-term financial investments	93.7	67.1	130.3	166.9	0.0
1. Available for sale securities	—	0.0	16.5	16.5	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	-1.3	-0.4	0.0
3. Held to maturity investments	93.7	67.1	115.1	150.8	0.0
III. Short-term receivables	296.4	228.6	169.5	180.3	381.0
1. Short-term trade accounts receivable	277.5	217.0	136.7	162.3	0.0
2. Short-term prepayments to suppliers	23.0	12.3	26.2	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	6.1	10.0	17.7	19.5	0.0
7. Provision for short-term doubtful debts (*)	-10.2	-10.7	-11.1	-9.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.0	3.7	3.7	1.4	0.9
1. Short-term prepayments	0.8	2.0	3.5	1.4	0.0
2. Value added tax to be reclaimed	0.2	0.0	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	1.7	0.2	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)	177.0	190.5	228.6	229.6	174.5
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	22.0	25.5	29.4	32.6	37.4
1. Tangible fixed assets	20.9	24.4	28.4	31.5	36.3
- Cost	108.6	109.4	109.4	109.1	0.0
- Accumulated depreciation	-87.7	-85.0	-81.1	-77.6	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	1.1	1.1	1.0	1.1	1.1
- Cost	3.7	3.7	3.6	3.6	0.0
- Accumulated depreciation	-2.6	-2.6	-2.6	-2.5	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	—	0.7	0.8	0.3	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.7	0.8	0.3	0.0
V. Long-term financial investments	153.5	164.1	198.2	196.2	135.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	129.0	137.6	171.1	169.9	0.0
3. Investments in other entities	23.4	23.4	23.4	21.6	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-0.1	-0.0	0.0
5. Held to maturity investments	1.0	3.0	3.7	4.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.6	0.1	0.1	0.6	0.0
1. Long-term prepayments	1.6	0.1	0.1	0.6	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	1.3
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)	699.7	672.0	651.7	702.7	792.0
A. LIABILITIES (300=210+330)	465.4	455.2	435.1	527.8	593.8
I. Short -term liabilities	462.6	452.9	432.1	461.2	527.6
1. Short-term trade accounts payable	138.3	126.1	177.9	196.2	253.0
2. Short-term advances from customers	7.4	0.0	0.0	0.1	2.6
3. Taxes and other payables to state authorities	4.1	5.7	3.0	6.1	0.0
4. Payable to employees	21.3	10.1	8.1	16.2	0.0
5. Short-term acrrued expenses	21.5	15.5	11.9	2.7	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	1.3	1.1	7.5	7.5	0.0
10. Short-term borrowings and financial leases	268.7	294.3	223.8	232.4	225.4
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
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	2.9	2.4	3.0	66.6	66.2
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	3.8	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	2.9	2.4	3.0	3.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	59.2	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)	234.3	216.8	216.6	174.9	198.3
I. Owner's equity	234.3	216.8	216.6	174.9	0.0
1. Owner's capital	167.0	167.0	167.0	119.5	198.3
- Common stock with voting right	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	119,490,050,000.00	119,490,050,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	57.8	57.8	57.8	45.5	45.5
3. Convertible bond option	—	0.0	0.0	0.5	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00	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	9.4	9.4	9.4	9.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	12.0	12.0	12.0	12.0	0.0
11. Undistributed earnings after tax	-11.1	-28.6	-28.8	-11.2	12.1
- Accumulated retained earning at the end of the previous period	-28.6	-28.8	-11.2	0.0	1.1
- Undistributed earnings in this period	17.5	0.2	-17.6	-11.2	11.0
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)	699.7	672.0	651.7	702.7	792.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	25.1	8.4	-15.0	-1.7	21.1
Depreciation of Fixed Assets and Investment Property	3.6	4.0	4.4	5.0	4.9
Provision (Increase)/Reversal	-0.4	-0.3	2.9	1.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.5	-0.5	-0.5	-0.1	0.0
Gain/Loss from Investment Activities	3.3	26.2	19.6	31.8	0.0
Interest Expense	16.5	15.6	14.5	18.5	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	46.5	53.4	25.8	55.3	60.5
Increase/(Decrease) in Receivables	-65.7	-61.5	20.1	241.3	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	38.6	-54.2	-29.0	-111.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	1.5	-1.6	-0.6	0.0
Changes in Trading Securities	—	16.5	0.0	0.0	0.0
Interest Paid	-16.5	-15.6	-18.3	-18.2	0.0
Corporate Income Tax Paid	-8.4	-4.3	-3.9	-13.9	0.0
Other Operating Receipts	—	0.0	0.0	0.3	0.0
Other Operating Payments	-1.2	0.0	0.0	-0.6	0.0
Net Cash Flow from Operating Activities	-6.9	-64.2	-6.9	152.2	45.8
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.1	-1.9	-0.2	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.2	0.1	0.1	0.0
Loans and Purchases of Debt Instruments	-49.2	-12.8	-19.8	-62.2	-75.5
Receipts from Loan Repayments and Sale of Debt Instruments	25.0	62.3	56.9	15.9	22.4
Investments in Other Entities	—	0.0	-34.9	-97.4	-2.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.2	6.2	9.5	7.7	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	-19.5	55.8	10.0	-136.0	-45.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	531,977,480.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	972.3	1,030.8	804.5	1,286.4	1,814.9
Repayment of Borrowings	-997.9	-960.2	-813.1	-1,279.3	-1,801.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-11.9	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	-25.7	70.5	-8.6	-4.8	14.3
Net Cash Flow During the Period	-52.1	62.2	-5.6	11.4	-15.7
Cash and Cash Equivalents at Beginning of Period	182.2	119.6	124.5	112.9	100.0
FX Difference from Revaluation	1.5	0.5	0.6	0.2	-1.9
Cash and Cash Equivalents at End of Period	131.6	182.2	119.6	124.5	112.9

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	346.7	427.6	346.3	423.6	327.6	384.5	401.3	382.4	256.4	261.7	220.6	187.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	346.7	427.6	346.3	423.6	327.6	384.5	401.3	382.4	256.4	261.7	220.6	187.4
Cost of Goods Sold	328.2	405.0	329.1	406.5	310.6	368.1	384.1	359.8	245.4	252.3	211.4	177.2
Gross Profit	18.5	22.5	17.2	17.1	17.0	16.4	17.2	22.6	11.0	9.4	9.3	10.2
Financial Income	2.1	2.0	3.5	3.7	1.6	16.4	2.7	3.9	3.9	5.4	4.9	4.1
Financial Expenses	4.7	4.8	4.4	4.8	4.3	4.9	8.0	4.6	3.1	4.9	5.2	2.9
Interest Expense	4.5	4.1	4.0	4.4	4.1	4.4	4.4	3.9	2.9	3.2	3.8	3.3
Share of Associates and Joint Ventures	—	-3.4	1.1	-2.5	-4.5	-14.1	-4.6	-7.1	-7.8	-8.7	-8.5	-6.3
Selling Expenses	3.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	8.3	10.3	8.3	8.3	8.6	7.1	9.4	8.5	7.7	6.5	6.0	8.8
Operating Profit	4.4	5.9	9.2	5.2	1.3	6.7	-2.1	6.3	-3.7	-5.4	-5.5	-3.7
Other Income	0.0	1.7	0.3	0.1	0.5	0.5	0.0	0.3	0.7	0.3	0.2	0.1
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.3	0.1	0.0	0.0	0.0	0.1	0.0
Other Profit	0.0	1.7	0.3	0.1	0.5	0.3	-0.1	0.3	0.7	0.3	0.1	0.1
Profit Before Tax	4.4	7.6	9.4	5.3	1.8	7.0	-2.2	6.6	-3.0	-5.1	-5.4	-3.6
Current Income Tax Expense	1.5	1.8	1.5	1.5	1.5	4.2	0.5	2.5	0.9	0.4	0.4	-0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.9	5.7	7.9	3.7	0.3	2.8	-2.7	4.1	-3.9	-5.5	-5.8	-3.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.9	5.7	7.9	3.7	0.3	2.8	-2.7	4.1	-3.9	-5.5	-5.8	-3.6
Earnings per Share	157.00	336.00	217.00	217.00	157.00	158.00	-168.00	238.00	-244.00	-344.00	-369.00	-223.00
Diluted EPS	157.00	336.00	217.00	217.00	157.00	-16.00	-168.00	238.00	-244.00	-344.00	-369.00	-223.00

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)	486.7	522.9	508.1	515.8	518.4	481.6	487.6	520.5	435.6	423.1	386.5	383.0
I. Cash and cash equivalents	111.7	131.6	119.9	174.8	166.5	182.2	144.9	109.3	96.5	119.6	82.0	106.8
1. Cash	34.8	54.9	41.0	81.8	69.9	57.8	53.3	37.6	49.6	33.9	34.8	30.8
2. Cash equivalents	77.0	76.8	78.9	93.0	96.6	124.4	91.6	71.7	46.9	85.6	47.2	75.9
II. Short-term financial investments	95.3	93.7	90.5	75.9	67.6	67.1	80.7	120.3	129.8	130.3	131.8	125.6
1. Available for sale securities	—	—	—	—	—	0.0	16.5	16.5	16.5	16.5	16.5	16.5
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	-0.8	-1.3	-0.3	-0.2
3. Held to maturity investments	95.3	93.7	90.5	75.9	67.6	67.1	64.1	103.8	114.0	115.1	115.6	109.3
III. Short-term receivables	277.9	296.6	296.8	263.0	281.9	228.6	257.9	285.4	204.3	169.5	171.8	149.6
1. Short-term trade accounts receivable	262.9	277.7	235.8	230.5	226.9	217.0	236.0	244.8	165.8	136.7	139.8	128.0
2. Short-term prepayments to suppliers	19.3	23.0	63.3	35.0	55.7	12.3	22.5	36.9	26.3	26.2	26.3	17.3
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	5.9	6.1	7.9	9.0	10.1	10.0	10.3	14.9	23.2	17.7	17.7	17.4
7. Provision for short-term doubtful debts (*)	-10.2	-10.2	-10.1	-11.6	-10.7	-10.7	-11.0	-11.3	-11.1	-11.1	-12.0	-13.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.8	1.0	1.0	2.1	2.3	3.7	4.1	5.5	5.0	3.7	0.9	1.0
1. Short-term prepayments	1.5	0.8	0.5	2.1	1.9	2.0	2.4	2.9	3.1	3.5	0.7	1.0
2. Value added tax to be reclaimed	0.0	0.2	0.4	0.0	0.4	0.0	0.0	0.9	0.2	0.1	0.2	0.0
3. Taxes and other receivables from state authorities	0.3	0.0	0.0	0.0	0.0	1.7	1.7	1.8	1.7	0.2	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)	172.8	176.4	182.8	181.7	185.0	190.5	206.1	211.7	219.8	229.5	238.7	248.5
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	21.2	22.0	22.7	23.7	24.5	25.5	26.3	27.3	28.3	29.4	30.4	30.5
1. Tangible fixed assets	20.2	20.9	21.7	22.6	23.4	24.4	25.3	26.3	27.3	28.4	29.4	29.5
- Cost	108.6	—	—	—	—	109.4	109.3	108.8	109.3	109.4	109.6	108.5
- Accumulated depreciation	-88.5	—	—	—	—	-85.0	-84.0	-82.5	-82.0	-81.1	-80.2	-79.0
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	1.0	1.1	1.1	1.1	1.1	1.1	1.0	1.0	1.0	1.0	1.0	1.0
- Cost	3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.7	—	—	—	—	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	—	—	—	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.3	0.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.3	0.3
V. Long-term financial investments	150.3	152.8	158.3	157.2	159.6	164.1	178.9	183.4	190.5	199.2	207.8	217.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	125.9	128.4	131.8	130.7	133.2	137.6	151.7	156.3	163.4	172.1	180.8	189.3
3. Investments in other entities	23.4	23.4	23.4	23.4	23.4	23.4	23.4	23.4	23.4	23.4	23.4	23.4
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	-0.1	-0.1
5. Held to maturity investments	1.0	1.0	3.0	3.0	3.0	3.0	3.7	3.7	3.7	3.7	3.7	4.7
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.3	1.6	1.9	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.4
1. Long-term prepayments	1.3	1.6	1.9	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.4
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)	659.5	699.3	691.0	697.5	703.4	672.0	693.7	732.2	655.4	652.6	625.2	631.5
A. LIABILITIES (300=210+330)	422.8	464.8	462.2	476.7	486.2	455.2	479.7	515.4	442.8	435.1	402.3	402.6
I. Short -term liabilities	419.9	461.9	459.3	473.8	483.9	452.9	477.3	512.1	439.5	432.1	399.2	399.6
1. Short-term trade accounts payable	99.9	138.3	119.3	127.8	133.4	126.1	139.2	158.6	160.8	177.9	160.7	161.5
2. Short-term advances from customers	0.1	7.4	7.0	0.1	7.0	0.0	0.5	0.1	0.2	0.0	0.1	0.1
3. Taxes and other payables to state authorities	3.0	4.1	6.2	6.8	2.9	5.7	6.3	4.2	3.0	3.0	6.5	6.2
4. Payable to employees	9.7	20.6	8.9	5.3	0.0	10.1	3.6	5.6	0.0	8.1	4.4	4.4
5. Short-term acrrued expenses	25.7	21.5	14.8	18.7	32.7	15.5	18.9	16.7	14.9	11.9	10.3	6.4
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	0.0	0.0	0.0	0.0
9. Other short-term payables	1.2	1.3	1.3	1.0	1.0	1.1	1.3	2.3	8.0	7.5	15.9	14.4
10. Short-term borrowings and financial leases	280.3	268.7	301.9	314.2	306.9	294.3	307.4	324.6	252.7	223.8	201.4	206.6
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
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	2.9	2.9	2.9	2.9	2.4	2.4	2.4	3.3	3.3	3.0	3.0	3.0
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	—	2.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	2.9	—	2.9	2.9	2.4	2.4	2.4	3.3	3.3	3.0	3.0	3.0
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)	236.8	234.5	228.8	220.9	217.1	216.8	214.0	216.7	212.6	217.5	223.0	228.9
I. Owner's equity	236.8	234.5	228.8	220.9	217.1	216.8	214.0	216.7	212.6	217.5	223.0	228.9
1. Owner's capital	167.0	167.0	167.0	167.0	167.0	167.0	167.0	167.0	167.0	167.0	167.0	167.0
- Common stock with voting right	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00	166,994,970,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	57.8	57.8	57.8	57.8	57.8	57.8	57.8	57.8	57.8	57.8	57.8	57.8
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	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00	-817,208,082.00
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	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4
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	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0
11. Undistributed earnings after tax	-8.6	-10.9	-16.6	-24.5	-28.3	-28.6	-31.4	-28.7	-32.8	-27.9	-22.4	-16.5
- Accumulated retained earning at the end of the previous period	-11.1	-28.6	-28.6	-28.6	-28.6	-28.8	-28.8	-28.8	-28.8	-11.2	-11.2	-11.2
- Undistributed earnings in this period	2.5	17.7	12.0	4.1	0.3	0.2	-2.5	0.2	-3.9	-16.7	-11.2	-5.3
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)	659.5	699.3	691.0	697.5	703.4	672.0	693.7	732.2	655.4	652.6	625.2	631.5

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	4.4	8.5	9.4	5.3	1.8	7.0	-2.2	6.6	-3.0	-6.0	-5.5	-3.6
Depreciation of Fixed Assets and Investment Property	0.8	0.8	0.8	0.9	1.0	1.0	1.0	1.0	1.0	1.1	1.1	1.1
Provision (Increase)/Reversal	0.1	0.3	-1.5	0.9	-0.0	-0.2	-0.3	-0.6	-0.6	0.0	-0.9	1.0
FX Gain/Loss from Revaluation of Monetary Items	-0.5	0.9	-0.5	-1.6	-0.3	-1.8	2.8	-0.7	-0.8	0.2	-0.9	-0.1
Gain/Loss from Investment Activities	2.0	1.4	-2.9	1.5	3.3	1.2	2.5	5.2	5.8	4.9	4.9	3.1
Interest Expense	4.5	4.1	4.0	4.4	4.1	4.4	4.4	3.9	2.9	3.2	3.8	3.3
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	11.4	16.0	9.3	11.4	9.8	11.6	8.2	15.4	5.3	3.3	2.5	4.8
Increase/(Decrease) in Receivables	10.0	4.7	-36.5	20.8	-54.6	66.2	-36.1	-92.9	-23.8	21.1	-27.8	25.7
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-44.0	32.3	3.7	-21.7	24.4	-59.5	45.7	9.8	-33.4	-4.4	11.8	-22.9
Increase/(Decrease) in Prepaid Expenses	-0.4	0.1	-0.2	-0.2	0.1	0.4	0.5	0.2	0.4	-2.7	0.5	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.5	-4.1	-4.0	-4.4	-4.1	-4.4	-4.4	-3.9	-2.9	-3.2	-3.8	-3.3
Corporate Income Tax Paid	-2.3	-2.7	-1.5	0.0	-4.2	-3.1	0.0	-0.7	-0.5	-0.7	-1.5	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	-0.6	0.6	0.0	0.0	-0.5
Other Operating Payments	-0.3	-1.2	—	—	—	0.0	0.0	0.6	-0.6	0.0	0.0	0.5
Net Cash Flow from Operating Activities	-30.2	45.0	-29.1	5.9	-28.7	11.2	13.8	-72.1	-54.9	13.4	-18.3	4.3
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.1	0.0	-0.1	—	-0.1	0.0	0.0	0.0	-0.6	-1.1	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.0	0.4	0.0	0.0	0.0	0.2	0.1	-0.0	0.1
Loans and Purchases of Debt Instruments	-1.5	-25.8	-14.9	-8.0	-0.5	-5.2	-3.2	-3.0	-1.5	-5.6	-5.8	-4.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	24.5	0.5	—	—	3.3	42.3	13.7	2.9	6.1	1.0	24.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	16.5	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	2.2	0.3	1.6	0.2	22.8	2.9	1.3	0.5	2.0	3.6	3.3
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	-1.5	0.9	-14.0	-6.5	0.1	37.4	42.1	12.1	2.2	2.0	-2.3	23.7
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	235.2	256.7	212.0	272.7	230.9	234.6	278.3	268.7	249.2	233.5	571.0	-178.1
Repayment of Borrowings	-223.6	-289.9	-224.3	-265.4	-218.3	-247.7	-295.5	-196.8	-220.3	-211.1	-602.0	231.9
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	11.6	-33.2	-12.3	7.3	12.5	-13.1	-17.2	71.9	28.9	22.4	-31.0	53.8
Net Cash Flow During the Period	-20.1	12.6	-55.4	6.6	-16.0	35.5	38.7	11.9	-23.9	37.8	-51.6	81.8
Cash and Cash Equivalents at Beginning of Period	131.6	119.9	174.8	166.5	182.2	119.6	119.6	119.6	119.6	124.5	124.5	0.0
FX Difference from Revaluation	0.2	1.5	2.4	2.0	0.3	1.8	-3.0	0.8	0.8	-0.2	0.8	0.3
Cash and Cash Equivalents at End of Period	111.7	131.6	119.9	174.8	166.5	182.2	144.9	109.3	96.5	119.6	82.0	8.3

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VNT

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ●

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow