VTV

Năng lượng và Môi trường VICEM ·HNX ·2026Q1

▲ Showing improvement

Price

13,900

Latest close

02 Jun 2026

P/E 661.90x

P/B 1.09x

EPS 21

BVPS 12,720

ROE 0.2%

ROA 0.1%

Profit Margin 0.0%

Asset Turnover 1.64x

Equity Mult. 2.19x

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

What Is Changing

On a TTM 2026Q1 basis, VTV is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,424bn
	                                
+6.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+115.1%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    54.9%

Metric	2025	2024	2023	2022	2021
Revenue	1,464.2	1,360.5	2,849.1	4,449.8	2,018.2
Growth	+8%	-52%	-36%	+120%	—
Net Income	0.6	-7.5	5.3	19.3	14.0
Net Margin	0.04%	-0.55%	0.19%	0.43%	0.70%

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	219.3	575.9	362.7	266.3	259.3	367.3	345.5	370.0	277.7	493.6	582.5	885.2
Growth	-62%	+59%	+36%	+3%	-29%	+6%	-7%	+33%	-44%	-15%	-34%	—
Net Income	0.1	0.1	0.1	0.4	0.1	2.0	-2.5	-4.0	-2.5	2.8	1.4	0.7
Net Margin	0.05%	0.01%	0.02%	0.15%	0.04%	0.55%	-0.72%	-1.08%	-0.91%	0.56%	0.25%	0.08%

Drivers of VTV's profit

TTM

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

Finance costs ↓ 4.5bn

Selling expenses ↓ 3.7bn

Financial income ↑ 3.4bn

Other profit ↑ 1.4bn

Administrative expenses ↑ 6.5bn

Tax ↑ 1.5bn

TTM

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

Finance costs ↓ 3.9bn

Selling expenses ↓ 2.1bn

Financial income ↑ 0.0bn

Administrative expenses ↑ 4.2bn

Gross profit ↓ 1.7bn

Other profit ↓ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -1.1% = -0.3% × 1.32 × 2.52

2026Q1 0.2% = 0.0% × 1.64 × 2.19

ROE rose from -1.1% to 0.2% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 0.0% +0.4pp Asset turnover: 1.64x +0.32x Leverage: 2.19x -0.33x

Is the profit sustainable?

Margins improved (+0.4pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.05%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 0.2pp are enough to offset pressure from Gross margin fell 0.5pp (with additional support from Net financial result / Revenue rose 0.6pp and Other profit / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 0.05% +0.4pp

Gross Margin 7.84% −0.5pp

SG&A / Revenue 7.11% −0.2pp

Non-core / Revenue -0.51% +0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 54.9% of PBT and lifted net margin by 0.7pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 0.05%, rising 0.4pp. That translates to 0.05 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.62x, while invested capital contracted by 202bn — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 0.05% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.05% +0.4pp

NOPAT Margin 0.02% +0.2pp

Capital Turnover 2.21x +0.62x

Average Invested Capital 644.3bn −201.8bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.80x equity, net debt at 0.22x equity.

Over the last 12 months, working capital released 316.5bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +383.4bn

Inventories increased → lower CFO: −45.2bn

Payables decreased → lower CFO: −21.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 60.8 days versus the same period last year. The main moves came from DIO rose 2.2 days, DSO fell 53.6 days, and DPO rose 9.4 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 123.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +2.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 150.8 days −53.6 days

Inventory 9.3 days +2.2 days

Payables 36.5 days +9.4 days

Cash Conversion Cycle 123.6 days −60.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.22x and interest coverage only at 0.10x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 33.4% of debt, and total debt stands at 128.7bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.10x, 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 0.22x −0.82x

Interest Coverage 0.10x +0.30x

Cash / Debt 33.4% +28.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 492.83x +508.95x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 330.0bn in 2025, against investing cash flow of 0.4bn.

Post-investment cash flow was positive +330.5bn. Financing cash flow was negative +241.9bn.

CFO / net income was 492.83x.

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 323.4bn +253.2bn

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 next item to monitor is the earnings mix, when non-core contribution is -285.1%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.0%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 492.83x. Even so, net financial result still accounts for -285.1% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,464.2	1,360.5	2,849.1	4,449.8	2,018.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,464.2	1,360.5	2,849.1	4,449.8	2,018.2
Cost of Goods Sold	1,350.9	1,247.5	2,569.2	4,034.6	0.0
Gross Profit	113.3	113.0	279.9	415.2	208.1
Financial Income	5.2	1.8	0.1	0.0	0.5
Financial Expenses	18.1	19.3	47.4	27.2	-15.2
Interest Expense	18.1	19.3	47.4	27.2	-15.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	72.8	72.6	175.5	317.1	-133.3
General and Administrative Expenses	26.3	29.6	44.3	56.0	-45.2
Operating Profit	1.3	-6.7	12.8	14.9	15.0
Other Income	2.1	0.5	0.8	13.0	0.0
Other Expenses	0.4	0.2	0.5	1.0	0.0
Other Profit	1.8	0.3	0.3	12.0	3.2
Profit Before Tax	3.1	-6.3	13.1	26.9	18.2
Current Income Tax Expense	2.5	1.2	7.8	7.6	-4.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.6	-7.5	5.3	19.3	14.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.6	-7.5	5.3	19.3	14.0
Earnings per Share	20.00	-240.00	170.00	619.00	450.00
Diluted EPS	20.47	-240.41	169.74	619.37	449.82

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	509.0	739.7	840.5	1,228.0	697.0
I. Cash and cash equivalents	95.7	7.2	41.4	11.8	102.0
1. Cash	95.7	7.2	41.4	11.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	388.2	708.1	777.2	796.6	367.3
1. Short-term trade accounts receivable	381.7	706.0	774.8	782.7	0.0
2. Short-term prepayments to suppliers	1.6	0.3	0.8	12.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.0	1.8	1.7	1.3	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	23.2	20.6	16.9	379.0	198.1
1. Inventories	23.2	20.6	16.9	379.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.9	3.7	5.0	40.7	29.6
1. Short-term prepayments	0.3	0.1	0.6	0.4	0.0
2. Value added tax to be reclaimed	0.5	3.2	3.9	39.9	0.0
3. Taxes and other receivables from state authorities	1.1	0.4	0.5	0.4	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)	204.6	214.3	225.3	237.0	249.6
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	11.8	13.6	15.7	18.3	21.5
1. Tangible fixed assets	11.5	13.4	15.4	18.1	19.8
- Cost	41.1	42.4	42.4	42.4	0.0
- Accumulated depreciation	-29.6	-29.0	-26.9	-24.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.8
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.2	0.2	0.8
- Cost	0.6	0.6	0.6	0.6	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	0.0
III. Investment properties	191.7	200.7	209.7	218.7	227.6
- Cost	259.8	259.8	259.8	259.8	0.0
- Accumulated depreciation	-68.0	-59.1	-50.1	-41.1	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	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
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	1.1	0.0	0.0	0.0	0.0
1. Long-term prepayments	1.1	0.0	0.0	0.0	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	0.5
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)	713.6	954.0	1,065.8	1,465.0	946.6
A. LIABILITIES (300=210+330)	316.9	557.8	654.0	1,039.0	532.9
I. Short -term liabilities	273.3	512.1	606.9	991.1	483.8
1. Short-term trade accounts payable	150.7	140.9	76.3	278.3	208.0
2. Short-term advances from customers	0.2	0.0	0.0	0.3	2.1
3. Taxes and other payables to state authorities	3.0	2.0	0.0	1.5	0.0
4. Payable to employees	6.5	11.7	17.8	15.8	0.0
5. Short-term acrrued expenses	0.9	0.9	1.0	4.2	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	3.8	3.6	3.6	5.4	3.0
9. Other short-term payables	3.6	2.5	2.5	2.7	0.0
10. Short-term borrowings and financial leases	101.1	343.0	498.1	679.5	250.0
11. Provision for short-term liabilities	0.4	0.6	0.0	0.0	0.0
12.. Bonus and welfare fund	3.1	6.9	7.6	3.4	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	43.5	45.7	47.1	47.9	49.1
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	41.2	42.4	43.6	44.9	46.1
7. Other long-term liabilities	2.4	3.3	3.5	3.0	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)	396.7	396.1	411.8	426.0	413.7
I. Owner's equity	396.7	396.1	411.8	426.0	0.0
1. Owner's capital	312.0	312.0	312.0	312.0	413.7
- Common stock with voting right	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	87.7	87.7	87.7	87.7	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	-2.9	-3.6	12.1	26.4	14.0
- Accumulated retained earning at the end of the previous period	-3.6	3.9	6.8	7.0	0.0
- Undistributed earnings in this period	0.6	-7.5	5.3	19.3	14.0
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)	713.6	954.0	1,065.8	1,465.0	946.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	3.1	-6.3	13.1	26.9	18.2
Depreciation of Fixed Assets and Investment Property	10.8	11.0	11.6	11.7	12.1
Provision (Increase)/Reversal	-0.2	0.6	0.0	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	-0.5	-0.0	-0.1	-5.4	0.0
Interest Expense	18.1	19.3	47.4	27.2	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	31.4	24.6	72.0	60.5	45.5
Increase/(Decrease) in Receivables	321.9	69.9	55.2	-440.8	0.0
Increase/(Decrease) in Inventory	-2.6	-3.8	362.1	-180.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.6	57.4	-205.8	72.7	0.0
Increase/(Decrease) in Prepaid Expenses	-1.3	0.5	-0.2	0.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-17.7	-18.5	-47.8	-26.5	0.0
Corporate Income Tax Paid	-1.5	-0.4	-9.4	-7.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.8	-5.8	-6.0	-3.6	0.0
Net Cash Flow from Operating Activities	330.0	123.9	220.2	-525.4	215.0
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.0	5.9	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.1	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.4	0.0	0.1	5.7	-0.1
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	962.4	1,119.5	2,644.3	4,362.5	1,819.1
Repayment of Borrowings	-1,204.3	-1,274.7	-2,825.7	-3,933.0	-1,924.1
Repayment of Finance Leases	—	0.0	0.0	-0.0	-0.5
Dividends Paid	-0.1	-3.0	-9.3	0.0	-12.0
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	-241.9	-158.2	-190.7	429.5	-117.5
Net Cash Flow During the Period	88.5	-34.2	29.6	-90.2	76.1
Cash and Cash Equivalents at Beginning of Period	7.2	41.4	11.8	102.0	4.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	95.7	7.2	41.4	11.8	102.0

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	219.3	575.9	362.7	266.3	259.3	367.3	345.5	370.0	277.7	493.6	582.5	885.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	219.3	575.9	362.7	266.3	259.3	367.3	345.5	370.0	277.7	493.6	582.5	885.2
Cost of Goods Sold	196.0	540.6	339.9	236.1	234.3	340.8	309.7	345.7	251.3	455.7	528.9	780.4
Gross Profit	23.3	35.3	22.8	30.2	25.0	26.5	35.8	24.3	26.5	37.9	53.5	104.8
Financial Income	0.0	1.9	3.3	0.0	0.0	0.0	0.0	1.8	0.0	0.0	0.0	0.0
Financial Expenses	1.1	3.0	4.8	5.3	5.0	3.8	4.5	5.4	5.7	7.0	9.4	16.4
Interest Expense	1.1	3.0	4.8	5.3	5.0	3.8	4.5	5.4	5.7	7.0	9.4	16.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	14.7	24.5	14.1	17.4	16.8	13.2	27.4	17.0	14.4	19.2	30.2	64.9
General and Administrative Expenses	7.5	8.3	6.7	8.1	3.3	6.9	6.2	7.7	8.8	7.6	11.2	17.7
Operating Profit	-0.0	1.5	0.6	-0.6	-0.1	2.6	-2.3	-4.0	-2.4	4.0	2.7	5.8
Other Income	0.2	0.3	0.1	1.5	0.2	0.2	0.0	0.0	0.3	0.2	0.4	0.0
Other Expenses	0.1	0.0	—	0.3	—	0.0	0.1	0.0	0.1	0.0	0.1	0.4
Other Profit	0.2	0.3	0.1	1.2	0.2	0.2	-0.1	0.0	0.2	0.2	0.3	-0.4
Profit Before Tax	0.1	1.8	0.6	0.6	0.1	2.8	-2.4	-4.0	-2.2	4.2	3.0	5.4
Current Income Tax Expense	0.0	1.7	0.6	0.2	0.0	0.8	0.1	0.0	0.3	1.4	1.6	4.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.1	0.1	0.1	0.4	0.1	2.0	-2.5	-4.0	-2.5	2.8	1.4	0.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	0.1	0.1	0.4	0.1	2.0	-2.5	-4.0	-2.5	2.8	1.4	0.7
Earnings per Share	4.00	2.00	2.00	13.00	3.00	65.00	-80.00	-128.00	-81.00	89.00	46.00	22.00
Diluted EPS	3.53	2.41	2.32	12.77	2.97	64.75	-79.70	-127.67	-81.41	88.86	45.75	22.05

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)	502.9	509.0	748.8	792.3	819.1	739.7	742.5	788.5	779.2	840.5	928.3	985.2
I. Cash and cash equivalents	43.0	95.7	41.7	54.7	20.9	7.2	5.4	52.9	10.8	41.4	21.9	23.0
1. Cash	43.0	95.7	41.7	54.7	20.9	7.2	5.4	52.9	10.8	41.4	21.9	23.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	398.7	388.2	645.4	724.9	785.3	708.1	704.4	694.6	724.7	777.2	838.2	884.3
1. Short-term trade accounts receivable	394.7	381.7	639.2	719.4	782.4	706.0	702.3	686.0	721.1	774.8	821.1	877.9
2. Short-term prepayments to suppliers	0.3	1.6	1.1	0.2	0.2	0.3	0.4	6.8	0.7	0.8	14.5	4.3
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	3.7	5.0	5.1	5.4	2.7	1.8	1.7	1.7	2.9	1.7	2.6	2.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	55.9	23.2	57.2	10.8	10.8	20.6	29.2	34.4	36.9	16.9	61.4	70.5
1. Inventories	55.9	23.2	57.2	10.8	10.8	20.6	29.2	34.4	36.9	16.9	61.4	70.5
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	5.4	1.9	4.5	1.9	2.1	3.7	3.4	6.6	6.8	5.0	6.8	7.5
1. Short-term prepayments	0.3	0.3	0.4	0.3	0.2	0.1	0.0	0.3	0.5	0.6	0.4	0.3
2. Value added tax to be reclaimed	3.6	0.5	3.2	0.7	1.5	3.2	3.0	5.8	6.0	3.9	6.4	6.9
3. Taxes and other receivables from state authorities	1.5	1.1	0.9	1.0	0.3	0.4	0.4	0.5	0.3	0.5	0.1	0.2
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)	202.5	204.6	206.2	209.4	211.6	214.3	217.0	219.8	222.5	225.3	228.2	231.1
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	11.3	11.8	12.2	12.6	13.1	13.6	14.1	14.6	15.1	15.7	16.3	16.9
1. Tangible fixed assets	11.1	11.5	12.0	12.4	12.9	13.4	13.9	14.4	14.9	15.4	16.1	16.7
- Cost	40.5	—	—	—	—	42.4	42.4	42.4	42.4	42.4	42.4	42.4
- Accumulated depreciation	-29.4	—	—	—	—	-29.0	-28.5	-28.0	-27.5	-26.9	-26.3	-25.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
- Cost	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	189.5	191.7	194.0	196.8	198.5	200.7	202.9	205.2	207.4	209.7	211.9	214.2
- Cost	259.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-70.3	—	—	—	—	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	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.7	1.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	1.7	1.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	705.5	713.6	955.0	1,001.8	1,030.6	954.0	959.5	1,008.3	1,001.7	1,065.8	1,156.5	1,216.4
A. LIABILITIES (300=210+330)	308.6	316.9	558.3	605.2	634.4	557.3	564.9	611.2	592.5	654.0	747.5	808.7
I. Short -term liabilities	265.4	273.3	513.9	560.5	589.0	511.6	518.7	564.7	545.7	606.9	699.2	760.1
1. Short-term trade accounts payable	118.6	150.7	226.4	165.4	144.1	140.9	114.0	88.4	38.7	76.3	61.5	58.0
2. Short-term advances from customers	0.2	0.2	0.3	0.3	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.1
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.1	3.0	0.5	0.3	0.7	2.1	1.3	1.2	0.4	0.0	1.6	4.7
4. Payable to employees	3.1	6.5	2.2	0.4	1.3	11.7	11.0	8.2	7.6	17.8	19.6	13.5
5. Short-term acrrued expenses	1.5	0.9	0.6	0.2	0.5	0.9	4.2	0.7	0.5	1.0	5.3	3.6
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	4.0	3.8	3.5	3.1	3.4	3.6	3.4	3.3	3.6	3.6	3.6	3.8
9. Other short-term payables	5.5	3.6	3.2	2.9	2.5	2.5	5.4	15.4	2.3	2.5	10.8	10.9
10. Short-term borrowings and financial leases	128.7	101.1	273.1	383.1	430.7	343.0	371.7	438.9	487.7	498.1	588.0	655.4
11. Provision for short-term liabilities	—	0.4	0.6	0.6	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.4	3.1	3.6	4.0	5.2	6.9	7.8	8.4	5.0	7.6	8.7	10.2
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	43.2	43.5	44.4	44.7	45.4	45.7	46.2	46.5	46.8	47.1	48.3	48.6
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	40.9	41.2	41.5	41.8	42.1	42.4	42.7	43.0	43.3	43.6	43.9	44.2
7. Other long-term liabilities	2.4	2.4	2.9	2.9	3.3	3.3	3.5	3.5	3.5	3.5	4.4	4.4
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)	396.9	396.7	396.7	396.6	396.2	396.6	394.6	397.1	409.3	411.8	409.0	407.6
I. Owner's equity	396.9	396.7	396.7	396.6	396.2	396.6	394.6	397.1	409.3	411.8	409.0	407.6
1. Owner's capital	312.0	312.0	312.0	312.0	312.0	312.0	312.0	312.0	312.0	312.0	312.0	312.0
- Common stock with voting right	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00	311,998,250,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	87.7	87.7	87.7	87.7	87.7	87.7	87.7	87.7	87.7	87.7	87.7	87.7
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	-2.8	-2.9	-3.0	-3.1	-3.5	-3.1	-5.1	-2.6	9.6	12.1	9.4	7.9
- Accumulated retained earning at the end of the previous period	-2.9	-3.6	-3.6	-3.6	-3.6	3.9	3.9	3.9	12.1	6.8	6.8	6.8
- Undistributed earnings in this period	0.1	0.6	0.6	0.5	0.1	-7.0	-9.0	-6.5	-2.5	5.3	2.5	1.1
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)	705.5	713.6	955.0	1,001.8	1,030.6	954.0	959.5	1,008.3	1,001.7	1,065.8	1,156.5	1,216.4

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	0.1	1.8	0.6	0.6	0.1	2.8	-2.4	-4.0	-2.2	4.2	3.0	5.4
Depreciation of Fixed Assets and Investment Property	2.7	2.7	3.3	2.1	2.7	2.7	2.8	2.8	2.8	2.9	2.9	2.9
Provision (Increase)/Reversal	-0.4	-0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.4	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	1.1	3.0	4.8	5.3	5.0	3.8	4.5	5.4	5.7	7.0	9.4	16.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	3.3	6.9	8.6	8.0	7.8	9.3	4.9	4.2	6.3	14.0	15.4	24.7
Increase/(Decrease) in Receivables	-14.0	259.7	77.1	60.6	-75.4	-3.9	-6.9	30.2	50.5	63.1	46.8	1.4
Increase/(Decrease) in Inventory	-32.7	34.0	-46.5	0.0	9.9	8.6	5.1	2.5	-20.0	44.5	9.0	109.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-34.0	-65.4	58.3	19.3	-8.7	23.6	21.4	61.4	-49.1	8.7	10.9	-22.1
Increase/(Decrease) in Prepaid Expenses	-0.6	-1.0	-0.1	-0.1	-0.1	-0.1	0.3	0.2	0.2	-0.3	-0.0	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-7.7	0.0	-5.0	-5.1	-3.0	-4.5	-5.6	-5.5	-7.3	-9.5	-16.2
Corporate Income Tax Paid	-1.7	-0.5	0.0	-0.2	-0.7	-0.1	-0.0	-0.3	0.0	-3.1	-4.7	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.5	-0.4	-1.2	-1.7	-0.8	-0.6	-1.7	-2.6	-1.1	-1.5	-1.1
Net Cash Flow from Operating Activities	-80.6	225.6	97.0	81.4	-73.9	33.5	19.7	91.0	-20.2	118.7	66.2	96.4
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.3	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	164.5	175.3	289.2	245.1	252.8	339.7	296.1	236.7	247.1	426.1	584.8	762.4
Repayment of Borrowings	-136.9	-347.2	-399.3	-292.6	-165.1	-368.4	-363.3	-285.5	-257.5	-516.1	-652.2	-862.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.1	—	-3.0	0.0	0.0	0.0	-9.3	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	27.6	-171.9	-110.1	-47.6	87.7	-31.8	-67.2	-48.8	-10.4	-99.2	-67.4	-100.0
Net Cash Flow During the Period	-52.7	54.0	-13.0	33.8	13.8	1.8	-47.5	42.2	-30.6	19.5	-1.1	-3.6
Cash and Cash Equivalents at Beginning of Period	95.7	41.7	54.7	20.9	7.2	41.4	41.4	41.4	41.4	11.8	11.8	11.8
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	43.0	95.7	41.7	54.7	20.9	7.2	5.4	52.9	10.8	41.4	21.9	23.0

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VTV

What Is Changing

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Balance Sheet ●

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Cash Flow ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow