YBM

Khoáng sản Công nghiệp Yên Bái ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 3.25%, +1.66pp YoY

Price

10,000

Latest close

03 Jun 2026

P/E 5.23x

P/B 0.87x

EPS 1,913

BVPS 11,440

ROE 11.3%

ROA 4.5%

Profit Margin 3.2%

Asset Turnover 1.41x

Equity Mult. 2.50x

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

What Is Changing

On a TTM 2026Q1 basis, YBM is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — 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 983bn
	                                
+28.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 32bn
	                                
+161.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.62x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	875.8	770.8	553.7	429.2	493.4
Growth	+14%	+39%	+29%	-13%	—
Net Income	28.6	13.3	13.4	9.9	16.4
Net Margin	3.27%	1.73%	2.42%	2.30%	3.32%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	263.5	245.9	234.3	239.3	165.8	225.8	170.3	204.9	170.3	156.6	159.1	141.1
Growth	+7%	+5%	-2%	+44%	-27%	+33%	-17%	+20%	+9%	-2%	+13%	—
Net Income	7.4	8.3	7.1	9.0	2.2	2.8	1.8	5.4	3.9	3.1	3.4	3.2
Net Margin	2.82%	3.39%	3.04%	3.76%	1.31%	1.26%	1.07%	2.62%	2.27%	1.96%	2.12%	2.24%

Drivers of YBM's profit

TTM

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

Gross profit ↑ 90.8bn

Selling expenses ↑ 58.8bn

Tax ↑ 3.7bn

Administrative expenses ↑ 3.6bn

Finance costs ↑ 2.5bn

TTM

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

Gross profit ↑ 24.3bn

Selling expenses ↑ 15.3bn

Finance costs ↑ 2.6bn

Administrative expenses ↑ 0.9bn

Tax ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.5% = 1.6% × 1.24 × 3.29

2026Q1 11.4% = 3.2% × 1.41 × 2.50

ROE rose from 6.5% to 11.4% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 3.2% +1.7pp Asset turnover: 1.41x +0.17x Leverage: 2.50x -0.79x

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 3.25%, rising 1.7pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 3.25% +1.7pp

Gross Margin 34.76% +2.1pp

SG&A / Revenue 28.70% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 80.6 days.

Is capital being deployed efficiently?

ROIC expanded to 5.65%, rising 3.3pp. That translates to 5.65 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.7pp and capital turnover rose 0.21x, while invested capital rose by 62bn — capital-return quality improved from both sides.

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.

CAPITAL EFFICIENCY TREND

ROIC 5.65% +3.3pp

NOPAT Margin 3.37% +1.7pp

Capital Turnover 1.67x +0.21x

Average Invested Capital 587.4bn +62.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 2.31x equity, net debt at 0.77x equity.

Inventory ended the period at 104.1bn, roughly 14.6% of total assets.

Over the last 12 months, working capital absorbed 95.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −102.2bn

Inventories increased → lower CFO: −2.3bn

Payables increased → higher CFO: +9.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.6 days versus the same period last year. The main moves came from DIO fell 6.4 days, DSO rose 3.0 days, and DPO rose 1.1 days.

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

Watchpoints

Receivables collection is slowing

DSO increased by +3.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 62.8 days +3.0 days

Inventory 61.5 days −6.4 days

Payables 43.8 days +1.1 days

Cash Conversion Cycle 80.6 days −4.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 46.4bn due to capex of 26.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.77x and interest coverage only at 1.55x.

At present, short-term debt accounts for 74.5% of total debt, cash equals 8.1% of debt, and total debt stands at 309.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.55x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 74.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.77x −0.99x

Interest Coverage 1.55x +0.86x

Cash / Debt 8.1% +2.4pp

Short-term Debt / Total Debt 74.5% +1.3pp

CFO / NI -0.62x −2.97x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 36.1bn in 2025, against investing cash flow of -37.9bn.

Post-investment cash flow was negative +1.7bn. Financing cash flow was positive +15.0bn.

CFO / net income was -0.62x.

After spending +26.9bn on fixed-asset investment, the business generated trailing free cash flow of −46.4bn.

Cash Conversion

CFO TTM 19.5bn −48.2bn

Cash Capex 26.9bn −12.2bn

FCF TTM −46.4bn −36.0bn

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 1.7 pp. The main risk still sits in leverage and liquidity, with interest coverage at 1.55x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.25% after expanding 1.7pp versus the same period last year.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.55x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	876.9	771.1	555.4	429.3	495.0
Revenue Deductions	1.1	0.3	1.7	0.1	0.0
Net Revenue	875.8	770.8	553.7	429.2	493.4
Cost of Goods Sold	557.9	531.2	387.4	289.6	0.0
Gross Profit	317.9	239.6	166.3	139.6	121.0
Financial Income	6.7	8.6	2.9	2.5	0.9
Financial Expenses	22.8	23.8	19.5	14.9	-15.0
Interest Expense	20.2	20.5	15.3	13.5	-14.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	251.7	196.5	124.8	106.0	-82.2
General and Administrative Expenses	13.9	9.9	7.9	8.7	-5.2
Operating Profit	36.2	18.1	17.1	12.5	19.5
Other Income	0.1	0.1	0.0	0.0	0.0
Other Expenses	0.3	0.5	0.3	0.1	0.0
Other Profit	-0.2	-0.5	-0.3	-0.1	-1.4
Profit Before Tax	36.0	17.6	16.7	12.4	18.1
Current Income Tax Expense	7.4	4.3	3.3	2.6	-1.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	28.6	13.3	13.4	9.9	16.4
Non-controlling Interest	—	0.0	0.0	-0.0	-0.0
Profit Attributable to Parent	28.6	13.3	13.4	9.9	16.4
Earnings per Share	1,600.00	932.00	937.00	690.00	598.00
Diluted EPS	1,600.00	932.00	937.00	690.00	1,147.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	394.0	316.0	289.9	205.9	208.3
I. Cash and cash equivalents	18.6	5.4	21.5	19.5	7.4
1. Cash	18.6	5.4	21.5	19.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	2.0	5.0	10.7	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	2.0	5.0	10.7	0.0	0.0
III. Short-term receivables	234.2	159.0	150.7	102.3	153.6
1. Short-term trade accounts receivable	206.4	140.3	117.7	89.4	0.0
2. Short-term prepayments to suppliers	22.1	17.3	34.3	8.1	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	7.5	0.0
6. Other short-term receivables	8.1	3.6	1.7	0.5	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-2.3	-3.1	-3.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	104.1	106.1	78.2	66.9	30.3
1. Inventories	104.1	106.1	78.2	66.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	35.1	40.6	28.8	17.3	16.9
1. Short-term prepayments	3.5	4.0	3.8	2.0	0.0
2. Value added tax to be reclaimed	31.5	35.2	25.0	15.3	0.0
3. Taxes and other receivables from state authorities	0.1	1.4	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)	320.0	307.6	274.9	204.6	227.9
I. Long-term receivables	—	0.2	0.4	0.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
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	—	0.2	0.4	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	295.9	298.4	235.4	189.1	204.2
1. Tangible fixed assets	201.9	240.8	173.4	84.7	90.5
- Cost	319.8	357.9	266.9	127.1	0.0
- Accumulated depreciation	-117.9	-117.0	-93.5	-42.4	0.0
2. Financial leased fixed assets	93.6	57.2	62.1	104.4	113.7
- Cost	136.4	66.8	66.8	141.5	0.0
- Accumulated depreciation	-42.8	-9.6	-4.7	-37.1	0.0
3. Intangible fixed assets	0.3	0.4	0.0	0.0	0.0
- Cost	0.4	0.4	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	31.0	6.9	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	31.0	6.9	0.0
V. Long-term financial investments	12.0	0.0	0.0	0.0	14.7
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	12.0	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
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	12.2	9.0	8.1	8.3	0.0
1. Long-term prepayments	12.2	9.0	8.1	8.3	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	8.7
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)	714.0	623.7	564.8	410.5	436.2
A. LIABILITIES (300=210+330)	498.3	436.4	383.8	235.6	256.9
I. Short -term liabilities	378.9	313.6	289.6	194.5	208.3
1. Short-term trade accounts payable	102.6	60.9	46.9	36.0	36.6
2. Short-term advances from customers	2.2	1.0	0.7	1.3	0.5
3. Taxes and other payables to state authorities	6.1	0.1	0.6	0.2	0.0
4. Payable to employees	7.0	4.8	3.2	3.4	0.0
5. Short-term acrrued expenses	1.1	6.0	5.8	2.0	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	0.1	1.0	0.4	0.4	0.0
10. Short-term borrowings and financial leases	259.8	239.8	232.0	151.3	167.3
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	119.4	122.8	94.2	41.1	48.7
1. Long-term trade payables	24.5	23.0	8.8	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	94.9	99.8	85.5	41.1	48.7
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)	215.7	187.2	181.1	174.9	179.2
I. Owner's equity	215.7	187.2	181.1	174.9	0.0
1. Owner's capital	178.7	143.0	143.0	143.0	179.2
- Common stock with voting right	178,746,450,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	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	8.4	8.4	8.4	8.4	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	28.7	35.8	29.6	23.4	36.2
- Accumulated retained earning at the end of the previous period	0.1	22.5	16.2	13.5	21.5
- Undistributed earnings in this period	28.6	13.3	13.4	9.9	14.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.1	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)	714.0	623.7	564.8	410.5	436.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	36.0	17.6	16.7	12.4	9.0
Depreciation of Fixed Assets and Investment Property	34.1	29.3	20.7	18.4	12.5
Provision (Increase)/Reversal	—	-0.8	-0.4	3.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	0.2	0.7	0.6	0.0
Gain/Loss from Investment Activities	-0.3	-0.3	0.2	-0.4	0.0
Interest Expense	20.2	20.5	15.3	13.5	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	90.5	66.4	53.3	47.8	31.9
Increase/(Decrease) in Receivables	-70.4	-26.3	-32.6	40.0	0.0
Increase/(Decrease) in Inventory	-0.4	-36.2	-17.4	-36.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	39.1	25.2	6.0	2.5	0.0
Increase/(Decrease) in Prepaid Expenses	-2.7	-1.1	-1.7	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-20.0	-20.9	-15.2	-13.3	0.0
Corporate Income Tax Paid	—	-6.1	-3.0	-2.8	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	36.1	1.1	-10.7	38.1	12.2
Payments for Fixed Assets and Other Long-term Assets	-29.1	-38.3	-109.3	-3.3	-4.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.3	0.0	0.0
Loans and Purchases of Debt Instruments	-2.0	-23.0	-10.9	15.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	28.7	0.2	0.0	0.0
Investments in Other Entities	-12.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	14.8	0.0	0.0
Dividends and Interest Income Received	0.3	0.3	0.0	0.4	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	-37.9	-32.1	-104.9	12.2	-4.3
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	744.0	689.6	551.5	368.2	270.2
Repayment of Borrowings	-714.9	-657.5	-415.8	-376.9	-276.0
Repayment of Finance Leases	-14.2	-10.1	-11.0	-15.3	-8.1
Dividends Paid	—	-7.1	-7.1	-14.3	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	15.0	14.9	117.6	-38.2	-13.9
Net Cash Flow During the Period	13.2	-16.1	2.1	12.0	0.0
Cash and Cash Equivalents at Beginning of Period	5.4	21.5	19.4	7.4	18.1
FX Difference from Revaluation	0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	18.6	5.4	21.5	19.5	0.0

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	263.6	245.9	234.5	239.8	166.2	226.1	170.3	205.0	170.3	156.6	159.1	141.9
Revenue Deductions	0.1	0.0	0.2	0.5	0.4	0.2	0.0	0.0	0.0	0.0	0.0	0.9
Net Revenue	263.5	245.9	234.3	239.3	165.8	225.8	170.3	204.9	170.3	156.6	159.1	141.1
Cost of Goods Sold	176.6	161.8	147.5	155.2	103.3	153.1	116.5	143.3	117.9	107.8	115.2	100.5
Gross Profit	86.9	84.1	86.7	84.0	62.6	72.7	53.9	61.7	52.4	48.8	43.9	40.5
Financial Income	2.0	2.4	1.9	1.7	1.6	2.1	2.5	3.3	1.0	0.6	1.4	0.5
Financial Expenses	8.1	6.9	5.7	5.8	5.5	5.8	5.6	7.1	6.0	7.3	4.5	5.1
Interest Expense	4.3	5.2	4.7	5.4	4.8	3.0	4.8	5.3	5.1	5.1	4.2	3.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	68.0	65.0	69.4	64.6	52.7	62.0	44.7	48.8	40.5	36.0	34.2	30.4
General and Administrative Expenses	3.9	4.0	3.3	3.9	3.0	3.6	2.6	2.2	2.0	2.1	2.3	1.6
Operating Profit	8.8	10.5	10.3	11.4	2.8	3.6	3.5	6.7	4.8	4.1	4.2	4.0
Other Income	0.0	0.0	29.2	0.0	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.1	30.6	0.1	0.2	0.2	0.4	0.0	0.0	0.1	0.0	0.0
Other Profit	-0.1	-0.0	-1.4	-0.1	-0.1	0.0	-0.4	0.0	-0.0	-0.1	-0.0	-0.0
Profit Before Tax	8.8	10.5	8.9	11.3	2.8	3.6	3.1	6.7	4.8	3.9	4.2	4.0
Current Income Tax Expense	1.4	2.1	1.8	2.3	0.6	0.7	1.3	1.3	1.0	0.9	0.8	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.4	8.3	7.1	9.0	2.2	2.8	1.8	5.4	3.9	3.1	3.4	3.2
Non-controlling Interest	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	7.1	8.3	7.1	9.0	2.2	2.8	1.8	5.4	3.9	3.1	3.4	3.2
Earnings per Share	318.00	467.00	498.00	630.00	152.00	198.00	128.00	375.00	270.00	215.02	235.71	221.00
Diluted EPS	220.03	467.00	498.00	630.00	152.00	941.00	128.00	375.00	270.00	215.02	235.71	221.00

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)	437.6	393.7	372.8	334.7	311.2	316.5	337.2	317.9	307.1	318.9	250.0	272.1
I. Cash and cash equivalents	25.0	18.6	23.7	32.5	20.0	5.4	8.7	10.9	26.9	21.5	9.4	17.7
1. Cash	25.0	18.6	23.7	32.5	20.0	5.4	8.7	10.9	26.9	21.5	9.4	17.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	28.0	2.1	7.1	7.0	7.0	5.0	2.0	8.4	26.7	10.7	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	28.0	2.1	7.1	7.0	7.0	5.0	2.0	8.4	26.7	10.7	0.0	0.0
III. Short-term receivables	267.0	233.9	208.6	169.5	148.8	160.5	189.7	176.6	136.8	150.4	145.6	175.6
1. Short-term trade accounts receivable	214.0	206.4	181.3	142.4	124.5	143.2	157.1	155.0	127.2	117.7	112.2	103.9
2. Short-term prepayments to suppliers	30.5	22.1	23.0	24.4	20.5	17.3	31.1	20.8	10.6	34.3	35.3	65.7
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	7.5
6. Other short-term receivables	24.8	7.8	6.6	5.0	6.1	2.3	3.8	4.0	2.2	1.7	1.4	1.7
7. Provision for short-term doubtful debts (*)	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-3.1	-3.1	-3.3	-3.3	-3.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	107.8	104.0	103.0	97.3	108.4	104.7	101.6	89.1	83.8	106.6	67.1	55.6
1. Inventories	107.8	104.0	103.0	97.3	108.4	104.7	101.6	89.1	83.8	106.6	67.1	55.6
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	9.8	35.1	30.5	28.4	27.0	40.9	35.2	33.0	32.8	29.7	27.8	23.3
1. Short-term prepayments	2.7	3.5	3.0	3.8	4.3	4.1	3.8	4.0	3.5	4.7	4.1	3.3
2. Value added tax to be reclaimed	6.9	31.5	27.4	24.5	21.8	35.4	31.3	28.8	29.3	25.0	23.7	19.9
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.8	1.4	0.1	0.1	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)	332.5	318.9	327.3	319.6	311.3	307.2	301.5	300.8	302.8	245.9	236.9	210.7
I. Long-term receivables	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.4	0.4	0.3	0.3
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	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.4	0.4	0.3	0.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	291.7	292.4	299.6	310.9	302.4	298.6	292.6	292.0	263.2	235.4	227.7	195.0
1. Tangible fixed assets	200.3	199.8	204.5	243.6	244.4	241.0	234.2	232.4	202.3	136.2	126.0	90.5
- Cost	324.4	—	—	—	—	358.0	344.6	337.3	301.3	187.9	174.2	137.6
- Accumulated depreciation	-124.2	—	—	—	—	-117.0	-110.4	-104.9	-99.0	-51.7	-48.2	-47.1
2. Financial leased fixed assets	91.1	92.3	94.8	66.9	57.6	57.2	58.4	59.6	60.9	99.3	101.8	104.5
- Cost	136.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-45.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.3	0.3	0.3	0.3	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	6.0	—	1.0	—	—	0.0	0.0	0.0	31.2	2.0	0.6	7.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.0	—	1.0	—	—	0.0	0.0	0.0	31.2	2.0	0.6	7.2
V. Long-term financial investments	21.8	12.0	12.0	—	—	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	21.8	12.0	12.0	—	—	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	13.1	14.2	14.4	8.5	8.8	8.4	8.6	8.6	8.0	8.1	8.2	8.1
1. Long-term prepayments	13.1	14.2	14.4	8.5	8.8	8.4	8.6	8.6	8.0	8.1	8.2	8.1
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)	770.1	712.6	700.1	654.3	622.5	623.7	638.7	618.8	609.9	564.8	486.9	482.8
A. LIABILITIES (300=210+330)	402.0	498.0	494.2	455.9	433.1	436.3	454.2	428.5	425.0	384.0	309.2	301.2
I. Short -term liabilities	323.1	378.6	366.4	334.1	310.9	313.6	336.8	308.9	304.0	298.2	249.7	243.9
1. Short-term trade accounts payable	79.9	102.7	107.0	87.2	46.4	60.9	56.5	47.3	37.9	55.6	36.8	39.3
2. Short-term advances from customers	1.6	2.2	3.5	1.1	1.4	1.0	1.5	1.2	1.0	0.7	0.7	1.8
3. Taxes and other payables to state authorities	1.4	5.8	3.5	1.6	—	0.1	3.9	2.3	1.5	0.6	2.5	1.7
4. Payable to employees	3.2	2.6	2.8	3.8	2.7	2.7	3.5	2.5	2.1	3.2	2.5	1.7
5. Short-term acrrued expenses	6.0	5.4	6.1	1.4	1.8	8.3	7.9	6.2	3.0	5.7	4.6	4.5
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	0.7	0.1	0.3	0.2	0.2	0.7	0.3	0.2	0.7	0.4	11.4	7.6
10. Short-term borrowings and financial leases	230.4	259.8	243.2	238.8	258.5	239.8	263.2	249.2	257.6	232.0	191.1	187.3
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	78.9	119.4	127.8	121.8	122.2	122.8	117.4	119.6	121.0	85.8	59.4	57.3
1. Long-term trade payables	—	24.5	24.5	24.5	27.6	23.0	12.9	8.8	8.8	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	78.9	94.9	103.3	97.3	94.6	99.8	104.5	110.9	112.2	85.8	59.4	57.3
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)	368.1	214.6	205.9	198.4	189.4	187.4	184.5	190.3	184.9	180.8	177.8	181.7
I. Owner's equity	368.1	214.6	205.9	198.4	189.4	187.4	184.5	190.3	184.9	180.8	177.8	181.7
1. Owner's capital	321.7	178.7	143.0	143.0	143.0	143.0	143.0	143.0	143.0	143.0	143.0	143.0
- Common stock with voting right	321,745,250,000.00	178,746,450,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00	142,998,800,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	—	—	—	—	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	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	35.8	27.5	54.4	47.0	38.0	35.9	33.1	38.9	33.5	29.4	26.3	30.1
- Accumulated retained earning at the end of the previous period	28.7	0.1	47.3	35.8	35.8	22.5	22.5	29.6	29.6	16.2	16.2	23.4
- Undistributed earnings in this period	7.1	27.4	7.1	11.2	2.2	13.5	10.6	9.2	3.9	13.2	10.1	6.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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)	770.1	712.6	700.1	654.3	622.5	623.7	638.7	618.8	609.9	564.8	486.9	482.8

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	8.4	12.6	8.9	11.7	2.8	3.6	3.1	6.2	4.8	4.1	4.2	3.9
Depreciation of Fixed Assets and Investment Property	8.8	8.8	8.6	8.5	8.3	8.7	6.8	7.1	6.7	7.7	3.6	4.8
Provision (Increase)/Reversal	—	—	—	—	—	0.0	-0.8	0.0	0.0	-0.2	-0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.3	0.4	—	0.1	—	0.2	-0.2	0.2	0.0	0.7	-1.2	1.2
Gain/Loss from Investment Activities	—	-0.2	—	-0.1	—	-0.3	1.1	-1.1	0.0	0.2	0.0	0.0
Interest Expense	4.3	5.2	4.7	5.4	4.8	3.8	5.0	5.3	5.1	4.0	4.2	3.6
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	23.8	26.7	22.2	25.6	15.9	15.9	15.0	17.8	16.6	16.6	10.6	13.6
Increase/(Decrease) in Receivables	-8.3	-29.9	-35.5	-28.5	23.5	23.9	-4.6	-49.5	9.5	27.0	-28.1	-7.3
Increase/(Decrease) in Inventory	-4.3	-3.5	-3.4	8.8	-2.3	-3.2	-7.2	-10.6	-5.6	-17.2	-11.5	-11.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-46.2	-7.0	26.6	36.1	-16.6	14.5	13.1	9.1	-11.5	-0.4	5.5	-4.4
Increase/(Decrease) in Prepaid Expenses	-0.1	1.8	-5.2	0.8	-0.1	-0.1	-0.0	-0.9	0.4	0.4	0.2	-1.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.5	-4.9	-4.8	-5.1	-5.1	-3.5	-5.5	-4.8	-5.7	-3.6	-4.3	-3.7
Corporate Income Tax Paid	-6.1	—	—	—	—	-5.6	0.0	-0.5	0.0	-2.8	0.0	-0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-40.3	-16.8	-0.0	37.6	15.3	42.0	10.8	-39.3	3.7	20.0	-27.6	-15.5
Payments for Fixed Assets and Other Long-term Assets	-10.0	-1.6	-7.2	-8.0	-12.3	-14.8	-25.9	13.7	-34.6	-57.0	9.5	-60.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.2	-0.2	0.2	0.0	0.3	-4.8	4.8
Loans and Purchases of Debt Instruments	-28.0	0.1	-0.1	0.0	-2.0	-5.0	-18.0	16.0	-16.0	-10.9	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	5.1	—	-0.1	—	2.0	24.3	2.3	0.0	0.2	0.0	0.0
Investments in Other Entities	-9.8	—	—	—	—	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	7.3	7.5
Dividends and Interest Income Received	—	0.2	—	0.1	—	0.3	-1.0	1.0	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	-45.7	3.8	-19.3	-8.0	-14.3	-17.3	-20.7	33.3	-50.6	-67.4	12.0	-48.3
Proceeds from Equity Issuance and Capital Contributions	142,925,200,000.00	—	—	—	—	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	185.8	198.9	192.4	180.2	172.5	179.8	145.8	177.7	186.3	290.3	7.2	175.0
Repayment of Borrowings	-231.6	-186.0	-177.7	-194.9	-156.3	-205.3	-135.4	-185.2	-131.6	-218.3	0.0	-107.5
Repayment of Finance Leases	-4.7	-5.0	-4.1	-2.4	-2.6	-2.6	-2.7	-2.5	-2.3	-5.4	0.0	-2.9
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-7.1	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	92.4	7.9	10.6	-17.1	13.6	-28.1	7.8	-10.0	52.4	59.5	7.2	64.6
Net Cash Flow During the Period	6.4	-5.1	-8.8	12.5	14.6	-3.4	-2.2	-16.0	5.4	12.1	-8.3	0.8
Cash and Cash Equivalents at Beginning of Period	18.6	23.7	32.5	20.0	5.4	21.5	21.5	21.5	21.5	19.4	19.4	19.5
FX Difference from Revaluation	0.1	0.0	—	-0.0	—	-0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	25.0	18.6	23.7	32.5	20.0	5.4	8.7	10.9	26.9	21.5	9.4	17.7

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YBM

What Is Changing

Drivers of YBM's profit

Financial Highlights

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What is driving the margin? ▲

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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