ADS

Damsan ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 5.74%, +1.87pp YoY

Price

9,050

Latest close

03 Jun 2026

P/E 6.79x

P/B 0.64x

EPS 1,333

BVPS 14,045

ROE 10.0%

ROA 4.0%

Profit Margin 5.4%

Asset Turnover 0.74x

Equity Mult. 2.51x

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

What Is Changing

On a TTM 2026Q1 basis, ADS is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,900bn
	                                
+19.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 109bn
	                                
+76.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,869.9	1,629.0	1,641.8	1,692.6	1,512.5
Growth	+15%	-1%	-3%	+12%	—
Net Income	106.3	55.1	75.0	74.9	99.7
Net Margin	5.68%	3.38%	4.57%	4.43%	6.59%

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	408.2	616.0	430.2	445.5	356.6	482.1	365.7	391.5	389.8	370.7	453.5	675.5
Growth	-34%	+43%	-3%	+25%	-26%	+32%	-7%	+0%	+5%	-18%	-33%	—
Net Income	14.1	36.5	26.4	32.0	14.0	32.8	8.3	6.6	8.3	8.4	30.6	24.8
Net Margin	3.47%	5.92%	6.14%	7.17%	3.94%	6.80%	2.28%	1.68%	2.13%	2.26%	6.75%	3.67%

Drivers of ADS's profit

TTM

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

Gross profit ↑ 99.6bn

Other profit ↓ 23.8bn

Finance costs ↑ 14.6bn

Financial income ↓ 10.7bn

Tax ↑ 8.3bn

TTM

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

Other profit ↑ 2.8bn

Gross profit ↑ 2.6bn

Minority interests ↓ 2.4bn

Finance costs ↓ 1.0bn

Financial income ↓ 4.8bn

Tax ↑ 2.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.4% = 3.9% × 0.62 × 2.65

2026Q1 10.7% = 5.7% × 0.74 × 2.51

ROE rose from 6.4% to 10.7% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 5.7% +1.9pp Asset turnover: 0.74x +0.12x Leverage: 2.51x -0.14x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 5.74%, rising 1.9pp. The main driver is Gross margin rose 3.9pp and SG&A / Revenue fell 0.4pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 1.3pp and Net financial result / Revenue fell 1.2pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 5.74% +1.9pp

Gross Margin 12.25% +3.9pp

SG&A / Revenue 2.55% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 142.1 days.

Is capital being deployed efficiently?

ROIC expanded to 6.60%, rising 3.4pp. That translates to 6.60 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.0pp and capital turnover rose 0.11x, while invested capital rose by 116bn — capital-return quality improved from both sides.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 6.60% +3.4pp

NOPAT Margin 6.52% +3.0pp

Capital Turnover 1.01x +0.11x

Average Invested Capital 1,877.5bn +116.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.43x equity, net debt at 0.81x equity.

Inventory ended the period at 396.9bn, roughly 16.1% of total assets.

Over the last 12 months, working capital absorbed 132.8bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −207.4bn

Inventories decreased → higher CFO: +266.1bn

Payables decreased → lower CFO: −191.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 46.6 days versus the same period last year. The main moves came from DIO fell 16.5 days, DSO fell 19.9 days, and DPO rose 10.3 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 142.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 51.1 days −19.9 days

Inventory 115.8 days −16.5 days

Payables 24.8 days +10.3 days

Cash Conversion Cycle 142.1 days −46.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.81x and interest coverage at 2.31x.

At present, short-term debt accounts for 84.0% of total debt, cash equals 10.9% of debt, and total debt stands at 975.2bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 84.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 10.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.81x −0.06x

Interest Coverage 2.31x +0.95x

Cash / Debt 10.9% −1.6pp

Short-term Debt / Total Debt 84.0% −14.6pp

CFO / NI 0.43x −1.82x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -29.0bn in 2025, against investing cash flow of -31.0bn.

Post-investment cash flow was negative +60.0bn. Financing cash flow was negative +62.0bn.

CFO / net income was 0.43x.

After spending +13.2bn on fixed-asset investment, the business generated trailing free cash flow of +30.9bn.

Cash Conversion

CFO TTM 44.1bn −77.8bn

Cash Capex 13.2bn −20.4bn

FCF TTM +30.9bn −57.4bn

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 1.9 pp. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 142 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.74% after expanding 1.9pp versus the same period last year.

Key risk: working capital remains tied up for too long, with cash cycle at 142.1 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,870.0	1,629.0	1,641.8	1,692.6	1,512.5
Revenue Deductions	0.1	0.0	0.0	0.0	0.0
Net Revenue	1,869.9	1,629.0	1,641.8	1,692.6	1,512.5
Cost of Goods Sold	1,617.8	1,495.4	1,455.8	1,555.1	0.0
Gross Profit	252.2	133.6	186.0	137.5	176.4
Financial Income	24.8	30.9	46.8	34.1	23.5
Financial Expenses	61.7	51.7	87.0	76.4	-37.8
Interest Expense	55.8	42.3	59.6	44.4	0.0
Share of Associates and Joint Ventures	0.8	-8.7	-7.4	1.1	0.0
Selling Expenses	12.9	11.5	13.3	17.2	-17.0
General and Administrative Expenses	42.4	36.2	36.5	30.0	-38.0
Operating Profit	160.8	56.3	88.5	49.0	107.2
Other Income	0.1	10.4	3.5	39.5	0.0
Other Expenses	19.9	3.2	5.6	2.3	0.0
Other Profit	-19.7	7.2	-2.1	37.2	4.5
Profit Before Tax	141.0	63.5	86.5	86.2	111.6
Current Income Tax Expense	34.7	6.5	11.3	11.3	-12.0
Deferred Income Tax Expense	-0.0	1.9	0.2	0.0	0.0
Net Income	106.3	55.1	75.0	74.9	99.7
Non-controlling Interest	9.6	5.1	16.6	7.5	14.9
Profit Attributable to Parent	96.7	50.1	58.4	67.4	84.8
Earnings per Share	1,266.00	667.00	1,120.00	1,705.00	2,227.91
Diluted EPS	1,266.00	667.00	870.00	1,361.00	2,227.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,786.8	1,986.8	1,945.4	1,670.2	1,592.5
I. Cash and cash equivalents	149.7	272.0	152.0	54.7	126.9
1. Cash	149.7	191.5	152.0	54.6	0.0
2. Cash equivalents	—	80.5	0.1	0.1	0.0
II. Short-term financial investments	358.6	376.7	380.5	326.2	0.0
1. Available for sale securities	50.0	70.0	65.0	50.0	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	308.6	306.7	315.5	276.2	0.0
III. Short-term receivables	859.4	783.5	881.0	830.0	601.1
1. Short-term trade accounts receivable	281.2	277.0	210.7	175.6	0.0
2. Short-term prepayments to suppliers	292.3	272.8	316.1	272.3	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	46.3	93.0	119.1	203.6	0.0
6. Other short-term receivables	272.8	166.8	258.6	197.9	0.0
7. Provision for short-term doubtful debts (*)	-33.3	-26.1	-23.4	-19.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	396.9	535.4	518.2	448.4	567.5
1. Inventories	396.9	535.4	518.2	448.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	22.2	19.2	13.7	10.9	25.0
1. Short-term prepayments	0.7	0.5	0.7	0.6	0.0
2. Value added tax to be reclaimed	21.6	18.7	13.0	10.3	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	683.6	617.0	558.4	511.5	377.5
I. Long-term receivables	67.8	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	67.8	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	139.5	140.2	156.6	180.3	225.5
1. Tangible fixed assets	118.0	116.5	155.9	179.5	224.6
- Cost	441.9	406.1	444.4	440.0	0.0
- Accumulated depreciation	-323.9	-289.5	-288.5	-260.5	0.0
2. Financial leased fixed assets	21.0	23.1	0.0	0.0	0.0
- Cost	25.1	25.1	0.0	0.0	0.0
- Accumulated depreciation	-4.1	-2.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.6	0.7	0.8	0.9
- Cost	1.9	1.9	2.3	2.3	0.0
- Accumulated depreciation	-1.4	-1.3	-1.6	-1.5	0.0
III. Investment properties	86.7	20.4	21.2	0.0	0.0
- Cost	209.7	182.0	140.0	79.5	0.0
- Accumulated depreciation	-123.0	-161.7	-118.8	-79.5	0.0
IV. Long-term assets in progress	7.1	52.3	49.4	2.2	1.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.1	52.3	49.4	2.2	0.0
V. Long-term financial investments	369.9	350.3	295.2	303.3	137.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	349.9	350.3	295.2	303.3	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	20.0	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	12.6	53.8	36.0	25.6	0.0
1. Long-term prepayments	12.4	10.7	8.2	9.7	0.0
2. Deferred income tax assets	0.2	43.1	27.8	16.0	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	12.5
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)	2,470.3	2,603.8	2,503.8	2,181.7	1,970.0
A. LIABILITIES (300=210+330)	1,451.7	1,646.5	1,585.5	1,524.6	1,383.7
I. Short -term liabilities	1,329.3	1,613.3	1,472.9	1,364.7	1,265.4
1. Short-term trade accounts payable	35.6	85.1	56.9	99.7	81.7
2. Short-term advances from customers	108.5	15.9	70.5	47.3	47.4
3. Taxes and other payables to state authorities	37.0	51.5	36.1	37.4	0.0
4. Payable to employees	7.9	4.3	5.6	4.6	0.0
5. Short-term acrrued expenses	4.6	0.8	3.0	3.8	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	3.6	3.3	3.2	0.0	0.0
9. Other short-term payables	251.3	469.3	472.9	457.9	0.0
10. Short-term borrowings and financial leases	878.1	980.3	822.1	711.4	610.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.7	2.7	2.7	2.7	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	122.4	33.3	112.6	159.9	118.3
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	2.6	2.9	3.3	0.0	0.0
7. Other long-term liabilities	21.7	16.8	9.0	1.9	0.0
8. Long-term borrowings and financial leases	98.1	13.6	70.5	59.9	116.4
9. Convertible bonds	—	0.0	29.8	98.1	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)	1,018.7	957.3	918.3	657.1	586.3
I. Owner's equity	1,018.7	957.3	918.3	657.1	0.0
1. Owner's capital	763.9	763.9	583.9	437.8	586.3
- Common stock with voting right	763,947,270,000.00	763,947,270,000.00	583,947,270,000.00	437,790,340,000.00	380,694,500,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	63.6	63.6	62.6	60.1	60.1
3. Convertible bond option	—	0.0	1.1	5.4	0.0
4. Other capital of owners	2.3	2.3	2.3	2.3	2.3
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	10.4	10.4	10.4	10.4	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	124.5	66.0	78.0	99.5	84.2
- Accumulated retained earning at the end of the previous period	27.8	15.9	19.6	32.1	6.3
- Undistributed earnings in this period	96.7	50.1	58.4	67.4	77.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	54.0	51.1	179.9	41.5	48.6
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)	2,470.3	2,603.8	2,503.8	2,181.7	1,970.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	141.0	63.5	86.5	86.2	113.2
Depreciation of Fixed Assets and Investment Property	-2.2	79.1	74.3	104.7	40.2
Provision (Increase)/Reversal	7.2	2.6	4.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.3	-0.4	2.0	1.7	0.0
Gain/Loss from Investment Activities	-12.3	-29.5	-27.2	-56.8	0.0
Interest Expense	55.8	42.3	59.6	44.4	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	190.9	157.7	199.2	180.2	165.9
Increase/(Decrease) in Receivables	-120.0	123.8	-97.9	-78.7	0.0
Increase/(Decrease) in Inventory	178.8	-17.1	-69.0	148.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-239.8	-37.5	-40.8	-40.9	0.0
Increase/(Decrease) in Prepaid Expenses	-1.6	-2.4	1.8	-25.1	0.0
Changes in Trading Securities	20.0	-5.0	-15.0	0.0	0.0
Interest Paid	-55.6	-43.4	-60.5	-41.1	0.0
Corporate Income Tax Paid	-1.6	-15.3	-15.8	-3.0	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	-29.0	160.7	-98.0	139.8	153.4
Payments for Fixed Assets and Other Long-term Assets	-22.0	-75.8	-88.3	-97.3	-19.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	21.0	3.3	47.5	9.4
Loans and Purchases of Debt Instruments	-403.0	-225.9	-151.7	-224.7	-106.0
Receipts from Loan Repayments and Sale of Debt Instruments	381.1	226.0	196.9	76.7	100.1
Investments in Other Entities	—	-180.0	0.0	-163.8	-106.3
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	12.5	31.8	22.0	17.4	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	-31.0	-202.8	-17.9	-344.2	-109.1
Proceeds from Equity Issuance and Capital Contributions	—	150,000,000,000.00	125,000,000,000.00	0.00	100,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,972.5	2,187.8	2,047.9	1,761.1	1,788.7
Repayment of Borrowings	-1,990.5	-2,082.2	-1,944.7	-1,618.3	-1,814.2
Repayment of Finance Leases	—	-4.3	-7.8	0.0	0.0
Dividends Paid	-43.9	-89.5	-7.2	-10.5	-28.4
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	-62.0	161.8	213.2	132.3	46.1
Net Cash Flow During the Period	-122.0	119.6	97.4	-72.1	100.4
Cash and Cash Equivalents at Beginning of Period	272.0	152.0	54.7	126.9	36.5
FX Difference from Revaluation	-0.3	0.3	-0.0	-0.2	0.0
Cash and Cash Equivalents at End of Period	149.7	272.0	152.0	54.7	126.9

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	408.2	616.1	430.2	445.5	356.6	482.1	365.7	391.5	389.9	370.7	453.5	675.5
Revenue Deductions	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	408.2	616.0	430.2	445.5	356.6	482.1	365.7	391.5	389.8	370.7	453.5	675.5
Cost of Goods Sold	373.6	534.6	384.0	375.0	324.6	430.7	341.2	366.3	357.7	334.1	393.4	617.9
Gross Profit	34.6	81.4	46.2	70.6	32.0	51.4	24.6	25.1	32.1	36.6	60.1	57.6
Financial Income	3.1	3.6	7.0	7.4	7.9	8.5	6.3	9.1	8.2	13.4	14.1	7.3
Financial Expenses	11.0	24.7	11.9	13.7	12.0	8.9	11.7	14.1	16.6	17.4	29.5	25.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	-2.3	—	3.5	0.0	-10.9	-2.8	-5.0	0.0	0.0
Selling Expenses	2.9	3.2	3.8	2.8	3.2	3.2	2.8	3.2	2.2	3.5	3.4	3.3
General and Administrative Expenses	8.7	12.1	7.0	8.1	9.1	10.7	7.2	7.8	8.7	11.5	7.7	7.5
Operating Profit	15.0	45.1	30.6	51.0	15.6	40.6	9.2	-1.8	9.9	12.5	33.6	28.9
Other Income	3.1	0.0	-0.0	0.0	0.1	0.0	0.0	10.4	0.0	0.1	3.0	3.3
Other Expenses	1.0	0.8	0.4	17.9	0.7	2.5	0.3	0.2	0.5	1.9	3.8	1.8
Other Profit	2.2	-0.8	-0.5	-17.9	-0.6	-2.4	-0.3	10.2	-0.4	-1.8	-0.8	1.6
Profit Before Tax	17.2	44.3	30.2	33.1	14.9	38.1	8.9	8.4	9.5	10.7	32.9	30.5
Current Income Tax Expense	3.1	7.7	3.8	0.0	0.6	3.7	0.5	1.5	1.3	1.9	2.2	5.8
Deferred Income Tax Expense	0.0	0.1	-0.0	1.1	0.3	1.6	0.1	0.3	-0.1	0.4	0.1	-0.1
Net Income	14.1	36.5	26.4	32.0	14.0	32.8	8.3	6.6	8.3	8.4	30.6	24.8
Non-controlling Interest	0.5	1.0	1.5	4.2	2.9	3.7	0.8	0.2	0.3	0.0	14.4	0.4
Profit Attributable to Parent	13.7	35.5	24.9	27.8	11.2	29.1	7.5	6.4	8.0	8.4	16.1	24.4
Earnings per Share	179.24	464.60	325.85	363.38	145.96	380.30	98.73	83.35	108.99	143.39	276.48	480.53
Diluted EPS	179.24	464.60	325.85	363.38	145.96	380.30	98.73	83.35	108.99	143.39	276.48	480.53

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)	2,094.0	1,900.5	1,906.6	2,066.4	1,957.8	1,989.8	1,975.5	1,904.1	1,945.6	1,958.8	2,128.8	1,821.0
I. Cash and cash equivalents	106.5	149.6	196.6	169.3	120.8	272.0	92.8	14.9	39.4	152.0	39.2	55.9
1. Cash	106.5	149.6	196.6	169.3	120.8	191.5	92.8	14.4	39.3	152.0	39.1	55.8
2. Cash equivalents	—	—	—	—	—	80.5	0.0	0.5	0.1	0.1	0.1	0.1
II. Short-term financial investments	452.7	358.6	195.8	230.2	393.0	376.7	334.7	308.2	353.7	380.5	367.3	343.7
1. Available for sale securities	50.0	50.0	70.0	90.0	90.0	70.0	70.0	65.0	65.0	65.0	50.0	50.0
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	402.7	308.6	125.8	140.2	303.0	306.7	264.7	243.2	288.7	315.5	317.3	293.7
III. Short-term receivables	1,001.1	972.0	1,023.6	1,182.8	862.6	785.6	1,002.8	1,003.3	1,034.0	892.1	1,227.6	926.8
1. Short-term trade accounts receivable	242.8	316.7	346.4	342.1	288.8	277.2	310.4	313.8	332.0	210.7	286.6	214.2
2. Short-term prepayments to suppliers	526.4	297.6	315.2	339.0	304.9	272.8	393.0	380.5	372.0	228.3	559.3	359.5
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	—	46.3	46.3	51.8	94.4	93.0	71.5	68.2	115.7	118.4	149.4	114.4
6. Other short-term receivables	265.2	340.5	343.4	475.9	200.6	167.0	251.4	264.2	237.8	356.2	251.6	258.1
7. Provision for short-term doubtful debts (*)	-33.3	-29.1	-27.9	-26.1	-26.1	-24.4	-23.4	-23.4	-23.4	-21.4	-19.4	-19.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	503.5	398.0	457.0	460.6	554.7	536.2	533.0	563.4	505.7	519.7	478.5	478.7
1. Inventories	503.5	398.0	457.0	460.6	554.7	536.2	533.0	563.4	505.7	519.7	478.5	478.7
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	30.2	22.2	33.6	23.4	26.6	19.3	12.2	14.3	12.8	14.6	16.2	15.9
1. Short-term prepayments	0.7	0.7	0.4	0.3	0.4	0.5	0.4	0.5	0.6	1.6	0.3	0.3
2. Value added tax to be reclaimed	23.9	21.6	33.2	23.1	25.9	18.7	11.7	13.8	12.2	13.0	15.9	15.7
3. Taxes and other receivables from state authorities	5.7	0.0	0.0	0.0	0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	438.3	614.0	617.4	659.9	631.1	615.9	589.3	592.6	588.5	577.0	511.7	507.9
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	131.1	139.3	148.5	156.1	141.1	140.2	146.0	156.4	175.0	157.1	154.4	165.2
1. Tangible fixed assets	110.1	117.8	126.5	133.5	118.0	116.5	121.8	131.7	149.7	156.4	153.6	164.4
- Cost	441.9	—	—	—	—	406.1	400.5	402.6	447.3	445.4	434.8	437.5
- Accumulated depreciation	-331.8	—	—	—	—	-289.6	-278.7	-271.0	-297.7	-289.0	-281.2	-273.1
2. Financial leased fixed assets	20.4	21.0	21.5	22.0	22.5	23.1	23.6	24.1	24.6	0.0	0.0	0.0
- Cost	25.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.5	0.6	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.8
- Cost	1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	85.8	86.7	54.0	45.8	46.3	20.4	20.6	20.8	21.0	21.2	0.0	0.0
- Cost	209.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-123.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.2	7.1	36.3	43.0	34.4	52.3	37.4	28.5	28.4	49.4	22.9	13.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.2	7.1	36.3	43.0	34.4	52.3	37.4	28.5	28.4	49.4	22.9	13.2
V. Long-term financial investments	197.3	367.7	367.7	347.9	350.3	349.9	344.0	346.3	327.4	306.7	301.7	301.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	177.3	347.7	347.7	347.9	350.3	349.9	344.0	346.3	327.4	306.7	301.7	301.7
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	20.0	20.0	20.0	—	—	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	16.9	13.2	10.9	67.1	58.9	53.2	41.4	40.5	36.7	42.6	32.8	27.8
1. Long-term prepayments	16.9	13.2	10.9	10.7	11.7	10.7	9.7	8.8	8.9	7.0	7.1	7.3
2. Deferred income tax assets	-0.0	-0.0	-0.0	56.4	47.3	42.5	31.7	31.8	27.8	35.6	25.6	20.5
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	0.0	0.0
TOTAL ASSETS (280=100+200)	2,532.3	2,514.5	2,524.0	2,726.3	2,588.9	2,605.7	2,564.8	2,496.6	2,534.1	2,535.8	2,640.5	2,328.8
A. LIABILITIES (300=210+330)	1,459.3	1,491.4	1,537.5	1,776.7	1,620.3	1,646.2	1,643.9	1,498.2	1,570.8	1,604.7	1,722.0	1,564.0
I. Short -term liabilities	1,278.9	1,366.5	1,420.2	1,658.6	1,582.8	1,608.1	1,603.8	1,464.7	1,506.4	1,487.1	1,638.7	1,487.4
1. Short-term trade accounts payable	155.0	75.7	62.2	48.7	71.6	85.1	41.7	41.7	45.0	58.0	55.3	53.2
2. Short-term advances from customers	33.1	109.1	120.3	137.9	59.0	16.0	193.6	93.6	173.1	70.5	277.0	136.6
3. Dividends and profits payable	6.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.7	15.9	16.8	69.3	49.7	51.3	43.8	37.3	28.4	45.8	61.7	45.2
4. Payable to employees	4.3	6.1	3.3	3.1	3.4	4.3	2.6	2.8	2.9	6.3	3.6	3.9
5. Short-term acrrued expenses	4.8	5.0	4.4	0.7	0.2	0.7	2.4	2.4	2.0	2.2	2.0	0.8
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	2.8	25.2	8.2	0.6	5.0	3.3	7.7	0.6	1.9	2.7	4.8	0.0
9. Other short-term payables	246.8	251.3	337.2	522.7	439.0	469.3	474.1	469.9	487.4	481.4	472.2	460.3
10. Short-term borrowings and financial leases	819.0	875.5	865.2	873.0	952.3	975.5	835.3	813.8	762.9	817.3	759.3	784.6
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	2.2	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7
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	180.4	125.0	117.2	118.1	37.5	38.1	40.1	33.6	64.4	117.6	83.3	76.6
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	2.5	2.6	2.7	2.8	2.8	2.9	3.0	3.1	3.2	3.3	3.3	0.0
7. Other long-term liabilities	21.7	21.7	21.7	21.7	21.5	16.8	16.8	9.1	9.0	8.8	8.8	5.9
8. Long-term borrowings and financial leases	156.2	100.7	92.9	93.6	13.2	18.3	20.3	21.4	22.2	75.7	41.5	41.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	30.0	29.8	29.6	29.4
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)	1,073.0	1,023.0	986.5	949.6	968.6	959.5	920.9	998.4	963.3	931.2	918.5	764.9
I. Owner's equity	1,073.0	1,023.0	986.5	949.6	968.6	959.5	920.9	998.4	963.3	931.2	918.5	764.9
1. Owner's capital	763.9	763.9	763.9	763.9	763.9	763.9	763.9	763.9	733.9	583.9	583.9	507.8
- Common stock with voting right	763,947,270,000.00	763,947,270,000.00	763,947,270,000.00	763,947,270,000.00	763,947,270,000.00	763,947,270,000.00	763,947,270,000.00	763,947,270,000.00	733,947,270,000.00	583,947,270,000.00	583,947,270,000.00	507,790,340,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	63.6	63.6	63.6	63.6	63.6	63.6	63.6	63.6	62.6	62.6	62.6	62.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	1.1	1.1	1.1	1.1
4. Other capital of owners	2.3	2.3	2.3	2.3	2.3	2.3	0.0	2.3	2.3	2.3	2.3	2.3
5. Treasury shares	—	—	—	—	—	0.00	2,294,024,276.00	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	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4
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	136.4	128.8	93.3	57.9	78.9	63.7	28.8	107.1	103.1	76.4	68.0	135.3
- Accumulated retained earning at the end of the previous period	122.7	29.5	29.5	19.0	67.7	12.7	6.9	92.7	95.1	14.6	13.4	97.3
- Undistributed earnings in this period	13.7	99.3	63.8	38.9	11.2	51.0	21.9	14.4	8.0	61.8	54.6	38.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	96.4	54.0	53.0	51.5	49.5	55.7	51.9	51.1	49.8	194.4	190.2	45.4
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)	2,532.3	2,514.5	2,524.0	2,726.3	2,588.9	2,605.7	2,564.8	2,496.6	2,534.1	2,535.8	2,640.5	2,328.8

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	17.2	62.8	31.5	31.8	14.9	38.1	8.6	8.7	9.5	7.0	32.4	31.0
Depreciation of Fixed Assets and Investment Property	10.6	-59.3	22.7	14.5	19.9	9.1	-8.2	15.9	20.6	23.1	20.6	21.7
Provision (Increase)/Reversal	—	5.4	0.0	1.8	—	1.0	0.0	0.0	0.0	4.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	0.0	1.4	—	0.4	-0.9	0.9	0.0	-4.5	0.0	6.0
Gain/Loss from Investment Activities	39.7	10.0	-16.5	24.2	-30.0	-8.5	-9.3	-16.5	-8.2	-14.2	0.0	-2.0
Interest Expense	11.0	18.2	15.2	10.4	12.0	8.9	19.0	6.8	16.6	-9.0	36.8	17.8
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	78.5	37.0	52.8	84.2	16.8	49.0	9.2	15.8	38.5	6.3	89.8	74.5
Increase/(Decrease) in Receivables	-168.7	83.2	-10.1	-111.8	-81.3	-51.5	130.3	102.4	-214.7	218.9	-182.3	-33.0
Increase/(Decrease) in Inventory	106.6	257.1	-161.2	63.5	19.4	3.2	60.1	-32.8	-12.5	-99.2	65.9	-84.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.6	-192.1	72.1	-63.8	-56.0	44.0	47.7	-86.4	97.2	-214.0	55.8	164.8
Increase/(Decrease) in Prepaid Expenses	—	-1.6	-1.7	1.6	—	-1.7	2.4	-0.0	-0.7	-1.1	0.2	1.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	-15.0	0.0	0.0
Interest Paid	-11.0	-18.0	-15.0	-10.6	-12.0	-8.9	-19.7	-6.0	-16.6	8.2	-34.1	-20.5
Corporate Income Tax Paid	-38.4	0.0	0.0	-1.0	-0.6	-21.4	0.0	0.0	-8.8	-3.5	0.0	-2.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-40.6	185.6	-63.2	-37.7	-113.7	12.7	230.0	-7.1	-117.6	-99.3	-4.8	100.4
Payments for Fixed Assets and Other Long-term Assets	-0.4	12.5	0.0	-25.3	-9.1	-10.3	0.0	-14.2	-1.5	-75.3	0.0	-13.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	—	—	—	-0.0	0.0	0.0	0.0	3.2	0.0	0.1
Loans and Purchases of Debt Instruments	—	-386.7	18.0	-34.2	—	5.0	0.0	-5.0	0.0	65.1	-29.9	-186.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	203.8	—	177.3	—	-5.0	-93.6	93.6	0.0	51.0	0.0	145.9
Investments in Other Entities	—	—	—	—	—	0.0	0.0	-145.0	-35.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	179.3	—	—	-93.6	93.6	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	7.4	0.0	5.1	—	0.0	-2.5	2.5	0.0	14.0	0.0	8.0
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	-0.4	-130.5	-14.2	122.9	-9.1	-103.9	-2.5	-68.1	-36.5	57.9	-29.9	-45.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	150,000,000,000.00	48,843,070,000.00	76,156,930,000.00	-70,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	480.3	470.5	492.1	675.0	334.9	740.1	432.0	557.8	458.4	523.8	528.2	443.8
Repayment of Borrowings	-481.3	-557.0	-396.4	-674.2	-362.9	-472.4	-501.5	-506.1	-565.8	-479.5	-517.3	-383.8
Repayment of Finance Leases	-1.1	—	5.2	0.0	-0.4	2.8	-1.1	-1.1	-1.0	-7.8	0.0	0.0
Dividends Paid	—	-10.3	3.8	-37.4	—	0.0	-79.0	0.0	0.0	69.0	-69.0	-7.2
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.1	-101.7	104.7	-36.5	-28.4	270.4	-149.6	50.6	41.5	154.3	18.0	-17.2
Net Cash Flow During the Period	-43.2	-46.6	27.3	48.6	-151.2	179.2	77.9	-24.6	-112.6	112.8	-16.7	37.4
Cash and Cash Equivalents at Beginning of Period	149.7	196.6	169.3	120.8	272.0	152.0	152.0	152.0	152.0	54.7	54.7	54.7
FX Difference from Revaluation	—	-0.3	—	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	106.5	149.7	196.6	169.3	120.8	272.0	92.8	14.9	39.4	152.0	39.2	55.9

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