AMS

Cơ khí Xây dựng AMECC ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT −0.36x

Price

10,200

Latest close

02 Jun 2026

P/E 8.44x

P/B 0.70x

EPS 1,208

BVPS 14,658

ROE 8.5%

ROA 1.9%

Profit Margin 2.0%

Asset Turnover 0.96x

Equity Mult. 4.50x

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

What Is Changing

On a TTM 2026Q1 basis, AMS is improving on both revenue and margins, though the magnitude is still moderate — profit momentum has been slowing across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,665bn
	                                
+12.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 72bn
	                                
+34.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.36x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	3,515.2	3,432.0	3,003.6	2,621.4	2,659.3
Growth	+2%	+14%	+15%	-1%	—
Net Income	54.9	55.0	52.5	45.5	37.5
Net Margin	1.56%	1.60%	1.75%	1.74%	1.41%

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	692.2	1,282.0	629.7	1,060.9	553.0	1,325.1	628.0	759.8	719.5	1,065.4	731.6	622.8
Growth	-46%	+104%	-41%	+92%	-58%	+111%	-17%	+6%	-32%	+46%	+17%	—
Net Income	17.3	26.5	7.5	21.1	8.3	3.4	13.5	28.5	15.8	10.1	11.5	18.3
Net Margin	2.49%	2.07%	1.20%	1.99%	1.50%	0.25%	2.15%	3.76%	2.20%	0.95%	1.57%	2.93%

Drivers of AMS's profit

TTM

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

Selling expenses ↓ 19.8bn

Other profit ↑ 13.3bn

Administrative expenses ↓ 13.2bn

Tax ↓ 7.0bn

Gross profit ↓ 36.3bn

TTM

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

Gross profit ↑ 17.0bn

Selling expenses ↓ 4.6bn

Financial income ↑ 2.1bn

Finance costs ↑ 9.6bn

Administrative expenses ↑ 2.8bn

Tax ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.6% = 1.6% × 1.01 × 4.02

2026Q1 8.5% = 2.0% × 0.96 × 4.50

ROE rose from 6.6% to 8.5% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 2.0% +0.3pp Asset turnover: 0.96x -0.04x Leverage: 4.50x +0.48x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.98%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 1.3pp are enough to offset pressure from Gross margin fell 2.1pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.3pp).

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 1.98% +0.3pp

Gross Margin 7.73% −2.1pp

SG&A / Revenue 2.70% −1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 3.55%, broadly flat versus the same period. That translates to 3.55 in after-tax operating profit for every 100 units of operating capital. Both components held their rhythm — NOPAT margin and capital turnover were both stable, while invested capital rose by 216bn.

ROIC is in a stable range — capital efficiency has not moved clearly.

Watchpoints

ROIC remains low

ROIC is currently 3.55% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.55% +0.2pp

NOPAT Margin 2.24% +0.1pp

Capital Turnover 1.59x +0.03x

Average Invested Capital 2,307.0bn +215.6bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 3.54x equity, net debt at 1.94x equity.

Inventory ended the period at 1,130.1bn, roughly 28.9% of total assets.

Over the last 12 months, working capital absorbed 142.7bn 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: −485.8bn

Inventories increased → lower CFO: −328.1bn

Payables increased → higher CFO: +671.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 24.1 days versus the same period last year. The main moves came from DIO rose 7.4 days, DSO rose 3.0 days, and DPO fell 13.7 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 162.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

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

Working Capital Efficiency

Receivables 52.6 days +3.0 days

Inventory 146.5 days +7.4 days

Payables 36.7 days −13.7 days

Cash Conversion Cycle 162.4 days +24.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.94x and interest coverage only at 1.07x.

At present, short-term debt accounts for 79.8% of total debt, cash equals 17.2% of debt, and total debt stands at 2,065.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.94x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.07x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.94x +0.46x

Interest Coverage 1.07x −0.00x

Cash / Debt 17.2% +11.2pp

Short-term Debt / Total Debt 79.8% −3.9pp

CFO / NI -0.36x −5.41x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 236.2bn in 2025, against investing cash flow of -206.4bn.

Post-investment cash flow was positive +29.7bn. Financing cash flow was positive +215.3bn.

CFO / net income was -0.36x.

After spending +423.8bn on fixed-asset investment, the business generated trailing free cash flow of −450.2bn.

Cash Conversion

CFO TTM 26.4bn −297.6bn

Cash Capex 423.8bn +333.9bn

FCF TTM −450.2bn −631.5bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 3.6%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -0.36x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.36x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,515.2	3,432.0	3,003.6	2,621.4	2,659.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,515.2	3,432.0	3,003.6	2,621.4	2,659.3
Cost of Goods Sold	3,228.0	3,114.8	2,756.6	2,409.7	0.0
Gross Profit	287.2	317.1	246.9	211.8	196.8
Financial Income	24.0	22.6	20.7	11.8	10.2
Financial Expenses	94.7	118.6	105.6	74.1	-56.7
Interest Expense	88.7	106.1	99.0	61.4	-46.8
Share of Associates and Joint Ventures	1.8	-0.2	0.1	0.2	-0.0
Selling Expenses	23.3	43.6	3.4	25.0	-15.0
General and Administrative Expenses	78.7	84.1	91.6	66.6	-82.5
Operating Profit	116.2	93.3	67.1	58.1	52.8
Other Income	12.9	7.3	11.2	3.4	0.0
Other Expenses	43.2	36.5	21.8	4.2	0.0
Other Profit	-30.4	-29.2	-10.6	-0.8	-6.2
Profit Before Tax	85.9	64.2	56.4	57.3	46.7
Current Income Tax Expense	18.7	18.2	11.4	13.5	-9.1
Deferred Income Tax Expense	12.3	-9.1	-7.4	-1.7	0.0
Net Income	54.9	55.0	52.5	45.5	37.5
Non-controlling Interest	—	0.0	0.0	0.0	0.9
Profit Attributable to Parent	54.9	55.0	52.5	45.5	36.6
Earnings per Share	915.00	917.00	874.88	1,242.00	967.00
Diluted EPS	914.98	917.35	874.88	1,241.97	1,000.37

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,732.7	2,201.1	2,403.9	1,969.9	1,552.0
I. Cash and cash equivalents	430.9	186.4	219.5	186.0	77.7
1. Cash	421.2	141.7	143.5	100.0	0.0
2. Cash equivalents	9.7	44.6	76.0	86.0	0.0
II. Short-term financial investments	137.6	81.2	47.0	92.8	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	137.6	81.2	47.0	92.8	0.0
III. Short-term receivables	966.5	906.2	1,160.7	690.5	500.9
1. Short-term trade accounts receivable	745.0	681.0	521.9	536.9	0.0
2. Short-term prepayments to suppliers	91.4	75.7	87.0	112.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	148.9	140.2	509.4	0.0	0.0
5. Short-term loan receivables	—	16.0	11.5	0.0	0.0
6. Other short-term receivables	57.6	70.8	98.0	97.6	0.0
7. Provision for short-term doubtful debts (*)	-76.4	-77.5	-67.1	-56.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,130.1	993.4	957.3	969.2	893.1
1. Inventories	1,130.1	993.4	962.5	969.2	0.0
2. Provision for decline in value of inventories	—	0.0	-5.2	0.0	0.0
V. Other short-term assets	67.6	33.9	19.4	31.3	26.0
1. Short-term prepayments	9.7	15.3	3.1	4.8	0.0
2. Value added tax to be reclaimed	57.9	18.7	16.3	26.5	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,178.6	1,077.4	945.9	824.4	621.6
I. Long-term receivables	25.1	22.9	5.3	5.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.7
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	25.1	22.9	5.3	5.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	792.2	617.6	498.0	459.0	310.8
1. Tangible fixed assets	384.8	239.8	194.9	278.3	169.3
- Cost	689.0	508.3	417.6	481.9	0.0
- Accumulated depreciation	-304.2	-268.5	-222.7	-203.6	0.0
2. Financial leased fixed assets	374.6	345.5	270.0	146.1	106.8
- Cost	503.2	438.2	330.6	186.5	0.0
- Accumulated depreciation	-128.6	-92.7	-60.6	-40.4	0.0
3. Intangible fixed assets	32.8	32.3	33.1	34.6	34.7
- Cost	51.7	49.5	48.7	48.7	0.0
- Accumulated depreciation	-18.8	-17.2	-15.6	-14.1	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	84.4	168.8	179.1	165.2	92.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	84.4	168.8	179.1	165.2	0.0
V. Long-term financial investments	250.0	241.8	248.7	181.0	199.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	80.1	78.3	78.5	11.1	0.0
3. Investments in other entities	169.1	162.5	162.5	163.6	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	0.8	1.0	7.7	6.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	26.9	26.3	14.8	14.1	0.0
1. Long-term prepayments	15.8	2.9	0.4	0.7	0.0
2. Deferred income tax assets	11.1	23.4	14.3	13.4	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	13.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,911.3	3,278.5	3,349.8	2,794.3	2,173.6
A. LIABILITIES (300=210+330)	3,049.0	2,469.1	2,562.7	2,281.9	1,711.4
I. Short -term liabilities	2,564.2	2,168.5	2,297.4	1,938.2	1,516.7
1. Short-term trade accounts payable	303.4	406.2	332.9	560.3	429.9
2. Short-term advances from customers	887.5	421.0	409.9	239.9	194.6
3. Taxes and other payables to state authorities	45.6	48.9	22.2	26.5	0.0
4. Payable to employees	25.2	26.9	20.9	21.2	0.0
5. Short-term acrrued expenses	79.1	37.6	95.6	1.8	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	—	0.0	0.0	1.5	3.0
9. Other short-term payables	20.0	32.7	149.9	352.8	0.0
10. Short-term borrowings and financial leases	1,203.4	1,195.0	1,256.0	733.2	673.4
11. Provision for short-term liabilities	—	0.0	9.9	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	1.0	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	484.9	300.7	265.3	343.8	194.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	78.9	100.9	96.8	136.8	0.0
8. Long-term borrowings and financial leases	406.0	199.8	168.5	207.0	57.9
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)	862.2	809.3	787.1	512.4	462.2
I. Owner's equity	862.2	809.3	787.1	512.4	0.0
1. Owner's capital	600.0	600.0	600.0	366.3	462.2
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	366,298,650,000.00	366,298,650,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-3.3	-3.3	-3.3	-3.0	-3.0
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	2.1	1.8	0.5	-2.4	0.0
8. Investment and development fund	191.8	154.6	54.3	54.3	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	71.5	56.2	135.6	97.2	35.4
- Accumulated retained earning at the end of the previous period	16.6	1.2	83.1	51.7	0.3
- Undistributed earnings in this period	54.9	55.0	52.5	45.5	35.1
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)	3,911.3	3,278.5	3,349.8	2,794.3	2,173.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	85.9	64.2	56.4	57.3	15.2
Depreciation of Fixed Assets and Investment Property	76.2	70.5	54.4	42.7	26.8
Provision (Increase)/Reversal	-1.1	-4.6	25.9	5.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.1	0.6	6.2	1.3	0.0
Gain/Loss from Investment Activities	-6.8	-10.0	-11.0	-8.0	0.0
Interest Expense	88.7	106.1	99.0	61.4	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	1.6	-7.9	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	242.5	218.8	231.0	160.1	50.9
Increase/(Decrease) in Receivables	-112.9	232.9	-461.1	-231.3	0.0
Increase/(Decrease) in Inventory	-136.7	-64.8	-8.4	-156.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	354.7	-63.9	-200.4	338.1	0.0
Increase/(Decrease) in Prepaid Expenses	-7.4	-14.6	2.0	-2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-88.7	-106.1	-99.0	-61.4	0.0
Corporate Income Tax Paid	-15.2	-19.6	-17.6	-10.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.9	-0.6	0.0
Net Cash Flow from Operating Activities	236.2	182.8	-554.5	35.6	55.5
Payments for Fixed Assets and Other Long-term Assets	-179.8	-159.5	-178.7	-131.6	-135.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	15.6	16.9	78.7	15.2	0.0
Loans and Purchases of Debt Instruments	-101.9	-36.5	-108.9	-118.5	-189.1
Receipts from Loan Repayments and Sale of Debt Instruments	61.7	4.4	141.8	104.2	72.8
Investments in Other Entities	-6.6	0.0	-67.3	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	1.1	0.0	0.0
Dividends and Interest Income Received	4.6	4.8	6.9	1.8	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	-206.4	-169.8	-126.4	-128.9	-250.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	233,471,350,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,866.2	2,629.3	2,299.1	1,633.1	1,245.9
Repayment of Borrowings	-2,575.3	-2,603.2	-1,787.7	-1,427.8	-1,243.1
Repayment of Finance Leases	-75.6	-55.8	-30.4	-3.8	-1.4
Dividends Paid	—	-18.0	0.0	0.0	-0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	215.3	-47.7	714.4	201.5	1.3
Net Cash Flow During the Period	245.0	-34.7	33.5	108.2	0.0
Cash and Cash Equivalents at Beginning of Period	186.4	219.5	186.0	77.7	265.2
FX Difference from Revaluation	-0.5	1.5	0.1	0.1	0.0
Cash and Cash Equivalents at End of Period	430.9	186.4	219.5	186.0	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	692.2	1,282.0	629.7	1,060.9	553.0	1,325.1	628.0	759.8	719.5	1,065.4	731.6	622.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	692.2	1,282.0	629.7	1,060.9	553.0	1,325.1	628.0	759.8	719.5	1,065.4	731.6	622.8
Cost of Goods Sold	624.2	1,187.2	585.1	985.2	502.0	1,238.1	559.1	647.2	646.0	971.4	683.1	564.1
Gross Profit	68.0	94.8	44.6	75.7	51.0	87.0	68.9	112.6	73.5	94.0	48.4	58.7
Financial Income	7.4	5.9	5.6	4.8	5.3	10.0	4.1	3.6	3.4	1.8	3.8	7.0
Financial Expenses	31.0	26.0	22.0	22.3	21.4	25.7	24.3	30.1	27.1	29.9	26.2	24.5
Interest Expense	30.5	23.9	22.0	21.9	21.2	24.4	23.3	27.7	26.8	26.4	25.5	24.5
Share of Associates and Joint Ventures	—	0.5	0.5	0.8	—	0.2	0.1	-0.1	0.0	0.0	0.0	0.0
Selling Expenses	1.7	5.8	4.6	6.6	6.3	16.8	6.4	9.0	11.4	1.3	1.3	0.8
General and Administrative Expenses	20.5	24.7	11.9	22.9	17.7	32.6	21.5	21.5	19.9	38.3	14.7	16.6
Operating Profit	22.2	44.8	12.2	29.5	10.9	22.1	20.9	55.5	18.6	26.3	10.1	23.8
Other Income	0.8	10.8	20.0	19.7	0.1	0.5	0.1	13.5	6.8	0.7	79.4	4.9
Other Expenses	2.0	16.8	22.4	21.6	0.6	16.2	3.0	19.2	5.6	7.9	75.0	5.7
Other Profit	-1.2	-6.0	-2.4	-1.8	-0.5	-15.7	-3.0	-5.6	1.2	-7.2	4.3	-0.8
Profit Before Tax	21.0	38.7	9.8	27.7	10.4	6.4	17.9	49.9	19.9	19.1	14.4	23.0
Current Income Tax Expense	3.7	12.2	2.3	5.7	2.1	3.1	4.4	21.3	4.1	9.0	3.0	4.7
Deferred Income Tax Expense	—	—	—	0.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	17.3	26.5	7.5	21.1	8.3	3.4	13.5	28.5	15.8	10.1	11.5	18.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.3	26.5	7.5	21.1	8.3	3.4	13.5	28.5	15.8	10.1	11.5	18.3
Earnings per Share	288.00	442.00	126.00	352.00	138.00	56.00	225.00	476.00	264.00	169.00	191.00	305.00
Diluted EPS	288.00	442.00	126.00	352.00	138.00	911.00	225.00	476.00	264.00	169.00	191.00	305.00

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)	3,177.7	2,779.0	2,317.1	2,037.6	2,057.8	2,188.2	2,504.6	2,930.1	2,359.0	2,422.8	2,032.3	1,896.8
I. Cash and cash equivalents	355.8	435.5	148.8	219.9	77.4	168.6	135.8	92.4	97.5	219.1	76.2	82.7
1. Cash	338.3	426.4	119.1	171.5	27.9	137.6	74.6	31.8	48.2	139.9	14.8	24.2
2. Cash equivalents	17.5	9.1	29.7	48.4	49.6	30.9	61.3	60.6	49.2	79.2	61.4	58.4
II. Short-term financial investments	107.1	104.9	136.5	100.7	71.1	81.4	67.0	63.8	71.0	44.0	76.3	83.8
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	107.1	104.9	136.5	100.7	71.1	81.4	67.0	63.8	71.0	44.0	76.3	83.8
III. Short-term receivables	1,111.8	1,051.0	867.9	764.6	683.3	911.1	878.7	1,482.6	1,126.8	1,216.9	765.9	575.6
1. Short-term trade accounts receivable	541.4	604.7	450.9	490.1	514.5	686.7	498.2	431.4	372.7	355.5	390.0	412.1
2. Short-term prepayments to suppliers	152.2	94.0	65.6	62.4	54.3	75.7	78.7	99.6	70.1	87.0	60.6	65.5
3. Short-term inter-company receivables	0.1	0.5	—	—	—	0.0	0.0	176.0	22.1	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	357.8	360.4	148.7	219.5	110.6	140.2	275.2	721.5	609.0	739.2	298.5	88.8
5. Short-term loan receivables	—	—	16.0	16.0	16.0	16.0	16.0	16.0	11.5	0.0	0.0	0.0
6. Other short-term receivables	125.8	57.4	255.0	57.7	65.5	70.1	77.5	105.1	108.4	98.8	67.4	63.4
7. Provision for short-term doubtful debts (*)	-65.5	-66.0	-68.2	-81.2	-77.5	-77.5	-66.9	-66.9	-66.9	-63.6	-50.7	-54.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,521.0	1,119.8	1,085.9	918.6	1,192.9	993.1	1,408.1	1,265.4	1,047.3	923.4	1,086.9	1,099.1
1. Inventories	1,521.0	1,119.8	1,085.9	918.6	1,192.9	993.1	1,408.1	1,265.4	1,052.4	928.6	1,092.1	1,099.1
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	-5.2	-5.2	-5.2	0.0
V. Other short-term assets	82.1	67.8	77.9	33.8	33.0	34.0	14.9	25.8	16.5	19.4	27.0	55.7
1. Short-term prepayments	7.5	9.7	44.5	13.0	11.2	15.3	0.3	2.3	2.6	3.1	3.4	3.9
2. Value added tax to be reclaimed	74.6	58.2	33.4	20.8	21.8	18.7	14.6	23.5	13.8	16.3	23.6	51.7
3. Taxes and other receivables from state authorities	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,279.7	1,219.8	1,072.2	1,084.2	1,105.0	1,084.7	1,053.1	986.5	971.2	988.3	919.5	902.8
I. Long-term receivables	27.5	25.6	23.8	23.2	23.2	22.9	18.4	11.5	10.8	5.3	5.4	5.2
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	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	27.5	25.6	23.8	23.2	23.2	22.9	18.4	11.5	10.8	5.3	5.4	5.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	802.3	682.3	619.3	619.0	622.6	614.8	597.1	561.5	545.5	497.9	475.4	457.5
1. Tangible fixed assets	379.4	274.9	232.4	237.6	242.1	237.0	234.7	212.4	215.9	194.8	196.2	259.3
- Cost	695.5	—	—	—	—	504.9	494.4	445.3	440.5	417.5	411.7	476.5
- Accumulated depreciation	-316.1	—	—	—	—	-267.9	-259.7	-232.9	-224.6	-222.7	-215.5	-217.3
2. Financial leased fixed assets	390.3	374.6	355.4	349.9	348.5	345.5	330.1	316.6	296.8	270.0	245.7	164.4
- Cost	529.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-139.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	32.7	32.8	31.5	31.5	31.9	32.3	32.3	32.4	32.8	33.1	33.5	33.9
- Cost	51.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-19.3	—	—	—	—	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	116.1	193.7	150.2	165.0	178.2	168.8	171.9	162.7	158.2	228.1	185.1	175.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	116.1	193.7	150.2	165.0	178.2	168.8	171.9	162.7	158.2	228.1	185.1	175.2
V. Long-term financial investments	306.8	283.4	256.8	251.6	255.5	253.5	240.4	242.5	241.8	247.2	243.9	251.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	80.5	80.2	79.7	78.5	78.5	76.5	76.9	78.3	78.5	77.1	77.1	77.1
3. Investments in other entities	169.1	169.1	162.5	162.5	162.5	162.3	162.3	162.5	162.5	162.5	162.5	162.5
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	57.3	34.1	14.5	10.6	14.5	14.7	1.2	1.7	0.8	7.5	4.2	11.3
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	26.9	34.8	22.1	25.3	25.7	24.6	25.2	8.4	14.9	9.7	9.8	13.9
1. Long-term prepayments	15.8	15.8	3.2	1.9	2.3	2.9	3.4	1.5	0.6	0.4	0.6	0.5
2. Deferred income tax assets	11.1	18.9	18.9	23.4	23.4	21.8	21.8	6.9	14.3	9.3	9.3	13.4
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)	4,457.4	3,998.8	3,389.3	3,121.7	3,162.8	3,272.8	3,557.7	3,916.6	3,330.1	3,411.0	2,951.8	2,799.6
A. LIABILITIES (300=210+330)	3,577.9	3,134.5	2,549.8	2,286.7	2,347.8	2,468.5	2,756.2	3,086.7	2,528.7	2,614.7	2,165.7	2,033.4
I. Short -term liabilities	3,086.0	2,646.6	2,289.7	2,019.1	2,041.3	2,172.2	2,485.1	2,785.7	2,241.2	2,338.8	1,900.5	1,769.6
1. Short-term trade accounts payable	204.6	304.6	314.9	412.4	474.6	403.4	424.5	383.4	338.2	327.4	351.7	380.7
2. Short-term advances from customers	1,086.1	970.9	556.4	318.3	388.9	432.2	514.5	532.6	371.0	477.4	348.6	315.9
3. Taxes and other payables to state authorities	32.9	50.3	31.7	33.2	25.5	48.7	31.3	24.5	15.5	31.6	22.5	26.0
4. Payable to employees	30.9	25.2	18.2	14.0	19.8	26.9	33.7	24.8	4.8	20.9	18.7	22.3
5. Short-term acrrued expenses	62.7	79.1	44.2	27.1	29.6	37.6	22.4	20.3	100.5	95.6	55.2	15.6
6. Short-term inter-company payables	—	—	—	0.3	—	0.0	0.0	174.8	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	1.5
9. Other short-term payables	20.0	20.0	32.3	31.6	25.1	36.0	77.1	139.0	138.0	138.2	114.6	106.7
10. Short-term borrowings and financial leases	1,648.8	1,196.6	1,292.0	1,182.4	1,077.8	1,187.3	1,381.6	1,486.2	1,263.1	1,241.2	988.8	890.3
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	9.9	6.4	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	10.5
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	492.0	487.9	260.1	267.6	306.5	296.3	271.1	300.9	287.5	275.9	265.2	263.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	75.5	78.9	79.4	79.4	96.8	96.8	96.8	96.8	96.8	96.8	96.8	96.8
8. Long-term borrowings and financial leases	416.5	409.1	180.7	188.2	209.7	199.5	174.3	204.1	190.7	179.1	168.4	167.0
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)	879.5	864.3	839.5	835.0	815.0	804.3	801.5	829.9	801.4	796.3	786.2	766.2
I. Owner's equity	879.5	864.3	839.5	835.0	815.0	804.3	801.5	829.9	801.4	796.3	786.2	766.2
1. Owner's capital	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.0
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	2.1	-0.6	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5
8. Investment and development fund	191.8	191.8	191.8	191.8	154.6	154.6	154.6	170.7	54.3	54.3	54.3	140.3
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	88.8	76.4	52.4	48.0	65.2	54.5	51.7	64.0	151.9	146.8	136.7	30.5
- Accumulated retained earning at the end of the previous period	71.5	16.9	19.5	19.3	56.8	0.3	0.3	19.6	136.0	95.9	95.9	0.3
- Undistributed earnings in this period	17.3	59.5	33.0	28.6	8.4	54.1	51.3	44.4	15.9	50.9	40.8	30.1
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)	4,457.4	3,998.8	3,389.3	3,121.7	3,162.8	3,272.8	3,557.7	3,916.6	3,330.1	3,411.0	2,951.8	2,799.6

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	21.0	37.3	9.8	28.3	10.4	6.4	17.9	21.0	19.9	4.9	14.4	22.2
Depreciation of Fixed Assets and Investment Property	23.0	21.0	17.9	19.3	18.0	17.4	33.5	18.8	14.8	16.4	12.7	12.7
Provision (Increase)/Reversal	-11.0	8.2	-7.4	-1.9	—	10.7	15.1	-15.1	-0.2	31.5	-3.6	-2.0
FX Gain/Loss from Revaluation of Monetary Items	—	-6.9	—	4.8	—	0.0	-4.0	4.0	0.0	6.2	-1.0	1.0
Gain/Loss from Investment Activities	-2.4	-3.0	0.5	-16.8	12.5	-4.5	-13.8	2.5	-8.1	-85.7	81.0	-3.8
Interest Expense	30.5	23.8	22.0	21.8	21.2	24.4	23.3	31.6	26.8	26.4	25.5	24.5
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	7.9	-7.9	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	61.1	86.9	38.0	55.6	62.0	54.4	80.0	54.9	53.3	-0.2	129.1	54.5
Increase/(Decrease) in Receivables	-153.4	-135.5	-70.0	-126.9	219.4	-40.9	398.0	-158.4	31.0	-388.4	-162.4	26.0
Increase/(Decrease) in Inventory	-390.9	-44.2	-167.3	274.3	-199.5	415.0	-153.3	-202.3	-89.9	114.5	7.0	-41.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	264.3	366.0	107.3	-66.4	-52.1	-351.7	17.7	155.7	-77.6	118.7	83.4	-194.2
Increase/(Decrease) in Prepaid Expenses	2.2	22.2	-28.1	-6.1	4.7	-14.5	0.0	-0.6	0.3	0.5	0.5	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-30.5	-23.8	-22.0	-21.8	-21.2	-24.4	-27.3	-27.7	-26.8	-26.4	-25.5	-24.5
Corporate Income Tax Paid	-9.0	0.0	-5.7	-2.5	-7.0	0.0	-2.7	-7.4	-9.5	-4.1	-13.5	10.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-37.2	37.2	-0.0	0.0	100.3	0.0	0.0	-0.0	-0.3	9.4	-10.0
Net Cash Flow from Operating Activities	-256.2	234.3	-110.7	106.2	6.4	138.3	312.3	-185.8	-119.2	-185.8	28.0	-178.6
Payments for Fixed Assets and Other Long-term Assets	-250.9	-159.6	-1.9	-11.5	-6.9	-9.8	-34.1	-39.1	-54.1	-64.5	-108.1	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	12.9	-8.4	11.0	—	0.0	0.0	11.9	5.1	75.2	0.0	3.6
Loans and Purchases of Debt Instruments	-68.9	47.0	-113.7	-26.9	-8.3	86.8	-86.8	-85.7	-0.9	-28.2	-15.3	-51.7
Receipts from Loan Repayments and Sale of Debt Instruments	43.0	22.1	36.6	3.0	—	0.0	0.0	44.1	10.6	79.3	-50.3	91.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.1
Dividends and Interest Income Received	2.0	-0.4	1.6	0.8	2.7	4.5	-1.9	1.4	3.0	3.5	-1.1	2.0
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	-274.8	-84.5	-85.7	-23.6	-12.5	81.6	-122.8	-67.4	-36.3	65.1	-174.9	45.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-230,000,000.00	230,000,000.00	-230,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	961.9	1,033.7	703.4	628.5	500.6	741.9	495.2	789.4	599.0	751.2	573.0	481.4
Repayment of Borrowings	-486.4	1.6	-560.7	-550.3	-586.6	-895.7	-614.7	-538.4	-554.5	-476.7	-469.7	-466.8
Repayment of Finance Leases	-19.6	-23.1	-17.9	-17.9	-16.8	-15.3	-13.5	-16.0	-11.0	-10.3	-7.7	-6.5
Dividends Paid	—	—	—	—	—	-18.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	455.9	132.8	124.9	60.4	-102.8	-187.1	-133.0	235.0	33.5	264.0	95.9	7.9
Net Cash Flow During the Period	-75.1	282.6	-71.5	142.9	-108.9	32.7	56.5	-18.2	-122.1	143.3	-51.0	-125.7
Cash and Cash Equivalents at Beginning of Period	430.9	148.8	220.7	77.4	186.4	219.5	219.5	219.5	219.5	186.0	186.0	186.0
FX Difference from Revaluation	—	-0.5	—	0.4	—	0.0	-0.6	0.6	0.0	0.1	-2.5	2.5
Cash and Cash Equivalents at End of Period	355.8	430.9	148.8	220.7	77.4	168.6	135.8	80.0	97.5	219.5	76.2	129.7

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AMS

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