APP

Phát triển Phụ gia và Sản phẩm Dầu Mỏ ·UPCOM ·2022Q4

▼ Under pressure

Capital efficiency remains weak ROE 1.80%, −2.31pp YoY

Price

4,100

Latest close

02 Jun 2026

P/E 11.78x

P/B 0.39x

EPS 348

BVPS 10,566

ROE 3.2%

ROA 1.8%

Profit Margin 0.6%

Asset Turnover 2.92x

Equity Mult. 1.83x

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

What Is Changing

On a TTM 2022Q4 basis, APP posted a sharp profit decline versus the same period — the growth momentum has held across consecutive periods. What still needs to be determined is whether this drop reflects current operating pressure or an unusually high comparison base from the prior period.

	                            
	                                TTM REVENUE
	                            
	                                    VND 271bn
	                                
+35.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
−53.4%YoY

Metric	2024	2023	2022	2021	2020
Revenue	210.5	200.8	271.3	199.7	189.5
Growth	+5%	-26%	+36%	+5%	—
Net Income	-2.4	-4.5	0.4	3.5	0.2
Net Margin	-1.15%	-2.24%	0.16%	1.77%	0.11%

Metric	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	43.7	69.6	96.4	61.5	38.2	45.2	58.6	57.7	45.7	44.5	44.0	55.4
Growth	-37%	-28%	+57%	+61%	-15%	-23%	+2%	+26%	+3%	+1%	-21%	—
Net Income	-1.6	0.2	-0.1	3.0	-1.1	1.6	1.6	1.4	0.3	0.4	-0.5	-0.1
Net Margin	-3.58%	0.35%	-0.07%	4.92%	-2.89%	3.58%	2.75%	2.46%	0.70%	1.00%	-1.06%	-0.15%

Drivers of APP's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher selling expenses. Supporting and offsetting drivers:

Selling expenses ↑ 24.0bn

Administrative expenses ↑ 19.2bn

Gross profit ↓ 5.5bn

Finance costs ↑ 4.7bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Tax ↓ 0.4bn

Selling expenses ↑ 6.4bn

Administrative expenses ↑ 5.9bn

Gross profit ↓ 2.3bn

Finance costs ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2021Q4 7.1% = 1.8% × 2.07 × 1.93

2022Q4 3.2% = 0.6% × 2.92 × 1.83

ROE fell from 7.1% to 3.2% — leverage weakened the most, though asset turnover still provided support.

Net margin: 0.6% -1.2pp Asset turnover: 2.92x +0.84x Leverage: 1.83x -0.10x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 0.61%, falling 1.2pp. The main pressure comes from SG&A / Revenue rose 19.0pp and Gross margin fell 5.9pp (with lingering pressure from Net financial result / Revenue fell 2.0pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 0.61% −1.2pp

Gross Margin 8.85% −5.9pp

SG&A / Revenue 7.35% +19.0pp

TTM YoY · 2021Q4 -> 2022Q4

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 1.80%, losing 2.3pp. That translates to 1.80 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.1pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 1.80% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.80% −2.3pp

NOPAT Margin 0.53% −1.1pp

Capital Turnover 3.43x +0.95x

Average Invested Capital 79.1bn −1.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 0.38x equity, net debt at 0.58x equity.

Inventory ended the period at 13.8bn, roughly 23.1% of total assets.

Over the last 12 months, working capital released 0.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +2.3bn

Inventories decreased → higher CFO: +10.7bn

Payables decreased → lower CFO: −12.9bn

Working Capital Efficiency

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

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

Watchpoints

Receivables collection is slowing

DSO increased by +13.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 13.5 days +13.5 days

Inventory 22.2 days —

Payables 7.4 days —

Cash Conversion Cycle 28.3 days —

Is financial risk significant?

Leverage is safe but FCF is negative at 2.3bn due to capex of 3.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.58x and interest coverage only at 0.72x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 5.0% of debt, and total debt stands at 30.6bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.72x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.58x +0.05x

Interest Coverage 0.72x −1.08x

Cash / Debt 5.0% −5.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.90x −1.66x

TTM YoY · 2021Q4 -> 2022Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 14.6bn in 2024, against investing cash flow of 4.7bn.

Post-investment cash flow was positive +19.4bn. Financing cash flow was negative +18.8bn.

CFO / net income was 0.90x.

After spending +3.8bn on fixed-asset investment, the business generated trailing free cash flow of −2.3bn.

Cash Conversion

CFO TTM 1.5bn −7.6bn

Cash Capex 3.8bn +1.5bn

FCF TTM −2.3bn −9.0bn

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 1.8%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.90x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.90x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	210.6	201.5	271.7	199.8	189.8
Revenue Deductions	0.0	0.6	0.4	0.0	0.0
Net Revenue	210.5	200.8	271.3	199.7	189.5
Cost of Goods Sold	194.9	184.1	247.3	0.0	0.0
Gross Profit	15.6	16.7	24.0	29.5	23.6
Financial Income	0.1	0.2	0.1	0.1	0.2
Financial Expenses	2.5	2.3	2.4	-2.2	-2.9
Interest Expense	1.6	2.2	2.2	-2.2	-2.8
Share of Associates and Joint Ventures	0.0	0.0	0.0	-0.0	-0.0
Selling Expenses	9.3	10.1	11.8	-12.3	-10.6
General and Administrative Expenses	10.2	9.1	9.6	-11.0	-10.9
Operating Profit	-6.3	-4.5	0.4	4.0	-0.6
Other Income	5.0	0.0	0.4	0.0	0.0
Other Expenses	0.8	0.0	0.1	0.0	0.0
Other Profit	4.2	0.0	0.3	0.3	0.8
Profit Before Tax	-2.1	-4.5	0.6	4.3	0.2
Current Income Tax Expense	0.3	0.0	0.2	-0.8	-0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	-2.4	-4.5	0.4	3.5	0.2
Non-controlling Interest	0.0	0.0	0.0	-0.0	-0.0
Profit Attributable to Parent	-2.4	-4.5	0.4	3.5	0.2
Earnings per Share	-511.00	-953.00	92.00	759.92	0.18
Diluted EPS	-510.55	-952.91	91.85	749.51	45.00

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	35.9	52.9	55.5	71.7	61.7
I. Cash and cash equivalents	4.3	3.8	1.5	3.1	2.5
1. Cash	4.3	3.8	1.5	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	3.0	3.0	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	0.0	3.0	3.0	0.0	0.0
III. Short-term receivables	16.8	18.9	20.1	23.3	27.0
1. Short-term trade accounts receivable	22.5	18.9	20.0	0.0	0.0
2. Short-term prepayments to suppliers	0.7	1.1	1.7	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.5	4.2	3.7	0.0	0.0
7. Provision for short-term doubtful debts (*)	-6.8	-5.4	-5.3	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	13.8	25.7	29.4	40.1	27.4
1. Inventories	13.8	26.4	30.1	0.0	0.0
2. Provision for decline in value of inventories	0.0	-0.7	-0.7	0.0	0.0
V. Other short-term assets	0.9	1.5	1.4	2.2	1.9
1. Short-term prepayments	0.1	0.6	0.4	0.0	0.0
2. Value added tax to be reclaimed	0.5	0.7	0.8	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	24.0	28.9	30.2	28.9	30.3
I. Long-term receivables	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
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	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
II. Fixed assets	3.9	11.7	12.8	11.8	13.2
1. Tangible fixed assets	3.9	11.7	12.8	11.8	13.2
- Cost	32.0	56.0	54.7	0.0	0.0
- Accumulated depreciation	-28.1	-44.4	-41.9	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	2.9	2.9	2.9	0.0	0.0
- Accumulated depreciation	-2.9	-2.9	-2.9	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.4	0.4	0.4	0.4	0.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.4	0.0	0.0
V. Long-term financial investments	19.1	14.8	14.8	15.1	14.9
1. Investments in subsidiaries	5.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	15.2	15.2	15.2	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-1.1	-0.4	-0.4	0.0	0.0
5. Held to maturity investments	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
VI. Other long-term assets	0.5	2.0	2.2	0.0	0.0
1. Long-term prepayments	0.5	2.0	2.2	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	1.6	1.8
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	59.9	81.9	85.7	100.6	92.1
A. LIABILITIES (300=210+330)	16.6	36.2	35.6	48.8	43.8
I. Short -term liabilities	16.6	36.2	35.6	48.8	43.8
1. Short-term trade accounts payable	1.2	2.5	2.1	7.9	5.0
2. Short-term advances from customers	0.0	0.6	1.6	6.4	0.8
3. Taxes and other payables to state authorities	0.9	0.3	0.4	0.0	0.0
4. Payable to employees	0.3	0.0	0.5	0.0	0.0
5. Short-term acrrued expenses	0.2	0.1	0.0	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.3	0.4	0.0	0.0
10. Short-term borrowings and financial leases	13.6	32.4	30.6	30.5	36.0
11. Provision for short-term liabilities	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
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	43.2	45.6	50.1	51.8	48.3
I. Owner's equity	42.6	45.0	49.5	0.0	0.0
1. Owner's capital	47.2	47.2	47.2	51.1	47.7
- Common stock with voting right	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-0.0	-0.0	-0.0	-0.0
3. Convertible bond option	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
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1	0.0	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	-4.7	-2.3	2.2	3.8	0.4
- Accumulated retained earning at the end of the previous period	-2.3	2.2	1.8	0.2	0.2
- Undistributed earnings in this period	-2.4	-4.5	0.4	3.6	0.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.6	0.6	0.6	0.6	0.5
1. Subsidized not-for-profit funds	-0.0	-0.0	-0.0	0.0	0.0
2. Funds invested in fixed assets	0.7	0.7	0.7	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	59.9	81.9	85.7	100.6	92.1

Item	2024	2023	2022	2021	2020
Profit Before Tax	-2.1	-4.5	0.6	0.0	0.0
Depreciation of Fixed Assets and Investment Property	2.9	3.1	3.0	0.0	0.0
Provision (Increase)/Reversal	1.5	0.1	-0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.1	-0.2	-0.4	0.0	0.0
Interest Expense	1.6	2.2	2.2	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-1.1	0.7	5.4	0.0	0.0
Increase/(Decrease) in Receivables	5.0	1.2	2.3	0.0	0.0
Increase/(Decrease) in Inventory	12.6	3.7	10.7	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.0	-1.0	-12.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	0.0	-0.7	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-2.2	-2.2	0.0	0.0
Corporate Income Tax Paid	-0.3	-0.1	-0.8	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	-0.2	0.0	0.0
Net Cash Flow from Operating Activities	14.6	2.2	1.5	9.0	11.1
Payments for Fixed Assets and Other Long-term Assets	-2.9	-2.2	-3.8	-2.3	-2.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.5	0.2	0.3	0.3	0.7
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	-0.7
Receipts from Loan Repayments and Sale of Debt Instruments	3.0	0.0	0.0	0.0	2.7
Investments in Other Entities	0.0	0.0	0.0	-0.1	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.2	0.0	0.0
Dividends and Interest Income Received	0.1	0.2	0.1	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	4.7	-1.8	-3.2	-2.1	0.1
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	203.0	169.2	194.8	141.0	123.2
Repayment of Borrowings	-221.8	-167.4	-194.7	-147.3	-135.8
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	-0.2
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-18.8	1.8	0.1	-6.3	-12.7
Net Cash Flow During the Period	0.5	2.3	-1.6	-1.1	0.1
Cash and Cash Equivalents at Beginning of Period	3.8	1.5	3.1	2.5	4.0
FX Difference from Revaluation	0.0	-0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	4.3	3.8	1.5	3.1	2.5

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	44.0	69.6	96.4	61.6	38.2	45.2	58.6	57.8	45.7	44.5	44.1	55.5
Revenue Deductions	0.3	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	43.7	69.6	96.4	61.5	38.2	45.2	58.6	57.7	45.7	44.5	44.0	55.4
Cost of Goods Sold	40.0	65.3	89.1	52.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	3.7	4.3	7.3	8.7	5.9	6.7	8.9	7.9	6.8	6.4	4.8	5.6
Financial Income	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.1	0.0
Financial Expenses	0.6	0.6	0.7	0.6	-0.6	-0.6	-0.6	-0.5	-0.6	-0.7	-0.8	-0.8
Interest Expense	0.6	0.6	0.7	0.4	-0.5	-0.6	-0.6	-0.5	-0.6	-0.6	-0.8	-0.8
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.1	2.5	3.4	2.7	-3.3	-2.3	-3.5	-3.2	-3.1	-2.7	-2.5	-2.3
General and Administrative Expenses	2.3	1.1	2.4	2.4	-3.6	-2.2	-2.5	-2.8	-3.3	-2.9	-2.1	-2.6
Operating Profit	-2.3	0.2	0.8	3.1	-1.5	1.6	2.4	1.5	-0.1	0.1	-0.5	-0.1
Other Income	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.3	0.0	-0.0	-0.1	0.4	0.0	-0.0	-0.1	0.5	0.4	-0.0	-0.0
Profit Before Tax	-2.0	0.2	0.7	3.0	-1.1	1.6	2.4	1.4	0.4	0.4	-0.5	-0.1
Current Income Tax Expense	-0.4	0.0	0.8	0.0	0.0	0.0	-0.8	0.0	-0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.6	0.2	-0.1	3.0	-1.1	1.6	1.6	1.4	0.3	0.4	-0.5	-0.1
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.6	0.2	-0.1	3.0	-1.1	1.6	1.6	1.4	0.3	0.4	-0.5	-0.1
Earnings per Share	-331.00	52.00	-14.00	641.00	-233.00	342.00	351.00	299.92	22.00	93.89	-133.00	17.29
Diluted EPS	-330.78	52.09	-13.52	641.31	-233.96	342.47	341.08	299.92	67.45	93.89	-99.04	-17.29

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	55.5	65.9	78.4	79.2	71.7	77.0	73.3	72.1	61.7	65.9	61.2	66.4
I. Cash and cash equivalents	1.5	3.3	3.1	2.1	3.1	4.2	2.7	1.0	2.5	2.3	2.5	1.9
1. Cash	1.5	3.3	3.1	2.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	3.0	3.0	3.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	3.0	3.0	3.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	20.1	21.4	27.8	27.0	23.3	35.4	33.0	31.2	27.0	29.0	33.3	33.6
1. Short-term trade accounts receivable	20.0	21.3	26.8	25.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	1.7	1.2	1.3	1.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.7	4.2	3.6	4.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-5.3	-5.3	-3.9	-3.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	29.4	36.8	43.0	44.4	40.1	32.8	32.9	34.8	27.4	29.7	20.9	24.6
1. Inventories	30.1	37.5	43.7	45.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	-0.7	-0.7	-0.7	-0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.4	1.3	1.5	2.7	2.2	1.7	1.7	2.1	1.9	1.9	1.5	1.3
1. Short-term prepayments	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.8	0.9	1.0	1.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.1	0.1	0.4	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	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	30.1	30.5	30.0	30.5	28.9	28.0	28.7	29.6	30.3	29.9	31.2	30.7
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	12.8	13.6	12.8	13.5	11.8	11.0	11.7	12.6	13.2	12.7	13.4	12.8
1. Tangible fixed assets	12.8	13.6	12.8	13.5	11.8	11.0	11.7	12.6	13.2	12.7	13.4	12.8
- Cost	54.7	55.5	54.0	54.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-41.9	-42.0	-41.2	-40.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	14.6	14.8	15.0	15.0	15.1	15.1	15.0	14.9	14.9	14.9	14.9	14.9
1. Investments in subsidiaries	15.2	15.2	15.2	15.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	-0.6	-0.6	-0.4	-0.4	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.2	1.7	1.7	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	2.2	1.7	1.7	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	1.6	1.5	1.6	1.7	1.8	1.9	2.5	2.5
5. Goodwill	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	85.5	96.4	108.4	109.7	100.6	105.0	102.0	101.7	92.1	95.7	92.3	97.1
A. LIABILITIES (300=210+330)	35.6	44.9	54.3	55.4	48.8	52.2	50.9	52.1	43.8	47.7	44.7	49.0
I. Short -term liabilities	35.6	44.9	54.3	55.4	48.8	52.2	50.9	52.1	43.8	47.7	44.7	49.0
1. Short-term trade accounts payable	2.1	3.8	5.4	8.2	7.9	4.2	6.5	6.7	5.0	3.9	2.9	3.7
2. Short-term advances from customers	1.6	1.3	1.6	1.9	6.4	0.4	0.0	0.2	0.8	0.2	0.2	0.1
3. Taxes and other payables to state authorities	0.4	0.5	0.6	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.5	0.7	1.0	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	0.5	0.5	1.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	30.6	38.0	44.9	42.6	30.5	42.4	39.5	40.5	36.0	41.9	38.8	42.5
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.2	0.1	0.0	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	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	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	49.9	51.5	54.1	54.3	51.8	52.8	51.1	49.6	48.3	48.0	47.6	48.1
I. Owner's equity	49.3	50.8	53.5	53.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	47.2	47.2	47.2	47.2	51.1	52.1	50.5	48.9	47.7	47.4	47.0	47.5
- Common stock with voting right	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00	47,246,320,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	2.0	3.5	6.2	6.3	3.8	4.8	3.2	1.6	0.4	0.1	-0.3	0.2
- Accumulated retained earning at the end of the previous period	1.8	1.8	3.2	3.3	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3
- Undistributed earnings in this period	0.2	1.8	3.0	3.0	3.6	4.6	3.0	1.4	0.2	-0.1	-0.5	-0.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.5	0.6	0.6	0.6
1. Subsidized not-for-profit funds	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.7	0.7	0.7	0.7	0.0	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	85.5	96.4	108.4	109.7	100.6	105.0	102.0	101.7	92.1	95.7	92.3	97.1

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	0.6	-2.1	2.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	3.0	-1.4	1.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	-0.1	-1.7	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	2.2	-1.1	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	5.4	-6.3	6.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	2.3	4.2	-4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	10.7	2.9	-2.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.9	10.1	-10.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.7	0.2	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	1.1	-1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	-0.7	0.7	-0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	-11.4	11.4	-5.1	5.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	24.6	-24.7	7.1	-7.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	7.2	6.6	-1.5	-10.8	13.5	-1.3	2.1	-5.2	6.7	-2.9	3.3	4.0
Payments for Fixed Assets and Other Long-term Assets	-2.2	0.7	0.0	-2.2	-2.1	-0.0	0.0	-0.2	-1.3	-0.0	-1.3	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.7	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.7	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.7	2.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	-0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.7	0.7	0.1	-2.2	-1.8	-0.1	0.1	-0.2	-0.5	-0.2	0.9	-0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	194.8	-121.6	74.0	47.6	25.5	32.6	37.9	45.1	29.2	37.2	27.1	29.8
Repayment of Borrowings	-363.5	275.9	-71.6	-35.5	-38.2	-29.8	-38.3	-41.1	-35.1	-34.2	-30.8	-35.8
Repayment of Finance Leases	161.2	-161.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	0.0	-0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-7.4	-6.9	2.4	12.1	-12.7	2.8	-0.4	3.9	-6.1	3.0	-3.6	-6.0
Net Cash Flow During the Period	-1.8	0.3	0.9	-1.0	-1.1	1.4	1.7	-1.5	0.1	-0.1	0.5	-2.1
Cash and Cash Equivalents at Beginning of Period	3.1	3.1	3.1	3.1	4.2	2.7	1.0	2.5	2.3	2.5	1.9	4.0
FX Difference from Revaluation	-0.0	-0.0	0.0	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	1.5	3.3	3.1	2.1	3.1	4.2	2.7	1.0	2.5	2.3	2.5	1.9

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APP

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