ASP

Tập đoàn Dầu khí An Pha ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 2.04%, +1.57pp YoY

Price

7,360

Latest close

03 Jun 2026

P/E 4.14x

P/B 0.73x

EPS 1,777

BVPS 10,071

ROE 19.3%

ROA 4.6%

Profit Margin 2.0%

Asset Turnover 2.30x

Equity Mult. 4.18x

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

What Is Changing

On a TTM 2026Q1 basis, ASP is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,299bn
	                                
+6.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 67bn
	                                
+358.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,239.1	3,306.7	3,722.7	4,082.1	3,392.7
Growth	-2%	-11%	-9%	+20%	—
Net Income	14.2	5.3	-84.2	13.7	32.8
Net Margin	0.44%	0.16%	-2.26%	0.34%	0.97%

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	794.0	799.3	867.6	838.4	735.2	843.0	738.0	793.3	930.7	1,029.2	985.8	792.5
Growth	-1%	-8%	+3%	+14%	-13%	+14%	-7%	-15%	-10%	+4%	+24%	—
Net Income	46.2	11.8	15.3	-6.1	3.5	15.3	15.1	-19.2	-7.3	20.0	-15.7	0.0
Net Margin	5.82%	1.48%	1.76%	-0.72%	0.48%	1.81%	2.04%	-2.42%	-0.79%	1.94%	-1.59%	0.00%

Drivers of ASP's profit

TTM

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

Gross profit ↑ 59.6bn

Associates income ↑ 9.1bn

Other profit ↑ 6.7bn

Administrative expenses ↑ 12.8bn

Financial income ↓ 9.1bn

TTM

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

Gross profit ↑ 33.2bn

Associates income ↑ 6.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.4% = 0.5% × 1.83 × 5.07

2026Q1 19.6% = 2.0% × 2.30 × 4.18

ROE rose from 4.4% to 19.6% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 2.0% +1.6pp Asset turnover: 2.30x +0.47x Leverage: 4.18x -0.89x

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 2.04%, rising 1.6pp. The main driver is Gross margin rose 1.2pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

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

Profitability trend

Net Margin 2.04% +1.6pp

Gross Margin 11.74% +1.2pp

SG&A / Revenue 9.47% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 7.5% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 7.54%, rising 7.4pp. That translates to 7.54 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.5pp and capital turnover rose 1.32x, while invested capital contracted by 201bn — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 7.54% +7.4pp

NOPAT Margin 1.55% +1.5pp

Capital Turnover 4.85x +1.32x

Average Invested Capital 680.0bn −201.4bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 3.02x equity, net debt at 0.72x equity.

Over the last 12 months, working capital absorbed 33.6bn 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: −33.0bn

Inventories increased → lower CFO: −25.3bn

Payables increased → higher CFO: +24.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.1 days versus the same period last year. The main moves came from DIO fell 1.6 days, DSO fell 11.2 days, and DPO fell 10.7 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 56.3 days −11.2 days

Inventory 10.8 days −1.6 days

Payables 70.5 days −10.7 days

Cash Conversion Cycle -3.4 days −2.1 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.72x and interest coverage only at 1.40x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 29.8% of debt, and total debt stands at 388.0bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Interest coverage is thin

Interest coverage is 1.40x, 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 0.72x −0.57x

Interest Coverage 1.40x +1.36x

Cash / Debt 29.8% +4.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.61x −10.51x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 56.9bn in 2025, against investing cash flow of 43.2bn.

Post-investment cash flow was positive +100.1bn. Financing cash flow was negative +212.7bn.

CFO / net income was 1.61x.

After spending +5.8bn on fixed-asset investment, the business generated trailing free cash flow of +100.9bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 106.7bn −86.5bn

Cash Capex 5.8bn +3.0bn

FCF TTM +100.9bn −89.5bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 1.6 pp. The next item to monitor is the earnings mix, when non-core contribution is 23.8%. The main risk still sits in leverage and liquidity, with interest coverage at 1.40x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.04% after expanding 1.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.61x. Even so, net financial result still accounts for 23.8% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.40x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,316.8	3,334.6	3,828.6	4,116.6	3,454.2
Revenue Deductions	77.7	27.9	105.9	34.5	0.0
Net Revenue	3,239.1	3,306.7	3,722.7	4,082.1	3,392.7
Cost of Goods Sold	2,884.4	2,986.5	3,330.8	3,700.2	0.0
Gross Profit	354.7	320.3	391.9	381.9	456.1
Financial Income	6.8	16.6	14.7	9.7	14.5
Financial Expenses	41.6	48.2	71.3	54.3	-21.0
Interest Expense	25.5	25.2	39.5	33.4	-18.2
Share of Associates and Joint Ventures	4.0	1.5	-1.2	5.6	7.3
Selling Expenses	222.5	208.2	275.9	273.9	-329.0
General and Administrative Expenses	93.1	87.9	182.9	110.7	-108.1
Operating Profit	8.3	-6.0	-124.8	-41.7	19.9
Other Income	20.0	8.6	67.6	65.0	0.0
Other Expenses	4.0	1.3	14.7	1.0	0.0
Other Profit	16.0	7.3	53.0	64.0	16.9
Profit Before Tax	24.3	1.3	-71.9	22.3	36.8
Current Income Tax Expense	10.6	0.0	2.8	13.0	-4.0
Deferred Income Tax Expense	-0.5	-4.1	9.5	-4.3	0.0
Net Income	14.2	5.3	-84.2	13.7	32.8
Non-controlling Interest	0.2	-1.8	-0.8	12.2	0.4
Profit Attributable to Parent	14.0	7.1	-83.4	1.5	32.4
Earnings per Share	374.00	191.00	-2,234.00	41.00	867.00
Diluted EPS	373.72	190.93	-2,234.39	40.55	866.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	673.1	809.3	1,309.6	1,097.0	980.2
I. Cash and cash equivalents	76.8	189.2	216.0	122.7	87.2
1. Cash	76.8	129.2	216.0	86.3	0.0
2. Cash equivalents	—	60.0	0.0	36.4	0.0
II. Short-term financial investments	22.9	20.2	71.4	90.6	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	22.9	20.2	71.4	90.6	0.0
III. Short-term receivables	525.3	512.3	890.5	745.3	541.9
1. Short-term trade accounts receivable	543.6	525.0	836.5	637.4	0.0
2. Short-term prepayments to suppliers	9.3	11.8	43.7	62.3	0.0
3. Short-term inter-company receivables	—	20.9	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	8.2	0.0	10.9	9.2	0.0
6. Other short-term receivables	32.1	24.3	80.8	42.3	0.0
7. Provision for short-term doubtful debts (*)	-68.1	-69.7	-81.4	-5.9	0.0
8. Assets awaiting resolution	0.2	0.0	0.0	0.0	0.0
IV. Inventories	38.2	68.5	100.3	83.8	62.2
1. Inventories	42.4	74.0	100.3	83.8	0.0
2. Provision for decline in value of inventories	-4.1	-5.5	0.0	0.0	0.0
V. Other short-term assets	9.8	19.0	31.5	54.6	58.3
1. Short-term prepayments	5.9	6.9	7.1	8.9	0.0
2. Value added tax to be reclaimed	1.1	7.1	23.9	45.2	0.0
3. Taxes and other receivables from state authorities	2.8	5.0	0.4	0.5	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)	654.1	751.1	962.2	1,006.0	1,041.7
I. Long-term receivables	38.9	39.3	144.9	76.6	0.0
1. Long-term trade receivables	—	13.7	0.0	0.0	61.2
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	19.7	0.0	13.7	22.3	0.0
6. Other long-term receivables	19.2	25.5	131.2	54.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	93.1	109.4	174.1	128.8	152.2
1. Tangible fixed assets	17.5	25.9	90.3	46.4	79.0
- Cost	172.0	181.7	272.9	212.3	0.0
- Accumulated depreciation	-154.5	-155.8	-182.6	-166.0	0.0
2. Financial leased fixed assets	—	83.6	0.0	0.0	0.0
- Cost	—	108.2	0.0	0.0	0.0
- Accumulated depreciation	—	-24.6	0.0	0.0	0.0
3. Intangible fixed assets	75.6	0.0	83.8	82.4	73.1
- Cost	108.1	0.0	100.7	93.4	0.0
- Accumulated depreciation	-32.5	0.0	-16.9	-11.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	3.0	5.3	10.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	3.0	5.3	0.0
V. Long-term financial investments	118.5	129.2	83.3	104.2	79.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	118.5	129.2	81.4	87.9	0.0
3. Investments in other entities	16.3	16.3	18.3	16.3	0.0
4. Provision for diminution in value of long-term investments	-16.3	-16.3	-16.3	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	403.6	473.2	556.9	691.2	0.0
1. Long-term prepayments	402.7	469.6	544.8	662.1	0.0
2. Deferred income tax assets	0.6	2.9	2.9	3.1	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	737.8
5. Goodwill	0.3	0.7	9.3	25.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,327.2	1,560.3	2,271.9	2,103.1	2,021.9
A. LIABILITIES (300=210+330)	997.4	1,253.2	1,881.4	1,612.7	1,521.0
I. Short -term liabilities	972.4	1,198.6	1,647.6	1,376.5	1,241.1
1. Short-term trade accounts payable	570.2	594.0	891.4	709.0	685.3
2. Short-term advances from customers	1.4	4.0	3.1	4.0	2.7
3. Taxes and other payables to state authorities	7.3	2.1	13.8	26.2	0.0
4. Payable to employees	8.5	8.2	8.9	5.5	0.0
5. Short-term acrrued expenses	0.9	3.3	1.9	3.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.1	0.0	0.0	0.0
9. Other short-term payables	7.7	5.2	37.5	27.2	0.0
10. Short-term borrowings and financial leases	375.8	581.1	690.4	600.8	482.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.6	0.6	0.6	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	25.0	54.6	233.9	236.2	279.9
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	—	10.7	11.3	12.5	0.0
7. Other long-term liabilities	10.7	19.5	130.4	61.1	0.0
8. Long-term borrowings and financial leases	—	7.4	82.9	162.6	226.9
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	14.3	17.0	9.3	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)	329.8	307.1	390.4	490.4	501.0
I. Owner's equity	329.8	307.1	390.4	490.4	0.0
1. Owner's capital	373.4	373.4	373.4	373.4	501.0
- Common stock with voting right	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.4	1.4	1.4	1.4	1.4
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	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00	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	0.3	0.3	0.3	0.3	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	-47.3	-74.0	-14.9	85.7	111.1
- Accumulated retained earning at the end of the previous period	-61.3	-81.1	68.5	84.2	97.1
- Undistributed earnings in this period	14.0	7.1	-83.4	1.5	14.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.0	6.0	30.2	29.6	14.7
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)	1,327.2	1,560.3	2,271.9	2,103.1	2,021.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	24.3	1.3	-71.9	22.3	36.8
Depreciation of Fixed Assets and Investment Property	16.8	25.1	40.8	32.3	28.8
Provision (Increase)/Reversal	-3.0	-2.3	91.8	0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-1.0	-0.1	2.6	0.0
Gain/Loss from Investment Activities	-7.7	-8.0	-9.2	-61.1	0.0
Interest Expense	25.5	25.2	39.5	33.4	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	55.8	40.3	91.0	30.1	74.0
Increase/(Decrease) in Receivables	-49.2	231.2	-265.2	-223.1	0.0
Increase/(Decrease) in Inventory	31.7	21.6	-10.6	-8.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-14.2	-237.5	237.5	12.5	0.0
Increase/(Decrease) in Prepaid Expenses	67.9	85.4	119.4	48.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-26.4	-25.7	-40.8	-33.4	0.0
Corporate Income Tax Paid	-8.7	-4.5	-13.7	-5.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	56.9	110.9	117.5	-179.2	292.7
Payments for Fixed Assets and Other Long-term Assets	-4.0	-5.6	-61.8	-3.5	-14.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.2	3.2	4.1	56.2	0.7
Loans and Purchases of Debt Instruments	-71.5	-72.9	-131.2	-240.0	-451.7
Receipts from Loan Repayments and Sale of Debt Instruments	75.5	94.7	155.4	251.4	353.5
Investments in Other Entities	-8.2	-5.5	-20.1	-29.6	-51.7
Proceeds from Investments in Other Entities	41.4	6.1	8.9	0.0	0.0
Dividends and Interest Income Received	3.9	9.9	10.7	15.7	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	43.2	29.9	-34.0	50.2	-141.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	3,100,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,462.2	2,279.0	2,346.7	2,825.7	2,302.9
Repayment of Borrowings	-1,674.8	-2,446.7	-2,336.9	-2,774.2	-2,389.5
Repayment of Finance Leases	—	0.0	0.0	0.0	-18.7
Dividends Paid	—	0.0	-0.0	-20.1	-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	-212.7	-167.7	9.8	34.5	-105.3
Net Cash Flow During the Period	-112.5	-26.8	93.3	-94.5	-2.9
Cash and Cash Equivalents at Beginning of Period	189.2	216.0	122.7	217.2	41.4
FX Difference from Revaluation	0.1	0.1	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	76.8	189.2	216.0	122.7	87.2

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	816.4	820.0	887.8	855.2	755.3	858.9	743.2	796.2	934.6	1,042.7	1,006.6	812.8
Revenue Deductions	22.3	20.7	20.2	16.8	20.1	15.9	5.2	2.9	3.9	13.5	20.8	20.4
Net Revenue	794.0	799.3	867.6	838.4	735.2	843.0	738.0	793.3	930.7	1,029.2	985.8	792.5
Cost of Goods Sold	675.7	706.4	780.4	749.4	650.1	756.1	650.1	725.5	849.3	922.6	881.9	705.8
Gross Profit	118.3	92.8	87.1	89.0	85.2	86.8	87.9	67.8	81.4	106.5	103.9	86.7
Financial Income	1.2	1.7	1.8	1.3	2.0	2.4	8.6	2.1	2.4	3.5	1.9	4.6
Financial Expenses	6.4	6.7	9.6	16.2	7.1	9.2	8.1	17.1	14.1	13.5	15.7	11.7
Interest Expense	6.4	6.7	6.5	5.5	6.7	6.1	6.4	7.3	5.4	7.1	8.6	10.6
Share of Associates and Joint Ventures	6.2	3.4	2.8	0.5	-0.5	2.9	1.3	0.1	-0.4	-1.7	0.4	1.4
Selling Expenses	54.4	57.2	53.7	56.3	54.8	58.0	57.1	55.2	57.0	80.2	77.4	58.3
General and Administrative Expenses	21.6	23.4	22.5	23.4	23.3	15.5	19.4	19.9	20.7	50.5	27.1	22.4
Operating Profit	43.3	10.6	5.9	-5.1	1.5	9.4	13.2	-22.2	-8.4	-35.8	-14.0	0.2
Other Income	4.5	2.2	13.2	1.2	3.5	4.1	2.2	3.3	1.4	73.7	2.5	1.1
Other Expenses	0.4	2.5	0.5	0.8	0.3	2.1	0.2	0.1	0.3	6.6	3.0	1.3
Other Profit	4.1	-0.3	12.8	0.4	3.1	2.0	2.0	3.2	1.1	67.2	-0.6	-0.2
Profit Before Tax	47.4	10.4	18.6	-4.8	4.6	11.5	15.2	-19.1	-7.3	31.3	-14.6	0.1
Current Income Tax Expense	1.1	1.5	1.3	1.3	1.0	0.0	0.0	0.0	0.0	5.1	1.0	0.0
Deferred Income Tax Expense	0.0	-2.9	2.1	0.1	0.1	-3.8	0.2	0.1	0.1	6.2	0.1	0.1
Net Income	46.2	11.8	15.3	-6.1	3.5	15.3	15.1	-19.2	-7.3	20.0	-15.7	0.0
Non-controlling Interest	0.4	0.2	0.2	0.1	-0.2	-0.6	-0.2	-0.3	-0.1	1.7	0.4	-1.1
Profit Attributable to Parent	45.8	11.6	15.1	-6.1	3.7	15.9	15.2	-18.9	-7.3	18.2	-16.1	1.2
Earnings per Share	1,227.00	311.00	404.00	-165.00	99.00	425.00	408.00	-506.00	-195.00	489.00	-430.00	31.00
Diluted EPS	1,226.49	310.96	404.15	-164.55	98.99	425.38	408.36	-505.78	-195.35	488.66	-430.23	31.05

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	748.4	675.5	803.2	770.6	736.6	823.9	771.2	907.4	1,016.7	1,353.7	1,170.2	1,148.0
I. Cash and cash equivalents	115.7	77.0	103.6	82.8	138.4	189.4	120.8	149.9	86.8	223.6	82.9	115.5
1. Cash	115.7	77.0	103.1	82.4	78.4	129.4	120.8	149.9	86.8	223.6	82.9	115.5
2. Cash equivalents	—	—	0.5	0.5	60.0	60.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	33.2	22.9	82.2	82.2	22.2	20.2	20.2	70.2	120.2	72.3	131.4	130.2
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	33.2	22.9	82.2	82.2	22.2	20.2	20.2	70.2	120.2	72.3	131.4	130.2
III. Short-term receivables	479.4	525.1	546.6	518.1	481.1	518.2	512.6	576.7	637.5	926.1	818.5	708.6
1. Short-term trade accounts receivable	499.7	543.8	573.8	552.2	519.0	525.7	506.4	563.4	632.1	832.9	720.9	826.9
2. Short-term prepayments to suppliers	10.3	9.1	8.9	9.3	10.5	12.0	39.0	41.9	35.6	43.7	53.6	-167.1
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	—	8.2	8.2	8.2	5.5	19.5	9.4	9.9	6.4	6.9	7.8	8.3
6. Other short-term receivables	37.4	31.8	25.2	17.9	15.8	33.9	34.6	39.0	40.9	71.5	42.1	46.4
7. Provision for short-term doubtful debts (*)	-68.1	-67.8	-69.6	-69.6	-69.7	-72.8	-76.9	-77.5	-77.5	-28.9	-5.9	-5.9
8. Assets awaiting resolution	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	94.5	38.2	51.7	63.9	67.8	77.1	84.9	74.8	116.0	100.3	90.4	113.8
1. Inventories	98.7	42.4	57.2	69.4	73.3	82.5	84.9	74.8	116.0	100.3	90.4	113.8
2. Provision for decline in value of inventories	-4.1	-4.1	-5.5	-5.5	-5.5	-5.4	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	25.5	12.2	19.0	23.6	27.2	19.0	32.7	35.8	56.2	31.4	47.1	79.9
1. Short-term prepayments	14.1	6.2	9.7	14.8	19.0	7.0	10.1	11.9	14.1	7.1	14.9	17.3
2. Value added tax to be reclaimed	4.1	1.1	3.5	3.8	3.2	7.2	17.8	19.0	38.6	23.9	31.7	62.1
3. Taxes and other receivables from state authorities	7.3	5.0	5.8	5.0	5.0	4.8	4.8	4.8	3.5	0.5	0.5	0.5
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)	645.3	644.9	667.6	706.6	741.5	764.0	787.1	814.7	908.7	919.2	984.0	961.6
I. Long-term receivables	19.2	29.6	29.8	29.8	45.3	49.9	50.4	48.6	52.4	80.8	72.1	78.5
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	—	19.7	19.7	19.7	19.7	15.2	15.2	15.2	19.2	22.3	22.3	22.3
6. Other long-term receivables	19.2	9.9	10.0	10.0	25.5	34.7	35.2	33.4	33.2	58.5	49.8	56.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	91.8	93.3	98.1	100.9	102.9	109.4	114.0	121.1	126.2	174.1	172.2	120.3
1. Tangible fixed assets	18.2	17.7	20.5	21.3	21.3	25.8	28.4	33.5	36.6	90.3	91.2	39.1
- Cost	172.2	—	—	—	—	183.2	183.2	192.7	192.6	272.6	269.2	212.5
- Accumulated depreciation	-154.0	—	—	—	—	-157.3	-154.8	-159.2	-156.0	-182.3	-178.0	-173.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	73.6	75.6	77.6	79.6	81.6	83.6	85.6	87.6	89.6	83.8	80.9	81.2
- Cost	108.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-34.5	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.3	3.0	5.3	5.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.3	3.0	5.3	5.3
V. Long-term financial investments	143.9	118.4	116.3	132.4	128.4	132.6	129.9	128.9	130.5	98.1	107.5	105.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	124.7	118.4	116.3	132.4	128.4	130.6	128.0	127.0	128.5	81.8	91.2	88.7
3. Investments in other entities	16.3	16.3	16.3	16.3	16.3	18.3	18.3	18.3	18.3	16.3	16.3	16.3
4. Provision for diminution in value of long-term investments	-16.3	-16.3	-16.3	-16.3	-16.3	-16.3	-16.3	-16.3	-16.3	0.0	0.0	0.0
5. Held to maturity investments	19.2	—	—	—	—	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	390.4	403.6	423.4	443.6	464.9	472.1	492.8	516.1	595.5	545.4	607.4	627.9
1. Long-term prepayments	389.5	402.7	422.4	440.4	461.6	469.5	489.1	511.1	592.6	544.8	604.4	624.8
2. Deferred income tax assets	0.6	0.6	0.7	2.7	2.8	2.8	2.7	2.8	2.8	0.7	3.0	3.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.3	0.3	0.3	0.4	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	-0.2	1.0	2.2	3.8	17.7	19.5	24.6
TOTAL ASSETS (280=100+200)	1,393.6	1,320.5	1,470.8	1,477.2	1,478.2	1,587.9	1,558.4	1,722.1	1,925.3	2,272.8	2,154.2	2,109.6
A. LIABILITIES (300=210+330)	1,017.6	984.3	1,146.1	1,166.4	1,167.5	1,285.4	1,272.0	1,450.7	1,564.5	1,792.3	1,680.3	1,621.5
I. Short -term liabilities	990.0	968.9	1,127.1	1,136.3	1,122.5	1,246.2	1,224.3	1,393.4	1,411.3	1,592.5	1,475.5	1,400.8
1. Short-term trade accounts payable	572.1	570.1	595.2	600.0	553.0	594.3	622.7	698.1	685.7	892.2	848.9	699.4
2. Short-term advances from customers	5.1	1.4	2.7	2.6	3.8	4.3	7.4	7.7	1.9	3.1	1.6	2.0
3. Dividends and profits payable	0.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.2	3.8	2.2	6.1	5.6	2.1	1.1	3.4	7.9	19.3	6.6	3.5
4. Payable to employees	9.1	8.5	8.7	8.4	8.7	8.2	8.5	7.7	8.4	8.9	9.0	8.7
5. Short-term acrrued expenses	2.2	0.9	0.4	0.5	1.4	3.2	1.3	1.5	0.9	1.9	1.1	3.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.1	0.0	0.1	1.4	0.0	0.0	0.0
9. Other short-term payables	9.8	7.7	8.3	4.8	10.0	44.9	43.9	45.4	32.1	47.6	48.1	50.0
10. Short-term borrowings and financial leases	388.0	375.8	509.0	513.4	539.5	588.5	538.8	628.9	672.4	618.9	559.6	633.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	27.6	15.5	19.0	30.1	45.0	39.2	47.8	57.3	153.2	199.8	204.8	220.7
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	—	—	—	10.0	10.3	10.0	10.3	10.7	11.0	0.0	11.6	11.9
7. Other long-term liabilities	13.4	1.4	2.0	3.0	17.7	11.9	16.3	15.9	28.3	36.8	36.4	40.6
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	9.7	104.7	159.0	156.9	168.2
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	14.3	14.0	17.0	17.0	17.0	17.3	21.1	21.1	9.3	3.9	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)	376.0	336.1	324.7	310.8	310.6	302.5	286.3	271.4	360.8	480.5	473.9	488.0
I. Owner's equity	376.0	336.1	324.7	310.8	310.6	302.5	286.3	271.4	360.8	480.5	473.9	488.0
1. Owner's capital	373.4	373.4	373.4	373.4	373.4	373.4	373.4	373.4	373.4	373.4	373.4	373.4
- Common stock with voting right	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00	373,399,290,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
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	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00	-3,639,900.00
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	-1.5	-41.1	-52.3	-66.0	-70.3	-79.2	-96.1	-111.2	-22.0	74.6	71.1	85.7
- Accumulated retained earning at the end of the previous period	-47.3	-65.7	-62.4	-63.5	-74.0	-84.3	-85.2	-85.1	-14.7	70.0	84.7	82.5
- Undistributed earnings in this period	45.8	24.5	10.1	-2.4	3.7	5.0	-10.9	-26.1	-7.3	4.6	-13.6	3.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.4	2.1	1.9	1.7	5.8	6.6	7.2	7.4	7.7	30.8	27.6	27.2
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)	1,393.6	1,320.5	1,470.8	1,477.2	1,478.2	1,587.9	1,558.4	1,722.1	1,925.3	2,272.8	2,154.2	2,109.6

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	47.4	8.4	18.6	-7.3	4.6	11.5	15.5	-19.5	-7.3	-57.7	-14.6	-0.7
Depreciation of Fixed Assets and Investment Property	3.3	3.9	4.2	4.3	4.4	6.0	6.3	6.9	6.9	18.2	10.7	6.2
Provision (Increase)/Reversal	—	-2.9	-1.9	1.8	—	1.3	-0.6	0.0	0.0	91.8	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.2	-1.1	1.1	0.0	1.7	-5.1	6.4	-2.5	-1.3	0.7	1.0
Gain/Loss from Investment Activities	-6.5	-7.2	-12.7	14.0	-1.8	1.3	-7.1	-1.3	2.3	-6.3	2.7	-2.8
Interest Expense	—	18.9	-0.2	—	6.7	-0.3	6.4	7.3	5.4	30.9	-15.3	10.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	44.2	20.9	13.7	7.2	14.0	21.4	15.4	-0.2	4.8	75.7	-15.7	14.2
Increase/(Decrease) in Receivables	30.2	18.9	-7.4	-74.6	13.9	19.2	57.0	-10.0	120.4	-211.1	-73.8	24.1
Increase/(Decrease) in Inventory	-56.3	14.8	12.2	3.9	0.7	2.4	-10.1	41.2	-20.4	-4.0	23.4	-40.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.3	-19.8	-38.1	72.3	-28.6	-30.1	-31.2	-7.4	-91.2	114.8	143.9	-84.7
Increase/(Decrease) in Prepaid Expenses	5.0	23.5	23.1	25.3	-4.1	22.7	23.8	115.1	-76.2	67.6	22.9	18.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-18.9	5.6	-6.0	-7.1	0.5	-7.0	-6.5	-6.2	-30.2	13.8	-9.9
Corporate Income Tax Paid	-3.4	-0.0	0.0	0.0	-8.7	0.0	-0.0	-3.1	-1.4	-0.7	-0.3	-0.3
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	29.9	39.5	9.1	28.1	-19.9	36.0	48.1	129.0	-70.1	12.1	114.3	-78.6
Payments for Fixed Assets and Other Long-term Assets	-2.0	-0.0	-1.4	-2.5	-0.1	-0.3	3.0	0.2	-5.5	-2.2	-57.9	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	3.2	-0.4	-0.1	3.5	-0.6	3.2	-0.1	0.7	4.1	0.0	0.0
Loans and Purchases of Debt Instruments	-2.0	-6.7	6.0	-68.8	-2.0	-15.0	1.4	-21.6	-50.0	0.2	-1.4	-130.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	60.0	0.0	0.0	15.5	5.0	50.5	70.7	0.5	63.4	0.7	90.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	-5.5	-20.1	0.0	0.0
Proceeds from Investments in Other Entities	—	6.4	13.9	20.8	0.3	1.2	0.0	4.9	0.0	8.9	0.0	0.0
Dividends and Interest Income Received	—	3.9	-1.9	1.0	0.9	-3.1	5.1	2.4	-0.2	10.2	-4.6	4.4
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	-3.1	66.8	16.2	-57.8	18.1	-12.8	63.2	56.4	-60.1	64.4	-63.2	-35.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	291.6	364.6	412.9	294.4	390.3	478.7	544.0	444.2	810.1	783.2	595.0	504.2
Repayment of Borrowings	-279.5	-497.8	-417.2	-320.5	-439.3	-432.3	-684.4	-566.9	-809.1	-726.6	-678.6	-406.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	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	12.1	-133.2	-4.3	-26.1	-49.0	46.4	-140.4	-122.7	1.0	56.6	-83.7	97.3
Net Cash Flow During the Period	38.9	-26.9	21.0	-55.8	-50.8	69.6	-29.1	62.7	-129.2	133.1	-32.6	-16.5
Cash and Cash Equivalents at Beginning of Period	76.8	103.6	82.8	138.4	189.2	216.0	216.0	216.0	216.0	122.7	122.7	122.7
FX Difference from Revaluation	—	0.1	—	0.2	—	-1.0	0.0	0.4	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	115.7	76.8	103.6	82.8	138.4	189.4	120.8	149.9	86.8	216.0	82.9	115.5

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ASP

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