BCA

B.C.H ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 30.79%, +1.05pp YoY

Price

20,900

Latest close

03 Jun 2026

P/E 50.24x

P/B 1.09x

EPS 416

BVPS 19,108

ROE 2.9%

ROA 0.5%

Profit Margin 0.3%

Asset Turnover 1.73x

Equity Mult. 5.39x

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

What Is Changing

On a TTM 2026Q1 basis, BCA is improving on both growth and profitability, painting a notably more positive picture versus the same period — this marks a reversal from the difficult phase before. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,805bn
	                                
+19.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 21bn
	                                
+149.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    59.1%

Metric	2025	2024	2023	2022	2021
Revenue	6,381.3	5,528.8	3,835.3	2,470.7	2,055.9
Growth	+15%	+44%	+55%	+20%	—
Net Income	1.0	-50.1	400.0	-73.9	2.4
Net Margin	0.02%	-0.91%	10.43%	-2.99%	0.12%

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	1,860.5	1,879.3	1,838.6	1,226.7	1,436.7	1,279.3	1,615.7	1,386.2	1,247.6	1,358.3	995.8	737.6
Growth	-1%	+2%	+50%	-15%	+12%	-21%	+17%	+11%	-8%	+36%	+35%	—
Net Income	5.3	23.3	-6.3	-1.4	1.5	-38.0	-11.2	5.2	1.8	397.4	-2.8	-1.4
Net Margin	0.29%	1.24%	-0.34%	-0.11%	0.11%	-2.97%	-0.70%	0.38%	0.14%	29.25%	-0.28%	-0.19%

Drivers of BCA's profit

TTM

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

Gross profit ↑ 59.2bn

Other profit ↑ 25.9bn

Finance costs ↓ 21.9bn

Financial income ↑ 13.6bn

Administrative expenses ↑ 48.9bn

Selling expenses ↑ 8.4bn

TTM

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

Gross profit ↑ 6.4bn

Other profit ↑ 4.3bn

Administrative expenses ↓ 2.2bn

Deferred tax ↓ 2.0bn

Finance costs ↑ 6.2bn

Financial income ↓ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -8.2% = -0.7% × 1.53 × 7.18

2026Q1 2.9% = 0.3% × 1.73 × 5.39

ROE rose from -8.2% to 2.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 0.3% +1.1pp Asset turnover: 1.73x +0.20x Leverage: 5.39x -1.79x

Is the profit sustainable?

Margins improved (+1.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.31%, rising 1.1pp. Core operating signals are improving as Gross margin rose 0.3pp are enough to offset pressure from SG&A / Revenue rose 0.7pp (with additional support from Net financial result / Revenue rose 1.0pp and Other profit / Revenue rose 0.4pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 0.31% +1.1pp

Gross Margin 3.73% +0.3pp

SG&A / Revenue 1.71% +0.7pp

Non-core / Revenue -1.71% +1.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 59.1% of PBT and lifted net margin by 1.4pp — separate the operating contribution from this source.

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 18.5 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC edged up to 0.29%, rising 1.4pp. That translates to 0.29 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 0.33x, with invested capital easing up by 97bn — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 0.29% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.29% +1.4pp

NOPAT Margin 0.11% +0.6pp

Capital Turnover 2.62x +0.33x

Average Invested Capital 2,594.1bn +96.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 2.68x equity, net debt at 1.79x equity.

Inventory ended the period at 1,498.6bn, roughly 42.8% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 18.5 days versus the same period last year. The main moves came from DIO rose 10.6 days, DSO rose 5.9 days, and DPO fell 1.9 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +18.5 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +5.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 47.6 days +5.9 days

Inventory 90.7 days +10.6 days

Payables 53.5 days −1.9 days

Cash Conversion Cycle 84.7 days +18.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.79x and interest coverage only at 0.06x.

At present, short-term debt accounts for 81.7% of total debt, cash equals 1.2% of debt, and total debt stands at 1,729.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.79x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.06x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.79x −2.25x

Interest Coverage 0.06x +0.22x

Cash / Debt 1.2% −1.1pp

Short-term Debt / Total Debt 81.7% −18.3pp

CFO / NI 3.68x −10.28x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 222.9bn in 2025, against investing cash flow of 240.1bn.

Post-investment cash flow was positive +463.0bn. Financing cash flow was negative +420.7bn.

CFO / net income was 3.68x.

After spending +26.5bn on fixed-asset investment, the business generated trailing free cash flow of +50.6bn.

Cash Conversion

CFO TTM 77.1bn +669.7bn

Cash Capex 26.5bn —

FCF TTM +50.6bn —

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 0.3%. The next watchpoint is the earnings mix, when non-core contribution is -604.2%. The main offsetting support comes from operating efficiency, with net margin improving 1.1 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 30.79% after expanding 1.1pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.68x. Even so, net financial result still accounts for -604.2% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,381.5	5,567.9	3,843.3	2,477.3	2,057.5
Revenue Deductions	0.2	39.0	8.0	6.6	0.0
Net Revenue	6,381.3	5,528.8	3,835.3	2,470.7	2,055.9
Cost of Goods Sold	6,143.8	5,359.0	3,808.5	2,457.5	0.0
Gross Profit	237.5	169.8	26.8	13.3	12.9
Financial Income	24.5	8.3	5.3	2.8	3.3
Financial Expenses	147.4	162.1	24.1	9.4	-7.3
Interest Expense	141.4	147.7	13.5	6.8	-3.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	14.9	3.3	1.6	1.1	-2.6
General and Administrative Expenses	100.2	61.5	3.9	79.6	-3.4
Operating Profit	-0.6	-48.9	2.5	-74.1	2.8
Other Income	35.4	1.5	397.5	0.2	0.0
Other Expenses	31.3	3.9	0.0	0.0	0.0
Other Profit	4.1	-2.4	397.5	0.2	0.2
Profit Before Tax	3.5	-51.3	400.0	-73.9	3.1
Current Income Tax Expense	2.1	0.3	0.0	0.0	-0.7
Deferred Income Tax Expense	0.5	-1.4	0.0	0.0	0.0
Net Income	1.0	-50.1	400.0	-73.9	2.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.0	-50.1	400.0	-73.9	2.4
Earnings per Share	30.00	-2,638.00	21,055.00	-3,891.00	114.00
Diluted EPS	30.00	-2,638.00	21,055.00	-3,891.00	126.43

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,396.0	2,553.9	2,509.7	381.2	359.7
I. Cash and cash equivalents	54.2	11.9	1,038.0	1.1	0.3
1. Cash	54.2	11.9	1,038.0	1.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	20.2	142.8	82.8	82.8	0.0
1. Available for sale securities	9.8	9.8	9.8	9.8	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	10.5	133.0	73.0	73.0	0.0
III. Short-term receivables	805.7	573.4	826.2	99.0	143.8
1. Short-term trade accounts receivable	848.0	523.6	661.2	166.5	0.0
2. Short-term prepayments to suppliers	47.6	118.6	233.2	0.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	35.9	14.7	9.5	8.6	0.0
7. Provision for short-term doubtful debts (*)	-125.8	-83.5	-77.6	-76.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,498.6	1,720.5	527.2	197.3	164.2
1. Inventories	1,504.8	1,721.0	527.7	197.8	0.0
2. Provision for decline in value of inventories	-6.1	-0.5	-0.5	-0.5	0.0
V. Other short-term assets	17.3	105.3	35.5	0.9	0.6
1. Short-term prepayments	9.4	15.8	6.5	0.0	0.0
2. Value added tax to be reclaimed	—	84.6	23.8	0.9	0.0
3. Taxes and other receivables from state authorities	7.9	4.9	5.2	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)	1,102.5	1,361.5	1,509.9	222.1	240.1
I. Long-term receivables	22.5	22.5	22.5	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	22.5	22.5	22.5	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,032.2	1,281.7	1,429.1	222.1	240.1
1. Tangible fixed assets	1,031.0	1,280.1	1,428.6	222.1	240.1
- Cost	2,286.4	2,729.1	2,738.2	521.7	0.0
- Accumulated depreciation	-1,255.4	-1,449.0	-1,309.6	-299.6	0.0
2. Financial leased fixed assets	—	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
3. Intangible fixed assets	1.2	1.6	0.5	0.0	0.0
- Cost	4.1	4.0	2.5	0.2	0.0
- Accumulated depreciation	-2.9	-2.4	-2.0	-0.2	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	5.4	27.5	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.4	27.5	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	42.3	29.8	58.3	0.0	0.0
1. Long-term prepayments	41.3	28.3	58.3	0.0	0.0
2. Deferred income tax assets	1.0	1.4	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
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)	3,498.5	3,915.4	4,019.7	603.3	599.8
A. LIABILITIES (300=210+330)	2,548.4	3,415.8	3,481.2	464.9	387.4
I. Short -term liabilities	2,231.4	2,994.8	2,941.2	456.9	359.6
1. Short-term trade accounts payable	828.3	779.0	1,504.2	302.4	258.1
2. Short-term advances from customers	0.1	0.6	14.3	0.0	0.4
3. Taxes and other payables to state authorities	11.2	0.6	7.5	0.0	0.0
4. Payable to employees	11.9	10.8	12.6	0.2	0.0
5. Short-term acrrued expenses	2.6	61.3	30.5	0.2	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	2.6	1.6	16.7	5.2	0.0
10. Short-term borrowings and financial leases	1,374.5	2,140.8	1,355.2	148.8	100.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	317.0	421.0	540.0	8.0	27.8
1. Long-term trade payables	—	0.0	0.0	8.0	27.8
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	317.0	421.0	540.0	0.0	0.0
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)	950.1	499.6	538.5	138.4	212.4
I. Owner's equity	950.1	499.6	538.5	138.4	0.0
1. Owner's capital	500.0	190.0	190.0	190.0	212.4
- Common stock with voting right	500,000,000,000.00	190,000,000,000.00	190,000,000,000.00	190,000,000,000.00	190,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	139.5	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	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	310.6	309.6	348.5	-51.6	22.4
- Accumulated retained earning at the end of the previous period	309.6	359.7	-51.6	22.4	19.9
- Undistributed earnings in this period	1.0	-50.1	400.0	-73.9	2.5
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)	3,498.5	3,915.4	4,019.7	603.3	599.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	3.5	-51.3	400.0	-73.9	0.0
Depreciation of Fixed Assets and Investment Property	146.0	148.3	17.9	18.0	0.0
Provision (Increase)/Reversal	48.0	0.0	0.0	76.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.3	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.6	-6.8	-5.3	-2.8	0.0
Interest Expense	141.4	147.7	13.5	6.8	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	332.0	238.0	426.3	24.1	0.0
Increase/(Decrease) in Receivables	-153.6	187.4	-1,391.3	-30.9	0.0
Increase/(Decrease) in Inventory	216.2	-1,193.2	-329.9	-33.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.9	-758.9	1,268.2	29.1	0.0
Increase/(Decrease) in Prepaid Expenses	-6.6	20.7	-64.8	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-168.0	-117.2	-11.8	-6.6	0.0
Corporate Income Tax Paid	—	-0.0	0.0	-0.6	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	222.9	-1,623.2	-103.5	-18.0	-8.9
Payments for Fixed Assets and Other Long-term Assets	-24.3	-27.5	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	132.7	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-400.5	-160.0	0.0	-32.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	523.0	100.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	9.1	6.7	5.2	2.0	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	240.1	-80.7	5.2	-30.0	0.0
Proceeds from Equity Issuance and Capital Contributions	449,500,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,081.8	3,094.0	1,594.4	454.0	169.4
Repayment of Borrowings	-3,952.0	-2,416.3	-459.3	-405.2	-162.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	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	-420.7	677.8	1,135.2	48.8	6.5
Net Cash Flow During the Period	42.3	-1,026.1	1,036.9	0.8	0.0
Cash and Cash Equivalents at Beginning of Period	11.9	1,038.0	1.1	0.3	4.2
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	54.2	11.9	1,038.0	1.1	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	1,860.5	1,879.5	1,838.6	1,226.7	1,436.7	1,286.1	1,618.0	1,399.8	1,263.9	1,358.3	1,000.2	739.0
Revenue Deductions	—	0.2	—	—	—	6.9	2.3	13.6	16.3	0.0	4.4	1.4
Net Revenue	1,860.5	1,879.3	1,838.6	1,226.7	1,436.7	1,279.3	1,615.7	1,386.2	1,247.6	1,358.3	995.8	737.6
Cost of Goods Sold	1,805.1	1,809.0	1,754.4	1,182.5	1,387.7	1,255.7	1,575.7	1,303.9	1,210.8	1,356.2	994.3	729.9
Gross Profit	55.4	70.3	84.2	44.2	49.0	23.5	40.1	82.3	36.8	2.1	1.5	7.7
Financial Income	0.6	18.7	2.5	2.6	2.0	3.3	2.1	3.5	0.9	3.4	1.1	0.8
Financial Expenses	37.4	33.4	31.8	50.6	31.2	49.8	36.5	57.5	14.3	0.7	4.5	8.7
Interest Expense	30.5	-13.7	33.4	46.9	31.2	43.7	38.0	48.1	14.3	3.2	3.0	2.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.6	2.7	4.6	3.2	2.0	1.0	1.1	0.6	0.7	1.2	0.1	0.1
General and Administrative Expenses	9.5	40.3	39.9	13.8	11.8	14.7	14.0	14.3	18.5	1.4	0.7	1.0
Operating Profit	6.5	12.6	10.4	-20.7	6.0	-38.6	-9.5	13.4	4.2	2.2	-2.8	-1.4
Other Income	0.7	35.1	0.6	15.5	1.3	0.7	0.6	-3.0	3.2	395.1	0.0	0.0
Other Expenses	0.8	23.5	18.4	-3.3	5.7	0.0	2.1	5.2	5.6	0.0	0.0	0.0
Other Profit	-0.1	11.7	-17.8	18.8	-4.4	0.7	-1.5	-8.1	-2.4	395.1	0.0	0.0
Profit Before Tax	6.4	24.3	-7.4	-1.9	1.6	-38.0	-11.0	5.3	1.8	397.4	-2.8	-1.4
Current Income Tax Expense	2.9	—	—	—	—	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	-1.9	1.0	-1.1	-0.6	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.3	23.3	-6.3	-1.4	1.5	-38.0	-11.2	5.2	1.8	397.4	-2.8	-1.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.3	23.3	-6.3	-1.4	1.5	-38.0	-11.2	5.2	1.8	397.4	-2.8	-1.4
Earnings per Share	107.00	465.00	-126.00	-30.00	80.00	-1,998.00	-592.00	276.00	92.97	20,913.87	-146.02	-74.45
Diluted EPS	106.95	465.24	-126.14	-27.00	79.69	-1,998.42	-591.68	276.10	92.97	20,913.87	-146.02	-74.45

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,666.9	2,510.8	3,047.7	2,593.1	2,775.5	2,553.3	2,303.2	2,365.4	1,888.8	2,496.3	791.7	705.4
I. Cash and cash equivalents	20.2	54.2	63.0	29.7	46.1	11.3	19.4	55.9	50.5	1,038.0	4.6	16.9
1. Cash	20.2	54.2	63.0	29.7	46.1	11.3	19.4	55.9	50.5	1,038.0	4.6	16.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	20.2	20.8	221.7	252.7	112.3	142.8	142.8	242.8	183.6	82.8	119.8	119.8
1. Available for sale securities	9.8	11.3	11.3	11.3	11.3	9.8	9.8	9.8	9.8	9.8	9.8	9.8
2. Provision for diminution in value of available for sale securities (*)	—	-1.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	10.5	10.5	210.5	241.5	101.0	133.0	133.0	233.0	173.9	73.0	110.0	110.0
III. Short-term receivables	990.5	805.6	734.9	440.1	891.6	574.8	934.0	866.7	817.5	830.8	387.3	346.9
1. Short-term trade accounts receivable	991.8	848.0	762.6	457.5	781.9	523.8	916.2	877.3	522.2	661.2	454.0	421.7
2. Short-term prepayments to suppliers	100.6	47.6	75.8	45.6	177.1	119.9	90.8	50.7	363.9	233.2	0.1	0.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	23.9	35.8	12.0	20.4	16.1	14.7	10.5	16.4	9.1	14.1	9.3	1.3
7. Provision for short-term doubtful debts (*)	-125.8	-125.8	-115.5	-83.5	-83.5	-83.5	-83.5	-77.6	-77.6	-77.6	-76.1	-76.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,601.6	1,612.9	1,963.6	1,792.2	1,646.2	1,719.0	1,164.3	1,134.5	774.3	520.6	273.3	220.7
1. Inventories	1,607.8	1,618.1	1,963.6	1,792.2	1,646.7	1,719.5	1,164.8	1,135.0	774.8	521.1	273.8	221.2
2. Provision for decline in value of inventories	-6.1	-5.3	—	—	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
V. Other short-term assets	34.4	17.4	64.5	78.3	79.3	105.3	42.7	65.6	62.7	24.2	6.7	1.1
1. Short-term prepayments	26.5	9.5	7.8	11.1	11.4	15.8	5.9	9.1	29.5	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	51.8	62.3	63.0	84.6	31.9	51.3	31.1	23.8	6.4	0.8
3. Taxes and other receivables from state authorities	7.9	7.9	4.9	4.9	4.9	4.9	4.9	5.2	0.0	0.4	0.0	0.4
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	2.2	0.0	0.4	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)	1,067.8	1,102.6	1,113.3	1,327.2	1,344.7	1,361.7	1,381.3	1,422.9	1,467.2	1,516.6	208.7	213.1
I. Long-term receivables	22.8	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.7	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	22.8	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.7	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,003.6	1,032.2	1,057.8	1,230.5	1,259.9	1,281.7	1,318.7	1,355.4	1,392.5	1,429.1	208.7	213.1
1. Tangible fixed assets	998.6	1,031.0	1,056.5	1,229.0	1,258.3	1,280.1	1,317.0	1,354.5	1,391.6	1,428.6	208.7	213.1
- Cost	2,287.8	—	—	—	—	2,729.1	2,733.8	2,737.2	2,737.4	2,738.2	521.7	521.7
- Accumulated depreciation	-1,289.2	—	—	—	—	-1,449.0	-1,416.8	-1,382.7	-1,345.8	-1,309.6	-313.1	-308.6
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	5.0	1.2	1.4	1.5	1.6	1.6	1.7	0.9	1.0	0.5	0.0	0.0
- Cost	8.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.5	5.4	—	37.9	28.2	27.5	1.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.5	5.4	—	37.9	28.2	27.5	1.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	38.9	42.5	32.9	36.2	34.0	30.0	39.1	45.0	52.1	64.8	0.0	0.0
1. Long-term prepayments	36.0	41.3	30.8	34.3	32.7	28.3	37.4	45.0	52.1	64.8	0.0	0.0
2. Deferred income tax assets	2.9	1.1	2.1	1.9	1.3	1.6	1.6	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,734.7	3,613.4	4,161.0	3,920.2	4,120.3	3,915.0	3,684.5	3,788.4	3,356.0	4,013.0	1,000.4	918.5
A. LIABILITIES (300=210+330)	2,779.2	2,653.0	3,223.9	2,978.5	3,619.1	3,416.8	3,148.3	3,242.9	2,815.8	3,476.6	861.3	776.7
I. Short -term liabilities	2,462.2	2,336.0	2,854.9	2,563.5	3,198.1	2,291.8	2,018.3	2,096.6	1,664.5	2,926.1	861.3	776.7
1. Short-term trade accounts payable	1,009.4	935.0	1,126.3	691.5	911.8	779.9	400.2	689.9	766.8	602.0	680.0	557.7
2. Short-term advances from customers	0.5	0.1	0.6	108.8	132.0	0.7	6.8	0.6	0.4	14.3	0.0	22.6
3. Taxes and other payables to state authorities	20.0	9.1	8.7	2.4	0.9	0.6	0.6	0.9	2.8	2.7	0.0	0.0
4. Payable to employees	13.5	11.9	12.1	11.6	11.2	10.8	12.0	11.1	16.0	15.1	0.1	0.1
5. Short-term acrrued expenses	3.1	2.6	58.6	57.5	72.3	61.3	54.8	52.2	40.6	28.8	0.0	0.0
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	—	—	—	—	—	0.0	108.9	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.6	2.6	1.7	1.7	1.8	1.2	167.0	6.9	6.7	907.9	37.1	52.2
10. Short-term borrowings and financial leases	1,412.9	1,374.5	1,646.8	1,689.8	2,068.0	1,436.8	1,267.9	1,334.8	831.1	1,355.2	144.0	144.0
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	0.1	0.1	0.1	0.1	0.1	0.5	0.1	0.1	0.1	0.1	0.1	0.1
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	317.0	317.0	369.0	415.0	421.0	1,125.0	1,130.0	1,146.2	1,151.2	550.5	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	10.5	0.0	0.0
8. Long-term borrowings and financial leases	317.0	—	—	—	—	0.0	0.0	0.0	1,151.2	540.0	0.0	0.0
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	—	317.0	369.0	415.0	421.0	1,125.0	1,130.0	1,146.2	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)	955.4	960.4	937.1	941.8	501.1	498.2	536.2	545.5	540.3	536.4	139.0	141.8
I. Owner's equity	955.4	960.4	937.1	941.8	501.1	498.2	536.2	545.5	540.3	536.4	139.0	141.8
1. Owner's capital	500.0	500.0	500.0	500.0	190.0	190.0	190.0	190.0	190.0	190.0	190.0	190.0
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	190,000,000,000.00	190,000,000,000.00	190,000,000,000.00	190,000,000,000.00	190,000,000,000.00	190,000,000,000.00	190,000,000,000.00	190,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	139.5	139.5	139.5	139.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	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
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	315.9	320.9	297.6	302.3	311.1	308.2	346.2	355.5	350.3	346.4	-51.0	-48.2
- Accumulated retained earning at the end of the previous period	310.6	309.6	309.6	302.1	309.6	359.7	359.7	348.5	348.5	-51.6	-51.6	-51.6
- Undistributed earnings in this period	5.3	11.3	-12.0	0.2	1.5	-51.5	-13.6	7.0	1.8	398.0	0.6	3.4
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)	3,734.7	3,613.4	4,161.0	3,920.2	4,120.3	3,915.0	3,684.5	3,788.4	3,356.0	4,013.0	1,000.4	918.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	8.7	—	-5.3	—	0.0	3.9	-3.9	0.0	400.0	-3.4	3.4
Depreciation of Fixed Assets and Investment Property	—	71.8	—	74.3	—	0.0	-74.2	74.2	0.0	17.9	-9.0	9.0
Provision (Increase)/Reversal	—	43.0	—	5.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.3	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	14.3	—	-20.9	—	0.0	4.5	-4.5	0.0	-5.3	0.8	-0.8
Interest Expense	—	64.5	—	77.0	—	0.0	-67.7	67.7	0.0	13.5	-5.5	5.5
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	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	201.9	—	130.1	—	0.0	-133.4	133.4	0.0	426.3	-17.1	17.1
Increase/(Decrease) in Receivables	—	-311.1	—	157.5	—	0.0	65.4	-65.4	0.0	-1,391.3	249.0	-249.0
Increase/(Decrease) in Inventory	—	287.9	—	-71.7	—	0.0	601.7	-601.7	0.0	-329.9	23.4	-23.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	92.8	—	-89.9	—	0.0	834.2	-834.2	0.0	1,268.2	-280.3	280.3
Increase/(Decrease) in Prepaid Expenses	—	2.1	—	-8.7	—	0.0	-10.8	10.8	0.0	-64.8	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-81.1	—	-86.9	—	0.0	52.1	-52.1	0.0	-11.8	5.8	-5.8
Corporate Income Tax Paid	-2.1	—	—	—	—	0.0	0.0	-0.0	0.0	0.4	0.0	0.0
Other Operating Receipts	2.5	—	—	—	—	3.6	0.7	-0.8	0.8	-18.3	18.3	-10.2
Other Operating Payments	-66.7	—	-30.2	—	-8.7	-15.0	-45.0	149.1	-149.1	23.4	-23.4	0.1
Net Cash Flow from Operating Activities	-70.9	-22.8	216.9	-46.0	74.9	-165.3	-67.4	-434.7	-974.6	-145.1	22.7	15.7
Payments for Fixed Assets and Other Long-term Assets	-2.2	-2.0	0.0	-22.2	—	-4.9	-0.5	-1.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	8.3	—	124.4	—	0.0	-0.1	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	—	-400.5	—	0.0	160.0	-160.0	0.0	0.0	37.0	-37.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	231.0	—	292.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	100.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	6.1	0.3	2.7	0.1	-1.8	3.5	2.3	0.0	1.5	2.0	1.7
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	-1.5	336.8	-93.2	-35.6	32.1	-6.7	102.9	-58.7	-100.0	38.5	2.0	-35.3
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	896.4	536.1	897.4	834.2	814.0	857.9	802.4	857.0	576.8	1,238.1	80.3	192.7
Repayment of Borrowings	-858.0	-858.9	-987.9	-1,218.5	-886.7	-694.0	-874.2	-358.3	-489.8	-98.1	-117.3	-157.6
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	38.4	-322.7	-90.5	65.2	-72.7	163.9	-71.9	498.7	87.1	1,140.0	-37.0	35.1
Net Cash Flow During the Period	-34.0	-8.8	33.2	-16.4	34.2	-8.2	-36.4	5.3	-987.5	1,033.4	-12.3	15.6
Cash and Cash Equivalents at Beginning of Period	54.2	63.0	29.7	46.1	11.9	1,038.0	1,038.0	1,038.0	1,038.0	1.1	1.1	1.1
FX Difference from Revaluation	—	-0.0	-0.0	-0.0	—	0.1	-0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.2	54.2	63.0	29.7	46.1	11.3	19.4	55.9	50.5	1,038.0	4.6	16.9

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BCA

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