BLF

Thủy sản Bạc Liêu ·UPCOM ·2023Q3

▲ Showing improvement

Operating efficiency is improving Net margin −66.15%, +3.42pp YoY

Price

2,900

Latest close

02 Jun 2026

P/E -7.84x

P/B 0.27x

EPS -370

BVPS 10,581

ROE -3.4%

ROA -0.8%

Profit Margin -0.7%

Asset Turnover 1.16x

Equity Mult. 4.49x

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

What Is Changing

On a TTM 2023Q3 basis, BLF has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 644bn
	                                
+9.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 4bn
	                                
+82.2%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    279.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	373.8	328.4	577.1	646.1	418.8
Growth	+14%	-43%	-11%	+54%	—
Net Income	0.1	0.2	4.3	-38.6	-7.1
Net Margin	0.03%	0.05%	0.74%	-5.97%	-1.69%

Metric	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20
Revenue	210.1	157.3	121.2	155.0	191.5	188.8	110.7	96.5	114.5	123.4	84.4	101.2
Growth	+34%	+30%	-22%	-19%	+1%	+71%	+15%	-16%	-7%	+46%	-17%	—
Net Income	10.2	12.8	-12.9	-14.4	-10.4	-6.9	-7.0	0.3	2.9	-4.6	-5.7	0.6
Net Margin	4.85%	8.16%	-10.67%	-9.26%	-5.42%	-3.66%	-6.31%	0.32%	2.50%	-3.69%	-6.74%	0.58%

Drivers of BLF's profit

TTM

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

Gross profit ↑ 3.5bn

Financial income ↑ 3.3bn

Other profit ↑ 3.1bn

Selling expenses ↑ 27.0bn

Finance costs ↑ 13.7bn

Administrative expenses ↑ 10.7bn

TTM

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

Gross profit ↑ 16.2bn

Selling expenses ↓ 2.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2022Q3 -17.1% = -4.1% × 1.06 × 3.96

2023Q3 -3.4% = -0.7% × 1.16 × 4.49

ROE rose from -17.1% to -3.4% — all three components improved, with leverage contributing the most.

Net margin: -0.7% +3.4pp Asset turnover: 1.16x +0.10x Leverage: 4.49x +0.53x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -0.66%, rising 3.4pp. Despite pressure from SG&A / Revenue rose 5.1pp and Gross margin fell 0.7pp, the offset came from Other profit / Revenue rose 0.4pp (pressure remains from Net financial result / Revenue fell 1.6pp).

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

Profitability trend

Net Margin -0.66% +3.4pp

Gross Margin 13.78% −0.7pp

SG&A / Revenue 14.37% +5.1pp

Non-core / Revenue -0.07% −1.2pp

TTM YoY · 2022Q3 -> 2023Q3

Watchpoints

Non-core sources share remains high

Even though contribution decreased by 1.2pp, non-core sources still accounts for 548.7% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 95.1 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to -5.13%, rising 4.6pp. That translates to -5.13 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.1pp and capital turnover rose 0.34x, with invested capital holding roughly steady — 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 -5.13% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -5.13% +4.6pp

NOPAT Margin -2.44% +3.1pp

Capital Turnover 2.10x +0.34x

Average Invested Capital 306.1bn −27.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.17x equity, net debt at 1.41x equity.

Inventory ended the period at 250.9bn, roughly 41.7% 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 95.1 days versus the same period last year. The main moves came from DIO rose 68.6 days, DSO rose 22.9 days, and DPO fell 3.5 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 157.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +22.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 59.7 days +22.9 days

Inventory 211.9 days +68.6 days

Payables 113.7 days −3.5 days

Cash Conversion Cycle 157.9 days +95.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.41x and interest coverage only at -0.79x.

At present, short-term debt accounts for 85.3% of total debt, cash equals 2.0% of debt, and total debt stands at 174.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.41x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.79x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.41x −0.12x

Interest Coverage -0.79x +4.42x

Cash / Debt 2.0% −1.1pp

Short-term Debt / Total Debt 85.3% −1.5pp

CFO / NI -3.43x −3.49x

TTM YoY · 2022Q3 -> 2023Q3

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -9.2bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was negative +9.1bn. Financing cash flow was positive +8.9bn.

CFO / net income was -3.43x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 14.6bn +15.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 3.4 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at -5.1%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -66.15% after expanding 3.4pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 279.9% of PBT and CFO / net income currently at -3.43x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	374.3	328.6	580.0	647.1	424.1
Revenue Deductions	0.5	0.2	2.9	1.0	0.0
Net Revenue	373.8	328.4	577.1	646.1	418.8
Cost of Goods Sold	305.4	260.1	483.4	577.0	0.0
Gross Profit	68.4	68.3	93.8	69.1	93.1
Financial Income	5.9	4.3	6.0	5.6	4.3
Financial Expenses	23.1	21.0	18.9	19.4	-14.7
Interest Expense	15.0	14.3	14.2	12.2	-12.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	34.7	36.0	63.9	82.7	-71.8
General and Administrative Expenses	20.8	20.5	20.9	21.3	-20.5
Operating Profit	-4.3	-4.9	-3.9	-48.7	-9.7
Other Income	6.1	9.4	10.6	12.5	0.0
Other Expenses	1.7	3.3	2.4	2.4	0.0
Other Profit	4.4	6.2	8.2	10.1	2.7
Profit Before Tax	0.1	1.2	4.3	-38.6	-7.1
Current Income Tax Expense	—	1.1	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.1	0.2	4.3	-38.6	-7.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	0.2	4.3	-38.6	-7.1
Earnings per Share	10.00	14.00	370.00	-3,354.00	-615.00
Diluted EPS	10.00	14.00	370.34	-3,354.00	-615.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	549.9	520.0	409.2	462.2	390.8
I. Cash and cash equivalents	8.9	8.9	2.4	8.8	16.4
1. Cash	8.9	8.9	2.4	8.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	279.4	243.3	121.9	129.1	108.4
1. Short-term trade accounts receivable	138.8	108.6	102.6	104.0	0.0
2. Short-term prepayments to suppliers	13.0	13.7	13.3	9.8	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	187.7	181.1	66.1	75.5	0.0
7. Provision for short-term doubtful debts (*)	-60.2	-60.2	-60.2	-60.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	250.9	258.5	276.7	316.0	254.8
1. Inventories	259.8	267.4	285.6	324.8	0.0
2. Provision for decline in value of inventories	-8.9	-8.9	-8.9	-8.9	0.0
V. Other short-term assets	10.7	9.3	8.2	8.3	11.2
1. Short-term prepayments	0.5	0.9	0.6	0.5	0.0
2. Value added tax to be reclaimed	8.9	8.4	7.6	7.3	0.0
3. Taxes and other receivables from state authorities	1.2	0.0	0.0	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)	52.2	64.2	85.5	105.9	127.1
I. Long-term receivables	1.9	1.8	1.8	1.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.8
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	1.9	1.8	1.8	1.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	46.6	57.8	77.6	96.9	116.4
1. Tangible fixed assets	43.2	54.1	73.4	92.4	111.6
- Cost	358.3	361.5	365.6	362.4	0.0
- Accumulated depreciation	-315.1	-307.4	-292.2	-270.0	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	3.4	3.7	4.2	4.5	4.7
- Cost	9.4	9.4	9.7	9.7	0.0
- Accumulated depreciation	-6.0	-5.7	-5.5	-5.2	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	1.9	2.1	2.1	2.1	2.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.9	2.1	2.1	2.1	0.0
V. Long-term financial investments	0.8	0.7	0.6	0.7	1.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.8	1.8	1.8	1.8	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	-1.3	-1.5	-1.5	-1.4	0.0
5. Held to maturity investments	0.3	0.3	0.3	0.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.0	1.9	3.4	4.4	0.0
1. Long-term prepayments	1.0	1.9	3.4	4.4	0.0
2. Deferred income tax assets	—	0.0	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	5.1
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)	602.1	584.2	494.7	568.1	517.8
A. LIABILITIES (300=210+330)	485.6	467.9	378.5	456.2	363.4
I. Short -term liabilities	465.8	448.2	359.0	436.7	328.4
1. Short-term trade accounts payable	125.7	107.3	136.8	181.3	86.0
2. Short-term advances from customers	43.7	47.0	40.8	43.8	42.4
3. Taxes and other payables to state authorities	1.9	2.4	1.8	1.8	0.0
4. Payable to employees	4.9	5.5	6.3	3.6	0.0
5. Short-term acrrued expenses	2.0	0.5	3.1	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	126.4	133.8	10.4	8.6	0.0
10. Short-term borrowings and financial leases	161.3	151.6	159.8	194.4	164.8
11. Provision for short-term liabilities	—	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
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	19.8	19.7	19.5	19.5	35.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	13.2	13.1	12.9	12.9	28.4
9. Convertible bonds	6.6	6.6	6.6	6.6	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)	116.5	116.4	116.2	111.9	154.4
I. Owner's equity	116.5	116.4	116.2	111.9	0.0
1. Owner's capital	115.0	115.0	115.0	115.0	154.4
- Common stock with voting right	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	21.9	21.9	21.9	21.9	21.9
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	-10,000.00	-10,000.00	-10,000.00	-10,000.00	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	0.6	0.6	0.6	0.6	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	-21.0	-21.1	-21.3	-25.5	16.9
- Accumulated retained earning at the end of the previous period	-21.1	-21.3	-25.5	13.0	24.0
- Undistributed earnings in this period	0.1	0.2	4.3	-38.6	-7.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	602.1	584.2	494.7	568.1	517.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.5	-0.6	0.0	0.0	0.0
Other Operating Receipts	639.1	186.0	85.6	322.0	0.0
Other Operating Payments	-674.7	-194.6	-107.4	-366.5	0.0
Net Cash Flow from Operating Activities	-9.2	18.1	29.4	-15.4	3.3
Payments for Fixed Assets and Other Long-term Assets	—	-1.6	-1.6	-4.5	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.8	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	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	0.0	0.0	0.0	0.0	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	0.0	-1.6	-1.6	-3.7	-0.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	530.9	468.4	491.2	432.3	530.9
Repayment of Borrowings	-522.0	-478.5	-525.4	-420.6	-546.1
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	8.9	-10.1	-34.2	11.7	-15.1
Net Cash Flow During the Period	-0.2	6.4	-6.4	-7.5	11.2
Cash and Cash Equivalents at Beginning of Period	8.9	2.4	8.8	16.4	28.1
FX Difference from Revaluation	0.2	0.2	0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	8.9	8.9	2.4	8.8	16.4

Item	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20
Revenue	210.1	159.2	122.0	155.4	192.0	189.0	110.7	98.3	114.5	126.8	84.4	101.2
Revenue Deductions	0.0	1.9	0.9	0.3	0.4	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	210.1	157.3	121.2	155.0	191.5	188.8	110.7	96.5	114.5	123.4	84.4	101.2
Cost of Goods Sold	176.0	122.5	112.9	143.5	173.7	166.3	93.4	0.0	0.0	0.0	0.0	0.0
Gross Profit	34.1	34.8	8.3	11.5	17.9	22.5	17.3	27.5	26.5	20.6	18.4	43.6
Financial Income	1.6	3.2	0.9	2.3	1.3	1.0	0.9	1.5	1.3	0.5	1.0	0.9
Financial Expenses	2.7	3.9	4.3	9.1	3.7	3.8	2.9	-4.2	-3.2	-3.9	-3.4	-4.2
Interest Expense	2.6	3.4	3.6	3.4	3.2	2.9	2.7	-3.3	-3.0	-3.1	-3.0	-3.3
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	19.4	19.8	14.5	17.6	21.8	23.4	19.9	-20.8	-17.3	-16.4	-17.2	-21.1
General and Administrative Expenses	5.0	5.3	5.8	5.1	5.8	5.4	5.0	-5.6	-4.5	-5.0	-5.3	-20.1
Operating Profit	8.6	9.0	-15.3	-18.0	-12.1	-9.0	-9.6	-1.6	2.8	-4.3	-6.6	-0.9
Other Income	2.6	4.3	2.7	4.1	2.9	2.4	3.1	0.0	0.0	0.0	0.0	0.0
Other Expenses	1.1	0.5	0.3	0.5	1.2	0.3	0.5	0.0	0.0	0.0	0.0	0.0
Other Profit	1.6	3.8	2.4	3.7	1.7	2.1	2.6	2.0	0.1	-0.3	0.9	1.5
Profit Before Tax	10.2	12.8	-12.9	-14.4	-10.4	-6.9	-7.0	0.3	2.9	-4.6	-5.7	0.6
Current 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
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	10.2	12.8	-12.9	-14.4	-10.4	-6.9	-7.0	0.3	2.9	-4.6	-5.7	0.6
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	10.2	12.8	-12.9	-14.4	-10.4	-6.9	-7.0	0.3	2.9	-4.6	-5.7	0.6
Earnings per Share	887.00	1,116.00	-1,124.00	-1,249.00	-903.00	-602.00	-607.00	27.00	249.00	-396.00	-495.00	51.00
Diluted EPS	886.80	1,115.91	-1,124.36	-1,248.53	-902.96	-601.63	-607.20	26.90	248.61	-396.25	-494.56	51.33

Item	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	423.1	424.3	429.2	462.2	488.3	447.9	420.0	390.8	379.0	381.3	378.0	376.5
I. Cash and cash equivalents	3.4	2.3	3.5	8.8	6.2	5.6	12.8	16.4	5.0	11.2	9.6	28.1
1. Cash	3.4	2.3	3.5	8.8	6.2	5.6	12.8	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	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. 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	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. Short-term receivables	111.9	100.5	115.5	129.1	148.4	127.1	136.5	108.4	109.8	104.3	104.0	95.0
1. Short-term trade accounts receivable	93.9	84.7	89.2	104.0	116.8	94.7	109.5	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	13.1	10.8	9.6	9.8	10.4	10.2	9.7	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	65.0	65.1	76.9	75.5	81.5	82.4	77.5	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-60.2	-60.2	-60.2	-60.2	-60.2	-60.2	-60.2	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	295.1	309.6	302.1	316.0	324.5	304.5	259.4	254.8	249.5	253.4	251.8	243.0
1. Inventories	304.0	318.5	310.9	324.8	340.3	320.2	275.1	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	-8.9	-8.9	-8.9	-8.9	-15.8	-15.8	-15.8	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	12.7	12.0	8.1	8.3	9.2	10.8	11.3	11.2	14.6	12.4	12.6	10.4
1. Short-term prepayments	0.9	0.7	0.6	0.5	0.7	1.1	1.6	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	11.6	11.0	7.2	7.3	8.4	9.7	9.7	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.3	0.5	0.1	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)	91.3	95.6	100.3	105.9	111.3	117.6	120.7	127.1	132.3	138.8	145.7	149.5
I. Long-term receivables	1.8	1.8	1.8	1.8	1.8	1.8	1.8	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	1.8	1.8	1.8	1.8	1.8
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	1.8	1.8	1.8	1.8	1.8	1.8	1.8	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	82.4	86.4	91.0	96.9	101.3	108.9	111.6	116.4	121.5	127.4	133.1	130.4
1. Tangible fixed assets	78.2	82.1	86.6	92.4	96.8	104.4	107.0	111.6	116.7	122.5	128.1	125.3
- Cost	365.1	363.5	362.4	362.4	360.8	363.1	362.2	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-286.9	-281.4	-275.8	-270.0	-264.0	-258.7	-255.2	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	4.3	4.4	4.5	4.5	4.5	4.6	4.6	4.7	4.8	4.9	5.0	5.1
- 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	2.4	2.4	2.4	2.1	3.0	2.1	2.1	2.3	2.8	2.9	3.3	9.3
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	2.4	2.4	2.4	2.1	3.0	2.1	2.1	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.7	0.7	0.7	0.6	0.6	0.6	0.6	1.5	1.5	1.5	1.5	1.5
1. Investments in subsidiaries	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. Investments in associates, joint-ventures	1.8	1.8	1.8	1.8	1.8	1.8	1.8	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	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-1.4	-1.4	-1.4	-1.5	-1.5	-1.5	-1.5	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.3	0.3	0.3	0.3	0.3	0.3	0.3	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	4.0	4.4	4.5	4.4	4.5	4.2	4.5	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	4.0	4.4	4.5	4.4	4.5	4.2	4.5	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	0.0	0.0	0.0	5.1	4.7	5.2	6.0	6.5
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)	514.4	519.9	529.5	568.1	599.6	565.6	540.7	517.8	511.3	520.1	523.7	526.0
A. LIABILITIES (300=210+330)	392.7	408.0	430.5	456.2	473.3	429.0	397.1	363.4	357.1	368.8	367.8	366.8
I. Short -term liabilities	360.4	375.9	398.0	423.5	440.3	395.7	363.0	328.4	320.6	331.5	341.8	338.4
1. Short-term trade accounts payable	154.8	165.0	161.3	181.3	190.9	150.0	117.7	86.0	87.5	90.4	83.3	80.1
2. Short-term advances from customers	32.0	38.1	43.0	43.9	44.3	36.0	42.5	42.4	23.9	31.0	39.2	36.7
3. Taxes and other payables to state authorities	2.7	2.8	1.8	1.8	1.8	1.8	2.9	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	7.7	8.9	5.8	3.6	7.6	7.9	6.2	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	3.2	3.2	3.2	3.2	3.1	3.1	3.1	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	11.0	10.6	9.6	8.6	19.9	20.2	17.4	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	149.0	147.3	173.2	181.2	172.7	176.7	173.3	164.8	168.8	178.4	188.4	188.1
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	0.0	0.0	0.0	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	32.3	32.2	32.5	32.7	33.0	33.2	34.1	35.0	36.5	37.4	25.9	28.4
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	25.7	25.6	25.9	26.1	26.4	26.6	27.5	28.4	29.9	30.8	19.3	21.8
9. Convertible bonds	6.6	6.6	6.6	6.6	6.6	6.6	6.6	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)	121.7	111.8	99.0	111.9	126.2	136.6	143.5	154.4	154.2	151.3	156.0	159.2
I. Owner's equity	121.7	111.8	99.0	111.9	126.2	136.6	143.5	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	115.0	115.0	115.0	115.0	115.0	115.0	115.0	154.4	154.2	151.3	156.0	159.2
- Common stock with voting right	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00	115,000,000,000.00
- 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	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9	21.9
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	-10,000.00	-10,000.00	-10,000.00	-10,000.00	-10,000.00	-10,000.00	-10,000.00	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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	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	-15.8	-25.6	-38.5	-25.6	-11.3	-0.9	6.0	16.9	16.7	13.8	18.5	21.7
- Accumulated retained earning at the end of the previous period	-25.5	-25.5	-25.5	13.0	13.0	13.0	13.0	24.0	24.0	24.0	24.2	20.4
- Undistributed earnings in this period	9.7	-0.1	-12.9	-38.6	-24.3	-13.9	-7.0	-7.1	-7.4	-10.2	-5.7	1.3
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	0.0	0.0	0.0	0.0	0.0	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	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	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)	514.4	519.9	529.5	568.1	599.6	565.6	540.7	517.8	511.3	520.1	523.7	526.0

Item	Q4'25	Q2'25	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Profit Before Tax	—	—	0.0	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	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	0.0	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
Gain/Loss from Investment Activities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	0.0	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
Interest Income and Dividends	—	—	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
Other Adjustments	—	—	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	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	0.0	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)	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	118.4	2.0	54.0	52.8	135.3	62.6	71.3	0.0	0.0	0.0
Other Operating Payments	-257.1	-417.6	-124.2	4.2	-61.2	-64.5	-141.4	-75.4	-85.1	0.0	0.0	0.0
Net Cash Flow from Operating Activities	7.4	-16.5	-0.4	24.2	2.7	-0.4	3.3	-6.9	-11.5	16.7	3.2	0.5
Payments for Fixed Assets and Other Long-term Assets	—	—	0.0	-0.7	0.0	-4.3	2.0	-2.0	-0.1	-0.0	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	0.0	0.0	0.8	-0.1	0.1	0.0	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	0.0
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	0.0
Investments in Other Entities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	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	0.0	0.0	0.0	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
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
Other Investing Receipts	—	—	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
Net Cash Flow from Investing Activities	0.0	0.0	0.0	-0.6	0.0	-3.6	1.9	-1.9	-0.1	-0.0	0.0	-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
Share Repurchases	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	263.1	267.8	127.6	140.6	99.5	126.2	83.8	148.4	73.9	134.3	120.7	133.7
Repayment of Borrowings	-267.6	-254.4	-126.1	-165.3	-107.5	-119.4	-88.4	-146.9	-66.0	-139.7	-130.1	-132.6
Repayment of Finance Leases	—	—	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	0.0	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
Other Financing Payments	—	—	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	-4.5	13.4	1.6	-24.7	-7.9	6.8	-4.6	1.5	7.9	-5.4	-9.4	1.1
Net Cash Flow During the Period	2.9	-3.1	1.2	-1.1	-5.2	2.8	0.6	-7.3	-3.6	11.2	-6.2	1.6
Cash and Cash Equivalents at Beginning of Period	8.9	8.9	8.8	8.8	8.8	16.4	16.4	16.4	16.4	5.0	11.2	9.6
FX Difference from Revaluation	0.2	0.1	0.0	-0.1	0.0	-0.2	0.0	0.1	0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	8.9	5.9	3.4	2.3	3.5	8.8	6.2	5.6	12.8	16.4	5.0	11.2

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BLF

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