BNA

Tập đoàn Đầu tư Bảo Ngọc ·HNX ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 4.78x

Price

6,000

Latest close

29 May 2026

P/E 3.36x

P/B 0.32x

EPS 1,784

BVPS 18,601

ROE 10.0%

ROA 3.3%

Profit Margin 3.2%

Asset Turnover 1.03x

Equity Mult. 3.02x

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

What Is Changing

On a TTM 2026Q1 basis, BNA has not moved the needle on revenue, but profitability has edged up slightly — margins have been compressing consistently over multiple periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,741bn
	                                
−4.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 56bn
	                                
+30.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,941.5	1,726.1	1,432.6	1,014.9	1,001.4
Growth	+12%	+20%	+41%	+1%	—
Net Income	49.1	54.4	45.8	69.1	65.9
Net Margin	2.53%	3.15%	3.20%	6.80%	6.58%

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	202.2	705.3	374.1	459.5	403.1	629.6	434.2	352.7	309.6	575.7	392.6	253.4
Growth	-71%	+89%	-19%	+14%	-36%	+45%	+23%	+14%	-46%	+47%	+55%	—
Net Income	3.1	9.0	57.6	-13.3	-3.8	13.0	16.1	18.0	6.7	17.0	22.2	1.0
Net Margin	1.55%	1.27%	15.40%	-2.91%	-0.93%	2.06%	3.71%	5.11%	2.18%	2.94%	5.66%	0.38%

Drivers of BNA's profit

TTM

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

Gross profit ↑ 68.1bn

Selling expenses ↑ 19.0bn

Finance costs ↑ 15.1bn

Other profit ↓ 5.2bn

Administrative expenses ↑ 4.3bn

TTM

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

Gross profit ↑ 4.3bn

Finance costs ↓ 2.8bn

Tax ↓ 0.9bn

Other profit ↑ 0.6bn

Minority interests ↑ 2.3bn

Financial income ↓ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.5% = 2.4% × 1.30 × 2.73

2026Q1 10.1% = 3.2% × 1.03 × 3.02

ROE rose from 8.5% to 10.1% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 3.2% +0.9pp Asset turnover: 1.03x -0.27x Leverage: 3.02x +0.29x

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 edged up to 3.24%, rising 0.9pp. Core operating signals are improving as Gross margin rose 4.4pp are enough to offset pressure from SG&A / Revenue rose 1.5pp (with lingering pressure from Net financial result / Revenue fell 1.1pp and Other profit / Revenue fell 0.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 3.24% +0.9pp

Gross Margin 14.14% +4.4pp

SG&A / Revenue 5.63% +1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 4.76%, rising 0.7pp. That translates to 4.76 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 1.1pp was enough to offset the decline from capital turnover fell 0.29x, while invested capital rose by 192bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 4.76% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.76% +0.7pp

NOPAT Margin 3.66% +1.1pp

Capital Turnover 1.30x −0.29x

Average Invested Capital 1,336.4bn +191.8bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 1.58x equity, net debt at 1.20x equity.

Inventory ended the period at 246.1bn, roughly 16.5% of total assets.

Over the last 12 months, working capital released 172.9bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −52.8bn

Inventories increased → lower CFO: −4.2bn

Payables increased → higher CFO: +229.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 16.1 days versus the same period last year. The main moves came from DIO fell 4.1 days, DSO rose 26.8 days, and DPO rose 6.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 167.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +26.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 97.5 days +26.8 days

Inventory 99.7 days −4.1 days

Payables 29.4 days +6.6 days

Cash Conversion Cycle 167.8 days +16.1 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 1.20x and interest coverage only at 1.29x.

At present, short-term debt accounts for 82.6% of total debt, cash equals 4.6% of debt, and total debt stands at 732.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.20x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.29x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.20x −0.40x

Interest Coverage 1.29x +0.02x

Cash / Debt 4.6% −2.3pp

Short-term Debt / Total Debt 82.6% −1.2pp

CFO / NI 4.78x +9.17x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 141.4bn in 2025, against investing cash flow of -55.1bn.

Post-investment cash flow was positive +86.3bn. Financing cash flow was negative +140.9bn.

CFO / net income was 4.78x.

After spending +1.5bn on fixed-asset investment, the business generated trailing free cash flow of +265.2bn.

Cash Conversion

CFO TTM 266.7bn +463.1bn

Cash Capex 1.5bn −194.4bn

FCF TTM +265.2bn +657.5bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 4.8%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 4.78x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.78x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,960.5	1,740.5	1,448.5	1,022.9	1,010.9
Revenue Deductions	19.0	14.5	15.9	8.0	0.0
Net Revenue	1,941.5	1,726.1	1,432.6	1,014.9	1,001.4
Cost of Goods Sold	1,700.6	1,541.9	1,269.7	851.5	0.0
Gross Profit	240.9	184.2	162.9	163.4	158.6
Financial Income	7.6	8.2	3.7	1.6	2.8
Financial Expenses	66.8	41.4	35.1	17.8	-8.7
Interest Expense	65.6	38.3	33.6	17.8	-8.4
Share of Associates and Joint Ventures	-6.9	0.0	0.0	0.0	-0.0
Selling Expenses	64.6	50.4	43.9	35.3	-44.3
General and Administrative Expenses	32.7	29.0	23.3	22.8	-23.3
Operating Profit	77.5	71.6	64.3	89.2	85.3
Other Income	0.7	2.2	0.6	0.0	0.0
Other Expenses	10.8	4.2	5.3	2.3	0.0
Other Profit	-10.0	-2.0	-4.7	-2.2	-0.6
Profit Before Tax	67.5	69.6	59.5	86.9	84.6
Current Income Tax Expense	18.4	15.5	13.9	15.5	-18.7
Deferred Income Tax Expense	0.0	-0.3	-0.2	2.3	0.0
Net Income	49.1	54.4	45.8	69.1	65.9
Non-controlling Interest	0.4	1.2	0.6	1.4	2.7
Profit Attributable to Parent	48.6	53.2	45.2	67.7	63.2
Earnings per Share	1,556.00	2,033.00	1,832.00	3,185.00	2,656.00
Diluted EPS	1,556.40	1,702.04	1,809.50	3,043.00	3,161.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,044.4	1,210.6	948.7	721.7	425.2
I. Cash and cash equivalents	22.9	77.5	70.0	9.4	55.4
1. Cash	11.6	29.2	19.9	9.4	0.0
2. Cash equivalents	11.3	48.3	50.1	0.0	0.0
II. Short-term financial investments	30.2	34.9	24.0	23.4	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	30.2	34.9	24.0	23.4	0.0
III. Short-term receivables	740.0	642.7	409.8	273.1	144.4
1. Short-term trade accounts receivable	582.2	508.3	195.8	165.1	0.0
2. Short-term prepayments to suppliers	134.7	127.3	213.5	107.9	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	22.5	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.6	7.1	0.4	0.2	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	246.1	435.9	438.4	404.0	212.9
1. Inventories	246.1	435.9	438.4	404.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.2	19.5	6.5	11.8	12.2
1. Short-term prepayments	0.6	7.5	5.3	5.5	0.0
2. Value added tax to be reclaimed	4.5	7.0	1.2	6.3	0.0
3. Taxes and other receivables from state authorities	0.0	5.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	442.6	406.6	120.5	158.3	165.2
I. Long-term receivables	0.2	0.1	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.2	0.1	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	257.8	309.8	99.6	137.5	141.4
1. Tangible fixed assets	256.2	307.2	95.8	132.0	139.9
- Cost	357.6	398.0	175.2	200.1	0.0
- Accumulated depreciation	-101.4	-90.8	-79.4	-68.1	0.0
2. Financial leased fixed assets	—	0.0	0.2	0.5	0.7
- Cost	—	0.0	1.0	1.0	0.0
- Accumulated depreciation	—	0.0	-0.8	-0.5	0.0
3. Intangible fixed assets	1.6	2.6	3.6	5.0	0.7
- Cost	6.1	6.1	6.1	6.1	0.0
- Accumulated depreciation	-4.5	-3.5	-2.5	-1.1	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	139.4	74.7	3.5	3.5	4.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	139.4	74.7	3.5	3.5	0.0
V. Long-term financial investments	24.1	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	24.1	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	21.0	22.0	17.2	17.3	0.0
1. Long-term prepayments	17.8	18.2	15.1	15.7	0.0
2. Deferred income tax assets	2.2	2.2	1.6	1.4	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	19.2
5. Goodwill	1.0	1.6	0.4	0.1	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,486.9	1,617.2	1,069.1	880.0	590.5
A. LIABILITIES (300=210+330)	910.0	1,078.1	587.6	448.7	210.2
I. Short -term liabilities	775.1	921.9	581.8	440.7	199.2
1. Short-term trade accounts payable	103.8	135.4	91.0	52.6	34.3
2. Short-term advances from customers	59.6	55.7	8.8	42.3	3.7
3. Taxes and other payables to state authorities	33.3	19.6	24.9	16.2	0.0
4. Payable to employees	3.4	2.5	3.6	2.3	0.0
5. Short-term acrrued expenses	—	0.0	0.4	0.0	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	0.9	0.9	0.0	0.0	0.0
9. Other short-term payables	0.5	0.8	0.2	1.0	0.0
10. Short-term borrowings and financial leases	572.2	705.7	452.9	326.2	134.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.4	1.4	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	134.9	156.2	5.8	8.0	11.0
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	1.8	1.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	133.2	155.2	5.8	8.0	11.0
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)	576.9	539.1	481.5	431.3	380.3
I. Owner's equity	576.9	539.1	481.5	431.3	0.0
1. Owner's capital	312.5	312.5	250.0	250.0	380.3
- Common stock with voting right	312,493,940,000.00	312,493,940,000.00	249,998,550,000.00	249,998,550,000.00	199,999,890,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	80.0	80.0	80.0	80.0	79.8
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	3.1	3.1	1.7	1.7	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	172.4	123.8	137.2	91.9	92.3
- Accumulated retained earning at the end of the previous period	123.8	70.6	91.9	24.3	22.3
- Undistributed earnings in this period	48.6	53.2	45.2	67.7	70.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	8.9	19.7	12.7	7.6	6.4
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)	1,486.9	1,617.2	1,069.1	880.0	590.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	67.5	69.6	59.5	86.9	84.6
Depreciation of Fixed Assets and Investment Property	21.9	17.4	15.0	16.4	15.7
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	1.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	5.9	-4.6	-1.9	-1.5	0.0
Interest Expense	65.6	38.3	33.6	17.8	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	160.5	121.8	106.2	119.6	106.0
Increase/(Decrease) in Receivables	-66.8	-202.7	-131.7	-137.1	0.0
Increase/(Decrease) in Inventory	80.7	2.5	-34.4	-200.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	40.3	36.0	58.2	59.6	0.0
Increase/(Decrease) in Prepaid Expenses	7.2	-5.2	0.8	4.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-65.6	-38.3	-33.1	-17.8	0.0
Corporate Income Tax Paid	-15.1	-13.4	-16.0	-19.7	0.0
Other Operating Receipts	1.1	1.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.5	0.0	0.0	0.0
Net Cash Flow from Operating Activities	141.4	-98.9	-50.1	-191.6	-143.9
Payments for Fixed Assets and Other Long-term Assets	-1.7	-224.9	-26.2	-11.2	-114.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	17.6	43.0	0.0	0.0
Loans and Purchases of Debt Instruments	-72.6	-21.2	-0.6	-23.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	34.8	10.3	0.0	0.0	50.1
Investments in Other Entities	-43.6	-80.0	-4.5	0.0	0.0
Proceeds from Investments in Other Entities	25.5	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.5	2.4	1.3	1.5	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	-55.1	-295.8	12.9	-32.7	-62.0
Proceeds from Equity Issuance and Capital Contributions	14,700,000,000.00	0.00	0.00	0.00	159,998,900,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,315.9	1,860.2	1,210.7	864.4	368.8
Repayment of Borrowings	-1,471.4	-1,457.8	-1,112.8	-676.0	-274.5
Repayment of Finance Leases	—	-0.2	-0.2	-0.2	0.0
Dividends Paid	—	0.0	0.0	-10.0	-3.8
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	-140.9	402.2	97.7	178.3	250.6
Net Cash Flow During the Period	-54.6	7.6	60.6	-46.0	-47.0
Cash and Cash Equivalents at Beginning of Period	77.5	70.0	9.4	55.4	10.7
FX Difference from Revaluation	-0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	22.9	77.5	70.0	9.4	55.4

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	203.8	709.6	380.1	464.3	407.0	632.9	436.6	357.1	313.9	580.2	395.8	256.5
Revenue Deductions	1.6	4.3	6.0	4.8	3.8	3.4	2.4	4.4	4.3	4.4	3.3	3.2
Net Revenue	202.2	705.3	374.1	459.5	403.1	629.6	434.2	352.7	309.6	575.7	392.6	253.4
Cost of Goods Sold	166.9	640.0	291.6	396.4	372.2	578.5	384.6	306.1	276.8	523.8	339.6	223.2
Gross Profit	35.3	65.4	82.6	63.0	31.0	51.0	49.6	46.6	32.8	51.9	53.0	30.2
Financial Income	0.4	1.3	1.3	2.2	1.6	2.1	0.7	3.6	2.2	1.1	1.2	1.5
Financial Expenses	11.2	18.1	16.9	17.8	14.1	15.5	10.6	8.8	6.9	7.4	7.9	10.9
Interest Expense	15.3	16.9	16.9	17.7	13.9	13.2	10.3	8.0	6.8	7.1	7.7	10.8
Share of Associates and Joint Ventures	—	-0.3	24.5	-31.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	11.3	21.8	14.3	17.0	11.6	11.8	10.9	11.2	13.3	15.0	13.3	9.2
General and Administrative Expenses	8.1	10.3	8.4	6.7	7.0	9.0	6.8	6.4	6.2	7.0	5.4	5.9
Operating Profit	5.1	16.1	68.7	-7.4	-0.1	16.8	21.9	23.8	8.6	23.6	27.5	5.7
Other Income	0.0	0.6	0.0	0.1	0.0	2.2	0.0	0.0	0.0	-0.6	-0.0	0.0
Other Expenses	1.7	3.5	3.4	1.5	2.3	2.0	1.1	1.0	0.1	1.3	0.3	2.8
Other Profit	-1.7	-2.9	-3.4	-1.4	-2.3	0.2	-1.1	-1.0	-0.0	-1.9	-0.3	-2.8
Profit Before Tax	3.4	13.2	65.3	-8.8	-2.5	17.0	20.8	22.9	8.6	21.7	27.3	3.0
Current Income Tax Expense	2.1	2.4	13.9	-1.5	3.0	3.3	4.5	5.1	2.7	3.8	4.8	2.5
Deferred Income Tax Expense	-1.9	1.8	-6.2	6.1	-1.7	0.7	0.2	-0.2	-0.9	1.0	0.2	-0.5
Net Income	3.1	9.0	57.6	-13.3	-3.8	13.0	16.1	18.0	6.7	17.0	22.2	1.0
Non-controlling Interest	-0.6	-2.6	0.8	3.0	-2.9	0.1	-0.1	1.4	-0.5	0.5	0.2	0.1
Profit Attributable to Parent	3.7	11.6	56.8	-16.3	-0.9	12.8	16.2	16.6	7.3	16.4	22.0	0.9
Earnings per Share	118.83	369.90	1,818.15	-522.80	-28.00	410.67	647.55	663.93	292.00	657.00	881.66	35.06
Diluted EPS	118.83	369.90	1,818.15	-522.80	-27.63	410.67	647.55	663.93	291.62	656.86	881.66	35.06

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)	1,287.1	1,044.4	1,363.6	1,309.9	1,264.1	1,217.7	1,202.4	1,057.1	963.4	908.0	851.9	816.4
I. Cash and cash equivalents	33.9	22.9	31.5	27.9	63.9	77.4	99.7	47.6	79.5	90.0	20.2	21.3
1. Cash	17.1	11.6	11.5	7.2	29.7	29.2	74.6	29.5	24.4	39.9	20.2	21.3
2. Cash equivalents	16.7	11.3	20.0	20.7	34.2	48.2	25.1	18.0	55.1	50.1	0.0	0.0
II. Short-term financial investments	202.2	30.2	40.8	54.8	54.5	34.9	37.8	32.5	26.0	24.6	19.6	33.5
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	202.2	30.2	40.8	54.8	54.5	34.9	37.8	32.5	26.0	24.6	19.6	33.5
III. Short-term receivables	683.6	740.0	625.5	647.2	667.0	654.2	520.1	379.5	373.1	345.5	257.0	173.2
1. Short-term trade accounts receivable	426.5	582.2	357.8	445.3	503.7	519.8	340.1	159.4	201.4	190.0	150.1	79.7
2. Short-term prepayments to suppliers	256.4	134.7	244.5	197.0	114.2	127.3	179.1	205.7	135.9	155.4	106.8	93.2
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	—	22.5	22.5	4.3	32.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.6	0.6	0.6	0.6	16.6	7.1	1.0	14.4	35.8	0.2	0.1	0.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	355.9	246.1	645.6	560.3	460.8	431.7	524.8	580.2	472.5	436.3	546.8	574.9
1. Inventories	355.9	246.1	645.6	560.3	460.8	431.7	524.8	580.2	472.5	436.3	546.8	574.9
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	11.5	5.2	20.3	19.7	17.9	19.5	20.0	17.4	12.3	11.6	8.3	13.4
1. Short-term prepayments	0.9	0.6	1.7	4.0	6.0	7.5	4.3	4.8	5.3	6.0	4.0	2.9
2. Value added tax to be reclaimed	10.6	4.5	13.6	10.7	6.9	7.0	10.8	7.6	7.0	5.5	4.3	10.6
3. Taxes and other receivables from state authorities	0.0	0.0	5.0	5.0	5.0	5.0	5.0	5.0	0.0	0.1	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	414.6	442.6	414.9	416.4	401.3	406.2	343.1	219.9	163.3	211.9	124.5	128.5
I. Long-term receivables	0.2	0.2	0.4	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.2	0.2	0.4	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	254.1	257.8	293.5	298.8	304.4	309.8	136.4	140.3	96.1	149.0	103.1	106.7
1. Tangible fixed assets	252.7	256.2	291.6	296.7	302.0	307.2	133.5	137.1	92.6	145.2	98.9	102.1
- Cost	358.6	—	—	—	—	398.0	227.9	227.8	175.4	224.6	174.9	174.7
- Accumulated depreciation	-106.0	—	—	—	—	-90.8	-94.3	-90.7	-82.8	-79.4	-76.0	-72.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.1	0.2	0.2	0.3	0.3
- 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	1.4	1.6	1.9	2.1	2.3	2.6	2.8	3.1	3.3	3.6	3.9	4.3
- Cost	6.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.7	—	—	—	—	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	139.4	139.4	70.1	70.1	70.1	74.7	188.1	60.7	48.5	3.5	2.9	2.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	139.4	139.4	70.1	70.1	70.1	74.7	188.1	60.7	48.5	3.5	2.9	2.7
V. Long-term financial investments	—	24.1	24.4	24.4	—	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	—	24.1	24.4	24.4	—	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	21.0	21.0	26.5	22.9	26.7	21.6	18.4	18.8	17.3	58.8	17.9	18.6
1. Long-term prepayments	17.5	17.8	21.1	21.6	21.7	18.2	14.4	14.6	14.8	57.3	15.5	15.9
2. Deferred income tax assets	2.6	2.2	4.0	—	3.9	2.2	2.9	3.1	2.5	1.5	2.5	2.7
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	0.9	1.0	1.3	1.3	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	1.2	1.2	1.2	1.2	0.4	0.4	0.5
TOTAL ASSETS (280=100+200)	1,701.7	1,486.9	1,778.5	1,726.2	1,665.4	1,624.0	1,545.5	1,277.1	1,126.7	1,119.9	976.4	944.8
A. LIABILITIES (300=210+330)	1,120.4	910.0	1,194.5	1,199.7	1,130.4	1,085.9	1,020.4	766.6	637.8	636.8	511.3	501.9
I. Short -term liabilities	991.0	775.1	1,054.2	1,052.4	979.7	929.7	894.1	761.7	632.5	630.9	504.9	495.0
1. Short-term trade accounts payable	130.8	103.8	120.5	161.1	110.3	136.9	158.8	130.4	95.2	91.3	84.8	60.5
2. Short-term advances from customers	167.7	59.6	68.6	54.8	68.8	61.9	81.5	60.4	19.2	50.3	4.4	2.0
3. Taxes and other payables to state authorities	34.3	33.3	24.3	25.6	22.6	19.7	13.2	17.5	26.3	24.9	10.1	14.9
4. Payable to employees	3.5	3.4	2.3	2.0	2.7	2.5	3.8	3.9	3.2	3.6	2.6	2.1
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
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	1.1	0.9	0.4	0.1	0.3	0.9	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	47.6	0.5	69.6	4.3	1.3	0.8	10.9	1.7	7.3	7.9	0.7	0.5
10. Short-term borrowings and financial leases	604.6	572.2	767.1	803.1	772.4	705.6	624.6	547.8	481.3	452.9	402.3	414.5
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	1.4	1.4	1.4	1.4	1.4	1.4	1.4	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
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	129.4	134.9	140.2	147.3	150.7	156.2	126.2	4.9	5.4	5.9	6.4	6.9
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	—	—	0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.8	1.8	1.3	1.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	127.6	133.2	138.7	144.2	149.7	155.2	126.2	4.9	5.4	5.9	6.4	6.9
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	—	—	—	2.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	581.3	576.9	584.0	526.5	535.0	538.1	525.1	510.4	488.9	483.1	465.1	442.9
I. Owner's equity	581.3	576.9	584.0	526.5	535.0	538.1	525.1	510.4	488.9	483.1	465.1	442.9
1. Owner's capital	312.5	312.5	312.5	312.5	312.5	312.5	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	312,493,940,000.00	312,493,940,000.00	312,493,940,000.00	312,493,940,000.00	312,493,940,000.00	312,493,940,000.00	249,998,550,000.00	249,998,550,000.00	249,998,550,000.00	249,998,550,000.00	249,998,550,000.00	249,998,550,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0
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	3.1	3.1	3.1	3.1	3.1	3.1	3.1	1.7	1.7	1.7	1.7	1.7
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	177.1	172.4	160.9	106.6	122.9	123.6	173.3	159.6	144.5	138.3	121.9	99.9
- Accumulated retained earning at the end of the previous period	173.4	123.8	123.8	123.8	123.8	70.5	133.0	135.7	137.2	91.9	91.9	92.8
- Undistributed earnings in this period	3.7	48.6	37.1	-17.2	-0.9	53.1	40.2	23.9	7.3	46.4	29.9	7.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	8.6	8.9	27.6	24.4	16.5	19.0	18.8	19.2	12.8	13.1	11.6	11.4
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)	1,701.7	1,486.9	1,778.5	1,726.2	1,665.4	1,624.0	1,545.5	1,277.1	1,126.7	1,119.9	976.4	944.8

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	3.4	13.2	65.3	-8.6	-2.5	17.0	20.8	22.8	8.6	21.2	27.3	3.0
Depreciation of Fixed Assets and Investment Property	4.8	5.1	5.5	5.6	5.6	5.5	3.9	4.3	3.7	3.6	3.7	3.8
Provision (Increase)/Reversal	—	—	—	4.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	1.1	—	-1.3	—	1.5	-0.0	0.0	0.0	0.0	0.1	-0.1
Gain/Loss from Investment Activities	-0.4	0.4	-24.8	29.7	0.5	-2.5	-0.3	-1.0	-0.8	0.3	-0.4	-1.1
Interest Expense	15.3	16.9	16.9	17.9	13.9	13.2	10.3	8.0	6.8	7.4	7.7	10.8
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	23.0	35.4	59.6	47.9	17.6	34.6	34.7	34.1	18.3	32.5	38.3	16.4
Increase/(Decrease) in Receivables	27.6	-102.4	33.2	-11.2	13.7	-117.5	-143.2	-25.4	72.3	-188.8	-78.8	87.5
Increase/(Decrease) in Inventory	-109.9	290.4	-81.4	-103.4	-24.9	93.1	55.4	-107.7	-34.1	108.4	28.1	-33.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	177.7	-28.7	46.9	34.1	-11.9	-61.7	58.1	21.1	13.0	64.0	27.3	-36.3
Increase/(Decrease) in Prepaid Expenses	0.1	4.4	2.9	2.0	-2.0	-7.0	0.7	0.8	0.3	-1.0	-0.7	1.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-15.3	-16.9	-16.9	-17.9	-13.9	-13.2	-10.3	-8.0	-6.8	-7.0	-8.1	-10.4
Corporate Income Tax Paid	—	0.4	-14.4	-0.4	-0.6	0.0	-9.4	-4.0	0.0	-2.0	-7.8	-6.3
Other Operating Receipts	—	—	—	—	—	1.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.8	-0.2	-0.0	—	-0.5	0.5	-0.5	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	103.2	181.5	31.0	-49.1	-22.1	-71.2	-13.5	-89.6	63.0	6.1	-1.6	18.8
Payments for Fixed Assets and Other Long-term Assets	-1.0	-0.3	-0.1	-0.1	-1.3	-64.3	-127.4	-2.9	-0.2	-0.8	-1.3	0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	30.0	0.0	-37.0
Loans and Purchases of Debt Instruments	-149.5	-10.0	-25.0	14.4	-52.0	-0.1	-12.7	-6.5	-2.0	14.5	-5.6	-0.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	21.4	13.4	—	3.0	7.3	0.0	0.0	-18.9	18.9	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	-80.0	-4.5	0.0	0.0
Proceeds from Investments in Other Entities	31.0	1.0	24.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	0.6	0.4	1.0	0.5	0.3	0.3	1.0	0.8	-0.3	1.3	0.2
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	-119.1	0.5	21.1	-24.0	-52.8	-61.0	-132.5	-8.4	-81.4	19.9	13.3	-37.0
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	371.1	-28.7	465.9	457.7	421.0	529.8	611.0	457.1	262.2	320.5	255.8	261.5
Repayment of Borrowings	-344.2	-171.7	-514.4	-425.5	-359.8	-419.8	-412.8	-391.0	-234.2	-297.3	-268.5	-244.9
Repayment of Finance Leases	—	—	—	—	—	-0.0	-0.1	-0.0	-0.1	-0.1	-0.0	-0.1
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.5	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	26.8	-190.6	-48.5	37.1	61.2	110.0	198.1	66.1	27.9	23.7	-12.8	16.6
Net Cash Flow During the Period	11.0	-8.6	3.6	-36.0	-13.6	-22.2	52.1	-32.0	9.5	49.8	-1.1	-1.7
Cash and Cash Equivalents at Beginning of Period	22.9	31.5	27.9	63.9	77.5	70.0	70.0	70.0	70.0	9.4	9.4	9.4
FX Difference from Revaluation	—	-0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	33.9	22.9	31.5	27.9	63.9	77.4	99.7	47.5	79.5	70.0	20.2	21.3

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BNA

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ▼

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow