BSA

Thủy điện Buôn Đôn ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 46.37%, +21.16pp YoY

Price

19,900

Latest close

03 Jun 2026

P/E 7.86x

P/B 1.35x

EPS 2,532

BVPS 14,698

ROE 17.8%

ROA 14.9%

Profit Margin 46.4%

Asset Turnover 0.32x

Equity Mult. 1.20x

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

What Is Changing

On a TTM 2026Q1 basis, BSA has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 365bn
	                                
+16.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 169bn
	                                
+115.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	367.2	296.1	344.2	397.9	328.4
Growth	+24%	-14%	-14%	+21%	—
Net Income	162.4	70.3	97.0	153.7	96.7
Net Margin	44.22%	23.74%	28.18%	38.62%	29.45%

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	47.7	140.0	113.3	64.0	49.9	104.3	117.2	40.8	33.8	109.8	128.4	48.9
Growth	-66%	+24%	+77%	+28%	-52%	-11%	+187%	+21%	-69%	-14%	+162%	—
Net Income	15.7	70.0	40.9	42.7	8.9	34.6	32.5	2.8	0.4	-3.8	40.9	4.4
Net Margin	32.99%	49.96%	36.07%	66.68%	17.80%	33.13%	27.70%	6.87%	1.31%	-3.43%	31.83%	8.97%

Drivers of BSA's profit

TTM

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

Gross profit ↑ 47.8bn

Financial income ↑ 37.2bn

TTM

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

Financial income ↑ 9.1bn

Finance costs ↓ 2.1bn

Administrative expenses ↓ 1.0bn

Gross profit ↓ 4.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.6% = 25.2% × 0.26 × 1.33

2026Q1 17.8% = 46.4% × 0.32 × 1.20

ROE rose from 8.6% to 17.8% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 46.4% +21.2pp Asset turnover: 0.32x +0.06x Leverage: 1.20x -0.13x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 46.37%, rising 21.2pp. The main driver is Gross margin rose 7.6pp and SG&A / Revenue fell 0.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 13.3pp).

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 46.37% +21.2pp

Gross Margin 45.68% +7.6pp

SG&A / Revenue 3.70% −0.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 15.2% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 15.17%, rising 8.5pp. That translates to 15.17 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 21.0pp and capital turnover rose 0.06x, with invested capital easing slightly by 74bn — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 15.17% +8.5pp

NOPAT Margin 46.27% +21.0pp

Capital Turnover 0.33x +0.06x

Average Invested Capital 1,113.2bn −74.1bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.29x equity, net debt at 0.12x equity.

Over the last 12 months, working capital absorbed 27.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −34.4bn

Inventories increased → lower CFO: −1.6bn

Payables increased → higher CFO: +8.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 8.4 days versus the same period last year. The main moves came from DIO fell 7.8 days, DSO rose 17.0 days, and DPO rose 0.8 days.

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

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 226.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +17.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 228.6 days +17.0 days

Inventory 3.8 days −7.8 days

Payables 6.0 days +0.8 days

Cash Conversion Cycle 226.5 days +8.4 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.12x and interest coverage at 13.49x.

At present, short-term debt accounts for 82.6% of total debt, cash equals 0.7% of debt, and total debt stands at 119.0bn.

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

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 82.6% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 0.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.12x −0.11x

Interest Coverage 13.49x +9.52x

Cash / Debt 0.7% −1.2pp

Short-term Debt / Total Debt 82.6% −12.7pp

CFO / NI 1.64x −0.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 169.8bn in 2025, against investing cash flow of -11.1bn.

Post-investment cash flow was positive +158.7bn. Financing cash flow was negative +196.2bn.

CFO / net income was 1.64x.

After spending +11.3bn on fixed-asset investment, the business generated trailing free cash flow of +266.5bn.

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

Cash Conversion

CFO TTM 277.8bn +148.3bn

Cash Capex 11.3bn +8.6bn

FCF TTM +266.5bn +139.7bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 21.2 pp. The next item to monitor is capital efficiency, with ROIC at 15.2%. The main risk still sits in leverage and liquidity, with interest coverage at 13.49x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 46.37% after expanding 21.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.12x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	367.2	296.1	344.2	397.9	328.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	367.2	296.1	344.2	397.9	328.4
Cost of Goods Sold	195.6	183.4	191.3	193.0	0.0
Gross Profit	171.6	112.7	152.9	204.9	142.0
Financial Income	28.9	4.5	3.1	2.9	1.8
Financial Expenses	15.3	28.3	38.5	28.8	-26.5
Interest Expense	14.9	28.3	38.5	28.8	-26.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	14.5	13.7	15.5	17.1	-15.4
Operating Profit	170.8	75.2	102.0	161.8	101.9
Other Income	0.4	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0
Other Profit	0.4	-0.1	0.0	0.0	-0.0
Profit Before Tax	171.1	75.1	102.0	161.8	101.9
Current Income Tax Expense	8.8	4.8	5.0	8.2	-5.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	162.4	70.3	97.0	153.7	96.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	162.4	70.3	97.0	153.7	96.7
Earnings per Share	2,384.00	1,027.00	1,420.00	2,405.00	1,599.00
Diluted EPS	2,384.00	1,027.00	1,420.00	2,405.00	1,534.83

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	481.3	392.7	351.6	390.7	288.6
I. Cash and cash equivalents	33.0	70.4	21.9	60.7	80.1
1. Cash	2.0	0.4	1.9	0.7	0.0
2. Cash equivalents	31.0	70.0	20.0	60.0	0.0
II. Short-term financial investments	—	0.0	0.0	20.0	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	20.0	0.0
III. Short-term receivables	444.6	319.6	318.8	300.5	200.1
1. Short-term trade accounts receivable	319.8	223.9	240.0	187.1	0.0
2. Short-term prepayments to suppliers	1.1	0.9	0.4	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	123.7	94.8	78.4	113.3	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3.4	2.0	10.3	9.0	7.9
1. Inventories	3.4	2.0	10.3	9.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.6	0.6	0.5	0.5
1. Short-term prepayments	0.4	0.6	0.6	0.5	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	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)	766.5	883.3	1,004.9	1,133.7	1,261.6
I. Long-term receivables	0.0	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	0.0	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	668.4	795.7	923.6	1,051.2	1,177.4
1. Tangible fixed assets	665.0	792.3	920.0	1,047.6	1,173.8
- Cost	1,839.6	1,839.1	1,839.1	1,838.1	0.0
- Accumulated depreciation	-1,174.6	-1,046.9	-919.1	-790.5	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	3.5	3.6	3.6	3.6
- Cost	3.8	3.8	3.8	3.8	0.0
- Accumulated depreciation	-0.4	-0.3	-0.2	-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	14.6	3.1	3.0	2.6	2.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	14.6	3.1	3.0	2.6	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	83.6	84.4	78.3	79.9	0.0
1. Long-term prepayments	73.9	76.3	78.3	79.9	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	9.7	8.1	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	81.8
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)	1,247.8	1,276.0	1,356.5	1,524.4	1,550.2
A. LIABILITIES (300=210+330)	281.0	369.7	451.6	602.6	729.6
I. Short -term liabilities	247.5	280.7	201.2	196.2	178.8
1. Short-term trade accounts payable	3.4	1.4	2.4	1.2	1.5
2. Short-term advances from customers	2.3	2.3	3.1	0.0	0.0
3. Taxes and other payables to state authorities	20.2	12.2	10.3	17.2	0.0
4. Payable to employees	6.8	3.7	4.4	5.0	0.0
5. Short-term acrrued expenses	5.3	10.1	15.0	14.8	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	37.8	2.8	2.7	3.6	0.0
10. Short-term borrowings and financial leases	170.6	245.3	159.7	150.0	139.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	2.8	3.8	4.3	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	33.6	89.0	250.4	406.4	550.8
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	33.6	89.0	250.4	406.4	550.8
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)	966.8	906.3	904.9	921.8	820.6
I. Owner's equity	966.8	906.3	904.9	921.8	0.0
1. Owner's capital	668.5	668.5	668.5	655.4	820.6
- Common stock with voting right	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	655,403,460,000.00	630,197,230,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	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	10.8	10.8	10.8	10.8	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	287.5	227.0	225.6	255.5	179.5
- Accumulated retained earning at the end of the previous period	125.1	156.7	128.6	101.9	82.6
- Undistributed earnings in this period	162.4	70.3	97.0	153.7	96.9
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)	1,247.8	1,276.0	1,356.5	1,524.4	1,550.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	171.1	75.1	102.0	161.8	101.9
Depreciation of Fixed Assets and Investment Property	127.8	127.8	128.7	128.5	128.2
Provision (Increase)/Reversal	—	0.0	0.1	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	-0.4	-0.6	-3.1	-2.9	0.0
Interest Expense	14.9	28.3	38.5	28.8	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	313.4	230.6	266.1	316.2	254.8
Increase/(Decrease) in Receivables	-125.7	11.9	-54.2	-81.7	0.0
Increase/(Decrease) in Inventory	-2.9	0.2	-1.3	-1.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.2	-1.5	2.1	-5.1	0.0
Increase/(Decrease) in Prepaid Expenses	2.6	2.0	1.5	2.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-19.5	-33.1	-38.4	-23.8	0.0
Corporate Income Tax Paid	-4.8	-2.4	-11.2	-1.3	0.0
Other Operating Receipts	0.2	0.0	0.0	0.0	0.0
Other Operating Payments	-3.7	-3.1	-3.5	-2.0	0.0
Net Cash Flow from Operating Activities	169.8	204.5	161.0	203.1	228.5
Payments for Fixed Assets and Other Long-term Assets	-11.7	-1.3	-1.7	-2.5	-2.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-20.0	-344.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	20.0	0.0	329.5
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	0.6	0.4	3.2	2.8	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	-11.1	-0.9	21.5	-19.7	-15.6
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	333.8	123.5	0.0	0.0	138.5
Repayment of Borrowings	-463.2	-211.8	-155.7	-152.4	-311.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-66.8	-66.8	-65.6	-50.4	-30.3
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	-196.2	-155.1	-221.3	-202.8	-203.3
Net Cash Flow During the Period	-37.5	48.5	-38.8	-19.4	56.3
Cash and Cash Equivalents at Beginning of Period	70.4	21.9	60.7	80.1	70.4
FX Difference from Revaluation	—	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	33.0	70.4	21.9	60.7	80.1

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	47.7	140.0	113.3	64.0	49.9	104.3	117.2	40.8	33.8	109.8	128.4	48.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	47.7	140.0	113.3	64.0	49.9	104.3	117.2	40.8	33.8	109.8	128.4	48.9
Cost of Goods Sold	35.1	58.1	63.6	41.5	32.3	60.5	72.7	27.7	22.5	53.4	71.2	32.1
Gross Profit	12.7	81.9	49.6	22.5	17.6	43.8	44.5	13.1	11.3	56.4	57.2	16.8
Financial Income	9.2	0.2	0.0	28.5	0.2	0.4	0.2	0.0	0.2	0.3	0.7	1.1
Financial Expenses	2.9	3.5	3.3	3.5	5.0	2.6	6.4	7.2	8.3	54.5	9.9	9.9
Interest Expense	2.9	3.5	3.2	3.4	4.8	6.1	6.1	7.2	8.3	10.2	9.5	9.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.4	4.9	3.3	2.9	3.4	4.1	4.0	2.9	2.7	4.3	4.9	3.4
Operating Profit	16.6	73.7	43.0	44.7	9.4	37.5	34.2	3.0	0.5	-2.1	43.0	4.6
Other Income	—	—	—	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	0.0	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	—	—	0.4	—	-0.1	-0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	16.6	73.7	43.0	45.0	9.4	37.4	34.2	3.0	0.5	-2.1	43.0	4.6
Current Income Tax Expense	0.9	3.7	2.2	2.3	0.5	2.8	1.8	0.2	0.0	1.7	2.2	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	15.7	70.0	40.9	42.7	8.9	34.6	32.5	2.8	0.4	-3.8	40.9	4.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	15.7	70.0	40.9	42.7	8.9	34.6	32.5	2.8	0.4	-3.8	40.9	4.4
Earnings per Share	236.00	1,046.00	611.00	639.00	133.00	517.00	486.00	43.00	7.00	-57.00	622.00	67.00
Diluted EPS	236.00	1,046.00	611.11	638.57	132.82	1,052.00	486.00	43.00	7.00	-57.00	622.00	67.00

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)	394.5	481.3	434.2	353.4	296.6	392.7	324.1	331.2	298.0	351.6	390.2	376.6
I. Cash and cash equivalents	0.8	33.0	34.1	3.0	4.0	70.4	1.5	5.0	1.9	21.9	18.0	99.8
1. Cash	0.8	2.0	32.1	3.0	4.0	0.4	1.5	5.0	1.9	1.9	1.0	14.8
2. Cash equivalents	—	31.0	2.0	—	—	70.0	0.0	0.0	0.0	20.0	17.0	85.0
II. Short-term financial investments	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	380.2	444.6	396.0	333.4	280.4	319.6	301.1	281.9	264.5	318.8	360.3	245.1
1. Short-term trade accounts receivable	273.9	319.8	271.5	207.3	183.5	223.9	217.2	189.6	178.6	240.0	235.2	131.3
2. Short-term prepayments to suppliers	1.2	1.1	1.1	2.6	3.3	0.9	0.5	0.5	0.4	0.4	0.4	0.4
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	105.2	123.7	123.4	123.4	93.7	94.8	83.4	91.8	85.5	78.4	124.7	113.3
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.1	3.4	2.0	2.1	2.0	2.0	10.5	10.5	10.2	10.3	8.9	8.9
1. Inventories	2.1	3.4	2.0	2.1	2.0	2.0	10.5	10.5	10.2	10.3	8.9	8.9
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	11.4	0.4	2.0	15.0	10.2	0.6	11.1	33.9	21.4	0.6	2.9	22.8
1. Short-term prepayments	11.4	0.4	2.0	15.0	10.2	0.6	11.1	33.9	21.4	0.6	2.9	22.8
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	734.2	766.5	794.7	823.0	852.5	883.3	907.8	940.0	972.3	1,004.9	1,037.1	1,069.6
I. Long-term receivables	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	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	636.5	668.4	700.3	732.3	763.8	795.7	827.7	859.7	891.6	923.6	955.7	987.9
1. Tangible fixed assets	633.2	665.0	696.9	728.9	760.4	792.3	824.2	856.1	888.1	920.0	952.2	984.3
- Cost	1,839.7	—	—	—	—	1,839.1	1,839.1	1,839.1	1,839.1	1,839.1	1,839.1	1,839.1
- Accumulated depreciation	-1,206.5	—	—	—	—	-1,046.9	-1,014.9	-983.0	-951.1	-919.1	-887.0	-854.8
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	3.3	3.4	3.4	3.4	3.4	3.5	3.5	3.5	3.5	3.6	3.6	3.6
- Cost	3.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	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	14.7	14.6	10.1	5.9	3.2	3.1	3.2	3.2	3.0	3.0	2.8	2.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	14.7	14.6	10.1	5.9	3.2	3.1	3.2	3.2	3.0	3.0	2.8	2.6
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	82.9	83.6	84.2	84.9	85.5	84.4	76.9	77.1	77.7	78.3	78.5	79.0
1. Long-term prepayments	73.3	73.9	74.5	75.1	75.7	76.3	76.9	77.1	77.7	78.3	78.5	79.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	9.6	9.7	9.7	9.7	9.8	8.1	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)	1,128.7	1,247.8	1,228.8	1,176.4	1,149.2	1,276.0	1,232.0	1,271.2	1,270.3	1,356.5	1,427.3	1,446.2
A. LIABILITIES (300=210+330)	146.1	281.0	231.7	220.2	233.9	369.7	293.4	365.1	364.9	451.2	452.8	512.5
I. Short -term liabilities	125.4	247.5	194.8	211.9	223.9	280.7	202.1	192.6	188.4	200.9	195.9	187.0
1. Short-term trade accounts payable	3.1	3.4	3.2	3.2	3.4	1.4	1.8	1.5	2.1	2.4	1.7	1.6
2. Short-term advances from customers	2.3	2.3	2.3	2.3	2.3	2.3	1.3	0.3	3.1	3.1	1.6	0.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	12.9	20.2	15.7	8.6	4.3	12.2	12.6	3.8	2.1	10.0	13.4	4.2
4. Payable to employees	1.9	6.8	2.9	1.2	1.6	3.7	2.3	1.0	1.3	4.4	2.3	1.3
5. Short-term acrrued expenses	5.1	5.3	5.2	5.5	5.4	10.1	6.3	13.1	7.0	15.0	7.7	16.1
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	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.6	37.8	4.5	3.0	1.5	2.8	4.2	1.8	0.9	2.7	4.5	2.2
10. Short-term borrowings and financial leases	98.3	170.6	159.2	185.8	204.5	245.3	170.5	167.7	168.9	159.7	159.9	155.6
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	1.0	1.8	2.3	0.8	2.8	3.2	3.6	3.0	3.8	4.8	6.1
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	20.7	33.6	36.9	8.3	10.1	89.0	91.2	172.5	176.6	250.4	256.9	325.5
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	0.0	0.0	0.0
8. Long-term borrowings and financial leases	20.7	33.6	36.9	8.3	10.1	89.0	91.2	172.5	176.6	250.4	256.9	325.5
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	—	—	—	—	—	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)	982.5	966.8	997.1	956.3	915.2	906.3	938.6	906.1	905.4	905.2	974.5	933.7
I. Owner's equity	982.5	966.8	997.1	956.3	915.2	906.3	938.6	906.1	905.4	905.2	974.5	933.7
1. Owner's capital	668.5	668.5	668.5	668.5	668.5	668.5	668.5	668.5	668.5	668.5	668.5	655.4
- Common stock with voting right	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	668,509,750,000.00	655,403,460,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8
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	303.2	287.5	317.8	276.9	235.9	227.0	259.3	226.8	226.0	225.9	295.2	267.4
- Accumulated retained earning at the end of the previous period	287.5	125.1	225.4	225.4	227.0	156.7	223.5	223.5	225.6	174.0	239.6	252.7
- Undistributed earnings in this period	15.7	162.4	92.4	51.6	8.9	70.3	35.7	3.2	0.4	51.9	55.6	14.8
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)	1,128.7	1,247.8	1,228.8	1,176.4	1,149.2	1,276.0	1,232.0	1,271.2	1,270.3	1,356.5	1,427.3	1,446.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	16.6	73.7	43.0	45.0	9.4	37.4	34.2	3.0	0.5	43.3	43.0	4.6
Depreciation of Fixed Assets and Investment Property	32.0	31.9	44.0	29.2	22.6	32.0	63.1	0.8	31.9	32.2	32.2	32.2
Provision (Increase)/Reversal	—	—	—	—	0.1	0.0	0.0	-0.1	0.1	0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	-0.0	0.0	0.0	-0.0	-0.0	0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-0.1	-0.2	-0.0	-0.0	-0.2	-0.4	-0.0	-0.0	-0.2	-0.3	-0.7	-1.1
Interest Expense	2.9	3.5	3.3	3.2	4.8	7.2	6.1	6.6	8.3	10.3	9.5	9.2
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	-0.1	0.1	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	51.4	109.0	90.3	77.4	36.7	76.2	103.4	10.2	40.7	85.6	84.0	44.9
Increase/(Decrease) in Receivables	64.7	-49.2	-63.8	13.8	-26.6	-7.1	-31.4	-11.2	61.6	-22.9	-90.7	13.8
Increase/(Decrease) in Inventory	1.3	-1.3	0.1	-1.7	0.0	0.3	0.0	-0.2	0.1	-1.4	0.0	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.4	4.6	7.6	3.7	-5.8	0.3	10.8	5.7	-18.4	-0.4	11.9	-1.8
Increase/(Decrease) in Prepaid Expenses	-10.4	2.3	1.6	7.7	-9.0	11.1	-8.1	19.2	-20.1	2.5	20.3	-10.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.2	-3.4	-3.4	-3.0	-9.7	-4.0	-12.2	-10.2	-6.7	-3.6	-17.0	-1.9
Corporate Income Tax Paid	-8.2	0.0	0.0	-0.5	-4.3	-0.4	-0.0	-0.0	-2.0	-2.2	-0.2	-0.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-0.9	-0.6	-0.2	-2.0	-3.1	2.2	-1.4	-0.8	-3.5	1.1	-1.1
Net Cash Flow from Operating Activities	87.3	61.1	32.0	97.4	-20.7	73.3	64.8	12.0	54.4	54.3	9.4	42.8
Payments for Fixed Assets and Other Long-term Assets	-0.9	-3.7	-2.8	-3.8	-1.4	-1.5	0.4	-0.2	-0.0	-0.5	-0.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	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
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	20.0	-20.0	20.0
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	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.2	0.0	0.2	0.2	-1.3	1.5	0.0	0.2	0.3	0.7	1.5
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	-0.8	-3.5	-2.8	-3.6	-1.2	-2.8	1.9	-0.2	0.2	19.9	-19.4	21.5
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	32.1	43.7	97.1	14.4	178.6	121.0	2.5	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-117.2	-35.6	-95.1	-109.3	-223.1	-55.7	-72.7	-8.8	-74.6	-4.6	-71.7	-4.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-33.4	-66.8	—	—	—	-66.8	0.0	0.0	0.0	-65.6	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	-118.6	-58.8	2.0	-94.9	-44.6	-1.6	-70.2	-8.8	-74.6	-70.2	-71.7	-4.0
Net Cash Flow During the Period	-32.1	-1.2	31.2	-1.1	-66.4	68.9	-3.5	3.1	-20.0	3.9	-81.8	60.3
Cash and Cash Equivalents at Beginning of Period	33.0	34.1	3.0	4.0	70.4	21.9	21.9	21.9	21.9	60.7	60.7	60.7
FX Difference from Revaluation	—	—	—	—	0.0	-0.0	-0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.8	33.0	34.1	3.0	4.0	70.4	1.5	5.0	1.9	21.9	18.0	99.8

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BSA

What Is Changing

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Balance Sheet ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow