BTV

Dịch vụ Du lịch Bến Thành ·UPCOM ·2026Q1

▼ Slightly negative

Price

16,900

Latest close

03 Jun 2026

P/E 15.72x

P/B 1.61x

EPS 1,075

BVPS 10,508

ROE 10.8%

ROA 5.4%

Profit Margin 2.2%

Asset Turnover 2.46x

Equity Mult. 2.00x

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

What Is Changing

On a TTM 2026Q1 basis, BTV is maintaining revenue, but margins are compressing slightly — earnings have been recovering gradually over multiple periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,231bn
	                                
+6.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 27bn
	                                
−7.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,216.4	1,172.9	932.4	791.2	315.3
Growth	+4%	+26%	+18%	+151%	—
Net Income	28.0	26.6	30.4	18.6	-23.9
Net Margin	2.30%	2.26%	3.26%	2.35%	-7.57%

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	178.0	419.4	339.5	294.1	163.0	370.8	328.4	299.1	175.8	278.9	260.1	255.0
Growth	-58%	+24%	+15%	+80%	-56%	+13%	+10%	+70%	-37%	+7%	+2%	—
Net Income	0.6	10.7	6.8	8.7	2.2	7.3	10.7	8.9	6.7	7.7	10.1	6.8
Net Margin	0.36%	2.54%	2.01%	2.97%	1.32%	1.96%	3.26%	2.97%	3.79%	2.77%	3.87%	2.67%

Drivers of BTV's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher selling expenses. Supporting and offsetting drivers:

Gross profit ↑ 10.9bn

Other profit ↑ 2.1bn

Selling expenses ↑ 8.5bn

Finance costs ↑ 4.3bn

Administrative expenses ↑ 3.9bn

Financial income ↓ 3.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 5.0bn

Financial income ↑ 0.4bn

Administrative expenses ↑ 5.1bn

Selling expenses ↑ 1.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.4% = 2.5% × 2.28 × 2.18

2026Q1 10.8% = 2.2% × 2.46 × 2.00

ROE fell from 12.4% to 10.8% — leverage weakened the most, though asset turnover still provided support.

Net margin: 2.2% -0.3pp Asset turnover: 2.46x +0.18x Leverage: 2.00x -0.17x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 2.18%, falling 0.3pp. The main pressure is SG&A / Revenue rose 0.4pp, outweighing the improvement in Gross margin rose 0.1pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.6pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 2.18% −0.3pp

Gross Margin 13.57% +0.1pp

SG&A / Revenue 11.05% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 8.05%, losing 2.1pp. That translates to 8.05 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.5pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 8.05% −2.1pp

NOPAT Margin 2.07% −0.5pp

Capital Turnover 3.88x −0.04x

Average Invested Capital 317.0bn +20.9bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.99x equity, net debt at 0.22x equity.

Over the last 12 months, working capital absorbed 15.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +9.6bn

Inventories increased → lower CFO: −10.5bn

Payables decreased → lower CFO: −14.8bn

Working Capital Efficiency

Cash conversion cycle lengthened by 1.1 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 1.7 days, and DPO fell 3.5 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +1.1 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 32.3 days −1.7 days

Inventory 29.3 days −0.7 days

Payables 12.6 days −3.5 days

Cash Conversion Cycle 49.0 days +1.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.22x and interest coverage at 4.19x.

At present, short-term debt accounts for 93.1% of total debt, cash equals 12.2% of debt, and total debt stands at 66.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 93.1% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 12.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.22x −0.10x

Interest Coverage 4.19x −6.90x

Cash / Debt 12.2% +5.9pp

Short-term Debt / Total Debt 93.1% −6.9pp

CFO / NI 0.73x +1.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -9.4bn in 2025, against investing cash flow of 1.7bn.

Post-investment cash flow was negative +7.7bn. Financing cash flow was positive +29.2bn.

CFO / net income was 0.73x.

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 19.5bn +29.6bn

Cash Capex — —

FCF TTM — —

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 some core pressures remaining the main constraint. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.73x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.73x.

Watchpoint: Cash generation still needs confirmation.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,232.6	1,183.6	943.3	801.5	320.7
Revenue Deductions	16.2	10.7	10.9	10.3	0.0
Net Revenue	1,216.4	1,172.9	932.4	791.2	315.3
Cost of Goods Sold	1,054.0	1,014.4	791.5	675.9	0.0
Gross Profit	162.5	158.5	140.9	115.3	47.8
Financial Income	3.7	3.5	4.3	2.1	1.1
Financial Expenses	7.5	4.3	6.2	4.3	-9.6
Interest Expense	7.5	4.3	3.6	2.3	-1.8
Share of Associates and Joint Ventures	2.2	0.6	0.0	0.0	0.0
Selling Expenses	77.6	68.6	66.6	48.6	-31.6
General and Administrative Expenses	50.1	54.5	42.2	45.6	-32.3
Operating Profit	33.3	35.2	30.2	18.9	-24.7
Other Income	1.1	0.6	0.3	0.4	0.0
Other Expenses	0.4	2.7	0.1	0.7	0.0
Other Profit	0.8	-2.1	0.2	-0.3	0.9
Profit Before Tax	34.1	33.1	30.4	18.6	-23.9
Current Income Tax Expense	6.1	6.7	0.0	0.0	0.0
Deferred Income Tax Expense	-0.0	-0.2	0.0	0.0	0.0
Net Income	28.0	26.6	30.4	18.6	-23.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	28.0	26.6	30.4	18.6	-23.9
Earnings per Share	1,122.00	1,065.00	1,219.00	746.00	-954.48
Diluted EPS	1,122.00	1,065.00	1,219.00	746.00	-954.48

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	353.3	305.3	287.4	202.1	111.5
I. Cash and cash equivalents	43.3	21.8	18.2	14.8	11.5
1. Cash	43.3	21.8	18.2	14.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	43.5	39.5	32.0	8.0	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	43.5	39.5	32.0	8.0	0.0
III. Short-term receivables	217.9	199.0	185.8	145.0	78.5
1. Short-term trade accounts receivable	177.8	132.0	97.4	89.3	0.0
2. Short-term prepayments to suppliers	42.9	57.8	83.4	57.7	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	11.4	21.2	21.8	15.1	0.0
7. Provision for short-term doubtful debts (*)	-14.2	-12.0	-16.7	-17.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	37.4	40.5	45.5	29.0	13.4
1. Inventories	37.4	40.5	45.5	29.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	11.2	4.5	6.0	5.3	5.1
1. Short-term prepayments	4.1	4.4	1.9	1.2	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	7.0	0.1	4.0	4.0	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)	169.8	176.2	173.1	184.8	195.2
I. Long-term receivables	1.4	1.5	2.5	2.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.4
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	1.4	1.5	2.5	2.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	45.2	48.5	46.7	49.7	53.2
1. Tangible fixed assets	44.2	47.3	46.0	48.7	52.0
- Cost	168.0	167.9	154.6	154.4	0.0
- Accumulated depreciation	-123.8	-120.6	-108.6	-105.6	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.0	1.2	0.7	0.9	1.2
- Cost	5.0	5.0	4.1	4.1	0.0
- Accumulated depreciation	-4.0	-3.8	-3.5	-3.2	0.0
III. Investment properties	21.0	21.8	22.7	23.5	24.5
- Cost	36.7	36.7	36.7	36.7	0.0
- Accumulated depreciation	-15.7	-14.9	-14.1	-13.2	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.2	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.2	0.0
V. Long-term financial investments	61.9	63.9	82.6	85.6	87.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	70.6	72.6	91.5	91.5	0.0
3. Investments in other entities	11.2	11.2	11.1	11.4	0.0
4. Provision for diminution in value of long-term investments	-20.0	-20.0	-20.0	-17.4	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	40.2	40.5	18.6	23.3	0.0
1. Long-term prepayments	14.6	13.7	18.6	23.3	0.0
2. Deferred income tax assets	0.2	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	27.3
5. Goodwill	25.4	26.8	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	523.1	481.6	460.5	386.9	306.7
A. LIABILITIES (300=210+330)	260.9	246.7	236.5	192.7	130.7
I. Short -term liabilities	230.2	214.1	203.3	158.4	94.5
1. Short-term trade accounts payable	27.2	30.2	27.4	21.5	11.7
2. Short-term advances from customers	29.9	19.0	31.0	23.1	6.9
3. Taxes and other payables to state authorities	6.9	5.6	2.7	2.1	0.0
4. Payable to employees	6.2	5.7	7.9	4.9	0.0
5. Short-term acrrued expenses	18.1	40.0	49.1	45.3	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	8.3	9.2	15.9	10.7	17.1
9. Other short-term payables	5.9	6.0	7.6	13.8	0.0
10. Short-term borrowings and financial leases	118.6	89.4	52.8	28.0	41.9
11. Provision for short-term liabilities	8.9	8.9	8.9	8.9	0.0
12.. Bonus and welfare fund	0.1	0.1	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	30.7	32.6	33.3	34.3	36.2
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	6.8	7.8	8.8	9.8	10.8
7. Other long-term liabilities	23.9	25.0	24.5	24.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	-0.2	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)	262.2	234.8	224.0	194.1	176.0
I. Owner's equity	262.2	234.8	224.0	194.1	0.0
1. Owner's capital	250.0	250.0	250.0	250.0	176.0
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- 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	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00	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	4.6	4.6	4.6	4.6	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	8.5	-18.9	-29.7	-59.6	-77.7
- Accumulated retained earning at the end of the previous period	-18.9	-44.9	-59.6	-77.6	-53.6
- Undistributed earnings in this period	27.4	26.0	29.8	18.1	-24.1
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)	523.1	481.6	460.5	386.9	306.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	34.1	33.1	30.4	18.6	-23.9
Depreciation of Fixed Assets and Investment Property	6.0	5.4	4.4	4.7	5.1
Provision (Increase)/Reversal	2.3	-4.8	2.3	6.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.6	-2.9	-2.9	-1.3	0.0
Interest Expense	7.5	4.3	3.6	2.3	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	45.2	35.1	37.8	31.2	-1.9
Increase/(Decrease) in Receivables	-26.5	-3.4	-40.5	-71.1	0.0
Increase/(Decrease) in Inventory	3.1	5.0	-16.4	-15.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.5	-35.0	18.5	75.9	0.0
Increase/(Decrease) in Prepaid Expenses	-0.6	2.8	4.0	3.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.5	-4.3	-3.6	-2.8	0.0
Corporate Income Tax Paid	-4.7	0.0	0.0	-0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-9.4	0.2	-0.2	21.0	-14.8
Payments for Fixed Assets and Other Long-term Assets	-0.5	-0.2	-0.4	-0.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.6
Loans and Purchases of Debt Instruments	-11.0	-19.2	-31.0	-8.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.0	11.7	7.0	3.0	0.0
Investments in Other Entities	—	-31.9	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.3	0.0	0.0
Dividends and Interest Income Received	6.1	6.5	2.9	1.3	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	1.7	-33.1	-21.2	-3.9	1.1
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	490.2	407.7	297.4	158.3	148.3
Repayment of Borrowings	-461.0	-371.0	-272.7	-172.2	-159.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	29.2	36.6	24.7	-13.8	-11.5
Net Cash Flow During the Period	21.5	3.7	3.4	3.3	-3.1
Cash and Cash Equivalents at Beginning of Period	21.8	18.2	14.8	11.5	36.7
FX Difference from Revaluation	-0.0	-0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	43.3	21.8	18.2	14.8	11.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	180.3	427.0	343.2	297.6	164.5	372.6	332.4	302.2	177.7	283.3	261.8	258.3
Revenue Deductions	2.3	7.5	3.7	3.5	1.5	1.8	4.0	3.1	1.8	4.4	1.8	3.3
Net Revenue	178.0	419.4	339.5	294.1	163.0	370.8	328.4	299.1	175.8	278.9	260.1	255.0
Cost of Goods Sold	141.3	373.5	296.0	253.2	131.3	330.2	285.4	258.3	141.8	245.7	219.2	217.1
Gross Profit	36.7	45.9	43.6	40.9	31.7	40.6	43.0	40.8	34.1	33.2	40.9	37.9
Financial Income	0.7	1.8	0.9	0.7	0.3	6.0	0.3	0.9	0.7	1.1	0.3	1.0
Financial Expenses	1.5	2.2	2.1	1.7	1.5	1.9	-1.1	1.0	0.9	1.8	1.0	2.8
Interest Expense	1.5	2.2	2.1	1.7	1.5	1.3	1.1	1.0	0.9	0.9	1.0	1.1
Share of Associates and Joint Ventures	—	2.1	0.6	1.2	—	-0.8	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	22.0	20.7	18.0	18.2	20.3	16.3	17.1	16.8	18.5	13.1	19.0	18.2
General and Administrative Expenses	12.7	14.8	16.4	13.3	7.7	16.6	13.8	15.3	7.8	11.6	11.1	11.1
Operating Profit	1.1	12.1	8.6	9.7	2.6	11.1	13.5	8.8	7.5	7.7	10.0	6.8
Other Income	0.1	1.0	0.0	0.1	0.0	0.3	0.0	0.2	0.0	0.1	0.0	0.0
Other Expenses	0.0	0.2	0.0	0.1	0.0	1.7	0.1	0.1	0.9	0.0	0.0	0.0
Other Profit	0.1	0.8	0.0	-0.0	0.0	-1.4	-0.0	0.1	-0.9	0.0	0.0	0.0
Profit Before Tax	1.2	12.9	8.6	9.6	2.6	9.7	13.5	8.9	6.7	7.7	10.1	6.8
Current Income Tax Expense	0.5	2.2	1.8	1.6	0.4	2.4	2.7	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	-0.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.6	10.7	6.8	8.7	2.2	7.3	10.7	8.9	6.7	7.7	10.1	6.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.6	10.7	6.8	8.7	2.2	7.3	10.7	8.9	6.7	7.7	10.1	6.8
Earnings per Share	25.79	426.79	272.42	349.94	86.09	291.16	428.18	355.58	266.90	308.86	402.38	272.66
Diluted EPS	25.79	426.79	272.42	349.94	86.09	291.16	428.18	355.58	266.90	308.86	402.38	272.66

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)	334.8	353.6	531.2	496.2	324.6	305.3	433.5	369.5	347.9	287.4	375.2	287.4
I. Cash and cash equivalents	8.1	43.3	9.8	12.9	5.1	21.8	6.5	6.0	4.8	18.2	7.9	9.4
1. Cash	8.1	43.3	9.8	12.9	5.1	21.8	6.5	6.0	4.8	18.2	7.9	9.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	43.5	43.5	41.5	41.5	35.5	39.5	29.5	29.5	22.0	32.0	32.0	32.0
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	43.5	43.5	41.5	41.5	35.5	39.5	29.5	29.5	22.0	32.0	32.0	32.0
III. Short-term receivables	184.8	217.9	314.9	316.3	198.4	199.0	249.1	220.3	229.1	185.8	225.7	175.4
1. Short-term trade accounts receivable	105.3	177.8	155.3	210.8	112.6	132.0	143.3	127.6	103.9	97.4	105.5	93.2
2. Short-term prepayments to suppliers	71.4	42.9	146.7	95.4	74.7	57.8	92.0	83.4	118.9	83.3	114.2	79.9
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	0.0
6. Other short-term receivables	22.3	11.4	24.9	22.1	23.0	21.2	27.2	22.6	22.9	21.8	23.3	18.8
7. Provision for short-term doubtful debts (*)	-14.2	-14.2	-12.0	-12.0	-12.0	-12.0	-13.3	-13.3	-16.5	-16.7	-17.3	-16.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	91.5	37.7	160.2	121.0	79.3	40.5	144.3	105.5	85.8	45.5	104.1	65.1
1. Inventories	91.5	37.7	160.2	121.0	79.3	40.5	144.3	105.5	85.8	45.5	104.1	65.1
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	6.9	11.2	4.9	4.6	6.4	4.5	4.1	8.2	6.1	6.0	5.5	5.5
1. Short-term prepayments	4.2	4.1	4.8	4.5	6.3	4.4	1.7	1.8	2.0	1.9	1.4	1.4
2. Value added tax to be reclaimed	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.5	7.0	0.1	0.1	0.1	0.1	2.4	6.4	4.0	4.0	4.1	4.1
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)	166.6	172.0	173.1	173.5	174.6	192.6	201.8	168.6	170.6	173.1	176.0	178.4
I. Long-term receivables	1.5	1.4	1.5	1.5	1.5	2.5	2.5	2.5	2.5	2.5	2.6	2.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.5	1.4	1.5	1.5	1.5	2.5	2.5	2.5	2.5	2.5	2.6	2.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	44.0	44.9	46.0	46.9	47.6	48.6	44.1	45.0	45.8	46.7	47.0	47.9
1. Tangible fixed assets	43.0	43.9	44.9	45.8	46.4	47.3	43.6	44.4	45.2	46.0	46.3	47.1
- Cost	167.4	—	—	—	—	167.9	154.5	154.6	154.6	154.6	154.0	154.3
- Accumulated depreciation	-124.4	—	—	—	—	-120.6	-110.9	-110.2	-109.4	-108.6	-107.8	-107.2
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	1.0	1.0	1.1	1.1	1.2	1.4	0.5	0.6	0.6	0.7	0.7	0.8
- Cost	5.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	20.8	21.0	21.2	21.4	21.6	21.8	22.0	22.3	22.5	22.7	22.9	23.1
- Cost	36.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
V. Long-term financial investments	61.9	64.4	65.3	63.9	63.9	83.8	118.2	82.8	82.6	82.6	83.5	83.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	33.9	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	70.6	73.2	74.1	72.6	72.6	91.5	91.5	91.5	91.5	91.5	91.5	91.5
3. Investments in other entities	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.1	11.1	11.1	11.1
4. Provision for diminution in value of long-term investments	-20.0	-20.0	-20.0	-20.0	-20.0	-19.0	-18.4	-20.0	-20.0	-20.0	-19.1	-19.1
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	38.5	40.2	39.0	39.7	40.0	35.8	14.9	16.1	17.2	18.6	20.1	21.3
1. Long-term prepayments	14.2	14.6	14.1	13.6	13.8	13.7	14.9	16.1	17.2	18.6	20.1	21.3
2. Deferred income tax assets	0.2	0.2	0.2	—	—	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
4. Other long-term assets	24.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	25.4	24.7	26.1	26.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	22.1	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	501.5	525.7	704.3	669.7	499.2	497.9	635.3	538.0	518.5	460.5	551.2	465.8
A. LIABILITIES (300=210+330)	238.8	260.9	453.4	426.3	262.4	248.6	388.2	298.8	287.9	236.6	334.8	259.3
I. Short -term liabilities	203.7	227.9	418.4	394.8	230.6	215.7	355.0	265.5	254.9	203.3	302.3	226.6
1. Short-term trade accounts payable	39.3	27.2	111.8	78.9	34.2	30.2	109.5	69.9	54.7	27.4	86.3	40.8
2. Short-term advances from customers	45.3	29.9	80.5	123.3	52.9	19.0	82.2	62.4	63.7	31.0	53.7	46.0
3. Taxes and other payables to state authorities	3.0	6.9	11.5	7.1	1.3	6.3	8.0	2.0	0.6	2.7	13.3	7.3
4. Payable to employees	0.8	6.1	2.3	1.3	1.1	5.7	6.6	4.7	1.9	7.9	9.0	7.4
5. Short-term acrrued expenses	27.2	18.2	55.8	36.1	31.3	40.0	46.0	29.7	50.1	49.1	55.2	35.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	9.2	7.0	19.1	9.9	12.6	9.2	13.4	8.9	10.7	15.9	10.5	20.0
9. Other short-term payables	8.0	4.9	8.8	13.5	7.3	7.0	12.0	9.6	10.7	7.6	10.7	10.3
10. Short-term borrowings and financial leases	62.0	118.6	119.5	115.6	80.9	89.4	68.4	69.3	53.7	52.8	54.7	50.8
11. Provision for short-term liabilities	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	35.0	33.0	35.0	31.5	31.7	32.8	33.1	33.3	33.0	33.3	32.5	32.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	6.5	8.1	7.0	7.3	7.5	7.8	8.1	8.3	8.6	8.8	9.1	9.3
7. Other long-term liabilities	23.9	24.9	25.1	25.1	25.1	25.0	25.1	25.0	24.5	24.5	23.5	23.4
8. Long-term borrowings and financial leases	4.6	—	2.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	-0.9	-0.9	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)	262.7	264.8	250.9	243.4	236.8	249.4	247.1	239.3	230.5	224.0	216.4	206.5
I. Owner's equity	262.7	264.8	250.9	243.4	236.8	249.4	247.1	239.3	230.5	224.0	216.4	206.5
1. Owner's capital	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- 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	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00	-911,400,000.00
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	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6
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	9.0	11.1	-2.8	-10.3	-16.9	-4.4	-6.6	-14.5	-23.2	-29.7	-37.3	-47.2
- Accumulated retained earning at the end of the previous period	8.5	-15.2	-18.9	-18.9	-18.9	0.0	-29.7	-29.7	-29.7	-59.6	-59.6	-59.6
- Undistributed earnings in this period	0.5	26.2	16.1	8.6	2.0	0.0	23.1	15.3	6.5	29.8	22.3	12.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	501.5	525.7	704.3	669.7	499.2	497.9	635.3	538.0	518.5	460.5	551.2	465.8

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	0.6	13.6	10.0	7.9	2.6	8.5	13.5	8.3	6.7	7.7	10.1	6.8
Depreciation of Fixed Assets and Investment Property	1.1	2.9	-0.6	2.5	1.2	1.6	1.1	1.1	1.1	1.1	1.1	1.1
Provision (Increase)/Reversal	—	2.3	—	—	—	-0.8	-4.8	0.0	-0.2	0.3	0.8	1.8
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	-0.2	-3.4	0.3	-1.4	-0.1	-5.6	-0.1	-0.7	-0.2	-3.2	2.3	-0.3
Interest Expense	1.5	2.2	2.1	1.7	1.5	1.3	1.1	1.0	0.9	0.9	1.0	1.1
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	3.1	17.6	11.8	10.7	5.1	4.9	10.7	9.7	8.3	6.8	15.3	10.4
Increase/(Decrease) in Receivables	37.5	89.3	0.5	-117.6	1.3	31.7	-38.9	23.8	-43.2	40.6	-51.2	-24.5
Increase/(Decrease) in Inventory	-52.4	122.8	-39.2	-41.7	-38.8	103.8	-38.8	-19.7	-40.3	58.6	-39.0	-16.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	29.9	-189.3	20.4	124.2	26.2	-161.8	92.4	-5.2	48.5	-96.7	71.7	55.0
Increase/(Decrease) in Prepaid Expenses	0.2	0.2	-0.8	2.0	-2.0	-7.7	1.3	1.3	1.4	1.0	1.2	1.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.5	-2.2	-2.1	-1.7	-1.5	-1.3	-1.1	-2.8	0.9	-0.9	-1.0	-1.1
Corporate Income Tax Paid	—	-5.3	3.3	0.0	-2.7	4.9	-4.9	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Payments	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	16.6	33.0	-6.1	-24.1	-12.3	-25.5	20.6	7.1	-24.4	9.4	-3.1	24.6
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	-0.0	-0.3	-0.0	-0.2	0.0	0.0	0.0	-0.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.3	0.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-2.0	0.0	-6.0	-3.0	-11.7	0.0	-7.5	0.0	-7.0	7.0	-24.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	7.0	1.7	0.0	0.0	10.0	7.0	-7.0	7.0
Investments in Other Entities	—	—	—	—	—	33.9	-19.3	-14.7	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	-0.3	0.3
Dividends and Interest Income Received	0.2	5.3	0.2	0.5	0.1	5.6	-0.0	0.7	0.2	2.9	-2.0	0.3
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	0.2	4.3	-0.9	-5.8	4.1	29.3	-19.3	-21.6	10.2	2.8	-2.3	-16.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	-11,426,687,026.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	63.7	138.9	139.0	121.8	90.5	125.5	105.5	115.1	61.6	91.8	84.8	62.7
Repayment of Borrowings	-115.7	-142.7	-135.1	-84.2	-98.9	-104.5	-106.4	-99.5	-60.7	-93.7	-81.0	-64.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-52.0	-3.8	3.9	37.6	-8.5	9.5	-0.8	15.6	0.9	-1.9	3.9	-1.5
Net Cash Flow During the Period	-35.2	33.6	-3.1	7.8	-16.7	13.4	0.5	1.1	-13.3	10.3	-1.5	6.7
Cash and Cash Equivalents at Beginning of Period	43.3	9.8	12.9	5.1	21.8	20.1	18.2	18.2	18.2	14.8	14.8	14.8
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	8.1	43.3	9.8	12.9	5.1	21.8	6.5	6.0	4.8	18.2	7.9	9.4

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BTV

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