DCL

Dược phẩm Cửu Long ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −51.64%, −4.68pp YoY

Price

37,700

Latest close

03 Jun 2026

P/E -377.00x

P/B 1.81x

EPS -100

BVPS 20,805

ROE -0.5%

ROA -0.3%

Profit Margin -0.6%

Asset Turnover 0.54x

Equity Mult. 1.59x

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

What Is Changing

On a TTM 2026Q1 basis, DCL posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,306bn
	                                
−4.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 7bn
	                                
−111.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -19.04x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,321.6	1,306.8	1,143.9	1,015.7	703.6
Growth	+1%	+14%	+13%	+44%	—
Net Income	20.1	54.1	62.1	112.9	87.8
Net Margin	1.52%	4.14%	5.43%	11.12%	12.47%

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	324.1	372.6	285.7	323.2	340.0	510.3	235.6	283.0	277.9	389.1	259.3	258.8
Growth	-13%	+30%	-12%	-5%	-33%	+117%	-17%	+2%	-29%	+50%	+0%	—
Net Income	-1.7	3.8	-5.8	-3.1	25.2	19.1	1.6	11.2	22.3	28.9	0.7	17.8
Net Margin	-0.52%	1.02%	-2.03%	-0.95%	7.40%	3.74%	0.66%	3.97%	8.02%	7.44%	0.27%	6.89%

Drivers of DCL's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 17.3bn

Selling expenses ↓ 16.3bn

Gross profit ↓ 58.8bn

Finance costs ↑ 23.5bn

Deferred tax ↑ 8.8bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 9.1bn

Other profit ↑ 6.4bn

Selling expenses ↓ 5.3bn

Gross profit ↓ 41.5bn

Deferred tax ↑ 4.0bn

Finance costs ↑ 2.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.8% = 4.2% × 0.56 × 1.62

2026Q1 -0.4% = -0.5% × 0.54 × 1.59

ROE fell from 3.8% to -0.4% — all three components weakened, with net margin being the main drag.

Net margin: -0.5% -4.7pp Asset turnover: 0.54x -0.02x Leverage: 1.59x -0.03x

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 fell to -0.52%, losing 4.7pp. The main pressure is Gross margin fell 3.7pp, outweighing the improvement in SG&A / Revenue fell 0.4pp (with lingering pressure from Net financial result / Revenue fell 1.9pp and Other profit / Revenue fell 0.0pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin -0.52% −4.7pp

Gross Margin 12.46% −3.7pp

SG&A / Revenue 10.68% −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 -0.27%, losing 2.8pp. That translates to -0.27 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 4.6pp, 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.

Watchpoints

ROIC remains low

ROIC is currently -0.27% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -0.27% −2.8pp

NOPAT Margin -0.48% −4.6pp

Capital Turnover 0.57x −0.04x

Average Invested Capital 2,276.6bn +48.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.60x equity, net debt at 0.49x equity.

Inventory ended the period at 360.4bn, roughly 14.9% of total assets.

Over the last 12 months, working capital released 85.5bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +154.8bn

Inventories increased → lower CFO: −13.7bn

Payables decreased → lower CFO: −55.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.6 days versus the same period last year. The main moves came from DIO fell 8.7 days, DSO fell 0.6 days, and DPO fell 6.7 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 172.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 91.1 days −0.6 days

Inventory 112.0 days −8.7 days

Payables 31.0 days −6.7 days

Cash Conversion Cycle 172.1 days −2.6 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 0.49x and interest coverage only at 0.05x.

At present, short-term debt accounts for 71.6% of total debt, cash equals 0.9% of debt, and total debt stands at 754.6bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.05x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 71.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.49x −0.00x

Interest Coverage 0.05x −2.53x

Cash / Debt 0.9% −1.0pp

Short-term Debt / Total Debt 71.6% +2.9pp

CFO / NI -19.04x −19.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 47.8bn in 2025, against investing cash flow of -101.0bn.

Post-investment cash flow was negative +53.2bn. Financing cash flow was positive +23.6bn.

CFO / net income was -19.04x.

After spending +117.0bn on fixed-asset investment, the business generated trailing free cash flow of +22.4bn.

Cash Conversion

CFO TTM 139.4bn +100.7bn

Cash Capex 117.0bn +14.1bn

FCF TTM +22.4bn +86.7bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 346.8%. The main risk still sits in core profitability, with net margin down 4.7 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 86.7bn versus the same period last year.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: profitability remains under pressure, with trailing-12M net margin at -51.64% after a 4.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,349.3	1,332.6	1,170.5	1,036.2	715.5
Revenue Deductions	27.7	25.8	26.5	20.5	0.0
Net Revenue	1,321.6	1,306.8	1,143.9	1,015.7	703.6
Cost of Goods Sold	1,117.3	1,102.1	934.0	733.6	0.0
Gross Profit	204.2	204.7	209.9	282.1	210.2
Financial Income	31.9	34.6	40.0	53.0	59.7
Financial Expenses	49.4	25.6	33.6	39.8	-36.6
Interest Expense	49.1	25.4	29.2	36.3	-31.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	80.6	90.9	87.9	104.0	-74.5
General and Administrative Expenses	65.2	53.9	51.3	49.8	-48.9
Operating Profit	40.9	68.8	77.2	141.4	109.9
Other Income	3.5	0.5	1.0	0.9	0.0
Other Expenses	9.7	0.5	0.1	0.8	0.0
Other Profit	-6.2	0.0	1.0	0.1	0.4
Profit Before Tax	34.7	68.8	78.1	141.5	110.3
Current Income Tax Expense	9.6	13.1	14.9	32.1	-22.5
Deferred Income Tax Expense	5.0	1.5	1.1	-3.5	0.0
Net Income	20.1	54.1	62.1	112.9	87.8
Non-controlling Interest	0.6	0.6	0.4	1.3	1.8
Profit Attributable to Parent	19.5	53.6	61.7	111.6	86.0
Earnings per Share	267.00	733.00	845.00	1,591.00	1,473.00
Diluted EPS	267.00	733.00	845.00	1,591.00	1,461.10

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,365.2	1,432.0	1,403.1	1,422.2	1,261.2
I. Cash and cash equivalents	21.4	51.1	23.5	52.9	41.3
1. Cash	11.4	51.1	23.5	52.9	0.0
2. Cash equivalents	10.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	232.8	214.8	204.1	248.5	0.0
1. Available for sale securities	104.8	104.8	94.8	94.8	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	128.0	110.0	109.4	153.7	0.0
III. Short-term receivables	695.0	773.6	773.5	776.4	233.6
1. Short-term trade accounts receivable	279.7	326.8	293.2	252.0	0.0
2. Short-term prepayments to suppliers	53.0	81.7	67.2	104.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	393.1	391.8	439.7	477.3	0.0
7. Provision for short-term doubtful debts (*)	-30.9	-26.8	-26.7	-57.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	360.4	345.8	365.0	315.1	308.2
1. Inventories	368.0	356.3	372.6	320.2	0.0
2. Provision for decline in value of inventories	-7.6	-10.5	-7.6	-5.2	0.0
V. Other short-term assets	55.6	46.8	37.0	29.4	22.1
1. Short-term prepayments	3.4	3.4	2.5	1.7	0.0
2. Value added tax to be reclaimed	48.2	42.3	34.1	27.4	0.0
3. Taxes and other receivables from state authorities	4.0	1.2	0.3	0.3	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,061.4	992.1	874.3	683.1	519.9
I. Long-term receivables	4.0	3.8	3.5	0.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.4
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	4.0	3.8	3.5	0.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	802.3	458.4	440.9	464.2	486.5
1. Tangible fixed assets	603.1	421.8	399.5	422.6	465.3
- Cost	1,171.6	939.7	884.2	875.0	0.0
- Accumulated depreciation	-568.4	-517.9	-484.6	-452.4	0.0
2. Financial leased fixed assets	177.0	13.5	18.1	20.6	0.0
- Cost	188.3	22.9	22.9	21.0	0.0
- Accumulated depreciation	-11.3	-9.4	-4.8	-0.3	0.0
3. Intangible fixed assets	22.2	23.1	23.3	21.0	21.2
- Cost	25.3	25.3	25.0	22.4	0.0
- Accumulated depreciation	-3.1	-2.2	-1.7	-1.4	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	231.9	514.3	416.8	206.2	25.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	231.9	514.3	416.8	206.2	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	23.3	15.7	13.2	11.8	0.0
1. Long-term prepayments	18.8	12.3	8.3	5.8	0.0
2. Deferred income tax assets	4.5	3.4	4.9	5.9	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	7.3
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)	2,426.7	2,424.1	2,277.5	2,105.3	1,781.0
A. LIABILITIES (300=210+330)	905.4	921.0	826.7	713.7	759.4
I. Short -term liabilities	672.1	655.0	618.1	554.1	652.8
1. Short-term trade accounts payable	67.5	105.3	66.1	36.8	31.1
2. Short-term advances from customers	1.6	4.6	4.6	2.8	1.2
3. Taxes and other payables to state authorities	10.5	14.3	15.8	14.1	0.0
4. Payable to employees	15.4	18.6	17.2	19.3	0.0
5. Short-term acrrued expenses	20.7	16.3	22.8	27.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	2.0	2.9	64.5	96.5	0.0
10. Short-term borrowings and financial leases	551.2	488.9	422.1	354.0	393.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.1	4.2	4.9	3.6	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	233.3	266.0	208.6	159.6	106.6
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	227.2	266.0	208.6	159.6	106.6
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	6.1	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)	1,521.3	1,503.2	1,450.8	1,391.7	1,021.7
I. Owner's equity	1,521.3	1,503.2	1,450.8	1,391.7	0.0
1. Owner's capital	730.4	730.4	730.4	730.4	1,021.7
- Common stock with voting right	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	588,328,240,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	220.4	220.4	220.4	220.4	7.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	550.9	533.4	481.6	422.8	374.7
- Accumulated retained earning at the end of the previous period	531.4	479.8	419.8	314.3	299.5
- Undistributed earnings in this period	19.5	53.6	61.7	108.6	75.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	19.6	19.0	18.4	18.0	51.4
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)	2,426.7	2,424.1	2,277.5	2,105.3	1,781.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	34.7	68.8	78.1	141.5	110.3
Depreciation of Fixed Assets and Investment Property	53.4	38.3	38.3	38.1	34.3
Provision (Increase)/Reversal	10.8	3.1	3.8	4.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	0.1	0.0
Gain/Loss from Investment Activities	-6.1	-5.6	-8.9	-25.6	0.0
Interest Expense	49.1	25.4	29.2	36.3	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	142.0	129.9	140.5	194.7	127.6
Increase/(Decrease) in Receivables	36.3	8.7	-14.7	-384.1	0.0
Increase/(Decrease) in Inventory	-21.3	16.3	-55.0	-9.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-37.4	-27.1	-1.5	-161.8	0.0
Increase/(Decrease) in Prepaid Expenses	-6.6	-4.8	-3.2	-1.0	0.0
Changes in Trading Securities	—	-10.0	0.0	-24.5	0.0
Interest Paid	-49.1	-25.4	-29.2	-36.0	0.0
Corporate Income Tax Paid	-13.1	-15.0	-12.6	-25.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.1	-2.7	-1.7	-2.3	0.0
Net Cash Flow from Operating Activities	47.8	69.8	22.5	-450.1	38.1
Payments for Fixed Assets and Other Long-term Assets	-88.0	-172.8	-222.9	-233.0	-152.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.4	0.3	0.0
Loans and Purchases of Debt Instruments	-128.0	-110.0	-98.7	-179.7	-2,108.1
Receipts from Loan Repayments and Sale of Debt Instruments	110.0	109.4	143.0	472.6	2,401.3
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	5.0	7.1	9.2	33.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-101.0	-166.4	-169.0	93.2	215.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	355,205,150,000.00	20,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,204.6	1,199.5	973.7	1,218.9	2,427.6
Repayment of Borrowings	-1,155.0	-1,052.0	-844.2	-1,205.6	-2,702.0
Repayment of Finance Leases	-26.0	-23.4	-12.3	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	23.6	124.1	117.1	368.5	-254.4
Net Cash Flow During the Period	-29.6	27.5	-29.3	11.6	30.0
Cash and Cash Equivalents at Beginning of Period	51.1	23.5	52.9	41.3	41.9
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	21.4	51.1	23.5	52.9	41.3

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	333.4	378.6	292.7	330.6	347.5	517.0	242.9	289.7	282.9	396.4	262.3	267.1
Revenue Deductions	9.3	6.0	7.0	7.3	7.5	6.8	7.3	6.7	5.0	7.3	3.0	8.3
Net Revenue	324.1	372.6	285.7	323.2	340.0	510.3	235.6	283.0	277.9	389.1	259.3	258.8
Cost of Goods Sold	285.3	318.2	251.1	288.3	259.7	444.3	200.3	243.1	214.5	307.5	224.3	216.6
Gross Profit	38.8	54.4	34.7	35.0	80.3	66.0	35.4	39.9	63.5	81.6	35.0	42.2
Financial Income	7.2	7.9	8.2	8.2	7.5	7.9	8.7	8.7	9.2	9.5	9.8	10.2
Financial Expenses	13.0	12.6	13.0	13.7	10.2	6.0	6.0	6.5	7.1	7.9	8.8	8.8
Interest Expense	13.0	12.6	13.0	13.5	10.1	6.0	6.0	6.5	7.0	6.8	7.6	7.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	15.2	24.6	19.3	16.2	20.5	29.1	20.4	21.7	19.8	31.9	23.0	9.6
General and Administrative Expenses	15.4	17.5	16.0	15.3	16.4	14.7	15.6	13.2	10.4	15.1	12.0	12.1
Operating Profit	2.3	7.6	-5.4	-2.0	40.7	24.1	2.1	7.2	35.4	36.2	0.9	21.9
Other Income	-0.0	0.3	0.4	0.3	2.5	0.1	0.2	0.1	0.1	0.1	0.1	0.5
Other Expenses	0.0	0.4	0.4	0.0	9.0	0.1	0.0	-7.1	7.4	0.0	0.0	0.0
Other Profit	-0.1	-0.1	0.0	0.3	-6.5	0.0	0.2	7.1	-7.3	0.1	0.0	0.5
Profit Before Tax	2.2	7.6	-5.4	-1.7	34.2	24.1	2.3	14.3	28.1	36.3	1.0	22.4
Current Income Tax Expense	0.3	1.6	-0.0	-1.4	9.4	5.3	-0.4	3.4	4.8	9.1	0.2	1.9
Deferred Income Tax Expense	3.6	2.2	0.4	2.8	-0.4	-0.3	1.1	-0.4	1.0	-1.8	0.1	2.6
Net Income	-1.7	3.8	-5.8	-3.1	25.2	19.1	1.6	11.2	22.3	28.9	0.7	17.8
Non-controlling Interest	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Profit Attributable to Parent	-1.8	3.7	-5.9	-3.2	25.0	18.9	1.4	11.1	22.1	28.9	0.6	17.7
Earnings per Share	-25.00	50.00	-81.00	-44.00	342.00	259.00	19.00	152.00	303.00	395.00	8.00	242.00
Diluted EPS	-24.99	50.07	-81.28	-44.04	342.45	259.10	19.36	151.85	303.13	395.01	7.88	242.45

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,308.7	1,365.2	1,431.9	1,493.3	1,402.6	1,432.0	1,428.6	1,495.4	1,513.8	1,403.1	1,422.7	1,451.2
I. Cash and cash equivalents	6.4	21.4	12.9	8.5	14.7	51.1	13.1	18.0	17.7	23.5	26.6	13.0
1. Cash	6.4	11.4	12.9	8.5	14.7	51.1	13.1	18.0	17.7	23.5	26.6	13.0
2. Cash equivalents	—	10.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	238.8	232.8	241.8	241.8	221.8	214.8	213.8	214.1	204.1	204.1	194.1	216.4
1. Available for sale securities	104.8	104.8	104.8	104.8	104.8	104.8	104.8	104.8	94.8	94.8	94.8	94.8
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	134.0	128.0	137.0	137.0	117.0	110.0	109.0	109.4	109.4	109.4	99.4	121.6
III. Short-term receivables	662.1	695.0	705.2	740.5	778.2	773.6	748.7	803.7	848.3	773.5	801.1	834.5
1. Short-term trade accounts receivable	295.8	279.7	260.5	305.3	356.2	326.8	266.5	299.7	332.1	293.2	209.7	217.2
2. Short-term prepayments to suppliers	44.7	53.0	43.2	31.2	36.2	81.7	83.3	102.4	98.7	67.2	180.0	181.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	393.1	431.3	431.9	413.6	391.8	426.3	428.1	444.0	439.7	438.0	463.2
7. Provision for short-term doubtful debts (*)	353.7	-30.9	-29.8	-27.9	-27.7	-26.8	-27.4	-26.5	-26.4	-26.7	-26.6	-27.1
8. Assets awaiting resolution	-32.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	343.3	360.4	413.7	444.9	337.9	345.8	401.6	416.3	401.9	365.0	366.6	354.8
1. Inventories	352.7	368.0	428.5	457.5	348.5	356.3	412.0	425.8	409.9	372.6	373.0	359.3
2. Provision for decline in value of inventories	-9.4	-7.6	-14.7	-12.5	-10.7	-10.5	-10.4	-9.5	-8.0	-7.6	-6.4	-4.5
V. Other short-term assets	58.1	55.6	58.2	57.5	50.1	46.8	51.4	43.2	41.8	37.0	34.2	32.6
1. Short-term prepayments	3.6	3.4	4.1	3.1	3.1	3.4	4.7	2.8	2.8	2.5	3.5	3.1
2. Value added tax to be reclaimed	49.8	48.2	52.1	51.9	43.7	42.3	45.7	39.4	37.4	34.1	30.2	29.2
3. Taxes and other receivables from state authorities	4.8	4.0	2.0	2.4	3.2	1.2	1.0	1.0	1.6	0.3	0.5	0.3
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)	1,089.1	1,055.3	1,056.3	1,051.8	1,060.4	992.1	968.0	920.1	900.1	874.3	693.0	687.6
I. Long-term receivables	4.1	4.0	4.0	4.0	3.7	3.8	3.8	3.7	4.1	3.5	3.5	3.5
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	—	4.0	4.0	4.0	3.7	3.8	3.8	3.7	4.1	3.5	3.5	3.5
7. Provision for long-term doubtful debts	4.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	800.5	802.3	802.0	805.8	807.8	458.4	413.5	423.0	432.3	440.9	450.3	457.0
1. Tangible fixed assets	604.0	603.1	599.8	600.6	774.3	421.8	375.6	383.9	392.2	399.5	407.6	413.3
- Cost	1,183.4	—	—	—	—	939.7	885.2	885.2	885.2	884.2	883.9	881.2
- Accumulated depreciation	-579.4	—	—	—	—	-517.9	-509.6	-501.3	-493.0	-484.6	-476.3	-467.9
2. Financial leased fixed assets	174.3	177.0	179.8	182.5	10.6	13.5	14.7	15.8	16.9	18.1	19.2	20.4
- Cost	188.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	22.2	22.2	22.4	22.7	23.0	23.1	23.2	23.3	23.2	23.3	23.4	23.3
- Cost	25.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.4	—	—	—	—	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	262.3	231.9	231.1	223.3	226.5	514.3	539.3	480.9	451.3	416.8	229.3	218.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	262.3	231.9	231.1	223.3	226.5	514.3	539.3	480.9	451.3	416.8	229.3	218.4
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	22.2	17.2	19.3	18.7	22.5	15.7	11.4	12.4	12.4	13.2	10.0	8.7
1. Long-term prepayments	18.8	18.8	18.7	17.7	17.9	12.3	8.2	8.2	8.5	8.3	6.9	5.5
2. Deferred income tax assets	3.4	-1.6	0.6	1.0	4.6	3.4	3.1	4.2	3.9	4.9	3.1	3.2
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,397.9	2,420.6	2,488.2	2,545.0	2,463.1	2,424.1	2,396.5	2,415.5	2,414.0	2,277.5	2,115.6	2,138.8
A. LIABILITIES (300=210+330)	878.3	899.3	970.7	1,021.8	934.7	921.0	912.7	933.2	933.7	826.7	693.8	717.6
I. Short -term liabilities	655.2	672.1	740.0	800.0	692.0	655.0	630.4	673.2	679.2	618.1	517.9	526.1
1. Short-term trade accounts payable	80.9	67.5	89.7	124.4	113.3	105.3	69.2	127.1	124.0	66.1	54.6	53.5
2. Short-term advances from customers	3.1	1.6	2.6	3.4	4.9	4.6	5.2	4.7	4.6	4.6	4.1	3.9
3. Taxes and other payables to state authorities	1.0	10.5	9.1	8.8	10.2	14.3	8.9	8.7	5.3	15.8	6.9	7.2
4. Payable to employees	13.9	15.4	14.4	13.9	13.5	18.6	15.0	13.7	12.7	17.2	15.1	12.6
5. Short-term acrrued expenses	9.3	20.7	18.0	10.9	16.6	16.3	14.1	17.1	17.4	22.8	13.3	13.2
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	3.8	2.0	2.0	1.9	2.0	2.9	45.5	55.4	58.6	64.5	75.3	77.5
10. Short-term borrowings and financial leases	540.1	551.2	600.8	633.2	529.8	488.9	468.3	442.1	454.0	422.1	343.5	353.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.0	3.1	3.3	3.5	1.5	4.2	4.3	4.4	2.5	4.9	5.0	5.3
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	223.1	227.2	230.7	221.7	242.7	266.0	282.3	260.0	254.5	208.6	175.9	191.5
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	214.5	227.2	230.7	221.7	241.9	266.0	282.3	260.0	254.5	208.6	175.9	191.5
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	8.6	—	—	—	0.8	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)	1,519.6	1,521.3	1,517.5	1,523.3	1,528.3	1,503.2	1,483.9	1,482.3	1,480.3	1,450.8	1,421.9	1,421.2
I. Owner's equity	1,519.6	1,521.3	1,517.5	1,523.3	1,528.3	1,503.2	1,483.9	1,482.3	1,480.3	1,450.8	1,421.9	1,421.2
1. Owner's capital	730.4	730.4	730.4	730.4	730.4	730.4	730.4	730.4	730.4	730.4	730.4	730.4
- Common stock with voting right	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00	730,410,300,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	220.4	220.4	220.4	220.4	220.4	220.4	220.4	220.4	220.4	220.4	220.4	220.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	549.1	550.9	547.2	553.2	558.4	533.4	514.2	512.8	510.9	481.6	452.7	452.1
- Accumulated retained earning at the end of the previous period	550.9	531.4	531.4	531.4	533.4	479.8	479.6	479.6	488.8	419.8	419.8	419.8
- Undistributed earnings in this period	-1.8	19.5	15.9	21.8	25.0	53.6	34.6	33.2	22.1	61.7	32.9	32.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	19.7	19.6	19.5	19.3	19.2	19.0	18.9	18.7	18.6	18.4	18.3	18.2
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)	2,397.9	2,420.6	2,488.2	2,545.0	2,463.1	2,424.1	2,396.5	2,415.5	2,414.0	2,277.5	2,115.6	2,138.8

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	2.2	7.6	-5.4	-1.7	34.2	24.1	2.3	14.3	28.1	36.3	1.0	22.4
Depreciation of Fixed Assets and Investment Property	14.0	13.8	13.7	13.7	12.1	9.6	9.5	9.6	9.6	9.6	9.6	9.6
Provision (Increase)/Reversal	3.9	3.5	4.1	2.0	1.1	-0.5	1.8	1.5	0.2	1.3	1.4	0.8
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.1	0.1	0.0	0.0	0.0	-0.0	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.6	-1.7	-1.6	-1.6	-1.3	-1.3	-1.3	-1.4	-1.7	-1.7	-2.4	-2.5
Interest Expense	13.0	12.6	13.0	13.5	10.1	6.0	6.0	6.5	7.0	6.8	7.6	7.3
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	31.5	35.9	23.7	26.1	56.3	37.9	18.4	30.4	43.1	52.2	17.3	37.4
Increase/(Decrease) in Receivables	18.5	18.8	39.8	77.7	-100.0	-25.9	30.1	49.6	-45.1	-81.5	37.4	-7.6
Increase/(Decrease) in Inventory	15.3	50.9	29.0	-108.9	7.7	55.7	13.8	-15.9	-37.3	0.4	-13.7	-33.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.0	-6.5	-19.2	-36.9	25.2	-1.8	-65.5	-12.9	53.1	13.3	0.6	17.7
Increase/(Decrease) in Prepaid Expenses	-0.1	0.5	-1.9	0.4	-5.6	-2.7	-2.0	0.3	-0.5	-0.4	-1.8	-1.2
Changes in Trading Securities	-9.9	—	—	—	—	0.0	0.0	-10.0	0.0	0.0	0.0	0.0
Interest Paid	-10.6	-12.5	-13.0	-13.4	-10.1	-5.9	-6.0	-6.5	-6.9	-6.8	-7.7	-7.2
Corporate Income Tax Paid	-2.1	-0.0	-0.0	0.0	-13.1	0.0	0.0	-0.1	-14.9	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	-0.1	-0.2	-0.2	-0.1	-2.6	-0.1	-0.2	-0.1	-2.4	-0.1	-0.2	-0.6
Net Cash Flow from Operating Activities	49.5	86.8	58.3	-55.2	-42.1	57.2	-11.3	34.9	-11.0	-22.9	31.8	5.3
Payments for Fixed Assets and Other Long-term Assets	-34.9	-34.8	-32.4	-14.9	-5.9	-23.1	-44.7	-29.2	-75.8	-81.7	-19.5	-66.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
Loans and Purchases of Debt Instruments	-65.3	-4.0	-40.7	-35.0	-48.3	-13.0	-40.7	-15.0	-41.3	-12.0	-20.4	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	57.3	13.0	40.7	15.0	41.3	12.0	41.0	15.0	41.3	2.0	42.6	33.1
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	2.3	0.6	2.0	0.7	1.8	0.6	2.3	1.0	3.3	0.2	4.2	1.2
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	-40.6	-25.2	-30.4	-34.2	-11.2	-23.5	-42.1	-28.3	-72.5	-91.5	7.0	-47.2
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	261.6	284.4	281.6	380.5	258.1	386.7	272.7	277.7	262.3	333.2	195.7	199.9
Repayment of Borrowings	-279.3	-331.4	-298.9	-291.2	-233.5	-376.3	-218.2	-278.2	-179.3	-217.5	-217.3	-162.6
Repayment of Finance Leases	-6.1	-6.1	-6.1	-6.1	-7.7	-6.1	-6.0	-5.8	-5.4	-4.4	-3.5	-4.4
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	-23.8	-53.1	-23.4	83.2	16.9	4.2	48.5	-6.4	77.7	111.3	-25.1	32.9
Net Cash Flow During the Period	-15.0	8.5	4.4	-6.2	-36.4	38.0	-4.9	0.3	-5.8	-3.1	13.6	-9.0
Cash and Cash Equivalents at Beginning of Period	21.4	12.9	8.5	14.7	51.1	23.5	23.5	23.5	23.5	52.9	52.9	52.9
FX Difference from Revaluation	0.0	-0.0	0.0	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	6.4	21.4	12.9	8.5	14.7	51.1	13.1	18.0	17.7	23.5	26.6	13.0

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DCL

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