DHT

Dược phẩm Hà Tây ·HNX ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 1.78%, −2.21pp YoY

Price

66,900

Latest close

03 Jun 2026

P/E 137.64x

P/B 5.41x

EPS 486

BVPS 12,365

ROE 3.8%

ROA 2.2%

Profit Margin 1.7%

Asset Turnover 1.34x

Equity Mult. 1.68x

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

What Is Changing

On a TTM 2026Q1 basis, DHT is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,475bn
	                                
+19.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 44bn
	                                
−46.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,402.0	2,086.4	1,999.3	1,837.4	1,609.4
Growth	+15%	+4%	+9%	+14%	—
Net Income	59.0	75.2	89.0	99.0	71.4
Net Margin	2.46%	3.60%	4.45%	5.39%	4.44%

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	568.8	692.9	638.8	574.4	496.0	542.4	544.5	493.8	505.7	474.2	478.8	547.1
Growth	-18%	+8%	+11%	+16%	-9%	-0%	+10%	-2%	+7%	-1%	-12%	—
Net Income	9.0	10.2	11.5	13.4	23.9	20.4	20.3	18.4	16.2	16.8	18.7	26.0
Net Margin	1.58%	1.47%	1.80%	2.33%	4.82%	3.75%	3.72%	3.73%	3.19%	3.55%	3.91%	4.74%

Drivers of DHT's profit

TTM

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

Tax ↓ 10.2bn

Gross profit ↓ 35.4bn

Selling expenses ↑ 14.2bn

TTM

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

Administrative expenses ↓ 8.4bn

Tax ↓ 3.8bn

Minority interests ↓ 2.7bn

Gross profit ↓ 17.4bn

Selling expenses ↑ 5.2bn

Financial income ↓ 3.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.8% = 4.0% × 1.09 × 1.79

2026Q1 4.0% = 1.8% × 1.34 × 1.68

ROE fell from 7.8% to 4.0% — leverage weakened the most, though asset turnover still provided support.

Net margin: 1.8% -2.2pp Asset turnover: 1.34x +0.25x Leverage: 1.68x -0.11x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 1.78%, losing 2.2pp. The main pressure is Gross margin fell 3.2pp, outweighing the improvement in SG&A / Revenue fell 0.5pp (with additional support from Net financial result / Revenue rose 0.1pp and Other profit / Revenue rose 0.0pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 1.78% −2.2pp

Gross Margin 7.75% −3.2pp

SG&A / Revenue 6.68% −0.5pp

Non-core / Revenue 0.95% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Margin support from other income remains high (42.5% of PBT) — sustainability should be monitored.

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 2.28%, losing 2.9pp. That translates to 2.28 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.3pp, 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 2.28% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.28% −2.9pp

NOPAT Margin 1.26% −2.3pp

Capital Turnover 1.80x +0.32x

Average Invested Capital 1,372.3bn −31.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.74x equity, net debt at 0.15x equity.

Inventory ended the period at 513.4bn, roughly 26.6% of total assets.

Over the last 12 months, working capital released 109.3bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −9.6bn

Inventories decreased → higher CFO: +167.4bn

Payables decreased → lower CFO: −48.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.3 days versus the same period last year. The main moves came from DIO fell 21.2 days, DSO fell 1.9 days, and DPO fell 8.8 days.

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

Working Capital Efficiency

Receivables 15.9 days −1.9 days

Inventory 75.3 days −21.2 days

Payables 32.6 days −8.8 days

Cash Conversion Cycle 58.6 days −14.3 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.15x and interest coverage at 2.07x.

At present, short-term debt accounts for 73.0% of total debt, cash equals 45.0% of debt, and total debt stands at 307.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 73.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.15x −0.20x

Interest Coverage 2.07x −2.75x

Cash / Debt 45.0% +30.5pp

Short-term Debt / Total Debt 73.0% −4.9pp

CFO / NI 3.90x +3.91x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 225.7bn in 2025, against investing cash flow of -94.5bn.

Post-investment cash flow was positive +131.2bn. Financing cash flow was negative +137.1bn.

CFO / net income was 3.90x.

After spending +37.6bn on fixed-asset investment, the business generated trailing free cash flow of +123.8bn.

Cash Conversion

CFO TTM 161.4bn +162.1bn

Cash Capex 37.6bn −23.5bn

FCF TTM +123.8bn +185.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is 14.5%. The main risk still sits in core profitability, with net margin down 2.2 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 185.6bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.90x. Even so, net financial result still accounts for 14.5% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.78% after a 2.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,402.7	2,087.1	2,000.6	1,837.5	1,609.5
Revenue Deductions	0.7	0.7	1.3	0.1	0.0
Net Revenue	2,402.0	2,086.4	1,999.3	1,837.4	1,609.4
Cost of Goods Sold	2,192.9	1,866.5	1,796.0	1,650.1	0.0
Gross Profit	209.2	219.8	203.3	187.3	154.0
Financial Income	30.2	19.5	19.6	25.1	30.7
Financial Expenses	19.8	20.1	23.7	16.4	-14.1
Interest Expense	13.1	13.4	20.1	14.3	-13.8
Share of Associates and Joint Ventures	7.4	6.8	4.2	3.0	2.0
Selling Expenses	36.6	30.1	27.2	23.6	-25.9
General and Administrative Expenses	131.9	113.2	76.9	61.2	-66.1
Operating Profit	58.5	82.7	99.3	114.1	80.7
Other Income	15.7	13.7	11.4	9.5	0.0
Other Expenses	0.9	1.2	0.3	0.3	0.0
Other Profit	14.8	12.5	11.1	9.1	8.8
Profit Before Tax	73.3	95.2	110.3	123.2	89.5
Current Income Tax Expense	15.5	20.0	21.4	24.3	-18.1
Deferred Income Tax Expense	-1.2	0.0	0.0	0.0	0.0
Net Income	59.0	75.2	89.0	99.0	71.4
Non-controlling Interest	5.4	3.4	3.9	3.8	3.4
Profit Attributable to Parent	53.7	71.8	85.1	95.2	67.9
Earnings per Share	645.00	872.00	1,682.00	3,604.00	2,572.83
Diluted EPS	592.40	871.63	1,032.96	3,605.28	2,572.83

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	896.7	924.9	1,008.7	1,010.9	1,007.3
I. Cash and cash equivalents	84.3	90.3	301.8	93.1	59.7
1. Cash	74.0	70.3	261.8	93.1	0.0
2. Cash equivalents	10.3	20.0	40.0	0.0	0.0
II. Short-term financial investments	150.0	90.0	80.0	53.0	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	150.0	90.0	80.0	53.0	0.0
III. Short-term receivables	149.0	192.4	232.8	367.3	249.1
1. Short-term trade accounts receivable	111.6	127.4	91.1	114.6	0.0
2. Short-term prepayments to suppliers	37.8	59.4	135.6	248.8	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	3.4	8.9	9.8	8.6	0.0
7. Provision for short-term doubtful debts (*)	-3.9	-3.3	-3.8	-4.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	513.4	527.9	378.9	460.6	339.7
1. Inventories	513.4	529.9	380.9	462.6	0.0
2. Provision for decline in value of inventories	—	-2.0	-2.0	-2.0	0.0
V. Other short-term assets	—	24.3	15.2	36.8	8.8
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	23.7	14.5	36.5	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.7	0.0	0.0
4. Government bonds	—	0.6	0.0	0.3	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)	1,035.2	1,001.4	829.6	458.6	230.3
I. Long-term receivables	6.4	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	6.4	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	174.9	187.4	154.3	142.2	149.6
1. Tangible fixed assets	173.5	186.0	152.9	140.6	147.8
- Cost	446.5	438.4	385.3	358.9	0.0
- Accumulated depreciation	-273.0	-252.5	-232.4	-218.3	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	1.4	1.4	1.4	1.6	1.8
- Cost	2.0	2.0	2.0	2.0	0.0
- Accumulated depreciation	-0.7	-0.7	-0.7	-0.4	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	827.2	790.1	638.9	301.5	64.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	827.2	790.1	638.9	301.5	0.0
V. Long-term financial investments	19.9	19.3	34.0	11.1	9.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	19.9	19.3	14.0	11.1	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	20.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.8	4.6	2.5	3.8	0.0
1. Long-term prepayments	5.6	4.6	2.5	3.8	0.0
2. Deferred income tax assets	1.2	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	6.3
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)	1,931.9	1,926.3	1,838.3	1,469.5	1,237.6
A. LIABILITIES (300=210+330)	820.7	869.5	771.1	670.7	484.2
I. Short -term liabilities	734.0	767.8	596.0	563.1	479.1
1. Short-term trade accounts payable	261.3	235.2	146.3	196.5	114.0
2. Short-term advances from customers	178.0	131.6	97.9	105.3	53.4
3. Taxes and other payables to state authorities	5.5	6.1	5.0	8.8	0.0
4. Payable to employees	28.1	15.7	6.9	10.9	0.0
5. Short-term acrrued expenses	0.2	0.2	0.1	0.1	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	6.4	0.9	1.0	0.8	0.6
9. Other short-term payables	0.8	0.6	0.7	1.0	0.0
10. Short-term borrowings and financial leases	250.0	373.3	333.5	234.6	289.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.9	4.2	4.5	5.2	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	86.7	101.8	175.1	107.5	5.2
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	3.6	4.9	4.9	5.3	0.0
8. Long-term borrowings and financial leases	83.1	96.9	170.2	102.2	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	—	0.0	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)	1,111.2	1,056.8	1,067.1	798.8	753.3
I. Owner's equity	1,111.2	1,056.8	1,067.1	798.8	0.0
1. Owner's capital	905.8	823.4	823.4	264.1	753.3
- Common stock with voting right	905,755,510,000.00	823,417,730,000.00	823,417,730,000.00	264,088,280,000.00	264,088,280,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	37.3	97.3	97.3	315.9	315.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	26.6	26.6	26.6	119.6	78.8
5. Treasury shares	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	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	10.7	10.7	10.7	10.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	110.4	79.5	88.3	71.1	68.3
- Accumulated retained earning at the end of the previous period	56.7	47.9	3.2	0.0	0.4
- Undistributed earnings in this period	53.7	31.7	85.1	71.1	67.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	28.5	27.2	28.9	25.5	23.6
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)	1,931.9	1,926.3	1,838.3	1,469.5	1,237.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	73.3	95.2	110.3	123.2	25.9
Depreciation of Fixed Assets and Investment Property	24.1	20.5	17.1	17.4	3.7
Provision (Increase)/Reversal	-1.4	-0.5	-0.9	-1.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	1.3	1.3	-0.6	0.0
Gain/Loss from Investment Activities	-20.4	-14.5	-4.6	-9.9	0.0
Interest Expense	13.1	13.4	20.1	14.3	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	88.7	115.5	143.3	142.6	29.1
Increase/(Decrease) in Receivables	62.4	29.0	147.5	-159.5	0.0
Increase/(Decrease) in Inventory	16.5	-149.0	81.7	-120.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	88.5	67.3	-55.8	133.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.0	-2.1	1.2	2.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.1	-13.4	-20.1	-14.4	0.0
Corporate Income Tax Paid	-16.0	-18.9	-26.1	-21.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.3	-0.9	-1.8	0.0
Net Cash Flow from Operating Activities	225.7	28.0	270.8	-39.5	-21.4
Payments for Fixed Assets and Other Long-term Assets	-48.8	-143.1	-366.5	-246.6	-62.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	0.3	0.1	0.0
Loans and Purchases of Debt Instruments	-220.0	-230.0	-100.0	-203.0	-350.0
Receipts from Loan Repayments and Sale of Debt Instruments	160.0	240.0	53.0	500.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	8.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.1	7.2	3.6	26.3	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	-94.5	-125.8	-409.6	76.8	-412.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	180,600,000,000.00	0.00	367,749,040,617.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	648.8	746.9	782.4	774.5	741.5
Repayment of Borrowings	-785.9	-780.4	-615.5	-727.1	-656.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-80.2	0.0	-51.3	-20.4
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	-137.1	-113.7	347.5	-3.9	432.6
Net Cash Flow During the Period	-5.9	-211.5	208.6	33.5	-22.0
Cash and Cash Equivalents at Beginning of Period	90.3	301.8	93.1	59.7	60.5
FX Difference from Revaluation	-0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	84.3	90.3	301.8	93.1	59.7

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	568.9	693.2	639.0	574.6	496.0	542.9	544.5	493.9	505.8	474.5	479.8	547.1
Revenue Deductions	0.0	0.3	0.2	0.2	0.0	0.5	0.0	0.2	0.1	0.3	1.0	0.0
Net Revenue	568.8	692.9	638.8	574.4	496.0	542.4	544.5	493.8	505.7	474.2	478.8	547.1
Cost of Goods Sold	530.0	640.7	589.1	523.3	439.8	479.5	488.5	441.7	456.8	426.1	432.1	491.3
Gross Profit	38.8	52.1	49.7	51.1	56.2	62.9	56.0	52.0	48.9	48.0	46.7	55.7
Financial Income	7.5	8.3	5.7	5.7	10.6	4.8	5.6	3.8	5.4	3.5	4.5	4.9
Financial Expenses	3.1	2.9	3.7	9.4	3.8	5.1	3.3	6.9	4.8	4.4	6.6	7.6
Interest Expense	2.9	2.8	3.2	3.4	3.7	3.8	3.2	2.8	3.6	2.4	6.4	6.2
Share of Associates and Joint Ventures	0.7	0.9	1.5	2.2	2.8	2.9	1.3	1.2	1.4	0.9	0.9	1.2
Selling Expenses	12.5	13.2	7.7	8.4	7.3	7.5	7.0	5.9	9.7	6.1	6.8	6.3
General and Administrative Expenses	23.9	35.5	35.6	28.5	32.3	33.0	30.8	25.0	24.5	24.0	18.6	17.9
Operating Profit	7.4	9.7	9.9	12.5	26.3	24.9	21.8	19.2	16.7	17.9	20.1	30.0
Other Income	3.6	4.1	4.2	3.8	3.7	3.5	3.5	3.6	3.2	2.9	3.2	2.5
Other Expenses	0.0	0.2	—	0.0	0.6	1.1	0.1	0.0	0.0	0.0	0.1	0.1
Other Profit	3.6	3.8	4.2	3.8	3.0	2.4	3.4	3.6	3.1	2.9	3.0	2.4
Profit Before Tax	11.1	13.6	14.1	16.3	29.3	27.3	25.2	22.8	19.8	20.8	23.1	32.4
Current Income Tax Expense	1.6	4.6	2.6	2.9	5.4	6.9	5.0	4.4	3.7	3.9	4.4	6.4
Deferred Income Tax Expense	0.5	-1.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.0	10.2	11.5	13.4	23.9	20.4	20.3	18.4	16.2	16.8	18.7	26.0
Non-controlling Interest	-0.1	4.0	-1.5	0.2	2.6	1.3	0.9	-0.2	1.5	1.2	0.8	0.8
Profit Attributable to Parent	9.0	6.2	13.0	13.2	21.3	19.1	19.4	18.7	14.6	15.6	17.9	25.1
Earnings per Share	99.89	68.03	157.99	160.13	258.69	231.66	235.30	226.84	177.84	189.25	242.56	340.05
Diluted EPS	99.89	68.03	157.99	160.13	258.69	231.66	235.30	226.84	177.84	189.25	242.56	340.05

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)	737.8	892.8	975.9	983.0	899.4	924.9	810.2	837.2	956.8	1,008.7	781.2	845.2
I. Cash and cash equivalents	138.5	84.3	47.2	157.1	63.8	90.3	89.3	82.5	196.8	301.8	76.6	70.4
1. Cash	128.2	74.0	47.2	77.1	63.8	70.3	89.3	82.5	176.8	261.8	76.6	70.4
2. Cash equivalents	10.3	10.3	—	80.0	—	20.0	0.0	0.0	20.0	40.0	0.0	0.0
II. Short-term financial investments	60.0	150.0	160.0	70.0	140.0	90.0	130.0	140.0	140.0	80.0	80.0	50.0
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	60.0	150.0	160.0	70.0	140.0	90.0	130.0	140.0	140.0	80.0	80.0	50.0
III. Short-term receivables	152.1	149.0	180.3	200.0	139.7	192.4	169.5	171.4	178.7	232.8	230.1	264.6
1. Short-term trade accounts receivable	111.6	111.6	143.0	123.0	104.4	127.4	116.0	93.9	98.3	91.1	111.9	132.5
2. Short-term prepayments to suppliers	42.8	37.8	32.3	71.9	30.6	59.4	49.3	72.6	75.1	135.6	109.1	118.6
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	1.6	3.4	8.4	8.6	8.0	8.9	9.7	10.4	9.2	9.8	13.3	17.6
7. Provision for short-term doubtful debts (*)	-3.9	-3.9	-3.5	-3.5	-3.3	-3.3	-5.4	-5.4	-3.8	-3.8	-4.2	-4.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	387.2	509.5	584.3	551.6	552.5	527.9	398.2	423.0	421.1	378.9	381.9	410.2
1. Inventories	387.2	509.5	586.3	553.6	554.5	529.9	400.2	424.9	423.1	380.9	383.9	412.2
2. Provision for decline in value of inventories	—	—	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0
V. Other short-term assets	—	—	4.1	4.2	3.4	24.3	23.2	20.3	20.1	15.2	12.6	50.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	2.5	3.6	2.8	23.7	22.0	19.7	19.3	14.5	12.6	49.8
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.9	0.7	0.1	0.1
4. Government bonds	—	—	1.6	0.6	0.6	0.6	1.2	0.6	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)	1,038.4	1,035.2	1,022.0	1,020.5	1,014.9	1,001.4	975.0	928.4	928.0	829.6	750.0	702.2
I. Long-term receivables	6.4	6.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	6.4	6.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	170.0	174.9	179.9	183.9	188.7	187.4	182.4	169.2	158.5	154.3	156.3	151.7
1. Tangible fixed assets	168.6	173.5	178.5	182.5	187.3	186.0	181.0	167.8	157.2	152.9	154.9	150.2
- Cost	442.9	—	—	—	—	438.4	427.7	409.5	394.2	385.3	383.9	374.9
- Accumulated depreciation	-274.3	—	—	—	—	-252.5	-246.7	-241.8	-237.0	-232.4	-229.0	-224.7
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	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.5
- Cost	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	835.9	827.2	819.3	812.7	804.3	790.1	774.2	741.8	733.2	638.9	577.8	534.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	835.9	827.2	819.3	812.7	804.3	790.1	774.2	741.8	733.2	638.9	577.8	534.8
V. Long-term financial investments	20.3	19.9	19.0	19.5	17.4	19.3	16.5	15.3	34.1	34.0	13.6	12.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	20.3	19.9	19.0	19.5	17.4	19.3	16.5	15.3	14.1	14.0	13.6	12.7
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	20.0	20.0	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	5.9	6.8	3.8	4.4	4.6	4.6	1.9	2.2	2.2	2.5	2.3	3.0
1. Long-term prepayments	5.2	5.6	3.8	4.4	4.6	4.6	1.9	2.2	2.2	2.5	2.3	3.0
2. Deferred income tax assets	0.7	1.2	—	—	—	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	—	—	—	—	—	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)	1,776.2	1,928.0	1,997.9	2,003.5	1,914.3	1,926.3	1,785.2	1,765.5	1,884.9	1,838.3	1,531.2	1,547.4
A. LIABILITIES (300=210+330)	656.2	816.8	896.9	911.0	834.2	869.5	708.7	709.3	845.0	771.1	661.2	696.1
I. Short -term liabilities	569.6	730.1	796.2	809.2	732.4	767.8	593.1	593.6	627.2	596.0	513.9	575.3
1. Short-term trade accounts payable	179.8	257.3	320.5	305.5	228.3	235.2	147.0	135.6	191.6	146.3	148.6	166.1
2. Short-term advances from customers	134.9	178.0	160.1	151.5	129.1	131.6	102.8	165.9	114.8	97.9	63.1	67.1
3. Taxes and other payables to state authorities	2.0	5.5	2.8	3.3	6.0	6.1	4.9	4.7	3.8	5.0	4.5	6.8
4. Payable to employees	20.6	28.1	23.3	14.8	17.7	15.7	21.2	14.8	12.1	6.9	20.5	17.9
5. Short-term acrrued expenses	0.2	0.2	1.2	2.1	1.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1
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	4.8	6.4	1.3	1.5	2.9	0.9	2.0	1.8	2.9	1.0	2.0	1.7
9. Other short-term payables	1.4	0.8	0.9	0.8	0.9	0.6	1.0	1.0	1.2	0.7	1.3	1.1
10. Short-term borrowings and financial leases	224.6	250.0	282.2	325.7	342.3	373.3	309.7	265.5	296.2	333.5	269.2	309.6
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	1.3	3.9	4.0	4.0	4.2	4.2	4.2	4.3	4.5	4.5	4.6	4.9
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	86.6	86.7	100.7	101.8	101.8	101.8	115.7	115.7	217.9	175.1	147.3	120.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	3.5	3.6	3.8	4.8	4.9	4.9	4.9	4.9	4.9	4.9	4.9	5.3
8. Long-term borrowings and financial leases	83.1	83.1	96.9	96.9	96.9	96.9	110.8	110.8	213.0	170.2	142.4	115.4
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)	1,119.9	1,111.2	1,101.0	1,092.5	1,080.1	1,056.8	1,076.5	1,056.2	1,039.8	1,067.1	870.0	851.3
I. Owner's equity	1,119.9	1,111.2	1,101.0	1,092.5	1,080.1	1,056.8	1,076.5	1,056.2	1,039.8	1,067.1	870.0	851.3
1. Owner's capital	905.8	905.8	823.4	823.4	823.4	823.4	823.4	823.4	823.4	823.4	739.4	739.4
- Common stock with voting right	905,755,510,000.00	905,755,510,000.00	823,417,730,000.00	823,417,730,000.00	823,417,730,000.00	823,417,730,000.00	823,417,730,000.00	823,417,730,000.00	823,417,730,000.00	823,417,730,000.00	739,417,730,000.00	739,417,730,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	37.3	37.3	97.3	97.3	97.3	97.3	97.3	97.3	97.3	97.3	1.0	1.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	2.2	26.6	26.6	26.6	26.6	26.6	26.6	26.6	26.6	26.6	26.6	26.6
5. Treasury shares	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00	-8,083,874,357.00
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	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	143.5	110.4	126.5	113.5	100.3	79.5	100.6	81.2	62.8	88.3	72.8	54.9
- Accumulated retained earning at the end of the previous period	134.5	56.7	79.0	79.0	79.0	47.9	47.9	47.9	48.2	3.2	3.4	3.4
- Undistributed earnings in this period	9.0	53.7	47.5	34.5	21.3	31.7	52.7	33.3	14.6	85.1	69.5	51.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	28.5	28.5	24.5	29.0	29.8	27.2	25.9	25.1	27.0	28.9	27.5	26.7
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)	1,776.2	1,928.0	1,997.9	2,003.5	1,914.3	1,926.3	1,785.2	1,765.5	1,884.9	1,838.3	1,531.2	1,547.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	11.1	13.6	14.1	16.3	29.3	27.3	25.2	22.8	19.8	20.8	23.1	32.4
Depreciation of Fixed Assets and Investment Property	6.2	9.1	3.1	6.3	5.7	6.2	4.9	4.7	4.6	6.2	2.7	4.7
Provision (Increase)/Reversal	—	-1.6	0.0	0.2	—	-2.1	0.0	1.7	0.0	-0.4	0.0	-0.5
FX Gain/Loss from Revaluation of Monetary Items	—	-0.3	-5.0	5.3	—	2.8	-2.7	1.2	0.0	1.3	0.2	-0.2
Gain/Loss from Investment Activities	-2.4	-3.9	-3.5	-3.8	-9.2	-3.8	-6.2	-0.4	-4.1	1.8	-4.1	0.3
Interest Expense	2.9	2.8	3.2	3.4	3.7	3.8	3.2	2.8	3.6	2.4	6.4	6.2
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	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	17.7	19.5	11.9	27.8	29.5	34.2	24.4	32.9	24.0	32.1	28.3	42.9
Increase/(Decrease) in Receivables	-0.6	17.4	36.0	-62.5	71.4	-22.6	-1.1	-6.7	59.3	-13.2	69.2	20.4
Increase/(Decrease) in Inventory	126.2	72.9	-32.7	1.0	-24.7	-129.7	24.7	-1.8	-42.2	3.0	28.3	119.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-139.7	-18.7	8.7	101.1	-2.6	45.2	18.3	-55.0	58.7	126.1	-17.0	-201.4
Increase/(Decrease) in Prepaid Expenses	0.5	-1.8	0.5	0.2	0.0	-2.7	0.2	0.1	0.3	-0.2	0.7	0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	2.7	-1.8	-4.2	-2.5	-4.7	-3.8	-3.1	-2.9	-3.6	-2.5	-6.4	-6.1
Corporate Income Tax Paid	-4.6	-2.6	-2.9	-5.4	-5.1	-6.4	-4.9	-3.7	-3.9	-4.4	-6.4	-6.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.8	-0.1	-0.0	-0.2	-0.0	-0.0	-0.1	-0.2	-0.0	-0.3	-0.6	-0.0
Net Cash Flow from Operating Activities	-0.4	84.9	17.3	59.6	63.9	-85.7	58.4	-37.3	92.6	140.7	96.1	-31.3
Payments for Fixed Assets and Other Long-term Assets	-10.0	-11.3	3.0	-19.3	-21.1	34.6	-108.9	34.4	-103.2	-167.9	-50.3	14.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	—	200.0	-350.0	110.0	-180.0	80.0	-170.0	0.0	-140.0	-20.0	-80.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	90.0	-190.0	260.0	-43.3	133.3	-40.0	180.0	20.0	80.0	0.0	50.0	0.0
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	8.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	-0.4	3.3	-5.2	8.4	1.4	2.9	-4.7	7.6	-2.3	5.8	-0.9
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	80.0	-1.7	-83.8	50.3	-59.4	76.0	-95.9	49.7	-155.6	-190.2	-74.5	13.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	180,600,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	143.3	124.7	142.8	221.3	159.9	303.1	119.2	196.7	127.9	249.0	175.7	212.8
Repayment of Borrowings	-168.7	-170.8	-186.3	-237.9	-191.0	-253.4	-75.0	-329.6	-122.5	-156.9	-189.1	-181.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	-39.0	0.0	6.2	-47.4	2.1	-2.1	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	-25.4	-46.1	-43.5	-16.6	-31.0	10.7	44.2	-126.7	-41.9	274.7	-15.5	30.9
Net Cash Flow During the Period	54.1	37.1	-109.9	93.3	-26.5	1.0	6.7	-114.3	-105.0	225.2	6.1	13.0
Cash and Cash Equivalents at Beginning of Period	84.3	47.2	157.1	63.8	90.3	301.8	301.8	301.8	301.8	93.1	93.1	93.1
FX Difference from Revaluation	—	-0.0	—	0.0	—	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	138.5	84.3	47.2	157.1	63.8	90.3	89.3	82.5	196.8	301.8	76.6	70.4

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DHT

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