DQC

Tập đoàn Điện Quang ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 1.56%, +13.81pp YoY

Price

9,810

Latest close

03 Jun 2026

P/E 21.73x

P/B 0.43x

EPS 451

BVPS 22,901

ROE 2.0%

ROA 1.3%

Profit Margin 1.5%

Asset Turnover 0.83x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, DQC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,026bn
	                                
+29.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 16bn
	                                
+116.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    80.7%

Metric	2025	2024	2023	2022	2021
Revenue	919.8	813.6	859.0	989.6	733.8
Growth	+13%	-5%	-13%	+35%	—
Net Income	4.9	-121.9	-33.4	14.9	24.7
Net Margin	0.53%	-14.98%	-3.89%	1.50%	3.37%

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	278.9	321.7	240.6	185.1	170.7	228.7	214.6	176.6	169.1	206.0	217.8	236.7
Growth	-13%	+34%	+30%	+8%	-25%	+7%	+22%	+4%	-18%	-5%	-8%	—
Net Income	10.2	1.9	0.0	3.9	3.0	-96.2	-4.9	1.2	0.2	-21.3	-11.2	1.4
Net Margin	3.65%	0.58%	0.00%	2.13%	1.75%	-42.06%	-2.27%	0.70%	0.13%	-10.35%	-5.14%	0.57%

Drivers of DQC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 107.4bn

Gross profit ↑ 33.7bn

Other profit ↑ 16.7bn

Finance costs ↑ 26.3bn

Selling expenses ↑ 18.2bn

TTM

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

Gross profit ↑ 17.3bn

Financial income ↑ 2.4bn

Associates income ↑ 1.4bn

Selling expenses ↑ 7.2bn

Administrative expenses ↑ 6.1bn

Tax ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -11.5% = -12.2% × 0.57 × 1.64

2026Q1 2.0% = 1.6% × 0.83 × 1.57

ROE rose from -11.5% to 2.0% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 1.6% +13.8pp Asset turnover: 0.83x +0.26x Leverage: 1.57x -0.07x

Is the profit sustainable?

Margins improved (+13.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 1.56%, rising 13.8pp. Core operating signals are improving as SG&A / Revenue fell 17.1pp are enough to offset pressure from Gross margin fell 2.2pp (in addition, Other profit / Revenue rose 1.6pp added support while Net financial result / Revenue fell 2.6pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 1.56% +13.8pp

Gross Margin 21.79% −2.2pp

SG&A / Revenue 19.53% −17.1pp

Non-core / Revenue -0.48% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.1pp, financial result still accounts for 80.7% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 198.3 days.

Is capital being deployed efficiently?

ROIC expanded to 0.35%, rising 9.7pp. That translates to 0.35 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 12.4pp and capital turnover rose 0.39x, while invested capital contracted by 144bn — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 0.35% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.35% +9.7pp

NOPAT Margin 0.30% +12.4pp

Capital Turnover 1.16x +0.39x

Average Invested Capital 883.3bn −143.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.45x equity, net debt at 0.06x equity.

Inventory ended the period at 296.8bn, roughly 26.2% of total assets.

Over the last 12 months, working capital released 65.1bn 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: +141.9bn

Inventories increased → lower CFO: −12.4bn

Payables decreased → lower CFO: −64.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 111.5 days versus the same period last year. The main moves came from DIO fell 55.4 days, DSO fell 62.1 days, and DPO fell 6.0 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 198.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 102.2 days −62.1 days

Inventory 144.5 days −55.4 days

Payables 48.4 days −6.0 days

Cash Conversion Cycle 198.3 days −111.5 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 0.06x and interest coverage only at 0.14x.

At present, short-term debt accounts for 97.0% of total debt, cash equals 47.5% of debt, and total debt stands at 95.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.14x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 97.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.06x −0.12x

Interest Coverage 0.14x +19.94x

Cash / Debt 47.5% +26.1pp

Short-term Debt / Total Debt 97.0% −1.0pp

CFO / NI 6.09x +6.97x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 75.9bn in 2025, against investing cash flow of 2.6bn.

Post-investment cash flow was positive +78.5bn. Financing cash flow was negative +75.9bn.

CFO / net income was 6.09x.

After spending +12.8bn on fixed-asset investment, the business generated trailing free cash flow of +81.7bn.

Cash Conversion

CFO TTM 94.5bn +8.5bn

Cash Capex 12.8bn —

FCF TTM +81.7bn —

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 operating efficiency, with net margin improving 13.8 pp. The next item to monitor is the earnings mix, when non-core contribution is -102.3%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.56% after expanding 13.8pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 6.09x. Even so, net financial result still accounts for -102.3% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	929.2	824.0	871.7	1,001.2	749.3
Revenue Deductions	9.4	10.4	12.7	11.6	0.0
Net Revenue	919.8	813.6	859.0	989.6	733.8
Cost of Goods Sold	720.1	629.3	579.9	668.7	0.0
Gross Profit	199.6	184.4	279.1	320.9	222.5
Financial Income	6.1	9.3	8.5	9.1	14.4
Financial Expenses	31.1	28.2	17.7	16.1	-1.1
Interest Expense	7.7	6.1	19.6	9.7	-4.1
Share of Associates and Joint Ventures	3.5	1.2	0.4	-6.8	16.7
Selling Expenses	121.6	104.7	203.3	198.5	-144.8
General and Administrative Expenses	59.1	185.5	103.6	94.8	-81.2
Operating Profit	-2.6	-123.6	-36.6	13.9	26.6
Other Income	18.1	3.0	6.1	2.0	0.0
Other Expenses	0.1	0.3	0.1	0.2	0.0
Other Profit	18.0	2.7	6.0	1.8	0.2
Profit Before Tax	15.4	-120.8	-30.6	15.8	26.7
Current Income Tax Expense	9.0	1.0	1.0	0.9	-2.0
Deferred Income Tax Expense	1.6	0.0	1.8	0.0	0.0
Net Income	4.9	-121.9	-33.4	14.9	24.7
Non-controlling Interest	1.5	0.7	1.0	1.1	1.1
Profit Attributable to Parent	3.4	-122.6	-34.4	13.8	23.6
Earnings per Share	123.00	-4,447.00	-1,248.00	499.00	687.67
Diluted EPS	98.84	-4,447.00	-1,001.14	400.58	687.67

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	727.1	763.1	998.4	1,012.0	938.4
I. Cash and cash equivalents	38.4	35.6	22.6	20.4	56.5
1. Cash	37.8	35.6	22.6	19.9	0.0
2. Cash equivalents	0.5	0.0	0.0	0.5	0.0
II. Short-term financial investments	75.2	57.4	56.6	37.4	0.0
1. Available for sale securities	9.4	9.4	9.4	9.4	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	65.8	48.0	47.2	28.0	0.0
III. Short-term receivables	269.9	339.2	533.9	443.9	403.8
1. Short-term trade accounts receivable	256.2	333.6	417.6	324.9	0.0
2. Short-term prepayments to suppliers	110.6	104.5	111.2	105.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.5	17.0	15.9	15.8	0.0
7. Provision for short-term doubtful debts (*)	-111.5	-116.2	-10.8	-1.9	0.0
8. Assets awaiting resolution	0.2	0.3	0.0	0.0	0.0
IV. Inventories	296.8	289.1	340.1	462.4	372.4
1. Inventories	311.1	302.0	347.3	489.5	0.0
2. Provision for decline in value of inventories	-14.4	-12.8	-7.2	-27.1	0.0
V. Other short-term assets	46.7	41.7	45.1	47.9	52.9
1. Short-term prepayments	11.0	9.3	13.2	8.3	0.0
2. Value added tax to be reclaimed	23.8	16.7	16.0	23.8	0.0
3. Taxes and other receivables from state authorities	12.0	15.7	15.9	15.8	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)	404.4	446.8	445.7	473.1	497.2
I. Long-term receivables	3.0	1.4	2.6	1.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	7.5
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	3.0	1.4	2.6	1.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	284.8	306.9	331.8	337.4	358.4
1. Tangible fixed assets	203.9	216.2	239.8	244.3	268.6
- Cost	440.4	458.1	464.7	456.1	0.0
- Accumulated depreciation	-236.5	-241.9	-224.8	-211.8	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	80.9	90.7	91.9	93.1	89.8
- Cost	98.2	106.8	106.8	106.8	0.0
- Accumulated depreciation	-17.3	-16.1	-14.9	-13.7	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	3.2	3.2	4.2	31.2	34.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.2	3.2	4.2	31.2	0.0
V. Long-term financial investments	111.6	131.1	102.5	99.8	92.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	32.9	30.6	30.6	31.3	0.0
3. Investments in other entities	117.6	117.6	71.3	71.3	0.0
4. Provision for diminution in value of long-term investments	-38.9	-17.1	0.0	-4.9	0.0
5. Held to maturity investments	—	0.0	0.7	2.1	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.7	4.3	4.6	3.5	0.0
1. Long-term prepayments	1.7	4.3	4.6	3.5	0.0
2. Deferred income tax assets	—	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	4.2
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)	1,131.5	1,209.9	1,444.1	1,485.1	1,435.6
A. LIABILITIES (300=210+330)	351.4	431.3	543.5	551.1	489.3
I. Short -term liabilities	347.7	425.4	533.8	519.0	437.4
1. Short-term trade accounts payable	91.2	100.4	82.0	139.6	100.5
2. Short-term advances from customers	27.9	6.4	24.7	11.2	38.7
3. Taxes and other payables to state authorities	1.2	2.0	2.6	4.9	0.0
4. Payable to employees	8.8	8.9	9.3	14.9	0.0
5. Short-term acrrued expenses	25.8	40.9	48.7	38.9	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	4.0	8.6	4.3	0.0
9. Other short-term payables	23.6	22.0	28.4	31.1	0.0
10. Short-term borrowings and financial leases	87.9	158.4	242.8	184.7	90.1
11. Provision for short-term liabilities	4.1	2.9	2.9	3.0	0.0
12.. Bonus and welfare fund	77.2	79.4	83.7	86.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	3.6	5.9	9.7	32.1	51.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	2.2	2.2
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	1.7	1.7
7. Other long-term liabilities	0.2	0.2	0.2	0.0	0.0
8. Long-term borrowings and financial leases	—	3.8	7.7	28.1	47.9
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	3.4	1.8	1.8	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)	780.1	778.6	900.5	934.0	946.4
I. Owner's equity	775.0	773.5	895.5	928.9	0.0
1. Owner's capital	343.6	343.6	343.6	343.6	941.3
- Common stock with voting right	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	344.4	344.4	344.4	344.4	344.4
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	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	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	325.2	324.9	324.9	324.9	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	-83.7	-85.8	36.7	71.1	87.3
- Accumulated retained earning at the end of the previous period	-87.1	36.7	71.1	57.4	63.7
- Undistributed earnings in this period	3.4	-122.6	-34.4	13.8	23.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	12.5	13.5	12.8	11.9	8.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	5.1	5.1	5.1	5.1	5.1
1. Subsidized not-for-profit funds	5.1	5.1	5.1	5.1	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)	1,131.5	1,209.9	1,444.1	1,485.1	1,435.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	15.4	-120.8	-30.6	15.8	26.7
Depreciation of Fixed Assets and Investment Property	23.1	27.0	30.6	30.0	29.7
Provision (Increase)/Reversal	19.8	128.1	-15.9	-13.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	1.1	-0.8	0.0
Gain/Loss from Investment Activities	-23.5	-8.8	-6.8	0.2	0.0
Interest Expense	7.7	6.1	19.6	9.7	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	42.4	31.5	-1.9	41.4	39.9
Increase/(Decrease) in Receivables	69.0	89.6	-91.9	-55.5	0.0
Increase/(Decrease) in Inventory	-9.2	45.4	142.2	-84.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.2	-19.7	-46.5	33.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	4.2	-6.0	-1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.7	-6.3	-19.4	-9.5	0.0
Corporate Income Tax Paid	-5.2	-1.0	-0.9	-1.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.1	-4.3	-2.6	-3.4	0.0
Net Cash Flow from Operating Activities	75.9	139.5	-27.1	-80.8	-37.0
Payments for Fixed Assets and Other Long-term Assets	-9.7	-1.0	-4.5	-7.2	-31.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	26.4	2.9	7.1	2.1	0.2
Loans and Purchases of Debt Instruments	-59.4	-43.4	-46.2	1.7	-43.5
Receipts from Loan Repayments and Sale of Debt Instruments	41.6	43.3	28.4	13.1	12.1
Investments in Other Entities	—	-50.0	0.0	-21.2	0.0
Proceeds from Investments in Other Entities	—	5.5	0.0	0.0	0.0
Dividends and Interest Income Received	3.6	30.1	6.7	6.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	2.6	-12.7	-8.5	-4.8	-46.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	2,985,400,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	266.2	375.7	430.6	237.1	152.2
Repayment of Borrowings	-340.5	-463.9	-392.9	-162.3	-125.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1.5	-25.5	0.0	-28.3	-0.5
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	-75.9	-113.8	37.7	49.6	26.6
Net Cash Flow During the Period	2.7	13.1	2.1	-36.1	19.3
Cash and Cash Equivalents at Beginning of Period	35.6	22.6	20.4	56.5	112.9
FX Difference from Revaluation	0.1	-0.1	0.1	-0.1	0.0
Cash and Cash Equivalents at End of Period	38.4	35.6	22.6	20.4	56.5

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	283.3	326.4	242.1	187.6	171.4	231.6	216.2	180.1	171.5	210.6	221.2	239.5
Revenue Deductions	4.4	4.7	1.5	2.5	0.7	2.9	1.6	3.5	2.4	4.6	3.4	2.7
Net Revenue	278.9	321.7	240.6	185.1	170.7	228.7	214.6	176.6	169.1	206.0	217.8	236.7
Cost of Goods Sold	219.4	252.8	192.7	137.8	128.5	173.4	165.7	133.1	125.9	141.4	150.5	166.7
Gross Profit	59.5	68.9	47.9	47.3	42.2	55.3	49.0	43.4	43.2	64.6	67.3	70.0
Financial Income	3.3	1.2	0.9	2.6	0.9	4.1	0.6	2.3	1.1	2.5	5.2	1.2
Financial Expenses	2.4	12.6	13.7	2.6	2.2	-3.8	3.0	3.6	5.0	7.8	5.0	4.5
Interest Expense	1.7	1.4	2.1	2.2	2.1	-4.7	2.8	3.1	4.6	4.8	4.8	4.9
Share of Associates and Joint Ventures	2.1	0.6	1.3	0.5	0.6	-1.5	0.4	0.0	-0.3	-3.5	-0.1	2.6
Selling Expenses	29.7	37.5	31.4	30.6	22.5	33.5	34.1	21.0	17.7	57.4	57.2	44.7
General and Administrative Expenses	21.7	20.5	16.3	12.7	15.6	125.7	17.6	19.8	20.7	21.8	23.9	23.0
Operating Profit	11.1	0.1	-11.2	4.5	3.4	-97.5	-4.7	1.5	0.5	-23.4	-13.7	1.7
Other Income	0.3	3.2	23.0	0.5	0.0	1.8	0.1	0.0	0.0	3.1	2.8	0.8
Other Expenses	0.0	0.0	8.7	0.1	0.0	0.1	0.2	0.0	0.0	0.0	0.0	0.0
Other Profit	0.3	3.2	14.3	0.4	0.0	1.7	-0.1	-0.0	0.0	3.1	2.8	0.8
Profit Before Tax	11.4	3.3	3.1	4.9	3.4	-95.8	-4.7	1.5	0.5	-20.3	-10.9	2.4
Current Income Tax Expense	1.2	1.4	3.1	1.0	0.4	0.4	0.2	0.3	0.3	0.2	0.3	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.9	0.0	0.9
Net Income	10.2	1.9	0.0	3.9	3.0	-96.2	-4.9	1.2	0.2	-21.3	-11.2	1.4
Non-controlling Interest	0.0	0.6	-0.4	0.3	0.1	0.3	0.2	0.4	0.2	0.3	0.4	0.3
Profit Attributable to Parent	10.2	1.3	0.4	3.7	2.9	-96.5	-5.1	0.9	0.0	-21.6	-11.6	1.1
Earnings per Share	295.89	37.00	11.40	107.09	84.63	-2,807.55	-149.20	25.21	0.32	-628.26	-336.72	31.52
Diluted EPS	295.89	37.00	11.40	107.09	84.63	-2,807.55	-149.20	25.21	0.32	-628.26	-336.72	31.52

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)	753.0	787.3	798.1	789.8	864.4	873.6	897.5	886.7	957.5	1,056.5	1,038.5	1,010.0
I. Cash and cash equivalents	45.1	37.9	44.3	29.7	40.1	39.6	35.1	22.5	22.6	22.6	21.8	24.6
1. Cash	45.1	37.9	44.3	29.7	40.1	39.6	35.1	22.5	22.6	22.6	18.3	24.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.5	0.5
II. Short-term financial investments	89.4	75.2	55.1	70.5	75.6	54.8	41.7	48.1	48.0	56.6	59.3	65.0
1. Available for sale securities	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4
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	79.9	65.8	45.7	61.1	66.2	45.3	32.3	38.7	38.6	47.2	49.9	55.6
III. Short-term receivables	245.7	322.2	326.8	306.2	404.2	447.9	494.4	441.7	501.5	599.2	559.1	491.3
1. Short-term trade accounts receivable	225.1	249.5	256.6	260.2	349.3	407.3	368.1	320.2	362.0	410.7	426.0	378.1
2. Short-term prepayments to suppliers	127.9	139.4	150.9	124.8	138.7	129.3	110.2	104.8	125.9	116.5	95.2	99.9
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
6. Other short-term receivables	11.1	43.7	26.9	28.9	31.3	26.4	26.9	27.4	24.3	73.9	39.7	15.2
7. Provision for short-term doubtful debts (*)	-118.4	-110.3	-107.7	-107.7	-115.1	-115.1	-10.8	-10.8	-10.8	-2.0	-1.9	-1.9
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	311.0	300.0	321.6	336.0	297.2	289.1	281.9	329.3	340.7	331.4	347.9	370.7
1. Inventories	325.3	314.4	336.4	350.9	310.1	301.9	289.1	336.5	347.9	347.5	375.0	397.7
2. Provision for decline in value of inventories	-14.4	-14.4	-14.9	-14.9	-12.8	-12.8	-7.2	-7.2	-7.2	-16.1	-27.1	-27.1
V. Other short-term assets	61.8	51.9	50.4	47.4	47.3	42.3	44.4	45.1	44.7	46.7	50.3	58.4
1. Short-term prepayments	16.5	11.4	11.7	10.2	13.0	9.3	14.2	13.8	13.6	14.4	17.6	24.1
2. Value added tax to be reclaimed	28.3	23.7	21.6	20.2	17.6	16.6	13.6	14.8	14.5	16.0	16.6	18.0
3. Taxes and other receivables from state authorities	17.0	16.7	17.0	17.0	16.6	16.4	16.6	16.6	16.6	16.3	16.2	16.3
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)	403.4	413.7	419.6	448.4	441.2	460.6	470.4	477.8	500.2	445.2	451.2	457.6
I. Long-term receivables	4.6	4.2	4.7	9.1	1.3	1.3	2.4	2.5	15.6	2.7	1.0	1.0
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	13.0	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	5.7	5.3	5.9	10.3	1.4	1.4	2.5	2.6	2.6	2.7	1.0	1.0
7. Provision for long-term doubtful debts	-1.1	-1.1	-1.1	-1.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0
II. Fixed assets	281.4	284.8	287.8	299.8	300.9	306.9	314.3	320.1	324.4	331.6	335.6	316.5
1. Tangible fixed assets	200.8	203.9	206.6	209.6	210.5	216.2	223.3	228.8	232.8	239.7	243.4	224.0
- Cost	443.0	—	—	—	—	458.1	457.9	457.9	462.1	464.7	462.0	445.3
- Accumulated depreciation	-242.1	—	—	—	—	-241.9	-234.5	-229.0	-229.4	-225.0	-218.6	-221.3
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	80.6	80.9	81.2	90.1	90.4	90.7	91.0	91.3	91.6	91.9	92.2	92.5
- Cost	98.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-17.6	—	—	—	—	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	3.2	2.9	3.2	3.2	3.2	3.2	4.6	4.5	4.4	4.2	4.1	31.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.2	2.9	3.2	3.2	3.2	3.2	4.6	4.5	4.4	4.2	4.1	31.2
V. Long-term financial investments	114.2	120.2	122.2	132.8	131.7	144.9	146.4	147.3	152.1	102.0	105.5	105.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	34.9	32.9	32.3	31.6	31.2	27.8	29.3	29.1	30.2	30.1	33.6	33.8
3. Investments in other entities	95.1	95.1	95.1	95.1	116.4	95.1	95.1	96.3	100.0	50.0	71.3	71.3
4. Provision for diminution in value of long-term investments	-37.7	-29.6	-27.2	-15.9	-15.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	21.8	21.8	21.9	21.9	0.0	21.9	21.9	21.9	21.9	21.9	0.6	0.6
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	1.7	1.7	3.6	4.1	4.3	2.7	3.2	3.7	4.6	5.0	3.2
1. Long-term prepayments	0.0	1.7	1.7	3.6	4.1	4.3	2.7	3.2	3.7	4.6	5.0	3.2
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	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)	1,156.4	1,201.0	1,217.7	1,238.3	1,305.6	1,334.2	1,367.9	1,364.4	1,457.7	1,501.6	1,489.6	1,467.6
A. LIABILITIES (300=210+330)	369.6	401.5	430.1	447.8	522.8	539.1	472.8	462.3	557.0	598.6	565.3	529.9
I. Short -term liabilities	335.8	395.6	424.2	441.9	516.9	504.3	434.2	423.7	505.4	548.5	503.2	467.9
1. Short-term trade accounts payable	76.2	91.8	69.5	87.8	107.6	101.6	37.4	33.0	42.3	47.0	68.0	65.9
2. Short-term advances from customers	19.5	29.4	101.2	54.5	68.9	71.0	26.3	20.1	45.1	17.6	30.8	15.8
3. Dividends and profits payable	10.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.1	2.8	0.6	1.3	0.9	2.6	4.7	1.2	0.3	2.9	17.9	13.2
4. Payable to employees	7.1	7.3	6.9	7.0	6.3	7.9	5.7	5.5	6.5	8.4	5.8	4.9
5. Short-term acrrued expenses	38.5	52.4	39.5	37.3	35.3	43.3	42.8	33.4	41.8	54.4	38.4	34.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	5.9	4.0	4.0	8.9	7.6	2.2	2.2	1.9	2.4
9. Other short-term payables	13.0	46.6	32.7	30.4	31.2	33.3	37.7	38.4	45.7	86.5	56.8	31.6
10. Short-term borrowings and financial leases	92.1	84.1	93.4	138.7	183.4	158.4	188.0	201.6	238.1	242.8	196.4	212.3
11. Provision for short-term liabilities	4.1	4.1	2.8	2.9	2.9	2.9	2.9	2.9	2.9	2.9	3.0	3.0
12.. Bonus and welfare fund	72.0	77.2	77.5	76.1	76.4	79.4	79.8	80.1	80.5	83.7	84.2	84.6
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	33.8	5.9	5.9	5.9	5.9	34.8	38.6	38.6	51.6	50.2	62.1	62.0
1. Long-term trade payables	28.9	—	—	—	—	28.9	28.9	28.9	28.9	28.9	28.9	28.9
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.2	2.2
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	13.0	11.6	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.7	1.7
7. Other long-term liabilities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1
8. Long-term borrowings and financial leases	2.9	3.8	3.8	3.8	3.8	3.8	7.7	7.7	7.7	7.7	28.1	28.1
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	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	0.9	0.9
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)	786.9	799.5	787.6	790.5	782.8	795.1	895.1	902.1	900.8	903.0	924.3	937.7
I. Owner's equity	781.8	794.4	782.5	785.4	777.7	790.0	890.0	897.0	895.7	897.9	919.3	932.6
1. Owner's capital	343.6	343.6	343.6	343.6	343.6	343.6	343.6	343.6	343.6	343.6	343.6	343.6
- Common stock with voting right	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00	343,594,160,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	344.4	344.4	344.4	344.4	344.4	344.4	344.4	344.4	344.4	344.4	344.4	344.4
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	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00	-167,011,563,046.00
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	325.2	325.2	325.2	324.9	324.9	324.9	324.9	324.9	324.9	324.9	324.9	324.9
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	-76.9	-64.3	-75.6	-74.3	-82.3	-69.9	30.4	37.7	36.8	39.1	60.7	74.4
- Accumulated retained earning at the end of the previous period	-87.1	-84.0	-84.0	-81.1	-85.2	36.7	36.7	36.8	36.7	71.0	71.0	71.0
- Undistributed earnings in this period	10.1	19.7	8.4	6.8	2.9	-106.6	-6.4	0.9	0.0	-31.9	-10.3	3.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	12.5	12.5	11.9	13.8	14.1	14.0	13.8	13.5	13.1	13.0	12.7	12.3
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1
1. Subsidized not-for-profit funds	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1
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)	1,156.4	1,201.0	1,217.7	1,238.3	1,305.6	1,334.2	1,367.9	1,364.4	1,457.7	1,501.6	1,489.6	1,467.6

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	11.4	2.8	4.2	5.0	3.4	-95.8	-4.7	-0.5	0.5	-22.8	-10.9	0.3
Depreciation of Fixed Assets and Investment Property	6.5	5.1	6.4	5.6	6.0	7.7	7.4	6.1	7.4	8.2	7.9	0.6
Provision (Increase)/Reversal	0.1	13.8	11.5	-5.5	0.2	109.9	0.1	1.0	0.2	-11.0	0.0	-0.4
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	—	—	0.1	0.0	0.0	0.0	1.1	0.0	-0.0
Gain/Loss from Investment Activities	-3.8	-20.6	-1.1	-1.0	-0.9	1.3	0.4	-4.1	-0.6	-10.7	7.4	2.4
Interest Expense	1.7	1.2	2.1	2.2	2.2	-4.7	2.8	3.1	4.6	5.1	4.8	4.9
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	15.9	2.3	23.1	6.3	10.8	18.4	6.0	5.6	12.2	-30.0	9.2	7.8
Increase/(Decrease) in Receivables	157.6	79.6	-75.0	-20.3	84.7	-57.3	20.6	-27.8	113.8	-99.1	51.8	-28.2
Increase/(Decrease) in Inventory	-11.2	20.6	17.5	-39.3	-8.0	-16.5	46.0	12.8	-0.5	27.7	23.8	37.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-135.7	-96.4	84.0	83.6	-81.4	97.6	-49.4	32.5	-60.6	63.0	-63.0	6.8
Increase/(Decrease) in Prepaid Expenses	-3.8	0.6	-0.9	4.6	-3.5	3.3	0.1	0.3	0.6	4.7	1.5	5.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.7	-1.2	-2.0	-2.3	-2.2	4.7	-2.8	-3.6	-4.3	-5.8	-4.9	-4.7
Corporate Income Tax Paid	-0.2	-1.5	-3.0	-0.4	-0.2	-0.2	-0.3	-0.1	-0.4	-0.4	-0.3	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-5.1	-0.4	-0.5	-0.3	-3.0	-0.4	-0.2	-0.4	-3.2	-0.6	-0.4	-0.7
Net Cash Flow from Operating Activities	15.8	3.7	43.1	31.8	-2.7	49.6	19.9	19.3	57.5	-40.5	17.8	23.6
Payments for Fixed Assets and Other Long-term Assets	-3.1	-10.8	5.6	-4.4	—	1.1	-1.6	-2.0	-0.2	-4.3	0.1	-6.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	25.9	—	0.5	—	0.0	-1.1	1.1	0.0	-0.7	1.5	0.7
Loans and Purchases of Debt Instruments	-79.9	-13.1	-10.5	30.1	-65.9	-13.0	-45.3	55.3	-88.3	2.4	6.0	-12.3
Receipts from Loan Repayments and Sale of Debt Instruments	65.8	-4.4	8.2	-7.9	45.7	0.0	5.4	-5.4	46.9	0.0	0.0	-1.8
Investments in Other Entities	—	—	—	—	—	0.0	50.0	-50.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	-5.5	5.5	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.7	1.0	0.2	2.0	0.4	0.2	4.5	13.7	13.3	9.5	-4.1	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	-15.6	-0.9	3.0	20.2	-19.7	-11.6	6.3	18.2	-28.3	6.9	3.5	-19.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-2,800,000,000.00	2,800,000,000.00	-2,500,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	68.6	52.8	63.6	47.7	102.1	82.2	78.5	120.9	94.1	134.3	105.4	93.2
Repayment of Borrowings	-61.6	-60.2	-110.9	-92.4	-77.1	-115.6	-92.1	-157.5	-98.8	-108.4	-121.3	-91.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.4	-2.0	—	—	0.0	0.0	-1.0	-24.5	11.1	-11.1	-0.1
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	7.0	-6.9	-49.2	-44.7	25.0	-33.4	-13.6	-37.6	-29.2	34.3	-24.1	-1.0
Net Cash Flow During the Period	7.3	-4.1	-3.1	7.4	2.5	4.5	12.6	-0.2	0.0	0.7	-2.8	3.5
Cash and Cash Equivalents at Beginning of Period	37.9	44.3	45.4	40.1	37.6	22.6	22.6	22.6	22.6	20.4	20.4	20.4
FX Difference from Revaluation	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.1	-0.0	0.0
Cash and Cash Equivalents at End of Period	45.1	38.4	44.3	45.4	40.1	39.6	35.1	22.5	22.6	22.6	21.8	24.6

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DQC

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