FTM

Đầu tư và Phát triển Đức Quân ·UPCOM ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin −58.63%, +7.71pp YoY

Price

500,000

Latest close

29 May 2026

P/E -221.17x

P/B -24.44x

EPS -2,261

BVPS -20,458

ROE 11.9%

ROA -18.9%

Profit Margin -58.6%

Asset Turnover 0.32x

Equity Mult. -0.63x

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

What Is Changing

On a TTM 2026Q1 basis, FTM has not accelerated revenue, but profitability is improving more visibly. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 193bn
	                                
+3.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 113bn
	                                
+8.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    71.2%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	191.8	182.8	175.0	189.1	231.7
Growth	+5%	+4%	-7%	-18%	—
Net Income	-155.3	-127.3	-322.4	-473.1	-223.2
Net Margin	-80.93%	-69.64%	-184.26%	-250.10%	-96.36%

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	43.6	47.9	55.1	46.1	44.1	53.3	43.0	46.1	40.4	34.7	46.8	57.2
Growth	-9%	-13%	+19%	+5%	-17%	+24%	-7%	+14%	+16%	-26%	-18%	—
Net Income	-33.4	-35.9	-34.7	-9.1	-39.1	-45.4	-30.2	-9.1	-42.7	-47.7	-75.7	-49.3
Net Margin	-76.49%	-74.84%	-63.06%	-19.62%	-88.72%	-85.17%	-70.17%	-19.62%	-105.73%	-137.36%	-161.71%	-86.20%

Drivers of FTM's profit

TTM

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

Gross profit ↑ 7.4bn

Finance costs ↓ 5.9bn

Administrative expenses ↓ 1.8bn

Financial income ↓ 4.2bn

TTM

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

Gross profit ↑ 12.7bn

Finance costs ↓ 1.5bn

Financial income ↑ 1.3bn

Administrative expenses ↓ 0.6bn

Other profit ↓ 10.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.2% = -66.3% × 0.27 × -0.86

2026Q1 11.9% = -58.6% × 0.32 × -0.63

ROE edged down from 15.2% to 11.9% — the components are broadly offsetting.

Net margin: -58.6% +7.7pp Asset turnover: 0.32x +0.06x Leverage: -0.63x +0.23x

Is the profit sustainable?

Margins improved (+7.7pp), 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 -58.63%, rising 7.7pp. The main driver is Gross margin rose 4.1pp and SG&A / Revenue fell 2.7pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.3pp added support while Other profit / Revenue fell 1.4pp remained a drag).

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

Profitability trend

Net Margin -58.63% +7.7pp

Gross Margin -3.48% +4.1pp

SG&A / Revenue 45.27% −2.7pp

Non-core / Revenue -9.88% +0.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 125.6% of PBT and lifted net margin by 0.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover -1.23x +7.37x

Average Invested Capital 157.3bn −135.7bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -1.57x equity, with a net cash position equivalent to 0.78x equity.

Inventory ended the period at 148.3bn, roughly 26.2% of total assets.

Over the last 12 months, working capital released 35.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −20.5bn

Inventories decreased → higher CFO: +6.6bn

Payables increased → higher CFO: +49.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.8 days versus the same period last year. The main moves came from DIO rose 17.9 days, DSO fell 28.4 days, and DPO rose 4.3 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 924.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +17.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 739.7 days −28.4 days

Inventory 281.8 days +17.9 days

Payables 97.3 days +4.3 days

Cash Conversion Cycle 924.2 days −14.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.78x and interest coverage only at -2.11x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.7% of debt, and total debt stands at 797.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is -2.11x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.78x +0.12x

Interest Coverage -2.11x −0.01x

Cash / Debt 0.7% +0.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.02x −0.21x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -13.0bn in 2025, against investing cash flow of 44.0bn.

Post-investment cash flow was positive +31.0bn. Financing cash flow was positive +4.9bn.

CFO / net income was 0.02x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 2.6bn +25.8bn

Cash Capex — —

FCF TTM — —

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 7.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at -2.11x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -58.63% after expanding 7.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 71.2% of PBT and CFO / net income currently at 0.02x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -2.11x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	191.9	182.9	175.0	189.5	231.8
Revenue Deductions	0.1	0.1	0.0	0.3	0.0
Net Revenue	191.8	182.8	175.0	189.1	231.7
Cost of Goods Sold	229.9	182.3	172.4	178.2	0.0
Gross Profit	-38.1	0.5	2.6	11.0	21.9
Financial Income	0.9	6.5	0.4	4.4	3.2
Financial Expenses	85.4	91.4	110.6	107.2	-96.8
Interest Expense	77.5	76.0	103.5	97.6	-95.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	1.0	1.8	1.6	2.1	-3.0
General and Administrative Expenses	11.1	88.1	138.9	288.5	-16.8
Operating Profit	-134.7	-174.2	-248.2	-382.4	-91.6
Other Income	0.7	110.6	5.8	2.8	0.0
Other Expenses	21.2	63.7	80.1	93.5	0.0
Other Profit	-20.6	47.0	-74.3	-90.6	-131.6
Profit Before Tax	-155.3	-127.3	-322.4	-473.1	-223.2
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-155.3	-127.3	-322.4	-473.1	-223.2
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-155.3	-127.3	-322.4	-473.1	-223.2
Earnings per Share	-3,105.00	-2,546.00	-6,448.00	-9,461.00	-4,464.60
Diluted EPS	-3,105.27	-2,545.78	-6,448.28	-9,461.03	-4,464.60

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	349.3	359.4	408.5	499.4	756.0
I. Cash and cash equivalents	0.6	8.7	1.1	2.9	5.9
1. Cash	0.6	8.7	1.1	2.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.5	1.5	1.5	0.0	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	1.5	1.5	1.5	0.0	0.0
III. Short-term receivables	198.2	198.2	277.8	407.3	686.7
1. Short-term trade accounts receivable	390.1	389.6	394.0	402.3	0.0
2. Short-term prepayments to suppliers	219.0	219.2	220.2	219.2	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	54.8	55.0	54.9	55.0	0.0
7. Provision for short-term doubtful debts (*)	-465.7	-465.7	-391.3	-269.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	148.3	150.0	124.1	85.6	57.9
1. Inventories	148.3	150.0	124.1	85.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.7	1.0	4.0	3.6	5.2
1. Short-term prepayments	0.6	0.7	1.9	2.5	0.0
2. Value added tax to be reclaimed	0.1	0.3	2.1	1.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	216.0	280.0	373.9	494.3	624.5
I. Long-term receivables	7.8	24.2	68.1	112.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	154.4
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	7.8	24.2	68.1	112.9	0.0
6. Other long-term receivables	—	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	142.5	189.6	238.7	312.9	391.5
1. Tangible fixed assets	141.6	187.7	235.9	309.3	386.9
- Cost	1,010.4	1,010.4	1,011.8	1,011.6	0.0
- Accumulated depreciation	-868.9	-822.7	-775.9	-702.3	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	0.9	1.8	2.8	3.7	4.6
- Cost	7.9	7.9	7.9	7.9	0.0
- Accumulated depreciation	-7.0	-6.1	-5.2	-4.3	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	64.1	64.0	64.0	64.5	63.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	64.1	64.0	64.0	64.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.2	0.2
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	0.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.6	2.3	3.0	3.7	0.0
1. Long-term prepayments	1.6	2.3	3.0	3.7	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	14.7
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)	565.3	639.4	782.3	993.7	1,380.6
A. LIABILITIES (300=210+330)	1,554.8	1,473.7	1,489.3	1,378.3	1,291.1
I. Short -term liabilities	1,554.8	1,466.0	1,461.1	1,290.0	1,050.3
1. Short-term trade accounts payable	51.0	49.0	48.7	54.3	54.5
2. Short-term advances from customers	10.4	13.2	10.4	2.8	10.3
3. Taxes and other payables to state authorities	0.1	0.0	0.0	0.1	0.0
4. Payable to employees	2.3	3.1	6.1	2.8	0.0
5. Short-term acrrued expenses	666.4	587.1	595.0	478.6	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	0.5	0.2	0.0	0.0
9. Other short-term payables	26.4	27.6	20.9	21.4	0.0
10. Short-term borrowings and financial leases	797.9	785.3	779.5	729.9	603.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	—	7.7	28.2	88.2	240.9
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	20.5	32.5	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	—	7.7	7.7	55.7	186.8
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-989.5	-834.2	-707.0	-384.5	89.4
I. Owner's equity	-989.5	-834.2	-707.0	-384.5	0.0
1. Owner's capital	500.0	500.0	500.0	500.0	89.4
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	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	9.1	9.1	9.1	9.1	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	-1,498.6	-1,343.4	-1,216.1	-893.7	-419.7
- Accumulated retained earning at the end of the previous period	-1,343.4	-1,216.1	-893.7	-420.6	-328.0
- Undistributed earnings in this period	-155.3	-127.3	-322.4	-473.1	-91.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	565.3	639.4	782.3	993.7	1,380.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	-155.3	-127.3	-322.4	-473.1	-223.2
Depreciation of Fixed Assets and Investment Property	46.2	46.8	74.5	79.0	79.8
Provision (Increase)/Reversal	—	74.4	122.1	269.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	7.2	9.3	4.6	-4.4	0.0
Gain/Loss from Investment Activities	—	0.0	-0.0	0.0	0.0
Interest Expense	77.5	76.0	103.5	97.6	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	-24.4	79.2	-17.8	-31.6	-3.7
Increase/(Decrease) in Receivables	-25.5	7.2	6.4	51.7	0.0
Increase/(Decrease) in Inventory	1.7	-25.9	-38.4	-27.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	32.7	-94.5	5.5	90.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	2.0	1.3	13.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	1.8	1.9	1.0	-0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-101.8	0.0
Net Cash Flow from Operating Activities	-13.0	-30.1	-42.0	-5.3	72.3
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.2	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-1.5	-41.8	-63.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	44.0	45.0	48.5	1.3
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	—	0.0	0.0	0.0	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	—	44.0	43.3	6.8	-62.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5.7	0.0	0.0	56.3	29.0
Repayment of Borrowings	-0.8	-6.3	-3.1	-60.9	-34.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	4.9	-6.3	-3.1	-4.6	-5.3
Net Cash Flow During the Period	-8.1	7.6	-1.8	-3.1	-17.0
Cash and Cash Equivalents at Beginning of Period	8.7	1.1	2.9	5.9	1.5
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.3
Cash and Cash Equivalents at End of Period	0.6	8.7	1.1	2.9	5.9

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	43.6	48.0	55.1	46.1	44.1	53.4	43.0	46.1	40.4	34.7	46.8	57.2
Revenue Deductions	—	0.0	0.1	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	43.6	47.9	55.1	46.1	44.1	53.3	43.0	46.1	40.4	34.7	46.8	57.2
Cost of Goods Sold	44.6	51.3	58.5	45.1	57.7	54.3	43.5	45.1	39.4	34.4	45.9	56.4
Gross Profit	-0.9	-3.4	-3.5	1.1	-13.6	-1.0	-0.6	1.1	1.0	0.3	0.9	0.9
Financial Income	1.4	0.7	0.1	0.2	0.1	0.1	6.2	0.2	0.1	0.1	0.0	0.1
Financial Expenses	18.0	19.6	21.1	24.0	19.5	26.0	19.1	24.0	22.2	27.0	32.0	28.7
Interest Expense	18.0	19.6	19.6	19.9	17.9	19.3	19.1	19.9	17.6	26.0	26.4	28.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	0.4	0.2	0.5	0.3	0.5	0.6	0.5	0.2	0.2	0.4	0.6
General and Administrative Expenses	2.4	2.6	2.7	78.0	3.0	3.1	3.4	78.0	3.6	4.0	26.0	4.1
Operating Profit	-20.5	-25.2	-27.5	-101.3	-36.4	-30.5	-17.5	-101.3	-24.9	-30.8	-57.5	-32.4
Other Income	0.0	0.3	0.1	107.3	0.1	0.0	2.3	107.3	1.1	1.0	1.2	1.7
Other Expenses	12.9	10.9	7.4	15.0	2.8	15.0	14.9	15.0	18.8	17.9	19.4	18.7
Other Profit	-12.9	-10.6	-7.2	92.3	-2.7	-14.9	-12.6	92.3	-17.8	-16.9	-18.2	-16.9
Profit Before Tax	-33.4	-35.9	-34.7	-9.1	-39.1	-45.4	-30.2	-9.1	-42.7	-47.7	-75.7	-49.3
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-33.4	-35.9	-34.7	-9.1	-39.1	-45.4	-30.2	-9.1	-42.7	-47.7	-75.7	-49.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-33.4	-35.9	-34.7	-9.1	-39.1	-45.4	-30.2	-9.1	-42.7	-47.7	-75.7	-49.3
Earnings per Share	-667.66	-717.55	-694.52	-181.00	-782.49	-907.72	-603.14	-181.00	-853.92	-953.42	-1,513.78	-986.94
Diluted EPS	-667.66	-717.55	-694.52	-181.00	-782.49	-907.72	-603.14	-181.00	-853.92	-953.42	-1,513.78	-986.94

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)	365.4	349.3	353.1	359.4	366.7	359.4	361.2	348.2	414.4	499.4	499.6	506.2
I. Cash and cash equivalents	5.5	0.6	2.9	8.7	4.0	8.7	9.4	0.8	1.0	2.9	1.4	2.5
1. Cash	5.5	0.6	2.9	8.7	4.0	8.7	9.4	0.8	1.0	2.9	1.4	2.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	9.3	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	0.0	1.5	1.5
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	9.3	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	0.0	1.5	1.5
III. Short-term receivables	197.1	198.2	197.1	198.2	202.5	198.2	202.1	206.4	276.3	407.3	383.5	404.7
1. Short-term trade accounts receivable	389.8	390.1	389.2	389.6	391.6	389.6	393.9	397.4	393.3	402.3	399.1	398.1
2. Short-term prepayments to suppliers	218.1	219.0	218.5	219.2	221.5	219.2	218.6	219.6	219.2	219.2	220.3	220.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	54.9	54.8	55.1	55.0	55.1	55.0	55.3	55.1	55.1	55.0	55.3	55.5
7. Provision for short-term doubtful debts (*)	-465.7	-465.7	-465.7	-465.7	-465.7	-465.7	-465.7	-465.7	-391.3	-269.3	-291.2	-269.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	150.7	148.3	150.5	150.0	157.4	150.0	146.8	137.2	132.8	85.6	109.0	93.2
1. Inventories	150.7	148.3	150.5	150.0	157.4	150.0	146.8	137.2	132.8	85.6	109.0	93.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.8	0.7	1.1	1.0	1.4	1.0	1.3	2.4	2.8	3.6	4.2	4.3
1. Short-term prepayments	2.3	0.6	1.0	0.7	1.1	0.7	1.0	1.9	1.9	2.5	2.1	2.5
2. Value added tax to be reclaimed	0.4	0.1	0.1	0.3	0.2	0.3	0.3	0.4	0.9	1.0	2.1	1.8
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	194.9	216.0	235.0	280.0	267.3	280.0	298.8	322.0	349.6	494.3	407.7	441.4
I. Long-term receivables	—	7.8	15.3	24.2	23.2	24.2	30.6	41.3	56.2	112.9	84.6	99.4
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	—	7.8	15.3	24.2	23.2	24.2	30.6	41.3	56.2	112.9	84.6	99.4
6. Other long-term receivables	—	—	—	—	—	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	130.8	142.5	154.2	189.6	177.8	189.6	201.4	214.5	226.5	312.9	255.2	274.0
1. Tangible fixed assets	130.1	141.6	153.0	187.7	176.1	187.7	199.3	212.2	224.0	309.3	252.2	270.8
- Cost	1,010.4	—	—	—	—	1,010.4	1,010.4	1,011.8	1,011.8	1,011.6	1,011.8	1,011.8
- Accumulated depreciation	-880.3	—	—	—	—	-822.7	-811.1	-799.7	-787.8	-702.3	-759.6	-741.0
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	0.7	0.9	1.1	1.8	1.6	1.8	2.1	2.3	2.5	3.7	3.0	3.2
- Cost	7.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.3	—	—	—	—	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	64.1	64.1	64.1	64.0	64.1	64.0	64.0	64.0	64.0	64.5	64.0	64.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	64.1	64.1	64.1	64.0	64.1	64.0	64.0	64.0	64.0	64.5	64.0	64.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.2	0.2
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	0.2	0.2	0.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	1.6	1.4	2.3	2.3	2.3	2.8	2.1	2.8	3.7	3.6	3.7
1. Long-term prepayments	—	1.6	1.4	2.3	2.3	2.3	2.8	2.1	2.8	3.7	3.6	3.7
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)	560.3	565.3	588.1	639.4	634.1	639.4	660.1	670.2	764.0	993.7	907.3	947.7
A. LIABILITIES (300=210+330)	1,583.2	1,554.8	1,541.7	1,473.7	1,507.4	1,473.7	1,448.9	1,428.9	1,513.6	1,378.3	1,466.5	1,431.2
I. Short -term liabilities	1,583.2	1,554.8	1,541.7	1,461.5	1,506.9	1,461.5	1,428.7	1,408.7	1,489.4	1,290.0	1,387.3	1,349.0
1. Short-term trade accounts payable	53.1	51.0	51.8	49.0	53.3	49.0	50.0	49.4	49.0	54.3	52.1	51.9
2. Short-term advances from customers	19.2	10.4	14.2	13.2	22.9	13.2	12.8	13.1	15.1	2.8	12.0	7.5
3. Taxes and other payables to state authorities	0.6	0.1	0.4	0.0	0.9	0.0	0.3	0.5	0.5	0.1	0.4	0.4
4. Payable to employees	2.1	2.3	2.2	3.1	3.1	3.1	2.9	2.9	3.2	2.8	3.5	3.4
5. Short-term acrrued expenses	684.1	666.4	647.0	582.6	605.0	582.6	553.7	535.9	617.6	478.6	566.0	535.2
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	0.1	0.0	0.4	0.5	0.1	0.5	0.1	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	26.7	—	27.2	27.6	27.6	27.6	28.4	21.0	20.9	21.4	20.9	21.8
10. Short-term borrowings and financial leases	797.1	26.4	798.3	785.3	794.0	785.3	780.5	785.7	782.9	729.9	732.3	728.6
11. Provision for short-term liabilities	—	797.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	12.2	0.5	12.2	20.2	20.2	24.2	88.2	79.2	82.2
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	—	—	—	4.5	0.5	4.5	12.5	12.5	16.5	32.5	23.5	26.5
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	—	—	—	7.7	—	7.7	7.7	7.7	7.7	55.7	55.7	55.7
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)	-1,022.9	-989.5	-953.6	-834.2	-873.4	-834.2	-788.9	-758.7	-749.6	-384.5	-559.2	-483.5
I. Owner's equity	-1,022.9	-989.5	-953.6	-834.2	-873.4	-834.2	-788.9	-758.7	-749.6	-384.5	-559.2	-483.5
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	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	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1
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	-1,532.0	-1,498.6	-1,462.8	-1,343.4	-1,382.5	-1,343.4	-1,298.0	-1,267.8	-1,258.8	-893.7	-1,068.4	-992.7
- Accumulated retained earning at the end of the previous period	-1,498.6	-1,462.8	-1,428.0	-1,298.0	-1,343.4	-1,298.0	-1,267.8	-1,258.8	-1,216.1	-420.6	-992.7	-943.3
- Undistributed earnings in this period	-33.4	-35.9	-34.7	-45.4	-39.1	-45.4	-30.2	-9.1	-42.7	-473.1	-75.7	-49.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	560.3	565.3	588.1	639.4	634.1	639.4	660.1	670.2	764.0	993.7	907.3	947.7

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
Profit Before Tax	-33.4	-35.9	-34.7	-45.5	-39.1	-45.4	-30.1	-9.1	-42.7	-147.7	-53.8	-71.3
Depreciation of Fixed Assets and Investment Property	11.6	10.7	11.8	11.8	11.8	11.8	11.7	12.1	12.2	16.5	18.8	19.5
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	74.4	0.0	100.1	0.0	21.9
FX Gain/Loss from Revaluation of Monetary Items	-1.3	-0.6	13.9	-7.7	1.6	6.7	11.1	-13.1	4.6	-1.6	5.8	0.5
Gain/Loss from Investment Activities	—	—	—	-0.1	—	0.0	0.1	-0.1	0.0	-0.0	0.0	-0.0
Interest Expense	—	19.5	96.4	-56.4	17.9	19.3	94.2	-55.1	17.6	26.2	26.4	28.0
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	-23.0	-6.3	87.5	-97.9	-7.8	-7.5	87.0	9.0	-8.4	-6.5	-2.8	-1.3
Increase/(Decrease) in Receivables	0.8	-26.6	-1.0	6.4	-4.3	3.9	4.6	-4.4	3.1	5.6	-15.3	10.9
Increase/(Decrease) in Inventory	-2.4	2.2	9.1	-2.2	-7.4	-3.1	-9.7	-4.4	-8.7	-15.0	-15.8	-0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	29.7	29.7	-44.4	34.0	13.4	-0.8	-83.7	-15.6	2.0	-1.9	9.8	-6.2
Increase/(Decrease) in Prepaid Expenses	-0.1	0.4	0.3	-0.5	0.5	0.9	0.3	0.7	0.2	0.8	0.5	0.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	1.8	—	—	—	0.0	0.0	0.0	0.0	1.0	0.2	-0.2
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	44.5	—	0.0	-0.1	0.1	0.0	0.0	8.4	-8.4
Net Cash Flow from Operating Activities	4.9	1.3	6.9	-15.7	-5.5	-6.7	-1.5	-14.7	-11.9	-16.1	-15.0	-4.8
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-1.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	-0.0	7.9	0.9	6.5	10.7	14.9	11.9	17.0	14.5	2.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	—	—	0.1	—	0.0	-0.1	0.1	0.0	0.0	-0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	—	—	-0.1	8.0	0.9	6.5	10.6	15.0	11.9	16.8	14.5	1.0
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	—	1.1	—	4.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-0.6	—	-0.1	-0.1	-0.5	-0.5	-0.5	-0.1	-1.1	-0.6	-0.8
Repayment of Finance Leases	—	—	-0.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	5.2	-4.8	4.5	-0.1	-0.5	-0.5	-0.5	-0.1	-1.1	-0.6	-0.8
Net Cash Flow During the Period	4.9	-2.4	2.1	-3.2	-4.7	-0.7	8.6	-0.2	-0.1	-0.3	-1.1	-4.6
Cash and Cash Equivalents at Beginning of Period	0.6	2.9	0.9	4.0	8.7	1.1	1.1	1.1	1.1	2.9	2.9	2.9
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.5	0.6	2.9	0.9	4.0	8.7	9.4	0.8	1.0	1.1	1.4	2.5

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FTM

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