GSP

Vận tải Sản Phẩm Khí Quốc tế ·HOSE ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 2.48%, −1.95pp YoY

Price

11,200

Latest close

02 Jun 2026

P/E 8.66x

P/B 0.81x

EPS 1,294

BVPS 13,864

ROE 10.4%

ROA 5.2%

Profit Margin 2.5%

Asset Turnover 2.11x

Equity Mult. 2.00x

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

What Is Changing

On a TTM 2026Q1 basis, GSP posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,824bn
	                                
+67.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 95bn
	                                
−6.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    51.7%

Metric	2025	2024	2023	2022	2021
Revenue	3,584.8	2,247.0	1,765.2	1,844.8	1,631.6
Growth	+60%	+27%	-4%	+13%	—
Net Income	96.9	100.7	84.7	81.2	56.0
Net Margin	2.70%	4.48%	4.80%	4.40%	3.44%

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	713.5	797.5	837.8	1,475.4	474.0	565.2	606.4	639.5	435.9	490.8	403.8	393.4
Growth	-11%	-5%	-43%	+211%	-16%	-7%	-5%	+47%	-11%	+22%	+3%	—
Net Income	26.4	38.2	2.9	27.4	29.6	13.1	27.6	31.0	28.8	17.6	22.4	23.8
Net Margin	3.70%	4.79%	0.34%	1.86%	6.25%	2.31%	4.55%	4.85%	6.61%	3.59%	5.54%	6.06%

Drivers of GSP's profit

TTM

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

Other profit ↑ 43.3bn

Tax ↓ 7.9bn

Selling expenses ↓ 2.8bn

Gross profit ↓ 33.3bn

Finance costs ↑ 11.0bn

Administrative expenses ↑ 7.1bn

TTM

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

Other profit ↑ 25.9bn

Tax ↓ 1.0bn

Gross profit ↓ 24.9bn

Administrative expenses ↑ 2.3bn

Finance costs ↑ 1.4bn

Financial income ↓ 1.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.1% = 4.4% × 1.38 × 1.99

2026Q1 10.4% = 2.5% × 2.11 × 2.00

ROE fell from 12.1% to 10.4% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 2.5% -2.0pp Asset turnover: 2.11x +0.73x Leverage: 2.00x +0.01x

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 2.48%, losing 2.0pp. The main pressure is Gross margin fell 4.2pp, outweighing the improvement in SG&A / Revenue fell 1.2pp (in addition, Other profit / Revenue rose 0.8pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

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

Profitability trend

Net Margin 2.48% −2.0pp

Gross Margin 4.07% −4.2pp

SG&A / Revenue 2.00% −1.2pp

Non-core / Revenue 1.02% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 51.7% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.

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 3.76%, losing 4.7pp. That translates to 3.76 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.6pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 229bn.

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

Watchpoints

ROIC remains low

ROIC is currently 3.76% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.76% −4.7pp

NOPAT Margin 1.24% −2.6pp

Capital Turnover 3.04x +0.82x

Average Invested Capital 1,256.9bn +229.5bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 1.23x equity, net debt at 0.44x equity.

Over the last 12 months, working capital absorbed 23.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −124.3bn

Inventories increased → lower CFO: −18.2bn

Payables increased → higher CFO: +119.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 9.0 days versus the same period last year. The main moves came from DIO fell 1.3 days, DSO fell 13.8 days, and DPO fell 24.1 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +9.0 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 24.5 days −13.8 days

Inventory 3.9 days −1.3 days

Payables 26.2 days −24.1 days

Cash Conversion Cycle 2.2 days +9.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 132.2bn due to capex of 369.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.44x and interest coverage only at 1.20x.

At present, short-term debt accounts for 22.7% of total debt, cash equals 25.6% of debt, and total debt stands at 557.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.20x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 0.44x +0.12x

Interest Coverage 1.20x −1.78x

Cash / Debt 25.6% −13.9pp

Short-term Debt / Total Debt 22.7% −0.3pp

CFO / NI 2.50x +1.82x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 268.8bn in 2025, against investing cash flow of -264.7bn.

Post-investment cash flow was positive +4.1bn. Financing cash flow was positive +64.1bn.

CFO / net income was 2.50x.

After spending +369.7bn on fixed-asset investment, the business generated trailing free cash flow of −132.2bn.

Cash Conversion

CFO TTM 237.5bn +167.8bn

Cash Capex 369.7bn +74.3bn

FCF TTM −132.2bn +93.4bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is -18.7%. The main risk still sits in core profitability, with net margin down 2.0 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 93.4bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.50x. Even so, net financial result still accounts for -18.7% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.48% after a 2.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,584.8	2,247.0	1,765.2	1,844.8	1,631.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,584.8	2,247.0	1,765.2	1,844.8	1,631.6
Cost of Goods Sold	3,407.0	2,056.4	1,611.3	1,679.8	0.0
Gross Profit	177.8	190.6	153.9	165.0	105.9
Financial Income	26.7	27.3	22.3	20.2	13.7
Financial Expenses	46.0	35.8	39.4	36.2	-9.9
Interest Expense	34.3	28.1	35.5	26.5	-9.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.1	5.5	4.8	4.7	-5.2
General and Administrative Expenses	69.8	68.7	50.2	52.4	-36.8
Operating Profit	86.5	107.8	81.9	91.8	67.7
Other Income	35.3	19.2	23.8	10.6	0.0
Other Expenses	0.0	1.0	0.0	0.5	0.0
Other Profit	35.3	18.3	23.8	10.1	2.6
Profit Before Tax	121.8	126.1	105.7	101.9	70.3
Current Income Tax Expense	24.9	28.4	21.0	20.7	-14.3
Deferred Income Tax Expense	—	-2.9	0.0	0.0	0.0
Net Income	96.9	100.7	84.7	81.2	56.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	96.9	100.7	84.7	81.2	56.0
Earnings per Share	1,302.00	1,507.00	1,411.00	1,379.00	1,489.00
Diluted EPS	1,435.52	1,640.10	1,517.72	1,455.22	1,004.41

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	817.4	626.7	653.9	507.1	549.9
I. Cash and cash equivalents	197.1	129.2	182.2	89.6	139.6
1. Cash	137.1	53.8	75.2	49.6	0.0
2. Cash equivalents	60.0	75.4	107.0	40.0	0.0
II. Short-term financial investments	73.0	167.0	108.0	188.0	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	73.0	167.0	108.0	188.0	0.0
III. Short-term receivables	400.4	192.7	255.6	142.2	191.1
1. Short-term trade accounts receivable	350.8	171.1	226.8	133.8	0.0
2. Short-term prepayments to suppliers	44.8	4.9	10.2	2.1	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	4.7	16.6	18.5	6.3	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	45.4	40.6	47.3	26.8	21.9
1. Inventories	45.4	40.6	47.3	26.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	101.5	97.3	60.8	60.5	44.3
1. Short-term prepayments	4.7	5.4	4.8	4.4	0.0
2. Value added tax to be reclaimed	96.8	91.9	56.0	56.1	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)	1,215.1	1,065.6	867.6	986.9	756.5
I. Long-term receivables	0.1	1.6	1.5	1.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.3
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	0.1	1.6	1.5	1.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,211.4	1,059.9	864.5	982.9	755.2
1. Tangible fixed assets	1,211.2	1,059.8	864.3	982.9	755.2
- Cost	2,124.1	1,793.2	1,468.4	1,468.0	0.0
- Accumulated depreciation	-913.0	-733.4	-604.1	-485.0	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	0.2	0.1	0.2	0.0	0.0
- Cost	0.8	0.6	0.6	0.4	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-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	0.1	0.1	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.1	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.6	4.0	1.7	2.6	0.0
1. Long-term prepayments	0.6	1.1	1.7	2.6	0.0
2. Deferred income tax assets	2.9	2.9	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	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,032.5	1,692.3	1,521.5	1,493.9	1,306.4
A. LIABILITIES (300=210+330)	1,122.8	839.5	762.5	758.1	648.8
I. Short -term liabilities	653.1	444.9	461.2	329.5	336.8
1. Short-term trade accounts payable	393.0	189.3	271.3	133.8	166.6
2. Short-term advances from customers	1.4	0.9	19.7	0.2	0.0
3. Taxes and other payables to state authorities	11.6	6.5	4.4	12.3	0.0
4. Payable to employees	42.0	32.0	27.5	17.2	0.0
5. Short-term acrrued expenses	6.5	40.7	4.7	10.8	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	0.1	14.5	7.4	17.4	12.1
9. Other short-term payables	2.8	2.2	2.0	1.0	0.0
10. Short-term borrowings and financial leases	126.5	112.9	88.6	124.0	89.5
11. Provision for short-term liabilities	65.2	43.8	32.9	11.5	0.0
12.. Bonus and welfare fund	4.0	2.2	2.7	1.2	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	469.7	394.6	301.3	428.6	312.1
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	462.2	380.9	295.8	410.3	309.6
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	7.5	13.7	5.5	18.4	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)	909.7	852.8	759.0	735.8	657.6
I. Owner's equity	909.7	852.8	759.0	735.8	0.0
1. Owner's capital	675.2	613.8	558.0	558.0	657.6
- Common stock with voting right	675,170,500,000.00	613,792,650,000.00	557,994,450,000.00	557,994,450,000.00	557,994,450,000.00
- 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	1.7	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	137.6	137.6	113.9	39.1	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	96.9	101.4	87.1	137.0	58.8
- Accumulated retained earning at the end of the previous period	0.0	0.7	2.5	55.8	2.7
- Undistributed earnings in this period	96.9	100.7	84.7	81.2	56.0
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)	2,032.5	1,692.3	1,521.5	1,493.9	1,306.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	121.8	126.1	105.7	101.9	70.3
Depreciation of Fixed Assets and Investment Property	179.6	129.3	119.1	93.4	62.9
Provision (Increase)/Reversal	15.3	19.0	40.9	26.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	2.0	0.6	3.6	0.0
Gain/Loss from Investment Activities	-8.9	-13.8	-14.0	-10.7	0.0
Interest Expense	34.3	28.1	35.5	26.5	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	342.5	290.8	287.8	240.6	167.7
Increase/(Decrease) in Receivables	-213.0	27.1	-114.1	27.5	0.0
Increase/(Decrease) in Inventory	-4.9	6.8	-20.6	-4.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	205.7	-54.0	153.4	-10.3	0.0
Increase/(Decrease) in Prepaid Expenses	1.1	-0.0	0.6	-2.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-34.5	-28.1	-36.6	-22.4	0.0
Corporate Income Tax Paid	-20.6	-26.3	-28.9	-10.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-7.5	-7.3	-36.6	-34.5	0.0
Net Cash Flow from Operating Activities	268.8	209.1	205.0	182.5	54.5
Payments for Fixed Assets and Other Long-term Assets	-369.4	-324.8	-0.6	-336.2	-336.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-140.0	-292.0	-81.9	-140.0	-133.0
Receipts from Loan Repayments and Sale of Debt Instruments	234.0	233.0	161.9	105.0	157.5
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	10.6	13.9	15.0	8.3	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	-264.7	-369.8	94.3	-362.9	-302.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	197,994,450,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	223.4	204.4	0.0	228.9	230.0
Repayment of Borrowings	-128.6	-96.5	-150.6	-98.4	-65.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-30.7	0.0	-55.8	0.0	-54.0
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	64.1	107.9	-206.4	130.5	308.9
Net Cash Flow During the Period	68.2	-52.9	92.9	-49.9	66.3
Cash and Cash Equivalents at Beginning of Period	129.2	182.2	89.6	139.6	78.8
FX Difference from Revaluation	-0.3	-0.1	-0.3	-0.1	-0.0
Cash and Cash Equivalents at End of Period	197.1	129.2	182.2	89.6	139.6

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
Revenue	713.5	797.5	837.8	1,475.4	474.0	565.2	606.4	639.8	435.9	490.8	403.8	393.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0
Net Revenue	713.5	797.5	837.8	1,475.4	474.0	565.2	606.4	639.5	435.9	490.8	403.8	393.4
Cost of Goods Sold	682.7	729.1	825.2	1,431.5	418.3	529.1	560.6	588.0	378.8	472.2	356.9	344.4
Gross Profit	30.9	68.3	12.6	44.0	55.7	36.1	45.8	51.5	57.1	18.7	46.9	49.0
Financial Income	4.7	4.3	8.3	8.0	6.1	8.0	6.3	8.1	6.0	5.5	5.0	5.0
Financial Expenses	11.0	10.5	14.1	11.8	9.6	11.4	7.6	7.9	10.1	9.1	8.9	9.5
Interest Expense	9.2	9.3	9.9	7.6	7.6	8.2	6.5	5.9	7.5	7.5	8.2	9.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.2	1.1	0.6	0.2	2.7	1.1	1.0	0.7	1.1	2.0	0.7
General and Administrative Expenses	16.9	20.5	20.6	16.3	14.5	23.4	14.9	14.3	16.1	10.8	14.9	14.1
Operating Profit	7.4	41.4	-14.8	23.2	37.5	6.5	28.5	36.3	36.2	3.1	26.1	29.7
Other Income	25.9	6.7	18.4	10.7	-0.5	9.7	6.8	2.8	0.0	18.7	1.8	0.2
Other Expenses	0.5	0.0	0.0	—	0.0	0.0	0.8	0.2	0.0	0.0	0.0	0.0
Other Profit	25.4	6.7	18.4	10.7	-0.5	9.7	6.0	2.6	-0.0	18.7	1.8	0.2
Profit Before Tax	32.8	48.1	3.5	33.9	37.0	16.3	34.5	39.0	36.2	21.8	28.0	29.9
Current Income Tax Expense	6.5	9.9	0.7	3.5	7.4	6.2	6.9	7.9	7.4	4.2	5.6	6.0
Deferred Income Tax Expense	—	—	—	2.9	0.0	-2.9	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	26.4	38.2	2.9	27.4	29.6	13.1	27.6	31.0	28.8	17.6	22.4	23.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	26.4	38.2	2.9	27.4	29.6	13.1	27.6	31.0	28.8	17.6	22.4	23.8
Earnings per Share	391.00	566.00	42.00	295.00	483.00	212.00	450.00	556.00	517.00	316.00	401.00	427.00
Diluted EPS	390.58	565.63	42.25	447.07	482.72	212.65	449.86	556.38	516.67	315.59	401.07	427.32

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)	758.3	811.6	826.4	1,560.3	683.0	624.5	769.8	742.6	771.2	651.5	564.5	503.2
I. Cash and cash equivalents	142.6	197.1	116.4	111.9	183.4	129.4	168.6	202.3	252.6	182.2	161.1	87.8
1. Cash	117.6	137.1	46.4	56.9	103.0	54.0	113.6	63.3	56.6	75.2	46.1	37.8
2. Cash equivalents	25.0	60.0	70.0	55.0	80.4	75.4	55.0	139.0	196.0	107.0	115.0	50.0
II. Short-term financial investments	108.0	73.0	62.0	129.0	129.0	167.0	238.0	208.0	143.0	108.0	139.9	189.9
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	108.0	73.0	62.0	129.0	129.0	167.0	238.0	208.0	143.0	108.0	139.9	189.9
III. Short-term receivables	357.6	394.5	502.8	1,175.5	238.0	190.3	256.7	228.8	286.1	253.2	176.2	139.8
1. Short-term trade accounts receivable	289.1	351.3	490.7	1,164.8	223.7	159.5	233.6	191.6	255.0	224.5	164.7	126.7
2. Short-term prepayments to suppliers	44.0	39.8	2.2	3.3	1.9	4.9	3.1	22.9	16.0	10.2	7.2	4.6
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	24.5	3.4	9.9	7.4	12.4	25.8	20.1	14.3	15.2	18.5	4.3	8.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	48.3	45.4	44.6	44.8	30.4	40.6	40.8	44.5	29.8	47.3	28.7	26.1
1. Inventories	48.3	45.4	44.6	44.8	30.4	40.6	40.8	44.5	29.8	47.3	28.7	26.1
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	101.9	101.5	100.5	99.1	102.1	97.3	65.7	59.0	59.7	60.8	58.6	59.6
1. Short-term prepayments	4.0	4.7	3.6	5.0	9.4	5.4	8.5	2.6	3.3	4.8	3.7	4.5
2. Value added tax to be reclaimed	97.9	96.8	96.9	94.0	92.8	91.9	57.2	56.4	56.3	56.0	54.8	55.1
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	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	0.0
5. Other short-term assets	—	—	—	—	0.0	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)	1,166.5	1,222.3	1,266.4	1,308.6	1,025.4	1,065.6	1,100.9	814.1	837.6	867.6	895.9	926.2
I. Long-term receivables	0.1	1.4	1.5	1.6	1.6	1.6	1.5	1.5	1.5	1.5	1.5	1.3
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	1.4	1.5	1.6	1.6	1.6	1.5	1.5	1.5	1.5	1.5	1.3
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,162.5	1,211.4	1,258.8	1,304.0	1,019.4	1,059.9	1,097.7	805.0	834.7	864.5	893.6	923.4
1. Tangible fixed assets	1,162.3	1,211.2	1,258.7	1,303.9	1,019.3	1,059.8	1,097.5	804.8	834.5	864.3	893.6	923.4
- Cost	2,124.1	—	—	—	1,793.2	1,793.2	1,793.0	1,468.5	1,468.4	1,468.4	1,468.0	1,468.0
- Accumulated depreciation	-961.8	—	—	—	-773.9	-733.4	-695.5	-663.7	-633.9	-604.1	-574.3	-544.6
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.0	0.0
- Cost	0.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	0.4	6.0	2.3	2.1	0.5	0.1	0.3	6.3	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	6.0	2.3	2.1	0.5	0.1	0.3	6.3	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	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	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	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.4	3.6	3.8	1.0	3.9	4.0	1.4	1.3	1.4	1.7	0.8	1.4
1. Long-term prepayments	0.5	0.6	0.8	1.0	1.0	1.1	1.4	1.3	1.4	1.7	0.8	1.4
2. Deferred income tax assets	2.9	2.9	2.9	—	2.9	2.9	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,924.8	2,033.9	2,092.7	2,868.9	1,708.3	1,690.1	1,870.7	1,556.6	1,608.8	1,519.1	1,460.4	1,429.3
A. LIABILITIES (300=210+330)	988.7	1,123.7	1,220.7	1,968.4	825.9	837.4	1,030.9	800.4	820.9	760.0	718.9	654.4
I. Short -term liabilities	550.6	653.6	713.9	1,420.6	445.3	442.8	608.1	542.3	553.5	458.7	383.7	306.2
1. Short-term trade accounts payable	312.5	393.0	432.1	1,139.0	214.6	187.1	322.5	247.9	362.8	271.3	109.3	94.7
2. Short-term advances from customers	0.8	1.9	4.0	27.1	0.1	0.9	0.2	0.1	0.1	17.3	0.0	0.2
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.0	11.1	4.0	3.6	7.1	6.5	36.4	7.9	7.3	4.4	12.5	10.9
4. Payable to employees	29.7	42.0	43.3	37.4	31.8	32.0	47.6	43.4	30.2	27.5	45.1	30.4
5. Short-term acrrued expenses	8.1	6.5	12.3	12.6	13.7	40.7	11.5	23.6	3.9	4.7	13.6	12.3
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	0.1	0.1	5.0	—	6.8	14.5	7.8	8.0	19.2	7.4	18.0	17.4
9. Other short-term payables	3.7	2.8	2.4	2.1	1.9	2.2	2.0	57.4	2.0	2.0	38.9	1.3
10. Short-term borrowings and financial leases	126.7	126.1	117.8	116.2	106.9	112.9	118.1	89.6	89.1	88.6	88.6	88.0
11. Provision for short-term liabilities	59.2	66.1	84.0	72.4	60.3	43.8	56.1	57.1	37.4	32.9	54.7	47.1
12.. Bonus and welfare fund	3.9	4.0	9.1	10.2	1.9	2.2	5.9	7.3	1.4	2.7	2.9	3.8
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	438.1	470.1	506.8	547.7	380.5	394.6	422.9	258.1	267.5	301.3	335.3	348.3
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	430.5	462.6	489.2	520.3	357.2	380.9	404.6	243.6	267.5	295.8	318.0	331.2
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	7.5	7.5	17.5	27.4	23.3	13.7	18.3	14.5	0.0	5.5	17.2	17.1
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	936.1	910.3	872.1	900.5	882.4	852.8	839.7	756.2	787.9	759.1	741.5	774.9
I. Owner's equity	936.1	910.3	872.1	900.5	882.4	852.8	839.7	756.2	787.9	759.1	741.5	774.9
1. Owner's capital	675.2	675.2	675.2	613.8	613.8	613.8	613.8	558.0	558.0	558.0	558.0	558.0
- Common stock with voting right	675,170,500,000.00	675,170,500,000.00	675,170,500,000.00	613,792,650,000.00	613,792,650,000.00	613,792,650,000.00	613,792,650,000.00	557,994,450,000.00	557,994,450,000.00	557,994,450,000.00	557,994,450,000.00	557,994,450,000.00
- Preferred stock	—	—	—	—	0.00	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	0.0
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	137.6	137.6	137.6	137.6	137.6	137.6	137.6	137.6	113.9	113.9	113.9	113.9
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	123.3	97.5	59.3	149.1	131.0	101.4	88.3	60.6	116.0	87.2	69.6	103.0
- Accumulated retained earning at the end of the previous period	96.9	0.0	0.0	92.1	101.4	0.7	0.7	0.7	87.1	2.5	2.5	58.3
- Undistributed earnings in this period	26.4	97.5	59.3	57.1	29.6	100.6	87.6	59.9	28.8	84.8	67.2	44.8
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,924.8	2,033.9	2,092.7	2,868.9	1,708.3	1,690.1	1,870.7	1,556.6	1,608.8	1,519.1	1,460.4	1,429.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	32.8	48.1	3.5	33.1	37.0	16.3	34.5	39.1	36.2	21.7	28.0	29.9
Depreciation of Fixed Assets and Investment Property	48.9	48.8	48.7	41.7	40.5	37.9	31.8	29.8	29.8	29.8	29.8	29.8
Provision (Increase)/Reversal	-0.1	-43.8	17.7	18.2	23.2	-16.9	9.1	17.3	9.5	-1.5	7.8	23.1
FX Gain/Loss from Revaluation of Monetary Items	-0.8	-0.1	0.3	-2.3	2.5	0.7	-1.4	0.5	1.6	0.5	1.0	-1.7
Gain/Loss from Investment Activities	-1.7	-1.5	-2.3	-2.4	-2.7	-15.3	-17.4	-11.2	4.6	-3.3	-3.8	-3.6
Interest Expense	9.2	9.3	9.9	7.6	7.6	2.6	12.1	5.9	7.5	7.5	8.2	9.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	88.5	60.7	77.9	95.8	108.1	25.3	68.7	81.3	89.2	54.6	70.9	86.5
Increase/(Decrease) in Receivables	44.5	114.6	630.3	-913.7	-44.2	32.4	-50.4	75.0	-30.1	-79.7	-52.2	56.7
Increase/(Decrease) in Inventory	-3.1	-0.9	0.2	-14.4	10.2	0.3	3.7	-14.7	17.5	-18.6	-2.6	-3.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-98.0	-8.6	-698.1	924.2	-11.8	-143.6	100.4	-110.1	85.8	145.4	42.3	-47.4
Increase/(Decrease) in Prepaid Expenses	0.8	-0.9	3.0	2.9	-3.9	3.5	-4.5	-0.7	1.7	-1.9	2.7	-2.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.2	-9.3	-9.9	-7.1	-8.1	-3.4	-11.5	-11.2	-2.8	-7.6	-8.0	-9.9
Corporate Income Tax Paid	-10.9	-3.4	-3.6	-7.1	-6.5	-4.1	-10.8	-7.3	-4.2	-11.7	-4.8	-0.0
Other Operating Receipts	—	—	—	—	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-2.7	-3.4	-0.2	-1.2	-5.5	-1.9	15.8	-18.1	-32.2	-1.0	1.1
Net Cash Flow from Operating Activities	11.3	149.5	-3.6	80.3	42.6	-94.9	93.8	28.2	139.1	48.2	47.2	81.5
Payments for Fixed Assets and Other Long-term Assets	-0.4	-40.7	-2.4	-326.3	0.0	7.5	-302.7	-0.2	0.0	-0.6	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	46.9	-46.9
Loans and Purchases of Debt Instruments	-35.0	-25.0	-23.0	-25.0	-67.0	-14.0	-128.0	-90.0	-60.0	0.0	-81.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	14.0	90.0	25.0	105.0	85.0	83.0	40.0	25.0	31.9	85.0	45.0
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.4	1.5	3.5	2.1	3.5	6.9	14.5	1.1	4.7	2.8	7.0	3.8
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-35.0	-50.2	68.2	-324.2	41.5	85.4	-333.2	-49.2	-30.3	34.1	57.0	1.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	5.0	0.0	218.4	0.0	0.0	204.4	0.0	0.0	0.0	114.7	-114.7
Repayment of Borrowings	-31.5	-23.3	-29.3	-46.4	-29.7	-29.7	-14.0	-14.2	-38.6	-22.0	-128.5	47.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-30.7	—	0.0	0.0	0.0	0.0	0.0	-38.8	-17.0	-0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-31.5	-18.3	-60.0	172.0	-29.7	-29.7	190.4	-14.2	-38.6	-60.9	-30.8	-67.5
Net Cash Flow During the Period	-55.2	81.0	4.6	-71.8	54.5	-39.1	-49.0	-35.2	70.3	21.4	73.4	15.9
Cash and Cash Equivalents at Beginning of Period	197.1	116.4	111.9	183.4	129.2	182.2	182.2	182.2	182.2	89.6	89.6	89.6
FX Difference from Revaluation	0.7	-0.3	-0.0	0.1	-0.2	-0.0	0.3	-0.2	0.2	-0.3	-0.0	0.1
Cash and Cash Equivalents at End of Period	142.6	197.1	116.4	111.9	183.4	129.4	168.6	217.3	252.6	182.2	161.1	87.8

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GSP

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