HPI

Khu công nghiệp Hiệp Phước ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 0.78%, −160.17pp YoY

Price

15,300

Latest close

20 May 2026

P/E —

P/B 2.08x

EPS 0

BVPS 7,342

ROE 0.0%

ROA 0.0%

Profit Margin 0.0%

Asset Turnover 0.02x

Equity Mult. 5.58x

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

What Is Changing

On a TTM 2026Q1 basis, HPI is holding revenue at an acceptable level, but margins are eroding visibly — profit is at an all-time high. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 51bn
	                                
+32.4%YoY

	                            
	                                NET MARGIN
	                            
	                                    0.01%
	                                
−160.2ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 0bn
	                                
−100.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    798.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	57.2	33.2	22.7	142.8	158.4
Growth	+72%	+47%	-84%	-10%	—
Net Income	12.5	66.2	67.5	32.7	34.2
Net Margin	21.76%	199.14%	297.77%	22.90%	21.58%

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	15.9	6.0	4.2	24.6	21.4	17.8	21.0	-21.9	18.9	-37.4	20.5	21.1
Growth	+166%	+42%	-83%	+15%	+21%	-15%	-196%	-216%	-151%	-283%	-3%	—
Net Income	1.1	-12.5	6.2	5.3	6.2	14.8	16.3	24.0	7.5	37.2	11.9	12.2
Net Margin	6.98%	-209.64%	146.79%	21.34%	28.78%	83.38%	77.95%	-109.37%	39.54%	-99.50%	58.31%	57.97%

Drivers of HPI's profit

TTM

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

Gross profit ↓ 56.0bn

TTM

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

Other profit ↑ 2.4bn

Gross profit ↓ 7.4bn

Selling expenses ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.3% = 160.2% × 0.02 × 6.00

2026Q1 0.0% = 0.0% × 0.02 × 5.58

ROE fell from 15.3% to 0.0% — net margin weakened the most, though asset turnover still provided support.

Net margin: 0.0% -160.2pp Asset turnover: 0.02x +0.00x Leverage: 5.58x -0.42x

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 0.01%, losing 160.2pp. The main pressure is Gross margin fell 150.1pp, outweighing the improvement in SG&A / Revenue fell 17.3pp (in addition, Other profit / Revenue rose 1.2pp added support while Net financial result / Revenue fell 26.4pp 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 0.01% −160.2pp

Gross Margin 11.71% −150.1pp

SG&A / Revenue 52.72% −17.3pp

Non-core / Revenue 47.29% −25.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 25.1pp, financial result still accounts for 826.5% of PBT — earnings durability should be monitored in coming periods.

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 -0.49x −0.74x

Average Invested Capital 102.6bn −257.3bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 4.40x equity, with a net cash position equivalent to 1.29x equity.

Development inventory ended the period at 1,021.4bn, about 43.0% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 3861.2 days versus the same period last year. The main moves came from DIO rose 4165.3 days, DSO fell 358.3 days, and DPO fell 54.3 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 4988.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +4165.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 866.9 days −358.3 days

Inventory 4170.0 days +4165.3 days

Payables 48.8 days −54.3 days

Cash Conversion Cycle 4988.1 days +3861.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 34.2% of total debt, cash equals 3246.2% of debt, and total debt stands at 18.1bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Leverage and liquidity trend

Net Debt / Equity -1.29x −0.12x

Interest Coverage — —

Cash / Debt 3246.2% +1045.2pp

Short-term Debt / Total Debt 34.2% +8.7pp

CFO / NI 13964.67x +13966.31x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -29.1bn in 2025, against investing cash flow of 63.4bn.

Post-investment cash flow was positive +34.3bn. Financing cash flow was negative +6.2bn.

CFO / net income was 13,964.67x.

After spending +2.7bn on fixed-asset investment, the business generated trailing free cash flow of +52.4bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 55.1bn +156.1bn

Cash Capex 2.7bn −7.0bn

FCF TTM +52.4bn +163.1bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 160.2 pp. The next watchpoint is the earnings mix, when non-core contribution is 798.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -1.29x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 1.29x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 13964.67x. Even so, net financial result still accounts for 798.8% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 0.78% after a 160.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	93.9	97.2	83.7	142.8	158.4
Revenue Deductions	36.7	63.9	61.0	0.0	0.0
Net Revenue	57.2	33.2	22.7	142.8	158.4
Cost of Goods Sold	40.9	-24.5	34.6	122.9	0.0
Gross Profit	16.3	57.8	-12.0	19.9	22.3
Financial Income	27.4	32.6	110.7	42.2	43.6
Financial Expenses	2.0	0.0	-0.0	-4.0	-0.0
Interest Expense	2.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	6.2	3.1	3.0	4.1	-4.4
General and Administrative Expenses	19.2	25.0	30.6	31.7	-29.6
Operating Profit	16.3	62.3	65.2	30.3	31.9
Other Income	2.7	4.2	3.4	3.1	0.0
Other Expenses	3.9	0.3	1.1	0.7	0.0
Other Profit	-1.2	3.9	2.3	2.4	2.3
Profit Before Tax	15.1	66.2	67.5	32.7	34.2
Current Income Tax Expense	2.7	0.0	0.0	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	12.5	66.2	67.5	32.7	34.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	12.5	66.2	67.5	32.7	34.2
Earnings per Share	208.00	1,103.00	1,124.00	545.00	569.00
Diluted EPS	207.64	1,103.31	1,124.32	544.98	569.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,828.3	829.5	913.9	931.8	909.8
I. Cash and cash equivalents	557.6	529.6	14.5	52.8	671.2
1. Cash	38.1	10.1	10.0	38.8	0.0
2. Cash equivalents	519.5	519.5	4.5	14.0	0.0
II. Short-term financial investments	62.0	100.3	697.9	631.7	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	62.0	100.3	697.9	631.7	0.0
III. Short-term receivables	140.1	150.0	156.4	205.3	194.8
1. Short-term trade accounts receivable	107.8	111.5	114.0	121.2	0.0
2. Short-term prepayments to suppliers	11.7	12.9	11.5	11.7	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	21.3	26.2	31.5	73.1	0.0
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,021.4	0.2	0.3	0.6	0.3
1. Inventories	1,021.4	0.2	0.3	0.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	47.2	49.3	44.8	41.3	43.5
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	47.2	49.3	44.8	41.3	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	545.2	1,568.5	1,536.5	1,490.0	1,627.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	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	27.2	27.9	25.9	28.2	30.5
1. Tangible fixed assets	26.8	27.9	25.8	28.0	30.2
- Cost	67.8	67.1	62.7	63.7	0.0
- Accumulated depreciation	-41.0	-39.2	-36.9	-35.7	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	0.4	0.0	0.1	0.2	0.3
- Cost	1.8	1.3	1.3	1.3	0.0
- Accumulated depreciation	-1.4	-1.3	-1.2	-1.1	0.0
III. Investment properties	156.4	125.1	153.6	139.5	278.3
- Cost	236.8	236.8	535.0	535.0	0.0
- Accumulated depreciation	-80.4	-111.6	-381.4	-395.6	0.0
IV. Long-term assets in progress	297.6	1,351.1	1,292.7	1,258.1	1,257.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	297.6	1,351.1	1,292.7	1,258.1	0.0
V. Long-term financial investments	64.0	64.0	64.0	64.0	60.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	47.3	47.3	47.3	47.3	0.0
3. Investments in other entities	16.7	16.7	16.7	16.7	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	0.0	0.3	0.3	0.3	0.0
1. Long-term prepayments	0.0	0.3	0.3	0.3	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	1.1
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)	2,373.5	2,398.0	2,450.4	2,421.8	2,537.4
A. LIABILITIES (300=210+330)	1,934.1	1,970.3	2,088.2	2,126.4	2,273.6
I. Short -term liabilities	1,884.9	1,890.6	1,946.1	1,977.0	2,092.0
1. Short-term trade accounts payable	6.1	4.3	2.1	29.0	58.3
2. Short-term advances from customers	0.0	0.3	0.3	0.2	7.8
3. Taxes and other payables to state authorities	1.8	1.6	1.4	1.8	0.0
4. Payable to employees	3.9	2.9	0.0	0.0	0.0
5. Short-term acrrued expenses	1,608.2	1,610.0	1,611.4	1,610.4	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	88.4	93.9	107.1	107.8	130.9
9. Other short-term payables	164.7	165.9	212.1	216.0	0.0
10. Short-term borrowings and financial leases	6.2	6.2	6.2	6.2	4.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.5	5.5	5.5	5.7	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	49.2	79.7	142.2	149.3	181.6
1. Long-term trade payables	4.0	4.0	4.0	4.0	4.0
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	22.5
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	13.4	19.6	25.8	32.0	38.8
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	31.7	56.0	112.3	113.3	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)	439.4	427.7	362.2	295.5	263.8
I. Owner's equity	439.4	427.7	362.2	295.5	0.0
1. Owner's capital	600.0	600.0	600.0	600.0	263.8
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	100.0	100.0	100.0	100.0	100.0
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	41.2	41.2	41.2	41.2	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	-301.8	-313.5	-379.0	-445.7	-477.4
- Accumulated retained earning at the end of the previous period	-313.5	-379.0	-445.7	-477.9	-511.2
- Undistributed earnings in this period	11.7	65.5	66.7	32.2	33.8
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)	2,373.5	2,398.0	2,450.4	2,421.8	2,537.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	15.1	66.2	67.5	32.7	0.0
Depreciation of Fixed Assets and Investment Property	9.2	11.3	6.8	72.7	0.0
Provision (Increase)/Reversal	0.0	0.0	-0.0	-4.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-27.6	-31.7	-44.3	-39.1	0.0
Interest Expense	2.0	0.0	0.0	0.0	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	-1.2	45.8	29.9	62.3	0.0
Increase/(Decrease) in Receivables	11.9	-0.7	42.7	-8.3	0.0
Increase/(Decrease) in Inventory	32.4	0.0	0.4	-0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-70.4	-151.1	-50.9	-72.6	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	0.0	-0.0	-0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.0	0.0	0.0	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	-0.1	-0.2	0.0
Net Cash Flow from Operating Activities	-29.1	-105.9	22.0	-19.5	-665.6
Payments for Fixed Assets and Other Long-term Assets	-2.7	-4.7	-34.8	-1.6	-80.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.4	0.0	0.0
Loans and Purchases of Debt Instruments	-408.1	-404.1	-1,421.6	-512.9	-840.6
Receipts from Loan Repayments and Sale of Debt Instruments	446.4	1,001.7	1,355.5	492.9	971.1
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	27.5	34.3	46.6	39.1	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	63.4	627.2	-54.1	17.5	82.8
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-6.2	-6.2	-6.2	-4.6	-220.9
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	-6.2	-6.2	-6.2	-4.6	-220.9
Net Cash Flow During the Period	28.1	515.1	-38.3	-6.6	25.1
Cash and Cash Equivalents at Beginning of Period	529.6	14.5	52.8	59.4	864.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	557.6	529.6	14.5	52.8	671.2

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	24.6	23.3	24.0	24.6	21.4	26.7	30.6	23.0	18.9	23.6	20.5	21.1
Revenue Deductions	8.8	17.3	19.8	—	—	8.9	9.6	44.9	0.0	61.0	0.0	0.0
Net Revenue	15.9	6.0	4.2	24.6	21.4	17.8	21.0	-21.9	18.9	-37.4	20.5	21.1
Cost of Goods Sold	14.7	19.3	-4.9	15.6	12.9	0.7	8.9	-46.2	15.2	-3.9	11.2	11.9
Gross Profit	1.2	-13.3	9.1	9.0	8.5	17.0	12.0	24.3	3.7	-33.5	9.3	9.2
Financial Income	6.3	9.6	5.2	4.3	6.5	4.9	10.1	6.0	10.5	76.7	10.9	12.8
Financial Expenses	0.3	2.0	—	—	—	0.0	0.0	0.0	0.0	-2.8	0.0	2.8
Interest Expense	0.3	2.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.8	2.0	2.2	1.1	1.0	0.8	0.9	0.4	1.0	0.7	0.6	0.6
General and Administrative Expenses	4.4	5.3	3.5	6.5	4.5	7.8	5.5	5.9	5.8	8.7	7.9	7.3
Operating Profit	0.9	-13.0	8.6	5.8	9.5	13.3	15.8	24.0	7.5	36.7	11.6	11.4
Other Income	0.6	0.6	0.7	0.8	-1.7	1.6	0.6	0.0	0.1	0.7	0.5	1.0
Other Expenses	0.1	0.1	1.6	0.1	0.2	0.1	0.0	0.1	0.1	0.2	0.2	0.2
Other Profit	0.5	0.5	-0.9	0.7	-1.8	1.5	0.6	-0.1	0.0	0.5	0.3	0.8
Profit Before Tax	1.4	-12.5	7.7	6.6	7.7	14.8	16.3	24.0	7.5	37.2	11.9	12.2
Current Income Tax Expense	0.3	—	1.5	1.3	1.5	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	1.1	-12.5	6.2	5.3	6.2	14.8	16.3	24.0	7.5	37.2	11.9	12.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.1	-12.5	6.2	5.3	6.2	14.8	16.3	24.0	7.5	37.2	11.9	12.2
Earnings per Share	18.00	-209.00	103.00	88.00	103.00	247.00	272.00	399.00	125.00	620.00	199.00	204.00
Diluted EPS	18.46	-208.58	102.59	87.60	102.83	247.11	272.30	399.43	124.66	620.10	198.91	204.05

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,920.9	1,828.7	1,887.0	1,927.8	848.6	831.9	845.1	851.2	871.7	913.7	920.0	940.3
I. Cash and cash equivalents	587.3	256.8	576.7	582.3	534.5	10.1	11.6	18.6	14.0	14.5	10.8	12.7
1. Cash	38.2	38.1	9.7	17.3	14.5	10.1	11.6	18.6	14.0	10.0	6.3	12.7
2. Cash equivalents	549.1	218.7	567.0	565.0	520.0	0.0	0.0	0.0	0.0	4.5	4.5	0.0
II. Short-term financial investments	115.0	362.8	65.3	65.3	100.3	619.8	625.8	611.8	643.6	697.9	687.9	674.8
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	115.0	362.8	65.3	65.3	100.3	619.8	625.8	611.8	643.6	697.9	687.9	674.8
III. Short-term receivables	149.8	139.7	143.0	176.5	166.5	152.5	158.3	173.9	169.3	156.2	181.6	212.7
1. Short-term trade accounts receivable	114.1	107.4	111.2	138.4	126.6	114.0	116.2	136.3	130.3	114.0	124.5	131.2
2. Short-term prepayments to suppliers	15.5	11.7	12.0	18.1	14.3	12.9	12.0	13.2	13.4	11.5	11.9	13.0
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	20.8	21.3	20.4	20.6	26.3	26.2	30.7	25.0	26.2	31.3	45.7	69.1
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,021.6	1,021.4	1,058.1	1,058.5	0.3	0.2	0.3	0.3	0.3	0.3	0.3	0.4
1. Inventories	1,021.6	1,021.4	1,058.1	1,058.5	0.3	0.2	0.3	0.3	0.3	0.3	0.3	0.4
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	47.3	48.0	43.9	45.2	47.1	49.3	49.1	46.6	44.5	44.8	39.5	39.8
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	47.3	48.0	43.9	45.2	47.1	49.3	49.1	46.6	44.5	44.8	39.5	39.8
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)	540.7	543.3	510.2	512.5	1,565.9	1,560.2	1,601.5	1,592.5	1,535.1	1,536.8	1,501.5	1,482.3
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	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	26.4	27.2	27.8	28.7	27.3	27.9	24.5	25.0	25.3	25.9	26.4	26.9
1. Tangible fixed assets	26.1	26.9	27.4	28.2	27.3	27.9	24.4	25.0	25.2	25.8	26.3	26.7
- Cost	67.9	—	—	—	—	67.1	63.0	63.0	62.7	64.0	63.8	63.7
- Accumulated depreciation	-41.9	—	—	—	—	-39.2	-38.6	-38.0	-37.4	-38.2	-37.6	-37.0
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	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
- Cost	1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	152.1	154.5	120.8	122.2	123.3	117.0	157.4	151.6	152.6	153.6	133.6	135.5
- Cost	236.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-84.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	297.6	297.6	297.6	297.6	1,351.2	1,351.1	1,351.1	1,351.1	1,292.9	1,292.9	1,280.0	1,258.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	297.6	297.6	297.6	297.6	1,351.2	1,351.1	1,351.1	1,351.1	1,292.9	1,292.9	1,280.0	1,258.3
V. Long-term financial investments	64.0	64.0	64.0	64.0	64.0	63.9	64.0	64.0	64.0	64.0	61.2	61.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	47.3	47.3	47.3	47.3	47.3	47.3	47.3	47.3	47.3	47.3	47.3	47.3
3. Investments in other entities	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7
4. Provision for diminution in value of long-term investments	—	—	—	—	—	-0.2	0.0	0.0	0.0	0.0	-2.8	-2.8
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.5	—	0.0	0.0	0.0	0.3	4.5	0.7	0.3	0.3	0.3	0.3
1. Long-term prepayments	0.5	—	0.0	0.0	0.0	0.3	4.5	0.7	0.3	0.3	0.3	0.3
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)	2,461.6	2,372.0	2,397.3	2,440.3	2,414.6	2,392.1	2,446.6	2,443.7	2,406.8	2,450.4	2,421.5	2,422.6
A. LIABILITIES (300=210+330)	2,021.1	1,935.5	1,951.0	2,001.5	1,980.9	1,970.0	2,039.2	2,050.4	2,037.3	2,088.3	2,096.4	2,109.1
I. Short -term liabilities	1,973.5	1,886.4	1,898.3	1,925.7	1,903.2	1,888.8	1,901.9	1,917.0	1,898.6	1,947.7	1,955.5	1,963.4
1. Short-term trade accounts payable	2.4	6.3	3.0	3.7	1.5	4.3	7.4	6.9	3.8	2.1	2.5	2.4
2. Short-term advances from customers	18.3	0.0	0.1	0.1	0.1	0.4	0.2	0.3	0.3	0.3	2.9	0.1
3. Dividends and profits payable	60.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.9	3.1	1.7	1.3	1.6	1.6	1.3	1.3	1.2	1.4	1.3	1.2
4. Payable to employees	0.7	3.9	1.0	0.9	0.5	2.9	1.3	1.3	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	1,607.8	1,608.2	1,609.2	1,607.8	1,608.2	1,610.0	1,608.2	1,608.3	1,608.3	1,611.3	1,606.2	1,609.4
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	68.8	88.4	89.7	91.3	92.6	93.6	94.9	107.0	108.0	107.1	105.2	106.5
9. Other short-term payables	201.8	164.7	182.0	209.0	187.0	165.9	176.8	180.4	163.9	212.2	222.7	230.5
10. Short-term borrowings and financial leases	6.2	6.2	6.2	6.2	6.2	4.6	6.2	6.2	7.7	7.7	9.3	7.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5
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	47.6	49.2	52.7	75.8	77.7	81.2	137.3	133.4	138.7	140.6	140.9	145.7
1. Long-term trade payables	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	11.9	13.4	15.0	16.5	18.1	21.2	21.2	22.7	22.7	24.3	24.3	28.9
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	31.7	31.7	33.6	55.2	55.6	56.0	112.1	106.6	111.9	112.3	112.6	112.8
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)	440.5	436.4	446.3	438.8	433.7	422.1	407.5	393.3	369.5	362.1	325.1	313.5
I. Owner's equity	440.5	436.4	446.3	438.8	433.7	422.1	407.5	393.3	369.5	362.1	325.1	313.5
1. Owner's capital	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
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	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2
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	-300.7	-304.8	-294.9	-302.4	-307.5	-319.1	-333.7	-347.9	-371.7	-379.1	-416.1	-427.7
- Accumulated retained earning at the end of the previous period	-301.8	-313.5	-313.5	-313.5	-313.5	-379.0	-379.0	-379.0	-379.0	-445.7	-445.7	-446.1
- Undistributed earnings in this period	1.1	8.8	18.6	11.1	6.0	59.9	45.2	31.1	7.3	66.7	29.6	18.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	2,461.6	2,372.0	2,397.3	2,440.3	2,414.6	2,392.1	2,446.6	2,443.7	2,406.8	2,450.4	2,421.5	2,422.6

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	-1.1	16.2	—	0.0	-29.5	29.5	0.0	67.5	-18.2	18.2	0.0
Depreciation of Fixed Assets and Investment Property	—	4.6	4.6	—	0.0	-3.3	3.3	0.0	6.8	-3.4	3.4	0.0
Provision (Increase)/Reversal	—	0.0	0.0	—	0.0	-0.2	0.2	0.0	-0.0	-2.8	2.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	—	0.0	0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-15.0	-12.5	—	0.0	16.8	-16.8	0.0	-44.3	23.2	-23.2	0.0
Interest Expense	—	2.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	-9.5	8.3	—	0.0	-16.2	16.2	0.0	29.9	-1.2	1.2	0.0
Increase/(Decrease) in Receivables	—	35.3	-23.4	—	0.0	19.1	-19.1	0.0	42.7	3.4	-3.4	0.0
Increase/(Decrease) in Inventory	—	36.7	-4.3	—	0.0	0.0	-0.0	0.0	0.4	-0.3	0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-100.9	30.5	—	0.0	93.7	-93.7	0.0	-50.9	14.1	-14.1	0.0
Increase/(Decrease) in Prepaid Expenses	—	-0.0	0.3	—	0.0	0.3	-0.3	0.0	-0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-2.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	81.3	—	—	—	1.4	9.5	-6.6	6.6	0.0	0.0	-4.2	4.2
Other Operating Payments	-24.0	—	—	-18.6	-8.3	-75.1	68.3	-68.3	-0.1	0.1	32.9	-33.1
Net Cash Flow from Operating Activities	84.2	-40.4	4.5	6.9	-14.5	10.5	-36.2	-60.8	22.0	16.1	14.4	-30.5
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.3	-2.2	-0.2	-1.6	-7.6	2.8	-3.4	-34.8	0.2	6.7	-6.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	—	—	0.0	0.0	0.0	0.0	0.4	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-387.1	-21.0	—	0.0	396.1	-396.1	0.0	-1,421.6	641.5	-641.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	417.4	29.0	—	0.0	-482.2	482.2	0.0	1,355.5	-598.5	598.5	0.0
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	—	15.5	11.9	—	9.9	5.6	7.8	10.9	46.6	-22.4	14.5	7.9
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	-53.0	45.8	18.2	-0.7	14.4	-15.9	42.4	61.9	-54.1	20.9	0.2	-21.1
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-1.5	-3.1	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-6.2	3.1	-3.1	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	-0.2	0.0	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	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	-1.5	-3.1	-1.4	-1.7	-1.5	-1.5	-1.5	-1.5	-6.2	3.1	-3.1	0.0
Net Cash Flow During the Period	29.7	2.3	21.3	4.4	-1.6	-7.0	4.6	-0.5	-38.3	40.1	11.6	-51.6
Cash and Cash Equivalents at Beginning of Period	557.6	529.6	14.5	10.1	14.5	14.5	14.5	14.5	52.8	0.0	52.8	52.8
FX Difference from Revaluation	0.0	0.0	0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	587.3	557.6	555.3	14.5	10.1	11.6	18.6	14.0	14.5	0.0	12.7	1.1

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HPI

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