HSM

Tổng Công ty cổ phần Dệt may Hà Nội ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 1.22%, +4.83pp YoY

Price

6,800

Latest close

02 Jun 2026

P/E 12.01x

P/B 0.34x

EPS 566

BVPS 19,757

ROE 2.9%

ROA 1.0%

Profit Margin 0.9%

Asset Turnover 1.03x

Equity Mult. 3.00x

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

What Is Changing

On a TTM 2026Q1 basis, HSM has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,233bn
	                                
+6.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 15bn
	                                
+135.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,224.2	1,114.9	1,298.2	1,679.8	1,657.2
Growth	+10%	-14%	-23%	+1%	—
Net Income	13.3	-78.3	-121.5	18.5	61.7
Net Margin	1.08%	-7.02%	-9.36%	1.10%	3.72%

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	298.2	343.3	314.8	276.3	290.9	298.8	292.0	275.9	256.5	315.3	328.0	340.9
Growth	-13%	+9%	+14%	-5%	-3%	+2%	+6%	+8%	-19%	-4%	-4%	—
Net Income	9.5	4.5	3.1	-2.0	7.6	-1.2	5.5	-53.8	-44.5	-67.0	-12.5	-10.1
Net Margin	3.17%	1.30%	0.98%	-0.74%	2.62%	-0.41%	1.88%	-19.51%	-17.34%	-21.24%	-3.80%	-2.96%

Drivers of HSM's profit

TTM

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

Gross profit ↑ 47.1bn

Finance costs ↓ 37.8bn

Financial income ↓ 16.8bn

Minority interests ↑ 8.8bn

Other profit ↓ 5.9bn

Administrative expenses ↑ 5.4bn

TTM

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

Gross profit ↑ 5.5bn

Finance costs ↓ 3.0bn

Selling expenses ↓ 2.2bn

Financial income ↑ 1.0bn

Administrative expenses ↑ 9.3bn

Minority interests ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -10.4% = -3.6% × 0.88 × 3.27

2026Q1 3.8% = 1.2% × 1.03 × 3.00

ROE rose from -10.4% to 3.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 1.2% +4.8pp Asset turnover: 1.03x +0.15x Leverage: 3.00x -0.26x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 1.22%, rising 4.8pp. The main driver is Gross margin rose 3.3pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.0pp added support while Other profit / Revenue fell 0.5pp remained a drag).

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

Profitability trend

Net Margin 1.22% +4.8pp

Gross Margin 12.43% +3.3pp

SG&A / Revenue 8.64% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 60.2 days.

Is capital being deployed efficiently?

ROIC expanded to 1.51%, rising 5.2pp. That translates to 1.51 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.6pp and capital turnover rose 0.21x, while invested capital contracted by 115bn — capital-return quality improved from both sides.

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

Watchpoints

ROIC remains low

ROIC is currently 1.51% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.51% +5.2pp

NOPAT Margin 1.16% +4.6pp

Capital Turnover 1.31x +0.21x

Average Invested Capital 944.5bn −114.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.92x equity, net debt at 1.40x equity.

Inventory ended the period at 206.4bn, roughly 17.9% of total assets.

Over the last 12 months, working capital absorbed 18.9bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −8.1bn

Inventories decreased → higher CFO: +53.0bn

Payables decreased → lower CFO: −63.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.9 days versus the same period last year. The main moves came from DIO fell 3.2 days, DSO fell 4.4 days, and DPO rose 0.3 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 29.0 days −4.4 days

Inventory 75.6 days −3.2 days

Payables 44.4 days +0.3 days

Cash Conversion Cycle 60.2 days −7.9 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.40x and interest coverage only at 0.42x.

At present, short-term debt accounts for 47.9% of total debt, cash equals 4.0% of debt, and total debt stands at 590.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.40x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.42x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.40x +0.07x

Interest Coverage 0.42x +0.97x

Cash / Debt 4.0% −10.1pp

Short-term Debt / Total Debt 47.9% +2.8pp

CFO / NI 7.23x +11.46x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 68.6bn in 2025, against investing cash flow of -40.6bn.

Post-investment cash flow was positive +28.0bn. Financing cash flow was negative +22.0bn.

CFO / net income was 7.23x.

After spending +52.7bn on fixed-asset investment, the business generated trailing free cash flow of +31.1bn.

Cash Conversion

CFO TTM 83.9bn −70.5bn

Cash Capex 52.7bn +44.5bn

FCF TTM +31.1bn −115.0bn

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 4.8 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 1.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.22% after expanding 4.8pp versus the same period last year.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,237.6	1,131.7	1,312.9	1,697.8	1,670.9
Revenue Deductions	13.4	16.9	14.7	18.0	0.0
Net Revenue	1,224.2	1,114.9	1,298.2	1,679.8	1,657.2
Cost of Goods Sold	1,077.6	1,060.1	1,249.3	1,485.2	0.0
Gross Profit	146.6	54.8	48.9	194.5	220.9
Financial Income	14.0	46.6	19.8	58.0	40.2
Financial Expenses	45.2	81.8	72.9	96.6	-48.4
Interest Expense	30.2	39.1	54.7	49.1	-43.0
Share of Associates and Joint Ventures	—	0.0	0.4	0.5	0.2
Selling Expenses	34.4	28.8	35.3	54.9	-53.6
General and Administrative Expenses	65.1	73.0	128.4	79.9	-87.3
Operating Profit	15.9	-82.3	-167.5	21.7	72.0
Other Income	4.6	11.7	61.0	2.6	0.0
Other Expenses	3.4	2.4	7.3	0.9	0.0
Other Profit	1.2	9.3	53.7	1.7	0.5
Profit Before Tax	17.0	-73.0	-113.8	23.4	72.5
Current Income Tax Expense	3.8	3.8	7.8	5.0	-10.9
Deferred Income Tax Expense	-0.1	1.5	-0.1	-0.1	0.0
Net Income	13.3	-78.3	-121.5	18.5	61.7
Non-controlling Interest	5.2	-7.8	-4.1	1.4	-0.5
Profit Attributable to Parent	8.1	-70.5	-117.4	17.1	62.2
Earnings per Share	393.00	-3,438.00	-5,729.00	833.00	3,034.00
Diluted EPS	392.89	-3,438.42	-5,728.73	832.95	3,033.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	482.2	486.3	594.7	919.5	958.2
I. Cash and cash equivalents	60.0	53.9	61.0	54.6	28.8
1. Cash	24.2	7.3	22.7	20.6	0.0
2. Cash equivalents	35.8	46.6	38.3	34.0	0.0
II. Short-term financial investments	164.2	145.4	179.7	345.0	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	164.2	145.4	179.7	345.0	0.0
III. Short-term receivables	40.9	48.3	67.5	137.1	202.9
1. Short-term trade accounts receivable	117.7	111.5	123.4	132.3	0.0
2. Short-term prepayments to suppliers	10.3	10.2	2.7	2.4	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	—	2.0	0.0	0.0	0.0
6. Other short-term receivables	2.3	1.9	4.3	10.0	0.0
7. Provision for short-term doubtful debts (*)	-89.3	-77.4	-62.9	-7.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	206.4	225.3	263.6	363.2	292.4
1. Inventories	214.6	230.3	268.8	414.8	0.0
2. Provision for decline in value of inventories	-8.2	-5.0	-5.2	-51.6	0.0
V. Other short-term assets	10.7	13.3	22.9	19.6	22.2
1. Short-term prepayments	1.5	1.5	1.5	1.6	0.0
2. Value added tax to be reclaimed	4.6	7.2	15.7	13.0	0.0
3. Taxes and other receivables from state authorities	4.5	4.6	5.7	5.0	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)	673.8	719.4	877.3	962.9	1,051.3
I. Long-term receivables	13.2	13.8	15.8	18.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	21.3
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	13.2	13.8	15.8	18.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	550.5	592.6	728.4	800.1	876.8
1. Tangible fixed assets	545.7	587.2	721.6	781.1	852.8
- Cost	1,414.3	1,411.6	1,618.0	1,614.4	0.0
- Accumulated depreciation	-868.6	-824.4	-896.4	-833.3	0.0
2. Financial leased fixed assets	4.7	5.3	6.6	18.8	23.7
- Cost	6.0	6.0	9.4	26.6	0.0
- Accumulated depreciation	-1.3	-0.7	-2.8	-7.8	0.0
3. Intangible fixed assets	—	0.1	0.1	0.2	0.3
- Cost	0.8	0.8	0.8	0.8	0.0
- Accumulated depreciation	-0.8	-0.7	-0.6	-0.6	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	5.7	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.7	0.0	0.0	0.0	0.0
V. Long-term financial investments	11.5	11.8	20.7	20.8	20.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.9	0.9	3.6	3.7	0.0
3. Investments in other entities	24.0	24.0	24.0	24.0	0.0
4. Provision for diminution in value of long-term investments	-13.4	-13.1	-6.9	-6.9	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	92.9	101.2	112.4	123.6	0.0
1. Long-term prepayments	92.9	101.2	112.2	123.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.1	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	132.7
5. Goodwill	—	0.0	0.2	0.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,156.0	1,205.6	1,472.0	1,882.4	2,009.5
A. LIABILITIES (300=210+330)	760.5	820.2	1,017.7	1,301.6	1,421.6
I. Short -term liabilities	439.8	508.1	627.9	843.1	918.7
1. Short-term trade accounts payable	66.3	123.4	122.2	91.2	128.8
2. Short-term advances from customers	2.1	3.5	3.1	10.3	3.5
3. Taxes and other payables to state authorities	3.7	4.1	9.3	2.9	0.0
4. Payable to employees	39.9	19.3	20.7	43.0	0.0
5. Short-term acrrued expenses	4.0	3.4	4.5	7.2	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	2.3	1.9	1.3	1.2	1.2
9. Other short-term payables	4.8	17.0	22.7	61.2	0.0
10. Short-term borrowings and financial leases	301.2	319.0	424.8	605.6	616.6
11. Provision for short-term liabilities	10.0	3.3	0.6	0.0	0.0
12.. Bonus and welfare fund	5.5	13.2	18.7	20.5	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	320.7	312.1	389.9	458.6	502.9
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	1.6
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	0.1	0.2	0.5
7. Other long-term liabilities	1.5	1.5	0.0	0.0	0.0
8. Long-term borrowings and financial leases	316.2	306.4	380.3	424.0	467.4
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	2.9	4.1	9.4	9.6	0.0
12. Provision for long-term liabilities	—	0.0	0.0	24.7	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)	395.6	385.5	454.3	580.8	587.9
I. Owner's equity	395.6	385.5	454.3	580.8	0.0
1. Owner's capital	205.0	205.0	205.0	205.0	587.9
- Common stock with voting right	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00
- 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	42.7
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	133.6	132.5	138.4	122.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.5	2.5	2.5	2.5	0.0
11. Undistributed earnings after tax	-149.8	-156.6	-97.9	39.7	67.1
- Accumulated retained earning at the end of the previous period	-157.8	-86.1	19.6	22.6	10.3
- Undistributed earnings in this period	8.1	-70.5	-117.4	17.1	56.8
12. Reserves for investment in construction	136.9	136.9	136.9	136.9	0.0
13. Minority's interest	67.3	65.1	69.2	73.8	73.0
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)	1,156.0	1,205.6	1,472.0	1,882.4	2,009.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	17.0	-73.0	-113.8	23.4	72.5
Depreciation of Fixed Assets and Investment Property	67.7	71.2	76.0	79.3	79.6
Provision (Increase)/Reversal	22.3	25.2	-15.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	11.8	9.9	-0.1	-7.3	0.0
Gain/Loss from Investment Activities	-6.7	-32.2	-32.1	-35.7	0.0
Interest Expense	30.2	39.1	54.7	49.1	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	142.4	40.2	-30.3	108.9	168.6
Increase/(Decrease) in Receivables	-3.1	2.0	5.9	64.5	0.0
Increase/(Decrease) in Inventory	15.7	33.5	146.0	-103.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-51.0	20.2	-39.3	-20.6	0.0
Increase/(Decrease) in Prepaid Expenses	8.2	9.0	11.8	9.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-30.2	-38.8	-54.9	-48.9	0.0
Corporate Income Tax Paid	-3.4	-8.3	-1.7	-11.5	0.0
Other Operating Receipts	0.1	0.3	2.3	2.3	0.0
Other Operating Payments	-10.1	-5.6	-6.4	-10.2	0.0
Net Cash Flow from Operating Activities	68.6	52.5	33.4	-9.9	118.6
Payments for Fixed Assets and Other Long-term Assets	-30.2	-6.9	-8.0	-3.0	-62.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3	3.7	25.0	0.5	3.6
Loans and Purchases of Debt Instruments	-66.2	-23.0	-58.6	-443.2	-301.5
Receipts from Loan Repayments and Sale of Debt Instruments	49.5	55.0	223.9	510.2	130.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	17.5	0.0	0.0	0.0
Dividends and Interest Income Received	5.1	6.7	15.2	36.6	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	-40.6	53.0	197.4	101.1	-207.4
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	659.7	657.1	1,136.1	1,556.1	1,361.4
Repayment of Borrowings	-678.4	-766.2	-1,353.4	-1,596.5	-1,269.8
Repayment of Finance Leases	-1.4	-2.0	-6.9	-5.7	-7.4
Dividends Paid	-2.0	-1.4	-0.1	-19.3	0.4
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-22.0	-112.6	-224.4	-65.3	84.6
Net Cash Flow During the Period	6.0	-7.1	6.4	25.9	-7.7
Cash and Cash Equivalents at Beginning of Period	53.9	61.0	54.6	28.8	33.0
FX Difference from Revaluation	0.1	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	60.0	53.9	61.0	54.6	28.8

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	301.0	345.2	317.3	280.9	294.7	301.1	295.3	284.1	259.5	317.6	331.1	346.2
Revenue Deductions	2.8	1.9	2.5	4.6	3.8	2.2	3.4	8.3	3.0	2.3	3.1	5.3
Net Revenue	298.2	343.3	314.8	276.3	290.9	298.8	292.0	275.9	256.5	315.3	328.0	340.9
Cost of Goods Sold	254.9	310.8	272.8	241.0	253.0	264.1	269.8	264.5	269.1	314.2	291.2	333.3
Gross Profit	43.4	32.5	42.0	35.3	37.8	34.7	22.2	11.3	-12.6	1.1	36.8	7.6
Financial Income	4.7	3.5	2.9	3.9	3.7	4.4	18.4	5.3	2.2	4.8	4.1	4.1
Financial Expenses	8.3	9.2	9.7	16.2	11.3	23.0	16.0	30.8	12.8	14.3	25.8	17.0
Interest Expense	7.6	7.6	7.3	7.6	7.7	7.8	7.7	11.1	12.5	13.3	13.6	13.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.1	0.0	0.1	0.1	0.1
Selling Expenses	7.5	7.9	8.9	7.9	9.7	6.3	8.3	7.9	7.3	7.4	10.5	10.2
General and Administrative Expenses	21.6	14.7	21.2	16.8	12.3	13.8	11.7	31.1	16.4	72.7	16.8	19.7
Operating Profit	10.5	4.2	5.1	-1.6	8.2	-4.1	4.5	-53.1	-46.9	-88.4	-12.1	-35.0
Other Income	0.3	2.3	0.8	0.9	0.6	5.3	3.3	1.2	3.0	34.7	0.6	25.1
Other Expenses	0.3	0.7	2.1	0.4	0.3	1.1	1.6	0.6	0.1	6.2	0.4	0.1
Other Profit	-0.0	1.6	-1.3	0.6	0.3	4.2	1.7	0.6	2.9	28.5	0.2	25.0
Profit Before Tax	10.5	5.8	3.7	-1.1	8.4	0.2	6.2	-52.5	-44.0	-59.8	-12.0	-10.0
Current Income Tax Expense	1.0	1.4	0.6	1.0	0.8	1.4	0.7	1.3	0.4	7.1	0.5	0.1
Deferred Income Tax Expense	0.0	-0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Net Income	9.5	4.5	3.1	-2.0	7.6	-1.2	5.5	-53.8	-44.5	-67.0	-12.5	-10.1
Non-controlling Interest	2.0	1.7	0.3	-0.6	1.5	0.9	-0.8	-7.0	-5.8	-2.2	-0.4	-3.2
Profit Attributable to Parent	7.4	2.8	2.8	-1.4	6.1	-2.2	6.3	-46.8	-38.6	-64.8	-12.1	-6.9
Earnings per Share	363.00	135.00	138.00	-70.00	299.00	-105.00	310.00	-2,285.00	-1,884.00	-3,162.00	-590.00	-334.00
Diluted EPS	363.01	135.13	137.60	-70.28	298.88	-105.11	309.58	-2,284.63	-1,884.05	-3,161.94	-589.71	-334.47

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)	482.2	482.2	386.9	478.9	531.6	486.6	485.8	463.0	534.9	594.7	618.8	649.5
I. Cash and cash equivalents	23.5	60.0	37.6	60.1	85.8	53.9	91.6	17.3	32.1	67.8	28.1	36.8
1. Cash	10.2	24.2	19.4	12.2	18.3	7.3	9.5	17.2	20.7	22.7	16.6	31.8
2. Cash equivalents	13.2	35.8	18.2	47.9	67.5	46.6	82.2	0.2	11.5	45.1	11.5	5.0
II. Short-term financial investments	127.3	164.2	124.2	133.9	135.4	145.4	150.9	171.1	185.7	172.9	212.5	221.5
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	215.8	164.2	124.2	133.9	135.4	145.4	150.9	171.1	185.7	172.9	212.5	221.5
4. Provision for short-term investments held to maturity (*)	-88.5	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	126.9	40.9	20.5	21.6	49.7	48.6	41.5	49.7	96.7	67.5	144.7	114.2
1. Short-term trade accounts receivable	97.6	117.7	97.7	92.0	98.4	112.9	94.8	118.0	113.6	125.5	113.9	113.3
2. Short-term prepayments to suppliers	34.4	10.3	9.5	7.2	23.9	10.2	20.3	5.9	42.1	2.7	22.7	1.8
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	—	—	—	1.4	2.0	2.0	2.0	0.0	0.0	0.0	8.5	0.0
6. Other short-term receivables	3.4	2.3	2.0	2.4	2.7	2.3	2.6	4.6	4.5	3.3	6.8	6.4
7. Provision for short-term doubtful debts (*)	-8.6	-89.3	-88.8	-81.5	-77.4	-78.8	-78.2	-78.9	-63.4	-63.9	-7.3	-7.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	189.6	206.4	190.2	248.4	244.7	225.3	186.1	204.9	199.3	263.6	209.2	251.1
1. Inventories	197.0	214.6	196.0	254.3	250.0	230.3	191.8	210.5	204.0	268.6	218.8	262.2
2. Provision for decline in value of inventories	-7.4	-8.2	-5.9	-5.9	-5.3	-5.0	-5.6	-5.6	-4.6	-5.1	-9.6	-11.1
V. Other short-term assets	15.0	10.7	14.4	14.9	16.0	13.3	15.7	20.1	21.0	22.9	24.4	25.8
1. Short-term prepayments	1.7	1.5	1.2	1.6	1.4	1.5	1.1	1.8	2.2	1.5	1.6	1.6
2. Value added tax to be reclaimed	8.7	4.6	8.7	8.7	10.1	7.2	9.7	13.3	13.1	15.7	17.8	19.3
3. Taxes and other receivables from state authorities	4.5	4.5	4.5	4.5	4.6	4.6	4.9	4.9	5.7	5.7	5.0	5.0
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)	683.3	672.6	683.3	691.2	701.3	718.3	741.0	835.2	856.5	877.4	903.7	925.1
I. Long-term receivables	13.1	13.2	13.4	13.5	13.7	13.8	14.0	15.5	15.7	15.8	17.5	18.1
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	13.1	13.2	13.4	13.5	13.7	13.8	14.0	15.5	15.7	15.8	17.5	18.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	540.0	550.5	563.7	569.3	577.0	592.7	608.4	695.0	710.9	728.4	749.2	767.7
1. Tangible fixed assets	535.4	545.7	558.8	564.3	571.8	587.4	602.9	688.7	704.4	721.6	730.9	750.2
- Cost	1,416.1	—	—	—	—	1,473.2	1,491.9	1,613.6	1,612.4	1,618.0	1,616.7	1,619.3
- Accumulated depreciation	-880.7	—	—	—	—	-885.9	-889.0	-924.9	-908.0	-896.4	-885.8	-869.1
2. Financial leased fixed assets	4.6	4.7	4.9	5.0	5.2	5.3	5.4	6.2	6.4	6.6	18.1	17.3
- Cost	6.0	—	—	—	—	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
3. Intangible fixed assets	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.2	0.2
- Cost	0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	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	27.5	5.7	0.7	0.6	0.2	0.0	0.0	0.0	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
2. Construction in progress	27.5	5.7	0.7	0.6	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	11.5	10.2	11.3	11.3	11.8	10.6	15.5	17.9	20.8	20.7	20.7	20.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.9	0.9	0.9	0.9	0.9	0.9	0.9	3.3	3.7	3.6	3.6	3.5
3. Investments in other entities	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
4. Provision for diminution in value of long-term investments	-13.4	-14.7	-13.6	-13.6	-13.1	-14.3	-9.4	-9.4	-6.9	-6.9	-6.9	-6.9
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	91.2	92.9	94.3	96.4	98.7	101.2	103.2	106.7	108.9	112.4	116.1	118.5
1. Long-term prepayments	91.2	92.9	94.3	96.4	98.7	101.2	103.1	106.5	108.9	112.4	116.0	118.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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	0.3	0.3	0.2	0.2	0.3
TOTAL ASSETS (280=100+200)	1,165.5	1,154.8	1,070.2	1,170.1	1,232.9	1,205.0	1,226.9	1,298.1	1,391.4	1,472.1	1,522.5	1,574.5
A. LIABILITIES (300=210+330)	760.4	759.3	679.2	783.4	839.8	825.9	846.3	942.1	981.6	1,017.7	1,003.2	1,041.2
I. Short -term liabilities	422.8	438.7	346.4	448.3	499.8	514.1	530.6	561.1	570.3	625.1	591.4	631.9
1. Short-term trade accounts payable	87.9	66.3	68.8	113.4	174.7	129.2	227.3	176.9	79.5	121.5	80.6	96.3
2. Short-term advances from customers	9.6	2.1	0.8	2.6	3.3	3.5	3.3	11.3	4.3	4.2	14.2	17.5
3. Dividends and profits payable	3.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.8	3.7	9.6	7.7	2.9	4.1	7.1	3.8	1.4	9.3	13.0	8.8
4. Payable to employees	22.2	39.9	31.5	20.8	19.9	22.5	18.0	16.6	16.7	21.8	17.6	20.1
5. Short-term acrrued expenses	3.6	4.0	4.2	2.2	3.6	3.4	5.7	4.9	4.3	4.5	6.2	2.7
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	0.4	2.3	3.6	2.1	3.5	2.0	2.4	1.2	2.6	1.1	2.3	1.1
9. Other short-term payables	1.9	4.8	7.6	7.5	7.6	17.0	21.0	24.3	22.8	21.6	22.3	22.5
10. Short-term borrowings and financial leases	283.0	301.2	210.1	282.3	275.3	319.0	228.5	305.1	422.1	422.4	415.5	443.1
11. Provision for short-term liabilities	4.9	8.8	4.0	2.8	3.4	0.0	2.0	1.0	0.6	0.0	0.0	0.0
12.. Bonus and welfare fund	2.5	5.5	6.3	7.1	5.4	13.2	15.2	16.1	16.0	18.7	19.7	19.8
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	337.6	320.7	332.8	335.0	340.0	311.8	315.7	381.0	411.3	392.6	411.9	409.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	25.7	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.1	0.1
7. Other long-term liabilities	1.5	1.5	3.0	3.0	1.5	1.5	1.5	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	307.5	316.2	326.8	327.9	334.3	306.4	310.3	371.5	401.8	382.8	402.2	399.7
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	2.9	2.9	3.0	4.1	4.1	3.8	3.8	9.4	9.4	9.6	9.6	9.6
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)	405.0	395.4	391.0	386.7	393.1	379.1	380.6	356.0	409.9	454.4	519.3	533.3
I. Owner's equity	405.0	395.4	391.0	386.7	393.1	379.1	380.6	356.0	409.9	454.4	519.3	533.3
1. Owner's capital	205.0	205.0	205.0	205.0	205.0	205.0	205.0	205.0	205.0	205.0	205.0	205.0
- Common stock with voting right	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00	205,000,000,000.00
- 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	136.9	—	—	—	—	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	133.6	133.6	133.6	133.6	132.5	138.6	138.6	138.6	138.4	138.4	138.4	138.4
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	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
11. Undistributed earnings after tax	-142.3	-149.9	-152.7	-156.7	-150.4	-169.1	-166.9	-186.9	-136.5	-97.7	-32.6	-20.2
- Accumulated retained earning at the end of the previous period	-149.8	-157.8	-157.8	-161.3	-156.6	-97.7	-97.7	-101.5	-97.9	19.6	19.6	18.8
- Undistributed earnings in this period	7.4	7.9	5.2	4.7	6.1	-71.4	-69.3	-85.5	-38.6	-117.2	-52.1	-39.1
12. Reserves for investment in construction	—	136.9	136.9	136.9	136.9	136.9	136.9	136.9	136.9	136.9	136.9	136.9
13. Minority's interest	69.3	67.3	65.6	65.3	66.6	65.1	64.4	59.9	63.4	69.2	68.9	70.6
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,165.5	1,154.8	1,070.2	1,170.1	1,232.9	1,205.0	1,226.9	1,298.1	1,391.4	1,472.1	1,522.5	1,574.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	10.5	5.9	3.7	-1.1	8.4	0.2	6.2	-36.4	-44.0	-59.3	-12.0	-10.0
Depreciation of Fixed Assets and Investment Property	17.2	17.1	16.9	16.9	16.9	17.0	17.0	18.8	18.4	19.1	18.6	18.9
Provision (Increase)/Reversal	1.9	8.7	8.6	4.4	0.5	2.7	1.0	19.4	-0.0	51.8	-1.5	-32.9
FX Gain/Loss from Revaluation of Monetary Items	-1.7	8.6	-4.4	4.1	3.5	18.3	-22.2	13.1	0.4	-10.0	6.5	2.8
Gain/Loss from Investment Activities	-1.4	-1.1	-1.6	-2.6	-1.4	-2.1	15.9	-19.7	-1.5	-24.5	-0.9	-2.3
Interest Expense	7.6	7.6	7.3	7.6	7.7	7.8	7.7	11.1	12.5	13.3	13.6	13.4
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	34.1	46.9	30.6	29.4	35.6	43.7	25.6	6.4	-14.2	-9.7	24.2	-10.1
Increase/(Decrease) in Receivables	-9.3	-18.0	-5.7	25.0	-4.3	-4.9	1.7	42.9	-27.1	17.9	-26.2	44.6
Increase/(Decrease) in Inventory	17.6	-18.6	58.8	-4.8	-19.7	-38.5	10.5	1.7	64.8	-50.0	43.4	30.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	50.2	-4.4	-31.2	-78.5	63.0	-103.2	75.6	81.8	-48.3	23.9	-11.5	-11.0
Increase/(Decrease) in Prepaid Expenses	1.5	1.0	2.5	2.1	2.6	1.6	3.1	4.0	2.5	4.5	2.4	2.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.7	-7.2	-7.7	-8.1	-7.2	-7.8	-8.1	-10.8	-12.7	-13.6	-13.0	-13.5
Corporate Income Tax Paid	-2.2	-1.1	-0.5	-0.0	-1.8	-1.4	-0.0	-0.3	-6.6	-0.7	-0.5	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	-3.1	3.1	1.3	1.0	0.0
Other Operating Payments	-19.5	4.4	-6.1	8.2	-16.6	-10.5	-0.8	-6.4	3.4	-0.3	-0.9	0.5
Net Cash Flow from Operating Activities	66.8	3.1	40.7	-26.7	51.5	-121.0	107.6	116.2	-35.0	-26.6	19.0	44.1
Payments for Fixed Assets and Other Long-term Assets	-26.9	-7.1	-13.2	-5.6	-4.4	-1.3	-0.8	-1.7	-0.9	-1.3	-1.1	-4.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.3	0.5	0.4	0.0	0.7	0.4	0.2	0.8	18.6	5.9	0.2
Loans and Purchases of Debt Instruments	-57.0	-53.0	0.0	-5.5	-7.7	0.6	14.6	-3.3	-15.0	-8.0	-20.0	-30.6
Receipts from Loan Repayments and Sale of Debt Instruments	5.4	8.0	16.1	15.4	10.1	13.9	10.2	21.7	2.0	48.7	20.7	59.2
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	9.3	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.9	0.4	1.4	2.1	1.3	1.5	1.0	3.4	0.8	3.7	1.3	4.3
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	-77.4	-51.4	4.8	6.7	-0.8	15.4	25.4	29.5	-12.4	61.9	6.8	29.0
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	144.5	185.3	154.3	165.7	154.3	191.0	122.9	70.4	287.6	278.1	279.1	262.7
Repayment of Borrowings	-170.2	-114.3	-222.0	-169.3	-172.9	-122.8	-180.7	-230.6	-268.6	-278.8	-310.8	-325.5
Repayment of Finance Leases	-0.3	-0.3	-0.3	-0.4	-0.3	-0.3	-0.6	-0.5	-0.5	-1.5	-2.8	-1.3
Dividends Paid	—	-0.2	-0.0	-1.8	—	0.0	0.0	0.0	0.0	-0.1	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	-26.0	70.6	-68.0	-5.7	-18.9	67.9	-58.5	-160.8	18.5	-2.4	-34.5	-64.1
Net Cash Flow During the Period	-36.5	22.3	-22.5	-25.7	31.9	-37.7	74.6	-15.1	-28.8	32.9	-8.7	9.0
Cash and Cash Equivalents at Beginning of Period	60.0	37.6	60.1	85.8	53.9	61.0	61.0	61.0	61.0	54.6	54.6	54.6
FX Difference from Revaluation	0.0	0.1	—	0.0	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.1
Cash and Cash Equivalents at End of Period	23.5	60.0	37.6	60.1	85.8	53.9	91.6	17.1	32.1	61.0	28.1	36.8

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HSM

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