HU3

Đầu tư và Xây dựng HUD3 ·UPCOM ·2023Q2

▼▼ Declining sharply

Margins remain under pressure Net margin −8.80%, −8.97pp YoY

Price

3,000

Latest close

02 Jun 2026

P/E -2.36x

P/B 0.21x

EPS -1,269

BVPS 14,308

ROE -8.8%

ROA -4.6%

Profit Margin -8.8%

Asset Turnover 0.53x

Equity Mult. 1.90x

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

What Is Changing

On a TTM 2023Q2 basis, HU3 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 144bn
	                                
−19.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 13bn
	                                
−4258.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	67.6	85.7	109.0	197.8	155.3
Growth	-21%	-21%	-45%	+27%	—
Net Income	-3.3	-3.9	0.3	0.5	0.4
Net Margin	-4.87%	-4.50%	0.29%	0.24%	0.24%

Metric	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20
Revenue	22.2	8.8	74.9	38.2	57.1	35.1	60.8	26.4	24.6	43.5	35.5	42.9
Growth	+153%	-88%	+96%	-33%	+63%	-42%	+130%	+7%	-43%	+23%	-17%	—
Net Income	-1.1	-1.5	-10.0	-0.1	1.1	-0.8	0.7	-0.7	0.3	0.1	1.5	-0.3
Net Margin	-4.81%	-17.31%	-13.35%	-0.23%	1.95%	-2.41%	1.13%	-2.47%	1.14%	0.12%	4.23%	-0.78%

Drivers of HU3's profit

TTM

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

Financial income ↑ 4.9bn

Gross profit ↓ 17.1bn

Administrative expenses ↑ 9.8bn

Finance costs ↑ 7.0bn

TTM

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

Finance costs ↓ 0.6bn

Administrative expenses ↓ 0.5bn

Selling expenses ↓ 0.4bn

Gross profit ↓ 3.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2022Q2 0.2% = 0.2% × 0.61 × 2.00

2023Q2 -8.8% = -8.8% × 0.53 × 1.90

ROE fell from 0.2% to -8.8% — all three components weakened, with leverage being the main drag.

Net margin: -8.8% -9.0pp Asset turnover: 0.53x -0.09x Leverage: 1.90x -0.10x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -8.80%, losing 9.0pp. The main pressure comes from Gross margin fell 9.8pp and SG&A / Revenue rose 6.7pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 1.5pp 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 -8.80% −9.0pp

Gross Margin -1.30% −9.8pp

SG&A / Revenue 6.12% +6.7pp

TTM YoY · 2022Q2 -> 2023Q2

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of -8.0% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to -8.00%, losing 8.0pp. That translates to -8.00 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 9.2pp and capital turnover fell 0.17x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC -8.00% −8.0pp

NOPAT Margin -9.22% −9.2pp

Capital Turnover 0.87x −0.17x

Average Invested Capital 166.1bn −6.1bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.65x equity, net debt at 0.29x equity.

Inventory ended the period at 65.7bn, roughly 28.8% of total assets.

Over the last 12 months, working capital absorbed 24.3bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +16.6bn

Inventories increased → lower CFO: −14.5bn

Payables decreased → lower CFO: −26.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 177.9 days versus the same period last year. The main moves came from DIO rose 31.8 days, DSO rose 132.3 days, and DPO fell 13.8 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 467.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +132.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 215.9 days +132.3 days

Inventory 265.3 days +31.8 days

Payables 13.5 days −13.8 days

Cash Conversion Cycle 467.7 days +177.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.29x and interest coverage only at -1.63x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.8% of debt, and total debt stands at 42.8bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is -1.63x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.29x +0.27x

Interest Coverage -1.63x −1.59x

Cash / Debt 4.8% −86.3pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 2.51x −161.75x

TTM YoY · 2022Q2 -> 2023Q2

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.0bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +1.0bn. Financing cash flow was positive +15.1bn.

CFO / net income was 2.51x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 31.8bn −81.9bn

Cash Capex — —

FCF TTM — —

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 9.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 20.9%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.51x. Even so, net financial result still accounts for 20.9% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at -8.80% after a 9.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	68.1	86.0	109.1	199.3	155.3
Revenue Deductions	0.4	0.3	0.1	1.6	0.0
Net Revenue	67.6	85.7	109.0	197.8	155.3
Cost of Goods Sold	61.9	79.2	96.7	183.1	0.0
Gross Profit	5.7	6.5	12.3	14.7	15.2
Financial Income	0.0	0.0	1.0	5.8	0.6
Financial Expenses	0.7	1.4	4.3	8.6	-1.4
Interest Expense	0.7	1.4	4.6	8.6	-1.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.3	0.0	0.0	0.5	-1.2
General and Administrative Expenses	8.1	9.4	9.0	11.4	-12.7
Operating Profit	-3.3	-4.2	-0.1	-0.0	0.5
Other Income	0.0	0.4	0.5	0.7	0.0
Other Expenses	—	0.0	0.0	0.0	0.0
Other Profit	0.0	0.4	0.5	0.7	0.6
Profit Before Tax	-3.3	-3.9	0.4	0.6	1.0
Current Income Tax Expense	—	0.0	0.1	0.2	-0.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-3.3	-3.9	0.3	0.5	0.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-3.3	-3.9	0.3	0.5	0.4
Earnings per Share	-329.00	-386.00	32.00	48.00	37.00
Diluted EPS	-329.46	-386.06	31.91	47.97	37.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	199.1	175.3	239.8	242.9	309.6
I. Cash and cash equivalents	17.4	1.3	14.2	13.3	13.5
1. Cash	7.4	1.3	14.2	3.3	0.0
2. Cash equivalents	10.0	0.0	0.0	10.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	113.6	127.6	167.0	136.3	180.6
1. Short-term trade accounts receivable	63.3	76.9	116.7	103.1	0.0
2. Short-term prepayments to suppliers	1.2	1.2	1.5	2.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	5.9	5.9	5.9	5.9	0.0
6. Other short-term receivables	52.1	52.5	51.8	34.0	0.0
7. Provision for short-term doubtful debts (*)	-9.0	-9.0	-9.0	-9.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	65.7	45.0	58.0	92.5	114.5
1. Inventories	65.7	45.0	58.0	92.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.5	1.5	0.6	0.7	1.0
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	2.5	1.5	0.6	0.7	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)	29.2	36.6	33.6	36.8	36.1
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	19.4	21.5	23.8	23.7	22.7
1. Tangible fixed assets	19.4	21.5	23.8	23.7	22.7
- Cost	44.8	44.8	45.8	45.2	0.0
- Accumulated depreciation	-25.4	-23.2	-22.0	-21.5	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	—	0.0	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
III. Investment properties	7.2	7.4	7.6	10.0	10.3
- Cost	9.6	9.6	9.6	12.3	0.0
- Accumulated depreciation	-2.4	-2.2	-2.0	-2.3	0.0
IV. Long-term assets in progress	—	5.6	0.0	1.2	1.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	5.6	0.0	1.2	0.0
V. Long-term financial investments	1.6	1.6	1.6	1.3	1.3
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	2.6	2.6	2.6	2.6	0.0
4. Provision for diminution in value of long-term investments	-1.0	-1.0	-1.0	-1.3	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	1.0	0.5	0.6	0.7	0.0
1. Long-term prepayments	1.0	0.5	0.6	0.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.8
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)	228.3	211.9	273.3	279.7	345.7
A. LIABILITIES (300=210+330)	89.6	70.0	127.4	134.1	197.2
I. Short -term liabilities	89.6	70.0	127.4	134.1	197.2
1. Short-term trade accounts payable	3.7	5.4	14.0	5.0	7.1
2. Short-term advances from customers	26.7	9.1	15.9	13.4	27.5
3. Taxes and other payables to state authorities	0.0	0.0	3.4	1.4	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	15.7	15.6	16.4	17.4	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	12.0	23.3	43.4	55.0	0.0
10. Short-term borrowings and financial leases	31.4	16.3	33.8	40.8	66.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.4	1.0	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	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	138.7	142.0	146.0	145.7	148.5
I. Owner's equity	138.7	142.0	146.0	145.7	0.0
1. Owner's capital	100.0	100.0	100.0	100.0	148.5
- Common stock with voting right	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	27.0	27.0	27.0	27.0	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	11.7	15.0	19.0	18.7	21.5
- Accumulated retained earning at the end of the previous period	15.0	18.9	18.7	18.2	20.9
- Undistributed earnings in this period	-3.3	-3.9	0.3	0.5	0.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	228.3	211.9	273.3	279.7	345.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	-3.3	-3.9	0.4	0.6	1.0
Depreciation of Fixed Assets and Investment Property	2.3	2.5	2.0	3.3	3.1
Provision (Increase)/Reversal	—	0.0	-0.3	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.2	-0.4	-5.8	0.0
Interest Expense	0.7	1.4	4.6	8.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.3	-0.2	6.2	6.9	5.9
Increase/(Decrease) in Receivables	18.6	38.5	-26.8	44.5	0.0
Increase/(Decrease) in Inventory	-20.7	13.0	34.5	23.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.7	-39.6	0.2	-35.5	0.0
Increase/(Decrease) in Prepaid Expenses	-0.5	0.1	0.1	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-1.4	-4.6	-8.3	0.0
Corporate Income Tax Paid	—	-0.1	-0.0	-0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.3	-0.6	-1.7	0.0
Net Cash Flow from Operating Activities	1.0	10.0	9.0	29.0	-37.6
Payments for Fixed Assets and Other Long-term Assets	—	-5.6	-1.3	-4.2	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.1	0.7	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	0.0	-5.4	-1.2	-3.6	-0.0
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	48.2	50.1	53.8	94.6	98.8
Repayment of Borrowings	-33.1	-67.6	-60.8	-120.2	-51.4
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	15.1	-17.5	-7.0	-25.6	47.3
Net Cash Flow During the Period	16.1	-12.9	0.8	-0.2	7.7
Cash and Cash Equivalents at Beginning of Period	1.3	14.2	13.3	13.5	3.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.4	1.3	14.2	13.3	13.5

Item	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20
Revenue	22.3	8.8	75.9	38.4	57.3	35.2	60.8	26.4	24.6	43.5	35.5	42.9
Revenue Deductions	0.0	0.0	1.0	0.2	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	22.2	8.8	74.9	38.2	57.1	35.1	60.8	26.4	24.6	43.5	35.5	42.9
Cost of Goods Sold	20.3	7.6	83.0	35.1	51.6	32.6	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	1.9	1.2	-8.1	3.1	5.5	2.5	5.3	1.8	3.7	4.3	3.5	4.4
Financial Income	0.0	0.0	5.3	0.2	0.1	0.2	0.1	0.1	0.2	0.2	0.1	0.1
Financial Expenses	0.8	0.8	5.9	0.7	1.4	0.7	-0.5	-0.4	-0.3	-0.3	-0.5	-0.8
Interest Expense	0.8	0.8	1.4	1.4	1.4	0.7	-0.5	-0.4	-0.3	-0.3	-0.5	-0.8
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.1	0.4	0.0	-0.2	0.0	-0.2	-0.7	-0.6	-0.7
General and Administrative Expenses	2.2	1.9	1.9	2.7	2.7	2.8	-4.2	-2.4	-3.1	-3.0	-3.0	-3.3
Operating Profit	-1.1	-1.5	-10.6	-0.2	1.1	-0.8	0.5	-0.8	0.3	0.4	-0.4	-0.3
Other Income	0.0	0.0	0.5	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.5	0.1	0.1	-0.0	0.3	0.2	0.0	0.0	2.1	-0.0
Profit Before Tax	-1.1	-1.5	-10.1	-0.1	1.2	-0.8	0.9	-0.7	0.4	0.4	1.7	-0.3
Current Income Tax Expense	0.0	0.0	-0.1	0.0	0.1	0.0	-0.2	0.0	-0.1	-0.4	-0.2	-0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.1	-1.5	-10.0	-0.1	1.1	-0.8	0.7	-0.7	0.3	0.1	1.5	-0.3
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.1	-1.5	-10.0	-0.1	1.1	-0.8	0.7	-0.7	0.3	0.1	1.5	-0.3
Earnings per Share	-107.00	-152.00	-1,001.00	-9.00	112.00	-85.00	69.00	-66.00	29.00	5.00	150.00	-33.00
Diluted EPS	-106.97	-152.28	-1,000.61	-8.95	111.55	-84.69	68.90	-65.24	28.17	5.43	150.09	-33.45

Item	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	226.1	227.9	224.5	257.4	250.2	299.9	309.6	257.1	263.8	227.0	223.7	250.6
I. Cash and cash equivalents	2.0	6.4	13.3	29.1	29.1	29.8	13.5	5.8	9.6	47.9	3.8	8.6
1. Cash	2.0	3.0	3.3	9.1	4.1	4.8	0.0	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	3.4	10.0	20.0	25.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	117.4	116.7	145.3	116.7	112.5	157.7	180.6	153.3	154.7	91.3	101.1	103.8
1. Short-term trade accounts receivable	88.4	87.6	103.2	83.3	82.2	78.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	1.7	1.7	2.2	1.6	5.0	46.5	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
5. Short-term loan receivables	5.9	5.9	5.9	5.9	5.9	5.9	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	30.4	30.5	42.9	34.8	28.4	36.2	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-9.0	-9.0	-9.0	-9.0	-9.0	-9.0	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	0.0	0.0	0.0	0.0
IV. Inventories	104.6	102.6	65.0	110.8	107.7	111.5	114.5	96.8	98.0	86.4	117.3	135.3
1. Inventories	104.6	102.6	65.0	110.8	107.7	111.5	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.1	2.2	0.9	0.8	0.8	0.9	1.0	1.2	1.5	1.3	1.6	2.9
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.1	2.2	0.9	0.8	0.8	0.9	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	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	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	36.9	37.5	37.0	37.4	34.3	35.2	36.1	36.5	37.5	38.2	38.7	39.2
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	24.5	24.5	23.7	24.5	21.2	21.9	22.7	33.6	34.5	35.3	35.8	36.3
1. Tangible fixed assets	24.5	24.5	23.7	24.5	21.2	21.9	22.7	33.6	34.5	35.3	35.8	36.3
- Cost	47.0	46.5	45.2	46.6	42.5	42.5	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.5	-22.0	-21.5	-22.1	-21.3	-20.6	0.0	0.0	0.0	0.0	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
III. Investment properties	9.8	9.9	10.0	10.0	10.1	10.2	10.3	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	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	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.7	1.2	1.2	1.0	1.0	1.0	1.0	0.7	0.7	0.7	0.7	0.7
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	1.2	1.2	1.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	1.3	1.3	1.5	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
3. Investments in other entities	2.6	2.6	2.6	2.6	2.6	2.6	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-1.3	-1.3	-1.1	-1.3	-1.3	-1.3	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	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	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.6	0.6	0.7	0.6	0.7	0.8	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.6	0.6	0.7	0.6	0.7	0.8	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	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	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	0.8	0.8	0.9	0.9	0.9	0.9
5. Goodwill	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	263.1	265.4	261.5	294.8	284.4	335.1	345.7	293.6	301.2	265.2	262.4	289.7
A. LIABILITIES (300=210+330)	120.0	121.3	126.2	149.5	139.0	187.5	197.2	146.5	153.5	114.4	111.7	139.6
I. Short -term liabilities	120.0	121.3	126.2	149.5	139.0	187.5	197.2	146.5	153.5	114.4	111.7	139.6
1. Short-term trade accounts payable	5.3	5.3	5.0	5.4	5.4	7.3	7.1	6.0	7.1	5.3	5.8	8.7
2. Short-term advances from customers	13.1	17.5	5.9	49.6	42.8	46.9	27.5	21.1	28.5	13.7	26.7	25.4
3. Taxes and other payables to state authorities	0.0	0.0	2.1	0.5	1.4	0.6	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	17.4	17.4	16.4	17.4	17.4	17.4	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	40.8	42.1	55.0	39.5	38.4	43.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	42.8	38.5	40.8	35.9	32.0	70.8	66.4	58.8	58.0	42.6	19.1	33.6
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.6	1.0	1.1	1.6	1.4	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	143.1	144.2	135.4	145.4	145.5	147.6	148.5	147.1	147.7	150.8	150.7	150.1
I. Owner's equity	143.1	144.2	135.4	145.4	145.5	147.6	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	100.0	100.0	100.0	100.0	100.0	100.0	148.5	147.1	147.7	150.8	150.7	150.1
- Common stock with voting right	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00	99,999,440,000.00
- Preferred stock	0.00	0.00	0.00	0.00	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	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	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	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	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	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	0.0	0.0	0.0	0.0
8. Investment and development fund	27.0	27.0	27.0	27.0	27.0	27.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	16.1	17.2	8.4	18.4	18.5	20.7	21.5	20.1	20.8	23.8	23.8	23.2
- Accumulated retained earning at the end of the previous period	18.7	18.7	18.2	18.2	18.2	21.5	20.9	20.4	20.4	23.8	22.3	23.2
- Undistributed earnings in this period	-2.6	-1.5	-9.8	0.2	0.3	-0.8	0.7	-0.3	0.3	0.1	1.4	-0.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	263.1	265.4	261.5	294.8	284.4	335.1	345.7	293.6	301.2	265.2	262.4	289.7

Item	Q4'25	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20
Profit Before Tax	-3.3	-1.1	-1.5	0.4	-0.1	1.2	-0.8	0.9	-0.7	0.4	0.4	1.7
Depreciation of Fixed Assets and Investment Property	2.3	0.6	0.6	0.8	0.8	0.8	0.9	0.8	0.9	0.9	0.5	0.5
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-5.3	-0.2	-0.1	-0.2	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.7	0.8	0.8	5.2	1.4	1.4	0.7	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	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	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	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.3	0.3	-0.2	1.1	1.9	3.3	0.5	3.1	0.5	1.3	1.1	2.6
Increase/(Decrease) in Receivables	18.6	-0.6	18.2	-19.6	-4.2	45.3	23.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-20.7	-2.0	-10.1	18.3	-3.1	3.8	4.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.7	-5.6	-10.0	-15.4	7.1	-13.3	-14.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.5	0.0	0.0	-0.1	0.1	0.1	0.0	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	0.0	0.0	0.0
Interest Paid	-0.7	-0.8	-0.8	-4.8	-1.4	-1.4	-0.7	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	0.0	0.0	0.0
Other Operating Receipts	—	-0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	0.4	-0.4	-0.2	-0.5	0.2	-1.2	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1.0	-8.8	-3.3	-20.7	-0.1	38.0	11.7	0.4	-4.7	-53.8	20.5	9.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-1.3	-0.2	-4.1	0.0	0.0	-0.5	0.0	-0.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	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	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.2	0.2	0.1	0.2	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.0	-1.3	-0.0	-3.9	0.1	0.2	-0.3	0.1	0.0	0.2	0.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	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	0.00	0.00	0.00
Proceeds from Borrowings	48.2	20.4	21.2	26.8	19.9	27.1	20.8	28.3	12.6	21.1	36.8	6.2
Repayment of Borrowings	-33.1	-16.0	-23.6	-21.9	-16.0	-66.0	-16.4	-20.7	-11.8	-5.7	-13.3	-20.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0
Net Cash Flow from Financing Activities	15.1	4.4	-2.4	4.9	3.9	-38.8	4.4	7.6	0.8	15.5	23.5	-14.5
Net Cash Flow During the Period	16.1	-4.3	-6.9	-15.8	-0.0	-0.7	16.3	7.7	-3.8	-38.3	44.1	-4.7
Cash and Cash Equivalents at Beginning of Period	1.3	13.3	13.3	13.5	13.5	13.5	13.5	5.8	9.6	47.9	3.8	8.6
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	17.4	2.0	6.4	13.3	29.1	29.1	29.8	13.5	5.8	9.6	47.9	3.8

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HU3

What Is Changing

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Balance Sheet ▼

Working Capital Efficiency ▼

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Cash Flow ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow