HWS

Cấp nước Huế ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 20.99%, +1.01pp YoY

Price

14,900

Latest close

03 Jun 2026

P/E 11.00x

P/B 1.13x

EPS 1,354

BVPS 13,184

ROE 12.3%

ROA 7.2%

Profit Margin 21.0%

Asset Turnover 0.34x

Equity Mult. 1.71x

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

What Is Changing

On a TTM 2026Q1 basis, HWS has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 678bn
	                                
+1.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 142bn
	                                
+6.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	668.5	670.2	628.0	595.7	586.4
Growth	-0%	+7%	+5%	+2%	—
Net Income	142.1	135.0	127.9	118.2	98.5
Net Margin	21.25%	20.14%	20.37%	19.83%	16.79%

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	155.4	164.8	182.5	174.9	146.3	157.0	188.1	179.7	145.3	150.2	177.1	164.9
Growth	-6%	-10%	+4%	+20%	-7%	-17%	+5%	+24%	-3%	-15%	+7%	—
Net Income	34.3	28.6	49.4	29.9	34.0	23.7	49.3	27.1	34.0	15.8	53.6	26.5
Net Margin	22.06%	17.34%	27.09%	17.11%	23.26%	15.09%	26.20%	15.05%	23.38%	10.50%	30.26%	16.06%

Drivers of HWS's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 10.1bn

Gross profit ↑ 8.5bn

Financial income ↑ 2.0bn

Tax ↓ 1.3bn

Other profit ↓ 11.3bn

Selling expenses ↑ 3.4bn

TTM

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

Gross profit ↑ 8.1bn

Financial income ↑ 1.4bn

Administrative expenses ↓ 0.2bn

Finance costs ↑ 7.0bn

Selling expenses ↑ 2.4bn

Tax ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.8% = 20.0% × 0.33 × 1.78

2026Q1 12.3% = 21.0% × 0.34 × 1.71

ROE rose from 11.8% to 12.3% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 21.0% +1.0pp Asset turnover: 0.34x +0.01x Leverage: 1.71x -0.07x

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 edged up to 20.99%, rising 1.0pp. Core operating signals are improving as Gross margin rose 0.8pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (in addition, Net financial result / Revenue rose 1.9pp added support while Other profit / Revenue fell 1.7pp remained a drag).

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

Profitability trend

Net Margin 20.99% +1.0pp

Gross Margin 44.36% +0.8pp

SG&A / Revenue 12.62% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 8.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC edged up to 8.88%, rising 1.3pp. That translates to 8.88 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.5pp, with capital turnover broadly stable; with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 8.88% +1.3pp

NOPAT Margin 21.02% +2.5pp

Capital Turnover 0.42x +0.01x

Average Invested Capital 1,604.4bn −37.8bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.74x equity, net debt at 0.36x equity.

Over the last 12 months, working capital absorbed 16.8bn 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: +9.3bn

Inventories increased → lower CFO: −19.9bn

Payables decreased → lower CFO: −6.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 11.3 days versus the same period last year. The main moves came from DIO rose 11.7 days, DSO fell 1.4 days, and DPO fell 1.0 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +11.3 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +11.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 24.1 days −1.4 days

Inventory 61.5 days +11.7 days

Payables 16.4 days −1.0 days

Cash Conversion Cycle 69.3 days +11.3 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.36x and interest coverage at 2.60x.

At present, short-term debt accounts for 10.1% of total debt, cash equals 31.4% of debt, and total debt stands at 614.1bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity 0.36x −0.05x

Interest Coverage 2.60x +0.62x

Cash / Debt 31.4% +4.3pp

Short-term Debt / Total Debt 10.1% +0.9pp

CFO / NI 1.75x −0.18x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 276.1bn in 2025, against investing cash flow of -84.6bn.

Post-investment cash flow was positive +191.5bn. Financing cash flow was negative +144.0bn.

CFO / net income was 1.75x.

After spending +85.2bn on fixed-asset investment, the business generated trailing free cash flow of +163.5bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 248.7bn −9.5bn

Cash Capex 85.2bn −9.0bn

FCF TTM +163.5bn −0.5bn

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 1.0 pp. The next item to monitor is capital efficiency, with ROIC at 8.9%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 20.99% after expanding 1.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	668.5	670.2	628.0	595.7	586.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	668.5	670.2	628.0	595.7	586.4
Cost of Goods Sold	376.2	376.8	368.4	375.1	0.0
Gross Profit	292.3	293.4	259.6	220.6	175.3
Financial Income	6.3	5.9	10.2	9.8	11.8
Financial Expenses	55.0	72.1	59.2	45.3	-8.7
Interest Expense	—	44.8	41.0	16.0	-8.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	24.0	23.1	21.6	23.4	-27.9
General and Administrative Expenses	59.6	58.8	52.5	27.2	-28.2
Operating Profit	160.1	145.2	136.5	134.5	122.3
Other Income	1.9	14.0	23.3	1.2	0.0
Other Expenses	1.7	4.3	12.0	2.0	0.0
Other Profit	0.2	9.8	11.4	-0.8	0.8
Profit Before Tax	160.2	155.0	147.8	133.7	123.1
Current Income Tax Expense	18.2	20.0	19.9	15.5	-24.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	142.1	135.0	127.9	118.2	98.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	142.1	135.0	127.9	118.2	98.5
Earnings per Share	1,350.00	1,283.00	1,215.00	1,352.00	1,126.00
Diluted EPS	1,350.00	1,283.00	1,215.00	1,352.00	1,124.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	525.3	468.4	466.6	449.7	348.6
I. Cash and cash equivalents	188.6	141.1	138.3	130.1	59.5
1. Cash	33.6	21.1	8.3	20.1	0.0
2. Cash equivalents	155.0	120.0	130.0	110.0	0.0
II. Short-term financial investments	86.6	81.2	75.7	40.0	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	86.6	81.2	75.7	40.0	0.0
III. Short-term receivables	158.8	161.8	159.5	183.5	184.3
1. Short-term trade accounts receivable	41.1	44.1	50.7	50.6	0.0
2. Short-term prepayments to suppliers	113.2	110.9	103.8	120.4	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.3	7.4	5.6	13.0	0.0
7. Provision for short-term doubtful debts (*)	-0.8	-0.6	-0.6	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	69.0	57.9	49.5	43.7	44.0
1. Inventories	69.0	57.9	49.5	43.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	22.2	26.4	43.6	52.4	60.8
1. Short-term prepayments	10.1	1.6	0.9	0.0	0.0
2. Value added tax to be reclaimed	8.2	22.7	36.8	46.9	0.0
3. Taxes and other receivables from state authorities	4.0	2.1	6.0	5.6	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,420.3	1,524.3	1,566.1	1,588.5	1,560.3
I. Long-term receivables	0.2	0.2	0.2	0.2	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	0.2	0.2	0.2	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,245.1	1,313.4	1,386.1	1,147.8	1,220.1
1. Tangible fixed assets	1,243.5	1,311.4	1,384.2	1,145.2	1,219.0
- Cost	3,523.3	3,441.3	3,373.1	2,984.9	0.0
- Accumulated depreciation	-2,279.8	-2,129.8	-1,988.8	-1,839.7	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	1.6	2.0	1.9	2.6	1.1
- Cost	7.6	7.5	6.6	6.4	0.0
- Accumulated depreciation	-6.0	-5.4	-4.7	-3.8	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	158.9	193.5	173.6	436.3	336.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	158.9	193.5	173.6	436.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	16.1	17.2	6.1	4.3	0.0
1. Long-term prepayments	16.1	17.2	6.1	4.3	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	3.9
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)	1,945.6	1,992.6	2,032.7	2,038.3	1,908.9
A. LIABILITIES (300=210+330)	824.9	872.7	947.6	986.4	929.4
I. Short -term liabilities	262.1	265.8	287.8	266.2	327.8
1. Short-term trade accounts payable	27.5	27.5	35.4	20.5	17.8
2. Short-term advances from customers	11.4	10.5	26.1	16.3	4.7
3. Taxes and other payables to state authorities	6.0	4.9	6.1	5.6	0.0
4. Payable to employees	36.3	23.8	24.5	25.6	0.0
5. Short-term acrrued expenses	6.5	5.2	6.5	6.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	97.2	113.2	109.6	129.0	0.0
10. Short-term borrowings and financial leases	61.8	60.3	59.2	47.6	56.0
11. Provision for short-term liabilities	—	10.4	11.2	7.5	0.0
12.. Bonus and welfare fund	15.5	9.9	9.1	7.4	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	562.8	607.0	659.8	720.3	601.6
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	6.5	6.1	35.6	73.2	0.0
8. Long-term borrowings and financial leases	556.3	600.9	624.2	647.1	596.5
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)	1,120.6	1,119.9	1,085.1	1,051.8	979.5
I. Owner's equity	1,120.6	1,119.9	1,085.1	1,051.8	0.0
1. Owner's capital	876.0	876.0	876.0	876.0	979.5
- Common stock with voting right	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	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	104.5	69.4	45.9	22.4	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	142.3	176.7	165.4	155.6	98.7
- Accumulated retained earning at the end of the previous period	0.2	41.7	37.5	37.5	0.2
- Undistributed earnings in this period	142.1	135.0	127.9	118.2	98.6
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)	1,945.6	1,992.6	2,032.7	2,038.3	1,908.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	160.2	155.0	147.8	133.7	123.3
Depreciation of Fixed Assets and Investment Property	152.8	153.0	152.4	143.0	140.7
Provision (Increase)/Reversal	-10.2	-0.8	3.8	1.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	17.8	26.4	17.8	21.7	0.0
Gain/Loss from Investment Activities	-6.7	-5.8	-10.2	-3.3	0.0
Interest Expense	36.5	44.8	41.0	16.0	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	350.5	372.6	352.7	312.3	260.9
Increase/(Decrease) in Receivables	15.9	14.5	33.4	11.2	0.0
Increase/(Decrease) in Inventory	-11.1	-9.1	-5.8	1.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.4	-44.0	-36.8	17.3	0.0
Increase/(Decrease) in Prepaid Expenses	-7.4	-11.8	-2.7	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-37.0	-44.9	-39.7	-13.7	0.0
Corporate Income Tax Paid	-17.0	-23.6	-14.7	-25.0	0.0
Other Operating Receipts	—	0.0	0.0	0.1	0.0
Other Operating Payments	-17.3	-20.6	-14.3	-20.6	0.0
Net Cash Flow from Operating Activities	276.1	233.1	272.2	282.3	170.9
Payments for Fixed Assets and Other Long-term Assets	-85.6	-100.1	-128.6	-120.6	-296.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.3	0.0	0.3
Loans and Purchases of Debt Instruments	-5.5	-5.5	-40.7	-40.0	50.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	5.0	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	6.1	6.9	7.8	2.7	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	-84.6	-98.7	-156.2	-157.9	-240.1
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	—	11.5	17.0	73.1	162.5
Repayment of Borrowings	-61.0	-60.1	-46.1	-52.7	-117.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-83.0	-83.0	-78.6	-74.3	-76.5
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	-144.0	-131.6	-107.8	-53.9	-31.8
Net Cash Flow During the Period	47.5	2.8	8.2	70.6	-14.4
Cash and Cash Equivalents at Beginning of Period	141.1	138.3	130.1	59.5	160.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	188.6	141.1	138.3	130.1	59.5

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
Revenue	155.4	164.8	182.5	174.9	146.3	157.0	188.1	179.7	145.3	150.2	177.1	164.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	155.4	164.8	182.5	174.9	146.3	157.0	188.1	179.7	145.3	150.2	177.1	164.9
Cost of Goods Sold	89.8	100.0	98.8	88.5	88.8	101.4	99.0	89.8	89.0	107.0	75.6	100.2
Gross Profit	65.6	64.8	83.7	86.5	57.4	55.6	89.1	89.9	56.4	43.2	101.5	64.7
Financial Income	1.9	2.7	0.7	2.4	0.5	2.4	0.5	2.3	0.7	4.1	0.9	1.8
Financial Expenses	8.2	11.8	8.9	33.0	1.2	13.3	10.5	47.0	1.3	13.7	26.0	16.6
Interest Expense	8.2	7.0	8.9	17.0	1.2	11.6	10.5	21.4	1.3	13.7	8.3	16.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.0	7.0	6.7	6.6	3.6	6.7	6.3	6.2	3.9	6.0	5.7	5.3
General and Administrative Expenses	14.6	16.1	13.3	15.3	14.9	14.8	17.3	13.3	13.4	16.3	11.4	15.2
Operating Profit	38.7	32.6	55.6	34.0	38.2	23.2	55.6	25.6	38.4	11.2	59.3	29.4
Other Income	0.3	0.3	0.4	0.8	0.2	-4.6	7.4	11.2	0.0	19.9	2.4	0.5
Other Expenses	0.4	0.4	0.6	0.7	0.3	-7.3	6.2	4.2	0.3	9.3	1.6	0.1
Other Profit	-0.1	-0.1	-0.2	0.1	-0.0	2.8	1.3	7.0	-0.3	10.6	0.7	0.4
Profit Before Tax	38.6	32.5	55.4	34.0	38.2	26.0	56.8	32.6	38.2	21.8	60.0	29.8
Current Income Tax Expense	4.4	3.9	6.0	4.1	4.2	2.3	7.5	5.6	4.2	6.0	6.4	3.3
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	34.3	28.6	49.4	29.9	34.0	23.7	49.3	27.1	34.0	15.8	53.6	26.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	34.3	28.6	49.4	29.9	34.0	23.7	49.3	27.1	34.0	15.8	53.6	26.5
Earnings per Share	327.00	272.00	470.00	285.00	389.00	227.00	564.00	310.00	389.00	180.00	613.00	303.00
Diluted EPS	327.00	272.00	470.00	285.00	389.00	1,294.00	564.00	310.00	389.00	180.00	613.00	303.00

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)	550.4	525.5	527.7	544.9	500.7	472.8	514.2	526.5	499.7	468.0	501.5	513.0
I. Cash and cash equivalents	193.1	188.6	186.4	205.7	178.2	141.1	162.2	178.3	157.8	138.3	153.1	154.4
1. Cash	43.1	33.6	51.4	50.7	53.2	21.1	47.2	38.3	42.8	8.3	43.1	34.4
2. Cash equivalents	150.0	155.0	135.0	155.0	125.0	120.0	115.0	140.0	115.0	130.0	110.0	120.0
II. Short-term financial investments	92.6	86.6	86.4	86.4	81.2	81.2	81.0	76.0	75.7	75.7	75.3	75.3
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	92.6	86.6	86.4	86.4	81.2	81.2	81.0	76.0	75.7	75.7	75.3	75.3
III. Short-term receivables	168.4	158.9	172.5	170.6	162.0	161.8	186.1	183.2	178.0	160.0	184.8	181.1
1. Short-term trade accounts receivable	47.3	41.2	51.0	53.8	42.3	44.1	59.1	62.5	51.7	50.7	61.2	64.1
2. Short-term prepayments to suppliers	118.9	113.2	117.9	112.0	116.2	110.9	120.2	114.6	122.6	103.8	117.4	110.0
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.1	5.3	4.2	5.6	4.1	7.4	7.5	6.6	4.3	6.1	6.7	7.4
7. Provision for short-term doubtful debts (*)	-0.8	-0.7	-0.7	-0.7	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.5	-0.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	73.4	69.0	65.2	59.3	53.6	56.2	57.1	55.6	49.7	50.4	42.6	52.8
1. Inventories	73.4	69.0	65.2	59.3	53.6	56.2	57.1	55.6	49.7	50.4	42.6	52.8
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	22.8	22.2	17.2	22.9	25.6	32.5	27.9	33.5	38.4	43.6	45.5	49.4
1. Short-term prepayments	12.6	10.1	1.6	1.4	1.0	7.7	1.2	1.3	0.7	0.9	0.7	0.0
2. Value added tax to be reclaimed	4.4	8.2	10.2	13.3	18.0	22.7	24.2	28.9	33.5	36.8	37.9	42.1
3. Taxes and other receivables from state authorities	5.8	4.0	5.4	8.2	6.5	2.1	2.4	3.3	4.2	6.0	6.9	7.3
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,393.6	1,419.9	1,433.6	1,442.1	1,497.3	1,519.7	1,515.1	1,530.0	1,547.7	1,562.7	1,568.4	1,565.2
I. Long-term receivables	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.2
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,228.7	1,269.2	1,262.9	1,294.6	1,276.8	1,313.8	1,308.1	1,342.5	1,350.0	1,102.9	1,062.4	1,083.5
1. Tangible fixed assets	1,226.9	1,267.6	1,261.2	1,292.7	1,274.9	1,311.7	1,305.9	1,340.5	1,348.0	1,101.0	1,060.3	1,081.2
- Cost	3,543.3	—	—	—	3,442.8	3,441.1	3,409.4	3,406.0	3,375.6	3,091.6	3,000.1	2,985.8
- Accumulated depreciation	-2,316.5	—	—	—	-2,167.9	-2,129.4	-2,103.5	-2,065.6	-2,027.6	-1,990.6	-1,939.8	-1,904.6
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.9	1.6	1.7	1.9	1.9	2.0	2.2	2.0	2.0	1.9	2.1	2.3
- Cost	8.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	150.9	134.4	157.4	133.0	204.9	196.7	199.1	180.1	191.4	453.6	500.3	476.2
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	150.9	134.4	157.4	133.0	204.9	196.7	199.1	180.1	191.4	453.6	500.3	476.2
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	13.8	16.1	13.1	14.4	15.4	8.9	7.7	7.2	6.1	6.1	5.5	5.3
1. Long-term prepayments	13.8	16.1	13.1	14.4	15.4	8.9	7.7	7.2	6.1	6.1	5.5	5.3
2. Deferred income tax assets	—	—	—	—	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
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,944.0	1,945.4	1,961.2	1,987.0	1,997.9	1,992.5	2,029.4	2,056.5	2,047.4	2,030.7	2,069.8	2,078.2
A. LIABILITIES (300=210+330)	789.1	824.9	869.3	944.5	844.0	872.7	937.5	1,014.8	928.3	946.7	1,001.6	1,063.3
I. Short -term liabilities	230.3	262.2	281.9	353.2	241.0	265.7	288.5	349.5	260.9	286.9	302.5	377.2
1. Short-term trade accounts payable	15.4	27.5	20.9	15.7	18.4	27.5	28.1	21.7	17.6	35.1	24.8	19.9
2. Short-term advances from customers	12.6	11.4	16.4	10.5	10.2	10.5	12.2	13.7	27.9	27.1	28.6	18.8
3. Taxes and other payables to state authorities	6.8	6.0	5.5	4.3	4.2	4.8	9.0	7.5	7.2	5.9	10.1	10.2
4. Payable to employees	20.3	26.9	35.9	25.3	15.7	23.8	35.8	25.4	17.3	25.2	31.7	24.3
5. Short-term acrrued expenses	15.9	6.6	11.2	4.0	3.1	5.3	13.8	3.4	3.2	3.8	13.0	2.0
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	95.7	97.2	104.7	198.1	113.8	113.2	110.9	194.4	110.4	108.6	108.4	205.8
10. Short-term borrowings and financial leases	61.8	61.8	61.6	61.6	60.3	60.3	60.2	60.2	58.4	59.2	55.9	46.4
11. Provision for short-term liabilities	—	9.4	9.2	9.2	12.2	10.4	0.0	0.0	15.9	12.7	14.7	29.0
12.. Bonus and welfare fund	1.7	15.5	16.4	24.7	3.0	9.9	18.4	23.2	2.9	9.1	15.3	21.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	558.9	562.8	587.4	591.3	603.0	607.0	649.0	665.4	667.4	659.8	699.1	686.1
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	6.5	6.5	6.5	6.3	6.1	6.1	23.6	36.0	35.7	35.6	48.2	48.1
8. Long-term borrowings and financial leases	552.3	556.3	581.0	585.0	596.9	600.9	625.4	629.4	631.7	624.2	650.8	638.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	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
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,154.9	1,120.5	1,091.9	1,042.5	1,153.9	1,119.8	1,091.9	1,041.7	1,119.1	1,084.0	1,068.3	1,014.9
I. Owner's equity	1,154.9	1,120.5	1,091.9	1,042.5	1,153.9	1,119.8	1,091.9	1,041.7	1,119.1	1,084.0	1,068.3	1,014.9
1. Owner's capital	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0	876.0
- Common stock with voting right	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00	876,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00	-2,170,000,000.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	104.5	104.5	104.5	104.5	69.4	69.4	69.4	69.4	45.9	45.9	45.9	45.9
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	176.5	142.1	113.5	64.2	210.7	176.6	148.7	98.5	199.3	164.3	148.6	95.2
- Accumulated retained earning at the end of the previous period	142.3	0.2	0.2	0.2	176.7	41.7	37.5	37.5	165.4	37.5	37.5	37.5
- Undistributed earnings in this period	34.3	141.9	113.3	64.0	34.0	134.9	111.2	61.0	34.0	126.9	111.1	57.7
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,944.0	1,945.4	1,961.2	1,987.0	1,997.9	1,992.5	2,029.4	2,056.5	2,047.4	2,030.7	2,069.8	2,078.2

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
Profit Before Tax	38.6	32.6	55.4	33.9	38.2	26.0	56.8	33.7	38.2	23.0	60.0	29.9
Depreciation of Fixed Assets and Investment Property	36.9	38.6	37.1	39.0	38.2	37.0	38.2	38.3	39.0	49.3	35.4	36.2
Provision (Increase)/Reversal	—	-9.0	0.0	-2.9	1.8	10.5	0.0	-15.9	4.7	-3.4	-14.7	7.2
FX Gain/Loss from Revaluation of Monetary Items	—	2.3	0.0	15.5	0.0	1.8	0.0	24.7	0.0	-0.3	17.6	0.5
Gain/Loss from Investment Activities	-1.9	-2.7	-0.7	-2.8	-0.5	-2.4	-0.5	-2.3	-0.7	-4.1	-0.9	-4.4
Interest Expense	8.2	9.4	8.9	17.0	1.2	11.6	10.5	21.4	1.3	13.7	8.3	18.8
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	81.7	71.2	100.7	99.7	78.9	84.3	105.0	100.0	82.4	78.2	105.8	88.1
Increase/(Decrease) in Receivables	-8.0	17.6	1.7	-2.0	-1.4	26.5	3.3	-1.7	-13.7	28.1	2.5	11.0
Increase/(Decrease) in Inventory	-4.4	-3.8	-6.0	-5.7	4.4	0.1	-1.4	-5.9	-0.2	-6.9	9.5	-9.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-25.5	-2.0	10.5	10.8	-19.7	-22.1	3.7	0.1	-25.5	-10.0	1.2	5.8
Increase/(Decrease) in Prepaid Expenses	-0.2	-11.5	0.9	0.8	2.3	-7.7	-0.3	-1.8	0.2	-0.8	-0.9	-1.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-17.1	-1.2	-17.4	-1.3	-20.6	-1.4	-19.0	-3.9	-23.3	1.7	-17.9
Corporate Income Tax Paid	-4.0	-4.0	-2.0	-7.0	-4.0	-8.6	-6.0	-6.0	-3.0	-9.5	-3.9	-1.3
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Other Operating Payments	-13.7	-1.0	-8.2	-1.2	-6.9	-8.5	-4.8	-1.1	-6.2	-1.5	-10.3	1.6
Net Cash Flow from Operating Activities	24.8	49.5	96.5	77.9	52.3	43.4	98.0	64.5	30.2	54.3	105.7	77.2
Payments for Fixed Assets and Other Long-term Assets	-12.6	-22.4	-29.7	-20.4	-13.0	-38.9	-22.7	-19.6	-20.6	-39.2	-44.3	-34.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	-0.0	0.3	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	-6.0	-0.2	0.0	-5.2	-0.1	-0.2	-5.0	-0.3	0.0	-0.4	0.0	-5.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	5.0	-5.0	5.0
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	-15.0	15.0	0.0
Dividends and Interest Income Received	2.3	2.2	1.0	1.0	2.0	0.6	0.7	1.0	3.2	3.4	1.3	2.3
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	-16.3	-20.5	-28.8	-24.3	-11.1	-38.5	-27.1	-18.9	-17.4	-46.1	-33.0	-32.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	-11,543,025,941.00	11,543,025,941.00	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	11.5	-11.5	11.5	0.0	5.5	-14.3
Repayment of Borrowings	-4.0	-26.8	-4.0	-26.2	-4.0	-26.1	-4.0	-25.2	-4.8	-23.1	-0.8	-4.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-83.0	—	0.0	0.0	-83.0	0.0	0.0	0.0	-78.6	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	-4.0	-26.8	-87.0	-26.2	-4.0	-26.1	-87.0	-25.2	6.7	-23.1	-73.9	-18.5
Net Cash Flow During the Period	4.5	2.2	-19.3	27.5	37.2	-21.1	-16.1	20.5	19.5	-14.8	-1.3	25.7
Cash and Cash Equivalents at Beginning of Period	188.6	186.4	205.7	178.2	141.1	138.3	138.3	138.3	138.3	130.1	130.1	130.1
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	193.1	188.6	186.4	205.7	178.2	141.1	162.2	178.3	157.8	138.3	153.1	154.4

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HWS

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