ITS

Đầu tư Thương mại và Dịch vụ - Vinacomin ·UPCOM ·2026Q1

▼ Under pressure

Capital efficiency remains weak ROE 0.47%, +0.03pp YoY

Price

3,900

Latest close

02 Jun 2026

P/E 22.64x

P/B 0.36x

EPS 172

BVPS 10,916

ROE 1.6%

ROA 0.2%

Profit Margin 0.2%

Asset Turnover 0.93x

Equity Mult. 7.44x

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

What Is Changing

On a TTM 2026Q1 basis, ITS is in an offsetting state — revenue softened slightly but margins improved — earnings have been recovering gradually over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,003bn
	                                
−8.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
+10.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    44.3%

Metric	2025	2024	2023	2022	2021
Revenue	2,048.3	1,954.9	1,587.1	1,698.1	1,445.4
Growth	+5%	+23%	-7%	+17%	—
Net Income	4.1	3.6	4.4	7.1	12.8
Net Margin	0.20%	0.18%	0.28%	0.42%	0.88%

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	393.7	736.4	441.0	432.3	438.6	876.4	386.4	485.1	191.1	743.0	264.0	377.0
Growth	-47%	+67%	+2%	-1%	-50%	+127%	-20%	+154%	-74%	+181%	-30%	—
Net Income	0.7	2.8	0.0	0.8	0.7	2.3	0.1	0.9	0.4	3.4	0.8	0.3
Net Margin	0.19%	0.38%	0.01%	0.18%	0.15%	0.26%	0.02%	0.19%	0.20%	0.45%	0.30%	0.07%

Drivers of ITS's profit

TTM

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

Finance costs ↓ 18.5bn

Tax ↓ 3.7bn

Other profit ↑ 2.4bn

Administrative expenses ↓ 1.1bn

Financial income ↓ 19.4bn

Gross profit ↓ 6.2bn

TTM

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

Other profit ↑ 1.0bn

Administrative expenses ↓ 0.7bn

Selling expenses ↓ 0.4bn

Deferred tax ↓ 0.2bn

Financial income ↓ 1.0bn

Gross profit ↓ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.4% = 0.2% × 1.06 × 7.20

2026Q1 1.5% = 0.2% × 0.93 × 7.44

ROE is broadly flat at 1.5% — the components are offsetting one another.

Net margin: 0.2% +0.0pp Asset turnover: 0.93x -0.12x Leverage: 7.44x +0.25x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.22%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.22% +0.0pp

Gross Margin 3.25% −0.0pp

SG&A / Revenue 1.14% +0.0pp

Non-core / Revenue -1.74% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (44.3% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 0.47%, broadly flat versus the same period. That translates to 0.47 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.11x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 0.47% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.47% +0.0pp

NOPAT Margin 0.32% +0.0pp

Capital Turnover 1.50x −0.11x

Average Invested Capital 1,339.9bn −22.7bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 6.31x equity, net debt at 4.07x equity.

Over the last 12 months, working capital absorbed 470.9bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −359.6bn

Inventories increased → lower CFO: −45.6bn

Payables decreased → lower CFO: −65.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.3 days versus the same period last year. The main moves came from DIO rose 2.6 days, DSO rose 3.6 days, and DPO rose 22.5 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +3.6 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +2.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 45.5 days +3.6 days

Inventory 35.3 days +2.6 days

Payables 68.1 days +22.5 days

Cash Conversion Cycle 12.7 days −16.3 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 4.07x and interest coverage only at 0.16x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.4% of debt, and total debt stands at 1,180.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 4.07x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.16x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 4.07x +0.84x

Interest Coverage 0.16x −0.03x

Cash / Debt 0.4% −2.3pp

Short-term Debt / Total Debt 100.0% +0.0pp

CFO / NI -109.05x −182.48x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -384.1bn in 2025, against investing cash flow of 428.8bn.

Post-investment cash flow was positive +44.8bn. Financing cash flow was negative +73.0bn.

CFO / net income was -109.05x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 497.0bn −796.3bn

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 capital efficiency remains weak remaining the main constraint, with ROIC at 0.5%. The next watchpoint is the earnings mix, when non-core contribution is -423.2%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -423.2% of PBT and CFO / net income currently at -109.05x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,048.3	1,954.9	1,587.1	1,698.1	1,445.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,048.3	1,954.9	1,587.1	1,698.1	1,445.4
Cost of Goods Sold	1,982.7	1,886.9	1,510.3	1,636.4	0.0
Gross Profit	65.6	68.0	76.7	61.7	38.6
Financial Income	36.9	61.0	53.6	33.5	57.6
Financial Expenses	67.5	89.9	97.9	56.4	-51.4
Interest Expense	66.4	85.4	96.7	55.3	-51.6
Share of Associates and Joint Ventures	0.1	0.2	0.2	1.8	-0.0
Selling Expenses	4.0	3.8	2.6	3.4	-5.9
General and Administrative Expenses	19.8	20.5	19.1	19.2	-19.6
Operating Profit	11.2	15.0	10.9	18.1	19.1
Other Income	0.2	7.0	5.0	0.0	0.0
Other Expenses	4.3	11.7	1.2	4.8	0.0
Other Profit	-4.1	-4.7	3.8	-4.8	1.5
Profit Before Tax	7.1	10.3	14.7	13.2	20.6
Current Income Tax Expense	3.0	6.7	10.0	6.3	-7.8
Deferred Income Tax Expense	0.0	0.1	0.3	-0.2	0.0
Net Income	4.1	3.6	4.4	7.1	12.8
Non-controlling Interest	-0.2	-0.1	0.2	0.1	-0.0
Profit Attributable to Parent	4.3	3.7	4.2	7.0	12.8
Earnings per Share	161.00	139.00	160.00	277.00	487.00
Diluted EPS	161.00	139.00	159.95	277.00	507.70

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,774.0	1,981.6	1,703.8	1,402.3	861.5
I. Cash and cash equivalents	17.1	45.4	89.8	143.1	55.7
1. Cash	17.1	30.8	22.5	15.9	0.0
2. Cash equivalents	—	14.5	67.3	127.2	0.0
II. Short-term financial investments	16.0	15.3	5.7	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	16.0	15.3	5.7	0.0	0.0
III. Short-term receivables	1,596.4	1,795.9	1,540.2	1,188.0	764.1
1. Short-term trade accounts receivable	309.1	280.2	304.5	292.2	0.0
2. Short-term prepayments to suppliers	453.2	602.4	510.2	571.9	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	—	370.7	392.3	30.2	0.0
6. Other short-term receivables	852.6	561.2	351.8	312.0	0.0
7. Provision for short-term doubtful debts (*)	-18.6	-18.6	-18.6	-18.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	144.0	118.5	66.7	69.3	40.5
1. Inventories	144.0	118.5	66.7	69.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	6.4	1.3	2.0	1.2
1. Short-term prepayments	0.2	6.1	1.2	1.2	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.7	0.0
3. Taxes and other receivables from state authorities	0.4	0.2	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	332.5	316.4	223.0	227.3	337.5
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	2.7	3.1	4.1	3.7	6.0
1. Tangible fixed assets	1.5	1.9	2.9	2.5	4.8
- Cost	23.2	23.2	24.3	22.7	0.0
- Accumulated depreciation	-21.7	-21.3	-21.4	-20.2	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	1.2	1.2	1.2	1.2	1.2
- Cost	1.2	1.2	1.2	1.2	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	18.9	0.0	0.0	0.0	0.0
- Cost	18.9	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.7	0.7	0.7	0.7	0.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	0.7	0.7	0.7	0.0
V. Long-term financial investments	285.0	284.8	183.5	213.9	326.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	279.4	279.1	172.8	172.7	0.0
3. Investments in other entities	3.8	3.8	3.8	34.1	0.0
4. Provision for diminution in value of long-term investments	-0.3	-0.2	-0.2	0.0	0.0
5. Held to maturity investments	2.1	2.1	7.1	7.1	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	25.2	27.8	34.7	9.1	0.0
1. Long-term prepayments	25.2	27.8	34.7	8.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.2	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	4.8
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)	2,106.5	2,298.0	1,926.8	1,629.6	1,199.1
A. LIABILITIES (300=210+330)	1,818.2	2,011.4	1,641.0	1,345.3	922.0
I. Short -term liabilities	1,818.2	2,011.3	1,640.6	1,344.6	920.8
1. Short-term trade accounts payable	416.2	472.3	191.4	308.7	259.3
2. Short-term advances from customers	295.0	345.1	198.2	114.6	57.5
3. Taxes and other payables to state authorities	4.4	8.2	13.6	13.1	0.0
4. Payable to employees	2.3	2.5	2.3	1.7	0.0
5. Short-term acrrued expenses	83.2	45.3	39.1	6.9	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.1	1.5	1.5	0.0
9. Other short-term payables	6.3	55.3	6.8	5.4	0.0
10. Short-term borrowings and financial leases	1,009.4	1,081.3	1,186.5	891.9	583.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.4	1.3	1.2	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	—	0.1	0.4	0.7	1.2
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	—	0.1	0.4	0.6	1.2
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)	288.3	286.6	285.8	284.3	277.0
I. Owner's equity	288.3	286.6	285.8	284.3	0.0
1. Owner's capital	264.6	264.6	264.6	264.6	277.0
- Common stock with voting right	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	252,000,000,000.00
- 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	—	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	14.9	14.9	10.9	10.9	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	7.2	5.3	8.4	7.1	13.1
- Accumulated retained earning at the end of the previous period	2.9	1.6	4.2	0.1	1.5
- Undistributed earnings in this period	4.3	3.7	4.2	7.0	11.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1.6	1.8	1.9	1.7	1.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,106.5	2,298.0	1,926.8	1,629.6	1,199.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	7.1	10.3	14.7	13.2	8.1
Depreciation of Fixed Assets and Investment Property	1.0	1.0	1.2	2.0	2.3
Provision (Increase)/Reversal	0.1	-0.0	0.4	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.9	0.6	0.1	0.0
Gain/Loss from Investment Activities	-36.7	-59.6	-53.3	-32.3	0.0
Interest Expense	66.4	85.4	96.7	55.3	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	-0.2	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	37.6	38.1	60.3	38.3	16.2
Increase/(Decrease) in Receivables	-466.8	-272.6	46.8	-469.6	0.0
Increase/(Decrease) in Inventory	-44.3	-51.8	2.5	-28.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	146.9	460.8	-18.8	214.0	0.0
Increase/(Decrease) in Prepaid Expenses	8.5	2.0	4.0	-5.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-59.1	-81.9	-95.3	-54.6	0.0
Corporate Income Tax Paid	-6.7	-8.2	-8.0	-7.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.3	-0.0	-0.2	0.0
Net Cash Flow from Operating Activities	-384.1	86.1	-8.5	-313.3	-58.3
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	22.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	6.0
Loans and Purchases of Debt Instruments	-1,029.2	-908.8	-830.9	-532.9	-485.2
Receipts from Loan Repayments and Sale of Debt Instruments	1,399.3	699.0	463.0	500.7	245.8
Investments in Other Entities	—	-57.6	0.0	-19.8	-319.1
Proceeds from Investments in Other Entities	—	0.0	0.0	141.0	0.0
Dividends and Interest Income Received	58.8	19.5	30.5	16.4	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	428.8	-247.9	-337.3	105.4	-494.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	1,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,396.0	2,349.3	2,205.3	1,765.3	1,266.4
Repayment of Borrowings	-2,467.3	-2,228.0	-1,911.0	-1,457.1	-862.3
Repayment of Finance Leases	—	0.0	0.0	0.0	135.8
Dividends Paid	-1.6	-4.0	-1.7	-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	-73.0	117.3	292.6	308.2	540.9
Net Cash Flow During the Period	-28.2	-44.5	-53.2	100.3	19.0
Cash and Cash Equivalents at Beginning of Period	45.4	89.8	143.1	42.8	77.0
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	17.1	45.4	89.8	143.1	55.7

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	393.7	736.4	441.0	432.3	438.6	876.4	386.4	485.1	191.1	743.0	264.0	377.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	393.7	736.4	441.0	432.3	438.6	876.4	386.4	485.1	191.1	743.0	264.0	377.0
Cost of Goods Sold	381.1	709.2	430.4	417.6	425.3	846.3	375.2	468.5	181.1	692.0	256.0	368.9
Gross Profit	12.6	27.1	10.6	14.8	13.3	30.2	11.2	16.5	10.0	50.9	8.0	8.0
Financial Income	9.3	4.1	12.6	9.7	10.4	10.5	16.7	17.5	16.0	17.0	15.1	13.3
Financial Expenses	17.5	17.3	15.6	16.9	17.2	21.9	21.5	25.2	20.9	47.9	23.6	13.0
Interest Expense	17.5	17.2	15.6	15.9	17.2	20.4	21.5	22.4	20.9	46.9	23.7	12.8
Share of Associates and Joint Ventures	-0.0	0.1	-0.0	0.0	-0.0	0.0	0.0	0.1	0.0	0.2	-0.1	0.1
Selling Expenses	0.5	1.7	0.5	1.2	0.9	1.1	1.0	1.2	0.5	1.2	0.5	0.5
General and Administrative Expenses	2.9	6.5	4.0	5.5	3.6	5.2	4.7	6.6	4.0	5.7	5.1	4.8
Operating Profit	0.9	5.7	3.1	1.0	2.0	12.6	0.8	1.2	0.6	13.3	-6.2	3.2
Other Income	0.0	0.0	0.0	—	—	6.6	0.0	0.4	0.0	-2.3	7.1	0.0
Other Expenses	0.0	0.3	3.0	0.0	1.0	10.7	0.5	0.6	0.0	0.0	0.0	0.8
Other Profit	-0.0	-0.3	-3.0	-0.0	-1.0	-4.0	-0.5	-0.2	0.0	-2.3	7.1	-0.8
Profit Before Tax	0.9	5.4	0.1	1.0	1.0	8.5	0.3	1.0	0.6	11.1	0.9	2.4
Current Income Tax Expense	0.2	2.6	0.0	0.2	0.2	6.3	0.2	0.1	0.1	7.7	0.1	2.2
Deferred Income Tax Expense	-0.0	0.0	0.0	-0.0	0.1	-0.0	0.0	-0.0	0.1	0.0	0.0	-0.1
Net Income	0.7	2.8	0.0	0.8	0.7	2.3	0.1	0.9	0.4	3.4	0.8	0.3
Non-controlling Interest	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2	0.1	0.0
Profit Attributable to Parent	0.8	2.9	0.1	0.8	0.7	2.3	0.1	0.9	0.4	3.5	0.7	0.2
Earnings per Share	30.00	107.84	2.95	31.47	26.14	88.29	3.71	35.89	15.28	133.95	25.49	8.17
Diluted EPS	30.00	107.84	2.95	31.47	26.14	126.00	3.71	35.89	15.28	133.95	25.49	8.17

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,653.5	1,774.7	2,079.7	1,883.7	1,781.1	1,981.9	1,920.3	1,949.7	1,812.3	1,704.7	1,669.8	1,616.5
I. Cash and cash equivalents	5.0	17.5	16.6	10.0	25.6	45.2	42.9	36.5	65.3	95.9	57.8	30.7
1. Cash	5.0	17.5	7.3	5.0	17.7	30.6	5.4	20.8	19.9	29.0	6.4	8.1
2. Cash equivalents	—	—	9.4	5.1	7.9	14.5	37.6	15.7	45.3	66.8	51.4	22.6
II. Short-term financial investments	125.6	16.0	16.0	15.6	15.3	15.3	15.0	15.0	15.0	5.4	16.8	16.8
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	125.6	16.0	16.0	15.6	15.3	15.3	15.0	15.0	15.0	5.4	16.8	16.8
III. Short-term receivables	1,316.2	1,596.8	1,734.8	1,573.3	1,563.1	1,796.0	1,735.8	1,750.9	1,513.4	1,535.4	1,408.1	1,408.8
1. Short-term trade accounts receivable	285.0	309.3	300.3	210.5	214.6	280.6	298.9	361.5	287.8	309.2	191.4	166.3
2. Short-term prepayments to suppliers	116.2	452.8	543.2	532.9	580.8	602.0	628.4	550.6	522.9	506.5	596.2	618.9
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	—	—	75.3	352.1	298.9	370.7	435.8	474.3	350.1	392.3	296.3	314.0
6. Other short-term receivables	—	853.3	834.5	496.4	487.5	561.3	391.2	383.0	371.3	345.8	342.6	327.9
7. Provision for short-term doubtful debts (*)	933.5	-18.6	-18.6	-18.6	-18.6	-18.6	-18.6	-18.6	-18.6	-18.4	-18.4	-18.4
8. Assets awaiting resolution	-18.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	200.7	144.0	299.4	271.4	174.1	119.0	120.9	140.5	205.3	66.7	174.8	148.0
1. Inventories	200.7	144.0	299.4	271.4	174.1	119.0	120.9	140.5	205.3	66.7	174.8	148.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.0	0.5	12.9	13.3	2.9	6.3	5.7	6.8	13.3	1.3	12.3	12.2
1. Short-term prepayments	0.0	0.0	1.2	1.3	1.3	6.1	1.2	1.4	1.2	1.2	1.4	1.8
2. Value added tax to be reclaimed	5.2	0.0	8.8	10.7	0.2	0.0	2.8	4.6	10.1	0.0	11.0	10.4
3. Taxes and other receivables from state authorities	0.8	0.4	2.9	1.3	1.3	0.2	1.6	0.7	2.0	0.0	0.0	0.0
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)	539.4	331.7	314.3	315.9	314.7	267.8	213.6	176.3	221.0	220.0	225.0	224.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2.6	2.1	2.3	2.6	2.9	3.1	3.4	3.6	3.9	30.1	2.8	3.5
1. Tangible fixed assets	1.3	0.9	1.1	1.4	1.7	1.9	2.1	2.4	2.7	28.9	1.6	2.3
- Cost	23.2	—	—	—	—	23.2	23.2	23.2	24.3	50.2	22.7	22.6
- Accumulated depreciation	-21.8	—	—	—	—	-21.3	-21.1	-20.8	-21.6	-21.3	-21.1	-20.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
- Cost	1.2	—	—	—	—	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
III. Investment properties	18.9	18.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	18.9	—	—	—	—	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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	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
2. Construction in progress	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
V. Long-term financial investments	493.4	284.8	284.7	284.7	284.7	236.2	178.6	140.1	183.5	183.7	214.0	212.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	489.7	279.1	279.0	279.1	279.1	230.6	173.0	129.5	172.8	172.8	172.7	171.0
3. Investments in other entities	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	34.1	34.1
4. Provision for diminution in value of long-term investments	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	0.0	0.1	0.0
5. Held to maturity investments	0.1	2.1	2.1	2.1	2.1	2.1	2.1	7.1	7.1	7.1	7.1	7.1
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	23.9	25.2	26.6	27.9	26.4	27.8	31.0	31.9	33.0	5.5	7.5	7.8
1. Long-term prepayments	23.9	25.2	26.5	27.9	26.4	27.8	31.0	31.9	32.9	5.5	7.5	7.7
2. Deferred income tax assets	0.0	—	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,193.0	2,106.4	2,393.9	2,199.7	2,095.8	2,249.7	2,133.8	2,126.0	2,033.3	1,924.8	1,894.8	1,840.7
A. LIABILITIES (300=210+330)	1,904.1	1,818.6	2,108.9	1,914.6	1,808.5	1,963.2	1,849.6	1,841.7	1,747.0	1,640.8	1,611.4	1,559.3
I. Short -term liabilities	1,904.1	1,818.6	2,108.9	1,914.5	1,808.4	1,963.0	1,849.4	1,841.4	1,746.6	1,640.4	1,611.0	1,558.7
1. Short-term trade accounts payable	408.5	415.4	428.2	392.9	314.3	423.5	274.4	270.0	214.0	197.4	112.5	125.6
2. Short-term advances from customers	325.7	295.0	601.1	487.6	426.7	393.5	288.2	236.3	183.6	193.5	248.2	271.7
3. Taxes and other payables to state authorities	4.6	4.5	2.3	9.4	8.6	8.2	5.9	5.7	9.8	13.7	6.0	11.5
4. Payable to employees	0.3	2.3	1.9	2.7	0.3	2.5	2.0	1.5	1.9	2.3	1.8	1.4
5. Short-term acrrued expenses	65.4	83.1	96.9	63.6	97.4	45.6	30.9	32.4	39.5	39.1	5.4	5.6
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	0.1	0.1	—	0.1	0.1	0.1	0.1	0.6	1.1	0.1	0.1	0.6
9. Other short-term payables	-82.4	6.6	9.6	9.3	6.8	7.1	54.6	9.9	6.9	6.6	8.2	8.2
10. Short-term borrowings and financial leases	1,180.9	1,010.2	967.5	947.3	953.2	1,081.2	1,191.9	1,283.5	1,288.7	1,186.5	1,227.5	1,132.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	1.4	1.4	1.4	1.1	1.3	1.3	1.3	1.1	1.2	1.2	1.2
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	—	—	—	0.1	0.1	0.2	0.2	0.4	0.4	0.4	0.4	0.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	0.1	0.1	0.2	0.2	0.4	0.4	0.4	0.4	0.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	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)	288.8	287.8	285.0	285.1	287.3	286.5	284.2	284.2	286.3	284.0	283.4	281.4
I. Owner's equity	288.8	287.8	285.0	285.1	287.3	286.5	284.2	284.2	286.3	284.0	283.4	281.4
1. Owner's capital	264.6	264.6	264.6	264.6	264.6	264.6	264.6	264.6	264.6	264.6	264.6	264.6
- Common stock with voting right	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00	264,599,240,000.00
- 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	—	—	—	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
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	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9	10.9	10.9	10.9	10.9
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	7.8	6.9	4.1	4.1	6.3	5.3	2.9	2.9	9.0	6.7	6.0	4.2
- Accumulated retained earning at the end of the previous period	7.0	2.5	2.5	2.6	5.6	1.6	1.6	1.6	8.6	1.4	4.2	2.8
- Undistributed earnings in this period	0.8	4.4	1.6	1.5	0.7	3.7	1.4	1.4	0.4	5.4	1.8	1.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1.5	1.3	1.4	1.4	1.5	1.7	1.7	1.8	1.8	1.7	1.9	1.6
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)	2,193.0	2,106.4	2,393.9	2,199.7	2,095.8	2,249.7	2,133.8	2,126.0	2,033.3	1,924.8	1,894.8	1,840.7

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	0.9	5.2	0.1	0.8	1.0	8.5	0.3	0.9	0.6	10.0	0.9	2.3
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.3	0.3
Provision (Increase)/Reversal	—	0.1	—	—	—	0.0	0.0	0.0	-0.0	0.6	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.3	-0.6	0.3	—	-0.9	-5.5	2.7	0.0	0.8	-0.3	0.2
Gain/Loss from Investment Activities	-9.3	-3.9	-12.7	-9.7	-10.4	-10.5	-17.5	-17.5	-16.0	-17.0	-15.1	-13.2
Interest Expense	17.5	17.5	15.6	16.1	17.2	20.4	21.5	22.7	20.9	47.2	23.7	12.9
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	9.3	19.2	2.7	7.7	8.1	17.7	-0.9	9.0	5.8	41.9	9.3	2.4
Increase/(Decrease) in Receivables	260.6	-277.5	-398.8	56.2	153.4	450.8	28.8	-86.9	5.7	-50.2	309.7	143.1
Increase/(Decrease) in Inventory	-56.9	136.5	-28.7	-96.5	-55.6	1.8	20.5	63.9	-138.6	108.0	-26.8	-107.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-274.3	-43.6	180.1	72.0	-61.7	-215.2	32.4	132.5	-13.6	89.9	-355.2	91.3
Increase/(Decrease) in Prepaid Expenses	1.5	2.4	1.4	-1.5	6.2	-1.7	1.1	0.9	1.8	1.6	1.1	7.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-16.5	-10.6	-14.9	-20.0	-13.7	-19.1	-20.8	-22.1	-20.9	-45.8	-23.7	-12.9
Corporate Income Tax Paid	—	0.0	-5.7	-1.0	—	-3.2	-1.0	-4.0	0.0	0.0	-6.3	-1.7
Other Operating Receipts	—	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.0	-0.0	0.0	-0.2	-121.5	-0.0	-0.1	-0.1	-0.0	0.0	5.5
Net Cash Flow from Operating Activities	-76.4	-173.6	-264.0	16.9	36.5	109.5	60.1	93.2	-160.0	145.3	-91.9	127.0
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.2	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	68.3	-663.5	-124.5	-101.2	-140.1	-277.2	-104.3	-186.9	-66.4	-156.4	-207.2	-406.1
Receipts from Loan Repayments and Sale of Debt Instruments	29.0	738.8	400.9	103.6	156.0	341.9	147.9	62.6	99.4	71.4	224.9	75.3
Investments in Other Entities	—	—	—	—	—	-57.6	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	57.8	-25.9	26.8	0.0	0.5	-7.9	9.7	0.2	14.4	7.0	8.0
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	99.7	133.2	250.5	29.2	16.0	7.5	35.9	-114.6	33.1	-70.6	24.7	-322.8
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	366.2	1,147.4	331.9	406.8	509.9	587.1	416.4	567.7	546.6	560.3	537.5	560.7
Repayment of Borrowings	-401.6	-0.2	-311.9	-468.5	-582.2	-697.9	-506.1	-574.9	-444.4	-601.4	-443.1	-452.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-1.6	—	-0.0	—	-4.0	-0.0	0.0	-0.0	-1.6	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	-35.4	40.9	20.0	-61.7	-72.3	-114.8	-89.7	-7.2	102.3	-42.7	94.3	108.2
Net Cash Flow During the Period	-12.2	0.5	6.6	-15.6	-19.8	2.3	6.3	-28.6	-24.6	32.1	27.1	-87.6
Cash and Cash Equivalents at Beginning of Period	17.1	16.6	10.0	25.6	45.4	89.8	89.8	89.8	89.8	143.1	143.1	143.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.0	17.1	16.6	10.0	25.6	45.2	42.9	36.6	65.3	89.8	57.8	30.7

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ITS

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