MNB

Tổng Công ty May Nhà Bè - CTCP ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 0.53x

Price

25,200

Latest close

22 May 2026

P/E 3.55x

P/B 0.74x

EPS 7,099

BVPS 33,981

ROE 23.2%

ROA 4.6%

Profit Margin 2.6%

Asset Turnover 1.78x

Equity Mult. 5.00x

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

What Is Changing

On a TTM 2026Q1 basis, MNB is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,442bn
	                                
+13.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 215bn
	                                
+39.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	5,243.8	4,632.2	3,744.3	4,573.6	3,088.8
Growth	+13%	+24%	-18%	+48%	—
Net Income	222.4	134.2	33.5	144.8	-2.6
Net Margin	4.24%	2.90%	0.89%	3.17%	-0.08%

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	1,155.4	1,506.9	1,450.8	1,329.3	1,007.9	1,401.1	1,303.9	1,083.0	875.7	1,003.0	957.9	929.9
Growth	-23%	+4%	+9%	+32%	-28%	+7%	+20%	+24%	-13%	+5%	+3%	—
Net Income	47.4	57.8	66.6	43.3	35.2	47.1	46.9	25.5	11.3	4.2	2.7	12.0
Net Margin	4.10%	3.83%	4.59%	3.26%	3.49%	3.36%	3.60%	2.35%	1.29%	0.42%	0.28%	1.30%

Drivers of MNB's profit

TTM

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

Gross profit ↑ 72.4bn

Other profit ↑ 22.0bn

Administrative expenses ↓ 4.6bn

Minority interests ↑ 21.0bn

Finance costs ↑ 16.2bn

Tax ↑ 12.1bn

TTM

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

Gross profit ↑ 11.4bn

Other profit ↑ 5.4bn

Selling expenses ↓ 2.5bn

Financial income ↑ 2.2bn

Minority interests ↑ 3.5bn

Administrative expenses ↑ 3.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 30.9% = 3.2% × 1.77 × 5.43

2026Q1 35.2% = 4.0% × 1.78 × 5.00

ROE rose from 30.9% to 35.2% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 4.0% +0.7pp Asset turnover: 1.78x +0.01x Leverage: 5.00x -0.43x

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 3.95%, rising 0.7pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 0.9pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 3.95% +0.7pp

Gross Margin 17.98% −0.9pp

SG&A / Revenue 12.48% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 2.7 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 9.41%, rising 1.7pp. That translates to 9.41 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 0.17x, while invested capital rose by 121bn — capital-return quality improved from both sides.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 9.41% +1.7pp

NOPAT Margin 3.42% +0.4pp

Capital Turnover 2.75x +0.17x

Average Invested Capital 1,976.1bn +120.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.28x equity, net debt at 1.95x equity.

Inventory ended the period at 697.7bn, roughly 20.2% of total assets.

Over the last 12 months, working capital absorbed 249.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −307.4bn

Inventories increased → lower CFO: −0.0bn

Payables increased → higher CFO: +58.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 2.7 days versus the same period last year. The main moves came from DIO fell 3.8 days, DSO rose 8.0 days, and DPO rose 1.5 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 93.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +8.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 53.3 days +8.0 days

Inventory 64.7 days −3.8 days

Payables 24.4 days +1.5 days

Cash Conversion Cycle 93.6 days +2.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.95x and interest coverage only at 1.63x.

At present, short-term debt accounts for 95.7% of total debt, cash equals 21.7% of debt, and total debt stands at 1,694.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.95x, increasing balance-sheet pressure.

Interest coverage is thin

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

Leverage and liquidity trend

Net Debt / Equity 1.95x −0.64x

Interest Coverage 1.63x +0.20x

Cash / Debt 21.7% +6.0pp

Short-term Debt / Total Debt 95.7% +2.9pp

CFO / NI 0.53x +0.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 207.8bn in 2025, against investing cash flow of -80.0bn.

Post-investment cash flow was positive +127.8bn. Financing cash flow was positive +41.6bn.

CFO / net income was 0.53x.

After spending +106.1bn on fixed-asset investment, the business generated trailing free cash flow of −31.0bn.

Cash Conversion

CFO TTM 75.1bn +61.3bn

Cash Capex 106.1bn +6.9bn

FCF TTM −31.0bn +54.5bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.53x. The main risk still sits in leverage and liquidity, with interest coverage at 1.63x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.53x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.63x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,249.8	4,637.4	3,751.9	4,578.4	3,095.8
Revenue Deductions	6.0	5.2	7.6	4.8	0.0
Net Revenue	5,243.8	4,632.2	3,744.3	4,573.6	3,088.8
Cost of Goods Sold	4,265.3	3,765.2	3,097.5	3,715.4	0.0
Gross Profit	978.6	867.0	646.8	858.2	517.1
Financial Income	62.3	69.6	65.0	85.0	33.1
Financial Expenses	114.1	124.1	125.4	155.0	-71.7
Interest Expense	79.9	75.8	78.1	64.6	-56.9
Share of Associates and Joint Ventures	6.7	1.4	-0.7	7.2	-12.3
Selling Expenses	276.4	257.4	194.6	252.6	-186.4
General and Administrative Expenses	408.3	403.5	346.3	370.0	-282.6
Operating Profit	248.8	153.1	44.7	172.7	-2.8
Other Income	29.3	27.3	28.3	29.2	0.0
Other Expenses	6.2	14.8	15.7	15.2	0.0
Other Profit	23.0	12.5	12.6	14.0	18.5
Profit Before Tax	271.9	165.6	57.4	186.7	15.6
Current Income Tax Expense	44.4	30.8	23.7	38.3	-18.2
Deferred Income Tax Expense	5.0	0.6	0.2	3.5	0.0
Net Income	222.4	134.2	33.5	144.8	-2.6
Non-controlling Interest	68.5	43.2	1.7	39.7	-1.9
Profit Attributable to Parent	153.9	91.0	31.7	105.1	-0.7
Earnings per Share	7,694.00	4,646.00	1,661.00	5,241.00	-36.00
Diluted EPS	7,328.00	4,646.00	1,587.00	5,500.72	-35.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,668.4	2,311.9	1,936.3	2,180.0	1,947.0
I. Cash and cash equivalents	507.9	337.4	281.0	373.5	307.3
1. Cash	395.6	227.7	165.5	208.7	0.0
2. Cash equivalents	112.3	109.7	115.5	164.9	0.0
II. Short-term financial investments	115.2	105.3	118.5	172.9	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	115.2	105.3	118.5	172.9	0.0
III. Short-term receivables	1,223.6	1,049.2	726.5	781.7	777.1
1. Short-term trade accounts receivable	1,117.7	925.2	601.7	657.6	0.0
2. Short-term prepayments to suppliers	23.3	30.7	55.6	60.0	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	—	10.0	7.0	6.0	0.0
6. Other short-term receivables	93.7	89.0	67.6	60.3	0.0
7. Provision for short-term doubtful debts (*)	-11.1	-5.7	-5.6	-2.2	0.0
8. Assets awaiting resolution	—	0.0	0.1	0.1	0.0
IV. Inventories	697.7	690.8	694.4	761.3	749.9
1. Inventories	703.7	693.7	694.7	761.8	0.0
2. Provision for decline in value of inventories	-6.0	-2.9	-0.2	-0.5	0.0
V. Other short-term assets	124.1	129.2	115.8	90.5	80.5
1. Short-term prepayments	11.8	14.3	17.4	11.9	0.0
2. Value added tax to be reclaimed	105.9	111.1	89.9	75.1	0.0
3. Taxes and other receivables from state authorities	6.4	3.8	8.6	3.5	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)	783.6	784.5	771.0	792.2	848.9
I. Long-term receivables	14.3	14.5	15.3	16.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	30.8
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	14.3	14.5	15.3	16.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	589.1	601.8	580.8	595.6	631.5
1. Tangible fixed assets	572.2	587.6	563.3	577.0	610.0
- Cost	1,865.4	1,830.0	1,748.2	1,709.8	0.0
- Accumulated depreciation	-1,293.2	-1,242.4	-1,184.9	-1,132.8	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	16.9	14.2	17.5	18.5	21.5
- Cost	59.3	55.1	55.0	57.8	0.0
- Accumulated depreciation	-42.4	-40.9	-37.5	-39.3	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	15.7	5.4	21.4	31.9	27.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	15.7	5.4	21.4	31.9	0.0
V. Long-term financial investments	84.3	82.0	82.3	83.8	87.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	53.0	48.9	48.2	47.6	0.0
3. Investments in other entities	33.3	33.3	34.3	34.3	0.0
4. Provision for diminution in value of long-term investments	-1.9	-0.1	-0.1	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	2.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	80.2	80.9	71.1	64.5	0.0
1. Long-term prepayments	79.9	80.7	71.1	64.5	0.0
2. Deferred income tax assets	0.2	0.2	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	71.3
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)	3,452.0	3,096.4	2,707.2	2,972.2	2,795.8
A. LIABILITIES (300=210+330)	2,797.6	2,577.3	2,259.5	2,509.7	2,438.7
I. Short -term liabilities	2,487.8	2,385.8	2,082.6	2,364.0	2,145.1
1. Short-term trade accounts payable	325.5	248.8	229.8	287.2	342.2
2. Short-term advances from customers	24.7	80.1	81.6	80.8	127.5
3. Taxes and other payables to state authorities	30.9	24.5	16.0	28.6	0.0
4. Payable to employees	297.0	213.4	183.1	287.8	0.0
5. Short-term acrrued expenses	45.9	53.5	43.7	26.0	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	13.7	1.4	24.0	17.1	15.2
9. Other short-term payables	60.1	45.0	66.9	75.9	0.0
10. Short-term borrowings and financial leases	1,650.1	1,677.7	1,395.7	1,512.5	1,239.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	39.9	41.3	41.9	48.2	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	309.8	191.5	177.0	145.7	293.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.1
2. Long-term advances from customers	3.4	21.1	19.0	14.7	14.0
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	21.8	22.4	23.1	23.8	27.7
7. Other long-term liabilities	14.1	20.8	12.3	2.9	0.0
8. Long-term borrowings and financial leases	72.4	113.8	109.9	88.3	238.7
9. Convertible bonds	179.6	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	18.4	13.3	12.6	15.9	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)	654.4	519.1	447.7	462.5	357.2
I. Owner's equity	654.4	519.1	447.7	462.5	0.0
1. Owner's capital	200.0	200.0	191.1	191.1	357.2
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	191,100,000,000.00	191,100,000,000.00	182,000,000,000.00
- 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	79.1	73.0	69.6	62.8	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	240.5	142.1	114.5	127.1	64.5
- Accumulated retained earning at the end of the previous period	86.6	51.1	82.7	22.0	65.2
- Undistributed earnings in this period	153.9	91.0	31.7	105.1	-0.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	134.8	104.0	72.5	81.4	53.1
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)	3,452.0	3,096.4	2,707.2	2,972.2	2,795.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	271.9	165.6	57.4	186.7	15.6
Depreciation of Fixed Assets and Investment Property	96.7	101.5	97.3	91.3	99.3
Provision (Increase)/Reversal	10.3	2.7	3.2	1.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.7	5.5	12.4	7.8	0.0
Gain/Loss from Investment Activities	-15.5	-12.3	-13.8	-19.9	0.0
Interest Expense	79.9	75.8	78.1	64.6	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	444.0	338.7	234.7	332.1	166.6
Increase/(Decrease) in Receivables	-188.9	-334.2	52.9	3.6	0.0
Increase/(Decrease) in Inventory	-10.0	1.0	67.1	-8.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	105.1	2.7	-130.6	-111.0	0.0
Increase/(Decrease) in Prepaid Expenses	3.2	-6.5	-12.0	8.1	0.0
Changes in Trading Securities	—	0.0	0.0	2.0	0.0
Interest Paid	-79.8	-76.4	-81.7	-63.0	0.0
Corporate Income Tax Paid	-44.7	-21.0	-37.0	-25.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-21.2	-18.1	-10.5	-16.4	0.0
Net Cash Flow from Operating Activities	207.8	-113.9	83.0	121.2	-28.6
Payments for Fixed Assets and Other Long-term Assets	-91.6	-92.9	-73.3	-59.8	-12.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.6	1.4	0.9	2.2	0.6
Loans and Purchases of Debt Instruments	-97.9	-62.5	-92.6	-201.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	88.0	75.7	149.0	58.3	10.9
Investments in Other Entities	-8.3	-3.6	-3.0	0.0	-2.3
Proceeds from Investments in Other Entities	0.7	2.0	1.0	0.0	0.0
Dividends and Interest Income Received	27.4	6.9	15.1	14.4	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	-80.0	-73.0	-2.9	-185.9	6.5
Proceeds from Equity Issuance and Capital Contributions	—	8,900,000,000.00	0.00	9,100,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,889.2	3,504.5	2,878.1	3,216.2	2,350.1
Repayment of Borrowings	-3,791.8	-3,221.0	-2,973.3	-3,075.7	-2,312.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-55.8	-49.3	-76.6	-18.0	-21.8
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	41.6	243.1	-171.8	131.5	16.0
Net Cash Flow During the Period	169.4	56.2	-91.7	66.8	189.5
Cash and Cash Equivalents at Beginning of Period	337.4	281.0	373.5	308.1	313.4
FX Difference from Revaluation	1.1	0.1	-0.8	-0.4	0.0
Cash and Cash Equivalents at End of Period	507.9	337.4	281.0	374.5	307.3

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	1,156.2	1,508.3	1,451.7	1,330.7	1,010.1	1,402.1	1,305.6	1,084.1	877.1	1,004.2	959.7	931.8
Revenue Deductions	0.8	1.4	1.0	1.4	2.2	1.0	1.7	1.1	1.4	1.2	1.8	2.0
Net Revenue	1,155.4	1,506.9	1,450.8	1,329.3	1,007.9	1,401.1	1,303.9	1,083.0	875.7	1,003.0	957.9	929.9
Cost of Goods Sold	949.9	1,208.2	1,199.6	1,106.1	813.8	1,139.0	1,057.4	879.5	735.6	806.1	804.6	784.9
Gross Profit	205.5	298.6	251.2	223.3	194.2	262.1	246.5	203.5	140.1	196.8	153.3	144.9
Financial Income	17.6	10.9	16.7	15.1	15.4	21.7	11.3	18.9	13.1	13.5	15.2	19.8
Financial Expenses	27.3	49.4	32.2	30.5	24.9	29.5	37.2	31.5	22.4	50.6	25.9	21.0
Interest Expense	22.3	19.9	19.3	—	19.9	23.8	18.0	18.0	17.7	20.9	17.2	17.3
Share of Associates and Joint Ventures	0.8	2.9	1.3	1.4	1.1	1.5	1.2	-0.3	-2.0	-1.7	-0.6	0.0
Selling Expenses	57.6	81.0	66.5	74.0	60.0	70.0	72.7	70.3	45.7	59.8	49.7	43.2
General and Administrative Expenses	89.9	119.2	98.1	92.9	86.5	127.5	98.3	92.5	72.4	97.1	87.5	84.9
Operating Profit	49.0	62.8	72.3	42.5	39.2	58.3	50.8	27.8	10.6	1.1	4.7	15.5
Other Income	10.5	8.4	10.7	12.2	5.9	8.9	7.6	6.0	7.3	12.3	7.1	5.7
Other Expenses	1.2	1.6	1.7	1.9	2.0	9.9	1.5	1.6	1.8	5.2	3.5	3.6
Other Profit	9.3	6.9	9.0	10.3	4.0	-1.0	6.1	4.4	5.5	7.1	3.6	2.0
Profit Before Tax	58.3	69.7	81.3	52.7	43.1	57.3	56.8	32.2	16.1	8.2	8.3	17.5
Current Income Tax Expense	10.9	11.9	14.7	9.4	8.0	10.2	10.0	6.7	4.8	4.0	5.6	5.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Net Income	47.4	57.8	66.6	43.3	35.2	47.1	46.9	25.5	11.3	4.2	2.7	12.0
Non-controlling Interest	15.1	17.9	21.6	18.5	11.6	15.9	15.0	9.6	2.7	-1.0	-1.2	4.1
Profit Attributable to Parent	32.3	39.8	45.1	24.8	23.5	31.2	31.9	15.9	8.7	5.2	3.9	7.9
Earnings per Share	1,613.00	1,991.00	2,253.00	1,242.00	1,177.00	1,571.00	1,633.00	829.00	454.00	272.00	204.00	413.00
Diluted EPS	1,613.17	1,991.38	2,252.51	1,241.89	1,177.40	4,349.00	1,597.35	795.14	453.65	271.72	204.46	413.32

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)	2,494.5	2,713.1	2,356.2	2,252.6	2,064.5	2,368.5	2,213.0	2,120.8	1,825.8	1,997.0	1,759.1	1,714.1
I. Cash and cash equivalents	368.3	504.7	372.7	313.8	263.1	339.5	329.8	178.8	217.6	287.3	333.8	252.7
1. Cash	230.4	395.4	256.7	260.5	179.3	229.9	236.3	145.3	129.2	166.8	223.5	151.1
2. Cash equivalents	137.9	109.3	116.0	53.3	83.8	109.7	93.5	33.4	88.4	120.5	110.3	101.6
II. Short-term financial investments	125.2	118.1	102.6	106.3	92.6	102.6	94.0	89.7	87.7	110.5	92.2	60.1
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	125.2	118.1	102.6	106.3	92.6	102.6	94.0	89.7	87.7	110.5	92.2	60.1
III. Short-term receivables	1,049.1	1,247.7	1,020.8	971.9	824.1	1,104.4	881.0	952.1	728.7	793.8	572.7	605.3
1. Short-term trade accounts receivable	914.7	1,127.4	885.2	845.7	675.6	944.1	701.0	757.3	516.0	659.7	448.4	492.2
2. Short-term prepayments to suppliers	35.3	37.1	41.7	29.4	45.8	58.3	68.1	80.8	82.0	64.1	61.8	43.2
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	—	—	—	—	7.0	10.6	20.6	20.6	17.6	7.6	7.6	16.1
6. Other short-term receivables	109.6	92.1	99.4	102.5	101.5	97.2	97.2	99.1	118.6	65.1	57.5	56.0
7. Provision for short-term doubtful debts (*)	-10.6	-8.8	-5.5	-5.7	-5.7	-5.8	-5.8	-5.6	-5.6	-2.8	-2.6	-2.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
IV. Inventories	785.8	699.3	744.3	760.4	789.2	683.6	776.9	771.6	668.1	687.1	648.4	672.2
1. Inventories	791.5	701.9	746.6	762.5	791.4	683.9	777.1	771.9	668.3	687.3	648.5	672.6
2. Provision for decline in value of inventories	-5.7	-2.6	-2.3	-2.1	-2.2	-0.3	-0.2	-0.2	-0.2	-0.2	-0.1	-0.5
V. Other short-term assets	166.0	143.3	115.9	100.3	95.4	138.2	131.2	128.5	123.7	118.3	111.9	123.8
1. Short-term prepayments	25.5	18.6	13.7	15.6	20.8	15.5	18.2	21.1	22.4	15.7	12.4	12.7
2. Value added tax to be reclaimed	133.8	118.2	92.0	72.7	61.8	115.7	99.4	96.0	88.7	89.7	87.4	94.0
3. Taxes and other receivables from state authorities	6.8	6.5	10.1	12.0	12.8	7.0	13.6	11.3	12.6	12.9	12.1	17.1
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)	779.3	782.5	788.4	789.2	770.9	787.5	775.5	775.2	763.9	793.7	797.8	810.3
I. Long-term receivables	15.0	15.1	15.3	15.3	15.4	15.3	15.3	15.3	15.3	27.3	27.3	27.3
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	15.0	15.1	15.3	15.3	15.4	15.3	15.3	15.3	15.3	27.3	27.3	27.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	599.1	589.4	586.3	589.3	588.8	602.0	545.8	556.3	563.2	580.8	600.2	608.2
1. Tangible fixed assets	578.0	572.5	570.3	575.7	574.9	587.8	531.3	539.9	546.3	563.3	582.1	591.1
- Cost	1,894.2	—	—	—	—	1,824.3	1,756.0	1,746.9	1,754.0	1,748.5	1,772.5	1,759.0
- Accumulated depreciation	-1,316.2	—	—	—	—	-1,236.5	-1,224.7	-1,207.0	-1,207.7	-1,185.2	-1,190.4	-1,167.9
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	21.1	16.9	16.1	13.6	13.8	14.2	14.5	16.3	16.9	17.5	18.0	17.1
- Cost	63.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-42.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.2	16.2	19.0	14.8	4.9	5.2	56.4	49.3	29.6	21.5	5.3	6.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.2	16.2	19.0	14.8	4.9	5.2	56.4	49.3	29.6	21.5	5.3	6.9
V. Long-term financial investments	84.1	85.3	85.4	83.8	81.1	80.9	79.7	78.9	80.2	89.7	90.5	91.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	52.7	52.9	52.7	50.7	47.9	47.8	46.6	45.7	46.1	53.4	54.2	55.0
3. Investments in other entities	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	34.3	34.3	34.3	34.3
4. Provision for diminution in value of long-term investments	-1.9	-0.9	-0.6	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0
5. Held to maturity investments	0.0	—	—	—	—	0.0	0.0	0.0	0.0	2.0	2.0	2.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	73.8	76.6	82.4	86.0	80.7	84.1	78.3	75.5	75.7	74.4	74.6	76.6
1. Long-term prepayments	73.6	76.4	82.1	85.9	80.6	84.1	78.3	75.5	75.7	74.4	74.6	76.6
2. Deferred income tax assets	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,273.8	3,495.7	3,144.6	3,041.8	2,835.4	3,155.9	2,988.4	2,896.0	2,589.8	2,790.8	2,556.9	2,524.5
A. LIABILITIES (300=210+330)	2,594.1	2,835.2	2,554.1	2,478.4	2,292.9	2,644.1	2,520.2	2,433.1	2,132.4	2,336.9	2,108.6	2,046.3
I. Short -term liabilities	2,264.8	2,495.6	2,371.5	2,297.8	2,109.6	2,454.6	2,324.6	2,244.0	1,954.9	2,132.2	1,896.7	1,838.5
1. Short-term trade accounts payable	335.8	356.4	329.1	315.5	261.7	272.3	265.0	304.5	227.7	262.0	240.3	260.5
2. Short-term advances from customers	13.5	16.2	34.0	52.2	51.4	111.2	93.2	156.7	89.7	123.1	104.1	68.4
3. Dividends and profits payable	1.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	32.1	43.1	53.2	40.7	24.6	33.0	34.3	16.9	18.8	17.3	28.5	23.0
4. Payable to employees	112.1	302.5	222.5	154.7	92.8	204.8	105.0	64.2	40.8	188.2	156.9	122.4
5. Short-term acrrued expenses	48.6	46.6	55.5	47.7	45.2	51.4	60.9	68.2	62.5	21.8	19.5	15.3
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	4.7	13.8	2.0	17.7	0.9	1.5	2.1	1.0	6.4	24.0	0.3	3.7
9. Other short-term payables	62.9	55.1	54.1	65.9	54.7	56.6	74.4	69.8	70.3	66.1	75.9	78.1
10. Short-term borrowings and financial leases	1,621.8	1,621.9	1,574.9	1,553.7	1,548.0	1,684.2	1,648.7	1,518.2	1,408.7	1,388.9	1,230.3	1,223.8
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	32.1	39.9	46.3	49.7	30.3	39.7	40.9	44.6	29.9	40.7	41.0	43.2
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	329.3	339.6	182.6	180.6	183.3	189.4	195.6	189.1	177.5	204.7	211.9	207.9
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	16.3	3.4	15.9	16.2	9.7	21.1	8.4	9.6	8.1	19.0	7.6	7.2
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	24.9	24.9	25.6	25.6	25.6	25.6	26.3	26.3	26.2	26.3	27.0	26.9
7. Other long-term liabilities	17.7	8.6	8.2	5.2	15.2	15.2	14.1	14.2	14.7	13.6	13.9	7.2
8. Long-term borrowings and financial leases	72.4	109.6	119.6	120.2	119.4	115.0	134.2	126.4	116.0	129.9	147.5	150.7
9. Convertible bonds	179.7	179.8	—	—	—	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	18.4	13.3	13.3	13.3	13.3	12.6	12.6	12.6	12.6	15.9	15.9	15.9
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)	679.6	660.5	590.6	563.4	542.5	511.8	468.2	462.9	457.4	453.8	448.3	478.1
I. Owner's equity	679.6	660.5	590.6	563.4	542.5	511.8	468.2	462.9	457.4	453.8	448.3	478.1
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	191.1	191.1	191.1	191.1
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	191,100,000,000.00	191,100,000,000.00	191,100,000,000.00	191,100,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	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	78.3	77.5	77.5	77.5	73.0	73.0	73.0	73.0	69.6	69.6	69.6	69.6
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	267.0	255.0	202.1	196.0	166.8	138.6	110.1	119.3	123.6	118.6	111.7	140.6
- Accumulated retained earning at the end of the previous period	234.8	121.4	108.4	147.6	143.3	53.5	56.1	94.7	114.9	85.0	83.3	116.8
- Undistributed earnings in this period	32.3	133.6	93.8	48.4	23.5	85.2	54.0	24.6	8.7	33.6	28.4	23.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	134.3	128.0	110.9	89.9	102.7	100.2	85.1	70.6	73.2	74.6	75.9	76.8
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)	3,273.8	3,495.7	3,144.6	3,041.8	2,835.4	3,155.9	2,988.4	2,896.0	2,589.8	2,790.8	2,556.9	2,524.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	58.3	95.1	81.3	52.4	43.1	57.3	56.8	28.9	16.1	4.5	8.3	18.3
Depreciation of Fixed Assets and Investment Property	24.0	24.0	23.6	24.5	24.5	24.2	24.4	24.5	24.5	24.6	25.3	23.8
Provision (Increase)/Reversal	-0.8	10.6	-0.2	0.5	-0.6	0.0	0.0	0.3	0.0	3.3	-0.4	0.4
FX Gain/Loss from Revaluation of Monetary Items	—	0.7	—	—	—	0.0	0.0	0.0	0.0	12.4	0.0	0.0
Gain/Loss from Investment Activities	-2.4	-3.7	-4.1	-4.4	-3.3	-1.3	-1.8	-4.0	-2.1	-3.0	-1.9	-5.4
Interest Expense	22.3	20.7	19.3	20.0	19.9	23.8	18.0	17.4	17.7	20.2	17.2	17.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	101.5	147.4	119.9	93.1	83.7	104.0	97.4	67.1	56.3	62.0	48.6	54.4
Increase/(Decrease) in Receivables	145.9	-229.4	-92.6	-131.3	264.4	-233.2	42.7	-207.0	-5.0	-123.7	-19.2	139.0
Increase/(Decrease) in Inventory	-87.8	42.9	15.9	29.0	-97.8	93.2	-5.5	-103.3	26.3	-46.2	23.7	-1.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-190.9	43.2	83.0	122.9	-144.0	99.6	-55.7	152.8	-131.6	38.3	115.8	-52.2
Increase/(Decrease) in Prepaid Expenses	-7.3	4.1	2.3	3.2	-6.4	-3.1	-3.1	4.7	-9.6	-1.5	-1.6	-0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-22.3	-20.5	-19.3	-20.0	-19.9	-23.8	-18.0	-17.4	-17.7	-23.7	-13.7	-20.9
Corporate Income Tax Paid	-18.9	-7.3	-10.3	-3.1	-23.9	-5.4	-4.1	-5.7	-7.0	-10.3	-0.1	-10.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-7.8	-5.1	-13.1	8.0	-11.1	-1.3	-8.3	1.9	-12.0	4.5	-6.0	-2.4
Net Cash Flow from Operating Activities	-87.7	-24.8	85.9	101.7	45.0	30.1	45.5	-106.9	-100.2	-100.6	147.5	106.3
Payments for Fixed Assets and Other Long-term Assets	-25.6	-20.1	-26.3	-34.2	-11.0	-32.3	-18.4	-37.4	-15.8	-22.7	-14.9	-10.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.0	-0.2	0.8	0.0	0.2	0.5	-0.3	0.8	0.7	0.0	0.1
Loans and Purchases of Debt Instruments	-10.0	-54.3	—	-43.6	—	0.0	39.0	-39.0	0.0	-92.6	18.7	-18.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	85.3	-49.9	40.0	12.6	-8.6	-30.3	24.0	30.8	68.3	-42.4	19.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-3.0
Proceeds from Investments in Other Entities	—	0.0	—	0.7	—	0.0	0.0	1.0	0.0	1.0	0.0	0.0
Dividends and Interest Income Received	3.0	15.6	6.0	2.5	3.3	4.1	3.0	2.6	2.0	4.5	5.9	1.2
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	-32.6	-19.9	-31.3	-33.7	4.9	-36.7	-6.2	-49.2	17.8	-40.8	-32.6	-10.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	8,900,000,000.00	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	1,095.7	1,096.6	965.2	889.7	937.7	1,600.4	324.4	791.3	789.1	801.3	689.7	697.3
Repayment of Borrowings	-1,114.9	-902.2	-935.6	-892.2	-1,061.9	-1,584.1	-174.5	-683.0	-770.1	-673.5	-677.0	-877.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-15.8	-25.3	-14.7	—	0.0	-38.2	0.0	0.0	-38.4	-38.1	-0.2
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	-19.3	178.7	4.3	-17.2	-124.1	16.2	111.7	117.2	19.0	89.4	-25.4	-180.1
Net Cash Flow During the Period	-139.5	134.0	58.9	50.7	-74.3	9.7	151.0	-38.8	-63.4	-52.0	89.5	-84.6
Cash and Cash Equivalents at Beginning of Period	507.9	372.7	313.8	263.1	337.4	281.0	281.0	281.0	281.0	373.5	373.5	373.5
FX Difference from Revaluation	—	1.1	—	—	—	0.0	0.0	0.0	0.0	-0.8	0.0	0.0
Cash and Cash Equivalents at End of Period	368.3	507.9	372.7	313.8	263.1	339.5	329.8	178.8	217.6	281.0	333.8	244.3

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MNB

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