NCG

Tập đoàn Nova Consumer ·UPCOM ·2026Q1

● Maintaining

Price

11,600

Latest close

03 Jun 2026

P/E 8.14x

P/B 0.64x

EPS 1,425

BVPS 18,241

ROE 8.0%

ROA 4.4%

Profit Margin 3.6%

Asset Turnover 1.21x

Equity Mult. 1.83x

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

What Is Changing

On a TTM 2026Q1 basis, NCG posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been expanding consistently over multiple periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,721bn
	                                
+7.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 201bn
	                                
+3.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	4,524.9	4,248.9	4,141.8	4,880.4	865.6
Growth	+6%	+3%	-15%	+464%	—
Net Income	216.4	99.2	-950.9	273.6	164.7
Net Margin	4.78%	2.33%	-22.96%	5.61%	19.02%

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	1,297.2	1,192.9	1,078.0	1,153.0	1,101.0	1,146.0	1,100.3	1,032.8	970.2	947.1	1,054.3	1,029.0
Growth	+9%	+11%	-7%	+5%	-4%	+4%	+7%	+6%	+2%	-10%	+2%	—
Net Income	55.8	33.1	26.4	85.7	71.5	24.4	42.6	55.2	-20.7	-173.2	-43.5	-67.8
Net Margin	4.30%	2.77%	2.45%	7.43%	6.49%	2.13%	3.87%	5.34%	-2.14%	-18.29%	-4.12%	-6.59%

Drivers of NCG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 95.7bn

Financial income ↑ 19.6bn

Associates income ↑ 13.3bn

Other profit ↑ 3.7bn

Administrative expenses ↑ 70.6bn

Selling expenses ↑ 43.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 17.2bn

Associates income ↑ 2.7bn

Administrative expenses ↑ 18.3bn

Selling expenses ↑ 12.8bn

Minority interests ↑ 6.8bn

Tax ↑ 6.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.7% = 4.4% × 1.16 × 1.90

2026Q1 9.4% = 4.3% × 1.21 × 1.83

ROE is broadly flat at 9.4% — the components are offsetting one another.

Net margin: 4.3% -0.2pp Asset turnover: 1.21x +0.05x Leverage: 1.83x -0.07x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 4.26%, 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 4.26% −0.2pp

Gross Margin 16.34% +0.9pp

SG&A / Revenue 11.01% +1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 6.28%, broadly flat versus the same period. That translates to 6.28 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover rose 0.08x, 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.

CAPITAL EFFICIENCY TREND

ROIC 6.28% +0.0pp

NOPAT Margin 4.20% −0.2pp

Capital Turnover 1.50x +0.08x

Average Invested Capital 3,154.1bn +52.8bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.85x equity, net debt at 0.47x equity.

Inventory ended the period at 744.4bn, roughly 18.9% of total assets.

Over the last 12 months, working capital released 186.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +209.8bn

Inventories increased → lower CFO: −111.5bn

Payables increased → higher CFO: +88.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.7 days versus the same period last year. The main moves came from DIO fell 12.5 days, DSO rose 3.6 days, and DPO fell 0.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Receivables collection is slowing

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

Working Capital Efficiency

Receivables 57.2 days +3.6 days

Inventory 60.1 days −12.5 days

Payables 29.1 days −0.2 days

Cash Conversion Cycle 88.2 days −8.7 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 0.47x and interest coverage at 2.29x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 9.7% of debt, and total debt stands at 1,143.8bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Cash buffer is thin relative to debt

Cash / debt stands at 9.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.47x −0.02x

Interest Coverage 2.29x +0.24x

Cash / Debt 9.7% +0.9pp

Short-term Debt / Total Debt 100.0% +5.5pp

CFO / NI 0.53x −0.34x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 230.1bn in 2025, against investing cash flow of -6.0bn.

Post-investment cash flow was positive +224.1bn. Financing cash flow was negative +64.4bn.

CFO / net income was 0.53x.

After spending +13.8bn on fixed-asset investment, the business generated trailing free cash flow of +77.4bn.

Cash Conversion

CFO TTM 91.3bn −64.1bn

Cash Capex 13.8bn −1.9bn

FCF TTM +77.4bn −62.2bn

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 earnings conversion is confirmed, with CFO/NI at 0.53x. The main risk still sits in leverage and liquidity, with interest coverage at 2.29x.

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

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.47x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,882.7	4,564.0	4,422.0	5,211.4	912.5
Revenue Deductions	357.8	315.1	280.1	331.0	0.0
Net Revenue	4,524.9	4,248.9	4,141.8	4,880.4	865.6
Cost of Goods Sold	3,770.4	3,679.1	3,742.6	4,366.5	0.0
Gross Profit	754.5	569.8	399.2	513.9	76.5
Financial Income	60.3	41.4	56.1	263.8	279.7
Financial Expenses	103.2	110.1	170.7	114.0	-18.6
Interest Expense	71.7	86.0	101.8	75.8	-16.5
Share of Associates and Joint Ventures	20.6	14.7	28.5	30.3	6.6
Selling Expenses	293.7	246.5	182.8	188.0	-41.9
General and Administrative Expenses	195.1	140.1	1,040.8	193.9	-129.1
Operating Profit	243.3	129.2	-910.3	312.2	173.3
Other Income	3.2	0.8	6.3	46.0	0.0
Other Expenses	0.7	4.2	44.1	3.1	0.0
Other Profit	2.5	-3.4	-37.8	43.0	-3.5
Profit Before Tax	245.8	125.8	-948.1	355.1	169.8
Current Income Tax Expense	35.8	34.3	44.5	24.2	-5.2
Deferred Income Tax Expense	-6.4	-7.7	-41.7	57.3	0.0
Net Income	216.4	99.2	-950.9	273.6	164.7
Non-controlling Interest	23.4	16.3	-20.7	-0.2	5.3
Profit Attributable to Parent	193.0	82.9	-930.2	273.7	159.4
Earnings per Share	1,611.00	692.00	-7,766.00	2,225.00	0.00
Diluted EPS	1,611.00	692.00	-7,766.00	2,285.28	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,288.1	2,058.3	2,053.1	2,550.7
I. Cash and cash equivalents	274.0	114.4	294.9	177.1
1. Cash	274.0	103.4	277.8	160.6
2. Cash equivalents	—	11.0	17.1	16.4
II. Short-term financial investments	35.8	14.9	26.2	33.7
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
3. Held to maturity investments	35.8	14.9	26.2	33.7
III. Short-term receivables	1,207.7	1,211.7	945.1	1,465.2
1. Short-term trade accounts receivable	670.2	674.9	578.7	548.1
2. Short-term prepayments to suppliers	134.6	173.2	89.8	70.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	639.7	641.6	577.6	620.3
6. Other short-term receivables	289.5	230.3	251.7	243.8
7. Provision for short-term doubtful debts (*)	-526.2	-508.4	-552.7	-17.2
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	744.4	679.8	748.4	823.7
1. Inventories	745.5	682.1	753.7	828.2
2. Provision for decline in value of inventories	-1.2	-2.4	-5.2	-4.5
V. Other short-term assets	26.2	37.5	38.5	51.0
1. Short-term prepayments	4.0	13.2	13.8	27.7
2. Value added tax to be reclaimed	2.3	2.1	2.8	2.6
3. Taxes and other receivables from state authorities	19.9	22.1	21.9	20.6
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,640.9	1,717.2	1,822.9	2,596.5
I. Long-term receivables	270.3	290.2	290.2	692.0
1. Long-term trade receivables	—	0.0	0.0	12.7
2. Long-term prepayments to suppliers	132.0	152.0	152.0	152.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	138.3	475.2	475.2	527.3
7. Provision for long-term doubtful debts	—	-337.0	-337.0	0.0
II. Fixed assets	815.9	887.0	964.1	1,142.3
1. Tangible fixed assets	696.0	757.5	828.2	1,015.1
- Cost	1,391.5	1,388.9	1,390.7	1,567.1
- Accumulated depreciation	-695.4	-631.4	-562.5	-552.1
2. Financial leased fixed assets	20.5	22.6	21.4	0.0
- Cost	26.0	26.0	23.0	0.0
- Accumulated depreciation	-5.5	-3.5	-1.6	0.0
3. Intangible fixed assets	99.3	106.9	114.6	127.3
- Cost	161.5	161.4	161.3	166.8
- Accumulated depreciation	-62.1	-54.5	-46.8	-39.6
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	87.4	85.3	85.3	160.3
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	87.4	85.3	85.3	160.3
V. Long-term financial investments	155.3	161.1	165.4	156.3
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	89.9	93.0	102.6	99.8
3. Investments in other entities	68.1	68.1	68.1	68.1
4. Provision for diminution in value of long-term investments	-2.7	0.0	-5.3	-11.6
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	312.1	293.5	317.8	445.6
1. Long-term prepayments	231.8	204.2	221.2	242.9
2. Deferred income tax assets	9.7	7.9	4.3	4.9
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	70.6	81.5	92.3	197.8
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,929.0	3,775.5	3,876.0	5,147.2
A. LIABILITIES (300=210+330)	1,800.7	1,770.9	1,939.3	2,159.9
I. Short -term liabilities	1,676.0	1,648.4	1,639.9	1,666.4
1. Short-term trade accounts payable	224.5	243.8	358.4	458.6
2. Short-term advances from customers	27.7	29.8	28.5	48.3
3. Taxes and other payables to state authorities	24.1	24.3	27.1	25.1
4. Payable to employees	25.0	27.2	21.1	17.7
5. Short-term acrrued expenses	84.9	70.0	35.7	64.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.1	0.1	0.0
9. Other short-term payables	87.2	59.7	16.0	14.5
10. Short-term borrowings and financial leases	1,197.1	1,187.7	1,146.3	1,029.8
11. Provision for short-term liabilities	1.7	1.7	1.7	0.0
12.. Bonus and welfare fund	3.7	4.1	5.1	8.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	124.7	122.5	299.3	493.5
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	0.1	0.0	0.0	0.0
7. Other long-term liabilities	0.3	0.3	0.0	0.0
8. Long-term borrowings and financial leases	0.7	61.8	234.9	387.3
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	117.2	54.4	58.5	100.9
12. Provision for long-term liabilities	6.4	6.0	5.9	5.3
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,128.4	2,004.6	1,936.7	2,987.3
I. Owner's equity	2,128.4	2,004.6	1,936.7	2,987.3
1. Owner's capital	1,197.8	1,197.8	1,197.8	1,197.8
- Common stock with voting right	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	426.6	426.6	426.6	426.6
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	-3.8	-3.8	-3.8	-3.8
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	72.5	72.0	71.0	69.8
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	401.8	289.6	224.5	1,227.6
- Accumulated retained earning at the end of the previous period	208.8	206.7	1,154.7	953.9
- Undistributed earnings in this period	193.0	82.9	-930.2	273.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	33.4	22.4	20.5	69.2
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,929.0	3,775.5	3,876.0	5,147.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	245.8	125.8	-948.1	355.1	169.8
Depreciation of Fixed Assets and Investment Property	95.1	98.4	113.1	112.4	21.6
Provision (Increase)/Reversal	-317.3	-44.3	869.3	18.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	9.3	15.0	11.1	-13.0	0.0
Gain/Loss from Investment Activities	-61.9	-52.1	-36.1	-296.0	0.0
Interest Expense	71.7	86.0	101.8	75.8	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	42.7	228.9	111.0	252.6	218.7
Increase/(Decrease) in Receivables	380.8	-180.4	73.2	-78.1	0.0
Increase/(Decrease) in Inventory	-63.4	71.5	65.5	-53.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-21.2	-47.5	-110.4	115.5	0.0
Increase/(Decrease) in Prepaid Expenses	-18.5	17.7	33.2	-49.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-42.6	-57.7	-102.8	-78.4	0.0
Corporate Income Tax Paid	-32.4	-41.3	-42.8	-28.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-15.4	-15.4	-16.6	-18.8	0.0
Net Cash Flow from Operating Activities	230.1	-24.4	10.3	61.7	180.1
Payments for Fixed Assets and Other Long-term Assets	-12.4	-15.9	-38.9	-51.3	-2.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	8.3	27.4	35.9	3.7
Loans and Purchases of Debt Instruments	-79.9	-256.5	-204.4	-1,418.8	-1,159.4
Receipts from Loan Repayments and Sale of Debt Instruments	63.3	203.7	250.9	842.9	1,160.5
Investments in Other Entities	—	0.0	0.0	-793.1	-0.0
Proceeds from Investments in Other Entities	—	0.0	130.0	196.5	0.0
Dividends and Interest Income Received	22.0	68.4	50.2	109.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-6.0	8.0	215.1	-1,078.1	277.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	494,560,204,785.00	37,222,440,276.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,869.3	3,874.0	3,299.5	4,011.6	882.7
Repayment of Borrowings	-2,917.8	-4,018.0	-3,333.5	-3,555.0	-1,011.6
Repayment of Finance Leases	-5.2	-4.9	0.0	0.0	0.0
Dividends Paid	-10.7	-15.3	-73.6	-14.8	-23.2
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	-64.4	-164.2	-107.6	936.3	-114.9
Net Cash Flow During the Period	159.7	-180.5	117.8	-80.2	0.0
Cash and Cash Equivalents at Beginning of Period	114.4	294.9	177.1	257.3	0.0
FX Difference from Revaluation	-0.1	-0.0	-0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	274.0	114.4	294.9	177.1	0.0

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	1,405.6	1,287.9	1,157.4	1,249.4	1,188.0	1,226.5	1,186.3	1,106.5	1,046.3	1,013.4	1,129.4	1,093.9
Revenue Deductions	108.4	95.0	79.4	96.5	87.0	80.4	86.0	73.7	76.1	66.3	75.1	64.9
Net Revenue	1,297.2	1,192.9	1,078.0	1,153.0	1,101.0	1,146.0	1,100.3	1,032.8	970.2	947.1	1,054.3	1,029.0
Cost of Goods Sold	1,079.6	1,026.7	909.2	934.0	900.6	974.3	941.1	888.3	880.6	866.7	944.0	919.7
Gross Profit	217.6	166.3	168.8	219.0	200.4	171.8	159.2	144.5	89.7	80.3	110.3	109.3
Financial Income	13.1	26.8	11.4	10.0	12.1	5.5	16.2	7.9	11.9	16.9	13.0	9.8
Financial Expenses	23.0	30.8	21.4	27.3	23.7	30.7	10.8	40.2	28.5	16.8	55.9	81.3
Interest Expense	20.2	19.1	16.8	17.4	18.5	20.6	21.2	21.0	22.8	21.4	25.8	27.2
Share of Associates and Joint Ventures	5.9	4.3	6.8	6.4	3.2	-6.1	6.5	6.4	8.3	8.4	6.8	6.0
Selling Expenses	83.9	78.6	71.6	72.3	71.1	62.4	72.5	57.4	53.4	15.3	88.8	37.8
General and Administrative Expenses	61.8	47.4	58.3	45.8	43.5	53.1	47.2	-1.1	38.0	211.2	40.0	45.4
Operating Profit	67.9	40.6	35.7	89.9	77.4	25.0	51.3	62.4	-10.0	-137.8	-54.6	-39.3
Other Income	1.6	1.7	0.4	0.9	0.2	0.5	0.3	0.5	1.3	4.2	1.3	0.6
Other Expenses	0.8	0.3	0.1	0.1	0.2	1.2	0.1	0.3	3.0	20.6	1.1	20.3
Other Profit	0.9	1.4	0.3	0.8	-0.0	-0.8	0.2	0.3	-1.7	-16.4	0.2	-19.7
Profit Before Tax	68.8	42.0	36.0	90.7	77.4	24.2	51.6	62.7	-11.7	-154.2	-54.4	-59.0
Current Income Tax Expense	12.7	14.6	8.3	6.6	6.2	10.4	7.7	7.7	7.4	12.4	6.9	11.9
Deferred Income Tax Expense	0.4	-5.7	1.3	-1.6	-0.3	-10.5	1.3	-0.2	1.7	6.5	-17.7	-3.1
Net Income	55.8	33.1	26.4	85.7	71.5	24.4	42.6	55.2	-20.7	-173.2	-43.5	-67.8
Non-controlling Interest	10.0	9.7	5.6	4.9	3.2	3.9	3.1	5.3	4.0	2.4	7.2	0.1
Profit Attributable to Parent	45.8	23.4	20.8	80.8	68.3	20.5	39.5	49.9	-24.7	-175.6	-50.6	-67.9
Earnings per Share	382.00	195.00	174.00	674.00	570.00	171.00	330.00	416.00	-206.00	-1,466.00	-423.00	-567.00
Diluted EPS	382.00	195.00	174.00	674.00	570.00	710.00	330.00	416.00	-206.00	-1,466.00	-423.00	-567.05

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)	2,417.1	2,298.8	2,272.3	2,103.1	2,043.7	2,070.3	2,079.7	2,104.1	2,050.8	2,431.7	2,522.2	2,548.4
I. Cash and cash equivalents	111.0	274.0	145.8	148.3	97.4	114.4	141.9	99.8	207.3	294.9	181.1	160.9
1. Cash	75.0	274.0	145.8	148.3	97.4	103.4	138.9	99.8	201.2	277.8	176.0	150.3
2. Cash equivalents	36.0	—	—	—	—	11.0	3.0	0.0	6.1	17.1	5.1	10.5
II. Short-term financial investments	241.0	35.8	28.0	8.1	12.9	14.9	20.2	33.9	37.3	26.2	35.2	46.2
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	757.3	35.8	28.0	8.1	12.9	14.9	20.2	33.9	37.3	26.2	35.2	46.2
4. Provision for short-term investments held to maturity (*)	-516.4	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	1,238.6	1,218.4	1,310.0	1,286.0	1,205.9	1,223.8	1,087.4	1,189.6	990.0	1,323.9	1,534.4	1,513.8
1. Short-term trade accounts receivable	769.2	680.4	740.5	712.2	710.0	684.9	652.4	648.4	577.0	497.8	574.1	713.6
2. Short-term prepayments to suppliers	168.0	134.5	223.1	194.2	123.2	173.2	131.8	138.6	71.6	89.8	62.1	48.7
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	—	639.7	655.6	652.1	641.6	641.6	551.8	553.3	655.6	567.6	637.2	521.8
6. Other short-term receivables	325.6	290.0	214.3	236.5	239.3	232.4	254.9	360.8	238.3	351.9	275.3	244.1
7. Provision for short-term doubtful debts (*)	-24.1	-526.2	-523.7	-509.2	-508.4	-508.4	-503.5	-511.7	-552.4	-183.1	-14.4	-14.5
8. Assets awaiting resolution	0.0	—	0.2	0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	607.8	744.4	760.8	627.6	689.6	679.8	791.5	741.1	776.3	748.4	736.1	789.2
1. Inventories	609.1	745.5	762.3	629.2	691.6	682.1	793.7	743.8	782.1	753.7	738.1	791.5
2. Provision for decline in value of inventories	-1.2	-1.2	-1.5	-1.6	-2.0	-2.4	-2.2	-2.6	-5.7	-5.2	-2.0	-2.3
V. Short-term Biological Assets	182.6	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	182.6	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	36.1	26.2	27.7	33.0	37.8	37.4	38.7	39.7	39.8	38.3	35.3	38.3
1. Short-term prepayments	12.7	4.1	5.3	8.9	11.4	13.2	14.2	15.3	15.6	13.8	11.1	13.9
2. Value added tax to be reclaimed	3.4	2.3	2.5	2.6	4.4	2.1	3.0	2.9	2.3	2.8	2.6	2.8
3. Taxes and other receivables from state authorities	20.0	19.9	19.9	21.5	22.0	22.1	21.5	21.5	22.0	21.7	21.7	21.7
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)	1,652.5	1,641.1	1,628.7	1,636.2	1,678.8	1,717.9	1,722.0	1,734.8	1,789.8	2,158.3	2,209.1	2,335.4
I. Long-term receivables	273.0	270.3	290.3	290.2	290.2	290.2	290.2	290.3	290.0	627.2	630.2	648.6
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	132.0	132.0	152.0	152.0	152.0	152.0	152.0	152.0	152.0	152.0	152.0	152.0
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	141.0	138.3	475.3	475.2	475.2	475.2	475.2	475.3	475.0	475.2	478.2	496.6
7. Provision for long-term doubtful debts	—	—	-337.0	-337.0	-337.0	-337.0	-337.0	-337.0	-337.0	0.0	0.0	0.0
II. Fixed assets	797.2	815.9	833.3	847.6	867.4	887.0	908.0	922.6	942.1	964.1	983.7	1,013.5
1. Tangible fixed assets	679.8	696.0	711.0	723.0	740.3	757.5	776.1	788.3	808.4	828.2	846.4	868.0
- Cost	1,388.6	—	—	—	—	1,388.9	1,389.2	1,384.1	1,388.0	1,390.7	1,390.1	1,394.0
- Accumulated depreciation	-708.8	—	—	—	—	-631.4	-613.1	-595.9	-579.6	-562.5	-543.7	-526.0
2. Financial leased fixed assets	20.0	20.5	21.0	21.5	22.0	22.6	23.1	23.6	21.0	21.4	21.8	22.3
- Cost	26.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	97.4	99.3	101.3	103.1	105.0	106.9	108.9	110.8	112.7	114.6	115.4	123.3
- Cost	161.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-64.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	77.7	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	77.7	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	11.5	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	66.3	—	—	—	—	—	—	—	—	—	—	—
- Cost	151.4	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-85.1	—	—	—	—	—	—	—	—	—	—	—
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	88.6	87.4	85.9	85.5	85.3	85.3	85.5	85.5	85.6	83.7	104.6	150.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	88.6	87.4	85.9	85.5	85.3	85.3	85.5	85.5	85.6	83.7	104.6	150.5
V. Long-term financial investments	167.2	155.5	153.8	147.0	164.4	161.6	162.4	151.1	168.9	165.4	150.8	169.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	95.7	90.0	85.7	78.9	96.2	93.5	99.6	88.3	106.1	102.6	94.3	113.1
3. Investments in other entities	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1
4. Provision for diminution in value of long-term investments	-1.0	-2.7	-0.0	—	—	0.0	-5.3	-5.3	-5.3	-5.3	-11.6	-11.6
5. Held to maturity investments	4.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	248.7	312.0	265.5	265.9	271.6	293.7	276.0	285.4	213.6	317.8	244.8	255.3
1. Long-term prepayments	159.9	231.8	186.3	183.6	186.0	204.3	187.4	194.1	209.2	221.2	240.4	250.8
2. Deferred income tax assets	9.8	9.7	5.9	6.3	6.8	7.9	4.4	4.4	4.4	4.3	4.5	4.5
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	92.3	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	79.0	70.6	73.3	76.0	78.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	81.5	84.2	86.9	89.6	0.0	95.0	97.8
TOTAL ASSETS (280=100+200)	4,069.6	3,939.8	3,901.0	3,739.3	3,722.5	3,788.2	3,801.7	3,838.9	3,840.6	4,590.0	4,731.2	4,883.7
A. LIABILITIES (300=210+330)	1,884.7	1,811.2	1,738.2	1,603.0	1,646.0	1,781.5	1,815.4	1,900.0	1,929.8	1,946.3	1,914.7	2,065.1
I. Short -term liabilities	1,763.0	1,686.6	1,677.8	1,542.2	1,525.8	1,653.7	1,627.5	1,677.2	1,658.8	1,647.5	1,566.8	1,643.6
1. Short-term trade accounts payable	359.8	225.0	298.5	254.7	270.6	244.2	233.3	240.7	325.4	359.1	366.7	439.6
2. Short-term advances from customers	29.7	27.1	26.7	34.1	34.9	29.0	32.8	24.7	29.5	28.0	26.4	27.4
3. Dividends and profits payable	11.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	16.5	24.1	21.7	21.4	15.1	23.1	20.0	14.7	15.5	26.8	27.9	27.0
4. Payable to employees	15.1	25.0	22.7	19.2	9.6	27.2	20.1	13.3	9.1	21.2	18.2	8.7
5. Short-term acrrued expenses	106.1	95.7	97.8	82.9	80.8	82.0	85.7	50.1	47.1	45.1	62.2	43.4
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	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
9. Other short-term payables	75.7	87.2	73.6	90.5	58.5	59.8	48.1	52.2	26.8	15.8	16.2	29.5
10. Short-term borrowings and financial leases	1,143.7	1,197.1	1,131.2	1,029.3	1,050.4	1,182.5	1,181.3	1,275.0	1,203.4	1,146.3	1,043.4	1,061.3
11. Provision for short-term liabilities	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.8	1.8	0.2	0.0	0.0
12.. Bonus and welfare fund	3.3	3.7	3.9	8.2	3.9	4.1	4.5	4.7	0.0	5.0	5.8	6.7
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	121.7	124.7	60.4	60.7	120.2	127.8	187.9	222.7	271.1	298.9	347.9	421.6
1. Long-term trade payables	—	—	—	0.3	—	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	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.3	0.3	0.3	—	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.3
8. Long-term borrowings and financial leases	0.1	0.7	2.0	3.3	60.9	67.1	120.7	157.1	205.3	234.9	289.9	312.7
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	114.6	117.2	51.8	51.0	53.0	54.4	61.4	60.1	60.3	58.2	52.7	103.4
12. Provision for long-term liabilities	6.5	6.4	6.2	6.2	6.0	6.0	5.7	5.5	5.5	5.8	5.4	5.2
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)	2,184.9	2,128.6	2,162.8	2,136.3	2,076.5	2,006.7	1,986.2	1,939.0	1,910.8	2,643.7	2,816.5	2,818.6
I. Owner's equity	2,184.9	2,128.6	2,162.8	2,136.3	2,076.5	2,006.7	1,986.2	1,939.0	1,910.8	2,643.7	2,816.5	2,818.6
1. Owner's capital	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8
- Common stock with voting right	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8
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	72.5	72.5	72.5	72.5	72.0	72.0	72.0	72.0	71.0	71.0	71.0	71.0
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	444.6	402.0	446.1	425.3	358.3	291.7	275.1	230.9	194.7	908.5	1,083.7	1,075.0
- Accumulated retained earning at the end of the previous period	398.8	208.8	276.2	276.2	290.0	206.7	210.5	205.7	219.4	1,158.0	1,157.7	1,150.3
- Undistributed earnings in this period	45.8	193.2	169.9	149.1	68.3	85.0	64.5	25.2	-24.7	-249.6	-74.0	-75.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	47.2	33.4	23.5	17.9	25.6	22.4	18.5	15.4	24.4	43.5	41.2	51.9
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)	4,069.6	3,939.8	3,901.0	3,739.3	3,722.5	3,788.2	3,801.7	3,838.9	3,840.6	4,590.0	4,731.2	4,883.7

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	68.8	41.7	36.0	90.7	77.4	24.2	51.6	62.6	-11.7	-857.0	-54.4	-47.9
Depreciation of Fixed Assets and Investment Property	22.0	23.7	23.7	23.7	24.1	25.0	24.6	24.8	25.1	24.6	24.5	31.5
Provision (Increase)/Reversal	12.8	-332.1	14.6	0.6	-0.3	0.1	-8.7	-43.6	-0.2	874.5	-0.3	-1.1
FX Gain/Loss from Revaluation of Monetary Items	-0.3	5.2	-2.6	7.2	-0.5	11.2	-14.7	15.6	-0.3	-3.8	14.2	4.0
Gain/Loss from Investment Activities	-15.8	-14.7	-17.2	-16.0	-14.0	4.5	-15.8	-15.0	-17.7	-50.2	-38.5	67.5
Interest Expense	20.2	19.1	16.8	17.4	18.5	20.6	21.2	21.4	22.8	21.4	25.8	27.2
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	107.8	-257.1	71.3	123.5	105.0	85.6	58.2	65.8	18.1	9.5	-28.6	81.2
Increase/(Decrease) in Receivables	-158.2	449.5	-23.9	-57.6	12.8	-42.3	98.3	-235.9	3.5	50.3	57.8	-83.0
Increase/(Decrease) in Inventory	-57.6	16.8	-133.1	62.4	-9.5	111.5	-49.9	38.3	-28.4	-24.6	62.3	28.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	120.1	-93.2	19.2	41.9	10.9	-13.0	73.3	-79.8	-27.0	-60.3	-5.6	-51.7
Increase/(Decrease) in Prepaid Expenses	-3.1	-44.3	0.9	5.0	19.9	-15.9	7.8	15.4	10.3	14.0	13.8	-3.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.6	-11.9	-10.3	-8.7	-11.6	-12.0	-16.5	-12.7	-15.5	-25.7	-21.5	-39.5
Corporate Income Tax Paid	-20.3	-8.5	-7.3	-3.0	-13.6	-8.3	-3.1	-7.7	-22.2	-12.5	-8.4	-11.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-16.2
Other Operating Payments	—	0.0	0.0	-15.4	—	0.0	-0.7	-14.9	0.0	-0.7	-2.1	-10.6
Net Cash Flow from Operating Activities	-24.9	51.2	-83.2	148.1	114.0	105.6	167.4	-231.6	-61.3	-49.8	67.6	-107.1
Payments for Fixed Assets and Other Long-term Assets	-1.9	-3.8	-6.7	-1.4	-0.4	-1.7	-9.9	-3.8	-1.9	6.0	-14.7	-20.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.7	0.1	0.2	—	0.1	0.1	4.8	0.3	25.9	0.7	0.7
Loans and Purchases of Debt Instruments	-86.5	-17.0	-39.7	-12.7	-10.5	-63.2	-125.0	17.7	-128.2	37.3	-73.2	-124.5
Receipts from Loan Repayments and Sale of Debt Instruments	0.4	27.5	16.2	7.0	12.5	-21.3	140.2	87.9	39.1	49.6	-53.1	170.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-129.6	129.6	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	130.0	-6.4	6.4
Dividends and Interest Income Received	3.0	3.9	7.8	5.5	4.8	16.0	0.7	6.8	36.3	5.9	13.8	12.5
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	-84.5	11.3	-22.3	-1.4	6.4	-70.1	6.2	113.5	-54.4	125.2	-3.5	44.1
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	738.2	741.4	816.1	730.1	581.7	906.9	549.0	1,083.6	818.5	777.8	895.1	844.4
Repayment of Borrowings	-790.7	-674.5	-711.7	-813.9	-717.7	-968.5	-660.8	-1,076.3	-790.5	-739.3	-939.0	-745.9
Repayment of Finance Leases	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-2.3	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	0.0	-10.7	—	-0.1	-8.8	-3.6	-0.0	-0.0	-0.1	-25.0
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	-53.8	65.6	103.1	-95.8	-137.4	-63.0	-122.1	1.4	28.0	38.5	-43.9	73.4
Net Cash Flow During the Period	-163.1	128.1	-2.4	50.9	-17.0	-27.5	51.5	-116.8	-87.7	113.9	20.2	10.5
Cash and Cash Equivalents at Beginning of Period	274.0	145.8	148.3	97.4	114.4	294.9	294.9	294.9	294.9	177.1	177.1	177.1
FX Difference from Revaluation	0.1	-0.1	-0.2	-0.0	-0.0	0.0	-0.2	0.0	0.1	-0.1	0.0	0.1
Cash and Cash Equivalents at End of Period	111.0	274.0	145.8	148.3	97.4	114.4	141.9	90.5	207.3	294.9	181.1	160.9

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NCG

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