ND2

Đầu tư và Phát triển Điện Miền Bắc 2 ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 52.80%, +8.51pp YoY

Price

35,900

Latest close

03 Jun 2026

P/E 8.27x

P/B 1.93x

EPS 4,340

BVPS 18,570

ROE 24.6%

ROA 15.7%

Profit Margin 52.8%

Asset Turnover 0.30x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, ND2 has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 411bn
	                                
+14.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 217bn
	                                
+36.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	408.7	365.0	325.5	462.1	400.1
Growth	+12%	+12%	-30%	+16%	—
Net Income	214.6	161.8	107.1	224.6	151.3
Net Margin	52.52%	44.33%	32.89%	48.60%	37.80%

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	41.3	104.3	153.0	112.2	39.1	82.5	151.9	86.7	43.9	70.9	145.4	71.3
Growth	-60%	-32%	+36%	+187%	-53%	-46%	+75%	+98%	-38%	-51%	+104%	—
Net Income	-0.4	53.4	102.4	61.6	-3.1	24.2	102.0	36.5	-0.4	16.1	89.7	18.9
Net Margin	-0.97%	51.15%	66.94%	54.84%	-8.01%	29.31%	67.14%	42.12%	-0.97%	22.67%	61.71%	26.49%

Drivers of ND2's profit

TTM

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

Gross profit ↑ 49.6bn

Finance costs ↓ 9.1bn

TTM

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

Finance costs ↓ 2.1bn

Gross profit ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.8% = 44.3% × 0.25 × 1.80

2026Q1 24.6% = 52.8% × 0.30 × 1.57

ROE rose from 19.8% to 24.6% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 52.8% +8.5pp Asset turnover: 0.30x +0.05x Leverage: 1.57x -0.23x

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 expanded to 52.80%, rising 8.5pp. The main driver is Gross margin rose 4.1pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 4.0pp added support while Other profit / Revenue fell 0.0pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 52.80% +8.5pp

Gross Margin 68.85% +4.1pp

SG&A / Revenue 4.17% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 15.9% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 15.89%, rising 4.8pp. That translates to 15.89 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 8.5pp, with capital turnover broadly stable; with invested capital easing slightly by 66bn.

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

CAPITAL EFFICIENCY TREND

ROIC 15.89% +4.8pp

NOPAT Margin 52.70% +8.5pp

Capital Turnover 0.30x +0.05x

Average Invested Capital 1,362.5bn −65.9bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.60x equity, net debt at 0.44x equity.

Over the last 12 months, working capital released 55.8bn 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: +7.1bn

Inventories increased → lower CFO: −1.0bn

Payables increased → higher CFO: +49.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.0 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO fell 2.9 days, and DPO rose 0.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 93.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 23.6 days −2.9 days

Inventory 76.6 days −1.7 days

Payables 7.1 days +0.4 days

Cash Conversion Cycle 93.1 days −5.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.44x and interest coverage at 5.92x.

At present, short-term debt accounts for 0.0% of total debt, cash equals 1.4% of debt, and total debt stands at 415.7bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 1.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.44x −0.22x

Interest Coverage 5.92x +2.39x

Cash / Debt 1.4% −0.8pp

Short-term Debt / Total Debt 0.0% −34.6pp

CFO / NI 1.62x +0.08x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 320.8bn in 2025, against investing cash flow of 0.7bn.

Post-investment cash flow was positive +321.5bn. Financing cash flow was negative +262.8bn.

CFO / net income was 1.62x.

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

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

Cash Conversion

CFO TTM 352.0bn +106.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 8.5 pp. The next item to monitor is capital efficiency, with ROIC at 15.9%. The main risk still sits in leverage and liquidity, with interest coverage at 5.92x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 52.80% after expanding 8.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.44x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	408.7	365.0	331.5	462.1	400.1
Revenue Deductions	—	0.0	6.0	0.0	0.0
Net Revenue	408.7	365.0	325.5	462.1	400.1
Cost of Goods Sold	125.7	125.4	121.8	131.9	0.0
Gross Profit	283.0	239.6	203.7	330.2	264.0
Financial Income	0.7	0.3	0.7	1.9	1.0
Financial Expenses	40.6	51.8	77.4	77.6	-89.8
Interest Expense	40.6	51.8	77.3	77.6	-89.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	17.3	18.9	15.4	19.9	-16.5
Operating Profit	225.7	169.3	111.7	234.6	158.7
Other Income	0.5	1.6	0.3	0.0	0.0
Other Expenses	0.0	0.1	0.1	0.0	0.0
Other Profit	0.5	1.5	0.2	-0.0	-0.7
Profit Before Tax	226.2	170.8	111.9	234.6	158.1
Current Income Tax Expense	11.5	9.0	4.9	10.0	-6.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	214.6	161.8	107.1	224.6	151.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	214.6	161.8	107.1	224.6	151.3
Earnings per Share	4,293.00	3,237.00	2,077.00	4,431.00	3,025.48
Diluted EPS	4,293.00	3,237.00	2,077.00	4,431.00	3,025.48

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	205.0	123.7	108.5	156.2	143.6
I. Cash and cash equivalents	106.5	47.9	32.7	93.9	81.1
1. Cash	2.0	47.9	28.7	8.6	0.0
2. Cash equivalents	104.5	0.0	4.0	85.3	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	74.5	51.9	51.4	36.0	34.9
1. Short-term trade accounts receivable	60.9	38.4	42.4	20.1	0.0
2. Short-term prepayments to suppliers	2.1	3.9	0.8	4.9	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	12.7	10.7	8.8	11.6	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-0.6	-0.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	23.5	23.2	24.3	24.7	25.0
1. Inventories	27.8	27.5	28.8	29.3	0.0
2. Provision for decline in value of inventories	-4.3	-4.3	-4.5	-4.5	0.0
V. Other short-term assets	0.5	0.7	0.2	1.6	2.6
1. Short-term prepayments	0.4	0.7	0.2	0.9	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.7	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,281.5	1,358.6	1,447.0	1,533.6	1,626.5
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	1,234.1	1,326.6	1,406.3	1,497.8	1,589.2
1. Tangible fixed assets	1,234.1	1,326.6	1,406.3	1,497.8	1,589.2
- Cost	2,142.3	2,144.4	2,134.6	2,134.6	0.0
- Accumulated depreciation	-908.2	-817.8	-728.3	-636.8	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	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	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	—	0.0	7.2	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	7.2	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	47.4	32.0	33.5	35.8	0.0
1. Long-term prepayments	47.4	32.0	33.5	35.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	37.3
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)	1,486.5	1,482.3	1,555.5	1,689.8	1,770.2
A. LIABILITIES (300=210+330)	557.7	643.1	778.1	916.2	1,010.1
I. Short -term liabilities	199.5	232.0	197.0	180.1	126.0
1. Short-term trade accounts payable	3.3	3.7	4.0	3.3	3.3
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	7.3	4.7	2.8	3.4	0.0
4. Payable to employees	3.5	4.0	2.8	5.9	0.0
5. Short-term acrrued expenses	0.6	0.9	0.8	0.9	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	8.6	7.3	7.3	56.5	0.0
10. Short-term borrowings and financial leases	176.0	211.4	179.3	110.0	101.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.1	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	358.2	411.2	581.2	736.2	884.2
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	358.2	411.2	581.2	736.2	884.2
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)	928.8	839.1	777.4	773.5	760.0
I. Owner's equity	928.8	839.1	777.4	773.5	0.0
1. Owner's capital	499.9	499.9	499.9	499.9	760.0
- Common stock with voting right	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	14.4	14.4	14.4	14.4	14.4
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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	414.5	324.8	263.0	259.2	245.7
- Accumulated retained earning at the end of the previous period	199.8	163.0	159.2	87.7	94.5
- Undistributed earnings in this period	214.6	161.8	103.8	171.5	151.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,486.5	1,482.3	1,555.5	1,689.8	1,770.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	226.2	170.8	111.9	234.6	158.1
Depreciation of Fixed Assets and Investment Property	92.5	91.4	91.5	91.6	91.2
Provision (Increase)/Reversal	—	0.6	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-0.7	-0.7	-1.9	0.0
Interest Expense	40.6	51.8	77.3	77.6	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	358.6	313.8	280.0	401.8	342.5
Increase/(Decrease) in Receivables	-22.7	-1.1	-14.7	-0.6	0.0
Increase/(Decrease) in Inventory	-0.3	1.1	0.5	0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	51.2	1.1	-10.4	-10.4	0.0
Increase/(Decrease) in Prepaid Expenses	-15.1	0.9	3.1	1.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-40.8	-51.9	-77.4	-77.6	0.0
Corporate Income Tax Paid	-10.2	-7.6	-4.1	-9.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.1	-5.3	0.0
Net Cash Flow from Operating Activities	320.8	256.4	176.8	300.3	239.8
Payments for Fixed Assets and Other Long-term Assets	—	-4.7	-3.3	-0.2	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.3	0.7	1.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.7	-3.8	-2.6	1.8	-1.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	154.6	178.8	65.2	0.0	45.3
Repayment of Borrowings	-292.8	-316.6	-150.9	-139.6	-176.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-124.6	-99.5	-149.7	-149.7	-99.6
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	-262.8	-237.4	-235.4	-289.3	-230.5
Net Cash Flow During the Period	58.6	15.2	-61.2	12.8	51.7
Cash and Cash Equivalents at Beginning of Period	47.9	32.7	93.9	81.1	72.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	106.5	47.9	32.7	93.9	81.1

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	41.3	104.3	153.0	112.2	39.1	82.5	151.9	86.7	43.9	70.9	145.4	71.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	41.3	104.3	153.0	112.2	39.1	82.5	151.9	86.7	43.9	70.9	145.4	71.3
Cost of Goods Sold	31.3	34.1	31.8	30.9	29.7	37.2	29.3	30.7	28.0	34.2	28.6	28.5
Gross Profit	10.0	70.3	121.3	81.4	9.4	45.2	122.6	56.1	15.9	36.7	116.8	42.8
Financial Income	0.2	0.5	0.1	0.0	0.0	0.2	0.1	0.0	0.0	0.0	0.0	0.2
Financial Expenses	7.9	9.7	10.0	10.9	10.0	12.0	12.5	13.2	14.1	16.4	18.5	20.7
Interest Expense	7.9	9.7	10.0	10.9	10.0	12.0	12.5	13.2	14.1	16.4	18.5	20.6
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.0	5.0	3.5	5.6	3.0	7.8	3.1	4.0	3.7	4.4	3.8	3.4
Operating Profit	-0.7	56.1	107.8	64.8	-3.5	25.6	107.1	38.9	-1.9	15.9	94.5	18.9
Other Income	0.4	0.0	0.0	0.0	0.4	0.0	0.1	0.0	1.6	0.3	0.0	0.0
Other Expenses	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.0	0.0
Other Profit	0.4	0.0	0.0	0.0	0.4	-0.0	0.1	-0.0	1.4	0.1	-0.0	-0.0
Profit Before Tax	-0.4	56.2	107.9	64.9	-3.1	25.6	107.2	38.9	-0.4	16.0	94.4	18.9
Current Income Tax Expense	0.0	2.8	5.4	3.3	0.0	1.4	5.2	2.4	0.0	-0.0	4.7	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.4	53.4	102.4	61.6	-3.1	24.2	102.0	36.5	-0.4	16.1	89.7	18.9
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.4	53.4	102.4	61.6	-3.1	24.2	102.0	36.5	-0.4	16.1	89.7	18.9
Earnings per Share	-7.97	1,067.45	2,048.88	1,231.33	-62.62	483.42	2,040.03	730.58	-8.51	321.22	1,794.35	377.69
Diluted EPS	-7.97	1,067.45	2,048.88	1,231.33	-62.62	483.42	2,040.03	730.58	-8.51	321.22	1,794.35	377.69

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)	97.5	205.0	249.0	162.2	75.0	123.7	202.5	129.3	61.4	108.9	216.0	115.3
I. Cash and cash equivalents	6.0	106.5	100.8	21.9	12.8	47.9	52.7	5.2	2.8	32.7	119.6	1.1
1. Cash	6.0	2.0	2.8	21.9	6.8	47.9	3.7	5.2	1.8	28.7	115.6	1.1
2. Cash equivalents	—	104.5	98.0	—	6.0	0.0	49.0	0.0	1.0	4.0	4.0	0.0
II. Short-term financial investments	36.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	36.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	32.1	74.5	125.3	118.0	39.3	51.9	125.4	100.6	34.5	51.4	70.4	88.6
1. Short-term trade accounts receivable	25.6	60.9	98.6	99.1	27.6	38.4	100.0	82.7	24.7	42.4	47.2	69.0
2. Short-term prepayments to suppliers	1.6	2.1	4.4	0.9	4.1	3.9	1.4	1.3	1.0	0.8	4.7	5.2
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	6.1	12.7	23.6	19.3	8.9	10.7	24.7	17.3	9.5	8.8	19.2	15.1
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	23.1	23.5	22.2	22.0	22.0	23.2	23.5	23.3	23.5	24.3	25.4	24.5
1. Inventories	27.4	27.8	26.5	26.3	26.3	27.5	28.0	27.8	28.1	28.8	29.9	29.1
2. Provision for decline in value of inventories	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5
V. Other short-term assets	0.4	0.5	0.7	0.2	0.8	0.7	0.8	0.2	0.6	0.5	0.6	1.1
1. Short-term prepayments	0.2	0.4	0.1	0.1	0.8	0.7	0.8	0.2	0.6	0.2	0.4	0.2
2. Value added tax to be reclaimed	—	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	—	0.7	0.1	0.1	0.0	0.0	0.0	0.0	0.4	0.2	0.8
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,258.2	1,281.5	1,300.4	1,325.0	1,335.5	1,358.6	1,376.7	1,400.7	1,423.5	1,447.0	1,461.2	1,485.2
I. Long-term receivables	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,212.3	1,234.1	1,257.2	1,280.3	1,303.4	1,326.6	1,337.9	1,360.6	1,383.3	1,406.3	1,429.1	1,452.0
1. Tangible fixed assets	1,212.3	1,234.1	1,257.2	1,280.3	1,303.4	1,326.6	1,337.9	1,360.6	1,383.3	1,406.3	1,429.1	1,452.0
- Cost	2,143.6	—	—	—	2,144.4	2,144.4	2,132.5	2,132.5	2,132.5	2,134.6	2,134.6	2,134.6
- Accumulated depreciation	-931.3	—	—	—	-841.0	-817.8	-794.7	-771.9	-749.2	-728.3	-705.5	-682.6
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	0.0	0.0	7.5	7.5	7.5	7.2	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	7.5	7.5	7.5	7.2	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	45.9	47.4	43.2	44.8	32.1	32.0	31.4	32.6	32.7	33.5	32.1	33.2
1. Long-term prepayments	45.9	47.4	43.2	44.8	32.1	32.0	31.4	32.6	32.7	33.5	32.1	33.2
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,355.7	1,486.5	1,549.4	1,487.2	1,410.5	1,482.3	1,579.2	1,530.0	1,484.9	1,555.9	1,677.1	1,600.4
A. LIABILITIES (300=210+330)	427.3	558.1	674.4	589.6	574.5	642.7	763.8	816.6	708.1	779.1	913.2	926.2
I. Short -term liabilities	11.6	199.9	330.3	243.5	205.9	231.5	310.2	323.4	129.4	198.0	294.6	270.1
1. Short-term trade accounts payable	2.6	3.2	2.4	14.2	2.4	3.7	2.5	3.4	2.3	4.0	2.7	2.6
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.4	7.3	16.5	11.5	1.7	4.7	16.5	10.6	2.3	2.7	15.0	6.6
4. Payable to employees	1.2	4.1	1.3	1.2	1.4	3.6	1.5	1.3	1.3	3.9	1.3	1.4
5. Short-term acrrued expenses	0.6	0.6	0.5	0.4	0.0	0.9	0.5	0.7	0.8	0.8	0.7	0.6
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	5.7	8.6	135.0	8.4	5.5	7.3	109.6	107.2	5.5	7.3	109.4	106.3
10. Short-term borrowings and financial leases	0.0	176.0	174.6	207.8	195.0	211.4	179.7	0.0	117.2	179.3	165.6	152.6
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	0.0	0.0	200.3	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	415.7	358.2	344.2	346.2	368.7	411.2	453.7	493.2	578.7	581.2	618.7	656.2
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	415.7	358.2	344.2	346.2	368.7	411.2	453.7	493.2	578.7	581.2	618.7	656.2
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	928.4	928.4	875.0	897.6	836.0	839.6	815.4	713.4	776.9	776.7	763.9	674.2
I. Owner's equity	928.4	928.4	875.0	897.6	836.0	839.6	815.4	713.4	776.9	776.7	763.9	674.2
1. Owner's capital	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9
- Common stock with voting right	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00	499,939,607,633.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	414.1	414.0	360.7	383.2	321.7	325.2	301.1	199.1	262.6	262.4	249.6	159.9
- Accumulated retained earning at the end of the previous period	414.5	199.8	199.8	324.8	324.8	163.0	163.0	163.0	263.0	159.2	159.2	159.2
- Undistributed earnings in this period	-0.4	214.2	160.9	58.4	-3.1	162.3	138.1	36.1	-0.4	103.2	90.4	0.6
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,355.7	1,486.5	1,549.4	1,487.2	1,410.5	1,482.3	1,579.2	1,530.0	1,484.9	1,555.9	1,677.1	1,600.4

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	-0.4	56.6	107.9	64.9	-3.1	25.6	107.2	38.9	-0.4	16.8	94.4	18.9
Depreciation of Fixed Assets and Investment Property	23.1	23.1	23.0	23.2	23.2	23.2	22.7	22.7	22.8	22.8	22.9	22.9
Provision (Increase)/Reversal	—	—	—	—	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.5	-0.1	-0.0	-0.0	-0.6	0.3	-0.4	-0.0	-0.0	-0.0	-0.2
Interest Expense	7.9	9.7	10.0	10.9	10.0	12.0	12.5	13.2	14.1	16.4	18.5	20.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	30.4	88.9	140.8	98.9	30.0	60.5	142.7	74.4	36.4	55.9	135.8	62.2
Increase/(Decrease) in Receivables	42.3	51.4	-7.9	-78.8	12.6	73.0	-24.8	-66.1	16.8	19.9	18.2	-45.0
Increase/(Decrease) in Inventory	0.4	-1.3	-0.2	0.0	1.2	0.5	0.0	0.0	0.7	1.1	-0.9	-0.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.0	-5.2	42.7	21.2	-7.5	-6.7	4.2	8.8	-5.5	-15.7	7.5	-4.8
Increase/(Decrease) in Prepaid Expenses	1.6	-4.5	1.6	-12.0	-0.2	-0.5	0.6	0.4	0.3	-1.1	0.9	1.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.9	-9.7	-9.9	-10.5	-10.7	-11.8	-12.7	-13.3	-14.1	-16.3	-18.4	-20.8
Corporate Income Tax Paid	-2.8	-5.4	-3.3	0.0	-1.4	-5.2	-2.4	0.0	-0.1	-3.9	-0.1	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.8
Net Cash Flow from Operating Activities	55.1	114.2	163.9	18.8	23.9	109.9	107.6	4.3	34.5	40.0	143.0	-6.6
Payments for Fixed Assets and Other Long-term Assets	-1.3	—	—	—	0.0	-4.7	0.0	0.0	0.0	-3.3	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.6	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-44.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	8.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.5	0.1	0.0	0.0	0.2	0.1	0.0	0.0	0.0	0.0	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-37.1	0.5	0.1	0.0	0.0	-4.5	0.1	0.6	0.0	-3.3	0.0	0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	34.0	86.6	48.0	-4.8	24.8	105.0	41.1	12.7	20.0	41.7	14.4	9.1
Repayment of Borrowings	-152.6	-71.1	-133.1	-4.9	-83.8	-115.8	-101.2	-15.2	-84.5	-65.5	-38.9	-37.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-124.4	0.0	-0.0	-0.1	-99.4	-0.0	-0.0	-0.0	-99.8	0.0	-0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-118.5	-109.0	-85.1	-9.8	-59.0	-110.2	-60.2	-2.5	-64.5	-123.6	-24.5	-28.4
Net Cash Flow During the Period	-100.6	5.7	78.9	9.1	-35.1	-4.8	47.5	2.5	-30.0	-86.8	118.5	-34.8
Cash and Cash Equivalents at Beginning of Period	106.5	100.8	21.9	12.8	47.9	32.7	32.7	32.7	32.7	93.9	93.9	93.9
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.0	106.5	100.8	21.9	12.8	47.9	52.7	5.2	2.8	32.7	119.6	1.1

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ND2

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