PAC

Pin Ắc quy Miền Nam ·HOSE ·2026Q1

▼ Slightly negative

Capital efficiency remains weak ROE 4.90%, −1.44pp YoY

Price

22,250

Latest close

03 Jun 2026

P/E 13.24x

P/B 1.48x

EPS 1,680

BVPS 15,006

ROE 10.8%

ROA 4.1%

Profit Margin 3.1%

Asset Turnover 1.32x

Equity Mult. 2.66x

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

What Is Changing

On a TTM 2026Q1 basis, PAC is maintaining revenue, but margins are compressing slightly — profit momentum has been slowing across consecutive periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,604bn
	                                
+10.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 111bn
	                                
−13.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,586.6	3,205.4	3,184.9	3,398.7	3,048.5
Growth	+12%	+1%	-6%	+11%	—
Net Income	117.7	126.6	115.2	157.9	173.8
Net Margin	3.28%	3.95%	3.62%	4.65%	5.70%

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	879.3	909.4	909.1	906.1	861.9	762.3	796.9	851.0	795.2	862.9	672.8	807.6
Growth	-3%	+0%	+0%	+5%	+13%	-4%	-6%	+7%	-8%	+28%	-17%	—
Net Income	22.1	33.1	16.2	39.1	29.1	32.3	32.3	34.2	27.8	34.9	21.1	33.0
Net Margin	2.51%	3.64%	1.79%	4.32%	3.38%	4.23%	4.05%	4.02%	3.50%	4.05%	3.13%	4.09%

Drivers of PAC's profit

TTM

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

Tax ↓ 7.1bn

Financial income ↑ 3.0bn

Administrative expenses ↓ 2.3bn

Selling expenses ↑ 22.1bn

Gross profit ↓ 8.1bn

Finance costs ↑ 2.1bn

TTM

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

Financial income ↑ 4.0bn

Tax ↓ 4.0bn

Selling expenses ↑ 9.2bn

Gross profit ↓ 3.7bn

Finance costs ↑ 1.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.1% = 3.9% × 1.28 × 2.62

2026Q1 10.8% = 3.1% × 1.32 × 2.66

ROE fell from 13.1% to 10.8% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 3.1% -0.8pp Asset turnover: 1.32x +0.04x Leverage: 2.66x +0.05x

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 narrowed to 3.07%, falling 0.8pp. The main pressure is Gross margin fell 1.4pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (with additional support from Net financial result / Revenue rose 0.1pp and Other profit / Revenue rose 0.0pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 3.07% −0.8pp

Gross Margin 11.59% −1.4pp

SG&A / Revenue 7.41% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC narrowed to 4.90%, falling 1.4pp. That translates to 4.90 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.9pp, outweighing the movement in capital turnover; while invested capital rose by 188bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 4.90% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.90% −1.4pp

NOPAT Margin 2.98% −0.9pp

Capital Turnover 1.64x +0.01x

Average Invested Capital 2,193.2bn +187.7bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 1.67x equity, net debt at 1.28x equity.

Inventory ended the period at 731.6bn, roughly 26.7% of total assets.

Over the last 12 months, working capital absorbed 4.4bn 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: −13.4bn

Inventories increased → lower CFO: −36.4bn

Payables increased → higher CFO: +45.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.1 days versus the same period last year. The main moves came from DIO fell 5.9 days, DSO fell 9.0 days, and DPO fell 4.8 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Working Capital Efficiency

Receivables 30.0 days −9.0 days

Inventory 80.9 days −5.9 days

Payables 22.9 days −4.8 days

Cash Conversion Cycle 88.0 days −10.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 24.8bn due to capex of 155.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.28x and interest coverage only at 2.25x.

At present, short-term debt accounts for 99.6% of total debt, cash equals 6.8% of debt, and total debt stands at 1,433.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.28x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 1.28x +0.27x

Interest Coverage 2.25x −0.54x

Cash / Debt 6.8% −2.8pp

Short-term Debt / Total Debt 99.6% +0.6pp

CFO / NI 1.18x +0.28x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 14.5bn in 2025, against investing cash flow of -182.3bn.

Post-investment cash flow was negative +167.8bn. Financing cash flow was positive +66.2bn.

CFO / net income was 1.18x.

After spending +155.3bn on fixed-asset investment, the business generated trailing free cash flow of −24.8bn.

Cash Conversion

CFO TTM 130.5bn +15.7bn

Cash Capex 155.3bn +47.8bn

FCF TTM −24.8bn −32.1bn

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 1.18x. The main risk still sits in capital efficiency remains weak, with ROIC at 4.9%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.18x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,258.6	3,849.1	3,593.4	3,835.8	3,530.5
Revenue Deductions	672.0	643.6	408.5	437.1	0.0
Net Revenue	3,586.6	3,205.4	3,184.9	3,398.7	3,048.5
Cost of Goods Sold	3,164.2	2,789.4	2,751.2	2,915.4	0.0
Gross Profit	422.4	416.0	433.8	483.3	446.8
Financial Income	45.7	46.2	58.5	66.0	70.7
Financial Expenses	62.5	60.2	75.7	94.4	-52.5
Interest Expense	48.8	41.9	59.4	53.1	-45.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	187.7	173.4	202.0	191.0	-206.7
General and Administrative Expenses	69.6	64.9	60.7	62.5	-51.9
Operating Profit	148.2	163.7	153.8	201.4	206.3
Other Income	2.0	0.6	0.5	0.9	0.0
Other Expenses	0.0	0.0	0.0	1.3	0.0
Other Profit	2.0	0.6	0.5	-0.3	16.1
Profit Before Tax	150.2	164.3	154.3	201.0	222.4
Current Income Tax Expense	34.1	37.8	39.3	42.9	-48.6
Deferred Income Tax Expense	-1.5	-0.2	-0.2	0.2	0.0
Net Income	117.7	126.6	115.2	157.9	173.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	117.7	126.6	115.2	157.9	173.8
Earnings per Share	1,519.00	2,452.00	2,231.00	3,059.00	3,366.00
Diluted EPS	1,688.24	2,724.82	2,478.98	3,398.44	3,740.49

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,042.6	1,832.3	1,726.2	1,663.7	1,809.4
I. Cash and cash equivalents	97.8	200.6	161.9	113.7	119.2
1. Cash	97.8	170.6	161.9	113.7	0.0
2. Cash equivalents	—	30.0	0.0	0.0	0.0
II. Short-term financial investments	655.0	555.0	505.9	542.0	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	655.0	555.0	505.9	542.0	0.0
III. Short-term receivables	271.1	191.7	298.2	154.0	175.7
1. Short-term trade accounts receivable	164.3	154.9	226.2	104.9	0.0
2. Short-term prepayments to suppliers	91.3	26.0	37.4	15.3	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	18.2	11.7	35.8	35.2	0.0
7. Provision for short-term doubtful debts (*)	-2.7	-0.9	-1.2	-1.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	731.6	696.2	643.3	759.9	673.6
1. Inventories	737.6	701.5	647.0	762.4	0.0
2. Provision for decline in value of inventories	-6.0	-5.3	-3.7	-2.4	0.0
V. Other short-term assets	287.0	188.7	116.9	94.1	51.1
1. Short-term prepayments	5.8	5.6	4.8	7.6	0.0
2. Value added tax to be reclaimed	281.2	183.0	112.1	86.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	695.3	702.5	707.3	752.3	670.3
I. Long-term receivables	7.2	5.8	5.3	6.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.1
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	7.2	5.8	5.3	6.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	363.2	394.1	332.0	578.1	548.2
1. Tangible fixed assets	328.3	353.6	274.7	316.0	321.6
- Cost	1,454.8	1,395.3	1,241.0	1,214.1	0.0
- Accumulated depreciation	-1,126.5	-1,041.7	-966.3	-898.1	0.0
2. Financial leased fixed assets	26.0	31.9	49.6	58.7	17.5
- Cost	47.1	47.1	66.3	67.3	0.0
- Accumulated depreciation	-21.1	-15.2	-16.7	-8.6	0.0
3. Intangible fixed assets	8.9	8.5	7.7	203.4	209.1
- Cost	42.8	41.0	39.2	263.2	0.0
- Accumulated depreciation	-33.9	-32.5	-31.5	-59.8	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	45.9	20.6	87.0	85.4	36.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	45.9	20.6	87.0	85.4	0.0
V. Long-term financial investments	32.5	32.5	32.5	32.5	32.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	32.5	32.5	32.5	32.5	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	246.6	249.5	250.4	49.8	0.0
1. Long-term prepayments	207.8	210.9	209.3	13.3	0.0
2. Deferred income tax assets	5.1	3.6	3.4	3.3	0.0
3. Long-term equipment, supplies, spare parts	33.7	35.1	37.7	33.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	48.4
5. Goodwill	—	0.0	-0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,737.9	2,534.8	2,433.5	2,415.9	2,479.6
A. LIABILITIES (300=210+330)	1,713.9	1,565.9	1,489.0	1,491.3	1,612.3
I. Short -term liabilities	1,706.0	1,550.9	1,467.4	1,445.9	1,544.7
1. Short-term trade accounts payable	196.4	133.5	212.9	85.7	153.9
2. Short-term advances from customers	21.0	37.1	12.1	42.6	61.2
3. Taxes and other payables to state authorities	9.5	7.8	8.2	4.0	0.0
4. Payable to employees	72.6	80.5	94.5	104.3	0.0
5. Short-term acrrued expenses	10.2	18.1	25.9	19.5	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	3.9	28.1	4.5	5.7	0.0
10. Short-term borrowings and financial leases	1,349.3	1,207.0	1,071.7	1,149.4	1,139.8
11. Provision for short-term liabilities	14.0	11.1	10.1	9.2	0.0
12.. Bonus and welfare fund	29.0	27.7	27.3	25.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	8.0	15.0	21.6	45.5	67.7
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	1.4	1.9	1.9	1.4	0.0
8. Long-term borrowings and financial leases	6.6	13.1	19.7	44.1	66.2
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)	1,023.9	968.9	944.5	924.6	867.3
I. Owner's equity	1,023.9	968.9	944.5	924.6	0.0
1. Owner's capital	697.1	464.7	464.7	464.7	867.3
- Common stock with voting right	697,073,280,000.00	464,717,070,000.00	464,717,070,000.00	464,717,070,000.00	464,717,070,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.6	1.6	1.6	1.6	1.6
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	194.8	389.2	355.1	311.7	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	130.4	113.4	123.1	146.6	176.2
- Accumulated retained earning at the end of the previous period	12.8	10.0	7.9	-11.3	2.4
- Undistributed earnings in this period	117.7	103.4	115.2	157.9	173.8
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)	2,737.9	2,534.8	2,433.5	2,415.9	2,479.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	150.2	164.3	154.3	201.0	222.4
Depreciation of Fixed Assets and Investment Property	93.6	90.0	85.7	91.2	82.5
Provision (Increase)/Reversal	5.5	27.0	21.5	13.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.9	3.1	-1.6	2.0	0.0
Gain/Loss from Investment Activities	-34.0	-35.5	-43.6	-53.9	0.0
Interest Expense	48.8	41.9	59.4	53.1	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	261.1	290.9	275.7	307.0	292.9
Increase/(Decrease) in Receivables	-157.7	-2.4	-143.0	-14.8	0.0
Increase/(Decrease) in Inventory	-34.6	-52.0	111.0	-86.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	36.7	-112.3	105.4	-107.8	0.0
Increase/(Decrease) in Prepaid Expenses	7.8	-2.4	2.2	-2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-49.1	-42.0	-60.1	-52.8	0.0
Corporate Income Tax Paid	-37.9	-39.5	-39.9	-56.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-11.8	-9.0	-19.5	-7.0	0.0
Net Cash Flow from Operating Activities	14.5	31.3	231.7	-21.0	207.9
Payments for Fixed Assets and Other Long-term Assets	-108.6	-58.2	-80.3	-202.5	-64.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.3	0.1	0.1	0.3
Loans and Purchases of Debt Instruments	-1,050.0	0.0	-505.9	-629.8	-230.0
Receipts from Loan Repayments and Sale of Debt Instruments	950.0	0.0	542.0	889.8	142.5
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	26.1	57.7	40.0	44.8	0.0
Increase/(Decrease) in Term Deposits	—	-49.1	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	-182.3	-49.4	-4.1	102.3	-125.3
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	2,971.5	2,721.8	2,287.9	2,779.4	2,567.1
Repayment of Borrowings	-2,829.0	-2,588.0	-2,378.9	-2,788.0	-2,656.1
Repayment of Finance Leases	-6.6	-8.9	-10.9	-8.2	0.0
Dividends Paid	-69.7	-69.7	-79.0	-69.7	-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	66.2	55.3	-181.0	-86.5	-112.3
Net Cash Flow During the Period	-101.5	37.2	46.7	-5.2	46.0
Cash and Cash Equivalents at Beginning of Period	200.6	161.9	113.7	119.2	149.3
FX Difference from Revaluation	-1.3	1.5	1.6	-0.3	-0.5
Cash and Cash Equivalents at End of Period	97.8	200.6	161.9	113.7	119.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,045.3	1,069.1	1,061.5	1,082.0	1,045.9	930.3	969.0	1,010.7	939.0	984.8	795.2	886.3
Revenue Deductions	166.0	159.7	152.4	175.9	184.1	168.0	172.1	159.7	143.8	121.9	122.4	78.7
Net Revenue	879.3	909.4	909.1	906.1	861.9	762.3	796.9	851.0	795.2	862.9	672.8	807.6
Cost of Goods Sold	781.0	804.0	822.2	779.0	759.9	663.4	695.1	727.7	695.5	747.4	577.0	699.3
Gross Profit	98.3	105.4	86.9	127.2	102.0	98.9	101.8	123.3	99.7	115.5	95.7	108.3
Financial Income	14.6	12.0	10.8	10.2	10.6	7.9	14.2	11.9	12.2	16.2	14.7	13.5
Financial Expenses	14.6	13.5	15.4	17.4	13.3	17.9	9.1	18.7	14.6	16.7	22.2	16.9
Interest Expense	13.7	13.7	13.7	11.5	9.8	10.2	9.3	10.9	11.6	12.9	14.5	15.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	52.3	49.9	47.5	47.2	43.0	31.9	50.5	49.3	41.6	43.6	48.8	51.1
General and Administrative Expenses	15.9	15.9	15.3	23.3	15.3	16.4	16.1	24.7	15.3	20.8	13.4	11.8
Operating Profit	30.1	38.1	19.5	49.5	41.0	40.6	40.2	42.5	40.4	50.6	26.0	42.0
Other Income	0.0	0.4	1.1	0.5	0.1	0.0	0.2	0.4	0.1	0.2	0.3	0.0
Other Expenses	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.4	1.1	0.5	0.1	-0.0	0.2	0.4	0.1	0.2	0.3	0.0
Profit Before Tax	30.1	38.5	20.6	50.0	41.1	40.6	40.4	42.9	40.5	50.7	26.3	42.0
Current Income Tax Expense	8.0	6.6	4.3	11.1	11.9	9.1	8.1	8.1	12.6	15.8	5.3	9.2
Deferred Income Tax Expense	—	-1.2	—	-0.3	—	-0.7	0.0	0.6	0.0	-0.0	0.0	-0.1
Net Income	22.1	33.1	16.2	39.1	29.1	32.3	32.3	34.2	27.8	34.9	21.1	33.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	22.1	33.1	16.2	39.1	29.1	32.3	32.3	34.2	27.8	34.9	21.1	33.0
Earnings per Share	285.00	427.00	210.00	758.00	564.00	625.00	625.00	663.00	539.00	677.00	408.00	639.00
Diluted EPS	317.19	474.91	232.91	841.85	627.00	694.38	695.06	736.48	598.89	751.92	453.21	710.84

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)	2,151.1	2,042.3	2,256.5	2,323.3	1,857.3	1,832.3	2,016.8	1,872.0	1,844.2	1,656.8	1,645.6	1,580.3
I. Cash and cash equivalents	96.9	97.7	91.1	153.2	106.8	170.6	153.1	170.9	111.9	161.9	96.2	103.2
1. Cash	96.9	97.7	91.1	103.2	91.8	170.6	153.1	170.9	111.9	161.9	96.2	103.2
2. Cash equivalents	—	—	—	50.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	685.0	655.0	695.0	565.0	455.0	585.0	625.0	525.0	505.0	505.9	505.9	505.9
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	685.0	655.0	695.0	565.0	455.0	585.0	625.0	525.0	505.0	505.9	505.9	505.9
III. Short-term receivables	346.6	270.9	396.7	407.1	405.1	191.7	382.8	387.7	429.5	298.2	376.4	349.6
1. Short-term trade accounts receivable	230.7	164.3	319.0	359.8	361.6	154.9	342.2	329.2	337.8	226.2	306.2	285.9
2. Short-term prepayments to suppliers	90.0	91.3	58.1	32.9	30.6	26.0	25.0	49.7	49.6	37.4	45.8	51.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	28.6	18.0	21.0	15.9	13.8	11.7	17.0	10.2	43.3	35.8	25.4	13.2
7. Provision for short-term doubtful debts (*)	-2.7	-2.7	-1.4	-1.4	-0.9	-0.9	-1.4	-1.4	-1.2	-1.2	-1.0	-1.0
8. Assets awaiting resolution	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	719.4	731.6	803.6	951.8	680.9	696.2	689.4	638.3	663.1	573.9	568.6	542.7
1. Inventories	725.4	737.6	809.5	957.7	686.2	701.5	690.5	639.4	666.8	577.6	570.6	544.7
2. Provision for decline in value of inventories	-6.0	-6.0	-5.9	-5.9	-5.3	-5.3	-1.1	-1.1	-3.7	-3.7	-2.0	-2.0
V. Other short-term assets	303.2	287.0	270.1	246.3	209.4	188.7	166.5	150.1	134.8	116.9	98.6	78.8
1. Short-term prepayments	5.7	5.8	7.1	4.3	5.1	5.6	6.1	4.8	6.8	4.8	8.9	5.2
2. Value added tax to be reclaimed	297.5	281.2	263.0	241.9	204.3	183.0	160.4	145.3	127.9	112.1	89.7	73.7
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	736.8	695.3	680.7	696.7	698.1	702.5	708.5	688.5	694.1	707.3	716.0	723.2
I. Long-term receivables	5.7	7.2	5.7	5.6	5.6	5.8	4.8	6.1	6.5	5.3	6.4	6.1
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	5.7	7.2	5.7	5.6	5.6	5.8	4.8	6.1	6.5	5.3	6.4	6.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	393.7	363.2	380.2	394.7	384.3	394.1	324.0	319.9	315.0	332.0	537.4	539.3
1. Tangible fixed assets	359.3	328.3	343.8	356.7	344.3	353.6	281.7	269.8	260.9	274.7	285.8	284.2
- Cost	1,505.7	—	—	—	—	1,395.3	1,291.1	1,254.5	1,246.6	1,241.0	1,241.2	1,220.4
- Accumulated depreciation	-1,146.4	—	—	—	—	-1,041.7	-1,009.4	-984.7	-985.7	-966.3	-955.4	-936.1
2. Financial leased fixed assets	24.6	26.0	27.5	29.0	30.5	31.9	33.4	41.9	46.1	49.6	52.4	54.5
- Cost	47.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.8	8.9	8.9	9.0	9.4	8.5	8.9	8.3	8.0	7.7	199.2	200.6
- Cost	44.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-34.3	—	—	—	—	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	62.5	45.9	15.1	17.1	29.1	20.6	101.5	83.2	92.1	87.0	88.5	96.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	62.5	45.9	15.1	17.1	29.1	20.6	101.5	83.2	92.1	87.0	88.5	96.6
V. Long-term financial investments	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5
3. Investments in other entities	—	—	—	—	—	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
5. Held to maturity investments	—	—	—	—	—	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	242.5	246.6	247.2	246.7	246.6	249.5	245.7	246.7	248.1	250.4	51.2	48.7
1. Long-term prepayments	204.3	207.8	208.9	208.3	207.1	210.9	207.1	207.3	207.2	209.3	10.6	11.0
2. Deferred income tax assets	5.1	5.1	3.9	3.9	3.6	3.6	2.9	2.9	3.4	3.4	3.4	3.4
3. Long-term equipment, supplies, spare parts	33.1	33.7	34.4	34.5	35.9	35.1	35.7	36.6	37.5	37.7	37.2	34.2
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,888.0	2,737.6	2,937.2	3,020.0	2,555.3	2,534.8	2,725.3	2,560.4	2,538.4	2,364.1	2,361.6	2,303.5
A. LIABILITIES (300=210+330)	1,841.9	1,713.8	1,944.4	2,043.4	1,558.3	1,565.9	1,765.5	1,586.4	1,589.3	1,419.7	1,450.5	1,381.0
I. Short -term liabilities	1,834.2	1,705.8	1,934.7	2,032.2	1,545.4	1,550.9	1,748.8	1,568.1	1,569.4	1,398.1	1,423.8	1,348.0
1. Short-term trade accounts payable	187.8	192.8	197.0	296.7	211.9	117.2	208.7	139.4	219.5	143.6	121.9	180.3
2. Short-term advances from customers	57.8	21.0	20.4	54.6	49.9	37.1	2.5	7.4	3.7	12.1	25.1	3.9
3. Taxes and other payables to state authorities	6.3	9.5	19.2	20.6	5.3	7.8	10.4	5.8	7.0	8.2	22.3	21.4
4. Payable to employees	57.4	72.6	84.2	75.3	67.8	80.5	81.0	73.5	64.2	94.5	76.7	75.7
5. Short-term acrrued expenses	70.7	13.8	78.5	90.6	68.1	34.5	140.5	87.6	84.0	25.9	122.5	75.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.5	3.8	4.0	51.0	4.8	28.1	50.6	4.6	5.8	4.5	6.3	5.8
10. Short-term borrowings and financial leases	1,427.1	1,349.3	1,490.3	1,395.7	1,102.1	1,207.0	1,215.6	1,206.8	1,151.9	1,071.7	1,011.6	947.7
11. Provision for short-term liabilities	14.0	14.0	11.4	11.4	11.1	11.1	11.1	11.1	10.1	10.1	9.6	9.6
12.. Bonus and welfare fund	8.7	29.0	29.8	36.2	24.5	27.7	28.3	31.9	23.2	27.3	27.7	28.5
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	7.7	8.0	9.6	11.3	12.9	15.0	16.7	18.3	20.0	21.6	26.8	32.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.4	1.4	1.4	1.4	1.4	1.9	1.9	1.9	1.9	1.9	1.9	1.9
8. Long-term borrowings and financial leases	6.3	6.6	8.2	9.9	11.5	13.1	14.8	16.4	18.1	19.7	24.9	31.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,046.0	1,023.9	992.8	976.6	997.0	968.9	959.9	974.0	949.1	944.5	911.1	922.5
I. Owner's equity	1,046.0	1,023.9	992.8	976.6	997.0	968.9	959.9	974.0	949.1	944.5	911.1	922.5
1. Owner's capital	697.1	697.1	697.1	464.7	464.7	464.7	464.7	464.7	464.7	464.7	464.7	464.7
- Common stock with voting right	697,073,280,000.00	697,073,280,000.00	697,073,280,000.00	464,717,070,000.00	464,717,070,000.00	464,717,070,000.00	464,717,070,000.00	464,717,070,000.00	464,717,070,000.00	464,717,070,000.00	464,717,070,000.00	464,717,070,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
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	194.8	194.8	194.8	427.2	389.2	389.2	389.2	389.2	355.1	355.1	355.1	355.1
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	152.5	130.4	99.3	83.1	141.5	113.4	104.3	118.5	127.7	123.1	89.7	101.1
- Accumulated retained earning at the end of the previous period	130.4	12.8	14.8	14.8	112.4	10.0	10.0	56.5	99.8	7.9	9.4	41.9
- Undistributed earnings in this period	22.1	117.6	84.5	68.3	29.1	103.4	94.4	62.1	27.8	115.2	80.3	59.2
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,888.0	2,737.6	2,937.2	3,020.0	2,555.3	2,534.8	2,725.3	2,560.4	2,538.4	2,364.1	2,361.6	2,303.5

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	30.1	38.6	20.6	50.0	41.1	40.6	40.4	42.9	40.5	50.7	26.3	42.0
Depreciation of Fixed Assets and Investment Property	21.8	22.4	24.0	24.0	23.3	27.6	21.0	20.6	20.9	17.9	22.7	22.6
Provision (Increase)/Reversal	—	4.0	-13.7	15.1	—	3.8	-11.2	9.7	0.0	21.9	-0.9	0.5
FX Gain/Loss from Revaluation of Monetary Items	0.5	-4.5	0.2	-1.8	3.1	6.1	-5.7	3.1	-0.4	-6.3	3.8	1.5
Gain/Loss from Investment Activities	-10.0	-10.6	-9.2	-8.4	-5.8	-8.2	-6.8	-9.1	-11.2	-12.2	-12.1	-10.9
Interest Expense	13.7	13.7	13.7	11.5	9.8	10.2	9.3	10.9	11.6	12.9	14.5	15.8
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	56.1	63.7	35.6	90.4	71.5	80.1	47.0	78.0	61.3	84.9	54.4	71.5
Increase/(Decrease) in Receivables	-90.0	128.7	-11.3	-40.9	-234.2	168.0	24.3	-15.4	-141.6	89.7	-41.0	19.3
Increase/(Decrease) in Inventory	12.8	72.6	148.4	-270.1	14.5	-10.4	-50.2	28.3	-19.7	-76.8	-28.9	41.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	81.3	-35.9	-163.9	163.8	72.6	-188.3	179.0	-75.1	33.3	-6.1	-0.9	83.0
Increase/(Decrease) in Prepaid Expenses	3.6	7.3	-3.4	-0.4	4.3	0.8	-0.5	5.9	1.0	0.7	-3.2	2.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-12.5	-15.0	-12.2	-12.8	-9.1	-10.2	-7.9	-12.7	-10.6	-15.3	-12.2	-18.3
Corporate Income Tax Paid	-11.8	-16.2	-8.5	0.0	-13.2	-8.1	-8.1	-8.1	-15.3	-24.2	-7.1	-0.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-20.3	-0.9	-6.4	-1.3	-3.1	-0.7	7.6	-11.7	-4.2	-7.1	0.1	-8.9
Net Cash Flow from Operating Activities	19.3	204.3	-21.7	-71.3	-96.7	31.1	191.3	-11.0	-95.7	45.7	-38.6	189.0
Payments for Fixed Assets and Other Long-term Assets	-68.9	-56.7	-10.3	-19.5	-22.2	-20.8	-55.6	-8.9	-9.8	-50.1	17.3	-42.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	—	0.5	-0.5	0.3	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-130.0	-240.0	-245.0	-400.0	-165.0	-415.9	-140.0	-475.0	-50.0	0.0	0.0	-455.9
Receipts from Loan Repayments and Sale of Debt Instruments	100.0	250.0	145.0	260.0	295.0	455.9	40.0	455.0	50.9	0.0	0.0	270.0
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	2.9	11.0	4.6	5.3	5.2	10.8	0.3	41.6	4.9	0.7	0.7	20.1
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	-95.9	-35.6	-105.6	-154.0	113.0	30.6	-155.8	13.0	-4.1	-49.3	18.0	-208.7
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	746.8	703.8	672.3	919.6	675.8	727.5	529.0	739.9	725.6	562.3	700.2	499.5
Repayment of Borrowings	-669.2	-838.5	-584.2	-622.9	-783.5	-746.1	-519.5	-683.5	-647.9	-491.8	-651.6	-460.9
Repayment of Finance Leases	-1.6	-2.4	-0.8	-1.6	-1.6	-5.1	-14.2	1.6	-6.7	-2.7	-2.7	-2.7
Dividends Paid	—	-23.2	-23.2	-23.3	—	-23.2	-46.5	0.0	-23.2	0.0	-32.5	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	76.0	-160.3	64.0	271.9	-109.3	-47.0	-51.1	58.0	47.8	67.8	13.3	35.8
Net Cash Flow During the Period	-0.7	8.3	-63.3	46.5	-93.0	14.7	-15.6	60.0	-52.0	64.2	-7.2	16.1
Cash and Cash Equivalents at Beginning of Period	97.8	91.1	153.2	106.8	200.6	161.9	161.9	161.9	161.9	113.7	113.7	113.7
FX Difference from Revaluation	-0.2	-1.3	0.4	-0.9	-0.8	2.8	-2.2	-1.0	1.9	1.5	0.2	0.8
Cash and Cash Equivalents at End of Period	96.9	97.8	91.1	153.2	106.8	170.6	153.1	170.9	111.9	161.9	96.2	103.2

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PAC

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