PIS

Tổng Công ty Pisico Bình Định - CTCP ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 7.27%, −6.18pp YoY

Price

10,200

Latest close

29 May 2026

P/E 10.92x

P/B 0.61x

EPS 934

BVPS 16,755

ROE 5.6%

ROA 3.5%

Profit Margin 6.0%

Asset Turnover 0.59x

Equity Mult. 1.60x

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

What Is Changing

On a TTM 2026Q1 basis, PIS posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 429bn
	                                
−9.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
−51.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	390.0	461.5	564.6	602.9	473.1
Growth	-15%	-18%	-6%	+27%	—
Net Income	32.3	59.9	70.6	42.1	27.4
Net Margin	8.28%	12.97%	12.51%	6.99%	5.80%

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	135.3	112.7	83.0	97.7	96.5	104.0	117.7	154.1	86.3	107.7	137.2	169.7
Growth	+20%	+36%	-15%	+1%	-7%	-12%	-24%	+79%	-20%	-21%	-19%	—
Net Income	5.9	11.3	3.0	10.9	3.4	35.9	8.6	15.6	3.3	20.4	3.6	10.9
Net Margin	4.39%	10.00%	3.66%	11.16%	3.54%	34.48%	7.31%	10.14%	3.87%	18.97%	2.61%	6.45%

Drivers of PIS's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Gross profit ↑ 10.7bn

Tax ↓ 4.8bn

Other profit ↓ 26.3bn

Financial income ↓ 6.9bn

TTM

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

Gross profit ↑ 5.3bn

Other profit ↑ 2.6bn

Financial income ↓ 2.0bn

Administrative expenses ↑ 1.5bn

Selling expenses ↑ 1.5bn

Minority interests ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.4% = 13.4% × 0.68 × 1.68

2026Q1 6.8% = 7.3% × 0.59 × 1.60

ROE fell from 15.4% to 6.8% — all three components weakened, with asset turnover being the main drag.

Net margin: 7.3% -6.2pp Asset turnover: 0.59x -0.10x Leverage: 1.60x -0.08x

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 fell to 7.27%, losing 6.2pp. The main pressure is SG&A / Revenue rose 2.0pp, outweighing the improvement in Gross margin rose 4.0pp (with lingering pressure from Other profit / Revenue fell 5.5pp and Net financial result / Revenue fell 1.4pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 7.27% −6.2pp

Gross Margin 18.65% +4.0pp

SG&A / Revenue 11.78% +2.0pp

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 fell to 4.86%, losing 2.3pp. That translates to 4.86 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.5pp and capital turnover fell 0.15x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 4.86% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.86% −2.3pp

NOPAT Margin 6.46% −1.5pp

Capital Turnover 0.75x −0.15x

Average Invested Capital 570.1bn +47.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.66x equity, net debt at 0.22x equity.

Over the last 12 months, working capital released 34.2bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +58.9bn

Inventories increased → lower CFO: −1.8bn

Payables decreased → lower CFO: −23.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.8 days versus the same period last year. The main moves came from DIO fell 5.3 days, DSO fell 0.5 days, and DPO rose 1.1 days.

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

Working Capital Efficiency

Receivables 28.1 days −0.5 days

Inventory 48.6 days −5.3 days

Payables 14.3 days +1.1 days

Cash Conversion Cycle 62.4 days −6.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.22x and interest coverage at 4.02x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 22.8% of debt, and total debt stands at 129.8bn.

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 22.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.22x −0.06x

Interest Coverage 4.02x −1.12x

Cash / Debt 22.8% +1.4pp

Short-term Debt / Total Debt 100.0% +0.1pp

CFO / NI 2.21x +4.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -30.7bn in 2025, against investing cash flow of 13.9bn.

Post-investment cash flow was negative +16.7bn. Financing cash flow was positive +12.5bn.

CFO / net income was 2.21x.

After spending +7.0bn on fixed-asset investment, the business generated trailing free cash flow of +49.7bn.

Cash Conversion

CFO TTM 56.7bn +211.3bn

Cash Capex 7.0bn +5.8bn

FCF TTM +49.7bn +205.5bn

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 2.21x. The main risk still sits in core profitability, with net margin down 6.2 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.21x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 7.27% after a 6.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	390.0	461.5	564.6	602.9	473.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	390.0	461.5	564.6	602.9	473.1
Cost of Goods Sold	315.4	394.1	493.6	522.2	0.0
Gross Profit	74.6	67.4	71.1	80.7	60.7
Financial Income	9.3	10.8	12.3	12.5	8.2
Financial Expenses	8.6	8.4	8.6	7.3	-4.6
Interest Expense	8.1	7.4	4.9	4.8	-3.6
Share of Associates and Joint Ventures	9.5	16.9	47.4	17.7	8.5
Selling Expenses	21.4	20.0	23.0	29.9	-24.3
General and Administrative Expenses	26.6	26.0	25.3	25.6	-23.1
Operating Profit	36.9	40.8	73.8	48.0	25.4
Other Income	4.7	34.0	2.3	2.5	0.0
Other Expenses	2.6	3.1	0.1	1.7	0.0
Other Profit	2.1	30.9	2.2	0.8	5.0
Profit Before Tax	38.9	71.8	76.0	48.8	30.4
Current Income Tax Expense	6.2	11.5	5.0	6.3	-3.0
Deferred Income Tax Expense	0.4	0.4	0.3	0.3	0.0
Net Income	32.3	59.9	70.6	42.1	27.4
Non-controlling Interest	4.6	5.6	5.7	5.8	1.7
Profit Attributable to Parent	27.7	54.3	65.0	36.3	25.7
Earnings per Share	1,007.00	1,974.00	2,362.00	1,320.00	935.00
Diluted EPS	1,007.00	1,974.00	2,362.46	1,320.15	935.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	239.5	251.0	272.8	285.4	222.2
I. Cash and cash equivalents	8.9	13.1	25.9	56.8	40.9
1. Cash	6.4	12.7	22.6	49.8	0.0
2. Cash equivalents	2.5	0.4	3.3	7.0	0.0
II. Short-term financial investments	30.2	29.4	28.5	36.6	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	30.2	29.4	28.5	36.6	0.0
III. Short-term receivables	123.9	156.8	148.7	105.6	96.5
1. Short-term trade accounts receivable	42.9	35.9	28.4	27.4	0.0
2. Short-term prepayments to suppliers	27.6	32.1	56.6	19.5	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	47.2	47.2	37.6	40.1	0.0
6. Other short-term receivables	14.4	49.2	33.3	26.3	0.0
7. Provision for short-term doubtful debts (*)	-8.2	-7.7	-7.3	-7.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	69.1	47.8	61.2	81.8	55.9
1. Inventories	69.1	47.8	61.2	81.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.3	3.9	8.5	4.5	2.3
1. Short-term prepayments	0.7	0.4	0.5	0.5	0.0
2. Value added tax to be reclaimed	6.2	2.8	7.7	4.0	0.0
3. Taxes and other receivables from state authorities	0.4	0.7	0.3	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)	525.7	503.5	349.9	285.7	314.2
I. Long-term receivables	6.8	8.9	8.9	4.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.2
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	6.8	8.9	8.9	4.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	67.4	57.4	65.9	72.0	77.8
1. Tangible fixed assets	57.7	47.4	55.7	61.4	64.3
- Cost	205.0	187.6	187.5	183.9	0.0
- Accumulated depreciation	-147.3	-140.2	-131.8	-122.5	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	9.7	10.0	10.3	10.6	13.5
- Cost	13.6	13.7	13.7	13.7	0.0
- Accumulated depreciation	-3.9	-3.7	-3.4	-3.1	0.0
III. Investment properties	29.7	30.4	31.8	29.4	25.3
- Cost	87.0	86.4	86.4	82.6	0.0
- Accumulated depreciation	-57.4	-55.9	-54.5	-53.2	0.0
IV. Long-term assets in progress	272.8	256.8	102.6	31.0	29.8
1. Long-term production in progress	272.7	255.6	99.9	28.4	0.0
2. Construction in progress	0.1	1.3	2.7	2.7	0.0
V. Long-term financial investments	135.1	136.6	127.5	135.0	162.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	131.2	132.7	123.7	128.4	0.0
3. Investments in other entities	7.5	7.5	7.5	7.5	0.0
4. Provision for diminution in value of long-term investments	-3.6	-3.6	-3.6	-0.9	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	14.0	13.4	13.2	14.0	0.0
1. Long-term prepayments	14.0	13.0	12.4	12.8	0.0
2. Deferred income tax assets	0.0	0.4	0.8	1.2	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	14.7
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)	765.2	754.5	622.7	571.1	536.4
A. LIABILITIES (300=210+330)	304.7	298.8	248.0	251.4	199.6
I. Short -term liabilities	226.9	216.8	167.6	166.1	114.5
1. Short-term trade accounts payable	23.2	16.0	20.0	29.6	16.0
2. Short-term advances from customers	6.5	0.4	5.6	2.3	9.7
3. Taxes and other payables to state authorities	4.4	40.6	2.3	3.6	0.0
4. Payable to employees	5.7	13.6	10.0	14.5	0.0
5. Short-term acrrued expenses	6.7	2.1	2.9	1.4	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	7.2	7.4	7.2	8.1	5.0
9. Other short-term payables	7.5	9.0	9.9	4.3	0.0
10. Short-term borrowings and financial leases	164.6	126.9	108.5	99.5	68.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.1	0.8	1.1	2.8	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	77.8	82.1	80.4	85.4	85.1
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	72.8	76.9	74.6	80.1	78.9
7. Other long-term liabilities	4.9	4.9	4.9	4.9	0.0
8. Long-term borrowings and financial leases	—	0.2	0.8	0.4	1.3
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)	460.5	455.6	374.7	319.6	336.9
I. Owner's equity	460.5	455.6	374.7	319.6	0.0
1. Owner's capital	275.0	275.0	275.0	275.0	336.9
- Common stock with voting right	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-18.3	-20.9	-20.6	2.8	0.0
8. Investment and development fund	13.0	13.0	13.0	13.0	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	72.6	76.4	27.8	7.0	17.6
- Accumulated retained earning at the end of the previous period	44.9	22.1	-37.1	-27.8	7.8
- Undistributed earnings in this period	27.7	54.3	65.0	34.9	9.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	118.2	112.2	79.5	21.8	18.7
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)	765.2	754.5	622.7	571.1	536.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	38.9	71.8	76.0	48.8	30.4
Depreciation of Fixed Assets and Investment Property	8.9	10.1	12.2	12.0	13.8
Provision (Increase)/Reversal	0.5	0.4	2.2	-0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.0	0.1	0.7	0.0
Gain/Loss from Investment Activities	-17.2	-25.1	-57.8	-26.4	0.0
Interest Expense	8.1	7.4	4.9	4.8	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	39.3	64.5	37.6	39.4	29.4
Increase/(Decrease) in Receivables	20.2	-0.4	-49.5	-0.4	0.0
Increase/(Decrease) in Inventory	-38.5	-142.3	-50.9	-25.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-29.5	32.0	-6.8	15.5	0.0
Increase/(Decrease) in Prepaid Expenses	-1.3	-0.5	0.5	-1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-8.0	-7.3	-4.9	-4.7	0.0
Corporate Income Tax Paid	-9.6	-5.6	-6.3	-3.8	0.0
Other Operating Receipts	0.1	0.0	0.0	0.1	0.0
Other Operating Payments	-3.4	-4.9	-4.4	-3.6	0.0
Net Cash Flow from Operating Activities	-30.7	-64.4	-84.7	15.3	37.5
Payments for Fixed Assets and Other Long-term Assets	-7.4	-8.1	-8.6	-14.2	-4.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.5	15.2
Loans and Purchases of Debt Instruments	-32.8	-123.2	-69.1	-51.1	-91.2
Receipts from Loan Repayments and Sale of Debt Instruments	32.0	112.7	79.8	44.1	88.6
Investments in Other Entities	—	0.0	0.0	-0.1	-24.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	22.1	24.1	20.8	13.9	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	13.9	5.5	23.1	-6.9	-0.8
Proceeds from Equity Issuance and Capital Contributions	7,935,505,000.00	33,324,974,857.00	51,951,481,984.00	1,183,500,000.00	370,000,000.00
Share Repurchases	-594,698,000.00	-275,000,000.00	0.00	0.00	0.00
Proceeds from Borrowings	491.1	541.6	457.7	352.5	294.7
Repayment of Borrowings	-453.6	-523.8	-448.3	-322.3	-289.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-32.3	-4.8	-30.6	-23.4	-24.2
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	12.5	46.0	30.8	8.0	-18.7
Net Cash Flow During the Period	-4.2	-12.8	-30.9	16.4	1.2
Cash and Cash Equivalents at Beginning of Period	13.1	25.9	56.8	40.9	23.0
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.5	-0.0
Cash and Cash Equivalents at End of Period	8.9	13.1	25.9	56.8	40.9

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	135.3	112.7	83.0	97.7	96.5	104.0	117.7	154.1	86.3	107.7	137.2	169.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	135.3	112.7	83.0	97.7	96.5	104.0	117.7	154.1	86.3	107.7	137.2	169.7
Cost of Goods Sold	115.5	81.4	68.6	83.2	82.0	88.4	100.1	132.6	72.6	88.0	125.5	151.3
Gross Profit	19.8	31.3	14.3	14.5	14.5	15.6	17.6	21.5	13.6	19.8	11.8	18.4
Financial Income	2.6	2.0	1.6	3.5	4.6	4.1	4.4	3.5	2.5	9.7	3.6	3.1
Financial Expenses	2.4	2.2	1.9	1.8	2.6	1.8	2.1	2.2	2.3	3.5	1.8	1.4
Interest Expense	2.2	2.1	1.9	1.8	2.2	1.9	1.9	2.2	1.6	1.4	1.0	1.0
Share of Associates and Joint Ventures	—	0.2	—	2.9	—	6.3	0.0	7.1	0.0	8.2	0.0	4.7
Selling Expenses	6.1	7.4	5.7	3.6	4.7	5.1	5.0	6.5	3.5	4.5	5.5	6.0
General and Administrative Expenses	6.7	8.4	5.7	6.9	5.2	7.8	5.5	6.3	6.1	8.3	4.7	6.9
Operating Profit	7.2	15.5	2.6	8.5	6.7	11.3	9.4	17.1	4.2	21.3	3.3	11.9
Other Income	0.2	0.1	2.9	1.4	0.3	32.4	0.9	0.6	0.1	0.3	1.1	0.6
Other Expenses	0.0	0.9	1.5	-2.5	2.7	0.1	0.3	0.0	0.1	0.0	0.0	-0.1
Other Profit	0.2	-0.9	1.4	4.0	-2.5	32.3	0.6	0.6	0.0	0.3	1.1	0.6
Profit Before Tax	7.4	14.6	4.1	12.4	4.3	43.6	10.0	17.7	4.3	21.6	4.4	12.5
Current Income Tax Expense	1.5	3.3	1.0	1.2	0.8	7.6	1.3	2.0	0.8	1.1	0.7	1.5
Deferred Income Tax Expense	—	0.0	-0.0	0.4	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Net Income	5.9	11.3	3.0	10.9	3.4	35.9	8.6	15.6	3.3	20.4	3.6	10.9
Non-controlling Interest	1.5	-0.0	1.4	2.5	0.6	-0.9	3.2	4.8	0.3	-0.2	0.7	1.2
Profit Attributable to Parent	4.5	11.3	1.6	8.4	2.8	36.7	5.4	10.8	3.0	20.7	2.9	9.8
Earnings per Share	162.00	410.00	58.00	304.00	102.00	1,336.00	195.00	393.00	110.00	751.00	104.00	355.00
Diluted EPS	162.42	409.89	58.36	304.18	101.97	1,336.18	194.84	392.54	109.82	751.39	104.09	355.00

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)	191.3	239.8	193.6	247.2	276.7	252.2	251.3	288.7	281.0	279.3	256.3	262.9
I. Cash and cash equivalents	29.6	8.9	10.6	64.8	34.3	13.1	11.5	42.4	24.0	25.5	39.7	77.2
1. Cash	29.6	6.4	9.6	64.8	32.1	12.7	11.4	41.5	21.9	22.6	38.7	76.1
2. Cash equivalents	—	2.5	1.0	—	2.2	0.4	0.1	0.9	2.1	2.9	1.1	1.1
II. Short-term financial investments	36.4	30.2	31.4	30.8	28.3	36.9	35.4	32.6	31.5	28.9	34.7	29.5
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	36.4	30.2	31.4	30.8	28.3	36.9	35.4	32.6	31.5	28.9	34.7	29.5
III. Short-term receivables	88.8	124.4	93.0	98.4	145.7	150.7	140.5	163.2	166.1	155.2	105.6	105.8
1. Short-term trade accounts receivable	15.1	42.9	16.3	10.5	51.0	36.9	26.8	27.1	23.1	28.9	8.8	13.7
2. Short-term prepayments to suppliers	27.7	27.6	23.9	31.4	36.3	33.5	31.0	43.0	52.5	56.6	32.1	35.8
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	38.5	47.2	47.2	47.2	47.9	39.7	65.5	76.0	73.8	37.6	48.0	40.8
6. Other short-term receivables	15.8	14.7	13.4	17.1	18.2	48.3	24.6	24.7	23.9	39.4	23.8	23.1
7. Provision for short-term doubtful debts (*)	-8.2	-8.0	-7.7	-7.9	-7.7	-7.7	-7.3	-7.5	-7.3	-7.3	-7.1	-7.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	28.1	69.1	53.8	49.5	64.9	47.8	59.4	48.2	54.2	61.2	65.5	37.9
1. Inventories	28.1	69.1	53.8	49.5	64.9	47.8	59.4	48.2	54.2	61.2	65.6	37.9
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	0.0
V. Other short-term assets	8.5	7.1	4.8	3.5	3.5	3.7	4.5	2.4	5.2	8.5	10.9	12.5
1. Short-term prepayments	1.8	0.7	0.7	0.8	1.1	0.4	0.5	0.7	0.7	0.5	0.2	1.1
2. Value added tax to be reclaimed	6.4	6.2	4.1	2.6	1.8	2.8	2.5	1.4	3.9	7.7	10.6	11.4
3. Taxes and other receivables from state authorities	0.3	0.2	0.1	0.1	0.7	0.5	1.4	0.3	0.6	0.3	0.1	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)	518.5	516.0	513.2	510.3	474.0	503.1	412.0	413.8	351.5	350.6	274.3	273.9
I. Long-term receivables	6.8	6.8	6.9	8.9	8.9	9.1	9.1	8.9	8.9	8.9	4.2	4.2
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	6.8	6.8	6.9	8.9	8.9	9.1	9.1	8.9	8.9	8.9	4.2	4.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	65.5	57.3	58.7	60.5	55.7	57.4	59.3	61.2	63.3	65.9	64.8	67.4
1. Tangible fixed assets	55.9	47.6	48.9	50.6	45.8	47.4	49.3	51.0	53.1	55.7	54.5	56.9
- Cost	205.2	—	—	—	—	187.6	187.6	187.5	187.5	187.5	183.7	183.5
- Accumulated depreciation	-149.3	—	—	—	—	-140.2	-138.3	-136.5	-134.4	-131.8	-129.2	-126.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.6	9.7	9.7	9.8	9.9	10.0	10.1	10.1	10.2	10.3	10.4	10.4
- Cost	13.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	29.3	29.7	30.0	30.4	30.1	30.4	30.8	31.1	31.5	31.8	32.2	28.8
- Cost	87.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-57.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	274.1	282.9	276.7	266.5	236.4	257.7	170.5	169.2	107.9	102.6	27.2	27.4
1. Long-term production in progress	273.0	272.7	268.6	264.3	234.8	255.5	168.5	167.4	106.2	99.9	24.5	23.6
2. Construction in progress	1.2	10.2	8.1	2.2	1.5	2.2	1.9	1.9	1.7	2.7	2.7	3.7
V. Long-term financial investments	129.4	125.4	127.1	130.4	130.1	135.1	129.2	131.1	127.5	128.2	132.3	132.3
1. Investments in subsidiaries	—	—	—	—	—	0.6	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	125.5	121.5	123.3	126.5	126.3	130.7	125.3	127.2	123.7	124.3	125.7	125.7
3. Investments in other entities	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
4. Provision for diminution in value of long-term investments	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-0.9	-0.9
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	13.4	14.0	13.8	13.7	12.9	13.4	13.1	12.3	12.4	13.2	13.6	13.9
1. Long-term prepayments	13.4	14.0	13.8	13.7	12.5	13.0	12.6	11.7	11.7	12.4	12.7	12.9
2. Deferred income tax assets	0.0	0.0	0.1	0.0	0.4	0.4	0.5	0.6	0.7	0.8	0.9	1.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	709.8	755.8	706.8	757.5	750.7	755.4	663.3	702.5	632.5	629.9	530.6	536.7
A. LIABILITIES (300=210+330)	249.0	304.6	269.1	292.2	297.7	298.8	267.7	313.6	260.3	247.0	219.5	228.6
I. Short -term liabilities	172.1	226.9	190.7	212.4	217.1	216.7	184.8	229.2	180.0	158.4	143.1	152.1
1. Short-term trade accounts payable	13.4	23.2	12.8	23.9	13.9	16.0	17.2	17.0	15.4	20.0	27.5	34.4
2. Short-term advances from customers	0.6	6.5	5.5	1.1	2.2	0.4	5.2	0.5	0.6	5.6	5.7	0.3
3. Taxes and other payables to state authorities	1.8	4.6	3.4	2.8	1.8	40.6	9.4	4.1	1.7	2.6	5.7	6.2
4. Payable to employees	2.4	5.7	3.0	2.6	3.1	12.7	6.9	7.1	5.6	8.8	5.3	5.7
5. Short-term acrrued expenses	3.9	6.6	4.1	8.9	11.7	2.1	2.0	17.6	8.6	2.9	1.7	3.4
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	6.6	7.2	7.3	7.4	7.2	7.4	7.3	7.2	11.5	7.1	5.8	7.3
9. Other short-term payables	10.6	7.4	10.2	8.5	11.9	9.8	10.8	9.8	14.4	1.8	10.3	9.9
10. Short-term borrowings and financial leases	129.8	164.6	143.1	155.3	160.4	126.9	124.2	163.8	118.4	108.5	79.6	83.3
11. Provision for short-term liabilities	1.7	—	—	—	3.4	0.0	0.0	0.0	1.8	0.0	0.0	0.0
12.. Bonus and welfare fund	1.3	1.1	1.3	1.7	1.5	0.8	1.8	2.2	2.1	1.1	1.6	1.7
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	76.9	77.8	78.5	79.8	80.6	82.1	82.9	84.4	80.3	88.6	76.3	76.5
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	71.9	72.8	73.5	74.8	75.6	76.9	77.7	79.0	74.9	74.7	70.5	70.9
7. Other long-term liabilities	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	13.1	4.9	4.9
8. Long-term borrowings and financial leases	—	—	—	—	0.1	0.2	0.3	0.5	0.5	0.8	0.9	0.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	460.8	451.2	437.7	465.3	453.0	456.6	395.6	388.9	372.2	382.9	311.1	308.2
I. Owner's equity	460.8	451.2	437.7	465.3	453.0	456.6	395.6	388.9	372.2	382.9	311.1	308.2
1. Owner's capital	275.0	275.0	275.0	275.0	275.0	275.0	275.0	275.0	275.0	275.0	275.0	275.0
- Common stock with voting right	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00	275,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-18.3	-18.9	-18.9	-20.9	-20.9	-21.1	-21.1	-21.1	-20.6	2.8	2.8	2.8
8. Investment and development fund	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0
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	75.2	64.7	53.4	83.9	78.8	76.4	40.6	36.9	28.8	14.2	-6.4	-8.3
- Accumulated retained earning at the end of the previous period	70.8	44.9	44.9	72.7	76.0	20.3	21.3	23.1	25.7	-25.1	-25.0	-24.0
- Undistributed earnings in this period	4.5	19.8	8.5	11.2	2.8	56.1	19.3	13.8	3.0	39.3	18.6	15.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	115.8	117.4	115.2	114.3	107.1	113.3	88.1	85.2	76.0	77.9	26.7	25.6
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	709.8	755.8	706.8	757.5	750.7	755.4	663.3	702.5	632.5	629.9	530.6	536.7

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	7.4	23.1	4.1	7.5	4.3	43.6	10.0	17.5	4.3	48.4	4.4	12.5
Depreciation of Fixed Assets and Investment Property	2.5	2.2	2.2	2.2	2.2	2.3	2.3	2.5	3.0	3.1	3.1	3.3
Provision (Increase)/Reversal	0.5	0.4	-0.1	-0.2	0.4	0.4	-0.2	-1.5	1.8	2.9	-0.5	-2.7
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	0.0	0.0	-0.0	0.0	-0.2	-0.0	0.2	0.4	-0.7	0.4
Gain/Loss from Investment Activities	-2.4	-11.0	-1.5	-4.2	-0.5	-41.2	2.4	-7.5	-3.8	-47.6	-1.1	-7.5
Interest Expense	2.4	1.7	2.3	1.8	2.2	1.9	1.9	2.2	1.6	1.4	1.0	1.0
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	10.3	16.6	7.0	7.1	8.6	6.9	16.1	13.2	7.1	8.5	6.2	6.9
Increase/(Decrease) in Receivables	24.0	-47.7	12.0	70.6	-14.7	-38.5	9.2	8.4	16.8	-44.9	8.4	-1.5
Increase/(Decrease) in Inventory	40.8	-19.5	-8.5	-14.6	4.1	-75.4	-12.4	-55.2	0.7	-71.0	-28.6	14.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-20.4	12.9	-12.9	-2.6	-26.9	22.2	-9.0	14.4	-0.8	1.6	-5.2	0.6
Increase/(Decrease) in Prepaid Expenses	-0.5	-0.2	0.1	-0.9	-0.2	-0.2	-0.8	0.0	0.5	0.0	2.0	-1.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.1	-1.7	-2.2	-1.9	-2.1	-1.9	-2.1	-2.0	-1.7	-1.4	-1.0	-1.0
Corporate Income Tax Paid	-4.1	-0.7	-1.0	-0.1	-7.8	-3.4	-0.1	-0.6	-1.5	-1.7	-1.7	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.5	-0.4	-0.3	-0.9	-1.8	-1.0	-0.6	-1.1	-2.0	-1.5	-0.1	-0.5
Net Cash Flow from Operating Activities	46.5	-40.8	-5.8	56.8	-40.9	-91.1	0.3	-22.9	19.1	-110.4	-20.0	17.5
Payments for Fixed Assets and Other Long-term Assets	-1.1	-3.1	0.1	-2.8	-1.5	2.7	3.5	-3.4	0.1	-3.8	-3.5	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	—	0.1	32.2	0.0	0.0	0.0	-0.4	0.4	0.2
Loans and Purchases of Debt Instruments	-3.1	-31.7	17.4	-18.5	—	-79.6	59.1	-59.4	-29.9	-14.9	-15.7	-29.9
Receipts from Loan Repayments and Sale of Debt Instruments	4.6	14.9	—	17.0	—	79.4	-28.0	28.0	18.8	31.4	3.3	27.3
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	7.3	13.2	-4.4	11.5	1.9	2.7	-0.7	0.6	9.3	3.6	1.1	13.4
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	7.6	10.2	-3.8	7.0	0.5	37.5	33.9	-34.3	-1.7	15.9	-14.4	11.0
Proceeds from Equity Issuance and Capital Contributions	1,781,000,000.00	—	—	—	—	26,332,727,000.00	0.00	3,765,000,000.00	2,520,863,857.00	51,404,695,984.00	377,286,000.00	91,000,000.00
Share Repurchases	-594,698,000.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	95.6	131.1	119.6	139.3	101.0	121.2	147.2	190.3	82.3	141.5	128.9	110.6
Repayment of Borrowings	-130.2	-109.6	-131.8	-143.9	-68.4	-118.6	-186.2	-144.9	-73.1	-112.1	-132.3	-79.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-27.5	0.0	-4.8	26.3	-26.3	26.3	-31.1	0.0	0.0	-30.6
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	-33.4	28.9	-44.7	-33.1	61.4	55.2	-65.4	75.5	-19.3	80.9	-3.1	0.8
Net Cash Flow During the Period	20.7	-1.7	-54.3	30.8	21.0	1.6	-31.1	18.4	-1.9	-13.6	-37.5	29.3
Cash and Cash Equivalents at Beginning of Period	8.9	10.6	64.8	34.3	13.1	25.9	25.9	25.9	25.9	56.8	56.8	56.8
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.2	0.0	0.2	-0.0	-0.0	-0.2	0.0	0.0
Cash and Cash Equivalents at End of Period	29.6	8.9	10.6	64.8	34.3	13.1	11.5	42.4	24.0	25.9	39.7	77.2

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PIS

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Cash Flow