PNC

Văn hóa Phương Nam ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 31.33%, −1.62pp YoY

Price

29,950

Latest close

28 May 2026

P/E 174.13x

P/B 1.78x

EPS 172

BVPS 16,847

ROE 1.0%

ROA 0.3%

Profit Margin 0.3%

Asset Turnover 1.05x

Equity Mult. 2.99x

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

What Is Changing

On a TTM 2026Q1 basis, PNC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 590bn
	                                
−5.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
−84.7%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    514.8%

Metric	2025	2024	2023	2022	2021
Revenue	595.2	614.5	653.3	710.6	286.5
Growth	-3%	-6%	-8%	+148%	—
Net Income	2.0	10.2	16.8	13.3	-20.7
Net Margin	0.34%	1.66%	2.57%	1.87%	-7.22%

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	141.3	138.2	166.7	144.1	146.3	157.0	182.1	140.7	134.6	139.5	185.1	159.0
Growth	+2%	-17%	+16%	-2%	-7%	-14%	+29%	+5%	-4%	-25%	+16%	—
Net Income	2.3	-2.3	2.9	-1.0	2.5	4.1	4.1	1.4	2.4	-4.8	6.9	6.1
Net Margin	1.63%	-1.69%	1.74%	-0.70%	1.70%	2.64%	2.26%	0.97%	1.79%	-3.41%	3.75%	3.82%

Drivers of PNC's profit

TTM

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

Other profit ↑ 12.2bn

Administrative expenses ↓ 4.2bn

Gross profit ↓ 26.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Other profit ↑ 6.0bn

Administrative expenses ↓ 0.9bn

Gross profit ↓ 4.2bn

Selling expenses ↑ 1.4bn

Financial income ↓ 1.3bn

Tax ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.5% = 1.9% × 1.11 × 3.01

2026Q1 1.0% = 0.3% × 1.05 × 2.99

ROE fell from 6.5% to 1.0% — all three components weakened, with asset turnover being the main drag.

Net margin: 0.3% -1.6pp Asset turnover: 1.05x -0.06x Leverage: 2.99x -0.02x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 0.31%, losing 1.6pp. The main pressure comes from Gross margin fell 2.0pp and SG&A / Revenue rose 1.8pp (in addition, Other profit / Revenue rose 2.1pp added support while Net financial result / Revenue fell 0.0pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 0.31% −1.6pp

Gross Margin 37.92% −2.0pp

SG&A / Revenue 42.62% +1.8pp

Non-core / Revenue 5.21% +2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources is supporting margin

Non-core sources accounts for 1017.1% of PBT and lifted net margin by 2.1pp — separate the operating contribution from this source.

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 -6.07%, losing 21.9pp. That translates to -6.07 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.6pp and capital turnover fell 5.30x, while invested capital expanded strongly by 51bn — 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 -6.07% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -6.07% −21.9pp

NOPAT Margin -1.12% −2.6pp

Capital Turnover 5.41x −5.30x

Average Invested Capital 109.2bn +50.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 1.96x equity, with a net cash position equivalent to 0.25x equity.

Inventory ended the period at 272.5bn, roughly 50.1% of total assets.

Over the last 12 months, working capital released 8.0bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +5.3bn

Inventories decreased → higher CFO: +31.3bn

Payables decreased → lower CFO: −28.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.9 days versus the same period last year. The main moves came from DIO rose 12.3 days, DSO fell 0.2 days, and DPO rose 18.0 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Inventory turnover is slowing

DIO increased by +12.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 18.1 days −0.2 days

Inventory 310.0 days +12.3 days

Payables 328.2 days +18.0 days

Cash Conversion Cycle -0.0 days −5.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 9.2bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.25x and interest coverage only at -33.29x.

At present, short-term debt accounts for 14.5% of total debt, cash equals 7761.4% of debt, and total debt stands at 0.6bn.

Watchpoints

Interest coverage is thin

Interest coverage is -33.29x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.25x +0.34x

Interest Coverage -33.29x −64.21x

Cash / Debt 7761.4% −7943.7pp

Short-term Debt / Total Debt 14.5% —

CFO / NI 2.44x +0.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 9.2bn in 2025, against investing cash flow of -97.8bn.

Post-investment cash flow was negative +88.6bn. Financing cash flow was negative +5.5bn.

CFO / net income was 2.44x.

After spending +13.3bn on fixed-asset investment, the business generated trailing free cash flow of −8.8bn.

Cash Conversion

CFO TTM 4.5bn −13.5bn

Cash Capex 13.3bn −29.2bn

FCF TTM −8.8bn +15.8bn

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 cash generation. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 1.6 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 15.8bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.44x. Even so, net financial result still accounts for 502.3% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 31.33% after a 1.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	601.2	621.1	660.7	717.7	289.7
Revenue Deductions	6.0	6.6	7.4	7.1	0.0
Net Revenue	595.2	614.5	653.3	710.6	286.5
Cost of Goods Sold	367.2	365.5	399.2	453.5	0.0
Gross Profit	228.0	249.0	254.1	257.1	110.2
Financial Income	16.9	17.3	21.3	8.8	9.3
Financial Expenses	0.4	0.3	0.4	0.0	-0.0
Interest Expense	0.1	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	217.7	220.2	219.5	216.8	-122.7
General and Administrative Expenses	33.3	33.6	33.4	28.7	-17.6
Operating Profit	-6.6	12.2	22.1	20.3	-20.8
Other Income	12.1	5.5	8.7	1.7	0.0
Other Expenses	2.5	3.9	7.6	4.3	0.0
Other Profit	9.5	1.6	1.1	-2.6	0.4
Profit Before Tax	3.0	13.8	23.2	17.7	-20.4
Current Income Tax Expense	0.9	3.5	6.2	4.3	-0.2
Deferred Income Tax Expense	0.0	0.1	0.2	0.2	0.0
Net Income	2.0	10.2	16.8	13.3	-20.7
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.0	10.2	16.8	13.3	-20.7
Earnings per Share	189.00	946.00	1,554.00	1,228.00	-1,916.00
Diluted EPS	189.00	946.00	1,519.89	1,228.00	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	481.4	518.3	494.5	504.6	443.2
I. Cash and cash equivalents	24.9	119.0	142.2	106.6	73.1
1. Cash	11.4	13.1	16.1	28.0	0.0
2. Cash equivalents	13.5	105.9	126.1	78.6	0.0
II. Short-term financial investments	135.5	50.0	45.9	25.6	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	135.5	50.0	45.9	25.6	0.0
III. Short-term receivables	39.4	49.0	54.6	97.0	69.1
1. Short-term trade accounts receivable	29.0	31.2	35.1	30.4	0.0
2. Short-term prepayments to suppliers	6.2	8.8	7.7	10.7	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	—	0.7	0.0	40.0	0.0
6. Other short-term receivables	13.6	17.3	20.7	24.6	0.0
7. Provision for short-term doubtful debts (*)	-10.6	-10.6	-9.9	-9.9	0.0
8. Assets awaiting resolution	1.3	1.6	1.0	1.2	0.0
IV. Inventories	272.5	293.3	247.6	271.4	231.9
1. Inventories	307.4	327.0	283.2	304.4	0.0
2. Provision for decline in value of inventories	-34.9	-33.7	-35.6	-32.9	0.0
V. Other short-term assets	9.1	7.0	4.3	4.0	6.9
1. Short-term prepayments	4.7	4.0	3.1	2.7	0.0
2. Value added tax to be reclaimed	4.3	2.9	1.2	1.2	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.0	0.2	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)	62.1	52.6	33.2	33.3	63.1
I. Long-term receivables	19.4	14.0	11.4	9.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	12.3
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	1.9	2.2	0.0
6. Other long-term receivables	19.4	14.0	9.5	7.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	31.2	29.9	13.7	19.5	44.6
1. Tangible fixed assets	30.1	28.4	11.9	17.1	43.8
- Cost	153.4	146.7	140.2	146.3	0.0
- Accumulated depreciation	-123.3	-118.3	-128.3	-129.2	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	1.1	1.5	1.8	2.5	0.7
- Cost	8.3	7.9	7.4	7.4	0.0
- Accumulated depreciation	-7.2	-6.4	-5.6	-5.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	4.2	4.2	4.2	4.2	0.0
- Accumulated depreciation	-4.2	-4.2	-4.2	-4.2	0.0
IV. Long-term assets in progress	6.7	2.2	4.5	0.2	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.7	2.2	4.5	0.2	0.0
V. Long-term financial investments	2.5	2.5	2.5	2.5	2.5
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	2.5	2.5	2.5	2.5	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	2.3	4.0	1.1	1.5	0.0
1. Long-term prepayments	2.1	3.7	0.8	0.9	0.0
2. Deferred income tax assets	0.2	0.2	0.3	0.5	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	3.6
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)	543.5	570.8	527.7	537.8	506.3
A. LIABILITIES (300=210+330)	359.8	383.8	345.5	372.4	338.7
I. Short -term liabilities	358.8	382.5	344.7	368.2	333.3
1. Short-term trade accounts payable	314.6	319.7	265.0	281.3	257.9
2. Short-term advances from customers	1.4	1.7	0.6	4.2	1.2
3. Taxes and other payables to state authorities	2.0	4.7	7.6	5.2	0.0
4. Payable to employees	16.3	26.9	31.2	24.4	0.0
5. Short-term acrrued expenses	12.2	12.2	13.4	23.6	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	—	1.8	3.3	2.3	1.7
9. Other short-term payables	12.3	15.6	23.6	27.1	0.0
10. Short-term borrowings and financial leases	0.1	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	1.0	1.2	0.8	4.2	5.4
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	0.5	0.5	0.8	4.2	0.0
8. Long-term borrowings and financial leases	0.5	0.7	0.0	0.0	0.0
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)	183.7	187.1	182.2	165.5	167.6
I. Owner's equity	183.7	187.1	182.2	165.5	0.0
1. Owner's capital	110.4	110.4	110.4	110.4	167.6
- Common stock with voting right	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	24.7	24.7	24.7	24.7	24.7
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	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	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	2.0	2.0	2.0	2.0	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	49.2	52.5	47.7	30.9	33.0
- Accumulated retained earning at the end of the previous period	47.1	42.3	30.9	17.7	27.4
- Undistributed earnings in this period	2.0	10.2	16.8	13.3	5.6
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)	543.5	570.8	527.7	537.8	506.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	3.0	13.8	23.2	17.7	0.0
Depreciation of Fixed Assets and Investment Property	12.3	11.1	12.5	13.4	0.0
Provision (Increase)/Reversal	1.6	-1.2	2.7	15.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-7.0	-6.7	-11.7	-4.9	0.0
Interest Expense	0.1	0.0	0.0	0.0	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	9.9	17.0	26.6	41.9	0.0
Increase/(Decrease) in Receivables	5.4	-0.6	0.5	15.4	0.0
Increase/(Decrease) in Inventory	19.2	-43.8	21.2	-32.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-22.4	40.5	-28.8	8.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	-3.8	-0.2	-0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.3	-5.9	-4.4	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	9.2	3.3	14.7	33.4	-76.2
Payments for Fixed Assets and Other Long-term Assets	-18.1	-25.7	-11.3	-4.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-202.5	-80.6	-233.5	-124.4	-0.3
Receipts from Loan Repayments and Sale of Debt Instruments	117.8	77.7	253.5	165.0	57.5
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	5.0	6.7	12.2	8.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-97.8	-21.9	20.9	45.1	59.4
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	6.6	0.8	0.0	0.0	0.0
Repayment of Borrowings	-6.7	-0.1	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5.4	-5.4	0.0	0.0	0.0
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	-5.5	-4.6	0.0	0.0	0.0
Net Cash Flow During the Period	-94.1	-23.2	35.6	78.5	0.0
Cash and Cash Equivalents at Beginning of Period	119.0	142.2	106.6	28.1	73.1
FX Difference from Revaluation	—	0.0	0.0	0.0	25.5
Cash and Cash Equivalents at End of Period	24.9	119.0	142.2	106.6	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	142.2	139.2	168.8	145.5	147.7	159.1	183.8	142.1	136.1	141.7	186.8	161.0
Revenue Deductions	0.9	1.1	2.1	1.4	1.4	2.1	1.7	1.4	1.5	2.2	1.7	2.1
Net Revenue	141.3	138.2	166.7	144.1	146.3	157.0	182.1	140.7	134.6	139.5	185.1	159.0
Cost of Goods Sold	88.6	86.2	102.9	88.7	89.5	89.0	111.6	85.7	78.0	78.3	118.6	99.8
Gross Profit	52.6	52.0	63.8	55.4	56.8	68.0	70.5	55.0	56.7	61.2	66.5	59.1
Financial Income	3.2	4.5	2.4	5.5	4.5	5.2	2.3	4.5	3.6	3.9	3.5	11.6
Financial Expenses	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.4
Interest Expense	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	51.1	56.6	54.6	57.9	49.6	61.5	57.8	50.8	49.0	50.3	56.1	55.0
General and Administrative Expenses	8.8	5.9	8.7	8.0	9.7	7.9	10.1	7.9	9.5	15.8	6.7	9.3
Operating Profit	-4.0	-6.0	2.9	-5.4	1.9	3.6	4.9	0.5	1.8	-1.0	7.2	6.0
Other Income	7.6	5.8	0.8	4.4	1.2	0.9	0.4	1.4	0.8	2.9	1.4	4.2
Other Expenses	0.5	2.0	0.2	0.3	0.1	0.1	0.1	0.1	0.1	7.0	0.4	0.2
Other Profit	7.1	3.8	0.6	4.1	1.1	0.7	0.3	1.3	0.7	-4.1	1.1	4.0
Profit Before Tax	3.0	-2.2	3.5	-1.3	3.0	4.4	5.1	1.8	2.5	-5.1	8.3	10.0
Current Income Tax Expense	0.6	0.1	0.6	0.1	0.4	0.2	1.0	0.5	0.0	-0.3	1.4	3.9
Deferred Income Tax Expense	0.1	—	0.0	-0.3	0.0	0.0	0.0	-0.0	0.1	0.0	-0.0	0.0
Net Income	2.3	-2.3	2.9	-1.0	2.5	4.1	4.1	1.4	2.4	-4.8	6.9	6.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.3	-2.3	2.9	-1.0	2.5	4.1	4.1	1.4	2.4	-4.8	6.9	6.1
Earnings per Share	213.00	-216.00	268.00	-93.00	231.00	383.00	382.00	127.00	223.00	-441.00	642.00	562.00
Diluted EPS	208.01	-211.36	261.95	-91.13	225.61	374.80	373.18	124.03	218.46	-431.50	628.02	550.06

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)	486.1	485.2	503.1	516.5	512.9	514.7	548.7	519.8	503.6	494.5	536.7	525.1
I. Cash and cash equivalents	46.4	24.9	59.0	134.8	112.1	119.0	131.2	119.6	146.6	142.2	40.6	19.9
1. Cash	10.2	11.4	20.3	87.6	19.0	13.1	22.7	12.8	14.9	16.1	19.2	19.6
2. Cash equivalents	36.2	13.5	38.7	47.2	93.1	105.9	108.5	106.8	131.7	126.1	21.4	0.3
II. Short-term financial investments	119.4	135.5	128.2	39.5	65.2	50.0	59.0	44.7	45.9	45.9	46.6	43.8
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	119.4	135.5	128.2	39.5	65.2	50.0	59.0	44.7	45.9	45.9	46.6	43.8
III. Short-term receivables	44.2	43.3	36.8	41.9	41.1	45.0	44.4	56.4	50.1	54.6	173.3	173.1
1. Short-term trade accounts receivable	30.4	31.6	28.4	28.9	28.3	31.4	30.6	32.1	34.8	35.1	37.1	33.7
2. Short-term prepayments to suppliers	9.5	9.2	5.2	7.1	7.7	12.4	13.1	10.3	11.2	7.7	11.3	4.9
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	—	—	—	0.4	0.7	0.7	0.0	0.0	0.0	0.0	122.2	120.0
6. Other short-term receivables	12.6	11.8	12.3	14.6	13.0	9.5	9.5	22.5	13.0	20.7	11.0	23.0
7. Provision for short-term doubtful debts (*)	-10.6	-10.6	-10.6	-10.6	-10.6	-10.6	-9.9	-9.9	-9.9	-9.9	-9.9	-9.9
8. Assets awaiting resolution	2.4	1.3	1.7	1.5	2.0	1.6	1.1	1.5	1.1	1.0	1.5	1.3
IV. Inventories	269.7	272.5	272.0	292.4	287.1	293.3	306.4	292.1	256.9	247.6	272.1	283.1
1. Inventories	301.5	307.4	306.5	326.9	320.8	327.0	343.5	329.2	292.5	283.2	310.0	318.0
2. Provision for decline in value of inventories	-31.7	-34.9	-34.5	-34.5	-33.7	-33.7	-37.1	-37.1	-35.6	-35.6	-38.0	-34.9
V. Other short-term assets	6.4	9.1	7.1	7.9	7.3	7.4	7.7	7.0	4.1	4.3	4.1	5.3
1. Short-term prepayments	2.6	4.7	3.4	3.6	3.5	4.0	3.6	3.4	2.6	3.1	2.9	3.5
2. Value added tax to be reclaimed	3.7	4.3	3.7	4.3	3.8	3.4	4.0	3.6	1.5	1.2	1.2	1.7
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	60.8	61.3	54.7	53.7	63.6	60.4	60.9	43.8	46.2	33.2	39.9	34.2
I. Long-term receivables	19.6	18.6	13.8	12.9	21.3	21.8	22.4	9.4	22.2	11.4	19.1	11.4
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	1.0	1.2	1.5	1.9	0.0	2.2
6. Other long-term receivables	19.6	18.6	13.8	12.9	21.3	21.8	21.3	8.1	20.6	9.5	19.1	9.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	28.9	31.2	31.8	34.3	32.9	29.9	21.2	23.6	12.9	13.7	16.5	16.4
1. Tangible fixed assets	28.0	30.1	30.5	32.8	31.6	28.4	19.7	21.9	11.0	11.9	14.6	14.3
- Cost	153.3	—	—	—	—	146.7	155.5	155.2	141.6	140.2	151.6	148.6
- Accumulated depreciation	-125.3	—	—	—	—	-118.3	-135.8	-133.3	-130.6	-128.3	-137.0	-134.3
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	0.9	1.1	1.3	1.5	1.3	1.5	1.5	1.6	1.8	1.8	1.9	2.1
- Cost	8.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.4	—	—	—	—	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	4.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.9	6.7	4.2	1.3	3.2	2.2	11.7	5.0	7.7	4.5	0.5	2.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.9	6.7	4.2	1.3	3.2	2.2	11.7	5.0	7.7	4.5	0.5	2.4
V. Long-term financial investments	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
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	1.9	2.3	2.4	2.8	3.7	4.0	3.1	3.4	1.0	1.1	1.3	1.4
1. Long-term prepayments	1.8	2.1	2.2	2.6	3.5	3.7	2.9	3.1	0.8	0.8	0.9	1.0
2. Deferred income tax assets	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.4	0.4
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)	546.9	546.6	557.8	570.2	576.5	575.1	609.6	563.6	549.9	527.7	576.6	559.3
A. LIABILITIES (300=210+330)	360.9	362.9	366.3	381.7	386.9	387.3	420.4	377.5	365.2	350.5	394.6	384.2
I. Short -term liabilities	359.9	361.8	365.2	380.4	385.6	385.9	419.1	376.1	363.6	349.7	390.4	380.1
1. Short-term trade accounts payable	321.3	317.8	320.9	337.2	337.5	323.5	347.4	313.5	301.5	265.3	293.4	284.4
2. Short-term advances from customers	0.6	0.4	0.6	0.8	0.4	1.9	2.7	2.8	0.5	0.6	0.5	2.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.1	2.0	2.2	1.7	2.5	4.4	3.6	1.2	1.1	6.4	7.1	5.0
4. Payable to employees	10.2	16.3	13.5	11.7	14.8	26.9	24.9	21.6	20.0	31.2	31.2	24.3
5. Short-term acrrued expenses	12.6	12.2	13.3	13.6	13.5	12.2	15.5	14.3	12.5	13.4	18.4	22.6
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	—	0.9	1.1	1.2	1.4	1.8	3.3	2.6	3.3	3.3	3.8	4.6
9. Other short-term payables	13.9	12.0	13.6	14.3	15.6	15.3	21.7	20.0	24.6	23.4	36.1	37.0
10. Short-term borrowings and financial leases	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	6.2	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	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
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.0	1.1	1.2	1.3	1.3	1.3	1.4	1.5	1.6	0.8	4.2	4.1
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	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.7	0.8	0.8	4.2	0.0
8. Long-term borrowings and financial leases	0.5	0.6	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.0	0.0	4.1
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)	186.0	183.7	191.4	188.5	189.5	187.9	189.1	186.0	184.7	177.2	182.0	175.1
I. Owner's equity	186.0	183.7	191.4	188.5	189.5	187.9	189.1	186.0	184.7	177.2	182.0	175.1
1. Owner's capital	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4	110.4
- Common stock with voting right	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00	110,402,410,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7
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	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00	-2,616,000,640.00
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	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	51.5	49.2	56.9	54.0	55.0	53.3	54.6	51.5	50.1	42.7	47.5	40.6
- Accumulated retained earning at the end of the previous period	49.2	47.1	52.5	52.5	52.5	42.3	47.7	47.7	47.7	30.9	30.9	30.9
- Undistributed earnings in this period	2.3	2.0	4.4	1.5	2.5	11.0	6.9	3.8	2.4	11.8	16.5	9.6
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	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	546.9	546.6	557.8	570.2	576.5	575.1	609.6	563.6	549.9	527.7	576.6	559.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	3.0	-2.2	3.5	-1.3	3.0	4.4	5.1	1.9	2.4	1.2	8.3	10.0
Depreciation of Fixed Assets and Investment Property	2.2	5.0	1.3	3.2	2.8	10.1	2.7	2.8	2.4	4.1	1.8	9.1
Provision (Increase)/Reversal	-3.2	0.8	0.0	0.8	—	0.9	0.0	1.4	0.0	2.7	-2.0	2.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.2	5.4	-9.5	-2.9	—	8.7	0.1	-2.9	0.0	5.7	-11.5	-6.1
Interest Expense	0.0	0.0	0.0	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-1.1	9.1	-4.7	-0.2	5.8	24.2	7.9	3.3	4.8	13.6	-3.4	15.0
Increase/(Decrease) in Receivables	-4.3	-1.9	-2.2	13.6	-4.1	-13.4	-1.6	4.1	-6.9	15.5	-17.2	7.4
Increase/(Decrease) in Inventory	6.0	-1.4	20.4	6.3	-6.2	9.5	-14.4	-36.6	-9.3	26.9	8.0	-5.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.5	-6.5	-14.1	-9.5	7.7	-27.9	40.9	18.0	18.9	-45.8	4.7	-18.2
Increase/(Decrease) in Prepaid Expenses	2.4	-1.6	0.5	3.4	-1.9	-0.8	-0.0	-3.1	0.5	-0.0	0.7	-7.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.0	-0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.1	0.2	-0.2	-6.9	3.6	5.9	0.0	-5.9	0.0	0.1	0.0	-0.9
Other Operating Receipts	—	—	—	—	—	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
Net Cash Flow from Operating Activities	3.3	-2.0	-0.3	3.5	8.1	-2.5	32.8	-20.3	8.0	10.3	-7.3	-9.1
Payments for Fixed Assets and Other Long-term Assets	-1.0	-55.9	47.3	-3.6	-5.8	-18.7	-7.0	-11.1	-4.8	-5.8	0.0	-6.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	16.1	-13.9	-111.8	-64.1	-12.8	42.2	-14.1	-30.0	0.0	-151.3	146.0	-133.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	50.6	-20.1	84.9	2.4	-30.7	0.0	31.5	0.4	253.5	-130.0	130.0
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	3.2	-7.4	9.5	1.6	1.3	3.0	0.0	2.9	0.0	-5.2	12.0	5.4
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	18.2	-26.6	-75.1	18.8	-14.9	-4.2	-21.1	-6.7	-4.4	91.3	27.9	-5.2
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	—	6.6	—	—	—	0.0	0.0	0.0	0.8	0.0	0.0	0.0
Repayment of Borrowings	-0.0	-6.6	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-5.4	—	—	—	-5.4	0.0	0.0	0.0	0.0	0.0	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	-0.0	-5.5	-0.0	-0.0	-0.0	-5.4	-0.0	-0.0	0.8	0.0	0.0	0.0
Net Cash Flow During the Period	21.5	-34.1	-75.4	22.2	-6.9	-12.2	11.6	-27.0	4.4	101.6	20.7	-14.3
Cash and Cash Equivalents at Beginning of Period	24.9	59.0	134.4	112.1	119.0	142.2	142.2	142.2	142.2	106.6	106.6	106.6
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	46.4	24.9	59.0	134.4	112.1	119.0	131.2	119.6	146.6	142.2	40.6	19.9

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PNC

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