PVB

Bọc ống Dầu khí Việt Nam ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.35%, +9.17pp YoY

Price

25,100

Latest close

12 Jun 2026

P/E 7.15x

P/B 1.19x

EPS 3,512

BVPS 21,020

ROE 18.1%

ROA 7.0%

Profit Margin 7.3%

Asset Turnover 0.96x

Equity Mult. 2.57x

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

What Is Changing

On a TTM 2026Q1 basis, PVB is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,032bn
	                                
+316.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 76bn
	                                
+1781.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -6.22x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	831.6	265.2	244.5	34.4	38.8
Growth	+214%	+8%	+611%	-11%	—
Net Income	61.4	14.5	3.4	-13.0	0.3
Net Margin	7.39%	5.48%	1.38%	-37.78%	0.86%

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	309.4	222.2	268.8	231.8	105.6	56.4	21.6	64.0	123.2	149.7	41.8	52.3
Growth	+39%	-17%	+16%	+119%	+87%	+161%	-66%	-48%	-18%	+258%	-20%	—
Net Income	19.4	10.1	26.7	19.7	4.0	-7.1	-6.6	5.2	20.5	11.0	-2.8	1.3
Net Margin	6.28%	4.53%	9.93%	8.48%	3.81%	-12.51%	-30.68%	8.05%	16.65%	7.35%	-6.75%	2.51%

Drivers of PVB's profit

TTM

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

Gross profit ↑ 144.0bn

Tax ↑ 26.4bn

Finance costs ↑ 24.5bn

Administrative expenses ↑ 16.1bn

TTM

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

Gross profit ↑ 32.8bn

Financial income ↑ 2.0bn

Administrative expenses ↓ 1.9bn

Finance costs ↑ 10.1bn

Tax ↑ 3.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -1.2% = -1.8% × 0.47 × 1.37

2026Q1 18.1% = 7.3% × 0.96 × 2.57

ROE rose from -1.2% to 18.1% — all three components improved, with leverage contributing the most.

Net margin: 7.3% +9.2pp Asset turnover: 0.96x +0.49x Leverage: 2.57x +1.20x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 7.35%, rising 9.2pp. The main driver is Gross margin rose 10.5pp and SG&A / Revenue fell 6.1pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 3.7pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 7.35% +9.2pp

Gross Margin 15.05% +10.5pp

SG&A / Revenue 4.83% −6.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for oil & gas services should be read alongside backlog and upstream investment cycles — ROIC of 10.2% fluctuates with project acceptance timing.

Is capital being deployed efficiently?

ROIC expanded to 10.18%, rising 11.2pp. That translates to 10.18 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 8.5pp and capital turnover rose 0.82x, while invested capital expanded strongly by 323bn — capital-return quality improved from both sides.

For oil & gas services, ROIC moves with backlog and acceptance timing — this is a reference signal, not a stable profitability baseline.

CAPITAL EFFICIENCY TREND

ROIC 10.18% +11.2pp

NOPAT Margin 6.95% +8.5pp

Capital Turnover 1.46x +0.82x

Average Invested Capital 705.2bn +322.9bn

Balance Sheet

ROIC for oil & gas services swings with project backlog and upstream investment cycles — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 1.67x equity, net debt at 1.22x equity.

Inventory ended the period at 288.6bn, roughly 24.6% of total assets.

Over the last 12 months, working capital absorbed 587.3bn 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: −498.7bn

Inventories increased → lower CFO: −365.2bn

Payables increased → higher CFO: +276.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 133.4 days versus the same period last year. The main moves came from DIO fell 69.1 days, DSO fell 59.6 days, and DPO rose 4.7 days.

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

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 144.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 63.6 days −59.6 days

Inventory 129.9 days −69.1 days

Payables 49.2 days +4.7 days

Cash Conversion Cycle 144.3 days −133.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 481.9bn due to capex of 9.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.22x and interest coverage only at 3.62x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 17.8% of debt, and total debt stands at 675.8bn.

Leverage for oil-services names should be read alongside project backlog, milestone timing, and working-capital swings.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.22x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 1.22x +1.18x

Interest Coverage 3.62x +13.68x

Cash / Debt 17.8% −53.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -6.22x −6.95x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -257.7bn in 2025, against investing cash flow of 29.7bn.

Post-investment cash flow was negative +228.0bn. Financing cash flow was positive +401.3bn.

CFO / net income was -6.22x.

After spending +9.8bn on fixed-asset investment, the business generated trailing free cash flow of −481.9bn.

For oil & gas services, FCF swings with project backlog, milestone timing, and upstream operator investment cycles.

Cash Conversion

CFO TTM 472.1bn −468.8bn

Cash Capex 9.8bn −4.4bn

FCF TTM −481.9bn −464.5bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 9.2 pp. The next item to monitor is capital efficiency, with ROIC at 10.2%. The main risk still sits in leverage and liquidity, with interest coverage at 3.62x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.35% after expanding 9.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.22x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	831.6	265.2	244.5	34.4	38.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	831.6	265.2	244.5	34.4	38.8
Cost of Goods Sold	705.9	231.4	226.3	61.2	0.0
Gross Profit	125.7	33.7	18.2	-26.9	-18.3
Financial Income	7.0	6.4	10.8	9.6	11.1
Financial Expenses	15.3	1.5	1.5	0.4	-0.0
Interest Expense	14.6	1.2	1.4	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	44.9	25.6	24.4	25.2	-22.1
Operating Profit	72.5	13.1	3.0	-42.9	-29.4
Other Income	5.5	0.5	1.6	34.5	0.0
Other Expenses	1.9	0.2	0.4	1.4	0.0
Other Profit	3.6	0.3	1.1	33.1	30.0
Profit Before Tax	76.1	13.4	4.2	-9.8	0.6
Current Income Tax Expense	15.4	0.0	0.0	2.7	-0.3
Deferred Income Tax Expense	-0.7	-1.2	0.8	0.4	0.0
Net Income	61.4	14.5	3.4	-13.0	0.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	61.4	14.5	3.4	-13.0	0.3
Earnings per Share	2,843.00	673.00	156.00	-601.00	16.00
Diluted EPS	2,843.27	673.00	156.00	-601.00	15.52

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,111.7	414.5	462.9	361.6	405.9
I. Cash and cash equivalents	184.9	11.7	34.5	26.5	25.4
1. Cash	184.9	11.7	34.5	26.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	169.5	210.0	80.0	160.0	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	169.5	210.0	80.0	160.0	0.0
III. Short-term receivables	454.9	78.4	215.3	23.7	35.9
1. Short-term trade accounts receivable	421.9	62.1	212.1	29.4	0.0
2. Short-term prepayments to suppliers	20.2	18.0	7.0	0.1	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	20.9	3.8	1.8	2.3	0.0
7. Provision for short-term doubtful debts (*)	-8.0	-5.5	-5.7	-8.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	288.6	100.7	117.0	122.3	127.6
1. Inventories	313.9	116.3	132.9	141.5	0.0
2. Provision for decline in value of inventories	-25.3	-15.6	-15.9	-19.1	0.0
V. Other short-term assets	13.8	13.7	16.2	29.1	26.9
1. Short-term prepayments	0.6	0.8	3.2	0.8	0.0
2. Value added tax to be reclaimed	12.8	0.0	0.0	1.7	0.0
3. Taxes and other receivables from state authorities	0.4	13.0	13.0	26.5	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)	60.5	39.4	35.1	38.5	46.4
I. Long-term receivables	6.0	0.0	0.0	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	6.0	0.0	0.0	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	33.9	27.7	29.4	34.2	41.7
1. Tangible fixed assets	33.8	27.7	29.4	33.9	40.8
- Cost	624.5	609.7	605.3	602.8	0.0
- Accumulated depreciation	-590.7	-582.0	-575.9	-568.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.0	0.0	0.4	0.9
- Cost	3.2	3.1	3.1	3.1	0.0
- Accumulated depreciation	-3.2	-3.1	-3.1	-2.8	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	0.5	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	20.1	11.7	5.7	4.1	0.0
1. Long-term prepayments	15.0	7.3	2.5	0.1	0.0
2. Deferred income tax assets	5.1	4.3	3.2	4.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.6
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)	1,172.2	454.0	498.0	400.0	452.3
A. LIABILITIES (300=210+330)	733.4	72.2	128.6	33.9	72.8
I. Short -term liabilities	707.2	68.8	123.6	33.8	71.8
1. Short-term trade accounts payable	67.1	43.2	24.2	4.2	6.0
2. Short-term advances from customers	204.0	0.0	0.6	0.2	0.7
3. Taxes and other payables to state authorities	3.0	1.4	1.6	18.3	0.0
4. Payable to employees	18.8	7.0	6.4	6.5	0.0
5. Short-term acrrued expenses	4.8	8.0	2.8	0.2	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	0.3	0.3	0.3	0.3	0.1
9. Other short-term payables	4.0	2.5	2.1	2.4	0.0
10. Short-term borrowings and financial leases	401.3	0.0	85.4	0.0	0.0
11. Provision for short-term liabilities	3.5	5.2	0.2	1.0	0.0
12.. Bonus and welfare fund	0.4	1.1	0.0	0.7	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	26.2	3.4	5.0	0.2	1.1
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	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	26.2	3.4	5.0	0.2	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)	438.8	381.8	369.4	366.1	379.4
I. Owner's equity	438.8	381.8	369.4	366.1	0.0
1. Owner's capital	216.0	216.0	216.0	216.0	379.4
- Common stock with voting right	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	9.8	9.8	9.8	9.8	9.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	2.2	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	27.0	14.7	16.9	16.9	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	185.9	139.1	126.7	123.4	136.7
- Accumulated retained earning at the end of the previous period	124.5	124.5	123.3	136.4	136.4
- Undistributed earnings in this period	61.4	14.5	3.4	-13.0	0.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,172.2	454.0	498.0	400.0	452.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	76.1	13.4	4.2	-9.8	0.6
Depreciation of Fixed Assets and Investment Property	8.7	6.1	7.3	7.6	11.4
Provision (Increase)/Reversal	33.3	2.9	-1.7	-31.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.2	-0.3	0.3	0.0
Gain/Loss from Investment Activities	-5.6	-6.2	-10.4	-9.4	0.0
Interest Expense	14.6	1.2	1.4	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	127.0	17.6	0.5	-42.6	-18.1
Increase/(Decrease) in Receivables	-387.8	139.4	-175.7	8.4	0.0
Increase/(Decrease) in Inventory	-197.6	16.6	8.6	6.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	227.2	25.0	8.7	-5.8	0.0
Increase/(Decrease) in Prepaid Expenses	-7.5	-2.4	-4.7	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-14.0	-1.6	-1.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	-2.7	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.0	-1.1	-0.7	-5.1	0.0
Net Cash Flow from Operating Activities	-257.7	193.4	-167.0	-38.9	70.8
Payments for Fixed Assets and Other Long-term Assets	-18.9	-4.4	-0.9	-0.2	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-89.5	0.0	-80.0	-120.0	-205.0
Receipts from Loan Repayments and Sale of Debt Instruments	130.0	0.0	160.0	150.0	99.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	8.1	4.3	10.4	10.2	0.0
Increase/(Decrease) in Term Deposits	—	-130.0	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	29.7	-130.2	89.5	40.0	-96.8
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	602.4	66.2	100.2	0.0	0.0
Repayment of Borrowings	-201.1	-151.7	-14.8	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.8	0.0	0.0	-21.4
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	401.3	-86.2	85.4	0.0	-21.4
Net Cash Flow During the Period	173.2	-22.9	7.9	1.1	2.1
Cash and Cash Equivalents at Beginning of Period	11.7	34.5	26.5	25.4	72.8
FX Difference from Revaluation	-0.0	0.1	0.1	-0.1	0.0
Cash and Cash Equivalents at End of Period	184.9	11.7	34.5	26.5	25.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	309.4	222.2	268.8	231.8	105.6	56.4	21.6	64.0	123.2	149.7	41.8	52.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	309.4	222.2	268.8	231.8	105.6	56.4	21.6	64.0	123.2	149.7	41.8	52.3
Cost of Goods Sold	264.0	192.8	223.2	196.9	93.0	62.7	28.3	52.2	89.4	130.4	40.9	49.0
Gross Profit	45.4	29.4	45.6	34.9	12.6	-6.3	-6.7	11.8	33.8	19.3	0.9	3.3
Financial Income	3.5	1.8	4.8	1.9	1.5	2.4	2.2	0.9	1.0	2.0	2.8	3.0
Financial Expenses	10.4	7.2	5.6	2.3	0.3	0.3	0.1	0.3	0.9	1.4	0.2	0.0
Interest Expense	9.3	7.2	5.1	2.2	0.1	0.0	0.1	0.3	0.9	1.3	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	6.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	7.5	12.1	11.4	12.0	9.4	6.8	4.7	6.1	8.4	6.7	6.7	5.7
Operating Profit	24.3	12.0	33.3	22.5	4.5	-11.0	-9.4	6.3	25.6	13.2	-3.2	0.5
Other Income	0.0	2.9	0.0	2.0	0.5	0.2	0.0	0.1	0.1	0.2	0.3	0.8
Other Expenses	—	1.9	—	0.0	0.0	0.2	0.0	0.0	0.0	0.4	0.0	0.0
Other Profit	0.0	1.0	0.0	2.0	0.5	0.0	0.0	0.1	0.1	-0.2	0.3	0.8
Profit Before Tax	24.3	13.1	33.4	24.6	5.0	-11.0	-9.4	6.4	25.6	13.0	-2.8	1.3
Current Income Tax Expense	4.9	4.6	6.7	4.9	1.0	-4.9	-2.8	1.3	5.1	0.0	0.0	0.0
Deferred Income Tax Expense	—	-1.7	—	—	—	0.9	0.0	0.0	0.0	2.0	0.0	0.0
Net Income	19.4	10.1	26.7	19.7	4.0	-7.1	-6.6	5.2	20.5	11.0	-2.8	1.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	19.4	10.1	26.7	19.7	4.0	-7.1	-6.6	5.2	20.5	11.0	-2.8	1.3
Earnings per Share	900.00	466.00	1,236.00	910.00	186.00	-327.00	-307.00	238.00	950.00	510.00	-131.00	61.00
Diluted EPS	899.67	466.33	1,236.13	909.84	186.22	-326.52	-306.99	238.43	949.71	509.51	-130.67	60.90

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)	1,511.8	1,052.8	926.3	697.8	534.9	398.2	397.1	409.4	446.7	462.9	379.5	359.4
I. Cash and cash equivalents	120.3	184.9	49.6	33.4	37.8	11.7	53.1	167.1	30.0	34.5	19.2	43.7
1. Cash	120.3	184.9	49.6	33.4	37.8	11.7	53.1	167.1	30.0	34.5	19.2	43.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	177.3	169.5	128.5	110.0	110.0	210.0	200.0	80.0	80.0	80.0	120.0	100.0
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	177.3	169.5	128.5	110.0	110.0	210.0	200.0	80.0	80.0	80.0	120.0	100.0
III. Short-term receivables	684.4	405.7	384.9	299.6	242.6	62.1	41.8	63.9	211.7	215.3	94.7	68.6
1. Short-term trade accounts receivable	303.5	220.0	40.0	67.4	56.0	62.1	14.5	58.2	111.1	77.1	38.9	48.4
2. Short-term prepayments to suppliers	48.3	21.0	11.3	10.6	59.3	1.6	20.2	4.2	25.2	7.0	22.0	6.5
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	340.6	172.7	341.2	229.3	132.8	3.8	12.5	7.1	81.0	136.9	40.1	21.8
7. Provision for short-term doubtful debts (*)	-8.0	-8.0	-7.7	-7.7	-5.5	-5.5	-5.5	-5.6	-5.7	-5.7	-6.3	-8.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	469.4	268.9	312.2	212.9	113.9	100.7	91.0	89.3	112.3	117.0	115.2	116.5
1. Inventories	494.8	292.8	327.8	228.5	129.5	116.3	106.9	105.2	128.2	132.9	132.5	133.9
2. Provision for decline in value of inventories	-25.3	-23.9	-15.6	-15.6	-15.6	-15.6	-15.9	-15.9	-15.9	-15.9	-17.3	-17.3
V. Other short-term assets	60.3	23.8	51.1	41.9	30.7	13.7	11.2	9.2	12.7	16.2	30.4	30.7
1. Short-term prepayments	5.7	10.6	5.3	6.6	4.1	0.8	2.0	2.6	4.0	3.2	1.7	1.9
2. Value added tax to be reclaimed	54.2	12.8	42.8	28.2	14.6	0.0	1.1	0.0	0.9	0.0	2.1	2.1
3. Taxes and other receivables from state authorities	0.4	0.4	2.9	7.1	12.0	13.0	8.1	6.6	7.8	13.0	26.5	26.7
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	64.9	64.9	46.8	49.2	46.9	38.2	32.0	31.9	33.3	35.1	34.0	34.7
I. Long-term receivables	6.0	20.6	2.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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	6.0	20.6	2.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	32.3	33.9	34.7	37.0	35.5	27.7	24.9	26.4	27.9	29.4	28.6	30.5
1. Tangible fixed assets	32.2	33.8	34.7	36.9	35.5	27.7	24.9	26.4	27.9	29.4	28.6	30.3
- Cost	625.2	—	—	—	—	609.7	605.3	605.3	605.3	605.3	602.8	602.8
- Accumulated depreciation	-593.0	—	—	—	—	-582.0	-580.4	-578.9	-577.4	-575.9	-574.3	-572.5
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	0.1	0.1	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
- Cost	3.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.2	—	—	—	—	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	0.6	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.6	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	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	26.0	10.0	9.6	12.2	11.4	10.5	7.1	5.5	5.4	5.7	5.3	4.2
1. Long-term prepayments	20.9	5.2	6.5	7.8	7.0	7.3	3.0	2.3	2.2	2.5	0.2	0.2
2. Deferred income tax assets	5.1	4.8	3.1	4.3	4.3	3.1	4.1	3.2	3.2	3.2	5.1	4.0
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)	1,576.7	1,117.7	973.1	746.9	581.8	436.4	429.1	441.4	480.0	498.0	413.4	394.2
A. LIABILITIES (300=210+330)	1,122.7	678.5	544.0	345.9	196.0	55.9	41.5	48.5	90.0	128.6	55.0	34.0
I. Short -term liabilities	1,087.2	652.3	524.8	335.4	191.1	52.5	35.3	40.0	82.6	123.6	52.9	32.3
1. Short-term trade accounts payable	187.3	48.4	53.5	73.9	49.0	26.9	4.0	6.8	8.5	24.2	5.0	12.5
2. Short-term advances from customers	185.8	168.6	22.4	29.6	64.3	0.0	0.8	5.2	0.6	0.6	0.7	0.7
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.8	2.2	0.2	0.1	0.1	1.4	0.1	4.4	0.2	1.6	13.6	13.6
4. Payable to employees	11.4	18.8	18.8	11.7	10.0	7.0	7.2	10.6	10.7	6.4	4.5	2.4
5. Short-term acrrued expenses	13.7	4.8	14.4	4.8	4.9	8.1	2.4	8.5	56.9	2.8	6.3	0.2
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	0.3	0.3	0.0	0.3	0.0	0.3	0.3	0.0	0.1	0.3	0.1	0.3
9. Other short-term payables	3.2	4.0	2.5	2.6	2.7	2.5	1.4	1.4	1.5	2.1	2.4	2.2
10. Short-term borrowings and financial leases	675.8	401.3	406.0	203.5	52.8	0.0	15.5	0.0	3.9	85.4	20.0	0.0
11. Provision for short-term liabilities	1.0	3.5	6.1	6.2	7.1	5.2	2.4	0.2	0.1	0.2	0.3	0.4
12.. Bonus and welfare fund	3.7	0.4	0.9	2.8	0.2	1.1	1.3	2.9	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	35.4	26.2	19.2	10.5	4.9	3.4	6.1	8.4	7.4	5.0	2.2	1.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	35.4	26.2	19.2	10.5	4.9	3.4	6.1	8.4	7.4	5.0	2.2	1.7
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)	454.0	439.2	429.1	401.1	385.8	380.5	387.6	392.9	389.9	369.4	358.4	360.2
I. Owner's equity	454.0	439.2	429.1	401.1	385.8	380.5	387.6	392.9	389.9	369.4	358.4	360.2
1. Owner's capital	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0	216.0
- Common stock with voting right	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00	215,999,980,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	2.2	2.2	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	27.0	27.0	27.0	27.0	14.7	14.7	16.9	16.9	16.9	16.9	16.9	16.9
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	201.2	186.3	176.2	148.2	143.1	137.8	144.9	150.2	147.2	126.7	115.7	117.5
- Accumulated retained earning at the end of the previous period	181.7	124.5	124.5	124.5	139.1	124.5	124.5	124.5	126.7	123.3	123.3	123.3
- Undistributed earnings in this period	19.4	61.8	51.7	23.7	4.0	13.3	20.3	25.7	20.5	3.4	-7.6	-5.8
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)	1,576.7	1,117.7	973.1	746.9	581.8	436.4	429.1	441.4	480.0	498.0	413.4	394.2

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
Profit Before Tax	24.3	13.1	33.4	24.6	5.0	-11.0	-9.4	8.1	25.6	13.0	-2.8	1.2
Depreciation of Fixed Assets and Investment Property	2.3	2.3	2.3	2.2	2.0	1.6	1.5	1.5	1.5	1.7	1.8	1.9
Provision (Increase)/Reversal	6.7	14.3	8.7	6.8	3.5	2.9	-3.4	1.1	2.3	0.7	-1.7	-0.7
FX Gain/Loss from Revaluation of Monetary Items	-1.1	0.7	-3.7	3.0	-0.1	-3.5	3.1	0.1	0.0	-0.3	-0.0	0.0
Gain/Loss from Investment Activities	-0.2	-1.4	-1.6	-1.2	-1.4	-6.2	1.8	-0.8	-0.9	-1.9	-2.4	-2.9
Interest Expense	9.3	7.2	5.1	2.2	0.1	5.3	-5.2	0.3	0.9	1.3	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	—	—	—	—	—	-1.2	1.2	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	41.3	36.2	44.2	37.5	9.1	-12.2	-10.3	10.2	29.4	14.5	-5.1	-0.5
Increase/(Decrease) in Receivables	-307.5	-26.2	-80.8	-84.2	-196.6	-22.2	19.5	151.6	6.8	-109.1	-23.5	-43.1
Increase/(Decrease) in Inventory	-180.9	13.9	-99.3	-99.0	-13.2	-9.5	-1.6	23.0	4.7	-0.4	1.4	12.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	133.1	172.4	-29.4	0.6	83.7	34.9	-17.3	-43.3	35.9	5.5	6.6	-1.2
Increase/(Decrease) in Prepaid Expenses	-11.0	-3.8	2.7	-3.3	-3.0	-3.1	-0.0	1.2	-0.5	-3.8	0.2	1.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-8.9	-7.3	-4.7	-2.0	-0.0	-0.0	-0.5	0.1	-1.2	-0.9	0.0	-0.0
Corporate Income Tax Paid	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-5.4	5.4
Other Operating Receipts	—	—	—	—	—	-2.7	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-2.4	—	-2.6	—	2.5	-1.6	-0.8	0.0	-0.0	-0.0	-0.1
Net Cash Flow from Operating Activities	-335.4	184.8	-169.4	-152.2	-121.0	-12.3	-11.9	141.9	75.1	-94.2	-25.9	-25.8
Payments for Fixed Assets and Other Long-term Assets	-0.7	-5.4	0.7	-4.3	-9.8	-4.4	1.1	-1.2	0.0	-0.9	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-25.4	-41.0	-18.5	0.0	-30.0	-10.0	-140.0	0.0	0.0	-10.0	-70.0	20.0
Receipts from Loan Repayments and Sale of Debt Instruments	21.8	0.0	0.0	0.0	130.0	0.0	20.0	0.0	0.0	50.0	50.0	30.0
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	0.4	1.7	1.0	1.5	4.0	0.6	1.1	0.5	2.0	4.9	1.4	3.0
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	-3.9	-44.7	-16.9	-2.9	94.3	-13.7	-117.7	-0.7	2.0	43.9	-18.6	53.0
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	351.4	102.8	293.1	153.7	52.8	0.0	15.5	36.5	14.3	65.4	20.0	14.8
Repayment of Borrowings	-76.8	-107.6	-90.6	-3.0	—	-15.5	0.0	-40.4	-95.9	0.0	0.0	-14.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	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	274.6	-4.7	202.5	150.7	52.8	-15.5	15.5	-3.9	-81.5	65.4	20.0	0.0
Net Cash Flow During the Period	-64.6	135.3	16.2	-4.4	26.1	-41.4	-114.2	137.3	-4.5	15.2	-24.5	27.1
Cash and Cash Equivalents at Beginning of Period	184.9	49.6	33.4	37.8	11.7	34.5	34.5	34.5	34.5	26.5	26.5	26.5
FX Difference from Revaluation	—	-0.0	—	-0.0	—	0.0	0.3	-0.3	0.0	0.1	0.0	-0.0
Cash and Cash Equivalents at End of Period	120.3	184.9	49.6	33.4	37.8	11.7	53.1	167.1	30.0	34.5	19.2	43.7

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PVB

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