PVC

Tổng Công ty Hóa chất và Dịch vụ Dầu khí - CTCP ·HNX ·2026Q1

▲▲ Improving positively

Price

14,300

Latest close

12 Jun 2026

P/E 43.47x

P/B 1.08x

EPS 329

BVPS 13,242

ROE 2.5%

ROA 1.2%

Profit Margin 0.5%

Asset Turnover 2.43x

Equity Mult. 2.14x

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

What Is Changing

On a TTM 2026Q1 basis, PVC is growing strongly on the back of scale expansion, while margins have only improved slightly — 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 5,529bn
	                                
+54.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 43bn
	                                
+97.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -16.52x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	5,127.1	2,957.3	3,221.9	2,934.4	2,776.3
Growth	+73%	-8%	+10%	+6%	—
Net Income	48.0	15.5	35.0	27.3	24.1
Net Margin	0.94%	0.52%	1.09%	0.93%	0.87%

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	1,211.7	1,604.7	1,511.3	1,200.9	992.7	1,019.0	749.8	808.0	397.8	1,010.4	846.4	706.0
Growth	-24%	+6%	+26%	+21%	-3%	+36%	-7%	+103%	-61%	+19%	+20%	—
Net Income	7.9	11.1	16.3	7.9	7.5	9.1	0.7	4.7	1.0	0.7	16.9	5.8
Net Margin	0.65%	0.69%	1.08%	0.65%	0.75%	0.89%	0.09%	0.58%	0.25%	0.07%	2.00%	0.83%

Drivers of PVC's profit

TTM

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

Gross profit ↑ 137.9bn

Deferred tax ↓ 7.8bn

Administrative expenses ↑ 60.4bn

Finance costs ↑ 21.8bn

Tax ↑ 21.7bn

Selling expenses ↑ 10.9bn

TTM

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

Gross profit ↑ 23.3bn

Deferred tax ↓ 0.9bn

Finance costs ↑ 7.6bn

Administrative expenses ↑ 5.4bn

Selling expenses ↑ 3.7bn

Tax ↑ 3.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.1% = 0.6% × 1.80 × 1.89

2026Q1 4.1% = 0.8% × 2.43 × 2.14

ROE rose from 2.1% to 4.1% — all three components improved, with asset turnover contributing the most.

Net margin: 0.8% +0.2pp Asset turnover: 2.43x +0.63x Leverage: 2.14x +0.26x

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 stands at 0.78%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.78% +0.2pp

Gross Margin 6.64% +0.2pp

SG&A / Revenue 5.06% −0.8pp

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 3.4% fluctuates with project acceptance timing.

Is capital being deployed efficiently?

ROIC edged up to 3.37%, rising 1.4pp. That translates to 3.37 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.99x, while invested capital rose by 206bn — 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 3.37% +1.4pp

NOPAT Margin 0.80% +0.2pp

Capital Turnover 4.21x +0.99x

Average Invested Capital 1,312.8bn +205.7bn

Balance Sheet

ROIC for oil & gas services swings with project backlog and upstream investment cycles — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 1.64x equity, net debt at 0.43x equity.

Inventory ended the period at 482.5bn, roughly 17.1% of total assets.

Over the last 12 months, working capital absorbed 486.9bn 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: −581.3bn

Inventories increased → lower CFO: −71.3bn

Payables increased → higher CFO: +165.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.7 days versus the same period last year. The main moves came from DIO fell 7.0 days, DSO fell 11.5 days, and DPO fell 1.8 days.

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

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.

Working Capital Efficiency

Receivables 70.2 days −11.5 days

Inventory 35.5 days −7.0 days

Payables 28.8 days −1.8 days

Cash Conversion Cycle 76.9 days −16.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 450.0bn due to capex of 8.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.43x and interest coverage at 2.14x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 30.6% of debt, and total debt stands at 671.0bn.

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

Watchpoints

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 0.43x +0.40x

Interest Coverage 2.14x −0.86x

Cash / Debt 30.6% −58.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -16.52x −13.54x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -529.5bn in 2025, against investing cash flow of -18.1bn.

Post-investment cash flow was negative +547.6bn. Financing cash flow was positive +316.9bn.

CFO / net income was -16.52x.

After spending +8.6bn on fixed-asset investment, the business generated trailing free cash flow of −450.0bn.

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

Cash Conversion

CFO TTM 441.4bn −424.1bn

Cash Capex 8.6bn −5.8bn

FCF TTM −450.0bn −418.3bn

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 next item to monitor is effective tax rate looks unusual, with effective tax rate at 39.2%. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,130.2	2,957.5	3,228.7	2,935.5	2,783.5
Revenue Deductions	3.1	0.3	6.8	1.2	0.0
Net Revenue	5,127.1	2,957.3	3,221.9	2,934.4	2,776.3
Cost of Goods Sold	4,782.9	2,759.9	2,999.4	2,713.3	0.0
Gross Profit	344.2	197.4	222.5	221.1	181.6
Financial Income	20.1	30.1	28.9	19.0	21.4
Financial Expenses	26.3	10.0	18.9	26.4	-9.9
Interest Expense	19.4	3.1	4.2	2.7	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	51.3	43.5	33.9	40.4	-36.3
General and Administrative Expenses	214.3	153.0	162.7	133.5	-128.3
Operating Profit	72.4	21.1	35.9	39.7	28.4
Other Income	4.8	7.6	22.7	1.0	0.0
Other Expenses	3.7	1.2	4.1	1.9	0.0
Other Profit	1.1	6.4	18.6	-1.0	6.2
Profit Before Tax	73.6	27.5	54.6	38.7	34.6
Current Income Tax Expense	32.0	12.0	14.7	9.5	-10.5
Deferred Income Tax Expense	-6.5	0.0	4.8	2.0	0.0
Net Income	48.0	15.5	35.0	27.3	24.1
Non-controlling Interest	15.6	12.2	14.5	15.8	9.8
Profit Attributable to Parent	32.5	3.3	20.5	11.5	14.3
Earnings per Share	384.00	18.00	250.00	181.00	105.00
Diluted EPS	399.83	40.63	252.27	230.06	285.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,664.4	1,900.9	2,300.3	2,064.0	1,607.3
I. Cash and cash equivalents	190.4	420.9	649.5	228.2	202.8
1. Cash	155.8	215.9	345.6	170.2	0.0
2. Cash equivalents	34.6	205.1	303.9	58.0	0.0
II. Short-term financial investments	230.9	203.4	156.1	123.0	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	230.9	203.4	156.1	123.0	0.0
III. Short-term receivables	1,746.6	843.7	1,158.2	1,337.8	912.8
1. Short-term trade accounts receivable	1,628.1	786.1	1,060.2	1,214.9	0.0
2. Short-term prepayments to suppliers	79.3	67.1	23.4	23.1	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	81.8	32.1	112.1	139.9	0.0
7. Provision for short-term doubtful debts (*)	-42.7	-41.6	-37.4	-40.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	482.5	416.0	318.4	364.0	255.4
1. Inventories	541.4	470.8	389.3	428.8	0.0
2. Provision for decline in value of inventories	-58.9	-54.7	-70.9	-64.8	0.0
V. Other short-term assets	14.0	16.9	18.2	11.0	7.6
1. Short-term prepayments	4.1	2.9	9.8	6.4	0.0
2. Value added tax to be reclaimed	9.7	13.1	8.2	4.5	0.0
3. Taxes and other receivables from state authorities	0.2	0.9	0.1	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)	161.6	164.6	171.7	181.5	195.4
I. Long-term receivables	9.5	8.7	3.2	3.3	0.0
1. Long-term trade receivables	—	3.7	0.0	0.0	2.9
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	9.5	5.0	3.2	3.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	62.1	69.8	130.1	146.2	165.3
1. Tangible fixed assets	57.1	64.6	108.0	125.9	144.0
- Cost	292.8	288.3	397.5	399.2	0.0
- Accumulated depreciation	-235.7	-223.7	-289.5	-273.3	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	4.9	5.1	22.0	20.3	21.3
- Cost	9.2	9.1	33.1	30.3	0.0
- Accumulated depreciation	-4.3	-4.0	-11.1	-10.1	0.0
III. Investment properties	56.8	61.7	0.0	0.0	0.0
- Cost	151.9	151.9	0.0	0.0	0.0
- Accumulated depreciation	-95.1	-90.2	0.0	0.0	0.0
IV. Long-term assets in progress	3.0	0.4	13.0	0.3	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.0	0.4	13.0	0.3	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	12.8	12.8	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	-12.8	-12.8	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	30.1	24.1	25.4	31.8	0.0
1. Long-term prepayments	2.6	2.9	3.4	5.8	0.0
2. Deferred income tax assets	27.5	21.2	22.0	25.9	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	27.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,825.9	2,065.5	2,472.0	2,245.5	1,802.7
A. LIABILITIES (300=210+330)	1,756.0	1,027.4	1,422.3	1,412.1	1,001.4
I. Short -term liabilities	1,742.4	1,010.9	1,403.4	1,377.9	970.5
1. Short-term trade accounts payable	596.3	369.5	313.2	479.5	239.4
2. Short-term advances from customers	155.2	100.1	108.2	116.5	110.7
3. Taxes and other payables to state authorities	34.6	12.4	13.8	12.7	0.0
4. Payable to employees	40.2	18.2	18.1	12.9	0.0
5. Short-term acrrued expenses	148.7	86.3	136.4	103.2	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	—	0.0	0.0	0.0	0.2
9. Other short-term payables	14.4	5.0	3.6	7.8	0.0
10. Short-term borrowings and financial leases	742.8	413.7	809.9	643.9	508.0
11. Provision for short-term liabilities	8.1	2.4	0.0	0.7	0.0
12.. Bonus and welfare fund	2.2	3.3	0.3	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	13.6	16.5	18.9	34.2	30.9
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	0.1	0.2
7. Other long-term liabilities	—	0.0	0.3	0.1	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	2.6	2.6	3.5	2.6	0.0
12. Provision for long-term liabilities	11.0	13.9	15.1	31.5	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,069.9	1,038.1	1,049.7	833.5	801.2
I. Owner's equity	1,069.9	1,038.1	1,049.7	833.5	0.0
1. Owner's capital	811.9	811.9	811.9	500.0	801.2
- Common stock with voting right	811,944,630,000.00	811,944,630,000.00	811,944,630,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	39.7	39.7	39.7	40.1	19.0
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	2.7	2.7	2.7	2.7	0.0
8. Investment and development fund	56.9	56.9	53.7	153.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	50.8	22.2	33.7	28.9	31.8
- Accumulated retained earning at the end of the previous period	18.3	18.9	13.3	17.4	24.8
- Undistributed earnings in this period	32.5	3.3	20.5	11.5	7.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	107.9	104.6	107.9	108.1	112.6
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,825.9	2,065.5	2,472.0	2,245.5	1,802.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	73.6	27.5	54.6	38.7	34.6
Depreciation of Fixed Assets and Investment Property	19.9	21.7	21.2	22.9	24.6
Provision (Increase)/Reversal	8.1	-6.6	-13.5	-3.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	9.3	9.4	7.0	0.0
Gain/Loss from Investment Activities	-17.7	3.8	-21.0	-16.8	0.0
Interest Expense	19.4	3.1	4.2	2.7	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	103.9	58.8	54.8	50.9	51.9
Increase/(Decrease) in Receivables	-899.6	296.5	175.0	-366.5	0.0
Increase/(Decrease) in Inventory	-70.7	-81.4	39.4	-103.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	378.6	-2.3	-136.0	274.9	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	7.4	-3.7	-4.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-16.8	-4.4	-7.3	-11.0	0.0
Corporate Income Tax Paid	-18.4	-8.6	-17.0	-9.5	0.0
Other Operating Receipts	—	0.0	0.0	2.9	0.0
Other Operating Payments	-5.5	-10.3	-7.0	-9.3	0.0
Net Cash Flow from Operating Activities	-529.5	255.7	98.2	-175.8	-134.4
Payments for Fixed Assets and Other Long-term Assets	-8.8	-27.7	-15.0	-4.3	-3.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	0.2	0.0
Loans and Purchases of Debt Instruments	-436.5	-326.6	-328.3	-303.8	-757.0
Receipts from Loan Repayments and Sale of Debt Instruments	409.0	279.3	298.0	353.6	566.0
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	18.2	2.3	21.6	17.3	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	-18.1	-72.7	-23.5	63.1	-178.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	211,574,950,000.00	39,683,568,638.00	0.00
Share Repurchases	—	0.00	0.00	0.00	-8,233,500.00
Proceeds from Borrowings	1,293.9	465.1	1,225.2	881.7	589.5
Repayment of Borrowings	-964.8	-870.6	-1,066.9	-752.2	-452.8
Repayment of Finance Leases	—	0.0	-23.2	0.0	0.0
Dividends Paid	-12.2	-6.4	0.0	-30.5	-58.4
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	316.9	-412.0	346.7	138.7	78.3
Net Cash Flow During the Period	-230.7	-228.9	421.4	25.9	49.2
Cash and Cash Equivalents at Beginning of Period	420.9	649.5	228.2	202.8	437.7
FX Difference from Revaluation	0.2	0.4	-0.1	-0.5	-0.1
Cash and Cash Equivalents at End of Period	190.4	420.9	649.5	228.2	202.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,211.3	1,605.8	1,511.8	1,201.7	993.2	1,019.1	749.6	808.3	397.9	1,011.1	852.6	705.9
Revenue Deductions	-0.4	1.1	0.5	0.8	0.6	0.2	-0.2	0.2	0.0	0.7	6.3	-0.1
Net Revenue	1,211.7	1,604.7	1,511.3	1,200.9	992.7	1,019.0	749.8	808.0	397.8	1,010.4	846.4	706.0
Cost of Goods Sold	1,130.3	1,484.7	1,425.3	1,121.3	934.6	947.2	711.5	747.0	365.1	953.6	772.5	659.8
Gross Profit	81.4	120.0	86.0	79.6	58.1	71.7	38.3	61.0	32.7	56.8	73.9	46.1
Financial Income	4.5	4.5	4.7	5.6	5.3	8.4	5.6	8.4	6.5	5.8	6.1	6.3
Financial Expenses	13.1	1.8	15.4	3.5	5.5	2.8	2.0	1.8	1.8	2.2	12.0	1.8
Interest Expense	11.9	4.3	8.6	2.2	4.3	0.4	0.7	0.8	0.6	0.7	1.0	0.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	12.4	19.5	12.6	14.7	8.7	11.8	8.8	19.1	5.9	9.4	7.4	8.2
General and Administrative Expenses	42.5	79.8	42.1	56.1	37.2	49.1	31.8	42.2	31.3	45.9	41.9	41.7
Operating Profit	17.8	23.4	20.5	10.9	12.1	16.5	1.4	6.3	0.2	5.1	18.7	0.7
Other Income	0.3	-2.1	0.5	2.8	0.5	0.3	3.1	1.3	2.6	1.3	3.6	13.8
Other Expenses	3.9	-1.2	-0.5	1.0	1.2	2.0	1.6	0.8	0.3	0.7	1.4	1.1
Other Profit	-3.6	-0.9	1.0	1.8	-0.7	-1.7	1.5	0.5	2.3	0.6	2.2	12.7
Profit Before Tax	14.3	22.5	21.6	12.7	11.4	14.8	2.9	6.8	2.5	5.7	20.9	13.4
Current Income Tax Expense	7.0	17.0	5.2	6.2	3.6	6.9	2.0	1.1	1.5	3.9	3.5	5.1
Deferred Income Tax Expense	-0.6	-5.7	0.1	-1.3	0.3	-1.2	0.2	1.0	0.0	1.1	0.5	2.5
Net Income	7.9	11.1	16.3	7.9	7.5	9.1	0.7	4.7	1.0	0.7	16.9	5.8
Non-controlling Interest	5.6	0.8	7.3	2.9	4.8	6.0	2.2	3.1	0.1	1.2	4.0	5.8
Profit Attributable to Parent	2.4	10.3	9.1	5.0	2.7	3.1	-1.5	1.5	0.9	-0.5	12.9	0.0
Earnings per Share	29.00	123.00	108.00	69.00	17.00	33.00	-24.00	19.00	1.00	-52.00	238.00	-40.00
Diluted EPS	29.09	127.23	111.57	61.24	32.85	38.20	-18.50	19.02	11.60	-5.58	258.16	0.54

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,387.1	2,658.1	2,392.3	2,054.7	1,837.8	1,900.1	1,755.0	1,832.2	1,785.8	2,255.5	2,050.9	1,857.2
I. Cash and cash equivalents	205.1	190.4	194.1	197.6	324.8	420.9	327.3	326.8	398.8	614.5	369.6	213.0
1. Cash	170.5	155.8	142.1	122.2	144.5	215.9	161.8	119.3	143.4	345.6	174.3	102.4
2. Cash equivalents	34.6	34.6	52.0	75.4	180.3	205.1	165.6	207.5	255.4	268.9	195.3	110.6
II. Short-term financial investments	202.2	230.9	245.9	212.6	190.4	203.4	220.8	263.1	264.1	191.1	109.1	157.8
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	202.2	230.9	245.9	212.6	190.4	203.4	220.8	263.1	264.1	191.1	109.1	157.8
III. Short-term receivables	1,481.7	1,740.3	1,519.0	1,184.0	888.9	843.7	817.6	925.5	852.5	1,113.6	1,220.9	1,043.1
1. Short-term trade accounts receivable	1,361.4	1,628.1	1,363.2	1,015.8	765.1	785.2	752.8	870.8	833.1	1,058.2	1,161.5	995.2
2. Short-term prepayments to suppliers	80.5	79.3	135.9	123.6	89.9	67.1	60.9	42.4	26.2	21.9	34.5	19.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	82.6	75.5	61.3	86.1	75.4	33.0	44.8	53.4	30.6	70.9	62.9	66.3
7. Provision for short-term doubtful debts (*)	-42.8	-42.7	-41.3	-41.4	-41.4	-41.6	-40.9	-41.1	-37.4	-37.4	-37.9	-38.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	479.5	482.5	419.1	446.1	412.1	416.0	372.3	301.0	257.8	318.4	338.0	421.2
1. Inventories	538.1	541.4	474.3	500.0	466.8	470.8	425.7	355.4	312.2	389.3	400.5	494.2
2. Provision for decline in value of inventories	-58.6	-58.9	-55.2	-53.9	-54.7	-54.7	-53.4	-54.4	-54.4	-70.9	-62.5	-73.0
V. Other short-term assets	18.5	14.0	14.2	14.4	21.6	16.1	16.9	15.8	12.7	17.9	13.3	22.0
1. Short-term prepayments	5.9	4.1	4.2	5.0	4.8	2.9	4.3	4.8	4.4	9.5	6.5	12.5
2. Value added tax to be reclaimed	12.2	9.7	9.9	9.4	16.0	13.1	9.0	8.5	7.3	8.2	6.2	9.2
3. Taxes and other receivables from state authorities	0.5	0.2	0.1	—	0.8	0.1	3.7	2.5	1.0	0.1	0.5	0.4
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)	157.3	167.4	163.8	163.2	164.0	165.3	168.7	171.1	170.3	171.7	173.6	171.4
I. Long-term receivables	7.9	15.8	16.2	13.7	11.7	8.7	8.8	7.0	3.2	3.2	3.2	3.4
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	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	7.9	15.8	16.2	13.7	11.7	8.7	8.8	7.0	3.2	3.2	3.2	3.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	58.8	61.7	64.8	65.3	67.9	69.8	62.5	65.5	132.4	130.1	134.4	139.0
1. Tangible fixed assets	53.9	56.7	59.8	60.3	62.8	64.6	57.7	60.7	110.5	108.0	112.2	116.4
- Cost	292.5	—	—	—	—	287.7	279.8	279.3	404.9	397.5	397.0	398.9
- Accumulated depreciation	-238.6	—	—	—	—	-223.0	-222.1	-218.6	-294.4	-289.5	-284.8	-282.5
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	4.9	4.9	5.0	5.1	5.1	5.1	4.8	4.8	21.9	22.0	22.3	22.5
- Cost	9.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	55.6	56.8	58.0	59.3	60.5	61.7	62.9	64.2	0.0	0.0	0.0	0.0
- Cost	151.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-96.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.8	3.0	0.5	0.4	0.4	1.2	11.0	11.0	9.6	13.0	9.0	1.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.8	3.0	0.5	0.4	0.4	1.2	11.0	11.0	9.6	13.0	9.0	1.3
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	12.8	—	—	—	—	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	-12.8	—	—	—	—	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	30.3	30.0	24.3	24.5	23.5	23.9	23.5	23.4	25.1	25.4	26.8	27.8
1. Long-term prepayments	2.2	2.5	2.8	2.9	3.0	3.0	3.1	3.0	3.2	3.4	3.9	3.9
2. Deferred income tax assets	28.1	27.6	21.5	21.6	20.5	20.9	20.4	20.5	21.9	22.0	23.0	23.9
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)	2,544.4	2,825.5	2,556.2	2,217.9	2,001.8	2,065.4	1,923.7	2,003.3	1,956.2	2,427.3	2,224.4	2,028.6
A. LIABILITIES (300=210+330)	1,469.2	1,761.4	1,500.1	1,168.9	957.1	1,027.5	894.9	975.5	905.4	1,377.7	1,387.2	1,208.3
I. Short -term liabilities	1,455.7	1,747.8	1,486.6	1,155.5	940.9	1,011.2	874.8	954.0	883.1	1,358.8	1,368.5	1,190.1
1. Short-term trade accounts payable	476.0	596.3	437.6	415.5	339.2	369.6	346.5	311.4	221.6	312.6	263.9	258.4
2. Short-term advances from customers	147.9	155.2	114.2	112.6	107.3	100.1	104.2	91.6	93.7	108.2	113.5	121.6
3. Dividends and profits payable	1.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	15.3	34.6	13.0	16.6	14.4	12.6	8.9	5.8	3.3	10.5	11.6	15.9
4. Payable to employees	18.9	40.2	28.8	32.7	9.6	18.2	13.1	11.9	12.9	18.1	18.1	11.0
5. Short-term acrrued expenses	98.3	157.1	143.8	109.6	94.3	86.2	91.8	66.9	70.7	95.1	149.6	93.7
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	15.1	14.4	23.7	9.8	7.1	7.5	11.1	23.5	3.3	4.1	35.2	31.5
10. Short-term borrowings and financial leases	671.0	742.8	719.5	452.9	364.6	413.7	295.0	436.1	477.7	809.9	772.4	653.8
11. Provision for short-term liabilities	8.7	5.1	2.9	2.4	2.4	0.0	0.0	0.0	0.0	0.0	1.4	0.0
12.. Bonus and welfare fund	3.2	2.2	3.1	3.5	2.0	3.3	4.2	6.7	-0.3	0.3	2.7	4.1
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	13.6	13.6	13.5	13.5	16.2	16.4	20.1	21.5	22.4	18.9	18.8	18.2
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	0.1
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.3	0.3	0.1	0.1
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	2.6	2.6	2.6	2.6	2.6	2.6	3.3	3.1	3.5	3.5	3.7	3.1
12. Provision for long-term liabilities	11.0	11.0	10.9	10.9	13.7	13.8	16.8	18.4	18.6	15.1	14.9	14.9
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,075.2	1,064.1	1,056.1	1,049.0	1,044.7	1,037.8	1,028.8	1,027.8	1,050.7	1,049.5	837.2	820.3
I. Owner's equity	1,075.2	1,064.1	1,052.7	1,049.0	1,044.7	1,037.8	1,028.8	1,027.8	1,050.7	1,049.5	837.2	820.3
1. Owner's capital	811.9	811.9	811.9	811.9	811.9	811.9	811.9	811.9	811.9	811.9	500.0	500.0
- Common stock with voting right	811,944,630,000.00	811,944,630,000.00	811,944,630,000.00	811,944,630,000.00	811,944,630,000.00	811,944,630,000.00	811,944,630,000.00	811,944,630,000.00	811,944,630,000.00	811,944,630,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.6	40.1	40.1
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	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7
8. Investment and development fund	56.9	56.9	56.9	56.9	56.9	56.9	56.9	56.9	53.7	53.7	153.7	153.7
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	50.5	44.9	34.3	25.4	24.0	21.9	18.9	18.3	33.8	33.7	34.0	21.1
- Accumulated retained earning at the end of the previous period	48.1	17.7	17.4	17.8	21.3	18.7	18.7	16.7	33.7	13.3	13.1	13.1
- Undistributed earnings in this period	2.4	27.1	16.8	7.6	2.7	3.3	0.2	1.6	0.1	20.5	20.9	8.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	113.4	107.9	107.2	112.3	109.5	104.6	98.7	98.2	108.9	107.9	106.7	102.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	3.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	3.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,544.4	2,825.5	2,556.2	2,217.9	2,001.8	2,065.4	1,923.7	2,003.3	1,956.2	2,427.3	2,224.4	2,028.6

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	14.3	27.8	21.6	12.8	11.4	14.8	2.9	6.9	2.5	5.7	20.9	13.4
Depreciation of Fixed Assets and Investment Property	20.7	4.3	5.2	5.2	5.2	5.8	4.9	5.1	5.1	4.9	5.4	5.4
Provision (Increase)/Reversal	0.3	9.2	3.0	-3.6	-0.5	-5.2	-2.3	3.7	-13.0	-11.4	8.8	-7.6
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	0.1	-0.1	0.4	-1.1	-8.0	8.9	0.4	2.3	9.6	0.2
Gain/Loss from Investment Activities	-19.6	31.0	-38.8	6.6	-16.4	-11.5	-22.9	0.4	-10.4	7.4	-17.1	-5.9
Interest Expense	11.9	4.3	8.6	2.2	4.3	0.4	0.7	0.8	0.6	0.7	1.0	0.7
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	27.6	76.8	-0.3	22.9	4.4	3.4	-24.8	25.7	-14.7	9.7	28.6	6.2
Increase/(Decrease) in Receivables	261.9	-216.0	-399.3	-227.9	-56.5	-25.8	109.9	-88.5	311.2	58.2	-162.3	19.8
Increase/(Decrease) in Inventory	3.3	-67.2	25.7	-33.2	3.9	-45.0	-70.3	-43.2	77.1	11.1	93.7	-83.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-191.4	198.7	78.0	80.4	21.5	132.1	-12.2	94.3	-189.0	48.6	39.8	-3.1
Increase/(Decrease) in Prepaid Expenses	-1.4	0.3	0.8	0.1	-2.0	1.5	0.4	-0.2	5.6	-5.6	6.0	-4.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-11.0	-6.6	-4.5	-3.2	-2.5	-1.3	0.2	9.8	-11.5	-4.1	-0.8	-0.7
Corporate Income Tax Paid	-18.8	-34.3	24.0	-4.1	-4.1	-1.9	-2.0	-0.8	-3.8	-5.6	-4.9	-3.7
Other Operating Receipts	—	—	—	—	—	0.3	-0.1	-32.7	32.7	0.0	-0.0	-6.5
Other Operating Payments	-12.8	-6.0	4.7	-15.6	11.3	-4.3	-10.5	-0.6	-2.3	1.9	-5.7	-7.3
Net Cash Flow from Operating Activities	57.5	-60.1	-264.9	-173.8	-30.6	59.0	-9.5	-36.2	205.3	114.4	-5.6	-82.8
Payments for Fixed Assets and Other Long-term Assets	-2.6	-1.7	-3.7	-0.7	-2.8	-6.9	3.0	-7.7	-3.1	-3.5	-6.9	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	—	0.2	—	—	-0.0	-0.0	0.0	0.0	0.3	-0.1	0.1
Loans and Purchases of Debt Instruments	-104.3	-69.3	-111.3	-118.7	-137.1	-98.2	-113.4	-28.0	-177.0	119.7	-287.1	132.7
Receipts from Loan Repayments and Sale of Debt Instruments	133.0	110.4	108.2	67.8	122.6	24.7	244.0	41.0	57.0	-181.3	343.8	-75.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.8	5.5	2.0	9.8	0.9	2.7	17.7	4.0	4.9	6.7	0.7	8.9
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	29.1	44.7	-4.6	-41.8	-16.4	-77.8	151.4	9.3	-118.1	-58.2	50.3	65.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	211,574,950,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	462.9	203.1	656.7	187.6	246.5	145.4	73.1	228.8	20.9	352.4	290.2	281.0
Repayment of Borrowings	-534.7	-179.8	-390.1	-99.3	-295.7	-26.6	-214.2	-273.8	-359.1	-316.9	-178.3	-224.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	-23.2	0.0	0.0
Dividends Paid	-0.1	-11.6	-0.7	—	—	-6.3	0.0	-0.3	0.2	0.0	0.1	-0.1
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	-71.9	11.7	266.0	88.3	-49.1	112.5	-141.1	-45.3	-338.0	223.9	111.9	56.1
Net Cash Flow During the Period	14.7	-3.7	-3.6	-127.3	-96.2	93.7	0.8	-72.2	-250.8	280.1	156.6	38.4
Cash and Cash Equivalents at Beginning of Period	190.4	194.1	197.6	324.8	420.9	649.5	649.5	649.5	649.5	228.2	228.2	228.2
FX Difference from Revaluation	0.0	0.2	0.2	0.1	0.0	-0.1	-0.3	0.2	0.1	-0.2	0.0	0.0
Cash and Cash Equivalents at End of Period	205.1	190.4	194.1	197.6	324.8	420.9	327.3	326.8	398.8	649.5	369.6	213.0

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PVC

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