PVM

Máy - Thiết bị Dầu khí ·UPCOM ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 2.35%, −2.16pp YoY

Price

19,600

Latest close

03 Jun 2026

P/E 23.06x

P/B 1.07x

EPS 850

BVPS 18,272

ROE 4.7%

ROA 2.5%

Profit Margin 1.7%

Asset Turnover 1.48x

Equity Mult. 1.86x

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

What Is Changing

On a TTM 2026Q1 basis, PVM posted a sharp profit decline versus the same period — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,930bn
	                                
+1.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 33bn
	                                
−31.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    143.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	1,900.6	1,906.8	1,439.1	1,035.7	840.0
Growth	-0%	+33%	+39%	+23%	—
Net Income	33.6	56.4	145.1	41.4	55.0
Net Margin	1.77%	2.96%	10.08%	3.99%	6.54%

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	432.8	553.7	432.5	510.5	403.9	528.8	517.4	460.1	400.5	339.8	401.7	314.5
Growth	-22%	+28%	-15%	+26%	-24%	+2%	+12%	+15%	+18%	-15%	+28%	—
Net Income	0.5	1.1	2.6	28.3	0.9	12.2	5.2	29.2	8.6	-13.4	-5.6	93.2
Net Margin	0.12%	0.20%	0.61%	5.54%	0.23%	2.30%	1.00%	6.36%	2.15%	-3.95%	-1.38%	29.64%

Drivers of PVM's profit

TTM

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

Gross profit ↑ 35.5bn

Tax ↓ 3.3bn

Minority interests ↓ 2.2bn

Selling expenses ↑ 31.9bn

Financial income ↓ 20.3bn

TTM

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

Gross profit ↑ 16.5bn

Administrative expenses ↓ 2.8bn

Other profit ↑ 2.0bn

Financial income ↓ 11.5bn

Selling expenses ↑ 10.3bn

Minority interests ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.0% = 2.5% × 1.77 × 1.58

2026Q1 4.7% = 1.7% × 1.48 × 1.86

ROE fell from 7.0% to 4.7% — asset turnover weakened the most, though leverage still provided support.

Net margin: 1.7% -0.8pp Asset turnover: 1.48x -0.28x Leverage: 1.86x +0.28x

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 narrowed to 1.69%, falling 0.8pp. The main pressure is SG&A / Revenue rose 1.6pp, outweighing the improvement in Gross margin rose 1.8pp (with lingering pressure from Net financial result / Revenue fell 1.1pp and Other profit / Revenue fell 0.1pp).

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

Profitability trend

Net Margin 1.69% −0.8pp

Gross Margin 6.25% +1.8pp

SG&A / Revenue 7.29% +1.6pp

Non-core / Revenue 2.73% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.1pp, financial result still accounts for 161.4% of PBT — earnings durability should be monitored in coming periods.

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 2.35%, losing 2.2pp. That translates to 2.35 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.8pp and capital turnover fell 0.39x, while invested capital expanded strongly by 225bn — 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 2.35% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.35% −2.2pp

NOPAT Margin 1.39% −0.8pp

Capital Turnover 1.69x −0.39x

Average Invested Capital 1,141.3bn +225.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 0.76x equity, net debt at 0.89x equity.

Over the last 12 months, working capital absorbed 378.8bn 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: −12.7bn

Inventories increased → lower CFO: −384.1bn

Payables increased → higher CFO: +17.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 1.5 days versus the same period last year. The main moves came from DIO rose 3.2 days, DSO fell 2.7 days, and DPO fell 1.1 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +1.5 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +3.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 69.0 days −2.7 days

Inventory 17.8 days +3.2 days

Payables 5.0 days −1.1 days

Cash Conversion Cycle 81.8 days +1.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 419.5bn due to capex of 5.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.89x and interest coverage only at 1.37x.

At present, short-term debt accounts for 56.3% of total debt, cash equals 1.7% of debt, and total debt stands at 642.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.37x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 1.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.89x +0.52x

Interest Coverage 1.37x −0.86x

Cash / Debt 1.7% −9.8pp

Short-term Debt / Total Debt 56.3% −39.7pp

CFO / NI -12.59x −9.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 71.5bn in 2025, against investing cash flow of 112.6bn.

Post-investment cash flow was positive +184.0bn. Financing cash flow was negative +4.2bn.

CFO / net income was -12.59x.

After spending +5.8bn on fixed-asset investment, the business generated trailing free cash flow of −419.5bn.

Cash Conversion

CFO TTM 413.7bn −260.9bn

Cash Capex 5.8bn −13.4bn

FCF TTM −419.5bn −247.5bn

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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 2.4%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 143.9% of PBT and CFO / net income currently at -12.59x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,900.6	1,906.8	1,439.7	1,035.7	840.0
Revenue Deductions	—	0.0	0.6	0.0	0.0
Net Revenue	1,900.6	1,906.8	1,439.1	1,035.7	840.0
Cost of Goods Sold	1,796.4	1,819.6	1,380.5	981.7	0.0
Gross Profit	104.3	87.2	58.6	54.0	35.6
Financial Income	78.1	79.3	358.0	68.8	71.9
Financial Expenses	19.7	17.6	27.7	19.6	-7.3
Interest Expense	18.7	17.5	10.0	8.3	-5.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	90.5	68.2	64.4	41.3	-37.3
General and Administrative Expenses	42.2	37.4	91.8	31.1	-31.4
Operating Profit	30.0	43.3	232.8	30.7	31.4
Other Income	11.9	30.6	29.7	12.1	0.0
Other Expenses	8.1	13.2	105.7	0.2	0.0
Other Profit	3.7	17.5	-75.9	11.9	23.7
Profit Before Tax	33.7	60.8	156.8	42.6	55.1
Current Income Tax Expense	0.1	4.4	11.8	1.3	-0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	33.6	56.4	145.1	41.4	55.0
Non-controlling Interest	-0.7	3.4	3.6	2.1	0.3
Profit Attributable to Parent	34.3	53.0	141.4	39.2	54.6
Earnings per Share	889.00	1,371.00	3,660.00	1,016.00	1,426.00
Diluted EPS	888.75	1,370.82	3,660.49	1,015.79	1,414.39

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	948.7	961.5	812.2	494.8	503.9
I. Cash and cash equivalents	200.9	21.1	23.6	49.6	65.4
1. Cash	200.9	21.1	23.6	49.1	0.0
2. Cash equivalents	—	0.0	0.0	0.4	0.0
II. Short-term financial investments	106.8	112.1	79.6	79.6	0.0
1. Available for sale securities	—	0.0	0.0	25.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	-13.0	0.0
3. Held to maturity investments	106.8	112.1	79.6	67.6	0.0
III. Short-term receivables	577.1	744.3	535.4	281.6	239.7
1. Short-term trade accounts receivable	414.5	381.3	372.9	287.5	0.0
2. Short-term prepayments to suppliers	153.6	84.9	84.5	41.0	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	61.9	221.5	84.8	24.5	0.0
6. Other short-term receivables	125.9	236.9	176.2	92.3	0.0
7. Provision for short-term doubtful debts (*)	-178.8	-180.3	-183.1	-163.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	60.1	78.1	158.5	78.3	62.9
1. Inventories	60.5	78.8	159.1	79.4	0.0
2. Provision for decline in value of inventories	-0.5	-0.7	-0.5	-1.1	0.0
V. Other short-term assets	3.8	5.9	15.0	5.7	4.6
1. Short-term prepayments	1.2	3.1	0.4	0.3	0.0
2. Value added tax to be reclaimed	2.1	2.2	14.0	4.6	0.0
3. Taxes and other receivables from state authorities	0.5	0.6	0.6	0.8	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)	289.9	194.4	293.7	287.6	310.9
I. Long-term receivables	1.6	37.6	57.7	1.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	13.0
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	19.6	0.0	0.0
6. Other long-term receivables	1.6	37.6	38.0	1.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	149.2	70.1	64.3	52.6	54.4
1. Tangible fixed assets	137.5	58.0	51.9	40.0	26.3
- Cost	180.9	95.3	84.6	66.0	0.0
- Accumulated depreciation	-43.4	-37.3	-32.7	-26.1	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	11.8	12.2	12.4	12.7	28.2
- Cost	15.0	15.0	14.8	14.7	0.0
- Accumulated depreciation	-3.2	-2.8	-2.4	-2.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	15.3	15.3	15.3	17.5	0.0
- Accumulated depreciation	-15.3	-15.3	-15.3	-17.5	0.0
IV. Long-term assets in progress	52.7	22.3	16.7	6.6	14.8
1. Long-term production in progress	51.8	22.3	16.7	0.3	0.0
2. Construction in progress	0.9	0.0	0.0	6.3	0.0
V. Long-term financial investments	78.8	53.8	142.3	184.9	184.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	25.0	0.0	103.5	0.0	0.0
3. Investments in other entities	59.2	59.2	44.1	189.2	0.0
4. Provision for diminution in value of long-term investments	-5.3	-5.3	-5.3	-4.3	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	7.5	10.5	12.6	41.9	0.0
1. Long-term prepayments	7.5	10.5	12.6	41.9	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	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	43.8
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)	1,238.6	1,155.9	1,105.9	782.4	814.8
A. LIABILITIES (300=210+330)	533.1	467.1	436.9	272.9	315.0
I. Short -term liabilities	512.4	430.3	381.9	259.7	300.2
1. Short-term trade accounts payable	24.6	17.2	108.1	51.5	147.8
2. Short-term advances from customers	28.5	3.4	6.5	10.3	6.4
3. Taxes and other payables to state authorities	6.2	17.8	3.9	0.7	0.0
4. Payable to employees	8.0	6.4	7.0	3.0	0.0
5. Short-term acrrued expenses	8.4	2.1	1.8	0.3	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	1.9	1.6	0.8	0.7	1.0
9. Other short-term payables	101.7	51.0	80.6	21.5	0.0
10. Short-term borrowings and financial leases	329.1	326.3	168.1	169.2	135.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	4.6	5.0	2.5	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	20.7	36.8	55.0	13.1	14.8
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	13.3	25.3	47.3	0.0	0.0
8. Long-term borrowings and financial leases	7.5	11.5	7.8	13.1	14.4
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)	705.5	688.8	669.0	509.5	499.7
I. Owner's equity	705.5	688.8	669.0	509.5	0.0
1. Owner's capital	386.4	386.4	386.4	386.4	499.7
- Common stock with voting right	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	18.9	18.9	18.9	18.9	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	153.3	147.4	128.8	77.2	69.5
- Accumulated retained earning at the end of the previous period	119.0	94.4	-12.7	38.0	14.8
- Undistributed earnings in this period	34.3	53.0	141.4	39.2	54.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	146.9	136.1	134.9	27.0	24.9
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)	1,238.6	1,155.9	1,105.9	782.4	814.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	33.7	60.8	156.8	42.6	44.5
Depreciation of Fixed Assets and Investment Property	6.6	5.1	4.7	3.9	2.4
Provision (Increase)/Reversal	-1.7	-2.6	6.9	10.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.9	0.2	-0.0	0.0
Gain/Loss from Investment Activities	-74.6	-77.9	-339.2	-69.7	0.0
Interest Expense	18.7	17.5	10.0	8.3	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	-17.3	2.0	-160.6	-4.7	-14.9
Increase/(Decrease) in Receivables	76.8	-45.8	-255.5	-9.0	0.0
Increase/(Decrease) in Inventory	-10.8	75.1	-96.1	-14.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	56.2	-141.7	164.1	-74.0	0.0
Increase/(Decrease) in Prepaid Expenses	4.9	-0.6	29.1	3.6	0.0
Changes in Trading Securities	—	0.0	25.0	0.0	0.0
Interest Paid	-18.7	-17.8	-67.4	-8.2	0.0
Corporate Income Tax Paid	-14.2	-4.9	-8.9	-1.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.5	-5.5	-2.5	-5.2	0.0
Net Cash Flow from Operating Activities	71.5	-139.2	-372.9	-112.8	-43.7
Payments for Fixed Assets and Other Long-term Assets	-9.3	-10.9	-10.1	-10.2	-7.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	16.3	0.6
Loans and Purchases of Debt Instruments	-48.0	-153.6	-291.5	-82.1	-300.0
Receipts from Loan Repayments and Sale of Debt Instruments	212.9	4.0	199.6	98.0	245.0
Investments in Other Entities	-118.0	-15.0	-103.5	0.0	0.0
Proceeds from Investments in Other Entities	—	118.5	422.0	0.0	0.0
Dividends and Interest Income Received	75.0	52.4	58.7	69.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	112.6	-4.5	275.2	91.9	4.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	104,800,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,700.0	1,651.3	841.1	864.8	252.0
Repayment of Borrowings	-1,701.2	-1,489.4	-847.6	-833.2	-265.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.9	-20.9	-26.5	-26.5	-0.6
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	-4.2	141.1	71.8	5.1	-14.0
Net Cash Flow During the Period	179.9	-2.6	-25.9	-15.8	0.0
Cash and Cash Equivalents at Beginning of Period	21.1	23.6	49.6	65.4	65.3
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	200.9	21.1	23.6	49.6	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	432.8	553.7	432.5	510.5	403.9	528.8	517.4	460.1	400.5	339.8	401.7	314.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	432.8	553.7	432.5	510.5	403.9	528.8	517.4	460.1	400.5	339.8	401.7	314.5
Cost of Goods Sold	398.4	512.0	405.4	493.0	386.1	503.8	491.7	443.5	380.6	319.4	386.6	301.1
Gross Profit	34.4	41.7	27.1	17.5	17.8	25.1	25.7	16.5	19.9	20.3	15.2	13.4
Financial Income	1.1	8.0	2.1	55.4	12.6	18.8	3.5	52.1	2.2	2.5	56.5	160.8
Financial Expenses	5.7	4.9	4.5	4.5	5.8	5.1	4.7	4.3	3.5	4.0	1.0	18.3
Interest Expense	5.5	4.9	4.5	4.5	4.8	5.1	4.7	4.3	3.5	2.2	1.6	3.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	24.7	36.1	21.6	18.8	14.4	17.6	21.0	16.3	13.2	22.6	17.8	13.0
General and Administrative Expenses	6.6	6.6	3.0	23.3	9.4	6.2	1.6	21.5	7.0	13.5	57.7	22.2
Operating Profit	-1.5	2.1	0.1	26.3	0.9	15.0	1.9	26.5	-1.6	-17.3	-4.8	120.7
Other Income	2.8	3.5	3.1	2.8	2.4	3.1	4.3	3.1	20.2	7.7	10.4	5.4
Other Expenses	0.7	4.5	0.5	0.8	2.3	3.5	0.6	-0.1	9.3	0.2	10.9	25.1
Other Profit	2.1	-1.0	2.6	2.0	0.1	-0.4	3.7	3.2	10.9	7.5	-0.5	-19.7
Profit Before Tax	0.5	1.1	2.7	28.3	0.9	14.6	5.6	29.7	9.3	-9.8	-5.2	101.0
Current Income Tax Expense	0.0	0.0	0.1	0.0	0.0	2.5	0.4	0.5	0.7	3.6	0.3	7.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.5	1.1	2.6	28.3	0.9	12.2	5.2	29.2	8.6	-13.4	-5.6	93.2
Non-controlling Interest	0.2	-0.1	-0.2	-0.2	-0.5	0.1	1.0	1.2	0.6	0.6	2.8	1.3
Profit Attributable to Parent	0.3	1.2	2.9	28.4	1.5	12.0	4.1	28.0	8.0	-14.0	-8.4	91.9
Earnings per Share	8.00	32.00	74.00	736.00	38.00	1,351.00	107.00	933.00	207.00	-362.00	-217.00	2,377.00
Diluted EPS	7.87	31.83	74.19	736.24	37.84	311.51	107.25	725.26	207.28	-361.62	-216.51	2,377.22

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)	821.9	957.5	909.9	957.0	948.0	939.6	839.9	863.5	725.9	812.1	639.2	594.4
I. Cash and cash equivalents	11.1	201.0	16.1	29.8	33.4	21.1	27.2	15.9	27.8	23.6	29.0	50.7
1. Cash	11.1	201.0	16.1	29.8	33.4	21.1	27.2	15.9	27.8	23.6	29.0	50.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	136.8	106.8	125.5	126.8	138.3	112.1	111.5	92.6	75.0	61.0	76.2	76.7
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	25.0	25.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-9.3	-9.9
3. Held to maturity investments	136.8	106.8	125.5	126.8	138.3	112.1	111.5	92.6	75.0	61.0	60.6	61.7
III. Short-term receivables	574.3	580.8	691.1	720.7	680.3	722.1	647.1	695.1	561.8	553.9	436.1	406.1
1. Short-term trade accounts receivable	343.4	414.5	368.0	376.4	386.3	382.5	355.0	409.8	364.7	375.5	323.5	294.1
2. Short-term prepayments to suppliers	160.6	157.1	101.6	94.6	82.0	84.9	118.4	113.9	101.3	84.5	105.5	94.8
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	—	61.9	112.1	137.0	148.3	121.5	116.1	94.8	84.8	84.7	24.8	74.8
6. Other short-term receivables	249.1	126.1	289.6	294.9	243.9	313.5	238.0	260.6	194.0	192.3	165.4	125.5
7. Provision for short-term doubtful debts (*)	-178.7	-178.8	-180.2	-182.2	-180.2	-180.3	-180.3	-184.0	-183.1	-183.1	-183.1	-183.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	87.8	64.6	71.2	74.0	88.2	78.4	51.5	57.1	57.4	158.5	89.2	55.8
1. Inventories	88.0	65.0	71.3	74.3	88.8	79.1	51.7	57.4	57.8	159.1	89.7	56.3
2. Provision for decline in value of inventories	-0.3	-0.5	-0.2	-0.3	-0.6	-0.7	-0.2	-0.3	-0.4	-0.5	-0.5	-0.5
V. Other short-term assets	11.9	4.3	6.0	5.6	7.9	5.9	2.5	2.8	3.9	15.0	8.8	5.1
1. Short-term prepayments	2.8	1.2	2.3	3.0	4.0	3.1	0.7	0.5	0.9	0.4	0.4	0.5
2. Value added tax to be reclaimed	8.8	2.1	2.2	1.8	3.4	2.2	1.0	1.3	2.5	14.0	7.5	3.9
3. Taxes and other receivables from state authorities	0.4	1.0	1.5	0.8	0.6	0.6	0.8	0.9	0.5	0.6	0.8	0.6
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)	670.9	285.3	204.9	197.8	161.0	214.1	290.0	324.9	328.8	293.7	247.9	245.3
I. Long-term receivables	1.6	1.6	1.6	1.6	1.6	59.7	59.1	72.7	77.1	57.7	12.3	22.6
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	—	—	—	—	—	20.0	20.0	20.0	20.0	19.6	10.7	21.0
6. Other long-term receivables	1.6	1.6	1.6	1.6	1.6	39.7	39.1	52.7	57.0	38.0	1.6	1.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	146.9	144.8	72.2	68.7	69.9	63.2	63.6	64.9	63.8	64.2	65.1	66.3
1. Tangible fixed assets	135.1	132.9	60.2	56.8	57.8	51.0	51.3	52.5	51.3	51.9	52.7	53.9
- Cost	181.3	—	—	—	—	88.3	87.5	87.5	85.1	84.6	84.3	84.3
- Accumulated depreciation	-46.2	—	—	—	—	-37.3	-36.1	-35.0	-33.8	-32.7	-31.5	-30.4
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	11.8	11.9	12.0	12.0	12.1	12.2	12.3	12.4	12.5	12.3	12.4	12.5
- Cost	15.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	15.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	411.7	52.7	44.5	40.4	25.0	27.9	23.7	19.5	18.5	16.7	1.5	0.3
1. Long-term production in progress	410.8	51.8	41.1	37.8	25.0	19.9	18.1	19.5	18.5	0.5	0.4	0.3
2. Construction in progress	0.9	0.9	3.3	2.6	—	7.9	5.5	0.0	0.0	16.2	1.1	0.0
V. Long-term financial investments	103.8	78.8	78.8	78.8	54.3	53.8	133.8	157.4	157.4	142.3	142.3	142.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	50.0	25.0	25.0	25.0	0.5	0.0	80.0	103.5	103.5	103.5	103.5	103.5
3. Investments in other entities	59.2	59.2	59.2	59.2	59.2	59.2	59.2	59.2	59.2	44.1	44.1	44.1
4. Provision for diminution in value of long-term investments	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3
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	7.0	7.3	7.8	8.2	10.2	9.6	9.8	10.5	12.0	12.7	26.6	13.7
1. Long-term prepayments	7.0	7.3	7.8	8.2	10.2	9.6	9.8	10.5	12.0	12.7	26.6	13.7
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	1,492.9	1,242.8	1,114.8	1,154.7	1,109.1	1,153.7	1,129.9	1,188.4	1,054.7	1,105.8	887.1	839.7
A. LIABILITIES (300=210+330)	786.9	537.5	403.2	441.7	419.4	466.4	425.0	486.6	377.1	436.8	303.0	222.9
I. Short -term liabilities	492.9	519.9	368.9	407.5	382.6	412.6	367.5	417.9	307.1	381.7	245.9	209.8
1. Short-term trade accounts payable	36.7	28.1	17.8	23.5	13.0	17.1	21.9	45.8	47.8	108.1	56.7	50.3
2. Short-term advances from customers	14.3	28.5	12.8	12.9	3.4	3.4	5.9	6.1	10.1	6.5	12.4	16.0
3. Dividends and profits payable	3.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.4	6.2	6.1	7.8	16.7	17.3	3.9	5.3	3.5	3.9	2.1	8.6
4. Payable to employees	4.9	8.7	7.2	12.2	1.7	6.4	9.6	14.2	2.4	7.0	2.0	9.1
5. Short-term acrrued expenses	5.0	8.4	5.2	5.3	3.6	2.1	3.9	5.2	12.7	1.8	1.8	0.7
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	1.2	1.9	2.0	2.2	2.3	1.6	1.7	2.3	1.3	0.8	0.5	1.1
9. Other short-term payables	57.8	101.8	59.7	59.3	62.0	38.9	40.5	31.2	13.4	80.6	55.8	25.6
10. Short-term borrowings and financial leases	361.5	332.2	253.3	278.4	277.7	321.3	274.9	301.4	214.2	168.1	109.4	92.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.2	4.1	4.9	6.0	2.2	4.6	5.3	6.3	1.7	5.0	5.1	5.4
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	293.9	17.6	34.3	34.3	36.8	53.8	57.5	68.8	70.0	55.0	57.1	13.1
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	13.3	13.3	25.3	25.3	25.3	37.3	37.3	47.3	47.3	47.3	0.0	0.0
8. Long-term borrowings and financial leases	280.7	4.3	9.0	9.0	11.5	16.5	20.3	21.5	22.8	7.8	57.1	13.1
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)	706.0	705.3	711.6	713.0	689.7	687.3	704.9	701.8	677.6	669.0	584.2	616.8
I. Owner's equity	706.0	705.3	711.6	713.0	689.7	687.3	704.9	701.8	677.6	669.0	584.2	616.8
1. Owner's capital	386.4	386.4	386.4	386.4	386.4	386.4	386.4	386.4	386.4	386.4	386.4	386.4
- Common stock with voting right	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00	386,386,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9
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	153.6	153.2	173.1	172.6	148.9	146.4	164.2	160.0	136.8	128.8	143.3	176.7
- Accumulated retained earning at the end of the previous period	153.3	119.2	140.3	142.7	147.4	94.2	124.0	124.0	128.8	-12.4	-12.4	14.6
- Undistributed earnings in this period	0.3	34.0	32.8	29.9	1.5	52.2	40.2	36.0	8.0	141.2	155.7	162.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	147.1	146.8	133.2	135.1	135.5	135.6	135.4	136.5	135.5	134.9	35.5	34.8
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)	1,492.9	1,242.8	1,114.8	1,154.7	1,109.1	1,153.7	1,129.9	1,188.4	1,054.7	1,105.8	887.1	839.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	0.5	1.8	2.7	28.3	0.9	14.6	5.6	29.7	9.3	-10.2	-5.2	101.0
Depreciation of Fixed Assets and Investment Property	2.9	1.7	1.6	1.6	1.6	1.3	1.3	1.3	1.2	1.2	1.2	1.2
Provision (Increase)/Reversal	-0.2	-1.1	-2.2	1.8	-0.2	0.5	-3.8	0.9	-0.1	-9.4	-0.7	1.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	-0.0	-0.0	-0.7	0.7	-0.5	-0.5	0.2	-0.0	0.0
Gain/Loss from Investment Activities	-1.1	-8.0	-2.1	-52.0	-12.6	-18.2	-4.2	-51.5	-1.3	-2.4	-56.3	-142.0
Interest Expense	5.5	4.8	4.5	4.5	4.8	12.8	-3.1	4.3	3.5	2.2	1.6	3.4
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	7.5	-0.7	4.7	-15.8	-5.5	10.4	-3.5	-15.9	12.1	-18.4	-59.4	-35.4
Increase/(Decrease) in Receivables	-59.0	92.3	-47.9	1.9	30.4	-68.4	14.8	-45.1	-34.2	-78.8	-85.2	-36.9
Increase/(Decrease) in Inventory	-386.0	0.6	-0.3	1.6	-12.7	-29.2	5.5	1.1	99.4	-85.7	-33.5	6.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.7	31.6	-11.9	28.9	7.6	-13.1	-32.7	21.7	-117.2	148.3	0.0	-18.6
Increase/(Decrease) in Prepaid Expenses	-1.0	1.3	1.1	3.0	-0.5	-2.2	0.6	1.8	0.2	13.9	-12.8	0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	25.0	0.0	0.0
Interest Paid	-5.5	-4.6	-4.6	-4.5	-4.9	-1.0	3.0	-5.6	-2.6	-2.4	-1.4	-60.8
Corporate Income Tax Paid	-0.0	-0.5	-2.3	-8.5	-3.0	-0.2	-0.7	-1.8	-2.1	-0.2	-8.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	1.4	0.1	-2.1	-3.9	0.4	0.4	0.9	-5.3	1.6	-0.1	-0.4	-0.3
Net Cash Flow from Operating Activities	-473.3	120.1	-63.1	2.6	11.8	-103.2	-12.1	-49.2	-42.8	1.5	-200.6	-144.5
Payments for Fixed Assets and Other Long-term Assets	-0.5	0.9	-5.8	-0.3	-4.0	-7.3	-3.9	-3.9	-0.7	0.4	-0.8	-2.4
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	-0.3	-26.1	7.1	-0.8	-28.2	-14.5	-21.6	-46.0	0.0	-133.8	-34.6	-22.8
Receipts from Loan Repayments and Sale of Debt Instruments	27.4	95.1	19.2	23.5	75.2	0.0	0.0	4.0	0.0	46.0	96.0	57.6
Investments in Other Entities	-25.0	—	—	—	—	0.0	0.0	0.0	-15.0	0.0	0.0	-103.5
Proceeds from Investments in Other Entities	—	—	—	—	—	95.0	23.5	0.0	0.0	0.0	0.0	272.6
Dividends and Interest Income Received	-1.1	13.6	55.7	-2.1	7.8	0.1	55.0	-3.2	2.1	-1.3	57.9	2.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.5	-9.6	76.1	-4.3	50.3	73.3	53.0	-49.2	-13.6	-88.7	118.4	203.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	98,850,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	723.4	498.7	382.4	444.0	374.8	474.9	463.2	423.4	292.3	187.2	244.9	187.6
Repayment of Borrowings	-417.8	-424.4	-407.5	-445.9	-423.3	-432.3	-490.9	-336.9	-231.8	-177.8	-184.4	-222.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-22.6	-0.0	-1.5	-0.0	-1.3	-18.8	-1.9	-0.0	-0.1	-26.4	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	283.0	74.3	-26.6	-1.9	-49.9	23.8	-29.6	86.5	60.5	81.8	60.5	-34.5
Net Cash Flow During the Period	-189.8	184.8	-13.7	-3.6	12.3	-6.1	11.3	-11.9	4.2	-5.4	-21.7	24.5
Cash and Cash Equivalents at Beginning of Period	200.9	16.1	29.8	33.4	21.1	23.6	23.6	23.6	23.6	49.6	49.6	49.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	11.1	200.9	16.1	29.8	33.4	21.1	27.2	15.9	27.8	23.6	29.0	50.7

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PVM

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