PVP

Vận tải Dầu khí Thái Bình Dương ·HOSE ·2026Q1

● Maintaining

Price

17,200

Latest close

02 Jun 2026

P/E 7.60x

P/B 0.89x

EPS 2,263

BVPS 19,352

ROE 12.0%

ROA 7.3%

Profit Margin 8.9%

Asset Turnover 0.82x

Equity Mult. 1.65x

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

What Is Changing

On a TTM 2026Q1 basis, PVP posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,626bn
	                                
+42.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 235bn
	                                
+13.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,404.6	1,794.5	1,661.2	1,489.4	1,244.0
Growth	+34%	+8%	+12%	+20%	—
Net Income	198.5	207.1	188.1	216.1	191.0
Net Margin	8.25%	11.54%	11.32%	14.51%	15.36%

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	644.8	593.2	833.5	554.4	421.2	706.5	359.2	359.8	373.2	433.5	562.5	360.2
Growth	+9%	-29%	+50%	+32%	-40%	+97%	-0%	-4%	-14%	-23%	+56%	—
Net Income	75.5	44.2	69.2	45.8	40.4	33.9	68.9	62.9	46.4	27.0	55.9	54.8
Net Margin	11.72%	7.45%	8.30%	8.26%	9.59%	4.80%	19.18%	17.48%	12.42%	6.22%	9.94%	15.21%

Drivers of PVP's profit

TTM

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

Financial income ↑ 17.3bn

Other profit ↑ 8.5bn

Administrative expenses ↓ 4.9bn

Finance costs ↓ 4.8bn

Gross profit ↓ 9.8bn

Tax ↑ 6.5bn

TTM

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

Gross profit ↑ 31.7bn

Financial income ↑ 8.9bn

Tax ↑ 5.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.2% = 11.2% × 0.63 × 1.59

2026Q1 12.0% = 8.9% × 0.82 × 1.65

ROE rose from 11.2% to 12.0% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 8.9% -2.2pp Asset turnover: 0.82x +0.18x Leverage: 1.65x +0.07x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 8.94%, losing 2.2pp. The main pressure is Gross margin fell 5.7pp, outweighing the improvement in SG&A / Revenue fell 1.0pp (with additional support from Net financial result / Revenue rose 1.1pp and Other profit / Revenue rose 0.3pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 8.94% −2.2pp

Gross Margin 12.23% −5.7pp

SG&A / Revenue 1.71% −1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 9.43%, broadly flat versus the same period. That translates to 9.43 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 2.8pp, but capital turnover rose 0.27x, while invested capital rose by 181bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

CAPITAL EFFICIENCY TREND

ROIC 9.43% −0.1pp

NOPAT Margin 8.43% −2.8pp

Capital Turnover 1.12x +0.27x

Average Invested Capital 2,346.1bn +180.5bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.63x equity, net debt at 0.10x equity.

Over the last 12 months, working capital released 75.9bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −75.8bn

Inventories decreased → higher CFO: +5.2bn

Payables increased → higher CFO: +146.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.5 days versus the same period last year. The main moves came from DIO fell 0.8 days, DSO rose 0.1 days, and DPO rose 5.7 days.

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

Watchpoints

Receivables collection is slowing

DSO increased by +0.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 46.3 days +0.1 days

Inventory 3.1 days −0.8 days

Payables 29.7 days +5.7 days

Cash Conversion Cycle 19.7 days −6.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.10x and interest coverage at 4.26x.

At present, short-term debt accounts for 21.3% of total debt, cash equals 71.8% of debt, and total debt stands at 687.2bn.

Leverage and liquidity trend

Net Debt / Equity 0.10x −0.22x

Interest Coverage 4.26x +0.53x

Cash / Debt 71.8% +39.8pp

Short-term Debt / Total Debt 21.3% −0.9pp

CFO / NI 2.66x +0.76x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 563.5bn in 2025, against investing cash flow of -47.3bn.

Post-investment cash flow was positive +516.2bn. Financing cash flow was negative +295.8bn.

CFO / net income was 2.66x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 625.5bn +233.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 2.66x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in core profitability, with net margin down 2.2 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.66x.

Watchpoint: Cash generation still needs confirmation.

Key risk: profitability remains under pressure, with trailing-12M net margin at 8.94% after a 2.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,404.6	1,794.5	1,661.2	1,489.4	1,244.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,404.6	1,794.5	1,661.2	1,489.4	1,244.0
Cost of Goods Sold	2,113.3	1,456.6	1,416.5	1,387.7	0.0
Gross Profit	291.3	337.9	244.7	101.7	256.1
Financial Income	65.1	58.1	70.2	33.2	22.2
Financial Expenses	68.9	76.3	49.0	28.0	-15.9
Interest Expense	52.3	41.9	30.7	15.9	-15.6
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	45.5	51.0	30.5	30.9	-23.5
Operating Profit	242.0	268.7	235.4	75.9	238.9
Other Income	8.5	0.0	0.0	201.0	0.0
Other Expenses	0.3	0.4	0.2	0.1	0.0
Other Profit	8.2	-0.4	-0.2	200.9	-0.0
Profit Before Tax	250.1	268.2	235.3	276.9	238.9
Current Income Tax Expense	60.6	58.7	58.3	54.2	-47.8
Deferred Income Tax Expense	-9.0	2.5	-11.2	6.6	0.0
Net Income	198.5	207.1	188.1	216.1	191.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	198.5	207.1	188.1	216.1	191.0
Earnings per Share	1,770.00	1,877.00	1,875.00	2,177.00	1,977.00
Diluted EPS	1,913.89	1,997.06	1,994.99	2,291.83	2,026.51

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,639.8	1,321.4	1,228.0	1,435.2	947.7
I. Cash and cash equivalents	503.9	280.5	108.6	754.5	387.9
1. Cash	413.9	93.4	27.9	25.9	0.0
2. Cash equivalents	90.0	187.1	80.8	728.6	0.0
II. Short-term financial investments	818.8	720.8	875.1	193.5	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	818.8	720.8	875.1	193.5	0.0
III. Short-term receivables	291.5	300.2	225.2	480.1	469.8
1. Short-term trade accounts receivable	254.2	288.1	185.8	468.5	0.0
2. Short-term prepayments to suppliers	0.1	0.0	0.5	0.0	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	110.2	85.1	115.4	89.2	0.0
7. Provision for short-term doubtful debts (*)	-73.1	-73.1	-76.4	-77.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	22.4	16.0	13.7	6.5	21.1
1. Inventories	22.4	16.0	13.7	6.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	3.9	5.4	0.6	2.8
1. Short-term prepayments	3.2	3.9	5.4	0.6	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	1,506.5	1,865.0	1,486.1	1,129.7	1,353.0
I. Long-term receivables	0.8	10.8	0.7	0.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	17.0
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	0.0	0.0	0.0
6. Other long-term receivables	0.8	10.8	0.7	0.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,466.9	1,823.5	1,450.8	1,108.7	1,309.0
1. Tangible fixed assets	1,466.9	1,823.5	1,450.6	1,108.7	1,308.9
- Cost	3,589.4	3,588.9	2,900.5	2,320.3	0.0
- Accumulated depreciation	-2,122.5	-1,765.4	-1,449.9	-1,211.6	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	—	0.0	0.2	0.0	0.0
- Cost	0.2	0.2	0.4	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	0.3	0.0	0.1	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.0	0.1	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	38.5	30.7	34.5	20.4	0.0
1. Long-term prepayments	0.4	1.5	2.9	0.0	0.0
2. Deferred income tax assets	38.1	29.1	31.6	20.4	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	27.0
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)	3,146.2	3,186.3	2,714.1	2,564.9	2,300.7
A. LIABILITIES (300=210+330)	1,215.0	1,334.3	982.5	914.1	763.9
I. Short -term liabilities	478.9	583.1	453.1	577.8	339.6
1. Short-term trade accounts payable	143.7	162.7	135.2	403.9	161.1
2. Short-term advances from customers	9.8	18.1	11.3	0.0	0.0
3. Taxes and other payables to state authorities	17.7	6.1	13.0	15.1	0.0
4. Payable to employees	17.3	11.4	7.4	4.1	0.0
5. Short-term acrrued expenses	51.9	42.8	53.0	22.7	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	0.0
9. Other short-term payables	6.5	5.6	5.0	6.1	0.0
10. Short-term borrowings and financial leases	157.6	194.4	171.3	123.9	121.8
11. Provision for short-term liabilities	71.6	138.5	54.2	0.0	0.0
12.. Bonus and welfare fund	2.8	3.6	2.7	2.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	736.1	751.2	529.4	336.3	424.3
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	574.7	728.2	424.9	234.0	384.8
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	161.3	23.0	104.5	102.2	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)	1,931.3	1,852.0	1,731.6	1,650.8	1,536.8
I. Owner's equity	1,931.3	1,852.0	1,731.6	1,650.8	0.0
1. Owner's capital	1,037.0	1,037.0	942.8	942.8	1,536.8
- Common stock with voting right	1,037,024,520,000.00	1,037,024,520,000.00	942,750,280,000.00	942,750,280,000.00	942,750,280,000.00
- 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	605.8	605.8	598.8	489.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.9	1.9	1.9	1.9	0.0
11. Undistributed earnings after tax	286.6	207.4	188.3	216.4	191.4
- Accumulated retained earning at the end of the previous period	88.1	0.3	0.2	0.4	0.3
- Undistributed earnings in this period	198.5	207.1	188.1	216.1	191.0
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)	3,146.2	3,186.3	2,714.1	2,564.9	2,300.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	250.1	268.2	235.3	276.9	238.9
Depreciation of Fixed Assets and Investment Property	356.9	315.5	238.4	200.4	198.4
Provision (Increase)/Reversal	71.5	-0.5	56.4	54.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.9	14.0	19.3	-1.9	0.0
Gain/Loss from Investment Activities	-52.2	-47.3	-67.8	-230.8	0.0
Interest Expense	52.3	41.9	30.7	15.9	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	677.7	591.7	512.3	314.8	415.6
Increase/(Decrease) in Receivables	20.7	-91.2	270.0	9.2	0.0
Increase/(Decrease) in Inventory	-6.4	-2.4	-7.1	14.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.6	26.0	-226.0	258.9	0.0
Increase/(Decrease) in Prepaid Expenses	1.5	3.5	-7.6	1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-54.5	-36.0	-30.9	-19.4	0.0
Corporate Income Tax Paid	-50.7	-63.0	-63.1	-48.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-16.3	-10.4	-12.3	-14.0	0.0
Net Cash Flow from Operating Activities	563.5	418.3	435.3	516.9	184.2
Payments for Fixed Assets and Other Long-term Assets	—	-688.3	-580.6	-0.1	-9.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	201.0	0.0
Loans and Purchases of Debt Instruments	-1,930.3	-1,568.3	-1,537.2	-253.5	-66.1
Receipts from Loan Repayments and Sale of Debt Instruments	1,832.3	1,722.6	855.6	126.1	153.1
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	50.7	57.1	52.5	27.4	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	-47.3	-476.9	-1,209.7	100.9	97.2
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	350.0	478.0	397.2	21.5	50.6
Repayment of Borrowings	-542.8	-173.2	-174.8	-178.9	-174.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-102.9	-74.9	-93.7	-93.6	-93.6
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	-295.8	229.8	128.7	-251.0	-217.0
Net Cash Flow During the Period	220.5	171.2	-645.8	366.8	-12.1
Cash and Cash Equivalents at Beginning of Period	280.5	108.6	754.5	387.9	323.5
FX Difference from Revaluation	2.9	0.7	-0.0	-0.3	0.0
Cash and Cash Equivalents at End of Period	503.9	280.5	108.6	754.5	387.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	644.8	593.2	833.5	554.4	421.2	706.5	359.2	359.8	373.2	433.5	562.5	360.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	644.8	593.2	833.5	554.4	421.2	706.5	359.2	359.8	373.2	433.5	562.5	360.2
Cost of Goods Sold	546.1	527.2	748.2	483.3	354.1	624.6	270.5	266.4	294.4	391.3	473.8	300.1
Gross Profit	98.7	66.0	85.3	71.2	67.0	81.9	88.6	93.4	78.8	42.2	88.7	60.2
Financial Income	21.2	15.3	20.0	18.2	12.3	12.8	21.3	10.9	12.9	17.7	18.7	20.2
Financial Expenses	14.8	14.4	13.5	24.0	17.6	25.2	11.2	17.6	22.2	12.9	28.4	6.8
Interest Expense	11.1	12.1	12.5	13.6	14.1	13.9	8.7	9.2	9.8	10.8	11.1	4.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	11.0	10.6	13.2	10.3	9.8	23.3	9.5	7.2	10.6	13.3	8.8	5.0
Operating Profit	94.2	56.4	78.6	55.0	52.0	46.2	89.3	79.5	59.0	33.8	70.1	68.6
Other Income	—	—	7.3	1.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.3	0.0	0.0	0.0	0.0	0.1	0.3	0.1	0.0	0.1	0.0
Other Profit	-0.0	-0.3	7.3	1.2	-0.0	0.0	-0.1	-0.3	-0.1	-0.0	-0.1	-0.0
Profit Before Tax	94.2	56.1	85.9	56.2	51.9	46.2	89.2	79.2	58.9	33.8	70.0	68.5
Current Income Tax Expense	18.6	14.4	19.0	12.7	13.5	4.7	22.1	18.0	14.3	8.8	17.1	16.8
Deferred Income Tax Expense	—	-2.5	-2.3	-2.3	-2.0	7.7	-1.7	-1.7	-1.7	-2.0	-3.1	-3.1
Net Income	75.5	44.2	69.2	45.8	40.4	33.9	68.9	62.9	46.4	27.0	55.9	54.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	75.5	44.2	69.2	45.8	40.4	33.9	68.9	62.9	46.4	27.0	55.9	54.8
Earnings per Share	728.00	426.00	667.00	442.00	389.00	348.00	707.00	667.00	492.00	286.00	593.00	581.00
Diluted EPS	728.46	425.99	667.41	441.84	389.36	327.19	664.41	667.36	491.68	286.05	593.32	581.33

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)	1,857.9	1,640.0	1,786.0	1,530.0	1,390.5	1,326.8	1,417.4	1,346.6	1,240.6	1,228.0	1,175.9	1,176.9
I. Cash and cash equivalents	493.5	503.9	315.2	249.5	282.2	280.5	350.8	315.1	469.9	108.6	118.7	150.2
1. Cash	478.5	413.9	275.2	178.6	136.3	93.4	181.5	179.4	109.2	27.9	23.3	57.4
2. Cash equivalents	15.0	90.0	40.0	71.0	145.9	187.1	169.3	135.8	360.7	80.8	95.4	92.9
II. Short-term financial investments	938.3	818.8	980.5	946.6	766.7	720.8	812.7	842.1	570.9	875.1	740.8	683.2
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	938.3	818.8	980.5	946.6	766.7	720.8	812.7	842.1	570.9	875.1	740.8	683.2
III. Short-term receivables	406.3	291.7	466.6	312.5	316.2	305.5	239.6	172.9	185.2	225.2	300.7	332.5
1. Short-term trade accounts receivable	365.3	250.5	443.3	293.4	300.7	267.3	206.1	155.5	167.1	174.2	238.7	281.5
2. Short-term prepayments to suppliers	0.7	0.1	5.3	4.5	1.6	0.3	0.0	0.2	0.6	0.5	2.0	1.1
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	113.4	114.1	91.0	87.6	87.0	110.9	106.6	93.6	94.0	127.0	136.5	126.4
7. Provision for short-term doubtful debts (*)	-73.1	-73.1	-73.1	-73.1	-73.1	-73.1	-73.1	-76.3	-76.4	-76.4	-76.4	-76.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	17.0	22.4	21.0	18.6	22.2	16.0	11.8	12.8	10.6	13.7	9.8	8.9
1. Inventories	17.0	22.4	21.0	18.6	22.2	16.0	11.8	12.8	10.6	13.7	9.8	8.9
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.7	3.2	2.7	2.7	3.2	4.0	2.5	3.6	4.0	5.4	5.8	2.1
1. Short-term prepayments	2.7	3.2	2.7	2.7	3.2	4.0	2.5	3.6	4.0	5.4	5.8	2.1
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,426.3	1,506.6	1,609.2	1,686.1	1,768.1	1,865.3	1,356.6	1,352.6	1,419.2	1,483.3	1,541.7	1,608.0
I. Long-term receivables	0.8	0.8	24.4	24.1	10.9	10.0	0.7	0.7	0.7	0.7	0.7	0.9
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	0.8	0.8	24.4	24.1	10.9	10.0	0.7	0.7	0.7	0.7	0.7	0.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,387.0	1,466.9	1,548.6	1,628.2	1,725.1	1,825.2	1,246.6	1,314.5	1,382.5	1,448.0	1,508.1	1,577.4
1. Tangible fixed assets	1,387.0	1,466.9	1,548.6	1,628.2	1,725.1	1,824.5	1,246.1	1,314.3	1,382.4	1,447.8	1,507.9	1,577.4
- Cost	3,589.4	—	—	—	—	3,589.1	2,900.8	2,900.8	2,900.5	2,897.7	2,889.9	2,891.5
- Accumulated depreciation	-2,202.4	—	—	—	—	-1,764.6	-1,654.7	-1,586.4	-1,518.2	-1,449.9	-1,382.0	-1,314.1
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	—	—	—	—	—	0.6	0.6	0.1	0.2	0.2	0.2	0.0
- Cost	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	—	0.3	—	—	—	0.0	71.1	0.4	0.2	0.1	0.1	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.3	—	—	—	0.0	71.1	0.4	0.2	0.1	0.1	0.1
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	38.5	38.7	36.2	33.9	32.1	30.1	38.2	37.0	35.7	34.5	32.8	29.7
1. Long-term prepayments	0.3	0.4	0.4	0.5	1.0	1.0	1.4	1.9	2.4	2.9	3.2	3.1
2. Deferred income tax assets	38.1	38.3	35.8	33.5	31.1	29.1	36.8	35.1	33.3	31.6	29.6	26.5
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)	3,284.1	3,146.6	3,395.2	3,216.2	3,158.6	3,192.1	2,774.0	2,699.1	2,659.8	2,711.3	2,717.6	2,784.9
A. LIABILITIES (300=210+330)	1,277.3	1,215.0	1,507.7	1,397.1	1,266.2	1,338.9	954.7	944.9	881.8	983.7	1,017.0	1,139.1
I. Short -term liabilities	575.0	478.9	684.6	558.6	542.0	587.7	601.9	436.7	357.6	368.7	359.6	433.2
1. Short-term trade accounts payable	260.1	143.1	289.7	157.3	115.2	165.9	123.3	86.3	84.0	135.2	87.9	98.3
2. Short-term advances from customers	20.4	9.8	—	—	14.7	18.1	4.6	5.9	17.1	11.3	0.8	11.4
3. Dividends and profits payable	6.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	19.8	17.9	37.0	29.8	14.7	6.4	48.9	21.3	15.7	12.0	18.9	22.8
4. Payable to employees	20.3	17.7	24.5	18.1	17.5	11.4	19.4	14.1	13.4	10.8	9.0	6.8
5. Short-term acrrued expenses	29.7	51.2	36.5	42.2	38.7	43.8	19.9	30.4	40.0	51.9	58.0	59.6
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.6	6.5	109.2	109.3	5.6	5.6	54.8	80.5	5.2	5.0	5.3	99.5
10. Short-term borrowings and financial leases	146.2	157.6	177.4	188.5	195.5	194.4	122.0	125.7	123.3	139.8	157.0	123.8
11. Provision for short-term liabilities	71.6	72.4	—	—	139.8	138.5	202.0	63.2	58.7	0.0	19.3	0.0
12.. Bonus and welfare fund	0.2	2.8	10.2	13.4	0.2	3.6	6.8	9.2	0.4	2.7	3.4	11.0
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	702.3	736.1	823.1	838.5	724.2	751.2	352.8	508.2	524.2	615.1	657.4	705.9
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	541.0	574.7	608.5	642.2	686.0	728.2	343.0	380.4	408.0	456.4	509.4	570.5
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	161.3	161.3	214.6	196.3	38.2	23.0	9.8	127.9	116.2	158.6	148.0	135.3
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)	2,006.8	1,931.6	1,887.4	1,819.0	1,892.4	1,853.3	1,819.3	1,754.2	1,778.0	1,727.5	1,700.6	1,645.8
I. Owner's equity	2,006.8	1,931.6	1,887.4	1,819.0	1,892.4	1,853.3	1,819.3	1,754.2	1,778.0	1,727.5	1,700.6	1,645.8
1. Owner's capital	1,037.0	1,037.0	1,037.0	1,037.0	1,037.0	1,037.0	1,037.0	942.8	942.8	942.8	942.8	942.8
- Common stock with voting right	1,037,024,520,000.00	1,037,024,520,000.00	1,037,024,520,000.00	1,037,024,520,000.00	1,037,024,520,000.00	1,037,024,520,000.00	1,037,024,520,000.00	942,750,280,000.00	942,750,280,000.00	942,750,280,000.00	942,750,280,000.00	942,750,280,000.00
- 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	605.8	605.8	605.8	605.8	605.8	605.8	605.8	605.8	598.8	598.8	598.8	598.8
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	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
11. Undistributed earnings after tax	362.2	286.9	242.8	174.3	247.8	208.6	174.7	203.8	234.6	184.1	157.2	102.4
- Accumulated retained earning at the end of the previous period	286.6	88.1	88.1	88.1	207.4	0.3	0.3	94.6	188.3	0.2	0.2	0.2
- Undistributed earnings in this period	75.5	198.8	154.6	86.2	40.4	208.3	174.4	109.3	46.4	184.0	157.0	102.2
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)	3,284.1	3,146.6	3,395.2	3,216.2	3,158.6	3,192.1	2,774.0	2,699.1	2,659.8	2,711.3	2,717.6	2,784.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	94.2	55.8	85.9	56.5	51.9	46.2	89.2	75.4	58.9	38.9	70.0	67.1
Depreciation of Fixed Assets and Investment Property	79.8	81.8	79.6	97.2	98.4	110.0	68.3	68.3	68.3	68.0	67.9	52.5
Provision (Increase)/Reversal	—	18.3	18.3	18.3	16.5	-50.3	14.5	19.0	16.2	-7.4	32.3	16.3
FX Gain/Loss from Revaluation of Monetary Items	-3.6	-1.1	-3.9	3.4	0.7	7.9	-11.9	7.6	10.4	2.9	11.1	6.4
Gain/Loss from Investment Activities	-14.6	-13.6	-14.0	-13.0	-11.6	-12.3	-11.8	-10.6	-12.5	-15.2	-16.9	-18.4
Interest Expense	11.1	12.1	12.5	13.6	14.1	13.9	8.7	9.2	9.8	10.8	11.1	4.7
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	166.9	153.3	178.3	176.0	170.1	115.5	157.0	168.9	151.1	98.0	175.4	128.6
Increase/(Decrease) in Receivables	-110.3	193.5	-147.7	-11.3	-13.8	-78.4	-61.1	14.5	29.0	82.6	21.2	98.0
Increase/(Decrease) in Inventory	5.4	-1.4	-2.4	3.6	-6.2	-4.3	1.0	-2.2	3.1	-3.8	-0.9	-3.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	109.6	-132.7	133.9	35.6	-45.4	62.6	38.2	-14.0	-54.4	49.5	-17.4	-127.9
Increase/(Decrease) in Prepaid Expenses	0.5	-0.5	0.1	0.7	1.2	-1.0	1.6	0.9	1.9	0.7	-3.4	-4.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-11.4	-12.3	-13.1	-13.2	-15.9	-7.9	-8.8	-9.5	-9.7	-11.0	-11.6	-2.9
Corporate Income Tax Paid	-14.4	-31.8	-14.2	0.0	-4.7	-40.1	0.0	-14.3	-8.6	-18.0	-16.9	-14.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.6	-7.4	-3.2	-2.3	-3.4	-3.3	-2.4	-2.4	-2.3	-0.7	-7.6	-3.3
Net Cash Flow from Operating Activities	143.8	160.7	131.8	189.2	81.8	43.1	125.4	141.9	110.1	197.3	138.8	69.4
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	-617.5	-70.0	-1.5	-0.1	-10.9	-2.0	-567.7
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	-460.8	-642.4	-362.4	-586.1	-339.4	-427.3	-293.5	-557.9	-289.5	-281.4	-593.7	-126.0
Receipts from Loan Repayments and Sale of Debt Instruments	341.2	804.1	328.5	406.2	293.5	519.2	322.9	286.7	593.7	147.1	536.1	152.4
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	10.2	18.4	10.0	12.4	9.9	15.5	9.5	8.6	23.5	7.0	27.0	10.1
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	-109.3	180.1	-23.9	-167.6	-36.0	-510.1	-31.1	-264.1	327.6	-138.2	-32.7	-531.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	350.0	—	478.0	0.0	0.0	0.0	0.0	0.0	397.2
Repayment of Borrowings	-46.4	-48.1	-44.7	-405.7	-44.2	-34.9	-26.8	-34.6	-77.0	-68.9	-44.3	-17.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-102.7	-0.1	-0.1	-0.0	-49.1	-25.7	-0.1	-0.0	-0.2	-93.3	-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	-46.6	-150.9	-44.8	-55.8	-44.3	394.0	-52.5	-34.7	-77.0	-69.2	-137.7	379.6
Net Cash Flow During the Period	-12.2	190.0	63.1	-34.2	1.6	-73.0	41.9	-156.9	360.6	-10.0	-31.5	-82.2
Cash and Cash Equivalents at Beginning of Period	503.9	315.2	249.5	282.2	280.5	108.6	108.6	108.6	108.6	754.5	754.5	754.5
FX Difference from Revaluation	1.8	2.9	4.2	1.6	0.1	2.7	-6.2	2.2	0.6	-0.1	-0.0	0.0
Cash and Cash Equivalents at End of Period	493.5	503.9	315.2	249.5	282.2	280.5	350.8	315.1	469.9	108.6	118.7	150.2

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