PVY

Chế tạo Giàn khoan Dầu khí ·UPCOM ·2026Q1

▲▲ Improving positively

Price

2,100

Latest close

12 Jun 2026

P/E 41.18x

P/B -0.25x

EPS 51

BVPS -8,287

ROE -0.7%

ROA 0.3%

Profit Margin 0.2%

Asset Turnover 1.29x

Equity Mult. -2.37x

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

What Is Changing

On a TTM 2026Q1 basis, PVY is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,424bn
	                                
+43.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
+166.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    54.3%

Metric	2025	2024	2023	2022	2021
Revenue	1,290.0	1,063.3	993.5	314.8	369.7
Growth	+21%	+7%	+216%	-15%	—
Net Income	0.5	0.2	-24.1	-115.5	-48.9
Net Margin	0.04%	0.02%	-2.42%	-36.68%	-13.24%

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	400.3	269.3	245.0	509.5	266.2	285.7	181.1	262.6	333.9	410.6	344.4	175.8
Growth	+49%	+10%	-52%	+91%	-7%	+58%	-31%	-21%	-19%	+19%	+96%	—
Net Income	0.1	1.4	1.5	0.1	-2.5	-7.3	1.2	4.0	2.4	-6.9	20.4	-13.6
Net Margin	0.02%	0.51%	0.60%	0.02%	-0.93%	-2.55%	0.64%	1.54%	0.73%	-1.68%	5.92%	-7.75%

Drivers of PVY's profit

TTM

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

Other profit ↑ 5.8bn

Gross profit ↑ 4.7bn

Administrative expenses ↓ 0.9bn

Tax ↑ 4.7bn

TTM

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

Gross profit ↑ 4.7bn

Tax ↓ 1.1bn

Financial income ↑ 1.0bn

Other profit ↑ 0.3bn

Administrative expenses ↑ 4.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.1% = -0.5% × 0.89 × -2.60

2026Q1 -0.7% = 0.2% × 1.29 × -2.37

ROE edged down from 1.1% to -0.7% — the components are broadly offsetting.

Net margin: 0.2% +0.7pp Asset turnover: 1.29x +0.41x Leverage: -2.37x +0.23x

Is the profit sustainable?

Margins improved (+0.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.21%, rising 0.7pp. Core operating signals are improving as SG&A / Revenue fell 0.6pp are enough to offset pressure from Gross margin fell 1.6pp (with additional support from Net financial result / Revenue rose 1.5pp and Other profit / Revenue rose 0.4pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 0.21% +0.7pp

Gross Margin 4.87% −1.6pp

SG&A / Revenue 1.22% −0.6pp

Non-core / Revenue -2.93% +1.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 54.3% of PBT and lifted net margin by 1.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 6.9% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 6.90%, rising 6.5pp. That translates to 6.90 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 64.16x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital contracted by 126bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 6.90% +6.5pp

NOPAT Margin 0.10% +0.0pp

Capital Turnover 70.97x +64.16x

Average Invested Capital 20.1bn −126.2bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at -3.47x equity, with a net cash position equivalent to 0.81x equity.

Inventory ended the period at 239.4bn, roughly 19.7% of total assets.

Over the last 12 months, working capital released 36.0bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +2.2bn

Inventories decreased → higher CFO: +127.6bn

Payables decreased → lower CFO: −93.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 61.0 days versus the same period last year. The main moves came from DIO fell 47.3 days, DSO fell 57.0 days, and DPO fell 43.2 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables 81.4 days −57.0 days

Inventory 43.1 days −47.3 days

Payables 74.6 days −43.2 days

Cash Conversion Cycle 49.9 days −61.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 110.7bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.81x and interest coverage only at 0.08x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 32.9% of debt, and total debt stands at 593.9bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is 0.08x, leaving limited room to absorb financing costs.

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 -0.81x +0.50x

Interest Coverage 0.08x +0.10x

Cash / Debt 32.9% +24.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 69.42x +91.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 110.7bn in 2025, against investing cash flow of -89.6bn.

Post-investment cash flow was positive +21.1bn. Financing cash flow was positive +91.6bn.

CFO / net income was 69.42x.

After spending +26.7bn on fixed-asset investment, the business generated trailing free cash flow of +183.8bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 210.4bn +111.4bn

Cash Capex 26.7bn −13.7bn

FCF TTM +183.8bn +125.2bn

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 the earnings mix, when non-core contribution is -457.8%. The main risk still sits in leverage and liquidity, with interest coverage at 0.08x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 69.42x. Even so, net financial result still accounts for -457.8% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.08x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,290.0	1,063.3	993.5	314.8	369.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,290.0	1,063.3	993.5	314.8	369.7
Cost of Goods Sold	1,223.4	998.9	934.5	356.9	0.0
Gross Profit	66.6	64.4	59.0	-42.0	12.2
Financial Income	13.7	14.0	10.3	1.5	1.5
Financial Expenses	62.3	62.2	58.0	54.2	-51.5
Interest Expense	58.7	59.2	57.9	54.0	-51.3
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	12.8	15.8	28.5	21.0	-11.7
Operating Profit	5.2	0.4	-17.2	-115.7	-49.5
Other Income	4.5	0.7	0.3	0.6	0.0
Other Expenses	1.2	1.0	7.3	0.4	0.0
Other Profit	3.2	-0.2	-6.9	0.2	0.6
Profit Before Tax	8.4	0.2	-24.1	-115.5	-48.9
Current Income Tax Expense	8.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.5	0.2	-24.1	-115.5	-48.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	0.2	-24.1	-115.5	-48.9
Earnings per Share	8.00	3.00	-405.00	-1,941.00	-613.67
Diluted EPS	8.00	3.00	-405.00	-1,941.00	-822.68

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	780.5	703.8	590.6	221.0	276.8
I. Cash and cash equivalents	142.4	32.2	59.6	38.3	57.9
1. Cash	98.5	28.3	40.6	35.0	0.0
2. Cash equivalents	43.9	3.9	19.0	3.4	0.0
II. Short-term financial investments	84.1	51.7	18.5	4.8	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	84.1	51.7	18.5	4.8	0.0
III. Short-term receivables	221.7	281.7	346.8	108.5	138.3
1. Short-term trade accounts receivable	261.7	317.3	336.2	116.5	0.0
2. Short-term prepayments to suppliers	1.5	4.9	15.9	1.5	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	3.5	1.8	26.1	1.6	0.0
7. Provision for short-term doubtful debts (*)	-45.0	-42.2	-31.5	-11.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.5	0.0
IV. Inventories	239.4	241.0	143.6	65.3	63.3
1. Inventories	244.4	246.0	149.5	66.2	0.0
2. Provision for decline in value of inventories	-5.1	-5.1	-5.9	-0.9	0.0
V. Other short-term assets	92.9	97.2	22.2	4.1	2.3
1. Short-term prepayments	10.5	35.5	1.2	1.6	0.0
2. Value added tax to be reclaimed	81.7	60.7	19.9	1.0	0.0
3. Taxes and other receivables from state authorities	0.7	1.0	1.1	1.6	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)	436.9	418.3	412.3	462.7	483.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	270.4	288.7	281.5	319.4	350.7
1. Tangible fixed assets	269.9	288.0	280.6	318.4	349.4
- Cost	1,335.1	1,315.3	1,275.0	1,284.3	0.0
- Accumulated depreciation	-1,065.2	-1,027.3	-994.4	-965.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.7	0.9	1.1	1.3
- Cost	75.7	75.7	75.7	75.7	0.0
- Accumulated depreciation	-75.1	-75.0	-74.8	-74.6	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	5.3	3.5	18.9	18.9	1.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.3	3.5	18.9	18.9	0.0
V. Long-term financial investments	39.9	2.0	2.6	2.6	2.6
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	39.9	2.0	2.6	2.6	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	121.3	124.1	109.3	121.8	0.0
1. Long-term prepayments	121.3	124.1	109.3	121.8	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	128.8
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)	1,217.4	1,122.1	1,002.9	683.7	760.3
A. LIABILITIES (300=210+330)	1,710.6	1,553.9	1,434.9	1,091.5	1,052.7
I. Short -term liabilities	1,644.4	1,540.2	1,420.6	1,031.1	934.4
1. Short-term trade accounts payable	290.4	379.2	250.1	104.3	106.4
2. Short-term advances from customers	2.6	1.3	3.4	3.3	3.2
3. Taxes and other payables to state authorities	2.0	0.2	0.1	0.0	0.0
4. Payable to employees	0.0	9.7	0.0	0.0	0.0
5. Short-term acrrued expenses	119.0	67.1	139.1	334.4	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	—	3.3	12.0	0.0	21.1
9. Other short-term payables	516.7	457.6	400.1	20.1	0.0
10. Short-term borrowings and financial leases	713.4	621.7	615.8	568.8	491.8
11. Provision for short-term liabilities	0.2	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	66.2	13.7	14.2	60.5	118.3
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	13.6	13.6	14.1	20.2	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	40.1	118.1
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	52.6	0.1	0.2	0.2	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-493.1	-431.8	-432.0	-407.9	-292.5
I. Owner's equity	-493.1	-431.7	-431.9	-407.8	0.0
1. Owner's capital	594.9	594.9	594.9	594.9	-292.4
- Common stock with voting right	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00
- 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	2.6	2.6	0.0	2.6	2.6
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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	2.6	0.0	0.0
11. Undistributed earnings after tax	-1,090.6	-1,029.2	-1,029.4	-1,005.3	-889.9
- Accumulated retained earning at the end of the previous period	-1,091.1	-1,029.4	-1,005.3	-889.8	-841.0
- Undistributed earnings in this period	0.5	0.2	-24.1	-115.5	-48.9
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	-0.1	-0.1	-0.1	-0.1	-0.1
1. Subsidized not-for-profit funds	-0.1	-0.1	-0.1	-0.1	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)	1,217.4	1,122.1	1,002.9	683.7	760.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	8.4	0.2	-24.1	-115.5	-48.9
Depreciation of Fixed Assets and Investment Property	38.0	33.5	33.1	33.6	34.5
Provision (Increase)/Reversal	55.5	9.8	24.8	10.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	-3.6	-7.9	-0.4	0.0
Gain/Loss from Investment Activities	-4.8	-0.9	3.2	-0.9	0.0
Interest Expense	58.7	59.2	57.9	54.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	156.5	98.3	87.1	-19.1	36.7
Increase/(Decrease) in Receivables	41.6	17.7	-257.5	20.0	0.0
Increase/(Decrease) in Inventory	1.6	-96.5	-83.3	-3.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-110.2	55.0	271.4	-13.0	0.0
Increase/(Decrease) in Prepaid Expenses	27.7	-49.0	12.8	6.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-2.0	0.0	-0.2	0.0
Corporate Income Tax Paid	-6.1	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	-0.2	0.0
Net Cash Flow from Operating Activities	110.7	23.5	30.5	-10.0	56.3
Payments for Fixed Assets and Other Long-term Assets	-21.5	-25.4	-4.1	-19.9	-3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	-1.7
Loans and Purchases of Debt Instruments	-116.7	-46.5	-21.7	-0.2	-3.4
Receipts from Loan Repayments and Sale of Debt Instruments	46.5	13.8	8.0	10.4	0.0
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	2.2	1.3	1.9	0.9	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	-89.6	-56.8	-16.0	-8.9	-7.5
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	119.5	52.4	37.5	15.9	-4.6
Repayment of Borrowings	-27.8	-46.5	-30.6	-16.9	-0.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-0.0	-0.0	-0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	91.6	5.9	6.8	-1.0	-4.8
Net Cash Flow During the Period	112.7	-27.4	21.3	-19.9	14.8
Cash and Cash Equivalents at Beginning of Period	32.2	59.6	38.3	57.9	14.0
FX Difference from Revaluation	-2.5	0.1	-0.1	0.3	-0.1
Cash and Cash Equivalents at End of Period	142.4	32.2	59.6	38.3	57.9

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	400.3	269.3	245.0	509.5	266.2	285.7	181.1	262.6	333.9	410.6	344.4	175.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	400.3	269.3	245.0	509.5	266.2	285.7	181.1	262.6	333.9	410.6	344.4	175.8
Cost of Goods Sold	380.8	253.0	230.0	490.9	251.4	271.6	160.8	247.1	319.4	380.3	314.5	174.0
Gross Profit	19.5	16.3	15.0	18.6	14.8	14.1	20.3	15.5	14.5	30.3	29.9	1.8
Financial Income	3.2	2.6	6.6	2.4	2.3	4.7	1.1	6.2	1.8	3.4	5.7	0.6
Financial Expenses	15.5	16.3	15.5	14.9	15.6	16.3	14.8	15.9	14.9	14.8	14.6	14.5
Interest Expense	14.8	15.6	14.4	14.4	14.3	14.6	14.6	15.1	14.9	14.8	14.6	14.5
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	6.2	3.7	3.6	3.8	1.6	10.2	5.3	1.2	-0.8	18.6	0.7	1.5
Operating Profit	1.1	-1.1	2.5	2.3	-0.0	-7.6	1.3	4.6	2.3	0.2	20.3	-13.7
Other Income	0.5	5.4	0.8	0.1	0.2	0.3	0.1	0.1	0.2	0.2	0.1	0.0
Other Expenses	0.0	0.7	0.1	0.5	0.0	0.0	0.2	0.6	0.0	7.2	0.0	0.0
Other Profit	0.5	4.7	0.8	-0.4	0.2	0.3	-0.1	-0.6	0.1	-7.0	0.0	0.0
Profit Before Tax	1.6	3.6	3.2	1.9	0.1	-7.3	1.2	4.0	2.4	-6.9	20.4	-13.6
Current Income Tax Expense	1.5	2.2	1.8	1.8	2.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.1	1.4	1.5	0.1	-2.5	-7.3	1.2	4.0	2.4	-6.9	20.4	-13.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	1.4	1.5	0.1	-2.5	-7.3	1.2	4.0	2.4	-6.9	20.4	-13.6
Earnings per Share	1.00	23.00	25.00	2.00	-42.00	-122.00	20.00	68.00	41.00	-116.00	343.00	-229.00
Diluted EPS	1.47	23.24	24.68	1.57	-41.59	-122.31	19.54	67.78	40.75	-115.73	342.60	-229.18

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)	667.7	817.0	734.6	842.5	698.5	706.1	596.0	619.8	742.3	591.8	614.6	395.3
I. Cash and cash equivalents	195.3	142.7	141.3	218.7	52.9	32.2	23.2	33.7	40.1	83.3	128.5	132.0
1. Cash	175.3	98.8	97.4	214.8	49.0	28.3	19.4	20.4	26.8	40.6	90.9	118.1
2. Cash equivalents	20.0	43.9	43.9	3.9	3.9	3.9	3.9	13.4	13.4	42.6	37.6	14.0
II. Short-term financial investments	30.4	122.0	121.2	28.1	53.1	51.7	5.2	15.3	15.3	17.7	12.7	16.7
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	30.4	122.0	121.2	28.1	53.1	51.7	5.2	15.3	15.3	17.7	12.7	16.7
III. Short-term receivables	271.0	221.7	212.9	325.9	290.1	284.0	236.0	332.0	421.7	322.2	370.1	159.3
1. Short-term trade accounts receivable	312.5	261.8	249.8	360.5	322.8	317.3	258.5	331.6	432.1	336.2	272.7	159.0
2. Short-term prepayments to suppliers	0.7	1.5	5.3	8.0	7.3	7.2	9.2	27.9	16.9	13.0	106.4	9.2
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	2.8	3.5	2.5	2.1	2.3	1.8	1.7	2.0	2.2	2.0	2.3	2.3
7. Provision for short-term doubtful debts (*)	-45.0	-45.0	-44.7	-44.7	-42.2	-42.2	-33.4	-29.5	-29.5	-29.5	-11.7	-11.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	0.5	0.5
IV. Inventories	91.2	237.7	173.4	174.3	218.8	241.0	271.5	194.0	231.2	146.5	98.5	84.3
1. Inventories	96.2	242.7	178.4	179.4	223.8	246.0	277.5	199.9	237.1	152.4	99.4	85.2
2. Provision for decline in value of inventories	-5.1	-5.1	-5.1	-5.1	-5.1	-5.1	-5.9	-5.9	-5.9	-5.9	-0.9	-0.9
V. Other short-term assets	79.7	92.9	85.8	95.5	83.7	97.2	59.9	44.8	34.0	22.1	4.7	3.0
1. Short-term prepayments	5.3	10.5	16.0	30.5	25.5	35.5	1.4	0.8	1.1	1.2	1.4	1.5
2. Value added tax to be reclaimed	73.3	81.7	69.1	64.2	57.3	60.7	57.5	42.9	31.5	19.9	1.8	0.0
3. Taxes and other receivables from state authorities	1.2	0.7	0.8	0.9	0.9	1.0	1.0	1.0	1.4	1.0	1.5	1.5
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)	429.2	399.0	393.9	402.7	405.8	418.3	410.4	397.0	402.2	413.0	424.6	438.6
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	267.2	270.4	276.8	282.7	279.8	288.7	266.8	266.9	273.7	281.5	291.4	302.6
1. Tangible fixed assets	266.7	269.9	276.3	282.0	279.2	288.0	266.1	266.1	272.9	280.6	290.5	301.7
- Cost	1,320.9	—	—	—	—	1,315.3	1,284.1	1,276.4	1,275.2	1,275.0	1,280.1	1,284.3
- Accumulated depreciation	-1,054.2	—	—	—	—	-1,027.3	-1,018.1	-1,010.3	-1,002.3	-994.4	-989.6	-982.6
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	0.5	0.6	0.6	0.6	0.7	0.7	0.7	0.8	0.8	0.9	0.9	1.0
- Cost	75.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-75.2	—	—	—	—	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	4.6	5.3	1.4	1.1	3.7	3.5	37.9	22.5	18.9	18.9	18.9	18.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.6	5.3	1.4	1.1	3.7	3.5	37.9	22.5	18.9	18.9	18.9	18.9
V. Long-term financial investments	39.9	2.0	2.0	2.0	2.0	2.0	2.0	2.6	2.6	3.4	3.4	3.4
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	39.9	2.0	2.0	2.0	2.0	2.0	2.0	2.6	2.6	3.4	3.4	3.4
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	117.4	121.3	113.7	116.9	120.2	124.1	103.6	104.9	107.0	109.3	110.9	113.7
1. Long-term prepayments	117.4	121.3	113.7	116.9	120.2	124.1	103.6	104.9	107.0	109.3	110.9	113.7
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)	1,096.9	1,216.0	1,128.5	1,245.2	1,104.3	1,124.4	1,006.3	1,016.8	1,144.5	1,004.8	1,039.2	833.8
A. LIABILITIES (300=210+330)	1,589.9	1,709.2	1,623.0	1,741.2	1,538.5	1,556.0	1,430.7	1,442.3	1,574.0	1,434.9	1,462.4	1,277.4
I. Short -term liabilities	1,523.7	1,643.0	1,561.5	1,727.4	1,524.8	1,542.3	1,416.9	1,428.4	1,559.9	1,420.7	1,446.9	1,138.6
1. Short-term trade accounts payable	226.3	290.4	253.5	377.5	327.5	381.3	347.8	315.9	273.4	250.2	106.5	89.2
2. Short-term advances from customers	2.3	2.6	1.3	1.8	2.5	1.3	1.3	1.4	3.4	3.4	4.1	3.5
3. Dividends and profits payable	17.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.1	2.4	2.1	2.0	1.8	0.2	0.1	0.1	0.0	0.0	0.0	2.4
4. Payable to employees	10.8	0.0	13.1	14.9	11.6	9.7	10.1	10.7	9.6	0.0	4.0	3.9
5. Short-term acrrued expenses	153.0	119.2	136.6	245.2	85.6	67.1	15.8	65.4	224.5	139.1	292.2	490.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	3.3	0.8	1.6	6.9	12.0	24.2	32.6
9. Other short-term payables	518.2	514.7	505.5	489.0	474.1	457.6	443.1	428.7	414.4	400.1	385.6	19.9
10. Short-term borrowings and financial leases	593.9	713.4	649.2	596.9	621.7	621.7	597.9	604.7	627.7	615.8	630.3	496.8
11. Provision for short-term liabilities	0.2	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	66.2	66.2	61.5	13.7	13.7	13.7	13.8	13.9	14.1	14.2	15.5	138.8
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	13.6	13.6	13.6	13.6	13.6	13.6	13.6	13.8	13.9	14.1	14.2	20.5
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.1	118.1
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	52.6	52.6	47.9	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2
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)	-493.0	-493.1	-494.5	-496.0	-434.3	-431.6	-424.3	-425.5	-429.5	-430.1	-423.2	-443.5
I. Owner's equity	-493.0	-493.1	-494.5	-495.9	-434.2	-431.6	-424.3	-425.5	-429.5	-430.0	-423.2	-443.5
1. Owner's capital	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9
- Common stock with voting right	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00	594,897,870,000.00
- 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	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-1,090.5	-1,090.6	-1,092.0	-1,093.4	-1,031.7	-1,029.1	-1,021.8	-1,022.9	-1,027.0	-1,027.5	-1,020.6	-1,041.0
- Accumulated retained earning at the end of the previous period	-1,090.6	-1,091.1	-1,091.1	-1,091.1	-1,029.2	-1,029.4	-1,029.4	-1,029.4	-1,029.4	-1,005.3	-1,005.3	-1,005.3
- Undistributed earnings in this period	0.1	0.5	-0.9	-2.4	-2.5	0.4	7.6	6.5	2.4	-22.2	-15.3	-35.7
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	—	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
1. Subsidized not-for-profit funds	—	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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)	1,096.9	1,216.0	1,128.5	1,245.2	1,104.3	1,124.4	1,006.3	1,016.8	1,144.5	1,004.8	1,039.2	833.8

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
Profit Before Tax	1.6	3.2	3.2	1.9	0.1	-7.3	1.2	4.0	2.4	-8.8	20.4	-13.7
Depreciation of Fixed Assets and Investment Property	10.0	9.6	9.6	9.6	9.2	9.3	7.8	8.0	8.0	8.0	8.3	8.4
Provision (Increase)/Reversal	—	5.2	47.8	2.5	—	8.0	3.9	-0.0	-2.0	24.8	0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.5	1.4	-0.6	0.3	-2.9	2.3	4.2	-5.5	-2.9	-4.9	0.0
Gain/Loss from Investment Activities	1.2	-7.5	3.8	-1.7	0.6	0.3	1.3	-0.2	-0.4	4.9	-0.7	-0.6
Interest Expense	14.8	15.6	14.4	14.4	14.3	14.6	14.6	15.1	14.9	14.8	14.6	14.5
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	27.7	25.7	80.2	26.0	24.6	22.0	31.1	31.1	17.4	40.9	37.7	8.6
Increase/(Decrease) in Receivables	-45.0	-11.8	100.2	-41.2	-5.6	-56.2	71.5	80.9	-84.4	1.0	-213.8	-26.5
Increase/(Decrease) in Inventory	148.2	-66.0	0.9	44.5	22.2	31.5	-77.6	37.2	-87.6	-50.2	-14.2	-4.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-15.1	0.6	-229.6	150.3	-31.5	98.9	-15.7	-139.9	128.4	-76.6	200.8	125.9
Increase/(Decrease) in Prepaid Expenses	9.2	-2.2	17.7	-1.7	13.8	-54.5	0.8	2.3	2.4	1.9	2.7	4.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.8	-0.1	—	-0.1	-0.2	0.4	-0.3	13.3	-14.9	43.1	-42.8	-0.3
Corporate Income Tax Paid	-2.2	-1.7	-1.8	-1.4	-1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	121.9	-55.9	-32.1	176.5	22.2	42.0	9.8	24.9	-38.6	-39.9	-29.5	107.8
Payments for Fixed Assets and Other Long-term Assets	-5.4	-5.0	-6.1	-10.1	-0.3	-12.1	-23.1	-4.9	-0.2	-3.7	-0.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	-3.3	3.3	0.0
Loans and Purchases of Debt Instruments	—	-0.8	-114.6	0.0	-1.3	-46.5	0.0	0.0	0.0	-5.0	-4.0	-0.8
Receipts from Loan Repayments and Sale of Debt Instruments	53.7	0.0	21.5	25.0	—	0.0	10.7	0.0	3.2	0.0	8.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.8	0.4	0.9	0.8	0.1	0.3	0.1	-0.4	1.5	0.1	1.2	0.3
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	49.8	-5.4	-98.4	15.6	-1.5	-58.3	-12.4	-5.3	4.4	-11.9	8.2	-0.4
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	17.5	67.1	52.3	—	—	24.8	0.0	0.0	27.7	5.0	23.5	4.4
Repayment of Borrowings	-137.0	-3.0	0.0	-24.8	—	-1.0	-6.8	-23.0	-15.8	-20.6	-7.0	-3.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-119.5	64.1	52.3	-24.8	-0.0	23.8	-6.8	-23.0	11.9	-15.6	16.5	1.4
Net Cash Flow During the Period	52.2	2.9	-78.1	167.3	20.7	7.5	-9.3	-3.3	-22.3	-67.4	-4.9	108.7
Cash and Cash Equivalents at Beginning of Period	142.4	141.3	218.7	52.9	32.2	59.6	59.6	59.6	59.6	38.3	38.3	38.3
FX Difference from Revaluation	0.7	-2.5	-0.7	-1.5	-0.0	1.5	-1.2	-3.1	2.9	-1.5	1.4	-0.1
Cash and Cash Equivalents at End of Period	195.3	142.4	141.3	218.7	52.9	32.2	23.2	33.7	40.1	59.6	128.5	132.0

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PVY

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