SPC

Bảo vệ Thực vật Sài Gòn ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 3.15%, +7.19pp YoY

Price

10,000

Latest close

01 Jun 2026

P/E 3.36x

P/B 0.74x

EPS 2,976

BVPS 13,500

ROE 24.2%

ROA 6.9%

Profit Margin 3.2%

Asset Turnover 2.18x

Equity Mult. 3.50x

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

What Is Changing

On a TTM 2026Q1 basis, SPC has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 988bn
	                                
+16.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
+191.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	937.0	863.7	1,048.0	1,201.5	274.8
Growth	+8%	-18%	-13%	+337%	—
Net Income	15.6	-48.2	-33.1	24.6	10.8
Net Margin	1.67%	-5.58%	-3.16%	2.04%	3.94%

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	242.6	226.8	235.4	283.6	195.6	178.0	229.9	243.0	200.5	329.0	249.9	302.9
Growth	+7%	-4%	-17%	+45%	+10%	-23%	-5%	+21%	-39%	+32%	-17%	—
Net Income	7.1	9.0	5.2	9.7	-2.9	-22.1	-5.5	-3.5	-12.9	14.5	-39.8	9.0
Net Margin	2.94%	3.98%	2.23%	3.44%	-1.51%	-12.43%	-2.41%	-1.46%	-6.42%	4.41%	-15.91%	2.96%

Drivers of SPC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 58.9bn

Gross profit ↑ 19.9bn

Administrative expenses ↑ 10.5bn

TTM

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

Gross profit ↑ 11.7bn

Finance costs ↓ 1.4bn

Administrative expenses ↑ 1.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -25.0% = -4.0% × 1.64 × 3.77

2026Q1 24.0% = 3.2% × 2.18 × 3.50

ROE rose from -25.0% to 24.0% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 3.2% +7.2pp Asset turnover: 2.18x +0.53x Leverage: 3.50x -0.27x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 3.15%, rising 7.2pp. Core operating signals are improving as SG&A / Revenue fell 7.9pp are enough to offset pressure from Gross margin fell 1.0pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 3.15% +7.2pp

Gross Margin 20.01% −1.0pp

SG&A / Revenue 12.81% −7.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 77.2 days.

Is capital being deployed efficiently?

ROIC expanded to 14.10%, rising 26.4pp. That translates to 14.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 6.7pp and capital turnover rose 1.62x, while invested capital contracted by 56bn — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 14.10% +26.4pp

NOPAT Margin 2.88% +6.7pp

Capital Turnover 4.89x +1.62x

Average Invested Capital 202.2bn −56.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.98x equity, net debt at 0.24x equity.

Inventory ended the period at 214.1bn, roughly 52.1% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.8 days versus the same period last year. The main moves came from DIO fell 20.3 days, DSO fell 34.1 days, and DPO fell 24.5 days.

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

Working Capital Efficiency

Receivables 52.2 days −34.1 days

Inventory 109.3 days −20.3 days

Payables 84.3 days −24.5 days

Cash Conversion Cycle 77.2 days −29.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.24x and interest coverage only at 0.65x.

At present, short-term debt accounts for 93.0% of total debt, cash equals 53.0% of debt, and total debt stands at 71.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.65x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 93.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.24x −0.71x

Interest Coverage 0.65x +1.35x

Cash / Debt 53.0% +39.8pp

Short-term Debt / Total Debt 93.0% −6.8pp

CFO / NI 2.65x +4.41x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 32.3bn in 2025, against investing cash flow of -0.4bn.

Post-investment cash flow was positive +31.8bn. Financing cash flow was negative +13.9bn.

CFO / net income was 2.65x.

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 83.1bn +22.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 7.2 pp. The next item to monitor is cash generation still needs confirmation. The main risk still sits in leverage and liquidity, with interest coverage at 0.65x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.15% after expanding 7.2pp versus the same period last year.

Watchpoint: Cash generation still needs confirmation.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.65x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	950.8	885.5	1,062.4	1,225.2	279.7
Revenue Deductions	13.7	21.8	14.4	23.6	0.0
Net Revenue	937.0	863.7	1,048.0	1,201.5	274.8
Cost of Goods Sold	753.3	718.2	889.5	936.3	0.0
Gross Profit	183.8	145.5	158.5	265.2	80.9
Financial Income	10.4	11.4	12.5	14.7	2.3
Financial Expenses	50.5	52.7	53.4	70.2	-17.3
Interest Expense	7.6	8.7	13.2	12.0	-1.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	87.9	127.5	130.3	151.3	-44.1
General and Administrative Expenses	34.8	26.2	29.1	30.8	-5.5
Operating Profit	21.0	-49.6	-41.7	27.7	16.2
Other Income	4.3	5.1	5.0	5.9	0.0
Other Expenses	3.8	1.4	1.8	1.7	0.0
Other Profit	0.5	3.7	3.2	4.2	0.9
Profit Before Tax	21.6	-45.9	-38.5	31.9	17.1
Current Income Tax Expense	4.8	3.2	4.2	6.7	-6.2
Deferred Income Tax Expense	1.1	-1.0	-9.6	0.7	0.0
Net Income	15.6	-48.2	-33.1	24.6	10.8
Non-controlling Interest	-0.3	0.3	0.3	0.5	0.2
Profit Attributable to Parent	15.9	-48.5	-33.5	24.0	10.6
Earnings per Share	1,509.00	-4,606.00	-3,180.00	2,283.00	1,010.00
Diluted EPS	1,508.74	-4,605.84	-3,179.64	2,283.00	1,009.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	353.7	391.7	468.7	595.9	544.4
I. Cash and cash equivalents	24.4	6.7	24.8	25.5	40.1
1. Cash	22.4	6.7	24.8	19.5	0.0
2. Cash equivalents	2.0	0.0	0.0	6.0	0.0
II. Short-term financial investments	4.5	5.2	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	4.5	5.2	0.0	0.0	0.0
III. Short-term receivables	94.4	113.6	218.9	162.5	128.4
1. Short-term trade accounts receivable	106.8	126.5	228.9	165.4	0.0
2. Short-term prepayments to suppliers	3.2	2.6	1.8	1.7	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	5.3	3.3	6.0	11.1	0.0
7. Provision for short-term doubtful debts (*)	-21.0	-18.7	-17.8	-15.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	214.1	238.5	206.3	386.7	358.5
1. Inventories	228.0	249.2	214.3	388.6	0.0
2. Provision for decline in value of inventories	-14.0	-10.7	-8.0	-1.9	0.0
V. Other short-term assets	16.4	27.6	18.6	21.2	17.5
1. Short-term prepayments	1.1	1.1	1.5	0.9	0.0
2. Value added tax to be reclaimed	14.5	25.9	16.5	19.5	0.0
3. Taxes and other receivables from state authorities	0.8	0.7	0.7	0.7	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)	57.1	59.7	62.9	54.2	57.3
I. Long-term receivables	0.4	0.6	1.5	0.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.1
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	0.4	0.6	1.5	0.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	26.4	27.7	31.5	33.5	39.1
1. Tangible fixed assets	21.9	21.9	25.3	26.5	30.8
- Cost	151.6	152.6	152.9	147.7	0.0
- Accumulated depreciation	-129.7	-130.7	-127.6	-121.2	0.0
2. Financial leased fixed assets	—	1.2	1.5	2.1	3.2
- Cost	—	3.0	3.0	6.0	0.0
- Accumulated depreciation	—	-1.8	-1.5	-3.9	0.0
3. Intangible fixed assets	4.5	4.6	4.8	5.0	5.1
- Cost	9.1	9.3	9.3	9.3	0.0
- Accumulated depreciation	-4.6	-4.7	-4.5	-4.3	0.0
III. Investment properties	0.0	0.2	0.3	0.5	1.2
- Cost	2.0	1.9	1.8	2.4	0.0
- Accumulated depreciation	-1.9	-1.7	-1.5	-1.8	0.0
IV. Long-term assets in progress	4.4	4.9	4.9	5.4	0.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.4	4.9	4.9	5.4	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	25.8	26.4	24.7	13.9	0.0
1. Long-term prepayments	14.8	14.3	13.6	13.9	0.0
2. Deferred income tax assets	11.0	12.1	11.1	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	14.9
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)	410.8	451.4	531.5	650.1	601.7
A. LIABILITIES (300=210+330)	273.1	328.6	360.6	409.6	357.8
I. Short -term liabilities	267.0	321.9	352.3	399.7	345.0
1. Short-term trade accounts payable	112.8	165.3	186.6	182.9	137.2
2. Short-term advances from customers	0.2	0.3	0.9	1.3	1.7
3. Taxes and other payables to state authorities	2.3	7.5	8.2	4.7	0.0
4. Payable to employees	15.8	7.1	8.5	10.3	0.0
5. Short-term acrrued expenses	16.9	4.9	8.4	0.6	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	—	0.1	0.1	0.1	0.0
9. Other short-term payables	8.5	12.8	23.3	7.2	0.0
10. Short-term borrowings and financial leases	110.4	123.8	116.2	192.6	177.0
11. Provision for short-term liabilities	—	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	6.1	6.7	8.3	9.8	12.7
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	1.1	1.3	1.6	2.1	0.0
8. Long-term borrowings and financial leases	—	0.3	1.7	4.3	7.1
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	5.0	5.0	5.0	3.4	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)	137.7	122.8	171.0	240.5	243.9
I. Owner's equity	137.7	122.8	171.0	240.5	0.0
1. Owner's capital	105.3	105.3	105.3	105.3	243.9
- Common stock with voting right	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.8	0.8	0.8	0.8	0.8
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	14.4	14.8	14.1	22.2	0.0
8. Investment and development fund	62.6	62.5	62.5	60.1	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	-55.2	-71.0	-22.3	41.4	52.5
- Accumulated retained earning at the end of the previous period	-71.1	-22.4	11.3	17.5	26.4
- Undistributed earnings in this period	15.9	-48.6	-33.6	23.9	26.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	9.8	10.4	10.5	10.7	10.5
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)	410.8	451.4	531.5	650.1	601.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	21.6	-45.9	-38.5	31.9	0.0
Depreciation of Fixed Assets and Investment Property	4.7	4.9	5.8	7.6	0.0
Provision (Increase)/Reversal	5.5	3.6	8.3	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.4	-2.2	3.9	0.0
Gain/Loss from Investment Activities	-1.6	-0.3	-0.2	-1.2	0.0
Interest Expense	7.6	8.7	13.2	12.0	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	0.5	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	38.2	-28.7	-13.6	54.3	0.0
Increase/(Decrease) in Receivables	28.2	96.1	-57.0	32.4	0.0
Increase/(Decrease) in Inventory	21.2	-34.9	174.3	-33.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-42.7	-31.1	23.9	-32.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	-0.7	-0.7	1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.6	-8.7	-13.4	-11.8	0.0
Corporate Income Tax Paid	-3.9	-4.4	-6.9	-9.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.2	-6.6	-11.0	0.0
Net Cash Flow from Operating Activities	32.3	-12.6	100.0	-10.3	0.0
Payments for Fixed Assets and Other Long-term Assets	-2.8	-0.4	-2.8	-1.6	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3	0.3	0.2	0.8	0.0
Loans and Purchases of Debt Instruments	-2.2	-5.2	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	3.0	0.0	0.0	0.0	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	0.3	0.0	0.0	0.6	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	-0.4	-5.3	-2.6	-0.2	0.0
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	377.0	482.4	515.2	589.5	0.0
Repayment of Borrowings	-390.4	-475.8	-593.7	-575.9	0.0
Repayment of Finance Leases	-0.3	-0.4	-0.6	-0.9	0.0
Dividends Paid	-0.2	-7.3	-11.9	-19.2	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	-13.9	-1.1	-90.9	-6.4	0.0
Net Cash Flow During the Period	17.9	-18.9	6.5	-17.0	0.0
Cash and Cash Equivalents at Beginning of Period	6.7	24.8	25.5	42.6	0.0
FX Difference from Revaluation	-0.2	0.8	-7.2	-0.2	0.0
Cash and Cash Equivalents at End of Period	24.4	6.7	24.8	25.5	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	243.9	226.8	236.9	291.5	197.1	197.8	233.7	249.0	202.2	336.7	252.1	311.1
Revenue Deductions	1.3	—	1.5	8.0	1.5	19.8	3.8	6.0	1.7	7.8	2.1	8.2
Net Revenue	242.6	226.8	235.4	283.6	195.6	178.0	229.9	243.0	200.5	329.0	249.9	302.9
Cost of Goods Sold	197.6	178.3	193.8	220.8	162.3	145.1	185.8	175.4	171.6	254.3	243.1	240.7
Gross Profit	45.0	48.5	41.6	62.7	33.3	32.9	44.1	67.6	28.9	74.7	6.8	62.3
Financial Income	1.2	1.4	3.7	4.1	1.7	1.3	5.0	4.4	1.9	2.5	4.0	2.5
Financial Expenses	8.7	8.0	12.5	20.2	10.2	10.9	13.1	16.5	13.2	8.7	13.7	18.7
Interest Expense	1.6	1.8	1.6	2.1	2.0	2.0	1.9	2.7	2.1	2.5	3.1	3.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	21.9	25.4	17.2	25.0	20.9	40.4	33.4	53.6	22.8	44.3	30.2	25.7
General and Administrative Expenses	9.1	8.0	9.8	10.2	7.4	5.1	8.0	6.1	7.2	9.0	5.7	11.4
Operating Profit	6.5	8.5	5.8	11.4	-3.5	-22.2	-5.5	-4.2	-12.5	15.3	-38.7	9.1
Other Income	1.3	0.9	1.5	0.8	1.4	1.0	1.1	2.0	0.8	1.0	2.0	1.0
Other Expenses	0.1	1.3	0.9	0.3	0.2	0.5	0.1	0.3	0.0	0.1	1.2	0.2
Other Profit	1.3	-0.4	0.5	0.5	1.2	0.5	1.0	1.7	0.8	0.9	0.8	0.8
Profit Before Tax	7.8	8.1	6.3	11.9	-2.3	-21.7	-4.5	-2.5	-11.8	16.2	-38.0	9.9
Current Income Tax Expense	0.7	0.7	0.9	1.5	0.7	0.4	1.0	1.0	1.1	1.6	1.8	0.9
Deferred Income Tax Expense	—	-1.7	0.1	0.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.1	9.0	5.2	9.7	-2.9	-22.1	-5.5	-3.5	-12.9	14.5	-39.8	9.0
Non-controlling Interest	-0.2	-0.0	0.1	-0.1	—	0.1	0.2	0.2	0.0	0.1	-1.5	3.4
Profit Attributable to Parent	7.3	9.1	5.1	9.8	-2.9	-22.2	-5.7	-3.7	-12.9	14.4	-38.3	5.5
Earnings per Share	697.33	860.97	486.59	931.10	-280.08	-2,221.00	-541.00	-355.00	-1,222.05	1,367.00	-3,633.08	526.00
Diluted EPS	697.33	860.97	486.59	931.10	-280.08	-2,107.44	-541.14	-354.98	-1,222.05	1,365.42	-3,633.08	525.60

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)	382.8	358.2	349.2	384.2	413.3	425.3	408.9	471.2	497.6	474.0	427.4	482.3
I. Cash and cash equivalents	37.7	22.4	19.9	27.2	16.9	12.0	19.6	29.1	16.8	24.8	31.1	20.7
1. Cash	37.7	22.4	19.9	27.2	16.9	6.8	19.6	29.1	16.8	24.8	31.1	20.7
2. Cash equivalents	—	—	—	—	—	5.2	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	3.0	6.5	5.2	5.2	5.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	3.0	6.5	5.2	5.2	5.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	117.3	94.0	94.6	110.1	137.2	138.9	140.9	209.6	241.1	219.0	138.2	132.5
1. Short-term trade accounts receivable	132.5	107.0	105.8	120.9	150.4	151.9	152.1	217.4	249.9	229.7	145.3	140.7
2. Short-term prepayments to suppliers	2.8	2.6	2.3	1.7	2.0	2.6	2.1	2.4	2.0	1.8	3.8	1.8
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.0	5.3	6.9	6.9	3.6	2.9	5.3	7.2	7.1	5.3	5.6	7.2
7. Provision for short-term doubtful debts (*)	-21.0	-21.0	-20.3	-19.4	-18.9	-18.6	-18.6	-17.4	-17.8	-17.8	-16.6	-17.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	206.9	218.9	212.5	218.8	230.1	246.1	222.7	209.8	219.1	211.9	237.2	307.2
1. Inventories	226.8	235.0	229.5	236.0	246.8	257.9	232.6	217.7	228.0	218.1	239.3	318.6
2. Provision for decline in value of inventories	-19.9	-16.1	-17.0	-17.2	-16.6	-11.8	-9.9	-7.9	-8.9	-6.3	-2.1	-11.4
V. Short-term Biological Assets	17.9	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	1.3	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	15.0	—	—	—	—	—	—	—	—	—	—	—
3. Provision for impairment of short-term biological assets	1.6	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	—	16.4	16.9	22.9	23.8	28.3	25.8	22.6	20.6	18.3	20.9	21.8
1. Short-term prepayments	—	1.1	1.5	1.3	1.6	1.1	1.8	0.8	0.9	1.5	0.6	1.9
2. Value added tax to be reclaimed	—	14.5	14.7	20.8	21.1	26.4	23.0	20.9	18.8	16.2	19.6	19.1
3. Taxes and other receivables from state authorities	—	0.8	0.8	0.8	1.1	0.8	0.9	0.8	0.9	0.7	0.7	0.8
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)	54.4	56.6	54.9	55.7	57.5	56.5	59.1	60.3	61.9	52.2	53.0	51.6
I. Long-term receivables	0.4	0.5	0.3	0.6	0.7	0.9	0.9	0.9	1.5	1.9	2.0	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	0.4	0.5	0.3	0.6	0.7	0.9	0.9	0.9	1.5	1.9	2.0	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	25.4	26.4	24.8	25.8	26.7	27.7	28.6	29.6	30.7	31.6	32.4	31.5
1. Tangible fixed assets	21.0	22.0	20.3	20.2	21.1	21.9	22.7	23.6	24.6	25.3	26.0	25.0
- Cost	151.7	—	—	—	—	152.7	152.9	153.3	153.3	153.0	152.9	147.7
- Accumulated depreciation	-130.8	—	—	—	—	-130.8	-130.3	-129.7	-128.7	-127.7	-126.9	-122.7
2. Financial leased fixed assets	—	—	—	1.0	1.1	1.2	1.3	1.3	1.4	1.5	1.6	1.6
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	4.4	4.5	4.5	4.5	4.6	4.6	4.6	4.7	4.7	4.8	4.8	4.9
- Cost	9.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.5
- Cost	2.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.4	4.4	4.4	4.4	4.4	4.9	4.9	4.6	4.6	4.9	4.9	5.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.4	4.4	4.4	4.4	4.4	4.9	4.9	4.6	4.6	4.9	4.9	5.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	24.2	25.3	25.4	24.8	25.5	22.9	24.6	25.0	24.8	13.6	13.5	13.8
1. Long-term prepayments	14.5	14.8	14.5	14.3	14.3	14.2	13.8	13.8	13.7	13.6	13.5	13.8
2. Deferred income tax assets	9.7	10.5	10.9	10.6	11.2	8.6	10.7	11.1	11.1	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)	437.3	414.9	404.1	440.0	470.7	481.8	468.0	531.5	559.5	526.3	480.4	533.9
A. LIABILITIES (300=210+330)	295.1	265.7	266.1	313.6	353.4	363.0	323.4	377.5	403.5	356.8	314.5	324.3
I. Short -term liabilities	289.0	259.5	259.6	307.1	346.8	356.3	316.4	369.8	394.9	348.9	306.4	316.7
1. Short-term trade accounts payable	173.8	107.3	119.0	144.1	191.4	200.0	171.9	186.1	207.3	184.3	147.4	127.7
2. Short-term advances from customers	1.8	0.2	1.8	4.0	3.2	0.3	0.2	0.4	1.2	1.0	1.1	4.1
3. Dividends and profits payable	1.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.3	1.0	1.3	0.9	1.6	7.3	4.6	7.5	6.9	7.6	5.5	6.1
4. Payable to employees	20.7	16.0	10.3	8.3	5.7	7.1	7.2	5.7	3.5	8.4	7.8	7.6
5. Short-term acrrued expenses	10.0	8.2	5.9	7.0	2.5	4.9	0.6	0.8	0.0	8.4	0.0	0.0
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	10.8	16.3	15.1	14.7	14.3	12.8	26.7	21.5	28.4	22.9	14.0	12.6
10. Short-term borrowings and financial leases	66.2	110.4	106.2	128.0	128.0	123.8	105.1	147.6	147.6	116.2	130.5	158.4
11. Provision for short-term liabilities	0.1	—	—	—	—	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	0.0	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	6.1	6.1	6.4	6.5	6.7	6.7	7.0	7.7	8.5	7.9	8.1	7.6
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	0.2	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	1.1	1.1	1.3	1.4	1.3	1.3	1.4	1.6	1.6	1.7	1.7	1.2
8. Long-term borrowings and financial leases	5.0	—	0.2	0.2	0.3	0.3	0.6	1.1	1.7	1.7	2.9	2.9
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	—	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	4.5	3.4	3.4
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)	142.2	149.2	138.0	126.3	117.3	118.7	144.7	154.0	156.0	169.5	166.0	209.6
I. Owner's equity	142.2	149.2	138.0	126.3	117.3	118.7	144.7	154.0	156.0	169.5	166.0	209.6
1. Owner's capital	105.3	105.3	105.3	105.3	105.3	105.3	105.3	105.3	105.3	105.3	105.3	105.3
- Common stock with voting right	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00	105,300,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	11.3	20.5	18.0	12.4	13.0	10.2	12.8	14.1	12.2	20.1	27.9	12.5
8. Investment and development fund	62.6	62.6	62.6	62.6	62.5	62.6	62.6	62.6	62.5	66.2	62.6	62.6
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	-47.8	-49.7	-58.7	-64.5	-74.2	-70.8	-47.6	-39.4	-35.2	-34.0	-40.4	17.8
- Accumulated retained earning at the end of the previous period	-55.2	-71.5	-71.1	-71.3	-71.0	-23.1	-22.5	-23.0	-22.3	7.9	20.3	32.8
- Undistributed earnings in this period	7.3	21.7	12.4	6.8	-3.3	-47.7	-25.2	-16.4	-12.9	-41.9	-60.8	-15.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	10.1	9.8	10.1	9.8	10.0	10.6	10.8	10.6	10.4	11.1	9.7	10.7
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)	437.3	414.9	404.1	440.0	470.7	481.8	468.0	531.5	559.5	526.3	480.4	533.9

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	—	11.5	—	10.1	—	0.0	16.7	-16.7	0.0	14.3	-32.7	-20.1
Depreciation of Fixed Assets and Investment Property	—	2.4	—	2.3	—	0.0	-2.5	2.5	0.0	1.8	1.3	2.7
Provision (Increase)/Reversal	—	-1.1	—	6.6	—	0.0	-1.4	1.4	0.0	7.2	-20.0	21.1
FX Gain/Loss from Revaluation of Monetary Items	—	1.2	—	-1.3	—	0.0	-0.9	0.9	0.0	-1.8	-2.4	2.0
Gain/Loss from Investment Activities	—	-0.3	—	-1.3	—	0.0	0.0	-0.0	0.0	-0.1	-0.0	-0.1
Interest Expense	—	3.4	—	4.2	—	0.0	-4.8	4.8	0.0	2.5	3.7	7.1
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	0.5	-0.1	-0.4
Operating Profit Before Changes in Working Capital	—	17.4	—	20.8	—	0.0	7.1	-7.1	0.0	24.3	-50.3	12.3
Increase/(Decrease) in Receivables	—	20.5	—	7.7	—	0.0	-28.2	28.2	0.0	-105.6	18.6	30.0
Increase/(Decrease) in Inventory	—	8.1	—	13.1	—	0.0	8.1	-8.1	0.0	22.0	78.2	74.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-22.9	—	-19.8	—	0.0	21.3	-21.3	0.0	72.9	9.4	-58.4
Increase/(Decrease) in Prepaid Expenses	—	-0.8	—	-0.3	—	0.0	1.0	-1.0	0.0	-0.6	0.8	-0.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-3.4	—	-4.3	—	0.0	4.8	-4.8	0.0	-2.6	-3.7	-7.1
Corporate Income Tax Paid	-0.4	-1.2	-0.8	-1.3	-0.6	-0.7	-1.8	-0.7	-1.4	-0.5	-1.0	-0.6
Other Operating Receipts	5.8	—	—	—	—	-236.4	262.3	-73.9	73.9	0.0	0.0	-95.8
Other Operating Payments	-19.0	56.1	-55.7	21.4	-21.8	230.9	-322.7	90.8	-90.9	-0.6	-0.1	106.1
Net Cash Flow from Operating Activities	56.0	2.1	15.2	9.8	5.2	7.6	28.5	19.4	-35.7	9.3	52.0	27.0
Payments for Fixed Assets and Other Long-term Assets	-0.1	-2.8	—	—	—	0.0	0.0	-0.1	-0.2	-0.4	-2.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	-0.0	0.4	0.7	0.2	0.0	0.0	0.0	0.1	0.0	-0.5
Loans and Purchases of Debt Instruments	—	-2.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	3.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.2	0.0	0.0	0.0	-0.2	0.2	0.0	0.0	0.0	0.0	-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	1.4	-1.6	-0.0	0.4	0.7	0.0	0.2	-0.0	-0.2	-0.3	-2.2	-0.9
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	57.7	93.7	88.1	94.5	100.7	134.1	50.7	127.8	152.3	109.4	108.5	148.0
Repayment of Borrowings	-102.0	0.2	-109.9	0.2	-96.4	-152.2	-91.3	-128.2	-120.8	-124.7	-136.3	-159.9
Repayment of Finance Leases	—	0.0	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.3
Dividends Paid	—	0.4	-0.4	-0.2	-0.0	-0.2	-0.1	-3.6	-3.6	1.1	-12.6	-0.3
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	-44.3	4.5	-22.2	-0.4	4.2	-18.4	-40.8	-4.2	27.8	-14.4	-40.6	-12.5
Net Cash Flow During the Period	13.2	5.0	-7.1	9.8	10.1	-10.7	-12.0	15.2	-8.1	-5.4	9.2	13.7
Cash and Cash Equivalents at Beginning of Period	24.4	19.9	27.0	16.9	6.7	24.8	24.8	24.8	24.8	25.5	25.5	25.5
FX Difference from Revaluation	0.1	-0.2	0.3	0.4	0.1	3.1	2.7	-3.0	0.1	-0.8	1.1	-7.5
Cash and Cash Equivalents at End of Period	37.7	24.4	19.9	27.0	16.9	12.0	19.6	28.9	16.8	24.8	31.0	20.7

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SPC

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