TAR

Nông nghiệp Công nghệ cao Trung An ·UPCOM ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 26.61%, +1.12pp YoY

Price

3,000

Latest close

29 May 2026

P/E 31.19x

P/B 0.20x

EPS 96

BVPS 14,931

ROE 0.6%

ROA 0.3%

Profit Margin 0.2%

Asset Turnover 1.21x

Equity Mult. 2.14x

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

What Is Changing

On a TTM 2026Q1 basis, TAR has not accelerated revenue, but profitability is improving more visibly — profit momentum has been slowing across consecutive periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,049bn
	                                
−31.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8bn
	                                
+121.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    56.5%

Metric	2025	2024	2023	2022	2021
Revenue	2,386.0	4,235.6	4,484.7	3,798.0	3,120.2
Growth	-44%	-6%	+18%	+22%	—
Net Income	-24.6	-58.1	-15.6	75.2	100.4
Net Margin	-1.03%	-1.37%	-0.35%	1.98%	3.22%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	509.8	672.8	950.4	915.7	327.2	729.8	2,704.2	715.4	1,005.6	966.2	1,615.4	897.6
Growth	-24%	-29%	+4%	+180%	-55%	-73%	+278%	-29%	+4%	-40%	+80%	—
Net Income	1.9	10.7	2.9	-7.4	-15.1	-22.3	-3.5	2.7	-31.9	12.3	-7.9	8.5
Net Margin	0.37%	1.59%	0.30%	-0.81%	-4.61%	-3.05%	-0.13%	0.38%	-3.17%	1.27%	-0.49%	0.95%

Drivers of TAR's profit

TTM

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

Finance costs ↓ 40.5bn

Gross profit ↑ 6.3bn

Financial income ↓ 16.7bn

TTM

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

Gross profit ↑ 17.3bn

Administrative expenses ↓ 2.1bn

Finance costs ↑ 2.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -3.1% = -0.9% × 1.60 × 2.31

2026Q1 0.7% = 0.3% × 1.21 × 2.14

ROE rose from -3.1% to 0.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 0.3% +1.1pp Asset turnover: 1.21x -0.38x Leverage: 2.14x -0.17x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.27%, rising 1.1pp. Core operating signals are improving as Gross margin rose 1.4pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

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

Profitability trend

Net Margin 0.27% +1.1pp

Gross Margin 3.96% +1.4pp

SG&A / Revenue 1.49% +0.4pp

Non-core / Revenue -2.13% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (56.5% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.34x −0.44x

Average Invested Capital 2,274.5bn −237.5bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.07x equity, net debt at 0.98x equity.

Over the last 12 months, working capital absorbed 140.2bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +47.8bn

Inventories decreased → higher CFO: +139.2bn

Payables decreased → lower CFO: −327.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.6 days versus the same period last year. The main moves came from DIO fell 33.9 days, DSO rose 9.2 days, and DPO fell 6.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Receivables collection is slowing

DSO increased by +9.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 30.8 days +9.2 days

Inventory 21.2 days −33.9 days

Payables 1.5 days −6.2 days

Cash Conversion Cycle 50.5 days −18.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.98x and interest coverage only at 0.06x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.2% of debt, and total debt stands at 1,147.7bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.06x, 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 0.98x +0.08x

Interest Coverage 0.06x +0.31x

Cash / Debt 0.2% −1.2pp

Short-term Debt / Total Debt 100.0% +0.3pp

CFO / NI -11.46x −7.74x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 147.5bn in 2025, against investing cash flow of -1.6bn.

Post-investment cash flow was positive +145.9bn. Financing cash flow was negative +145.5bn.

CFO / net income was -11.46x.

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 86.8bn −233.6bn

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 1.1 pp. The next item to monitor is the earnings mix, when non-core contribution is -683.4%. The main risk still sits in leverage and liquidity, with interest coverage at 0.06x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 26.61% after expanding 1.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -683.4% of PBT and CFO / net income currently at -11.46x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.06x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,386.0	4,235.7	4,511.7	3,798.1	3,122.4
Revenue Deductions	—	0.0	27.0	0.1	0.0
Net Revenue	2,386.0	4,235.6	4,484.7	3,798.0	3,120.2
Cost of Goods Sold	2,283.0	4,122.3	4,274.1	3,519.5	0.0
Gross Profit	103.0	113.3	210.7	278.6	281.4
Financial Income	5.2	12.2	14.7	12.8	4.6
Financial Expenses	86.7	132.9	128.0	92.7	-70.9
Interest Expense	85.7	128.9	121.6	89.1	-70.5
Share of Associates and Joint Ventures	-0.0	-0.0	0.0	0.0	0.0
Selling Expenses	23.6	26.4	86.2	98.3	-92.1
General and Administrative Expenses	21.4	31.5	22.6	20.5	-23.2
Operating Profit	-23.5	-65.3	-11.4	79.8	99.9
Other Income	7.5	19.5	11.4	9.0	0.0
Other Expenses	0.9	1.6	10.2	3.1	0.0
Other Profit	6.6	17.9	1.2	5.9	6.7
Profit Before Tax	-16.9	-47.4	-10.3	85.7	106.6
Current Income Tax Expense	7.7	10.5	5.0	10.2	-6.1
Deferred Income Tax Expense	—	0.2	0.3	0.3	0.0
Net Income	-24.6	-58.1	-15.6	75.2	100.4
Non-controlling Interest	1.2	-0.3	0.2	7.0	8.6
Profit Attributable to Parent	-25.7	-57.9	-15.8	68.2	91.8
Earnings per Share	-328.00	-739.00	-202.00	966.00	2,189.00
Diluted EPS	-328.40	-738.88	-201.68	878.00	1,987.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,851.7	2,008.5	2,193.9	2,077.6	1,405.7
I. Cash and cash equivalents	2.0	1.6	14.0	14.2	89.1
1. Cash	2.0	1.6	14.0	14.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	1,599.8	1,726.7	1,076.1	620.2	297.1
1. Short-term trade accounts receivable	331.7	80.5	484.0	508.4	0.0
2. Short-term prepayments to suppliers	735.2	1,107.6	568.7	77.0	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	542.9	546.1	23.4	34.7	0.0
7. Provision for short-term doubtful debts (*)	-10.1	-7.6	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	234.9	258.2	1,078.0	1,420.7	1,008.4
1. Inventories	234.9	258.2	1,078.0	1,420.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	15.0	22.0	25.7	22.6	11.1
1. Short-term prepayments	0.3	0.4	0.8	1.9	0.0
2. Value added tax to be reclaimed	14.7	21.6	24.9	20.7	0.0
3. Taxes and other receivables from state authorities	0.0	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)	564.4	605.9	800.1	715.5	589.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	540.2	581.0	625.2	621.5	559.3
1. Tangible fixed assets	462.3	481.8	519.0	512.9	445.5
- Cost	785.1	760.3	756.2	709.3	0.0
- Accumulated depreciation	-322.8	-278.5	-237.2	-196.4	0.0
2. Financial leased fixed assets	—	19.9	20.9	21.8	25.5
- Cost	—	23.7	23.7	23.7	0.0
- Accumulated depreciation	—	-3.8	-2.8	-1.9	0.0
3. Intangible fixed assets	77.8	79.3	85.3	86.8	88.2
- Cost	89.9	89.9	94.5	94.5	0.0
- Accumulated depreciation	-12.1	-10.6	-9.2	-7.7	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	7.5	7.4	7.5	16.8	9.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.5	7.4	7.5	16.8	0.0
V. Long-term financial investments	14.8	14.8	164.3	73.8	16.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	14.8	14.8	14.8	14.8	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	149.5	59.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.0	2.7	3.1	3.4	0.0
1. Long-term prepayments	2.0	2.7	1.9	0.9	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.8
5. Goodwill	—	0.0	1.2	2.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,416.2	2,614.4	2,994.0	2,793.1	1,995.0
A. LIABILITIES (300=210+330)	1,248.7	1,422.3	1,815.6	1,588.9	1,306.4
I. Short -term liabilities	1,247.3	1,416.8	1,806.2	1,574.8	1,275.0
1. Short-term trade accounts payable	9.5	8.1	170.7	48.9	82.0
2. Short-term advances from customers	64.2	100.8	6.1	73.2	4.9
3. Taxes and other payables to state authorities	6.7	5.9	4.0	6.5	0.0
4. Payable to employees	0.4	0.7	0.0	0.0	0.0
5. Short-term acrrued expenses	9.3	3.3	3.4	4.8	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	0.6	0.2	79.2	66.3	0.0
10. Short-term borrowings and financial leases	1,156.6	1,297.9	1,542.8	1,375.1	1,178.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	1.3	5.5	9.4	14.1	31.4
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	—	4.2	8.3	13.3	30.9
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	1.3	1.3	1.1	0.8	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)	1,167.5	1,192.1	1,178.4	1,204.3	688.6
I. Owner's equity	1,167.5	1,192.1	1,178.4	1,204.3	0.0
1. Owner's capital	783.2	783.2	783.2	783.2	688.6
- Common stock with voting right	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	461,999,330,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	200.0	200.0	200.0	200.0	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	—	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	0.0	0.0	0.0
11. Undistributed earnings after tax	83.3	109.0	166.8	182.6	189.1
- Accumulated retained earning at the end of the previous period	109.0	166.8	182.6	114.4	97.3
- Undistributed earnings in this period	-25.7	-57.9	-15.8	68.2	91.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	101.0	99.9	28.4	38.4	37.5
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)	2,416.2	2,614.4	2,994.0	2,793.1	1,995.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	-16.9	-47.4	-10.3	85.7	107.2
Depreciation of Fixed Assets and Investment Property	42.5	43.7	42.5	38.8	33.9
Provision (Increase)/Reversal	2.5	7.6	-0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	0.8	-0.2	0.0	0.0
Gain/Loss from Investment Activities	0.3	-14.3	-13.5	-8.7	0.0
Interest Expense	85.7	128.9	121.6	89.1	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	114.6	119.2	140.1	204.9	207.0
Increase/(Decrease) in Receivables	130.4	-638.1	-454.6	-331.6	0.0
Increase/(Decrease) in Inventory	23.3	819.8	342.6	-405.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-35.4	-67.0	74.2	94.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	-0.3	0.1	-1.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-79.4	-129.1	-123.1	-85.5	0.0
Corporate Income Tax Paid	-6.9	-8.6	-7.6	-15.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-4.2	-0.3	0.0
Net Cash Flow from Operating Activities	147.5	95.9	-32.4	-540.2	-419.6
Payments for Fixed Assets and Other Long-term Assets	-2.0	-4.1	-36.2	-108.5	-3.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.9	0.1	9.4
Loans and Purchases of Debt Instruments	—	0.0	-90.5	-507.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	149.5	0.0	450.0	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	0.0	3.2	5.4	7.1	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	-1.6	148.6	-120.5	-158.8	7.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	450,000,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,884.8	3,201.9	3,649.0	3,433.8	2,691.1
Repayment of Borrowings	-2,026.1	-3,447.5	-3,482.0	-3,249.8	-2,201.2
Repayment of Finance Leases	-4.2	-4.2	-4.2	-4.8	-10.6
Dividends Paid	—	-7.2	-10.3	-5.1	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	-145.5	-257.0	152.5	624.0	479.3
Net Cash Flow During the Period	0.4	-12.4	-0.3	-75.0	54.7
Cash and Cash Equivalents at Beginning of Period	1.6	14.0	14.2	89.1	21.6
FX Difference from Revaluation	0.0	0.0	0.2	0.0	0.0
Cash and Cash Equivalents at End of Period	2.0	1.6	14.0	14.2	89.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	509.8	672.8	950.4	915.7	327.2	729.8	2,704.2	715.4	1,005.6	966.2	1,615.4	924.6
Revenue Deductions	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	27.0
Net Revenue	509.8	672.8	950.4	915.7	327.2	729.8	2,704.2	715.4	1,005.6	966.2	1,615.4	897.6
Cost of Goods Sold	483.0	641.6	920.6	882.7	317.7	706.0	2,664.1	674.1	975.7	917.3	1,548.9	831.9
Gross Profit	26.8	31.2	29.8	33.0	9.5	23.7	40.1	41.3	29.9	48.8	66.5	65.7
Financial Income	0.2	0.5	0.8	3.2	0.7	6.8	12.2	1.6	4.6	3.6	5.2	2.4
Financial Expenses	17.0	11.0	19.5	28.1	15.1	35.7	33.6	31.8	34.8	29.4	30.9	34.3
Interest Expense	16.9	10.5	19.3	28.0	14.7	34.2	33.4	30.6	29.7	29.1	30.4	33.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Selling Expenses	3.5	6.4	4.9	8.6	3.6	7.3	9.6	4.5	34.4	9.4	24.7	18.3
General and Administrative Expenses	4.4	4.9	4.9	7.8	6.6	5.1	6.3	5.7	2.5	4.6	9.3	6.1
Operating Profit	2.1	9.4	1.3	-8.3	-15.0	-17.7	2.9	0.9	-37.1	9.0	6.9	9.4
Other Income	0.4	1.3	2.2	3.2	1.2	2.1	1.5	2.6	5.7	4.5	1.6	0.3
Other Expenses	0.3	0.0	0.5	0.4	0.8	0.8	0.0	0.0	1.1	0.6	8.7	0.0
Other Profit	0.1	1.3	1.6	2.8	0.3	1.3	1.5	2.5	4.5	3.8	-7.1	0.3
Profit Before Tax	2.2	10.7	2.9	-5.5	-14.6	-16.4	4.4	3.4	-32.6	12.8	-0.1	9.7
Current Income Tax Expense	0.3	—	0.1	1.8	0.4	5.8	7.8	0.7	-0.7	0.4	7.7	1.1
Deferred Income Tax Expense	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Net Income	1.9	10.7	2.9	-7.4	-15.1	-22.3	-3.5	2.7	-31.9	12.3	-7.9	8.5
Non-controlling Interest	0.5	-0.6	0.3	0.4	1.1	0.2	0.0	0.1	-3.4	0.4	0.1	0.7
Profit Attributable to Parent	1.4	11.3	2.6	-7.8	-16.2	-22.5	-3.5	2.6	-28.5	11.9	-8.0	7.8
Earnings per Share	18.17	144.00	33.00	-99.00	-206.00	-287.00	-45.00	34.00	-364.00	152.00	-102.00	99.00
Diluted EPS	18.17	144.00	33.00	-99.00	-206.00	-287.00	-45.00	34.00	-364.00	152.00	-102.00	99.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,856.2	1,854.4	1,833.8	1,830.1	2,016.5	2,246.2	2,225.0	2,266.4	2,193.8	2,141.7	2,023.1	2,096.0
I. Cash and cash equivalents	1.8	2.0	4.8	15.8	14.5	1.7	13.2	9.7	14.1	18.0	27.8	14.6
1. Cash	1.8	2.0	4.8	15.8	14.5	1.7	13.2	9.7	14.1	18.0	27.8	14.6
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	128.2	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	—	—	—	—	—	128.2	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,739.3	1,602.9	1,553.4	1,526.1	1,740.1	1,756.1	1,783.0	926.4	1,076.1	1,279.2	1,291.5	693.8
1. Short-term trade accounts receivable	468.2	331.7	97.4	61.0	46.4	98.6	1,393.8	85.6	484.0	603.9	876.0	436.4
2. Short-term prepayments to suppliers	737.4	735.2	917.8	926.7	1,155.3	1,109.3	298.0	822.6	568.7	661.7	388.5	231.7
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	543.7	543.5	545.8	545.9	546.0	548.2	91.2	18.2	23.4	13.6	27.0	25.7
7. Provision for short-term doubtful debts (*)	-10.1	-7.6	-7.6	-7.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	-7.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	100.5	234.9	259.5	270.7	239.7	338.2	407.3	1,304.0	1,078.0	821.3	679.0	1,363.3
1. Inventories	100.5	234.9	259.5	270.7	239.7	338.2	407.3	1,304.0	1,078.0	821.3	679.0	1,363.3
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	14.7	14.6	16.0	17.5	22.2	21.9	21.5	26.3	25.6	23.1	24.7	24.3
1. Short-term prepayments	—	0.1	0.3	0.6	0.6	0.6	0.6	0.8	0.7	1.1	1.8	2.0
2. Value added tax to be reclaimed	14.7	14.5	15.7	16.8	21.7	21.2	20.9	25.5	24.9	22.0	22.9	22.2
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	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)	554.0	563.2	573.9	584.8	594.6	684.7	818.6	825.5	800.3	719.9	729.9	712.8
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	529.8	539.8	550.3	561.1	570.2	595.1	606.0	617.0	626.3	636.6	645.8	628.0
1. Tangible fixed assets	452.3	443.0	452.9	463.0	471.6	490.7	501.0	511.4	520.1	529.8	538.4	520.0
- Cost	785.1	—	—	—	—	758.9	758.9	758.9	757.3	756.6	755.3	726.3
- Accumulated depreciation	-332.8	—	—	—	—	-268.2	-257.9	-247.6	-237.3	-226.8	-216.9	-206.4
2. Financial leased fixed assets	—	19.0	19.2	19.4	19.7	20.2	20.4	20.6	20.9	21.1	21.3	21.6
- 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	77.5	77.8	78.2	78.6	78.9	84.3	84.6	85.0	85.3	85.7	86.1	86.4
- Cost	89.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.4	—	—	—	—	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	7.5	7.5	7.4	7.4	7.4	7.6	7.1	7.1	7.5	7.2	7.6	7.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.5	7.5	7.4	7.4	7.4	7.6	7.1	7.1	7.5	7.2	7.6	7.7
V. Long-term financial investments	14.8	14.8	14.8	14.8	14.8	78.7	202.1	197.8	164.3	73.8	73.8	73.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	14.8	14.8	14.8	14.8	14.8	14.8	14.8	14.8	14.8	14.8	14.8	14.8
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	—	—	—	—	—	63.9	187.4	183.1	149.5	59.0	59.0	59.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.0	1.1	1.4	1.6	2.3	3.2	3.4	2.8	1.0	0.9	0.8	1.1
1. Long-term prepayments	2.0	2.2	2.5	2.4	2.7	3.0	2.8	2.8	1.0	0.9	0.8	1.1
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	—	-1.1	-1.1	-0.8	-0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.2	0.5	0.9	1.2	1.5	1.8	2.2
TOTAL ASSETS (280=100+200)	2,410.2	2,417.6	2,407.7	2,414.9	2,611.1	2,930.9	3,043.7	3,091.9	2,994.0	2,861.6	2,752.9	2,808.8
A. LIABILITIES (300=210+330)	1,240.8	1,236.0	1,236.7	1,246.1	1,434.9	1,704.7	1,787.8	1,911.5	1,740.8	1,645.2	1,548.9	1,596.8
I. Short -term liabilities	1,239.4	1,234.5	1,235.3	1,242.6	1,430.5	1,698.3	1,780.4	1,903.2	1,731.5	1,634.9	1,537.5	1,584.5
1. Short-term trade accounts payable	11.2	9.5	2.3	12.2	13.5	6.9	9.2	80.9	170.7	42.3	15.8	48.1
2. Short-term advances from customers	5.6	64.2	4.4	64.5	328.2	1.6	5.0	92.5	6.1	8.3	56.2	14.9
3. Taxes and other payables to state authorities	6.9	2.4	2.4	2.0	7.0	10.1	8.2	5.2	8.3	9.1	8.6	0.9
4. Payable to employees	0.7	0.4	—	0.3	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	16.6	0.7	0.7	0.7	3.2	7.5	9.1	5.1	3.4	3.3	5.1	5.9
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	50.8	0.6	0.2	0.2	9.4	0.4	0.2	79.3	0.2	79.2	79.2	69.3
10. Short-term borrowings and financial leases	1,147.7	1,156.6	1,225.1	1,162.7	1,068.8	1,671.4	1,748.3	1,640.1	1,542.8	1,492.6	1,372.6	1,445.4
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.3	1.5	1.5	3.5	4.5	6.4	7.4	8.4	9.3	10.4	11.4	12.3
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	—	—	—	2.1	3.1	5.2	6.3	7.3	8.3	9.4	10.4	11.5
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	1.3	1.5	1.5	1.4	1.3	1.2	1.1	1.1	1.0	1.0	0.9	0.9
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)	1,169.4	1,181.7	1,170.9	1,168.8	1,176.2	1,226.2	1,255.9	1,180.4	1,253.2	1,216.3	1,204.1	1,212.0
I. Owner's equity	1,169.4	1,181.7	1,170.9	1,168.8	1,176.2	1,226.2	1,255.9	1,180.4	1,253.2	1,216.3	1,204.1	1,212.0
1. Owner's capital	783.2	783.2	783.2	783.2	783.2	783.2	783.2	783.2	783.2	783.2	783.2	783.2
- Common stock with voting right	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00	783,197,770,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
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	—	—	—	—	—	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	84.7	97.7	89.8	85.4	92.8	135.8	166.0	169.5	165.8	194.3	182.4	190.4
- Accumulated retained earning at the end of the previous period	83.3	109.0	109.0	92.8	109.0	158.3	169.5	166.8	182.6	182.6	190.4	182.6
- Undistributed earnings in this period	1.4	-11.3	-19.2	-7.4	-16.2	-22.5	-3.5	2.6	-16.8	11.7	-8.0	7.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	101.5	100.8	97.9	100.2	100.2	107.2	106.7	27.7	104.2	38.8	38.4	38.3
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)	2,410.2	2,417.6	2,407.7	2,414.9	2,611.1	2,930.9	3,043.7	3,091.9	2,994.0	2,861.6	2,752.9	2,808.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	2.2	-0.4	2.9	-4.8	-14.6	-16.5	-3.4	3.4	-32.6	10.1	2.5	9.7
Depreciation of Fixed Assets and Investment Property	10.4	11.0	9.9	10.6	10.9	10.9	10.9	10.9	10.2	10.5	11.2	10.5
Provision (Increase)/Reversal	—	2.5	—	—	—	-0.0	0.0	0.0	-0.0	0.0	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	4.7	-1.5	-2.3	-0.4	-5.4	-0.3	0.6	3.6	-0.1	-3.0	-0.7
Gain/Loss from Investment Activities	-0.0	0.3	-0.0	-0.0	-0.0	-1.5	-2.3	-0.0	90.2	-100.7	-3.0	-0.0
Interest Expense	16.9	19.1	19.3	32.6	14.7	34.2	32.7	30.6	28.5	29.2	30.4	33.5
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	—	—	—	—	—	-79.0	79.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	29.3	37.3	30.7	36.1	10.6	-57.4	116.7	45.5	99.9	-50.9	38.0	53.1
Increase/(Decrease) in Receivables	-139.2	-62.8	-14.7	264.6	-56.7	-21.3	-824.1	131.3	159.7	57.4	-598.1	-73.7
Increase/(Decrease) in Inventory	134.4	24.6	11.2	-31.0	18.5	69.1	896.7	-225.9	-256.7	-142.2	684.2	57.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.5	81.2	-83.8	-318.2	285.4	116.7	-253.8	12.5	107.3	0.5	23.0	-56.6
Increase/(Decrease) in Prepaid Expenses	0.3	0.5	0.1	0.3	-0.2	-0.7	0.7	-0.9	-0.8	0.6	0.5	-0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.6	-15.0	-15.0	-34.8	-14.6	-35.0	-29.2	-29.0	-29.5	-30.0	-31.0	-32.6
Corporate Income Tax Paid	—	0.0	0.0	-6.9	—	-2.9	-5.3	0.3	0.0	0.0	0.0	-7.6
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	-4.2	2.3	-2.3	0.0
Net Cash Flow from Operating Activities	8.6	65.8	-71.5	-89.8	242.9	68.5	-98.4	-66.2	75.6	-162.2	114.4	-60.2
Payments for Fixed Assets and Other Long-term Assets	—	-0.4	0.0	-1.5	-0.1	-0.2	-2.2	-0.9	-33.7	34.3	-28.2	-8.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.4	—	—	—	0.0	0.0	0.0	0.6	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	-5.3	-4.3	-46.0	-90.5	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	1.5	-1.0	12.5	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	0.0	0.0	-0.1	0.1	0.5	2.3	0.0	-96.3	100.2	0.7	0.7
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.0	0.0	-1.6	-0.0	-3.5	-5.2	-34.4	-219.9	134.8	-27.5	-7.8
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	302.2	276.1	439.6	718.5	450.6	1,091.7	927.8	1,109.8	1,014.1	948.5	800.2	886.3
Repayment of Borrowings	-311.1	-343.6	-378.1	-624.8	-679.6	-1,167.2	-819.7	-1,012.5	-964.3	-828.0	-873.0	-816.7
Repayment of Finance Leases	—	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	91.4	-101.7	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	-8.9	-68.6	60.5	92.7	-230.1	-76.5	107.1	96.3	140.1	17.7	-73.8	68.5
Net Cash Flow During the Period	-0.3	-2.7	-11.0	1.3	12.8	-11.5	3.5	-4.3	-4.2	-9.7	13.1	0.5
Cash and Cash Equivalents at Beginning of Period	2.0	4.8	15.8	14.5	1.6	14.0	14.0	14.0	14.2	14.2	14.2	14.2
FX Difference from Revaluation	—	0.0	—	0.1	—	0.0	-0.0	0.0	0.2	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.8	2.0	4.8	15.8	14.5	1.7	13.2	9.7	14.0	18.0	27.8	14.6

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TAR

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