TBD

Tổng Công ty Thiết bị Điện Đông Anh - CTCP ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.32%, +1.06pp YoY

Price

135,000

Latest close

02 Jun 2026

P/E 20.40x

P/B 5.70x

EPS 6,616

BVPS 23,680

ROE 30.4%

ROA 10.2%

Profit Margin 7.3%

Asset Turnover 1.39x

Equity Mult. 3.00x

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

What Is Changing

On a TTM 2026Q1 basis, TBD is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,938bn
	                                
+24.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 215bn
	                                
+46.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,914.0	2,248.6	1,818.1	1,677.0	2,117.3
Growth	+30%	+24%	+8%	-21%	—
Net Income	220.7	144.2	50.3	41.7	106.2
Net Margin	7.58%	6.41%	2.77%	2.49%	5.02%

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	395.1	1,319.9	506.4	716.4	371.3	1,225.4	354.3	401.9	267.0	890.6	256.0	358.0
Growth	-70%	+161%	-29%	+93%	-70%	+246%	-12%	+51%	-70%	+248%	-29%	—
Net Income	16.0	101.3	28.3	69.3	15.3	82.0	25.5	24.3	12.0	35.0	6.4	3.5
Net Margin	4.04%	7.68%	5.59%	9.68%	4.12%	6.69%	7.19%	6.05%	4.51%	3.93%	2.49%	0.97%

Drivers of TBD's profit

TTM

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

Gross profit ↑ 104.0bn

Tax ↓ 13.8bn

Administrative expenses ↑ 25.6bn

Finance costs ↑ 17.2bn

Selling expenses ↑ 9.2bn

TTM

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

Gross profit ↑ 5.8bn

Tax ↓ 0.8bn

Other profit ↑ 0.2bn

Finance costs ↑ 2.6bn

Financial income ↓ 1.8bn

Selling expenses ↑ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 24.0% = 6.3% × 1.45 × 2.66

2026Q1 30.4% = 7.3% × 1.39 × 3.00

ROE rose from 24.0% to 30.4% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 7.3% +1.1pp Asset turnover: 1.39x -0.06x Leverage: 3.00x +0.34x

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 7.32%, rising 1.1pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.0pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.0pp).

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

Profitability trend

Net Margin 7.32% +1.1pp

Gross Margin 15.40% +0.6pp

SG&A / Revenue 5.81% +0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 12.6 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 13.76%, rising 1.8pp. That translates to 13.76 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.0pp, with capital turnover broadly stable; while invested capital expanded strongly by 323bn.

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

CAPITAL EFFICIENCY TREND

ROIC 13.76% +1.8pp

NOPAT Margin 7.27% +1.0pp

Capital Turnover 1.89x −0.02x

Average Invested Capital 1,551.8bn +323.3bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 2.04x equity, net debt at 1.18x equity.

Inventory ended the period at 847.9bn, roughly 36.9% of total assets.

Over the last 12 months, working capital absorbed 231.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −50.6bn

Inventories increased → lower CFO: −236.7bn

Payables increased → higher CFO: +56.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 12.6 days versus the same period last year. The main moves came from DIO rose 14.7 days, DSO rose 1.0 days, and DPO rose 3.2 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 201.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 84.9 days +1.0 days

Inventory 154.9 days +14.7 days

Payables 38.8 days +3.2 days

Cash Conversion Cycle 201.0 days +12.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 62.2bn due to capex of 61.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.18x and interest coverage only at 4.34x.

At present, short-term debt accounts for 94.2% of total debt, cash equals 0.7% of debt, and total debt stands at 914.1bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.18x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 94.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 1.18x −0.03x

Interest Coverage 4.34x −0.57x

Cash / Debt 0.7% −1.4pp

Short-term Debt / Total Debt 94.2% −1.3pp

CFO / NI -0.00x +1.49x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -235.9bn in 2025, against investing cash flow of -32.6bn.

Post-investment cash flow was negative +268.5bn. Financing cash flow was positive +276.4bn.

CFO / net income was -0.00x.

After spending +61.1bn on fixed-asset investment, the business generated trailing free cash flow of −62.2bn.

Cash Conversion

CFO TTM 1.1bn +219.3bn

Cash Capex 61.1bn +13.9bn

FCF TTM −62.2bn +205.4bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 1.1 pp. The main risk still sits in leverage and liquidity, with interest coverage at 4.34x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.32% after expanding 1.1pp versus the same period last year.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.18x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,914.0	2,248.6	1,818.1	1,691.3	2,117.3
Revenue Deductions	—	0.0	0.0	14.2	0.0
Net Revenue	2,914.0	2,248.6	1,818.1	1,677.0	2,117.3
Cost of Goods Sold	2,461.0	1,916.6	1,583.8	1,501.9	0.0
Gross Profit	453.0	332.0	234.3	175.1	271.7
Financial Income	12.2	6.6	2.0	1.6	2.8
Financial Expenses	52.1	34.1	46.6	43.9	-32.8
Interest Expense	44.5	27.5	41.0	30.7	-25.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	54.2	43.5	26.1	22.7	-30.8
General and Administrative Expenses	114.7	81.1	99.2	58.2	-82.3
Operating Profit	244.2	179.9	64.3	52.0	128.6
Other Income	0.9	0.6	1.9	3.2	0.0
Other Expenses	0.6	0.1	0.2	2.5	0.0
Other Profit	0.3	0.5	1.7	0.6	3.2
Profit Before Tax	244.5	180.4	66.1	52.6	131.8
Current Income Tax Expense	24.7	36.2	15.7	10.9	-25.6
Deferred Income Tax Expense	-1.0	0.0	0.0	0.0	0.0
Net Income	220.7	144.2	50.3	41.7	106.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	220.7	144.2	50.3	41.7	106.2
Earnings per Share	6,809.00	4,449.00	1,553.00	1,287.00	3,275.00
Diluted EPS	6,794.91	4,439.93	1,549.29	1,287.00	3,268.77

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,974.7	1,562.0	1,199.3	1,213.3	1,348.4
I. Cash and cash equivalents	16.4	8.5	8.8	44.2	15.8
1. Cash	16.4	8.5	8.8	44.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.1	10.1	0.1	0.1	0.0
1. Available for sale securities	0.6	0.6	0.6	0.6	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.5	-0.5	-0.5	0.0
3. Held to maturity investments	—	10.0	0.0	0.0	0.0
III. Short-term receivables	1,089.7	816.9	661.4	575.3	748.2
1. Short-term trade accounts receivable	1,107.2	855.1	743.9	616.3	0.0
2. Short-term prepayments to suppliers	49.4	34.3	10.8	24.4	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	0.4	2.1	1.8	3.7	0.0
7. Provision for short-term doubtful debts (*)	-67.3	-74.6	-95.2	-69.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	847.9	717.2	527.6	590.1	582.4
1. Inventories	847.9	717.2	527.6	590.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	20.6	9.3	1.4	3.5	1.8
1. Short-term prepayments	6.8	5.2	0.5	0.7	0.0
2. Value added tax to be reclaimed	6.4	3.8	0.9	0.9	0.0
3. Taxes and other receivables from state authorities	7.5	0.3	0.0	2.0	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)	321.1	331.6	285.3	228.7	248.1
I. Long-term receivables	0.0	0.2	0.4	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
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	0.2	0.4	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	275.3	316.8	214.9	206.5	244.2
1. Tangible fixed assets	266.5	303.2	214.2	205.5	243.6
- Cost	696.3	693.9	572.4	568.4	0.0
- Accumulated depreciation	-429.8	-390.7	-358.2	-363.0	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	8.8	13.6	0.8	1.1	0.6
- Cost	15.5	15.5	2.3	2.3	0.0
- Accumulated depreciation	-6.8	-2.0	-1.6	-1.3	0.0
III. Investment properties	40.7	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	40.7	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	11.7	67.3	18.9	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	11.7	67.3	18.9	0.0
V. Long-term financial investments	2.5	2.5	2.5	3.1	3.1
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	2.5	2.5	2.5	3.1	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	2.5	0.5	0.1	0.2	0.0
1. Long-term prepayments	1.5	0.5	0.1	0.2	0.0
2. Deferred income tax assets	1.0	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	0.5
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)	2,295.8	1,893.7	1,484.6	1,441.9	1,596.5
A. LIABILITIES (300=210+330)	1,541.8	1,263.4	925.2	857.6	945.9
I. Short -term liabilities	1,447.6	1,187.8	890.2	848.2	933.0
1. Short-term trade accounts payable	281.0	365.4	243.3	95.2	194.1
2. Short-term advances from customers	121.5	130.1	48.4	37.8	26.9
3. Taxes and other payables to state authorities	11.7	23.4	18.5	8.7	0.0
4. Payable to employees	62.9	53.5	37.0	15.7	0.0
5. Short-term acrrued expenses	2.3	6.5	6.4	5.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.2	0.2	0.2	2.2
9. Other short-term payables	30.2	46.0	16.6	128.5	0.0
10. Short-term borrowings and financial leases	900.5	534.6	491.3	523.7	531.2
11. Provision for short-term liabilities	12.8	8.0	20.8	24.3	0.0
12.. Bonus and welfare fund	24.7	20.2	7.6	8.2	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	94.1	75.7	35.1	9.5	12.9
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	44.7	38.7	35.1	9.5	12.9
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	49.4	36.9	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)	754.0	630.2	559.4	584.3	650.6
I. Owner's equity	739.0	611.9	553.0	561.1	0.0
1. Owner's capital	324.9	324.9	324.9	324.9	627.4
- Common stock with voting right	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	11.5	11.5	11.5	11.5	11.5
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	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	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	106.1	63.4	45.8	31.6	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	297.9	213.5	172.2	194.5	260.8
- Accumulated retained earning at the end of the previous period	77.1	69.3	121.9	152.8	155.3
- Undistributed earnings in this period	220.7	144.2	50.3	41.7	105.4
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	15.0	18.3	6.3	23.2	23.2
1. Subsidized not-for-profit funds	0.2	1.2	2.2	23.2	0.0
2. Funds invested in fixed assets	14.8	17.2	4.2	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)	2,295.8	1,893.7	1,484.6	1,441.9	1,596.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	244.5	180.4	66.1	52.6	0.0
Depreciation of Fixed Assets and Investment Property	46.7	35.7	28.4	40.3	0.0
Provision (Increase)/Reversal	10.1	3.5	34.6	-9.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	1.6	3.0	0.5	0.0
Gain/Loss from Investment Activities	-1.5	-1.8	-3.3	-1.3	0.0
Interest Expense	44.5	27.5	41.0	30.7	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	344.3	246.8	169.8	113.0	0.0
Increase/(Decrease) in Receivables	-270.3	-182.0	-112.8	171.0	0.0
Increase/(Decrease) in Inventory	-130.7	-189.6	61.9	-8.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-56.6	253.6	47.6	-65.3	0.0
Increase/(Decrease) in Prepaid Expenses	-2.6	-5.1	0.2	-0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-44.1	-27.7	-41.2	-30.5	0.0
Corporate Income Tax Paid	-50.7	-28.9	-10.7	-16.0	0.0
Other Operating Receipts	—	13.0	7.4	0.0	0.0
Other Operating Payments	-25.2	-8.0	-13.9	-10.6	0.0
Net Cash Flow from Operating Activities	-235.9	72.2	108.3	152.6	-232.9
Payments for Fixed Assets and Other Long-term Assets	-44.1	-76.9	-77.0	-17.6	-35.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	0.4	2.7	0.7	0.7
Loans and Purchases of Debt Instruments	—	-49.0	-0.9	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	39.0	0.9	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	1.8	0.0	0.0
Dividends and Interest Income Received	0.7	1.4	0.4	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	-32.6	-85.0	-72.2	-16.3	-34.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,436.0	1,925.6	1,473.8	1,423.3	1,761.2
Repayment of Borrowings	-2,064.2	-1,878.6	-1,480.6	-1,434.2	-1,559.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-95.4	-34.4	-64.7	-97.0	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	276.4	12.5	-71.5	-108.0	201.4
Net Cash Flow During the Period	7.9	-0.3	-35.4	28.4	-60.8
Cash and Cash Equivalents at Beginning of Period	8.5	8.8	44.2	15.8	81.5
FX Difference from Revaluation	-0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	16.4	8.5	8.8	44.2	15.8

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
Revenue	395.1	1,319.9	506.4	716.4	371.3	1,225.4	354.3	401.9	267.0	890.6	256.0	358.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	395.1	1,319.9	506.4	716.4	371.3	1,225.4	354.3	401.9	267.0	890.6	256.0	358.0
Cost of Goods Sold	335.2	1,135.9	424.9	589.4	317.2	1,049.8	292.9	344.6	229.8	747.6	216.5	332.2
Gross Profit	59.9	184.0	81.5	127.0	54.1	175.6	61.4	57.2	37.2	143.0	39.5	25.8
Financial Income	0.9	4.3	2.2	3.1	2.7	2.7	3.8	0.1	0.1	0.3	0.0	0.0
Financial Expenses	13.9	14.1	12.7	14.0	11.3	13.2	7.3	5.7	7.8	10.1	11.5	13.9
Interest Expense	13.2	13.6	12.1	10.5	8.3	8.9	7.2	5.1	6.5	9.0	9.2	12.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.0	24.1	9.7	13.9	6.5	32.4	4.1	3.5	3.6	16.6	5.1	2.6
General and Administrative Expenses	19.1	54.8	26.2	14.9	18.8	30.5	22.1	18.0	10.5	70.9	14.3	4.7
Operating Profit	19.8	95.4	35.1	87.2	20.1	102.2	31.8	30.1	15.3	45.7	8.6	4.6
Other Income	0.3	0.4	0.4	0.0	0.0	0.3	0.1	0.2	0.0	0.3	0.6	0.1
Other Expenses	0.0	0.6	0.0	0.0	—	0.1	0.0	0.0	0.0	0.0	0.0	0.1
Other Profit	0.3	-0.1	0.4	-0.0	0.0	0.2	0.1	0.2	0.0	0.3	0.6	-0.1
Profit Before Tax	20.1	95.3	35.5	87.2	20.2	102.4	31.9	30.4	15.4	46.0	9.2	4.5
Current Income Tax Expense	4.0	-5.1	7.2	17.9	4.8	20.4	6.4	6.0	3.3	11.0	2.8	1.1
Deferred Income Tax Expense	0.1	-1.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	16.0	101.3	28.3	69.3	15.3	82.0	25.5	24.3	12.0	35.0	6.4	3.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	16.0	101.3	28.3	69.3	15.3	82.0	25.5	24.3	12.0	35.0	6.4	3.5
Earnings per Share	491.28	3,119.29	871.90	2,133.88	471.19	2,523.49	784.65	748.77	370.53	1,076.16	196.29	106.52
Diluted EPS	491.28	3,119.29	871.90	2,133.88	471.19	2,523.49	784.65	748.77	370.53	1,076.16	196.29	106.52

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,951.8	1,974.7	1,977.3	1,779.4	1,649.5	1,562.0	1,554.1	1,237.8	968.8	1,199.3	1,178.4	1,033.8
I. Cash and cash equivalents	6.1	16.4	6.0	13.0	16.7	8.5	35.8	5.9	17.4	8.8	33.8	10.0
1. Cash	6.1	16.4	6.0	13.0	16.7	8.5	5.8	5.9	9.4	8.8	11.9	9.1
2. Cash equivalents	—	—	—	—	—	0.0	30.0	0.0	8.0	0.0	21.9	0.9
II. Short-term financial investments	0.1	0.1	0.1	0.1	0.1	10.1	49.1	39.1	0.1	0.1	0.1	0.1
1. Available for sale securities	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
3. Held to maturity investments	—	—	—	—	—	10.0	49.0	39.0	0.0	0.0	0.0	0.0
III. Short-term receivables	714.9	1,089.7	695.8	810.6	668.9	816.9	501.0	529.1	336.9	661.4	477.7	504.2
1. Short-term trade accounts receivable	701.2	1,107.2	677.9	814.4	665.1	855.1	547.0	590.9	415.6	743.9	507.5	533.1
2. Short-term prepayments to suppliers	79.5	49.4	78.5	60.3	75.5	34.3	45.7	31.4	13.6	10.8	23.7	25.7
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	1.4	0.4	4.6	1.0	2.9	2.1	3.7	1.8	2.7	1.8	4.8	3.6
7. Provision for short-term doubtful debts (*)	-67.3	-67.3	-65.2	-65.1	-74.6	-74.6	-95.5	-95.1	-95.1	-95.2	-58.3	-58.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,173.3	847.9	1,234.0	929.7	936.7	717.2	933.9	651.5	603.4	527.6	652.3	516.6
1. Inventories	1,173.3	847.9	1,234.0	929.7	936.7	717.2	933.9	651.5	603.4	527.6	652.3	516.6
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	57.4	20.6	41.4	26.0	27.2	9.3	34.3	12.1	10.9	1.4	14.5	2.9
1. Short-term prepayments	4.8	6.8	2.4	3.8	3.8	5.2	1.9	1.6	0.9	0.5	1.0	1.1
2. Value added tax to be reclaimed	27.2	6.4	37.4	18.3	19.6	3.8	32.1	9.7	10.0	0.9	12.3	0.8
3. Taxes and other receivables from state authorities	25.4	7.5	1.5	3.9	3.8	0.3	0.3	0.8	0.0	0.0	1.2	1.0
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)	313.6	321.1	303.4	310.4	319.7	331.6	335.0	340.6	316.4	285.3	253.2	253.7
I. Long-term receivables	0.0	0.0	0.0	0.2	0.2	0.2	0.3	0.4	0.4	0.4	0.1	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	0.2	0.2	0.2	0.3	0.4	0.4	0.4	0.1	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	273.6	275.3	287.3	295.6	304.9	316.8	273.6	239.9	214.1	214.9	186.7	194.0
1. Tangible fixed assets	265.9	266.5	277.4	284.4	292.5	303.2	273.0	239.3	213.4	214.2	185.9	193.1
- Cost	705.9	—	—	—	—	693.9	656.1	613.8	579.6	572.4	546.6	539.8
- Accumulated depreciation	-440.1	—	—	—	—	-390.7	-383.1	-374.6	-366.2	-358.2	-360.7	-346.7
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	7.7	8.8	10.0	11.2	12.4	13.6	0.5	0.6	0.7	0.8	0.8	0.9
- Cost	15.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.9	—	—	—	—	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	35.3	40.7	11.7	11.7	11.7	11.7	58.0	95.0	99.2	67.3	63.7	57.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	35.3	40.7	11.7	11.7	11.7	11.7	58.0	95.0	99.2	67.3	63.7	57.0
V. Long-term financial investments	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
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	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
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	2.2	2.5	1.9	0.4	0.4	0.5	0.6	2.8	0.2	0.1	0.1	0.2
1. Long-term prepayments	1.4	1.5	1.9	0.4	0.4	0.5	0.6	2.8	0.2	0.1	0.1	0.2
2. Deferred income tax assets	0.9	1.0	—	—	—	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)	2,265.4	2,295.8	2,280.7	2,089.8	1,969.2	1,893.7	1,889.1	1,578.3	1,285.3	1,484.6	1,431.5	1,287.5
A. LIABILITIES (300=210+330)	1,496.2	1,541.8	1,560.3	1,399.3	1,324.8	1,263.4	1,279.2	993.0	706.1	925.2	899.7	696.4
I. Short -term liabilities	1,393.2	1,447.6	1,484.7	1,322.4	1,249.3	1,187.8	1,243.6	958.6	679.6	890.2	876.7	668.3
1. Short-term trade accounts payable	252.4	281.0	281.4	228.5	275.7	365.4	327.6	145.1	115.6	243.3	151.2	84.9
2. Short-term advances from customers	172.3	121.5	190.2	182.2	145.9	130.1	166.1	144.6	59.9	48.4	77.1	66.2
3. Dividends and profits payable	1.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.2	11.7	9.2	18.4	3.2	23.4	7.5	6.1	4.5	18.5	6.5	3.8
4. Payable to employees	26.1	62.9	52.3	38.4	22.2	53.5	25.3	22.7	9.1	37.0	6.4	4.6
5. Short-term acrrued expenses	25.2	2.3	13.8	8.0	6.7	6.5	10.2	10.9	9.1	6.4	11.0	6.8
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	0.2	0.2	0.1	0.0	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2
9. Other short-term payables	20.3	30.2	22.2	18.4	18.2	46.0	14.8	17.8	16.7	16.6	81.6	17.6
10. Short-term borrowings and financial leases	861.4	900.5	873.9	787.8	762.9	534.6	649.1	569.7	442.4	491.3	521.9	468.2
11. Provision for short-term liabilities	14.5	12.8	10.0	8.0	7.3	8.0	21.2	20.6	20.0	20.8	12.7	15.3
12.. Bonus and welfare fund	16.7	24.7	31.6	32.6	7.0	20.2	21.8	20.9	2.0	7.6	8.2	0.7
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	102.9	94.1	75.6	76.9	75.5	75.7	35.6	34.4	26.6	35.1	23.1	28.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	52.6	44.7	31.0	33.8	35.8	38.7	35.6	34.4	26.6	35.1	23.1	28.1
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	50.3	49.4	44.7	43.2	39.8	36.9	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)	769.3	754.0	720.4	690.5	644.4	630.2	609.9	585.3	579.2	559.4	531.8	591.1
I. Owner's equity	769.3	739.0	704.6	674.1	627.2	611.9	596.3	571.5	565.1	553.0	501.4	567.9
1. Owner's capital	324.9	324.9	324.9	324.9	324.9	324.9	324.9	324.9	324.9	324.9	324.9	324.9
- Common stock with voting right	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00	324,863,920,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	14.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00	-1,360,000,000.00
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	106.1	106.1	106.1	106.1	63.4	63.4	63.4	63.4	45.8	45.8	45.8	31.6
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	313.8	297.9	263.4	232.9	228.8	213.5	197.9	173.1	184.3	172.2	120.6	201.3
- Accumulated retained earning at the end of the previous period	297.9	77.1	144.2	144.2	213.5	69.3	135.5	135.5	172.2	121.9	107.4	194.5
- Undistributed earnings in this period	16.0	220.7	119.2	88.7	15.3	144.2	62.3	37.6	12.0	50.3	13.2	6.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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	—	15.0	15.9	16.5	17.2	18.3	13.6	13.8	14.1	6.3	30.4	23.2
1. Subsidized not-for-profit funds	—	0.2	0.4	0.4	0.6	1.2	10.2	10.2	10.2	2.2	30.4	23.2
2. Funds invested in fixed assets	—	14.8	15.4	16.0	16.6	17.2	3.4	3.7	3.9	4.2	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)	2,265.4	2,295.8	2,280.7	2,089.8	1,969.2	1,893.7	1,889.1	1,578.3	1,285.3	1,484.6	1,431.5	1,287.5

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	20.1	95.5	37.7	91.3	20.2	102.3	31.2	31.6	15.4	48.2	9.2	8.7
Depreciation of Fixed Assets and Investment Property	10.9	12.2	11.4	11.6	11.5	9.7	9.3	8.6	8.1	-1.5	15.4	14.5
Provision (Increase)/Reversal	2.4	9.8	3.5	-5.3	2.2	2.9	0.8	-0.2	-0.1	45.5	0.0	-10.9
FX Gain/Loss from Revaluation of Monetary Items	-0.5	0.3	-0.5	-0.4	0.4	4.5	-3.9	-0.0	1.0	-1.4	2.3	2.1
Gain/Loss from Investment Activities	-0.0	-0.8	-0.4	-0.0	-0.2	-1.5	-0.1	-0.2	-0.1	-0.6	-0.4	-2.4
Interest Expense	13.2	13.6	12.1	10.5	8.3	8.6	7.2	5.1	6.5	9.0	9.2	22.8
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	46.0	130.6	63.8	107.7	42.2	126.5	44.6	44.9	30.8	99.3	35.7	34.8
Increase/(Decrease) in Receivables	348.4	-378.3	110.3	-131.1	128.8	-305.9	7.5	-192.5	308.8	-208.9	3.3	92.8
Increase/(Decrease) in Inventory	-325.5	386.1	-304.3	7.0	-219.5	218.0	-283.8	-48.1	-75.8	124.0	-135.7	73.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.3	-49.7	85.1	10.6	-102.6	63.8	208.8	128.2	-147.2	89.6	88.0	-130.1
Increase/(Decrease) in Prepaid Expenses	2.2	-4.0	-0.0	-0.1	1.6	-3.2	1.9	-3.3	-0.5	0.5	0.2	-0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.1	-13.4	-12.1	-10.5	-8.1	-8.7	-7.2	-4.7	-7.0	-9.0	-9.2	-23.0
Corporate Income Tax Paid	-20.3	-7.7	-14.5	-5.1	-23.4	-6.2	-5.4	-3.8	-13.5	-4.8	-0.2	-0.8
Other Operating Receipts	—	—	—	—	—	5.0	0.5	-0.2	7.8	0.2	7.2	-2.0
Other Operating Payments	-7.9	-9.4	-1.0	-1.1	-13.7	-2.3	0.2	-0.2	-5.6	-5.6	-0.7	38.8
Net Cash Flow from Operating Activities	40.1	54.0	-72.7	-22.5	-194.7	86.9	-32.9	-79.7	97.9	85.3	-11.4	99.2
Payments for Fixed Assets and Other Long-term Assets	-19.3	-19.5	-18.3	-4.0	-2.3	-9.0	-7.8	-28.1	-31.9	-27.5	-13.9	-35.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.8	—	—	0.2	0.1	0.1	0.0	0.3	0.3	0.9
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	-10.0	-39.0	0.0	-0.9	0.9	-0.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	10.0	39.0	0.0	0.0	0.0	0.9	-1.8	1.8
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	1.8	-0.6
Dividends and Interest Income Received	0.0	0.4	0.0	0.0	0.2	1.3	0.0	0.0	0.1	0.3	0.0	-1.2
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	-19.3	-19.1	-17.5	-4.0	8.0	31.5	-17.7	-67.0	-31.8	-26.9	-12.7	-35.6
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	464.4	595.8	640.3	580.4	619.5	720.8	407.8	375.9	421.9	527.4	281.6	342.4
Repayment of Borrowings	-495.6	-555.5	-557.0	-557.6	-394.1	-832.1	-327.1	-240.8	-479.3	-546.0	-233.0	-409.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-64.8	-0.2	0.0	-30.4	-34.4	0.0	0.0	-0.0	-64.7	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	-31.1	-24.5	83.1	22.9	194.9	-145.8	80.6	135.1	-57.4	-83.3	48.7	-66.6
Net Cash Flow During the Period	-10.3	10.5	-7.0	-3.6	8.2	-27.3	30.0	-11.5	8.6	-24.9	24.6	-3.0
Cash and Cash Equivalents at Beginning of Period	16.4	6.0	13.0	16.7	8.5	8.8	8.8	8.8	8.8	44.2	44.2	44.2
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0	0.1	-0.1	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.1	16.4	6.0	13.0	16.7	8.5	35.8	5.9	17.4	8.8	33.8	9.1

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TBD

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Balance Sheet ●

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Balance Sheet

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Cash Flow