TCO

TCO Holdings ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 3.60%, +3.15pp YoY

Price

13,650

Latest close

02 Jun 2026

P/E 10.04x

P/B 1.14x

EPS 1,359

BVPS 11,928

ROE 12.0%

ROA 2.6%

Profit Margin 3.6%

Asset Turnover 0.73x

Equity Mult. 4.58x

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

What Is Changing

On a TTM 2026Q1 basis, TCO posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — the growth momentum has held across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,182bn
	                                
−73.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 43bn
	                                
+106.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -7.35x
	                                
negative cash flow vs profit

Metric	2024	2023	2022	2021	2020
Revenue	3,538.2	29.5	1,386.2	242.6	170.4
Growth	+11901%	-98%	+471%	+42%	—
Net Income	21.3	7.2	41.1	47.1	18.1
Net Margin	0.60%	24.36%	2.96%	19.41%	10.60%

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	59.3	239.3	395.2	488.4	1,819.2	1,134.4	1,081.0	492.3	0.4	8.7	10.3	10.1
Growth	-75%	-39%	-19%	-73%	+60%	+5%	+120%	+121047%	-95%	-16%	+3%	—
Net Income	0.2	3.8	5.4	33.2	4.3	5.1	2.4	8.7	4.8	0.4	1.0	1.4
Net Margin	0.29%	1.59%	1.36%	6.80%	0.24%	0.45%	0.22%	1.78%	1170.08%	4.08%	9.94%	13.95%

Drivers of TCO's profit

TTM

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

Financial income ↑ 30.0bn

Finance costs ↓ 9.6bn

Administrative expenses ↓ 6.6bn

Selling expenses ↓ 3.5bn

Gross profit ↓ 27.5bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Finance costs ↓ 15.1bn

Administrative expenses ↓ 5.0bn

Gross profit ↓ 30.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.0% = 1.0% × 2.98 × 4.36

2026Q1 12.0% = 3.6% × 0.73 × 4.58

ROE fell from 13.0% to 12.0% — asset turnover weakened the most, though net margin and leverage still provided support.

Net margin: 3.6% +2.6pp Asset turnover: 0.73x -2.25x Leverage: 4.58x +0.22x

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 expanded to 3.60%, rising 3.1pp. Core operating signals are improving as Gross margin rose 3.9pp are enough to offset pressure from SG&A / Revenue rose 1.4pp (with additional support from Net financial result / Revenue rose 1.5pp and Other profit / Revenue rose 0.2pp).

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

Profitability trend

Net Margin 3.60% +3.1pp

Gross Margin 6.07% +3.9pp

SG&A / Revenue 2.18% +1.4pp

TTM YoY · 2024Q4 -> 2026Q1

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 1.00x −3.64x

Average Invested Capital 1,187.9bn +211.5bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.80x equity, net debt at 2.16x equity.

Over the last 12 months, working capital absorbed 336.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +37.7bn

Inventories increased → lower CFO: −165.4bn

Payables decreased → lower CFO: −209.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 53.3 days versus the same period last year. The main moves came from DIO rose 19.6 days, DSO rose 90.6 days, and DPO rose 57.0 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +53.3 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +90.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 119.5 days +90.6 days

Inventory 25.0 days +19.6 days

Payables 72.3 days +57.0 days

Cash Conversion Cycle 72.1 days +53.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.16x and interest coverage only at 1.48x.

At present, short-term debt accounts for 32.8% of total debt, cash equals 1.1% of debt, and total debt stands at 814.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.16x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.48x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.16x −0.40x

Interest Coverage 1.48x +0.77x

Cash / Debt 1.1% −2.1pp

Short-term Debt / Total Debt 32.8% −2.5pp

CFO / NI -7.35x −15.01x

TTM YoY · 2024Q4 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 159.9bn in 2024, against investing cash flow of -580.9bn.

Post-investment cash flow was negative +421.0bn. Financing cash flow was positive +446.4bn.

CFO / net income was -7.35x.

After spending +292.0bn on fixed-asset investment, the business generated trailing free cash flow of −604.6bn.

Cash Conversion

CFO TTM 312.6bn −470.3bn

Cash Capex 292.0bn +256.0bn

FCF TTM −604.6bn −726.3bn

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 3.1 pp. The next item to monitor is the earnings mix, when non-core contribution is 17.1%. The main risk still sits in leverage and liquidity, with interest coverage at 1.48x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.60% after expanding 3.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 17.1% of PBT and CFO / net income currently at -7.35x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.48x.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	3,538.2	29.5	1,386.2	242.6	170.4
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	3,538.2	29.5	1,386.2	242.6	170.4
Cost of Goods Sold	3,439.6	23.4	1,366.7	0.0	0.0
Gross Profit	98.6	6.1	19.5	28.8	36.4
Financial Income	17.8	13.1	49.6	77.6	2.9
Financial Expenses	47.4	0.2	5.1	-0.4	-0.1
Interest Expense	47.4	0.0	5.1	-0.3	-0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	-0.0	-0.0
Selling Expenses	4.2	0.0	3.3	-0.3	-0.2
General and Administrative Expenses	29.9	10.5	16.4	-52.1	-19.5
Operating Profit	34.9	8.6	44.3	53.5	19.5
Other Income	1.6	0.8	0.0	0.0	0.0
Other Expenses	2.6	0.3	0.2	0.0	0.0
Other Profit	-1.1	0.5	-0.2	1.4	1.7
Profit Before Tax	33.8	9.0	44.1	55.0	21.2
Current Income Tax Expense	12.6	1.9	3.0	-7.9	-3.2
Deferred Income Tax Expense	-0.1	0.0	0.0	0.0	0.0
Net Income	21.3	7.2	41.1	47.1	18.1
Non-controlling Interest	0.0	0.0	-3.3	-0.0	0.1
Profit Attributable to Parent	21.3	7.2	44.4	47.1	17.9
Earnings per Share	679.00	372.00	2,306.00	1,991.00	1,071.00
Diluted EPS	679.00	372.00	2,306.00	2,516.16	958.12

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,073.3	864.9	321.6	324.7	131.6
I. Cash and cash equivalents	29.1	3.7	2.0	9.3	64.4
1. Cash	29.1	3.7	2.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	62.0	54.9	0.0	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	62.0	54.9	0.0	0.0	0.0
III. Short-term receivables	894.3	736.9	319.4	301.4	53.6
1. Short-term trade accounts receivable	664.3	44.8	8.1	0.0	0.0
2. Short-term prepayments to suppliers	223.4	693.1	70.2	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	241.1	0.0	0.0
6. Other short-term receivables	6.6	0.3	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	-1.3	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	71.9	57.1	0.1	13.8	12.4
1. Inventories	71.9	57.4	0.1	0.0	0.0
2. Provision for decline in value of inventories	0.0	-0.3	0.0	0.0	0.0
V. Other short-term assets	16.1	12.2	0.1	0.2	1.3
1. Short-term prepayments	1.1	0.5	0.1	0.0	0.0
2. Value added tax to be reclaimed	14.9	11.8	0.0	0.0	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	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	880.0	302.3	2.4	54.1	89.0
I. Long-term receivables	0.5	0.5	0.5	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	40.5	0.1
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	0.5	0.5	0.5	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	172.6	91.3	0.8	12.5	81.4
1. Tangible fixed assets	144.2	72.9	0.8	4.5	75.5
- Cost	186.9	100.7	1.3	0.0	0.0
- Accumulated depreciation	-42.7	-27.8	-0.5	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	28.4	18.3	0.0	8.1	5.9
- Cost	29.5	19.3	0.0	0.0	0.0
- Accumulated depreciation	-1.1	-1.0	0.0	0.0	0.0
III. Investment properties	565.9	0.0	0.0	0.0	0.7
- Cost	568.7	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.8	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.3	10.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.3	10.0	0.0	0.0	0.0
V. Long-term financial investments	1.0	1.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	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
5. Held to maturity investments	1.0	1.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	132.7	199.5	1.1	0.0	0.0
1. Long-term prepayments	1.8	1.9	1.1	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	1.1	6.8
5. Goodwill	130.9	197.6	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,953.3	1,167.2	324.0	378.8	220.6
A. LIABILITIES (300=210+330)	1,616.4	850.9	14.8	69.0	20.4
I. Short -term liabilities	1,027.0	824.5	14.8	66.6	18.1
1. Short-term trade accounts payable	362.0	8.7	2.4	10.7	10.0
2. Short-term advances from customers	305.4	379.9	0.2	9.0	0.7
3. Taxes and other payables to state authorities	14.7	9.1	0.8	0.0	0.0
4. Payable to employees	0.5	0.3	1.7	0.0	0.0
5. Short-term acrrued expenses	10.7	4.3	0.7	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	18.6	4.3	8.1	0.0	0.0
10. Short-term borrowings and financial leases	313.5	416.5	0.0	41.9	0.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	1.5	0.9	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	589.4	26.4	0.0	2.4	2.3
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	575.8	26.4	0.0	2.4	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	13.5	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	336.9	316.3	309.3	309.7	200.2
I. Owner's equity	336.9	316.3	309.3	0.0	0.0
1. Owner's capital	313.2	187.1	187.1	309.7	200.2
- Common stock with voting right	313,206,220,000.00	187,110,000,000.00	187,110,000,000.00	187,110,000,000.00	187,110,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	29.9	29.9	29.9	9.3
3. Convertible bond option	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
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	2.8	1.9	0.0	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	23.3	93.9	89.8	55.6	15.5
- Accumulated retained earning at the end of the previous period	2.1	86.7	45.4	22.0	5.9
- Undistributed earnings in this period	21.3	7.2	44.4	33.6	9.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.4	2.6	0.5	36.1	3.5
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,953.3	1,167.2	324.0	378.8	220.6

Item	2024	2023	2022	2021	2020
Profit Before Tax	33.8	9.0	44.1	83.0	21.2
Depreciation of Fixed Assets and Investment Property	32.1	0.1	1.2	9.4	6.0
Provision (Increase)/Reversal	-1.6	1.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-12.3	-13.5	-49.6	0.0	0.0
Interest Expense	47.4	0.0	5.1	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	99.5	-3.0	0.7	75.2	30.2
Increase/(Decrease) in Receivables	-144.7	-44.9	-41.5	0.0	0.0
Increase/(Decrease) in Inventory	-14.5	0.1	4.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	270.6	4.0	-32.8	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.1	-0.4	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-48.0	0.0	-5.1	0.0	0.0
Corporate Income Tax Paid	-3.3	-1.3	-4.4	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	-1.7	-1.6	0.0	0.0
Net Cash Flow from Operating Activities	159.9	-46.9	-80.8	-12.6	9.2
Payments for Fixed Assets and Other Long-term Assets	-34.3	-0.8	-13.8	-70.2	-0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	8.7	115.8	0.0	1.3	1.8
Loans and Purchases of Debt Instruments	-220.0	-118.3	-75.6	0.0	-28.0
Receipts from Loan Repayments and Sale of Debt Instruments	218.0	299.5	0.0	0.0	73.0
Investments in Other Entities	-563.6	-314.2	0.0	-60.0	0.0
Proceeds from Investments in Other Entities	0.0	48.8	60.9	0.0	0.0
Dividends and Interest Income Received	10.3	25.2	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-580.9	56.0	-28.5	-37.0	48.8
Proceeds from Equity Issuance and Capital Contributions	0.00	150,000,000.00	500,000,000.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	22,095,490,500.00	0.00
Proceeds from Borrowings	1,551.0	0.0	320.0	4.6	25.6
Repayment of Borrowings	-1,104.5	0.0	-218.2	-4.6	-25.6
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-7.5	-0.0	-0.2	-15.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	446.4	-7.3	102.3	21.9	-15.0
Net Cash Flow During the Period	25.4	1.7	-7.1	0.0	4.7
Cash and Cash Equivalents at Beginning of Period	3.7	2.0	9.1	64.4	21.4
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	29.1	3.7	2.0	0.0	64.4

Item	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	59.3	239.3	395.2	488.4	1,819.2	1,134.4	1,081.0	492.3	0.4	8.7	10.3	10.1
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	59.3	239.3	395.2	488.4	1,819.2	1,134.4	1,081.0	492.3	0.4	8.7	10.3	10.1
Cost of Goods Sold	52.5	206.2	375.2	476.5	1,781.6	1,106.8	1,067.1	472.2	0.3	7.0	8.1	8.0
Gross Profit	6.9	33.1	20.0	11.9	37.6	27.6	13.9	20.1	0.1	1.7	2.3	2.1
Financial Income	0.0	0.0	0.0	47.7	0.4	1.5	13.7	2.1	8.9	0.9	0.9	2.4
Financial Expenses	0.6	16.9	6.6	13.7	15.7	14.8	8.2	8.8	0.2	0.0	0.0	0.0
Interest Expense	0.6	16.4	6.6	13.7	15.7	14.8	8.2	8.8	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.4	0.1	0.1	0.1	0.0	1.9	2.1	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.0	5.6	4.9	8.5	11.1	8.9	5.3	6.4	3.5	2.1	2.2	2.7
Operating Profit	0.1	10.3	8.4	37.2	11.1	5.4	12.3	4.9	5.4	0.4	1.0	1.8
Other Income	0.1	—	0.0	2.6	0.0	2.2	0.0	7.3	0.5	0.0	0.3	0.0
Other Expenses	0.0	0.8	0.0	0.0	0.0	0.0	9.8	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	-0.8	0.0	2.6	-0.0	2.2	-9.8	7.3	0.5	-0.0	0.3	0.0
Profit Before Tax	0.2	9.4	8.4	39.8	11.1	7.6	2.5	12.2	5.9	0.4	1.3	1.8
Current Income Tax Expense	—	5.9	3.0	6.6	5.4	1.4	2.5	3.5	1.1	0.1	0.3	0.4
Deferred Income Tax Expense	—	-0.2	—	—	1.3	1.0	-2.4	0.0	0.0	-0.0	0.0	0.0
Net Income	0.2	3.8	5.4	33.2	4.3	5.1	2.4	8.7	4.8	0.4	1.0	1.4
Non-controlling Interest	-0.0	0.0	0.0	0.0	0.0	-0.2	0.1	0.1	-0.0	0.0	-0.0	0.0
Profit Attributable to Parent	0.2	3.8	5.4	33.2	4.3	5.3	2.3	8.7	4.8	0.4	1.0	1.4
Earnings per Share	6.00	121.00	171.00	1,061.00	219.00	283.00	122.00	463.00	246.00	18.00	55.00	75.00
Diluted EPS	5.51	121.00	171.00	1,061.00	1,084.00	283.00	122.00	463.00	246.00	18.83	54.92	75.07

Item	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	364.0	429.1	337.1	674.4	1,073.3	1,068.8	1,324.2	1,369.5	865.2	266.3	322.2	322.3
I. Cash and cash equivalents	9.3	7.4	22.2	18.9	29.1	21.1	12.3	36.6	3.7	1.0	0.9	0.9
1. Cash	9.3	7.4	22.2	18.9	29.1	21.1	12.3	36.6	3.7	1.0	0.9	0.9
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	5.1	5.1	62.0	61.2	65.1	63.9	54.9	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	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	0.0
3. Held to maturity investments	—	—	5.1	5.1	62.0	61.2	65.1	63.9	54.9	0.0	0.0	0.0
III. Short-term receivables	270.6	319.5	245.8	423.4	894.1	521.9	1,032.2	902.1	736.9	265.3	321.3	321.2
1. Short-term trade accounts receivable	103.6	103.7	156.4	179.1	670.2	316.2	76.6	103.0	44.8	4.6	5.8	6.4
2. Short-term prepayments to suppliers	69.1	128.6	82.7	0.3	223.4	204.6	472.8	595.7	693.1	70.2	70.2	70.2
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	159.0	200.0	0.3	0.0	0.0	0.0
6. Other short-term receivables	98.6	87.2	6.6	244.1	0.5	1.1	323.8	3.3	0.0	190.5	245.4	244.6
7. Provision for short-term doubtful debts (*)	-0.9	—	—	—	0.0	0.0	0.0	0.0	-1.3	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	80.1	96.8	56.9	220.1	71.9	448.8	200.1	353.1	57.3	0.1	0.0	0.1
1. Inventories	80.1	96.8	56.9	220.1	71.9	448.8	200.1	353.1	57.3	0.1	0.0	0.1
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	4.1	5.4	7.3	6.9	16.3	15.9	14.5	13.8	12.3	0.0	0.0	0.1
1. Short-term prepayments	0.6	0.7	1.0	0.8	1.3	1.9	1.0	1.1	0.5	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.5	4.7	6.3	6.1	14.9	14.0	13.5	12.5	11.8	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.1	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	0.0
5. Other short-term assets	—	—	—	—	0.0	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)	938.6	692.4	706.7	689.1	877.2	872.7	310.8	300.8	313.4	53.1	1.8	2.3
I. Long-term receivables	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.5	0.5	51.8	0.5	0.5
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.5	0.5	51.8	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	128.1	133.9	139.2	115.6	172.6	162.4	162.0	99.1	191.1	0.8	0.8	0.8
1. Tangible fixed assets	110.2	115.9	121.2	97.5	144.2	134.9	134.5	82.2	114.1	0.8	0.8	0.8
- Cost	135.7	—	—	—	186.9	173.7	169.4	112.2	141.9	1.3	1.3	1.3
- Accumulated depreciation	-25.5	—	—	—	-42.7	-38.8	-35.0	-30.0	-27.8	-0.5	-0.5	-0.5
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	17.9	18.0	18.0	18.1	28.4	27.5	27.6	17.0	77.0	0.0	0.0	0.0
- Cost	18.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	506.6	503.7	563.1	564.5	531.6	524.7	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	514.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	249.6	0.6	1.8	6.8	7.3	7.2	10.5	5.7	10.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	249.6	0.6	1.8	6.8	7.3	7.2	10.5	5.7	10.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	1.0	1.0	1.0	1.0	1.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	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	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	0.0
5. Held to maturity investments	—	—	—	—	1.0	1.0	1.0	1.0	1.0	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	0.0
VI. Other long-term assets	53.7	53.7	2.2	1.7	164.1	176.7	136.7	1.8	1.9	0.5	0.5	1.0
1. Long-term prepayments	2.1	1.8	2.2	1.7	1.6	2.1	1.6	1.8	1.9	0.5	0.5	1.0
2. Deferred income tax assets	11.7	11.9	—	—	6.9	8.5	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	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	40.0	40.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	155.7	166.1	135.1	192.7	108.8	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,302.6	1,121.5	1,043.9	1,363.5	1,950.6	1,941.5	1,635.0	1,670.3	1,178.6	319.4	324.0	324.6
A. LIABILITIES (300=210+330)	929.0	723.6	668.4	993.5	1,614.0	1,609.3	1,305.2	1,345.2	861.5	9.6	14.6	13.9
I. Short -term liabilities	381.2	174.8	284.6	421.3	1,024.7	1,022.5	961.1	1,321.5	815.2	9.6	14.5	13.9
1. Short-term trade accounts payable	78.0	99.6	30.1	246.6	362.0	304.8	44.5	22.5	8.7	2.9	2.2	2.4
2. Short-term advances from customers	0.5	27.5	12.5	117.3	305.4	317.0	571.0	613.9	379.9	0.1	0.2	0.3
3. Taxes and other payables to state authorities	16.0	17.0	10.8	7.7	19.3	13.7	11.8	9.2	3.0	1.5	0.9	0.6
4. Payable to employees	0.3	0.3	0.5	0.4	0.5	0.6	0.6	0.7	0.3	1.2	0.7	0.9
5. Short-term acrrued expenses	12.6	9.8	1.7	0.2	3.8	3.4	3.2	3.4	1.1	1.1	0.6	0.7
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	0.2	2.3	5.6	2.8	0.1	4.7	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	5.0	6.7	25.0	29.9	18.6	17.2	4.5	7.3	4.3	1.3	8.1	8.1
10. Short-term borrowings and financial leases	267.1	10.1	196.9	15.0	313.5	359.6	324.0	663.0	416.5	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	0.0	0.0	0.9
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.5	1.8	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	547.9	548.8	383.9	572.2	589.4	586.8	344.2	23.7	46.3	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	547.6	312.3	383.3	571.7	575.8	574.6	332.2	23.7	26.4	0.0	0.0	0.0
9. Convertible bonds	—	236.0	—	—	0.0	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	0.00
11. Deferred income tax liabilities	0.3	0.5	0.5	0.5	13.5	12.2	12.0	0.0	20.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	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	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	373.6	397.9	375.4	370.1	336.5	332.2	329.7	325.1	317.0	309.8	309.5	310.7
I. Owner's equity	373.6	397.9	375.4	370.1	336.5	332.2	329.7	325.1	317.0	309.8	309.5	310.7
1. Owner's capital	313.2	313.2	313.2	313.2	313.2	187.1	187.1	187.1	187.1	187.1	187.1	187.1
- Common stock with voting right	313,206,220,000.00	313,206,220,000.00	313,206,220,000.00	313,206,220,000.00	313,206,220,000.00	187,110,000,000.00	187,110,000,000.00	187,110,000,000.00	187,110,000,000.00	187,110,000,000.00	187,110,000,000.00	187,110,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	0.0	29.9	29.9	29.9	29.9	29.9	29.9	29.9
3. Convertible bond option	2.4	23.6	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	2.8	0.0	2.8	2.8	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	2.8	2.8	0.0	2.8	0.0	0.0	1.9
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	57.7	60.8	61.9	56.6	23.0	112.0	106.7	102.6	94.3	89.5	89.1	91.2
- Accumulated retained earning at the end of the previous period	57.6	20.2	23.3	23.3	2.4	95.8	95.8	93.9	86.7	86.7	86.7	89.8
- Undistributed earnings in this period	0.2	40.6	38.6	33.2	20.6	16.3	11.0	8.7	7.5	2.8	2.4	1.4
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.3	0.3	0.3	0.3	0.4	0.4	3.2	2.7	2.9	0.5	0.5	0.5
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,302.6	1,121.5	1,043.9	1,363.5	1,950.6	1,941.5	1,635.0	1,670.3	1,178.6	319.4	324.0	324.6

Item	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	0.2	5.8	6.3	39.8	11.1	6.8	3.3	12.2	5.5	0.4	1.3	1.8
Depreciation of Fixed Assets and Investment Property	5.3	6.5	7.2	9.2	9.6	8.8	12.3	2.3	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.9	—	—	0.0	-0.8	0.8	-1.6	1.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	0.7	-3.9	-47.7	-0.3	-1.6	0.7	-9.4	-9.3	-0.9	-3.3	-0.0
Interest Expense	0.6	16.4	10.6	13.7	15.7	14.2	8.7	8.8	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	6.0	30.3	20.2	15.0	36.2	27.4	25.8	12.3	-2.4	-0.4	-2.0	1.8
Increase/(Decrease) in Receivables	46.3	-55.9	96.0	-48.8	-371.9	349.6	-166.6	37.3	-26.9	5.6	-22.2	-1.4
Increase/(Decrease) in Inventory	16.7	-39.9	6.0	-148.2	376.9	-249.8	154.1	-295.7	0.0	-0.1	0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-49.9	65.0	-314.6	90.6	42.3	3.7	-23.6	250.2	2.3	2.8	-0.3	-0.8
Increase/(Decrease) in Prepaid Expenses	-0.2	0.7	-0.7	0.7	0.3	-0.5	-4.7	4.4	-0.7	0.0	0.5	0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-10.3	-22.6	-7.1	-15.1	-13.7	-9.2	-8.8	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	-0.0	-7.1	-0.0	0.1	-0.2	-3.2	-0.7	0.0	0.0	-0.7
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.4	-1.2	-0.1
Net Cash Flow from Operating Activities	18.2	-10.2	-215.7	-105.0	68.6	116.8	-24.3	-3.4	-28.4	7.6	-25.1	-1.0
Payments for Fixed Assets and Other Long-term Assets	-253.3	-0.0	-22.3	-16.3	-16.4	-1.9	-10.4	-7.2	-0.8	-0.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.9	1.7	0.1	—	0.0	0.0	0.0	8.7	115.8	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	-0.8	18.0	-10.2	-209.0	0.0	-13.6	-104.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	150.0	50.0	0.0	171.6	11.2	116.7	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	-314.2	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	233.3	66.5	0.0	0.0	0.0	0.0	48.8	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.1	0.7	0.1	0.9	8.4	1.1	0.0	9.8	2.4	13.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-251.4	6.8	211.9	50.3	-16.4	174.5	30.6	-207.5	31.0	-0.1	25.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	150,000,000.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	-560,583,063,813.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	236.6	547.2	23.6	47.2	15.3	598.2	459.0	478.5	0.0	0.0	0.0	0.0
Repayment of Borrowings	-1.6	-560.9	-16.6	-2.7	-60.2	-320.2	-489.5	-234.7	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	-0.0	0.0	-0.1	0.0	-0.0	-7.4	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	235.0	-11.4	7.0	44.5	-44.9	-282.5	-30.6	243.9	0.1	-7.4	0.0	0.0
Net Cash Flow During the Period	1.9	-14.8	3.3	-10.2	7.3	8.8	-24.4	32.9	2.8	0.1	-0.1	-1.0
Cash and Cash Equivalents at Beginning of Period	7.4	22.2	18.9	29.1	3.7	3.7	3.7	3.7	2.0	2.0	2.0	2.0
FX Difference from Revaluation	—	—	—	—	-0.0	0.0	0.0	0.0	-0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	9.3	7.4	22.2	18.9	28.4	21.1	12.3	36.6	3.7	1.0	0.9	0.9

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TCO

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