TDS

Thép Thủ Đức - VNSTEEL ·UPCOM ·2026Q1

▲▲ Improving positively

The balance sheet remains flexible Debt/equity −0.30x

Price

8,100

Latest close

03 Jun 2026

P/E 11.19x

P/B 0.44x

EPS 724

BVPS 18,325

ROE 4.0%

ROA 2.2%

Profit Margin 0.3%

Asset Turnover 6.85x

Equity Mult. 1.82x

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

What Is Changing

On a TTM 2026Q1 basis, TDS is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,740bn
	                                
+75.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 9bn
	                                
+11325.2%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    33.6%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	2,305.2	1,496.6	1,396.3	1,843.4	2,324.0
Growth	+54%	+7%	-24%	-21%	—
Net Income	6.9	0.5	8.6	-1.0	44.8
Net Margin	0.30%	0.03%	0.62%	-0.05%	1.93%

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	835.6	693.3	662.6	548.1	401.2	428.9	385.1	343.8	338.8	497.9	327.0	222.8
Growth	+21%	+5%	+21%	+37%	-6%	+11%	+12%	+1%	-32%	+52%	+47%	—
Net Income	4.1	0.6	1.6	2.6	2.2	10.2	-6.6	-5.8	2.8	7.5	-0.5	-2.8
Net Margin	0.49%	0.08%	0.24%	0.47%	0.54%	2.37%	-1.71%	-1.69%	0.81%	1.50%	-0.15%	-1.24%

Drivers of TDS's profit

TTM

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

Gross profit ↑ 32.5bn

Selling expenses ↑ 12.5bn

Administrative expenses ↑ 11.4bn

Tax ↑ 2.3bn

Finance costs ↑ 1.5bn

TTM

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

Gross profit ↑ 15.9bn

Financial income ↑ 0.2bn

Administrative expenses ↑ 7.4bn

Selling expenses ↑ 5.6bn

Finance costs ↑ 0.7bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.0% = -0.0% × 4.02 × 1.50

2026Q1 4.0% = 0.3% × 6.85 × 1.82

ROE rose from -0.0% to 4.0% — all three components improved, with asset turnover contributing the most.

Net margin: 0.3% +0.3pp Asset turnover: 6.85x +2.83x Leverage: 1.82x +0.32x

Is the profit sustainable?

Margins improved (+0.3pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.32%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 0.0pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).

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

Profitability trend

Net Margin 0.32% +0.3pp

Gross Margin 2.82% −0.0pp

SG&A / Revenue 2.68% −0.5pp

Non-core / Revenue 0.14% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (33.6% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 32.0 days.

Is capital being deployed efficiently?

ROIC expanded to 3.71%, rising 3.9pp. That translates to 3.71 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 9.28x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 3.71% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.71% +3.9pp

NOPAT Margin 0.22% +0.2pp

Capital Turnover 17.21x +9.28x

Average Invested Capital 159.2bn −37.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.89x equity, with a net cash position equivalent to 0.30x equity.

Inventory ended the period at 189.7bn, roughly 45.6% of total assets.

Over the last 12 months, working capital absorbed 3.6bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −71.6bn

Inventories decreased → higher CFO: +15.0bn

Payables increased → higher CFO: +53.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.8 days versus the same period last year. The main moves came from DIO fell 26.3 days, DSO fell 5.9 days, and DPO fell 2.5 days.

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

Working Capital Efficiency

Receivables 13.8 days −5.9 days

Inventory 27.4 days −26.3 days

Payables 9.2 days −2.5 days

Cash Conversion Cycle 32.0 days −29.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 22.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.30x and interest coverage at 4.14x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 561.2% of debt, and total debt stands at 14.4bn.

Watchpoints

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 -0.30x −0.04x

Interest Coverage 4.14x +3.66x

Cash / Debt 561.2% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 1.33x +861.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 22.7bn in 2025, against investing cash flow of 0.3bn.

Post-investment cash flow was positive +23.0bn. Financing cash flow was positive +47.0bn.

CFO / net income was 1.33x.

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 11.7bn −56.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is balance-sheet flexibility, with net cash/equity at about -0.30x. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 33.6%. The residual risk still sits in capital efficiency remains weak, with ROIC at 3.7%.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.30x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.33x. Even so, net financial result still accounts for 33.6% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,311.0	1,502.5	1,398.1	1,853.9	2,336.4
Revenue Deductions	5.8	6.0	1.8	10.5	0.0
Net Revenue	2,305.2	1,496.6	1,396.3	1,843.4	2,324.0
Cost of Goods Sold	2,243.9	1,456.6	1,348.1	1,817.2	0.0
Gross Profit	61.3	40.0	48.3	26.3	107.5
Financial Income	5.4	5.0	2.2	1.0	2.0
Financial Expenses	1.1	0.1	1.0	7.1	-1.7
Interest Expense	0.5	0.0	1.0	5.9	-1.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	19.3	12.3	9.3	10.7	-11.5
General and Administrative Expenses	41.2	35.6	30.9	14.3	-40.6
Operating Profit	5.1	-3.0	9.2	-4.8	55.6
Other Income	3.7	3.9	2.2	6.1	0.0
Other Expenses	0.0	0.1	0.6	1.2	0.0
Other Profit	3.7	3.8	1.7	4.9	0.5
Profit Before Tax	8.8	0.8	10.9	0.1	56.2
Current Income Tax Expense	1.9	0.3	2.3	1.1	-11.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	6.9	0.5	8.6	-1.0	44.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	6.9	0.5	8.6	-1.0	44.8
Earnings per Share	509.00	37.00	575.00	-79.00	3,224.00
Diluted EPS	565.40	42.53	704.15	-79.37	3,662.58

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	410.2	357.1	412.2	353.1	547.5
I. Cash and cash equivalents	111.0	41.1	122.7	32.6	14.1
1. Cash	51.0	16.1	3.2	2.6	0.0
2. Cash equivalents	60.0	25.0	119.5	30.0	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	79.3	162.1	122.0	59.3	79.8
1. Short-term trade accounts receivable	81.5	164.1	123.3	61.2	0.0
2. Short-term prepayments to suppliers	0.1	0.1	0.2	0.2	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	0.6	1.3	0.6	0.0
7. Provision for short-term doubtful debts (*)	-2.7	-2.7	-2.8	-2.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	189.7	148.2	164.3	254.4	423.3
1. Inventories	190.2	148.7	164.7	255.0	0.0
2. Provision for decline in value of inventories	-0.5	-0.6	-0.4	-0.6	0.0
V. Other short-term assets	30.2	5.8	3.1	6.8	30.3
1. Short-term prepayments	1.9	1.3	3.1	4.7	0.0
2. Value added tax to be reclaimed	26.7	4.5	0.0	1.1	0.0
3. Taxes and other receivables from state authorities	1.6	0.0	0.0	0.9	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)	5.6	6.3	11.2	15.9	20.0
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	3.2	4.4	8.6	15.1	19.3
1. Tangible fixed assets	3.2	4.4	8.6	14.9	19.0
- Cost	311.0	310.7	310.7	311.6	0.0
- Accumulated depreciation	-307.8	-306.3	-302.1	-296.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.1	0.2	0.3
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.2	-0.1	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	0.8	1.1	0.8	0.8	0.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.8	1.1	0.8	0.8	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.6	0.8	1.8	0.0	0.0
1. Long-term prepayments	1.6	0.8	1.8	0.0	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	0.0
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)	415.8	363.4	423.4	369.0	567.5
A. LIABILITIES (300=210+330)	195.9	150.8	123.7	77.9	270.1
I. Short -term liabilities	144.8	99.7	72.6	26.8	219.0
1. Short-term trade accounts payable	45.7	70.3	43.4	3.1	48.6
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.2	0.2	3.3	0.2	0.0
4. Payable to employees	30.9	23.0	21.3	17.3	0.0
5. Short-term acrrued expenses	12.8	4.4	3.7	3.9	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	0.9	1.4	0.8	0.9	0.0
10. Short-term borrowings and financial leases	47.0	0.0	0.0	0.0	108.4
11. Provision for short-term liabilities	7.2	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.5	0.2	1.3	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	51.0	51.0	51.0	51.0	51.0
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	51.0	51.0	51.0	51.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	—	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)	219.9	212.7	299.7	291.1	297.4
I. Owner's equity	219.9	212.7	299.7	291.1	0.0
1. Owner's capital	122.3	122.3	122.3	122.3	297.4
- Common stock with voting right	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	17.7	17.7	17.7	17.7	17.7
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	26.8	26.8	26.8	26.8	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	53.2	46.0	133.0	124.4	137.7
- Accumulated retained earning at the end of the previous period	46.3	45.4	124.4	125.4	92.9
- Undistributed earnings in this period	6.9	0.5	8.6	-1.0	44.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	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)	415.8	363.4	423.4	369.0	567.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	8.8	0.8	10.9	0.1	56.2
Depreciation of Fixed Assets and Investment Property	1.5	4.3	6.5	8.5	11.4
Provision (Increase)/Reversal	7.1	0.2	-2.3	-10.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.1	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.6	-2.9	-1.8	-0.3	0.0
Interest Expense	0.5	0.0	1.0	5.9	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	17.6	2.3	14.2	4.2	70.1
Increase/(Decrease) in Receivables	58.8	-44.7	-61.4	44.0	0.0
Increase/(Decrease) in Inventory	-41.5	16.0	90.3	168.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.8	27.5	47.8	-72.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.3	2.4	-0.1	1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.0	-1.0	-5.9	0.0
Corporate Income Tax Paid	-2.1	-1.3	-0.2	-3.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-1.7	-1.1	-4.7	0.0
Net Cash Flow from Operating Activities	22.7	0.5	88.6	131.3	-183.8
Payments for Fixed Assets and Other Long-term Assets	-0.3	0.0	0.0	-4.5	-1.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	3.1	1.6	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.3	3.1	1.6	-4.2	-0.2
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	108.3	1.1	154.4	761.5	329.6
Repayment of Borrowings	-61.3	-1.1	-154.4	-869.8	-221.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-85.3	-0.1	-0.2	-12.1
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	47.0	-85.3	-0.1	-108.6	96.3
Net Cash Flow During the Period	69.9	-81.7	90.1	18.5	-2.1
Cash and Cash Equivalents at Beginning of Period	41.1	122.7	32.6	14.1	101.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	111.0	41.1	122.7	32.6	14.1

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	836.5	697.1	663.2	549.3	401.5	429.4	387.1	344.9	341.2	499.0	327.4	222.8
Revenue Deductions	0.9	3.8	0.6	1.1	0.3	0.5	2.0	1.1	2.3	1.0	0.4	0.0
Net Revenue	835.6	693.3	662.6	548.1	401.2	428.9	385.1	343.8	338.8	497.9	327.0	222.8
Cost of Goods Sold	802.9	675.4	649.3	534.7	384.5	409.4	381.6	338.8	326.8	479.0	317.5	220.2
Gross Profit	32.6	17.8	13.3	13.4	16.7	19.5	3.5	5.0	12.0	18.9	9.5	2.5
Financial Income	1.4	0.5	1.3	2.4	1.2	2.4	0.8	1.0	0.8	0.6	0.3	0.3
Financial Expenses	0.8	0.8	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	1.0
Interest Expense	0.5	0.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.9
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.7	6.5	5.9	3.8	3.1	3.4	3.0	3.1	2.8	3.9	2.3	1.3
General and Administrative Expenses	19.4	10.4	10.3	8.5	12.0	7.8	8.0	9.5	10.3	5.9	7.5	6.5
Operating Profit	5.1	0.6	-1.6	3.4	2.7	10.5	-6.6	-6.5	-0.4	9.8	0.0	-6.0
Other Income	—	0.1	3.6	—	0.0	0.0	0.0	0.0	3.9	0.0	0.0	2.2
Other Expenses	—	0.0	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.5	0.0
Other Profit	—	0.1	3.6	—	0.0	-0.1	0.0	0.0	3.9	0.0	-0.5	2.2
Profit Before Tax	5.1	0.8	2.0	3.4	2.7	10.4	-6.6	-6.5	3.5	9.8	-0.5	-3.8
Current Income Tax Expense	1.0	0.2	0.4	0.8	0.5	0.3	0.0	-0.7	0.7	2.3	-0.0	-1.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.1	0.6	1.6	2.6	2.2	10.2	-6.6	-5.8	2.8	7.5	-0.5	-2.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.1	0.6	1.6	2.6	2.2	10.2	-6.6	-5.8	2.8	7.5	-0.5	-2.8
Earnings per Share	335.00	48.00	129.00	212.00	177.00	727.00	-537.00	-251.00	198.00	499.00	-33.00	-184.00
Diluted EPS	335.11	47.70	129.21	211.71	176.78	830.45	-537.10	-476.57	225.76	611.02	-40.21	-225.78

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)	435.9	410.2	471.2	422.0	352.5	357.1	351.5	415.2	407.6	412.2	395.1	404.9
I. Cash and cash equivalents	80.5	111.0	35.3	39.8	54.2	41.1	67.0	66.6	69.5	122.7	63.1	13.4
1. Cash	55.5	51.0	35.3	9.8	54.2	16.1	22.0	6.6	4.5	3.2	5.1	3.4
2. Cash equivalents	25.0	60.0	—	30.0	0.0	25.0	45.0	60.0	65.0	119.5	58.0	10.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	129.4	79.3	204.9	141.1	74.0	162.1	111.8	135.5	91.2	122.0	62.4	73.3
1. Short-term trade accounts receivable	131.4	81.5	207.2	143.1	75.1	164.1	112.7	137.0	92.5	123.3	63.7	74.4
2. Short-term prepayments to suppliers	0.2	0.1	0.1	0.3	1.1	0.1	0.9	0.3	0.2	0.2	0.6	0.8
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	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.5	0.4	0.3	0.4	0.5	0.6	1.0	0.9	1.2	1.3	0.9	0.8
7. Provision for short-term doubtful debts (*)	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.8	-2.8	-2.8	-2.8	-2.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	192.1	189.7	204.4	219.8	207.2	148.2	171.0	210.8	238.2	164.3	254.0	294.2
1. Inventories	192.7	190.2	204.9	220.4	207.7	148.7	171.4	211.2	238.6	164.7	255.4	295.6
2. Provision for decline in value of inventories	-0.5	-0.5	-0.5	-0.5	-0.6	-0.6	-0.4	-0.4	-0.4	-0.4	-1.4	-1.4
V. Other short-term assets	33.8	30.2	26.5	21.3	17.0	5.8	1.7	2.3	8.7	3.1	15.7	23.9
1. Short-term prepayments	1.7	1.9	2.0	1.9	1.1	1.3	1.7	2.3	2.4	3.1	4.7	5.0
2. Value added tax to be reclaimed	32.1	26.7	24.5	19.4	16.0	4.5	0.0	0.0	5.7	0.0	10.8	17.9
3. Taxes and other receivables from state authorities	0.0	1.6	—	—	0.0	0.0	0.0	0.0	0.6	0.0	0.2	1.1
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)	5.0	5.6	5.8	7.0	6.2	6.3	8.1	8.9	9.6	11.2	11.3	12.7
I. Long-term receivables	—	—	—	—	0.0	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	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	—	—	—	—	0.0	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	0.0
II. Fixed assets	2.9	3.2	3.5	3.9	3.9	4.4	5.2	6.2	7.4	8.6	10.0	11.7
1. Tangible fixed assets	2.9	3.2	3.5	3.9	3.9	4.4	5.2	6.2	7.3	8.6	9.9	11.6
- Cost	311.0	—	—	—	310.7	310.7	310.7	310.7	310.7	310.7	310.7	310.7
- Accumulated depreciation	-308.1	—	—	—	-306.8	-306.3	-305.5	-304.5	-303.4	-302.1	-300.8	-299.1
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	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
- Cost	0.3	—	—	—	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	—	—	—	—	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
IV. Long-term assets in progress	0.8	0.8	1.0	2.0	1.0	1.1	1.8	1.6	0.8	0.8	1.3	1.0
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	0.8	0.8	1.0	2.0	1.0	1.1	1.8	1.6	0.8	0.8	1.3	1.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	1.4	1.6	1.2	1.2	1.4	0.8	1.1	1.1	1.4	1.8	0.0	0.0
1. Long-term prepayments	1.4	1.6	1.2	1.2	1.4	0.8	1.1	1.1	1.4	1.8	0.0	0.0
2. Deferred income tax assets	—	—	—	—	0.0	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	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	—	—	—	—	0.0	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	0.0
TOTAL ASSETS (280=100+200)	441.0	415.8	476.9	429.0	358.7	363.4	359.6	424.1	417.2	423.4	406.4	417.6
A. LIABILITIES (300=210+330)	216.9	195.9	258.2	211.9	143.9	150.8	157.1	215.0	114.7	123.7	115.1	124.8
I. Short -term liabilities	165.9	144.8	207.2	160.9	92.8	99.7	106.1	164.0	63.6	72.6	64.0	73.8
1. Short-term trade accounts payable	79.3	45.7	113.1	73.2	55.3	70.3	57.5	47.2	41.6	43.4	27.4	37.6
2. Short-term advances from customers	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	11.4	0.2	7.5	7.6	6.5	0.2	8.9	1.0	0.7	3.3	4.0	4.1
4. Payable to employees	24.4	30.9	28.6	23.9	16.9	23.0	21.5	15.9	10.6	21.3	19.9	15.3
5. Short-term acrrued expenses	27.5	12.8	21.6	19.5	10.6	4.4	11.7	6.5	6.4	3.7	8.4	8.9
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.1	0.9	1.6	1.4	1.3	1.4	1.5	86.8	1.0	0.8	1.0	3.9
10. Short-term borrowings and financial leases	14.4	47.0	30.3	31.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	7.2	7.2	3.9	3.5	1.7	0.0	3.7	5.2	3.1	0.0	2.7	3.4
12.. Bonus and welfare fund	0.2	0.3	0.6	0.7	0.5	0.5	1.2	1.3	0.2	0.2	0.6	0.7
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0
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	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0	51.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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)	224.0	219.9	218.7	217.1	214.8	212.7	202.5	209.1	302.5	299.7	291.3	292.8
I. Owner's equity	224.0	219.9	218.7	217.1	214.8	212.7	202.5	209.1	302.5	299.7	291.3	292.8
1. Owner's capital	122.3	122.3	122.3	122.3	122.3	122.3	122.3	122.3	122.3	122.3	122.3	122.3
- Common stock with voting right	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00	122,253,930,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	17.7	17.7	17.7	17.7	17.7	17.7	17.7	17.7	17.7	17.7	17.7	17.7
3. Convertible bond option	—	—	—	—	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	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	0.0
8. Investment and development fund	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8	26.8
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	57.3	53.2	52.0	50.4	48.1	46.0	35.8	42.4	135.8	133.0	124.6	126.0
- Accumulated retained earning at the end of the previous period	53.2	46.3	45.7	45.7	46.0	45.4	45.4	45.4	133.0	124.4	123.5	124.4
- Undistributed earnings in this period	4.1	6.9	6.3	4.7	2.2	0.5	-9.6	-3.1	2.8	8.6	1.1	1.6
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	—	—	—	—	0.0	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	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)	441.0	415.8	476.9	429.0	358.7	363.4	359.6	424.1	417.2	423.4	406.4	417.6

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	5.1	0.8	2.0	3.4	2.7	10.4	-6.6	-6.5	3.5	9.8	-0.5	-3.8
Depreciation of Fixed Assets and Investment Property	0.3	0.3	0.4	0.4	0.5	0.8	1.0	1.1	1.3	1.4	1.7	1.7
Provision (Increase)/Reversal	—	3.3	0.3	1.8	1.7	-3.5	-1.5	2.1	3.1	-5.8	-0.7	1.4
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.1	0.0	0.1	0.0	-0.1	0.0	-0.0	0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	-0.0	-0.2	-0.1	-0.2	-0.1	-0.8	-0.8	-0.5	-0.7	-0.6	-0.2	-0.1
Interest Expense	0.3	0.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.9
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	5.6	4.8	2.6	5.5	4.8	6.8	-7.8	-3.8	7.1	4.8	0.3	0.2
Increase/(Decrease) in Receivables	-53.9	121.7	-69.0	-70.4	76.5	-54.7	23.5	-37.9	24.3	-49.4	18.8	-0.6
Increase/(Decrease) in Inventory	-2.4	14.7	15.4	-12.7	-59.0	22.7	39.8	27.4	-73.9	90.7	40.3	60.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	53.0	-80.9	46.8	34.2	-8.9	-1.9	28.7	12.3	-11.6	13.3	-9.8	32.5
Increase/(Decrease) in Prepaid Expenses	0.4	0.7	0.8	-1.6	-0.2	1.4	0.3	-0.3	1.0	0.4	-0.0	-2.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.4	-0.1	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.9
Corporate Income Tax Paid	-0.2	-1.3	-0.5	0.0	-0.2	-0.1	0.0	0.0	-1.2	0.0	0.0	-0.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.5	0.1	-0.1	-0.0	-0.7	-0.1	-0.9	-0.0	-0.4	-0.0	-0.6
Net Cash Flow from Operating Activities	2.1	58.8	-3.9	-45.2	13.0	-26.5	84.4	-3.1	-54.2	59.3	49.5	88.2
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.3	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.2	0.2	0.1	0.1	0.8	1.1	0.2	1.0	0.3	0.1	0.1
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	0.0	0.2	0.2	-0.2	0.1	0.8	1.1	0.2	1.0	0.3	0.1	0.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	71.4	47.0	30.3	31.1	0.0	0.0	0.0	1.1	0.0	154.4	-154.4	60.5
Repayment of Borrowings	-104.0	-30.3	-31.1	—	0.0	0.0	0.0	-1.1	0.0	-154.4	154.4	-154.4
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	0.0	-0.0	-0.0	-0.2	-85.1	-0.0	-0.0	0.0	-0.0	-0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	-32.7	16.7	-0.8	31.1	-0.0	-0.2	-85.1	-0.0	-0.0	0.0	-0.0	-94.0
Net Cash Flow During the Period	-30.6	75.7	-4.5	-14.4	13.2	-25.9	0.4	-2.9	-53.2	59.7	49.6	-5.7
Cash and Cash Equivalents at Beginning of Period	111.0	35.3	39.8	54.2	41.1	122.7	122.7	122.7	122.7	32.6	32.6	32.6
FX Difference from Revaluation	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	80.5	111.0	35.3	39.8	54.2	41.1	67.0	66.6	69.5	122.7	63.1	13.4

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TDS

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Cash Flow