THD

Thaiholdings ·HNX ·2026Q1

▼ Slightly negative

Pre-tax profit relies materially on non-core sources Net financial result/PBT 1.00%

Price

160,000

Latest close

03 Jun 2026

P/E 585.00x

P/B 13.86x

EPS 274

BVPS 11,543

ROE 2.4%

ROA 2.3%

Profit Margin 10.6%

Asset Turnover 0.22x

Equity Mult. 1.03x

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

What Is Changing

On a TTM 2026Q1 basis, THD is improving on both revenue and margins, though the magnitude is still moderate — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 998bn
	                                
+5.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 105bn
	                                
+7.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    100.4%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	978.5	973.6	1,870.2	4,112.6	8,248.9
Growth	+1%	-48%	-55%	-50%	—
Net Income	100.6	84.2	224.5	301.2	1,156.6
Net Margin	10.28%	8.65%	12.00%	7.32%	14.02%

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	238.5	208.4	243.8	307.1	219.2	233.3	245.2	251.2	275.6	338.4	212.3	735.6
Growth	+14%	-15%	-21%	+40%	-6%	-5%	-2%	-9%	-19%	+59%	-71%	—
Net Income	30.1	28.2	23.7	23.4	26.3	10.9	25.7	35.0	49.3	67.5	61.9	29.7
Net Margin	12.60%	13.53%	9.72%	7.61%	11.98%	4.69%	10.47%	13.93%	17.91%	19.94%	29.14%	4.04%

Drivers of THD's profit

TTM

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

Finance costs ↓ 12.1bn

Administrative expenses ↓ 8.5bn

Financial income ↓ 9.8bn

Tax ↑ 1.9bn

Gross profit ↓ 1.1bn

TTM

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

Financial income ↑ 3.0bn

Administrative expenses ↓ 2.2bn

Tax ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.9% = 10.3% × 0.17 × 1.08

2026Q1 2.4% = 10.6% × 0.22 × 1.03

ROE rose from 1.9% to 2.4% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 10.6% +0.2pp Asset turnover: 0.22x +0.05x Leverage: 1.03x -0.05x

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 stands at 10.55%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 10.55% +0.2pp

Gross Margin 2.22% −0.2pp

SG&A / Revenue 2.12% −1.0pp

Non-core / Revenue 13.13% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 0.4pp, financial result still accounts for 101.5% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 10.68% +0.2pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.03x equity, with a net cash position equivalent to 0.00x equity.

Over the last 12 months, working capital released 10.4bn of cash, mainly thanks to lower receivables. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +25.8bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −15.4bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables 39.3 days −45.6 days

Inventory — —

Payables 37.1 days −10.3 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.00x and interest coverage at 4.29x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Leverage and liquidity trend

Net Debt / Equity -0.00x —

Interest Coverage 4.29x −2.24x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.06x −0.24x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -5.0bn in 2025, against investing cash flow of -44.2bn.

Post-investment cash flow was negative +49.1bn. Financing cash flow was positive 0.0bn.

CFO / net income was -0.06x.

Track how much investment can be funded internally from operating cash flow.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 6.5bn −24.3bn

Cash Capex — —

FCF TTM — —

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 balance-sheet flexibility, with net cash/equity at about -0.00x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 100.4% of PBT and CFO / net income currently at -0.06x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,032.0	1,021.3	1,887.0	4,139.1	8,485.9
Revenue Deductions	53.4	47.7	16.8	26.5	0.0
Net Revenue	978.5	973.6	1,870.2	4,112.6	8,248.9
Cost of Goods Sold	956.3	950.5	1,838.4	3,812.6	0.0
Gross Profit	22.2	23.2	31.8	300.0	489.9
Financial Income	98.4	91.4	298.2	570.9	1,082.9
Financial Expenses	-31.0	-20.4	41.3	180.2	-419.5
Interest Expense	—	0.0	36.1	105.8	-364.9
Share of Associates and Joint Ventures	—	0.0	21.1	5.2	-11.7
Selling Expenses	2.8	1.7	1.6	1.6	-7.4
General and Administrative Expenses	21.1	26.4	248.5	282.0	-291.1
Operating Profit	127.7	106.8	59.7	412.3	843.1
Other Income	0.7	0.4	275.6	12.0	0.0
Other Expenses	2.2	1.5	8.7	9.6	0.0
Other Profit	-1.5	-1.1	266.9	2.4	590.3
Profit Before Tax	126.2	105.7	326.6	414.7	1,433.4
Current Income Tax Expense	25.6	21.5	119.6	186.8	-276.9
Deferred Income Tax Expense	—	0.0	-17.6	-73.2	0.0
Net Income	100.6	84.2	224.5	301.2	1,156.6
Non-controlling Interest	—	0.0	48.0	57.2	209.4
Profit Attributable to Parent	100.6	84.2	176.5	243.9	947.1
Earnings per Share	261.00	219.00	458.00	697.00	2,870.00
Diluted EPS	261.00	219.00	458.45	696.98	2,706.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,748.3	1,713.8	1,660.4	2,252.2	2,534.0
I. Cash and cash equivalents	19.2	68.3	91.1	79.2	271.6
1. Cash	19.2	68.3	83.0	77.2	0.0
2. Cash equivalents	—	0.0	8.1	2.0	0.0
II. Short-term financial investments	—	0.0	45.1	6.1	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	45.1	6.1	0.0
III. Short-term receivables	1,720.8	1,634.8	1,420.9	2,091.7	2,087.7
1. Short-term trade accounts receivable	90.4	123.7	292.2	1,691.1	0.0
2. Short-term prepayments to suppliers	3.0	3.3	70.1	10.1	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	1,563.0	1,450.2	1,039.0	0.0	0.0
6. Other short-term receivables	64.5	57.7	27.5	404.3	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-7.8	-13.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	77.6	43.2	95.5
1. Inventories	—	0.0	77.6	43.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.3	10.7	25.7	32.1	73.0
1. Short-term prepayments	5.1	5.8	7.1	13.4	0.0
2. Value added tax to be reclaimed	2.9	4.9	18.0	18.4	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	0.6	0.3	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)	2,793.2	2,745.9	5,095.3	6,022.8	8,113.3
I. Long-term receivables	93.0	92.7	711.9	737.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	655.5
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	93.0	92.7	711.9	737.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.2	28.7	32.3	1,009.9
1. Tangible fixed assets	0.2	0.2	20.4	24.1	1,001.6
- Cost	0.5	0.5	298.9	304.2	0.0
- Accumulated depreciation	-0.3	-0.3	-278.4	-280.1	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	0.0	8.2	8.2	8.2
- Cost	0.1	0.1	9.4	9.4	0.0
- Accumulated depreciation	-0.0	-0.0	-1.2	-1.2	0.0
III. Investment properties	—	0.0	105.5	105.5	105.5
- Cost	—	0.0	105.5	105.5	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	18.5	17.9	239.6	242.9	258.6
1. Long-term production in progress	17.9	17.9	0.0	0.0	0.0
2. Construction in progress	0.5	0.0	239.6	242.9	0.0
V. Long-term financial investments	2,590.0	2,532.7	1,280.0	1,789.0	839.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,800.0	1,800.0	1,260.0	1,259.0	0.0
3. Investments in other entities	805.7	779.5	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-15.8	-46.8	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	20.0	530.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	91.5	102.3	2,729.6	3,115.3	0.0
1. Long-term prepayments	91.5	102.3	1,352.6	1,525.9	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	5,244.0
5. Goodwill	—	0.0	1,377.0	1,589.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,541.5	4,459.7	6,755.7	8,275.0	10,647.3
A. LIABILITIES (300=210+330)	127.3	146.1	584.1	2,335.9	4,320.3
I. Short -term liabilities	117.2	138.1	293.5	1,981.2	3,035.5
1. Short-term trade accounts payable	73.8	100.8	66.8	630.8	667.5
2. Short-term advances from customers	—	0.0	76.6	202.0	293.7
3. Taxes and other payables to state authorities	25.6	21.5	115.3	162.3	0.0
4. Payable to employees	1.6	1.1	6.7	5.4	0.0
5. Short-term acrrued expenses	0.4	0.4	5.9	7.7	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	8.1	7.6	8.7	83.6	148.3
9. Other short-term payables	6.6	5.6	12.3	4.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	885.3	1,663.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.2	1.1	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	10.1	8.0	290.6	354.6	1,284.8
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	40.1	135.7
7. Other long-term liabilities	10.1	8.0	9.1	14.2	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	632.5
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	281.5	300.3	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)	4,414.2	4,313.6	6,171.6	5,939.1	6,327.0
I. Owner's equity	4,414.2	4,313.6	6,171.6	5,939.1	0.0
1. Owner's capital	3,850.0	3,850.0	3,850.0	3,500.0	6,327.0
- Common stock with voting right	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,500,000,000,000.00	3,500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2
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	11.5	11.5	11.5	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	552.9	452.3	1,357.0	1,536.8	1,814.2
- Accumulated retained earning at the end of the previous period	452.3	368.1	1,180.5	1,292.9	867.0
- Undistributed earnings in this period	100.6	84.2	176.5	243.9	947.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	953.4	902.6	1,013.1
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)	4,541.5	4,459.7	6,755.7	8,275.0	10,647.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	126.2	105.7	326.6	414.7	1,433.4
Depreciation of Fixed Assets and Investment Property	0.0	0.1	3.6	165.4	279.3
Provision (Increase)/Reversal	-31.0	-20.4	-5.9	4.5	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	-98.4	-91.8	-313.2	-507.4	0.0
Interest Expense	—	0.0	36.1	105.8	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	-3.1	-6.5	47.2	183.0	417.2
Increase/(Decrease) in Receivables	31.1	3.2	1,999.2	-415.6	0.0
Increase/(Decrease) in Inventory	—	-0.8	-34.5	-29.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-22.7	40.8	-788.2	2,617.2	0.0
Increase/(Decrease) in Prepaid Expenses	11.5	17.4	179.5	-145.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-37.8	-140.0	0.0
Corporate Income Tax Paid	-21.5	-26.3	-167.9	-63.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.9	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-5.0	27.0	1,197.6	2,005.4	-675.3
Payments for Fixed Assets and Other Long-term Assets	-0.5	0.0	-8.6	-24.7	-28.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.0	1.2	14.2	1,362.5
Loans and Purchases of Debt Instruments	-1,563.0	-1,498.2	-1,100.4	-3,166.3	-222.8
Receipts from Loan Repayments and Sale of Debt Instruments	1,450.2	168.0	532.4	220.8	350.0
Investments in Other Entities	-26.2	0.0	0.0	-306.4	-4,421.9
Proceeds from Investments in Other Entities	—	1,285.2	20.0	2,468.0	0.0
Dividends and Interest Income Received	95.4	13.7	254.9	7.3	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	-44.2	-29.3	-300.4	-787.0	-1,177.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	2,960,751,500,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	756.1	2,280.1	4,455.9
Repayment of Borrowings	—	0.0	-1,641.4	-3,691.0	-5,321.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	—	0.0	-885.3	-1,410.9	2,094.7
Net Cash Flow During the Period	-49.1	-2.3	11.8	-192.5	13.3
Cash and Cash Equivalents at Beginning of Period	68.3	70.6	79.2	271.7	29.7
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.2	68.3	91.1	79.2	271.6

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
Revenue	255.0	220.7	256.9	322.4	232.0	245.9	256.1	269.6	281.4	338.4	212.3	735.6
Revenue Deductions	16.5	12.2	13.1	15.3	12.9	12.6	10.9	18.4	5.8	0.0	0.0	0.0
Net Revenue	238.5	208.4	243.8	307.1	219.2	233.3	245.2	251.2	275.6	338.4	212.3	735.6
Cost of Goods Sold	232.9	201.5	240.1	301.2	213.5	227.8	239.2	245.1	271.2	316.2	235.6	737.9
Gross Profit	5.5	7.0	3.7	5.9	5.6	5.5	6.0	6.2	4.4	22.2	-23.3	-2.3
Financial Income	27.0	27.6	24.9	21.9	24.0	26.0	25.6	35.6	26.4	47.8	224.1	13.5
Financial Expenses	-9.8	-6.8	-6.2	-8.4	-10.1	9.0	-7.9	-10.0	0.1	3.2	0.0	19.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	17.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	30.9	17.4	11.1	14.9
Selling Expenses	0.6	1.0	0.5	0.6	0.5	0.7	0.5	0.5	0.2	0.2	0.2	0.8
General and Administrative Expenses	3.7	4.5	4.2	6.1	5.9	7.5	6.4	7.1	9.8	6.3	115.3	117.2
Operating Profit	38.1	35.7	30.1	29.7	33.3	14.2	32.6	44.2	51.8	77.7	96.3	-111.1
Other Income	0.0	—	—	—	—	0.0	0.0	0.0	3.6	0.6	6.1	175.2
Other Expenses	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5	0.6	7.0
Other Profit	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	3.1	0.1	5.5	168.2
Profit Before Tax	37.7	35.4	29.7	29.3	32.9	13.8	32.2	43.8	54.8	77.8	101.8	57.2
Current Income Tax Expense	7.6	7.2	6.0	6.0	6.7	2.8	6.5	8.9	11.3	13.9	48.4	35.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	-5.8	-3.6	-8.5	-8.5
Net Income	30.1	28.2	23.7	23.4	26.3	10.9	25.7	35.0	49.3	67.5	61.9	29.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	5.7	10.3	24.4	16.1
Profit Attributable to Parent	30.1	28.2	23.7	23.4	26.3	10.9	25.7	35.0	43.6	57.1	37.5	13.7
Earnings per Share	78.08	73.23	61.52	60.68	68.20	28.39	66.67	90.90	112.00	151.00	102.00	39.00
Diluted EPS	78.08	73.23	61.52	60.68	68.20	217.00	66.67	90.90	113.26	151.00	102.00	39.05

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)	1,759.6	1,749.0	1,677.0	1,697.0	1,725.9	1,713.8	1,655.8	1,573.2	1,864.1	1,660.4	1,558.3	1,905.8
I. Cash and cash equivalents	1.8	19.2	7.1	14.6	11.9	68.3	13.2	33.9	140.8	95.0	25.7	178.2
1. Cash	1.8	19.2	7.1	14.6	11.9	68.3	13.2	33.9	130.6	83.0	10.7	174.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	10.1	12.0	15.0	4.0
II. Short-term financial investments	1,646.6	—	—	—	—	0.0	0.0	0.0	37.1	41.0	41.0	13.1
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0
3. Held to maturity investments	1,646.6	—	—	—	—	0.0	0.0	0.0	37.1	41.0	41.0	13.1
III. Short-term receivables	103.5	1,721.5	1,661.8	1,673.7	1,704.0	1,634.8	1,629.9	1,524.6	1,557.9	1,421.3	1,405.8	1,616.0
1. Short-term trade accounts receivable	96.1	91.1	60.7	107.5	118.9	123.7	153.9	51.3	322.9	292.2	530.5	835.6
2. Short-term prepayments to suppliers	3.3	3.0	5.6	3.2	3.2	3.3	3.3	24.3	174.2	70.1	24.1	49.9
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	—	1,563.0	1,563.0	1,555.0	1,498.2	1,450.2	1,428.2	1,428.2	1,023.4	1,039.0	834.6	730.6
6. Other short-term receivables	4.2	64.5	32.5	8.2	83.8	57.7	44.6	20.9	45.2	27.8	29.9	13.6
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-7.8	-7.8	-13.4	-13.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	97.6	77.6	57.8	53.4
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	97.6	77.6	57.8	53.4
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	7.8	8.3	8.1	8.7	10.0	10.7	12.7	14.7	30.7	25.5	27.9	45.2
1. Short-term prepayments	4.9	5.1	4.6	4.8	5.7	5.8	7.1	8.5	10.2	7.1	10.4	18.5
2. Value added tax to be reclaimed	2.6	2.9	3.5	3.9	4.3	4.9	5.6	6.2	19.1	18.0	17.2	17.2
3. Taxes and other receivables from state authorities	0.2	0.2	—	—	—	0.0	0.0	0.0	1.4	0.3	0.3	9.5
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)	2,808.0	2,793.7	2,786.1	2,782.7	2,752.0	2,745.8	2,760.2	2,756.4	5,100.5	5,099.7	5,088.2	5,246.4
I. Long-term receivables	93.0	93.0	92.7	92.7	92.7	92.7	94.0	94.0	711.9	711.9	714.9	714.9
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	93.0	93.0	92.7	92.7	92.7	92.7	94.0	94.0	711.9	711.9	714.9	714.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	26.5	28.7	29.4	30.2
1. Tangible fixed assets	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	18.3	20.4	21.2	22.0
- Cost	0.5	—	—	—	—	0.5	0.5	0.5	274.4	298.9	301.6	303.1
- Accumulated depreciation	-0.3	—	—	—	—	-0.3	-0.3	-0.3	-256.2	-278.4	-280.4	-281.1
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.2	8.2	8.2	8.2
- Cost	0.1	—	—	—	—	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
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	105.5	105.5	105.5	105.5
- 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	18.5	18.5	17.9	17.9	17.9	17.9	17.9	17.9	240.4	239.9	238.0	245.3
1. Long-term production in progress	17.9	17.9	17.9	17.9	17.9	17.9	17.9	17.9	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	0.5	—	—	—	0.0	0.0	0.0	240.4	239.9	238.0	245.3
V. Long-term financial investments	2,607.3	2,590.5	2,583.7	2,577.6	2,542.9	2,532.7	2,541.7	2,533.8	1,290.8	1,284.2	1,266.8	1,275.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,800.0	1,800.0	1,800.0	1,800.0	1,800.0	1,800.0	1,800.0	1,800.0	1,290.8	1,264.2	1,246.8	1,255.7
3. Investments in other entities	813.2	805.7	805.7	805.7	779.5	779.5	779.5	779.5	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-6.0	-15.2	-22.0	-28.2	-36.6	-46.8	-37.8	-45.7	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	20.0	20.0	20.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	89.1	91.5	91.6	94.4	98.3	102.3	106.4	110.4	2,725.4	1,352.6	1,356.6	1,391.6
1. Long-term prepayments	89.1	91.5	91.6	94.4	98.3	102.3	106.4	110.4	1,348.4	1,352.6	1,356.6	1,391.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	1,377.0	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	1,377.0	1,377.0	1,483.2
TOTAL ASSETS (280=100+200)	4,567.7	4,542.7	4,463.1	4,479.7	4,477.9	4,459.6	4,416.0	4,329.6	6,964.6	6,760.1	6,646.4	7,152.2
A. LIABILITIES (300=210+330)	123.4	127.6	76.3	116.5	138.1	146.7	113.9	53.2	743.7	583.6	537.4	1,103.9
I. Short -term liabilities	113.0	117.6	66.6	106.8	129.6	138.7	106.9	45.0	459.6	292.1	241.7	798.8
1. Short-term trade accounts payable	92.4	74.5	10.9	82.3	105.8	100.8	71.4	13.7	134.3	66.7	81.0	513.7
2. Short-term advances from customers	0.2	—	24.7	—	—	0.0	0.0	0.0	161.0	76.6	11.3	42.9
3. Taxes and other payables to state authorities	7.6	25.9	18.9	12.8	6.7	21.3	18.9	12.4	29.9	114.5	122.1	74.7
4. Payable to employees	0.6	1.0	0.8	0.8	0.7	1.9	0.8	0.9	2.5	6.7	2.1	2.4
5. Short-term acrrued expenses	0.1	0.4	—	0.2	0.1	0.4	0.0	0.0	5.8	5.3	4.9	4.8
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	6.1	8.1	6.6	6.6	7.6	7.6	7.4	8.0	7.3	8.7	13.2	23.3
9. Other short-term payables	4.9	6.6	3.7	3.1	7.4	5.6	7.2	8.0	117.4	12.3	5.8	137.0
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	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
12.. Bonus and welfare fund	1.0	1.0	1.0	1.0	1.2	1.2	1.2	2.1	1.1	1.1	1.1	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	10.5	10.1	9.6	9.6	8.5	8.0	7.1	8.2	284.0	291.5	295.7	305.1
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	10.5	10.1	9.6	9.6	8.5	8.0	7.1	8.2	8.4	9.1	9.8	10.7
8. Long-term borrowings and financial leases	—	—	—	—	—	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
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	275.7	282.4	286.0	294.4
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	4,444.2	4,415.1	4,386.9	4,363.2	4,339.8	4,313.0	4,302.0	4,276.4	6,221.0	6,176.5	6,109.0	6,048.3
I. Owner's equity	4,444.2	4,415.1	4,386.9	4,363.2	4,339.8	4,313.0	4,302.0	4,276.4	6,221.0	6,176.5	6,109.0	6,048.3
1. Owner's capital	3,850.0	3,850.0	3,850.0	3,850.0	3,850.0	3,850.0	3,850.0	3,850.0	3,850.0	3,850.0	3,850.0	3,500.0
- Common stock with voting right	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,849,999,720,000.00	3,500,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	583.0	553.8	525.6	502.0	478.6	451.7	440.8	415.1	1,400.6	1,361.4	1,304.3	1,629.4
- Accumulated retained earning at the end of the previous period	552.9	452.3	452.3	452.3	452.3	368.1	368.1	368.1	1,357.0	1,180.5	1,180.5	1,543.2
- Undistributed earnings in this period	30.1	101.5	73.3	49.6	26.3	83.6	72.6	47.0	43.6	180.9	123.7	86.3
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	959.1	953.9	943.5	919.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,567.7	4,542.7	4,463.1	4,479.7	4,477.9	4,459.6	4,416.0	4,329.6	6,964.6	6,760.1	6,646.4	7,152.2

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	37.7	34.2	29.7	29.3	32.9	13.8	32.2	4.1	54.8	72.7	101.8	57.2
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.6	0.6	-211.7	107.0	107.2
Provision (Increase)/Reversal	-9.8	-6.2	-6.2	-8.4	-10.1	9.0	-7.9	-21.6	0.1	-5.5	-0.3	-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	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-27.0	-27.6	-24.9	-21.9	-24.0	-26.0	-25.6	20.7	-60.9	-49.3	-240.9	-28.4
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	17.2
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	0.9	0.4	-1.4	-1.0	-1.1	-3.2	-1.3	2.7	-5.4	-193.7	-32.4	153.2
Increase/(Decrease) in Receivables	-1.9	-31.5	45.3	14.0	3.3	31.4	-79.1	180.0	-129.1	424.3	338.3	1,554.5
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	19.2	-20.0	-19.8	-4.4	-6.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	14.1	44.1	-46.1	-27.5	6.8	29.9	55.1	-294.0	250.5	53.4	-603.1	23.0
Increase/(Decrease) in Prepaid Expenses	2.5	-0.4	2.9	4.9	4.1	5.3	5.5	5.5	1.2	7.3	43.0	38.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	-21.8
Corporate Income Tax Paid	-25.6	0.0	0.0	0.0	-21.5	0.0	0.0	70.2	-96.5	-5.0	-1.3	-92.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.2	—	—	0.0	-0.9	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-9.9	12.6	0.6	-9.7	-8.4	63.4	-20.7	-16.5	0.8	266.5	-259.9	1,649.4
Payments for Fixed Assets and Other Long-term Assets	—	-0.5	—	—	—	0.0	0.0	0.8	-0.8	-4.8	-1.3	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	-1.1	3.1	-13.3	14.4	0.0
Loans and Purchases of Debt Instruments	—	0.0	-8.0	-1,507.0	-48.0	-22.0	0.0	-1,260.2	-48.0	-230.8	-131.9	-702.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	1,450.2	—	0.0	0.0	-91.6	91.6	22.4	0.0	0.0
Investments in Other Entities	-7.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	1,285.2	0.0	-200.0	220.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	95.4	0.0	13.7	0.0	-3.0	3.0	225.4	6.2	22.9
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	-7.5	-0.5	-8.0	12.4	-48.0	-8.3	0.0	-69.9	48.9	-201.2	107.4	-681.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	264.2
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-1,077.1
Repayment of Finance Leases	—	—	—	—	—	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	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-812.8
Net Cash Flow During the Period	-17.4	12.1	-7.4	2.7	-56.4	55.1	-20.7	-86.4	49.7	65.3	-152.5	155.5
Cash and Cash Equivalents at Beginning of Period	19.2	7.1	14.6	11.9	68.3	70.6	70.6	70.6	91.1	79.2	79.2	79.2
FX Difference from Revaluation	0.0	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	1.8	19.2	7.1	14.6	11.9	68.3	13.2	33.9	140.8	91.1	25.7	178.2

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THD

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