TMP

Thủy điện Thác Mơ ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 43.11%, −3.68pp YoY

Price

45,000

Latest close

03 Jun 2026

P/E 9.56x

P/B 1.80x

EPS 4,706

BVPS 25,049

ROE 19.7%

ROA 16.2%

Profit Margin 42.3%

Asset Turnover 0.38x

Equity Mult. 1.22x

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

What Is Changing

On a TTM 2026Q1 basis, TMP is retaining some revenue, but margins are collapsing sharply — margins have been compressing consistently over multiple periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 778bn
	                                
−1.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 336bn
	                                
−8.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	752.0	763.6	854.0	1,070.3	748.3
Growth	-2%	-11%	-20%	+43%	—
Net Income	323.1	355.2	460.2	580.1	363.1
Net Margin	42.96%	46.51%	53.88%	54.20%	48.51%

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	159.6	193.2	239.6	186.0	134.7	232.9	256.0	162.7	112.1	219.2	228.5	209.6
Growth	-17%	-19%	+29%	+38%	-42%	-9%	+57%	+45%	-49%	-4%	+9%	—
Net Income	65.6	75.7	108.8	85.4	52.1	109.2	131.7	74.9	39.2	94.3	115.8	131.6
Net Margin	41.07%	39.18%	45.44%	45.95%	38.70%	46.89%	51.45%	46.05%	35.02%	43.01%	50.69%	62.81%

Drivers of TMP's profit

TTM

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

Financial income ↑ 16.7bn

Tax ↓ 14.5bn

Finance costs ↓ 4.0bn

Gross profit ↓ 64.6bn

Administrative expenses ↑ 8.2bn

TTM

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

Financial income ↑ 15.1bn

Tax ↓ 2.0bn

Gross profit ↓ 3.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 25.0% = 46.8% × 0.41 × 1.29

2026Q1 20.1% = 43.1% × 0.38 × 1.22

ROE fell from 25.0% to 20.1% — all three components weakened, with leverage being the main drag.

Net margin: 43.1% -3.7pp Asset turnover: 0.38x -0.03x Leverage: 1.22x -0.07x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 43.11%, losing 3.7pp. The main pressure comes from Gross margin fell 7.7pp and SG&A / Revenue rose 1.1pp (with additional support from Net financial result / Revenue rose 2.7pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 43.11% −3.7pp

Gross Margin 51.19% −7.7pp

SG&A / Revenue 8.72% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 17.8% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 17.84%, losing 3.7pp. That translates to 17.84 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.7pp, outweighing the movement in capital turnover; while invested capital rose by 173bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 17.84% −3.7pp

NOPAT Margin 43.08% −3.7pp

Capital Turnover 0.41x −0.05x

Average Invested Capital 1,879.5bn +172.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.33x equity, net debt at 0.11x equity.

Over the last 12 months, working capital released 99.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +71.9bn

Inventories increased → lower CFO: −0.7bn

Payables increased → higher CFO: +28.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 36.7 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO fell 30.3 days, and DPO rose 6.0 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 129.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 148.6 days −30.3 days

Inventory 1.0 days −0.3 days

Payables 20.3 days +6.0 days

Cash Conversion Cycle 129.3 days −36.7 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.11x and interest coverage at 20.89x.

At present, short-term debt accounts for 15.8% of total debt, cash equals 24.9% of debt, and total debt stands at 247.0bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 24.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.11x −0.04x

Interest Coverage 20.89x +1.59x

Cash / Debt 24.9% +1.2pp

Short-term Debt / Total Debt 15.8% +2.8pp

CFO / NI 1.33x +0.20x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 514.8bn in 2025, against investing cash flow of -320.0bn.

Post-investment cash flow was positive +194.8bn. Financing cash flow was negative +142.5bn.

CFO / net income was 1.33x.

After spending +78.6bn on fixed-asset investment, the business generated trailing free cash flow of +361.0bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 439.6bn +26.4bn

Cash Capex 78.6bn —

FCF TTM +361.0bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.7 pp. The next watchpoint is capital efficiency, with ROIC at 17.8%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.33x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.33x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 43.11% after a 3.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	752.0	763.6	854.0	1,070.3	748.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	752.0	763.6	854.0	1,070.3	748.3
Cost of Goods Sold	348.5	321.8	315.2	334.0	0.0
Gross Profit	403.6	441.8	538.9	736.3	464.5
Financial Income	35.6	38.0	83.5	50.0	35.5
Financial Expenses	19.5	24.6	35.3	35.2	-33.0
Interest Expense	19.5	24.6	35.3	35.2	-33.0
Share of Associates and Joint Ventures	34.3	29.6	20.7	20.1	24.8
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	67.8	59.4	53.7	68.3	-58.4
Operating Profit	386.2	425.6	554.1	702.8	433.4
Other Income	0.4	0.1	0.4	4.6	0.0
Other Expenses	—	0.0	0.0	0.0	0.0
Other Profit	0.4	0.1	0.4	4.6	0.4
Profit Before Tax	386.6	425.6	554.4	707.5	433.7
Current Income Tax Expense	63.4	70.2	94.2	127.3	-70.7
Deferred Income Tax Expense	0.1	0.2	0.0	0.1	0.0
Net Income	323.1	355.2	460.2	580.1	363.1
Non-controlling Interest	5.6	4.8	5.2	6.7	6.7
Profit Attributable to Parent	317.5	350.4	455.0	573.4	356.4
Earnings per Share	4,535.00	5,005.00	6,500.00	8,191.00	5,090.85
Diluted EPS	4,535.04	5,005.06	6,500.00	8,190.77	5,090.85

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,189.9	943.8	1,015.6	1,117.6	752.0
I. Cash and cash equivalents	159.8	107.5	78.1	30.4	91.1
1. Cash	10.7	6.3	10.1	6.5	0.0
2. Cash equivalents	149.1	101.3	68.0	23.9	0.0
II. Short-term financial investments	767.8	455.0	246.5	752.0	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	767.8	455.0	246.5	752.0	0.0
III. Short-term receivables	256.9	379.1	688.7	331.5	224.0
1. Short-term trade accounts receivable	219.0	353.0	636.4	285.4	0.0
2. Short-term prepayments to suppliers	4.5	0.5	1.1	1.5	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	33.4	25.5	51.1	44.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.1	0.6	0.7	2.7	2.8
1. Inventories	2.1	0.6	0.7	2.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.3	1.7	1.6	1.0	1.1
1. Short-term prepayments	1.9	1.5	0.8	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.4	0.2	0.8	0.8	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)	1,062.1	1,081.1	1,129.6	1,176.8	1,237.8
I. Long-term receivables	1.0	0.9	0.9	0.9	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	1.0	0.9	0.9	0.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	731.6	755.0	816.5	868.9	945.9
1. Tangible fixed assets	718.1	741.5	803.9	857.0	934.4
- Cost	3,335.4	3,262.6	3,228.6	3,189.8	0.0
- Accumulated depreciation	-2,617.3	-2,521.0	-2,424.7	-2,332.8	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	13.5	13.4	12.7	11.9	11.6
- Cost	22.6	20.9	19.2	17.5	0.0
- Accumulated depreciation	-9.1	-7.5	-6.5	-5.6	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	3.3	1.6	0.0	6.9	1.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.3	1.6	0.0	6.9	0.0
V. Long-term financial investments	314.9	310.6	296.2	285.5	275.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	164.0	144.7	145.3	134.7	0.0
3. Investments in other entities	150.9	150.9	150.9	150.9	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	—	15.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	11.4	13.0	16.0	14.6	0.0
1. Long-term prepayments	9.2	10.6	13.0	12.3	0.0
2. Deferred income tax assets	0.4	0.6	0.8	0.8	0.0
3. Long-term equipment, supplies, spare parts	1.9	1.9	2.2	1.5	0.0
4. Other long-term assets	—	0.0	0.0	0.0	14.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,252.0	2,024.9	2,145.2	2,294.4	1,989.8
A. LIABILITIES (300=210+330)	559.0	485.0	558.3	606.4	584.8
I. Short -term liabilities	331.4	204.9	225.9	225.8	152.0
1. Short-term trade accounts payable	101.6	34.9	28.6	39.6	30.5
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	63.9	71.0	70.9	79.0	0.0
4. Payable to employees	23.2	22.2	19.7	28.6	0.0
5. Short-term acrrued expenses	2.7	1.2	2.7	2.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	84.5	15.0	15.4	13.0	0.0
10. Short-term borrowings and financial leases	52.1	51.9	57.9	54.9	43.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.6	8.7	30.6	8.0	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	227.6	280.1	332.4	380.7	432.8
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	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	207.9	260.0	311.9	360.0	413.7
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	19.6	20.1	20.6	20.7	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,693.0	1,539.9	1,586.9	1,687.9	1,405.0
I. Owner's equity	1,693.0	1,539.9	1,586.9	1,687.9	0.0
1. Owner's capital	700.0	700.0	700.0	700.0	1,405.0
- Common stock with voting right	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	344.2	284.7	254.1	56.5	56.5
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	155.6	111.5	3.6	294.5	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	455.8	405.7	589.8	594.2	368.5
- Accumulated retained earning at the end of the previous period	208.4	181.3	62.4	77.2	250.4
- Undistributed earnings in this period	247.5	224.4	527.4	517.1	118.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	37.4	38.1	39.4	42.8	44.5
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,252.0	2,024.9	2,145.2	2,294.4	1,989.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	386.6	425.6	554.4	707.5	433.7
Depreciation of Fixed Assets and Investment Property	100.0	97.8	92.8	90.7	88.8
Provision (Increase)/Reversal	—	0.0	0.0	-2.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-70.3	-67.7	-104.1	-70.1	0.0
Interest Expense	19.5	24.6	35.3	35.2	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	2.1	0.0
Operating Profit Before Changes in Working Capital	435.7	480.3	578.3	762.9	507.9
Increase/(Decrease) in Receivables	115.6	316.6	-347.6	-105.3	0.0
Increase/(Decrease) in Inventory	-1.5	0.5	1.2	0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	71.1	5.8	-19.5	4.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	1.7	-1.3	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-19.6	-24.7	-35.3	-35.1	0.0
Corporate Income Tax Paid	-71.9	-68.8	-102.4	-76.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-15.6	-21.1	-20.0	-15.1	0.0
Net Cash Flow from Operating Activities	514.8	690.3	53.4	535.6	348.6
Payments for Fixed Assets and Other Long-term Assets	-78.5	-37.8	-33.5	-19.1	-157.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-812.0	-589.0	-263.5	-851.5	-569.5
Receipts from Loan Repayments and Sale of Debt Instruments	514.2	365.5	769.0	532.5	810.7
Investments in Other Entities	—	0.0	0.0	0.0	-52.0
Proceeds from Investments in Other Entities	—	0.2	0.0	0.0	0.0
Dividends and Interest Income Received	55.9	61.6	83.8	56.8	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	-320.0	-199.4	555.9	-281.3	66.8
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	—	0.0	10.0	0.0	124.6
Repayment of Borrowings	-51.9	-57.9	-55.1	-42.1	-3.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-90.6	-403.6	-516.6	-272.8	-510.3
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	-142.5	-461.4	-561.7	-315.0	-388.7
Net Cash Flow During the Period	52.3	29.5	47.7	-60.7	22.4
Cash and Cash Equivalents at Beginning of Period	107.5	78.1	30.4	91.1	64.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	159.8	107.5	78.1	30.4	91.1

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	159.6	193.2	239.6	186.0	134.7	232.9	256.0	162.7	112.1	219.2	228.5	209.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	159.6	193.2	239.6	186.0	134.7	232.9	256.0	162.7	112.1	219.2	228.5	209.6
Cost of Goods Sold	82.1	107.1	96.0	94.7	53.7	109.1	86.7	73.5	52.5	101.8	82.6	75.0
Gross Profit	77.6	86.1	143.5	91.2	80.9	123.8	169.2	89.1	59.6	117.4	145.8	134.5
Financial Income	15.7	18.5	4.2	12.3	0.6	21.3	7.0	4.9	4.7	28.0	20.0	31.5
Financial Expenses	4.6	4.6	4.8	5.0	5.1	5.7	6.0	6.2	6.7	7.4	8.4	9.5
Interest Expense	4.6	4.6	4.8	5.0	5.1	5.7	6.0	6.2	6.7	7.4	8.4	9.5
Share of Associates and Joint Ventures	—	10.7	4.9	18.8	—	10.3	2.0	17.3	0.0	9.6	-3.0	14.1
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	13.2	21.7	15.6	17.3	12.5	19.8	11.2	16.3	12.1	35.3	15.3	13.4
Operating Profit	75.4	89.0	132.1	100.1	63.9	129.9	161.1	88.9	45.4	112.3	139.1	157.2
Other Income	—	0.4	—	—	—	0.1	0.0	0.0	0.0	0.1	0.3	0.0
Other Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.4	—	—	—	0.1	0.0	0.0	0.0	0.1	0.3	0.0
Profit Before Tax	75.4	89.4	132.1	100.1	63.9	130.0	161.1	88.9	45.4	112.4	139.4	157.2
Current Income Tax Expense	9.8	13.7	23.2	14.6	11.8	20.7	29.4	13.9	6.2	18.0	23.7	25.5
Deferred Income Tax Expense	—	0.1	—	0.1	—	0.1	0.0	0.2	0.0	0.1	-0.1	0.1
Net Income	65.6	75.7	108.8	85.4	52.1	109.2	131.7	74.9	39.2	94.3	115.8	131.6
Non-controlling Interest	1.1	1.6	2.2	1.2	0.9	1.6	1.7	0.6	1.0	2.0	0.9	1.0
Profit Attributable to Parent	64.5	74.1	106.6	84.3	51.2	107.6	130.0	74.3	38.3	92.3	114.9	130.7
Earnings per Share	920.82	1,058.10	1,523.34	1,203.93	731.16	1,537.42	1,857.60	1,061.45	547.10	1,318.78	1,641.95	1,866.85
Diluted EPS	920.82	1,058.10	1,523.34	1,203.93	731.16	1,537.42	1,857.60	1,061.45	547.10	1,318.78	1,641.95	1,866.85

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)	1,077.1	1,189.8	1,108.1	1,024.6	914.1	944.1	950.6	777.7	720.1	1,019.9	1,254.1	1,180.9
I. Cash and cash equivalents	61.5	159.8	97.6	194.5	70.8	107.5	46.4	107.3	112.0	78.1	266.8	216.5
1. Cash	2.9	10.6	4.8	6.6	4.9	6.3	14.0	11.3	10.7	10.1	11.5	3.5
2. Cash equivalents	58.5	149.1	92.8	187.9	65.9	101.3	32.4	96.0	101.3	68.0	255.3	213.0
II. Short-term financial investments	678.8	767.8	759.3	520.6	432.0	455.0	283.0	228.0	180.5	246.5	380.0	424.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	678.8	767.8	759.3	520.6	432.0	455.0	283.0	228.0	180.5	246.5	380.0	424.0
III. Short-term receivables	329.7	258.4	245.6	304.2	407.2	379.0	617.7	439.3	425.4	693.1	603.6	536.6
1. Short-term trade accounts receivable	243.9	220.4	218.9	282.9	389.9	353.0	598.2	420.2	381.1	636.9	550.9	475.0
2. Short-term prepayments to suppliers	70.0	4.5	5.4	1.2	0.5	0.5	2.0	3.9	2.0	1.1	2.2	0.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	15.8	33.5	21.3	20.0	16.8	25.5	17.5	15.2	42.3	55.0	50.5	60.6
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.7	0.7	1.9	1.9	1.3	0.6	1.0	1.0	0.9	0.7	2.3	2.9
1. Inventories	0.7	0.7	1.9	1.9	1.3	0.6	1.0	1.0	0.9	0.7	2.3	2.9
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	6.4	3.2	3.7	3.4	2.8	2.0	2.5	2.1	1.3	1.6	1.4	0.9
1. Short-term prepayments	3.2	1.9	2.3	1.9	1.6	1.8	2.2	1.8	0.8	0.8	0.7	0.6
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.4	0.0
3. Taxes and other receivables from state authorities	3.2	1.3	1.4	1.5	1.2	0.2	0.3	0.3	0.5	0.8	0.3	0.3
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)	1,030.8	1,058.3	1,001.6	1,044.1	1,055.6	1,080.7	1,073.9	1,085.2	1,100.2	1,129.6	1,139.7	1,156.9
I. Long-term receivables	1.0	1.0	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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	1.0	1.0	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	704.5	727.7	683.6	705.6	729.9	755.0	763.6	770.5	793.0	816.5	806.4	829.0
1. Tangible fixed assets	691.4	714.2	671.3	693.0	716.9	741.5	751.7	758.4	780.5	803.7	795.1	817.6
- Cost	3,335.5	—	—	—	—	3,262.6	3,248.0	3,230.4	3,229.1	3,228.4	3,196.7	3,196.0
- Accumulated depreciation	-2,644.1	—	—	—	—	-2,521.0	-2,496.3	-2,472.0	-2,448.5	-2,424.7	-2,401.5	-2,378.5
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	13.1	13.5	12.3	12.6	13.0	13.4	11.9	12.2	12.4	12.9	11.3	11.5
- Cost	22.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.3	3.3	1.6	1.6	1.6	1.6	1.6	1.6	0.0	0.0	20.4	11.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.3	3.3	1.6	1.6	1.6	1.6	1.6	1.6	0.0	0.0	20.4	11.4
V. Long-term financial investments	309.9	314.9	304.2	324.4	310.6	310.6	295.5	298.5	291.2	296.2	296.6	299.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	159.0	164.0	153.4	158.5	144.7	144.7	144.7	147.7	140.3	145.3	145.7	148.7
3. Investments in other entities	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	15.0	15.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	12.3	11.5	11.3	11.6	12.6	12.7	12.3	13.6	15.2	16.0	15.5	16.1
1. Long-term prepayments	8.7	9.2	8.9	9.1	10.1	10.2	9.6	10.8	12.2	13.0	13.1	13.6
2. Deferred income tax assets	0.4	0.4	0.5	0.5	0.6	0.6	0.6	0.6	0.8	0.8	0.8	0.9
3. Long-term equipment, supplies, spare parts	3.2	1.9	1.9	1.9	1.9	1.9	2.0	2.2	2.2	2.2	1.5	1.5
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,107.9	2,248.1	2,109.8	2,068.7	1,969.7	2,024.8	2,024.6	1,862.9	1,820.3	2,149.5	2,393.8	2,337.8
A. LIABILITIES (300=210+330)	354.5	556.0	423.4	407.1	377.7	485.0	468.0	438.0	471.6	848.5	538.8	598.7
I. Short -term liabilities	127.6	328.4	182.4	153.4	97.8	204.9	174.4	131.7	139.4	493.4	191.8	245.4
1. Short-term trade accounts payable	26.8	101.2	11.5	20.2	15.5	34.9	9.1	10.2	9.8	29.2	8.4	18.7
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.0
3. Dividends and profits payable	15.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	20.5	63.9	69.7	45.4	23.6	70.9	70.9	32.0	18.0	65.9	75.2	45.1
4. Payable to employees	7.3	20.6	11.1	5.9	4.1	22.3	10.5	4.0	4.1	20.5	11.7	11.2
5. Short-term acrrued expenses	15.6	2.7	16.7	6.8	0.5	1.2	4.9	1.2	1.4	2.5	8.4	2.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.7	84.5	14.4	14.6	14.7	15.0	14.5	15.7	36.1	287.2	13.5	88.0
10. Short-term borrowings and financial leases	39.0	52.1	51.8	52.0	38.9	51.9	53.6	53.9	44.9	57.4	54.9	54.9
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	1.4	3.6	7.2	8.4	0.6	8.7	10.9	14.8	25.0	30.6	19.7	25.1
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	226.9	227.6	241.0	253.8	279.9	280.1	293.6	306.3	332.2	355.2	347.0	353.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	207.9	207.9	221.2	233.9	260.0	260.0	273.2	285.9	311.9	312.4	326.5	332.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	19.0	19.6	19.7	19.8	19.9	20.1	20.4	20.4	20.4	42.8	20.6	20.7
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,753.4	1,692.1	1,686.4	1,661.5	1,592.0	1,539.8	1,556.6	1,424.9	1,348.7	1,301.0	1,855.0	1,739.1
I. Owner's equity	1,753.4	1,692.1	1,686.4	1,661.5	1,592.0	1,539.8	1,556.6	1,424.9	1,348.7	1,301.0	1,855.0	1,739.1
1. Owner's capital	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0	700.0
- Common stock with voting right	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00	700,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	344.2	344.2	284.8	284.7	284.7	284.7	272.4	255.3	254.1	254.1	243.6	56.5
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	155.6	155.6	215.0	215.1	111.5	111.5	123.8	140.8	3.6	3.6	107.3	294.5
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	520.1	454.5	450.5	429.2	456.9	405.6	424.0	293.9	356.2	303.9	766.5	651.6
- Accumulated retained earning at the end of the previous period	455.6	391.5	345.2	344.9	405.7	181.3	293.9	219.6	317.9	436.9	651.6	520.9
- Undistributed earnings in this period	64.5	63.1	105.3	84.3	51.2	224.3	130.0	74.3	38.3	-133.1	114.9	130.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	33.5	37.7	36.1	32.6	39.0	38.1	36.5	34.8	34.8	39.4	37.5	36.6
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,107.9	2,248.1	2,109.8	2,068.7	1,969.7	2,024.8	2,024.6	1,862.9	1,820.3	2,149.5	2,393.8	2,337.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	75.4	90.5	132.1	100.1	63.9	130.0	161.1	88.9	45.4	131.5	139.4	157.2
Depreciation of Fixed Assets and Investment Property	26.8	25.4	24.9	24.7	24.9	25.4	24.5	23.7	24.1	23.4	23.3	23.5
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	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
Gain/Loss from Investment Activities	-15.7	-29.6	-9.0	-31.1	-0.6	-31.6	-9.0	-22.3	-4.7	-33.8	-17.0	-45.6
Interest Expense	4.6	4.6	4.8	5.0	5.1	5.7	6.0	6.2	6.7	7.5	8.4	9.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	91.1	90.9	152.8	98.6	93.4	129.5	182.6	96.6	71.5	128.6	154.1	144.6
Increase/(Decrease) in Receivables	-86.3	-9.6	59.7	108.0	-42.6	257.7	-180.5	-11.6	252.0	-79.9	-76.2	-84.6
Increase/(Decrease) in Inventory	0.1	-0.1	0.0	-0.6	-0.7	0.5	0.2	-0.0	-0.2	0.9	0.6	-0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-84.6	79.5	9.8	23.7	-41.9	21.1	22.3	2.7	-39.6	7.9	21.1	-8.7
Increase/(Decrease) in Prepaid Expenses	-0.9	0.1	-0.1	0.6	0.3	-0.1	0.8	0.4	0.8	0.0	0.4	-1.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.6	-4.6	-4.8	-5.0	-5.2	-5.7	-6.2	-6.1	-6.7	-7.3	-8.3	-9.5
Corporate Income Tax Paid	-48.3	-9.8	-3.9	-2.0	-56.2	-7.9	-3.0	-3.3	-54.7	-13.0	-9.4	-17.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.0	-3.4	-1.3	-2.6	-8.3	-2.5	-3.9	-9.0	-5.8	-8.5	-5.6	-2.9
Net Cash Flow from Operating Activities	-136.5	143.2	212.2	220.8	-61.3	392.7	12.3	69.6	217.3	28.6	76.7	19.9
Payments for Fixed Assets and Other Long-term Assets	-0.1	-75.1	-3.0	-0.4	—	-16.8	-17.6	-3.0	-0.5	-13.2	-18.3	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.4	—	—	—	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-267.5	-306.5	-231.0	-7.0	-361.6	-42.4	-178.0	-7.0	-149.5	-442.0	330.5
Receipts from Loan Repayments and Sale of Debt Instruments	-136.2	259.0	82.8	142.4	30.0	174.6	-12.6	130.5	73.0	283.0	486.0	-101.0
Investments in Other Entities	234.0	—	—	—	—	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
Dividends and Interest Income Received	25.8	15.5	14.9	10.3	15.1	12.3	13.7	13.1	21.0	29.4	28.5	17.1
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	123.5	-67.6	-211.8	-78.7	38.1	-191.2	-58.9	-37.4	86.6	149.7	54.2	245.2
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	3.4	6.6	0.0
Repayment of Borrowings	—	-13.0	-13.0	-13.0	-13.0	-15.0	-13.0	-17.0	-13.0	-15.0	-12.7	-14.7
Repayment of Finance Leases	-13.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-72.4	-0.3	-84.4	-5.5	-0.5	-125.4	-1.2	-20.0	-257.0	-355.4	-74.5	-86.2
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	-85.4	-13.3	-97.3	-18.4	-13.5	-140.3	-14.2	-37.0	-269.9	-367.0	-80.6	-101.0
Net Cash Flow During the Period	-98.3	62.2	-96.9	123.6	-36.7	61.1	-60.8	-4.7	33.9	-188.7	50.3	164.1
Cash and Cash Equivalents at Beginning of Period	159.8	97.6	194.5	70.8	107.5	78.1	78.1	78.1	78.1	30.4	30.4	30.4
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	61.5	159.8	97.6	194.5	70.8	107.5	46.4	107.3	112.0	78.1	266.8	216.5

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TMP

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