TN1

Rox Key Holdings ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 17.84%, +4.67pp YoY

Price

14,000

Latest close

03 Jun 2026

P/E 4.22x

P/B 0.72x

EPS 3,321

BVPS 19,396

ROE 18.8%

ROA 11.4%

Profit Margin 17.9%

Asset Turnover 0.64x

Equity Mult. 1.65x

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

What Is Changing

On a TTM 2026Q1 basis, TN1 has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,133bn
	                                
+19.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 202bn
	                                
+61.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    38.3%

Metric	2025	2024	2023	2022	2021
Revenue	1,032.2	965.5	978.9	899.7	718.9
Growth	+7%	-1%	+9%	+25%	—
Net Income	267.4	52.0	51.8	55.4	107.2
Net Margin	25.90%	5.39%	5.30%	6.16%	14.92%

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	291.5	366.5	250.6	224.8	189.6	232.0	269.6	261.2	202.6	182.2	262.4	324.3
Growth	-20%	+46%	+11%	+19%	-18%	-14%	+3%	+29%	+11%	-31%	-19%	—
Net Income	10.0	131.1	44.6	16.5	76.7	11.7	17.7	19.2	5.9	-24.5	27.6	34.9
Net Margin	3.43%	35.78%	17.80%	7.34%	40.46%	5.05%	6.58%	7.37%	2.92%	-13.42%	10.52%	10.76%

Drivers of TN1's profit

TTM

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

Other profit ↑ 85.1bn

Gross profit ↑ 83.9bn

Associates income ↑ 61.9bn

Selling expenses ↓ 11.0bn

Financial income ↓ 99.7bn

Administrative expenses ↑ 62.1bn

TTM

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

Gross profit ↑ 22.6bn

Associates income ↑ 19.7bn

Finance costs ↓ 10.2bn

Financial income ↓ 89.1bn

Administrative expenses ↑ 29.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.1% = 13.2% × 0.57 × 1.73

2026Q1 18.7% = 17.8% × 0.64 × 1.65

ROE rose from 13.1% to 18.7% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 17.8% +4.7pp Asset turnover: 0.64x +0.06x Leverage: 1.65x -0.08x

Is the profit sustainable?

Margins improved (+4.7pp), 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 expanded to 17.84%, rising 4.7pp. Core operating signals are improving as Gross margin rose 3.7pp are enough to offset pressure from SG&A / Revenue rose 2.5pp (in addition, Other profit / Revenue rose 7.5pp added support while Net financial result / Revenue fell 9.3pp remained a drag).

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

Profitability trend

Net Margin 17.84% +4.7pp

Gross Margin 27.12% +3.7pp

SG&A / Revenue 15.14% +2.5pp

Non-core / Revenue 2.44% −1.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 1.8pp, other income still accounts for 38.3% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 8.1% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC narrowed to 8.12%, falling 0.8pp. That translates to 8.12 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.06x, NOPAT margin narrowed 2.1pp still pulled ROIC lower, while invested capital rose by 130bn.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC 8.12% −0.8pp

NOPAT Margin 11.02% −2.1pp

Capital Turnover 0.74x +0.06x

Average Invested Capital 1,538.0bn +130.2bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.58x equity, net debt at 0.42x equity.

Over the last 12 months, working capital released 438.3bn 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: +399.8bn

Inventories increased → lower CFO: −11.5bn

Payables increased → higher CFO: +50.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 62.6 days versus the same period last year. The main moves came from DIO fell 21.0 days, DSO fell 47.1 days, and DPO fell 5.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Working Capital Efficiency

Receivables 95.7 days −47.1 days

Inventory 18.5 days −21.0 days

Payables 37.4 days −5.5 days

Cash Conversion Cycle 76.8 days −62.6 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.42x and interest coverage at 2.24x.

At present, short-term debt accounts for 28.2% of total debt, cash equals 7.6% of debt, and total debt stands at 532.2bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 7.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.42x −0.01x

Interest Coverage 2.24x +0.02x

Cash / Debt 7.6% −3.6pp

Short-term Debt / Total Debt 28.2% —

CFO / NI 2.44x −4.19x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,022.2bn in 2025, against investing cash flow of -477.2bn.

Post-investment cash flow was positive +545.0bn. Financing cash flow was negative +563.8bn.

CFO / net income was 2.44x.

After spending +22.9bn on fixed-asset investment, the business generated trailing free cash flow of +472.0bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 494.9bn −314.9bn

Cash Capex 22.9bn +17.1bn

FCF TTM +472.0bn −332.0bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 4.7 pp. The next item to monitor is the earnings mix, when non-core contribution is -25.9%. The main risk still sits in leverage and liquidity, with interest coverage at 2.24x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 17.84% after expanding 4.7pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.44x. Even so, net financial result still accounts for -25.9% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.42x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,032.2	965.5	978.9	899.7	718.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,032.2	965.5	978.9	899.7	718.9
Cost of Goods Sold	748.9	723.8	725.0	644.9	0.0
Gross Profit	283.4	241.7	253.9	254.8	232.0
Financial Income	92.7	12.8	22.9	51.8	24.3
Financial Expenses	71.8	51.1	49.3	86.1	-27.7
Interest Expense	53.7	50.4	49.2	50.4	-27.3
Share of Associates and Joint Ventures	34.8	0.0	0.0	0.0	-0.0
Selling Expenses	15.7	16.2	15.1	0.4	-4.9
General and Administrative Expenses	127.3	117.1	137.7	121.2	-104.7
Operating Profit	196.1	70.1	74.6	98.9	118.9
Other Income	92.6	1.9	1.0	2.3	0.0
Other Expenses	1.7	0.7	2.6	24.3	0.0
Other Profit	90.9	1.1	-1.6	-22.0	22.6
Profit Before Tax	287.0	71.2	73.0	76.8	141.5
Current Income Tax Expense	19.7	19.5	21.1	21.4	-34.3
Deferred Income Tax Expense	-0.0	-0.3	0.0	0.0	0.0
Net Income	267.4	52.0	51.8	55.4	107.2
Non-controlling Interest	0.5	1.1	0.9	2.6	-0.2
Profit Attributable to Parent	266.9	50.9	50.9	52.8	107.4
Earnings per Share	4,442.00	932.00	1,026.00	1,223.00	3,453.00
Diluted EPS	4,442.00	932.00	1,026.00	1,223.00	3,109.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	901.4	1,875.1	1,411.1	1,492.6	1,372.3
I. Cash and cash equivalents	51.0	69.6	262.5	304.4	82.2
1. Cash	50.6	69.2	59.2	293.6	0.0
2. Cash equivalents	0.3	0.4	203.4	10.8	0.0
II. Short-term financial investments	442.5	901.8	639.8	635.0	0.0
1. Available for sale securities	430.1	889.5	628.6	628.6	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	12.4	12.3	11.2	6.4	0.0
III. Short-term receivables	358.9	887.6	375.2	403.6	438.6
1. Short-term trade accounts receivable	184.1	409.6	387.8	375.8	0.0
2. Short-term prepayments to suppliers	12.9	4.8	8.6	5.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.8	0.8	0.8	0.8	0.0
6. Other short-term receivables	183.5	507.7	26.9	63.0	0.0
7. Provision for short-term doubtful debts (*)	-22.4	-35.2	-48.9	-41.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	39.8	10.5	129.5	140.8	78.8
1. Inventories	39.8	10.5	129.5	140.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	9.2	5.6	4.0	8.8	5.4
1. Short-term prepayments	8.8	1.7	2.3	5.0	0.0
2. Value added tax to be reclaimed	0.3	3.8	0.0	2.1	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	1.7	1.7	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)	926.3	266.2	277.7	202.9	251.3
I. Long-term receivables	4.4	5.4	3.6	6.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	6.5
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	4.4	5.4	3.6	6.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	58.3	22.3	21.2	20.6	19.6
1. Tangible fixed assets	25.8	12.6	8.5	7.7	12.0
- Cost	83.3	65.9	60.7	57.4	0.0
- Accumulated depreciation	-57.4	-53.3	-52.1	-49.7	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	32.4	9.7	12.7	12.9	7.6
- Cost	73.5	32.8	29.2	23.9	0.0
- Accumulated depreciation	-41.1	-23.1	-16.5	-11.1	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	0.5	3.1	0.0	2.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	3.1	0.0	2.6	0.0
V. Long-term financial investments	786.0	156.0	156.0	58.0	92.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	786.0	0.0	0.0	0.0	0.0
3. Investments in other entities	34.5	190.5	190.5	92.5	0.0
4. Provision for diminution in value of long-term investments	-34.5	-34.5	-34.5	-34.5	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	77.1	79.4	96.9	114.9	0.0
1. Long-term prepayments	7.7	5.1	10.1	15.4	0.0
2. Deferred income tax assets	0.3	0.3	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	132.9
5. Goodwill	69.1	74.0	86.8	99.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,827.7	2,141.2	1,688.7	1,695.5	1,623.5
A. LIABILITIES (300=210+330)	671.5	1,224.9	768.2	804.5	770.2
I. Short -term liabilities	266.6	730.5	277.4	313.7	770.2
1. Short-term trade accounts payable	84.2	94.2	95.4	114.8	96.8
2. Short-term advances from customers	7.8	5.1	44.5	31.5	18.3
3. Taxes and other payables to state authorities	27.1	35.5	27.6	20.6	0.0
4. Payable to employees	16.7	15.9	15.7	11.1	0.0
5. Short-term acrrued expenses	18.9	39.0	26.9	27.5	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	1.9	0.4	1.6	1.3	2.2
9. Other short-term payables	39.4	37.0	46.4	94.1	0.0
10. Short-term borrowings and financial leases	58.0	490.8	6.7	0.0	490.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	12.7	12.7	12.7	12.7	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	404.9	494.4	490.8	490.8	0.0
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	0.9	0.6	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.0	0.0	0.0
8. Long-term borrowings and financial leases	403.9	493.7	490.8	490.8	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)	1,156.2	916.4	920.5	891.1	853.3
I. Owner's equity	1,156.2	916.4	920.5	891.1	0.0
1. Owner's capital	601.0	546.3	496.7	431.9	853.3
- Common stock with voting right	600,954,800,000.00	546,323,480,000.00	496,659,500,000.00	431,880,870,000.00	345,507,370,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	225.6	225.6	225.6	225.6	225.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	13.9	13.9	13.9	13.9	13.9
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	9.2	9.2	9.2	9.2	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	301.7	116.4	140.0	175.4	225.7
- Accumulated retained earning at the end of the previous period	34.8	65.5	89.0	122.4	118.3
- Undistributed earnings in this period	266.9	50.9	50.9	53.0	107.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	4.9	5.1	35.3	35.2	33.6
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)	1,827.7	2,141.2	1,688.7	1,695.5	1,623.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	287.0	71.2	73.0	76.8	141.5
Depreciation of Fixed Assets and Investment Property	28.6	20.6	20.5	20.4	21.5
Provision (Increase)/Reversal	-12.9	-13.7	7.6	50.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.3	-0.2	0.0	0.0	0.0
Gain/Loss from Investment Activities	-116.3	-12.6	-22.9	-51.3	0.0
Interest Expense	54.2	50.4	49.2	50.9	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	240.3	115.8	127.5	147.0	209.5
Increase/(Decrease) in Receivables	481.4	-278.8	25.0	-80.9	0.0
Increase/(Decrease) in Inventory	-17.4	50.7	11.3	-62.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-35.8	-15.6	-46.0	47.8	0.0
Increase/(Decrease) in Prepaid Expenses	-8.7	5.3	8.0	3.1	0.0
Changes in Trading Securities	459.4	0.0	0.0	138.6	0.0
Interest Paid	-73.7	-39.3	-52.1	-54.9	0.0
Corporate Income Tax Paid	-23.4	-20.0	-16.0	-15.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.0	-0.0	0.0
Net Cash Flow from Operating Activities	1,022.2	-181.8	57.5	123.5	-102.2
Payments for Fixed Assets and Other Long-term Assets	-23.9	-9.0	-5.8	-11.3	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-37.8	-273.2	-184.8	-324.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	37.7	11.2	180.0	348.0	17.5
Investments in Other Entities	-854.9	-203.0	-98.0	0.0	0.0
Proceeds from Investments in Other Entities	397.8	-1.8	0.0	95.9	0.0
Dividends and Interest Income Received	3.0	1.0	24.1	9.7	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	-477.2	-474.8	-84.6	117.8	19.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	25,000,000.00	113,190,153,988.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	280.0	499.9	6.7	490.8	89.8
Repayment of Borrowings	-815.1	-11.3	0.0	-490.8	-109.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-28.7	-25.1	-21.5	-19.2	-13.0
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	-563.8	463.5	-14.8	-19.2	80.2
Net Cash Flow During the Period	-18.8	-193.2	-41.8	222.1	-19.4
Cash and Cash Equivalents at Beginning of Period	69.6	262.5	304.4	82.2	84.5
FX Difference from Revaluation	0.2	0.2	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	51.0	69.6	262.5	304.4	82.2

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
Revenue	291.5	366.5	250.6	224.8	189.6	232.0	269.6	261.2	202.6	182.2	262.4	324.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	291.5	366.5	250.6	224.8	189.6	232.0	269.6	261.2	202.6	182.2	262.4	324.3
Cost of Goods Sold	227.5	265.6	172.0	161.0	148.1	169.5	205.6	205.6	141.2	140.1	203.6	231.9
Gross Profit	64.1	100.9	78.6	63.8	41.5	62.4	64.0	55.6	61.4	42.2	58.8	92.4
Financial Income	0.1	0.3	1.5	1.8	89.2	13.2	0.3	0.6	0.1	5.4	5.7	5.6
Financial Expenses	10.9	15.1	25.8	9.9	21.0	23.1	9.6	9.8	9.9	10.1	13.2	13.6
Interest Expense	8.9	9.3	13.9	11.1	19.3	21.2	9.6	9.7	9.9	10.8	12.5	13.6
Share of Associates and Joint Ventures	16.7	5.0	28.2	10.6	-3.0	0.0	1.6	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.7	2.0	1.8	2.1	1.6	15.4	0.4	0.3	0.1	13.9	0.4	0.6
General and Administrative Expenses	54.8	46.4	31.0	32.8	25.3	22.6	33.1	21.9	40.3	52.4	16.2	34.8
Operating Profit	14.5	42.6	49.7	31.4	79.7	14.6	22.9	24.2	11.1	-28.9	34.7	48.9
Other Income	0.2	86.4	1.1	0.1	0.2	0.2	0.2	0.9	0.5	0.2	0.9	0.4
Other Expenses	0.5	0.7	0.0	0.8	0.2	0.2	0.2	0.3	0.2	2.2	-0.2	0.4
Other Profit	-0.3	85.7	1.0	-0.7	-0.0	0.0	-0.0	0.6	0.3	-2.0	1.1	-0.0
Profit Before Tax	14.2	128.3	50.8	30.7	79.7	14.6	22.8	24.9	11.4	-30.9	35.8	48.9
Current Income Tax Expense	4.3	-2.7	7.6	11.7	3.0	2.9	5.0	5.8	5.5	-6.5	8.2	14.0
Deferred Income Tax Expense	-0.1	-0.0	-1.5	2.5	0.0	-0.0	0.0	-0.2	0.0	0.0	0.0	0.0
Net Income	10.0	131.1	44.6	16.5	76.7	11.7	17.7	19.2	5.9	-24.5	27.6	34.9
Non-controlling Interest	-3.5	4.5	-1.4	-0.4	-2.2	6.4	0.5	-1.5	-2.8	0.3	1.2	3.6
Profit Attributable to Parent	13.5	126.6	46.0	16.9	79.0	5.4	17.2	20.7	8.7	-24.7	26.4	31.3
Earnings per Share	167.00	2,107.00	766.00	281.00	1,445.00	84.00	344.00	417.00	175.00	-441.00	531.00	726.00
Diluted EPS	167.00	2,107.00	766.00	281.00	1,445.35	816.00	344.00	417.00	175.00	-441.00	531.00	726.00

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)	781.2	912.2	940.0	900.2	900.2	1,881.3	1,205.6	1,218.9	1,175.2	1,411.4	1,409.0	1,502.8
I. Cash and cash equivalents	40.3	51.1	51.9	50.1	53.3	73.1	53.1	56.2	31.2	262.5	45.9	36.5
1. Cash	40.0	50.7	51.6	49.7	53.0	69.2	52.6	55.8	30.8	59.2	30.8	26.9
2. Cash equivalents	0.4	0.3	0.3	0.4	0.4	3.9	0.5	0.5	0.4	203.4	15.2	9.6
II. Short-term financial investments	442.6	442.5	442.5	442.5	442.5	898.3	640.9	640.1	639.9	639.8	628.6	732.6
1. Available for sale securities	430.1	430.1	430.1	430.1	430.1	889.5	628.6	628.6	628.6	628.6	628.6	726.6
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	13.2	12.4	12.4	12.4	12.4	8.8	12.2	11.5	11.3	11.2	0.0	6.0
4. Provision for short-term investments held to maturity (*)	-0.8	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	235.4	369.8	383.6	370.7	368.2	893.1	395.5	396.7	370.9	375.9	581.7	584.0
1. Short-term trade accounts receivable	230.4	190.6	358.7	315.3	363.8	409.6	409.0	399.9	381.3	388.5	381.6	383.0
2. Short-term prepayments to suppliers	14.1	13.5	15.5	4.5	8.1	4.8	7.5	8.3	8.9	8.6	11.5	9.2
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	—	0.8	17.4	56.0	0.8	0.8	0.8	9.2	0.8	0.8	180.8	180.8
6. Other short-term receivables	12.5	180.4	22.5	25.4	30.8	513.0	27.2	28.2	28.9	26.9	54.6	57.6
7. Provision for short-term doubtful debts (*)	-21.6	-15.4	-30.5	-30.5	-35.2	-35.1	-48.9	-48.9	-48.9	-48.9	-46.6	-46.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	53.5	39.8	45.6	23.6	30.0	10.4	111.3	119.7	127.6	129.5	147.1	140.5
1. Inventories	53.5	39.8	45.6	23.6	30.0	10.4	111.3	119.7	127.6	129.5	147.1	140.5
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	9.4	9.0	16.3	13.3	6.2	6.4	4.8	6.1	5.6	3.6	5.6	9.1
1. Short-term prepayments	8.2	8.7	14.2	10.7	3.0	1.8	3.0	4.2	3.6	2.3	4.8	4.8
2. Value added tax to be reclaimed	0.3	0.3	2.1	2.3	0.4	4.5	0.0	0.0	0.3	0.0	0.1	2.6
3. Taxes and other receivables from state authorities	0.9	0.0	0.1	0.2	2.8	0.1	1.7	1.9	1.7	1.3	0.7	1.8
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)	1,104.7	923.4	837.6	808.7	776.2	263.0	964.2	469.7	471.8	277.7	281.5	192.8
I. Long-term receivables	4.0	0.5	4.9	3.8	4.8	0.4	0.1	0.1	0.2	3.6	4.6	6.5
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	4.0	0.5	4.9	3.8	4.8	0.4	0.1	0.1	0.2	3.6	4.6	6.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	55.5	58.3	55.8	46.4	23.1	22.5	22.7	18.5	19.6	21.2	19.9	19.6
1. Tangible fixed assets	23.5	25.8	28.9	30.1	12.0	10.5	8.8	8.7	8.2	8.3	5.7	5.9
- Cost	83.3	—	—	—	—	63.8	61.9	61.5	60.7	60.7	57.5	57.5
- Accumulated depreciation	-59.8	—	—	—	—	-53.3	-53.1	-52.8	-52.5	-52.4	-51.8	-51.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	32.0	32.4	26.9	16.3	11.1	12.0	13.9	9.8	11.4	12.9	14.2	13.7
- Cost	73.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-41.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.4	0.5	14.2	1.2	0.6	3.4	2.1	4.7	0.1	0.0	2.7	3.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.5	14.2	1.2	0.6	3.4	2.1	4.7	0.1	0.0	2.7	3.6
V. Long-term financial investments	972.7	787.0	691.4	683.3	672.7	156.0	856.1	359.0	359.0	156.0	156.0	58.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	802.7	787.0	691.4	683.3	672.7	0.0	301.6	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	204.5	34.5	34.5	34.5	34.5	190.5	588.8	393.5	393.5	190.5	190.5	92.5
4. Provision for diminution in value of long-term investments	-34.5	-34.5	-34.5	-34.5	-34.5	-34.5	-34.3	-34.5	-34.5	-34.5	-34.5	-34.5
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	72.0	77.1	71.3	73.9	74.9	80.8	83.2	87.4	9.4	10.1	8.2	12.0
1. Long-term prepayments	5.9	7.7	5.3	6.0	3.8	6.6	5.9	6.8	9.4	10.1	8.2	12.0
2. Deferred income tax assets	0.4	0.3	0.3	0.3	0.3	0.1	0.1	0.2	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	65.8	69.1	65.7	67.7	70.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	74.0	77.3	80.4	83.6	86.8	89.9	93.1
TOTAL ASSETS (280=100+200)	1,885.9	1,835.6	1,777.6	1,708.9	1,676.3	2,144.4	2,169.8	1,688.7	1,647.0	1,689.0	1,690.4	1,695.6
A. LIABILITIES (300=210+330)	720.2	677.1	749.9	699.8	683.3	1,227.0	1,231.5	768.1	720.5	765.8	742.8	754.8
I. Short -term liabilities	337.1	272.3	300.3	228.8	203.8	731.7	724.4	755.7	218.5	275.0	250.9	264.0
1. Short-term trade accounts payable	86.5	93.2	87.2	82.0	82.7	94.5	64.8	100.9	88.5	89.1	61.3	82.0
2. Short-term advances from customers	13.8	7.8	10.9	7.2	8.6	5.1	30.5	36.1	43.2	44.5	41.9	32.5
3. Dividends and profits payable	0.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	11.2	27.2	36.8	23.9	8.4	36.1	30.7	17.4	9.8	27.8	48.2	37.3
4. Payable to employees	0.3	16.8	1.2	1.1	0.6	15.9	1.8	0.5	0.7	14.6	0.5	0.3
5. Short-term acrrued expenses	23.1	15.5	61.3	27.2	32.3	38.5	40.6	37.1	18.1	24.8	17.7	28.0
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	2.3	1.9	2.4	1.3	1.5	1.0	1.4	1.4	5.2	1.6	3.2	2.6
9. Other short-term payables	36.9	39.2	53.8	39.5	57.1	37.2	46.7	52.4	29.2	53.1	53.7	64.5
10. Short-term borrowings and financial leases	149.9	58.0	34.0	34.0	—	490.8	495.2	497.2	11.1	6.7	11.6	4.2
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	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7	12.7
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	383.2	404.9	449.7	471.0	479.5	495.4	507.2	12.4	502.0	490.8	491.9	490.8
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	—	—	0.5	22.9	—	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	0.9	0.9	0.5	0.6	0.6	0.0	0.0	0.6	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	11.9	11.8	11.2	0.0	1.1	0.0
8. Long-term borrowings and financial leases	382.2	403.9	448.6	445.0	478.8	495.3	495.3	0.0	490.8	490.8	490.8	490.8
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	—	—	—	2.5	—	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	—	—	—	—	—	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)	1,165.6	1,158.5	1,027.6	1,009.1	993.1	917.3	938.3	920.6	926.5	923.2	947.7	940.7
I. Owner's equity	1,165.6	1,158.5	1,027.6	1,009.1	993.1	917.3	938.3	920.6	926.5	923.2	947.7	940.7
1. Owner's capital	601.0	601.0	601.0	546.3	546.3	546.3	546.3	496.7	496.7	496.7	496.7	431.9
- Common stock with voting right	600,954,800,000.00	600,954,800,000.00	600,954,800,000.00	546,323,480,000.00	546,323,480,000.00	546,323,480,000.00	546,323,480,000.00	496,659,500,000.00	496,659,500,000.00	496,659,500,000.00	496,659,500,000.00	431,880,870,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	225.6	225.6	225.6	225.6	225.6	225.6	225.6	225.6	225.6	225.6	225.6	225.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9
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	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2
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	314.8	304.0	177.0	212.1	195.3	117.5	112.1	144.5	148.6	141.8	166.5	225.6
- Accumulated retained earning at the end of the previous period	301.3	111.8	111.4	116.2	116.4	65.5	65.5	115.1	140.0	89.0	175.4	175.4
- Undistributed earnings in this period	13.5	192.2	65.6	95.8	79.0	52.0	46.6	29.4	8.7	52.8	-8.9	50.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1.3	4.9	1.1	2.1	2.9	5.0	31.3	30.8	32.6	36.1	35.9	34.6
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)	1,885.9	1,835.6	1,777.6	1,708.9	1,676.3	2,144.4	2,169.8	1,688.7	1,647.0	1,689.0	1,690.4	1,695.6

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	14.2	126.1	50.8	30.4	79.7	13.0	22.8	25.0	11.4	-34.2	35.8	48.5
Depreciation of Fixed Assets and Investment Property	9.2	9.1	7.9	5.9	5.7	5.2	5.4	5.1	4.8	5.0	4.7	5.3
Provision (Increase)/Reversal	—	-8.1	0.0	-4.8	—	-13.7	-0.2	0.0	0.0	2.3	-0.0	5.3
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.1	0.4	-0.6	—	0.0	-0.1	-0.0	-0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-16.8	-89.3	-18.0	-12.6	3.7	-9.6	-1.8	-0.6	0.0	-6.9	-4.2	-5.6
Interest Expense	8.9	9.4	14.0	11.2	19.5	21.0	9.6	9.7	9.9	10.8	12.5	13.6
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	15.4	47.1	55.0	29.5	108.6	16.0	35.7	39.2	26.1	-23.1	48.8	67.2
Increase/(Decrease) in Receivables	-47.0	-67.5	-28.9	543.2	34.7	-141.9	-1.1	157.1	-173.8	8.4	4.0	19.4
Increase/(Decrease) in Inventory	-13.7	5.6	-9.8	6.4	-19.6	31.9	8.4	7.9	1.9	17.6	-6.6	10.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	66.6	28.3	-19.2	-25.7	-19.1	138.8	-27.8	34.7	-49.4	49.2	-18.9	-21.0
Increase/(Decrease) in Prepaid Expenses	-0.3	-1.5	2.8	-9.9	-0.0	0.2	2.0	2.0	-0.6	0.6	3.8	2.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-6.1	-47.5	-6.6	0.0	-19.7	-0.0	-18.9	-0.2	-20.0	-0.9	-26.9	-0.1
Corporate Income Tax Paid	-16.4	0.0	-0.0	-5.0	-18.3	0.0	-0.0	-0.1	-19.9	-0.3	0.0	4.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	-1.4	-35.5	-6.7	538.5	525.9	44.9	-1.6	240.6	-235.8	51.6	4.2	83.9
Payments for Fixed Assets and Other Long-term Assets	-0.3	-18.3	0.3	-4.6	-1.3	-2.0	-2.5	0.0	0.0	-0.4	-1.3	-4.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-0.0	-0.1	17.5	-55.2	-0.0	0.0	0.0	-8.5	-0.1	-4.8	0.0	64.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	16.7	21.0	—	—	0.0	8.5	-203.0	203.0	173.6	6.0	-64.0
Investments in Other Entities	-0.6	—	—	—	—	0.0	-495.3	0.0	-203.0	0.0	0.0	-98.0
Proceeds from Investments in Other Entities	—	239.9	0.0	-482.6	640.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	-0.2	2.5	0.6	0.1	0.6	0.1	0.5	0.1	23.0	0.1	0.9
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	-0.7	68.2	32.8	-541.9	-36.4	-1.4	-489.2	-211.0	0.0	191.4	4.7	-100.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	500,000.00	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	—	68.0	12.0	200.0	—	200.0	495.3	0.0	4.4	-4.9	0.5	11.1
Repayment of Borrowings	-8.5	-100.8	-8.5	-200.0	-505.8	-204.4	-2.0	-4.7	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.8	-27.4	-0.5	—	-19.0	-5.8	0.0	0.0	-21.5	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	-8.5	-33.6	-23.9	-0.5	-505.8	-23.4	487.5	-4.7	4.4	-26.4	0.5	11.1
Net Cash Flow During the Period	-10.7	-0.9	2.2	-3.9	-16.2	20.1	-3.3	24.9	-231.4	216.6	9.4	-5.3
Cash and Cash Equivalents at Beginning of Period	51.0	51.9	50.1	53.3	69.6	262.5	262.5	262.5	262.5	304.4	304.4	304.4
FX Difference from Revaluation	0.0	0.2	0.2	0.6	—	-0.1	0.1	0.1	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	40.3	51.0	51.9	50.1	53.3	73.1	53.1	56.2	31.2	262.5	45.9	36.5

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TN1

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