TNW

Nước sạch Thái Nguyên ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.78%, +9.57pp YoY

Price

12,500

Latest close

03 Jun 2026

P/E 9.01x

P/B 0.88x

EPS 1,387

BVPS 14,212

ROE 10.2%

ROA 2.7%

Profit Margin 8.8%

Asset Turnover 0.30x

Equity Mult. 3.81x

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

What Is Changing

On a TTM 2026Q1 basis, TNW has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 253bn
	                                
+9.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 22bn
	                                
+1321.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	248.3	230.1	221.6	188.1	196.2
Growth	+8%	+4%	+18%	-4%	—
Net Income	18.5	-4.6	-6.2	7.5	9.5
Net Margin	7.43%	-1.99%	-2.80%	3.98%	4.83%

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	59.1	65.4	63.6	64.6	54.8	60.7	58.8	57.3	53.3	57.2	57.2	57.7
Growth	-10%	+3%	-2%	+18%	-10%	+3%	+3%	+7%	-7%	+0%	-1%	—
Net Income	8.0	8.0	6.0	0.2	4.4	0.7	7.7	-14.6	1.0	-8.3	3.1	1.4
Net Margin	13.52%	12.23%	9.43%	0.32%	8.07%	1.11%	13.07%	-25.46%	1.91%	-14.60%	5.41%	2.45%

Drivers of TNW's profit

TTM

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

Gross profit ↑ 18.8bn

Finance costs ↓ 11.5bn

Financial income ↑ 2.5bn

Tax ↑ 6.3bn

TTM

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

Gross profit ↑ 4.6bn

Financial income ↑ 0.5bn

Finance costs ↓ 0.4bn

Tax ↑ 0.9bn

Other profit ↓ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.9% = -0.8% × 0.27 × 3.97

2026Q1 10.2% = 8.8% × 0.30 × 3.81

ROE rose from -0.9% to 10.2% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 8.8% +9.6pp Asset turnover: 0.30x +0.03x Leverage: 3.81x -0.16x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 8.78%, rising 9.6pp. The main driver is Gross margin rose 4.0pp and SG&A / Revenue fell 1.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 7.5pp added support while Other profit / Revenue fell 0.4pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 8.78% +9.6pp

Gross Margin 45.32% +4.0pp

SG&A / Revenue 18.05% −1.3pp

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 3.4% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 3.36%, rising 3.3pp. That translates to 3.36 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 8.6pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 3.36% +3.3pp

NOPAT Margin 8.84% +8.6pp

Capital Turnover 0.38x +0.04x

Average Invested Capital 664.0bn −16.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 2.76x equity, net debt at 1.93x equity.

Over the last 12 months, working capital released 36.9bn 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: +6.0bn

Inventories increased → lower CFO: −3.6bn

Payables increased → higher CFO: +34.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 14.0 days versus the same period last year. The main moves came from DIO rose 6.6 days, DSO fell 0.1 days, and DPO fell 7.5 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 is lengthening

CCC is up by +14.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +6.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 41.6 days −0.1 days

Inventory 48.9 days +6.6 days

Payables 207.0 days −7.5 days

Cash Conversion Cycle -116.6 days +14.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.93x and interest coverage only at 0.71x.

At present, short-term debt accounts for 7.6% of total debt, cash equals 4.6% of debt, and total debt stands at 460.3bn.

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

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.93x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.71x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.93x −0.26x

Interest Coverage 0.71x +0.74x

Cash / Debt 4.6% −1.9pp

Short-term Debt / Total Debt 7.6% +0.7pp

CFO / NI 5.05x +42.82x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 82.5bn in 2025, against investing cash flow of -16.1bn.

Post-investment cash flow was positive +66.4bn. Financing cash flow was negative +37.8bn.

CFO / net income was 5.05x.

After spending +7.7bn on fixed-asset investment, the business generated trailing free cash flow of +104.3bn.

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 112.0bn +43.4bn

Cash Capex 7.7bn −1.9bn

FCF TTM +104.3bn +45.3bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 9.6 pp. The next item to monitor is capital efficiency, with ROIC at 3.4%. The main risk still sits in leverage and liquidity, with interest coverage at 0.71x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.78% after expanding 9.6pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.71x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	248.3	230.1	221.6	188.1	196.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	248.3	230.1	221.6	188.1	196.2
Cost of Goods Sold	138.4	136.9	130.4	72.0	0.0
Gross Profit	109.8	93.2	91.2	116.2	105.4
Financial Income	1.0	0.0	0.1	1.6	1.7
Financial Expenses	41.3	54.3	49.9	26.4	-13.3
Interest Expense	28.2	34.7	37.5	8.4	-9.1
Share of Associates and Joint Ventures	0.4	1.3	0.6	0.4	0.1
Selling Expenses	20.9	20.7	20.3	67.0	-70.5
General and Administrative Expenses	24.5	23.9	25.0	13.5	-10.6
Operating Profit	24.5	-4.4	-3.4	11.2	12.9
Other Income	2.8	0.4	0.1	0.0	0.0
Other Expenses	2.3	0.3	0.0	0.1	0.0
Other Profit	0.5	0.1	0.1	-0.1	0.0
Profit Before Tax	25.0	-4.4	-3.4	11.1	12.9
Current Income Tax Expense	6.5	0.2	2.7	3.7	-3.4
Deferred Income Tax Expense	—	0.0	0.1	-0.1	0.0
Net Income	18.5	-4.6	-6.2	7.5	9.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	18.5	-4.6	-6.2	7.5	9.5
Earnings per Share	1,154.00	-286.00	-388.00	440.00	592.00
Diluted EPS	1,153.71	-285.82	-388.00	440.00	592.76

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	115.0	81.1	77.6	105.2	201.0
I. Cash and cash equivalents	48.0	19.4	14.5	14.7	5.1
1. Cash	8.0	19.4	14.5	14.7	0.0
2. Cash equivalents	40.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	10.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	10.0	0.0	0.0	0.0	0.0
III. Short-term receivables	35.4	33.0	28.3	48.2	121.4
1. Short-term trade accounts receivable	28.3	27.0	25.9	40.5	0.0
2. Short-term prepayments to suppliers	2.5	3.5	1.9	2.6	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	16.8	14.0	11.0	13.4	0.0
7. Provision for short-term doubtful debts (*)	-12.2	-11.4	-10.5	-8.3	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	16.4	14.7	13.3	13.2	20.1
1. Inventories	18.5	16.8	15.4	15.3	0.0
2. Provision for decline in value of inventories	-2.1	-2.1	-2.1	-2.1	0.0
V. Other short-term assets	5.3	14.0	21.5	29.1	14.4
1. Short-term prepayments	0.1	0.2	0.2	0.0	0.0
2. Value added tax to be reclaimed	5.1	13.8	21.3	29.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	710.5	747.2	785.5	827.2	586.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	605.9	644.1	690.7	232.8	262.6
1. Tangible fixed assets	605.1	643.0	689.4	232.6	262.5
- Cost	1,100.0	1,093.5	1,091.1	586.1	0.0
- Accumulated depreciation	-495.0	-450.5	-401.7	-353.5	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	0.8	1.0	1.3	0.3	0.1
- Cost	1.8	1.8	1.8	0.6	0.0
- Accumulated depreciation	-1.0	-0.8	-0.6	-0.3	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	8.4	8.4	1.7	503.0	232.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.4	8.4	1.7	503.0	0.0
V. Long-term financial investments	86.4	85.9	84.7	84.1	83.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	86.4	85.9	84.7	84.1	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	9.8	8.8	8.5	7.3	0.0
1. Long-term prepayments	9.8	8.8	8.5	7.3	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	6.9
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)	825.5	828.3	863.1	932.4	787.6
A. LIABILITIES (300=210+330)	606.1	625.5	645.9	709.3	558.1
I. Short -term liabilities	180.3	175.3	179.7	217.7	263.5
1. Short-term trade accounts payable	78.6	83.8	82.5	103.9	129.1
2. Short-term advances from customers	6.5	2.5	2.2	4.1	1.7
3. Taxes and other payables to state authorities	6.9	0.6	1.2	4.3	0.0
4. Payable to employees	14.7	14.8	13.8	13.1	0.0
5. Short-term acrrued expenses	5.0	6.4	7.8	4.6	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	31.2	30.8	33.4	34.0	0.0
10. Short-term borrowings and financial leases	35.5	34.0	36.6	51.2	15.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.9	2.3	2.2	2.5	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	425.7	450.2	466.2	491.6	294.5
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	425.1	449.6	465.6	491.1	294.5
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	0.6	0.6	0.6	0.5	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	219.4	202.9	217.2	223.1	229.5
I. Owner's equity	219.4	202.9	217.2	223.1	0.0
1. Owner's capital	160.0	160.0	160.0	160.0	229.5
- Common stock with voting right	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00
- 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	109.5	109.5	109.5	109.2	107.7
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	32.6	31.8	27.6	27.6	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	-82.7	-98.4	-79.9	-73.7	-64.4
- Accumulated retained earning at the end of the previous period	-101.1	-93.8	-73.7	-81.2	-73.8
- Undistributed earnings in this period	18.5	-4.6	-6.2	7.5	9.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	825.5	828.3	863.1	932.4	787.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	25.0	-4.4	-3.4	11.1	12.7
Depreciation of Fixed Assets and Investment Property	44.6	49.0	49.1	30.1	29.7
Provision (Increase)/Reversal	0.8	0.9	2.3	-1.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	13.0	19.0	11.8	15.2	0.0
Gain/Loss from Investment Activities	-1.4	-1.3	-0.1	-1.9	0.0
Interest Expense	28.2	34.7	37.5	8.4	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	110.2	98.0	97.2	61.9	46.5
Increase/(Decrease) in Receivables	5.4	1.7	24.8	50.0	0.0
Increase/(Decrease) in Inventory	-1.9	-1.4	-0.1	2.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.0	1.4	-18.7	-75.2	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	-0.3	-1.4	-0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-28.5	-34.8	-34.2	-8.4	0.0
Corporate Income Tax Paid	-0.2	-0.7	-5.7	-0.7	0.0
Other Operating Receipts	—	0.0	0.3	1.5	0.0
Other Operating Payments	-0.6	-0.4	-0.3	-0.7	0.0
Net Cash Flow from Operating Activities	82.5	63.3	61.8	30.7	115.7
Payments for Fixed Assets and Other Long-term Assets	-7.1	-11.1	-5.7	-232.5	-192.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-10.0	0.0	0.0	0.0	-40.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	40.0	15.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.0	0.0	0.0	2.5	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	-16.1	-11.1	-5.6	-190.0	-217.0
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	—	1.4	13.2	254.6	107.5
Repayment of Borrowings	-36.0	-39.6	-65.0	-37.2	-22.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1.8	-9.1	-4.6	-48.6	-5.3
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	-37.8	-47.3	-56.4	168.7	79.4
Net Cash Flow During the Period	28.6	4.9	-0.2	9.5	-5.2
Cash and Cash Equivalents at Beginning of Period	19.4	14.5	14.7	5.1	26.9
FX Difference from Revaluation	—	0.0	0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	48.0	19.4	14.5	14.7	5.1

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	59.1	65.4	63.6	64.6	54.8	60.7	58.8	57.3	53.3	57.2	57.2	57.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	59.1	65.4	63.6	64.6	54.8	60.7	58.8	57.3	53.3	57.2	57.2	57.7
Cost of Goods Sold	32.1	36.0	34.7	35.3	32.4	35.7	33.5	34.2	33.5	32.9	32.9	38.5
Gross Profit	27.0	29.3	28.9	29.3	22.4	24.9	25.3	23.1	19.9	24.3	24.3	19.2
Financial Income	0.5	1.8	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	7.2	7.9	9.7	17.3	7.5	10.1	8.2	27.7	8.3	21.9	8.2	13.3
Interest Expense	7.2	7.9	6.5	9.0	4.8	8.8	8.2	9.5	8.3	10.2	8.2	12.9
Share of Associates and Joint Ventures	0.1	0.2	0.0	0.1	0.1	0.0	0.9	0.2	0.1	0.1	0.2	0.2
Selling Expenses	5.0	5.5	5.5	5.0	4.9	6.2	4.8	5.2	4.5	4.8	5.0	-7.2
General and Administrative Expenses	5.0	7.5	5.7	6.4	4.9	7.9	5.5	5.7	5.6	6.2	6.0	7.1
Operating Profit	10.4	10.5	8.0	0.9	5.2	0.8	7.7	-15.2	1.7	-8.6	5.4	6.2
Other Income	0.0	2.1	0.0	0.0	0.7	0.4	0.0	0.0	0.0	0.1	0.0	0.0
Other Expenses	—	2.1	—	0.2	—	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	-0.0	0.0	-0.2	0.7	0.1	-0.0	-0.0	-0.0	0.1	0.0	0.0
Profit Before Tax	10.4	10.5	8.0	0.7	5.9	0.9	7.7	-15.2	1.7	-8.5	5.4	6.3
Current Income Tax Expense	2.4	2.5	2.0	0.5	1.5	0.2	0.0	-0.6	0.6	-0.2	2.3	4.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.0	8.0	6.0	0.2	4.4	0.7	7.7	-14.6	1.0	-8.3	3.1	1.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.0	8.0	6.0	0.2	4.4	0.7	7.7	-14.6	1.0	-8.3	3.1	1.4
Earnings per Share	499.20	499.85	374.79	12.96	276.23	41.93	480.32	-911.98	63.71	-521.75	193.26	88.24
Diluted EPS	499.20	499.85	374.79	12.96	276.23	41.93	480.32	-911.98	63.71	-521.75	193.26	88.24

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)	127.5	115.3	122.9	92.6	92.4	80.4	88.9	72.3	84.0	79.7	101.5	79.1
I. Cash and cash equivalents	21.2	18.0	43.4	27.8	31.8	19.4	27.3	7.1	20.0	14.5	31.8	3.9
1. Cash	21.2	8.0	20.4	10.8	16.8	19.4	27.3	7.1	20.0	14.5	31.8	3.9
2. Cash equivalents	—	10.0	23.0	17.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	50.0	40.0	17.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	50.0	40.0	17.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	34.9	35.7	39.8	40.5	33.9	32.3	32.7	32.7	30.1	30.4	34.5	37.0
1. Short-term trade accounts receivable	30.2	28.3	29.8	30.3	27.4	27.0	28.4	28.5	25.5	25.9	28.9	28.9
2. Short-term prepayments to suppliers	2.7	2.5	3.6	3.9	3.9	3.5	1.9	1.9	1.8	1.9	2.4	2.8
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	14.3	17.1	17.9	17.8	14.0	14.0	12.9	12.8	13.3	11.0	11.5	13.6
7. Provision for short-term doubtful debts (*)	-12.2	-12.2	-11.4	-11.4	-11.4	-12.1	-10.5	-10.5	-10.5	-8.3	-8.3	-8.3
8. Assets awaiting resolution	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	18.1	16.4	15.2	14.4	14.7	14.7	13.1	12.4	12.5	13.3	12.4	13.1
1. Inventories	20.2	18.5	17.3	16.5	16.8	16.8	15.3	14.5	14.6	15.4	14.4	15.1
2. Provision for decline in value of inventories	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1
V. Other short-term assets	3.3	5.3	7.4	9.9	11.9	14.0	15.8	20.2	21.4	21.5	22.8	25.2
1. Short-term prepayments	0.2	0.1	0.2	0.4	0.2	0.2	0.3	0.4	0.2	0.2	0.2	0.4
2. Value added tax to be reclaimed	3.1	5.1	7.2	9.5	11.7	13.8	15.5	17.6	19.6	21.3	22.6	24.8
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.2	1.5	0.0	0.0	0.0
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)	701.9	710.5	717.4	726.6	736.3	747.2	755.3	765.2	776.5	786.1	793.5	809.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	597.0	605.9	614.8	623.3	633.9	644.1	656.4	667.4	678.5	691.2	699.1	225.9
1. Tangible fixed assets	596.2	605.1	613.9	622.4	632.9	643.0	655.3	666.3	677.3	689.9	697.8	225.7
- Cost	1,101.8	—	—	—	—	1,093.5	1,093.5	1,092.4	1,091.1	1,091.2	1,087.6	593.6
- Accumulated depreciation	-505.6	—	—	—	—	-450.5	-438.3	-426.1	-413.9	-401.2	-389.9	-367.9
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	0.8	0.8	0.9	0.9	1.0	1.0	1.1	1.2	1.2	1.3	1.4	0.2
- Cost	1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- 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	8.7	8.4	7.6	8.5	7.7	8.4	4.9	4.5	4.9	1.7	2.6	491.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	8.7	8.4	7.6	8.5	7.7	8.4	4.9	4.5	4.9	1.7	2.6	491.7
V. Long-term financial investments	86.5	86.4	86.2	86.2	86.1	85.9	85.9	85.0	84.8	84.7	84.6	84.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	86.5	86.4	86.2	86.2	86.1	85.9	85.9	85.0	84.8	84.7	84.6	84.4
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	9.8	9.8	8.9	8.7	8.6	8.8	8.1	8.2	8.3	8.5	7.1	7.2
1. Long-term prepayments	9.8	9.8	8.9	8.7	8.6	8.8	8.1	8.2	8.3	8.5	7.1	7.2
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	829.4	825.8	840.3	819.2	828.7	827.6	844.3	837.4	860.5	865.8	895.0	888.4
A. LIABILITIES (300=210+330)	602.0	606.2	626.8	611.7	621.4	625.4	642.7	643.6	642.3	649.0	669.9	658.9
I. Short -term liabilities	176.2	180.3	180.4	167.4	168.5	175.2	175.9	159.2	176.2	183.0	182.0	171.2
1. Short-term trade accounts payable	77.3	78.5	76.9	75.8	79.4	83.8	78.2	80.0	80.3	82.5	82.4	85.1
2. Short-term advances from customers	6.5	6.5	8.2	8.4	3.3	2.5	2.6	2.1	2.2	2.2	2.1	2.0
3. Taxes and other payables to state authorities	2.8	6.8	4.3	2.7	2.2	0.6	0.7	4.5	0.4	4.5	6.9	7.1
4. Payable to employees	7.6	14.7	12.6	9.3	6.6	14.8	12.2	10.3	6.9	13.8	11.3	10.2
5. Short-term acrrued expenses	12.3	5.3	11.9	5.5	10.6	6.4	14.4	6.1	15.9	7.7	16.6	5.4
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	33.1	31.2	30.8	30.8	30.8	30.8	32.1	37.3	32.3	33.4	37.4	36.2
10. Short-term borrowings and financial leases	35.2	35.3	33.6	32.9	33.6	33.9	33.3	16.4	36.3	36.6	23.0	23.1
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	1.5	1.9	2.0	2.1	2.1	2.3	2.4	2.5	1.9	2.2	2.2	2.2
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	425.7	426.0	446.4	444.3	452.9	450.2	466.8	484.4	466.2	466.0	487.9	487.7
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	425.1	425.4	445.8	443.7	452.3	449.6	466.2	483.8	465.6	465.6	487.4	487.2
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.5	0.5	0.5
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)	227.4	219.6	213.5	207.5	207.3	202.2	201.5	193.9	218.2	216.7	225.1	229.4
I. Owner's equity	227.4	219.6	213.5	207.5	207.3	202.2	201.5	193.9	218.2	216.7	225.1	229.4
1. Owner's capital	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0
- Common stock with voting right	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00	160,000,000,000.00
- 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	109.5	109.5	109.5	109.5	109.5	109.5	109.5	109.5	109.5	109.5	109.5	109.5
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	32.6	32.6	31.8	31.8	31.8	31.8	31.8	31.8	27.6	27.6	27.6	27.6
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	-74.7	-82.5	-87.8	-93.8	-94.0	-99.1	-99.7	-107.4	-78.9	-80.4	-72.0	-67.6
- Accumulated retained earning at the end of the previous period	-82.7	-101.1	-98.4	-98.4	-98.4	-93.8	-93.8	-93.8	-79.9	-73.7	-73.7	-73.7
- Undistributed earnings in this period	8.0	18.6	10.6	4.6	4.4	-5.2	-5.9	-13.6	1.0	-6.7	1.7	6.0
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	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	829.4	825.8	840.3	819.2	828.7	827.6	844.3	837.4	860.5	865.8	895.0	888.4

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	10.4	10.4	8.0	0.7	5.9	0.9	7.7	-15.2	1.7	-11.3	5.4	-3.7
Depreciation of Fixed Assets and Investment Property	10.7	10.6	10.6	10.6	12.7	12.3	12.2	12.3	12.2	12.6	12.1	17.1
Provision (Increase)/Reversal	—	0.8	—	—	—	1.6	0.0	0.0	0.0	2.3	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-1.2	3.4	8.0	2.7	1.3	0.6	17.7	0.0	11.2	0.0	0.6
Gain/Loss from Investment Activities	-0.6	-1.0	-0.0	-0.3	-0.1	-0.0	-0.9	-0.2	-0.1	0.5	-0.3	-0.2
Interest Expense	7.2	7.9	6.5	9.0	4.8	8.8	8.2	9.5	8.3	10.2	8.2	11.0
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	-1.1	0.0	1.1
Operating Profit Before Changes in Working Capital	27.6	27.5	28.5	28.1	26.0	24.8	27.8	24.0	22.0	24.4	25.4	25.8
Increase/(Decrease) in Receivables	0.5	7.6	1.0	-3.2	-0.1	0.4	6.2	-3.2	0.2	2.9	4.4	5.7
Increase/(Decrease) in Inventory	-1.7	-1.4	-0.6	0.1	0.0	-1.6	-0.7	0.1	0.8	-1.0	0.7	-1.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	24.3	-0.6	6.7	4.0	-11.2	11.2	-3.9	4.6	-13.0	-12.2	-1.1	8.2
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.8	-0.1	-0.2	0.2	-0.6	0.2	-0.1	0.2	-1.4	0.4	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-14.3	-0.0	-14.2	-0.1	-17.0	-0.1	-17.7	-0.1	-17.8	-0.1	-16.1
Corporate Income Tax Paid	-6.4	0.0	0.0	-0.0	-0.2	-0.0	2.2	-2.2	-0.7	-2.0	0.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Other Operating Payments	-0.4	-0.3	-0.0	-0.0	-0.3	-0.0	-0.1	-0.0	-0.3	0.0	-0.1	-0.0
Net Cash Flow from Operating Activities	44.0	17.8	35.5	14.7	14.5	17.2	31.6	5.4	9.1	-7.1	29.7	22.7
Payments for Fixed Assets and Other Long-term Assets	-2.3	-1.5	-2.5	-1.3	-1.7	-7.8	-1.6	1.5	-3.3	9.7	-2.4	-10.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	-0.0	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-40.0	7.0	0.0	-17.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	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	0.5	0.8	0.0	0.2	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
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	-41.9	6.3	-2.5	-18.1	-1.7	-7.8	-1.6	1.5	-3.3	9.8	-2.4	-10.0
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	-1.4	1.4	1.4	-0.6	1.6	0.6
Repayment of Borrowings	-0.3	-17.7	-0.3	-17.6	-0.3	-17.3	0.7	-21.3	-1.7	-19.4	-1.0	-22.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-1.8	—	—	—	0.0	-9.1	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.3	-19.5	-0.3	-17.6	-0.3	-17.3	-9.8	-19.9	-0.3	-20.0	0.6	-21.5
Net Cash Flow During the Period	1.7	4.5	32.6	-20.9	12.4	-7.9	20.2	-13.0	5.5	-17.3	27.9	-8.8
Cash and Cash Equivalents at Beginning of Period	19.4	43.4	10.8	31.8	19.4	14.5	14.5	14.5	14.5	14.7	14.7	14.7
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	21.2	48.0	43.4	10.8	31.8	19.4	27.3	7.1	20.0	14.5	31.8	3.9

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TNW

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Balance Sheet

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Cash Flow