TPP

Tân Phú Việt Nam ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 7.37%, +6.00pp YoY

Price

10,000

Latest close

02 Jun 2026

P/E 2.02x

P/B 0.65x

EPS 4,959

BVPS 15,468

ROE 30.3%

ROA 8.2%

Profit Margin 7.4%

Asset Turnover 1.11x

Equity Mult. 3.72x

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

What Is Changing

On a TTM 2026Q1 basis, TPP has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,157bn
	                                
−2.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 233bn
	                                
+423.6%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    69.4%

Metric	2025	2024	2023	2022	2021
Revenue	3,153.3	3,174.4	2,506.9	2,106.8	1,370.2
Growth	-1%	+27%	+19%	+54%	—
Net Income	229.7	41.6	20.0	14.7	9.3
Net Margin	7.28%	1.31%	0.80%	0.70%	0.68%

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	756.3	803.6	737.9	859.1	752.7	913.5	743.3	822.0	695.6	693.9	662.9	647.5
Growth	-6%	+9%	-14%	+14%	-18%	+23%	-10%	+18%	+0%	+5%	+2%	—
Net Income	8.9	159.2	39.8	24.9	6.2	19.8	9.6	8.9	3.3	11.8	4.7	1.6
Net Margin	1.18%	19.81%	5.40%	2.90%	0.82%	2.17%	1.30%	1.08%	0.48%	1.70%	0.70%	0.24%

Drivers of TPP's profit

TTM

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

Other profit ↑ 204.8bn

Selling expenses ↓ 38.4bn

Tax ↑ 43.5bn

Finance costs ↑ 23.7bn

TTM

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

Other profit ↑ 4.5bn

Gross profit ↑ 4.3bn

Financial income ↑ 3.0bn

Tax ↓ 1.7bn

Finance costs ↑ 5.0bn

Selling expenses ↑ 3.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.2% = 1.4% × 1.39 × 4.32

2026Q1 30.3% = 7.4% × 1.11 × 3.72

ROE rose from 8.2% to 30.3% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 7.4% +6.0pp Asset turnover: 1.11x -0.28x Leverage: 3.72x -0.60x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 7.37%, rising 6.0pp. The main driver is SG&A / Revenue fell 1.1pp and Gross margin rose 0.3pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 6.5pp added support while Net financial result / Revenue fell 0.5pp 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 7.37% +6.0pp

Gross Margin 16.58% +0.3pp

SG&A / Revenue 10.93% −1.1pp

Non-core / Revenue 3.56% +5.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 69.4% of PBT and lifted net margin by 5.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 3.03%, rising 0.6pp. That translates to 3.03 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.8pp, with capital turnover fell 0.34x; while invested capital expanded strongly by 429bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 3.03% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.03% +0.6pp

NOPAT Margin 2.26% +0.8pp

Capital Turnover 1.34x −0.34x

Average Invested Capital 2,350.3bn +428.9bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.29x equity, net debt at 1.49x equity.

Inventory ended the period at 655.9bn, roughly 20.7% of total assets.

Over the last 12 months, working capital absorbed 234.7bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −62.5bn

Inventories increased → lower CFO: −64.2bn

Payables decreased → lower CFO: −108.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 32.9 days versus the same period last year. The main moves came from DIO rose 13.7 days, DSO rose 11.1 days, and DPO fell 8.0 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 156.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +11.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 78.4 days +11.1 days

Inventory 99.6 days +13.7 days

Payables 21.3 days −8.0 days

Cash Conversion Cycle 156.7 days +32.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 156.1bn due to capex of 44.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.49x and interest coverage only at 0.66x.

At present, short-term debt accounts for 77.0% of total debt, cash equals 20.8% of debt, and total debt stands at 1,835.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.49x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.66x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.49x −1.56x

Interest Coverage 0.66x +0.10x

Cash / Debt 20.8% +14.9pp

Short-term Debt / Total Debt 77.0% −0.5pp

CFO / NI -0.48x −1.26x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -120.2bn in 2025, against investing cash flow of -148.4bn.

Post-investment cash flow was negative +268.6bn. Financing cash flow was positive +414.8bn.

CFO / net income was -0.48x.

After spending +44.3bn on fixed-asset investment, the business generated trailing free cash flow of −156.1bn.

Cash Conversion

CFO TTM 111.8bn −146.3bn

Cash Capex 44.3bn −151.2bn

FCF TTM −156.1bn +4.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 6.0 pp. The next item to monitor is the earnings mix, when non-core contribution is -30.7%. The main risk still sits in capital efficiency remains weak, with ROIC at 3.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.37% after expanding 6.0pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -30.7% of PBT and CFO / net income currently at -0.48x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,192.0	3,194.2	2,522.5	2,119.4	1,378.8
Revenue Deductions	38.7	19.9	15.5	12.5	0.0
Net Revenue	3,153.3	3,174.4	2,506.9	2,106.8	1,370.2
Cost of Goods Sold	2,634.1	2,657.5	2,088.3	1,743.3	0.0
Gross Profit	519.2	516.9	418.7	363.6	249.6
Financial Income	42.6	36.2	44.3	21.3	13.8
Financial Expenses	130.0	107.6	113.4	75.6	-55.9
Interest Expense	120.8	71.3	84.9	53.9	-54.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	249.6	292.9	242.7	221.2	-155.4
General and Administrative Expenses	89.7	98.6	80.4	63.9	-40.8
Operating Profit	92.5	54.1	26.5	24.1	11.2
Other Income	198.8	0.7	0.6	0.7	0.0
Other Expenses	2.1	1.8	0.4	-0.4	0.0
Other Profit	196.8	-1.1	0.2	1.1	0.7
Profit Before Tax	289.3	53.0	26.7	25.2	11.9
Current Income Tax Expense	59.6	11.4	6.7	10.5	-2.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	229.7	41.6	20.0	14.7	9.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	229.7	41.6	20.0	14.7	9.3
Earnings per Share	4,875.00	924.00	444.00	430.00	462.00
Diluted EPS	4,875.00	924.00	444.00	430.00	308.59

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,222.3	1,580.1	1,442.4	1,308.3	789.4
I. Cash and cash equivalents	582.0	435.8	219.5	135.8	127.1
1. Cash	132.0	105.8	49.5	55.8	0.0
2. Cash equivalents	450.0	330.0	170.0	80.0	0.0
II. Short-term financial investments	116.3	99.5	150.2	146.4	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	116.3	99.5	150.2	146.4	0.0
III. Short-term receivables	847.5	556.4	524.1	508.9	313.1
1. Short-term trade accounts receivable	694.3	468.2	465.5	358.2	0.0
2. Short-term prepayments to suppliers	127.5	67.7	35.1	127.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.6	0.0
6. Other short-term receivables	27.7	21.4	24.6	29.1	0.0
7. Provision for short-term doubtful debts (*)	-2.0	-0.9	-1.2	-6.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	655.9	475.1	538.6	487.9	271.6
1. Inventories	656.0	475.3	538.7	488.0	0.0
2. Provision for decline in value of inventories	-0.1	-0.2	-0.1	-0.1	0.0
V. Other short-term assets	20.7	13.2	10.0	29.4	6.3
1. Short-term prepayments	20.0	13.1	9.8	11.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.1	17.9	0.0
3. Taxes and other receivables from state authorities	0.7	0.1	0.1	0.3	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	946.1	828.4	526.6	627.6	455.0
I. Long-term receivables	23.1	18.9	17.7	21.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.1
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	23.1	18.9	17.7	21.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	415.9	555.8	401.0	450.3	298.1
1. Tangible fixed assets	242.9	355.9	278.4	302.0	158.8
- Cost	573.7	842.5	689.7	655.0	0.0
- Accumulated depreciation	-330.8	-486.7	-411.4	-353.0	0.0
2. Financial leased fixed assets	171.9	193.7	115.0	139.2	129.0
- Cost	211.3	239.7	148.8	160.8	0.0
- Accumulated depreciation	-39.4	-45.9	-33.9	-21.6	0.0
3. Intangible fixed assets	1.1	6.2	7.7	9.1	10.2
- Cost	14.9	14.0	14.0	14.0	0.0
- Accumulated depreciation	-13.8	-7.8	-6.3	-4.9	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	4.8	16.6	67.6	52.3	29.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.8	16.6	67.6	52.3	0.0
V. Long-term financial investments	480.0	210.0	0.0	55.6	94.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	270.0	0.0	0.0	6.2	0.0
3. Investments in other entities	210.0	210.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-6.2	0.0
5. Held to maturity investments	—	0.0	0.0	55.6	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	22.3	27.1	40.3	48.2	0.0
1. Long-term prepayments	22.3	27.1	40.3	48.2	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	24.5
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)	3,168.5	2,408.5	1,969.0	1,935.9	1,244.4
A. LIABILITIES (300=210+330)	2,204.7	1,852.9	1,455.0	1,441.9	913.9
I. Short -term liabilities	1,776.9	1,496.3	1,385.6	1,229.7	725.3
1. Short-term trade accounts payable	178.2	147.5	238.7	368.2	90.5
2. Short-term advances from customers	7.0	5.0	4.6	2.3	3.1
3. Taxes and other payables to state authorities	88.7	18.6	10.6	0.8	0.0
4. Payable to employees	53.3	52.8	20.8	19.1	0.0
5. Short-term acrrued expenses	49.1	37.0	27.6	21.3	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	4.6	5.2	6.2	4.8	0.0
10. Short-term borrowings and financial leases	1,396.1	1,230.1	1,077.2	813.2	589.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	427.7	356.7	69.4	212.2	188.6
1. Long-term trade payables	—	0.0	0.0	18.5	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	5.7	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	10.1	8.4	0.0	3.2	0.0
8. Long-term borrowings and financial leases	417.7	348.3	63.7	190.5	179.9
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)	963.8	555.6	514.0	494.0	330.5
I. Owner's equity	963.8	555.6	514.0	494.0	0.0
1. Owner's capital	628.9	450.0	450.0	450.0	330.5
- Common stock with voting right	628,862,820,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	300,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.7	-0.4	-0.4	-0.4	-0.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	335.7	106.0	64.4	44.4	30.7
- Accumulated retained earning at the end of the previous period	106.0	64.4	44.4	29.7	21.5
- Undistributed earnings in this period	229.7	41.6	20.0	14.7	9.3
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)	3,168.5	2,408.5	1,969.0	1,935.9	1,244.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	289.3	53.0	26.7	25.2	11.9
Depreciation of Fixed Assets and Investment Property	112.4	89.2	72.4	57.2	46.6
Provision (Increase)/Reversal	1.1	-0.3	-5.0	-2.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.1	-2.1	2.5	0.0
Gain/Loss from Investment Activities	-232.4	-25.4	-39.3	-19.0	0.0
Interest Expense	120.8	71.3	92.4	60.5	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	291.3	187.7	145.2	124.0	100.1
Increase/(Decrease) in Receivables	-103.0	-53.9	7.7	-219.7	0.0
Increase/(Decrease) in Inventory	-180.7	63.4	-50.8	-216.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.6	-42.9	-125.1	293.1	0.0
Increase/(Decrease) in Prepaid Expenses	-2.0	9.8	9.2	-28.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-120.7	-74.1	-95.0	-57.7	0.0
Corporate Income Tax Paid	-12.8	-5.5	-1.2	-11.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.2	0.0
Net Cash Flow from Operating Activities	-120.2	84.7	-110.0	-117.0	-117.6
Payments for Fixed Assets and Other Long-term Assets	-70.5	-167.1	-30.1	-224.7	-23.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	178.6	0.4	5.5	72.7	-0.0
Loans and Purchases of Debt Instruments	-586.9	-540.0	-367.5	-227.4	-212.7
Receipts from Loan Repayments and Sale of Debt Instruments	570.2	590.7	420.0	191.1	183.8
Investments in Other Entities	-270.0	-210.0	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	30.3	20.1	42.4	12.4	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	-148.4	-305.9	70.2	-176.0	-39.5
Proceeds from Equity Issuance and Capital Contributions	178,599,370,000.00	0.00	0.00	150,000,000,000.00	99,864,400,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,142.8	2,932.0	1,960.5	1,361.7	1,153.5
Repayment of Borrowings	-2,863.4	-2,455.8	-1,799.8	-1,161.7	-941.8
Repayment of Finance Leases	-43.2	-38.7	-37.6	-46.8	-32.1
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	414.8	437.5	123.1	303.2	279.4
Net Cash Flow During the Period	146.2	216.2	83.3	10.2	117.3
Cash and Cash Equivalents at Beginning of Period	435.8	219.5	135.8	127.1	4.8
FX Difference from Revaluation	0.0	0.1	0.5	-1.6	-0.0
Cash and Cash Equivalents at End of Period	582.0	435.8	219.5	135.8	127.1

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	768.7	820.6	742.4	868.6	760.4	918.0	748.3	829.2	698.7	698.5	665.4	651.1
Revenue Deductions	12.4	17.0	4.6	9.5	7.6	4.5	5.1	7.3	3.1	4.6	2.5	3.6
Net Revenue	756.3	803.6	737.9	859.1	752.7	913.5	743.3	822.0	695.6	693.9	662.9	647.5
Cost of Goods Sold	635.4	680.8	583.0	734.1	636.1	762.2	616.0	691.1	588.1	558.5	557.6	547.1
Gross Profit	120.9	122.8	154.8	125.0	116.6	151.3	127.2	130.9	107.5	135.4	105.3	100.3
Financial Income	12.9	10.1	11.3	11.4	9.9	10.2	9.5	8.0	8.6	7.7	7.6	19.7
Financial Expenses	33.4	35.6	31.0	35.0	28.5	24.5	26.0	32.3	24.8	31.4	25.5	36.8
Interest Expense	30.1	33.1	28.4	32.5	26.7	20.6	15.3	18.3	17.0	23.4	22.2	30.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	67.9	71.1	65.1	48.9	64.5	78.7	73.6	74.5	66.0	72.6	60.4	59.8
General and Administrative Expenses	23.9	24.2	21.9	22.1	21.5	31.1	25.1	21.2	21.2	24.4	21.2	20.2
Operating Profit	8.5	1.9	48.0	30.6	12.0	27.2	12.0	10.9	4.1	14.6	5.8	3.3
Other Income	3.0	198.0	—	0.6	0.2	0.3	0.1	0.3	0.1	0.1	0.1	0.2
Other Expenses	0.4	0.9	-1.4	0.0	2.0	1.8	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	2.6	197.2	1.4	0.6	-1.9	-1.5	0.1	0.3	0.1	0.1	0.1	0.2
Profit Before Tax	11.1	199.1	49.4	31.2	10.1	25.6	12.1	11.1	4.1	14.8	5.9	3.5
Current Income Tax Expense	2.2	39.9	9.6	6.3	4.0	5.9	2.4	2.3	0.8	3.0	1.2	1.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.9	159.2	39.8	24.9	6.2	19.8	9.6	8.9	3.3	11.8	4.7	1.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.9	159.2	39.8	24.9	6.2	19.8	9.6	8.9	3.3	11.8	4.7	1.6
Earnings per Share	141.00	3,379.00	885.00	554.00	137.00	440.00	214.00	197.00	74.00	262.00	104.00	34.00
Diluted EPS	141.00	3,379.00	885.00	554.00	137.00	924.00	214.00	197.00	74.00	262.00	104.00	34.00

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)	2,157.8	2,222.3	1,705.6	1,851.0	1,734.4	1,580.1	1,529.2	1,513.4	1,524.7	1,442.4	1,421.0	1,373.4
I. Cash and cash equivalents	382.6	582.0	238.8	471.2	108.9	435.8	25.0	294.6	129.0	219.5	87.4	158.0
1. Cash	12.6	132.0	3.5	31.2	8.9	105.8	25.0	24.6	19.0	49.5	40.4	48.0
2. Cash equivalents	370.0	450.0	235.3	440.0	100.0	330.0	0.0	270.0	110.0	170.0	47.0	110.0
II. Short-term financial investments	133.0	116.3	83.6	84.6	99.6	99.5	95.1	89.4	159.1	150.2	142.3	188.2
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	133.0	116.3	83.6	84.6	99.6	99.5	95.1	89.4	159.1	150.2	142.3	188.2
III. Short-term receivables	857.7	847.5	687.7	784.8	808.4	556.4	731.5	558.0	618.5	524.1	628.4	507.3
1. Short-term trade accounts receivable	686.5	694.3	573.3	659.4	669.8	468.2	599.4	461.0	521.2	465.5	524.7	447.4
2. Short-term prepayments to suppliers	137.7	127.5	81.2	105.0	103.7	67.7	99.3	74.2	64.0	35.1	77.9	42.5
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	0.6	0.6
6. Other short-term receivables	35.5	27.7	34.4	21.6	35.7	21.4	33.7	23.7	34.3	24.6	31.5	23.0
7. Provision for short-term doubtful debts (*)	-2.0	-2.0	-1.3	-1.3	-0.9	-0.9	-0.9	-0.9	-1.0	-1.2	-6.2	-6.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	750.9	655.9	670.2	491.0	686.7	475.1	653.9	544.6	586.7	538.6	544.7	493.4
1. Inventories	751.0	656.0	670.4	491.2	686.9	475.3	654.1	544.8	586.9	538.7	544.8	493.5
2. Provision for decline in value of inventories	-0.1	-0.1	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1
V. Other short-term assets	33.7	20.7	25.2	19.3	30.8	13.2	23.7	26.7	31.4	10.0	18.3	26.5
1. Short-term prepayments	32.8	20.0	25.1	19.2	30.8	13.1	23.6	26.4	30.9	9.8	17.7	24.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.4	0.1	0.2	2.3
3. Taxes and other receivables from state authorities	0.8	0.7	0.1	0.0	0.0	0.1	0.1	0.4	0.0	0.1	0.3	0.2
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)	949.8	946.7	1,012.6	817.3	868.3	828.4	612.8	583.8	535.8	526.6	533.3	550.0
I. Long-term receivables	28.1	23.1	21.5	18.7	20.9	18.9	19.6	19.9	18.7	17.7	23.6	20.2
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	28.1	23.1	21.5	18.7	20.9	18.9	19.6	19.9	18.7	17.7	23.6	20.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	385.1	415.9	534.3	516.9	541.2	555.8	555.1	449.6	383.9	401.0	399.8	415.8
1. Tangible fixed assets	214.4	242.9	347.3	352.1	336.6	355.9	349.1	304.3	268.3	278.4	271.8	281.3
- Cost	541.2	—	—	—	—	842.5	812.0	750.3	695.3	689.7	669.1	664.1
- Accumulated depreciation	-326.8	—	—	—	—	-486.7	-463.0	-446.0	-426.9	-411.4	-397.3	-382.8
2. Financial leased fixed assets	169.9	171.9	181.9	159.3	198.7	193.7	199.5	138.3	108.2	115.0	119.9	126.1
- Cost	216.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-46.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.9	1.1	5.1	5.5	5.9	6.2	6.6	7.0	7.3	7.7	8.1	8.4
- Cost	14.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.0	—	—	—	—	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	21.9	4.8	34.3	37.5	57.6	16.6	10.4	83.3	96.9	67.6	70.3	73.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	21.9	4.8	34.3	37.5	57.6	16.6	10.4	83.3	96.9	67.6	70.3	73.8
V. Long-term financial investments	480.0	480.0	397.9	220.0	210.0	210.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	270.0	270.0	187.9	10.0	—	0.0	0.0	0.0	0.0	0.0	6.2	6.2
3. Investments in other entities	210.0	210.0	210.0	210.0	210.0	210.0	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	-6.2	-6.2
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	34.7	22.9	24.6	24.3	38.6	27.1	27.6	31.0	36.3	40.3	39.6	40.2
1. Long-term prepayments	34.7	22.9	24.6	24.3	38.6	27.1	27.6	31.0	36.3	40.3	39.6	40.2
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)	3,107.6	3,169.0	2,718.3	2,668.3	2,602.7	2,408.5	2,142.0	2,097.2	2,060.5	1,969.0	1,954.4	1,923.4
A. LIABILITIES (300=210+330)	2,135.0	2,204.8	2,091.8	2,081.7	2,040.9	1,852.9	1,606.2	1,571.0	1,543.2	1,455.0	1,452.2	1,425.9
I. Short -term liabilities	1,693.6	1,777.0	1,648.3	1,654.0	1,621.4	1,496.3	1,486.9	1,452.9	1,458.6	1,385.6	1,360.9	1,338.0
1. Short-term trade accounts payable	171.2	178.2	140.8	133.1	136.5	147.5	153.2	411.0	298.6	238.7	274.5	300.5
2. Short-term advances from customers	7.3	7.0	4.1	3.2	5.7	5.0	6.4	3.7	3.4	4.6	1.5	2.7
3. Taxes and other payables to state authorities	29.7	88.8	27.0	17.7	8.3	18.6	14.1	6.8	4.1	10.6	6.6	2.6
4. Payable to employees	23.5	53.3	20.5	21.6	23.8	52.8	21.4	21.4	21.1	20.8	18.1	16.8
5. Short-term acrrued expenses	40.4	49.1	49.7	50.4	30.9	37.0	18.1	22.4	20.6	27.6	25.7	21.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	9.2	4.6	6.9	10.3	5.4	5.2	6.0	9.0	7.8	6.2	6.6	7.5
10. Short-term borrowings and financial leases	1,412.4	1,396.1	1,399.3	1,417.7	1,410.8	1,230.1	1,267.7	978.6	1,103.1	1,077.2	1,027.9	986.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	441.3	427.7	443.5	427.7	419.6	356.7	119.3	118.1	84.6	69.4	91.3	87.8
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	—	—	—	—	—	0.0	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	18.3	10.1	7.3	8.3	8.3	8.4	5.9	7.5	8.3	5.7	6.1	6.3
8. Long-term borrowings and financial leases	423.1	417.7	436.2	419.5	411.3	348.3	113.4	110.6	76.4	63.7	85.2	81.6
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	—	—	—	—	—	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)	972.7	964.2	626.5	586.6	561.7	555.6	535.8	526.1	517.3	514.0	502.2	497.5
I. Owner's equity	972.7	964.2	626.5	586.6	561.7	555.6	535.8	526.1	517.3	514.0	502.2	497.5
1. Owner's capital	628.9	628.9	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0
- Common stock with voting right	628,862,820,000.00	628,862,820,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.7	-0.7	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	344.5	336.1	176.9	137.1	112.2	106.0	86.2	76.6	67.7	64.4	52.6	48.0
- Accumulated retained earning at the end of the previous period	335.7	106.0	106.0	106.0	106.0	64.4	64.4	64.4	64.4	44.4	44.4	44.4
- Undistributed earnings in this period	8.9	230.1	70.9	31.1	6.2	41.6	21.8	12.2	3.3	20.0	8.2	3.5
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)	3,107.6	3,169.0	2,718.3	2,668.3	2,602.7	2,408.5	2,142.0	2,097.2	2,060.5	1,969.0	1,954.4	1,923.4

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	11.1	198.6	49.4	31.2	10.1	25.6	12.1	11.1	4.1	14.8	5.9	3.5
Depreciation of Fixed Assets and Investment Property	18.6	31.7	28.0	26.4	26.3	26.5	24.2	20.4	18.0	18.2	17.8	18.1
Provision (Increase)/Reversal	—	0.7	0.0	0.4	—	0.0	0.0	-0.1	-0.2	-4.9	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.5	-0.1	-0.3	—	-0.1	0.0	4.1	-0.1	-1.8	-0.5	0.5
Gain/Loss from Investment Activities	-13.7	-205.7	-8.9	-9.6	-8.2	-7.1	-6.8	-4.8	-6.8	-6.1	-6.7	-18.9
Interest Expense	30.1	33.1	28.4	32.5	26.7	20.6	15.3	18.3	17.0	23.4	22.2	30.3
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	46.1	58.9	96.8	80.6	55.0	65.7	44.8	49.1	32.1	43.6	38.7	33.4
Increase/(Decrease) in Receivables	-10.4	-17.7	145.0	-179.4	-50.9	78.7	-69.4	57.9	-94.1	121.1	-119.1	-15.3
Increase/(Decrease) in Inventory	-95.0	14.4	-179.2	195.6	-211.6	178.8	-109.3	42.0	-48.1	6.1	-51.3	51.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-13.6	45.2	-25.1	-114.5	102.1	-12.3	-194.9	105.9	52.8	-197.9	152.2	58.8
Increase/(Decrease) in Prepaid Expenses	-25.2	7.4	-6.2	25.9	-29.1	10.9	6.2	9.8	-17.0	7.2	-5.2	18.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-30.9	-37.3	-24.0	-32.8	-26.6	-19.0	-15.8	-19.9	-19.5	-21.0	-24.8	-28.1
Corporate Income Tax Paid	-36.3	-0.1	0.0	0.0	-12.7	-0.0	0.0	-1.1	-4.4	0.0	0.0	-0.0
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
Net Cash Flow from Operating Activities	-165.3	70.8	7.2	-24.6	-173.7	302.7	-338.4	243.8	-98.1	-40.9	-9.4	118.9
Payments for Fixed Assets and Other Long-term Assets	-25.1	-15.6	-5.3	1.8	-51.4	-20.2	-68.1	-55.8	-16.6	-8.5	-6.0	-14.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	28.1	173.6	0.0	3.9	1.0	0.0	0.0	0.4	0.0	4.2	1.3	0.0
Loans and Purchases of Debt Instruments	-78.0	-231.6	-65.8	-239.5	-50.0	-200.4	-160.9	-191.6	-19.0	-24.2	-116.5	-147.2
Receipts from Loan Repayments and Sale of Debt Instruments	13.0	265.7	0.0	288.5	16.0	337.5	0.0	253.1	0.1	150.8	28.6	139.2
Investments in Other Entities	—	—	—	—	—	-210.0	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	6.2	4.7	10.9	11.3	3.4	3.7	6.0	5.6	4.7	10.3	4.6	18.2
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	-55.9	114.7	-238.0	55.9	-81.0	-89.3	-223.1	11.8	-30.8	132.4	-87.9	-4.6
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	716.0	816.2	753.7	701.8	871.0	980.8	773.5	628.4	549.3	556.3	511.3	418.3
Repayment of Borrowings	-683.4	-826.3	-744.5	-359.8	-932.9	-772.7	-472.0	-709.6	-501.7	-506.1	-475.6	-410.1
Repayment of Finance Leases	-10.9	-10.9	-11.0	-11.0	-10.4	-10.8	-9.7	-8.9	-9.3	-9.5	-9.4	-9.5
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	21.7	157.7	-1.7	331.0	-72.2	197.3	291.8	-90.2	38.4	40.7	26.3	-1.4
Net Cash Flow During the Period	-199.4	343.2	-232.4	362.3	-326.9	410.8	-269.6	165.4	-90.6	132.3	-71.1	113.0
Cash and Cash Equivalents at Beginning of Period	582.0	238.8	471.2	108.9	435.8	219.5	219.5	219.5	219.5	135.8	135.8	135.8
FX Difference from Revaluation	—	0.0	0.0	0.0	—	0.1	0.0	0.2	0.0	-0.1	0.5	0.1
Cash and Cash Equivalents at End of Period	382.6	582.0	238.8	471.2	108.9	435.8	25.0	294.6	129.0	219.5	87.4	158.0

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TPP

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