TRA

Traphaco ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.33x

Price

80,100

Latest close

03 Jun 2026

P/E 12.67x

P/B 2.11x

EPS 6,320

BVPS 37,926

ROE 17.6%

ROA 11.9%

Profit Margin 9.8%

Asset Turnover 1.22x

Equity Mult. 1.47x

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

What Is Changing

On a TTM 2026Q1 basis, TRA is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,763bn
	                                
+17.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 299bn
	                                
+21.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,657.2	2,347.2	2,299.2	2,398.9	2,176.3
Growth	+13%	+2%	-4%	+10%	—
Net Income	278.4	257.4	285.3	293.5	265.9
Net Margin	10.48%	10.96%	12.41%	12.24%	12.22%

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	632.8	749.3	675.8	705.2	554.9	605.5	563.8	620.1	547.5	584.5	575.9	517.1
Growth	-16%	+11%	-4%	+27%	-8%	+7%	-9%	+13%	-6%	+1%	+11%	—
Net Income	68.2	77.5	78.3	74.8	47.7	81.3	43.7	72.3	60.0	56.8	70.3	78.6
Net Margin	10.78%	10.35%	11.59%	10.61%	8.60%	13.43%	7.75%	11.66%	10.96%	9.71%	12.21%	15.20%

Drivers of TRA's profit

TTM

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

Gross profit ↑ 291.1bn

Financial income ↑ 6.7bn

Selling expenses ↑ 161.1bn

Administrative expenses ↑ 62.7bn

Minority interests ↑ 11.0bn

Tax ↑ 10.6bn

TTM

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

Gross profit ↑ 79.9bn

Financial income ↑ 2.4bn

Administrative expenses ↑ 22.0bn

Selling expenses ↑ 21.0bn

Tax ↑ 12.0bn

Other profit ↓ 5.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.6% = 10.5% × 1.15 × 1.38

2026Q1 19.5% = 10.8% × 1.22 × 1.47

ROE rose from 16.6% to 19.5% — all three components improved, with leverage contributing the most.

Net margin: 10.8% +0.4pp Asset turnover: 1.22x +0.07x Leverage: 1.47x +0.09x

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 edged up to 10.82%, rising 0.4pp. Core operating signals are improving as Gross margin rose 2.7pp are enough to offset pressure from SG&A / Revenue rose 2.1pp (with additional support from Net financial result / Revenue rose 0.1pp and Other profit / Revenue rose 0.0pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 10.82% +0.4pp

Gross Margin 54.61% +2.7pp

SG&A / Revenue 41.52% +2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 151.0 days.

Is capital being deployed efficiently?

ROIC expanded to 18.57%, rising 2.4pp. That translates to 18.57 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 0.17x, while invested capital rose by 91bn — capital-return quality improved from both sides.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 18.57% +2.4pp

NOPAT Margin 10.80% +0.3pp

Capital Turnover 1.72x +0.17x

Average Invested Capital 1,607.4bn +91.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.38x equity, net debt at 0.02x equity.

Inventory ended the period at 562.6bn, roughly 24.2% of total assets.

Over the last 12 months, working capital released 14.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −142.7bn

Inventories increased → lower CFO: −27.0bn

Payables increased → higher CFO: +184.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 15.3 days versus the same period last year. The main moves came from DIO fell 4.8 days, DSO rose 2.4 days, and DPO rose 12.9 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 151.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +2.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 43.6 days +2.4 days

Inventory 163.8 days −4.8 days

Payables 56.4 days +12.9 days

Cash Conversion Cycle 151.0 days −15.3 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 42.31x.

At present, short-term debt accounts for 98.9% of total debt, cash equals 86.8% of debt, and total debt stands at 227.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.9% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.02x −0.06x

Interest Coverage 42.31x +0.30x

Cash / Debt 86.8% +44.5pp

Short-term Debt / Total Debt 98.9% −1.1pp

CFO / NI 1.33x +0.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 283.0bn in 2025, against investing cash flow of -88.7bn.

Post-investment cash flow was positive +194.3bn. Financing cash flow was negative +226.5bn.

CFO / net income was 1.33x.

After spending +95.9bn on fixed-asset investment, the business generated trailing free cash flow of +262.3bn.

Cash Conversion

CFO TTM 358.3bn +73.3bn

Cash Capex 95.9bn +1.4bn

FCF TTM +262.3bn +71.9bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 151 days.

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

Key risk: working capital remains tied up for too long, with cash cycle at 151.0 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,665.9	2,352.3	2,302.4	2,408.4	2,183.3
Revenue Deductions	8.7	5.1	3.2	9.5	0.0
Net Revenue	2,657.2	2,347.2	2,299.2	2,398.9	2,176.3
Cost of Goods Sold	1,233.3	1,110.8	1,054.3	1,055.7	0.0
Gross Profit	1,423.9	1,236.5	1,244.9	1,343.2	1,165.1
Financial Income	26.3	23.0	30.9	18.4	11.3
Financial Expenses	9.2	5.5	4.9	2.3	-6.2
Interest Expense	7.0	3.9	3.9	1.1	-6.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	758.0	625.0	614.4	660.7	-573.0
General and Administrative Expenses	342.1	305.0	297.2	331.9	-266.1
Operating Profit	341.1	323.9	359.5	366.6	331.2
Other Income	6.9	1.2	2.0	2.0	0.0
Other Expenses	0.4	0.5	0.8	0.2	0.0
Other Profit	6.5	0.8	1.2	1.8	0.5
Profit Before Tax	347.6	324.6	360.7	368.5	331.7
Current Income Tax Expense	79.3	64.9	78.4	75.0	-65.8
Deferred Income Tax Expense	-10.1	2.4	-3.0	-0.1	0.0
Net Income	278.4	257.4	285.3	293.5	265.9
Non-controlling Interest	28.7	18.3	22.0	24.4	22.9
Profit Attributable to Parent	249.7	239.0	263.2	269.1	243.0
Earnings per Share	5,230.00	4,990.00	5,535.00	5,691.00	5,862.00
Diluted EPS	5,230.00	4,990.00	5,535.00	5,691.00	5,862.00

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,745.1	1,594.0	1,530.5	1,226.5	1,094.6
I. Cash and cash equivalents	176.0	208.3	367.1	176.0	210.9
1. Cash	114.0	180.2	203.7	81.1	0.0
2. Cash equivalents	62.0	28.1	163.4	94.9	0.0
II. Short-term financial investments	529.5	521.8	415.0	324.3	0.0
1. Available for sale securities	10.0	10.0	10.0	10.0	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	519.5	511.8	405.0	314.3	0.0
III. Short-term receivables	426.8	274.5	238.9	203.0	176.7
1. Short-term trade accounts receivable	354.3	246.0	216.1	186.2	0.0
2. Short-term prepayments to suppliers	59.2	29.1	11.3	12.2	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	0.0	0.0
6. Other short-term receivables	29.3	11.2	21.8	13.4	0.0
7. Provision for short-term doubtful debts (*)	-16.0	-11.7	-10.4	-8.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	562.6	549.3	467.9	479.0	381.9
1. Inventories	564.9	550.4	469.8	480.8	0.0
2. Provision for decline in value of inventories	-2.4	-1.1	-1.9	-1.8	0.0
V. Other short-term assets	50.3	40.1	41.6	44.1	40.0
1. Short-term prepayments	2.3	1.5	2.7	1.2	0.0
2. Value added tax to be reclaimed	47.9	38.6	38.8	42.9	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.1	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)	577.5	574.9	593.4	589.8	612.2
I. Long-term receivables	8.9	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	7.9	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	0.9	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	462.3	495.6	507.9	516.9	540.9
1. Tangible fixed assets	399.5	435.6	449.0	457.3	484.3
- Cost	1,229.1	1,192.0	1,133.8	1,056.4	0.0
- Accumulated depreciation	-829.6	-756.3	-684.7	-599.1	0.0
2. Financial leased fixed assets	5.4	0.0	0.0	0.0	0.0
- Cost	5.6	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	0.0	0.0	0.0	0.0
3. Intangible fixed assets	57.5	60.0	58.8	59.6	56.6
- Cost	84.5	81.6	76.6	73.6	0.0
- Accumulated depreciation	-27.1	-21.6	-17.7	-13.9	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	25.8	14.0	13.9	7.6	11.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	25.8	14.0	13.9	7.6	0.0
V. Long-term financial investments	0.5	0.5	0.5	0.5	0.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	0.5	0.5	0.5	0.5	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	80.0	64.8	71.2	64.8	0.0
1. Long-term prepayments	48.1	42.9	46.9	43.5	0.0
2. Deferred income tax assets	31.9	21.8	24.1	21.1	0.0
3. Long-term equipment, supplies, spare parts	0.1	0.1	0.1	0.2	0.0
4. Other long-term assets	—	0.0	0.0	0.0	59.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,322.6	2,168.9	2,123.9	1,816.3	1,706.8
A. LIABILITIES (300=210+330)	636.3	636.2	634.8	435.7	355.0
I. Short -term liabilities	633.4	636.2	634.8	435.7	355.0
1. Short-term trade accounts payable	257.5	180.8	144.1	185.9	123.3
2. Short-term advances from customers	6.2	0.9	0.3	0.1	0.5
3. Taxes and other payables to state authorities	24.8	22.3	35.5	16.3	0.0
4. Payable to employees	70.4	54.6	69.5	76.6	0.0
5. Short-term acrrued expenses	82.7	46.5	60.3	51.6	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	20.9	44.0	58.8	47.3	38.0
9. Other short-term payables	26.4	90.8	91.0	9.0	0.0
10. Short-term borrowings and financial leases	133.2	189.9	168.0	40.0	26.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.2	6.4	7.2	9.0	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	2.9	0.0	0.0	0.0	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	—	0.0	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	2.9	0.0	0.0	0.0	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)	1,686.3	1,532.7	1,489.1	1,380.6	1,351.8
I. Owner's equity	1,686.1	1,532.3	1,488.6	1,379.9	0.0
1. Owner's capital	414.5	414.5	414.5	414.5	1,351.1
- Common stock with voting right	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	133.0	133.0	133.0	133.0	133.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	9.7	9.7	9.7	9.7	9.7
5. Treasury shares	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00	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	652.3	598.1	541.2	474.8	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	343.0	263.7	280.4	242.5	273.1
- Accumulated retained earning at the end of the previous period	174.5	139.8	133.9	89.5	57.9
- Undistributed earnings in this period	168.6	123.9	146.5	153.0	215.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	133.5	113.3	109.7	105.5	99.3
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.2	0.4	0.5	0.6	0.8
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.2	0.4	0.5	0.6	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,322.6	2,168.9	2,123.9	1,816.3	1,706.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	347.6	324.6	360.7	368.5	331.7
Depreciation of Fixed Assets and Investment Property	93.6	91.4	94.5	86.9	84.6
Provision (Increase)/Reversal	5.6	0.5	3.6	4.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.4	1.0	0.5	-0.2	0.0
Gain/Loss from Investment Activities	-25.9	-22.0	-30.3	-17.4	0.0
Interest Expense	7.0	3.9	3.9	1.1	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	426.5	399.4	432.9	443.7	414.1
Increase/(Decrease) in Receivables	-172.3	-45.0	-26.1	-32.4	0.0
Increase/(Decrease) in Inventory	-14.6	-80.6	9.3	-98.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	164.8	-2.4	-21.6	74.7	0.0
Increase/(Decrease) in Prepaid Expenses	-6.2	5.0	-5.1	-3.2	0.0
Changes in Trading Securities	—	0.0	0.0	-10.0	0.0
Interest Paid	-6.9	-3.9	-3.8	-1.0	0.0
Corporate Income Tax Paid	-77.9	-77.0	-58.8	-81.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-30.5	-35.8	-38.7	-44.7	0.0
Net Cash Flow from Operating Activities	283.0	159.7	288.0	247.7	272.7
Payments for Fixed Assets and Other Long-term Assets	-109.5	-86.7	-100.5	-58.7	-31.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.7	0.3	0.4	1.0	0.2
Loans and Purchases of Debt Instruments	-526.0	-732.9	-569.6	-305.1	-461.7
Receipts from Loan Repayments and Sale of Debt Instruments	518.3	626.2	478.9	275.9	284.1
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	22.9	30.0	22.5	13.5	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	-88.7	-163.1	-168.4	-73.4	-198.3
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	230.6	195.5	218.0	60.0	0.0
Repayment of Borrowings	-288.7	-173.6	-90.0	-46.9	-47.4
Repayment of Finance Leases	-1.2	0.0	0.0	0.0	0.0
Dividends Paid	-167.1	-177.5	-56.5	-222.2	-125.0
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	-226.5	-155.5	71.4	-209.1	-172.4
Net Cash Flow During the Period	-32.2	-158.9	191.0	-34.8	-58.6
Cash and Cash Equivalents at Beginning of Period	208.3	367.1	176.0	210.9	308.9
FX Difference from Revaluation	-0.1	0.1	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	176.0	208.3	367.1	176.0	210.9

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	644.2	757.1	681.3	705.8	556.3	605.9	567.2	620.9	548.0	584.4	577.5	517.9
Revenue Deductions	11.3	7.8	5.5	0.6	1.4	0.3	3.5	0.8	0.5	-0.2	1.6	0.8
Net Revenue	632.8	749.3	675.8	705.2	554.9	605.5	563.8	620.1	547.5	584.5	575.9	517.1
Cost of Goods Sold	266.5	357.0	276.1	354.6	268.4	287.5	264.9	305.7	242.3	292.4	277.3	207.6
Gross Profit	366.4	392.3	399.6	350.6	286.5	318.1	298.8	314.4	305.2	292.1	298.6	309.5
Financial Income	8.9	7.3	6.4	6.2	6.5	5.3	4.9	5.5	7.4	7.6	9.8	11.1
Financial Expenses	2.3	1.4	2.5	2.9	2.5	2.1	0.5	2.3	0.6	1.7	2.1	0.5
Interest Expense	2.2	1.4	2.0	1.7	1.8	1.3	0.6	1.0	0.9	1.5	1.6	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	177.1	190.3	225.6	188.9	156.1	141.6	166.0	157.0	160.4	139.3	153.6	150.7
General and Administrative Expenses	96.4	110.4	80.5	78.1	74.4	77.2	82.4	68.6	76.7	77.4	71.4	68.4
Operating Profit	99.6	97.6	97.4	86.9	60.1	102.4	54.7	91.9	74.8	81.4	81.3	101.1
Other Income	-1.4	-1.9	2.8	5.7	0.3	0.6	0.3	-0.8	1.2	-7.7	7.7	-2.5
Other Expenses	4.3	-4.9	5.1	0.1	0.0	0.0	0.3	0.1	0.1	0.0	0.7	0.0
Other Profit	-5.7	3.0	-2.4	5.6	0.3	0.5	-0.0	-0.8	1.1	-7.7	7.0	-2.5
Profit Before Tax	93.9	100.7	95.1	92.4	60.4	103.0	54.7	91.0	75.9	73.7	88.4	98.5
Current Income Tax Expense	23.9	12.0	24.9	19.9	11.9	19.2	16.4	22.5	6.8	16.5	19.6	17.7
Deferred Income Tax Expense	1.8	11.1	-8.1	-2.2	0.7	2.4	-5.4	-3.7	9.0	0.4	-1.6	2.3
Net Income	68.2	77.5	78.3	74.8	47.7	81.3	43.7	72.3	60.0	56.8	70.3	78.6
Non-controlling Interest	6.6	6.8	10.3	5.6	6.0	2.0	5.5	4.8	6.0	3.4	5.0	6.4
Profit Attributable to Parent	61.6	70.8	68.0	69.2	41.7	79.4	38.2	67.5	54.0	53.4	65.3	72.2
Earnings per Share	1,303.00	1,707.40	1,640.49	1,669.02	1,006.35	1,914.63	921.75	1,628.14	1,301.55	1,287.12	1,575.42	1,742.01
Diluted EPS	1,486.31	1,707.40	1,640.49	1,669.02	1,006.35	1,914.63	921.75	1,628.14	1,301.55	1,287.12	1,575.42	1,742.01

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,837.6	1,769.4	1,776.6	1,746.7	1,537.0	1,594.0	1,478.5	1,438.5	1,412.7	1,447.7	1,430.1	1,335.3
I. Cash and cash equivalents	197.7	176.0	223.0	300.7	87.8	208.3	177.6	206.0	167.2	368.1	301.2	166.3
1. Cash	155.6	114.0	165.6	218.6	87.8	180.2	169.5	163.5	113.8	203.7	216.1	119.6
2. Cash equivalents	42.1	62.0	57.4	82.0	—	28.1	8.0	42.5	53.4	164.4	85.1	46.7
II. Short-term financial investments	521.5	529.5	478.0	464.9	495.9	521.8	440.6	372.7	411.2	414.0	422.6	405.7
1. Available for sale securities	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
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	511.5	519.5	468.0	454.9	485.9	511.8	430.6	362.7	401.2	404.0	412.6	395.7
III. Short-term receivables	495.1	417.2	517.3	444.8	370.9	274.5	323.3	321.6	304.0	155.9	240.9	252.2
1. Short-term trade accounts receivable	380.3	356.4	402.3	385.1	279.7	246.0	276.1	271.0	249.2	133.1	170.4	197.9
2. Short-term prepayments to suppliers	74.1	58.7	102.7	47.2	59.3	29.1	42.9	44.2	43.9	11.3	52.4	37.8
3. Short-term inter-company receivables	—	0.5	0.7	—	21.1	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	56.7	17.6	26.2	27.0	22.5	11.2	17.6	19.6	21.2	21.8	27.5	25.8
7. Provision for short-term doubtful debts (*)	-16.0	-16.1	-14.6	-14.6	-11.7	-11.7	-13.2	-13.2	-10.4	-10.4	-9.3	-9.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	575.0	562.7	511.1	503.2	548.3	549.3	499.2	500.4	489.6	467.9	426.7	471.4
1. Inventories	576.4	565.1	512.9	505.0	549.4	550.4	504.2	505.9	491.6	469.8	428.1	472.9
2. Provision for decline in value of inventories	-1.3	-2.4	-1.8	-1.9	-1.0	-1.1	-5.0	-5.5	-2.0	-1.9	-1.4	-1.5
V. Other short-term assets	48.3	84.1	47.3	33.1	34.0	40.1	37.8	37.7	40.9	41.7	38.6	39.8
1. Short-term prepayments	4.3	2.3	2.7	1.5	1.2	1.5	1.8	2.2	2.7	2.9	3.4	3.0
2. Value added tax to be reclaimed	43.9	79.9	44.5	31.6	32.7	38.6	35.8	35.5	36.2	38.8	34.8	36.5
3. Taxes and other receivables from state authorities	0.1	1.9	0.1	0.0	0.0	0.0	0.2	0.1	1.9	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)	572.3	569.9	561.4	551.0	565.5	574.9	575.5	555.5	560.5	593.2	570.7	573.9
I. Long-term receivables	8.9	8.9	—	—	—	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	7.9	7.9	—	—	—	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	0.9	0.9	—	—	—	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	448.4	462.3	461.7	474.0	485.6	495.6	492.6	487.3	496.0	507.9	498.0	500.0
1. Tangible fixed assets	387.0	399.5	398.6	415.8	426.9	435.6	432.9	429.9	438.3	449.0	438.4	441.0
- Cost	1,237.9	—	—	—	—	1,192.0	1,177.1	1,154.2	1,144.2	1,133.8	1,102.6	1,083.8
- Accumulated depreciation	-850.9	—	—	—	—	-756.3	-744.2	-724.3	-705.9	-684.7	-664.2	-642.8
2. Financial leased fixed assets	5.2	5.4	5.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	5.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	56.3	57.5	57.5	58.2	58.7	60.0	59.7	57.4	57.8	58.8	59.6	59.1
- Cost	84.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-28.4	—	—	—	—	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	38.8	25.8	10.9	10.0	9.1	14.0	16.4	6.8	5.9	13.9	5.7	6.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	38.8	25.8	10.9	10.0	9.1	14.0	16.4	6.8	5.9	13.9	5.7	6.2
V. Long-term financial investments	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	75.6	72.4	88.3	66.5	70.3	64.8	65.9	60.9	58.1	71.0	66.5	67.2
1. Long-term prepayments	45.4	48.1	52.6	43.1	49.1	42.9	41.6	41.9	42.8	46.7	41.9	44.1
2. Deferred income tax assets	30.1	24.4	35.5	23.3	21.1	21.8	24.2	18.9	15.1	24.1	24.5	22.9
3. Long-term equipment, supplies, spare parts	0.1	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,409.8	2,339.3	2,338.0	2,297.7	2,102.4	2,168.9	2,054.0	1,994.0	1,973.3	2,040.9	2,000.8	1,909.3
A. LIABILITIES (300=210+330)	837.6	653.1	710.4	731.2	609.4	553.3	493.4	472.2	513.8	554.9	463.2	434.1
I. Short -term liabilities	835.1	653.1	710.4	731.2	609.4	553.3	493.4	472.2	513.8	554.9	463.2	434.1
1. Short-term trade accounts payable	251.8	259.6	230.2	204.5	135.9	180.8	124.5	154.8	132.9	61.1	57.2	124.5
2. Short-term advances from customers	12.7	6.2	14.1	1.3	7.4	0.9	0.2	0.1	3.0	0.3	0.1	0.2
3. Taxes and other payables to state authorities	26.1	51.1	47.7	20.8	16.9	22.3	24.7	17.1	12.1	35.5	28.9	24.4
4. Payable to employees	45.4	70.4	57.3	41.9	26.2	54.6	63.1	46.8	45.2	69.5	78.5	60.3
5. Short-term acrrued expenses	137.9	82.7	158.8	74.1	86.3	46.5	95.8	55.4	76.1	60.3	92.6	62.2
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	19.6	20.9	22.0	33.0	34.3	44.0	39.0	30.2	22.8	58.8	52.3	46.5
9. Other short-term payables	102.9	14.6	7.4	89.1	92.4	7.9	6.0	88.9	90.3	94.0	5.8	8.1
10. Short-term borrowings and financial leases	225.1	136.2	170.6	263.9	207.4	189.9	138.6	74.6	127.0	168.0	142.9	98.2
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	13.6	11.2	2.3	2.6	2.5	6.4	1.5	4.3	4.4	7.2	4.8	9.8
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	2.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	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)	1,572.2	1,686.2	1,627.6	1,566.5	1,493.1	1,615.6	1,560.5	1,521.8	1,459.5	1,486.0	1,537.7	1,475.1
I. Owner's equity	1,572.2	1,686.0	1,627.3	1,566.2	1,492.7	1,615.3	1,560.1	1,521.4	1,459.0	1,485.6	1,537.1	1,474.6
1. Owner's capital	414.5	414.5	414.5	414.5	414.5	414.5	414.5	414.5	414.5	414.5	414.5	414.5
- Common stock with voting right	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00	414,536,730,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	133.0	133.0	133.0	133.0	133.0	133.0	133.0	133.0	133.0	133.0	133.0	133.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	9.8	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7
5. Treasury shares	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00	-3,593,000.00
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	652.3	652.3	652.3	652.3	598.1	598.1	598.1	598.1	591.4	541.2	541.2	541.2
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	228.6	343.1	285.5	232.5	218.3	346.6	281.9	248.2	195.1	277.4	320.7	263.5
- Accumulated retained earning at the end of the previous period	174.6	126.6	126.6	126.6	180.8	139.8	139.8	139.8	147.0	130.9	133.9	133.9
- Undistributed earnings in this period	54.0	216.5	158.9	105.9	37.4	206.8	142.1	108.4	48.1	146.5	186.7	129.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	133.8	133.4	132.3	124.2	119.2	113.3	122.9	117.9	115.3	109.7	118.1	112.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.5	0.6
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	—	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.5	0.6
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,409.8	2,339.3	2,338.0	2,297.7	2,102.4	2,168.9	2,054.0	1,994.0	1,973.3	2,040.9	2,000.8	1,909.3

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	93.9	100.7	95.1	91.3	60.4	103.0	54.7	91.0	75.9	73.7	88.4	98.5
Depreciation of Fixed Assets and Investment Property	23.0	23.7	23.4	23.3	23.3	22.8	23.7	22.1	22.9	24.1	23.1	24.4
Provision (Increase)/Reversal	2.1	1.7	-0.0	4.0	-0.1	-5.4	-0.5	6.3	0.2	3.4	-0.1	-0.4
FX Gain/Loss from Revaluation of Monetary Items	—	-3.2	4.0	-3.5	1.3	0.8	-0.7	0.9	-0.1	-0.3	0.3	0.3
Gain/Loss from Investment Activities	-8.8	-6.3	-7.4	-5.8	-6.5	-5.7	-3.6	-5.3	-7.3	-7.4	-9.7	-11.2
Interest Expense	2.2	1.4	2.0	1.7	1.8	1.3	0.6	1.0	0.9	1.5	1.6	0.3
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	112.5	118.1	117.0	111.0	80.3	116.7	74.2	116.0	92.4	95.1	103.5	112.0
Increase/(Decrease) in Receivables	-62.5	74.2	-89.8	-64.6	-92.1	49.3	-1.0	-25.7	-67.6	4.6	12.9	9.5
Increase/(Decrease) in Inventory	-11.4	-52.0	-13.0	49.4	1.0	-46.2	1.7	-14.3	-21.8	-43.4	44.8	-7.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	17.2	-33.4	151.4	49.3	-2.5	89.4	26.9	20.1	-37.2	28.9	-0.7	-35.6
Increase/(Decrease) in Prepaid Expenses	0.7	4.7	-10.7	6.0	-6.2	-0.3	-0.1	1.8	3.7	-4.1	1.7	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.2	-1.3	-2.1	-1.6	-1.9	-1.3	-0.6	-1.0	-1.0	-1.5	-1.6	-0.2
Corporate Income Tax Paid	-21.9	-28.9	-15.3	-14.2	-19.5	-19.7	-10.8	-14.3	-32.2	-8.1	-17.6	-21.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.2	-4.3	-10.7	-7.2	-8.4	-4.2	-13.7	-8.6	-9.3	-8.9	-12.8	-6.9
Net Cash Flow from Operating Activities	26.2	77.1	126.8	128.1	-49.1	183.7	76.6	73.8	-72.8	62.4	130.1	50.4
Payments for Fixed Assets and Other Long-term Assets	-25.4	-43.6	-23.8	-3.2	-38.9	-4.4	-18.1	-33.2	-17.3	-19.1	-31.7	-24.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.4	5.8	0.1	0.2	0.3	-0.1	0.1	0.0	0.1	0.1	0.1
Loans and Purchases of Debt Instruments	-64.0	-254.5	-101.8	-93.4	-76.3	-228.5	-160.2	-209.7	-134.5	-99.8	-100.0	-212.5
Receipts from Loan Repayments and Sale of Debt Instruments	72.0	203.0	88.7	124.4	102.2	147.3	92.3	248.2	138.3	107.4	83.1	131.7
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	3.7	9.9	4.9	0.3	7.8	3.8	2.6	13.0	10.6	-0.1	9.6	7.5
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	-13.7	-85.6	-26.2	28.2	-5.1	-81.4	-83.6	18.4	-2.8	-11.6	-38.9	-97.3
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	160.6	-453.9	420.6	35.5	228.4	-266.1	268.1	-55.0	129.6	-57.0	176.8	98.2
Repayment of Borrowings	-68.7	415.1	-513.9	21.0	-210.9	202.1	-204.1	2.5	-170.5	82.1	-132.1	0.0
Repayment of Finance Leases	—	-1.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-82.8	1.8	-85.3	0.3	-83.9	-7.7	-85.4	-1.0	-83.4	-10.1	-1.0	-44.8
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	9.1	-38.2	-178.7	56.8	-66.4	-71.7	-21.4	-53.4	-124.3	15.0	43.6	53.4
Net Cash Flow During the Period	21.6	-46.7	-78.0	213.1	-120.6	30.6	-28.3	38.8	-200.0	65.8	134.8	6.5
Cash and Cash Equivalents at Beginning of Period	176.0	223.0	300.7	87.8	208.3	367.1	367.1	367.1	367.1	176.0	176.0	176.0
FX Difference from Revaluation	0.1	-0.1	0.2	-0.1	0.1	0.2	-0.1	0.0	0.1	0.0	0.1	-0.1
Cash and Cash Equivalents at End of Period	197.7	176.0	223.0	300.7	87.8	208.3	177.6	206.0	167.2	367.1	301.2	166.3

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TRA

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