TRC

Cao su Tây Ninh ·HOSE ·2026Q1

● Maintaining

The pre-tax profit mix still needs monitoring Net financial result/PBT 9.93%

Price

75,300

Latest close

03 Jun 2026

P/E 7.78x

P/B 1.01x

EPS 9,681

BVPS 74,246

ROE 13.8%

ROA 12.6%

Profit Margin 32.4%

Asset Turnover 0.39x

Equity Mult. 1.10x

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

What Is Changing

On a TTM 2026Q1 basis, TRC posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — profit is at an all-time high. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 893bn
	                                
+7.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 289bn
	                                
+4.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	843.8	744.1	562.7	523.5	417.5
Growth	+13%	+32%	+7%	+25%	—
Net Income	250.6	221.3	67.6	75.0	88.8
Net Margin	29.70%	29.74%	12.01%	14.33%	21.26%

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	275.4	246.3	239.3	132.1	226.1	295.9	220.7	90.5	145.5	235.1	171.6	69.0
Growth	+12%	+3%	+81%	-42%	-24%	+34%	+144%	-38%	-38%	+37%	+149%	—
Net Income	99.7	37.5	117.3	34.9	70.4	120.1	73.1	12.8	15.4	49.7	12.5	7.0
Net Margin	36.21%	15.21%	49.04%	26.40%	31.13%	40.59%	33.13%	14.10%	10.57%	21.14%	7.31%	10.13%

Drivers of TRC's profit

TTM

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

Other profit ↑ 61.5bn

Financial income ↑ 15.1bn

Associates income ↑ 12.2bn

Finance costs ↓ 7.3bn

Gross profit ↓ 47.1bn

Administrative expenses ↑ 33.2bn

TTM

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

Other profit ↑ 40.8bn

Financial income ↑ 4.2bn

Gross profit ↓ 13.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.2% = 33.2% × 0.40 × 1.15

2026Q1 13.8% = 32.4% × 0.39 × 1.10

ROE fell from 15.2% to 13.8% — all three components weakened, with leverage being the main drag.

Net margin: 32.4% -0.8pp Asset turnover: 0.39x -0.01x Leverage: 1.10x -0.05x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 32.41%, falling 0.8pp. The main pressure comes from Gross margin fell 7.9pp and SG&A / Revenue rose 3.2pp (with additional support from Other profit / Revenue rose 6.6pp and Net financial result / Revenue rose 2.4pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 32.41% −0.8pp

Gross Margin 31.38% −7.9pp

SG&A / Revenue 10.28% +3.2pp

Non-core / Revenue 14.13% +9.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from other income

Profit includes a contribution from other income (39.8% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 22.72% −6.9pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.14x equity.

Over the last 12 months, working capital absorbed 44.1bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +8.7bn

Inventories increased → lower CFO: −64.9bn

Payables increased → higher CFO: +12.1bn

Working Capital Efficiency

Cash conversion cycle improved by 0.8 days versus the same period last year. The main moves came from DIO rose 0.5 days, DSO fell 0.3 days, and DPO rose 1.1 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Inventory turnover is slowing

DIO increased by +0.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 2.7 days −0.3 days

Inventory 42.6 days +0.5 days

Payables 8.7 days +1.1 days

Cash Conversion Cycle 36.6 days −0.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 205.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.14x and interest coverage at 2360.26x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.14x —

Interest Coverage 2360.26x +2324.09x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.66x −0.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 205.1bn in 2025, against investing cash flow of -19.4bn.

Post-investment cash flow was positive +185.7bn. Financing cash flow was negative +57.2bn.

CFO / net income was 0.66x.

After spending +11.4bn on fixed-asset investment, the business generated trailing free cash flow of +179.2bn.

Cash Conversion

CFO TTM 190.6bn −151.4bn

Cash Capex 11.4bn −5.2bn

FCF TTM +179.2bn −146.3bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.14x. The next item to monitor is the earnings mix, when non-core contribution is 9.9%.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.14x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 9.9% of PBT and CFO / net income currently at 0.66x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	843.8	744.1	562.7	523.5	418.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	843.8	744.1	562.7	523.5	417.5
Cost of Goods Sold	550.0	473.3	447.9	417.0	0.0
Gross Profit	293.8	270.9	114.8	106.5	91.1
Financial Income	27.3	19.0	19.6	8.3	14.5
Financial Expenses	0.5	10.6	16.1	12.5	-6.6
Interest Expense	0.3	10.5	15.9	12.1	-3.0
Share of Associates and Joint Ventures	1.5	-11.7	-6.7	-0.2	1.4
Selling Expenses	9.1	10.6	8.3	7.2	-4.2
General and Administrative Expenses	96.8	48.1	44.9	33.1	-33.4
Operating Profit	216.2	208.9	58.5	61.8	62.8
Other Income	56.4	35.7	18.8	29.3	0.0
Other Expenses	2.5	2.8	2.8	2.4	0.0
Other Profit	53.9	32.9	16.0	26.9	40.9
Profit Before Tax	270.1	241.8	74.4	88.7	103.7
Current Income Tax Expense	19.9	19.2	6.8	13.7	-15.0
Deferred Income Tax Expense	-0.3	1.3	0.0	0.0	0.0
Net Income	250.6	221.3	67.6	75.0	88.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	250.6	221.3	67.6	75.0	88.8
Earnings per Share	8,521.00	7,598.00	2,321.00	1,821.00	2,021.00
Diluted EPS	8,352.55	7,376.16	2,253.05	1,821.00	2,958.92

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	684.4	587.6	393.5	376.9	398.1
I. Cash and cash equivalents	403.3	260.1	106.3	75.9	112.6
1. Cash	22.3	83.7	41.1	75.9	0.0
2. Cash equivalents	381.0	176.4	65.2	0.0	0.0
II. Short-term financial investments	78.0	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	78.0	0.0	0.0	0.0	0.0
III. Short-term receivables	12.3	196.2	200.3	193.8	181.5
1. Short-term trade accounts receivable	0.3	0.3	6.2	9.2	0.0
2. Short-term prepayments to suppliers	2.1	188.0	179.0	174.3	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	10.0	8.1	15.2	10.4	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	142.8	92.2	49.8	63.2	71.6
1. Inventories	142.8	92.2	49.8	63.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	48.0	39.1	37.0	44.1	32.4
1. Short-term prepayments	2.7	1.6	1.3	0.1	0.0
2. Value added tax to be reclaimed	43.3	37.5	35.7	34.7	0.0
3. Taxes and other receivables from state authorities	2.1	0.0	0.0	9.2	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,717.5	1,606.5	1,602.8	1,605.7	1,576.0
I. Long-term receivables	0.6	0.6	1.8	1.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.7
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	0.6	0.6	1.8	1.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,410.6	961.2	919.8	763.7	481.8
1. Tangible fixed assets	1,410.4	961.2	919.8	762.4	480.5
- Cost	1,937.1	1,384.8	1,290.6	1,094.0	0.0
- Accumulated depreciation	-526.7	-423.6	-370.8	-331.6	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	0.2	0.0	0.0	1.3	1.3
- Cost	1.8	1.6	1.6	3.3	0.0
- Accumulated depreciation	-1.6	-1.6	-1.6	-2.0	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	152.6	492.9	518.4	668.5	919.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	152.6	492.9	518.4	668.5	0.0
V. Long-term financial investments	152.1	150.6	162.1	168.7	168.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	19.4	17.9	29.6	36.3	0.0
3. Investments in other entities	140.8	140.8	140.8	140.8	0.0
4. Provision for diminution in value of long-term investments	-8.1	-8.1	-8.3	-8.3	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	1.6	1.3	0.7	3.0	0.0
1. Long-term prepayments	1.6	1.3	0.7	3.0	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	4.4
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)	2,401.9	2,194.1	1,996.3	1,982.7	1,974.1
A. LIABILITIES (300=210+330)	278.0	317.3	345.6	404.7	424.3
I. Short -term liabilities	244.8	279.8	176.9	201.3	191.4
1. Short-term trade accounts payable	2.2	2.2	19.8	11.2	13.0
2. Short-term advances from customers	118.1	139.3	15.5	8.6	10.6
3. Taxes and other payables to state authorities	3.8	8.9	4.6	5.7	0.0
4. Payable to employees	81.4	63.0	45.7	44.2	0.0
5. Short-term acrrued expenses	9.1	34.2	21.4	11.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.4	0.0	0.0	0.0	0.0
9. Other short-term payables	5.8	1.4	1.3	30.3	0.0
10. Short-term borrowings and financial leases	—	9.8	40.9	48.8	32.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	22.9	21.0	27.7	41.5	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	33.2	37.5	168.6	203.4	232.9
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	—	36.2	168.6	203.4	232.9
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	1.0	1.3	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	32.2	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)	2,123.9	1,876.8	1,650.7	1,578.0	1,549.8
I. Owner's equity	2,123.9	1,876.8	1,650.7	1,578.0	0.0
1. Owner's capital	300.0	300.0	300.0	300.0	1,549.8
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	18.6	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	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	-43,777,986,793.00	-43,777,986,793.00	-43,777,986,793.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	199.2	160.5	106.2	75.8	0.0
8. Investment and development fund	1,280.9	1,238.6	1,220.3	1,201.4	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	325.3	221.4	68.0	44.5	68.7
- Accumulated retained earning at the end of the previous period	74.7	0.1	0.4	0.0	7.4
- Undistributed earnings in this period	250.6	221.3	67.6	44.5	61.3
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)	2,401.9	2,194.1	1,996.3	1,982.7	1,974.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	270.1	241.8	74.4	88.7	99.6
Depreciation of Fixed Assets and Investment Property	76.4	53.6	46.2	38.8	22.7
Provision (Increase)/Reversal	-0.0	-0.2	-0.0	-2.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-69.3	-36.8	-25.3	-29.6	0.0
Interest Expense	0.3	10.5	15.9	12.1	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	32.2	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	309.6	269.0	111.3	107.5	68.4
Increase/(Decrease) in Receivables	-6.7	-1.3	4.6	-21.5	0.0
Increase/(Decrease) in Inventory	-50.6	-42.3	13.8	6.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.6	118.2	10.1	-26.7	0.0
Increase/(Decrease) in Prepaid Expenses	-1.5	-0.8	1.1	1.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-10.7	-16.0	-0.6	0.0
Corporate Income Tax Paid	-29.2	-15.0	-8.1	-13.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-23.8	-30.0	-38.1	-19.7	0.0
Net Cash Flow from Operating Activities	205.1	287.0	78.7	33.3	14.7
Payments for Fixed Assets and Other Long-term Assets	-9.9	-18.6	-19.6	-26.8	-26.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	42.8	34.3	14.9	22.2	23.2
Loans and Purchases of Debt Instruments	-78.0	0.0	15.5	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
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	25.8	21.4	0.0	11.6	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	-19.4	37.1	10.8	7.1	7.1
Proceeds from Equity Issuance and Capital Contributions	62,411,320,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	36.7	11.2	0.0
Repayment of Borrowings	-46.8	-169.8	-85.8	-33.7	-0.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-72.8	-26.2	-29.1	-55.3	-55.1
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	-57.2	-196.1	-78.2	-77.8	-55.6
Net Cash Flow During the Period	128.5	128.1	11.3	-37.4	10.0
Cash and Cash Equivalents at Beginning of Period	260.1	106.3	75.9	112.6	153.1
FX Difference from Revaluation	14.7	25.7	19.2	0.6	-0.4
Cash and Cash Equivalents at End of Period	403.3	260.1	106.3	75.9	112.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	275.4	246.3	239.3	132.1	226.1	295.9	220.7	90.5	145.5	235.1	171.6	69.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	275.4	246.3	239.3	132.1	226.1	295.9	220.7	90.5	145.5	235.1	171.6	69.0
Cost of Goods Sold	200.7	171.6	149.7	90.8	138.3	147.3	151.3	69.0	114.1	160.7	150.4	62.2
Gross Profit	74.6	74.7	89.5	41.3	87.9	148.6	69.4	21.5	31.4	74.3	21.2	6.9
Financial Income	5.7	5.3	9.9	10.6	1.5	1.8	3.9	9.3	4.1	4.2	0.6	11.8
Financial Expenses	0.0	0.0	0.0	0.0	0.4	1.6	2.4	3.0	3.8	4.5	3.7	3.6
Interest Expense	—	0.0	0.0	0.0	0.3	1.5	2.3	3.0	3.7	4.4	3.7	3.6
Share of Associates and Joint Ventures	0.7	0.1	1.4	0.0	0.1	-1.4	-4.0	-4.7	-1.6	-2.5	-2.5	0.1
Selling Expenses	2.1	4.1	2.2	1.2	1.7	3.7	2.7	1.8	2.3	3.4	2.6	0.8
General and Administrative Expenses	13.1	42.2	12.8	14.2	12.1	16.8	11.0	9.2	11.2	16.4	11.1	7.7
Operating Profit	65.9	33.8	85.8	36.5	75.3	127.0	53.3	12.0	16.6	51.8	1.9	6.7
Other Income	41.1	7.5	47.2	1.3	0.5	0.8	31.9	2.5	0.6	1.7	14.9	1.3
Other Expenses	0.2	0.5	1.2	0.4	0.4	0.3	1.5	0.3	0.7	0.5	0.8	1.0
Other Profit	40.9	6.9	46.0	0.9	0.0	0.6	30.4	2.2	-0.1	1.2	14.2	0.3
Profit Before Tax	106.8	40.8	131.8	37.4	75.3	127.6	83.7	14.2	16.5	53.0	16.1	7.0
Current Income Tax Expense	7.0	3.3	14.5	2.5	4.9	7.2	9.8	1.2	1.1	3.3	3.5	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.3	0.8	0.2	0.0	0.0	0.0	0.0
Net Income	99.7	37.5	117.3	34.9	70.4	120.1	73.1	12.8	15.4	49.7	12.5	7.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	99.7	37.5	117.3	34.9	70.4	120.1	73.1	12.8	15.4	49.7	12.5	7.0
Earnings per Share	3,324.00	1,249.00	3,911.00	1,197.00	2,417.00	4,123.00	2,511.00	438.00	528.00	1,707.00	431.00	240.00
Diluted EPS	3,324.00	1,249.00	3,911.00	1,197.00	2,417.00	7,602.00	2,511.00	438.00	528.00	1,707.00	431.00	240.00

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)	714.0	627.5	820.2	657.8	606.8	587.4	500.1	394.2	375.9	394.5	364.6	329.0
I. Cash and cash equivalents	364.5	349.1	474.5	289.8	276.8	260.1	203.5	72.7	90.9	106.3	61.3	13.5
1. Cash	53.7	22.2	22.3	156.5	117.9	83.7	62.1	47.5	45.7	41.1	36.3	13.5
2. Cash equivalents	310.7	326.8	452.2	133.3	158.8	176.4	141.3	25.2	45.3	65.2	25.1	0.0
II. Short-term financial investments	210.9	78.0	—	—	—	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	210.9	78.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	18.2	12.3	211.7	223.5	221.3	196.2	205.0	220.1	202.1	201.4	208.0	199.9
1. Short-term trade accounts receivable	2.5	0.3	0.3	8.7	10.9	0.3	4.0	5.7	2.9	6.2	4.9	3.0
2. Short-term prepayments to suppliers	2.9	2.1	195.9	192.9	189.1	188.0	181.1	195.7	183.5	179.0	180.9	173.8
3. Short-term inter-company receivables	0.5	—	—	—	—	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	—	10.0	15.6	22.0	21.4	8.1	20.0	18.8	15.9	16.3	22.3	23.3
7. Provision for short-term doubtful debts (*)	12.3	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
8. Assets awaiting resolution	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	72.4	142.3	93.9	97.4	70.4	92.2	55.5	53.5	46.1	49.8	59.5	71.6
1. Inventories	72.4	142.3	93.9	97.4	70.4	92.2	55.5	53.5	46.1	49.8	59.5	71.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	48.0	45.9	40.2	47.1	38.3	38.9	36.2	47.9	36.8	36.9	35.8	44.0
1. Short-term prepayments	4.3	2.6	1.2	8.7	0.6	1.4	0.0	10.4	0.2	1.2	0.0	9.3
2. Value added tax to be reclaimed	43.7	43.3	39.0	38.4	37.7	37.5	36.2	37.5	36.5	35.7	35.8	34.7
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	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)	1,694.6	1,718.2	1,616.2	1,612.8	1,596.3	1,606.4	1,584.7	1,640.7	1,613.2	1,602.7	1,618.4	1,608.7
I. Long-term receivables	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	1.8	1.8	1.8
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	1.8	1.8	1.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,420.6	1,410.6	983.2	994.9	950.8	961.2	947.2	993.0	949.1	919.7	930.7	928.9
1. Tangible fixed assets	1,420.0	1,410.4	983.2	994.9	950.8	961.2	947.2	993.0	949.1	919.7	930.7	927.6
- Cost	1,959.8	—	—	—	—	1,384.8	1,352.6	1,391.0	1,336.3	1,290.6	1,290.2	1,275.4
- Accumulated depreciation	-539.8	—	—	—	—	-423.6	-405.4	-398.0	-387.2	-370.9	-359.5	-347.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.3
- Cost	2.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.6	—	—	—	—	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	119.1	153.2	478.5	465.3	493.3	493.0	484.3	485.1	502.5	518.4	517.6	501.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	119.1	153.2	478.5	465.3	493.3	493.0	484.3	485.1	502.5	518.4	517.6	501.5
V. Long-term financial investments	152.8	152.1	152.0	150.6	150.6	150.4	151.7	155.7	160.4	162.0	164.6	167.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	20.2	19.4	19.3	18.0	18.0	17.9	19.3	23.3	28.0	29.6	32.1	34.7
3. Investments in other entities	140.8	140.8	140.8	140.8	140.8	140.8	140.8	140.8	140.8	140.8	140.8	140.8
4. Provision for diminution in value of long-term investments	-8.1	-8.1	-8.1	-8.1	-8.1	-8.3	-8.3	-8.3	-8.3	-8.3	-8.3	-8.3
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	1.5	1.6	1.9	1.5	1.0	1.3	0.9	6.4	0.6	0.7	3.7	9.3
1. Long-term prepayments	1.5	1.6	1.9	1.5	1.0	1.3	0.9	6.4	0.6	0.7	3.7	9.3
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)	2,408.6	2,345.7	2,436.4	2,270.6	2,203.2	2,193.8	2,084.8	2,034.9	1,989.1	1,997.1	1,983.0	1,937.7
A. LIABILITIES (300=210+330)	181.2	266.4	384.6	285.0	251.3	316.8	369.2	326.5	299.4	344.0	377.7	378.4
I. Short -term liabilities	147.9	247.8	383.3	283.7	249.9	279.3	282.1	214.4	170.1	175.4	198.0	200.1
1. Short-term trade accounts payable	20.5	2.2	17.5	27.9	8.9	2.0	11.8	13.0	12.4	19.8	14.4	39.8
2. Short-term advances from customers	57.2	118.1	135.3	153.4	151.2	139.3	106.7	91.6	63.1	15.5	31.8	34.1
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.2	7.1	46.8	8.5	13.9	8.9	25.7	2.4	7.4	4.9	23.0	4.9
4. Payable to employees	40.0	81.5	37.3	29.0	26.4	63.0	29.5	16.4	19.3	42.7	17.2	16.6
5. Short-term acrrued expenses	12.9	8.8	49.8	46.4	45.8	33.9	28.5	32.7	28.1	21.4	20.6	12.4
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	6.0	7.3	81.1	1.8	2.3	1.4	32.7	3.7	3.0	2.4	2.1	21.3
10. Short-term borrowings and financial leases	—	—	—	—	—	9.8	23.2	29.4	33.8	40.9	57.9	37.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.1	22.9	15.6	16.7	1.5	21.0	23.8	25.2	3.0	27.7	31.0	33.0
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	33.2	18.5	1.3	1.3	1.3	37.5	87.2	112.1	129.4	168.6	179.7	178.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	36.2	86.1	111.8	129.4	168.6	179.7	178.3
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	1.0	1.3	1.3	1.3	1.3	1.3	1.0	0.2	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	32.2	17.2	—	—	—	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)	2,227.4	2,079.4	2,051.8	1,985.7	1,951.9	1,876.9	1,715.6	1,708.4	1,689.6	1,653.1	1,605.3	1,559.3
I. Owner's equity	2,227.4	2,079.4	2,051.8	1,985.7	1,951.9	1,876.9	1,715.6	1,708.4	1,689.6	1,653.1	1,605.3	1,559.3
1. Owner's capital	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	18.6	18.6	18.6	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	-43,777,986,793.00	-43,777,986,793.00	-43,777,986,793.00	-43,777,986,793.00	-43,777,986,793.00	-43,777,986,793.00	-43,777,986,793.00	-43,777,986,793.00	-43,777,986,793.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	203.0	199.3	209.1	189.8	165.2	160.5	119.2	159.1	129.7	106.1	108.0	75.0
8. Investment and development fund	1,280.9	1,280.9	1,280.9	1,280.9	1,238.6	1,238.6	1,238.6	1,238.6	1,220.3	1,220.3	1,220.3	1,220.3
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	425.0	280.6	243.1	258.8	291.8	221.5	101.5	54.5	83.4	70.5	20.8	7.8
- Accumulated retained earning at the end of the previous period	325.3	20.5	20.5	153.5	221.4	0.1	0.1	26.3	68.0	0.4	0.4	-1.8
- Undistributed earnings in this period	99.7	260.1	222.6	105.3	70.4	221.4	101.3	28.1	15.4	70.0	20.3	9.5
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)	2,408.6	2,345.7	2,436.4	2,270.6	2,203.2	2,193.8	2,084.8	2,034.9	1,989.1	1,997.1	1,983.0	1,937.7

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	106.8	25.6	131.8	37.4	75.3	127.6	83.7	14.2	16.5	50.3	16.1	5.3
Depreciation of Fixed Assets and Investment Property	18.8	31.6	21.8	8.4	14.5	14.2	17.9	7.8	14.0	11.2	18.7	7.3
Provision (Increase)/Reversal	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.1	0.1	-0.2	0.1	-0.1	-0.1	-0.1	0.0	-0.8	0.8	-0.8
Gain/Loss from Investment Activities	-45.3	-7.1	-50.4	-10.4	-1.5	-1.9	-41.5	-2.5	-3.9	-22.4	10.3	-10.3
Interest Expense	—	0.0	0.0	0.0	0.3	1.5	2.3	3.0	3.7	11.7	-3.6	3.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	80.3	82.2	103.4	35.3	88.8	141.3	62.3	22.4	30.3	50.0	42.3	5.1
Increase/(Decrease) in Receivables	-9.1	8.8	4.3	4.8	-24.6	7.4	9.9	-12.6	-1.1	57.0	-67.9	67.9
Increase/(Decrease) in Inventory	7.4	-48.9	3.5	-27.0	21.7	-36.7	-1.9	-7.4	3.7	-9.1	31.3	-31.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.2	-88.9	78.7	19.1	-1.3	-5.7	74.9	26.8	25.0	-7.2	-15.7	15.7
Increase/(Decrease) in Prepaid Expenses	-1.5	-1.1	7.0	-8.4	1.1	-1.6	15.6	-15.8	1.2	2.9	13.8	-13.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	-0.0	-0.0	-0.4	-1.6	-2.3	-3.3	-3.5	-4.4	-3.6	-3.8
Corporate Income Tax Paid	-3.3	-17.0	0.0	-4.9	-7.2	-10.9	0.0	-0.8	-3.3	-3.8	0.0	-0.0
Other Operating Receipts	5.5	—	—	—	—	8.7	25.5	-4.7	4.7	-16.3	16.3	-3.3
Other Operating Payments	-34.8	90.5	-84.3	-9.1	-21.0	38.6	-32.2	-16.0	-28.5	-17.6	13.6	-12.3
Net Cash Flow from Operating Activities	47.7	15.1	123.0	4.8	62.2	139.5	151.8	-11.4	28.6	51.4	30.1	24.2
Payments for Fixed Assets and Other Long-term Assets	-2.6	-3.7	-0.1	-4.8	-1.2	-3.0	-5.4	-7.0	-1.6	-8.5	4.6	-13.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	41.8	-1.7	44.4	—	0.0	0.1	34.3	0.0	0.0	-0.4	15.2	0.1
Loans and Purchases of Debt Instruments	-130.5	-78.0	—	—	—	0.0	0.0	0.0	0.0	15.5	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	4.5	-49.3	71.6	2.3	1.1	10.2	4.2	0.1	7.6	-4.0	1.2	-0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-86.8	-132.7	115.9	-2.6	-0.0	7.4	33.2	-6.8	5.9	2.4	20.9	-13.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	17.9	0.0
Repayment of Borrowings	—	32.2	-0.6	-0.3	-45.8	-66.0	-28.0	-25.6	-50.3	-27.6	-3.3	-18.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-19.3	-53.5	—	—	-25.9	0.0	0.0	0.0	0.0	-18.0	-0.3
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	—	34.7	-45.9	-0.3	-45.8	-91.8	-28.0	-25.6	-50.3	-27.6	-3.4	-19.1
Net Cash Flow During the Period	-39.1	-82.8	193.0	1.9	16.4	55.0	157.0	-43.8	-15.8	26.3	47.6	-8.5
Cash and Cash Equivalents at Beginning of Period	403.3	474.5	289.8	276.8	260.1	106.3	106.3	106.3	106.3	75.9	75.9	75.9
FX Difference from Revaluation	0.3	14.7	3.1	11.4	0.3	1.7	-26.2	25.6	0.4	18.7	0.3	0.3
Cash and Cash Equivalents at End of Period	364.5	403.3	474.5	289.8	276.8	260.1	203.5	72.7	90.9	106.3	61.3	13.5

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TRC

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