TV1

Tư vấn Xây dựng Điện 1 ·UPCOM ·2025Q4

▲▲ Improving positively

Operating efficiency is improving Net margin 21.61%, +4.61pp YoY

Price

22,600

Latest close

02 Jun 2026

P/E —

P/B 1.18x

EPS —

BVPS 19,157

ROE 33.3%

ROA 14.4%

Profit Margin 21.6%

Asset Turnover 0.66x

Equity Mult. 2.32x

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

What Is Changing

On a TTM 2025Q4 basis, TV1 is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 709bn
	                                
+26.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 153bn
	                                
+60.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	688.9	564.3	533.3	644.4	646.3
Growth	+22%	+6%	-17%	-0%	—
Net Income	149.0	87.5	68.8	120.7	11.9
Net Margin	21.62%	15.51%	12.89%	18.74%	1.83%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	318.0	149.3	128.9	112.6	228.1	148.1	107.9	78.1	225.1	120.6	91.1	96.4
Growth	+113%	+16%	+14%	-51%	+54%	+37%	+38%	-65%	+87%	+32%	-6%	—
Net Income	63.8	26.8	32.0	30.6	33.7	27.5	19.8	14.5	21.5	22.3	9.7	22.2
Net Margin	20.08%	17.92%	24.80%	27.15%	14.78%	18.57%	18.38%	18.53%	9.53%	18.50%	10.66%	22.97%

Drivers of TV1's profit

TTM

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

Gross profit ↑ 31.1bn

Administrative expenses ↓ 17.3bn

Finance costs ↓ 14.3bn

Other profit ↑ 7.9bn

Tax ↑ 12.9bn

TTM

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

Gross profit ↑ 20.4bn

Other profit ↑ 10.1bn

Finance costs ↓ 3.6bn

Tax ↑ 7.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q4 24.6% = 17.0% × 0.51 × 2.86

2025Q4 33.3% = 21.6% × 0.66 × 2.32

ROE rose from 24.6% to 33.3% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 21.6% +4.6pp Asset turnover: 0.66x +0.16x Leverage: 2.32x -0.54x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 21.61%, rising 4.6pp. Core operating signals are improving as SG&A / Revenue fell 4.6pp are enough to offset pressure from Gross margin fell 3.5pp (with additional support from Net financial result / Revenue rose 2.8pp and Other profit / Revenue rose 1.5pp).

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 21.61% +4.6pp

Gross Margin 34.69% −3.5pp

SG&A / Revenue 5.85% −4.6pp

TTM YoY · 2024Q4 -> 2025Q4

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 270.9 days.

Is capital being deployed efficiently?

ROIC expanded to 24.58%, rising 10.4pp. That translates to 24.58 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.4pp and capital turnover rose 0.35x, while invested capital contracted by 99bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

CAPITAL EFFICIENCY TREND

ROIC 24.58% +10.4pp

NOPAT Margin 21.92% +3.4pp

Capital Turnover 1.12x +0.35x

Average Invested Capital 632.0bn −98.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.99x equity, net debt at 0.20x equity.

Over the last 12 months, working capital released 7.3bn 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: −30.4bn

Inventories increased → lower CFO: −13.1bn

Payables increased → higher CFO: +50.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 85.7 days versus the same period last year. The main moves came from DIO fell 36.8 days, DSO fell 63.4 days, and DPO fell 14.5 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 270.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 200.4 days −63.4 days

Inventory 120.9 days −36.8 days

Payables 50.5 days −14.5 days

Cash Conversion Cycle 270.9 days −85.7 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 0.20x and interest coverage at 17.74x.

At present, short-term debt accounts for 99.6% of total debt, cash equals 23.9% of debt, and total debt stands at 134.2bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.6% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 23.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.20x −0.39x

Interest Coverage 17.74x +12.49x

Cash / Debt 23.9% +10.9pp

Short-term Debt / Total Debt 99.6% +39.9pp

CFO / NI 1.31x −0.98x

TTM YoY · 2024Q4 -> 2025Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 200.4bn in 2025, against investing cash flow of -53.4bn.

Post-investment cash flow was positive +147.0bn. Financing cash flow was negative +149.4bn.

CFO / net income was 1.31x.

After spending +4.9bn on fixed-asset investment, the business generated trailing free cash flow of +195.5bn.

Cash Conversion

CFO TTM 200.4bn −18.4bn

Cash Capex 4.9bn +2.9bn

FCF TTM +195.5bn −21.3bn

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 271 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 21.61% after expanding 4.6pp versus the same period last year.

Key risk: working capital remains tied up for too long, with cash cycle at 270.9 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	688.9	564.3	533.3	644.4	646.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	688.9	564.3	533.3	644.4	646.3
Cost of Goods Sold	452.3	348.5	357.7	382.7	0.0
Gross Profit	236.6	215.8	175.5	261.7	150.5
Financial Income	1.9	2.1	1.2	1.9	0.1
Financial Expenses	15.3	25.3	38.0	43.3	-60.3
Interest Expense	10.4	21.5	37.8	43.2	-57.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.2	0.5	1.9	-1.3
General and Administrative Expenses	33.9	74.7	41.6	65.4	-65.9
Operating Profit	189.4	117.8	96.6	153.0	23.1
Other Income	0.2	1.4	0.2	0.3	0.0
Other Expenses	2.1	9.9	1.1	9.0	0.0
Other Profit	-1.9	-8.5	-1.0	-8.6	-2.7
Profit Before Tax	187.5	109.2	95.7	144.4	20.4
Current Income Tax Expense	38.5	21.7	26.9	23.7	-8.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	149.0	87.5	68.8	120.7	11.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	149.0	87.5	68.8	120.7	11.9
Earnings per Share	5,580.91	3,278.00	2,576.00	4,523.00	19.00
Diluted EPS	5,580.91	3,278.12	2,575.95	4,523.00	444.10

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	517.0	467.1	548.2	552.9	748.1
I. Cash and cash equivalents	31.1	36.3	23.8	46.1	38.6
1. Cash	31.1	36.3	23.8	46.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	51.3	2.7	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	51.3	2.7	0.0	0.0	0.0
III. Short-term receivables	351.3	324.9	419.5	354.0	385.0
1. Short-term trade accounts receivable	365.7	370.2	442.3	383.8	0.0
2. Short-term prepayments to suppliers	30.1	14.6	14.7	15.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	2.2	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	33.4	54.1	36.3	17.8	0.0
7. Provision for short-term doubtful debts (*)	-77.8	-113.9	-73.8	-65.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	82.3	102.3	103.9	152.9	323.0
1. Inventories	128.7	152.8	148.3	167.4	0.0
2. Provision for decline in value of inventories	-46.4	-50.4	-44.4	-14.5	0.0
V. Other short-term assets	1.0	0.9	0.9	0.0	1.5
1. Short-term prepayments	1.0	0.9	0.9	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	544.3	573.8	612.0	640.3	680.7
I. Long-term receivables	0.0	0.1	0.0	1.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.9	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.1	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	523.2	560.9	597.9	634.7	675.9
1. Tangible fixed assets	522.4	559.5	596.1	634.0	674.8
- Cost	1,130.5	1,167.1	1,171.9	1,174.5	0.0
- Accumulated depreciation	-608.1	-607.6	-575.9	-540.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.8	1.4	1.8	0.7	1.1
- Cost	19.9	21.0	21.0	19.4	0.0
- Accumulated depreciation	-19.1	-19.6	-19.2	-18.7	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.3	0.3	0.5	2.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.3	0.3	0.5	0.0
V. Long-term financial investments	6.6	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	34.5	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	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-27.9	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	14.4	12.4	13.8	4.1	0.0
1. Long-term prepayments	7.0	3.9	3.6	4.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	7.5	8.5	10.2	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2.5
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)	1,061.3	1,040.9	1,160.2	1,193.2	1,428.7
A. LIABILITIES (300=210+330)	529.1	646.4	798.8	897.7	1,132.1
I. Short -term liabilities	529.1	534.6	538.1	660.1	716.5
1. Short-term trade accounts payable	77.9	61.3	62.5	73.7	51.7
2. Short-term advances from customers	95.6	84.4	77.9	93.2	76.6
3. Taxes and other payables to state authorities	37.2	32.9	31.0	26.4	0.0
4. Payable to employees	79.2	56.6	50.1	38.9	0.0
5. Short-term acrrued expenses	11.3	14.1	19.1	16.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	78.2	94.4	89.0	118.5	0.0
10. Short-term borrowings and financial leases	125.4	166.0	205.5	290.2	397.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	24.4	24.9	3.1	2.7	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	111.8	260.7	237.6	415.6
1. Long-term trade payables	—	0.0	0.0	0.0	36.1
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	—	111.8	260.7	0.0	319.4
9. Convertible bonds	—	0.0	0.0	237.6	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)	532.2	394.5	361.4	295.5	296.7
I. Owner's equity	532.2	394.4	361.3	293.6	0.0
1. Owner's capital	266.9	266.9	266.9	266.9	291.4
- Common stock with voting right	266,913,190,000.00	266,913,190,000.00	266,913,190,000.00	266,913,190,000.00	266,913,190,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	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	60.7	41.0	23.0	23.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.5	0.5	0.5	0.5	0.0
11. Undistributed earnings after tax	204.1	86.0	70.9	3.2	1.0
- Accumulated retained earning at the end of the previous period	55.1	-1.5	2.2	-117.6	-7.0
- Undistributed earnings in this period	149.0	87.5	68.8	120.7	8.0
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	—	0.1	0.1	1.9	5.3
1. Subsidized not-for-profit funds	—	0.1	0.1	1.9	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,061.3	1,040.9	1,160.2	1,193.2	1,428.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	187.5	109.2	95.7	144.4	20.4
Depreciation of Fixed Assets and Investment Property	39.1	39.7	40.0	43.3	46.7
Provision (Increase)/Reversal	8.2	46.1	38.4	43.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.8	1.4	-0.5	-1.5	0.0
Gain/Loss from Investment Activities	0.3	-0.6	-0.1	-0.3	0.0
Interest Expense	10.4	23.6	37.8	43.2	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	244.7	219.5	211.4	272.9	152.7
Increase/(Decrease) in Receivables	-30.4	51.5	-74.8	7.7	0.0
Increase/(Decrease) in Inventory	-13.1	-2.7	9.8	30.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	50.8	-6.3	-4.4	-44.2	0.0
Increase/(Decrease) in Prepaid Expenses	-3.4	-0.1	0.6	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.6	-16.1	-31.6	-51.2	0.0
Corporate Income Tax Paid	-30.3	-25.5	-32.3	-4.7	0.0
Other Operating Receipts	—	0.0	0.0	4.4	0.0
Other Operating Payments	-15.2	-9.1	-0.7	-8.4	0.0
Net Cash Flow from Operating Activities	200.4	211.2	78.0	207.1	144.1
Payments for Fixed Assets and Other Long-term Assets	-4.9	-2.8	-4.0	-2.0	0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	0.0	0.3	0.0
Loans and Purchases of Debt Instruments	-51.3	-2.7	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.7	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	0.2	0.1	0.1	0.0	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	-53.4	-4.8	-3.9	-1.8	0.4
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	20.2	61.8	15.2	3.1	75.3
Repayment of Borrowings	-154.1	-250.2	-76.9	-192.5	-206.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-15.5	-5.6	-34.9	-9.7	-2.4
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	-149.4	-194.0	-96.5	-199.1	-133.1
Net Cash Flow During the Period	-2.4	12.5	-22.5	6.2	5.0
Cash and Cash Equivalents at Beginning of Period	33.5	23.8	46.1	38.6	27.2
FX Difference from Revaluation	0.0	-0.0	0.3	1.3	0.1
Cash and Cash Equivalents at End of Period	31.1	36.3	23.8	46.1	38.6

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	318.0	149.3	128.9	112.6	228.1	148.1	107.9	78.1	225.1	120.6	91.1	96.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	318.0	149.3	128.9	112.6	228.1	148.1	107.9	78.1	225.1	120.6	91.1	96.4
Cost of Goods Sold	218.3	97.9	82.1	64.6	148.7	82.3	68.6	47.6	161.3	75.1	59.0	54.8
Gross Profit	99.7	51.4	46.8	48.0	79.4	65.7	39.3	30.4	63.8	45.5	32.1	41.6
Financial Income	0.7	0.3	0.6	0.3	0.2	0.2	1.4	0.2	0.8	0.0	0.0	0.4
Financial Expenses	2.3	2.7	2.7	3.3	5.9	5.7	6.0	7.6	11.6	9.4	8.5	8.6
Interest Expense	2.3	2.7	2.7	3.3	4.5	5.5	6.0	7.6	11.5	9.4	8.4	8.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.2	0.0	0.3	0.0	0.2	0.0
General and Administrative Expenses	16.5	10.6	7.8	6.5	19.2	25.2	9.9	4.4	20.7	7.9	7.2	5.3
Operating Profit	81.6	38.4	36.8	38.5	54.5	35.1	24.6	18.6	32.1	28.2	16.2	28.1
Other Income	2.7	0.1	0.1	0.0	1.2	0.0	0.2	0.0	0.0	-0.0	0.1	0.0
Other Expenses	1.0	4.5	0.1	0.2	9.6	1.8	0.3	0.4	0.3	0.1	0.4	0.2
Other Profit	1.7	-4.4	-0.0	-0.2	-8.4	-1.8	-0.1	-0.4	-0.3	-0.1	-0.3	-0.2
Profit Before Tax	83.4	34.0	36.7	38.3	46.1	33.3	24.4	18.2	31.8	28.1	15.9	27.9
Current Income Tax Expense	19.5	7.3	4.8	7.8	12.4	5.8	4.6	3.7	10.3	5.7	6.2	5.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	63.8	26.8	32.0	30.6	33.7	27.5	19.8	14.5	21.5	22.3	9.7	22.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	63.8	26.8	32.0	30.6	33.7	27.5	19.8	14.5	21.5	22.3	9.7	22.2
Earnings per Share	2,392.00	1,002.46	—	1,145.42	1,263.08	1,030.30	743.33	542.03	804.01	0.00	0.00	829.94
Diluted EPS	2,392.00	1,002.46	—	1,145.42	1,263.08	1,030.30	743.33	542.03	804.01	0.00	0.00	829.94

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	537.7	425.2	422.3	417.1	479.7	478.0	453.6	480.1	555.6	533.1	519.8	526.0
I. Cash and cash equivalents	32.1	33.0	17.0	11.4	36.3	12.5	34.1	23.7	23.8	18.5	22.1	35.3
1. Cash	32.1	33.0	17.0	11.4	36.3	12.5	34.1	23.7	23.8	18.5	22.1	35.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	51.3	17.0	—	—	2.7	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	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	0.0
3. Held to maturity investments	51.3	17.0	—	—	2.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	359.0	260.1	293.7	301.0	332.4	359.3	312.2	347.9	418.5	361.3	340.3	338.3
1. Short-term trade accounts receivable	408.2	289.0	332.5	342.7	370.2	391.2	326.2	361.7	442.6	372.2	353.1	365.2
2. Short-term prepayments to suppliers	18.7	24.1	16.7	16.3	14.5	18.5	15.7	16.0	14.7	15.4	16.0	16.1
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	2.2	2.2	2.2	2.2
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	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	0.0
6. Other short-term receivables	45.1	61.5	56.5	56.0	54.1	50.3	45.1	43.6	32.4	34.9	33.5	19.2
7. Provision for short-term doubtful debts (*)	-113.1	-114.5	-111.9	-113.9	-106.4	-100.6	-74.8	-73.3	-73.4	-63.5	-64.5	-64.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	94.3	114.2	110.5	104.3	107.4	105.2	106.1	107.6	112.4	152.2	156.2	151.8
1. Inventories	153.9	167.9	164.2	154.0	152.8	148.2	150.3	152.0	147.4	166.3	170.4	166.3
2. Provision for decline in value of inventories	-59.6	-53.7	-53.7	-49.7	-45.3	-43.0	-44.3	-44.4	-35.0	-14.2	-14.2	-14.5
V. Other short-term assets	1.0	1.0	1.0	0.5	0.9	0.9	1.3	0.8	0.9	1.1	1.2	0.7
1. Short-term prepayments	1.0	0.9	1.0	0.4	0.9	0.9	1.2	0.6	0.8	0.8	1.0	0.6
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.3	0.2	0.1
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	541.2	547.7	553.4	563.4	575.5	585.1	594.9	602.4	612.6	612.7	620.9	629.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.1	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.1	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	0.0
II. Fixed assets	526.6	531.6	541.2	551.0	560.9	570.4	580.1	588.1	596.8	606.7	616.6	625.3
1. Tangible fixed assets	525.4	530.6	540.0	549.7	559.5	568.9	578.5	586.4	595.0	604.7	614.6	624.2
- Cost	—	—	—	—	1,167.1	1,173.3	1,173.1	1,172.0	1,172.7	1,172.7	1,172.6	1,172.9
- Accumulated depreciation	—	—	—	—	-607.6	-604.4	-594.6	-585.6	-577.7	-567.9	-558.0	-548.8
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.2	1.0	1.2	1.3	1.4	1.6	1.5	1.7	1.8	1.9	2.0	1.1
- Cost	—	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.5
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.5
V. Long-term financial investments	—	—	—	—	0.0	0.0	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	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	14.6	15.7	11.9	12.0	14.1	14.3	14.6	14.0	15.4	5.6	3.9	4.0
1. Long-term prepayments	7.2	7.2	3.4	3.5	3.9	4.1	4.3	3.8	5.3	5.6	3.9	4.0
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	7.5	8.5	8.5	8.5	10.2	10.2	10.2	10.2	10.2	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	0.0
5. Goodwill	—	—	—	—	0.0	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	0.0
TOTAL ASSETS (280=100+200)	1,078.9	972.9	975.7	980.5	1,055.1	1,063.0	1,048.5	1,082.5	1,168.1	1,145.8	1,140.7	1,155.8
A. LIABILITIES (300=210+330)	567.6	523.4	550.0	555.5	646.0	687.6	697.1	706.6	799.8	798.9	815.2	840.0
I. Short -term liabilities	567.1	513.4	489.4	473.3	534.1	495.5	497.0	449.6	552.8	607.2	623.5	603.3
1. Short-term trade accounts payable	66.9	53.4	55.7	52.0	61.1	56.5	54.2	53.8	62.5	60.8	59.6	59.1
2. Short-term advances from customers	104.4	96.1	83.0	93.9	84.4	79.0	79.4	91.1	77.9	86.6	85.6	91.4
3. Taxes and other payables to state authorities	41.3	27.4	25.6	23.2	32.7	33.1	16.8	9.9	32.1	19.8	20.0	22.1
4. Payable to employees	87.0	32.9	19.9	17.1	56.6	21.7	13.1	25.5	50.1	12.1	11.8	11.4
5. Short-term acrrued expenses	11.4	27.8	11.1	13.0	14.1	16.1	18.4	20.2	19.1	18.9	17.9	17.9
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	95.8	104.4	107.9	89.9	94.4	89.3	97.4	83.8	89.0	116.6	115.8	114.4
10. Short-term borrowings and financial leases	133.7	141.7	153.3	166.8	165.9	169.5	183.9	162.3	219.1	288.9	310.2	284.5
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	26.8	29.6	32.8	17.7	24.9	30.4	33.7	3.0	3.1	3.6	2.6	2.6
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	0.5	9.9	60.5	82.2	111.9	192.1	200.1	257.0	247.1	191.7	191.7	236.7
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.5	9.9	60.5	82.2	111.9	192.1	200.1	257.0	247.1	191.7	191.7	236.7
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	511.3	449.6	425.7	425.1	409.1	375.4	351.4	375.9	368.3	346.8	325.5	315.8
I. Owner's equity	511.3	449.5	425.6	425.0	409.0	375.3	351.3	375.8	368.2	346.7	325.4	315.7
1. Owner's capital	266.9	266.9	266.9	266.9	266.9	266.9	266.9	266.9	266.9	266.9	266.9	266.9
- Common stock with voting right	266,913,190,000.00	266,913,190,000.00	—	266,913,190,000.00	266,913,190,000.00	266,913,190,000.00	266,913,190,000.00	266,913,190,000.00	266,913,190,000.00	0.00	0.00	266,913,190,000.00
- Preferred stock	—	—	266,913,190,000.00	—	0.00	0.00	0.00	0.00	0.00	266,913,190,000.00	266,913,190,000.00	0.00
2. Share premium	—	—	—	—	0.0	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	0.0
4. Other capital of owners	—	—	—	—	0.0	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	0.00
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0
8. Investment and development fund	66.0	66.0	66.0	41.0	41.0	41.0	41.0	23.0	23.0	23.0	23.0	23.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
11. Undistributed earnings after tax	177.9	116.1	92.2	116.6	100.6	66.9	42.9	85.4	77.8	56.3	35.0	25.3
- Accumulated retained earning at the end of the previous period	114.1	89.3	60.3	86.0	66.9	39.4	23.1	70.9	56.3	34.0	25.3	3.2
- Undistributed earnings in this period	63.8	26.8	32.0	30.6	33.7	27.5	19.8	14.5	21.5	22.3	9.7	22.2
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Subsidized not-for-profit funds	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2. Funds invested in fixed assets	—	—	—	—	0.0	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	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,078.9	972.9	975.7	980.5	1,055.1	1,063.0	1,048.5	1,082.5	1,168.1	1,145.8	1,140.7	1,155.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	80.9	34.0	34.1	38.3	46.1	33.3	21.8	18.2	23.8	28.1	15.9	27.9
Depreciation of Fixed Assets and Investment Property	9.3	9.9	9.9	10.0	10.0	9.9	10.0	9.8	10.0	10.0	10.1	10.0
Provision (Increase)/Reversal	4.3	0.0	4.6	-0.7	7.0	12.5	8.6	-0.5	39.2	0.4	-0.4	-0.7
FX Gain/Loss from Revaluation of Monetary Items	-0.6	0.0	-0.2	—	1.4	0.6	-0.9	0.0	-0.5	0.0	0.1	0.0
Gain/Loss from Investment Activities	0.9	-0.4	-0.1	-0.0	-0.5	0.1	-0.1	-0.0	-0.0	0.1	-0.1	-0.0
Interest Expense	1.7	2.7	2.7	3.3	4.5	5.5	6.0	7.6	11.5	9.4	8.4	8.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	96.6	46.1	51.1	50.8	68.5	61.9	45.4	35.1	83.8	47.9	33.9	45.7
Increase/(Decrease) in Receivables	-94.4	29.7	8.6	25.7	14.4	-68.4	32.0	75.8	-74.2	-14.8	-5.6	19.7
Increase/(Decrease) in Inventory	2.0	-3.6	-10.2	-1.2	-4.6	2.4	1.7	-3.7	8.2	4.6	-4.1	1.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	71.6	40.0	-6.6	-54.2	57.3	24.5	-27.9	-44.5	52.2	-0.5	-9.4	-46.6
Increase/(Decrease) in Prepaid Expenses	0.0	-3.7	-0.4	0.8	0.3	0.6	-1.2	0.1	1.9	-1.5	-0.2	0.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-0.4	-0.6	-0.9	-3.4	-2.8	-4.1	-5.3	-10.2	-7.7	-5.9	-7.8
Corporate Income Tax Paid	-10.2	-9.2	-0.3	-10.6	-16.3	0.1	1.0	-10.3	-10.4	-6.3	-2.7	-13.0
Other Operating Receipts	—	—	—	—	0.9	3.4	-1.9	1.9	-7.7	7.7	-4.4	4.4
Other Operating Payments	-1.9	-4.0	-0.8	-8.5	-7.1	-6.5	0.3	-0.7	5.4	-4.2	1.2	-3.1
Net Cash Flow from Operating Activities	62.8	95.0	40.6	2.0	110.0	15.0	45.3	48.4	49.0	25.2	2.8	0.9
Payments for Fixed Assets and Other Long-term Assets	-4.6	-0.3	-0.0	-0.0	-0.5	0.4	-2.0	0.0	-2.6	0.5	-1.3	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	—	0.0	-0.1	0.1	0.0	0.0	-0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-34.3	-17.0	—	—	-2.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	2.7	—	0.0	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	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1	-0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	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	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-38.8	-17.3	2.8	-0.0	-3.1	0.4	-1.9	0.0	-2.5	0.4	-1.2	-0.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	-1.3	0.1	10.7	10.6	19.7	0.7	29.3	1.1	13.5	-7.8	8.3	1.2
Repayment of Borrowings	-6.3	-61.8	-48.4	-37.5	-102.9	-24.2	-63.0	-49.6	-22.0	-19.4	-23.1	-12.3
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-15.5	0.0	—	-0.1	-0.1	-12.8	0.0	0.0	-32.9	-2.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-23.1	-61.7	-37.7	-26.9	-83.2	-36.3	-33.7	-48.5	-41.4	-29.2	-14.8	-11.1
Net Cash Flow During the Period	0.8	16.0	5.7	-24.9	23.7	-20.9	9.7	-0.1	5.1	-3.6	-13.2	-10.8
Cash and Cash Equivalents at Beginning of Period	33.0	17.0	11.4	36.3	23.8	23.8	23.8	23.8	46.1	46.1	46.1	46.1
FX Difference from Revaluation	0.0	—	-0.0	—	-0.0	-0.6	0.6	0.0	0.3	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	31.1	33.0	17.0	11.4	36.3	12.5	34.1	23.7	23.8	18.5	22.1	35.3

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TV1

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