VCF

Vinacafé Biên Hòa ·HOSE ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 0.50x

Price

300,000

Latest close

02 Jun 2026

P/E 15.89x

P/B 6.38x

EPS 18,885

BVPS 46,992

ROE 30.7%

ROA 23.4%

Profit Margin 18.3%

Asset Turnover 1.28x

Equity Mult. 1.31x

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

What Is Changing

On a TTM 2026Q1 basis, VCF shows mild improvement in both revenue and margins, but the magnitude of change is narrow — profit is at an all-time high. This signal only becomes convincing if the improvement widens in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,750bn
	                                
+0.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 502bn
	                                
+3.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,761.5	2,556.3	2,352.5	2,207.0	2,216.9
Growth	+8%	+9%	+7%	-0%	—
Net Income	517.8	446.4	450.0	319.1	428.5
Net Margin	18.75%	17.46%	19.13%	14.46%	19.33%

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	661.2	906.7	545.9	635.9	672.9	889.0	605.3	578.4	483.6	810.9	547.5	554.6
Growth	-27%	+66%	-14%	-5%	-24%	+47%	+5%	+20%	-40%	+48%	-1%	—
Net Income	112.2	156.2	112.4	121.1	128.1	159.2	100.6	98.0	88.7	142.9	112.0	122.1
Net Margin	16.97%	17.23%	20.59%	19.04%	19.03%	17.90%	16.62%	16.94%	18.34%	17.62%	20.45%	22.01%

Drivers of VCF's profit

TTM

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

Gross profit ↑ 34.7bn

Selling expenses ↓ 6.2bn

Other profit ↑ 6.1bn

Financial income ↓ 22.7bn

Deferred tax ↑ 5.4bn

Finance costs ↑ 2.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:

Tax ↓ 7.0bn

Financial income ↓ 16.8bn

Deferred tax ↑ 3.1bn

Gross profit ↓ 2.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 23.0% = 17.7% × 1.08 × 1.20

2026Q1 30.7% = 18.3% × 1.28 × 1.31

ROE rose from 23.0% to 30.7% — all three components improved, with asset turnover contributing the most.

Net margin: 18.3% +0.6pp Asset turnover: 1.28x +0.20x Leverage: 1.31x +0.11x

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 18.25%, rising 0.6pp. The main driver is Gross margin rose 1.2pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.9pp remained a drag).

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 18.25% +0.6pp

Gross Margin 21.39% +1.2pp

SG&A / Revenue 1.01% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 24.2 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 28.85%, rising 5.3pp. That translates to 28.85 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 0.26x, while invested capital contracted by 341bn — 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 28.85% +5.3pp

NOPAT Margin 18.15% +0.4pp

Capital Turnover 1.59x +0.26x

Average Invested Capital 1,729.5bn −341.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.43x equity, net debt at 0.14x equity.

Inventory ended the period at 373.0bn, roughly 23.0% of total assets.

Over the last 12 months, working capital absorbed 232.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +12.1bn

Inventories increased → lower CFO: −227.2bn

Payables decreased → lower CFO: −17.7bn

Working Capital Efficiency

Cash conversion cycle lengthened by 24.2 days versus the same period last year. The main moves came from DIO rose 26.1 days, DSO fell 0.3 days, and DPO rose 1.6 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +24.2 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +26.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 48.5 days −0.3 days

Inventory 72.9 days +26.1 days

Payables 35.9 days +1.6 days

Cash Conversion Cycle 85.5 days +24.2 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 0.14x and interest coverage at 55.81x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 10.6% of debt, and total debt stands at 193.5bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 10.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.14x +0.13x

Interest Coverage 55.81x −12.34x

Cash / Debt 10.6% −82.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.50x −0.28x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 449.6bn in 2025, against investing cash flow of 953.2bn.

Post-investment cash flow was positive +1,402.8bn. Financing cash flow was negative +1,430.9bn.

CFO / net income was 0.50x.

After spending +191.8bn on fixed-asset investment, the business generated trailing free cash flow of +57.8bn.

Cash Conversion

CFO TTM 249.7bn −127.8bn

Cash Capex 191.8bn +187.3bn

FCF TTM +57.8bn −315.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.50x. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.50x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,772.6	2,574.0	2,372.5	2,212.3	2,219.1
Revenue Deductions	11.1	17.7	19.9	5.3	0.0
Net Revenue	2,761.5	2,556.3	2,352.5	2,207.0	2,216.9
Cost of Goods Sold	2,170.8	2,054.6	1,837.9	1,713.2	0.0
Gross Profit	590.7	501.6	514.6	493.8	555.5
Financial Income	91.4	100.1	90.2	43.1	62.9
Financial Expenses	12.1	7.8	9.9	93.8	-5.6
Interest Expense	10.0	6.3	8.9	6.6	-5.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.4	11.5	8.1	12.0	-15.7
General and Administrative Expenses	22.0	22.2	22.3	31.2	-48.7
Operating Profit	643.6	560.3	564.6	400.0	548.4
Other Income	4.1	0.0	0.2	0.0	0.0
Other Expenses	0.3	2.3	0.8	0.5	0.0
Other Profit	3.8	-2.3	-0.7	-0.5	0.2
Profit Before Tax	647.4	558.0	563.9	399.4	548.6
Current Income Tax Expense	128.1	113.0	114.9	79.2	-120.0
Deferred Income Tax Expense	1.5	-1.4	-0.9	1.1	0.0
Net Income	517.8	446.4	450.0	319.1	428.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.3
Profit Attributable to Parent	517.8	446.4	450.0	319.1	428.8
Earnings per Share	19,482.00	16,797.00	16,929.00	12,006.00	16,134.00
Diluted EPS	19,482.18	16,796.53	16,928.80	12,005.91	16,134.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,291.8	842.5	1,791.9	1,770.2	1,497.0
I. Cash and cash equivalents	77.8	106.0	277.1	220.7	1,124.0
1. Cash	15.0	7.7	20.1	4.2	0.0
2. Cash equivalents	62.8	98.3	257.0	216.5	0.0
II. Short-term financial investments	2.0	0.4	324.3	0.4	0.0
1. Available for sale securities	—	0.0	193.9	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	2.0	0.4	130.4	0.4	0.0
III. Short-term receivables	838.2	457.5	979.5	1,175.2	130.5
1. Short-term trade accounts receivable	388.8	456.8	359.6	443.5	0.0
2. Short-term prepayments to suppliers	25.2	0.5	0.3	0.8	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	424.2	0.3	619.7	730.9	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	373.0	277.3	209.5	372.8	233.2
1. Inventories	373.7	280.9	211.7	379.3	0.0
2. Provision for decline in value of inventories	-0.7	-3.6	-2.2	-6.5	0.0
V. Other short-term assets	0.8	1.3	1.5	1.1	8.8
1. Short-term prepayments	0.8	1.2	0.7	1.1	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	—	0.1	0.8	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)	330.4	1,646.0	866.5	336.0	448.6
I. Long-term receivables	0.1	1,403.3	579.4	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	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	0.1	1,403.3	579.4	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	194.7	217.0	264.6	313.8	411.0
1. Tangible fixed assets	194.7	217.0	264.6	313.8	410.8
- Cost	985.3	1,014.9	1,021.8	1,026.2	0.0
- Accumulated depreciation	-790.6	-797.9	-757.2	-712.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.1	0.2
- Cost	1.9	1.9	1.9	1.9	0.0
- Accumulated depreciation	-1.9	-1.9	-1.9	-1.8	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	99.8	3.3	0.5	0.5	2.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	99.8	3.3	0.5	0.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	35.8	22.4	22.0	21.7	0.0
1. Long-term prepayments	31.2	16.3	17.3	17.9	0.0
2. Deferred income tax assets	4.6	6.1	4.7	3.8	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	35.3
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)	1,622.2	2,488.5	2,658.4	2,106.3	1,945.6
A. LIABILITIES (300=210+330)	485.5	593.7	545.6	443.4	683.1
I. Short -term liabilities	481.4	589.4	540.9	438.5	676.1
1. Short-term trade accounts payable	262.0	239.3	263.4	121.9	241.7
2. Short-term advances from customers	1.7	12.9	0.0	0.8	8.5
3. Taxes and other payables to state authorities	62.6	70.0	53.3	13.3	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	79.7	36.7	33.5	27.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	3.1	2.6	3.9	3.0	0.0
10. Short-term borrowings and financial leases	51.2	206.9	165.8	251.6	323.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	21.0	21.0	21.0	21.0	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	4.1	4.3	4.7	4.9	7.0
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	0.3	0.3	0.3	0.3	0.0
8. Long-term borrowings and financial leases	—	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	3.8	4.0	4.4	4.6	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)	1,136.8	1,894.7	2,112.8	1,662.8	1,262.5
I. Owner's equity	1,136.8	1,894.7	2,112.8	1,662.8	0.0
1. Owner's capital	265.8	265.8	265.8	265.8	1,262.5
- Common stock with voting right	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	30.0	30.0	30.0	30.0	30.0
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	213.5	213.5	213.5	213.5	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	627.5	1,385.5	1,603.5	1,153.6	751.7
- Accumulated retained earning at the end of the previous period	109.7	939.0	1,153.6	834.4	338.3
- Undistributed earnings in this period	517.8	446.4	450.0	319.1	413.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	1.5
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)	1,622.2	2,488.5	2,658.4	2,106.3	1,945.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	647.4	558.0	563.9	399.4	548.6
Depreciation of Fixed Assets and Investment Property	43.0	45.8	49.9	55.3	68.9
Provision (Increase)/Reversal	6.4	4.5	9.6	91.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.1	-0.0	0.9	0.0
Gain/Loss from Investment Activities	-92.1	-93.4	-87.4	-40.6	0.0
Interest Expense	10.0	6.3	8.9	6.6	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	614.9	521.1	545.0	512.9	562.3
Increase/(Decrease) in Receivables	67.8	-96.6	83.8	-317.4	0.0
Increase/(Decrease) in Inventory	-102.3	-72.7	153.5	-150.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.5	-6.9	157.8	-158.6	0.0
Increase/(Decrease) in Prepaid Expenses	3.9	1.8	3.0	2.3	0.0
Changes in Trading Securities	—	193.9	-193.9	0.0	0.0
Interest Paid	-10.3	-6.1	-10.3	-5.5	0.0
Corporate Income Tax Paid	-126.9	-99.1	-83.1	-86.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	449.6	435.4	655.7	-203.2	592.2
Payments for Fixed Assets and Other Long-term Assets	-117.1	-4.4	-2.4	-5.0	-14.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.2	0.3	0.1	0.0	0.1
Loans and Purchases of Debt Instruments	-2.0	-200.0	-2,061.9	-700.4	-5.4
Receipts from Loan Repayments and Sale of Debt Instruments	998.4	200.0	1,452.9	0.4	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	76.5	0.0
Dividends and Interest Income Received	69.8	105.4	97.7	11.6	0.0
Increase/(Decrease) in Term Deposits	—	-84.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	200.0	0.0	0.0
Other Investing Payments	—	0.0	-200.0	0.0	0.0
Net Cash Flow from Investing Activities	953.2	17.3	-513.7	-616.9	989.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	563.2	680.0	507.4	690.0	850.3
Repayment of Borrowings	-718.9	-639.0	-593.1	-761.4	-844.6
Repayment of Finance Leases	—	0.0	0.0	-0.4	0.0
Dividends Paid	-1,275.2	-664.9	0.0	0.0	-664.4
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	-1,430.9	-623.9	-85.7	-71.9	-658.6
Net Cash Flow During the Period	-28.1	-171.1	56.3	-891.9	924.9
Cash and Cash Equivalents at Beginning of Period	106.0	277.1	220.7	1,112.6	201.6
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	77.8	106.0	277.1	220.7	1,124.0

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	670.2	911.7	547.1	639.2	674.6	892.7	609.6	584.6	487.1	813.9	549.4	564.2
Revenue Deductions	9.0	5.0	1.2	3.3	1.6	3.8	4.2	6.2	3.5	2.9	1.8	9.6
Net Revenue	661.2	906.7	545.9	635.9	672.9	889.0	605.3	578.4	483.6	810.9	547.5	554.6
Cost of Goods Sold	520.2	719.1	420.7	501.6	529.3	697.2	493.6	472.1	391.7	645.9	422.7	413.4
Gross Profit	141.0	187.6	125.2	134.3	143.6	191.7	111.7	106.3	91.9	165.0	124.8	141.2
Financial Income	8.0	14.9	25.9	25.8	24.8	22.4	25.2	24.9	27.6	29.2	24.7	19.4
Financial Expenses	1.5	3.4	3.7	2.6	2.5	2.4	2.8	1.3	1.3	2.8	2.0	1.7
Interest Expense	1.2	2.4	2.9	2.3	2.4	2.0	2.0	1.1	1.1	2.4	1.7	1.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.0	1.8	1.2	0.6	0.8	7.4	1.5	1.2	1.4	5.2	0.8	1.3
General and Administrative Expenses	6.2	6.1	5.7	5.2	5.1	5.5	5.1	6.3	5.3	6.7	5.6	5.0
Operating Profit	140.3	191.2	140.5	151.8	160.1	198.9	127.4	122.5	111.5	179.6	141.1	152.6
Other Income	—	4.1	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Other Expenses	0.0	—	0.0	0.3	0.0	0.0	2.4	0.0	0.0	0.7	0.0	0.0
Other Profit	-0.0	4.1	-0.0	-0.3	-0.0	0.0	-2.4	0.0	0.0	-0.7	0.0	0.0
Profit Before Tax	140.3	195.3	140.5	151.4	160.1	198.9	125.1	122.5	111.5	179.0	141.1	152.6
Current Income Tax Expense	24.7	39.4	27.2	29.7	31.8	42.2	24.6	23.1	23.1	37.5	29.8	27.3
Deferred Income Tax Expense	3.3	-0.3	0.9	0.6	0.3	-2.4	-0.2	1.4	-0.2	-1.5	-0.7	3.2
Net Income	112.2	156.2	112.4	121.1	128.1	159.2	100.6	98.0	88.7	142.9	112.0	122.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	112.2	156.2	112.4	121.1	128.1	159.2	100.6	98.0	88.7	142.9	112.0	122.1
Earnings per Share	4,223.00	5,877.00	4,230.00	4,555.00	4,819.00	5,988.00	3,785.00	3,686.00	3,338.00	5,377.00	4,213.00	4,593.00
Diluted EPS	4,222.87	5,877.34	4,230.09	4,555.40	4,819.34	5,988.31	3,784.92	3,685.51	3,337.79	5,377.17	4,212.61	4,592.52

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)	1,386.3	1,291.8	2,246.5	1,279.5	870.7	842.5	1,282.8	1,759.6	1,697.5	1,791.9	2,133.7	1,934.2
I. Cash and cash equivalents	20.5	77.8	1,422.7	69.0	176.6	106.0	94.9	375.0	166.6	277.1	214.4	449.5
1. Cash	5.4	15.0	7.7	9.5	6.6	7.7	4.0	15.1	13.6	20.1	12.4	12.5
2. Cash equivalents	15.0	62.8	1,415.0	59.5	170.0	98.3	90.9	359.9	153.0	257.0	202.0	437.0
II. Short-term financial investments	444.4	2.0	2.0	0.4	0.4	0.4	0.4	249.8	94.4	324.3	258.8	90.4
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	193.9	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	444.4	2.0	2.0	0.4	0.4	0.4	0.4	249.8	94.4	130.4	258.8	90.4
III. Short-term receivables	378.8	838.2	412.4	654.5	372.3	457.5	775.7	847.9	1,193.4	979.5	1,404.8	1,095.9
1. Short-term trade accounts receivable	359.1	388.8	384.8	426.0	371.8	456.8	142.5	219.4	362.8	359.6	288.6	335.4
2. Short-term prepayments to suppliers	19.3	25.2	26.2	10.3	0.2	0.5	0.8	0.3	0.3	0.3	0.2	0.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	200.0	0.0	0.0	0.0
6. Other short-term receivables	0.4	424.2	1.4	218.2	0.3	0.3	632.4	628.2	630.3	619.7	1,116.0	760.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	540.8	373.0	408.3	552.9	318.8	277.3	410.6	285.0	241.5	209.5	253.8	295.9
1. Inventories	542.4	373.7	409.6	552.9	320.8	280.9	411.2	285.5	241.5	211.7	257.5	296.9
2. Provision for decline in value of inventories	-1.6	-0.7	-1.4	-0.1	-2.0	-3.6	-0.6	-0.6	-0.0	-2.2	-3.7	-1.0
V. Other short-term assets	1.7	0.8	1.2	2.8	2.7	1.3	1.1	1.8	1.6	1.5	1.9	2.5
1. Short-term prepayments	1.7	0.8	1.2	2.5	2.7	1.2	0.7	1.2	1.6	0.7	0.8	1.2
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	0.3	—	0.1	0.4	0.6	0.0	0.8	1.1	1.3
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)	373.0	330.4	651.8	1,452.6	1,657.6	1,646.0	1,068.4	1,068.5	864.3	866.5	360.1	309.9
I. Long-term receivables	0.1	0.1	416.8	1,232.5	1,426.8	1,403.3	819.8	806.0	589.5	579.4	62.5	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	416.8	1,232.5	1,426.8	1,403.3	819.8	806.0	589.5	579.4	62.5	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	184.0	194.7	185.5	196.2	206.8	217.0	227.8	241.5	253.0	264.6	276.7	288.9
1. Tangible fixed assets	184.0	194.7	185.5	196.2	206.8	217.0	227.8	241.5	253.0	264.6	276.7	288.9
- Cost	985.6	—	—	—	—	1,014.9	1,014.8	1,021.8	1,022.0	1,021.8	1,024.4	1,024.2
- Accumulated depreciation	-801.6	—	—	—	—	-797.9	-787.0	-780.4	-769.0	-757.2	-747.7	-735.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.9	—	—	—	—	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	158.4	99.8	29.2	4.3	3.0	3.3	0.2	0.2	0.7	0.5	0.4	0.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	158.4	99.8	29.2	4.3	3.0	3.3	0.2	0.2	0.7	0.5	0.4	0.5
V. Long-term financial investments	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	30.5	35.8	20.3	19.7	21.0	22.4	20.7	20.8	21.1	22.0	20.5	20.5
1. Long-term prepayments	29.2	31.2	16.0	14.5	15.2	16.3	17.0	17.3	16.2	17.3	17.2	17.9
2. Deferred income tax assets	1.3	4.6	4.3	5.2	5.8	6.1	3.7	3.5	4.9	4.7	3.3	2.6
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)	1,759.3	1,622.2	2,898.3	2,732.1	2,528.3	2,488.5	2,351.2	2,828.1	2,561.8	2,658.4	2,493.7	2,244.1
A. LIABILITIES (300=210+330)	510.3	485.5	641.9	588.2	505.5	593.7	615.6	528.6	360.3	545.6	523.9	386.3
I. Short -term liabilities	506.1	481.4	637.8	583.9	501.2	589.4	611.3	524.3	355.6	540.9	519.1	381.5
1. Short-term trade accounts payable	212.4	262.0	185.4	252.0	212.3	239.3	174.1	194.3	199.5	263.4	143.5	181.1
2. Short-term advances from customers	3.5	1.7	1.8	0.7	0.7	12.9	9.4	8.2	0.0	0.0	0.0	2.9
3. Dividends and profits payable	2.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	31.9	62.6	95.9	90.0	40.5	70.0	80.1	37.9	33.9	53.3	110.6	80.0
4. Payable to employees	3.7	—	3.8	3.8	3.6	0.0	3.6	3.7	3.5	0.0	3.7	0.0
5. Short-term acrrued expenses	37.0	79.7	32.1	30.0	29.9	36.7	25.4	22.8	25.4	33.5	30.3	16.1
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	0.6	3.1	2.5	2.6	2.5	2.6	127.5	2.6	3.0	3.9	3.0	3.0
10. Short-term borrowings and financial leases	193.5	51.2	295.2	183.7	190.7	206.9	170.2	233.6	69.3	165.8	206.9	77.4
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	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0
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	4.2	4.1	4.1	4.3	4.2	4.3	4.3	4.4	4.7	4.7	4.7	4.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
8. Long-term borrowings and financial leases	—	—	—	—	—	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	3.9	3.8	3.8	4.0	4.0	4.0	4.0	4.1	4.4	4.4	4.5	4.5
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)	1,249.0	1,136.8	2,256.3	2,143.9	2,022.8	1,894.7	1,735.6	2,299.5	2,201.5	2,112.8	1,969.9	1,857.9
I. Owner's equity	1,249.0	1,136.8	2,256.3	2,143.9	2,022.8	1,894.7	1,735.6	2,299.5	2,201.5	2,112.8	1,969.9	1,857.9
1. Owner's capital	265.8	265.8	265.8	265.8	265.8	265.8	265.8	265.8	265.8	265.8	265.8	265.8
- Common stock with voting right	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00	265,791,350,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
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	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5	213.5
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	739.7	627.5	1,747.1	1,634.6	1,513.6	1,385.5	1,226.3	1,790.2	1,692.2	1,603.5	1,460.6	1,348.6
- Accumulated retained earning at the end of the previous period	627.5	109.7	1,385.5	1,385.5	1,385.5	939.0	939.0	1,603.5	1,603.5	1,153.6	1,153.6	1,153.6
- Undistributed earnings in this period	112.2	517.8	361.6	249.2	128.1	446.4	287.3	186.7	88.7	450.0	307.0	195.1
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)	1,759.3	1,622.2	2,898.3	2,732.1	2,528.3	2,488.5	2,351.2	2,828.1	2,561.8	2,658.4	2,493.7	2,244.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	140.3	195.3	140.5	151.4	160.1	198.9	125.1	122.5	111.5	179.0	141.1	152.6
Depreciation of Fixed Assets and Investment Property	10.9	10.8	10.7	10.7	10.8	11.0	11.3	11.7	11.9	12.1	12.4	11.9
Provision (Increase)/Reversal	0.9	1.1	1.5	1.6	2.2	3.6	0.6	0.3	-0.0	2.3	3.6	0.8
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.2	-0.1	0.0	-0.0	-0.1	0.1	-0.1	0.0	0.1	-0.2	-0.0
Gain/Loss from Investment Activities	-7.6	-17.5	-25.2	-25.0	-24.4	-20.6	-21.9	-24.1	-26.7	-28.1	-23.9	-18.8
Interest Expense	1.2	2.4	2.9	2.3	2.4	2.0	2.0	1.1	1.1	2.4	1.7	1.7
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	145.9	192.3	130.4	141.1	151.1	194.9	117.2	111.3	97.8	167.7	134.7	148.2
Increase/(Decrease) in Receivables	29.5	-4.2	41.4	-54.6	85.2	-313.9	77.1	142.8	-2.6	-70.9	47.5	36.5
Increase/(Decrease) in Inventory	-168.7	34.2	143.0	-235.6	-43.8	129.7	-126.3	-44.0	-32.0	41.9	38.6	20.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-67.1	52.6	-62.6	59.4	-46.9	61.5	0.4	-0.0	-68.8	82.5	-6.8	71.1
Increase/(Decrease) in Prepaid Expenses	1.0	2.1	1.2	0.9	-0.3	0.2	1.0	0.4	0.2	0.5	1.4	1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	193.9	-193.9	0.0	0.0
Interest Paid	-0.1	-2.6	-2.6	-2.4	-2.7	-1.8	-1.7	-1.1	-1.5	-2.5	-1.7	-1.4
Corporate Income Tax Paid	-53.7	-45.5	-25.4	0.0	-56.0	-38.2	0.0	-18.4	-42.4	-56.9	-15.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-113.2	228.8	225.4	-91.3	86.7	32.4	67.6	190.9	144.6	-31.5	198.7	276.0
Payments for Fixed Assets and Other Long-term Assets	-75.4	-66.3	-39.5	-10.7	-0.7	-2.2	-0.8	-0.8	-0.6	-0.6	-0.4	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	4.2	—	—	—	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-438.0	0.0	-2.0	—	—	1,166.8	-200.4	-966.4	-200.0	-628.0	-1,343.9	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	395.0	0.0	998.4	—	—	-1,069.8	449.8	820.0	0.0	739.9	713.0	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	31.9	7.6	60.0	1.4	0.8	56.1	6.5	36.8	6.0	24.0	67.9	3.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	-84.0	0.0	-36.0	36.0	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	200.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	-200.0	0.0	0.0
Net Cash Flow from Investing Activities	-86.5	-54.5	1,016.9	-9.3	0.1	66.9	255.3	-146.4	-158.6	135.3	-563.3	-27.2
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	193.5	33.3	217.4	121.8	190.7	206.9	170.2	233.6	69.3	165.8	206.9	77.4
Repayment of Borrowings	-51.2	-277.3	-105.9	-128.8	-206.9	-170.2	-233.6	-69.3	-165.8	-206.9	-77.4	-137.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-1,275.2	—	—	—	-125.0	-539.6	-0.3	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	142.3	-1,519.3	111.5	-7.0	-16.2	-88.3	-603.1	164.0	-96.5	-41.1	129.6	-60.0
Net Cash Flow During the Period	-57.5	-1,344.9	1,353.7	-107.6	70.6	11.0	-280.1	208.4	-110.5	62.7	-235.1	188.8
Cash and Cash Equivalents at Beginning of Period	77.9	1,422.7	69.0	176.6	106.0	277.1	277.1	277.1	277.1	220.7	220.7	220.7
FX Difference from Revaluation	0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.5	77.8	1,422.7	69.0	176.6	106.0	94.9	375.0	166.6	277.1	214.4	449.5

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VCF

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