VFG

Khử trùng Việt Nam ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 9.62%, −3.92pp YoY

Price

46,350

Latest close

03 Jun 2026

P/E 6.00x

P/B 1.09x

EPS 7,719

BVPS 42,456

ROE 19.6%

ROA 12.6%

Profit Margin 9.5%

Asset Turnover 1.33x

Equity Mult. 1.55x

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

What Is Changing

On a TTM 2026Q1 basis, VFG is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,584bn
	                                
−0.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 345bn
	                                
−29.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,530.2	3,497.3	3,262.4	2,976.8	2,077.0
Growth	+1%	+7%	+10%	+43%	—
Net Income	341.9	471.3	295.6	229.2	165.5
Net Margin	9.68%	13.48%	9.06%	7.70%	7.97%

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	1,119.2	954.1	710.5	799.9	1,065.7	795.7	885.2	850.9	965.8	1,159.3	741.7	672.5
Growth	+17%	+34%	-11%	-25%	+34%	-10%	+4%	-12%	-17%	+56%	+10%	—
Net Income	98.0	110.9	65.5	70.4	95.2	116.4	194.0	81.5	78.7	116.6	66.4	56.7
Net Margin	8.76%	11.62%	9.22%	8.80%	8.93%	14.63%	21.91%	9.58%	8.15%	10.06%	8.95%	8.44%

Drivers of VFG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Selling expenses ↓ 119.1bn

Finance costs ↓ 57.3bn

Deferred tax ↓ 22.7bn

Gross profit ↓ 87.4bn

Financial income ↓ 71.2bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 9.9bn

Gross profit ↑ 2.9bn

Administrative expenses ↓ 1.5bn

Other profit ↑ 0.8bn

Finance costs ↑ 7.7bn

Financial income ↓ 3.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 32.7% = 13.5% × 1.47 × 1.64

2026Q1 19.9% = 9.6% × 1.33 × 1.55

ROE fell from 32.7% to 19.9% — all three components weakened, with asset turnover being the main drag.

Net margin: 9.6% -3.9pp Asset turnover: 1.33x -0.14x Leverage: 1.55x -0.09x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 9.62%, losing 3.9pp. The main pressure is Gross margin fell 2.3pp, outweighing the improvement in SG&A / Revenue fell 3.3pp (with lingering pressure from Net financial result / Revenue fell 0.4pp and Other profit / Revenue fell 0.0pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 9.62% −3.9pp

Gross Margin 23.96% −2.3pp

SG&A / Revenue 12.01% −3.3pp

TTM YoY · 2025Q1 -> 2026Q1

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 9.62% −3.9pp

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 0.41x equity, with a net cash position equivalent to 0.28x equity.

Inventory ended the period at 860.1bn, roughly 35.5% of total assets.

Over the last 12 months, working capital released 627.4bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +7.1bn

Inventories increased → lower CFO: −38.0bn

Payables increased → higher CFO: +658.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 39.3 days versus the same period last year. The main moves came from DIO rose 12.0 days, DSO rose 5.8 days, and DPO rose 57.1 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 126.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +5.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 63.6 days +5.8 days

Inventory 130.4 days +12.0 days

Payables 67.9 days +57.1 days

Cash Conversion Cycle 126.1 days −39.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 128.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.28x and interest coverage at 8.78x.

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 -0.28x −0.29x

Interest Coverage 8.78x +3.28x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.84x +2.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 128.3bn in 2025, against investing cash flow of 19.2bn.

Post-investment cash flow was positive +147.5bn. Financing cash flow was negative +295.0bn.

CFO / net income was 2.84x.

After spending +11.1bn on fixed-asset investment, the business generated trailing free cash flow of +951.4bn.

Cash Conversion

CFO TTM 962.5bn +1,024.3bn

Cash Capex 11.1bn −5.2bn

FCF TTM +951.4bn +1,029.5bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.9 pp. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.84x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.84x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 9.62% after a 3.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,669.9	3,807.3	3,557.3	3,250.9	2,225.3
Revenue Deductions	139.7	310.1	294.9	274.1	0.0
Net Revenue	3,530.2	3,497.3	3,262.4	2,976.8	2,077.0
Cost of Goods Sold	2,675.6	2,588.4	2,483.5	2,266.7	0.0
Gross Profit	854.6	908.8	779.0	710.1	508.9
Financial Income	63.6	128.1	71.9	56.3	35.7
Financial Expenses	42.2	107.0	39.3	37.6	-29.4
Interest Expense	3.9	6.1	15.1	9.6	-5.5
Share of Associates and Joint Ventures	—	168.7	0.0	0.0	0.0
Selling Expenses	336.8	439.0	353.0	388.6	-273.0
General and Administrative Expenses	104.0	91.2	81.6	54.5	-38.0
Operating Profit	435.3	568.4	376.9	285.7	204.4
Other Income	5.3	7.5	1.8	5.3	0.0
Other Expenses	6.1	5.4	3.0	3.3	0.0
Other Profit	-0.8	2.1	-1.2	2.0	2.1
Profit Before Tax	434.5	570.5	375.7	287.7	206.4
Current Income Tax Expense	90.8	87.2	89.7	58.5	-40.9
Deferred Income Tax Expense	1.8	12.0	-9.6	0.0	0.0
Net Income	341.9	471.3	295.6	229.2	165.5
Non-controlling Interest	4.8	1.1	0.0	0.0	0.0
Profit Attributable to Parent	337.1	470.1	295.6	229.2	165.5
Earnings per Share	7,695.00	10,143.00	6,217.00	4,805.00	5,158.13
Diluted EPS	8,081.80	11,270.30	6,217.00	4,805.00	5,158.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,149.0	2,206.9	2,572.8	2,387.3	1,520.5
I. Cash and cash equivalents	653.3	800.8	129.9	208.4	692.3
1. Cash	653.3	800.8	129.9	208.4	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	87.8	83.3	200.3	520.3	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	87.8	83.3	200.3	520.3	0.0
III. Short-term receivables	544.6	368.8	1,177.7	599.2	229.7
1. Short-term trade accounts receivable	544.3	365.3	710.0	591.2	0.0
2. Short-term prepayments to suppliers	5.7	5.4	3.0	5.8	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	450.0	0.0	0.0
6. Other short-term receivables	7.7	16.4	32.2	14.1	0.0
7. Provision for short-term doubtful debts (*)	-13.1	-18.3	-17.4	-11.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	860.1	945.9	1,062.5	1,050.2	595.5
1. Inventories	863.0	952.2	1,079.0	1,074.7	0.0
2. Provision for decline in value of inventories	-2.9	-6.3	-16.5	-24.4	0.0
V. Other short-term assets	3.2	8.1	2.3	9.2	2.9
1. Short-term prepayments	2.9	2.4	2.3	2.2	0.0
2. Value added tax to be reclaimed	0.3	5.7	0.0	6.9	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)	270.9	288.8	372.8	369.2	369.7
I. Long-term receivables	2.5	2.0	1.8	1.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.5
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	2.5	2.0	1.8	1.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	231.6	250.2	153.2	161.6	161.8
1. Tangible fixed assets	179.6	196.5	98.6	105.2	108.2
- Cost	538.5	543.3	276.9	266.9	0.0
- Accumulated depreciation	-359.0	-346.8	-178.3	-161.7	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	52.0	53.6	54.7	56.4	53.6
- Cost	72.9	72.5	71.0	70.9	0.0
- Accumulated depreciation	-20.9	-18.8	-16.4	-14.5	0.0
III. Investment properties	13.3	14.1	14.9	15.6	20.5
- Cost	27.6	27.6	27.6	27.6	0.0
- Accumulated depreciation	-14.3	-13.5	-12.8	-12.0	0.0
IV. Long-term assets in progress	3.9	0.0	2.9	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.9	0.0	2.9	0.0	0.0
V. Long-term financial investments	—	0.0	179.5	179.5	181.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	179.5	179.5	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	19.5	22.6	20.5	11.4	0.0
1. Long-term prepayments	9.5	9.7	10.9	11.4	0.0
2. Deferred income tax assets	10.0	12.8	9.6	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	4.2
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)	2,419.9	2,495.8	2,945.6	2,756.5	1,890.1
A. LIABILITIES (300=210+330)	705.2	889.9	1,700.0	1,617.2	882.6
I. Short -term liabilities	689.4	873.6	1,698.0	1,614.9	843.6
1. Short-term trade accounts payable	252.2	121.0	511.8	701.2	400.9
2. Short-term advances from customers	14.2	10.4	3.3	0.9	0.8
3. Taxes and other payables to state authorities	70.9	58.5	66.1	25.4	0.0
4. Payable to employees	145.4	259.9	244.0	108.5	0.0
5. Short-term acrrued expenses	31.5	151.1	280.3	396.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.4	2.2	0.3	1.2	2.5
9. Other short-term payables	21.5	21.7	177.0	166.1	0.0
10. Short-term borrowings and financial leases	87.4	172.4	373.7	182.4	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	65.9	76.4	41.5	32.9	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	15.8	16.3	2.0	2.3	39.0
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	—	0.4	0.0	0.0	0.0
7. Other long-term liabilities	1.5	0.6	2.0	2.3	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	14.2	15.3	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	—	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)	1,714.7	1,605.9	1,245.6	1,139.3	1,007.5
I. Owner's equity	1,714.7	1,605.9	1,245.6	1,139.3	0.0
1. Owner's capital	417.1	417.1	417.1	417.1	1,007.5
- Common stock with voting right	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	320,888,640,000.00
- 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	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	215.5	214.1	203.5	203.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	24.3	22.0	20.1	20.2	0.0
11. Undistributed earnings after tax	1,006.3	901.4	605.0	498.5	462.2
- Accumulated retained earning at the end of the previous period	727.0	520.0	391.2	330.2	413.3
- Undistributed earnings in this period	279.3	381.4	213.8	168.3	48.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	51.5	51.3	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)	2,419.9	2,495.8	2,945.6	2,756.5	1,890.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	434.5	570.5	375.7	287.7	206.4
Depreciation of Fixed Assets and Investment Property	27.5	22.9	22.2	21.5	20.6
Provision (Increase)/Reversal	-8.6	-9.2	-2.5	-34.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.3	-0.5	3.3	0.0
Gain/Loss from Investment Activities	-33.3	-202.0	-38.6	-31.8	0.0
Interest Expense	3.9	6.1	15.1	9.6	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	423.9	388.6	371.5	256.2	270.5
Increase/(Decrease) in Receivables	-165.8	340.1	-116.8	-368.3	0.0
Increase/(Decrease) in Inventory	89.3	128.0	-4.3	-416.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-101.3	-591.1	-145.4	537.7	0.0
Increase/(Decrease) in Prepaid Expenses	-0.3	3.2	0.4	-7.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.2	-7.5	-15.7	-7.3	0.0
Corporate Income Tax Paid	-82.2	-81.6	-66.2	-59.0	0.0
Other Operating Receipts	1.4	0.4	0.0	0.0	0.0
Other Operating Payments	-32.4	-29.2	-30.8	-18.5	0.0
Net Cash Flow from Operating Activities	128.3	150.8	-7.3	-83.0	769.2
Payments for Fixed Assets and Other Long-term Assets	-9.6	-19.1	-16.0	-16.9	-9.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.1	4.1	0.9	3.6	8.3
Loans and Purchases of Debt Instruments	-493.0	-466.5	-1,820.4	-520.0	-0.3
Receipts from Loan Repayments and Sale of Debt Instruments	488.5	1,324.0	1,690.4	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	1.7	0.0
Dividends and Interest Income Received	30.3	42.1	26.8	27.7	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	—	12.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	19.2	896.5	-118.3	-503.9	18.8
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	94.9	177.8	954.8	839.8	535.2
Repayment of Borrowings	-179.9	-379.2	-763.5	-657.4	-865.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-210.0	-175.1	-144.2	-79.3	-95.2
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	-295.0	-376.4	47.1	103.1	-425.5
Net Cash Flow During the Period	-147.5	670.9	-78.5	-483.7	103.3
Cash and Cash Equivalents at Beginning of Period	800.8	129.9	208.4	692.1	329.8
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	-0.1
Cash and Cash Equivalents at End of Period	653.3	800.8	129.9	208.4	692.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,152.4	1,013.2	735.0	822.9	1,098.8	842.4	965.8	949.0	1,050.5	1,232.5	790.1	781.0
Revenue Deductions	33.2	59.1	24.5	23.0	33.2	46.6	80.6	98.2	84.7	73.2	48.4	108.6
Net Revenue	1,119.2	954.1	710.5	799.9	1,065.7	795.7	885.2	850.9	965.8	1,159.3	741.7	672.5
Cost of Goods Sold	850.8	762.5	514.4	597.6	800.1	585.3	614.1	652.0	735.3	872.4	567.1	491.4
Gross Profit	268.5	191.7	196.2	202.3	265.6	210.4	271.1	198.9	230.6	286.9	174.6	181.1
Financial Income	14.8	12.8	13.2	19.1	18.6	72.8	20.4	19.4	15.6	19.1	21.1	18.0
Financial Expenses	14.4	3.5	22.8	9.2	6.8	8.9	77.1	14.4	6.6	10.2	11.2	13.1
Interest Expense	0.0	0.8	0.6	1.0	1.5	1.1	0.8	2.0	2.2	5.7	3.1	6.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	168.7	0.0	0.0	0.0	0.0	0.0
Selling Expenses	116.1	38.1	75.1	98.9	126.0	80.4	165.7	75.2	117.9	104.1	87.6	102.2
General and Administrative Expenses	30.6	23.7	22.9	25.0	32.2	42.1	12.1	15.7	24.1	39.8	13.0	13.4
Operating Profit	122.2	139.1	88.6	88.3	119.2	151.8	205.3	113.0	97.6	151.9	83.8	70.5
Other Income	2.0	0.1	2.0	2.6	0.6	1.1	3.3	1.8	1.2	0.5	0.3	1.0
Other Expenses	1.3	0.4	2.8	2.3	0.7	0.7	3.7	0.8	0.3	1.1	0.9	0.4
Other Profit	0.7	-0.3	-0.7	0.4	-0.1	0.4	-0.3	1.1	0.9	-0.6	-0.6	0.6
Profit Before Tax	122.8	138.8	87.9	88.6	119.1	152.2	205.0	114.0	98.5	151.3	83.2	71.0
Current Income Tax Expense	25.1	38.2	22.7	18.5	24.2	33.2	10.7	23.4	19.8	35.6	16.8	14.3
Deferred Income Tax Expense	-0.3	-10.3	-0.3	-0.3	-0.3	2.6	0.3	9.0	0.0	-0.9	0.0	0.0
Net Income	98.0	110.9	65.5	70.4	95.2	116.4	194.0	81.5	78.7	116.6	66.4	56.7
Non-controlling Interest	1.6	1.5	1.5	0.9	0.9	1.1	-0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	96.4	109.4	64.0	69.4	94.3	115.3	194.0	81.5	78.7	116.6	66.4	56.7
Earnings per Share	2,311.00	2,208.00	1,317.00	1,883.00	2,260.00	1,400.00	1,908.00	1,954.23	1,886.34	2,795.28	1,590.84	1,360.26
Diluted EPS	2,310.83	2,622.02	1,535.27	1,664.56	2,260.31	2,763.42	4,650.64	1,954.23	1,886.34	2,795.28	1,590.84	1,360.26

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,770.1	2,148.5	2,380.2	2,299.4	2,065.1	2,206.8	2,290.3	1,795.2	2,181.0	2,572.8	2,380.7	2,293.6
I. Cash and cash equivalents	590.1	653.3	267.9	242.7	95.9	800.6	216.5	30.6	302.8	329.9	309.4	770.8
1. Cash	40.1	653.3	107.9	92.7	95.9	800.6	216.5	30.6	302.8	129.9	109.4	200.5
2. Cash equivalents	550.0	—	160.0	150.0	—	0.0	0.0	0.0	0.0	200.0	200.0	570.3
II. Short-term financial investments	442.8	87.8	85.8	77.8	85.3	83.3	297.8	0.3	0.3	0.3	450.3	0.3
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	442.8	87.8	85.8	77.8	85.3	83.3	297.8	0.3	0.3	0.3	450.3	0.3
III. Short-term receivables	744.7	544.1	748.4	839.4	926.1	368.8	821.8	902.7	1,107.4	1,177.7	418.0	463.5
1. Short-term trade accounts receivable	742.7	543.8	402.0	470.9	506.6	365.3	430.3	444.3	632.9	710.0	413.1	448.7
2. Short-term prepayments to suppliers	4.5	5.7	3.3	3.4	11.2	5.5	8.7	3.3	9.1	3.0	4.4	14.8
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	—	—	350.0	350.0	350.0	0.0	350.0	450.0	450.0	450.0	0.0	0.0
6. Other short-term receivables	12.4	7.7	15.2	33.8	77.3	16.3	50.6	22.6	33.0	32.2	15.4	12.7
7. Provision for short-term doubtful debts (*)	-14.8	-13.1	-22.1	-18.8	-18.9	-18.3	-17.9	-17.5	-17.6	-17.4	-14.9	-12.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	989.7	860.1	1,273.4	1,135.0	948.9	945.9	948.8	858.1	749.4	1,062.5	1,198.4	1,053.8
1. Inventories	992.7	863.0	1,274.9	1,136.4	954.7	952.2	956.7	871.2	765.9	1,079.0	1,222.6	1,080.3
2. Provision for decline in value of inventories	-3.1	-2.9	-1.5	-1.5	-5.8	-6.3	-7.9	-13.1	-16.5	-16.5	-24.2	-26.4
V. Other short-term assets	2.7	3.2	4.7	4.5	8.8	8.1	5.4	3.5	21.1	2.3	4.5	5.2
1. Short-term prepayments	2.1	2.9	4.2	4.0	2.4	2.4	3.3	3.5	2.0	2.3	2.7	3.6
2. Value added tax to be reclaimed	0.3	0.3	0.4	0.5	2.6	5.7	1.8	0.0	0.0	0.0	1.9	1.6
3. Taxes and other receivables from state authorities	0.3	—	—	—	3.8	0.0	0.4	0.0	19.1	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)	268.2	270.9	263.9	279.5	283.4	287.7	199.9	355.9	369.4	364.2	365.6	365.9
I. Long-term receivables	2.6	2.5	2.6	2.5	1.9	2.0	1.6	1.7	1.8	1.8	1.5	1.6
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	2.6	2.5	2.6	2.5	1.9	2.0	1.6	1.7	1.8	1.8	1.5	1.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	228.8	231.6	236.1	241.5	245.6	173.6	174.0	150.6	154.1	153.2	158.1	157.9
1. Tangible fixed assets	177.0	179.6	183.8	188.9	192.5	120.0	119.8	96.9	99.9	98.6	102.9	101.7
- Cost	542.0	—	—	—	—	464.9	461.9	278.3	280.4	276.9	276.8	271.2
- Accumulated depreciation	-365.0	—	—	—	—	-345.0	-342.1	-181.4	-180.6	-178.3	-173.9	-169.5
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	51.8	52.0	52.3	52.6	53.1	53.6	54.2	53.7	54.2	54.7	55.1	56.2
- Cost	73.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-21.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	13.2	13.3	13.5	13.7	13.9	14.1	14.3	14.5	14.7	14.9	15.1	15.2
- Cost	27.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.9	3.9	2.7	—	—	0.0	0.0	0.0	0.0	2.9	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.9	3.9	2.7	—	—	0.0	0.0	0.0	0.0	2.9	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	179.5	179.5	179.5	179.5	179.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	179.5	179.5	179.5	179.5	179.5
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	19.8	19.5	9.0	21.7	21.9	98.0	10.1	9.6	19.4	11.9	11.5	11.6
1. Long-term prepayments	9.8	9.5	9.0	8.9	9.1	9.4	9.8	9.1	9.8	10.9	11.5	11.6
2. Deferred income tax assets	10.0	10.0	—	12.8	12.8	12.8	0.3	0.5	9.6	0.9	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)	—	—	—	—	—	75.8	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,038.3	2,419.4	2,644.1	2,578.8	2,348.5	2,494.5	2,490.2	2,151.1	2,550.4	2,937.0	2,746.3	2,659.5
A. LIABILITIES (300=210+330)	1,267.3	704.6	1,034.5	993.0	650.1	889.2	1,006.3	848.2	1,270.4	1,691.3	1,587.1	1,515.1
I. Short -term liabilities	1,251.3	688.9	1,018.3	976.8	633.9	873.7	1,002.9	846.2	1,268.4	1,689.4	1,585.0	1,513.0
1. Short-term trade accounts payable	954.4	253.3	601.1	408.0	59.4	120.7	231.7	110.2	97.0	511.8	438.3	584.1
2. Short-term advances from customers	6.5	13.7	9.6	6.1	6.3	9.1	8.8	6.9	4.0	3.3	1.1	1.0
3. Dividends and profits payable	51.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	41.5	70.9	35.1	23.5	22.9	58.5	37.6	16.1	45.2	57.5	17.8	15.2
4. Payable to employees	79.1	145.4	160.5	172.3	170.3	259.9	200.3	200.8	149.8	244.0	130.7	104.5
5. Short-term acrrued expenses	38.1	30.3	110.9	160.8	181.1	151.1	238.6	149.2	307.8	280.3	369.7	438.6
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	—	0.4	0.9	1.5	1.6	2.2	1.6	3.7	4.2	0.3	0.3	0.3
9. Other short-term payables	17.3	21.5	26.7	26.2	21.5	23.4	206.8	170.6	168.0	177.0	174.4	161.4
10. Short-term borrowings and financial leases	—	87.4	—	103.0	101.2	172.4	11.0	142.4	456.7	373.7	422.0	185.4
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	63.4	65.9	73.5	75.4	69.6	76.4	66.5	46.2	35.7	41.5	30.8	22.5
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	16.0	15.8	16.1	16.2	16.2	15.5	3.5	2.0	2.0	2.0	2.1	2.1
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	—	—	—	—	0.4	0.4	1.5	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	2.0	1.5	1.6	1.4	0.8	0.0	2.0	2.0	2.0	2.0	2.1	2.1
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	14.0	14.2	14.5	14.8	15.0	15.2	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,771.0	1,714.7	1,609.6	1,585.8	1,698.4	1,605.2	1,483.9	1,302.9	1,280.0	1,245.6	1,159.2	1,144.4
I. Owner's equity	1,771.0	1,714.7	1,609.6	1,585.8	1,698.4	1,605.2	1,483.9	1,302.9	1,280.0	1,245.6	1,159.2	1,144.4
1. Owner's capital	417.1	417.1	417.1	417.1	417.1	417.1	417.1	417.1	417.1	417.1	417.1	417.1
- Common stock with voting right	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00	417,146,140,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	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	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	182.3	215.5	215.5	215.5	214.1	214.1	214.1	203.5	203.5	203.5	203.5	203.5
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	57.6	24.3	24.3	24.3	19.3	22.0	22.0	22.5	17.5	20.1	20.1	17.1
11. Undistributed earnings after tax	1,061.0	1,006.3	902.7	880.3	995.7	836.9	742.8	659.8	642.0	605.0	518.5	506.7
- Accumulated retained earning at the end of the previous period	964.6	669.1	674.9	716.6	900.5	697.1	535.4	578.3	563.3	488.4	452.2	449.9
- Undistributed earnings in this period	96.4	337.1	227.8	163.7	95.2	139.8	207.4	81.5	78.7	116.6	66.4	56.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	53.1	51.5	50.0	48.6	52.2	115.2	87.9	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,038.3	2,419.4	2,644.1	2,578.8	2,348.5	2,494.5	2,490.2	2,151.1	2,550.4	2,937.0	2,746.3	2,659.5

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	122.8	138.8	87.9	88.6	119.1	152.2	205.0	114.0	98.5	151.3	83.2	71.3
Depreciation of Fixed Assets and Investment Property	6.7	6.6	7.0	6.6	7.3	5.2	7.3	5.0	5.0	5.1	5.9	5.6
Provision (Increase)/Reversal	1.9	-7.5	3.3	-4.5	0.1	-1.2	-4.8	-3.4	0.2	-5.2	-0.1	1.4
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.2	-0.6	0.6	0.2	1.8	-1.7	0.1	0.2	-1.2	0.5	0.7
Gain/Loss from Investment Activities	-0.5	-1.8	-15.9	-12.3	-3.3	-10.2	-177.6	-7.0	-8.2	-10.8	-10.0	-11.3
Interest Expense	0.0	0.8	0.6	1.0	1.5	1.1	0.8	3.9	0.3	5.7	3.1	4.0
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	130.9	136.7	82.2	80.0	125.0	149.1	28.9	112.7	95.9	144.9	82.6	71.6
Increase/(Decrease) in Receivables	-201.6	-330.5	274.9	264.3	-374.5	86.4	-277.8	211.6	58.8	-326.6	63.1	194.0
Increase/(Decrease) in Inventory	-129.8	411.9	-138.4	-181.7	-2.5	4.4	-85.5	-105.4	313.1	143.6	-142.3	-195.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	641.8	-416.5	114.7	318.3	-117.8	-111.3	621.6	-150.6	-437.6	193.1	-261.9	428.5
Increase/(Decrease) in Prepaid Expenses	0.4	0.8	-0.3	-1.4	0.6	-74.4	-0.5	-0.8	1.5	0.9	1.0	-2.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-7.7	5.7	-0.9	-1.4	-1.1	0.9	-3.7	-2.2	-5.2	-2.2	-4.8
Corporate Income Tax Paid	-56.9	-1.4	-6.1	0.0	-74.7	0.0	0.0	0.0	-80.7	-19.3	-14.3	-14.1
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.4	0.0	0.0	0.0	0.0
Other Operating Payments	-2.4	-16.2	-2.7	-7.2	-6.4	-10.2	0.7	-5.5	-8.8	-16.6	-1.7	4.7
Net Cash Flow from Operating Activities	382.5	-222.5	330.7	471.8	-451.7	42.9	288.3	58.7	-60.0	114.6	-275.7	482.9
Payments for Fixed Assets and Other Long-term Assets	-3.8	-0.9	-6.3	-0.1	-2.3	-5.1	-7.4	-1.4	-2.7	-2.9	0.3	-11.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	1.9	0.9	0.2	0.3	2.4	0.1	1.3	-0.0	0.3	0.5
Loans and Purchases of Debt Instruments	-360.0	867.0	-941.5	247.0	-665.5	718.5	-922.0	450.0	-450.0	149.9	-1,000.0	-1,140.3
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	-359.0	773.5	-408.5	482.5	-144.5	1,015.0	-450.0	650.0	-349.9	1,120.0	920.3
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	0.5	5.3	19.1	2.8	3.1	42.0	-17.8	25.9	-7.5	-0.2	15.0	12.1
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	-358.3	512.4	-153.2	-158.0	-182.0	611.1	70.2	24.6	191.1	-203.1	135.6	-219.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	-20,000,000,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	-98.2	95.7	1.8	95.7	166.8	424.0	-260.6	403.0	223.7	422.0	-9.6
Repayment of Borrowings	-87.4	185.7	-198.7	0.0	-166.8	-5.5	-555.5	-53.7	-320.1	-272.0	-174.6	-134.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	8.0	-49.2	-168.8	—	-211.3	-41.2	-41.2	-41.2	-42.7	1.4	-61.8
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-87.4	95.4	-152.2	-167.0	-71.2	-69.9	-172.7	-355.5	41.8	-90.9	248.9	-205.9
Net Cash Flow During the Period	-63.2	385.4	25.2	146.8	-704.9	584.1	185.9	-272.2	172.9	-179.4	108.8	58.0
Cash and Cash Equivalents at Beginning of Period	653.3	267.9	242.7	95.9	800.8	129.9	129.9	129.9	129.9	208.4	208.4	208.4
FX Difference from Revaluation	0.1	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0	-0.1	0.2	-0.1
Cash and Cash Equivalents at End of Period	590.1	653.3	267.9	242.7	95.9	800.6	216.5	30.6	302.8	129.9	309.4	200.5

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VFG

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