VGV

Tổng Công ty Tư vấn Xây dựng Việt Nam - CTCP ·UPCOM ·2026Q1

▲ Slightly positive

Capital efficiency is improving ROE 15.95%, +4.32pp YoY

Price

50,600

Latest close

02 Jun 2026

P/E 34.87x

P/B 3.52x

EPS 1,451

BVPS 14,383

ROE 10.3%

ROA 4.0%

Profit Margin 4.0%

Asset Turnover 1.00x

Equity Mult. 2.57x

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

What Is Changing

On a TTM 2026Q1 basis, VGV is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,289bn
	                                
+66.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 67bn
	                                
+35.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,103.9	737.1	622.7	741.8	629.8
Growth	+50%	+18%	-16%	+18%	—
Net Income	55.1	55.8	34.8	31.4	28.5
Net Margin	4.99%	7.57%	5.59%	4.24%	4.52%

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	357.2	437.1	248.6	245.8	177.4	294.2	170.8	129.7	142.5	223.3	116.8	201.0
Growth	-18%	+76%	+1%	+39%	-40%	+72%	+32%	-9%	-36%	+91%	-42%	—
Net Income	21.0	13.7	16.8	15.9	8.7	16.0	12.1	12.8	13.6	13.5	7.6	12.9
Net Margin	5.88%	3.14%	6.75%	6.48%	4.93%	5.45%	7.09%	9.89%	9.51%	6.02%	6.52%	6.40%

Drivers of VGV's profit

TTM

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

Gross profit ↑ 77.3bn

Financial income ↑ 3.2bn

Administrative expenses ↑ 56.8bn

Minority interests ↑ 6.4bn

Tax ↑ 4.1bn

TTM

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

Gross profit ↑ 29.1bn

Financial income ↑ 1.4bn

Administrative expenses ↑ 15.7bn

Minority interests ↑ 3.4bn

Tax ↑ 2.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.2% = 6.4% × 0.68 × 2.34

2026Q1 13.4% = 5.2% × 1.00 × 2.57

ROE rose from 10.2% to 13.4% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 5.2% -1.2pp Asset turnover: 1.00x +0.32x Leverage: 2.57x +0.24x

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 narrowed to 5.23%, falling 1.2pp. The main pressure is Gross margin fell 1.4pp, outweighing the improvement in SG&A / Revenue fell 0.8pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.9pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 5.23% −1.2pp

Gross Margin 16.99% −1.4pp

SG&A / Revenue 12.24% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 145.1 days.

Is capital being deployed efficiently?

ROIC expanded to 15.95%, rising 4.3pp. That translates to 15.95 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 1.24x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 1.2pp; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 15.95% +4.3pp

NOPAT Margin 5.27% −1.2pp

Capital Turnover 3.03x +1.24x

Average Invested Capital 425.4bn −7.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 1.78x equity, with a net cash position equivalent to 0.22x equity.

Inventory ended the period at 263.6bn, roughly 19.3% of total assets.

Over the last 12 months, working capital released 139.0bn 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: −83.4bn

Inventories increased → lower CFO: −37.1bn

Payables increased → higher CFO: +259.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 81.8 days versus the same period last year. The main moves came from DIO fell 51.5 days, DSO fell 32.7 days, and DPO fell 2.4 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 145.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 68.1 days −32.7 days

Inventory 91.7 days −51.5 days

Payables 14.7 days −2.4 days

Cash Conversion Cycle 145.1 days −81.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 152.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.22x and interest coverage at 53.32x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 421.9% of debt, and total debt stands at 35.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity -0.22x −0.14x

Interest Coverage 53.32x −56.27x

Cash / Debt 421.9% +218.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 3.12x +2.75x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 152.1bn in 2025, against investing cash flow of -53.5bn.

Post-investment cash flow was positive +98.7bn. Financing cash flow was negative +41.3bn.

CFO / net income was 3.12x.

After spending +6.3bn on fixed-asset investment, the business generated trailing free cash flow of +155.8bn.

Cash Conversion

CFO TTM 162.1bn +146.8bn

Cash Capex 6.3bn +5.0bn

FCF TTM +155.8bn +141.8bn

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. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 27.2%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 145 days.

Improvement: capital efficiency is improving, with trailing-12M ROIC at 15.95%, up 4.3pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.12x. Even so, net financial result still accounts for 27.2% of PBT, so the earnings mix still needs monitoring.

Key risk: working capital remains tied up for too long, with cash cycle at 145.1 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,104.2	737.1	622.7	741.8	635.2
Revenue Deductions	0.3	0.0	0.0	0.0	0.0
Net Revenue	1,103.9	737.1	622.7	741.8	629.8
Cost of Goods Sold	914.2	599.3	509.6	607.7	0.0
Gross Profit	189.6	137.9	113.1	134.1	109.4
Financial Income	22.7	22.6	21.6	19.0	15.4
Financial Expenses	1.6	0.4	0.8	1.0	-1.3
Interest Expense	0.7	0.4	0.8	1.0	-0.9
Share of Associates and Joint Ventures	-1.5	4.1	-1.5	-0.6	-1.5
Selling Expenses	—	0.0	0.0	0.0	-0.1
General and Administrative Expenses	141.8	96.2	86.5	107.9	-88.4
Operating Profit	67.4	68.0	46.0	43.5	33.5
Other Income	2.9	1.2	6.7	5.2	0.0
Other Expenses	2.8	1.8	9.5	7.8	0.0
Other Profit	0.1	-0.6	-2.8	-2.7	0.0
Profit Before Tax	67.5	67.4	43.2	40.9	33.5
Current Income Tax Expense	12.3	11.7	8.4	9.4	-5.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	55.1	55.8	34.8	31.4	28.5
Non-controlling Interest	12.2	9.6	6.9	8.5	7.8
Profit Attributable to Parent	43.0	46.1	27.9	22.9	20.6
Earnings per Share	1,202.00	1,290.00	778.00	640.00	577.00
Diluted EPS	1,201.56	1,289.54	778.50	640.26	577.21

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,120.6	913.1	869.6	910.6	884.6
I. Cash and cash equivalents	137.6	80.2	79.1	86.8	130.0
1. Cash	104.8	42.7	37.5	48.5	0.0
2. Cash equivalents	32.8	37.5	41.6	38.3	0.0
II. Short-term financial investments	328.5	265.6	233.6	212.4	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	328.5	265.6	233.6	212.4	0.0
III. Short-term receivables	384.6	325.6	304.5	307.8	255.9
1. Short-term trade accounts receivable	282.6	246.4	242.6	250.8	0.0
2. Short-term prepayments to suppliers	20.3	16.6	13.6	14.9	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	98.9	74.6	61.8	59.9	0.0
7. Provision for short-term doubtful debts (*)	-17.2	-11.9	-13.5	-17.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	263.6	236.0	244.6	262.2	303.4
1. Inventories	263.6	236.0	244.6	262.2	0.0
2. Provision for decline in value of inventories	—	-0.0	0.0	0.0	0.0
V. Other short-term assets	6.3	5.7	7.7	41.4	33.2
1. Short-term prepayments	2.3	2.6	2.2	2.0	0.0
2. Value added tax to be reclaimed	3.0	1.9	2.6	37.0	0.0
3. Taxes and other receivables from state authorities	1.0	1.2	2.9	2.4	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)	247.3	242.6	247.6	265.7	275.4
I. Long-term receivables	0.4	0.4	1.2	1.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.3
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	0.4	0.4	1.2	1.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	112.3	116.1	124.2	134.1	136.4
1. Tangible fixed assets	107.1	112.3	118.9	127.0	134.0
- Cost	279.3	280.7	279.6	280.1	0.0
- Accumulated depreciation	-172.2	-168.4	-160.7	-153.1	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	5.3	3.8	5.3	7.1	2.3
- Cost	20.9	17.3	16.8	17.6	0.0
- Accumulated depreciation	-15.6	-13.6	-11.4	-10.6	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	6.2	0.0	0.3	0.3	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.2	0.0	0.3	0.3	0.0
V. Long-term financial investments	116.7	118.2	113.2	114.5	114.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	76.5	76.5	72.4	73.8	0.0
3. Investments in other entities	40.7	40.7	40.7	40.7	0.0
4. Provision for diminution in value of long-term investments	-0.8	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.4	1.1	0.2	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	11.6	7.8	8.5	15.5	0.0
1. Long-term prepayments	11.6	7.8	8.5	15.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	23.1
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)	1,367.8	1,155.7	1,117.1	1,176.3	1,160.0
A. LIABILITIES (300=210+330)	876.1	669.4	649.9	714.1	699.6
I. Short -term liabilities	863.6	656.3	633.2	696.1	681.5
1. Short-term trade accounts payable	63.0	41.5	37.2	52.6	42.9
2. Short-term advances from customers	439.0	322.4	294.2	306.3	268.7
3. Taxes and other payables to state authorities	16.3	9.5	10.2	11.3	0.0
4. Payable to employees	63.1	40.1	35.9	42.2	0.0
5. Short-term acrrued expenses	34.4	24.9	34.5	45.2	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	0.6	0.7	0.9	1.3	0.9
9. Other short-term payables	206.5	170.9	179.2	192.3	0.0
10. Short-term borrowings and financial leases	29.4	36.4	29.3	33.1	44.8
11. Provision for short-term liabilities	0.6	0.6	0.6	0.6	0.0
12.. Bonus and welfare fund	10.7	9.3	11.2	11.2	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	12.4	13.2	16.7	18.0	18.1
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	3.1	3.2	3.4	3.6	4.4
7. Other long-term liabilities	9.4	9.9	13.3	14.4	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	—	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)	491.8	486.3	467.2	462.2	460.4
I. Owner's equity	491.7	486.0	467.2	462.2	0.0
1. Owner's capital	357.7	357.7	357.7	357.7	460.4
- Common stock with voting right	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00
- 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	-16.0	-16.0	-16.0	-16.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	24.1	22.5	22.5	22.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.0	1.0	1.0	1.0	0.0
11. Undistributed earnings after tax	51.7	50.1	34.0	27.6	26.5
- Accumulated retained earning at the end of the previous period	8.7	4.0	6.2	4.7	0.1
- Undistributed earnings in this period	43.0	46.1	27.9	22.9	26.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	73.1	70.6	67.9	69.3	68.6
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.3	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.3	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)	1,367.8	1,155.7	1,117.1	1,176.3	1,160.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	67.5	67.4	43.2	40.9	33.5
Depreciation of Fixed Assets and Investment Property	5.9	10.5	10.1	9.0	10.3
Provision (Increase)/Reversal	6.1	-1.5	-4.3	6.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.2	-0.0	-0.3	0.0
Gain/Loss from Investment Activities	-29.1	-26.3	-20.2	-18.0	0.0
Interest Expense	0.7	0.4	0.8	1.0	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	51.0	50.2	29.5	38.6	30.9
Increase/(Decrease) in Receivables	-53.0	-14.8	41.9	-75.2	0.0
Increase/(Decrease) in Inventory	-27.6	8.6	17.6	-30.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	213.6	15.5	-60.8	103.5	0.0
Increase/(Decrease) in Prepaid Expenses	-3.4	0.3	6.8	11.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-0.4	-0.8	-1.0	0.0
Corporate Income Tax Paid	-14.0	-14.0	-7.0	-8.8	0.0
Other Operating Receipts	0.7	1.7	1.1	0.0	0.0
Other Operating Payments	-14.5	-16.0	-12.4	-13.0	0.0
Net Cash Flow from Operating Activities	152.1	31.0	15.9	25.0	30.6
Payments for Fixed Assets and Other Long-term Assets	-5.9	-1.7	-0.3	-6.7	-1.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.1	0.1	0.0	0.2
Loans and Purchases of Debt Instruments	-114.4	-90.7	-73.5	-66.1	-25.9
Receipts from Loan Repayments and Sale of Debt Instruments	46.9	58.6	51.6	20.9	2.9
Investments in Other Entities	-1.6	0.0	0.0	-0.2	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	21.1	22.7	20.9	18.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-53.5	-11.0	-1.2	-33.4	-10.6
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	17.1	19.4	14.2	17.1	43.7
Repayment of Borrowings	-24.0	-12.3	-18.0	-28.8	-39.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-34.4	-26.2	-18.7	-17.3	-18.6
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	-41.3	-19.1	-22.5	-28.9	-14.1
Net Cash Flow During the Period	57.4	0.9	-7.8	-37.4	1.7
Cash and Cash Equivalents at Beginning of Period	80.2	79.1	86.8	123.9	124.5
FX Difference from Revaluation	0.0	0.2	0.0	0.3	-0.4
Cash and Cash Equivalents at End of Period	137.6	80.2	79.1	86.8	130.0

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	357.2	437.4	248.6	245.8	177.4	294.2	170.8	129.7	142.5	223.3	116.8	201.0
Revenue Deductions	—	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	357.2	437.1	248.6	245.8	177.4	294.2	170.8	129.7	142.5	223.3	116.8	201.0
Cost of Goods Sold	294.3	372.5	203.8	199.3	143.5	247.6	138.7	100.5	114.1	185.1	93.7	166.7
Gross Profit	62.9	64.6	44.9	46.6	33.8	46.6	32.1	29.2	28.5	38.2	23.1	34.2
Financial Income	4.3	5.6	3.5	10.5	2.9	5.1	3.0	9.8	4.9	6.6	4.8	7.6
Financial Expenses	0.2	0.1	0.1	1.1	0.2	0.2	0.1	0.1	0.1	0.1	0.2	0.3
Interest Expense	0.2	0.1	0.1	0.3	0.2	0.0	0.1	0.1	0.1	0.1	0.2	0.3
Share of Associates and Joint Ventures	1.9	3.0	0.8	-6.4	1.1	2.2	2.0	-4.8	4.4	2.3	0.7	-5.1
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	42.4	56.6	28.3	30.5	26.7	34.2	21.5	18.7	21.6	28.9	19.6	19.4
Operating Profit	26.5	16.6	20.8	19.1	11.0	19.5	15.5	15.4	16.1	18.1	8.8	17.1
Other Income	0.1	1.8	0.5	0.5	0.1	0.5	0.3	0.3	0.1	6.1	1.1	-0.4
Other Expenses	0.8	1.9	0.4	0.4	0.2	0.4	0.9	0.4	0.2	7.4	0.8	0.8
Other Profit	-0.7	-0.1	0.2	0.2	-0.1	0.1	-0.6	-0.1	-0.1	-1.3	0.3	-1.2
Profit Before Tax	25.8	16.4	20.9	19.3	10.9	19.6	14.9	15.3	16.0	16.8	9.1	15.9
Current Income Tax Expense	4.8	2.7	4.1	3.4	2.1	3.6	2.8	2.5	2.5	3.3	1.5	3.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	21.0	13.7	16.8	15.9	8.7	16.0	12.1	12.8	13.6	13.5	7.6	12.9
Non-controlling Interest	5.7	2.7	3.5	3.8	2.3	2.9	2.4	1.6	2.5	2.5	0.9	3.6
Profit Attributable to Parent	15.3	11.1	13.3	12.2	6.5	13.2	9.7	11.3	11.1	11.0	6.7	9.2
Earnings per Share	428.00	310.00	373.00	340.00	181.00	368.00	270.00	314.00	310.00	307.00	188.00	258.00
Diluted EPS	428.05	309.11	372.99	340.00	181.12	367.85	270.17	314.49	310.30	307.23	188.28	258.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,172.1	1,120.6	1,055.3	966.1	912.8	912.2	922.7	883.5	866.1	873.2	844.0	866.8
I. Cash and cash equivalents	150.5	137.6	134.4	95.4	79.2	80.2	103.0	92.2	96.8	78.5	59.2	51.2
1. Cash	128.0	104.8	92.1	62.5	53.2	42.7	51.3	35.2	49.2	37.5	35.5	34.2
2. Cash equivalents	22.5	32.8	42.3	32.9	26.0	37.5	51.8	57.0	47.6	41.0	23.7	17.0
II. Short-term financial investments	340.1	328.5	299.4	289.6	273.5	265.3	237.8	230.8	236.0	234.4	228.6	224.4
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	340.1	328.5	299.4	289.6	273.5	265.3	237.8	230.8	236.0	234.4	228.6	224.4
III. Short-term receivables	386.4	384.6	344.1	321.0	302.4	324.7	315.3	293.8	278.1	307.6	293.6	302.6
1. Short-term trade accounts receivable	260.8	282.6	230.8	235.6	220.2	246.5	225.6	210.0	206.2	243.9	227.4	240.7
2. Short-term prepayments to suppliers	28.0	20.3	17.5	15.7	14.0	16.6	15.4	16.1	14.1	13.7	14.0	14.1
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	0.0	0.0	0.0	0.0
6. Other short-term receivables	114.4	98.9	106.6	80.6	80.1	73.4	86.1	80.8	71.3	63.0	69.4	65.4
7. Provision for short-term doubtful debts (*)	-16.8	-17.2	-10.8	-10.9	-11.9	-11.8	-11.8	-13.0	-13.5	-13.0	-17.2	-17.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	287.2	263.6	268.6	251.0	250.2	236.3	256.9	256.9	244.5	245.0	251.0	248.1
1. Inventories	287.2	263.6	268.6	251.0	250.2	236.3	256.9	256.9	244.5	245.0	251.0	248.1
2. Provision for decline in value of inventories	—	—	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	7.9	6.3	8.8	9.0	7.6	5.7	9.6	9.8	10.7	7.6	11.6	40.6
1. Short-term prepayments	2.5	2.3	2.5	2.5	2.7	2.6	2.5	2.3	2.3	2.2	2.5	2.4
2. Value added tax to be reclaimed	0.9	3.0	2.5	1.7	2.2	1.9	2.4	2.5	2.5	2.6	3.4	35.6
3. Taxes and other receivables from state authorities	4.6	1.0	3.9	4.3	2.7	1.3	4.8	5.0	6.0	2.8	5.7	2.5
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	0.5	—	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)	261.1	247.3	235.6	235.2	243.6	241.4	241.3	241.9	249.9	247.3	248.6	251.5
I. Long-term receivables	0.7	0.4	0.4	0.4	0.4	0.4	1.2	1.2	1.2	1.3	1.4	1.3
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	0.1
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	0.7	0.4	0.4	0.4	0.4	0.4	1.2	1.2	1.2	1.3	1.4	1.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	109.2	112.3	112.0	113.5	114.4	116.1	118.4	119.7	122.1	124.2	126.4	128.9
1. Tangible fixed assets	105.2	107.1	108.8	110.7	111.1	112.3	114.3	115.0	117.1	118.9	120.8	122.9
- Cost	279.7	—	—	—	—	280.7	280.7	279.4	279.9	279.6	279.3	279.6
- Accumulated depreciation	-174.4	—	—	—	—	-168.4	-166.4	-164.3	-162.7	-160.7	-158.5	-156.8
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	4.0	5.3	3.1	2.8	3.3	3.8	4.1	4.7	5.0	5.3	5.5	6.0
- Cost	18.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	20.3	6.2	0.3	0.3	1.0	0.0	0.0	0.0	0.3	0.3	0.3	0.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	20.3	6.2	0.3	0.3	1.0	0.0	0.0	0.0	0.3	0.3	0.3	0.3
V. Long-term financial investments	118.9	116.7	112.1	111.0	119.0	117.0	113.6	112.8	117.7	113.0	110.7	110.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	78.6	76.5	71.9	71.2	77.6	74.9	72.7	72.0	76.8	72.3	70.0	69.4
3. Investments in other entities	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7
4. Provision for diminution in value of long-term investments	-0.8	-0.8	-0.8	-0.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.5	0.4	0.4	—	0.7	1.4	0.2	0.2	0.2	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	12.1	11.6	10.9	10.0	8.8	7.8	8.1	8.0	8.6	8.5	9.8	10.8
1. Long-term prepayments	12.1	11.6	10.9	10.0	8.8	7.8	8.0	8.0	8.6	8.5	9.8	10.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,433.3	1,367.8	1,290.9	1,201.3	1,156.4	1,153.6	1,164.0	1,125.4	1,116.1	1,120.5	1,092.6	1,118.3
A. LIABILITIES (300=210+330)	918.7	876.1	812.8	740.0	665.2	670.0	696.2	668.5	635.0	652.1	637.2	670.4
I. Short -term liabilities	906.1	863.6	800.0	726.9	652.2	656.5	682.9	655.1	620.6	635.5	598.1	632.3
1. Short-term trade accounts payable	57.6	63.0	42.0	27.3	28.6	41.5	28.4	26.4	30.4	37.2	30.0	37.9
2. Short-term advances from customers	464.1	439.0	408.8	359.5	345.5	322.5	347.4	338.7	329.7	295.5	305.9	281.5
3. Dividends and profits payable	0.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.8	16.3	9.0	8.6	5.5	7.9	7.1	5.7	5.2	10.1	5.4	8.4
4. Payable to employees	80.1	63.1	43.9	36.9	18.2	40.7	18.9	18.0	16.7	36.5	14.7	18.2
5. Short-term acrrued expenses	34.9	34.4	25.7	21.6	19.4	25.9	21.1	21.5	24.8	34.5	32.1	35.0
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	1.0	0.6	0.6	0.4	0.6	0.7	2.4	0.8	1.0	0.9	1.3	1.2
9. Other short-term payables	215.2	206.5	223.5	220.8	187.0	171.2	210.7	198.3	176.0	179.6	182.0	216.2
10. Short-term borrowings and financial leases	35.7	29.4	31.8	33.9	39.0	36.4	34.2	30.0	29.4	29.3	12.3	17.6
11. Provision for short-term liabilities	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
12.. Bonus and welfare fund	5.3	10.7	14.1	17.3	7.8	9.1	12.1	15.0	6.9	11.2	13.8	15.5
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	12.6	12.4	12.9	13.0	13.0	13.4	13.3	13.4	14.4	16.7	39.1	38.1
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	3.0	3.1	3.1	3.1	3.2	3.2	3.3	3.3	4.3	3.4	4.5	3.5
7. Other long-term liabilities	9.6	9.4	9.8	9.9	9.8	10.2	10.1	10.1	10.0	13.3	14.7	14.6
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	20.0	20.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	514.5	491.8	478.1	461.3	491.2	483.6	467.8	457.0	481.1	468.3	455.4	447.9
I. Owner's equity	514.5	491.7	478.0	461.3	491.2	483.3	467.8	456.9	480.7	468.3	454.9	447.6
1. Owner's capital	357.7	357.7	357.7	357.7	357.7	357.7	357.7	357.7	357.7	357.7	357.7	357.7
- Common stock with voting right	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00	357,744,480,000.00
- 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	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-16.0	-16.0	-16.0	-16.0	-16.0	-16.0	-16.0	-16.0	-16.0	-16.0	-16.0	-16.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	24.1	24.1	24.1	24.1	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.5
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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
11. Undistributed earnings after tax	67.8	51.7	40.7	27.5	55.6	47.9	34.9	26.5	45.1	34.9	24.0	17.5
- Accumulated retained earning at the end of the previous period	52.5	8.7	8.7	8.9	49.1	4.0	4.1	4.2	34.0	6.2	6.2	6.2
- Undistributed earnings in this period	15.3	43.0	31.9	18.6	6.5	43.9	30.8	22.4	11.1	28.8	17.8	11.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	79.8	73.1	70.5	66.9	70.3	70.1	67.6	65.1	70.3	68.0	65.6	64.9
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	0.3	0.0	0.0	0.3	0.0	0.6	0.2
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.3	0.0	0.6	0.2
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)	1,433.3	1,367.8	1,290.9	1,201.3	1,156.4	1,153.6	1,164.0	1,125.4	1,116.1	1,120.5	1,092.6	1,118.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	25.8	16.4	20.9	19.3	10.9	19.6	14.9	14.0	16.0	15.9	9.1	15.5
Depreciation of Fixed Assets and Investment Property	1.0	1.2	-0.6	2.7	2.6	2.8	2.5	2.6	2.6	2.2	2.6	2.8
Provision (Increase)/Reversal	-0.4	6.4	-0.1	-0.2	—	0.0	-1.2	-0.5	0.0	-3.7	-0.4	-0.2
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.1	-0.1	—	-0.1	0.0	-0.2	-0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-4.3	-5.9	-14.9	-3.7	-4.6	-6.9	-4.9	-3.7	-9.3	-7.7	-5.5	-2.5
Interest Expense	0.2	0.1	0.1	0.3	0.2	-0.0	0.1	0.1	0.1	0.1	0.2	0.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	22.3	18.1	5.5	18.2	9.1	15.4	11.4	12.4	9.3	6.7	6.0	15.8
Increase/(Decrease) in Receivables	-17.4	-42.3	-17.5	-6.2	13.0	-10.3	-22.3	-10.0	24.2	8.8	18.8	-33.2
Increase/(Decrease) in Inventory	-23.7	5.0	-17.6	-0.8	-14.2	20.6	-0.0	-12.4	0.1	6.4	-2.8	10.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	41.6	100.5	78.9	38.6	-4.3	-3.1	26.4	3.9	-10.7	17.3	-7.3	-1.2
Increase/(Decrease) in Prepaid Expenses	2.0	-0.6	-1.2	-0.6	-1.1	0.0	0.0	0.4	-0.2	1.6	0.4	3.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.1	-0.1	-0.7	0.2	0.0	-0.1	-0.1	-0.1	-0.1	-0.2	-0.3
Corporate Income Tax Paid	-2.1	-5.5	-3.0	-8.6	3.1	-3.2	-3.4	-3.9	-3.3	-1.5	-2.7	-1.0
Other Operating Receipts	4.2	—	—	—	—	0.4	1.2	-0.5	0.8	-1.0	1.5	0.1
Other Operating Payments	-15.6	-6.0	-1.6	-2.0	-5.0	-3.0	-2.5	-3.1	-4.2	-3.2	-1.8	-3.0
Net Cash Flow from Operating Activities	11.1	69.7	43.5	37.9	1.1	16.8	10.8	-13.3	16.1	35.0	11.9	-8.2
Payments for Fixed Assets and Other Long-term Assets	1.5	-2.2	-0.7	-4.9	1.9	-0.0	-0.8	0.2	-0.5	-0.1	-0.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	-0.2	0.2	—	-0.1	-0.0	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-46.9	-54.0	-6.1	-29.2	-25.0	-37.9	-19.7	-24.4	-14.0	-24.2	-18.7	-11.9
Receipts from Loan Repayments and Sale of Debt Instruments	37.9	23.6	-5.6	13.6	15.3	10.3	12.8	36.6	4.7	18.5	14.5	13.6
Investments in Other Entities	—	—	—	—	—	0.0	0.0	10.0	-10.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	-17.0	17.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.8	-1.5	12.9	5.0	4.6	7.7	3.8	6.5	4.9	7.4	5.6	4.2
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	-4.6	-35.4	0.2	-15.2	-3.1	-20.0	-3.9	12.0	2.0	1.6	1.3	5.9
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	8.3	1.6	1.9	4.8	8.8	8.6	6.8	2.5	1.5	2.0	1.7	3.5
Repayment of Borrowings	-2.1	-4.0	-4.0	-9.9	-6.2	-6.2	-2.8	-1.9	-1.4	-5.0	-7.0	-3.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-28.8	-0.2	-3.8	-1.6	-21.8	-0.0	-4.0	-0.5	-13.7	0.0	-4.5
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	6.2	-31.1	-2.3	-8.8	1.0	-19.5	4.0	-3.4	-0.4	-16.8	-5.3	-4.3
Net Cash Flow During the Period	12.7	3.2	41.4	13.8	-1.0	-22.8	10.8	-4.7	17.7	19.9	8.0	-6.7
Cash and Cash Equivalents at Beginning of Period	137.8	134.4	93.1	79.2	80.2	79.1	79.1	79.1	79.1	86.8	86.8	86.8
FX Difference from Revaluation	—	0.0	0.0	0.1	—	-0.1	-0.0	0.2	0.0	0.1	0.0	-0.0
Cash and Cash Equivalents at End of Period	150.5	137.6	134.4	93.1	79.2	80.2	103.0	92.2	96.8	79.1	59.2	51.2

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VGV

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