VIW

Tổng Công ty Đầu tư Nước và Môi trường Việt Nam ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 3.97%, +2.51pp YoY

Price

22,600

Latest close

03 Jun 2026

P/E 62.26x

P/B 1.76x

EPS 363

BVPS 12,860

ROE 3.3%

ROA 1.3%

Profit Margin 2.4%

Asset Turnover 0.52x

Equity Mult. 2.65x

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

What Is Changing

On a TTM 2026Q1 basis, VIW has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,004bn
	                                
+12.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 40bn
	                                
+206.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	976.7	881.6	1,355.1	1,124.2	835.9
Growth	+11%	-35%	+21%	+34%	—
Net Income	26.1	15.3	14.3	-1.0	1.5
Net Margin	2.68%	1.74%	1.05%	-0.09%	0.18%

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	184.7	309.0	235.1	274.7	156.1	352.5	205.9	175.5	144.4	438.3	369.4	414.3
Growth	-40%	+31%	-14%	+76%	-56%	+71%	+17%	+22%	-67%	+19%	-11%	—
Net Income	12.6	17.7	11.4	-1.9	6.1	-1.9	8.1	0.7	2.4	-1.6	4.6	7.4
Net Margin	6.84%	5.72%	4.87%	-0.70%	3.89%	-0.53%	3.92%	0.41%	1.68%	-0.38%	1.25%	1.79%

Drivers of VIW's profit

TTM

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

Gross profit ↑ 25.4bn

Associates income ↑ 5.5bn

Administrative expenses ↑ 4.5bn

TTM

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

Gross profit ↑ 4.9bn

Associates income ↑ 2.5bn

Minority interests ↑ 2.1bn

Finance costs ↑ 0.9bn

Tax ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.8% = 1.5% × 0.45 × 2.77

2026Q1 5.5% = 4.0% × 0.52 × 2.65

ROE rose from 1.8% to 5.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 4.0% +2.5pp Asset turnover: 0.52x +0.07x Leverage: 2.65x -0.12x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 3.97%, rising 2.5pp. The main driver is Gross margin rose 1.1pp and SG&A / Revenue fell 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.5pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 3.97% +2.5pp

Gross Margin 13.53% +1.1pp

SG&A / Revenue 7.35% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 4.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 4.16%, rising 2.8pp. That translates to 4.16 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.4pp and capital turnover rose 0.16x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 4.16% +2.8pp

NOPAT Margin 3.89% +2.4pp

Capital Turnover 1.07x +0.16x

Average Invested Capital 938.8bn −37.8bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.68x equity, net debt at 0.21x equity.

Inventory ended the period at 537.2bn, roughly 27.4% of total assets.

Over the last 12 months, working capital released 45.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +63.0bn

Inventories decreased → higher CFO: +48.6bn

Payables decreased → lower CFO: −66.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 22.6 days versus the same period last year. The main moves came from DIO fell 17.4 days, DSO fell 25.5 days, and DPO fell 20.3 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 169.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 125.4 days −25.5 days

Inventory 231.0 days −17.4 days

Payables 186.8 days −20.3 days

Cash Conversion Cycle 169.6 days −22.6 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.21x and interest coverage at 2.05x.

At present, short-term debt accounts for 68.9% of total debt, cash equals 42.7% of debt, and total debt stands at 267.6bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 68.9% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.21x −0.17x

Interest Coverage 2.05x +1.23x

Cash / Debt 42.7% +25.3pp

Short-term Debt / Total Debt 68.9% −2.9pp

CFO / NI 5.10x +50.93x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 160.5bn in 2025, against investing cash flow of -2.0bn.

Post-investment cash flow was positive +158.4bn. Financing cash flow was negative +92.0bn.

CFO / net income was 5.10x.

After spending +7.4bn on fixed-asset investment, the business generated trailing free cash flow of +116.4bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 123.8bn +81.4bn

Cash Capex 7.4bn −0.4bn

FCF TTM +116.4bn +81.9bn

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 operating efficiency, with net margin improving 2.5 pp. The next item to monitor is capital efficiency, with ROIC at 4.2%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.97% after expanding 2.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	976.7	881.6	1,355.1	1,125.0	836.1
Revenue Deductions	—	0.0	0.0	0.8	0.0
Net Revenue	976.7	881.6	1,355.1	1,124.2	835.9
Cost of Goods Sold	850.6	760.5	1,218.7	999.3	0.0
Gross Profit	126.1	121.1	136.5	124.9	97.2
Financial Income	4.2	3.6	4.8	4.7	20.0
Financial Expenses	23.3	30.5	38.7	44.6	-31.6
Interest Expense	22.9	29.3	38.6	42.0	-31.0
Share of Associates and Joint Ventures	5.8	3.9	1.0	-0.0	-2.3
Selling Expenses	1.1	1.9	2.7	0.7	-0.4
General and Administrative Expenses	72.4	73.3	73.7	77.3	-72.5
Operating Profit	39.4	22.9	27.2	7.1	10.4
Other Income	1.0	2.1	1.6	1.6	0.0
Other Expenses	2.2	1.3	2.8	1.6	0.0
Other Profit	-1.2	0.8	-1.2	0.0	-0.3
Profit Before Tax	38.2	23.7	26.0	7.1	10.1
Current Income Tax Expense	9.7	9.1	10.7	7.1	-8.6
Deferred Income Tax Expense	2.3	-0.8	1.1	1.1	0.0
Net Income	26.1	15.3	14.3	-1.0	1.5
Non-controlling Interest	10.7	11.0	10.7	6.5	8.1
Profit Attributable to Parent	15.4	4.3	3.6	-7.5	-6.6
Earnings per Share	265.00	75.00	61.00	-129.00	-114.00
Diluted EPS	265.14	74.88	61.41	-129.40	-113.03

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,394.3	1,392.7	1,453.9	1,518.6	1,557.7
I. Cash and cash equivalents	189.7	123.3	143.7	160.1	253.2
1. Cash	189.7	42.2	140.1	146.0	0.0
2. Cash equivalents	—	81.0	3.6	14.0	0.0
II. Short-term financial investments	2.0	2.0	13.2	26.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	2.0	2.0	13.2	26.0	0.0
III. Short-term receivables	640.4	704.7	811.2	761.4	738.8
1. Short-term trade accounts receivable	349.2	381.8	533.6	463.5	0.0
2. Short-term prepayments to suppliers	126.2	144.5	100.4	112.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	6.6	7.2	7.2	14.6	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	200.5	205.0	197.6	198.3	0.0
7. Provision for short-term doubtful debts (*)	-43.7	-34.4	-28.0	-28.1	0.0
8. Assets awaiting resolution	1.7	0.5	0.5	0.5	0.0
IV. Inventories	537.2	534.2	472.7	548.3	542.5
1. Inventories	538.2	535.1	473.7	549.3	0.0
2. Provision for decline in value of inventories	-1.0	-1.0	-1.0	-1.0	0.0
V. Other short-term assets	25.0	28.6	13.1	22.8	23.0
1. Short-term prepayments	11.1	13.5	4.3	5.4	0.0
2. Value added tax to be reclaimed	9.0	10.8	5.6	15.1	0.0
3. Taxes and other receivables from state authorities	4.9	4.3	3.2	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)	565.4	590.4	611.9	631.2	659.9
I. Long-term receivables	0.1	2.1	2.1	2.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.1
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	2.1	2.1	2.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	297.8	315.2	333.4	353.4	376.7
1. Tangible fixed assets	271.1	287.9	305.5	325.0	347.8
- Cost	577.7	569.2	564.9	561.1	0.0
- Accumulated depreciation	-306.6	-281.3	-259.4	-236.1	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	26.8	27.3	27.9	28.4	29.0
- Cost	32.6	32.6	32.6	32.6	0.0
- Accumulated depreciation	-5.8	-5.3	-4.7	-4.2	0.0
III. Investment properties	118.2	125.5	132.5	139.5	146.5
- Cost	217.9	218.6	218.6	218.6	0.0
- Accumulated depreciation	-99.7	-93.1	-86.2	-79.2	0.0
IV. Long-term assets in progress	63.6	63.5	60.1	51.1	46.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	63.6	63.5	60.1	51.1	0.0
V. Long-term financial investments	72.5	69.7	67.5	68.3	73.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	69.9	67.1	65.0	65.7	0.0
3. Investments in other entities	15.1	15.1	15.1	15.1	0.0
4. Provision for diminution in value of long-term investments	-12.6	-12.6	-12.6	-12.6	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	13.1	14.5	16.3	16.7	0.0
1. Long-term prepayments	12.7	13.9	15.4	15.7	0.0
2. Deferred income tax assets	0.4	0.4	0.4	0.4	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	15.8
5. Goodwill	—	0.2	0.5	0.7	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,959.7	1,983.1	2,065.8	2,149.7	2,217.6
A. LIABILITIES (300=210+330)	1,229.4	1,266.0	1,350.8	1,433.8	1,478.1
I. Short -term liabilities	1,076.5	1,097.1	1,150.5	1,196.9	1,221.9
1. Short-term trade accounts payable	482.1	466.7	481.4	492.6	459.6
2. Short-term advances from customers	155.6	129.3	101.1	156.0	260.1
3. Taxes and other payables to state authorities	27.4	33.5	34.1	29.3	0.0
4. Payable to employees	16.9	19.1	13.5	12.3	0.0
5. Short-term acrrued expenses	52.9	58.1	76.7	84.9	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	117.7	100.4	99.3	86.8	0.0
10. Short-term borrowings and financial leases	202.5	265.2	317.7	315.4	285.1
11. Provision for short-term liabilities	19.5	22.7	23.6	17.1	0.0
12.. Bonus and welfare fund	1.7	2.1	3.0	2.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	152.9	168.9	200.3	236.9	256.2
1. Long-term trade payables	0.5	0.5	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	4.8	4.9	5.0	5.1	5.3
7. Other long-term liabilities	57.2	55.4	54.8	54.9	0.0
8. Long-term borrowings and financial leases	76.2	96.2	127.8	165.2	199.2
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	14.3	12.0	12.7	11.6	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)	730.3	717.1	715.0	715.9	739.6
I. Owner's equity	730.3	717.1	715.0	715.9	0.0
1. Owner's capital	580.2	580.2	580.2	580.2	739.6
- Common stock with voting right	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.3	6.3	6.3	6.3	6.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	3.3	3.3	3.3	3.3	5.7
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-5.1	-5.1	-5.1	-5.1	0.0
7. Foreign exchange differences	3.0	2.4	0.7	-0.4	0.0
8. Investment and development fund	39.7	39.7	39.7	39.7	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	-9.4	-22.6	-24.1	-24.8	-43.1
- Accumulated retained earning at the end of the previous period	-24.8	-26.9	-27.7	-17.3	-36.5
- Undistributed earnings in this period	15.4	4.3	3.6	-7.5	-6.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	112.2	112.8	114.0	116.6	155.9
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	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
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)	1,959.7	1,983.1	2,065.8	2,149.7	2,217.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	38.2	23.7	26.0	7.1	5.9
Depreciation of Fixed Assets and Investment Property	33.8	33.4	34.6	34.3	34.2
Provision (Increase)/Reversal	6.1	6.3	6.4	-1.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.6	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-6.6	-5.7	-4.3	-3.6	0.0
Interest Expense	22.9	29.3	38.6	42.0	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	94.3	87.7	101.3	78.7	103.8
Increase/(Decrease) in Receivables	55.9	94.4	-40.1	-24.3	0.0
Increase/(Decrease) in Inventory	-3.0	-61.5	75.6	3.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	43.3	-9.1	-55.9	-53.2	0.0
Increase/(Decrease) in Prepaid Expenses	3.5	-7.6	1.3	-1.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-18.8	-25.3	-37.3	-35.5	0.0
Corporate Income Tax Paid	-10.3	-8.2	-9.5	-6.7	0.0
Other Operating Receipts	—	0.0	0.4	0.0	0.0
Other Operating Payments	-4.2	-5.6	-5.1	-3.9	0.0
Net Cash Flow from Operating Activities	160.5	64.9	30.8	-43.2	24.4
Payments for Fixed Assets and Other Long-term Assets	-8.7	-5.9	-18.0	-7.5	-5.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.6	0.5	0.1	0.7
Loans and Purchases of Debt Instruments	-2.0	-0.0	-1.9	-44.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	11.2	14.8	23.1	10.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.6	2.7	3.8	4.2	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	-2.0	8.6	-0.9	-24.9	78.0
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	271.1	247.6	381.9	348.0	349.3
Repayment of Borrowings	-353.7	-331.8	-417.0	-357.2	-382.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-9.4	-9.8	-11.1	-16.0	5.3
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	-92.0	-94.0	-46.2	-25.2	-27.5
Net Cash Flow During the Period	66.4	-20.5	-16.3	-93.3	-0.2
Cash and Cash Equivalents at Beginning of Period	123.3	143.7	160.1	253.4	183.6
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	189.7	123.3	143.7	160.1	253.2

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	184.7	309.0	235.1	274.7	156.1	352.5	205.9	175.5	144.4	438.3	369.4	414.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	184.7	309.0	235.1	274.7	156.1	352.5	205.9	175.5	144.4	438.3	369.4	414.3
Cost of Goods Sold	154.1	263.6	206.1	243.9	130.3	324.0	174.2	151.2	119.2	403.3	331.7	376.1
Gross Profit	30.7	45.4	29.0	30.8	25.8	28.5	31.8	24.3	25.2	35.0	37.7	38.2
Financial Income	0.7	1.3	0.9	1.2	0.7	1.8	0.7	0.8	0.3	1.2	0.8	1.7
Financial Expenses	6.2	7.9	4.4	5.5	5.2	6.7	6.3	7.0	7.5	9.4	13.2	12.5
Interest Expense	3.8	4.3	4.4	5.5	5.2	6.7	6.3	6.6	7.5	9.4	13.2	12.5
Share of Associates and Joint Ventures	2.4	0.7	2.6	0.9	-0.1	1.0	-0.1	0.3	0.7	-0.4	1.5	0.3
Selling Expenses	0.1	0.2	0.1	0.2	0.3	0.2	0.1	0.1	0.0	0.1	0.0	0.1
General and Administrative Expenses	12.5	19.3	14.6	26.8	12.6	23.9	16.3	15.9	15.4	23.2	18.5	15.4
Operating Profit	15.1	20.1	13.4	0.4	8.3	0.5	9.6	2.3	3.3	3.2	8.2	12.3
Other Income	0.0	4.0	0.8	0.0	0.1	1.1	0.1	0.4	0.5	0.6	0.0	0.0
Other Expenses	0.1	3.1	0.3	0.2	0.5	0.5	0.1	0.3	0.3	1.4	0.8	0.5
Other Profit	-0.1	0.9	0.5	-0.2	-0.4	0.6	0.0	0.1	0.2	-0.8	-0.8	-0.4
Profit Before Tax	14.9	20.9	13.9	0.3	7.9	1.2	9.6	2.5	3.5	2.4	7.4	11.9
Current Income Tax Expense	2.5	3.2	2.4	2.3	1.9	3.1	1.8	2.1	1.0	3.6	2.5	2.5
Deferred Income Tax Expense	-0.2	0.0	0.0	-0.1	-0.1	-0.1	-0.2	-0.4	0.0	0.5	0.3	1.9
Net Income	12.6	17.7	11.4	-1.9	6.1	-1.9	8.1	0.7	2.4	-1.6	4.6	7.4
Non-controlling Interest	4.2	4.9	3.6	2.8	2.2	4.8	4.3	2.7	1.4	1.0	0.4	2.3
Profit Attributable to Parent	8.4	12.8	7.8	-4.7	3.9	-6.7	3.8	-2.0	1.1	-2.6	4.2	5.1
Earnings per Share	145.00	221.00	79.00	-82.00	68.00	-115.00	66.00	-33.00	18.00	-46.00	73.00	102.00
Diluted EPS	145.11	221.00	79.00	-82.00	68.00	-40.00	66.00	-33.00	18.00	-46.00	73.00	102.00

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)	1,310.4	1,399.7	1,336.0	1,337.7	1,375.2	1,392.8	1,317.4	1,358.6	1,381.2	1,478.0	1,517.4	1,534.6
I. Cash and cash equivalents	114.3	189.8	124.9	97.4	56.7	123.9	111.9	99.8	124.0	140.3	108.0	148.6
1. Cash	45.0	189.8	72.9	32.3	28.6	42.8	59.8	55.8	92.0	136.7	70.3	93.3
2. Cash equivalents	69.3	—	52.0	65.0	28.1	81.0	52.0	44.0	32.0	3.6	37.7	55.2
II. Short-term financial investments	35.1	2.0	2.5	4.8	37.9	5.6	6.8	6.4	3.7	14.4	14.6	13.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	35.1	2.0	2.5	4.8	37.9	5.6	6.8	6.4	3.7	14.4	14.6	13.0
III. Short-term receivables	621.0	635.0	628.8	679.6	677.0	732.7	637.1	667.0	752.0	845.8	831.3	838.0
1. Short-term trade accounts receivable	347.1	350.7	324.5	366.6	342.5	402.8	308.6	323.0	393.4	547.6	495.9	489.0
2. Short-term prepayments to suppliers	111.1	126.1	141.4	150.0	156.9	147.0	144.8	159.9	176.2	116.9	142.5	157.1
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	3.2	6.6	6.6	6.5	6.6	7.2	7.2	7.2	7.2	7.2	14.6	14.6
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	201.0	200.4	204.9	205.1	205.0	204.1	204.9	204.4	202.8	201.7	206.2	205.0
7. Provision for short-term doubtful debts (*)	-43.0	-49.3	-49.1	-49.2	-34.4	-28.9	-28.9	-28.0	-28.0	-28.0	-28.3	-28.1
8. Assets awaiting resolution	1.7	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
IV. Inventories	523.9	547.0	554.3	530.1	572.5	502.1	538.4	564.5	487.0	463.4	546.4	515.4
1. Inventories	524.9	548.0	555.3	531.1	573.5	503.1	539.4	565.5	488.0	464.4	547.3	516.3
2. Provision for decline in value of inventories	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0
V. Other short-term assets	16.1	25.7	25.4	25.8	31.1	28.6	23.2	21.0	14.5	14.0	17.3	19.7
1. Short-term prepayments	1.5	11.2	12.6	13.3	14.4	13.5	11.3	8.4	4.6	4.4	3.6	4.9
2. Value added tax to be reclaimed	9.0	9.6	8.1	8.0	12.0	10.8	8.7	10.1	6.3	6.4	9.3	12.9
3. Taxes and other receivables from state authorities	5.6	5.0	4.8	4.5	4.7	4.3	3.1	2.6	3.5	3.3	4.3	1.9
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)	584.3	570.1	584.0	581.2	583.9	590.8	595.6	601.7	607.6	614.1	617.9	625.3
I. Long-term receivables	0.1	2.1	2.1	2.1	2.1	2.2	2.2	2.1	2.1	2.1	2.1	2.1
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	2.1	2.1	2.1	2.1	2.2	2.2	2.1	2.1	2.1	2.1	2.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	291.8	298.0	304.6	302.2	308.7	315.2	317.7	324.3	326.9	332.3	338.1	344.6
1. Tangible fixed assets	265.1	271.2	277.7	275.2	281.5	287.9	290.3	296.7	299.2	304.5	310.1	316.5
- Cost	577.7	—	—	—	—	569.2	565.0	565.4	562.4	563.5	564.8	564.7
- Accumulated depreciation	-312.6	—	—	—	—	-281.3	-274.7	-268.8	-263.2	-259.1	-254.7	-248.2
2. Financial leased fixed assets	—	—	—	—	27.2	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	26.6	26.8	26.9	27.0	—	27.3	27.4	27.6	27.7	27.9	28.0	28.1
- Cost	32.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	116.5	118.2	119.9	121.7	123.4	125.5	127.2	129.0	130.7	132.5	134.2	136.0
- Cost	217.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-101.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	80.0	63.6	69.7	71.5	66.0	63.5	64.5	63.8	64.8	62.9	59.2	58.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	80.0	63.6	69.7	71.5	66.0	63.5	64.5	63.8	64.8	62.9	59.2	58.1
V. Long-term financial investments	74.9	75.2	74.5	70.5	69.6	70.1	69.0	67.5	67.5	68.0	68.3	68.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	72.4	72.6	71.9	67.9	67.0	67.5	66.5	65.0	65.0	65.4	65.8	65.7
3. Investments in other entities	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1	15.1
4. Provision for diminution in value of long-term investments	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6	-12.6
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	21.0	13.0	13.2	13.3	14.1	14.4	14.9	15.0	15.2	15.8	15.5	15.6
1. Long-term prepayments	20.8	12.6	12.7	12.9	13.7	13.8	14.2	14.3	14.8	15.4	15.1	15.2
2. Deferred income tax assets	0.2	0.4	0.4	0.2	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	—	—	0.1	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.2	0.3	0.3	0.4	0.5	0.5	0.6
TOTAL ASSETS (280=100+200)	1,894.7	1,969.8	1,920.0	1,918.9	1,959.1	1,983.6	1,913.0	1,960.4	1,988.8	2,092.1	2,135.3	2,159.9
A. LIABILITIES (300=210+330)	1,148.6	1,232.7	1,190.0	1,221.6	1,250.2	1,271.9	1,193.4	1,271.6	1,273.8	1,391.0	1,406.9	1,434.0
I. Short -term liabilities	991.1	1,085.0	1,040.7	1,066.8	1,089.2	1,105.9	1,022.7	1,097.6	1,094.7	1,189.9	1,204.1	1,206.7
1. Short-term trade accounts payable	435.7	484.8	422.2	441.4	451.7	471.2	397.5	400.7	432.8	525.2	501.6	456.0
2. Short-term advances from customers	130.6	155.9	151.7	141.7	174.1	128.7	117.4	181.3	167.8	109.7	166.8	230.5
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	26.1	27.5	44.8	39.2	28.5	32.2	35.3	29.6	35.1	33.6	29.3	29.6
4. Payable to employees	13.7	16.5	15.1	17.0	16.1	19.2	13.2	12.1	12.1	14.5	9.4	8.3
5. Short-term acrrued expenses	59.0	52.2	53.1	55.7	47.1	57.5	36.2	42.3	46.8	70.5	73.1	51.1
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	121.5	123.5	122.8	141.5	115.4	103.7	100.4	100.8	98.3	91.8	87.0	93.0
10. Short-term borrowings and financial leases	184.3	202.5	206.7	205.9	234.0	265.0	288.3	295.8	275.1	318.2	312.6	316.6
11. Provision for short-term liabilities	18.9	20.3	22.4	21.2	22.7	26.2	31.3	31.3	26.8	23.6	21.4	17.8
12.. Bonus and welfare fund	0.5	1.7	1.8	3.2	-0.3	2.1	3.1	3.6	0.0	2.8	2.9	3.7
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	157.5	147.7	149.4	154.8	161.0	166.1	170.7	174.0	179.1	201.1	202.9	227.3
1. Long-term trade payables	0.5	0.5	0.5	0.5	0.5	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	4.8	4.8	4.8	4.8	4.9	4.9	4.9	5.0	5.0	5.0	5.1	5.1
7. Other long-term liabilities	54.7	54.4	51.8	51.4	51.7	52.6	52.7	52.5	52.3	54.8	52.2	52.4
8. Long-term borrowings and financial leases	83.3	76.2	80.4	86.2	92.0	96.2	101.0	104.3	109.0	127.8	132.1	158.2
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	14.3	11.8	11.8	11.8	12.0	12.3	12.1	12.3	12.7	13.5	13.5	11.6
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)	746.1	737.1	729.9	697.3	708.9	711.7	719.6	688.7	715.0	701.1	728.4	725.9
I. Owner's equity	746.1	737.1	729.9	697.3	708.9	711.7	719.6	688.7	715.0	701.1	728.4	725.9
1. Owner's capital	580.2	580.2	580.2	580.7	580.2	580.2	580.2	580.2	580.2	580.2	580.2	580.2
- Common stock with voting right	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00	580,697,824,641.00	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00	580,186,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.3	5.8	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-5.1	-5.1	-5.1	-5.1	-5.1	-5.1	-5.1	-5.1	-5.1	-5.1	-5.1	-5.1
7. Foreign exchange differences	3.0	3.0	2.4	2.6	2.0	2.4	1.5	2.3	-1.7	0.3	0.9	-0.1
8. Investment and development fund	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.7	39.7
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	-1.0	-3.6	-16.4	-28.4	-18.7	-29.3	-22.0	-30.6	-23.1	-17.3	-16.2	-15.6
- Accumulated retained earning at the end of the previous period	-9.4	-24.9	-24.9	-27.6	-22.6	-26.9	-26.4	-29.7	-24.1	-24.5	-26.0	-21.5
- Undistributed earnings in this period	8.4	21.3	8.5	-0.8	3.9	-2.3	4.3	-0.9	1.1	7.2	9.9	5.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	119.6	113.7	119.4	98.1	101.1	114.2	115.7	92.6	115.3	93.6	119.2	117.2
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	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	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)	1,894.7	1,969.8	1,920.0	1,918.9	1,959.1	1,983.6	1,913.0	1,960.4	1,988.8	2,092.1	2,135.3	2,159.9

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	14.9	14.9	13.9	1.5	7.9	1.2	9.6	3.0	3.5	1.8	7.4	14.3
Depreciation of Fixed Assets and Investment Property	7.8	8.7	8.3	8.5	8.4	8.4	8.3	8.2	8.3	10.2	7.7	9.1
Provision (Increase)/Reversal	-1.2	-8.7	1.4	13.4	—	0.0	0.0	0.9	0.0	1.9	3.7	0.8
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	0.0	-0.2	—	0.0	0.0	0.1	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.1	-4.7	-0.9	-0.4	-0.6	-2.8	-0.5	-2.2	-0.3	-2.4	-0.7	-0.3
Interest Expense	3.8	7.7	4.4	5.6	5.2	6.7	6.3	6.6	7.5	4.8	13.2	8.9
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	22.1	18.0	27.1	28.4	20.8	13.4	23.7	16.5	18.9	16.2	31.1	33.0
Increase/(Decrease) in Receivables	19.4	-5.1	41.5	7.2	12.3	8.7	-9.6	17.9	116.0	-0.5	15.5	-90.1
Increase/(Decrease) in Inventory	13.3	17.1	-22.7	40.9	-38.4	36.3	32.6	-84.1	-14.3	73.7	-27.8	52.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-85.3	85.5	-44.1	-22.1	24.0	0.0	-22.7	36.7	-77.0	-44.1	0.8	46.6
Increase/(Decrease) in Prepaid Expenses	1.5	1.5	0.9	1.8	-0.7	-1.7	-2.9	-3.3	0.3	-1.0	1.5	0.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	3.5	-4.6	-4.4	-5.0	-4.9	-6.1	-6.0	-6.2	-7.0	-12.0	-5.7	-7.8
Corporate Income Tax Paid	-3.8	-4.0	-1.6	-0.2	-4.5	-3.9	-0.4	-2.4	-1.4	-4.0	-2.7	-0.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	0.0	0.0
Other Operating Payments	-1.2	-1.5	0.0	-0.3	-2.4	0.0	0.0	-0.5	-3.6	0.3	-2.1	-0.9
Net Cash Flow from Operating Activities	-30.5	106.9	-3.2	50.7	6.2	46.7	14.8	-25.3	31.8	29.0	10.6	33.3
Payments for Fixed Assets and Other Long-term Assets	-1.0	-4.5	0.0	-1.9	-2.2	-2.0	-0.2	-3.4	-0.1	-13.1	-0.2	-4.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.1	0.0	-0.2	0.4	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	-33.1	2.8	0.0	31.0	-35.8	0.0	0.0	-9.5	9.5	-1.9	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	-27.0	27.0	2.0	—	0.0	0.0	10.0	0.0	26.2	-24.4	13.0
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	0.9	3.9	0.6	1.4	0.7	1.1	0.5	0.3	0.3	1.0	0.8	1.1
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	-33.2	-24.9	27.6	32.6	-37.4	-0.8	0.3	-2.8	10.0	12.6	-23.8	9.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	40.6	30.8	87.8	79.6	72.9	70.8	38.1	81.7	57.7	115.2	83.1	80.0
Repayment of Borrowings	-51.7	-42.3	-89.9	-113.2	-108.3	-98.9	-41.1	-73.5	-119.2	-115.9	-114.8	-91.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.6	-5.7	-0.2	-3.5	—	-5.8	-0.8	-3.7	0.0	-5.2	-0.7	-5.2
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	-11.6	-17.2	-2.4	-37.1	-35.4	-33.8	-3.7	4.5	-61.5	-5.8	-32.4	-16.4
Net Cash Flow During the Period	-75.4	64.8	22.0	46.2	-66.6	12.0	11.3	-23.5	-19.7	35.8	-45.6	26.4
Cash and Cash Equivalents at Beginning of Period	189.7	124.9	102.9	56.7	123.3	143.7	143.7	143.7	143.7	160.1	160.1	160.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	—	-0.0	0.0	0.1	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	114.3	189.7	124.9	102.9	56.7	123.9	111.9	100.5	124.0	143.7	108.0	153.6

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VIW

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