VMD

Y Dược phẩm Vimedimex ·HOSE ·2025Q1

● Maintaining

Pre-tax profit relies materially on non-core sources Net financial result/PBT −2.51%

Price

14,600

Latest close

02 Jun 2026

P/E 8.50x

P/B 0.54x

EPS 1,717

BVPS 27,236

ROE 6.3%

ROA 1.8%

Profit Margin 2.3%

Asset Turnover 0.75x

Equity Mult. 3.56x

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

What Is Changing

On a TTM 2025Q1 basis, VMD has not accelerated revenue, but profitability is improving more visibly — margins have been expanding consistently over multiple periods. Notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,136bn
	                                
−59.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 26bn
	                                
+40.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    98.5%

Metric	2024	2023	2022	2021	2020
Revenue	1,249.9	3,544.0	7,073.5	12,318.8	18,162.2
Growth	-65%	-50%	-43%	-32%	—
Net Income	23.6	31.2	35.2	19.1	37.1
Net Margin	1.88%	0.88%	0.50%	0.16%	0.20%

Metric	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	241.3	398.5	237.7	258.2	354.5	591.6	754.3	1,079.9	1,115.7	1,613.0	1,772.3	1,818.9
Growth	-39%	+68%	-8%	-27%	-40%	-22%	-30%	-3%	-31%	-9%	-3%	—
Net Income	3.9	14.3	5.3	2.7	2.8	6.7	5.4	3.7	3.9	18.7	9.5	2.5
Net Margin	1.60%	3.58%	2.21%	1.03%	0.78%	1.13%	0.72%	0.34%	0.35%	1.16%	0.53%	0.14%

Drivers of VMD's profit

TTM

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

Selling expenses ↓ 70.9bn

Other profit ↑ 35.8bn

Administrative expenses ↓ 11.5bn

Tax ↓ 2.4bn

Gross profit ↓ 108.3bn

Financial income ↓ 3.4bn

TTM

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

Other profit ↑ 5.1bn

Finance costs ↓ 1.3bn

Selling expenses ↓ 0.8bn

Financial income ↑ 0.6bn

Gross profit ↓ 5.0bn

Administrative expenses ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q1 4.3% = 0.7% × 1.18 × 5.50

2025Q1 6.1% = 2.3% × 0.75 × 3.56

ROE rose from 4.3% to 6.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 2.3% +1.6pp Asset turnover: 0.75x -0.43x Leverage: 3.56x -1.94x

Is the profit sustainable?

Margins improved (+1.6pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 2.29%, rising 1.6pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 2.9pp (in addition, Other profit / Revenue rose 3.0pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 2.29% +1.6pp

Gross Margin 10.06% +2.1pp

SG&A / Revenue 9.94% +2.9pp

Non-core / Revenue 2.86% +2.8pp

TTM YoY · 2024Q1 -> 2025Q1

Watchpoints

Other income is supporting margin

Other income accounts for 98.5% of PBT and lifted net margin by 2.8pp — separate the operating contribution from this source.

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 0.03% −0.7pp

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 1.87x equity, with a net cash position equivalent to 0.32x equity.

Over the last 12 months, working capital released 167.7bn 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: +208.9bn

Inventories decreased → higher CFO: +103.1bn

Payables decreased → lower CFO: −144.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 37.5 days versus the same period last year. The main moves came from DIO fell 4.0 days, DSO rose 50.4 days, and DPO rose 83.9 days.

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

Watchpoints

Receivables collection is slowing

DSO increased by +50.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 168.9 days +50.4 days

Inventory 78.4 days −4.0 days

Payables 267.2 days +83.9 days

Cash Conversion Cycle -19.9 days −37.5 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 118.7bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.32x and interest coverage only at 0.06x.

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.

Watchpoints

Interest coverage is thin

Interest coverage is 0.06x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.32x −0.10x

Interest Coverage 0.06x −4.10x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 8.02x +10.82x

TTM YoY · 2024Q1 -> 2025Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 118.7bn in 2024, against investing cash flow of 4.1bn.

Post-investment cash flow was positive +122.8bn. Financing cash flow was negative +31.4bn.

CFO / net income was 8.02x.

After spending +2.7bn on fixed-asset investment, the business generated trailing free cash flow of +210.0bn.

Cash Conversion

CFO TTM 212.7bn +266.7bn

Cash Capex 2.7bn −10.0bn

FCF TTM +210.0bn +276.7bn

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 1.6 pp. The next item to monitor is the earnings mix, when non-core contribution is -2.5%. The main risk still sits in leverage and liquidity, with interest coverage at 0.06x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.29% after expanding 1.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.02x. Even so, net financial result still accounts for -2.5% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.06x.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	1,255.0	3,552.3	7,133.7	12,455.1	18,178.0
Revenue Deductions	5.1	8.3	60.2	0.0	0.0
Net Revenue	1,249.9	3,544.0	7,073.5	12,318.8	18,162.2
Cost of Goods Sold	1,130.9	3,255.8	6,528.7	0.0	0.0
Gross Profit	118.9	288.2	544.8	1,068.7	1,396.3
Financial Income	7.4	13.4	38.0	48.5	43.0
Financial Expenses	10.3	4.8	23.6	-174.5	-188.1
Interest Expense	3.7	1.7	5.1	-15.7	-7.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	85.7	207.1	444.4	-826.1	-1,117.8
General and Administrative Expenses	27.7	43.1	68.2	-90.1	-92.2
Operating Profit	2.6	46.6	46.5	26.5	41.3
Other Income	28.5	0.7	1.1	0.0	0.0
Other Expenses	0.5	3.8	0.2	0.0	0.0
Other Profit	28.0	-3.0	0.9	1.7	9.2
Profit Before Tax	30.6	43.6	47.4	28.2	50.4
Current Income Tax Expense	7.1	12.4	12.2	-9.1	-13.3
Deferred Income Tax Expense	0.0	0.0	0.1	0.0	0.0
Net Income	23.6	31.2	35.2	19.1	37.1
Non-controlling Interest	0.4	3.0	0.3	-0.6	0.0
Profit Attributable to Parent	23.2	28.2	34.8	19.8	37.1
Earnings per Share	1,449.00	1,737.00	2,255.00	-525.00	2,400.76
Diluted EPS	1,502.16	1,828.80	2,255.00	1,280.16	2,400.76

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	976.3	1,620.0	2,812.3	5,279.6	8,044.1
I. Cash and cash equivalents	301.1	209.8	213.7	148.8	302.7
1. Cash	116.9	53.1	75.4	0.0	0.0
2. Cash equivalents	184.2	156.7	138.3	0.0	0.0
II. Short-term financial investments	34.0	39.6	42.7	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	34.0	39.6	42.7	0.0	0.0
III. Short-term receivables	524.7	1,072.6	1,528.5	2,392.5	3,695.4
1. Short-term trade accounts receivable	404.3	751.0	1,233.1	0.0	0.0
2. Short-term prepayments to suppliers	17.9	14.6	221.8	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	206.3	408.4	167.7	0.0	0.0
7. Provision for short-term doubtful debts (*)	-103.8	-101.3	-94.2	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	84.9	250.4	947.1	2,531.7	3,765.3
1. Inventories	89.8	258.9	958.0	0.0	0.0
2. Provision for decline in value of inventories	-4.9	-8.5	-10.8	0.0	0.0
V. Other short-term assets	31.6	47.6	80.3	175.5	249.5
1. Short-term prepayments	1.7	1.6	4.2	0.0	0.0
2. Value added tax to be reclaimed	29.9	45.9	75.4	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.8	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	221.2	235.8	241.2	251.9	248.7
I. Long-term receivables	6.2	4.9	3.4	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	2.8	2.9
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	6.2	4.9	3.4	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	108.7	104.8	109.5	125.1	136.7
1. Tangible fixed assets	76.9	87.5	91.3	106.3	117.2
- Cost	202.0	201.0	189.5	0.0	0.0
- Accumulated depreciation	-125.2	-113.5	-98.2	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	31.8	17.3	18.2	18.8	19.5
- Cost	45.8	26.3	26.1	0.0	0.0
- Accumulated depreciation	-14.0	-9.0	-7.9	0.0	0.0
III. Investment properties	60.7	63.7	66.6	69.5	72.5
- Cost	103.3	103.3	103.3	0.0	0.0
- Accumulated depreciation	-42.6	-39.7	-36.7	0.0	0.0
IV. Long-term assets in progress	33.9	46.7	41.4	40.6	19.7
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	33.9	46.7	41.4	0.0	0.0
V. Long-term financial investments	9.0	7.9	7.9	6.6	6.6
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	18.7	18.7	18.7	0.0	0.0
4. Provision for diminution in value of long-term investments	-10.8	-10.8	-10.8	0.0	0.0
5. Held to maturity investments	1.1	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.7	7.7	12.4	0.0	0.0
1. Long-term prepayments	2.7	7.7	12.4	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	7.3	10.4
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,197.5	1,855.8	3,053.5	5,531.5	8,292.9
A. LIABILITIES (300=210+330)	780.8	1,431.8	2,634.8	5,134.7	7,947.7
I. Short -term liabilities	762.3	1,411.7	2,614.1	5,111.1	7,923.1
1. Short-term trade accounts payable	598.4	1,062.8	1,908.7	4,183.3	7,370.2
2. Short-term advances from customers	9.8	8.9	27.7	55.8	104.1
3. Taxes and other payables to state authorities	5.9	4.6	7.4	0.0	0.0
4. Payable to employees	2.6	2.7	5.2	0.0	0.0
5. Short-term acrrued expenses	2.1	6.7	8.0	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.2	0.2	0.0	0.1
9. Other short-term payables	138.4	320.7	653.4	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	612.4	345.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.1	5.1	3.4	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	18.5	20.1	20.7	23.7	24.6
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	18.5	20.1	20.7	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	416.7	424.0	418.7	396.8	345.1
I. Owner's equity	414.7	422.1	416.8	0.0	0.0
1. Owner's capital	154.4	154.4	154.4	394.8	343.2
- Common stock with voting right	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	114.2	114.2	114.2	114.2	114.2
3. Convertible bond option	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
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	33.7	33.7	33.7	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	7.3	7.3	7.3	0.0	0.0
11. Undistributed earnings after tax	25.7	33.4	37.9	19.5	36.4
- Accumulated retained earning at the end of the previous period	1.9	5.1	3.1	-0.5	-0.7
- Undistributed earnings in this period	23.7	28.2	34.8	20.0	37.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	79.4	79.0	69.2	66.7	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	1.9	1.9	1.9	1.9	2.0
1. Subsidized not-for-profit funds	1.9	1.9	1.9	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,197.5	1,855.8	3,053.5	5,531.5	8,292.9

Item	2024	2023	2022	2021	2020
Profit Before Tax	30.6	43.6	47.4	28.4	50.4
Depreciation of Fixed Assets and Investment Property	19.6	19.4	19.3	19.4	17.7
Provision (Increase)/Reversal	5.0	4.7	-7.8	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	-0.6	0.0	0.0
Gain/Loss from Investment Activities	-6.5	-11.2	-7.1	0.0	0.0
Interest Expense	3.7	1.7	5.1	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	52.6	58.4	56.3	33.1	246.3
Increase/(Decrease) in Receivables	367.3	483.2	1,378.5	0.0	0.0
Increase/(Decrease) in Inventory	163.0	279.9	1,593.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-459.0	-785.0	-2,310.2	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	4.9	7.3	-2.9	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.7	-1.7	-7.6	0.0	0.0
Corporate Income Tax Paid	-6.3	-13.5	-5.1	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	118.7	28.6	702.1	-422.0	162.9
Payments for Fixed Assets and Other Long-term Assets	-7.0	-27.5	-5.2	-20.5	-29.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	5.3	0.2	0.0	0.2
Loans and Purchases of Debt Instruments	-3.0	-10.9	-41.7	-0.4	-30.7
Receipts from Loan Repayments and Sale of Debt Instruments	7.7	14.0	30.1	0.4	16.2
Investments in Other Entities	0.0	0.0	-1.4	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.5	11.2	6.3	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	4.1	-8.0	-11.7	-5.7	-40.1
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	2,000,000,000.00	46,410,000,000.00	18,400,000,000.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	338.5	634.9	1,736.2	1,488.8
Repayment of Borrowings	0.0	-338.5	-1,247.3	-1,468.8	-1,447.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-31.4	-31.2	-15.1	-40.1	-23.6
Other Financing Receipts	0.0	6.7	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-31.4	-24.5	-625.5	273.7	36.6
Net Cash Flow During the Period	91.3	-3.9	64.9	-31.0	12.9
Cash and Cash Equivalents at Beginning of Period	209.8	213.7	148.8	302.7	143.4
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	301.1	209.8	213.7	148.8	302.7

Item	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	243.2	402.9	237.8	258.3	355.3	592.4	756.6	1,082.2	1,118.8	1,638.8	1,775.6	1,825.8
Revenue Deductions	1.9	4.4	0.1	0.1	0.8	0.8	2.3	2.3	3.1	25.8	3.3	6.9
Net Revenue	241.3	398.5	237.7	258.2	354.5	591.6	754.3	1,079.9	1,115.7	1,613.0	1,772.3	1,818.9
Cost of Goods Sold	216.5	362.1	212.5	230.4	324.8	534.7	698.7	999.7	1,028.4	1,476.1	1,644.7	1,680.8
Gross Profit	24.8	36.5	25.2	27.8	29.8	56.9	55.7	80.2	87.3	136.9	127.6	138.1
Financial Income	2.1	2.2	2.0	1.7	1.5	2.8	3.3	3.8	4.3	5.9	6.6	11.3
Financial Expenses	0.8	1.5	2.4	4.2	2.2	1.0	3.1	1.3	0.7	6.0	8.5	6.1
Interest Expense	—	0.4	1.0	1.6	0.7	0.7	0.2	0.8	0.0	0.0	0.1	6.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	18.3	33.5	14.7	18.5	19.1	40.6	43.2	53.0	70.9	94.0	98.2	124.3
General and Administrative Expenses	7.0	14.4	3.2	3.3	5.8	4.1	6.7	22.7	14.0	18.9	15.1	15.1
Operating Profit	0.7	-10.8	7.1	3.5	4.2	14.0	6.1	6.9	6.1	23.9	12.4	3.8
Other Income	5.0	28.7	0.0	0.0	0.0	0.1	0.6	0.1	0.0	0.5	0.0	0.2
Other Expenses	0.0	0.3	0.1	0.0	0.1	3.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	5.0	28.4	-0.0	-0.0	-0.1	-3.0	0.5	0.1	0.0	0.4	-0.0	0.2
Profit Before Tax	5.8	17.6	7.0	3.5	4.1	11.0	6.7	7.0	6.1	24.3	12.3	4.0
Current Income Tax Expense	1.9	3.4	1.8	0.8	1.3	4.3	1.3	3.4	2.2	5.6	2.9	1.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.9	14.3	5.3	2.7	2.8	6.7	5.4	3.7	3.9	18.7	9.5	2.5
Non-controlling Interest	-0.9	0.8	-0.6	0.3	-0.5	-0.5	0.8	-0.5	-1.0	0.3	1.0	-0.4
Profit Attributable to Parent	4.8	13.5	5.9	2.4	3.3	7.2	4.5	4.2	4.9	18.4	8.4	2.9
Earnings per Share	308.00	874.00	382.00	153.00	213.00	465.00	295.00	274.00	318.00	1,190.00	546.00	187.48
Diluted EPS	308.09	873.81	382.05	153.43	212.84	465.46	294.65	273.73	318.15	1,189.94	545.87	187.48

Item	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,083.8	1,170.5	1,272.9	1,328.4	1,480.6	1,614.3	1,937.3	2,561.2	2,743.5	2,810.7	3,407.0	3,892.6
I. Cash and cash equivalents	134.4	301.1	272.4	247.9	232.7	209.8	261.3	230.1	242.0	213.7	226.1	217.5
1. Cash	75.6	116.9	69.2	58.2	53.0	53.1	77.6	69.7	89.5	75.4	78.9	88.4
2. Cash equivalents	58.8	184.2	203.2	189.7	179.7	156.7	183.7	160.4	152.5	138.3	147.2	129.0
II. Short-term financial investments	199.1	34.0	32.0	32.0	32.0	39.6	39.4	42.4	42.6	42.7	42.5	42.5
1. Available for sale securities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	199.1	34.0	32.0	32.0	32.0	39.6	39.4	42.4	42.6	42.7	42.5	42.5
III. Short-term receivables	505.3	718.9	821.9	830.9	954.1	1,070.1	1,218.9	1,375.9	1,459.4	1,527.0	1,718.3	1,924.9
1. Short-term trade accounts receivable	407.4	404.5	483.4	512.1	643.7	743.5	897.2	1,082.3	1,161.4	1,231.2	1,428.5	1,637.2
2. Short-term prepayments to suppliers	16.8	17.9	23.5	12.7	17.0	15.1	23.6	211.7	215.4	221.7	209.0	210.1
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	184.8	399.3	416.2	407.3	394.5	411.3	400.4	184.3	176.8	167.6	174.4	171.1
7. Provision for short-term doubtful debts (*)	-103.8	-102.8	-101.2	-101.2	-101.3	-99.9	-102.4	-102.4	-94.2	-93.7	-93.7	-93.7
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.2	0.2	0.2
IV. Inventories	208.1	84.9	111.6	179.2	219.0	247.1	356.2	843.1	922.3	947.2	1,321.9	1,585.0
1. Inventories	213.1	89.8	112.9	186.6	225.9	259.5	363.7	849.0	929.6	958.0	1,336.3	1,608.0
2. Provision for decline in value of inventories	-4.9	-4.9	-1.3	-7.4	-6.9	-12.4	-7.5	-5.9	-7.3	-10.8	-14.3	-22.9
V. Other short-term assets	36.9	31.7	34.9	38.4	42.9	47.6	61.4	69.6	77.2	80.1	98.2	122.7
1. Short-term prepayments	1.0	1.8	2.6	0.9	1.3	1.6	3.9	7.5	4.8	4.2	0.8	1.2
2. Value added tax to be reclaimed	35.9	29.9	32.3	37.6	41.5	46.0	56.2	60.9	72.2	75.4	96.6	119.8
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	1.3	1.2	0.2	0.5	0.8	1.7
4. Government bonds	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	215.6	221.1	225.7	231.2	235.6	236.0	248.5	240.5	243.5	241.2	243.1	244.9
I. Long-term receivables	5.8	6.2	6.2	5.9	5.9	4.9	5.0	5.0	4.7	3.4	2.8	2.8
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	5.8	6.2	6.2	5.9	5.9	4.9	5.0	5.0	4.7	3.4	2.8	2.8
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	104.6	108.7	112.5	116.8	121.2	104.8	108.9	102.2	105.9	109.5	113.0	116.7
1. Tangible fixed assets	74.1	76.9	79.3	82.3	85.2	87.5	91.3	84.4	87.8	91.3	94.8	98.3
- Cost	—	202.0	201.7	201.7	201.7	201.0	201.1	189.4	189.3	189.5	189.3	189.0
- Accumulated depreciation	—	-125.2	-122.3	-119.4	-116.4	-113.5	-109.8	-105.0	-101.5	-98.2	-94.5	-90.6
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	30.5	31.8	33.2	34.6	35.9	17.3	17.6	17.9	18.2	18.2	18.2	18.4
- Cost	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	60.0	60.7	61.5	62.2	62.9	63.7	64.4	65.1	65.9	66.6	67.3	68.1
- Cost	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	34.4	33.9	33.9	33.4	31.3	47.0	53.5	49.6	48.0	41.4	44.5	44.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	34.4	33.9	33.9	33.4	31.3	47.0	53.5	49.6	48.0	41.4	44.5	44.4
V. Long-term financial investments	9.0	9.0	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	6.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	17.4
4. Provision for diminution in value of long-term investments	-10.8	-10.8	-10.8	-10.8	-10.8	-10.8	-10.8	-10.8	-10.8	-10.8	-10.8	-10.8
5. Held to maturity investments	1.1	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.8	2.6	3.8	5.0	6.3	7.7	8.8	10.7	11.1	12.4	7.5	6.3
1. Long-term prepayments	1.8	2.6	3.8	5.0	6.3	7.7	8.8	10.7	11.1	12.4	7.5	6.3
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,299.4	1,391.6	1,498.6	1,559.7	1,716.2	1,850.3	2,185.8	2,801.7	2,987.1	3,051.9	3,650.1	4,137.6
A. LIABILITIES (300=210+330)	878.9	973.9	1,064.3	1,130.0	1,289.6	1,429.2	1,771.4	2,370.5	2,557.8	2,632.6	3,234.1	3,740.9
I. Short -term liabilities	860.3	955.6	1,047.0	1,111.4	1,270.7	1,409.2	1,751.0	2,349.4	2,537.5	2,612.3	3,213.3	3,722.5
1. Short-term trade accounts payable	705.9	598.6	645.8	679.9	789.6	1,063.5	1,265.5	1,592.5	1,778.8	1,908.5	2,545.9	2,937.0
2. Short-term advances from customers	9.1	9.8	9.6	9.0	9.4	8.9	10.4	12.2	12.5	25.9	12.5	11.8
3. Taxes and other payables to state authorities	2.8	5.9	3.3	2.0	2.9	4.0	5.6	4.4	4.6	7.4	3.6	5.0
4. Payable to employees	2.4	2.6	1.9	2.1	2.0	2.5	2.3	3.8	3.3	5.2	3.2	4.9
5. Short-term acrrued expenses	1.3	2.1	1.3	1.4	1.2	2.2	1.1	3.9	1.3	8.1	0.0	1.4
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	133.7	331.6	324.0	321.3	320.6	322.8	352.9	727.5	703.6	653.9	644.8	663.3
10. Short-term borrowings and financial leases	—	0.0	56.0	90.5	140.0	0.0	108.0	0.0	30.0	0.0	0.0	97.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	3.4	3.2	3.2	2.2
13. Price stabilization fund	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	18.6	18.3	17.3	18.6	18.9	20.1	20.5	21.1	20.3	20.3	20.8	18.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	18.6	18.3	17.3	18.6	18.9	20.1	20.5	21.1	20.3	20.3	20.8	18.4
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	420.5	417.7	434.3	429.7	426.6	421.1	414.4	431.2	429.3	419.3	416.0	396.7
I. Owner's equity	418.6	415.7	432.4	427.7	424.7	419.1	412.4	429.3	427.4	417.4	414.1	394.8
1. Owner's capital	154.4	154.4	154.4	154.4	154.4	154.4	154.4	154.4	154.4	154.4	154.4	154.4
- Common stock with voting right	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00	154,402,680,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	114.2	114.2	114.2	114.2	114.2	114.2	114.2	114.2	114.2	114.2	114.2	114.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	33.7	33.7	33.7	33.7	33.7	33.7	33.7	33.7	33.7	33.7	33.7	33.7
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	6.3
11. Undistributed earnings after tax	30.4	26.5	44.5	39.3	36.5	30.6	23.4	45.3	42.8	38.5	35.5	18.3
- Accumulated retained earning at the end of the previous period	25.7	5.3	33.4	33.4	33.0	5.1	5.1	36.1	37.9	3.1	18.5	14.5
- Undistributed earnings in this period	4.8	21.2	11.2	5.9	3.5	25.5	18.3	9.1	4.9	35.4	17.0	3.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	78.5	79.6	78.2	78.8	78.5	78.9	79.4	74.4	74.9	69.2	68.9	67.9
14. Financial reserves	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
1. Subsidized not-for-profit funds	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,299.4	1,391.6	1,498.6	1,559.7	1,716.2	1,850.3	2,185.8	2,801.7	2,987.1	3,051.9	3,650.1	4,137.6

Item	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Profit Before Tax	5.9	5.8	17.6	7.0	2.9	4.1	14.6	6.7	16.3	6.1	23.5	12.3
Depreciation of Fixed Assets and Investment Property	4.8	4.9	4.9	5.0	7.4	2.3	4.8	5.5	4.5	4.5	5.1	4.5
Provision (Increase)/Reversal	-2.8	-0.0	5.3	-6.1	0.3	-1.5	-0.1	-0.7	9.1	-3.5	-13.7	-8.6
FX Gain/Loss from Revaluation of Monetary Items	1.4	0.8	-0.3	1.3	-1.7	1.7	0.8	-0.6	0.4	-0.5	-0.0	0.2
Gain/Loss from Investment Activities	-3.4	-2.1	-1.8	-2.0	-1.7	-1.5	-4.3	-0.9	-2.9	-3.0	3.2	-7.5
Interest Expense	—	—	0.4	1.0	1.6	0.7	0.7	0.2	0.8	0.0	0.0	0.1
Gain/Loss on Disposal of Fixed Assets	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	5.9	9.4	26.0	6.3	8.8	5.8	16.5	10.1	28.2	3.6	18.0	1.0
Increase/(Decrease) in Receivables	69.9	15.0	110.5	13.4	127.4	122.6	-32.0	169.3	271.9	74.0	531.0	336.2
Increase/(Decrease) in Inventory	129.6	-123.3	23.1	73.7	39.3	32.9	-314.4	65.9	500.0	28.3	389.0	271.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-173.1	99.8	-38.1	-33.0	-106.0	-284.8	413.0	-323.2	-768.6	-106.1	-1,115.5	-506.6
Increase/(Decrease) in Prepaid Expenses	1.4	1.6	2.2	-0.7	1.8	1.6	3.3	2.2	1.1	0.7	-1.6	-0.7
Changes in Trading Securities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	-0.4	-1.0	-1.6	-0.7	-0.7	-0.2	-0.8	0.0	0.4	-0.8
Corporate Income Tax Paid	-0.9	-4.4	0.0	-0.2	-1.5	-3.1	-5.6	-0.8	-1.8	-5.2	-2.7	-1.5
Other Operating Receipts	—	—	0.0	0.0	-2.5	2.5	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	32.8	-2.0	123.4	58.5	65.7	-123.1	80.1	-76.7	29.8	-4.7	-181.5	99.0
Payments for Fixed Assets and Other Long-term Assets	-0.9	-0.6	-0.6	-0.6	-3.2	-3.3	-3.6	-2.6	-14.5	-6.9	-4.4	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	0.0	0.0	0.0	5.3	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-28.5	-180.1	-9.7	0.0	0.0	0.0	-0.2	0.0	0.0	-10.7	-19.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	15.0	0.0	0.0	0.0	7.7	0.0	3.0	0.1	10.8	19.7	0.0
Investments in Other Entities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-1.4
Proceeds from Investments in Other Entities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.9	0.9	1.8	1.2	2.2	1.7	5.1	0.4	2.6	3.1	-4.2	8.1
Increase/(Decrease) in Term Deposits	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-42.5	-164.8	-8.5	0.6	-1.0	6.0	6.5	0.9	-11.7	-3.7	-8.8	6.6
Proceeds from Equity Issuance and Capital Contributions	—	—	0.00	0.00	0.00	0.00	-6,710,000,000.00	0.00	0.00	6,710,000,000.00	0.00	0.00
Share Repurchases	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	0.0	24.0	75.5	218.0	77.0	206.5	0.0	55.0	634.9	-97.0
Repayment of Borrowings	—	—	-56.0	-58.5	-125.0	-78.0	-185.0	-98.5	-30.0	-25.0	-441.9	0.0
Repayment of Finance Leases	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	-30.2	0.0	0.0	0.0	-30.2	-1.0	0.0	0.0	-15.1	0.0
Other Financing Receipts	—	—	0.0	0.0	0.0	0.0	6.7	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	—	-86.2	-34.5	-49.5	140.0	-138.2	107.0	-30.0	36.7	177.9	-97.0
Net Cash Flow During the Period	-9.7	-166.8	28.7	24.6	15.1	22.9	-51.5	31.2	-11.9	28.3	-12.4	8.6
Cash and Cash Equivalents at Beginning of Period	134.4	301.1	209.8	209.8	209.8	209.8	213.7	213.7	213.7	213.7	148.8	148.8
FX Difference from Revaluation	—	—	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0	0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	124.6	134.4	301.1	272.4	247.9	232.7	209.8	261.3	230.1	242.0	213.7	226.1

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VMD

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