VNF

Vinafreight ·HNX ·2026Q1

▼ Under pressure

The pre-tax profit mix still needs monitoring Net financial result/PBT 17.22%

Price

14,700

Latest close

03 Jun 2026

P/E 7.79x

P/B 0.73x

EPS 1,887

BVPS 20,236

ROE 9.4%

ROA 6.6%

Profit Margin 3.6%

Asset Turnover 1.86x

Equity Mult. 1.42x

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

What Is Changing

On a TTM 2026Q1 basis, VNF is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,619bn
	                                
−8.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 64bn
	                                
−18.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,656.9	1,773.1	1,123.0	2,101.7	4,895.9
Growth	-7%	+58%	-47%	-57%	—
Net Income	68.3	73.0	8.8	26.0	78.5
Net Margin	4.12%	4.12%	0.78%	1.24%	1.60%

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	272.9	512.3	416.9	417.1	310.8	484.7	497.0	484.7	303.8	404.5	283.7	266.5
Growth	-47%	+23%	-0%	+34%	-36%	-2%	+3%	+60%	-25%	+43%	+6%	—
Net Income	10.8	14.6	19.1	19.5	12.0	15.4	35.4	16.0	8.0	10.5	-2.0	3.1
Net Margin	3.96%	2.86%	4.57%	4.68%	3.86%	3.18%	7.13%	3.31%	2.62%	2.60%	-0.71%	1.16%

Drivers of VNF's profit

TTM

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

Associates income ↑ 22.7bn

Selling expenses ↓ 12.7bn

Tax ↓ 12.2bn

Other profit ↑ 9.3bn

Gross profit ↓ 72.1bn

Financial income ↓ 7.3bn

TTM

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

Finance costs ↓ 2.6bn

Associates income ↑ 1.9bn

Tax ↓ 1.3bn

Minority interests ↓ 0.2bn

Financial income ↓ 2.5bn

Gross profit ↓ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.8% = 4.4% × 2.06 × 1.51

2026Q1 10.4% = 4.0% × 1.86 × 1.42

ROE fell from 13.8% to 10.4% — all three components weakened, with asset turnover being the main drag.

Net margin: 4.0% -0.5pp Asset turnover: 1.86x -0.20x Leverage: 1.42x -0.08x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 3.95%, falling 0.5pp. The main pressure is Gross margin fell 3.5pp, outweighing the improvement in SG&A / Revenue fell 0.4pp (with additional support from Other profit / Revenue rose 0.6pp and Net financial result / Revenue rose 0.1pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 3.95% −0.5pp

Gross Margin 6.59% −3.5pp

SG&A / Revenue 3.13% −0.4pp

Non-core / Revenue 1.55% +0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from financial result

Profit includes a contribution from financial result (30.0% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 11.61%, losing 5.6pp. That translates to 11.61 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.9pp and capital turnover fell 0.55x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

CAPITAL EFFICIENCY TREND

ROIC 11.61% −5.6pp

NOPAT Margin 3.45% −0.9pp

Capital Turnover 3.37x −0.55x

Average Invested Capital 481.0bn +27.7bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.55x equity, with a net cash position equivalent to 0.20x equity.

Over the last 12 months, working capital released 22.7bn 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: +25.6bn

Inventories decreased → higher CFO: +0.5bn

Payables decreased → lower CFO: −3.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 3.6 days versus the same period last year. The main moves came from DIO rose 0.4 days, DSO fell 2.4 days, and DPO fell 5.6 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.6 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +0.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 21.4 days −2.4 days

Inventory 0.8 days +0.4 days

Payables 9.8 days −5.6 days

Cash Conversion Cycle 12.5 days +3.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 20.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.20x and interest coverage at 16.44x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 856.4% of debt, and total debt stands at 16.6bn.

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 -0.20x +0.04x

Interest Coverage 16.44x +7.72x

Cash / Debt 856.4% −572.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.75x −0.59x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 20.9bn in 2025, against investing cash flow of 33.4bn.

Post-investment cash flow was positive +54.3bn. Financing cash flow was negative +70.6bn.

CFO / net income was 0.75x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 43.5bn −63.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 17.2%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.20x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.20x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 17.2% of PBT and CFO / net income currently at 0.75x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,674.4	1,799.0	1,136.4	2,109.8	4,904.2
Revenue Deductions	17.5	25.9	13.4	8.2	0.0
Net Revenue	1,656.9	1,773.1	1,123.0	2,101.7	4,895.9
Cost of Goods Sold	1,545.4	1,594.7	1,043.3	1,993.3	0.0
Gross Profit	111.5	178.3	79.6	108.4	195.2
Financial Income	21.0	19.1	18.6	39.0	39.2
Financial Expenses	6.8	8.8	5.1	21.2	-16.1
Interest Expense	-1.3	1.9	0.9	2.7	-4.4
Share of Associates and Joint Ventures	0.3	-25.3	-26.8	-32.7	-35.1
Selling Expenses	22.9	40.8	26.2	28.2	-53.3
General and Administrative Expenses	21.1	22.2	21.9	26.0	-22.2
Operating Profit	82.1	100.3	18.3	39.3	107.7
Other Income	3.9	1.5	0.1	0.7	0.0
Other Expenses	0.2	0.2	0.0	0.0	0.0
Other Profit	3.7	1.4	0.1	0.7	-0.0
Profit Before Tax	85.8	101.7	18.4	40.0	107.7
Current Income Tax Expense	17.5	28.7	9.6	14.0	-29.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	68.3	73.0	8.8	26.0	78.5
Non-controlling Interest	6.8	13.1	3.3	5.5	11.9
Profit Attributable to Parent	61.5	59.9	5.5	20.5	66.6
Earnings per Share	1,941.00	1,889.00	174.00	648.00	3,103.00
Diluted EPS	1,941.00	1,889.00	174.00	648.00	2,523.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	586.6	582.9	469.4	460.1	1,057.4
I. Cash and cash equivalents	207.6	223.8	151.2	167.4	281.6
1. Cash	187.6	171.8	140.7	150.9	0.0
2. Cash equivalents	20.0	52.0	10.5	16.5	0.0
II. Short-term financial investments	141.6	121.8	91.9	113.8	0.0
1. Available for sale securities	17.3	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	124.3	121.8	91.9	113.8	0.0
III. Short-term receivables	226.9	232.4	224.4	175.2	743.4
1. Short-term trade accounts receivable	171.0	114.2	138.2	88.3	0.0
2. Short-term prepayments to suppliers	1.5	1.4	11.9	22.4	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	—	50.0	0.0	0.0	0.0
6. Other short-term receivables	58.8	71.2	77.9	69.1	0.0
7. Provision for short-term doubtful debts (*)	-4.6	-4.3	-3.7	-4.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3.0	2.4	0.0	0.0	0.0
1. Inventories	3.0	2.4	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.5	2.5	1.8	3.8	4.6
1. Short-term prepayments	0.5	0.4	0.6	0.6	0.0
2. Value added tax to be reclaimed	3.5	0.9	1.3	3.2	0.0
3. Taxes and other receivables from state authorities	3.4	1.2	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	392.1	367.8	390.6	367.5	302.7
I. Long-term receivables	4.9	4.3	4.0	3.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.7
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	4.9	4.3	4.0	3.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2.4	6.4	6.4	5.8	2.7
1. Tangible fixed assets	2.3	6.1	6.1	5.8	2.7
- Cost	18.6	17.9	17.1	17.2	0.0
- Accumulated depreciation	-16.3	-11.8	-11.0	-11.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.3	0.3	0.0	0.0
- Cost	2.9	2.9	2.8	2.6	0.0
- Accumulated depreciation	-2.7	-2.6	-2.5	-2.6	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	383.3	354.2	379.5	357.5	293.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	345.0	338.2	364.9	345.0	0.0
3. Investments in other entities	38.3	14.1	11.5	11.5	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	2.0	3.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.5	2.8	0.7	0.7	0.0
1. Long-term prepayments	1.5	2.8	0.7	0.7	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	0.5
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)	978.7	950.7	860.0	827.6	1,360.1
A. LIABILITIES (300=210+330)	347.7	329.5	281.3	225.9	764.8
I. Short -term liabilities	343.3	324.9	276.0	219.5	758.6
1. Short-term trade accounts payable	120.8	95.3	108.7	30.3	289.5
2. Short-term advances from customers	0.6	3.7	4.8	0.7	19.3
3. Taxes and other payables to state authorities	20.9	28.3	10.8	12.9	0.0
4. Payable to employees	4.6	4.4	4.1	12.1	0.0
5. Short-term acrrued expenses	48.0	11.6	7.0	3.8	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	0.1	0.0
9. Other short-term payables	110.6	127.0	93.6	139.7	0.0
10. Short-term borrowings and financial leases	34.7	47.8	35.7	4.6	232.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.1	6.8	11.2	15.2	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	4.4	4.6	5.3	6.4	6.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	4.4	4.6	5.3	6.4	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)	631.0	621.1	578.7	601.7	595.2
I. Owner's equity	631.0	621.1	578.7	601.7	0.0
1. Owner's capital	317.2	317.2	317.2	317.2	595.2
- Common stock with voting right	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	264,022,010,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	30.1	30.1	30.1	30.1	30.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	15.9	15.9	15.9	13.9	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	251.6	238.6	203.4	227.9	271.0
- Accumulated retained earning at the end of the previous period	190.1	178.7	197.9	207.4	204.4
- Undistributed earnings in this period	61.5	59.9	5.5	20.5	66.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	16.3	19.4	12.2	12.8	18.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	978.7	950.7	860.0	827.6	1,360.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	85.8	101.7	18.4	40.0	107.7
Depreciation of Fixed Assets and Investment Property	4.6	1.4	1.1	0.8	0.6
Provision (Increase)/Reversal	0.2	0.7	-0.9	1.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.8	-1.5	2.9	0.0
Gain/Loss from Investment Activities	-14.3	14.6	16.3	14.6	0.0
Interest Expense	1.3	1.9	0.9	2.7	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	77.9	119.3	34.1	62.8	136.8
Increase/(Decrease) in Receivables	-52.0	43.2	-50.1	570.5	0.0
Increase/(Decrease) in Inventory	-0.5	-2.4	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	47.4	21.1	32.3	-315.8	0.0
Increase/(Decrease) in Prepaid Expenses	1.2	-2.0	0.1	-0.0	0.0
Changes in Trading Securities	-16.8	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-1.9	-0.9	-2.7	0.0
Corporate Income Tax Paid	-30.3	-7.7	-14.7	-13.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.6	-6.9	-10.1	-9.8	0.0
Net Cash Flow from Operating Activities	20.9	162.8	-9.2	291.2	-166.3
Payments for Fixed Assets and Other Long-term Assets	-0.6	-1.3	-1.6	-3.9	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.1	0.6	0.1
Loans and Purchases of Debt Instruments	-158.3	-166.8	-60.7	-86.5	-21.7
Receipts from Loan Repayments and Sale of Debt Instruments	207.7	88.0	65.6	17.3	1.2
Investments in Other Entities	-33.1	-2.5	-33.4	-104.6	-13.9
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	17.7	9.2	18.2	19.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	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	33.4	-73.3	-11.9	-157.5	-23.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	582,400,000.00	167,942,899,999.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	218.8	341.0	132.7	784.7	1,929.8
Repayment of Borrowings	-232.0	-329.0	-101.6	-1,013.0	-1,820.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-57.5	-27.7	-25.4	-20.1	-2.2
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-70.6	-15.7	5.8	-247.8	275.4
Net Cash Flow During the Period	-16.4	73.9	-15.3	-114.1	-124.1
Cash and Cash Equivalents at Beginning of Period	223.8	151.2	167.4	281.6	196.8
FX Difference from Revaluation	0.2	-1.3	-0.8	-0.1	-0.8
Cash and Cash Equivalents at End of Period	207.6	223.8	151.2	167.4	281.6

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	274.1	513.6	418.5	426.0	316.6	492.1	502.4	492.5	309.1	410.5	286.4	269.4
Revenue Deductions	1.2	1.3	1.6	8.8	5.7	7.4	5.4	7.8	5.4	6.0	2.7	2.9
Net Revenue	272.9	512.3	416.9	417.1	310.8	484.7	497.0	484.7	303.8	404.5	283.7	266.5
Cost of Goods Sold	247.6	488.7	389.2	387.0	283.4	436.2	439.2	439.7	275.6	368.5	265.5	251.2
Gross Profit	25.2	23.6	27.7	30.1	27.4	48.5	57.8	45.0	28.2	36.0	18.2	15.3
Financial Income	4.4	6.1	2.7	5.6	6.9	6.2	8.0	4.9	2.4	5.0	3.9	6.5
Financial Expenses	0.3	1.3	0.9	2.0	2.9	5.7	1.4	2.4	1.7	0.6	2.6	1.5
Interest Expense	0.3	0.6	0.4	0.2	0.2	0.3	0.7	0.5	0.4	0.4	0.2	0.2
Share of Associates and Joint Ventures	-1.4	0.3	3.7	-0.2	-3.3	-8.2	-4.4	-4.4	-7.5	-7.6	-8.0	-5.5
Selling Expenses	7.0	8.3	6.4	6.3	6.5	11.5	9.7	13.1	6.6	12.9	6.5	4.7
General and Administrative Expenses	6.7	5.5	5.2	5.3	4.9	7.4	4.7	5.1	4.5	4.6	5.5	5.1
Operating Profit	14.2	14.9	21.8	21.9	16.7	21.9	45.6	24.9	10.3	15.3	-0.4	5.0
Other Income	0.0	7.3	2.8	0.8	0.0	1.3	0.2	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.2	—	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	7.3	2.7	0.6	0.0	1.2	0.2	-0.0	-0.0	-0.0	0.0	-0.0
Profit Before Tax	14.2	22.2	24.5	22.6	16.7	23.1	45.8	24.8	10.3	15.3	-0.4	5.0
Current Income Tax Expense	3.4	7.5	5.4	3.0	4.7	7.7	10.4	8.8	2.4	4.8	1.7	1.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	10.8	14.6	19.1	19.5	12.0	15.4	35.4	16.0	8.0	10.5	-2.0	3.1
Non-controlling Interest	1.0	1.5	2.1	1.7	1.2	-5.4	-0.2	3.5	1.8	1.9	0.6	0.5
Profit Attributable to Parent	9.8	13.2	17.0	17.8	10.8	20.8	35.6	12.5	6.1	8.6	-2.6	2.6
Earnings per Share	308.00	416.00	601.00	562.00	340.00	656.00	1,124.00	396.00	193.00	272.00	-82.00	80.00
Diluted EPS	308.00	416.00	601.00	562.00	340.00	2,363.00	1,124.00	395.29	193.38	272.00	-82.00	80.00

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)	486.8	594.9	571.9	484.9	481.8	616.4	612.6	582.9	472.0	470.0	416.3	428.0
I. Cash and cash equivalents	141.8	210.1	219.2	164.5	149.4	223.8	206.6	199.7	147.8	151.5	127.2	109.0
1. Cash	119.3	187.6	124.9	124.5	112.4	171.8	171.6	170.9	134.5	141.0	116.7	90.5
2. Cash equivalents	22.5	22.5	94.3	40.0	37.0	52.0	35.0	28.8	13.3	10.5	10.5	18.5
II. Short-term financial investments	168.8	135.1	118.9	90.4	93.0	121.8	113.1	96.9	114.4	91.9	89.9	107.9
1. Available for sale securities	26.0	17.3	10.5	2.2	1.9	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	142.8	117.8	108.4	88.2	91.1	121.8	113.1	96.9	114.4	91.9	89.9	107.9
III. Short-term receivables	164.1	239.2	225.6	219.9	232.4	264.7	289.2	285.3	207.8	224.4	195.4	205.1
1. Short-term trade accounts receivable	71.3	180.6	155.9	144.4	118.9	114.2	161.0	147.3	113.6	138.2	97.0	82.5
2. Short-term prepayments to suppliers	1.5	1.5	1.8	3.0	1.4	1.4	1.5	5.9	8.3	11.9	15.7	20.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	20.4	15.3
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	—	—	—	—	50.0	50.0	50.0	50.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	95.8	61.6	72.4	76.9	66.4	103.4	80.8	86.2	89.7	77.9	66.0	92.4
7. Provision for short-term doubtful debts (*)	-4.5	-4.6	-4.6	-4.4	-4.4	-4.3	-4.1	-4.1	-3.7	-3.7	-3.8	-5.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3.1	3.0	2.3	2.1	3.6	2.4	2.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	3.1	3.0	2.3	2.1	3.6	2.4	2.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	9.0	7.5	5.9	7.9	3.5	3.7	1.7	1.1	1.9	2.2	3.7	5.9
1. Short-term prepayments	0.7	0.5	3.6	6.9	0.5	0.4	0.8	0.7	0.5	0.6	1.0	1.0
2. Value added tax to be reclaimed	4.6	3.5	2.3	1.0	3.0	2.1	1.0	0.4	1.4	1.5	2.8	4.9
3. Taxes and other receivables from state authorities	3.7	3.4	0.0	—	—	1.2	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	384.6	396.3	395.1	394.9	392.2	368.5	376.0	378.4	382.8	390.6	403.4	410.3
I. Long-term receivables	4.9	4.9	4.9	8.9	8.9	4.3	4.8	3.9	4.0	4.0	7.4	6.5
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	4.0	4.0
5. Long-term loan receivables	—	—	—	—	—	4.3	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	4.9	4.9	4.9	8.9	8.9	0.0	4.8	3.9	4.0	4.0	3.4	2.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2.2	2.4	5.8	6.2	6.6	5.8	5.7	6.0	6.2	6.4	6.7	7.0
1. Tangible fixed assets	2.0	2.3	5.6	6.0	6.4	5.5	5.4	5.6	5.9	6.1	6.4	6.6
- Cost	18.6	—	—	—	—	17.3	16.7	17.1	17.1	17.1	17.5	17.6
- Accumulated depreciation	-16.6	—	—	—	—	-11.7	-11.3	-11.5	-11.2	-11.0	-11.1	-11.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.4	0.3	0.3	0.4
- Cost	2.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.7	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	376.4	387.4	382.5	377.5	374.2	354.9	364.4	367.5	372.0	379.5	388.5	396.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	341.3	345.2	344.9	341.2	341.4	338.9	348.6	353.0	357.4	364.9	374.0	381.7
3. Investments in other entities	31.8	38.3	35.6	34.3	30.8	14.1	12.7	11.5	11.5	11.5	11.5	11.5
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	3.2	4.0	2.0	2.0	2.0	2.0	3.0	3.0	3.0	3.0	3.0	3.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.1	1.5	1.9	2.3	2.5	3.4	1.1	1.0	0.6	0.6	0.7	0.5
1. Long-term prepayments	1.1	1.5	1.9	2.3	2.5	3.4	1.1	1.0	0.6	0.6	0.7	0.5
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)	871.3	991.2	967.0	879.9	874.1	984.9	988.6	961.3	854.8	860.6	819.7	838.2
A. LIABILITIES (300=210+330)	229.5	363.3	353.7	285.6	289.8	362.1	381.2	383.2	292.7	281.6	249.2	242.2
I. Short -term liabilities	225.3	358.9	349.2	281.2	285.4	357.4	376.0	378.3	287.7	276.1	239.9	232.1
1. Short-term trade accounts payable	33.9	148.7	80.5	48.9	47.2	95.4	130.7	132.1	87.6	108.7	53.0	32.9
2. Short-term advances from customers	6.1	1.1	3.5	3.7	3.8	3.7	5.2	4.5	5.0	4.8	4.6	4.6
3. Taxes and other payables to state authorities	10.5	24.1	21.1	17.2	10.7	30.1	22.0	14.9	5.9	10.9	10.7	10.5
4. Payable to employees	0.5	4.7	3.9	2.8	1.4	4.2	0.3	0.3	0.5	4.1	6.6	5.1
5. Short-term acrrued expenses	45.7	19.9	62.1	50.4	49.0	8.3	13.9	14.5	6.6	7.0	8.8	7.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	20.4	15.3
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	—	—	0.3	0.1	0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.0
9. Other short-term payables	109.4	122.5	112.3	109.6	158.4	159.2	145.8	137.0	123.8	93.6	84.3	120.1
10. Short-term borrowings and financial leases	16.6	34.7	62.1	44.7	10.5	47.8	48.3	64.1	46.9	35.7	32.6	16.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.7	3.1	3.4	3.7	4.4	8.8	9.9	10.7	11.3	11.2	19.0	20.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	4.2	4.4	4.5	4.5	4.4	4.6	5.2	4.9	5.1	5.5	9.3	10.1
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	4.0	4.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	4.2	4.4	4.5	4.5	4.4	4.6	5.2	4.9	5.1	5.5	5.3	6.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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)	641.8	627.9	613.3	594.2	584.3	622.8	607.4	578.1	562.0	579.0	570.5	596.0
I. Owner's equity	641.8	627.9	613.3	594.2	584.3	622.8	607.4	578.1	562.0	579.0	570.5	596.0
1. Owner's capital	317.2	317.2	317.2	317.2	317.2	317.2	317.2	317.2	317.2	317.2	317.2	317.2
- Common stock with voting right	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00	317,158,800,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1
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	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00	-155,000,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	16.0	15.9	15.9	15.9
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	261.4	248.8	235.7	218.7	200.5	253.7	232.8	202.0	184.8	203.7	195.1	219.6
- Accumulated retained earning at the end of the previous period	251.6	190.1	190.1	190.1	189.7	178.7	178.7	178.7	178.7	197.9	197.9	220.0
- Undistributed earnings in this period	9.8	58.8	45.6	28.6	10.8	74.9	54.1	23.3	6.1	5.9	-2.8	-0.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	17.4	16.0	14.5	12.5	20.7	6.1	11.5	13.0	14.1	12.1	12.3	13.4
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	871.3	991.2	967.0	879.9	874.1	984.9	988.6	961.3	854.8	860.6	819.7	838.2

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
Profit Before Tax	14.2	22.0	24.5	22.6	16.7	23.1	45.8	24.6	10.3	15.1	-0.4	5.2
Depreciation of Fixed Assets and Investment Property	0.3	3.4	0.4	0.4	0.4	0.5	0.3	0.3	0.3	0.3	0.3	0.3
Provision (Increase)/Reversal	-0.0	0.0	0.2	0.0	0.0	0.2	-0.2	0.6	0.1	-0.1	-1.7	0.1
FX Gain/Loss from Revaluation of Monetary Items	0.5	0.5	-0.6	1.7	-1.3	0.1	0.0	0.9	0.0	-2.0	0.8	-2.1
Gain/Loss from Investment Activities	-3.5	-5.2	-5.5	-1.9	-1.6	5.9	3.9	1.0	6.4	5.4	5.8	1.0
Interest Expense	0.3	0.6	0.4	0.2	0.2	0.3	0.7	0.5	0.4	0.4	0.2	0.2
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	11.7	21.2	19.3	22.9	14.5	30.1	50.5	27.8	17.5	19.0	5.0	4.7
Increase/(Decrease) in Receivables	63.7	0.8	-16.1	-22.8	-13.9	22.7	-6.6	-25.6	16.4	-58.4	-2.3	22.0
Increase/(Decrease) in Inventory	-0.1	-0.6	-0.2	1.5	-1.2	-0.5	-2.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-85.2	34.5	31.8	15.5	-34.4	-1.2	2.6	65.6	-17.3	59.0	4.3	-28.0
Increase/(Decrease) in Prepaid Expenses	0.2	3.5	3.7	-6.2	0.2	-2.0	-0.1	-0.7	0.2	0.4	-0.1	0.0
Changes in Trading Securities	-8.7	—	—	—	—	0.0	0.0	7.5	-7.5	0.0	0.0	0.0
Interest Paid	-0.2	-0.6	-0.4	-0.2	-0.2	-0.3	-0.7	-0.5	-0.4	-0.4	-0.2	-0.2
Corporate Income Tax Paid	-15.1	-17.0	17.0	-14.1	-16.2	-1.7	1.6	-0.0	-7.6	-2.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.3	-0.3	-0.4	-3.7	-1.1	-0.8	-0.9	-2.0	-8.0	-1.0	-0.3
Net Cash Flow from Operating Activities	-34.2	35.2	46.0	-3.4	-56.8	46.1	44.6	73.2	-0.6	9.5	5.7	-1.7
Payments for Fixed Assets and Other Long-term Assets	—	-0.0	0.0	-0.0	-0.6	-0.6	-0.0	-0.0	-0.0	0.0	0.0	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-23.0	-7.5	-41.2	-94.8	-14.8	-14.1	-42.8	-93.9	-15.0	-2.0	-22.9	-14.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	-6.4	42.0	126.6	45.5	6.5	26.5	54.0	0.0	0.0	43.9	-0.7
Investments in Other Entities	7.7	—	—	—	—	-1.3	-1.2	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	1.7	6.7	8.0	-3.6	6.5	3.6	1.6	2.3	1.0	11.2	2.6	3.1
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	-13.6	-18.8	11.2	21.1	19.9	-6.0	-15.9	-37.6	-14.0	9.2	23.6	-12.8
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	21.1	34.7	88.4	59.9	35.9	98.0	73.6	83.0	86.4	63.0	41.8	21.3
Repayment of Borrowings	-39.2	-62.1	-70.9	-25.6	-73.3	-98.5	-89.4	-65.8	-75.2	-59.9	-25.3	-9.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.4	-0.3	-56.8	—	-22.2	-5.9	0.0	0.0	0.9	-22.3	-3.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-18.1	-27.9	17.1	-22.5	-37.4	-22.6	-21.8	17.2	11.2	4.0	-5.8	8.5
Net Cash Flow During the Period	-65.9	-11.5	74.3	-4.9	-74.3	17.5	6.9	52.8	-3.5	22.8	23.5	-5.9
Cash and Cash Equivalents at Beginning of Period	207.6	219.2	144.5	149.4	223.8	151.2	151.2	151.2	151.2	167.4	167.4	167.4
FX Difference from Revaluation	0.0	0.2	0.3	-0.0	-0.1	-0.3	0.0	-0.9	0.1	1.2	-2.3	0.2
Cash and Cash Equivalents at End of Period	141.8	207.6	219.2	144.5	149.4	223.8	206.6	199.7	147.8	151.2	127.2	106.0

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VNF

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