VPD

Phát triển Điện lực Việt Nam ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 39.52%, +3.73pp YoY

Price

25,000

Latest close

02 Jun 2026

P/E 9.26x

P/B 1.61x

EPS 2,700

BVPS 15,527

ROE 18.8%

ROA 17.4%

Profit Margin 39.5%

Asset Turnover 0.44x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2026Q1 basis, VPD is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 728bn
	                                
+25.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 288bn
	                                
+38.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	695.9	586.2	541.9	681.3	568.6
Growth	+19%	+8%	-20%	+20%	—
Net Income	262.4	212.2	190.5	284.0	164.0
Net Margin	37.70%	36.20%	35.15%	41.68%	28.85%

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	107.3	188.2	259.5	173.2	84.7	147.2	244.0	106.9	88.2	137.7	167.0	122.3
Growth	-43%	-27%	+50%	+104%	-42%	-40%	+128%	+21%	-36%	-18%	+37%	—
Net Income	30.6	52.5	135.2	69.5	10.7	51.4	123.7	22.8	14.0	50.5	73.1	36.0
Net Margin	28.51%	27.91%	52.09%	40.12%	12.60%	34.88%	50.72%	21.36%	15.91%	36.69%	43.79%	29.42%

Drivers of VPD's profit

TTM

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

Gross profit ↑ 109.5bn

Tax ↑ 21.2bn

Administrative expenses ↑ 17.6bn

TTM

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

Gross profit ↑ 22.2bn

Financial income ↑ 3.0bn

Tax ↑ 5.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.9% = 35.8% × 0.35 × 1.12

2026Q1 18.8% = 39.5% × 0.44 × 1.08

ROE rose from 13.9% to 18.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 39.5% +3.7pp Asset turnover: 0.44x +0.09x Leverage: 1.08x -0.04x

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 39.52%, rising 3.7pp. Core operating signals are improving as Gross margin rose 4.5pp are enough to offset pressure from SG&A / Revenue rose 0.9pp (in addition, Net financial result / Revenue rose 1.5pp added support while Other profit / Revenue fell 0.3pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 39.52% +3.7pp

Gross Margin 57.37% +4.5pp

SG&A / Revenue 8.37% +0.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 20.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 20.93%, rising 7.1pp. That translates to 20.93 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.9pp and capital turnover rose 0.14x, with invested capital easing slightly by 120bn — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 20.93% +7.1pp

NOPAT Margin 39.31% +3.9pp

Capital Turnover 0.53x +0.14x

Average Invested Capital 1,367.7bn −120.1bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.20x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 1.0 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO fell 1.1 days, and DPO fell 0.2 days.

Working capital cycle is flat — components are offsetting each other.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +1.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +1.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 55.0 days −1.1 days

Inventory 6.5 days +1.9 days

Payables 12.0 days −0.2 days

Cash Conversion Cycle 49.5 days +1.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 299.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.20x and interest coverage at 103.14x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2134.0% of debt, and total debt stands at 16.5bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

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 −0.20x

Interest Coverage 103.14x +75.88x

Cash / Debt 2134.0% +2037.0pp

Short-term Debt / Total Debt 100.0% +26.3pp

CFO / NI 1.33x −0.26x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 299.1bn in 2025, against investing cash flow of -12.9bn.

Post-investment cash flow was positive +286.2bn. Financing cash flow was negative +226.8bn.

CFO / net income was 1.33x.

After spending +28.8bn on fixed-asset investment, the business generated trailing free cash flow of +353.3bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 382.1bn +51.1bn

Cash Capex 28.8bn +25.6bn

FCF TTM +353.3bn +25.4bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 3.7 pp. The next item to monitor is capital efficiency, with ROIC at 20.9%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 39.52% after expanding 3.7pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	695.9	586.2	541.9	681.3	568.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	695.9	586.2	541.9	681.3	568.6
Cost of Goods Sold	308.9	275.1	262.8	278.8	0.0
Gross Profit	387.0	311.1	279.1	402.5	298.3
Financial Income	3.5	2.7	1.6	2.3	1.7
Financial Expenses	4.8	10.9	25.1	48.6	-69.1
Interest Expense	3.9	9.5	24.0	47.0	-53.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	57.8	43.9	36.8	37.5	-34.6
Operating Profit	327.8	258.9	218.8	318.7	196.2
Other Income	2.7	7.1	1.2	13.7	0.0
Other Expenses	0.7	0.2	0.0	2.3	0.0
Other Profit	1.9	6.9	1.2	11.4	-4.0
Profit Before Tax	329.8	265.8	220.0	330.1	192.2
Current Income Tax Expense	67.4	53.6	29.5	46.1	-28.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	262.4	212.2	190.5	284.0	164.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	262.4	212.2	190.5	284.0	164.0
Earnings per Share	2,462.00	1,991.00	1,787.00	2,665.00	1,536.00
Diluted EPS	2,461.60	1,991.00	1,787.00	2,664.60	1,538.97

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	501.6	322.7	253.3	290.1	204.0
I. Cash and cash equivalents	280.6	221.2	49.7	103.1	113.4
1. Cash	45.6	61.2	24.7	11.2	0.0
2. Cash equivalents	235.0	160.0	25.0	91.9	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	215.0	94.2	202.1	185.5	89.3
1. Short-term trade accounts receivable	199.6	77.8	195.1	178.1	0.0
2. Short-term prepayments to suppliers	9.9	6.2	6.6	5.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.1	10.9	1.4	1.7	0.0
7. Provision for short-term doubtful debts (*)	-4.6	-0.7	-0.9	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	5.6	6.8	1.3	1.3	1.2
1. Inventories	5.6	6.8	1.3	1.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.5	0.2	0.2	0.2
1. Short-term prepayments	0.4	0.5	0.2	0.1	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,279.1	1,415.2	1,563.5	1,715.7	1,865.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,233.2	1,377.2	1,525.3	1,681.1	1,840.0
1. Tangible fixed assets	1,227.4	1,372.1	1,519.9	1,675.8	1,835.1
- Cost	3,530.5	3,522.2	3,512.8	3,508.9	0.0
- Accumulated depreciation	-2,303.1	-2,150.1	-1,992.9	-1,833.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.8	5.1	5.4	5.3	5.0
- Cost	8.2	6.9	6.9	6.5	0.0
- Accumulated depreciation	-2.4	-1.8	-1.5	-1.2	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	13.3	3.8	2.5	0.5	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	13.3	3.8	2.5	0.5	0.0
V. Long-term financial investments	1.9	1.9	1.9	1.9	1.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	1.9	1.9	1.9	1.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	30.6	32.2	33.7	32.2	0.0
1. Long-term prepayments	2.6	3.9	5.1	3.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	28.0	28.3	28.5	28.8	0.0
4. Other long-term assets	—	0.0	0.0	0.0	23.1
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,780.7	1,737.9	1,816.8	2,005.8	2,069.4
A. LIABILITIES (300=210+330)	156.2	334.5	248.5	472.9	705.0
I. Short -term liabilities	155.6	314.5	169.8	313.2	326.4
1. Short-term trade accounts payable	29.4	14.7	9.6	15.1	11.8
2. Short-term advances from customers	0.1	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	39.1	31.4	18.6	24.1	0.0
4. Payable to employees	20.6	11.2	6.1	8.1	0.0
5. Short-term acrrued expenses	0.2	8.5	10.6	13.6	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	36.9	183.8	31.0	31.3	0.0
10. Short-term borrowings and financial leases	20.0	58.8	89.2	220.5	231.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.3	6.1	4.5	0.3	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	0.6	20.0	78.8	159.8	378.6
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	20.0	78.8	159.8	378.6
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	0.6	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,624.5	1,403.3	1,568.3	1,532.9	1,364.3
I. Owner's equity	1,624.5	1,403.3	1,568.3	1,532.9	0.0
1. Owner's capital	1,065.9	1,065.9	1,065.9	1,065.9	1,364.3
- Common stock with voting right	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3.0	3.0	3.0	3.0	3.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	23.0	16.8	12.8	9.1	7.7
5. Treasury shares	—	0.00	0.00	0.00	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	116.1	58.6	62.6	66.3	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	416.5	259.1	424.0	388.6	220.1
- Accumulated retained earning at the end of the previous period	154.2	46.9	233.5	104.6	191.5
- Undistributed earnings in this period	262.4	212.2	190.5	284.0	28.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,780.7	1,737.9	1,816.8	2,005.8	2,069.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-64.7	-42.1	-33.3	-45.0	0.0
Other Operating Receipts	0.6	0.3	1.4	5.0	0.0
Other Operating Payments	-193.2	-155.7	-151.0	-162.1	0.0
Net Cash Flow from Operating Activities	299.1	471.0	300.1	329.1	349.5
Payments for Fixed Assets and Other Long-term Assets	-16.8	-2.9	-5.5	-6.5	-22.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.4	1.7	1.6	2.4	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	-12.9	-1.1	-3.9	-4.1	-20.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-58.8	-89.2	-212.8	-231.0	-191.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-168.1	-209.2	-136.8	-104.3	-63.4
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	-226.8	-298.3	-349.6	-335.3	-255.1
Net Cash Flow During the Period	59.4	171.6	-53.4	-10.3	27.4
Cash and Cash Equivalents at Beginning of Period	221.2	49.7	103.1	113.4	39.9
FX Difference from Revaluation	—	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	280.6	221.2	49.7	103.1	113.4

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	107.3	188.2	259.5	173.2	84.7	147.2	244.0	106.9	88.2	137.7	167.0	122.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	107.3	188.2	259.5	173.2	84.7	147.2	244.0	106.9	88.2	137.7	167.0	122.3
Cost of Goods Sold	60.4	98.2	79.0	72.8	60.0	72.4	76.9	65.3	57.9	67.8	70.9	64.5
Gross Profit	46.9	90.0	180.5	100.4	24.7	74.8	167.1	41.6	30.3	69.9	96.2	57.8
Financial Income	3.5	2.1	0.4	0.5	0.5	1.2	0.6	0.5	0.4	0.2	0.5	0.1
Financial Expenses	0.4	0.6	1.0	1.5	1.8	2.2	2.6	2.8	3.2	3.9	4.9	6.7
Interest Expense	0.4	0.5	0.8	1.1	1.4	1.9	2.3	2.5	2.8	3.6	4.8	6.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	11.5	26.8	10.5	12.1	10.1	12.5	10.2	10.5	9.8	9.8	8.7	8.5
Operating Profit	38.4	64.7	169.4	87.3	13.4	61.3	154.8	28.8	17.6	56.4	83.1	42.6
Other Income	0.0	2.7	0.3	-0.3	0.0	3.1	0.0	0.0	0.0	1.2	0.0	0.0
Other Expenses	0.0	0.3	0.4	0.0	0.0	0.1	0.0	0.1	0.1	-0.4	0.1	0.2
Other Profit	-0.0	2.4	-0.1	-0.3	0.0	3.1	-0.0	-0.1	-0.1	1.6	-0.0	-0.2
Profit Before Tax	38.4	67.1	169.2	86.9	13.4	64.4	154.8	28.7	17.6	58.0	83.0	42.4
Current Income Tax Expense	7.9	14.5	34.0	17.5	2.7	13.0	31.1	5.9	3.6	7.5	9.9	6.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	30.6	52.5	135.2	69.5	10.7	51.4	123.7	22.8	14.0	50.5	73.1	36.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	30.6	52.5	135.2	69.5	10.7	51.4	123.7	22.8	14.0	50.5	73.1	36.0
Earnings per Share	287.00	493.00	1,268.00	652.00	100.00	482.00	1,161.00	214.00	132.00	474.00	686.00	338.00
Diluted EPS	287.06	492.71	1,268.33	651.89	100.12	481.79	1,160.99	214.10	131.58	473.98	686.24	337.53

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)	505.1	511.4	440.1	273.1	174.4	318.8	337.6	222.3	271.9	253.3	333.3	239.1
I. Cash and cash equivalents	352.1	280.6	137.3	65.1	60.8	221.2	67.7	120.8	172.1	49.7	85.1	51.0
1. Cash	22.1	45.6	22.3	15.1	10.8	61.2	27.7	45.8	37.1	24.7	35.1	26.0
2. Cash equivalents	330.0	235.0	115.0	50.0	50.0	160.0	40.0	75.0	135.0	25.0	50.0	25.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	145.6	224.7	297.5	202.5	107.7	94.2	266.2	99.1	97.4	202.1	246.4	186.0
1. Short-term trade accounts receivable	129.0	207.1	277.6	183.0	90.4	87.8	255.5	90.7	88.8	195.1	238.2	177.5
2. Short-term prepayments to suppliers	10.2	9.9	8.7	8.8	6.1	6.2	7.1	7.7	7.4	6.6	7.2	7.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	11.1	12.3	11.9	11.5	11.9	0.9	4.5	1.7	2.0	1.4	1.2	1.3
7. Provision for short-term doubtful debts (*)	-4.6	-4.6	-0.7	-0.7	-0.7	-0.7	-0.9	-0.9	-0.9	-0.9	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5.7	5.6	5.3	5.1	5.4	2.8	2.8	1.4	1.4	1.3	1.3	1.2
1. Inventories	5.7	5.6	5.3	5.1	5.4	2.8	2.8	1.4	1.4	1.3	1.3	1.2
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	1.7	0.4	0.1	0.4	0.4	0.5	0.8	1.1	1.1	0.2	0.5	1.0
1. Short-term prepayments	0.0	0.4	0.1	0.4	0.2	0.5	0.3	0.2	0.0	0.2	0.0	0.2
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.7	0.0	0.0	0.0	0.2	0.0	0.5	0.8	1.1	0.0	0.5	0.8
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)	1,243.8	1,282.1	1,302.3	1,336.3	1,378.3	1,415.1	1,447.6	1,485.2	1,524.9	1,563.0	1,596.9	1,635.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,194.0	1,236.3	1,260.4	1,297.0	1,338.0	1,377.1	1,409.7	1,447.4	1,486.7	1,525.3	1,561.2	1,600.1
1. Tangible fixed assets	1,188.3	1,230.5	1,254.7	1,291.2	1,333.0	1,372.0	1,404.5	1,442.2	1,481.3	1,519.9	1,555.7	1,594.9
- Cost	3,530.5	—	—	—	—	3,522.1	3,515.4	3,513.8	3,513.7	3,512.8	3,509.2	3,508.9
- Accumulated depreciation	-2,342.2	—	—	—	—	-2,150.1	-2,110.8	-2,071.6	-2,032.4	-1,992.9	-1,953.5	-1,914.1
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	5.6	5.8	5.7	5.8	5.0	5.1	5.1	5.2	5.3	5.4	5.5	5.2
- Cost	8.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.5	—	—	—	—	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	17.4	13.3	8.8	6.1	6.6	3.8	3.5	3.3	3.3	2.5	1.1	1.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	17.4	13.3	8.8	6.1	6.6	3.8	3.5	3.3	3.3	2.5	1.1	1.5
V. Long-term financial investments	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. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	30.5	30.6	31.1	31.2	31.7	32.2	32.4	32.6	33.1	33.2	32.7	31.6
1. Long-term prepayments	2.6	2.6	2.8	2.9	3.4	3.9	4.1	4.2	4.7	4.7	4.2	3.0
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	28.0	28.0	28.3	28.3	28.3	28.3	28.4	28.4	28.4	28.5	28.5	28.6
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,748.9	1,793.5	1,742.4	1,609.4	1,552.7	1,733.9	1,785.2	1,707.5	1,796.9	1,816.3	1,930.3	1,874.3
A. LIABILITIES (300=210+330)	93.9	163.6	165.0	167.1	138.7	330.8	284.3	223.8	214.6	247.3	273.3	290.4
I. Short -term liabilities	93.2	162.9	157.1	153.2	122.2	312.6	256.9	177.0	151.8	168.6	170.0	162.7
1. Short-term trade accounts payable	9.9	29.5	9.3	10.8	10.5	14.7	8.0	9.3	7.8	9.6	8.0	8.9
2. Short-term advances from customers	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Dividends and profits payable	36.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	17.6	40.4	59.9	38.1	10.5	31.3	55.5	18.0	11.3	18.7	27.6	16.5
4. Payable to employees	4.5	26.0	13.4	9.5	5.3	7.6	10.4	7.2	4.7	5.0	7.1	4.8
5. Short-term acrrued expenses	0.2	0.2	5.0	5.1	8.5	8.5	8.4	8.8	8.8	10.5	10.6	10.4
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	0.3	37.5	37.1	37.7	38.5	183.8	88.5	32.6	29.7	30.9	27.4	28.9
10. Short-term borrowings and financial leases	16.5	20.0	20.4	33.8	46.3	60.6	75.9	86.7	86.7	89.2	81.0	81.0
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	8.2	9.3	11.8	18.1	2.6	6.1	10.1	14.2	2.7	4.5	8.2	12.0
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	0.6	0.6	7.9	14.0	16.5	18.2	27.4	46.8	62.8	78.8	103.3	127.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	7.0	13.0	16.5	18.2	27.4	46.8	62.8	78.8	103.3	127.8
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	0.6	0.6	0.9	1.0	—	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
B. OWNER'S EQUITY (400=410+430)	1,655.1	1,629.9	1,577.4	1,442.2	1,414.0	1,403.1	1,500.9	1,483.8	1,582.3	1,569.0	1,657.0	1,583.9
I. Owner's equity	1,655.1	1,629.9	1,577.4	1,442.2	1,414.0	1,403.1	1,500.9	1,483.8	1,582.3	1,569.0	1,657.0	1,583.9
1. Owner's capital	1,065.9	1,065.9	1,065.9	1,065.9	1,065.9	1,065.9	1,065.9	1,065.9	1,065.9	1,065.9	1,065.9	1,065.9
- Common stock with voting right	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00	1,065,896,290,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	23.0	23.0	18.1	18.1	17.0	16.8	13.7	13.7	13.7	12.8	9.5	9.1
5. Treasury shares	—	—	—	—	—	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
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	116.1	116.1	120.9	120.9	58.4	58.6	61.7	61.7	61.7	62.6	65.9	66.3
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	447.1	422.0	369.5	234.3	269.8	258.8	356.7	339.5	438.0	424.7	512.8	439.6
- Accumulated retained earning at the end of the previous period	416.5	154.2	154.2	154.2	259.1	46.9	196.1	302.7	424.0	233.5	372.1	372.1
- Undistributed earnings in this period	30.6	267.9	215.3	80.2	10.7	211.9	160.6	36.8	14.0	191.2	140.7	67.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,748.9	1,793.5	1,742.4	1,609.4	1,552.7	1,733.9	1,785.2	1,707.5	1,796.9	1,816.3	1,930.3	1,874.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-23.8	-25.2	-16.2	-2.2	-21.1	-25.0	-4.7	-2.9	-9.6	-9.1	-6.1	-4.7
Other Operating Receipts	0.1	—	—	—	—	0.1	0.0	0.4	0.0	0.3	0.0	1.2
Other Operating Payments	-40.2	-77.1	-51.9	-31.9	-32.2	-49.4	-51.8	-29.2	-27.0	-45.0	-40.4	-37.0
Net Cash Flow from Operating Activities	86.6	158.4	93.8	43.2	3.7	230.6	28.6	68.1	143.5	120.6	58.6	38.9
Payments for Fixed Assets and Other Long-term Assets	-14.7	-9.7	-2.2	-2.2	-2.7	-0.3	-0.0	-0.2	-2.1	-5.0	-0.1	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	3.4	2.0	0.3	0.6	0.5	0.3	0.6	0.6	0.2	0.3	0.5	0.3
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	-11.3	-7.2	-1.9	-1.6	-2.2	0.0	0.6	0.4	-1.9	-4.7	0.4	-0.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-3.5	-7.4	-19.4	-16.0	-16.0	-24.5	-30.2	-16.0	-18.5	-16.3	-24.5	-86.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-0.5	-0.4	-21.3	-145.9	-52.6	-52.1	-103.8	-0.7	-135.0	-0.5	-0.4
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	-3.8	-7.9	-19.8	-37.3	-161.9	-77.1	-82.3	-119.8	-19.2	-151.3	-25.0	-86.4
Net Cash Flow During the Period	71.5	143.3	72.2	4.2	-160.4	153.5	-53.0	-51.3	122.4	-35.4	34.1	-47.7
Cash and Cash Equivalents at Beginning of Period	280.6	137.3	65.1	60.8	221.2	49.7	49.7	49.7	49.7	103.1	103.1	103.1
FX Difference from Revaluation	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	352.1	280.6	137.3	65.1	60.8	221.2	67.7	120.8	172.1	49.7	85.1	51.0

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VPD

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