VTR

Du lịch Vietravel ·UPCOM ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity −1.70x

Price

10,000

Latest close

03 Jun 2026

P/E -26.37x

P/B 0.87x

EPS -379

BVPS 11,525

ROE -4.4%

ROA -1.0%

Profit Margin -0.4%

Asset Turnover 2.68x

Equity Mult. 4.46x

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

What Is Changing

On a TTM 2026Q1 basis, VTR posted a sharp profit decline versus the same period. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,427bn
	                                
+12.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 28bn
	                                
−170.8%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    102.1%

Metric	2025	2024	2023	2022	2021
Revenue	7,172.3	6,734.8	5,949.0	3,824.0	791.8
Growth	+6%	+13%	+56%	+383%	—
Net Income	2.5	35.3	79.9	105.0	-257.3
Net Margin	0.03%	0.52%	1.34%	2.75%	-32.49%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	1,519.3	1,768.6	2,114.4	2,025.0	1,294.4	2,030.4	2,061.3	1,196.7	1,368.5	1,919.5	1,641.6	1,029.0
Growth	-14%	-16%	+4%	+56%	-36%	-1%	+72%	-13%	-29%	+17%	+60%	—
Net Income	-22.8	-10.4	4.3	1.0	6.0	14.5	6.3	12.6	23.8	34.3	11.6	16.4
Net Margin	-1.50%	-0.59%	0.20%	0.05%	0.46%	0.71%	0.31%	1.06%	1.74%	1.79%	0.70%	1.60%

Drivers of VTR's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Finance costs ↓ 106.0bn

Financial income ↑ 14.6bn

Gross profit ↑ 12.6bn

Administrative expenses ↑ 203.3bn

Selling expenses ↑ 9.7bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Finance costs ↓ 8.2bn

Financial income ↑ 5.4bn

Administrative expenses ↑ 31.0bn

Gross profit ↓ 12.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.6% = 0.6% × 2.59 × 5.57

2026Q1 -4.5% = -0.4% × 2.68 × 4.46

ROE fell from 8.6% to -4.5% — leverage weakened the most, though asset turnover still provided support.

Net margin: -0.4% -1.0pp Asset turnover: 2.68x +0.09x Leverage: 4.46x -1.11x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to -0.38%, falling 1.0pp. The main pressure comes from SG&A / Revenue rose 2.3pp and Gross margin fell 0.6pp (with additional support from Net financial result / Revenue rose 1.7pp and Other profit / Revenue rose 0.0pp).

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

Profitability trend

Net Margin -0.38% −1.0pp

Gross Margin 5.96% −0.6pp

SG&A / Revenue 7.30% +2.3pp

Non-core / Revenue 1.03% +1.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 102.1% of PBT and lifted net margin by 1.8pp — 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 — —

Capital Turnover 6.19x −0.04x

Average Invested Capital 1,199.9bn +143.1bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 2.74x equity, net debt at 0.75x 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 4.3 days versus the same period last year. The main moves came from DIO rose 1.2 days, DSO fell 1.2 days, and DPO fell 4.2 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 +4.3 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +1.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 15.0 days −1.2 days

Inventory 1.2 days +1.2 days

Payables 34.4 days −4.2 days

Cash Conversion Cycle -18.2 days +4.3 days

Is financial risk significant?

Leverage is safe but FCF is negative at 300.3bn due to capex of 94.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.75x and interest coverage only at -1.70x.

At present, short-term debt accounts for 85.9% of total debt, cash equals 24.4% of debt, and total debt stands at 756.6bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.70x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 85.9% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.75x −0.48x

Interest Coverage -1.70x −2.12x

Cash / Debt 24.4% −14.5pp

Short-term Debt / Total Debt 85.9% −8.7pp

CFO / NI 7.48x +15.88x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -486.8bn in 2025, against investing cash flow of 388.1bn.

Post-investment cash flow was negative +98.6bn. Financing cash flow was positive +265.2bn.

CFO / net income was 7.48x.

After spending +94.5bn on fixed-asset investment, the business generated trailing free cash flow of −300.3bn.

Cash Conversion

CFO TTM 205.8bn +137.1bn

Cash Capex 94.5bn +66.2bn

FCF TTM −300.3bn +70.9bn

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 leverage and liquidity remaining the main constraint, with interest coverage at -1.70x. The next watchpoint is the earnings mix, when non-core contribution is -226.8%. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 70.9bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 7.48x. Even so, net financial result still accounts for -226.8% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.70x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7,173.4	6,734.8	5,949.0	3,824.0	795.2
Revenue Deductions	1.0	0.0	0.0	0.0	0.0
Net Revenue	7,172.3	6,734.8	5,949.0	3,824.0	791.8
Cost of Goods Sold	6,731.3	6,295.3	5,470.2	3,517.5	0.0
Gross Profit	441.1	439.4	478.8	306.5	-202.9
Financial Income	24.6	21.7	12.7	387.3	444.3
Financial Expenses	-40.9	86.2	91.0	105.0	-73.0
Interest Expense	77.9	63.5	39.0	77.5	-91.8
Share of Associates and Joint Ventures	—	0.0	0.0	-245.6	-187.6
Selling Expenses	56.9	50.3	39.8	30.6	-40.4
General and Administrative Expenses	453.4	297.8	271.5	207.7	-197.5
Operating Profit	-3.7	26.9	89.2	104.9	-257.1
Other Income	27.4	33.7	13.3	1.7	0.0
Other Expenses	4.4	4.2	2.7	1.6	0.0
Other Profit	23.1	29.4	10.7	0.1	0.3
Profit Before Tax	19.4	56.3	99.8	105.0	-256.7
Current Income Tax Expense	16.9	21.0	19.9	0.0	-0.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	2.5	35.3	79.9	105.0	-257.3
Non-controlling Interest	-0.0	-0.8	-0.8	-0.1	-0.7
Profit Attributable to Parent	2.5	36.1	80.8	105.1	-256.5
Earnings per Share	64.00	1,260.00	2,940.00	6,312.00	-14,832.94
Diluted EPS	38.19	1,234.57	2,756.46	6,079.65	-14,832.94

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,438.2	2,522.8	2,224.0	1,657.3	1,517.3
I. Cash and cash equivalents	284.4	116.9	90.5	77.7	110.5
1. Cash	268.0	100.1	75.1	60.1	0.0
2. Cash equivalents	16.4	16.8	15.4	17.6	0.0
II. Short-term financial investments	27.9	15.7	12.1	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	27.9	15.7	12.1	0.0	0.0
III. Short-term receivables	1,659.2	2,048.3	1,848.4	1,399.9	1,186.7
1. Short-term trade accounts receivable	438.7	251.5	308.7	181.4	0.0
2. Short-term prepayments to suppliers	397.0	745.1	465.2	167.6	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	84.2	0.0	0.0	10.0	0.0
6. Other short-term receivables	866.8	1,068.4	1,085.9	1,051.4	0.0
7. Provision for short-term doubtful debts (*)	-127.5	-16.6	-11.4	-10.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	34.0	0.2	0.1	0.3	0.4
1. Inventories	36.0	0.2	0.1	0.3	0.0
2. Provision for decline in value of inventories	-2.0	0.0	0.0	0.0	0.0
V. Other short-term assets	432.7	341.7	272.9	179.4	219.7
1. Short-term prepayments	429.4	341.7	271.5	178.4	0.0
2. Value added tax to be reclaimed	2.7	0.0	1.2	0.9	0.0
3. Taxes and other receivables from state authorities	0.6	0.0	0.1	0.1	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)	514.9	129.7	123.7	177.8	543.4
I. Long-term receivables	9.9	8.2	8.1	7.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.3
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	9.9	8.2	8.1	7.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	30.8	19.0	25.5	42.8	62.9
1. Tangible fixed assets	20.0	5.9	14.1	28.3	45.2
- Cost	207.8	202.3	202.9	207.9	0.0
- Accumulated depreciation	-187.8	-196.4	-188.8	-179.6	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	10.9	13.0	11.4	14.4	17.7
- Cost	42.1	41.7	32.4	32.4	0.0
- Accumulated depreciation	-31.2	-28.7	-21.0	-17.9	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	163.0	82.3	73.0	71.3	68.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	163.0	82.3	73.0	71.3	0.0
V. Long-term financial investments	5.8	4.5	4.5	46.0	389.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2.0	0.7	0.7	0.7	0.0
3. Investments in other entities	3.8	181.9	181.9	181.9	0.0
4. Provision for diminution in value of long-term investments	—	-178.1	-178.1	-136.7	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	305.4	15.6	12.7	10.0	0.0
1. Long-term prepayments	31.5	15.2	11.9	9.1	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	12.6
5. Goodwill	273.8	0.5	0.7	1.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,953.1	2,652.5	2,347.7	1,835.1	2,060.8
A. LIABILITIES (300=210+330)	2,163.5	2,182.3	1,911.6	1,714.1	2,047.3
I. Short -term liabilities	2,067.0	2,148.1	1,909.3	1,692.1	1,553.3
1. Short-term trade accounts payable	729.1	692.5	599.4	432.0	395.3
2. Short-term advances from customers	358.7	328.9	291.9	279.0	183.8
3. Taxes and other payables to state authorities	31.5	67.8	48.3	45.8	0.0
4. Payable to employees	23.7	27.2	36.3	18.4	0.0
5. Short-term acrrued expenses	73.9	0.1	0.2	0.8	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	0.0	0.0
9. Other short-term payables	103.1	147.3	226.8	208.9	0.0
10. Short-term borrowings and financial leases	744.5	882.4	704.6	705.1	866.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.4	1.9	2.0	2.0	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	96.5	34.2	2.3	22.0	494.1
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.2	1.1	1.1	5.7	0.0
8. Long-term borrowings and financial leases	95.4	33.1	1.2	16.3	492.9
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)	789.6	470.1	436.1	121.0	13.4
I. Owner's equity	789.6	470.1	436.1	121.0	0.0
1. Owner's capital	664.9	292.4	292.9	172.9	13.4
- Common stock with voting right	664,944,100,000.00	292,390,900,000.00	292,948,330,000.00	172,948,330,000.00	172,948,330,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	94.2	123.1	123.2	3.3	3.3
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	-6,180,498,800.00	-6,180,498,800.00	-6,860,283,300.00	-6,860,283,300.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	3.2	1.7	1.4	2.9	0.0
8. Investment and development fund	23.1	23.1	23.1	23.1	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	3.0	34.8	0.3	-77.6	-180.1
- Accumulated retained earning at the end of the previous period	0.4	-1.3	-80.4	-181.2	-408.4
- Undistributed earnings in this period	2.5	36.1	80.8	103.5	228.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	7.4	1.2	2.0	3.3	0.6
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)	2,953.1	2,652.5	2,347.7	1,835.1	2,060.8

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	5.5
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	-24.9	-21.0	-0.2	0.0	0.0
Other Operating Receipts	1,708.4	1,639.6	1,253.5	516.5	0.0
Other Operating Payments	-2,019.5	-1,679.0	-1,478.2	-790.0	0.0
Net Cash Flow from Operating Activities	-486.8	-234.8	-167.8	102.4	-999.7
Payments for Fixed Assets and Other Long-term Assets	-92.9	-25.0	-1.5	-2.2	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.3	1.0	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	39.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	727.6
Investments in Other Entities	-22.9	0.0	0.0	0.0	-2.6
Proceeds from Investments in Other Entities	520.4	77.1	2.0	501.1	0.0
Dividends and Interest Income Received	1.0	1.4	0.6	0.5	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	388.1	51.2	-44.0	489.4	851.2
Proceeds from Equity Issuance and Capital Contributions	405,396,464,000.00	0.00	71,912,000,000.00	2,450,000,000.00	10,208,124,949.00
Share Repurchases	—	0.00	0.00	0.00	-3,000,000.00
Proceeds from Borrowings	2,395.2	2,388.4	1,362.8	465.4	1,399.1
Repayment of Borrowings	-2,506.8	-2,178.7	-1,210.4	-1,091.5	-1,097.4
Repayment of Finance Leases	—	0.0	0.0	0.0	-110.5
Dividends Paid	-28.5	0.0	0.0	-0.0	0.0
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	265.2	209.8	224.2	-623.6	201.4
Net Cash Flow During the Period	166.6	26.1	12.4	-31.8	50.1
Cash and Cash Equivalents at Beginning of Period	116.9	90.5	77.7	110.5	92.0
FX Difference from Revaluation	1.0	0.2	0.5	-1.0	0.3
Cash and Cash Equivalents at End of Period	284.4	116.9	90.5	77.7	110.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	1,519.8	1,769.1	2,115.0	2,025.0	1,294.4	2,030.4	2,061.3	1,196.7	1,368.5	1,919.5	1,641.6	1,029.0
Revenue Deductions	0.5	0.4	0.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,519.3	1,768.6	2,114.4	2,025.0	1,294.4	2,030.4	2,061.3	1,196.7	1,368.5	1,919.5	1,641.6	1,029.0
Cost of Goods Sold	1,429.0	1,659.2	1,975.7	1,921.1	1,191.7	1,906.4	1,950.3	1,104.7	1,212.2	1,797.0	1,535.4	937.6
Gross Profit	90.3	109.4	138.8	103.9	102.7	124.1	111.1	92.0	156.2	122.5	106.3	91.4
Financial Income	7.4	8.2	3.4	6.2	2.0	5.2	2.1	1.3	1.6	1.5	1.8	2.2
Financial Expenses	13.3	-94.4	23.5	29.9	21.5	21.2	20.0	15.6	32.6	11.1	23.2	18.6
Interest Expense	12.4	16.7	23.6	14.9	19.5	16.6	16.1	14.4	10.9	9.2	9.5	9.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	12.9	15.6	20.9	9.8	10.6	17.3	13.4	8.2	9.6	13.2	11.6	5.4
General and Administrative Expenses	97.3	220.0	91.1	74.9	66.3	76.8	72.8	64.0	81.0	71.1	62.2	53.9
Operating Profit	-25.7	-23.6	6.7	-4.6	6.3	13.9	6.9	5.6	34.7	28.5	11.0	15.8
Other Income	3.5	16.1	1.6	6.7	3.0	5.1	2.6	11.5	1.6	6.6	1.1	1.1
Other Expenses	0.7	1.3	1.9	0.3	0.9	0.4	1.3	1.1	0.9	0.7	0.5	0.4
Other Profit	2.9	14.8	-0.3	6.4	2.1	4.7	1.3	10.4	0.8	5.8	0.5	0.6
Profit Before Tax	-22.8	-8.8	6.4	1.8	8.4	18.6	8.3	16.0	35.4	34.3	11.6	16.4
Current Income Tax Expense	—	1.6	2.2	0.8	2.5	4.1	1.9	3.4	11.7	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-22.8	-10.4	4.3	1.0	6.0	14.5	6.3	12.6	23.8	34.3	11.6	16.4
Non-controlling Interest	-0.7	0.2	0.3	-0.3	-0.9	-0.3	0.2	-0.5	-0.4	-0.1	-0.6	0.2
Profit Attributable to Parent	-22.1	-10.7	3.9	1.3	6.8	14.7	6.1	13.1	24.2	34.5	12.2	16.2
Earnings per Share	-332.82	-160.32	68.19	45.72	233.41	504.42	210.22	459.00	825.10	1,177.02	425.00	565.00
Diluted EPS	-332.82	-160.32	68.19	45.72	233.41	504.42	210.22	448.62	825.10	1,177.02	415.43	553.21

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,140.9	2,435.5	2,621.6	2,211.1	2,595.1	2,607.6	2,656.0	2,470.1	2,218.0	2,149.3	2,015.1	1,869.7
I. Cash and cash equivalents	184.8	285.2	334.0	207.4	373.7	100.7	132.2	81.7	90.5	79.2	61.1	64.3
1. Cash	172.8	268.8	317.6	191.1	356.9	84.9	116.9	66.3	75.1	64.4	45.6	49.7
2. Cash equivalents	12.0	16.4	16.4	16.2	16.8	15.7	15.4	15.4	15.4	14.8	15.5	14.6
II. Short-term financial investments	105.0	27.9	27.7	19.5	15.9	13.9	14.7	13.9	12.1	6.4	3.0	1.3
1. Available for sale securities	—	—	—	3.1	—	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	20.7	27.9	27.7	16.4	15.9	13.9	14.7	13.9	12.1	6.4	3.0	1.3
4. Provision for short-term investments held to maturity (*)	84.2	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	1,360.6	1,654.9	1,835.2	1,553.9	1,773.6	2,200.6	2,188.7	2,064.7	1,841.6	1,818.4	1,747.1	1,596.4
1. Short-term trade accounts receivable	336.4	438.9	509.6	397.0	272.5	436.7	430.2	248.2	308.8	358.0	289.7	209.2
2. Short-term prepayments to suppliers	483.4	403.5	350.6	405.1	818.8	643.4	655.0	732.6	467.9	389.2	395.0	259.9
3. Short-term inter-company receivables	—	—	—	—	—	0.9	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	—	100.4	148.4	70.0	50.0	0.0	0.0	0.0	0.0	0.0	0.0	43.5
6. Other short-term receivables	669.3	839.6	843.4	698.5	649.0	1,130.7	1,114.7	1,095.3	1,076.3	1,081.6	1,072.9	1,094.2
7. Provision for short-term doubtful debts (*)	-128.5	-127.5	-16.9	-16.6	-16.6	-11.1	-11.1	-11.4	-11.4	-10.4	-10.4	-10.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	45.3	33.4	49.2	0.2	0.4	0.1	0.2	0.2	0.1	0.1	0.4	0.3
1. Inventories	47.3	36.0	51.5	0.2	0.4	0.1	0.2	0.2	0.1	0.1	0.4	0.3
2. Provision for decline in value of inventories	-2.0	-2.6	-2.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	445.3	434.0	375.5	430.1	431.6	292.4	320.1	309.7	273.7	245.1	203.5	207.5
1. Short-term prepayments	437.5	430.4	371.1	427.2	428.5	288.9	316.6	308.1	272.3	243.9	202.4	206.7
2. Value added tax to be reclaimed	4.3	2.8	4.0	0.6	2.1	0.5	3.0	1.3	1.2	0.7	0.6	0.6
3. Taxes and other receivables from state authorities	3.5	0.6	0.5	2.1	0.8	2.8	0.3	0.1	0.1	0.3	0.2	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.2	—	0.3	0.2	0.3	0.3	0.1	0.1	0.1	0.1	0.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	657.4	511.6	512.6	555.5	144.9	116.6	119.8	120.5	123.7	147.1	150.3	164.6
I. Long-term receivables	7.1	10.2	10.0	9.6	9.6	8.3	8.3	8.1	7.9	8.2	8.0	7.9
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	7.1	10.2	10.0	9.6	9.6	8.3	8.3	8.1	7.9	8.2	8.0	7.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	29.3	30.9	17.3	16.9	18.7	20.8	20.7	22.1	25.6	29.8	34.0	38.2
1. Tangible fixed assets	18.9	20.0	5.8	5.0	6.0	7.1	9.5	11.4	14.1	17.6	21.2	24.5
- Cost	207.8	—	—	—	—	203.6	203.4	203.3	202.9	202.8	202.7	202.2
- Accumulated depreciation	-188.9	—	—	—	—	-196.5	-194.0	-191.9	-188.8	-185.2	-181.5	-177.7
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	10.4	10.9	11.5	11.9	12.7	13.7	11.2	10.7	11.5	12.2	12.8	13.6
- Cost	42.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-31.7	—	—	—	—	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	183.9	163.0	145.0	108.0	96.2	66.0	69.9	73.1	72.8	72.0	71.5	71.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	183.9	163.0	145.0	108.0	96.2	66.0	69.9	73.1	72.8	72.0	71.5	71.5
V. Long-term financial investments	131.8	3.2	182.2	405.7	5.8	4.5	4.5	4.5	4.5	24.3	24.3	37.8
1. Investments in subsidiaries	76.0	—	152.5	399.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	52.0	2.0	2.0	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
3. Investments in other entities	3.8	3.8	188.4	183.2	183.2	181.9	181.9	181.9	181.9	181.9	181.9	181.9
4. Provision for diminution in value of long-term investments	—	-2.6	-160.7	-178.1	-178.1	-178.1	-178.1	-178.1	-178.1	-158.4	-158.4	-144.9
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	305.3	304.4	158.0	15.4	14.6	17.0	16.4	12.0	12.1	12.0	11.7	8.4
1. Long-term prepayments	38.8	30.5	17.3	15.0	14.2	16.5	15.8	12.0	11.9	11.9	11.5	8.2
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	0.1	0.1	0.1	0.1
5. Goodwill	266.6	273.8	140.7	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.5	0.6	0.7	0.7	0.8	0.8	0.9
TOTAL ASSETS (280=100+200)	2,798.3	2,947.1	3,134.2	2,766.6	2,740.0	2,724.3	2,775.8	2,590.6	2,341.7	2,296.3	2,165.4	2,034.3
A. LIABILITIES (300=210+330)	2,032.0	2,155.1	2,330.9	2,291.2	2,264.1	2,257.8	2,321.1	2,142.4	1,905.0	1,883.7	1,779.0	1,656.9
I. Short -term liabilities	1,924.2	2,058.5	2,248.6	2,238.3	2,211.1	2,236.6	2,316.1	2,141.3	1,903.3	1,880.2	1,774.0	1,645.8
1. Short-term trade accounts payable	604.8	730.8	804.2	754.8	710.7	754.5	691.7	490.7	589.8	565.3	529.7	453.2
2. Short-term advances from customers	448.7	357.3	414.3	483.0	404.1	312.5	437.0	422.1	284.2	356.2	474.1	435.7
3. Dividends and profits payable	1.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	20.8	20.9	20.5	17.6	28.4	46.0	37.5	37.9	45.6	32.8	40.3	34.8
4. Payable to employees	10.0	22.6	11.3	13.1	13.0	41.2	25.7	18.5	36.6	26.4	26.5	25.1
5. Short-term acrrued expenses	76.1	73.9	32.8	0.1	0.1	0.1	0.1	0.0	0.5	0.2	0.4	1.1
6. Short-term inter-company payables	—	—	0.1	—	0.0	0.0	0.0	0.0	0.2	0.0	0.2	0.2
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	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	110.5	106.1	113.9	150.4	145.3	189.0	242.6	288.8	239.3	302.8	260.4	231.7
10. Short-term borrowings and financial leases	650.0	744.5	849.1	817.4	907.6	890.9	879.6	881.3	705.1	594.5	440.6	462.0
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	2.2	2.4	2.5	1.9	1.9	1.9	2.0	2.0	2.0	2.0	2.0	2.0
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	107.8	96.5	82.4	52.9	53.1	21.2	5.0	1.1	1.7	3.6	5.0	11.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.1	1.2	1.2	1.1	1.1	1.1	1.1	1.1	1.1	1.3	1.1	5.5
8. Long-term borrowings and financial leases	106.6	95.4	81.2	51.8	52.0	20.1	3.9	0.0	0.7	2.3	3.9	5.6
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)	766.3	792.0	803.3	475.4	475.9	466.5	454.7	448.3	436.7	412.6	386.3	377.4
I. Owner's equity	766.3	792.0	803.3	475.4	475.9	466.5	454.7	448.3	436.7	412.6	386.3	377.4
1. Owner's capital	664.9	664.9	579.0	292.4	292.4	292.4	292.4	292.9	292.9	292.9	292.9	292.9
- Common stock with voting right	664,944,100,000.00	664,944,100,000.00	578,973,370,000.00	292,390,900,000.00	292,390,900,000.00	292,390,900,000.00	292,390,900,000.00	292,948,330,000.00	292,948,330,000.00	292,948,330,000.00	292,948,330,000.00	292,948,330,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	94.2	93.4	179.4	123.1	123.1	123.1	123.1	123.2	123.2	123.2	123.3	123.3
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	-6,180,498,800.00	-6,180,498,800.00	-6,180,498,800.00	-6,180,498,800.00	-6,180,498,800.00	-6,180,498,800.00	-6,180,498,800.00	-6,860,283,300.00	-6,860,283,300.00	-6,860,283,300.00	-6,860,283,300.00	-6,860,283,300.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	2.6	2.6	2.7	2.6	1.7	1.5	1.5	1.2	1.1	0.8	2.9	2.9
8. Investment and development fund	23.1	27.0	26.7	23.1	23.1	23.1	23.1	23.1	23.1	23.1	23.1	23.1
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	-19.1	2.7	15.4	40.3	41.5	31.1	19.1	13.2	1.2	-23.0	-51.3	-61.5
- Accumulated retained earning at the end of the previous period	3.1	1.5	3.5	32.2	34.7	-0.9	-0.2	0.0	-80.2	-80.2	-79.7	-77.7
- Undistributed earnings in this period	-22.1	1.3	11.9	8.2	6.8	32.0	19.3	13.1	81.4	57.2	28.4	16.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	6.8	7.4	6.2	0.0	0.3	1.4	1.7	1.5	2.0	2.4	2.3	3.5
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)	2,798.3	2,947.1	3,134.2	2,766.6	2,740.0	2,724.3	2,775.8	2,590.6	2,341.7	2,296.3	2,165.4	2,034.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
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	-1.7	-0.3	-2.7	-21.8	-0.0	-0.1	-15.5	-4.3	-0.1	0.0	-0.1	-0.0
Other Operating Receipts	603.0	—	—	—	—	517.8	383.1	362.7	341.2	330.8	363.2	218.3
Other Operating Payments	-695.1	-353.5	-678.5	-616.1	-371.4	-507.7	-422.0	-369.1	-361.5	-461.6	-427.7	-227.5
Net Cash Flow from Operating Activities	123.7	-20.5	-232.1	-76.9	-157.3	-55.2	51.8	-182.3	-88.3	-136.1	17.1	39.5
Payments for Fixed Assets and Other Long-term Assets	-21.9	-24.4	-44.0	-4.2	-20.3	-3.7	-4.2	-0.1	-0.8	0.0	-0.7	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.1	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.5	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	-126.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	35.5	0.4	43.0	441.5	0.0	0.0	0.0	2.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	-0.1	0.6	0.3	0.2	0.3	0.4	0.1	0.1	0.1	0.2	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-140.1	47.0	-43.5	14.8	369.9	-3.4	-3.3	-2.2	-4.3	-3.4	-1.8	-34.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	-88,000,000.00	72,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	33,000,000.00	-33,000,000.00
Proceeds from Borrowings	601.7	458.6	679.6	704.2	552.7	774.9	296.0	740.0	479.1	440.8	304.1	138.7
Repayment of Borrowings	-685.0	-549.0	-653.6	-795.5	-508.7	-747.3	-293.8	-564.5	-374.8	-283.8	-322.8	-229.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-27.4	-1.1	—	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
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	-83.3	-78.8	391.3	-91.3	44.0	27.6	2.2	175.5	104.3	157.0	-18.7	-18.4
Net Cash Flow During the Period	-99.7	-52.4	115.7	-153.4	256.6	-31.1	50.7	-9.0	11.7	17.5	-3.3	-13.5
Cash and Cash Equivalents at Beginning of Period	284.4	334.0	221.0	373.7	116.9	90.5	90.5	90.5	77.7	77.7	77.7	77.7
FX Difference from Revaluation	0.1	1.0	-1.8	0.9	0.2	-0.8	0.2	0.2	-0.4	0.7	0.0	0.2
Cash and Cash Equivalents at End of Period	184.8	284.4	334.0	221.0	373.7	100.7	132.6	81.7	90.5	79.2	61.0	64.3

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VTR

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