AAT

Tập Đoàn Tiên Sơn Thanh Hóa ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 1.65%, +1.00pp YoY

Price

2,840

Latest close

02 Jun 2026

P/E 8.05x

P/B 0.26x

EPS 353

BVPS 10,720

ROE 3.3%

ROA 1.7%

Profit Margin 2.4%

Asset Turnover 0.72x

Equity Mult. 1.92x

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

What Is Changing

On a TTM 2026Q1 basis, AAT 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. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,036bn
	                                
+77.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 17bn
	                                
+353.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -8.87x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,008.7	583.0	599.4	961.6	473.2
Growth	+73%	-3%	-38%	+103%	—
Net Income	19.3	-8.3	-2.5	89.0	28.4
Net Margin	1.91%	-1.43%	-0.41%	9.26%	5.99%

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	235.0	409.1	213.1	179.2	207.3	131.1	65.3	179.7	204.7	231.7	80.1	161.6
Growth	-43%	+92%	+19%	-14%	+58%	+101%	-64%	-12%	-12%	+189%	-50%	—
Net Income	-0.1	1.2	7.2	8.8	9.5	-12.0	2.4	4.0	5.1	9.7	0.7	1.7
Net Margin	-0.04%	0.28%	3.38%	4.94%	4.57%	-9.19%	3.65%	2.21%	2.50%	4.21%	0.82%	1.04%

Drivers of AAT's profit

TTM

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

Gross profit ↑ 10.0bn

Administrative expenses ↓ 9.8bn

Minority interests ↓ 7.8bn

Other profit ↑ 2.3bn

Finance costs ↑ 11.3bn

TTM

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

Tax ↓ 1.8bn

Selling expenses ↓ 1.5bn

Gross profit ↓ 8.6bn

Administrative expenses ↑ 2.5bn

Finance costs ↑ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.5% = 0.6% × 0.48 × 1.62

2026Q1 2.3% = 1.7% × 0.72 × 1.92

ROE rose from 0.5% to 2.3% — all three components improved, with leverage contributing the most.

Net margin: 1.7% +1.0pp Asset turnover: 0.72x +0.24x Leverage: 1.92x +0.30x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.65%, rising 1.0pp. Core operating signals are improving as SG&A / Revenue fell 3.8pp are enough to offset pressure from Gross margin fell 4.4pp (with additional support from Net financial result / Revenue rose 0.6pp and Other profit / Revenue rose 0.3pp).

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

Profitability trend

Net Margin 1.65% +1.0pp

Gross Margin 7.92% −4.4pp

SG&A / Revenue 2.85% −3.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 12.7 days.

Is capital being deployed efficiently?

ROIC edged up to 1.45%, rising 1.0pp. That translates to 1.45 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.8pp and capital turnover rose 0.34x, while invested capital rose by 120bn — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 1.45% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.45% +1.0pp

NOPAT Margin 1.58% +0.8pp

Capital Turnover 0.91x +0.34x

Average Invested Capital 1,135.3bn +120.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 0.95x equity, net debt at 0.56x equity.

Over the last 12 months, working capital absorbed 130.6bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −105.4bn

Inventories increased → lower CFO: −4.4bn

Payables decreased → lower CFO: −20.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.2 days versus the same period last year. The main moves came from DIO fell 7.2 days, DSO fell 14.9 days, and DPO fell 5.9 days.

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

Working Capital Efficiency

Receivables 13.1 days −14.9 days

Inventory 4.7 days −7.2 days

Payables 5.1 days −5.9 days

Cash Conversion Cycle 12.7 days −16.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 326.0bn due to capex of 104.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.56x and interest coverage only at 0.59x.

At present, short-term debt accounts for 55.6% of total debt, cash equals 5.7% of debt, and total debt stands at 448.8bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.59x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 5.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.56x +0.08x

Interest Coverage 0.59x +0.09x

Cash / Debt 5.7% +1.1pp

Short-term Debt / Total Debt 55.6% +9.6pp

CFO / NI -8.87x +30.69x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -90.4bn in 2025, against investing cash flow of -28.8bn.

Post-investment cash flow was negative +119.2bn. Financing cash flow was positive +65.4bn.

CFO / net income was -8.87x.

After spending +104.5bn on fixed-asset investment, the business generated trailing free cash flow of −326.0bn.

Cash Conversion

CFO TTM 221.5bn −71.7bn

Cash Capex 104.5bn —

FCF TTM −326.0bn —

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 capital efficiency remains weak remaining the main constraint, with ROIC at 1.4%. The main offsetting support comes from operating efficiency, with net margin improving 1.0 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.65% after expanding 1.0pp versus the same period last year.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,008.8	583.0	599.4	961.6	473.2
Revenue Deductions	0.2	0.0	0.0	0.0	0.0
Net Revenue	1,008.7	583.0	599.4	961.6	473.2
Cost of Goods Sold	924.3	530.2	552.2	808.9	0.0
Gross Profit	84.4	52.8	47.1	152.8	57.4
Financial Income	2.9	6.7	2.5	0.2	1.1
Financial Expenses	34.6	24.5	25.6	21.0	-10.6
Interest Expense	31.4	20.7	23.3	19.2	-10.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	15.1	11.3	5.8	2.5	-2.2
General and Administrative Expenses	13.4	34.4	11.7	17.0	-13.2
Operating Profit	24.2	-10.8	6.5	112.5	32.5
Other Income	4.3	8.6	0.8	0.7	0.0
Other Expenses	4.3	2.7	7.6	1.1	0.0
Other Profit	0.0	5.9	-6.8	-0.4	3.6
Profit Before Tax	24.3	-4.9	-0.3	112.0	36.1
Current Income Tax Expense	7.0	3.4	2.1	23.0	-7.8
Deferred Income Tax Expense	-2.0	0.0	0.0	0.0	0.0
Net Income	19.3	-8.3	-2.5	89.0	28.4
Non-controlling Interest	-4.4	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	23.7	-8.3	-2.5	89.0	28.4
Earnings per Share	335.00	-118.00	-35.00	1,395.00	784.00
Diluted EPS	335.00	-118.00	-35.00	1,395.39	444.57

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	502.5	338.2	468.1	443.7	342.7
I. Cash and cash equivalents	38.4	11.5	2.1	15.8	90.2
1. Cash	38.4	11.5	2.1	15.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	23.4	26.6	20.0	1.0	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	23.4	26.6	20.0	1.0	0.0
III. Short-term receivables	408.3	278.6	417.5	412.3	211.6
1. Short-term trade accounts receivable	31.8	40.4	54.3	118.3	0.0
2. Short-term prepayments to suppliers	143.4	165.3	113.9	239.5	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	67.0	2.8	55.9	36.9	0.0
6. Other short-term receivables	173.9	92.5	195.2	19.5	0.0
7. Provision for short-term doubtful debts (*)	-7.8	-22.5	-1.9	-1.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	18.2	13.3	27.6	14.1	17.3
1. Inventories	22.2	17.3	29.8	15.7	0.0
2. Provision for decline in value of inventories	-4.0	-4.0	-2.2	-1.6	0.0
V. Other short-term assets	14.2	8.3	0.9	0.5	19.5
1. Short-term prepayments	0.1	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	14.0	8.1	0.8	0.4	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	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)	966.8	996.1	543.3	609.7	633.4
I. Long-term receivables	7.6	97.2	31.4	66.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	55.0
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	6.4	95.0	0.0	0.0	0.0
6. Other long-term receivables	1.2	2.2	31.4	66.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	89.0	78.8	136.2	180.2	434.9
1. Tangible fixed assets	75.1	75.3	125.2	173.4	426.4
- Cost	179.3	170.1	299.6	365.3	0.0
- Accumulated depreciation	-104.3	-94.8	-174.5	-191.9	0.0
2. Financial leased fixed assets	13.9	3.5	5.1	0.0	0.0
- Cost	19.5	6.3	6.3	0.0	0.0
- Accumulated depreciation	-5.6	-2.8	-1.1	0.0	0.0
3. Intangible fixed assets	—	0.0	5.9	6.8	8.5
- Cost	—	0.0	6.5	7.3	0.0
- Accumulated depreciation	—	0.0	-0.6	-0.5	0.0
III. Investment properties	567.0	510.8	294.3	272.5	0.0
- Cost	773.3	674.3	388.2	344.6	0.0
- Accumulated depreciation	-206.3	-163.4	-93.8	-72.1	0.0
IV. Long-term assets in progress	175.5	166.7	0.8	5.9	55.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	175.5	166.7	0.8	5.9	0.0
V. Long-term financial investments	—	0.0	67.3	67.3	67.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	67.3	67.3	0.0
3. Investments in other entities	—	0.0	0.0	0.0	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	127.8	142.5	13.2	17.3	0.0
1. Long-term prepayments	61.5	66.8	13.2	17.3	0.0
2. Deferred income tax assets	66.3	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	20.9
5. Goodwill	—	75.7	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,469.3	1,334.3	1,011.3	1,053.4	976.1
A. LIABILITIES (300=210+330)	716.8	608.9	303.7	322.0	307.8
I. Short -term liabilities	348.3	200.2	227.9	212.7	106.0
1. Short-term trade accounts payable	37.1	21.4	31.7	7.8	12.9
2. Short-term advances from customers	2.3	0.2	0.2	3.4	1.7
3. Taxes and other payables to state authorities	7.1	14.1	6.2	29.2	0.0
4. Payable to employees	7.7	5.6	4.6	3.4	0.0
5. Short-term acrrued expenses	63.8	1.1	0.0	0.0	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	1.4	21.8	0.0	0.0	0.0
9. Other short-term payables	5.8	1.1	47.7	45.8	0.0
10. Short-term borrowings and financial leases	223.0	134.9	137.5	123.0	79.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	368.6	408.7	75.8	109.2	201.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	46.4	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.6	76.7	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	95.0	86.3	0.0	0.0	0.0
8. Long-term borrowings and financial leases	212.6	232.9	75.8	109.2	138.5
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	13.9	12.8	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)	752.5	725.4	707.6	731.5	668.3
I. Owner's equity	752.5	725.4	707.6	731.5	0.0
1. Owner's capital	708.2	708.2	708.2	638.0	668.3
- Common stock with voting right	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	638,014,890,000.00	638,014,890,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2
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	—	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	0.4	0.4	0.4	0.4	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	0.0
11. Undistributed earnings after tax	16.3	-7.3	-0.8	93.2	30.0
- Accumulated retained earning at the end of the previous period	-8.1	-0.8	1.6	4.2	1.7
- Undistributed earnings in this period	24.4	-6.5	-2.5	89.0	28.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	27.8	24.3	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)	1,469.3	1,334.3	1,011.3	1,053.4	976.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	24.3	-4.9	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	-61.8	57.9	0.0	0.0	0.0
Provision (Increase)/Reversal	-14.7	22.4	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	2.7	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.6	-6.9	0.0	0.0	0.0
Interest Expense	31.4	20.7	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	-24.5	91.8	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-76.8	191.9	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-4.9	12.5	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	31.4	-22.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	14.7	-53.7	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-30.9	-19.6	0.0	0.0	0.0
Corporate Income Tax Paid	-8.2	-0.8	-20.1	-6.8	0.0
Other Operating Receipts	—	25.6	35.4	115.3	0.0
Other Operating Payments	8.7	-293.3	-50.2	-287.9	0.0
Net Cash Flow from Operating Activities	-90.4	-67.6	41.4	-238.5	11.7
Payments for Fixed Assets and Other Long-term Assets	-101.9	-27.4	-6.3	-114.1	-1.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	12.4	0.0	6.3	298.9	0.0
Loans and Purchases of Debt Instruments	-133.8	-26.6	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	192.1	20.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	-26.0	0.0
Proceeds from Investments in Other Entities	—	67.3	0.0	26.0	0.0
Dividends and Interest Income Received	2.4	1.4	2.0	0.1	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	-28.8	34.7	-36.0	148.0	-1.8
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	469.0	283.3	241.8	270.6	86.3
Repayment of Borrowings	-401.2	-239.8	-258.4	-257.6	-89.3
Repayment of Finance Leases	-2.4	-1.2	-2.4	0.0	0.0
Dividends Paid	—	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	65.4	42.3	-19.0	13.0	-3.1
Net Cash Flow During the Period	-53.8	9.4	-13.6	-77.5	0.0
Cash and Cash Equivalents at Beginning of Period	11.5	2.1	15.8	93.3	19.7
FX Difference from Revaluation	0.0	0.0	-0.2	0.0	0.0
Cash and Cash Equivalents at End of Period	-42.3	11.5	2.1	15.8	0.0

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	235.1	409.1	213.2	179.2	207.3	131.1	65.3	179.7	204.7	231.7	80.1	161.8
Revenue Deductions	0.1	-0.0	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Net Revenue	235.0	409.1	213.1	179.2	207.3	131.1	65.3	179.7	204.7	231.7	80.1	161.6
Cost of Goods Sold	212.7	385.5	198.9	157.3	176.3	120.4	51.8	162.7	187.5	209.8	69.7	153.1
Gross Profit	22.4	23.6	14.2	21.9	30.9	10.6	13.5	17.0	17.1	21.8	10.4	8.5
Financial Income	0.7	0.9	1.1	0.3	1.0	0.6	0.2	0.2	0.1	0.6	0.5	0.9
Financial Expenses	9.1	8.7	8.1	9.0	8.0	5.3	5.5	4.9	5.9	5.3	5.9	2.3
Interest Expense	9.1	8.6	8.1	4.3	4.8	4.8	5.1	4.6	5.1	0.0	5.9	2.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.2	6.3	3.1	1.1	4.6	2.8	1.8	3.8	1.5	1.9	1.0	2.2
General and Administrative Expenses	8.7	8.9	-2.5	0.7	6.2	13.3	3.2	3.0	2.6	3.0	2.8	3.4
Operating Profit	2.0	0.7	6.5	11.4	13.1	-10.2	3.2	5.6	7.2	12.1	1.3	1.5
Other Income	0.9	-10.3	13.9	0.2	0.1	0.9	0.0	0.3	0.0	0.1	0.0	6.3
Other Expenses	1.7	-11.4	12.5	1.0	0.5	1.3	0.2	0.8	0.6	0.0	0.5	5.7
Other Profit	-0.8	1.1	1.3	-0.8	-0.4	-0.4	-0.2	-0.5	-0.6	0.1	-0.5	0.5
Profit Before Tax	1.2	1.8	7.8	10.6	12.7	-10.6	3.0	5.2	6.5	12.2	0.8	2.1
Current Income Tax Expense	1.7	0.3	1.0	2.2	3.5	0.9	0.6	1.2	1.4	2.4	0.2	0.4
Deferred Income Tax Expense	-0.4	0.4	-0.3	-0.5	-0.2	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.1	1.2	7.2	8.8	9.5	-12.0	2.4	4.0	5.1	9.7	0.7	1.7
Non-controlling Interest	-0.6	-5.5	-1.3	-0.4	-0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	6.7	8.5	9.2	9.6	-12.1	2.4	4.0	5.1	9.7	0.7	1.7
Earnings per Share	7.00	95.00	121.00	130.00	180.00	-171.00	34.00	56.00	72.00	138.00	9.00	26.00
Diluted EPS	7.00	95.00	121.00	130.00	180.00	-62.00	34.00	56.00	72.00	138.00	9.00	26.00

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)	488.5	503.2	450.8	434.1	355.4	434.7	531.5	546.9	503.2	468.8	311.1	427.2
I. Cash and cash equivalents	25.4	38.4	11.5	42.2	16.9	11.5	39.0	26.4	17.9	21.3	3.9	10.2
1. Cash	25.4	38.4	11.5	42.2	16.9	11.5	39.0	26.4	17.9	21.3	3.9	10.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	21.4	23.4	25.1	22.5	25.7	26.6	25.0	25.6	0.0	20.0	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	21.4	23.4	25.1	22.5	25.7	26.6	25.0	25.6	0.0	20.0	0.0	0.0
III. Short-term receivables	421.1	409.1	375.7	343.1	299.1	375.1	459.2	477.9	378.7	398.7	277.3	391.9
1. Short-term trade accounts receivable	41.9	31.8	33.9	20.7	32.5	40.2	45.4	62.6	57.1	54.4	30.7	132.7
2. Short-term prepayments to suppliers	365.0	295.2	162.0	244.3	180.3	165.3	303.9	147.0	120.1	114.3	153.0	172.3
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	—	67.0	74.5	71.5	7.4	2.2	44.0	44.0	36.9	36.9	36.9	36.9
6. Other short-term receivables	14.8	22.9	113.1	23.5	101.5	184.9	73.5	226.3	166.5	194.9	58.6	51.7
7. Provision for short-term doubtful debts (*)	-0.6	-7.8	-7.8	-16.8	-22.5	-17.6	-7.6	-1.9	-1.8	-1.8	-1.8	-1.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	10.5	18.2	24.0	15.6	6.1	13.1	8.1	16.8	21.6	27.9	28.7	23.0
1. Inventories	14.5	22.2	28.0	19.6	10.1	19.7	10.3	19.0	23.3	29.6	30.3	24.6
2. Provision for decline in value of inventories	-4.0	-4.0	-4.0	-4.0	-4.0	-6.5	-2.2	-2.2	-1.6	-1.6	-1.6	-1.6
V. Other short-term assets	10.1	14.2	14.5	10.6	7.6	8.4	0.1	0.1	85.0	0.9	1.2	2.1
1. Short-term prepayments	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	9.9	14.0	14.4	10.5	7.4	8.2	0.0	0.0	0.0	0.8	1.1	2.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	0.1	—	0.0	0.0	0.0	84.9	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,009.6	972.9	977.3	952.4	1,009.9	886.9	615.6	573.7	543.8	584.3	700.1	598.4
I. Long-term receivables	1.1	7.6	35.4	45.1	90.9	2.2	0.3	0.3	0.3	31.4	146.4	31.5
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	0.0	0.0
5. Long-term loan receivables	—	6.4	34.2	44.1	90.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.1	1.2	1.2	1.0	—	2.2	0.3	0.3	0.3	31.4	146.4	31.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	103.5	89.0	74.3	75.6	75.8	293.9	114.3	123.8	169.1	171.6	167.8	169.7
1. Tangible fixed assets	90.5	75.1	58.6	70.9	70.6	290.4	110.4	113.6	157.8	159.8	155.5	157.0
- Cost	202.0	—	—	—	—	399.8	214.5	214.0	357.5	357.4	357.2	356.6
- Accumulated depreciation	-111.5	—	—	—	—	-109.4	-104.1	-100.4	-199.8	-197.6	-201.7	-199.6
2. Financial leased fixed assets	13.0	13.9	15.7	4.7	5.2	3.5	3.9	4.3	4.7	5.1	5.5	5.9
- Cost	19.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	5.8	6.6	6.7	6.7	6.7
- 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
III. Investment properties	560.0	567.0	561.9	571.5	588.5	296.2	302.3	283.0	288.7	294.7	298.7	305.0
- Cost	774.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-214.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	183.3	175.5	173.6	124.4	115.9	166.7	0.8	0.8	5.9	5.9	5.9	5.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	183.3	175.5	173.6	124.4	115.9	166.7	0.8	0.8	5.9	5.9	5.9	5.9
V. Long-term financial investments	2.1	6.0	—	—	—	0.0	177.0	153.0	67.3	67.3	67.3	67.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	177.0	153.0	67.3	67.3	67.3	67.3
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	6.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	159.6	127.8	132.1	135.7	138.8	127.9	20.8	12.8	12.4	13.3	13.9	18.9
1. Long-term prepayments	93.5	61.6	63.3	64.7	66.1	127.9	20.8	12.8	12.4	13.3	13.9	18.9
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	66.1	66.3	68.8	71.0	72.7	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)	1,498.2	1,476.1	1,428.1	1,386.5	1,365.3	1,321.6	1,147.0	1,120.6	1,047.0	1,053.2	1,011.2	1,025.6
A. LIABILITIES (300=210+330)	739.0	711.5	680.0	643.2	631.0	589.7	430.6	407.0	293.3	304.5	277.8	289.5
I. Short -term liabilities	330.7	343.1	324.7	284.2	259.7	182.2	279.3	248.1	143.7	160.9	131.0	136.7
1. Short-term trade accounts payable	11.4	37.1	30.7	13.5	15.3	21.4	17.9	14.2	15.6	31.6	8.2	11.9
2. Short-term advances from customers	0.4	2.3	0.2	0.4	1.8	0.2	26.3	28.7	0.2	0.2	0.2	3.3
3. Taxes and other payables to state authorities	9.8	6.6	9.6	12.6	11.8	14.4	9.8	7.9	8.7	8.7	2.0	9.5
4. Payable to employees	4.2	7.8	3.7	3.3	2.8	2.9	2.2	1.2	2.1	4.6	4.0	4.0
5. Short-term acrrued expenses	30.4	63.8	63.7	63.7	34.2	0.0	19.8	0.0	0.0	0.0	0.0	0.0
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	22.0	1.4	8.6	12.9	17.8	20.7	25.6	4.2	0.0	0.0	0.0	0.0
9. Other short-term payables	2.8	0.4	1.5	0.6	5.3	1.1	64.4	95.3	1.5	0.4	1.1	0.0
10. Short-term borrowings and financial leases	249.4	223.6	206.7	177.1	170.5	121.4	113.2	96.4	115.6	115.3	115.4	107.9
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	408.3	368.5	355.3	359.0	371.3	407.5	151.2	158.9	149.5	143.6	146.8	152.8
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	—	46.4	46.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.6	0.6	0.6	0.6	69.0	76.6	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	103.1	—	—	—	—	0.4	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	91.3	95.0	91.3	90.4	89.3	86.3	0.0	0.0	58.7	47.3	44.9	44.9
8. Long-term borrowings and financial leases	199.4	212.1	203.3	209.2	200.2	243.7	151.2	158.9	90.8	96.3	101.9	107.9
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	14.0	14.4	13.7	12.3	12.7	0.5	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	—	—	—	46.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	759.2	764.5	748.1	743.3	734.3	731.9	716.5	713.6	753.7	748.6	733.5	736.0
I. Owner's equity	759.2	764.5	748.1	743.3	734.3	731.9	716.5	713.6	753.7	748.6	733.5	736.0
1. Owner's capital	708.2	708.2	708.2	708.2	708.2	708.2	708.2	708.2	708.2	708.2	708.2	638.0
- Common stock with voting right	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	708,191,030,000.00	638,014,890,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
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	—	—	—	—	—	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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	18.0	19.7	14.0	9.7	1.0	-3.7	8.1	5.2	45.3	40.2	25.0	97.8
- Accumulated retained earning at the end of the previous period	17.5	-0.4	-7.2	-8.0	-8.7	-8.1	-0.8	-0.8	40.2	23.0	1.0	3.3
- Undistributed earnings in this period	0.5	20.1	21.2	17.7	9.7	4.3	8.9	6.0	5.1	17.1	24.0	94.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	32.7	36.4	25.7	25.2	24.9	27.2	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	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,498.2	1,476.1	1,428.1	1,386.5	1,365.3	1,321.6	1,147.0	1,120.6	1,047.0	1,053.2	1,011.2	1,025.6

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
Profit Before Tax	1.2	-2.2	7.8	5.8	12.7	3.4	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	16.1	-107.5	-2.8	35.4	13.2	41.4	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	-7.2	0.0	-9.1	-5.6	—	20.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	—	—	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-2.6	-0.3	0.3	-1.0	-5.1	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	9.1	7.7	8.1	9.1	6.4	20.8	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	18.6	-104.6	3.2	45.5	31.4	80.5	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-79.8	-52.3	-29.8	56.5	-51.2	42.3	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	7.6	-15.6	13.0	-9.5	7.2	10.1	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-33.0	-11.8	12.1	11.9	19.2	-134.1	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-31.9	11.2	1.4	1.4	0.7	-6.2	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	-8.8	-8.2	-7.2	-9.0	-6.4	-19.6	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.5	-2.0	-2.0	-2.0	-2.2	0.0	-0.1	-0.7	0.0	-20.1	20.1	-20.1
Other Operating Receipts	-3.7	—	—	—	—	-509.5	313.5	79.2	116.8	35.4	-100.1	36.9
Other Operating Payments	—	327.4	-318.6	—	—	136.0	-78.4	-62.1	-39.0	-50.2	45.6	-41.9
Net Cash Flow from Operating Activities	-132.5	-40.0	-148.0	99.0	-1.4	-260.0	68.1	43.5	77.0	41.4	-8.9	-32.7
Payments for Fixed Assets and Other Long-term Assets	-2.6	-19.6	-14.3	-68.0	—	-27.4	17.3	-17.3	0.0	-6.3	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	10.2	2.2	—	0.0	0.0	0.0	0.0	6.3	-6.3	6.3
Loans and Purchases of Debt Instruments	-24.8	-124.4	94.6	-104.0	—	-26.6	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	134.3	104.2	-4.0	87.9	4.1	20.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	109.7	43.3	-68.1	-84.9	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	67.3	-26.0	26.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	1.4	-0.9	0.8	1.0	5.1	-0.1	0.1	0.0	2.0	-0.9	0.9
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	107.2	-38.3	85.6	-81.2	5.1	141.2	35.1	-73.0	-64.9	-36.0	-8.2	8.2
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	99.8	167.0	89.4	120.5	92.1	134.1	-37.9	129.2	57.9	241.8	-112.8	64.8
Repayment of Borrowings	-86.6	-141.4	-65.7	-104.9	-89.2	-43.6	-51.5	-71.6	-73.1	-258.4	133.7	-44.9
Repayment of Finance Leases	-0.9	2.1	-3.3	-1.2	—	1.8	-1.2	-0.3	-0.3	-2.4	1.8	-1.8
Dividends Paid	—	—	—	—	—	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	—	—	—	—	—	-1.2	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	12.3	24.6	22.2	15.7	2.9	91.2	-90.7	57.3	-15.5	-19.0	22.7	18.2
Net Cash Flow During the Period	-13.0	-53.8	-40.2	33.5	6.6	-27.5	12.5	27.8	-3.4	-13.6	5.6	-6.3
Cash and Cash Equivalents at Beginning of Period	38.4	11.5	42.2	18.1	11.5	2.1	2.1	2.1	21.3	15.8	0.0	15.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	-0.2	0.1	-0.1
Cash and Cash Equivalents at End of Period	25.4	-42.3	11.5	42.2	18.1	11.5	39.0	26.5	17.9	2.1	0.0	10.2

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AAT

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