AFX

Xuất nhập khẩu Nông sản Thực phẩm An Giang ·HOSE ·2026Q1

▲ Showing improvement

Price

10,350

Latest close

02 Jun 2026

P/E 5.97x

P/B 0.67x

EPS 1,734

BVPS 15,411

ROE 11.9%

ROA 4.0%

Profit Margin 1.8%

Asset Turnover 2.25x

Equity Mult. 2.95x

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

What Is Changing

On a TTM 2026Q1 basis, AFX is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,390bn
	                                
+72.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 61bn
	                                
+113.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    34.2%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	2,813.6	2,057.0	2,138.0	1,612.1	766.2
Growth	+37%	-4%	+33%	+110%	—
Net Income	47.3	28.0	26.5	28.6	21.1
Net Margin	1.68%	1.36%	1.24%	1.78%	2.75%

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	884.0	1,057.0	735.3	713.3	308.0	692.1	358.7	609.3	397.0	606.1	609.3	587.4
Growth	-16%	+44%	+3%	+132%	-56%	+93%	-41%	+53%	-34%	-1%	+4%	—
Net Income	18.0	27.2	9.1	6.4	4.7	9.7	5.4	8.8	4.1	14.0	2.6	5.2
Net Margin	2.04%	2.57%	1.24%	0.89%	1.52%	1.40%	1.50%	1.44%	1.04%	2.31%	0.43%	0.89%

Drivers of AFX's profit

TTM

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

Gross profit ↑ 27.2bn

Financial income ↑ 25.5bn

Administrative expenses ↓ 6.0bn

Selling expenses ↑ 9.6bn

Tax ↑ 8.0bn

Other profit ↓ 6.3bn

TTM

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

Gross profit ↑ 22.3bn

Finance costs ↓ 3.6bn

Selling expenses ↑ 3.8bn

Other profit ↓ 3.7bn

Tax ↑ 3.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.1% = 1.4% × 1.57 × 2.68

2026Q1 11.9% = 1.8% × 2.25 × 2.95

ROE rose from 6.1% to 11.9% — all three components improved, with asset turnover contributing the most.

Net margin: 1.8% +0.3pp Asset turnover: 2.25x +0.68x Leverage: 2.95x +0.27x

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 1.79%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 0.4pp (in addition, Net financial result / Revenue rose 0.6pp 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 1.79% +0.3pp

Gross Margin 2.49% −0.4pp

SG&A / Revenue 1.01% −0.5pp

Non-core / Revenue 0.76% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (34.6% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 43.1 days.

Is capital being deployed efficiently?

ROIC expanded to 5.12%, rising 2.9pp. That translates to 5.12 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 1.01x, while invested capital rose by 120bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation, but with ROIC still at a low level, several more periods in the same direction are needed to confirm a substantive shift.

CAPITAL EFFICIENCY TREND

ROIC 5.12% +2.9pp

NOPAT Margin 1.80% +0.6pp

Capital Turnover 2.85x +1.01x

Average Invested Capital 1,189.0bn +119.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 2.01x equity, net debt at 1.38x equity.

Inventory ended the period at 243.2bn, roughly 15.5% of total assets.

Over the last 12 months, working capital absorbed 35.0bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −202.5bn

Inventories decreased → higher CFO: +63.0bn

Payables increased → higher CFO: +104.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 46.6 days versus the same period last year. The main moves came from DIO fell 17.7 days, DSO fell 30.9 days, and DPO fell 2.0 days.

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

Working Capital Efficiency

Receivables 48.6 days −30.9 days

Inventory 23.6 days −17.7 days

Payables 29.1 days −2.0 days

Cash Conversion Cycle 43.1 days −46.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 256.1bn due to capex of 2.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.38x and interest coverage only at 1.55x.

At present, short-term debt accounts for 99.9% of total debt, cash equals 3.5% of debt, and total debt stands at 769.0bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.38x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.55x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.38x +0.10x

Interest Coverage 1.55x +0.91x

Cash / Debt 3.5% +3.2pp

Short-term Debt / Total Debt 99.9% −0.1pp

CFO / NI -4.18x −15.06x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -203.4bn in 2025, against investing cash flow of 210.8bn.

Post-investment cash flow was positive +7.4bn. Financing cash flow was positive +122.0bn.

CFO / net income was -4.18x.

After spending +2.2bn on fixed-asset investment, the business generated trailing free cash flow of −256.1bn.

Cash Conversion

CFO TTM 253.9bn −563.7bn

Cash Capex 2.2bn +0.9bn

FCF TTM −256.1bn −564.7bn

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 1.55x. The next watchpoint is the earnings mix, when non-core contribution is 34.2%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 34.2% of PBT and CFO / net income currently at -4.18x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.55x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,822.4	2,067.6	2,149.0	1,623.7	776.0
Revenue Deductions	8.8	10.6	11.0	11.6	0.0
Net Revenue	2,813.6	2,057.0	2,138.0	1,612.1	766.2
Cost of Goods Sold	2,751.4	1,987.1	2,045.9	1,572.0	0.0
Gross Profit	62.2	69.9	92.1	40.0	7.7
Financial Income	76.3	33.4	21.3	29.5	37.1
Financial Expenses	52.8	39.6	52.2	26.3	-8.3
Interest Expense	45.8	38.5	50.0	22.3	-5.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	18.6	12.4	12.1	16.3	-13.1
General and Administrative Expenses	11.2	18.9	17.1	21.7	-18.8
Operating Profit	55.9	32.5	32.0	5.1	4.5
Other Income	4.2	3.0	0.9	34.9	0.0
Other Expenses	0.9	0.6	0.1	4.7	0.0
Other Profit	3.4	2.4	0.8	30.2	22.0
Profit Before Tax	59.2	34.9	32.8	35.3	26.5
Current Income Tax Expense	11.9	6.9	6.3	6.7	-5.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	47.3	28.0	26.5	28.6	21.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	47.3	28.0	26.5	28.6	21.1
Earnings per Share	1,352.00	800.00	758.00	818.00	603.00
Diluted EPS	1,352.00	800.33	757.60	817.89	603.00

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,504.4	1,679.3	980.4	1,003.1	461.3
I. Cash and cash equivalents	166.7	37.1	5.2	101.3	58.7
1. Cash	26.7	32.1	5.2	30.9	0.0
2. Cash equivalents	140.0	5.0	0.0	70.5	0.0
II. Short-term financial investments	240.3	940.0	25.4	41.7	0.0
1. Available for sale securities	220.3	740.0	1.7	1.7	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	-0.4	0.0	0.0
3. Held to maturity investments	20.0	200.0	24.1	40.0	0.0
III. Short-term receivables	842.3	511.4	801.4	699.7	286.3
1. Short-term trade accounts receivable	412.6	300.8	530.5	578.0	0.0
2. Short-term prepayments to suppliers	266.6	157.1	176.0	102.5	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	174.6	66.1	106.7	29.2	0.0
7. Provision for short-term doubtful debts (*)	-11.4	-12.6	-11.8	-10.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	243.2	188.9	145.5	157.5	106.5
1. Inventories	243.2	188.9	145.5	157.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	11.8	1.9	2.8	2.9	1.0
1. Short-term prepayments	1.2	1.1	1.1	1.1	0.0
2. Value added tax to be reclaimed	10.6	0.9	1.7	1.8	0.0
3. Taxes and other receivables from state authorities	—	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)	65.6	315.0	174.6	91.1	181.2
I. Long-term receivables	—	240.0	50.0	0.4	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	—	240.0	50.0	0.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	60.1	64.0	70.6	77.4	85.5
1. Tangible fixed assets	31.8	36.0	42.0	48.0	47.2
- Cost	265.8	269.4	269.2	269.0	0.0
- Accumulated depreciation	-234.0	-233.3	-227.2	-221.0	0.0
2. Financial leased fixed assets	1.7	0.0	0.0	0.0	0.0
- Cost	1.7	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	26.6	27.9	28.7	29.4	38.3
- Cost	33.5	34.1	34.1	34.1	0.0
- Accumulated depreciation	-6.9	-6.2	-5.5	-4.7	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	1.1	0.2	1.0	0.4	16.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.1	0.2	1.0	0.4	0.0
V. Long-term financial investments	2.0	6.9	48.2	6.9	68.7
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	2.0	6.9	6.9	6.9	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	41.3	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.4	4.0	4.8	6.1	0.0
1. Long-term prepayments	2.4	4.0	4.8	6.1	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	10.3
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)	1,570.0	1,994.3	1,155.0	1,094.2	642.6
A. LIABILITIES (300=210+330)	1,048.7	1,518.4	705.3	669.0	244.0
I. Short -term liabilities	1,047.7	1,518.0	704.9	668.6	244.0
1. Short-term trade accounts payable	264.7	147.8	64.5	83.3	12.0
2. Short-term advances from customers	22.3	2.2	4.5	3.9	4.1
3. Taxes and other payables to state authorities	12.1	4.9	6.3	0.4	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	2.0	1.3	1.4	2.3	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	2.6	0.0	0.0	0.0	0.0
9. Other short-term payables	4.7	745.6	11.0	13.7	0.0
10. Short-term borrowings and financial leases	737.5	614.3	615.5	564.1	224.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.7	1.9	1.7	0.8	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	1.0	0.4	0.4	0.4	0.0
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	0.6	0.4	0.4	0.4	0.0
8. Long-term borrowings and financial leases	0.4	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	521.3	475.9	449.7	425.2	398.6
I. Owner's equity	521.3	475.9	449.7	425.2	0.0
1. Owner's capital	350.0	350.0	350.0	350.0	398.6
- Common stock with voting right	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	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	14.4	13.0	11.7	10.3	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	156.9	112.9	88.1	65.0	39.4
- Accumulated retained earning at the end of the previous period	109.6	84.9	61.5	36.3	18.3
- Undistributed earnings in this period	47.3	28.0	26.5	28.6	21.1
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)	1,570.0	1,994.3	1,155.0	1,094.2	642.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	59.2	34.9	32.8	35.3	26.5
Depreciation of Fixed Assets and Investment Property	6.2	6.8	7.1	7.1	6.6
Provision (Increase)/Reversal	-1.2	0.4	2.1	1.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-64.9	-13.0	-6.8	-55.7	0.0
Interest Expense	45.8	38.5	50.0	22.3	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	44.9	67.6	85.2	10.5	12.7
Increase/(Decrease) in Receivables	-99.4	107.8	-154.7	-396.1	0.0
Increase/(Decrease) in Inventory	-54.4	-43.4	11.9	-4.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-566.3	816.8	-21.9	77.5	0.0
Increase/(Decrease) in Prepaid Expenses	1.4	0.8	1.4	4.0	0.0
Changes in Trading Securities	519.7	-738.3	0.0	2.3	0.0
Interest Paid	-44.7	-38.6	-50.6	-21.4	0.0
Corporate Income Tax Paid	-4.4	-8.8	-0.4	-7.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-1.6	-1.1	-1.1	0.0
Net Cash Flow from Operating Activities	-203.4	162.4	-130.2	-336.3	-185.6
Payments for Fixed Assets and Other Long-term Assets	-2.1	-0.1	-0.2	-25.0	-19.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	39.3	26.9
Loans and Purchases of Debt Instruments	-220.0	-353.4	-44.3	-55.0	-5.0
Receipts from Loan Repayments and Sale of Debt Instruments	400.0	218.8	20.2	20.0	70.1
Investments in Other Entities	—	0.0	0.0	0.0	-43.0
Proceeds from Investments in Other Entities	12.7	0.0	0.0	54.5	0.0
Dividends and Interest Income Received	19.9	5.5	7.0	5.4	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	210.8	-129.2	-17.3	39.2	36.4
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	1,665.5	1,262.3	1,458.9	1,149.8	687.3
Repayment of Borrowings	-1,542.7	-1,263.6	-1,407.5	-810.0	-492.2
Repayment of Finance Leases	-0.7	0.0	0.0	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	122.0	-1.3	51.4	339.8	195.1
Net Cash Flow During the Period	129.4	31.9	-96.1	42.7	21.2
Cash and Cash Equivalents at Beginning of Period	37.1	5.2	101.3	58.7	12.8
FX Difference from Revaluation	0.2	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	166.7	37.1	5.2	101.3	58.7

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	884.0	1,061.2	736.2	715.5	309.5	697.8	361.1	610.6	398.1	612.3	610.7	590.2
Revenue Deductions	0.0	4.2	0.9	2.2	1.5	5.7	2.4	1.3	1.1	6.2	1.4	2.8
Net Revenue	884.0	1,057.0	735.3	713.3	308.0	692.1	358.7	609.3	397.0	606.1	609.3	587.4
Cost of Goods Sold	854.4	1,036.1	722.4	692.3	300.6	672.5	346.6	590.9	377.0	576.5	587.4	566.7
Gross Profit	29.6	20.9	12.9	21.0	7.3	19.5	12.1	18.4	19.9	29.6	21.9	20.7
Financial Income	16.3	34.0	19.5	5.4	17.4	9.4	11.7	11.2	1.1	9.6	0.9	7.8
Financial Expenses	13.9	12.6	11.8	10.9	17.5	10.1	9.3	9.7	10.4	11.6	13.1	15.2
Interest Expense	13.7	12.1	11.4	10.4	11.9	9.7	9.0	9.7	10.1	10.9	12.7	14.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.5	6.4	5.5	4.0	2.7	4.9	2.6	2.5	2.4	3.7	3.0	3.1
General and Administrative Expenses	2.9	2.0	3.6	3.4	2.3	4.5	4.9	6.2	3.4	6.6	3.7	3.8
Operating Profit	22.6	33.9	11.5	8.2	2.2	9.4	6.9	11.3	4.8	17.2	3.1	6.5
Other Income	0.0	0.4	0.0	1.7	3.9	2.8	0.1	0.1	0.1	0.5	0.3	0.2
Other Expenses	0.0	0.2	0.1	2.0	0.2	0.0	0.2	0.3	0.0	0.3	0.1	0.1
Other Profit	-0.0	0.1	-0.1	-0.3	3.6	2.8	-0.2	-0.2	0.0	0.3	0.2	0.1
Profit Before Tax	22.6	34.0	11.4	7.9	5.8	12.2	6.7	11.1	4.8	17.5	3.3	6.6
Current Income Tax Expense	4.5	6.9	2.3	1.6	1.2	2.5	1.3	2.3	0.7	3.5	0.7	1.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.0	27.2	9.1	6.4	4.7	9.7	5.4	8.8	4.1	14.0	2.6	5.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	18.0	27.2	9.1	6.4	4.7	9.7	5.4	8.8	4.1	14.0	2.6	5.2
Earnings per Share	515.00	776.00	261.00	182.00	133.00	277.00	153.00	250.00	118.00	400.00	75.00	149.00
Diluted EPS	515.37	775.72	260.78	182.06	133.43	276.54	153.34	250.49	117.52	399.92	74.85	148.98

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)	1,584.4	1,365.5	1,148.9	1,028.8	1,048.9	1,679.3	906.4	879.4	966.5	980.4	1,029.1	1,080.5
I. Cash and cash equivalents	26.6	166.7	4.6	104.5	1.3	37.1	7.4	16.8	4.1	5.2	22.8	86.3
1. Cash	26.6	26.7	4.6	4.5	1.3	32.1	7.4	16.8	4.1	5.2	4.7	20.4
2. Cash equivalents	—	140.0	—	100.0	—	5.0	0.0	0.0	0.0	0.0	18.1	65.9
II. Short-term financial investments	320.9	240.3	390.2	210.0	200.0	940.0	150.0	151.7	1.3	25.4	27.6	32.2
1. Available for sale securities	220.3	220.3	180.2	—	—	740.0	0.0	1.7	1.7	1.7	1.7	1.7
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	-0.4	-0.4	-0.2	-0.2
3. Held to maturity investments	100.6	20.0	210.0	210.0	200.0	200.0	150.0	150.0	0.0	24.1	26.1	30.7
III. Short-term receivables	1,043.0	703.4	526.5	481.0	599.3	511.4	526.8	581.6	770.9	801.4	771.4	785.8
1. Short-term trade accounts receivable	546.9	412.6	308.2	353.3	356.0	300.8	434.8	528.8	501.5	530.5	748.3	774.5
2. Short-term prepayments to suppliers	396.3	267.5	207.5	79.9	164.7	157.1	4.6	7.3	131.2	176.0	27.9	18.2
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	111.1	34.8	23.9	60.8	91.2	66.1	99.9	58.0	150.1	106.7	5.7	3.8
7. Provision for short-term doubtful debts (*)	-11.4	-11.4	-13.0	-13.0	-12.6	-12.6	-12.5	-12.5	-11.8	-11.8	-10.6	-10.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	182.4	243.2	222.2	230.5	245.3	188.9	217.3	124.4	187.2	145.5	203.3	173.3
1. Inventories	182.4	243.2	222.2	230.5	245.3	188.9	217.3	124.4	187.2	145.5	203.3	173.3
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	11.6	11.8	5.4	2.8	3.1	1.9	4.9	4.9	2.9	2.8	4.0	2.9
1. Short-term prepayments	1.2	1.2	2.1	1.6	1.6	1.1	3.3	3.2	1.2	1.1	2.0	1.0
2. Value added tax to be reclaimed	10.5	10.6	3.3	1.2	1.0	0.9	1.6	1.7	1.7	1.7	2.0	1.9
3. Taxes and other receivables from state authorities	—	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	63.6	205.4	251.3	312.6	312.8	315.0	318.3	320.2	172.7	174.6	84.7	87.0
I. Long-term receivables	—	139.8	180.3	240.0	240.0	90.0	90.0	90.0	90.0	50.0	0.0	0.4
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	—	139.8	180.3	240.0	240.0	90.0	90.0	90.0	90.0	50.0	0.0	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	60.2	60.1	60.7	61.9	61.8	64.0	65.7	67.3	68.9	70.6	72.3	74.0
1. Tangible fixed assets	32.1	31.8	32.1	33.2	34.6	36.0	37.5	38.9	40.4	42.0	43.4	45.0
- Cost	267.4	—	—	—	—	269.4	269.4	269.3	269.2	269.2	269.1	269.1
- Accumulated depreciation	-235.3	—	—	—	—	-233.3	-231.8	-230.3	-228.8	-227.2	-225.7	-224.1
2. Financial leased fixed assets	1.7	1.7	1.7	1.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.7	—	—	—	—	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	26.5	26.6	26.8	27.0	27.2	27.9	28.1	28.3	28.5	28.7	28.8	29.0
- Cost	33.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.1	—	—	—	—	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	1.2	1.1	1.0	1.0	0.7	0.2	0.1	0.0	0.0	1.0	1.0	1.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.2	1.1	1.0	1.0	0.7	0.2	0.1	0.0	0.0	1.0	1.0	1.0
V. Long-term financial investments	—	2.0	6.9	6.9	6.9	156.9	158.2	158.2	8.2	48.2	6.9	6.9
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	—	2.0	6.9	6.9	6.9	156.9	156.9	156.9	6.9	6.9	6.9	6.9
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	1.3	1.3	1.3	41.3	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	2.2	2.4	2.4	2.8	3.4	4.0	4.4	4.7	5.5	4.8	4.6	4.7
1. Long-term prepayments	2.2	2.4	2.4	2.8	3.4	4.0	4.4	4.7	5.5	4.8	4.6	4.7
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,648.0	1,571.0	1,400.2	1,341.3	1,361.7	1,994.3	1,224.8	1,199.6	1,139.1	1,155.0	1,113.8	1,167.5
A. LIABILITIES (300=210+330)	1,108.7	1,049.6	906.0	856.3	881.1	1,518.5	758.6	738.8	685.3	705.2	678.1	732.9
I. Short -term liabilities	1,107.2	1,048.1	905.0	855.1	881.1	1,518.1	758.2	738.4	684.9	704.8	677.7	732.5
1. Short-term trade accounts payable	277.9	265.6	179.6	210.7	249.9	147.8	184.8	128.3	76.2	64.5	135.9	100.7
2. Short-term advances from customers	34.8	22.3	25.8	11.1	1.3	2.2	1.6	0.7	2.4	4.5	10.0	1.3
3. Taxes and other payables to state authorities	16.4	12.1	6.9	6.3	5.6	4.9	6.1	3.1	0.7	6.3	4.3	2.6
4. Payable to employees	—	—	—	—	—	0.0	1.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	2.5	2.0	1.2	1.0	1.1	1.4	1.2	1.4	1.1	1.4	0.8	1.4
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	1.5	2.6	3.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.1	4.7	4.6	4.7	4.7	745.6	69.3	69.1	11.2	11.0	13.4	12.8
10. Short-term borrowings and financial leases	768.6	737.0	680.4	618.1	616.9	614.3	492.3	533.7	592.7	615.5	511.6	613.0
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	1.3	1.7	2.6	3.2	1.7	1.9	2.0	2.2	0.7	1.7	1.7	0.5
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	1.5	1.5	1.1	1.2	0.0	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	0.6	0.0	0.0	0.0	0.4	0.4	0.4	0.4	0.4	0.4	0.4
8. Long-term borrowings and financial leases	0.4	0.9	1.1	1.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	539.4	521.3	494.2	485.1	480.6	475.8	466.2	460.8	453.9	449.8	435.8	434.6
I. Owner's equity	539.4	521.3	494.2	485.1	480.6	475.8	466.2	460.8	453.9	449.8	435.8	434.6
1. Owner's capital	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0
- Common stock with voting right	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	14.4	14.4	14.4	14.4	13.0	13.0	13.0	13.0	11.7	11.7	11.7	10.3
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	175.0	156.9	129.8	120.7	117.6	112.8	103.2	97.8	92.2	88.1	74.1	74.3
- Accumulated retained earning at the end of the previous period	156.9	109.6	109.6	109.6	112.9	84.9	84.9	84.9	88.1	61.5	61.5	64.4
- Undistributed earnings in this period	18.0	47.3	20.2	11.0	4.7	27.9	18.2	12.9	4.1	26.5	12.5	9.9
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)	1,648.0	1,571.0	1,400.2	1,341.3	1,361.7	1,994.3	1,224.8	1,199.6	1,139.1	1,155.0	1,113.8	1,167.5

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	22.6	34.0	11.4	7.9	5.8	12.2	6.7	11.1	4.8	17.5	3.3	6.6
Depreciation of Fixed Assets and Investment Property	1.5	1.5	1.5	1.5	1.6	1.7	1.7	1.7	1.7	1.9	1.7	1.7
Provision (Increase)/Reversal	—	-1.5	0.0	0.3	—	0.1	0.0	0.3	0.0	1.5	0.0	0.6
FX Gain/Loss from Revaluation of Monetary Items	-0.9	0.7	-0.5	-0.3	-0.2	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-15.2	-33.4	-18.6	-2.9	-10.0	-9.4	-2.5	-0.0	-1.1	0.3	-1.8	-2.3
Interest Expense	13.7	12.1	11.4	10.4	11.9	9.7	9.0	9.7	10.1	10.9	12.7	14.1
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	21.7	13.5	5.2	16.9	9.2	14.3	14.9	22.7	15.5	32.1	15.9	20.7
Increase/(Decrease) in Receivables	-194.1	-146.0	15.7	121.9	-91.1	55.0	23.3	220.9	-41.7	-46.9	-21.6	-102.3
Increase/(Decrease) in Inventory	60.9	-21.1	8.3	14.9	-56.4	28.4	-92.9	62.8	-41.7	57.7	-30.0	21.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	30.5	115.9	-13.2	-28.6	-640.3	613.6	85.4	77.7	41.3	-113.5	78.3	52.4
Increase/(Decrease) in Prepaid Expenses	0.2	0.9	-0.7	1.2	0.0	2.7	0.3	-1.2	-0.9	0.7	-0.8	0.6
Changes in Trading Securities	—	—	—	—	—	-740.0	1.7	0.0	0.0	0.0	0.0	-0.3
Interest Paid	-14.5	-11.6	-10.8	-10.4	-11.8	-12.2	-5.9	-10.6	-9.2	-12.0	-11.9	-13.8
Corporate Income Tax Paid	—	0.0	-3.4	-1.0	—	-2.5	0.0	0.0	-6.3	0.0	0.0	0.0
Other Operating Receipts	0.2	—	—	—	—	-6.9	6.9	-1.3	1.3	-2.5	2.5	-0.8
Other Operating Payments	-1.7	1.0	-0.6	-0.3	-0.3	0.1	-0.8	-0.3	-1.0	-0.2	-0.1	-0.5
Net Cash Flow from Operating Activities	-96.8	-91.3	-175.8	110.0	-46.3	-47.3	32.8	370.7	-42.6	-84.6	32.2	-22.9
Payments for Fixed Assets and Other Long-term Assets	-0.0	1.8	-0.5	-3.5	0.0	0.3	-1.5	-0.1	0.1	-0.1	0.0	-0.2
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	-80.6	-10.0	0.0	-210.0	—	-205.0	0.1	-150.1	0.0	-43.9	-0.0	-0.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	200.0	0.0	200.0	—	159.6	0.0	0.0	64.2	5.2	5.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	-150.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	12.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.3	-5.5	13.3	4.5	7.6	0.1	0.6	1.3	0.0	1.9	0.8	4.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-75.3	199.3	12.8	-9.0	7.7	-45.0	-0.8	-298.9	64.3	-36.9	5.7	3.5
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	382.2	620.6	411.0	502.2	131.7	570.1	129.1	321.5	241.6	464.0	256.9	405.1
Repayment of Borrowings	-351.0	-565.7	-348.7	-499.3	-129.1	-448.1	-170.6	-380.6	-264.4	-360.1	-358.3	-374.7
Repayment of Finance Leases	-0.1	-0.1	-0.1	-0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	31.0	54.8	62.2	2.4	2.6	122.0	-41.4	-59.0	-22.8	103.9	-101.4	30.4
Net Cash Flow During the Period	-141.0	162.8	-100.8	103.4	-36.0	29.7	-9.4	12.7	-1.1	-17.6	-63.5	11.0
Cash and Cash Equivalents at Beginning of Period	166.7	4.6	104.5	1.3	37.1	5.2	5.2	5.2	5.2	101.3	101.3	101.3
FX Difference from Revaluation	0.9	0.2	1.0	0.0	0.2	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	26.6	166.7	4.6	104.5	1.3	37.1	7.4	16.8	4.1	5.2	22.8	86.3

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AFX

What Is Changing

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Balance Sheet ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow