BDG

May mặc Bình Dương ·UPCOM ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 5.51x

Price

36,000

Latest close

01 Jun 2026

P/E 7.13x

P/B 1.23x

EPS 5,047

BVPS 29,329

ROE 18.0%

ROA 11.5%

Profit Margin 7.1%

Asset Turnover 1.62x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, BDG is going through a period of clear decline across multiple metrics at once — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,768bn
	                                
−2.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 135bn
	                                
−18.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,762.4	1,816.5	1,559.9	1,893.6	1,147.6
Growth	-3%	+16%	-18%	+65%	—
Net Income	135.3	175.6	122.6	217.7	68.1
Net Margin	7.68%	9.67%	7.86%	11.50%	5.93%

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	360.8	472.5	473.4	461.5	354.9	506.0	505.3	451.2	354.0	388.1	432.5	388.7
Growth	-24%	-0%	+3%	+30%	-30%	+0%	+12%	+27%	-9%	-10%	+11%	—
Net Income	12.3	51.4	30.4	40.8	13.1	79.4	31.9	41.2	22.4	58.7	30.5	23.7
Net Margin	3.40%	10.88%	6.43%	8.85%	3.69%	15.69%	6.32%	9.12%	6.34%	15.14%	7.04%	6.10%

Drivers of BDG's profit

TTM

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

Finance costs ↓ 13.9bn

Minority interests ↓ 2.8bn

Gross profit ↓ 18.0bn

Financial income ↓ 11.6bn

Other profit ↓ 10.5bn

Administrative expenses ↑ 4.1bn

TTM

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

Finance costs ↓ 4.1bn

Tax ↓ 1.1bn

Minority interests ↓ 0.6bn

Gross profit ↓ 1.7bn

Administrative expenses ↑ 1.5bn

Financial income ↓ 1.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 26.8% = 9.1% × 1.79 × 1.65

2026Q1 19.4% = 7.6% × 1.62 × 1.57

ROE fell from 26.8% to 19.4% — all three components weakened, with asset turnover being the main drag.

Net margin: 7.6% -1.5pp Asset turnover: 1.62x -0.17x Leverage: 1.57x -0.08x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 7.63%, falling 1.5pp. The main pressure comes from Gross margin fell 0.6pp and SG&A / Revenue rose 0.4pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.6pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 7.63% −1.5pp

Gross Margin 16.07% −0.6pp

SG&A / Revenue 7.06% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC fell to 16.03%, losing 6.8pp. That translates to 16.03 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.0pp and capital turnover fell 0.54x, while invested capital expanded strongly by 162bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 16.03% −6.8pp

NOPAT Margin 7.83% −1.0pp

Capital Turnover 2.05x −0.54x

Average Invested Capital 864.0bn +162.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.63x equity, net debt at 0.28x equity.

Inventory ended the period at 236.4bn, roughly 20.3% of total assets.

Over the last 12 months, working capital absorbed 89.7bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −75.0bn

Inventories decreased → higher CFO: +21.7bn

Payables decreased → lower CFO: −36.3bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 9.5 days versus the same period last year. The main moves came from DIO fell 2.7 days, DSO rose 12.6 days, and DPO rose 0.3 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +9.5 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +12.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 48.6 days +12.6 days

Inventory 58.6 days −2.7 days

Payables 28.5 days +0.3 days

Cash Conversion Cycle 78.8 days +9.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 54.1bn due to capex of 117.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.28x and interest coverage at 5.51x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 5.3% of debt, and total debt stands at 205.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 5.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.28x +0.07x

Interest Coverage 5.51x +1.26x

Cash / Debt 5.3% −21.0pp

Short-term Debt / Total Debt 100.0% +18.8pp

CFO / NI 0.50x −0.40x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 119.8bn in 2025, against investing cash flow of -30.3bn.

Post-investment cash flow was positive +89.5bn. Financing cash flow was negative +98.2bn.

CFO / net income was 0.50x.

After spending +117.2bn on fixed-asset investment, the business generated trailing free cash flow of −54.1bn.

Cash Conversion

CFO TTM 63.1bn −75.6bn

Cash Capex 117.2bn +87.4bn

FCF TTM −54.1bn −163.0bn

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 leverage and liquidity remaining the main constraint, with interest coverage at 5.51x. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.50x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.50x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.28x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,765.8	1,821.4	1,565.8	1,894.0	1,149.9
Revenue Deductions	3.4	4.9	5.9	0.4	0.0
Net Revenue	1,762.4	1,816.5	1,559.9	1,893.6	1,147.6
Cost of Goods Sold	1,475.5	1,504.2	1,293.8	1,540.1	0.0
Gross Profit	286.9	312.4	266.2	353.5	173.7
Financial Income	43.9	55.5	43.3	68.0	12.8
Financial Expenses	35.1	41.1	36.0	52.5	-6.0
Interest Expense	10.1	11.8	17.1	16.1	-2.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-11.5
Selling Expenses	17.2	17.2	19.8	28.8	-25.0
General and Administrative Expenses	107.6	105.9	96.6	67.9	-59.7
Operating Profit	170.8	203.7	157.0	272.3	84.3
Other Income	3.3	6.9	8.3	10.9	0.0
Other Expenses	6.6	0.2	6.8	3.5	0.0
Other Profit	-3.4	6.7	1.5	7.4	4.7
Profit Before Tax	167.4	210.3	158.4	279.7	89.0
Current Income Tax Expense	38.6	41.9	32.3	54.6	-21.0
Deferred Income Tax Expense	-6.6	-7.2	3.6	7.4	0.0
Net Income	135.3	175.6	122.6	217.7	68.1
Non-controlling Interest	10.3	11.4	-0.8	-8.6	0.0
Profit Attributable to Parent	125.0	164.3	123.4	226.3	68.0
Earnings per Share	5,041.00	6,624.00	4,975.00	8,487.00	5,670.00
Diluted EPS	5,041.12	6,624.03	4,975.10	9,125.34	5,670.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	836.1	892.6	762.0	802.1	705.0
I. Cash and cash equivalents	40.1	48.9	69.6	167.3	34.5
1. Cash	35.1	33.9	69.6	167.3	0.0
2. Cash equivalents	5.0	15.0	0.0	0.0	0.0
II. Short-term financial investments	186.5	265.4	166.7	119.6	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	186.5	265.4	166.7	119.6	0.0
III. Short-term receivables	311.6	283.3	222.8	194.0	211.7
1. Short-term trade accounts receivable	296.3	264.9	210.9	185.7	0.0
2. Short-term prepayments to suppliers	2.9	2.9	5.1	4.0	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	12.7	15.8	7.1	4.6	0.0
7. Provision for short-term doubtful debts (*)	-0.3	-0.2	-0.3	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	236.4	235.2	257.0	274.9	313.5
1. Inventories	236.4	235.2	257.0	274.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	61.5	59.9	45.9	46.3	28.0
1. Short-term prepayments	3.8	3.0	2.7	3.1	0.0
2. Value added tax to be reclaimed	57.6	56.7	43.0	35.9	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	7.3	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)	326.5	240.0	249.7	282.8	61.1
I. Long-term receivables	0.3	0.2	0.4	0.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.4
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.3	0.2	0.4	0.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	181.7	186.3	196.1	225.1	47.9
1. Tangible fixed assets	181.1	185.3	194.7	223.7	46.3
- Cost	561.4	534.3	512.5	518.7	0.0
- Accumulated depreciation	-380.3	-349.0	-317.8	-295.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	1.0	1.4	1.4	1.6
- Cost	9.4	9.4	9.4	9.0	0.0
- Accumulated depreciation	-8.8	-8.5	-8.0	-7.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.2	0.0	0.2	0.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.2	0.0	0.2	0.6	0.0
V. Long-term financial investments	—	3.0	0.0	0.0	12.4
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	—	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	—	3.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	143.3	50.6	52.9	56.7	0.0
1. Long-term prepayments	129.4	34.4	34.6	36.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.5
5. Goodwill	13.9	16.1	18.3	20.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,162.6	1,132.6	1,011.7	1,085.0	766.1
A. LIABILITIES (300=210+330)	447.5	480.5	464.8	557.6	442.1
I. Short -term liabilities	439.2	429.8	371.3	433.7	430.9
1. Short-term trade accounts payable	139.1	124.8	131.5	141.7	141.6
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	19.1	19.9	17.2	46.0	0.0
4. Payable to employees	75.3	88.6	81.1	74.0	0.0
5. Short-term acrrued expenses	0.3	0.2	0.6	0.5	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	4.0	3.4	3.1	5.0	0.0
10. Short-term borrowings and financial leases	184.7	184.3	133.8	161.4	202.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.7	8.7	4.0	5.0	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	8.2	50.7	93.5	123.9	11.1
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	35.9	71.4	105.4	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	8.2	14.8	22.0	18.5	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)	715.1	652.1	546.9	527.3	324.1
I. Owner's equity	715.1	652.1	546.9	527.3	0.0
1. Owner's capital	248.0	248.0	248.0	248.0	324.1
- Common stock with voting right	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1
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	-1.1	-1.1	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	115.2	83.3	59.4	0.0	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	309.8	288.9	220.1	257.2	115.9
- Accumulated retained earning at the end of the previous period	184.7	124.7	95.0	30.9	47.7
- Undistributed earnings in this period	125.0	164.3	125.1	226.3	68.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	42.0	31.7	20.4	23.1	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)	1,162.6	1,132.6	1,011.7	1,085.0	766.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	167.4	210.3	158.4	279.7	89.2
Depreciation of Fixed Assets and Investment Property	34.8	35.1	38.0	34.6	20.3
Provision (Increase)/Reversal	0.1	-0.1	0.1	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	3.4	0.3	1.7	5.6	0.0
Gain/Loss from Investment Activities	-11.3	-9.4	-9.3	-19.0	0.0
Interest Expense	10.1	11.8	17.1	16.1	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	-0.9	0.0
Operating Profit Before Changes in Working Capital	204.5	248.0	206.0	316.4	112.4
Increase/(Decrease) in Receivables	-30.8	-74.9	-26.5	28.9	0.0
Increase/(Decrease) in Inventory	-1.2	21.8	17.9	52.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.8	-1.0	-2.8	-10.5	0.0
Increase/(Decrease) in Prepaid Expenses	-2.7	-1.1	2.0	-1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-10.1	-11.9	-17.1	-15.9	0.0
Corporate Income Tax Paid	-39.5	-37.7	-62.6	-11.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.3	-3.7	-14.9	-9.9	0.0
Net Cash Flow from Operating Activities	119.8	139.5	102.0	348.2	-86.6
Payments for Fixed Assets and Other Long-term Assets	-124.2	-21.8	-6.4	-41.6	-9.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.4	4.1	0.2
Loans and Purchases of Debt Instruments	-60.4	-197.9	-119.3	-134.9	-34.5
Receipts from Loan Repayments and Sale of Debt Instruments	142.3	96.2	72.2	132.7	34.5
Investments in Other Entities	—	0.0	-15.3	2.9	0.0
Proceeds from Investments in Other Entities	—	-0.0	0.0	0.0	0.0
Dividends and Interest Income Received	12.0	11.0	5.3	5.8	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	-30.3	-112.4	-63.1	-31.1	-2.9
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	1,553.9	1,673.5	1,331.4	1,641.5	1,049.7
Repayment of Borrowings	-1,590.2	-1,659.5	-1,393.6	-1,793.0	-950.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-62.0	-62.0	-74.4	-30.0	-50.4
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-98.2	-48.0	-136.5	-181.5	48.7
Net Cash Flow During the Period	-8.7	-20.8	-97.6	135.7	-0.5
Cash and Cash Equivalents at Beginning of Period	48.9	69.6	167.3	34.5	73.6
FX Difference from Revaluation	-0.0	0.1	-0.1	-2.9	1.7
Cash and Cash Equivalents at End of Period	40.1	48.9	69.6	167.3	34.5

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
Revenue	361.1	473.9	474.3	462.6	355.0	507.2	506.7	452.6	354.9	388.1	432.5	391.9
Revenue Deductions	0.3	1.4	1.0	1.0	0.1	1.2	1.4	1.3	0.9	0.0	0.0	3.3
Net Revenue	360.8	472.5	473.4	461.5	354.9	506.0	505.3	451.2	354.0	388.1	432.5	388.7
Cost of Goods Sold	312.3	393.8	396.6	381.5	304.8	417.8	421.7	371.1	293.6	314.6	355.6	324.6
Gross Profit	48.5	78.7	76.8	80.1	50.2	88.2	83.6	80.1	60.4	73.5	76.9	64.0
Financial Income	8.5	8.7	12.3	12.8	10.1	20.6	11.7	11.6	11.8	10.5	14.0	9.0
Financial Expenses	5.8	7.8	7.5	9.9	9.9	11.2	15.8	8.0	6.2	9.0	8.7	7.8
Interest Expense	2.2	2.4	2.6	2.5	2.5	2.8	2.9	3.1	3.1	4.0	4.1	4.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.7	4.6	4.5	4.5	3.7	4.3	4.7	4.5	3.9	4.4	4.1	6.8
General and Administrative Expenses	33.3	5.4	36.7	32.1	31.8	-0.5	38.5	33.6	34.7	-7.2	39.0	31.3
Operating Profit	14.3	69.6	40.4	46.4	14.9	93.9	36.3	45.6	27.4	77.8	39.1	27.2
Other Income	0.2	0.7	0.7	0.7	1.1	2.1	1.8	1.5	1.4	1.9	1.4	3.3
Other Expenses	0.1	1.6	4.9	0.0	0.0	0.3	0.0	0.0	0.1	4.6	0.7	0.6
Other Profit	0.1	-0.9	-4.2	0.7	1.1	1.8	1.8	1.5	1.3	-2.6	0.6	2.7
Profit Before Tax	14.4	68.6	36.1	47.1	16.0	95.7	38.1	47.1	28.7	75.1	39.8	29.8
Current Income Tax Expense	2.4	18.7	7.7	8.9	3.5	18.4	8.2	9.1	6.0	14.6	9.2	6.1
Deferred Income Tax Expense	-0.2	-1.4	-2.0	-2.6	-0.6	-2.1	-2.1	-3.2	0.3	1.8	0.1	0.1
Net Income	12.3	51.4	30.4	40.8	13.1	79.4	31.9	41.2	22.4	58.7	30.5	23.7
Non-controlling Interest	0.4	2.2	3.1	4.1	0.9	3.4	3.3	5.0	-0.5	0.6	-0.2	-0.1
Profit Attributable to Parent	11.9	49.2	27.3	36.8	12.1	76.0	28.7	36.1	22.9	58.2	30.7	23.9
Earnings per Share	480.00	1,983.00	1,101.00	1,483.00	490.00	3,065.00	1,157.00	1,456.00	924.00	2,345.00	1,237.00	962.00
Diluted EPS	480.27	1,982.97	1,101.26	1,482.78	489.71	3,065.07	1,156.51	1,456.39	924.01	2,345.14	1,237.00	962.04

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)	794.1	816.1	937.6	907.6	828.2	887.4	846.9	881.8	721.6	739.8	712.2	755.9
I. Cash and cash equivalents	11.0	35.1	15.9	143.7	50.3	33.7	88.7	141.3	176.7	72.7	115.1	112.3
1. Cash	11.0	35.1	15.9	20.8	25.3	33.7	88.7	92.2	65.4	72.7	115.1	37.1
2. Cash equivalents	—	—	—	122.9	25.0	0.0	0.0	49.1	111.2	0.0	0.0	75.2
II. Short-term financial investments	191.9	186.5	183.6	150.5	235.4	280.4	192.4	183.1	70.5	163.7	114.6	113.5
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	191.9	186.5	183.6	150.5	235.4	280.4	192.4	183.1	70.5	163.7	114.6	113.5
III. Short-term receivables	287.6	305.3	421.2	298.7	217.8	282.1	263.2	253.4	178.3	223.0	241.1	229.4
1. Short-term trade accounts receivable	275.8	296.3	306.1	288.4	195.6	264.9	256.5	244.0	163.3	210.9	233.2	221.6
2. Short-term prepayments to suppliers	3.4	2.9	97.2	1.7	11.7	2.9	1.9	4.9	8.7	5.2	3.1	2.9
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	8.8	6.4	18.2	8.9	10.8	14.6	5.2	4.9	6.6	7.1	5.1	5.1
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.3	-0.2	-0.2	-0.2	-0.3	-0.3	-0.3	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	227.4	227.6	250.4	269.9	249.1	231.3	254.8	275.1	260.0	234.8	207.5	251.9
1. Inventories	227.4	227.6	250.4	269.9	249.1	231.3	254.8	275.1	260.0	234.8	207.5	251.9
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	76.2	61.5	66.6	44.8	75.6	59.9	47.7	28.9	36.0	45.6	33.9	48.8
1. Short-term prepayments	5.8	3.8	7.1	4.5	5.2	3.0	5.9	3.6	3.7	2.7	3.9	6.0
2. Value added tax to be reclaimed	70.2	57.6	59.3	40.1	70.2	56.7	41.6	25.1	32.1	42.7	28.6	32.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	1.4	10.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	318.4	331.5	225.8	300.1	242.5	240.4	244.5	243.0	241.8	249.7	261.4	270.9
I. Long-term receivables	0.3	0.3	0.3	0.3	0.2	0.6	0.5	0.5	0.4	0.4	0.4	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	0.3	0.3	0.3	0.3	0.2	0.6	0.5	0.5	0.4	0.4	0.4	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	174.7	181.7	175.8	182.1	187.1	186.3	192.7	190.8	188.8	196.1	203.6	212.4
1. Tangible fixed assets	174.1	181.1	175.1	181.3	186.3	185.3	191.6	189.7	187.5	194.7	202.1	210.8
- Cost	562.4	—	—	—	—	534.3	532.7	522.7	513.0	512.5	524.2	524.3
- Accumulated depreciation	-388.2	—	—	—	—	-349.0	-341.1	-333.1	-325.5	-317.8	-322.1	-313.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.6	0.7	0.8	0.9	1.0	1.0	1.2	1.3	1.4	1.5	1.6
- Cost	9.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.9	—	—	—	—	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	2.3	1.0	—	—	0.1	0.0	0.1	0.1	0.5	0.2	0.1	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0
2. Construction in progress	2.3	1.0	—	—	0.1	0.0	0.1	0.0	0.5	0.2	0.1	0.1
V. Long-term financial investments	—	5.0	—	—	3.0	3.0	0.0	0.0	0.0	0.0	3.0	3.0
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	—	—	—	—	—	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	—	5.0	—	—	3.0	3.0	0.0	0.0	0.0	0.0	3.0	3.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	141.1	143.5	49.7	117.7	52.0	50.6	51.2	51.6	34.3	34.6	35.4	35.5
1. Long-term prepayments	127.7	129.6	35.3	102.7	36.4	34.4	34.5	34.3	34.3	34.6	35.4	35.5
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	13.3	13.9	14.5	15.0	15.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	16.1	16.7	17.2	17.8	18.3	18.9	19.5
TOTAL ASSETS (280=100+200)	1,112.5	1,147.6	1,163.4	1,207.7	1,070.7	1,127.8	1,091.4	1,124.9	963.3	989.5	973.6	1,026.8
A. LIABILITIES (300=210+330)	385.2	432.3	499.3	512.0	405.5	476.6	519.5	522.8	394.0	438.5	464.2	546.9
I. Short -term liabilities	377.2	424.1	480.8	464.5	355.4	390.3	431.1	432.2	300.8	343.1	366.2	421.4
1. Short-term trade accounts payable	99.1	131.7	134.7	183.8	132.5	121.2	126.2	150.4	101.1	110.0	97.1	132.3
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.7	19.1	22.6	16.6	4.6	19.7	23.2	11.7	7.2	17.5	15.9	10.4
4. Payable to employees	48.6	69.0	73.1	76.3	51.3	88.3	102.5	77.2	50.4	76.1	89.1	64.3
5. Short-term acrrued expenses	1.3	0.2	1.0	1.4	3.3	0.2	2.7	0.7	5.2	0.6	2.6	1.7
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	3.6	2.7	2.7	2.4	2.2	3.4	4.1	2.5	2.9	3.1	2.0	77.4
10. Short-term borrowings and financial leases	205.7	184.7	229.8	167.3	155.0	148.8	163.6	181.0	133.6	131.8	153.8	126.4
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	15.1	16.7	16.7	16.7	6.6	8.7	8.7	8.7	0.4	4.0	5.6	9.0
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	8.0	8.2	18.5	47.5	50.1	86.3	88.5	90.5	93.3	95.5	98.0	125.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	8.9	35.9	35.9	71.4	71.4	71.4	70.9	73.4	77.7	105.4
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	8.0	8.2	9.6	11.6	14.2	14.9	17.0	19.1	22.3	22.0	20.2	20.1
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)	727.4	715.3	664.1	695.7	665.2	651.2	571.9	602.1	569.3	551.0	509.5	479.9
I. Owner's equity	727.4	715.3	664.1	695.7	665.2	651.2	571.9	602.1	569.3	551.0	509.5	479.9
1. Owner's capital	248.0	248.0	248.0	248.0	248.0	248.0	248.0	248.0	248.0	248.0	248.0	248.0
- Common stock with voting right	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00	247,999,200,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. 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	-1.1	-1.1	-1.1	-1.1	-1.1
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	115.2	115.2	115.2	115.2	83.3	83.3	83.3	83.3	59.4	59.4	59.4	59.4
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
11. Undistributed earnings after tax	321.7	309.9	260.9	295.7	301.1	288.2	212.2	246.8	243.0	234.7	177.2	147.4
- Accumulated retained earning at the end of the previous period	309.8	184.7	184.7	246.7	288.9	124.8	124.8	187.8	220.1	105.5	105.5	105.5
- Undistributed earnings in this period	11.9	125.2	76.2	48.9	12.1	163.5	87.5	59.0	22.9	129.2	71.7	41.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	42.4	42.1	39.9	36.8	32.7	31.6	28.2	25.0	19.9	9.9	25.9	26.2
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)	1,112.5	1,147.6	1,163.4	1,207.7	1,070.7	1,127.8	1,091.4	1,124.9	963.3	989.5	973.6	1,026.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	14.4	68.3	36.1	47.0	16.0	95.7	37.8	47.1	28.7	68.9	39.9	28.6
Depreciation of Fixed Assets and Investment Property	8.6	9.4	7.8	9.1	8.6	8.5	8.7	8.2	8.4	9.0	9.3	9.8
Provision (Increase)/Reversal	—	0.0	0.1	—	—	-0.1	0.0	0.0	0.0	0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	2.0	-0.9	0.4	1.9	-4.7	3.9	1.0	0.0	2.7	-1.7	-0.8
Gain/Loss from Investment Activities	-2.3	-2.4	-2.7	-3.2	-3.1	-2.5	-2.5	-2.3	-2.3	-2.7	-2.3	-2.1
Interest Expense	2.2	2.4	2.6	2.5	2.5	2.8	2.9	3.1	3.1	4.0	4.1	4.5
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	0.1	0.0	0.0	-0.6	0.6	-0.6
Operating Profit Before Changes in Working Capital	23.3	79.7	42.9	56.0	25.9	99.7	50.9	57.1	37.9	81.4	49.9	39.4
Increase/(Decrease) in Receivables	9.0	110.8	-74.8	-120.1	53.3	-28.3	-30.4	-70.9	55.4	4.8	2.0	-25.9
Increase/(Decrease) in Inventory	8.9	14.1	19.5	-20.8	-13.9	23.5	36.5	-31.3	-3.0	-49.6	50.9	-7.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-66.2	2.4	-50.2	77.6	-28.0	-28.0	-7.5	88.9	-58.2	27.6	-18.8	29.9
Increase/(Decrease) in Prepaid Expenses	-0.4	2.3	-1.3	0.6	-4.2	3.0	-2.6	0.1	-0.7	1.9	2.3	1.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-2.4	-2.6	-2.5	-2.7	-2.8	-2.9	-3.0	-3.3	-3.8	-4.1	-4.4
Corporate Income Tax Paid	-17.8	-17.4	-3.5	0.0	-18.6	-17.2	0.0	-6.0	-14.6	-14.3	-3.2	0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.7	0.0	0.0	-0.2	-2.1	0.0	-0.1	-0.1	-3.6	-1.6	-3.4	-6.4
Net Cash Flow from Operating Activities	-47.0	189.4	-70.1	-9.3	9.7	50.0	44.1	34.9	9.9	46.4	75.6	26.6
Payments for Fixed Assets and Other Long-term Assets	-2.1	-110.9	-1.4	-2.9	-9.1	-1.5	-10.0	-9.3	-0.8	-1.0	0.0	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	0.0	0.0
Loans and Purchases of Debt Instruments	—	33.1	-33.1	-60.4	—	-91.0	-143.5	-112.6	0.0	-49.1	-1.1	-47.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	-36.1	0.0	148.3	30.0	0.0	134.2	0.0	96.2	0.0	0.0	37.2
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-15.3	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	2.8	2.6	5.4	1.2	1.9	2.6	3.9	2.9	0.0	2.0	2.4
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	-2.1	-111.1	-31.9	90.5	22.1	-90.6	-16.8	-118.0	98.3	-65.0	1.0	-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	345.9	363.5	461.4	348.6	380.4	411.0	466.0	510.6	285.0	338.3	334.5	293.3
Repayment of Borrowings	-325.9	-417.6	-425.4	0.1	-410.8	-426.3	-483.2	-462.6	-286.4	-364.0	-334.8	-297.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-61.9	—	—	-0.2	-61.8	0.0	0.0	0.0	-74.4	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	19.9	-54.1	-26.0	12.2	-30.4	-15.5	-79.0	47.9	-1.4	-25.8	-74.7	-3.7
Net Cash Flow During the Period	-29.2	24.3	-127.9	93.4	1.5	-56.0	-51.7	-35.1	106.8	-44.3	1.8	14.7
Cash and Cash Equivalents at Beginning of Period	40.1	15.9	143.7	50.3	48.9	69.6	69.6	69.6	69.6	167.3	167.3	167.3
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	-0.0	1.0	-0.9	-0.2	0.2	-1.2	1.0	0.2
Cash and Cash Equivalents at End of Period	11.0	40.1	15.9	143.7	50.3	33.7	88.7	141.3	176.7	69.6	115.1	112.3

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BDG

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