BDT

Xây lắp và Vật liệu Xây dựng Đồng Tháp ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.69%, +18.54pp YoY

Price

9,000

Latest close

03 Jun 2026

P/E 16.57x

P/B 0.62x

EPS 543

BVPS 14,434

ROE 3.8%

ROA 1.9%

Profit Margin 8.2%

Asset Turnover 0.23x

Equity Mult. 1.98x

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

What Is Changing

On a TTM 2026Q1 basis, BDT 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, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 249bn
	                                
+38.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 22bn
	                                
+222.2%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    36.6%

Metric	2025	2024	2023	2022	2021
Revenue	227.6	188.0	456.4	604.1	443.6
Growth	+21%	-59%	-24%	+36%	—
Net Income	8.9	-14.0	41.5	89.4	71.4
Net Margin	3.90%	-7.45%	9.09%	14.81%	16.09%

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	54.2	78.6	68.7	47.8	31.8	46.2	48.5	53.3	37.1	179.5	110.6	93.0
Growth	-31%	+14%	+44%	+50%	-31%	-5%	-9%	+44%	-79%	+62%	+19%	—
Net Income	2.9	2.8	9.3	6.7	-8.8	-4.5	-2.5	-1.9	-10.7	21.8	11.2	8.8
Net Margin	5.27%	3.57%	13.50%	14.06%	-27.53%	-9.83%	-5.23%	-3.51%	-28.93%	12.15%	10.09%	9.45%

Drivers of BDT's profit

TTM

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

Gross profit ↑ 24.8bn

Finance costs ↓ 14.7bn

Other profit ↑ 5.6bn

Financial income ↓ 6.4bn

TTM

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

Gross profit ↑ 7.1bn

Administrative expenses ↓ 3.0bn

Finance costs ↓ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -3.2% = -9.8% × 0.15 × 2.18

2026Q1 4.0% = 8.7% × 0.23 × 1.98

ROE rose from -3.2% to 4.0% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 8.7% +18.5pp Asset turnover: 0.23x +0.08x Leverage: 1.98x -0.20x

Is the profit sustainable?

Margins improved (+18.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 8.69%, rising 18.5pp. The main driver is SG&A / Revenue fell 10.2pp and Gross margin rose 2.5pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 5.0pp).

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 8.69% +18.5pp

Gross Margin 29.22% +2.5pp

SG&A / Revenue 22.14% −10.2pp

Non-core / Revenue 2.64% +6.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 36.6% of PBT and lifted net margin by 6.7pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 113.8 days.

Is capital being deployed efficiently?

ROIC expanded to 2.11%, rising 4.4pp. That translates to 2.11 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 16.6pp and capital turnover rose 0.18x, while invested capital contracted by 219bn — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 2.11% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.11% +4.4pp

NOPAT Margin 5.51% +16.6pp

Capital Turnover 0.38x +0.18x

Average Invested Capital 649.7bn −219.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.96x equity, net debt at 0.15x equity.

Over the last 12 months, working capital absorbed 4.4bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +20.0bn

Inventories decreased → higher CFO: +2.6bn

Payables decreased → lower CFO: −27.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 46.0 days versus the same period last year. The main moves came from DIO fell 55.4 days, DSO fell 6.8 days, and DPO fell 16.1 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 113.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 42.1 days −6.8 days

Inventory 102.1 days −55.4 days

Payables 30.5 days −16.1 days

Cash Conversion Cycle 113.8 days −46.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 2.3bn due to capex of 9.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.15x and interest coverage at 3.59x.

At present, short-term debt accounts for 78.0% of total debt, cash equals 6.1% of debt, and total debt stands at 88.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 78.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 6.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.15x −0.08x

Interest Coverage 3.59x +4.69x

Cash / Debt 6.1% −3.3pp

Short-term Debt / Total Debt 78.0% −7.1pp

CFO / NI 0.32x +11.21x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 177.5bn in 2025, against investing cash flow of 19.2bn.

Post-investment cash flow was positive +196.7bn. Financing cash flow was negative +196.0bn.

CFO / net income was 0.32x.

After spending +9.0bn on fixed-asset investment, the business generated trailing free cash flow of −2.3bn.

Cash Conversion

CFO TTM 6.6bn −192.3bn

Cash Capex 9.0bn −1.5bn

FCF TTM −2.3bn −190.7bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 18.5 pp. The next item to monitor is the earnings mix, when non-core contribution is -9.5%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.1%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.69% after expanding 18.5pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -9.5% of PBT and CFO / net income currently at 0.32x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	227.7	188.0	456.4	604.2	443.9
Revenue Deductions	0.1	0.0	0.0	0.1	0.0
Net Revenue	227.6	188.0	456.4	604.1	443.6
Cost of Goods Sold	164.2	134.5	330.1	416.8	0.0
Gross Profit	63.4	53.6	126.3	187.3	149.1
Financial Income	2.0	8.5	24.7	19.3	21.8
Financial Expenses	5.7	21.4	34.5	25.4	-11.0
Interest Expense	5.7	21.3	34.4	25.4	-11.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	25.0	23.5	28.3	36.4	-29.8
General and Administrative Expenses	34.4	35.1	35.6	41.3	-34.6
Operating Profit	0.3	-17.9	52.6	103.5	95.4
Other Income	11.3	3.4	3.8	8.6	0.0
Other Expenses	0.7	0.4	3.1	0.2	0.0
Other Profit	10.6	3.0	0.7	8.4	-2.8
Profit Before Tax	10.9	-14.9	53.2	111.9	92.6
Current Income Tax Expense	0.8	0.9	11.7	22.4	-21.2
Deferred Income Tax Expense	1.2	-1.8	0.1	0.0	0.0
Net Income	8.9	-14.0	41.5	89.4	71.4
Non-controlling Interest	1.0	0.7	0.1	1.4	1.2
Profit Attributable to Parent	7.9	-14.7	41.4	88.0	70.1
Earnings per Share	200.00	-384.00	889.00	1,913.00	1,591.00
Diluted EPS	204.27	-384.00	889.00	1,913.00	1,816.97

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	156.9	175.5	496.3	598.8	530.7
I. Cash and cash equivalents	12.7	12.0	46.2	29.1	22.2
1. Cash	9.5	12.0	21.2	28.1	0.0
2. Cash equivalents	3.2	0.0	25.0	1.0	0.0
II. Short-term financial investments	39.1	53.7	305.0	385.1	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	39.1	53.7	305.0	385.1	0.0
III. Short-term receivables	62.9	60.5	78.3	98.0	63.2
1. Short-term trade accounts receivable	32.0	30.6	32.6	49.9	0.0
2. Short-term prepayments to suppliers	29.5	31.0	33.3	34.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	6.0	3.3	16.6	16.5	0.0
7. Provision for short-term doubtful debts (*)	-4.6	-4.4	-4.2	-3.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	40.4	48.3	63.9	81.3	81.9
1. Inventories	40.4	48.3	63.9	81.3	0.0
2. Provision for decline in value of inventories	-0.0	-0.0	0.0	0.0	0.0
V. Other short-term assets	1.8	1.0	2.9	5.2	7.2
1. Short-term prepayments	0.8	0.3	2.6	4.5	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.0	0.7	0.2	0.7	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)	930.0	934.1	947.0	930.4	906.0
I. Long-term receivables	0.3	10.1	9.9	8.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	6.2
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	10.1	9.9	8.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	86.4	102.8	120.0	135.6	151.7
1. Tangible fixed assets	64.8	80.7	97.3	112.3	127.9
- Cost	334.7	367.8	372.4	375.3	0.0
- Accumulated depreciation	-269.9	-287.2	-275.2	-263.0	0.0
2. Financial leased fixed assets	18.2	18.7	19.3	19.8	20.4
- Cost	26.0	26.0	26.0	26.0	0.0
- Accumulated depreciation	-7.8	-7.2	-6.7	-6.1	0.0
3. Intangible fixed assets	3.4	3.4	3.4	3.4	3.4
- Cost	6.0	6.0	6.0	6.0	0.0
- Accumulated depreciation	-2.6	-2.6	-2.6	-2.6	0.0
III. Investment properties	74.0	77.5	80.9	84.4	0.0
- Cost	86.4	86.4	86.4	86.4	0.0
- Accumulated depreciation	-12.4	-8.9	-5.5	-2.0	0.0
IV. Long-term assets in progress	443.6	437.7	429.5	390.7	441.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	443.6	437.7	429.5	390.7	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	1.2	1.2	1.2	1.2	0.0
4. Provision for diminution in value of long-term investments	-1.2	-1.2	-1.2	-1.2	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	325.7	305.9	306.7	310.7	0.0
1. Long-term prepayments	324.8	303.8	306.4	310.5	0.0
2. Deferred income tax assets	0.9	2.1	0.2	0.3	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	306.9
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)	1,086.9	1,109.5	1,443.3	1,529.2	1,436.7
A. LIABILITIES (300=210+330)	532.6	563.2	860.4	930.3	857.5
I. Short -term liabilities	168.6	363.0	616.6	565.4	485.2
1. Short-term trade accounts payable	10.2	18.1	22.9	30.4	21.8
2. Short-term advances from customers	4.9	4.7	13.1	35.6	75.6
3. Taxes and other payables to state authorities	8.2	4.8	31.5	10.6	0.0
4. Payable to employees	3.6	0.0	16.8	35.0	0.0
5. Short-term acrrued expenses	3.1	2.3	26.1	18.7	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	8.6	4.7	4.7	4.7	2.5
9. Other short-term payables	49.9	50.0	50.8	3.2	0.0
10. Short-term borrowings and financial leases	75.9	270.5	439.2	416.8	265.1
11. Provision for short-term liabilities	0.5	0.9	1.6	1.1	0.0
12.. Bonus and welfare fund	3.6	6.9	10.0	9.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	364.0	200.2	243.8	364.9	372.3
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	344.5	180.1	160.2	164.9	91.5
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	19.5	20.1	83.6	200.0	280.7
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	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)	554.4	546.3	582.9	598.9	579.2
I. Owner's equity	554.4	546.3	582.9	598.9	0.0
1. Owner's capital	386.0	386.0	386.0	386.0	579.2
- Common stock with voting right	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00
- 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	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00	0.00
6. Assets revaluation differences	0.2	0.2	0.2	0.2	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	161.6	161.3	161.3	148.4	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
11. Undistributed earnings after tax	-8.5	-16.0	21.3	49.5	63.0
- Accumulated retained earning at the end of the previous period	-16.1	-1.3	-0.9	-1.4	18.1
- Undistributed earnings in this period	7.6	-14.7	22.3	50.9	44.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	15.1	14.8	14.1	14.8	14.1
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)	1,086.9	1,109.5	1,443.3	1,529.2	1,436.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	10.9	-14.9	53.2	111.9	46.0
Depreciation of Fixed Assets and Investment Property	19.8	22.2	23.5	22.6	19.6
Provision (Increase)/Reversal	-0.1	-0.4	1.4	-0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-10.0	-9.5	-25.0	-19.5	0.0
Interest Expense	5.7	21.3	34.4	25.4	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	26.2	18.6	87.4	139.5	58.3
Increase/(Decrease) in Receivables	5.9	6.4	20.4	-6.7	0.0
Increase/(Decrease) in Inventory	7.9	15.6	17.4	-1.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	169.4	-56.5	-29.9	14.9	0.0
Increase/(Decrease) in Prepaid Expenses	-21.5	5.2	5.9	0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.9	-21.7	-33.6	-25.8	0.0
Corporate Income Tax Paid	-0.9	-5.5	-9.5	-29.8	0.0
Other Operating Receipts	—	0.0	0.0	0.1	0.0
Other Operating Payments	-3.6	-1.5	-6.4	-16.1	0.0
Net Cash Flow from Operating Activities	177.5	-39.4	51.5	75.2	-120.0
Payments for Fixed Assets and Other Long-term Assets	-7.6	-9.0	-43.2	-135.2	-181.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	9.2	1.2	0.5	50.3	6.9
Loans and Purchases of Debt Instruments	-25.1	-13.7	-322.0	-390.1	-135.5
Receipts from Loan Repayments and Sale of Debt Instruments	39.7	265.0	402.1	361.0	198.5
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.9	18.7	22.7	18.2	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	19.2	262.2	60.2	-95.7	-85.9
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	154.1	281.7	523.2	667.4	1,052.0
Repayment of Borrowings	-348.7	-513.1	-616.0	-596.4	-796.2
Repayment of Finance Leases	-0.6	-0.6	-1.3	0.0	0.0
Dividends Paid	-0.6	-24.9	-0.6	-43.6	-52.6
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	-196.0	-257.0	-94.7	27.4	203.2
Net Cash Flow During the Period	0.8	-34.2	17.1	6.9	9.1
Cash and Cash Equivalents at Beginning of Period	12.0	46.2	29.1	22.2	25.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.7	12.0	46.2	29.1	22.2

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	54.2	78.7	68.8	47.8	31.8	46.2	48.5	53.3	37.1	179.5	110.6	93.0
Revenue Deductions	—	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	54.2	78.6	68.7	47.8	31.8	46.2	48.5	53.3	37.1	179.5	110.6	93.0
Cost of Goods Sold	38.3	57.4	44.7	36.1	23.1	34.7	34.3	39.7	30.7	138.8	73.8	66.7
Gross Profit	15.9	21.2	24.1	11.7	8.8	11.5	14.2	13.6	6.4	40.8	36.9	26.2
Financial Income	0.0	1.0	0.0	0.9	0.0	2.9	0.3	5.1	0.0	12.0	0.2	12.7
Financial Expenses	0.9	1.2	0.9	1.3	2.4	4.3	4.4	7.9	4.4	8.0	7.6	12.3
Interest Expense	0.9	1.2	0.9	1.3	2.4	4.3	4.4	7.9	4.4	8.0	7.6	12.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.7	6.6	6.2	6.2	6.0	6.7	5.7	5.9	5.1	8.0	6.4	6.6
General and Administrative Expenses	6.4	11.5	6.6	6.1	9.4	8.7	7.5	8.2	7.7	7.0	9.4	10.6
Operating Profit	2.9	3.0	10.4	-0.9	-9.0	-5.4	-3.1	-3.2	-10.8	29.8	13.7	9.5
Other Income	0.2	1.7	1.7	8.8	0.3	1.5	0.4	1.4	0.0	1.3	0.3	1.4
Other Expenses	0.2	0.2	2.4	0.7	0.0	0.2	0.0	0.1	0.0	2.9	0.1	0.0
Other Profit	0.0	1.5	-0.7	8.0	0.3	1.3	0.4	1.3	0.0	-1.6	0.2	1.4
Profit Before Tax	2.9	4.5	9.7	7.1	-8.7	-4.1	-2.7	-1.9	-10.7	28.1	14.0	10.9
Current Income Tax Expense	0.1	0.4	0.3	0.3	—	0.6	0.2	0.1	0.0	6.3	2.9	2.1
Deferred Income Tax Expense	-0.1	1.4	0.1	0.1	0.0	-0.2	-0.4	-0.1	-0.0	0.0	-0.0	-0.0
Net Income	2.9	2.8	9.3	6.7	-8.8	-4.5	-2.5	-1.9	-10.7	21.8	11.2	8.8
Non-controlling Interest	0.1	0.2	0.2	0.6	-0.1	0.2	0.5	0.1	0.0	0.2	0.0	0.4
Profit Attributable to Parent	2.7	2.6	9.0	6.1	-8.6	-4.7	-3.0	-1.9	-10.8	21.6	11.1	8.4
Earnings per Share	71.00	67.00	234.00	171.00	-223.00	-122.00	-79.00	-50.00	-279.00	473.00	242.00	152.00
Diluted EPS	71.08	67.31	234.02	158.82	-223.12	-121.87	-78.51	-50.02	-279.12	559.85	288.03	218.06

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)	149.7	157.1	164.9	182.9	163.3	175.4	232.7	309.7	382.0	497.9	489.7	503.2
I. Cash and cash equivalents	5.4	12.7	27.2	24.3	12.8	12.0	6.4	12.0	9.6	46.2	15.0	12.8
1. Cash	4.7	9.5	23.7	24.3	12.8	12.0	6.4	12.0	9.6	21.2	15.0	12.8
2. Cash equivalents	0.8	3.2	3.5	—	—	0.0	0.0	0.0	0.0	25.0	0.0	0.0
II. Short-term financial investments	40.9	39.1	31.4	39.4	38.2	53.7	109.0	177.5	255.0	305.0	328.0	348.0
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	40.9	39.1	31.4	39.4	38.2	53.7	109.0	177.5	255.0	305.0	328.0	348.0
III. Short-term receivables	54.4	63.0	58.2	63.7	60.0	60.7	64.4	62.3	52.6	79.0	70.1	74.6
1. Short-term trade accounts receivable	27.2	30.5	29.7	33.1	30.3	30.7	27.3	26.1	17.9	32.1	23.7	27.8
2. Short-term prepayments to suppliers	29.3	29.6	29.9	31.8	31.7	31.2	31.4	32.1	33.8	33.3	37.5	35.1
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	2.6	7.8	2.6	2.9	2.4	3.3	9.6	7.9	5.1	17.6	12.1	15.0
7. Provision for short-term doubtful debts (*)	-4.7	-4.9	-4.1	-4.1	-4.4	-4.4	-3.9	-3.9	-4.2	-3.9	-3.2	-3.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	48.0	40.4	46.6	47.4	50.6	48.0	51.9	57.1	63.1	64.8	68.4	66.5
1. Inventories	48.1	40.4	46.7	47.4	50.7	48.0	51.9	57.1	63.1	64.8	68.4	66.5
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.0	1.8	1.6	8.1	1.7	1.0	1.1	0.8	1.7	2.9	8.2	1.3
1. Short-term prepayments	1.0	0.8	1.6	2.1	0.9	0.3	0.4	0.7	1.7	2.6	8.2	1.3
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	1.0	—	6.1	0.7	0.7	0.7	0.0	0.0	0.2	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)	928.9	930.1	939.0	942.2	925.8	932.4	934.2	937.7	944.2	946.5	940.7	939.9
I. Long-term receivables	0.3	0.3	—	2.8	5.8	10.1	9.5	9.5	9.5	9.5	9.0	9.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.3	0.3	—	2.8	5.8	10.1	9.5	9.5	9.5	9.5	9.0	9.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	82.7	86.4	90.0	94.1	98.9	102.8	105.4	110.1	115.1	120.0	122.4	127.4
1. Tangible fixed assets	61.3	64.8	68.3	72.2	76.8	80.7	83.1	87.6	92.5	97.3	99.6	104.4
- Cost	334.7	—	—	—	—	367.8	367.3	367.3	372.5	372.4	374.1	374.1
- Accumulated depreciation	-273.4	—	—	—	—	-287.2	-284.2	-279.7	-280.0	-275.2	-274.5	-269.7
2. Financial leased fixed assets	18.0	18.2	18.3	18.4	18.6	18.7	18.9	19.0	19.1	19.3	19.4	19.5
- Cost	26.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
- Cost	6.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	73.1	74.0	74.9	75.7	76.6	77.5	78.3	79.2	80.0	80.9	81.8	82.6
- Cost	86.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	447.2	443.6	442.8	440.3	439.6	437.7	435.5	433.5	431.4	429.4	419.8	411.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	447.2	443.6	442.8	440.3	439.6	437.7	435.5	433.5	431.4	429.4	419.8	411.9
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
4. Provision for diminution in value of long-term investments	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	325.7	325.9	331.3	329.3	305.0	304.3	305.5	305.5	308.2	306.7	307.7	309.0
1. Long-term prepayments	324.6	324.8	329.0	327.3	302.8	303.8	304.9	305.1	307.9	306.4	307.5	308.7
2. Deferred income tax assets	1.0	1.1	2.3	2.0	2.1	0.5	0.6	0.4	0.3	0.3	0.3	0.3
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)	1,078.7	1,087.2	1,103.9	1,125.1	1,089.2	1,107.9	1,167.0	1,247.4	1,326.2	1,444.4	1,430.4	1,443.1
A. LIABILITIES (300=210+330)	521.5	532.5	551.7	581.5	552.8	561.8	617.9	699.3	754.2	857.7	862.1	884.4
I. Short -term liabilities	159.7	168.5	184.9	212.5	214.9	360.6	440.4	493.9	547.5	613.9	601.5	580.6
1. Short-term trade accounts payable	11.6	10.2	9.6	17.6	17.9	17.9	16.5	16.0	15.8	22.9	10.8	27.5
2. Short-term advances from customers	4.7	4.9	8.0	10.0	6.8	4.7	4.2	5.2	9.4	13.1	33.4	22.0
3. Taxes and other payables to state authorities	8.2	8.2	46.4	41.1	10.7	3.9	2.8	1.9	5.1	32.0	45.0	19.0
4. Payable to employees	1.7	3.5	1.8	0.3	0.2	0.0	0.0	0.0	0.0	20.0	14.3	10.4
5. Short-term acrrued expenses	3.3	3.1	0.3	0.4	0.3	1.0	1.3	5.5	5.2	19.2	8.3	6.1
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	8.6	8.6	8.6	8.5	7.3	4.7	4.7	4.7	4.7	4.7	4.7	4.7
9. Other short-term payables	49.9	49.9	50.1	50.1	50.9	50.0	51.2	52.0	28.0	50.7	50.8	53.0
10. Short-term borrowings and financial leases	69.2	75.9	55.4	79.5	115.3	270.5	351.2	400.0	468.6	439.2	426.4	427.7
11. Provision for short-term liabilities	0.5	0.5	0.6	0.6	0.9	0.9	1.6	1.6	1.6	1.6	0.5	0.5
12.. Bonus and welfare fund	1.9	3.6	4.0	4.4	4.6	6.9	6.8	7.0	9.1	10.5	7.4	9.7
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	361.8	364.0	366.8	369.0	337.9	201.2	177.5	205.5	206.7	243.8	260.6	303.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	342.3	344.5	346.6	348.8	317.8	181.0	156.7	157.9	159.1	160.2	161.4	162.6
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	141.2
8. Long-term borrowings and financial leases	19.5	19.5	20.1	20.1	20.1	20.1	20.8	47.6	47.6	83.6	99.2	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	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)	557.2	554.7	552.2	543.6	536.4	546.1	549.1	548.0	572.0	586.7	568.3	558.7
I. Owner's equity	557.2	554.7	552.2	543.6	536.4	546.1	549.1	548.0	572.0	586.7	568.3	558.7
1. Owner's capital	386.0	386.0	386.0	386.0	386.0	386.0	386.0	386.0	386.0	386.0	386.0	386.0
- Common stock with voting right	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00	386,000,000,000.00
- 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	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00	-46,460,000.00
6. Assets revaluation differences	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	161.6	161.6	161.6	161.6	161.4	161.3	161.3	161.3	161.3	162.3	155.9	152.7
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	-5.8	-8.2	-10.5	-18.8	-25.2	-16.2	-13.1	-13.6	10.4	23.5	11.7	5.6
- Accumulated retained earning at the end of the previous period	-8.5	-16.1	-16.3	-2.1	-16.6	-1.3	-1.3	-1.3	21.2	-0.9	-0.9	-1.4
- Undistributed earnings in this period	2.7	7.9	5.8	-16.6	-8.7	-15.0	-11.8	-12.4	-10.8	24.5	12.6	6.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	15.2	15.2	14.9	14.6	14.0	14.8	14.6	14.2	14.1	14.6	14.4	14.3
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)	1,078.7	1,087.2	1,103.9	1,125.1	1,089.2	1,107.9	1,167.0	1,247.4	1,326.2	1,444.4	1,430.4	1,443.1

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	2.9	4.0	9.2	6.5	-8.7	-2.4	-1.8	1.4	-10.7	23.0	14.2	10.3
Depreciation of Fixed Assets and Investment Property	4.5	35.0	-25.6	5.1	5.2	5.4	5.5	5.7	5.8	8.9	3.0	8.5
Provision (Increase)/Reversal	0.1	0.4	0.0	-0.1	-0.4	-0.2	0.0	-0.3	-0.0	2.0	0.0	-0.7
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	-2.6	0.8	-8.2	0.0	-5.2	-0.3	0.6	-6.7	-11.3	-1.2	-7.4
Interest Expense	0.9	1.2	0.9	1.3	2.4	4.3	4.4	8.2	4.4	8.0	7.6	13.0
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	8.4	37.9	-14.8	4.6	-1.6	2.0	7.8	15.6	-7.3	30.7	23.5	23.7
Increase/(Decrease) in Receivables	9.4	-10.5	12.0	9.1	-4.6	15.4	-2.3	24.0	-17.3	8.6	7.1	-24.9
Increase/(Decrease) in Inventory	-7.7	6.2	0.7	3.3	-2.4	3.8	5.3	6.0	0.9	4.4	-1.5	16.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.8	-57.2	13.3	20.8	192.5	13.9	-5.9	-47.7	-28.4	5.9	12.7	-16.4
Increase/(Decrease) in Prepaid Expenses	-0.0	5.0	4.6	-31.5	0.4	1.2	0.5	3.7	-0.5	6.6	-5.9	7.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.0	-2.2	0.2	-1.4	-2.4	-4.1	-4.7	-8.5	-4.4	-16.3	0.6	-12.3
Corporate Income Tax Paid	-0.8	0.0	0.0	-1.9	0.9	-0.1	0.0	-0.0	-5.3	-6.1	-0.2	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.6	-0.6	-0.3	10.4	-13.2	0.1	-0.3	-0.4	-0.9	2.5	-6.9	-0.7
Net Cash Flow from Operating Activities	2.8	-21.4	15.7	9.5	173.7	32.1	0.4	-7.3	-63.1	36.4	29.4	-6.5
Payments for Fixed Assets and Other Long-term Assets	-3.7	-1.8	-2.9	-0.7	-2.3	-4.1	-2.1	-2.1	-1.9	-12.2	-7.8	-4.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.2	0.1	7.9	—	0.2	0.0	1.0	0.0	-21.2	0.0	21.5
Loans and Purchases of Debt Instruments	-6.0	10.5	-8.4	-17.2	-10.0	-0.2	-4.0	0.0	-9.0	-200.0	159.1	-218.6
Receipts from Loan Repayments and Sale of Debt Instruments	6.3	-14.8	13.0	16.5	25.0	55.5	72.5	77.5	59.0	222.0	-138.1	239.6
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	9.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.9	0.6	1.4	—	3.4	3.0	2.1	9.9	8.6	4.0	2.7
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	-3.4	-13.4	11.9	7.9	12.7	54.8	69.5	78.4	57.9	-2.9	17.1	41.0
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	37.2	43.9	31.4	65.3	13.5	54.2	59.9	55.1	112.6	166.5	123.4	114.5
Repayment of Borrowings	-43.9	-23.4	-55.4	-70.8	-199.1	-134.8	-135.4	-123.8	-119.1	-168.7	-166.7	-151.4
Repayment of Finance Leases	—	-0.6	—	—	—	-0.6	0.0	0.0	0.0	-0.6	0.0	0.0
Dividends Paid	—	0.5	-0.7	-0.4	—	0.0	0.0	0.0	-24.9	0.6	-1.1	-0.1
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	-6.7	20.3	-24.7	-5.9	-185.6	-81.3	-75.5	-68.7	-31.5	-2.2	-44.4	-37.1
Net Cash Flow During the Period	-7.3	-14.5	2.9	11.5	0.8	5.6	-5.6	2.5	-36.6	31.2	2.2	-2.6
Cash and Cash Equivalents at Beginning of Period	12.7	27.2	24.3	12.8	12.0	46.2	46.2	46.2	46.2	29.1	29.1	29.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.4	12.7	27.2	24.3	12.8	12.0	6.4	12.0	9.6	46.2	15.0	12.8

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BDT

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