BTP

Nhiệt điện Bà Rịa ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 21.60%, +11.66pp YoY

Price

8,380

Latest close

04 Jun 2026

P/E 8.99x

P/B 0.46x

EPS 932

BVPS 18,226

ROE 5.2%

ROA 4.6%

Profit Margin 21.6%

Asset Turnover 0.21x

Equity Mult. 1.13x

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

What Is Changing

On a TTM 2026Q1 basis, BTP posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 261bn
	                                
−28.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 56bn
	                                
+55.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    98.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	263.3	357.4	779.8	513.5	1,213.3
Growth	-26%	-54%	+52%	-58%	—
Net Income	42.6	42.8	71.8	70.7	126.6
Net Margin	16.17%	11.98%	9.21%	13.78%	10.44%

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	54.8	72.1	67.8	66.4	56.9	78.8	74.8	154.6	49.3	55.3	44.5	641.5
Growth	-24%	+6%	+2%	+17%	-28%	+5%	-52%	+213%	-11%	+24%	-93%	—
Net Income	25.9	22.1	8.5	-0.1	10.8	23.0	-0.8	3.3	9.5	18.4	11.8	27.7
Net Margin	47.30%	30.65%	12.52%	-0.16%	18.91%	29.22%	-1.11%	2.16%	19.18%	33.22%	26.63%	4.32%

Drivers of BTP's profit

TTM

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

Financial income ↑ 15.7bn

Gross profit ↑ 15.1bn

Administrative expenses ↑ 8.1bn

TTM

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

Financial income ↑ 14.2bn

Finance costs ↓ 3.4bn

Tax ↑ 2.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.4% = 9.9% × 0.29 × 1.18

2026Q1 5.2% = 21.6% × 0.21 × 1.13

ROE rose from 3.4% to 5.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 21.6% +11.7pp Asset turnover: 0.21x -0.08x Leverage: 1.13x -0.05x

Is the profit sustainable?

Margins improved (+11.7pp), 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 21.60%, rising 11.7pp. Core operating signals are improving as Gross margin rose 8.9pp are enough to offset pressure from SG&A / Revenue rose 6.6pp (in addition, Net financial result / Revenue rose 10.7pp added support while Other profit / Revenue fell 0.5pp remained a drag).

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

Profitability trend

Net Margin 21.60% +11.7pp

Gross Margin 16.81% +8.9pp

SG&A / Revenue 15.54% +6.6pp

Non-core / Revenue 21.65% +10.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 101.7% of PBT and lifted net margin by 10.2pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 5.2% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 5.19%, rising 2.0pp. That translates to 5.19 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 12.1pp, with capital turnover fell 0.08x; with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 5.19% +2.0pp

NOPAT Margin 22.38% +12.1pp

Capital Turnover 0.23x −0.08x

Average Invested Capital 1,126.1bn −42.6bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.13x equity, net debt at 0.00x equity.

Inventory ended the period at 140.3bn, roughly 11.5% of total assets.

Over the last 12 months, working capital released 29.7bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +16.9bn

Inventories decreased → higher CFO: +9.2bn

Payables increased → higher CFO: +3.6bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 88.2 days versus the same period last year. The main moves came from DIO rose 74.4 days, DSO rose 16.3 days, and DPO rose 2.5 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 288.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +16.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 47.0 days +16.3 days

Inventory 245.3 days +74.4 days

Payables 4.2 days +2.5 days

Cash Conversion Cycle 288.1 days +88.2 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.00x and interest coverage at 16.06x.

At present, short-term debt accounts for 50.0% of total debt, cash equals 96.7% of debt, and total debt stands at 89.5bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity 0.00x −0.06x

Interest Coverage 16.06x +6.06x

Cash / Debt 96.7% +50.2pp

Short-term Debt / Total Debt 50.0% +16.7pp

CFO / NI 1.42x +0.29x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 46.0bn in 2025, against investing cash flow of 14.5bn.

Post-investment cash flow was positive +60.5bn. Financing cash flow was negative +63.3bn.

CFO / net income was 1.42x.

After spending +11.4bn on fixed-asset investment, the business generated trailing free cash flow of +68.9bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 80.3bn +39.0bn

Cash Capex 11.4bn +11.0bn

FCF TTM +68.9bn +28.0bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 11.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 21.60% after expanding 11.7pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.42x. Even so, net financial result still accounts for 98.1% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	263.3	357.4	779.8	513.5	1,213.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	263.3	357.4	779.8	513.5	1,213.3
Cost of Goods Sold	216.2	343.9	767.4	480.7	0.0
Gross Profit	47.1	13.5	12.5	32.8	66.9
Financial Income	48.4	74.4	102.7	85.6	121.1
Financial Expenses	10.2	4.0	5.3	6.3	-2.0
Interest Expense	2.8	4.0	5.3	6.3	-8.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	-0.0
General and Administrative Expenses	39.2	39.9	37.3	34.0	-37.4
Operating Profit	46.1	43.9	72.6	78.1	148.4
Other Income	0.3	0.2	0.3	0.3	0.0
Other Expenses	2.2	1.3	0.1	0.1	0.0
Other Profit	-1.9	-1.1	0.3	0.2	0.2
Profit Before Tax	44.2	42.8	72.9	78.3	148.6
Current Income Tax Expense	1.6	0.0	1.1	7.5	-22.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	42.6	42.8	71.8	70.7	126.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	42.6	42.8	71.8	70.7	126.6
Earnings per Share	704.00	708.00	1,187.00	1,170.00	2,093.65
Diluted EPS	703.82	707.88	1,187.41	1,170.00	2,093.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	473.9	525.7	650.0	785.3	980.4
I. Cash and cash equivalents	86.5	89.3	122.8	137.5	105.3
1. Cash	2.7	1.3	1.8	2.0	0.0
2. Cash equivalents	83.8	88.0	121.0	135.5	0.0
II. Short-term financial investments	177.0	200.0	255.0	257.6	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	177.0	200.0	255.0	257.6	0.0
III. Short-term receivables	60.5	64.5	76.2	255.1	450.5
1. Short-term trade accounts receivable	49.4	48.6	51.2	244.4	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0	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	11.1	15.9	25.0	10.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	140.3	151.0	166.5	106.5	106.5
1. Inventories	140.3	151.0	166.5	106.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	9.6	20.9	29.5	28.6	15.5
1. Short-term prepayments	0.7	0.8	0.6	0.4	0.0
2. Value added tax to be reclaimed	—	12.5	20.8	18.1	0.0
3. Taxes and other receivables from state authorities	8.9	7.7	8.1	10.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	744.8	745.9	807.4	814.1	939.6
I. Long-term receivables	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	185.9	231.9	290.8	324.6	267.9
1. Tangible fixed assets	184.9	230.3	288.6	321.7	265.7
- Cost	2,783.0	2,777.1	2,781.6	2,761.2	0.0
- Accumulated depreciation	-2,598.1	-2,546.8	-2,493.0	-2,439.5	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	1.0	1.6	2.2	3.0	2.2
- Cost	7.4	7.4	7.4	7.5	0.0
- Accumulated depreciation	-6.4	-5.8	-5.1	-4.6	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	—	2.0	3.3	3.3	62.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	2.0	3.3	3.3	0.0
V. Long-term financial investments	496.2	447.3	447.3	415.3	541.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	225.6	173.8	173.8	83.8	0.0
3. Investments in other entities	273.5	273.5	273.5	273.5	0.0
4. Provision for diminution in value of long-term investments	-2.9	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	58.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	62.7	64.7	66.0	70.9	0.0
1. Long-term prepayments	0.5	4.3	10.1	14.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	62.2	60.4	55.9	56.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	67.7
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)	1,218.7	1,271.6	1,457.4	1,599.4	1,920.0
A. LIABILITIES (300=210+330)	142.2	208.0	255.4	356.4	645.3
I. Short -term liabilities	94.8	117.7	108.8	159.8	391.3
1. Short-term trade accounts payable	9.2	39.1	6.7	79.0	171.9
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.2	0.0	0.0	0.0	0.0
4. Payable to employees	22.5	15.3	8.3	15.9	0.0
5. Short-term acrrued expenses	0.4	0.6	0.7	0.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	8.9	9.4	36.7	8.8	0.0
10. Short-term borrowings and financial leases	47.4	45.2	48.9	49.2	48.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.2	8.1	7.5	6.1	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	47.4	90.3	146.6	196.6	254.0
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	47.4	90.3	146.6	196.6	254.0
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)	1,076.5	1,063.6	1,202.0	1,243.0	1,274.7
I. Owner's equity	1,076.5	1,063.6	1,202.0	1,243.0	0.0
1. Owner's capital	604.9	604.9	604.9	604.9	1,274.7
- Common stock with voting right	604,856,000,000.00	604,856,000,000.00	604,856,000,000.00	604,856,000,000.00	604,856,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	7.6	7.6	7.6	7.6	7.6
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	156.9	144.0	122.5	244.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	19.8	19.8	19.8	19.8	0.0
11. Undistributed earnings after tax	287.4	287.4	447.3	366.8	419.6
- Accumulated retained earning at the end of the previous period	244.8	244.5	404.5	296.0	293.0
- Undistributed earnings in this period	42.6	42.8	42.8	70.7	126.6
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)	1,218.7	1,271.6	1,457.4	1,599.4	1,920.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	44.2	42.8	72.9	78.3	148.6
Depreciation of Fixed Assets and Investment Property	53.7	54.4	54.3	48.7	41.6
Provision (Increase)/Reversal	2.9	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.5	-11.2	-1.1	-6.1	0.0
Gain/Loss from Investment Activities	-44.7	-56.8	-97.7	-74.2	0.0
Interest Expense	2.8	4.0	5.3	6.3	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	63.3	33.2	33.7	53.0	77.0
Increase/(Decrease) in Receivables	9.4	11.1	192.5	167.6	0.0
Increase/(Decrease) in Inventory	9.0	15.8	-59.7	1.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-25.0	35.2	-67.2	-180.9	0.0
Increase/(Decrease) in Prepaid Expenses	3.8	5.6	4.3	-4.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.9	-4.1	-5.4	-6.5	0.0
Corporate Income Tax Paid	—	0.0	-0.5	-18.2	0.0
Other Operating Receipts	0.0	0.1	0.1	0.0	0.0
Other Operating Payments	-11.7	-11.8	-9.9	-10.8	0.0
Net Cash Flow from Operating Activities	46.0	85.0	87.9	1.4	-128.4
Payments for Fixed Assets and Other Long-term Assets	-7.7	-0.3	-34.0	-77.4	-25.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-322.0	-335.0	-394.0	-295.0	-320.0
Receipts from Loan Repayments and Sale of Debt Instruments	345.0	390.0	454.6	466.0	400.0
Investments in Other Entities	-51.8	0.0	-90.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	50.9	67.5	82.2	77.9	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	14.5	122.2	18.9	171.6	154.1
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	—	0.0	0.0	119.5	139.8
Repayment of Borrowings	-43.4	-43.9	-49.2	-169.9	-195.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-19.9	-196.9	-72.4	-90.4	-66.3
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	-63.3	-240.8	-121.5	-140.8	-122.2
Net Cash Flow During the Period	-2.8	-33.5	-14.7	32.2	-109.8
Cash and Cash Equivalents at Beginning of Period	89.3	122.8	137.5	105.3	201.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	86.5	89.3	122.8	137.5	105.3

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	54.8	72.1	67.8	66.4	56.9	78.8	74.8	154.6	49.3	55.3	44.5	641.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	54.8	72.1	67.8	66.4	56.9	78.8	74.8	154.6	49.3	55.3	44.5	641.5
Cost of Goods Sold	38.5	70.9	57.8	50.0	41.8	77.3	70.5	146.7	44.8	57.5	51.0	624.1
Gross Profit	16.3	1.3	10.0	16.4	15.2	1.5	4.3	7.9	4.5	-2.2	-6.6	17.4
Financial Income	19.0	32.5	6.0	5.0	4.8	34.4	4.2	3.4	19.0	29.1	28.2	24.1
Financial Expenses	-2.3	-4.9	-2.1	13.2	1.1	0.5	1.3	0.9	1.2	1.2	1.5	1.1
Interest Expense	0.6	0.5	0.8	0.7	0.8	0.7	1.2	0.9	1.2	1.2	1.5	1.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	7.2	16.2	8.4	8.8	6.8	11.5	7.4	6.7	12.9	13.3	8.3	8.9
Operating Profit	30.3	22.5	9.7	-0.6	12.1	23.9	-0.3	3.7	9.5	12.4	11.9	31.5
Other Income	—	0.1	0.2	0.0	0.0	0.1	0.0	0.1	0.0	0.2	0.0	0.1
Other Expenses	0.4	2.0	—	0.0	—	1.3	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.4	-1.9	0.2	0.0	0.0	-1.2	-0.0	0.1	0.0	0.2	0.0	0.1
Profit Before Tax	29.9	20.6	9.9	-0.6	12.1	22.7	-0.3	3.7	9.5	12.7	11.9	31.6
Current Income Tax Expense	4.0	-1.5	1.4	-0.4	1.3	-0.4	0.5	0.4	0.0	-5.7	0.0	3.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	25.9	22.1	8.5	-0.1	10.8	23.0	-0.8	3.3	9.5	18.4	11.8	27.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	25.9	22.1	8.5	-0.1	10.8	23.0	-0.8	3.3	9.5	18.4	11.8	27.7
Earnings per Share	428.42	365.52	140.31	-1.76	178.00	380.47	0.00	55.22	156.46	303.64	0.00	457.94
Diluted EPS	428.42	365.52	140.31	-1.76	178.00	380.47	0.00	55.22	156.46	303.64	0.00	457.94

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)	481.5	475.0	528.6	519.3	504.3	511.5	518.7	591.2	476.3	657.6	758.9	820.8
I. Cash and cash equivalents	86.5	86.5	128.3	53.6	63.2	89.3	96.8	60.7	53.5	122.8	155.2	20.2
1. Cash	2.5	2.7	3.3	3.6	3.2	1.3	6.8	0.7	2.5	1.8	19.2	2.2
2. Cash equivalents	84.0	83.8	125.0	50.0	60.0	88.0	90.0	60.0	51.0	121.0	136.0	18.0
II. Short-term financial investments	188.0	177.0	190.0	165.0	200.0	200.0	160.0	175.0	170.0	255.0	244.0	305.0
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	188.0	177.0	190.0	165.0	200.0	200.0	160.0	175.0	170.0	255.0	244.0	305.0
III. Short-term receivables	62.4	60.5	56.2	144.3	70.4	50.8	84.4	170.8	64.6	84.0	172.0	302.4
1. Short-term trade accounts receivable	59.0	49.4	52.4	132.8	8.3	48.6	80.5	167.4	53.2	51.2	154.8	294.0
2. Short-term prepayments to suppliers	0.1	0.0	0.0	9.6	—	0.0	0.0	0.0	0.0	0.0	7.9	0.0
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	3.4	11.1	3.8	1.9	62.0	2.2	3.8	3.3	11.3	32.8	9.3	8.4
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	140.5	140.3	143.1	143.5	151.4	151.0	156.3	161.1	163.4	166.5	165.7	169.7
1. Inventories	140.5	140.3	143.1	143.5	151.4	151.0	156.3	161.1	163.4	166.5	165.7	169.7
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	4.1	10.7	11.0	13.0	19.3	20.4	21.2	23.6	24.9	29.3	21.9	23.5
1. Short-term prepayments	0.7	0.8	0.5	0.8	0.5	0.8	2.2	0.8	0.4	0.6	0.4	0.2
2. Value added tax to be reclaimed	—	0.0	3.4	3.6	12.9	12.5	12.8	15.9	17.3	20.8	20.2	21.8
3. Taxes and other receivables from state authorities	3.4	9.8	7.1	8.7	5.9	7.1	6.3	6.9	7.2	8.0	1.4	1.6
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)	739.3	747.7	775.6	716.0	731.1	745.9	761.6	778.3	792.1	802.7	817.4	729.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	177.8	185.9	199.1	205.1	218.6	231.9	249.5	263.2	277.0	286.2	292.1	297.6
1. Tangible fixed assets	176.9	184.9	198.0	203.8	217.1	230.3	247.7	261.3	274.9	283.9	289.6	295.0
- Cost	2,787.7	—	—	—	—	2,777.1	2,781.6	2,781.6	2,781.6	2,776.9	2,769.1	2,761.2
- Accumulated depreciation	-2,610.9	—	—	—	—	-2,546.8	-2,533.9	-2,520.3	-2,506.7	-2,492.9	-2,479.4	-2,466.2
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	0.9	1.0	1.1	1.3	1.4	1.6	1.8	1.9	2.1	2.2	2.4	2.6
- Cost	7.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.4	—	—	—	—	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	—	—	37.7	2.0	2.0	2.0	2.0	3.3	3.3	3.3	9.3	3.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	37.7	2.0	2.0	2.0	2.0	3.3	3.3	3.3	9.3	3.3
V. Long-term financial investments	499.1	499.1	477.5	447.3	447.3	447.3	447.3	447.3	447.3	447.3	447.3	357.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	225.6	225.6	204.0	173.8	173.8	173.8	173.8	173.8	173.8	173.8	173.8	83.8
3. Investments in other entities	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5	273.5
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	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	62.5	62.7	61.3	61.7	63.3	64.7	62.9	64.6	64.5	66.0	68.8	71.0
1. Long-term prepayments	0.3	0.5	0.9	1.4	2.8	4.3	5.7	7.2	8.6	10.1	12.0	14.7
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	62.2	62.2	60.3	60.3	60.4	60.4	57.2	57.4	55.9	55.9	56.8	56.3
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)	1,220.9	1,222.6	1,304.2	1,235.4	1,235.3	1,257.4	1,280.2	1,369.6	1,268.4	1,460.3	1,576.3	1,550.0
A. LIABILITIES (300=210+330)	118.5	147.5	231.1	170.8	161.0	201.6	238.7	327.2	217.1	257.7	363.0	275.9
I. Short -term liabilities	73.7	100.1	157.5	95.4	70.5	111.3	116.4	206.6	72.5	111.1	195.4	111.3
1. Short-term trade accounts payable	3.0	9.2	56.2	2.1	2.0	39.1	17.3	116.2	1.1	6.7	13.6	28.7
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	7.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.9	—	—	—	0.1	0.0	0.0	0.0	0.5	0.0	0.0	0.0
4. Payable to employees	2.1	27.9	5.4	3.6	1.3	10.0	0.2	1.4	1.2	10.6	1.4	0.2
5. Short-term acrrued expenses	1.0	0.4	1.3	0.6	1.3	0.5	1.7	0.6	1.9	0.7	2.1	17.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.7	8.9	7.5	7.6	7.5	8.4	7.6	7.8	8.2	36.7	78.7	6.4
10. Short-term borrowings and financial leases	44.7	47.4	49.1	50.3	45.3	45.2	48.9	48.2	48.2	48.9	64.2	47.0
11. Provision for short-term liabilities	9.4	—	28.9	19.3	9.6	0.0	29.7	19.8	9.9	0.0	25.0	0.0
12.. Bonus and welfare fund	1.6	6.2	9.1	12.1	3.4	8.1	11.1	12.7	1.6	7.5	10.4	11.7
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	44.7	47.4	73.7	75.4	90.5	90.3	122.3	120.6	144.5	146.6	167.6	164.6
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	44.7	47.4	73.7	75.4	90.5	90.3	122.3	120.6	144.5	146.6	167.6	164.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,102.4	1,075.2	1,073.0	1,064.5	1,074.4	1,055.8	1,041.5	1,042.4	1,051.3	1,202.6	1,213.3	1,274.0
I. Owner's equity	1,102.4	1,075.2	1,073.0	1,064.5	1,074.4	1,055.8	1,041.5	1,042.4	1,051.3	1,202.6	1,213.3	1,274.0
1. Owner's capital	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9
- Common stock with voting right	604,856,000,000.00	604,856,000,000.00	604,856,000,000.00	604,856,000,000.00	604,856,000,000.00	604,856,000,000.00	0.00	604,856,000,000.00	604,856,000,000.00	604,856,000,000.00	0.00	604,856,000,000.00
- Preferred stock	—	—	—	—	—	0.00	604,856,000,000.00	0.00	0.00	0.00	604,856,000,000.00	0.00
2. Share premium	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6
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	156.9	156.9	156.9	156.9	144.0	144.0	144.0	144.0	122.5	122.5	244.0	244.0
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	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8	19.8
11. Undistributed earnings after tax	313.3	286.1	283.9	275.4	298.1	279.5	265.3	266.1	296.6	447.9	337.1	397.8
- Accumulated retained earning at the end of the previous period	287.4	264.0	275.4	275.5	287.4	256.5	266.1	262.8	287.2	337.1	325.2	370.1
- Undistributed earnings in this period	25.9	22.1	8.5	-0.1	10.8	23.0	-0.8	3.3	9.5	110.8	11.8	27.7
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)	1,220.9	1,222.6	1,304.2	1,235.4	1,235.3	1,257.4	1,280.2	1,369.6	1,268.4	1,460.3	1,576.3	1,550.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	29.9	22.8	9.9	-0.6	12.1	22.7	-2.9	6.3	9.5	11.8	11.9	31.6
Depreciation of Fixed Assets and Investment Property	12.8	13.3	13.4	13.5	13.5	13.1	13.8	13.8	13.8	13.9	13.4	13.5
Provision (Increase)/Reversal	6.5	-26.1	9.6	9.6	9.6	-29.7	9.9	9.9	9.9	-25.0	8.3	16.6
FX Gain/Loss from Revaluation of Monetary Items	-5.3	-5.4	-2.9	12.4	0.3	-11.2	2.3	0.5	-2.8	6.0	2.5	-0.4
Gain/Loss from Investment Activities	-13.6	-29.4	-6.0	-4.4	-4.8	-20.4	-5.2	-1.8	-16.2	-33.6	-30.7	-21.2
Interest Expense	0.6	0.5	0.8	0.7	0.8	0.5	1.3	0.9	1.2	1.2	1.5	1.1
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	30.8	11.4	-10.9	31.3	31.5	-24.9	19.2	29.6	15.4	-25.6	6.8	41.2
Increase/(Decrease) in Receivables	-8.4	5.2	90.5	-70.4	-16.0	32.7	90.3	-113.5	1.9	103.6	133.2	-151.8
Increase/(Decrease) in Inventory	-0.2	1.0	0.4	8.1	-0.4	2.0	5.1	0.7	3.2	-0.7	4.2	-62.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-24.5	-24.0	49.6	2.5	-53.0	34.4	-102.2	114.7	-13.4	11.3	-17.3	13.4
Increase/(Decrease) in Prepaid Expenses	0.3	0.2	0.7	1.2	1.7	2.8	2.6	-1.5	1.7	1.7	2.5	2.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-1.3	0.0	-1.6	—	-4.0	2.0	-2.2	-0.0	-2.5	-0.2	-2.7
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.1	0.0	-0.0	0.1	-0.0
Other Operating Payments	-4.7	-2.8	-3.0	-1.0	-4.8	-3.0	-1.6	-1.3	-5.9	-2.9	-1.4	-1.9
Net Cash Flow from Operating Activities	-6.6	-10.4	127.2	-29.9	-40.9	40.0	15.5	26.7	2.8	84.7	128.1	-161.6
Payments for Fixed Assets and Other Long-term Assets	-3.9	-6.3	-1.2	0.0	-0.1	-0.3	0.0	0.0	0.0	-6.6	-13.9	1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-96.0	-72.0	-85.0	-105.0	-60.0	-140.0	-40.0	-80.0	-75.0	-40.0	-49.0	-55.0
Receipts from Loan Repayments and Sale of Debt Instruments	85.0	85.0	60.0	140.0	60.0	100.0	55.0	75.0	160.0	29.0	110.0	121.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-90.0	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	21.6	24.0	4.0	7.9	15.0	21.0	5.8	10.4	30.3	17.4	29.7	17.6
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	6.7	9.2	-52.4	42.9	14.9	-19.3	20.8	5.4	115.3	-0.2	-13.2	84.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	-79.6	26.7	52.9
Repayment of Borrowings	—	-20.8	-35.7	-22.6	—	-19.4	0.0	-24.4	0.0	34.8	-6.5	-77.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-19.8	-0.0	-0.0	-0.0	-8.8	-0.2	-0.4	-187.5	-72.1	-0.1	-0.2
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	-0.0	-40.6	-0.0	-22.6	-0.0	-28.2	-0.2	-24.8	-187.5	-116.9	20.1	-24.7
Net Cash Flow During the Period	0.0	-41.9	74.8	-9.6	-26.1	-7.5	36.1	7.3	-69.3	-32.4	135.0	-101.7
Cash and Cash Equivalents at Beginning of Period	86.5	128.3	53.6	63.2	89.3	122.8	122.8	122.8	122.8	137.5	137.5	137.5
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	86.5	86.5	128.3	53.6	63.2	89.3	96.8	60.7	53.5	122.8	155.2	20.2

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BTP

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