BTS

Xi măng VICEM Bút Sơn ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 2.38%, +8.55pp YoY

Price

5,200

Latest close

02 Jun 2026

P/E 10.16x

P/B 0.58x

EPS 512

BVPS 8,911

ROE 5.9%

ROA 2.0%

Profit Margin 2.4%

Asset Turnover 0.82x

Equity Mult. 3.02x

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

What Is Changing

On a TTM 2026Q1 basis, BTS has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,651bn
	                                
−2.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 63bn
	                                
+137.8%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    101.5%

Metric	2025	2024	2023	2022	2021
Revenue	2,656.6	2,609.6	2,573.3	3,125.1	2,979.8
Growth	+2%	+1%	-18%	+5%	—
Net Income	31.6	-201.8	-96.3	53.9	50.0
Net Margin	1.19%	-7.73%	-3.74%	1.73%	1.68%

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	608.0	848.7	521.8	672.2	613.9	769.8	633.2	691.7	515.0	686.3	544.6	689.6
Growth	-28%	+63%	-22%	+10%	-20%	+22%	-8%	+34%	-25%	+26%	-21%	—
Net Income	3.0	37.6	10.1	12.4	-28.5	-75.9	-26.2	-36.5	-55.5	-32.1	-31.7	-17.2
Net Margin	0.50%	4.43%	1.93%	1.85%	-4.65%	-9.86%	-4.14%	-5.27%	-10.77%	-4.68%	-5.83%	-2.50%

Drivers of BTS's profit

TTM

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

Gross profit ↑ 222.4bn

TTM

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

Gross profit ↑ 45.3bn

Administrative expenses ↑ 9.4bn

Selling expenses ↑ 4.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -14.9% = -6.2% × 0.80 × 3.01

2026Q1 5.9% = 2.4% × 0.82 × 3.02

ROE rose from -14.9% to 5.9% — all three components improved, with net margin contributing the most.

Net margin: 2.4% +8.6pp Asset turnover: 0.82x +0.02x Leverage: 3.02x +0.02x

Is the profit sustainable?

Margins improved (+8.6pp), 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 2.38%, rising 8.6pp. Core operating signals are improving as Gross margin rose 8.4pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.1pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 2.38% +8.6pp

Gross Margin 9.09% +8.4pp

SG&A / Revenue 6.52% +0.4pp

Non-core / Revenue -0.18% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources is supporting margin

Non-core sources accounts for 101.5% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.24x +0.03x

Average Invested Capital 2,144.9bn −100.8bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.78x equity, net debt at 0.92x equity.

Inventory ended the period at 525.3bn, roughly 17.2% of total assets.

Over the last 12 months, working capital absorbed 96.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +7.6bn

Inventories increased → lower CFO: −97.8bn

Payables decreased → lower CFO: −6.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 8.1 days versus the same period last year. The main moves came from DIO rose 10.3 days, DSO rose 6.0 days, and DPO rose 8.2 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +8.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +6.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 28.3 days +6.0 days

Inventory 86.4 days +10.3 days

Payables 136.5 days +8.2 days

Cash Conversion Cycle -21.8 days +8.1 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.92x and interest coverage only at -0.01x.

At present, short-term debt accounts for 90.0% of total debt, cash equals 6.9% of debt, and total debt stands at 1,090.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is -0.01x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 90.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.92x −0.17x

Interest Coverage -0.01x +2.98x

Cash / Debt 6.9% +2.0pp

Short-term Debt / Total Debt 90.0% +2.8pp

CFO / NI 3.04x +3.67x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 196.1bn in 2025, against investing cash flow of -63.9bn.

Post-investment cash flow was positive +132.3bn. Financing cash flow was negative +79.3bn.

CFO / net income was 3.04x.

After spending +62.1bn on fixed-asset investment, the business generated trailing free cash flow of +130.3bn.

Cash Conversion

CFO TTM 192.4bn +88.0bn

Cash Capex 62.1bn −69.1bn

FCF TTM +130.3bn +157.1bn

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 8.6 pp. The next item to monitor is the earnings mix, when non-core contribution is -109.2%. The main risk still sits in leverage and liquidity, with interest coverage at -0.01x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.38% after expanding 8.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.04x. Even so, net financial result still accounts for -109.2% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.01x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,818.3	2,749.3	2,725.2	3,231.4	2,979.8
Revenue Deductions	161.7	139.7	151.9	106.3	0.0
Net Revenue	2,656.6	2,609.6	2,573.3	3,125.1	2,979.8
Cost of Goods Sold	2,461.0	2,617.1	2,452.4	2,810.5	0.0
Gross Profit	195.6	-7.5	120.9	314.5	327.7
Financial Income	0.6	0.4	0.7	1.5	0.8
Financial Expenses	68.3	77.2	92.0	55.9	-60.8
Interest Expense	64.9	68.5	83.9	53.3	-58.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	73.4	81.3	71.4	113.4	-113.5
General and Administrative Expenses	86.0	90.8	100.1	113.1	-107.6
Operating Profit	-31.5	-256.4	-141.9	33.7	46.5
Other Income	77.0	59.0	49.6	38.4	0.0
Other Expenses	14.0	4.4	3.9	4.0	0.0
Other Profit	63.1	54.6	45.7	34.4	15.9
Profit Before Tax	31.6	-201.8	-96.3	68.1	62.4
Current Income Tax Expense	—	0.0	0.0	14.1	-12.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	31.6	-201.8	-96.3	53.9	50.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	31.6	-201.8	-96.3	53.9	50.0
Earnings per Share	256.00	-1,633.00	-779.00	436.00	405.80
Diluted EPS	255.74	-1,633.18	-779.01	436.47	404.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	820.5	689.9	935.0	979.2	576.3
I. Cash and cash equivalents	153.1	100.2	134.9	138.5	116.5
1. Cash	153.1	100.2	134.9	138.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	50.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	50.0	0.0
III. Short-term receivables	119.9	86.2	104.8	128.2	35.9
1. Short-term trade accounts receivable	48.6	35.0	49.7	38.5	0.0
2. Short-term prepayments to suppliers	9.2	1.6	1.1	53.7	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	62.1	49.6	54.0	36.0	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	525.3	477.0	655.5	628.0	382.3
1. Inventories	525.3	477.0	655.5	628.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	22.2	26.5	39.8	34.5	11.6
1. Short-term prepayments	12.6	12.4	10.5	8.7	0.0
2. Value added tax to be reclaimed	9.6	13.9	25.4	25.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	3.9	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,228.8	2,404.3	2,563.6	2,345.3	2,481.5
I. Long-term receivables	14.7	13.4	12.2	10.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.2
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	14.7	13.4	12.2	10.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,991.2	2,216.8	2,013.2	2,180.1	2,328.2
1. Tangible fixed assets	1,988.4	2,213.0	2,008.4	2,178.3	2,327.5
- Cost	7,312.8	7,304.1	6,866.4	6,827.9	0.0
- Accumulated depreciation	-5,324.4	-5,091.1	-4,858.0	-4,649.6	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	2.8	3.7	4.8	1.9	0.7
- Cost	8.3	8.2	8.2	4.3	0.0
- Accumulated depreciation	-5.4	-4.4	-3.3	-2.5	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	172.1	117.9	487.6	100.9	93.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	172.1	117.9	487.6	100.9	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	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	50.8	56.3	50.7	54.3	0.0
1. Long-term prepayments	50.8	56.3	50.7	54.3	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	51.2
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)	3,049.4	3,094.2	3,498.6	3,324.6	3,057.8
A. LIABILITIES (300=210+330)	1,951.3	2,027.8	2,230.4	1,902.7	1,619.5
I. Short -term liabilities	1,817.4	1,851.4	2,062.6	1,859.6	1,595.8
1. Short-term trade accounts payable	743.1	786.6	968.9	811.5	585.2
2. Short-term advances from customers	40.8	29.4	22.7	45.0	45.7
3. Taxes and other payables to state authorities	27.7	5.5	6.8	5.5	0.0
4. Payable to employees	1.6	1.7	1.0	1.0	0.0
5. Short-term acrrued expenses	33.6	21.6	34.6	19.8	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	21.3	30.5	40.2	8.0	0.0
10. Short-term borrowings and financial leases	949.1	975.7	987.1	966.4	873.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.3	1.5	2.4	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	134.0	176.4	167.8	43.1	23.7
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	120.1	163.9	156.5	33.1	14.5
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	13.8	12.5	11.3	10.0	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)	1,098.0	1,066.4	1,268.2	1,421.9	1,438.3
I. Owner's equity	1,098.0	1,066.4	1,268.2	1,421.9	0.0
1. Owner's capital	1,235.6	1,235.6	1,235.6	1,235.6	1,438.3
- Common stock with voting right	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	122.8	122.8	122.8	122.8	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	-260.3	-291.9	-90.2	63.5	88.3
- Accumulated retained earning at the end of the previous period	-291.9	-90.2	6.1	9.9	38.5
- Undistributed earnings in this period	31.6	-201.8	-96.3	53.6	49.8
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)	3,049.4	3,094.2	3,498.6	3,324.6	3,057.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	31.6	-201.8	-96.3	68.1	62.4
Depreciation of Fixed Assets and Investment Property	234.5	234.8	209.9	205.7	206.0
Provision (Increase)/Reversal	1.3	1.3	1.2	0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.0	1.4	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-0.4	-0.6	-0.4	0.0
Interest Expense	64.9	68.5	83.9	53.3	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	332.1	102.3	199.6	327.5	311.2
Increase/(Decrease) in Receivables	-31.0	32.6	17.8	-62.6	0.0
Increase/(Decrease) in Inventory	-48.3	178.4	-27.5	-245.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.6	-89.3	38.7	168.8	0.0
Increase/(Decrease) in Prepaid Expenses	5.3	-7.5	1.8	3.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-64.7	-69.8	-83.9	-50.9	0.0
Corporate Income Tax Paid	—	0.0	0.0	-22.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-1.1	-21.2	-30.6	0.0
Net Cash Flow from Operating Activities	196.1	145.7	125.2	87.7	263.4
Payments for Fixed Assets and Other Long-term Assets	-64.3	-171.5	-315.9	-108.4	-41.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-50.0	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	50.0	30.0	47.0
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	0.4	0.4	0.6	0.5	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	-63.9	-171.1	-265.3	-127.9	-24.0
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	2,219.6	2,266.5	2,194.9	2,356.3	2,386.4
Repayment of Borrowings	-2,289.9	-2,270.4	-2,050.8	-2,244.6	-2,622.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-9.0	-5.5	-7.6	-49.4	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-79.3	-9.4	136.5	62.3	-236.4
Net Cash Flow During the Period	52.9	-34.8	-3.6	22.1	44.4
Cash and Cash Equivalents at Beginning of Period	100.2	134.9	138.5	116.5	113.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	153.1	100.2	134.9	138.5	116.5

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	639.8	900.0	556.8	713.9	647.5	808.2	670.7	728.0	542.4	726.7	572.8	733.6
Revenue Deductions	31.8	51.3	35.1	41.7	33.7	38.4	37.5	36.3	27.5	40.4	28.2	44.0
Net Revenue	608.0	848.7	521.8	672.2	613.9	769.8	633.2	691.7	515.0	686.3	544.6	689.6
Cost of Goods Sold	540.1	767.3	482.0	620.4	591.3	793.0	622.3	683.5	515.8	669.4	524.5	649.8
Gross Profit	67.9	81.4	39.8	51.8	22.6	-23.3	10.9	8.2	-0.8	16.9	20.1	39.8
Financial Income	0.1	0.4	0.0	0.2	0.0	0.4	0.0	0.0	0.0	0.1	0.0	0.4
Financial Expenses	18.6	17.8	16.5	16.8	17.2	18.6	17.8	20.0	20.8	19.0	24.9	24.3
Interest Expense	17.9	16.3	15.9	15.9	16.7	16.3	16.9	17.1	18.2	17.9	20.6	22.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	24.7	20.3	16.7	15.8	20.6	19.6	17.9	16.8	23.1	18.3	16.7	16.4
General and Administrative Expenses	31.1	27.1	14.8	22.4	21.7	28.5	18.0	22.6	20.5	27.4	22.1	27.0
Operating Profit	-6.5	16.6	-8.2	-2.9	-37.0	-89.5	-42.8	-51.2	-65.2	-47.7	-43.6	-27.6
Other Income	13.9	32.0	18.7	16.7	9.6	14.7	17.6	16.1	10.7	16.4	12.7	11.2
Other Expenses	4.4	11.0	0.4	1.4	1.2	1.0	1.1	1.3	1.0	0.9	0.9	0.8
Other Profit	9.5	21.0	18.3	15.3	8.5	13.6	16.5	14.7	9.7	15.5	11.8	10.3
Profit Before Tax	3.0	37.6	10.1	12.4	-28.5	-75.9	-26.2	-36.5	-55.5	-32.1	-31.7	-17.2
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.0	37.6	10.1	12.4	-28.5	-75.9	-26.2	-36.5	-55.5	-32.1	-31.7	-17.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.0	37.6	10.1	12.4	-28.5	-75.9	-26.2	-36.5	-55.5	-32.1	-31.7	-17.2
Earnings per Share	25.00	305.00	81.00	101.00	-231.00	-614.00	-212.00	-295.00	-449.00	-260.00	-257.00	-139.00
Diluted EPS	24.63	304.61	81.50	100.57	-230.94	-614.33	-212.25	-295.24	-449.02	-260.07	-256.93	-139.39

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)	991.7	820.5	934.6	913.9	883.5	689.9	832.5	827.2	913.6	935.6	1,066.3	1,080.6
I. Cash and cash equivalents	75.4	153.1	37.7	79.3	59.1	100.2	32.6	53.7	54.1	134.9	41.8	47.2
1. Cash	75.4	153.1	37.7	79.3	59.1	100.2	32.6	53.7	54.1	134.9	41.8	47.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	274.8	119.9	257.2	283.1	280.4	86.2	277.6	250.5	215.4	102.3	269.0	302.3
1. Short-term trade accounts receivable	207.8	48.6	160.0	187.8	203.7	35.0	189.1	157.6	128.4	49.7	185.9	206.7
2. Short-term prepayments to suppliers	13.9	9.2	9.5	17.1	2.3	1.6	8.0	7.9	5.8	1.7	7.7	24.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	53.1	62.1	87.7	78.1	74.4	49.6	80.6	85.0	81.3	50.9	75.4	71.4
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	619.5	525.3	607.5	522.4	521.7	477.0	491.1	490.9	599.8	658.6	707.1	682.7
1. Inventories	619.5	525.3	607.5	522.4	521.7	477.0	491.1	490.9	599.8	658.6	707.1	682.7
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	22.0	22.2	32.1	29.1	22.3	26.5	31.1	32.0	44.3	39.7	48.4	48.4
1. Short-term prepayments	12.3	12.6	21.0	16.6	8.9	12.4	21.4	20.3	16.2	10.5	19.5	23.8
2. Value added tax to be reclaimed	9.6	9.6	9.7	12.4	13.3	13.9	9.6	11.6	24.2	25.3	28.8	24.5
3. Taxes and other receivables from state authorities	0.2	0.1	1.5	0.1	0.1	0.1	0.1	0.1	3.8	3.9	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,236.9	2,228.4	2,317.6	2,356.6	2,356.3	2,404.3	2,492.5	2,579.6	2,615.3	2,562.5	2,551.8	2,557.7
I. Long-term receivables	16.0	14.7	14.7	14.7	14.7	13.4	13.4	13.4	12.2	12.2	11.3	11.3
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	16.0	14.7	14.7	14.7	14.7	13.4	13.4	13.4	12.2	12.2	11.3	11.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,941.0	1,990.8	2,048.0	2,103.5	2,158.0	2,216.8	2,254.8	2,331.6	2,390.7	2,013.2	2,059.1	2,090.2
1. Tangible fixed assets	1,938.3	1,988.0	2,045.1	2,100.3	2,154.6	2,213.0	2,250.8	2,327.4	2,386.1	2,008.4	2,054.1	2,085.0
- Cost	7,320.9	—	—	—	—	7,304.1	7,283.2	7,302.5	7,302.1	6,866.4	6,859.7	6,837.4
- Accumulated depreciation	-5,382.5	—	—	—	—	-5,091.1	-5,032.4	-4,975.1	-4,916.0	-4,858.0	-4,805.6	-4,752.3
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	2.7	2.8	3.0	3.2	3.5	3.7	4.0	4.3	4.5	4.8	5.0	5.2
- Cost	8.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.7	—	—	—	—	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	226.0	172.1	202.8	187.6	136.1	117.9	161.7	164.4	157.4	486.5	422.3	394.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	226.0	172.1	202.8	187.6	136.1	117.9	161.7	164.4	157.4	486.5	422.3	394.3
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	—	—	—	—	—	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	—	—	—	—	—	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	53.8	50.8	52.1	50.9	47.4	56.3	62.6	70.2	55.1	50.7	59.2	61.9
1. Long-term prepayments	53.8	50.8	52.1	50.9	47.4	56.3	62.6	70.2	55.1	50.7	59.2	61.9
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	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)	3,228.5	3,049.0	3,252.3	3,270.6	3,239.8	3,094.2	3,324.9	3,406.8	3,528.9	3,498.1	3,618.1	3,638.3
A. LIABILITIES (300=210+330)	2,127.5	1,950.9	2,191.9	2,220.3	2,202.0	2,023.8	2,178.6	2,230.6	2,316.2	2,229.9	2,280.9	2,269.3
I. Short -term liabilities	2,003.9	1,817.0	2,047.3	2,065.1	2,036.2	1,847.4	1,990.8	2,030.9	2,149.4	2,062.2	2,137.7	2,197.9
1. Short-term trade accounts payable	917.2	742.6	1,009.5	1,003.0	885.3	786.6	847.8	950.9	1,006.3	968.4	960.5	1,019.8
2. Short-term advances from customers	21.4	40.8	22.5	13.7	7.9	29.4	31.2	42.3	18.6	22.7	12.5	21.5
3. Dividends and profits payable	15.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.4	27.8	5.6	4.9	8.8	5.5	7.8	6.4	10.3	6.8	9.6	7.2
4. Payable to employees	2.1	1.6	1.1	1.6	2.0	1.7	1.0	1.4	1.8	1.0	2.9	1.8
5. Short-term acrrued expenses	49.8	33.6	36.4	30.7	51.1	17.6	27.6	43.0	41.6	34.6	37.4	67.9
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	10.1	21.3	39.0	38.4	38.3	30.5	47.1	67.8	66.6	40.3	12.3	14.5
10. Short-term borrowings and financial leases	980.7	949.1	933.0	972.5	1,042.5	975.7	1,028.0	918.5	1,003.4	987.1	1,099.6	1,063.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.3	0.3	0.3	0.3	0.4	0.7	0.9	1.5	2.8	2.0
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	123.6	134.0	144.6	155.2	165.8	176.4	187.8	199.7	166.8	167.8	143.2	71.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	109.2	120.1	131.1	142.0	153.0	163.9	175.6	187.8	155.2	156.5	132.2	60.8
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	14.4	13.8	13.5	13.2	12.8	12.5	12.2	11.9	11.6	11.3	11.0	10.6
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)	1,101.1	1,098.0	1,060.4	1,050.3	1,037.9	1,070.4	1,146.3	1,176.2	1,212.7	1,268.2	1,337.2	1,369.0
I. Owner's equity	1,101.1	1,098.0	1,060.4	1,050.3	1,037.9	1,070.4	1,146.3	1,176.2	1,212.7	1,268.2	1,337.2	1,369.0
1. Owner's capital	1,235.6	1,235.6	1,235.6	1,235.6	1,235.6	1,235.6	1,235.6	1,235.6	1,235.6	1,235.6	1,235.6	1,235.6
- Common stock with voting right	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00	1,235,598,580,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	122.8	122.8	122.8	122.8	122.8	122.8	122.8	122.8	122.8	122.8	122.8	122.8
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	-257.3	-260.3	-298.0	-308.1	-320.5	-287.9	-212.0	-182.1	-145.6	-90.1	-21.2	10.7
- Accumulated retained earning at the end of the previous period	-260.3	-291.9	-291.9	-291.9	-291.9	-90.2	-90.2	-90.2	-90.2	6.1	43.2	43.2
- Undistributed earnings in this period	3.0	31.6	-6.0	-16.1	-28.5	-197.8	-121.9	-92.0	-55.5	-96.2	-64.3	-32.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	3,228.5	3,049.0	3,252.3	3,270.6	3,239.8	3,094.2	3,324.9	3,406.8	3,528.9	3,498.1	3,618.1	3,638.3

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
Profit Before Tax	3.0	37.6	10.1	12.4	-28.5	-75.9	-26.2	-40.2	-55.5	-32.2	-31.7	-17.2
Depreciation of Fixed Assets and Investment Property	58.3	58.4	58.6	58.7	58.7	58.9	57.7	59.4	58.9	52.6	53.6	51.9
Provision (Increase)/Reversal	0.5	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.1	0.1	—	-0.2	-0.4	-0.9	1.5	-0.5	1.7	0.3
Gain/Loss from Investment Activities	-0.0	-0.2	-0.0	-0.2	-0.0	-0.4	-0.0	-0.0	-0.0	-0.4	-0.0	-0.0
Interest Expense	17.9	16.3	15.9	15.9	16.7	16.3	16.9	17.1	18.2	17.9	20.6	22.8
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	79.7	112.6	85.0	87.4	47.2	-1.0	48.3	35.7	23.3	37.9	44.4	58.1
Increase/(Decrease) in Receivables	-156.2	138.4	27.2	-1.8	-194.8	187.0	-31.1	-14.0	-109.3	180.4	11.5	2.3
Increase/(Decrease) in Inventory	-94.2	82.3	-85.1	-0.7	-44.7	14.1	2.1	106.6	55.6	51.6	-24.4	-53.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	97.0	-195.5	21.9	70.3	106.0	-40.8	-108.7	46.3	9.9	3.1	21.8	96.9
Increase/(Decrease) in Prepaid Expenses	-2.8	9.7	-5.7	-11.1	12.4	15.3	6.5	-19.2	-10.1	17.5	7.0	-15.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-17.9	-16.1	-15.7	-16.3	-16.6	-16.2	-16.9	-18.5	-18.1	-14.4	-23.1	-23.5
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	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	-0.0	-0.3	-0.2	-0.6	-0.3	0.0	-20.8
Net Cash Flow from Operating Activities	-94.3	131.3	27.8	127.6	-90.6	158.5	-100.2	136.7	-49.2	275.8	37.2	44.3
Payments for Fixed Assets and Other Long-term Assets	-4.1	-12.3	-18.9	-26.7	-6.3	-21.8	-18.3	-84.8	-46.6	-87.1	-150.5	-44.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	0.2	0.0	0.2	0.0	0.4	0.0	0.0	0.0	0.4	0.0	0.0
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	-4.1	-12.1	-18.9	-26.5	-6.3	-21.4	-18.3	-84.8	-46.6	-86.8	-150.5	-44.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	362.4	760.1	478.1	507.4	474.0	669.9	646.4	521.9	428.3	506.4	563.2	552.1
Repayment of Borrowings	-341.7	-754.9	-528.6	-588.3	-418.1	-733.9	-549.0	-574.2	-413.3	-594.7	-455.3	-552.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-9.0	-0.0	0.0	-0.0	-5.5	0.0	-0.0	-0.0	-7.6	-0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	20.7	-3.8	-50.5	-80.9	55.8	-69.5	97.4	-52.3	15.0	-95.9	107.9	0.1
Net Cash Flow During the Period	-77.8	115.4	-41.6	20.2	-41.1	67.6	-21.1	-0.4	-80.8	93.1	-5.4	-0.1
Cash and Cash Equivalents at Beginning of Period	153.1	37.7	79.3	59.1	100.2	134.9	134.9	134.9	134.9	138.5	138.5	138.5
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	75.4	153.1	37.7	79.3	59.1	100.2	32.6	53.7	54.1	134.9	41.8	47.2

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BTS

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