CDP

Dược phẩm Trung ương Codupha ·UPCOM ·2026Q1

● Maintaining

Price

13,000

Latest close

04 Jun 2026

P/E 7.63x

P/B 1.01x

EPS 1,703

BVPS 12,906

ROE 13.6%

ROA 1.4%

Profit Margin 1.0%

Asset Turnover 1.39x

Equity Mult. 10.01x

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

What Is Changing

On a TTM 2026Q1 basis, CDP has not moved the needle on revenue, but profitability has edged up slightly — margins have been expanding consistently over multiple periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,195bn
	                                
−2.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
+39.9%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -3.65x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	3,285.3	3,208.7	3,064.0	3,045.9	2,450.4
Growth	+2%	+5%	+1%	+24%	—
Net Income	35.4	19.1	9.2	23.2	18.0
Net Margin	1.08%	0.59%	0.30%	0.76%	0.73%

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	598.0	1,041.4	767.3	788.7	685.9	973.0	667.3	964.4	604.8	1,035.3	646.3	736.7
Growth	-43%	+36%	-3%	+15%	-30%	+46%	-31%	+59%	-42%	+60%	-12%	—
Net Income	8.5	8.8	9.1	4.8	6.1	2.9	6.1	7.1	3.4	1.7	3.4	7.7
Net Margin	1.42%	0.84%	1.18%	0.61%	0.89%	0.30%	0.92%	0.74%	0.57%	0.16%	0.53%	1.04%

Drivers of CDP's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 21.5bn

Financial income ↑ 6.2bn

Tax ↓ 2.1bn

Gross profit ↓ 13.0bn

Selling expenses ↑ 5.0bn

Finance costs ↑ 4.5bn

TTM

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

Gross profit ↑ 12.6bn

Administrative expenses ↓ 6.0bn

Finance costs ↑ 6.5bn

Financial income ↓ 5.6bn

Selling expenses ↑ 3.7bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.2% = 0.7% × 1.54 × 9.76

2026Q1 13.6% = 1.0% × 1.39 × 10.01

ROE rose from 10.2% to 13.6% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 1.0% +0.3pp Asset turnover: 1.39x -0.15x Leverage: 10.01x +0.24x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.97%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.97% +0.3pp

Gross Margin 6.94% −0.2pp

SG&A / Revenue 5.04% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 2.66%, rising 0.5pp. That translates to 2.66 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.3pp, with capital turnover fell 0.46x; while invested capital rose by 139bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 2.66% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.66% +0.5pp

NOPAT Margin 0.97% +0.3pp

Capital Turnover 2.73x −0.46x

Average Invested Capital 1,168.9bn +138.8bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 9.60x equity, net debt at 4.27x equity.

Inventory ended the period at 944.9bn, roughly 39.1% of total assets.

Over the last 12 months, working capital absorbed 185.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −179.0bn

Inventories increased → lower CFO: −88.1bn

Payables increased → higher CFO: +81.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 21.3 days versus the same period last year. The main moves came from DIO rose 5.1 days, DSO rose 22.1 days, and DPO rose 5.9 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 109.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +22.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 125.5 days +22.1 days

Inventory 115.2 days +5.1 days

Payables 131.3 days +5.9 days

Cash Conversion Cycle 109.4 days +21.3 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 4.27x and interest coverage only at 0.64x.

At present, short-term debt accounts for 97.2% of total debt, cash equals 1.7% of debt, and total debt stands at 1,023.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 4.27x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.64x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 4.27x +0.36x

Interest Coverage 0.64x +0.06x

Cash / Debt 1.7% +0.7pp

Short-term Debt / Total Debt 97.2% +0.5pp

CFO / NI -3.65x +1.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -91.0bn in 2025, against investing cash flow of 5.0bn.

Post-investment cash flow was negative +86.0bn. Financing cash flow was positive +95.0bn.

CFO / net income was -3.65x.

After spending +1.5bn on fixed-asset investment, the business generated trailing free cash flow of −115.1bn.

Cash Conversion

CFO TTM 113.7bn −4.7bn

Cash Capex 1.5bn —

FCF TTM −115.1bn —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at -3.65x. The main risk still sits in capital efficiency remains weak, with ROIC at 2.7%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -3.65x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,314.2	3,216.0	3,089.3	3,090.0	2,484.3
Revenue Deductions	28.9	7.3	25.3	44.1	0.0
Net Revenue	3,285.3	3,208.7	3,064.0	3,045.9	2,450.4
Cost of Goods Sold	3,068.4	2,972.8	2,854.1	2,835.1	0.0
Gross Profit	216.9	235.9	210.0	210.8	164.1
Financial Income	38.6	27.1	37.4	33.3	24.9
Financial Expenses	54.9	58.6	60.9	46.8	-37.2
Interest Expense	46.7	39.1	53.2	41.1	-36.2
Share of Associates and Joint Ventures	-0.4	-0.7	0.0	0.3	0.1
Selling Expenses	119.2	126.1	115.9	121.8	-96.7
General and Administrative Expenses	40.4	49.9	54.7	47.0	-33.3
Operating Profit	40.6	27.7	15.9	28.9	22.0
Other Income	0.8	0.8	0.5	0.5	0.0
Other Expenses	0.5	1.3	2.6	0.4	0.0
Other Profit	0.2	-0.5	-2.0	0.1	0.6
Profit Before Tax	40.8	27.2	13.9	28.9	22.6
Current Income Tax Expense	5.4	8.1	4.7	5.8	-4.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	35.4	19.1	9.2	23.2	18.0
Non-controlling Interest	—	0.0	-0.1	0.0	0.0
Profit Attributable to Parent	35.4	19.1	9.3	23.1	18.0
Earnings per Share	1,669.00	773.00	384.00	1,051.00	984.94
Diluted EPS	1,669.00	773.00	384.00	1,051.00	984.94

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,226.2	1,933.7	1,949.1	1,885.6	1,802.8
I. Cash and cash equivalents	30.9	21.9	50.5	30.9	87.3
1. Cash	30.9	21.9	50.5	30.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.3	0.0	0.0	0.0	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	0.3	0.0	0.0	0.0	0.0
III. Short-term receivables	1,238.2	1,012.3	1,024.8	1,101.5	1,046.2
1. Short-term trade accounts receivable	1,192.5	981.8	957.0	1,011.7	0.0
2. Short-term prepayments to suppliers	14.2	18.3	21.8	36.2	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	81.4	48.0	70.9	66.7	0.0
7. Provision for short-term doubtful debts (*)	-49.9	-35.8	-25.0	-13.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	944.9	885.4	860.3	738.3	654.6
1. Inventories	946.0	890.9	864.7	746.9	0.0
2. Provision for decline in value of inventories	-1.1	-5.5	-4.4	-8.5	0.0
V. Other short-term assets	11.8	14.1	13.5	14.9	14.6
1. Short-term prepayments	0.0	1.1	1.9	0.5	0.0
2. Value added tax to be reclaimed	11.6	13.0	11.6	14.4	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	187.9	201.0	211.9	224.1	233.6
I. Long-term receivables	0.7	0.7	1.7	1.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.7
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	0.7	0.7	1.7	1.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	151.4	164.4	174.8	185.0	193.3
1. Tangible fixed assets	75.6	85.7	93.2	101.3	108.1
- Cost	185.5	200.2	198.1	197.9	0.0
- Accumulated depreciation	-110.0	-114.5	-104.9	-96.6	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	75.8	78.7	81.6	83.7	85.2
- Cost	97.7	98.3	98.3	98.3	0.0
- Accumulated depreciation	-21.9	-19.7	-16.8	-14.6	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	0.5	0.3	0.3	1.7	1.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	0.3	0.3	1.7	0.0
V. Long-term financial investments	33.4	33.9	34.5	34.5	34.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.9	4.4	5.0	5.0	0.0
3. Investments in other entities	29.5	29.5	29.5	29.5	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	1.9	1.8	0.7	1.2	0.0
1. Long-term prepayments	1.9	1.8	0.7	1.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.0
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)	2,414.1	2,134.7	2,161.0	2,109.7	2,036.4
A. LIABILITIES (300=210+330)	2,186.4	1,917.5	1,957.4	1,904.7	1,824.8
I. Short -term liabilities	2,157.2	1,888.3	1,898.1	1,840.8	1,774.5
1. Short-term trade accounts payable	1,145.3	996.2	1,075.4	1,102.9	895.1
2. Short-term advances from customers	26.0	14.8	27.9	35.5	36.6
3. Taxes and other payables to state authorities	0.5	1.9	1.5	1.6	0.0
4. Payable to employees	6.4	9.1	6.6	6.4	0.0
5. Short-term acrrued expenses	3.5	3.6	2.1	1.5	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	12.0	9.0	21.8	10.3	0.0
10. Short-term borrowings and financial leases	963.4	851.9	762.7	681.1	789.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	1.6	0.0	1.4	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	29.2	29.2	59.2	63.9	50.3
1. Long-term trade payables	—	0.0	30.0	30.0	12.0
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	0.1	0.2	0.2	0.3	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	29.0	29.0	29.0	33.6	38.3
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)	227.7	217.2	203.6	205.0	211.6
I. Owner's equity	227.7	217.2	203.6	205.0	0.0
1. Owner's capital	182.7	182.7	182.7	182.7	211.6
- Common stock with voting right	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00
- 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	0.2	0.2	0.2
5. Treasury shares	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	-8.8	-7.9	0.0
8. Investment and development fund	9.1	9.1	9.1	9.1	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	36.5	26.0	20.6	20.9	21.3
- Accumulated retained earning at the end of the previous period	8.4	11.5	13.6	7.2	8.8
- Undistributed earnings in this period	28.1	14.6	7.0	13.7	12.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.5	0.7	1.5
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)	2,414.1	2,134.7	2,161.0	2,109.7	2,036.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	40.8	27.2	13.9	28.9	0.0
Depreciation of Fixed Assets and Investment Property	13.9	14.5	14.8	14.4	0.0
Provision (Increase)/Reversal	22.8	12.3	14.3	15.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.7	3.0	1.8	1.2	0.0
Gain/Loss from Investment Activities	-5.4	8.9	-0.3	-0.7	0.0
Interest Expense	46.7	39.1	53.2	41.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	116.1	105.0	97.6	100.5	0.0
Increase/(Decrease) in Receivables	-239.5	1.4	67.6	-76.8	0.0
Increase/(Decrease) in Inventory	-68.2	-26.6	-124.2	-81.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	154.7	-133.0	-19.9	187.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	-0.2	-0.9	2.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-45.6	-40.0	-52.7	-41.4	0.0
Corporate Income Tax Paid	-6.6	-7.9	-4.8	-5.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.8	-3.4	-3.7	-5.9	0.0
Net Cash Flow from Operating Activities	-91.0	-104.7	-41.1	79.8	69.7
Payments for Fixed Assets and Other Long-term Assets	-1.1	-4.6	-3.4	-5.7	-3.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	0.8	0.5	0.5	0.0
Loans and Purchases of Debt Instruments	-0.3	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
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	5.6	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	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	5.0	-3.8	-2.8	-5.2	-2.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,984.1	2,612.7	2,403.5	1,974.8	852.4
Repayment of Borrowings	-2,872.6	-2,523.5	-2,326.5	-2,081.8	-906.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-16.5	-9.0	-12.7	-12.7	-12.7
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	95.0	80.2	64.2	-119.8	-66.8
Net Cash Flow During the Period	9.1	-28.3	20.3	-45.1	0.0
Cash and Cash Equivalents at Beginning of Period	21.9	50.5	30.9	87.3	32.7
FX Difference from Revaluation	-0.1	-0.3	-0.6	-11.3	-4.3
Cash and Cash Equivalents at End of Period	30.9	21.9	50.5	30.9	0.0

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
Revenue	599.3	1,056.7	773.3	797.2	686.8	974.0	670.6	966.5	606.0	1,040.3	651.0	747.3
Revenue Deductions	1.4	15.3	6.0	8.5	0.9	1.0	3.4	2.1	1.1	5.0	4.7	10.6
Net Revenue	598.0	1,041.4	767.3	788.7	685.9	973.0	667.3	964.4	604.8	1,035.3	646.3	736.7
Cost of Goods Sold	540.4	975.4	714.9	743.0	640.9	898.4	618.0	898.6	557.8	974.8	593.5	687.0
Gross Profit	57.6	66.0	52.4	45.7	44.9	74.6	49.3	65.9	47.0	60.5	52.8	49.7
Financial Income	4.6	9.3	10.0	12.6	10.3	9.6	5.8	4.7	7.0	13.1	3.4	14.2
Financial Expenses	17.3	14.6	13.1	14.2	10.8	16.7	11.3	15.9	10.2	16.5	14.9	15.7
Interest Expense	15.5	13.5	11.4	11.1	10.8	10.4	9.6	9.0	10.0	11.6	13.9	14.0
Share of Associates and Joint Ventures	—	-0.0	-0.1	-0.1	-0.2	0.1	-0.2	-0.6	0.1	0.0	0.3	-0.1
Selling Expenses	30.3	36.4	30.8	32.9	26.6	43.9	26.7	28.2	27.6	31.4	27.3	27.4
General and Administrative Expenses	3.9	10.4	10.9	5.4	9.9	16.9	8.7	16.7	11.6	22.9	9.6	9.8
Operating Profit	10.8	14.0	7.5	5.6	7.8	6.8	8.1	9.2	4.7	2.8	4.6	10.9
Other Income	0.0	-3.8	4.1	0.3	0.2	0.1	0.1	0.8	0.0	0.3	0.1	0.0
Other Expenses	0.2	0.2	0.1	0.1	0.2	0.8	0.1	0.7	0.2	0.1	1.3	1.0
Other Profit	-0.1	-3.9	3.9	0.2	-0.1	-0.7	-0.0	0.1	-0.1	0.2	-1.2	-1.0
Profit Before Tax	10.6	10.1	11.4	5.8	7.7	6.0	8.1	9.3	4.6	3.0	3.4	9.9
Current Income Tax Expense	2.1	1.3	2.3	1.0	1.6	3.1	2.0	2.2	1.1	1.3	0.0	2.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.5	8.8	9.1	4.8	6.1	2.9	6.1	7.1	3.4	1.7	3.4	7.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.5	8.8	9.1	4.8	6.1	2.9	6.1	7.1	3.4	1.7	3.4	7.7
Earnings per Share	465.45	479.16	496.41	262.42	332.62	158.96	335.65	390.21	187.48	92.24	187.60	420.74
Diluted EPS	465.45	479.16	496.41	262.42	332.62	158.96	335.65	390.21	187.48	92.24	187.60	420.74

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)	2,234.3	2,207.6	1,983.8	2,098.8	1,977.6	1,934.0	1,927.1	1,990.8	1,876.8	1,929.1	1,794.7	1,901.7
I. Cash and cash equivalents	17.5	30.9	21.3	22.3	8.7	22.1	13.6	21.1	26.6	50.5	14.1	27.5
1. Cash	17.5	30.9	21.3	22.3	8.7	22.1	13.6	21.1	26.6	50.5	14.1	27.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.3	0.3	—	—	—	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	0.3	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,226.6	1,237.8	1,039.8	1,110.9	1,055.1	1,012.4	926.6	1,053.1	889.0	1,025.7	922.8	1,019.0
1. Short-term trade accounts receivable	1,178.8	1,192.5	1,013.6	1,044.9	1,019.1	981.9	912.8	1,006.7	845.0	957.7	824.7	941.3
2. Short-term prepayments to suppliers	45.0	14.2	10.3	18.3	18.2	18.3	11.2	20.5	23.4	21.8	54.3	27.0
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	52.8	77.3	56.7	82.5	53.2	48.0	34.2	58.0	46.3	70.9	56.6	63.7
7. Provision for short-term doubtful debts (*)	-49.9	-46.2	-40.9	-34.8	-35.4	-35.8	-31.6	-32.0	-25.7	-24.7	-12.8	-13.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	975.3	926.7	908.7	955.0	898.5	885.4	964.2	900.2	936.2	836.9	833.3	833.1
1. Inventories	976.4	927.4	917.8	966.0	901.4	890.9	969.3	905.3	942.4	841.3	840.4	841.5
2. Provision for decline in value of inventories	-1.1	-0.6	-9.1	-11.1	-2.9	-5.5	-5.1	-5.1	-6.3	-4.4	-7.1	-8.4
V. Other short-term assets	14.6	11.8	14.1	10.7	15.4	14.1	22.7	16.3	25.0	15.9	24.4	22.0
1. Short-term prepayments	0.6	0.0	0.9	0.6	1.6	1.1	2.0	0.6	4.7	4.3	5.1	2.5
2. Value added tax to be reclaimed	13.8	11.6	13.1	10.1	13.8	13.0	19.7	15.7	20.2	11.2	18.6	17.7
3. Taxes and other receivables from state authorities	0.2	0.2	—	0.1	—	0.0	1.0	0.0	0.0	0.5	0.7	1.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	184.1	187.9	190.3	194.1	197.7	201.0	203.6	205.9	208.9	211.8	215.9	218.1
I. Long-term receivables	0.8	0.7	0.7	0.7	0.7	0.7	0.7	0.7	2.3	1.7	1.7	1.7
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	0.8	0.7	0.7	0.7	0.7	0.7	0.7	0.7	2.3	1.7	1.7	1.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	148.5	151.4	154.1	157.3	160.8	164.4	164.4	167.9	171.2	174.8	178.5	180.2
1. Tangible fixed assets	73.4	75.6	77.6	80.1	82.8	85.7	85.0	87.8	90.3	93.2	96.2	97.9
- Cost	186.0	—	—	—	—	202.0	196.4	198.2	199.0	199.0	199.3	199.0
- Accumulated depreciation	-112.7	—	—	—	—	-116.3	-111.4	-110.4	-108.7	-105.8	-103.1	-101.1
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	75.1	75.8	76.5	77.2	78.0	78.7	79.4	80.1	80.8	81.6	82.3	82.3
- Cost	97.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.6	—	—	—	—	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	0.4	0.5	0.4	0.5	0.3	0.3	4.4	3.0	0.3	0.3	0.5	2.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.5	0.4	0.5	0.3	0.3	4.4	3.0	0.3	0.3	0.5	2.7
V. Long-term financial investments	33.0	33.4	33.4	33.5	33.7	33.9	33.8	34.0	34.6	34.5	34.5	32.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.5	3.9	4.0	4.1	4.2	4.4	4.3	4.5	5.1	5.0	5.0	3.3
3. Investments in other entities	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5	29.5
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	1.5	1.9	1.7	2.1	2.3	1.8	0.3	0.4	0.5	0.6	0.7	0.9
1. Long-term prepayments	1.5	1.9	1.7	2.1	2.3	1.8	0.3	0.4	0.5	0.6	0.7	0.9
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)	2,418.4	2,395.5	2,174.1	2,293.0	2,175.3	2,134.9	2,130.7	2,196.7	2,085.7	2,140.9	2,010.6	2,119.8
A. LIABILITIES (300=210+330)	2,182.6	2,168.8	1,948.9	2,066.1	1,952.0	1,917.9	1,917.1	1,982.1	1,872.6	1,929.2	1,800.2	1,905.6
I. Short -term liabilities	2,153.5	2,139.7	1,919.7	2,036.9	1,922.8	1,888.7	1,857.9	1,922.8	1,813.4	1,870.0	1,738.6	1,844.0
1. Short-term trade accounts payable	1,092.8	1,126.7	941.4	1,037.9	1,046.9	996.2	968.5	1,005.8	1,022.7	1,052.0	958.7	1,121.9
2. Short-term advances from customers	36.2	26.0	16.1	20.9	6.8	14.8	16.6	24.3	22.8	27.9	24.0	22.7
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.2	1.5	2.4	1.2	1.4	2.4	1.9	2.3	1.2	0.8	0.3	2.3
4. Payable to employees	2.7	6.5	2.4	2.3	2.4	9.1	2.7	2.7	2.8	5.3	2.9	2.8
5. Short-term acrrued expenses	4.6	3.5	0.6	2.2	2.8	3.6	0.9	1.6	2.9	2.1	3.2	1.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	20.5	111.8	5.7	13.8	9.6	9.0	7.3	9.8	13.5	19.0	5.4	6.6
10. Short-term borrowings and financial leases	994.3	863.7	951.1	958.0	852.5	851.9	859.9	876.2	748.4	762.7	743.9	687.2
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	—	—	—	0.7	0.3	1.6	0.0	0.0	-1.1	0.0	0.2	-1.0
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	29.2	29.1	29.2	29.2	29.2	29.2	59.2	59.2	59.2	59.2	61.6	61.6
1. Long-term trade payables	—	—	0.0	—	—	0.0	30.0	30.0	30.0	30.0	30.0	30.0
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	0.2	—	—	—	—	0.0	0.2	0.2	0.2	0.2	0.3	0.3
7. Other long-term liabilities	0.0	0.1	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	29.0	29.0	29.0	29.0	29.0	29.0	29.0	29.0	29.0	29.0	31.3	31.3
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)	235.8	226.7	225.2	226.8	223.3	217.0	213.6	214.6	213.1	211.7	210.3	214.2
I. Owner's equity	235.8	226.7	225.2	226.8	223.3	217.0	213.6	214.6	213.1	211.7	210.3	214.2
1. Owner's capital	182.7	182.7	182.7	182.7	182.7	182.7	182.7	182.7	182.7	182.7	182.7	182.7
- Common stock with voting right	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00	182,700,000,000.00
- 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	—	—	—	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2
5. Treasury shares	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00	-586,200,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	1.9	-3.0	-6.6	-2.8	-5.7	-6.6	-10.4
8. Investment and development fund	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1
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	44.6	35.5	34.0	35.7	32.1	23.7	25.3	29.3	24.0	26.0	24.9	32.6
- Accumulated retained earning at the end of the previous period	36.1	8.4	8.4	24.8	26.0	11.5	11.5	20.6	20.6	8.8	9.3	20.9
- Undistributed earnings in this period	8.5	27.1	25.6	10.9	6.1	12.2	13.8	8.7	3.4	17.3	15.6	11.8
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	0.5	0.5	0.0	0.7	0.6
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)	2,418.4	2,395.5	2,174.1	2,293.0	2,175.3	2,134.9	2,130.7	2,196.7	2,085.7	2,140.9	2,010.6	2,119.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	10.6	10.1	11.4	11.6	7.7	4.0	8.1	9.1	4.6	-4.3	3.4	9.6
Depreciation of Fixed Assets and Investment Property	3.4	3.4	3.4	3.5	3.6	3.9	3.5	3.6	3.6	3.7	3.7	3.6
Provision (Increase)/Reversal	—	14.1	1.3	10.4	-3.0	8.4	-0.5	5.5	2.6	10.1	4.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.2	-0.9	0.4	-2.4	-0.1	1.3	2.6	-0.9	1.1	-0.8	1.3
Gain/Loss from Investment Activities	-0.0	-1.1	0.9	-5.1	-0.1	0.7	-0.6	0.2	0.0	-0.3	-0.3	0.3
Interest Expense	15.5	13.5	11.4	11.1	10.7	10.4	9.6	9.0	10.0	11.6	13.9	14.0
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	29.5	40.2	27.5	31.8	16.5	27.3	21.4	30.0	19.9	21.9	24.4	28.9
Increase/(Decrease) in Receivables	24.9	-266.6	122.0	-59.2	-35.7	-138.4	206.3	-214.5	177.4	-120.4	108.5	6.4
Increase/(Decrease) in Inventory	-30.4	-41.3	53.5	-69.9	-10.4	78.9	-63.0	36.8	-77.8	-14.6	-10.6	-13.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-46.7	282.2	-168.2	13.8	26.9	65.1	-128.6	22.6	-115.8	152.7	-179.6	-53.1
Increase/(Decrease) in Prepaid Expenses	-0.2	0.7	0.0	1.2	-1.0	-0.4	-1.3	1.9	-0.2	3.2	-2.5	0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.6	-15.4	-8.7	-14.3	-7.2	-9.6	-10.0	-9.7	-10.0	-12.7	-12.8	-12.7
Corporate Income Tax Paid	-0.3	-2.3	-1.1	-1.2	-2.0	-3.0	-2.4	-1.1	-1.3	-0.1	-2.3	-1.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	-0.1	0.1	-11.3	11.3	-0.0
Other Operating Payments	—	0.1	-0.8	-0.8	-1.3	-2.4	-0.7	0.0	-1.8	0.8	-2.1	1.0
Net Cash Flow from Operating Activities	-36.8	-2.5	24.2	-98.6	-14.1	17.5	21.7	-134.2	-9.5	19.5	-65.7	-43.9
Payments for Fixed Assets and Other Long-term Assets	-0.3	-0.8	0.0	-0.3	—	-1.0	-0.1	-3.4	-0.1	0.6	-0.4	-3.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	0.3	0.2	-0.0	0.1	0.7	0.0	0.5	-0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.3	—	—	—	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	5.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	-0.3	-1.1	0.3	5.6	0.2	-1.0	-0.0	-2.7	-0.1	1.2	-0.4	-3.0
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	700.9	859.9	751.3	816.1	556.8	759.0	583.9	741.0	528.8	714.3	651.9	593.9
Repayment of Borrowings	-670.0	-847.6	-758.2	-710.6	-556.2	-767.0	-600.1	-613.3	-543.1	-697.9	-595.1	-553.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-7.2	-0.1	-16.4	—	—	0.0	-9.1	0.0	0.0	-0.0	-7.2	-5.5
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	23.7	12.2	-23.2	105.5	0.6	-8.0	-25.4	127.8	-14.3	16.3	49.6	34.7
Net Cash Flow During the Period	-13.4	8.6	1.2	12.5	-13.3	8.5	-3.7	-9.1	-23.9	37.1	-16.5	-12.2
Cash and Cash Equivalents at Beginning of Period	30.9	21.3	21.2	8.7	21.9	50.5	50.5	50.5	50.5	30.9	30.9	30.9
FX Difference from Revaluation	—	-0.1	0.0	0.0	0.0	-0.1	-3.5	3.3	0.0	-0.6	3.0	-3.0
Cash and Cash Equivalents at End of Period	17.5	30.9	21.3	21.2	8.7	22.1	13.6	20.7	26.6	50.5	14.1	27.5

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CDP

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