CMV

Thương nghiệp Cà Mau ·HOSE ·2026Q1

▲ Showing improvement

Cash generation is recovering CFO/NPAT 59 bn, +69 bn YoY

Price

8,000

Latest close

26 May 2026

P/E 7.29x

P/B 0.54x

EPS 1,098

BVPS 14,937

ROE 7.6%

ROA 4.0%

Profit Margin 0.4%

Asset Turnover 9.71x

Equity Mult. 1.93x

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

What Is Changing

On a TTM 2026Q1 basis, CMV is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,890bn
	                                
+8.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 20bn
	                                
+93.1%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    105.2%

Metric	2025	2024	2023	2022	2021
Revenue	4,727.1	4,609.0	4,260.6	4,524.5	3,873.4
Growth	+3%	+8%	-6%	+17%	—
Net Income	18.8	10.0	14.8	24.0	28.5
Net Margin	0.40%	0.22%	0.35%	0.53%	0.74%

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	1,215.7	1,461.6	1,131.0	1,082.0	1,049.3	1,214.5	1,113.5	1,117.0	1,163.9	1,128.3	1,107.6	1,023.8
Growth	-17%	+29%	+5%	+3%	-14%	+9%	-0%	-4%	+3%	+2%	+8%	—
Net Income	7.5	3.6	6.4	2.2	3.5	3.1	0.2	3.5	2.9	4.1	3.5	4.2
Net Margin	0.61%	0.25%	0.57%	0.21%	0.33%	0.25%	0.02%	0.31%	0.25%	0.37%	0.31%	0.41%

Drivers of CMV's profit

TTM

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

Gross profit ↑ 23.7bn

Other profit ↑ 14.1bn

Deferred tax ↓ 1.0bn

Selling expenses ↑ 24.4bn

Tax ↑ 2.9bn

Finance costs ↑ 2.1bn

TTM

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

Gross profit ↑ 20.4bn

Selling expenses ↑ 15.0bn

Other profit ↓ 0.8bn

Tax ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.1% = 0.2% × 9.03 × 2.00

2026Q1 7.6% = 0.4% × 9.71 × 1.93

ROE rose from 4.1% to 7.6% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 0.4% +0.2pp Asset turnover: 9.71x +0.68x Leverage: 1.93x -0.07x

Is the profit sustainable?

Margins improved (+0.2pp), 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 stands at 0.40%, 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 0.40% +0.2pp

Gross Margin 4.42% +0.1pp

SG&A / Revenue 4.25% +0.2pp

Non-core / Revenue 0.37% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Margin support from other income remains high (105.2% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to -0.27%, falling 0.5pp. That translates to -0.27 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover rose 1.32x — capital is being absorbed faster than revenue is being generated; with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently -0.27% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -0.27% −0.5pp

NOPAT Margin -0.02% −0.0pp

Capital Turnover 13.03x +1.32x

Average Invested Capital 375.2bn −8.4bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.06x equity, net debt at 0.32x equity.

Inventory ended the period at 264.7bn, roughly 48.8% of total assets.

Over the last 12 months, working capital released 34.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −24.8bn

Inventories decreased → higher CFO: +28.5bn

Payables increased → higher CFO: +30.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.2 days versus the same period last year. The main moves came from DIO fell 1.3 days, DSO fell 0.6 days, and DPO rose 0.3 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 4.3 days −0.6 days

Inventory 20.7 days −1.3 days

Payables 4.6 days +0.3 days

Cash Conversion Cycle 20.5 days −2.2 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 0.32x and interest coverage only at -0.11x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 29.6% of debt, and total debt stands at 123.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is -0.11x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.32x −0.25x

Interest Coverage -0.11x −0.26x

Cash / Debt 29.6% +13.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 3.63x +3.31x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 42.7bn in 2025, against investing cash flow of -16.9bn.

Post-investment cash flow was positive +25.8bn. Financing cash flow was negative +29.5bn.

CFO / net income was 3.63x.

After spending +13.1bn on fixed-asset investment, the business generated trailing free cash flow of +59.1bn.

Cash Conversion

CFO TTM 72.2bn +68.6bn

Cash Capex 13.1bn −0.4bn

FCF TTM +59.1bn +69.0bn

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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is -35.4%. The main risk still sits in capital efficiency remains weak, with ROIC at -0.3%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 69.0bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.63x. Even so, net financial result still accounts for -35.4% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,727.2	4,609.1	4,260.8	4,524.5	3,873.5
Revenue Deductions	0.2	0.1	0.1	0.0	0.0
Net Revenue	4,727.1	4,609.0	4,260.6	4,524.5	3,873.4
Cost of Goods Sold	4,520.0	4,420.1	4,090.0	4,364.9	0.0
Gross Profit	207.0	188.9	170.7	159.6	157.2
Financial Income	2.6	2.4	2.6	3.3	5.2
Financial Expenses	10.7	9.3	10.3	9.9	-9.5
Interest Expense	9.7	9.9	10.0	8.2	-9.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	180.6	164.3	136.2	127.4	-118.3
General and Administrative Expenses	17.5	17.4	24.9	23.8	-22.0
Operating Profit	0.8	0.4	1.8	1.8	12.7
Other Income	25.1	14.2	18.7	30.1	0.0
Other Expenses	1.1	0.1	0.3	0.5	0.0
Other Profit	24.0	14.1	18.4	29.7	23.2
Profit Before Tax	24.8	14.5	20.2	31.5	35.9
Current Income Tax Expense	7.3	4.5	5.8	7.5	-7.4
Deferred Income Tax Expense	-1.4	0.1	-0.4	0.0	0.0
Net Income	18.8	10.0	14.8	24.0	28.5
Non-controlling Interest	-0.8	-1.5	-1.9	0.6	0.9
Profit Attributable to Parent	19.6	11.5	16.7	23.4	27.5
Earnings per Share	1,080.00	568.00	826.00	1,180.00	694.00
Diluted EPS	1,080.00	568.00	826.00	1,180.00	1,516.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	424.3	385.4	415.2	378.7	359.9
I. Cash and cash equivalents	29.0	32.7	57.3	52.8	31.7
1. Cash	28.8	30.7	53.3	49.3	0.0
2. Cash equivalents	0.2	2.0	4.0	3.5	0.0
II. Short-term financial investments	10.0	6.4	6.4	6.4	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	10.0	6.4	6.4	6.4	0.0
III. Short-term receivables	119.5	85.1	100.8	99.5	85.1
1. Short-term trade accounts receivable	82.6	66.7	74.6	73.3	0.0
2. Short-term prepayments to suppliers	26.4	9.9	10.0	12.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	12.1	10.2	17.7	15.6	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-2.0	-2.4	0.0
8. Assets awaiting resolution	0.2	0.1	0.5	0.0	0.0
IV. Inventories	264.7	260.8	249.6	219.5	236.7
1. Inventories	264.7	260.8	249.6	219.5	0.0
2. Provision for decline in value of inventories	—	-0.0	0.0	0.0	0.0
V. Other short-term assets	1.0	0.4	1.1	0.6	1.3
1. Short-term prepayments	0.3	0.3	0.4	0.5	0.0
2. Value added tax to be reclaimed	0.3	0.0	0.7	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.1	0.1	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)	118.1	117.2	115.7	109.9	112.9
I. Long-term receivables	6.3	6.2	5.4	3.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.8
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	6.3	6.2	5.4	3.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	91.7	89.1	85.4	83.4	89.7
1. Tangible fixed assets	56.6	53.9	50.2	48.0	54.3
- Cost	158.7	173.5	163.0	155.3	0.0
- Accumulated depreciation	-102.1	-119.6	-112.8	-107.3	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	35.1	35.2	35.3	35.3	35.4
- Cost	37.1	37.1	37.1	37.1	0.0
- Accumulated depreciation	-2.1	-2.0	-1.9	-1.8	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.5	2.1	1.3	1.1	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.5	2.1	1.3	1.1	0.0
V. Long-term financial investments	4.6	5.3	4.6	4.7	6.0
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	8.5	8.5	8.5	8.5	0.0
4. Provision for diminution in value of long-term investments	-3.9	-3.2	-3.9	-3.8	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	14.0	14.6	19.1	17.7	0.0
1. Long-term prepayments	12.1	14.2	18.6	17.7	0.0
2. Deferred income tax assets	1.9	0.3	0.4	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	13.3
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)	542.4	502.6	530.9	488.6	472.8
A. LIABILITIES (300=210+330)	278.6	256.5	286.1	238.2	221.7
I. Short -term liabilities	277.8	256.0	283.8	237.7	221.3
1. Short-term trade accounts payable	82.1	46.7	51.6	75.3	83.8
2. Short-term advances from customers	0.1	0.3	0.1	0.3	0.1
3. Taxes and other payables to state authorities	6.4	3.9	2.9	3.6	0.0
4. Payable to employees	11.3	7.9	7.6	12.2	0.0
5. Short-term acrrued expenses	9.7	7.9	5.2	3.5	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	0.9	1.0	0.9	0.7	0.7
9. Other short-term payables	7.3	4.2	4.2	4.0	0.0
10. Short-term borrowings and financial leases	149.4	178.9	206.5	134.5	112.2
11. Provision for short-term liabilities	8.2	1.6	0.0	0.0	0.0
12.. Bonus and welfare fund	2.5	3.5	4.7	3.5	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	0.8	0.6	2.3	0.5	0.5
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	0.6	0.6	0.1	0.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.2	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	2.1	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)	263.7	246.1	244.8	250.5	251.1
I. Owner's equity	263.7	246.1	244.8	250.5	0.0
1. Owner's capital	181.6	181.6	181.6	181.6	251.1
- Common stock with voting right	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.6	1.6	1.6	1.6	1.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6	1.6
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	34.6	33.6	32.1	31.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	41.6	23.0	21.8	26.6	27.4
- Accumulated retained earning at the end of the previous period	22.0	11.5	5.1	3.0	0.2
- Undistributed earnings in this period	19.6	11.5	16.7	23.5	27.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.8	4.7	6.2	8.2	8.0
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)	542.4	502.6	530.9	488.6	472.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	24.8	14.5	20.2	31.5	35.9
Depreciation of Fixed Assets and Investment Property	9.6	9.5	8.1	7.7	8.1
Provision (Increase)/Reversal	3.6	-1.3	1.8	-0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	1.6	-1.8	-0.4	-2.8	0.0
Interest Expense	9.7	9.9	10.0	8.2	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	0.2	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	49.5	30.8	39.6	44.0	38.8
Increase/(Decrease) in Receivables	-36.7	15.9	-4.2	0.8	0.0
Increase/(Decrease) in Inventory	-3.9	-11.2	-30.1	17.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	47.6	0.8	-27.8	-19.0	0.0
Increase/(Decrease) in Prepaid Expenses	2.2	4.5	-0.8	-4.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-9.7	-9.9	-9.9	-8.1	0.0
Corporate Income Tax Paid	-5.3	-4.6	-5.1	-7.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-2.0	-0.9	-1.6	0.0
Net Cash Flow from Operating Activities	42.7	24.1	-39.2	21.0	81.5
Payments for Fixed Assets and Other Long-term Assets	-14.2	-14.7	-10.4	-1.3	-3.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.3	0.0	-0.0	0.1
Loans and Purchases of Debt Instruments	-3.6	-5.0	-5.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	5.0	5.0	0.0	3.5
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.7	0.7	1.1	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	-16.9	-13.7	-9.8	-0.3	1.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	60,519,560,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,948.0	1,961.9	1,776.2	2,074.2	1,694.2
Repayment of Borrowings	-1,977.5	-1,989.5	-1,704.2	-2,052.0	-1,833.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-7.3	-18.4	-21.9	-30.6
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-29.5	-34.9	53.6	0.3	-109.0
Net Cash Flow During the Period	-3.7	-24.6	4.7	21.1	-2.5
Cash and Cash Equivalents at Beginning of Period	32.7	57.3	52.6	31.7	57.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	29.0	32.7	57.3	52.8	31.7

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	1,215.8	1,461.7	1,131.0	1,082.1	1,049.3	1,214.5	1,113.7	1,117.0	1,163.9	1,128.3	1,107.6	1,023.9
Revenue Deductions	0.1	0.1	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.1
Net Revenue	1,215.7	1,461.6	1,131.0	1,082.0	1,049.3	1,214.5	1,113.5	1,117.0	1,163.9	1,128.3	1,107.6	1,023.8
Cost of Goods Sold	1,148.9	1,408.9	1,079.2	1,037.4	1,002.9	1,161.2	1,065.5	1,072.6	1,122.2	1,079.8	1,067.4	982.9
Gross Profit	66.8	52.7	51.8	44.6	46.4	53.3	48.1	44.4	41.7	48.5	40.1	41.0
Financial Income	0.6	0.7	0.7	0.6	0.6	0.6	0.6	0.7	0.5	0.6	0.7	0.7
Financial Expenses	2.8	2.4	2.5	4.1	3.0	2.6	2.6	1.6	2.5	2.9	3.0	2.1
Interest Expense	2.7	2.5	2.4	2.5	2.3	2.8	2.3	2.2	2.5	2.5	2.6	2.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	54.9	51.4	44.3	39.6	39.9	46.5	39.1	40.4	37.5	41.0	30.7	33.8
General and Administrative Expenses	4.7	4.3	4.7	4.1	4.4	4.1	4.4	4.8	4.1	5.6	8.4	4.7
Operating Profit	5.0	-4.8	1.0	-2.6	-0.3	0.7	2.6	-1.6	-1.9	-0.4	-1.3	1.1
Other Income	4.4	9.7	7.0	6.5	5.2	3.7	-1.9	6.4	6.1	5.9	6.2	4.6
Other Expenses	0.0	-0.2	0.0	0.3	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.2
Other Profit	4.4	9.9	7.0	6.2	5.2	3.7	-1.9	6.4	6.1	6.0	6.1	4.4
Profit Before Tax	9.4	5.1	7.9	3.6	4.8	4.4	0.7	4.8	4.3	5.6	4.9	5.5
Current Income Tax Expense	1.9	2.4	1.5	1.4	1.3	1.3	0.4	1.3	1.4	1.7	1.4	1.4
Deferred Income Tax Expense	0.0	-0.8	-0.0	0.0	0.1	0.1	0.0	0.0	0.0	-0.2	0.0	0.0
Net Income	7.5	3.6	6.4	2.2	3.5	3.1	0.2	3.5	2.9	4.1	3.5	4.2
Non-controlling Interest	-0.0	0.0	0.6	-0.7	-0.3	-0.3	-0.4	-0.3	-0.5	-0.7	-0.2	-0.2
Profit Attributable to Parent	7.5	3.6	5.9	2.9	3.7	3.3	0.6	3.8	3.4	4.8	3.7	4.4
Earnings per Share	413.00	198.00	324.00	163.00	206.00	184.00	33.00	207.00	188.00	267.00	201.00	243.00
Diluted EPS	413.15	197.54	323.82	162.48	206.32	184.04	33.06	207.24	187.52	266.89	201.70	242.58

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)	390.8	424.4	429.1	412.5	384.8	384.6	391.1	375.0	380.0	417.3	405.1	333.0
I. Cash and cash equivalents	36.4	29.0	31.9	28.6	28.5	32.7	34.2	49.5	52.2	57.3	44.8	24.2
1. Cash	36.2	28.8	31.2	27.7	27.5	30.7	31.7	48.0	49.2	53.3	39.8	21.2
2. Cash equivalents	0.2	0.2	0.7	0.9	1.0	2.0	2.5	1.5	3.0	4.0	5.0	3.0
II. Short-term financial investments	10.0	10.0	10.0	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4
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	10.0	10.0	10.0	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4
III. Short-term receivables	92.0	119.6	73.5	79.8	67.3	84.4	74.8	85.6	81.7	102.9	82.5	80.8
1. Short-term trade accounts receivable	61.1	82.6	58.6	64.0	55.1	66.7	62.5	70.8	65.3	74.6	68.2	66.0
2. Short-term prepayments to suppliers	27.2	26.5	8.1	8.1	5.6	9.9	6.7	6.5	9.3	12.4	9.6	8.6
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	5.3	12.1	8.6	9.2	8.3	9.5	7.3	10.2	8.8	17.4	6.6	8.4
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.9	-1.9	-1.9	-2.0	-2.0	-2.2
8. Assets awaiting resolution	0.1	0.2	0.1	0.3	0.1	0.1	0.1	0.1	0.2	0.5	0.1	0.0
IV. Inventories	251.3	264.7	311.8	296.1	279.8	260.7	273.7	232.6	239.0	249.6	267.4	220.8
1. Inventories	251.3	264.7	311.8	296.1	279.8	260.7	273.7	232.6	239.0	249.6	267.4	220.8
2. Provision for decline in value of inventories	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.1	1.0	1.9	1.7	2.7	0.4	2.0	0.8	0.7	1.1	3.9	0.8
1. Short-term prepayments	0.5	0.3	0.5	0.5	0.6	0.3	0.5	0.6	0.5	0.4	0.6	0.7
2. Value added tax to be reclaimed	0.3	0.3	1.3	1.0	2.0	0.0	1.3	0.0	0.0	0.7	3.2	0.1
3. Taxes and other receivables from state authorities	0.3	0.5	—	—	—	0.1	0.0	0.1	0.0	0.1	0.0	0.0
4. Government bonds	—	—	0.1	0.1	0.1	0.0	0.1	0.0	0.1	0.0	0.1	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)	116.0	117.5	116.0	113.0	116.0	117.2	116.3	118.4	114.4	113.3	115.5	114.3
I. Long-term receivables	6.6	6.3	6.1	6.4	6.3	6.2	6.1	5.7	5.5	5.4	7.0	5.9
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	—	6.3	6.1	6.4	6.3	6.2	6.1	5.7	5.5	5.4	7.0	5.9
7. Provision for long-term doubtful debts	6.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	90.1	91.2	90.7	87.5	89.7	89.1	87.2	89.3	84.7	82.2	82.1	80.0
1. Tangible fixed assets	55.0	56.1	55.6	52.3	54.6	53.9	52.0	54.1	49.5	47.0	46.8	44.7
- Cost	159.6	—	—	—	—	173.5	169.7	170.7	164.2	159.5	157.8	153.5
- Accumulated depreciation	-104.6	—	—	—	—	-119.6	-117.7	-116.7	-114.6	-112.5	-110.9	-108.8
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	35.1	35.1	35.1	35.1	35.2	35.2	35.2	35.2	35.2	35.3	35.3	35.3
- Cost	37.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1.9	—	—	—	—	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	1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	1.4	2.2	2.9	1.6	2.1	1.1	1.1	1.3	1.5	1.1	1.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	1.4	2.2	2.9	1.6	2.1	1.1	1.1	1.3	1.5	1.1	1.1
V. Long-term financial investments	4.6	4.6	4.5	3.2	4.7	5.3	5.0	5.3	4.6	4.6	4.9	5.2
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	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5
4. Provision for diminution in value of long-term investments	-3.9	-3.9	-4.0	-5.3	-3.8	-3.2	-3.5	-3.2	-3.9	-3.9	-3.6	-3.3
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	12.9	14.0	12.5	13.1	13.7	14.5	16.8	17.0	18.3	19.6	20.4	22.1
1. Long-term prepayments	10.9	12.1	11.4	12.9	13.5	14.2	16.5	16.7	17.8	19.2	20.2	22.1
2. Deferred income tax assets	1.9	1.9	1.1	0.2	0.2	0.3	0.4	0.4	0.4	0.4	0.2	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)	506.8	541.9	545.1	525.5	500.8	501.8	507.4	493.4	494.4	530.7	520.6	447.3
A. LIABILITIES (300=210+330)	235.6	279.2	285.9	273.8	251.3	256.1	264.7	251.0	246.7	285.7	279.8	208.9
I. Short -term liabilities	234.7	278.4	285.1	273.2	250.7	255.5	264.2	248.8	244.3	283.5	278.3	208.5
1. Short-term trade accounts payable	61.2	82.1	87.5	79.9	55.5	46.6	52.2	65.1	43.9	51.6	56.0	55.7
2. Short-term advances from customers	0.4	0.1	0.3	0.3	0.3	0.3	0.2	0.1	0.4	0.1	1.8	0.9
3. Dividends and profits payable	2.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.6	6.7	3.9	2.4	1.8	3.7	1.4	3.4	3.1	3.0	3.4	3.1
4. Payable to employees	10.6	11.3	10.3	5.4	4.5	7.9	8.5	5.1	4.1	7.6	7.8	3.9
5. Short-term acrrued expenses	—	8.5	6.5	4.8	5.0	7.8	0.9	4.5	4.1	5.0	0.2	2.2
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	14.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.9	0.9	1.0	1.1	0.9	1.0	1.0	1.0	0.7	0.7	0.7	0.7
9. Other short-term payables	9.1	8.8	4.7	10.0	7.5	4.2	11.4	14.9	4.8	4.2	13.0	13.4
10. Short-term borrowings and financial leases	123.1	149.4	164.4	165.7	171.6	178.9	183.2	151.0	179.2	206.5	190.8	123.7
11. Provision for short-term liabilities	8.2	8.2	4.0	1.1	1.1	1.6	1.9	0.2	0.2	0.0	0.0	0.0
12.. Bonus and welfare fund	2.0	2.5	2.5	2.5	2.5	3.5	3.6	3.6	3.9	4.7	4.8	4.8
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	0.8	0.8	0.8	0.6	0.6	0.6	0.5	2.2	2.3	2.3	1.4	0.5
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	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.6	0.6	0.6	0.6	0.6	0.5	0.5	0.5	0.1	0.5	0.5
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.3	0.2	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	1.8	1.9	2.1	1.0	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)	271.2	262.7	259.2	251.8	249.5	245.7	242.7	242.4	247.7	244.9	240.8	238.4
I. Owner's equity	271.2	262.7	259.2	251.8	249.5	245.7	242.7	242.4	247.7	244.9	240.8	238.4
1. Owner's capital	181.6	181.6	181.6	181.6	181.6	181.6	181.6	181.6	181.6	181.6	181.6	181.6
- Common stock with voting right	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00	181,558,680,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
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	34.6	34.6	34.6	34.6	33.6	33.6	33.6	33.6	32.1	32.1	32.1	32.1
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	49.1	40.6	37.0	28.7	26.7	22.6	19.3	18.7	25.2	21.9	17.0	14.2
- Accumulated retained earning at the end of the previous period	41.6	22.0	22.7	22.0	23.3	11.5	11.5	11.5	21.8	5.1	5.1	5.1
- Undistributed earnings in this period	7.5	18.6	14.4	6.7	3.5	11.1	7.8	7.2	3.4	16.8	11.9	9.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.7	2.7	2.8	3.7	4.4	4.7	5.0	5.4	5.7	6.2	6.9	7.3
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	506.8	541.9	545.1	525.5	500.8	501.8	507.4	493.4	494.4	530.7	520.6	447.3

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	9.4	5.7	7.9	6.3	4.8	4.4	0.6	4.8	4.3	5.4	4.9	4.4
Depreciation of Fixed Assets and Investment Property	2.5	2.1	2.3	2.9	2.4	2.4	2.4	2.4	2.3	2.2	2.0	1.9
Provision (Increase)/Reversal	-0.2	2.4	0.7	0.1	0.5	0.2	-0.2	0.9	-0.1	1.3	-0.2	0.7
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	1.7	-2.3	1.7	0.4	-0.4	0.1	-0.8	-0.2	-0.0	0.1	-0.4
Interest Expense	2.7	2.5	3.6	1.3	2.3	2.8	2.3	2.2	2.5	2.5	2.6	2.4
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	14.3	14.6	12.3	12.3	10.3	9.4	5.3	9.4	8.8	11.4	9.5	9.1
Increase/(Decrease) in Receivables	27.5	-43.5	4.5	-13.2	15.6	-8.2	9.2	-4.1	19.7	-14.4	-5.8	-21.8
Increase/(Decrease) in Inventory	13.4	47.1	-15.8	-16.2	-19.0	13.0	-41.1	6.4	10.6	17.9	-46.7	21.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-14.3	4.8	10.1	29.7	2.9	2.1	-17.0	22.3	-8.7	-1.6	2.0	11.9
Increase/(Decrease) in Prepaid Expenses	0.8	-0.5	1.3	1.0	0.4	2.5	0.3	1.0	0.7	1.8	0.5	-2.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.8	-2.4	-2.4	-2.5	-2.3	-2.8	-2.3	-2.3	-2.6	-2.3	-2.6	-2.5
Corporate Income Tax Paid	-3.9	-1.3	-1.2	-0.9	-1.9	-0.3	-1.1	-1.1	-2.1	-1.5	-1.1	-1.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.1	0.0	0.0	-1.0	-0.0	-0.6	-1.2	-0.8	-0.0	-0.1	-0.6
Net Cash Flow from Operating Activities	34.6	17.8	9.8	10.1	5.0	15.5	-47.4	30.5	25.5	11.2	-44.3	13.5
Payments for Fixed Assets and Other Long-term Assets	-1.1	-2.3	-5.3	-4.3	-2.2	-5.8	-0.3	-5.1	-3.4	-5.4	-2.3	-2.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0	0.1	0.1	0.1	0.0	0.0	-0.2	0.0	0.1
Loans and Purchases of Debt Instruments	—	-3.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-5.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	5.0
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	0.3	0.2	0.1	0.1	0.3	0.1	0.1	0.2	0.2	0.2	0.2	0.1
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	-0.8	-5.6	-5.2	-4.2	-1.9	-5.5	-0.1	-4.9	-3.3	-5.4	-2.2	-2.5
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	483.9	656.4	456.0	387.9	447.7	479.6	512.6	433.8	535.9	411.8	505.4	410.9
Repayment of Borrowings	-510.2	0.2	-457.3	-393.8	-455.0	-483.8	-480.5	-462.0	-563.2	-396.1	-438.3	-421.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-0.0	-7.3	0.0	-0.0	0.0	-9.1	0.0	-9.1
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-26.3	-15.0	-1.2	-5.9	-7.4	-11.5	32.2	-28.3	-27.3	6.6	67.1	-19.6
Net Cash Flow During the Period	7.4	-2.8	3.3	0.0	-4.2	-1.5	-15.3	-2.7	-5.1	12.4	20.6	-8.5
Cash and Cash Equivalents at Beginning of Period	29.0	31.9	28.6	28.5	32.7	57.3	57.3	57.3	57.3	52.6	52.6	52.6
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	36.4	29.0	31.9	28.6	28.5	32.7	34.2	49.5	52.2	57.3	44.8	24.2

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CMV

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