CSM

Công nghiệp Cao su Miền Nam ·HOSE ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 2.41%, +0.03pp YoY

Price

12,500

Latest close

04 Jun 2026

P/E 21.19x

P/B 0.93x

EPS 590

BVPS 13,415

ROE 4.4%

ROA 1.7%

Profit Margin 1.5%

Asset Turnover 1.19x

Equity Mult. 2.53x

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

What Is Changing

On a TTM 2026Q1 basis, CSM is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,170bn
	                                
−9.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 61bn
	                                
−19.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.22x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	4,142.9	4,712.2	5,234.9	5,320.6	4,839.5
Growth	-12%	-10%	-2%	+10%	—
Net Income	42.6	72.1	60.4	79.2	42.2
Net Margin	1.03%	1.53%	1.15%	1.49%	0.87%

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	1,105.3	931.2	1,027.7	1,106.0	1,021.3	1,192.4	1,107.5	1,265.1	1,147.2	1,278.7	1,352.7	1,368.4
Growth	+19%	-9%	-7%	+8%	-14%	+8%	-12%	+10%	-10%	-5%	-1%	—
Net Income	26.0	-13.2	26.6	21.7	19.4	12.8	22.7	21.1	19.7	23.5	19.0	12.3
Net Margin	2.35%	-1.41%	2.59%	1.96%	1.90%	1.07%	2.05%	1.67%	1.71%	1.84%	1.41%	0.90%

Drivers of CSM's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 54.8bn

Finance costs ↓ 25.9bn

Selling expenses ↓ 25.6bn

Gross profit ↓ 49.5bn

Financial income ↓ 46.8bn

Other profit ↓ 18.0bn

TTM

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

Gross profit ↑ 22.5bn

Other profit ↑ 2.6bn

Selling expenses ↓ 1.7bn

Administrative expenses ↑ 6.3bn

Finance costs ↑ 5.0bn

Tax ↑ 4.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.6% = 1.7% × 1.30 × 2.60

2026Q1 4.4% = 1.5% × 1.19 × 2.53

ROE fell from 5.6% to 4.4% — all three components weakened, with asset turnover being the main drag.

Net margin: 1.5% -0.2pp Asset turnover: 1.19x -0.11x Leverage: 2.53x -0.07x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 1.47%, 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 1.47% −0.2pp

Gross Margin 13.15% +0.1pp

SG&A / Revenue 10.05% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 2.41%, broadly flat versus the same period. That translates to 2.41 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.11x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 2.41% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.41% +0.0pp

NOPAT Margin 1.57% +0.1pp

Capital Turnover 1.53x −0.11x

Average Invested Capital 2,717.7bn −67.7bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 1.80x equity, net debt at 1.15x equity.

Inventory ended the period at 1,323.3bn, roughly 34.6% of total assets.

Over the last 12 months, working capital absorbed 138.4bn 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: +147.5bn

Inventories increased → lower CFO: −205.6bn

Payables decreased → lower CFO: −80.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 7.6 days versus the same period last year. The main moves came from DIO rose 15.5 days, DSO fell 8.3 days, and DPO fell 0.3 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 145.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +15.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 57.6 days −8.3 days

Inventory 120.5 days +15.5 days

Payables 32.7 days −0.3 days

Cash Conversion Cycle 145.3 days +7.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 171.7bn due to capex of 158.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.15x and interest coverage only at 0.90x.

At present, short-term debt accounts for 94.9% of total debt, cash equals 13.2% of debt, and total debt stands at 1,840.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.15x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.90x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.15x +0.38x

Interest Coverage 0.90x +0.28x

Cash / Debt 13.2% +1.6pp

Short-term Debt / Total Debt 94.9% −1.4pp

CFO / NI -0.22x −9.86x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 537.3bn in 2025, against investing cash flow of -336.2bn.

Post-investment cash flow was positive +201.0bn. Financing cash flow was negative +97.6bn.

CFO / net income was -0.22x.

After spending +158.4bn on fixed-asset investment, the business generated trailing free cash flow of −171.7bn.

Cash Conversion

CFO TTM 13.4bn −746.7bn

Cash Capex 158.4bn +95.2bn

FCF TTM −171.7bn −841.9bn

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 -0.22x. The main risk still sits in capital efficiency remains weak, with ROIC at 2.4%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.22x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,506.8	5,001.5	5,497.6	5,559.8	4,963.9
Revenue Deductions	363.9	289.4	262.7	239.2	0.0
Net Revenue	4,142.9	4,712.2	5,234.9	5,320.6	4,839.5
Cost of Goods Sold	3,609.7	4,087.2	4,677.7	4,731.1	0.0
Gross Profit	533.2	625.0	557.2	589.6	550.1
Financial Income	45.8	84.0	51.5	44.7	23.4
Financial Expenses	88.3	128.6	159.8	187.1	-123.6
Interest Expense	69.6	95.8	152.7	114.7	-109.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	196.2	213.8	200.1	173.7	-208.4
General and Administrative Expenses	223.2	295.7	186.4	166.0	-173.3
Operating Profit	71.4	71.0	62.4	107.4	68.1
Other Income	14.9	18.3	8.8	14.0	0.0
Other Expenses	25.0	0.2	1.0	19.7	0.0
Other Profit	-10.1	18.1	7.8	-5.7	-12.9
Profit Before Tax	61.3	89.1	70.2	101.7	55.2
Current Income Tax Expense	24.2	12.4	11.7	20.0	-13.0
Deferred Income Tax Expense	-5.4	4.7	-1.9	2.5	0.0
Net Income	42.6	72.1	60.4	79.2	42.2
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	42.6	72.1	60.4	79.2	42.2
Earnings per Share	411.00	433.00	384.00	554.00	406.91
Diluted EPS	410.65	695.49	582.62	764.14	406.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,965.0	2,907.8	2,862.6	3,012.4	2,804.2
I. Cash and cash equivalents	575.0	473.3	289.7	28.1	78.9
1. Cash	496.7	473.3	289.7	28.1	0.0
2. Cash equivalents	78.3	0.0	0.0	0.0	0.0
II. Short-term financial investments	219.8	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	219.8	0.0	0.0	0.0	0.0
III. Short-term receivables	668.2	775.7	889.0	779.0	885.1
1. Short-term trade accounts receivable	524.9	758.2	840.3	621.3	0.0
2. Short-term prepayments to suppliers	159.2	77.2	40.2	136.3	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	16.4	28.1	35.1	48.8	0.0
7. Provision for short-term doubtful debts (*)	-32.3	-87.8	-26.5	-27.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,323.3	1,220.5	1,313.3	1,879.2	1,648.4
1. Inventories	1,323.3	1,220.5	1,313.3	1,879.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	178.5	438.3	370.5	326.1	191.8
1. Short-term prepayments	7.8	2.2	2.3	4.1	0.0
2. Value added tax to be reclaimed	161.0	422.0	357.1	312.8	0.0
3. Taxes and other receivables from state authorities	9.8	14.1	11.1	9.2	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)	857.4	907.4	1,021.7	1,191.8	1,350.2
I. Long-term receivables	0.0	1.0	1.0	9.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	1.0	1.0	9.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	742.6	823.8	946.7	1,097.5	1,280.5
1. Tangible fixed assets	663.6	716.0	833.3	902.3	1,069.1
- Cost	3,371.8	3,281.1	3,213.8	3,038.0	0.0
- Accumulated depreciation	-2,708.2	-2,565.2	-2,380.5	-2,135.7	0.0
2. Financial leased fixed assets	—	26.2	29.7	109.0	122.9
- Cost	—	41.1	41.1	166.3	0.0
- Accumulated depreciation	—	-14.9	-11.5	-57.4	0.0
3. Intangible fixed assets	79.0	81.6	83.8	86.2	88.6
- Cost	117.7	117.7	114.9	114.9	0.0
- Accumulated depreciation	-38.7	-36.1	-31.1	-28.7	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	92.4	42.3	17.0	21.4	8.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	92.4	42.3	17.0	21.4	0.0
V. Long-term financial investments	7.0	7.0	6.3	6.3	6.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	9.7	9.7	9.7	0.0
3. Investments in other entities	9.7	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-2.7	-2.7	-3.4	-3.4	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	15.4	33.3	50.9	57.7	0.0
1. Long-term prepayments	15.4	33.3	50.9	57.7	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	46.4
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)	3,822.3	3,815.3	3,884.3	4,204.2	4,154.4
A. LIABILITIES (300=210+330)	2,458.2	2,455.1	2,560.1	2,902.8	2,845.3
I. Short -term liabilities	2,392.3	2,384.7	2,458.4	2,751.3	2,612.8
1. Short-term trade accounts payable	265.4	265.0	341.1	336.5	283.0
2. Short-term advances from customers	36.3	14.8	18.6	57.2	99.7
3. Taxes and other payables to state authorities	—	2.2	4.4	6.3	0.0
4. Payable to employees	129.3	95.4	83.5	71.4	0.0
5. Short-term acrrued expenses	143.3	120.6	83.5	73.3	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	10.7	9.0	18.3	54.5	0.0
10. Short-term borrowings and financial leases	1,796.2	1,868.0	1,900.0	2,142.6	2,056.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.0	9.6	8.9	9.5	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	65.9	70.4	101.7	151.5	232.4
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	11.9	16.2	14.2	12.4	0.0
8. Long-term borrowings and financial leases	54.0	48.7	86.7	136.5	220.8
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	—	5.4	0.8	2.7	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,364.2	1,360.2	1,324.2	1,301.4	1,309.1
I. Owner's equity	1,364.2	1,360.2	1,324.2	1,301.4	0.0
1. Owner's capital	1,036.3	1,036.3	1,036.3	1,036.3	1,309.1
- Common stock with voting right	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00
- 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	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00	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	233.6	212.0	193.9	178.0	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	94.3	112.0	94.1	87.2	103.2
- Accumulated retained earning at the end of the previous period	51.8	39.9	33.7	8.0	61.2
- Undistributed earnings in this period	42.6	72.1	60.4	79.2	42.0
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)	3,822.3	3,815.3	3,884.3	4,204.2	4,154.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	61.3	89.1	70.2	101.7	55.2
Depreciation of Fixed Assets and Investment Property	156.3	193.1	201.3	214.5	209.0
Provision (Increase)/Reversal	-55.5	60.5	-1.0	-1.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.2	-27.2	-3.9	39.3	0.0
Gain/Loss from Investment Activities	-8.3	-34.5	-19.7	-25.8	0.0
Interest Expense	69.6	95.8	152.7	114.7	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	225.6	376.8	399.6	442.6	337.1
Increase/(Decrease) in Receivables	428.3	3.7	-147.2	-25.8	0.0
Increase/(Decrease) in Inventory	-102.8	92.8	565.9	-230.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	70.4	-41.1	-45.3	5.2	0.0
Increase/(Decrease) in Prepaid Expenses	12.3	17.7	8.6	-12.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-69.6	-95.8	-152.7	-114.7	0.0
Corporate Income Tax Paid	-20.9	-17.9	-13.6	-24.7	0.0
Other Operating Receipts	—	18.3	8.8	5.2	0.0
Other Operating Payments	-6.1	-5.0	-7.2	-2.0	0.0
Net Cash Flow from Operating Activities	537.3	349.4	617.0	42.0	-341.2
Payments for Fixed Assets and Other Long-term Assets	-130.3	-95.5	-46.1	-44.8	-14.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-219.8	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	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	9.0	16.2	10.9	20.6	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	-336.2	-79.3	-35.2	-24.2	9.2
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	3,543.5	3,623.6	4,269.3	5,061.6	4,970.8
Repayment of Borrowings	-3,606.1	-3,684.1	-4,547.5	-5,071.9	-4,675.9
Repayment of Finance Leases	-3.8	-9.6	-14.1	-26.8	-31.0
Dividends Paid	-31.1	-31.1	-31.1	-31.1	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	-97.6	-101.1	-323.4	-68.2	263.9
Net Cash Flow During the Period	103.5	169.0	258.5	-50.4	-132.4
Cash and Cash Equivalents at Beginning of Period	473.3	289.7	28.1	78.9	152.9
FX Difference from Revaluation	-1.7	14.7	3.0	-0.4	-5.9
Cash and Cash Equivalents at End of Period	575.0	473.3	289.7	28.1	78.9

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	1,192.9	1,018.8	1,131.1	1,197.3	1,103.0	1,260.8	1,189.2	1,333.0	1,218.5	1,353.0	1,423.7	1,427.7
Revenue Deductions	87.6	87.6	103.3	91.3	81.7	68.4	81.7	67.9	71.4	74.2	71.0	59.3
Net Revenue	1,105.3	931.2	1,027.7	1,106.0	1,021.3	1,192.4	1,107.5	1,265.1	1,147.2	1,278.7	1,352.7	1,368.4
Cost of Goods Sold	962.2	807.7	897.2	954.6	900.6	1,055.1	966.8	1,065.7	999.6	1,095.1	1,184.4	1,244.6
Gross Profit	143.1	123.5	130.6	151.4	120.6	137.3	140.7	199.4	147.5	183.6	168.3	123.8
Financial Income	9.5	9.5	11.2	15.2	10.0	32.8	8.3	41.1	1.9	15.1	15.7	9.0
Financial Expenses	25.5	27.8	22.3	16.5	20.5	29.9	40.7	26.9	31.1	37.4	39.6	43.4
Interest Expense	18.5	19.6	18.8	12.4	17.8	24.0	19.0	23.3	29.5	35.4	37.9	41.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	35.3	55.2	28.1	59.9	37.0	50.8	23.5	92.9	46.6	71.3	56.9	43.0
General and Administrative Expenses	63.3	49.9	60.5	67.1	57.0	74.3	66.7	97.5	57.1	66.2	66.4	31.3
Operating Profit	28.5	0.1	30.9	23.0	16.0	15.1	18.1	23.2	14.6	23.8	21.1	15.1
Other Income	4.2	10.0	1.3	2.2	1.4	2.5	3.4	3.2	9.1	2.8	2.4	1.9
Other Expenses	0.1	22.8	2.1	—	—	0.0	0.0	0.0	0.1	0.0	0.1	0.3
Other Profit	4.0	-12.8	-0.9	2.2	1.4	2.5	3.4	3.2	9.0	2.8	2.3	1.6
Profit Before Tax	32.5	-12.7	30.0	25.2	17.5	17.6	21.5	26.4	23.6	26.6	23.4	16.7
Current Income Tax Expense	6.5	0.4	6.0	2.4	2.0	0.0	3.6	-0.2	4.7	4.5	2.5	4.9
Deferred Income Tax Expense	—	—	-2.6	1.1	-3.9	4.8	-4.8	5.5	-0.8	-1.4	1.9	-0.5
Net Income	26.0	-13.2	26.6	21.7	19.4	12.8	22.7	21.1	19.7	23.5	19.0	12.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	26.0	-13.2	26.6	21.7	19.4	12.8	22.7	21.1	19.7	23.5	19.0	12.3
Earnings per Share	251.11	-127.09	256.72	209.18	187.51	123.58	219.16	203.84	189.84	227.06	183.74	118.79
Diluted EPS	251.11	-127.09	256.72	209.18	187.51	123.58	219.16	203.84	189.84	227.06	183.74	118.79

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)	2,832.6	3,031.5	3,038.9	2,530.3	2,433.3	2,910.2	3,067.8	2,909.0	2,765.0	2,856.2	2,805.8	2,937.0
I. Cash and cash equivalents	242.5	496.7	563.7	331.2	139.8	473.3	356.7	341.0	145.1	289.7	125.6	107.3
1. Cash	164.0	496.7	563.7	331.2	139.8	473.3	356.7	341.0	145.1	289.7	125.6	107.3
2. Cash equivalents	78.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	334.6	298.2	—	—	—	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	334.6	298.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	759.4	688.6	847.1	780.7	757.4	775.2	943.5	1,140.9	1,043.2	887.3	997.8	898.3
1. Short-term trade accounts receivable	580.4	468.3	748.1	742.1	734.9	758.2	840.1	1,034.4	920.0	840.3	949.5	856.9
2. Short-term prepayments to suppliers	193.1	232.8	140.6	97.0	82.0	76.8	115.6	100.9	111.5	39.8	40.8	38.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.8	16.4	29.3	28.5	28.1	28.0	27.4	45.5	38.3	33.8	35.2	31.3
7. Provision for short-term doubtful debts (*)	-28.9	-28.9	-70.9	-86.9	-87.6	-87.8	-39.6	-39.8	-26.5	-26.5	-27.7	-28.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,298.1	1,366.4	1,135.2	959.7	1,092.5	1,220.5	1,343.5	1,048.0	1,200.7	1,313.3	1,328.9	1,587.3
1. Inventories	1,298.1	1,366.4	1,135.2	959.7	1,092.5	1,220.5	1,343.5	1,048.0	1,200.7	1,313.3	1,328.9	1,587.3
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	198.0	181.6	493.0	458.7	443.6	441.2	424.1	379.0	375.9	366.0	353.5	344.1
1. Short-term prepayments	5.2	7.8	6.3	1.7	1.3	2.2	4.2	3.1	3.1	2.3	4.3	3.4
2. Value added tax to be reclaimed	184.0	158.1	478.9	444.4	428.1	422.0	406.3	363.2	362.1	355.3	338.0	332.3
3. Taxes and other receivables from state authorities	8.8	15.8	7.8	12.6	14.2	17.0	13.6	12.8	10.7	8.3	11.1	8.4
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)	863.8	792.8	811.5	826.6	864.3	907.4	928.1	976.3	1,005.1	1,021.7	1,052.1	1,105.6
I. Long-term receivables	0.0	0.0	0.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	3.4
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	3.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	742.7	742.6	725.6	756.0	786.4	823.8	836.9	878.7	922.0	946.7	969.9	1,019.7
1. Tangible fixed assets	664.4	663.6	646.1	651.4	680.4	716.0	727.4	767.6	807.8	833.3	855.0	871.3
- Cost	3,400.4	—	—	—	—	3,281.1	3,246.6	3,241.9	3,233.6	3,213.8	3,186.0	3,130.5
- Accumulated depreciation	-2,736.0	—	—	—	—	-2,565.2	-2,519.2	-2,474.3	-2,425.8	-2,380.5	-2,331.0	-2,259.2
2. Financial leased fixed assets	—	—	—	24.5	25.4	26.2	27.1	28.0	28.8	29.7	30.5	63.5
- 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	78.4	79.0	79.6	80.0	80.6	81.6	82.4	83.2	85.4	83.8	84.4	85.0
- Cost	117.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-39.3	—	—	—	—	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	92.5	26.1	59.0	42.1	41.4	42.3	46.7	47.3	27.5	17.0	18.8	15.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	92.5	26.1	59.0	42.1	41.4	42.3	46.7	47.3	27.5	17.0	18.8	15.7
V. Long-term financial investments	8.7	8.7	8.7	8.1	8.1	7.0	7.0	7.0	7.0	6.3	6.3	6.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7
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	-1.0	-1.0	-1.0	-1.5	-1.5	-2.7	-2.7	-2.7	-2.7	-3.4	-3.4	-3.4
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	19.8	15.4	18.2	19.4	27.3	33.3	36.5	42.3	47.6	50.9	56.1	60.5
1. Long-term prepayments	19.8	15.4	18.2	19.4	27.3	33.3	36.5	42.3	47.6	50.9	56.1	60.5
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)	3,696.5	3,824.3	3,850.5	3,356.9	3,297.6	3,817.7	3,995.9	3,885.2	3,770.0	3,878.0	3,857.9	4,042.6
A. LIABILITIES (300=210+330)	2,306.3	2,454.3	2,467.3	1,994.2	1,918.0	2,453.2	2,644.3	2,556.3	2,426.1	2,552.2	2,555.6	2,759.4
I. Short -term liabilities	2,201.2	2,388.4	2,417.5	1,930.5	1,855.6	2,382.9	2,570.9	2,463.6	2,333.9	2,450.4	2,447.5	2,648.4
1. Short-term trade accounts payable	197.5	263.5	277.4	342.6	452.0	264.6	336.8	511.3	270.4	340.7	351.4	449.1
2. Short-term advances from customers	39.7	36.3	31.1	22.2	21.0	14.8	25.0	31.3	26.0	18.6	21.3	24.4
3. Dividends and profits payable	3.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.7	—	9.9	4.8	5.3	0.9	7.0	3.7	2.6	0.2	6.0	2.8
4. Payable to employees	77.8	129.3	112.7	91.7	76.7	95.4	117.5	100.3	65.7	81.5	55.2	27.4
5. Short-term acrrued expenses	118.8	141.3	176.2	157.9	125.0	120.6	148.3	178.6	99.2	83.5	77.9	79.7
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	6.7	10.7	9.9	8.0	8.3	8.9	23.7	38.6	14.6	17.0	18.6	70.1
10. Short-term borrowings and financial leases	1,747.2	1,796.2	1,789.1	1,291.8	1,162.9	1,868.0	1,901.7	1,587.2	1,847.5	1,900.0	1,907.6	1,985.0
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	7.6	11.0	11.2	11.5	4.5	9.6	11.0	12.6	7.9	8.9	9.5	9.9
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	105.1	65.9	49.8	63.7	62.4	70.4	73.4	92.7	92.3	101.7	108.2	111.0
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	11.9	11.9	11.9	15.1	16.2	16.2	16.2	16.2	15.2	14.2	13.2	13.2
8. Long-term borrowings and financial leases	93.2	54.0	37.8	45.9	44.6	48.7	56.5	71.0	77.1	86.7	92.7	97.5
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	—	—	—	2.6	1.5	5.4	0.7	5.5	0.0	0.8	2.2	0.3
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,390.2	1,370.0	1,383.2	1,362.7	1,379.6	1,364.4	1,351.6	1,328.9	1,343.9	1,325.8	1,302.3	1,283.2
I. Owner's equity	1,390.2	1,370.0	1,383.2	1,362.7	1,379.6	1,364.4	1,351.6	1,328.9	1,343.9	1,325.8	1,302.3	1,283.2
1. Owner's capital	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3	1,036.3
- Common stock with voting right	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00	1,036,264,670,000.00
- 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	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00	-12,050,000.00
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	233.6	233.6	233.6	233.6	212.0	212.0	212.0	212.0	193.9	193.9	193.9	193.9
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	120.3	100.1	113.3	92.9	131.4	116.2	103.4	80.7	113.8	95.7	72.2	53.1
- Accumulated retained earning at the end of the previous period	51.8	51.8	51.8	51.8	112.0	39.9	39.9	39.9	94.1	33.7	33.7	33.7
- Undistributed earnings in this period	68.6	48.4	61.6	41.1	19.4	76.3	63.5	40.8	19.7	62.0	38.4	19.4
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)	3,696.5	3,824.3	3,850.5	3,356.9	3,297.6	3,817.7	3,995.9	3,885.2	3,770.0	3,878.0	3,857.9	4,042.6

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	32.5	-12.6	30.0	26.4	17.5	17.6	21.5	26.4	23.6	24.6	23.4	16.7
Depreciation of Fixed Assets and Investment Property	28.5	40.9	37.3	39.0	39.1	47.6	46.6	51.5	47.3	-2.2	103.9	54.1
Provision (Increase)/Reversal	-5.1	-37.0	0.8	-18.0	-1.3	48.1	-0.2	12.5	0.0	-0.8	-0.7	0.5
FX Gain/Loss from Revaluation of Monetary Items	-5.5	16.5	-2.1	-4.7	-7.6	-38.3	-31.6	11.7	0.0	12.8	-17.9	-15.9
Gain/Loss from Investment Activities	-2.2	4.0	-7.3	-3.0	-1.9	-15.2	-7.1	-10.8	-11.0	22.6	-38.5	9.5
Interest Expense	18.5	21.3	17.1	12.4	18.9	24.0	19.0	23.3	29.5	35.4	37.9	41.8
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	66.8	33.1	75.8	52.1	64.7	83.8	48.3	114.7	89.5	92.3	108.2	106.6
Increase/(Decrease) in Receivables	-116.3	539.5	-100.4	-175.2	164.4	111.7	235.7	-399.8	126.6	82.8	-88.3	-283.1
Increase/(Decrease) in Inventory	25.2	-188.1	-175.5	132.8	128.0	123.0	-295.5	377.9	-112.6	15.6	258.4	57.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-132.6	-30.0	-28.4	110.6	18.1	-147.5	-286.7	414.7	-92.7	27.3	-167.4	202.0
Increase/(Decrease) in Prepaid Expenses	-1.9	1.4	-3.4	-3.3	17.7	17.7	-7.8	5.3	2.4	7.3	1.4	3.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-18.5	-21.3	-17.1	-12.4	-18.9	-24.0	-19.0	6.3	-59.1	-35.4	-37.9	-41.8
Corporate Income Tax Paid	-6.1	-13.5	-3.3	-2.0	-2.2	8.0	-4.5	-2.2	-7.5	-2.5	-4.2	-0.3
Other Operating Receipts	4.2	—	—	—	—	2.5	21.5	3.2	9.1	8.8	-3.6	3.6
Other Operating Payments	-3.4	-0.1	-0.4	-0.4	-5.2	-2.0	-19.7	-0.2	-1.1	-0.6	30.7	-27.6
Net Cash Flow from Operating Activities	-182.6	316.1	-247.7	100.8	368.1	173.3	-327.8	519.8	-45.4	195.7	97.3	20.6
Payments for Fixed Assets and Other Long-term Assets	-28.8	-96.5	-23.9	-9.2	-0.8	-59.9	25.5	-28.1	-33.1	-25.9	-4.0	-14.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	5.0	—	—	—	17.3	-17.3	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-114.7	-219.8	—	—	—	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	2.0	1.6	2.2	2.5	2.7	12.7	3.7	7.6	1.9	-31.4	42.1	-13.1
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	-141.6	-309.7	-21.7	-6.7	1.9	-29.9	11.9	-20.4	-31.3	-57.3	38.1	-27.2
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	970.6	963.5	1,204.4	890.0	485.5	722.9	1,305.4	651.8	943.0	1,138.9	953.6	1,031.4
Repayment of Borrowings	-980.4	-940.5	-713.9	-758.5	-1,193.2	-760.5	-1,005.4	-912.4	-1,005.2	-1,065.7	-1,122.5	-1,029.8
Repayment of Finance Leases	—	-0.7	-0.3	-1.3	-1.6	-3.8	0.0	0.0	-5.8	0.0	0.0	0.0
Dividends Paid	—	-0.0	-0.1	-31.0	—	0.0	0.0	-31.1	0.0	-31.1	31.1	-31.1
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	-9.9	22.3	490.2	99.2	-709.2	-41.5	300.0	-291.7	-68.0	42.0	-137.8	-29.5
Net Cash Flow During the Period	-334.0	28.6	220.8	193.3	-339.3	102.0	-16.0	207.7	-144.6	180.5	-2.4	-36.1
Cash and Cash Equivalents at Beginning of Period	575.0	563.7	331.2	139.8	473.3	289.7	289.7	289.7	289.7	28.1	28.1	28.1
FX Difference from Revaluation	1.5	-1.7	15.5	3.8	5.7	14.7	31.6	-11.7	0.0	-16.5	20.7	16.4
Cash and Cash Equivalents at End of Period	242.5	575.0	563.7	331.2	139.8	473.3	356.7	341.0	145.1	289.7	125.6	107.3

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CSM

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