CTW

Cấp thoát nước Cần Thơ ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 18.43%, −3.58pp YoY

Price

25,500

Latest close

01 Jun 2026

P/E 10.09x

P/B 1.14x

EPS 2,528

BVPS 22,375

ROE 11.6%

ROA 8.0%

Profit Margin 15.3%

Asset Turnover 0.53x

Equity Mult. 1.44x

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

What Is Changing

On a TTM 2026Q1 basis, CTW is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 463bn
	                                
−0.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 85bn
	                                
−16.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	458.4	495.6	328.6	317.4	296.7
Growth	-7%	+51%	+4%	+7%	—
Net Income	88.7	103.3	41.5	39.9	46.5
Net Margin	19.35%	20.85%	12.64%	12.56%	15.67%

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	110.1	121.8	110.5	120.4	105.7	128.3	115.1	115.2	136.9	94.2	81.3	80.8
Growth	-10%	+10%	-8%	+14%	-18%	+11%	-0%	-16%	+45%	+16%	+1%	—
Net Income	23.9	19.3	17.6	24.6	27.4	15.0	25.1	34.6	29.8	11.7	8.6	9.1
Net Margin	21.68%	15.81%	15.95%	20.39%	25.91%	11.72%	21.82%	30.07%	21.73%	12.47%	10.59%	11.30%

Drivers of CTW's profit

TTM

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

Tax ↓ 4.4bn

Selling expenses ↓ 2.6bn

Gross profit ↓ 18.5bn

Finance costs ↑ 4.0bn

Administrative expenses ↑ 1.9bn

TTM

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

Tax ↓ 0.8bn

Selling expenses ↓ 0.7bn

Gross profit ↓ 3.4bn

Finance costs ↑ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.3% = 22.0% × 0.60 × 1.38

2026Q1 14.0% = 18.4% × 0.53 × 1.44

ROE fell from 18.3% to 14.0% — asset turnover weakened the most, though leverage still provided support.

Net margin: 18.4% -3.6pp Asset turnover: 0.53x -0.08x Leverage: 1.44x +0.06x

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 fell to 18.43%, losing 3.6pp. The main pressure is Gross margin fell 3.8pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (with lingering pressure from Net financial result / Revenue fell 0.6pp and Other profit / Revenue fell 0.2pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 18.43% −3.6pp

Gross Margin 49.12% −3.8pp

SG&A / Revenue 22.80% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 11.4% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 11.42%, losing 4.2pp. That translates to 11.42 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.4pp and capital turnover fell 0.10x, while invested capital rose by 105bn — pressure came from both operational efficiency and asset efficiency.

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

CAPITAL EFFICIENCY TREND

ROIC 11.42% −4.2pp

NOPAT Margin 19.08% −3.4pp

Capital Turnover 0.60x −0.10x

Average Invested Capital 773.2bn +105.0bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.57x equity, net debt at 0.33x equity.

Over the last 12 months, working capital absorbed 26.7bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −5.3bn

Inventories increased → lower CFO: −14.1bn

Payables decreased → lower CFO: −7.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 14.7 days versus the same period last year. The main moves came from DIO rose 15.6 days, DSO rose 0.1 days, and DPO rose 1.1 days.

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

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +14.7 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 6.4 days +0.1 days

Inventory 92.9 days +15.6 days

Payables 15.4 days +1.1 days

Cash Conversion Cycle 83.8 days +14.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 26.0bn due to capex of 169.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.33x and interest coverage at 8.48x.

At present, short-term debt accounts for 36.8% of total debt, cash equals 15.9% of debt, and total debt stands at 243.0bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 15.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.33x +0.13x

Interest Coverage 8.48x −5.95x

Cash / Debt 15.9% −12.2pp

Short-term Debt / Total Debt 36.8% −4.4pp

CFO / NI 2.02x +0.61x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 126.4bn in 2025, against investing cash flow of -155.6bn.

Post-investment cash flow was negative +29.2bn. Financing cash flow was positive +40.4bn.

CFO / net income was 2.02x.

After spending +169.0bn on fixed-asset investment, the business generated trailing free cash flow of −26.0bn.

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

Cash Conversion

CFO TTM 143.0bn +20.5bn

Cash Capex 169.0bn +77.9bn

FCF TTM −26.0bn −57.5bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.6 pp. The next watchpoint is capital efficiency, with ROIC at 11.4%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.02x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.02x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 18.43% after a 3.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	458.4	495.6	328.6	317.4	296.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	458.4	495.6	328.6	317.4	296.7
Cost of Goods Sold	229.6	243.8	182.3	171.2	0.0
Gross Profit	228.8	251.8	146.2	146.2	130.4
Financial Income	2.7	1.3	1.0	1.2	0.8
Financial Expenses	11.7	9.5	12.6	10.3	-8.6
Interest Expense	11.7	9.5	12.6	10.3	-8.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	47.3	50.5	37.5	41.2	-33.4
General and Administrative Expenses	60.4	56.9	43.6	39.9	-37.3
Operating Profit	112.2	136.2	53.4	55.9	51.8
Other Income	3.3	2.8	5.6	2.3	0.0
Other Expenses	3.7	7.4	5.9	3.8	0.0
Other Profit	-0.4	-4.6	-0.2	-1.5	0.8
Profit Before Tax	111.8	131.6	53.2	54.4	52.6
Current Income Tax Expense	23.1	28.3	11.7	14.5	-6.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	88.7	103.3	41.5	39.9	46.5
Non-controlling Interest	14.6	14.9	7.2	6.0	7.3
Profit Attributable to Parent	74.0	88.5	34.3	33.8	39.2
Earnings per Share	2,373.00	2,881.00	1,103.00	1,206.00	1,399.00
Diluted EPS	2,373.00	2,881.00	1,103.00	1,206.00	1,398.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	213.4	168.4	120.0	128.5	126.9
I. Cash and cash equivalents	68.1	56.8	31.2	41.0	29.6
1. Cash	31.7	23.0	16.4	14.3	0.0
2. Cash equivalents	36.4	33.8	14.7	26.7	0.0
II. Short-term financial investments	42.9	35.9	0.8	4.7	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	42.9	35.9	0.8	4.7	0.0
III. Short-term receivables	34.2	21.4	19.2	16.6	35.2
1. Short-term trade accounts receivable	18.4	11.4	10.0	9.2	0.0
2. Short-term prepayments to suppliers	14.7	6.9	7.7	6.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.8	4.8	3.0	3.0	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.5	-1.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	58.6	51.5	65.8	59.9	45.4
1. Inventories	60.2	52.5	73.0	66.0	0.0
2. Provision for decline in value of inventories	-1.6	-1.0	-7.2	-6.1	0.0
V. Other short-term assets	9.7	2.8	3.0	6.3	10.6
1. Short-term prepayments	2.7	2.4	2.0	4.9	0.0
2. Value added tax to be reclaimed	3.5	0.4	0.5	1.4	0.0
3. Taxes and other receivables from state authorities	3.5	0.0	0.5	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)	734.2	642.4	603.8	587.3	576.9
I. Long-term receivables	—	0.0	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.2	0.2	0.2	0.2	0.0
7. Provision for long-term doubtful debts	-0.2	-0.2	-0.1	-0.0	0.0
II. Fixed assets	647.7	576.8	530.1	541.9	521.0
1. Tangible fixed assets	647.3	576.4	529.8	541.5	520.4
- Cost	1,389.2	1,241.2	1,123.0	1,084.0	0.0
- Accumulated depreciation	-741.9	-664.8	-593.2	-542.6	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	0.4	0.4	0.4	0.4	0.6
- Cost	1.6	1.6	1.6	1.6	0.0
- Accumulated depreciation	-1.2	-1.2	-1.2	-1.2	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	67.7	43.7	61.7	37.6	48.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	67.7	43.7	61.7	37.6	0.0
V. Long-term financial investments	0.9	0.9	2.1	0.9	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.9	0.9	0.9	0.9	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	1.2	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	18.0	21.1	9.7	6.8	0.0
1. Long-term prepayments	18.0	21.1	9.7	6.8	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	6.8
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)	947.6	810.9	723.8	715.9	703.8
A. LIABILITIES (300=210+330)	345.0	242.0	231.3	233.9	222.6
I. Short -term liabilities	182.3	142.5	129.7	133.7	125.4
1. Short-term trade accounts payable	16.4	18.7	15.8	10.3	19.7
2. Short-term advances from customers	2.6	0.4	0.6	1.0	2.2
3. Taxes and other payables to state authorities	8.0	7.7	10.5	32.3	0.0
4. Payable to employees	25.4	23.6	16.7	13.1	0.0
5. Short-term acrrued expenses	2.1	2.3	1.4	0.6	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	0.2	0.0	0.0
9. Other short-term payables	8.7	2.0	3.0	3.9	0.0
10. Short-term borrowings and financial leases	101.7	74.3	67.6	62.2	62.9
11. Provision for short-term liabilities	9.3	8.5	8.2	6.0	0.0
12.. Bonus and welfare fund	8.2	5.0	5.6	4.3	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	162.7	99.5	101.6	100.2	97.2
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	0.5	0.4	0.5	0.5	0.0
8. Long-term borrowings and financial leases	154.9	95.2	101.1	99.7	93.4
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	7.3	3.8	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)	602.6	568.9	492.5	482.0	481.2
I. Owner's equity	602.6	568.9	492.5	482.0	0.0
1. Owner's capital	280.0	280.0	280.0	280.0	481.2
- Common stock with voting right	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.9	6.9	6.9	6.9	6.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	58.5	47.5	43.9	34.9	30.2
5. Treasury shares	-10,447,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00	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	94.2	68.0	57.8	51.1	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	83.6	93.0	40.6	47.3	61.5
- Accumulated retained earning at the end of the previous period	9.7	4.5	6.2	13.6	19.1
- Undistributed earnings in this period	73.9	88.5	34.3	33.8	42.4
12. Reserves for investment in construction	—	0.3	0.0	0.0	0.0
13. Minority's interest	79.5	73.2	63.4	61.9	60.2
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)	947.6	810.9	723.8	715.9	703.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	111.8	131.6	53.2	54.4	52.6
Depreciation of Fixed Assets and Investment Property	86.4	73.8	67.3	63.0	58.6
Provision (Increase)/Reversal	1.4	-5.7	3.3	2.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.0	-0.2	-1.0	-1.2	0.0
Interest Expense	11.7	9.5	12.6	10.3	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	3.5	3.8	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	210.9	212.8	135.5	128.8	122.2
Increase/(Decrease) in Receivables	-19.5	-2.4	-1.4	28.4	0.0
Increase/(Decrease) in Inventory	-7.7	20.5	-7.0	-18.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-22.0	-5.0	-18.5	-49.0	0.0
Increase/(Decrease) in Prepaid Expenses	2.8	-11.7	-0.1	-4.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-11.6	-9.5	-12.6	-10.3	0.0
Corporate Income Tax Paid	-23.2	-31.5	-28.3	-3.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.2	-2.7	-2.1	-8.4	0.0
Net Cash Flow from Operating Activities	126.4	170.5	65.5	63.6	72.8
Payments for Fixed Assets and Other Long-term Assets	-152.8	-89.3	-58.7	-38.5	-76.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.9	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-65.0	-47.0	-2.1	-14.9	-19.5
Receipts from Loan Repayments and Sale of Debt Instruments	58.0	13.1	4.8	14.3	10.9
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	2.2	0.6	0.3	1.2	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	-155.6	-122.6	-55.7	-37.9	-83.9
Proceeds from Equity Issuance and Capital Contributions	856,730,000.00	0.00	0.00	0.00	9,195,090,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	247.7	170.2	154.8	158.8	178.9
Repayment of Borrowings	-160.7	-169.3	-148.0	-153.2	-145.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-47.5	-23.1	-26.4	-21.9	-23.1
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	40.4	-22.3	-19.6	-16.3	19.7
Net Cash Flow During the Period	11.3	25.6	-9.8	9.4	0.1
Cash and Cash Equivalents at Beginning of Period	56.8	31.2	41.0	31.6	21.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	68.1	56.8	31.2	41.0	29.6

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
Revenue	110.1	121.8	110.5	120.4	105.7	128.3	115.1	115.2	136.9	94.2	81.3	80.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	110.1	121.8	110.5	120.4	105.7	128.3	115.1	115.2	136.9	94.2	81.3	80.8
Cost of Goods Sold	54.1	64.4	56.4	60.7	46.3	74.0	53.8	44.4	72.2	55.2	46.4	43.7
Gross Profit	56.0	57.4	54.2	59.7	59.4	54.3	61.4	70.8	64.7	39.0	34.9	37.1
Financial Income	0.2	1.0	0.5	1.0	0.2	0.6	0.3	0.4	0.1	0.3	0.2	0.2
Financial Expenses	3.6	3.7	2.9	2.9	2.2	2.6	2.1	2.2	2.5	3.3	3.2	3.1
Interest Expense	3.6	3.6	2.9	2.9	2.2	2.6	2.1	2.2	2.5	3.3	3.2	3.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	9.6	11.0	15.1	10.0	10.3	13.5	11.6	13.0	12.5	9.4	8.4	10.3
General and Administrative Expenses	12.1	15.2	16.0	16.6	11.7	19.7	14.1	12.2	10.0	11.3	12.5	10.4
Operating Profit	30.9	28.5	20.7	31.3	35.3	19.0	33.9	43.7	39.8	15.3	11.1	13.5
Other Income	0.7	0.1	2.1	0.5	0.6	0.8	0.2	1.8	0.1	2.6	0.6	0.0
Other Expenses	1.3	4.4	0.6	0.8	1.4	1.0	2.1	1.9	2.1	2.5	0.7	2.0
Other Profit	-0.6	-4.3	1.5	-0.3	-0.8	-0.2	-1.9	-0.0	-2.1	0.1	-0.2	-1.9
Profit Before Tax	30.2	24.2	22.2	31.0	34.5	18.9	31.9	43.7	37.8	15.4	10.9	11.6
Current Income Tax Expense	6.4	5.0	4.6	6.4	7.2	3.8	6.8	9.0	8.0	3.7	2.3	2.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	23.9	19.3	17.6	24.6	27.4	15.0	25.1	34.6	29.8	11.7	8.6	9.1
Non-controlling Interest	3.5	3.4	3.6	4.0	3.7	3.8	3.7	4.4	3.0	2.0	1.7	1.9
Profit Attributable to Parent	20.3	15.8	14.1	20.6	23.7	11.3	21.4	30.3	26.8	9.8	6.9	7.3
Earnings per Share	726.00	565.00	502.00	735.00	847.00	402.00	764.00	1,081.00	956.00	349.00	245.00	260.00
Diluted EPS	726.00	565.00	502.00	735.00	847.00	3,198.00	764.00	1,081.00	956.00	349.00	245.00	260.00

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)	201.6	210.5	228.4	190.6	172.8	168.7	172.8	151.8	120.3	120.1	136.1	124.0
I. Cash and cash equivalents	38.6	68.1	116.8	83.0	46.5	56.8	78.3	74.5	52.8	31.2	46.1	35.1
1. Cash	24.6	31.7	84.5	43.1	20.7	23.0	44.6	32.3	27.1	16.4	26.4	12.9
2. Cash equivalents	14.0	36.4	32.4	39.9	25.8	33.8	33.8	42.3	25.7	14.7	19.7	22.2
II. Short-term financial investments	57.5	42.9	23.9	33.9	39.9	35.9	22.9	14.8	10.3	0.8	0.8	4.8
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	57.5	42.9	23.9	33.9	39.9	35.9	22.9	14.8	10.3	0.8	0.8	4.8
III. Short-term receivables	30.3	35.0	23.4	21.6	32.4	21.4	21.2	16.4	15.3	19.2	12.3	12.3
1. Short-term trade accounts receivable	8.1	18.4	9.5	8.6	8.0	11.4	10.9	8.7	8.0	10.0	6.4	6.2
2. Short-term prepayments to suppliers	19.0	15.5	14.0	9.0	19.4	6.9	7.7	5.5	5.0	7.7	4.7	4.6
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	5.0	2.8	1.7	5.8	6.6	4.8	4.3	3.9	3.9	3.0	2.8	3.1
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.6	-1.6	-1.5	-1.5	-1.6	-1.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	65.4	58.6	57.1	48.1	51.9	51.5	47.4	43.0	38.7	65.8	73.9	66.8
1. Inventories	67.0	60.2	58.1	49.2	52.9	52.5	48.3	44.0	39.6	73.0	82.4	75.3
2. Provision for decline in value of inventories	-1.6	-1.6	-1.0	-1.0	-1.0	-1.0	-0.9	-1.0	-0.9	-7.2	-8.6	-8.6
V. Other short-term assets	9.8	6.0	7.3	4.0	2.3	3.1	3.0	3.1	3.1	3.1	3.0	5.1
1. Short-term prepayments	2.6	2.7	4.1	2.0	2.1	2.4	2.7	3.0	3.0	2.1	2.0	3.7
2. Value added tax to be reclaimed	2.7	3.3	3.2	2.0	0.1	0.4	0.1	0.0	0.2	0.5	1.0	1.3
3. Taxes and other receivables from state authorities	4.5	0.0	0.0	0.0	0.0	0.3	0.1	0.0	0.0	0.5	0.0	0.0
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)	738.9	731.6	710.6	681.8	647.5	642.9	627.7	611.2	605.3	603.8	591.2	582.5
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.1
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.0	-0.0	-0.0
II. Fixed assets	654.6	645.5	622.9	606.0	577.1	576.8	559.4	555.8	551.6	530.1	533.0	538.4
1. Tangible fixed assets	654.3	645.2	622.6	605.7	576.8	576.4	559.1	555.4	551.2	529.8	532.6	538.0
- Cost	1,419.7	—	—	—	—	1,241.2	1,204.5	1,183.7	1,162.2	1,123.1	1,109.1	1,097.6
- Accumulated depreciation	-765.5	—	—	—	—	-664.8	-645.4	-628.3	-611.0	-593.3	-576.4	-559.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
- Cost	1.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.2	—	—	—	—	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	67.3	67.2	69.3	56.5	50.0	44.1	50.8	41.3	42.0	61.7	45.9	34.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	67.3	67.2	69.3	56.5	50.0	44.1	50.8	41.3	42.0	61.7	45.9	34.8
V. Long-term financial investments	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	2.1	2.1	0.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	1.2	1.2	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	16.1	18.0	17.5	18.5	19.5	21.1	16.6	13.2	10.7	9.7	10.1	8.3
1. Long-term prepayments	16.1	18.0	17.5	18.5	19.5	21.1	16.6	13.2	10.7	9.7	10.1	8.3
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)	940.5	942.1	939.0	872.4	820.4	811.5	800.5	763.0	725.6	723.9	727.3	706.5
A. LIABILITIES (300=210+330)	314.0	339.5	355.5	262.8	224.2	241.5	245.5	233.4	203.3	231.4	246.5	210.7
I. Short -term liabilities	152.8	176.7	204.9	159.8	122.4	142.1	150.5	137.5	90.4	120.2	143.1	110.9
1. Short-term trade accounts payable	10.8	14.3	12.4	21.1	9.0	18.7	15.1	12.2	8.1	15.8	14.6	13.3
2. Short-term advances from customers	0.7	2.6	2.7	2.9	0.5	0.4	2.6	6.5	0.8	0.6	1.0	1.9
3. Dividends and profits payable	1.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.7	7.9	7.6	9.0	9.0	7.3	10.0	11.6	10.9	10.6	11.4	9.8
4. Payable to employees	20.1	25.4	26.1	10.7	12.7	23.6	17.6	11.3	11.6	16.7	15.2	10.6
5. Short-term acrrued expenses	2.3	1.7	2.6	3.1	3.2	2.3	4.4	3.8	3.3	1.4	3.4	4.3
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	0.2	0.1	0.2	0.2	0.5
9. Other short-term payables	7.7	8.7	45.0	14.0	6.4	2.0	21.2	26.0	2.9	3.0	26.1	9.4
10. Short-term borrowings and financial leases	89.5	101.7	93.6	90.3	68.3	74.3	68.1	54.7	39.1	58.0	59.0	53.6
11. Provision for short-term liabilities	6.2	6.2	5.8	4.2	9.7	8.5	6.3	3.9	9.2	8.3	6.5	3.9
12.. Bonus and welfare fund	6.8	8.3	9.2	4.5	3.5	5.0	5.3	7.3	4.4	5.6	5.7	3.8
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	161.2	162.7	150.6	103.0	101.7	99.5	95.0	95.9	112.9	111.1	103.4	99.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.5	0.4	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.5	0.5
8. Long-term borrowings and financial leases	153.4	154.9	142.8	95.3	97.5	95.2	94.5	95.4	112.4	110.6	102.9	99.3
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	7.3	7.3	7.3	7.3	3.8	3.8	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)	626.5	602.7	583.5	609.6	596.2	570.0	555.0	529.7	522.3	492.5	480.8	495.7
I. Owner's equity	626.5	602.7	583.5	609.6	596.2	570.0	555.0	529.7	522.3	492.5	480.8	495.7
1. Owner's capital	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0
- Common stock with voting right	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	58.5	58.5	58.5	50.8	47.5	47.5	46.8	46.8	45.1	43.9	40.0	40.0
5. Treasury shares	-647,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00	-10,447,685.00
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	94.2	94.2	94.2	75.4	68.0	68.0	68.8	68.8	56.6	57.8	61.7	51.4
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	104.0	83.7	68.0	124.7	116.6	94.1	82.8	61.6	67.3	40.6	30.8	57.8
- Accumulated retained earning at the end of the previous period	83.6	9.7	9.7	80.4	92.9	0.0	0.0	0.0	40.6	0.1	0.1	40.6
- Undistributed earnings in this period	20.3	74.0	58.3	44.3	23.7	94.1	82.8	61.6	26.8	40.6	30.8	17.2
12. Reserves for investment in construction	—	—	—	0.3	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	83.0	79.5	76.1	71.6	76.9	73.2	69.5	65.7	66.4	63.4	61.5	59.7
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)	940.5	942.1	939.0	872.4	820.4	811.5	800.5	763.0	725.6	723.9	727.3	706.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	30.2	24.1	22.2	30.9	34.5	18.9	31.9	43.5	37.8	15.4	10.9	12.2
Depreciation of Fixed Assets and Investment Property	23.6	23.5	22.4	21.0	19.6	19.4	18.6	18.0	17.8	17.0	16.8	16.8
Provision (Increase)/Reversal	-3.1	4.1	1.5	-5.4	1.2	2.4	2.4	-5.1	-5.4	0.4	2.6	1.9
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	-2.2	-0.5	-1.0	-0.2	-0.6	-0.7	0.0	-0.1	-0.3	-0.6	0.1
Interest Expense	3.6	3.7	2.9	2.9	2.2	2.6	2.1	2.2	2.5	3.3	3.2	3.2
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	—	—	—	—	3.8	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	54.1	53.2	48.5	51.9	57.4	46.5	54.3	58.8	52.5	35.8	32.8	34.1
Increase/(Decrease) in Receivables	3.6	-14.8	-3.2	9.1	-10.6	-0.8	-5.7	-0.3	4.7	-6.1	0.4	2.3
Increase/(Decrease) in Inventory	-6.8	-2.0	-9.0	3.7	-0.4	-4.2	-4.3	-4.4	33.5	9.4	-7.1	-8.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.6	-3.3	-3.6	8.3	-23.3	-1.4	8.7	3.4	-11.7	-15.1	-0.4	6.2
Increase/(Decrease) in Prepaid Expenses	1.9	0.9	-1.1	1.2	1.9	-4.2	-2.5	-3.2	-1.9	0.4	-0.1	-0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.6	-3.7	-2.8	-2.9	-2.2	-2.6	-2.0	-2.3	-2.5	-3.3	-3.0	-3.3
Corporate Income Tax Paid	-7.2	-4.7	-6.0	-6.9	-5.7	-6.8	-8.2	-8.5	-8.1	-2.1	-1.3	-0.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.4	0.7	-0.7	-1.6	-1.5	-0.3	-4.1	1.2	-1.2	0.9	-0.9	-0.7
Net Cash Flow from Operating Activities	32.1	26.2	22.0	62.7	15.5	26.2	36.2	44.6	65.4	19.9	20.4	29.3
Payments for Fixed Assets and Other Long-term Assets	-34.5	-39.2	-42.5	-52.7	-18.4	-22.9	-32.9	-16.9	-18.3	-19.7	-16.9	-17.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-34.5	-19.0	-17.0	-8.0	-21.0	-15.0	-18.1	-4.5	-9.5	0.0	12.3	-12.3
Receipts from Loan Repayments and Sale of Debt Instruments	19.9	0.0	27.0	14.0	17.0	2.0	10.0	0.0	1.2	0.0	-9.5	12.6
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	0.2	0.5	0.7	0.8	0.2	0.6	0.7	-0.0	0.1	-0.4	0.7	-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	-49.0	-55.8	-31.8	-45.9	-22.1	-35.3	-40.3	-21.4	-26.6	-20.1	-13.5	-17.4
Proceeds from Equity Issuance and Capital Contributions	24,926,571.00	—	—	—	—	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	39.2	69.4	95.2	49.3	33.8	52.2	34.1	40.4	43.4	43.5	43.3	39.0
Repayment of Borrowings	-52.8	0.0	0.0	3.5	-37.5	-45.2	-21.6	-41.9	-60.5	-36.7	-34.3	-36.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	1.0	-39.4	-8.1	—	—	-19.4	-4.6	-0.0	-0.0	-21.4	-4.9	-0.1
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	-12.6	-19.2	43.6	19.7	-3.7	-12.4	7.9	-1.5	-17.2	-14.7	4.1	2.0
Net Cash Flow During the Period	-29.5	-48.7	33.8	36.5	-10.3	-21.5	3.8	21.7	21.7	-14.9	11.0	13.9
Cash and Cash Equivalents at Beginning of Period	68.1	116.8	83.0	46.5	56.8	31.2	31.2	31.2	31.2	41.0	41.0	41.0
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	38.6	68.1	116.8	83.0	46.5	56.8	78.3	74.5	52.8	31.2	46.1	35.1

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CTW

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Cash Flow