CTX

Tổng Công ty cổ phần Đầu tư Xây dựng và Thương mại Việt Nam ·UPCOM ·2026Q1

● Maintaining

Capital efficiency needs cycle context ROE 17.50%

Price

6,500

Latest close

04 Jun 2026

P/E 2.52x

P/B 0.53x

EPS 2,583

BVPS 12,197

ROE 18.3%

ROA 9.5%

Profit Margin 3.4%

Asset Turnover 2.76x

Equity Mult. 1.93x

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

What Is Changing

On a TTM 2026Q1 basis, CTX is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,012bn
	                                
+3461.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 206bn
	                                
+1785.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.71x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	5,999.2	160.6	336.6	183.9	95.2
Growth	+3636%	-52%	+83%	+93%	—
Net Income	196.8	11.3	35.7	5.7	0.1
Net Margin	3.28%	7.02%	10.61%	3.08%	0.10%

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	42.3	54.5	5,873.2	41.9	41.5	53.8	37.6	36.0	33.3	126.7	118.6	62.5
Growth	-22%	-99%	+13930%	+1%	-23%	+43%	+5%	+8%	-74%	+7%	+90%	—
Net Income	11.3	-19.8	216.2	-1.5	1.8	7.7	2.2	-0.8	2.3	6.5	19.6	10.7
Net Margin	26.73%	-36.37%	3.68%	-3.54%	4.42%	14.25%	5.90%	-2.16%	6.80%	5.12%	16.52%	17.09%

Drivers of CTX's profit

TTM

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

Gross profit ↑ 251.6bn

Financial income ↑ 24.9bn

Tax ↑ 73.4bn

TTM

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

Financial income ↑ 9.5bn

Gross profit ↑ 3.3bn

Administrative expenses ↑ 1.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.1% = 6.5% × 0.09 × 1.91

2026Q1 18.3% = 3.4% × 2.76 × 1.93

ROE rose from 1.1% to 18.3% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 3.4% -3.0pp Asset turnover: 2.76x +2.67x Leverage: 1.93x +0.03x

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 3.43%, losing 3.0pp. The main pressure is Gross margin fell 23.7pp, outweighing the improvement in SG&A / Revenue fell 27.5pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 7.7pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 3.43% −3.0pp

Gross Margin 4.99% −23.7pp

SG&A / Revenue 0.66% −27.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 17.5% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 17.50%, rising 17.4pp. That translates to 17.50 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.9pp and capital turnover rose 4.95x, while invested capital rose by 85bn — capital-return quality improved from both sides.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 17.50% +17.4pp

NOPAT Margin 3.43% +2.9pp

Capital Turnover 5.10x +4.95x

Average Invested Capital 1,178.7bn +84.9bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.05x equity, net debt at 0.03x equity.

Over the last 12 months, working capital absorbed 117.8bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −137.5bn

Inventories decreased → higher CFO: +9.9bn

Payables increased → higher CFO: +9.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 196.4 days versus the same period last year. The main moves came from DIO fell 346.9 days, DSO fell 355.2 days, and DPO fell 505.7 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables 10.3 days −355.2 days

Inventory 6.9 days −346.9 days

Payables 12.6 days −505.7 days

Cash Conversion Cycle 4.7 days −196.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 5,370.6bn due to capex of 5,223.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.03x and interest coverage at 95.27x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 78.6% of debt, and total debt stands at 174.7bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

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 0.03x −0.04x

Interest Coverage 95.27x —

Cash / Debt 78.6% +24.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.71x −8.84x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 39.7bn in 2025, against investing cash flow of 30.6bn.

Post-investment cash flow was positive +70.3bn. Financing cash flow was positive +98.4bn.

CFO / net income was -0.71x.

After spending +5,223.7bn on fixed-asset investment, the business generated trailing free cash flow of −5,370.6bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 146.9bn −236.3bn

Cash Capex 5,223.7bn +5,135.7bn

FCF TTM −5,370.6bn −5,371.9bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at -0.71x. The next item to monitor is capital efficiency, with ROIC at 17.5%. The main risk still sits in core profitability, with net margin down 3.0 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.71x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 3.43% after a 3.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,999.2	160.6	336.6	183.9	95.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	5,999.2	160.6	336.6	183.9	95.2
Cost of Goods Sold	5,702.4	111.6	223.6	145.2	0.0
Gross Profit	296.8	49.0	113.0	38.8	-7.7
Financial Income	15.9	1.4	2.0	1.4	1.0
Financial Expenses	1.1	0.4	0.2	0.0	0.0
Interest Expense	1.2	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	6.8	13.8	18.9	7.5	-2.8
General and Administrative Expenses	31.7	34.9	50.3	27.6	-18.2
Operating Profit	273.1	1.3	45.5	5.0	-27.8
Other Income	0.8	13.5	0.1	2.4	0.0
Other Expenses	1.2	0.5	0.4	0.9	0.0
Other Profit	-0.3	12.9	-0.3	1.5	29.2
Profit Before Tax	272.7	14.2	45.2	6.5	1.4
Current Income Tax Expense	75.9	2.9	9.5	0.8	-1.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	196.8	11.3	35.7	5.7	0.1
Non-controlling Interest	0.0	-0.1	-0.1	-0.4	-0.1
Profit Attributable to Parent	196.8	11.3	35.8	6.1	0.2
Earnings per Share	2,494.00	144.00	453.00	77.00	2.40
Diluted EPS	2,494.13	143.78	453.44	77.35	2.40

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,344.2	524.7	589.6	768.9	660.9
I. Cash and cash equivalents	261.4	92.7	108.0	45.1	38.8
1. Cash	141.4	92.7	50.0	45.1	0.0
2. Cash equivalents	120.0	0.0	58.0	0.0	0.0
II. Short-term financial investments	640.1	0.1	45.2	0.2	0.0
1. Available for sale securities	2.5	2.5	2.5	2.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.4	-2.4	-2.3	-2.3	0.0
3. Held to maturity investments	640.0	0.0	45.0	0.0	0.0
III. Short-term receivables	311.2	297.0	289.2	521.9	413.1
1. Short-term trade accounts receivable	172.1	180.6	186.7	309.7	0.0
2. Short-term prepayments to suppliers	161.8	157.8	134.9	282.0	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	34.0	0.0
6. Other short-term receivables	141.6	123.7	132.8	37.5	0.0
7. Provision for short-term doubtful debts (*)	-164.2	-165.2	-165.2	-141.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.1	0.0
IV. Inventories	102.4	113.0	118.3	162.0	167.6
1. Inventories	102.4	113.0	118.3	162.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	29.0	21.9	28.9	39.8	41.2
1. Short-term prepayments	2.3	0.5	3.4	0.9	0.0
2. Value added tax to be reclaimed	25.1	19.5	23.4	35.7	0.0
3. Taxes and other receivables from state authorities	1.7	1.9	2.1	3.2	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)	1,162.8	1,405.8	1,376.5	1,461.9	1,455.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	349.4	381.7	413.2	432.7	480.9
1. Tangible fixed assets	336.8	368.9	399.9	419.0	466.9
- Cost	530.1	531.9	531.3	525.1	0.0
- Accumulated depreciation	-193.3	-163.0	-131.4	-106.1	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	12.6	12.7	13.3	13.7	14.1
- Cost	18.4	17.9	17.9	17.9	0.0
- Accumulated depreciation	-5.8	-5.2	-4.6	-4.2	0.0
III. Investment properties	43.8	39.8	42.1	158.4	142.9
- Cost	75.5	69.1	69.1	197.8	0.0
- Accumulated depreciation	-31.7	-29.4	-27.1	-39.4	0.0
IV. Long-term assets in progress	762.3	976.5	915.4	861.3	826.9
1. Long-term production in progress	128.6	127.4	126.1	124.8	0.0
2. Construction in progress	633.7	849.1	789.3	736.5	0.0
V. Long-term financial investments	1.4	1.3	1.6	1.6	1.6
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	12.0	12.0	12.0	12.0	0.0
4. Provision for diminution in value of long-term investments	-10.6	-10.7	-10.4	-10.4	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	6.0	6.5	4.2	7.8	0.0
1. Long-term prepayments	6.0	6.5	4.2	7.8	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	3.4
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)	2,507.0	1,930.5	1,966.1	2,230.9	2,116.7
A. LIABILITIES (300=210+330)	1,284.7	905.0	948.9	1,249.4	1,129.2
I. Short -term liabilities	968.8	748.2	775.0	1,056.1	949.0
1. Short-term trade accounts payable	164.3	169.7	201.3	283.3	239.0
2. Short-term advances from customers	58.4	55.5	53.3	290.7	58.0
3. Taxes and other payables to state authorities	81.0	4.5	10.7	2.6	0.0
4. Payable to employees	7.9	7.3	6.3	5.7	0.0
5. Short-term acrrued expenses	266.7	228.5	232.5	250.5	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	5.2	4.1	4.2	7.2	93.6
9. Other short-term payables	133.5	125.9	114.8	64.6	0.0
10. Short-term borrowings and financial leases	246.6	148.2	148.2	148.2	214.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.3	4.5	3.9	3.3	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	315.9	156.8	173.9	193.3	180.2
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	301.9	141.6	140.6	139.6	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	10.5	13.6	16.8	19.3	0.0
7. Other long-term liabilities	3.6	1.5	3.3	1.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.9
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	13.2	33.3	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)	1,222.3	1,025.5	1,017.2	981.5	987.5
I. Owner's equity	1,222.3	1,025.5	1,017.2	981.5	0.0
1. Owner's capital	789.1	789.1	789.1	789.1	987.5
- Common stock with voting right	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1	0.1	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	424.1	227.3	216.0	180.2	183.8
- Accumulated retained earning at the end of the previous period	227.3	216.0	180.2	174.1	183.6
- Undistributed earnings in this period	196.8	11.3	35.8	6.1	0.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	9.0	9.0	12.1	12.1	14.5
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,507.0	1,930.5	1,966.1	2,230.9	2,116.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	272.7	14.2	45.2	6.5	1.4
Depreciation of Fixed Assets and Investment Property	34.8	34.5	32.3	33.3	33.7
Provision (Increase)/Reversal	-1.0	-12.8	23.8	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-260.7	-1.4	-1.8	-1.4	0.0
Interest Expense	1.2	0.0	0.0	0.0	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	47.0	34.5	99.5	38.4	33.0
Increase/(Decrease) in Receivables	-11.5	-4.1	220.2	95.0	0.0
Increase/(Decrease) in Inventory	9.4	4.0	152.2	21.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.0	-26.2	-307.4	-28.4	0.0
Increase/(Decrease) in Prepaid Expenses	-1.2	0.5	1.2	-4.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.9	-7.5	-2.9	-2.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	39.7	1.2	162.7	120.3	134.5
Payments for Fixed Assets and Other Long-term Assets	-5,188.2	-60.4	-59.0	-37.7	-153.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	5,850.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-640.0	0.0	-45.0	-4.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	45.0	0.1	0.0	56.8
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	8.8	1.8	4.2	1.4	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	30.6	-13.5	-99.8	-40.7	-95.5
Proceeds from Equity Issuance and Capital Contributions	—	-2,987,500,000.00	0.00	-720,007,481.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	146.6	0.0	0.0	0.0	0.9
Repayment of Borrowings	-48.2	0.0	0.0	-66.6	-57.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-0.1
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	98.4	-3.0	0.0	-67.3	-56.6
Net Cash Flow During the Period	168.7	-15.3	63.0	12.3	9.0
Cash and Cash Equivalents at Beginning of Period	92.7	108.0	45.1	32.7	56.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	261.4	92.7	108.0	45.1	38.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	42.3	54.5	5,873.2	41.9	41.5	53.8	37.6	36.0	33.3	126.7	118.6	62.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	42.3	54.5	5,873.2	41.9	41.5	53.8	37.6	36.0	33.3	126.7	118.6	62.5
Cost of Goods Sold	27.1	75.5	5,575.9	33.4	29.5	43.7	21.6	25.5	20.5	69.9	85.7	44.5
Gross Profit	15.3	-21.0	297.3	8.5	12.0	10.0	16.0	10.5	12.8	56.8	32.8	18.0
Financial Income	9.5	9.6	6.3	0.0	0.0	0.0	0.0	0.4	0.9	-0.9	0.2	0.6
Financial Expenses	1.9	1.1	0.1	-0.0	—	-0.2	0.6	0.0	0.0	0.2	0.0	0.0
Interest Expense	1.9	1.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.5	1.4	1.8	1.9	1.7	1.3	3.3	4.3	1.9	7.7	6.5	1.5
General and Administrative Expenses	9.0	9.9	6.6	7.5	7.7	12.6	9.3	7.2	9.1	31.8	7.0	6.5
Operating Profit	12.4	-23.8	295.1	-0.9	2.7	-3.7	2.8	-0.7	2.8	16.2	19.6	10.7
Other Income	0.4	0.3	0.8	0.0	0.0	13.2	0.1	0.0	0.1	0.1	0.0	0.1
Other Expenses	0.2	0.3	0.4	0.6	0.2	0.2	0.0	0.1	0.1	0.3	0.0	0.1
Other Profit	0.2	-0.0	0.4	-0.6	-0.1	13.0	0.1	-0.1	0.0	-0.2	0.0	-0.0
Profit Before Tax	12.6	-23.9	295.5	-1.5	2.6	9.3	2.9	-0.7	2.8	16.0	19.6	10.7
Current Income Tax Expense	1.3	-4.0	79.3	-0.0	0.7	1.7	0.7	0.0	0.6	9.5	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.3	-19.8	216.2	-1.5	1.8	7.7	2.2	-0.8	2.3	6.5	19.6	10.7
Non-controlling Interest	-0.0	0.1	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	11.3	-19.9	216.2	-1.4	1.8	7.7	2.2	-0.8	2.3	6.5	19.6	10.7
Earnings per Share	113.00	-252.00	2,740.00	-18.00	23.00	98.00	28.00	-10.00	29.00	82.00	248.00	136.00
Diluted EPS	113.00	-252.01	2,740.35	-18.07	23.23	97.62	28.11	-9.67	28.85	82.50	248.29	135.57

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)	1,152.8	1,331.1	1,170.2	464.3	511.3	526.4	549.0	554.7	571.1	737.3	784.5	739.6
I. Cash and cash equivalents	137.4	261.4	35.8	29.2	80.1	92.7	75.2	110.1	75.4	50.7	108.3	46.9
1. Cash	37.4	141.4	35.8	29.2	80.1	92.7	75.2	110.1	75.4	50.7	108.3	46.9
2. Cash equivalents	100.0	120.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	439.9	640.1	785.2	0.2	0.1	0.1	0.1	0.2	45.2	103.2	0.2	0.2
1. Available for sale securities	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
2. Provision for diminution in value of available for sale securities (*)	-2.4	-2.4	-2.4	-2.4	-2.4	-2.4	-2.4	-2.3	-2.3	-2.3	-2.3	-2.3
3. Held to maturity investments	439.8	640.0	785.0	—	—	0.0	0.0	0.0	45.0	103.0	0.0	0.0
III. Short-term receivables	437.3	297.5	225.7	306.0	294.4	297.8	331.9	304.6	301.6	441.0	490.2	495.9
1. Short-term trade accounts receivable	162.3	160.6	146.6	181.1	178.2	184.0	185.6	156.3	159.9	150.7	227.1	223.6
2. Short-term prepayments to suppliers	282.8	165.3	104.0	169.7	156.7	161.3	148.9	174.1	165.6	159.5	214.2	204.7
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	156.4	135.8	140.5	120.6	124.8	117.7	162.5	139.3	141.3	296.0	190.4	209.0
7. Provision for short-term doubtful debts (*)	-164.2	-164.2	-165.5	-165.5	-165.2	-165.2	-165.1	-165.2	-165.2	-165.2	-141.4	-141.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	102.3	102.4	102.2	102.3	113.3	113.0	117.7	115.1	119.9	116.0	150.8	158.6
1. Inventories	102.3	102.4	102.2	102.3	113.3	113.0	117.7	115.1	119.9	116.0	150.8	158.6
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	35.9	29.7	21.4	26.7	23.4	22.9	24.0	24.8	29.0	26.4	35.0	38.0
1. Short-term prepayments	2.0	2.6	2.4	1.2	0.2	0.4	0.5	0.4	2.9	1.6	0.6	0.5
2. Value added tax to be reclaimed	32.2	25.3	17.2	23.5	21.2	20.6	20.9	22.4	23.6	22.4	32.7	34.6
3. Taxes and other receivables from state authorities	1.7	1.7	1.7	1.9	1.9	1.9	2.6	2.0	2.5	2.4	1.7	2.9
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)	1,251.9	1,165.8	1,080.4	6,456.6	1,439.7	1,405.7	1,407.5	1,402.1	1,384.9	1,452.8	1,452.4	1,484.0
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	341.5	349.4	359.5	365.7	373.6	381.7	394.9	401.0	407.1	413.4	419.6	426.1
1. Tangible fixed assets	329.1	337.3	347.2	353.3	361.1	368.9	381.9	387.9	393.9	400.1	406.2	412.6
- Cost	530.0	—	—	—	—	531.9	531.4	531.4	531.4	531.3	531.3	531.3
- Accumulated depreciation	-200.9	—	—	—	—	-163.0	-149.6	-143.5	-137.5	-131.2	-125.2	-118.7
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	12.4	12.1	12.3	12.4	12.6	12.7	13.0	13.1	13.2	13.3	13.4	13.5
- Cost	18.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	43.2	43.8	38.0	38.6	39.2	39.8	40.3	40.9	41.5	42.1	104.7	147.5
- Cost	75.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-32.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	840.2	764.6	676.6	6,039.9	1,018.8	976.3	966.1	953.2	929.5	948.3	886.5	881.0
1. Long-term production in progress	128.6	128.6	128.2	128.2	127.5	127.4	126.6	126.5	125.8	126.1	125.3	125.2
2. Construction in progress	711.6	636.1	548.4	5,911.7	891.3	848.8	839.5	826.7	803.8	822.3	761.3	755.8
V. Long-term financial investments	20.4	1.4	1.3	1.3	1.3	1.3	1.1	1.6	1.6	1.6	1.6	1.6
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	31.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0
4. Provision for diminution in value of long-term investments	—	-10.6	-10.7	-10.7	-10.7	-10.7	-10.9	-10.4	-10.4	-10.4	-10.4	-10.4
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Provision for long-term investments held to maturity (*)	-10.6	—	—	—	—	—	—	—	—	—	—	—
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.6	6.7	4.9	11.1	6.8	6.7	5.1	5.3	5.0	47.3	40.0	27.7
1. Long-term prepayments	6.6	6.7	4.9	11.1	6.8	6.7	5.1	5.3	5.0	47.3	40.0	27.7
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	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,404.7	2,496.9	2,250.6	6,920.9	1,951.0	1,932.2	1,956.5	1,956.8	1,956.0	2,190.2	2,236.9	2,223.5
A. LIABILITIES (300=210+330)	1,171.0	1,274.9	1,008.5	5,895.1	923.7	906.6	938.6	938.1	936.5	1,173.0	1,226.2	1,232.4
I. Short -term liabilities	804.6	959.9	749.0	5,738.5	767.2	749.6	768.4	764.5	764.6	996.7	1,031.5	1,037.4
1. Short-term trade accounts payable	209.9	206.5	168.6	198.5	183.3	174.3	190.1	162.0	158.3	204.4	249.0	244.3
2. Short-term advances from customers	63.6	61.2	59.1	61.7	59.1	63.0	58.7	95.7	90.3	152.8	167.3	152.7
3. Dividends and profits payable	2.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.3	80.7	83.8	4.1	3.1	4.5	3.7	2.5	5.4	10.3	12.1	5.2
4. Payable to employees	6.1	7.9	6.9	6.7	5.9	7.3	6.2	5.8	5.9	6.5	5.5	4.8
5. Short-term acrrued expenses	253.5	256.2	256.3	205.2	217.7	219.2	236.9	236.0	237.3	256.7	256.2	257.8
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	14.4	5.4	6.4	4.6	6.6	3.7	4.4	1.0	3.2	42.9	35.9	23.2
9. Other short-term payables	68.3	95.6	18.9	5,109.6	143.4	129.3	120.4	113.2	116.1	174.8	157.4	201.2
10. Short-term borrowings and financial leases	174.7	246.6	148.8	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	366.4	314.9	259.5	156.6	156.5	157.0	170.2	173.7	171.9	176.3	194.7	195.0
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	305.0	303.7	248.3	144.5	143.7	143.1	142.6	142.1	141.9	141.9	141.0	140.4
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	10.5	11.3	11.3	12.1	12.8	13.9	14.4	18.4	16.8	21.2	20.4	21.2
7. Other long-term liabilities	50.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	13.2	13.2	13.2	13.2	33.4	33.4
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)	1,224.6	1,222.0	1,242.1	1,025.8	1,027.3	1,025.6	1,017.9	1,018.7	1,019.5	1,017.2	1,010.7	991.2
I. Owner's equity	1,224.6	1,222.0	1,242.1	1,025.8	1,027.3	1,025.6	1,017.9	1,018.7	1,019.5	1,017.2	1,010.7	991.2
1. Owner's capital	1,004.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1	789.1
- Common stock with voting right	1,004,067,400,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00	789,072,760,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	220.5	424.1	444.0	227.7	229.1	227.4	219.7	217.5	218.2	215.9	209.5	189.9
- Accumulated retained earning at the end of the previous period	209.1	227.3	227.3	227.3	227.3	216.0	216.0	216.0	216.0	180.2	180.2	180.2
- Undistributed earnings in this period	11.3	196.8	216.6	0.4	1.8	11.4	3.7	1.5	2.3	35.8	29.3	9.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	8.8	8.9	8.9	9.0	9.0	9.0	12.0	12.0	12.1	12.1	12.1
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	9.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,404.7	2,496.9	2,250.6	6,920.9	1,951.0	1,932.2	1,956.5	1,956.8	1,956.0	2,190.2	2,236.9	2,223.5

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	12.6	-23.8	295.5	-1.5	2.6	9.3	2.9	-0.7	2.8	16.0	19.6	10.6
Depreciation of Fixed Assets and Investment Property	8.4	16.3	1.3	8.6	8.6	14.3	6.7	6.7	6.7	15.3	0.3	8.6
Provision (Increase)/Reversal	—	-1.3	0.0	0.2	—	-0.1	0.5	0.0	0.0	23.8	-0.4	0.4
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	-9.5	35.0	-295.6	-0.0	-0.0	-0.0	-0.1	-0.4	-0.9	-0.4	-0.2	-0.6
Interest Expense	1.9	1.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	13.3	27.4	1.2	7.3	11.1	23.5	10.0	5.6	8.6	54.6	19.3	19.0
Increase/(Decrease) in Receivables	-127.0	-85.5	79.7	-4.7	-1.0	35.0	-47.6	61.0	-57.5	184.1	7.9	-34.5
Increase/(Decrease) in Inventory	0.2	-1.4	0.8	10.3	-0.3	4.8	0.2	1.0	-0.6	140.9	4.5	2.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	31.6	3.5	-4,933.0	4,907.5	20.9	-34.1	20.3	-17.1	-7.5	-281.6	25.1	11.3
Increase/(Decrease) in Prepaid Expenses	-0.3	-1.0	-0.8	0.5	0.0	-1.5	0.1	2.3	-0.4	32.9	-35.1	8.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Corporate Income Tax Paid	-75.0	0.0	0.0	0.0	-2.9	0.0	0.4	-2.3	-5.6	0.8	-3.4	-0.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-158.8	-57.0	-4,852.0	4,920.9	27.7	27.6	-16.5	50.5	-62.9	131.7	18.3	6.6
Payments for Fixed Assets and Other Long-term Assets	-77.8	36.8	-212.7	-4,970.0	-42.2	-10.2	-18.5	-17.2	-15.0	-89.9	42.8	2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.8	5,850.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	145.0	-785.0	—	—	0.0	0.0	-45.0	45.0	-45.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	200.2	—	—	—	—	0.0	0.0	45.0	0.0	0.1	0.0	0.0
Investments in Other Entities	-19.0	—	—	—	—	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	3.3	3.8	4.9	-1.8	1.9	0.1	0.1	1.4	0.3	2.8	0.3	0.5
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	106.7	184.7	4,858.0	-4,971.8	-40.4	-10.1	-18.4	-15.8	30.3	-132.0	43.1	2.8
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	228.1	97.8	48.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-300.0	0.0	-48.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-71.8	97.8	0.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-124.0	225.5	6.6	-50.9	-12.6	17.5	-34.9	34.7	-32.6	-0.3	61.5	9.4
Cash and Cash Equivalents at Beginning of Period	261.4	35.8	29.2	80.1	92.7	108.0	108.0	108.0	108.0	45.1	45.1	45.1
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	137.4	261.4	35.8	29.2	80.1	92.7	75.2	110.1	75.4	108.0	108.3	46.9

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CTX

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