CVT

CMC ·HOSE ·2026Q1

▼ Slightly negative

Capital efficiency remains weak ROE 1.48%, −1.16pp YoY

Price

28,300

Latest close

29 May 2026

P/E 19.06x

P/B 1.01x

EPS 1,485

BVPS 28,125

ROE 5.4%

ROA 1.7%

Profit Margin 2.4%

Asset Turnover 0.71x

Equity Mult. 3.12x

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

What Is Changing

On a TTM 2026Q1 basis, CVT posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,239bn
	                                
+18.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 55bn
	                                
−13.6%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    40.3%

Metric	2025	2024	2023	2022	2021
Revenue	2,114.5	1,711.8	1,831.8	2,021.5	1,435.9
Growth	+24%	-7%	-9%	+41%	—
Net Income	50.0	59.8	40.6	94.9	93.6
Net Margin	2.36%	3.49%	2.22%	4.70%	6.52%

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	595.3	529.3	521.3	593.4	470.4	528.8	456.5	431.7	294.9	436.8	541.0	497.6
Growth	+12%	+2%	-12%	+26%	-11%	+16%	+6%	+46%	-32%	-19%	+9%	—
Net Income	12.5	-2.3	22.8	21.5	21.0	-6.5	26.0	22.5	17.7	-14.2	17.9	36.4
Net Margin	2.09%	-0.44%	4.38%	3.63%	4.46%	-1.22%	5.70%	5.22%	6.01%	-3.26%	3.31%	7.32%

Drivers of CVT's profit

TTM

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

Other profit ↑ 41.2bn

Finance costs ↓ 20.1bn

Administrative expenses ↓ 11.5bn

Gross profit ↓ 46.9bn

Selling expenses ↑ 17.9bn

Tax ↑ 11.7bn

TTM

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

Administrative expenses ↓ 3.0bn

Gross profit ↓ 10.0bn

Selling expenses ↑ 2.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.6% = 3.3% × 0.61 × 3.24

2026Q1 5.4% = 2.4% × 0.71 × 3.12

ROE fell from 6.6% to 5.4% — leverage weakened the most, though asset turnover still provided support.

Net margin: 2.4% -0.9pp Asset turnover: 0.71x +0.10x Leverage: 3.12x -0.12x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 2.43%, falling 0.9pp. The main pressure is Gross margin fell 4.2pp, outweighing the improvement in SG&A / Revenue fell 0.8pp (with additional support from Other profit / Revenue rose 1.9pp and Net financial result / Revenue rose 0.9pp).

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

Profitability trend

Net Margin 2.43% −0.9pp

Gross Margin 9.47% −4.2pp

SG&A / Revenue 6.31% −0.8pp

Non-core / Revenue 0.94% +2.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 40.3% of PBT and lifted net margin by 2.8pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC narrowed to 1.48%, falling 1.2pp. That translates to 1.48 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.1pp, outweighing the movement in capital turnover; while invested capital contracted by 308bn.

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

Watchpoints

ROIC remains low

ROIC is currently 1.48% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.48% −1.2pp

NOPAT Margin 1.45% −2.1pp

Capital Turnover 1.02x +0.27x

Average Invested Capital 2,200.7bn −308.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.09x equity, net debt at 1.01x equity.

Inventory ended the period at 808.6bn, roughly 25.7% of total assets.

Over the last 12 months, working capital released 129.0bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −6.5bn

Inventories increased → lower CFO: −181.6bn

Payables increased → higher CFO: +317.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.8 days versus the same period last year. The main moves came from DIO fell 5.8 days, DSO fell 14.6 days, and DPO fell 12.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 129.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 32.8 days −14.6 days

Inventory 129.1 days −5.8 days

Payables 32.2 days −12.6 days

Cash Conversion Cycle 129.6 days −7.8 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.01x and interest coverage only at 0.40x.

At present, short-term debt accounts for 98.1% of total debt, cash equals 28.3% of debt, and total debt stands at 1,447.8bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.01x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.40x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.01x −0.35x

Interest Coverage 0.40x −0.19x

Cash / Debt 28.3% +12.8pp

Short-term Debt / Total Debt 98.1% +26.2pp

CFO / NI 3.12x −0.15x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 100.8bn in 2025, against investing cash flow of 270.9bn.

Post-investment cash flow was positive +371.6bn. Financing cash flow was negative +323.5bn.

CFO / net income was 3.12x.

After spending +26.5bn on fixed-asset investment, the business generated trailing free cash flow of +143.6bn.

Cash Conversion

CFO TTM 170.0bn −36.4bn

Cash Capex 26.5bn −32.0bn

FCF TTM +143.6bn −4.5bn

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 next item to monitor is the earnings mix, when non-core contribution is -17.4%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.5%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.12x. Even so, net financial result still accounts for -17.4% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,246.1	1,872.3	2,002.5	2,065.2	1,511.9
Revenue Deductions	131.6	160.4	170.7	43.6	0.0
Net Revenue	2,114.5	1,711.8	1,831.8	2,021.5	1,435.9
Cost of Goods Sold	1,892.3	1,448.4	1,525.4	1,679.2	0.0
Gross Profit	222.2	263.4	306.4	342.3	235.6
Financial Income	105.6	125.7	125.0	99.4	15.8
Financial Expenses	137.7	165.9	207.7	182.0	-57.7
Interest Expense	131.0	155.6	193.3	161.7	-50.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	81.9	66.2	83.2	75.2	-27.8
General and Administrative Expenses	60.2	68.7	75.5	60.1	-54.1
Operating Profit	47.8	88.3	65.1	124.5	111.9
Other Income	54.6	4.9	1.1	0.2	0.0
Other Expenses	18.2	8.6	3.7	0.2	0.0
Other Profit	36.4	-3.7	-2.6	-0.0	5.6
Profit Before Tax	84.2	84.5	62.5	124.5	117.5
Current Income Tax Expense	34.3	24.7	21.8	29.5	-23.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	50.0	59.8	40.6	94.9	93.6
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	50.0	59.8	40.6	94.9	93.6
Earnings per Share	1,362.00	1,630.00	1,107.00	2,588.00	2,401.00
Diluted EPS	1,362.00	1,630.00	1,107.00	2,588.00	2,550.48

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,533.8	2,588.7	2,371.4	2,337.2	1,666.6
I. Cash and cash equivalents	360.2	312.1	169.3	173.6	85.7
1. Cash	34.9	46.1	57.9	73.6	0.0
2. Cash equivalents	325.4	266.0	111.3	100.0	0.0
II. Short-term financial investments	53.0	44.2	24.8	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	53.0	44.2	24.8	0.0	0.0
III. Short-term receivables	1,300.5	1,493.0	1,540.8	1,456.0	86.0
1. Short-term trade accounts receivable	182.3	224.9	245.9	80.1	0.0
2. Short-term prepayments to suppliers	148.7	180.7	164.6	291.9	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	150.0	0.0
6. Other short-term receivables	981.3	1,093.9	1,132.5	935.8	0.0
7. Provision for short-term doubtful debts (*)	-11.8	-6.4	-2.2	-1.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	808.6	734.0	627.9	670.6	498.6
1. Inventories	827.8	739.4	633.9	677.4	0.0
2. Provision for decline in value of inventories	-19.2	-5.4	-6.0	-6.9	0.0
V. Other short-term assets	11.5	5.4	8.6	37.0	4.4
1. Short-term prepayments	7.7	4.6	6.3	2.3	0.0
2. Value added tax to be reclaimed	3.8	0.8	1.2	22.2	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	1.1	12.5	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)	616.0	745.8	940.3	1,035.3	764.0
I. Long-term receivables	—	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
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	583.2	681.1	797.7	908.3	684.3
1. Tangible fixed assets	578.3	674.8	791.8	905.2	684.3
- Cost	1,774.0	2,051.3	2,057.9	2,036.5	0.0
- Accumulated depreciation	-1,195.7	-1,376.5	-1,266.1	-1,131.3	0.0
2. Financial leased fixed assets	2.3	3.3	2.7	3.1	0.0
- Cost	4.2	4.4	3.3	3.3	0.0
- Accumulated depreciation	-1.9	-1.0	-0.6	-0.1	0.0
3. Intangible fixed assets	2.6	2.9	3.2	0.0	0.0
- Cost	3.4	3.4	3.4	0.0	0.0
- Accumulated depreciation	-0.8	-0.5	-0.1	0.0	0.0
III. Investment properties	—	0.0	30.7	31.2	0.0
- Cost	—	0.0	31.8	31.8	0.0
- Accumulated depreciation	—	0.0	-1.1	-0.5	0.0
IV. Long-term assets in progress	17.1	36.5	63.9	43.3	32.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	17.1	36.5	63.9	43.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	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	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	15.7	28.3	47.9	52.4	0.0
1. Long-term prepayments	15.7	28.3	47.9	52.4	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	47.7
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)	3,149.9	3,334.6	3,311.7	3,372.5	2,430.6
A. LIABILITIES (300=210+330)	2,130.2	2,364.0	2,400.2	2,500.8	1,653.6
I. Short -term liabilities	1,495.1	1,681.9	1,381.8	1,318.8	924.4
1. Short-term trade accounts payable	196.9	242.8	288.4	358.1	173.7
2. Short-term advances from customers	4.1	3.1	2.4	29.2	4.5
3. Taxes and other payables to state authorities	40.4	47.0	39.8	29.9	0.0
4. Payable to employees	10.9	10.8	9.5	27.5	0.0
5. Short-term acrrued expenses	36.8	46.1	42.3	46.1	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	33.1	84.3	166.3	215.4	0.0
10. Short-term borrowings and financial leases	1,172.9	1,247.8	833.2	612.6	593.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	635.1	682.2	1,018.3	1,182.0	729.3
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	407.5	212.0	0.0	7.5	0.0
8. Long-term borrowings and financial leases	227.6	470.2	1,018.3	1,174.5	729.3
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,019.7	970.5	911.5	871.7	776.9
I. Owner's equity	1,016.9	966.9	907.1	866.5	0.0
1. Owner's capital	366.9	366.9	366.9	366.9	770.9
- Common stock with voting right	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	14.9	14.9	14.9	14.9	14.9
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	71.2	71.2	71.2	71.2	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	563.8	513.8	454.0	413.4	317.8
- Accumulated retained earning at the end of the previous period	513.8	454.0	413.4	318.4	224.2
- Undistributed earnings in this period	50.0	59.8	40.6	94.9	93.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.1	0.1	0.1	0.1	0.1
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	2.8	3.6	4.5	5.3	6.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	2.8	3.6	4.5	5.3	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,149.9	3,334.6	3,311.7	3,372.5	2,430.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	84.2	84.5	62.5	124.5	0.0
Depreciation of Fixed Assets and Investment Property	113.9	117.1	136.0	145.8	26.8
Provision (Increase)/Reversal	19.2	3.6	-0.5	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	-0.2	0.3	0.1	0.0
Gain/Loss from Investment Activities	-159.8	-125.3	-124.0	-99.0	0.0
Interest Expense	137.0	165.8	206.9	161.7	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	195.0	245.7	281.1	333.0	0.0
Increase/(Decrease) in Receivables	79.1	131.1	-32.4	-338.2	0.0
Increase/(Decrease) in Inventory	-91.4	-105.5	43.5	-171.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	76.9	154.0	-129.0	261.5	0.0
Increase/(Decrease) in Prepaid Expenses	9.5	21.4	0.4	-37.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-143.6	-158.2	-197.1	-144.5	0.0
Corporate Income Tax Paid	-24.7	-21.8	-29.1	-24.5	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	100.8	266.7	-62.5	-121.5	147.1
Payments for Fixed Assets and Other Long-term Assets	-29.5	-9.1	-72.1	-258.5	-220.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	100.0	39.6	1.1	0.0	0.0
Loans and Purchases of Debt Instruments	-145.6	-1,211.4	-1,437.0	-1,294.4	-1,386.0
Receipts from Loan Repayments and Sale of Debt Instruments	252.9	1,096.7	1,391.2	1,287.0	461.0
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	93.0	95.0	125.3	29.6	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	270.9	10.7	8.4	-236.3	-1,138.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	100,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,941.4	1,649.4	1,575.3	1,969.8	2,034.1
Repayment of Borrowings	-2,263.2	-1,783.8	-1,525.0	-1,524.1	-1,039.5
Repayment of Finance Leases	-1.7	-0.3	-0.6	0.0	0.0
Dividends Paid	-0.0	0.0	0.0	0.0	-72.1
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	-323.5	-134.7	49.7	445.7	922.6
Net Cash Flow During the Period	48.1	142.7	-4.4	87.9	56.3
Cash and Cash Equivalents at Beginning of Period	312.1	169.3	173.6	85.7	154.6
FX Difference from Revaluation	0.0	0.1	0.1	-0.0	0.0
Cash and Cash Equivalents at End of Period	360.2	312.1	169.3	173.6	85.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	618.6	562.2	562.5	634.7	486.7	585.6	512.5	455.3	318.9	519.6	604.4	497.6
Revenue Deductions	23.3	32.9	41.2	41.3	16.3	56.8	56.0	23.6	24.0	82.8	63.4	0.0
Net Revenue	595.3	529.3	521.3	593.4	470.4	528.8	456.5	431.7	294.9	436.8	541.0	497.6
Cost of Goods Sold	538.3	511.8	443.7	533.3	403.5	482.9	387.6	354.4	223.5	386.8	442.5	412.2
Gross Profit	57.0	17.5	77.6	60.1	67.0	45.9	68.9	77.3	71.4	50.0	98.5	85.4
Financial Income	26.7	26.1	26.0	42.9	26.9	31.4	41.1	27.1	26.1	36.8	26.8	51.4
Financial Expenses	35.2	32.2	33.4	36.7	35.4	39.9	40.5	41.8	43.6	51.8	51.9	54.4
Interest Expense	34.3	30.8	32.2	33.8	34.2	37.8	37.7	39.2	40.9	48.2	48.6	50.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	18.5	21.3	22.4	22.0	16.2	17.2	16.5	16.4	16.1	19.4	26.5	21.1
General and Administrative Expenses	11.8	16.7	13.6	15.1	14.8	19.6	17.5	16.7	14.9	22.8	20.8	16.0
Operating Profit	18.1	-26.7	34.2	29.2	27.5	0.5	35.4	29.6	22.8	-7.2	26.1	45.3
Other Income	0.7	53.7	0.6	0.2	0.2	4.6	0.3	0.0	0.0	0.7	0.0	1.6
Other Expenses	1.3	12.9	2.2	1.9	1.4	4.8	2.4	0.8	0.7	0.6	2.3	1.8
Other Profit	-0.5	40.8	-1.6	-1.7	-1.2	-0.2	-2.1	-0.8	-0.6	0.1	-2.3	-0.2
Profit Before Tax	17.6	14.1	32.6	27.5	26.2	0.4	33.3	28.8	22.1	-7.1	23.8	45.1
Current Income Tax Expense	5.1	16.4	9.8	5.9	5.3	6.8	7.3	6.2	4.4	7.1	5.9	8.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	12.5	-2.3	22.8	21.5	21.0	-6.5	26.0	22.5	17.7	-14.2	17.9	36.4
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.5	-2.3	22.8	21.5	21.0	-6.5	26.0	22.5	17.7	-14.2	17.9	36.4
Earnings per Share	340.00	-64.00	622.00	587.00	572.00	-175.95	709.44	613.91	483.00	-387.60	488.14	992.16
Diluted EPS	339.69	-63.86	622.28	587.04	571.95	-175.95	709.44	613.91	482.63	-387.60	488.14	992.16

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)	2,636.2	2,533.8	2,432.5	2,639.8	2,366.8	2,587.8	2,431.5	2,463.4	2,231.5	2,369.6	2,378.3	2,506.1
I. Cash and cash equivalents	409.5	360.2	246.7	491.8	244.9	312.1	20.0	115.3	28.5	169.3	25.7	71.2
1. Cash	33.1	34.9	33.6	51.0	27.9	46.1	20.0	35.3	28.5	57.9	20.4	70.8
2. Cash equivalents	376.4	325.4	213.1	440.7	217.0	266.0	0.0	80.0	0.0	111.3	5.3	0.3
II. Short-term financial investments	82.8	53.0	44.2	44.2	39.2	44.2	43.5	43.5	37.5	24.8	0.0	100.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	100.0
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	82.8	53.0	44.2	44.2	39.2	44.2	43.5	43.5	37.5	24.8	0.0	0.0
III. Short-term receivables	1,306.7	1,300.5	1,374.9	1,412.5	1,416.9	1,492.8	1,718.7	1,633.4	1,562.7	1,539.0	1,547.1	1,501.4
1. Short-term trade accounts receivable	196.8	182.3	237.6	255.5	205.0	224.8	372.8	324.1	284.4	245.8	164.7	111.7
2. Short-term prepayments to suppliers	163.7	148.7	180.0	183.8	180.2	180.7	177.5	189.8	217.9	167.6	340.0	405.8
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	150.0
6. Other short-term receivables	958.0	981.3	964.4	980.3	1,038.1	1,093.7	1,171.1	1,122.2	1,062.6	1,127.8	1,044.3	835.7
7. Provision for short-term doubtful debts (*)	-11.8	-11.8	-7.1	-7.1	-6.4	-6.4	-2.7	-2.7	-2.2	-2.2	-1.9	-1.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	787.2	808.6	746.6	660.6	622.4	734.0	634.2	646.7	569.6	627.9	759.8	774.3
1. Inventories	806.5	827.8	750.1	664.1	627.9	739.4	639.7	652.1	576.2	633.9	766.6	778.6
2. Provision for decline in value of inventories	-19.2	-19.2	-3.5	-3.5	-5.4	-5.4	-5.4	-5.4	-6.7	-6.0	-6.9	-4.3
V. Other short-term assets	49.9	11.5	20.1	30.8	43.3	4.6	15.0	24.5	33.2	8.6	45.7	59.2
1. Short-term prepayments	46.9	7.7	19.0	30.7	42.5	4.6	14.0	23.5	31.5	6.3	35.3	46.9
2. Value added tax to be reclaimed	3.0	3.8	1.1	0.1	0.8	0.1	1.0	1.0	1.0	1.2	8.2	11.5
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.7	1.1	2.2	0.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	588.7	616.0	670.3	687.5	714.4	745.8	811.9	846.4	902.7	940.3	962.4	986.0
I. Long-term receivables	—	—	—	—	—	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	573.3	583.2	610.3	626.6	652.7	681.1	711.8	740.8	769.2	797.7	832.1	861.4
1. Tangible fixed assets	568.6	578.3	604.9	620.9	646.7	674.5	706.3	735.2	763.5	791.6	825.9	858.5
- Cost	1,793.7	—	—	—	—	2,051.3	2,060.1	2,060.1	2,059.4	2,057.9	2,057.8	2,057.2
- Accumulated depreciation	-1,225.1	—	—	—	—	-1,376.8	-1,353.8	-1,325.0	-1,295.9	-1,266.3	-1,231.9	-1,198.7
2. Financial leased fixed assets	2.2	2.3	2.7	3.0	3.2	3.6	2.5	2.5	2.5	2.9	2.9	2.9
- Cost	4.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.5	2.6	2.7	2.7	2.8	2.9	3.0	3.1	3.2	3.2	3.3	0.0
- Cost	3.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	29.9	30.1	30.1	30.7	30.2	30.7
- 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	2.7	17.1	41.2	39.1	37.9	36.5	36.5	36.5	64.3	63.9	54.3	47.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.7	17.1	41.2	39.1	37.9	36.5	36.5	36.5	64.3	63.9	54.3	47.7
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	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	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	12.7	15.7	18.7	21.9	23.8	28.3	33.7	39.1	39.1	47.9	45.8	46.2
1. Long-term prepayments	12.7	15.7	18.7	21.9	23.8	28.3	33.7	39.1	39.1	47.9	45.8	46.2
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)	3,224.9	3,149.9	3,102.8	3,327.4	3,081.2	3,333.6	3,243.4	3,309.8	3,134.2	3,309.9	3,340.7	3,492.2
A. LIABILITIES (300=210+330)	2,192.9	2,130.2	2,080.5	2,314.7	2,089.9	2,363.1	2,266.2	2,358.5	2,205.2	2,398.4	2,414.7	2,583.9
I. Short -term liabilities	1,736.1	1,495.1	1,469.4	1,503.7	1,432.8	1,681.5	1,492.2	1,562.1	1,301.1	1,380.0	1,341.5	1,541.4
1. Short-term trade accounts payable	187.3	196.9	213.9	187.4	170.7	242.8	283.2	302.7	228.9	285.0	331.3	362.2
2. Short-term advances from customers	0.6	4.1	7.9	5.3	8.3	3.0	10.4	2.8	8.4	2.3	5.4	7.3
3. Taxes and other payables to state authorities	43.5	40.4	36.0	37.2	46.3	46.3	39.7	44.2	43.3	39.8	23.0	21.3
4. Payable to employees	10.3	10.9	12.8	11.2	10.4	10.8	11.9	10.6	6.8	9.5	26.5	15.8
5. Short-term acrrued expenses	29.6	36.8	20.5	37.6	16.5	46.1	27.9	47.6	24.1	45.7	17.9	45.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	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	43.8	33.1	134.0	67.3	41.0	84.2	113.9	112.9	107.1	164.6	106.6	106.8
10. Short-term borrowings and financial leases	1,421.0	1,172.9	1,044.2	1,157.8	1,139.6	1,248.4	1,005.3	1,041.4	882.5	833.2	830.8	982.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	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	456.8	635.1	611.1	811.0	657.1	681.6	774.0	796.4	904.1	1,018.3	1,073.3	1,042.6
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	430.0	407.5	375.0	375.0	212.0	212.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	26.8	227.6	236.1	436.0	445.1	469.6	774.0	796.4	904.1	1,018.3	1,073.3	1,042.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,031.9	1,019.7	1,022.2	1,012.6	991.3	970.5	977.2	951.3	929.0	911.5	925.9	908.2
I. Owner's equity	1,031.9	1,016.9	1,019.2	1,009.4	987.9	966.9	973.3	947.3	924.8	907.1	921.3	903.4
1. Owner's capital	366.9	366.9	366.9	366.9	366.9	366.9	366.9	366.9	366.9	366.9	366.9	366.9
- Common stock with voting right	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00	366,908,870,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	2.6	—	—	—	—	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	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2
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	576.2	563.8	566.1	556.3	534.8	513.8	520.2	494.2	471.7	454.0	468.2	450.3
- Accumulated retained earning at the end of the previous period	563.8	513.8	513.8	513.8	513.8	454.0	454.0	454.0	454.0	413.4	413.4	413.4
- Undistributed earnings in this period	12.5	50.0	52.3	42.5	21.0	59.8	66.3	40.2	17.7	40.6	54.8	36.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	2.8	3.0	3.2	3.4	3.6	3.8	4.0	4.2	4.5	4.7	4.9
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	—	2.8	3.0	3.2	3.4	3.6	3.8	4.0	4.2	4.5	4.7	4.9
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)	3,224.9	3,149.9	3,102.8	3,327.4	3,081.2	3,333.6	3,243.4	3,309.8	3,134.2	3,309.9	3,340.7	3,492.2

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	17.6	14.3	32.6	11.2	26.2	0.4	33.3	28.8	22.1	-7.1	23.8	45.1
Depreciation of Fixed Assets and Investment Property	29.3	28.6	28.7	28.3	28.4	21.6	28.3	29.0	30.4	34.7	32.7	34.4
Provision (Increase)/Reversal	—	20.4	0.0	-1.2	—	3.7	0.0	-0.7	0.7	-0.5	2.6	4.3
FX Gain/Loss from Revaluation of Monetary Items	—	0.4	0.0	0.2	—	0.6	-0.0	0.0	0.0	0.3	0.0	0.0
Gain/Loss from Investment Activities	-26.7	-80.4	-26.1	-26.5	-26.9	-31.4	-41.2	-27.0	-26.1	-35.9	-27.7	-50.5
Interest Expense	34.3	31.7	37.3	33.7	34.2	48.0	32.5	41.7	43.6	103.2	0.0	54.1
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	54.6	15.1	72.5	45.6	61.9	42.9	52.9	71.7	70.7	94.7	31.4	87.4
Increase/(Decrease) in Receivables	-12.4	128.6	-18.7	-103.9	73.2	449.7	-92.8	-98.0	-3.1	263.3	-121.6	-446.4
Increase/(Decrease) in Inventory	21.3	-80.8	-76.7	-45.5	111.6	-99.8	12.4	-75.9	57.6	132.7	12.0	-48.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	22.0	201.4	-220.1	313.7	-218.2	-87.8	-73.4	244.3	-199.1	-18.1	32.9	-13.3
Increase/(Decrease) in Prepaid Expenses	-36.2	14.4	14.8	13.8	-33.5	14.8	14.9	8.0	-16.3	26.9	11.9	32.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	100.0	-100.0
Interest Paid	-43.8	-14.4	-56.2	-13.9	-59.0	-15.4	-59.9	-15.5	-67.5	-23.8	-75.9	-21.3
Corporate Income Tax Paid	-1.3	-0.0	-11.2	-12.5	-1.0	-3.8	-12.5	-5.5	-0.5	-2.7	-9.0	-16.9
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	4.1	264.2	-295.6	197.3	-65.2	300.7	-158.2	129.2	-158.1	473.1	-18.3	-525.8
Payments for Fixed Assets and Other Long-term Assets	-32.2	-1.5	-24.6	31.8	-35.2	-2.0	-24.7	3.5	-9.6	-34.6	-8.6	-15.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	100.0	—	—	—	1.1	0.0	0.0	0.0	0.0	0.0	1.1
Loans and Purchases of Debt Instruments	-29.9	27.5	-41.8	-48.5	-82.9	-415.0	-5.3	-428.4	-342.4	-889.1	-32.5	-35.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	-16.0	40.6	86.2	142.1	469.1	72.3	489.6	274.6	576.3	111.3	591.9
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	60.8	-65.3	74.2	74.8	9.3	2.4	75.9	-58.6	70.8	74.3	27.1	12.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.3	44.8	48.4	144.4	33.3	55.6	118.2	6.0	-6.6	-273.2	97.3	554.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	570.5	992.1	0.0	534.5	414.8	426.2	367.6	470.1	376.1	334.2	455.0	341.9
Repayment of Borrowings	-523.8	-1,187.1	2.0	-628.1	-449.9	-490.0	-428.4	-512.8	-352.1	-390.0	-579.8	-325.3
Repayment of Finance Leases	-0.2	-0.4	0.0	-1.0	-0.2	-0.5	0.2	-0.3	0.0	-0.6	0.3	-0.3
Dividends Paid	—	-0.0	—	—	—	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	46.5	-195.5	2.0	-94.7	-35.3	-64.2	-60.6	-43.1	24.0	-56.5	-124.5	16.2
Net Cash Flow During the Period	49.3	113.5	-245.1	247.0	-67.2	292.0	-100.6	92.1	-140.7	143.4	-45.4	44.4
Cash and Cash Equivalents at Beginning of Period	360.2	246.7	491.8	244.9	312.1	169.3	169.3	169.3	169.3	173.6	173.6	173.6
FX Difference from Revaluation	—	0.0	-0.1	-0.1	—	0.0	-0.0	0.0	0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	409.5	360.2	246.7	491.8	244.9	312.1	20.0	120.6	28.5	169.3	25.7	71.2

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CVT

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