DHB

Phân đạm và Hóa chất Hà Bắc ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 4.85%, +5.21pp YoY

Price

10,500

Latest close

02 Jun 2026

P/E 12.87x

P/B 3.33x

EPS 816

BVPS 3,155

ROE 29.8%

ROA 3.9%

Profit Margin 4.9%

Asset Turnover 0.79x

Equity Mult. 7.72x

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

What Is Changing

On a TTM 2026Q1 basis, DHB has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,578bn
	                                
−0.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 222bn
	                                
+1458.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	4,330.5	4,439.5	4,413.5	6,441.0	4,498.6
Growth	-2%	+1%	-31%	+43%	—
Net Income	10.9	6.8	858.3	1,779.1	-1.7
Net Margin	0.25%	0.15%	19.45%	27.62%	-0.04%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,404.6	1,334.7	651.3	1,187.1	1,157.4	1,447.5	1,024.7	957.9	1,009.3	1,189.3	1,138.2	901.4
Growth	+5%	+105%	-45%	+3%	-20%	+41%	+7%	-5%	-15%	+4%	+26%	—
Net Income	227.0	49.0	-95.9	42.0	15.6	67.3	38.3	-137.4	38.2	1,649.3	-308.6	-350.3
Net Margin	16.16%	3.67%	-14.73%	3.54%	1.35%	4.65%	3.73%	-14.35%	3.78%	138.68%	-27.11%	-38.87%

Drivers of DHB's profit

TTM

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

Gross profit ↑ 308.8bn

Finance costs ↓ 108.3bn

Selling expenses ↓ 24.9bn

Other profit ↓ 96.1bn

Financial income ↓ 48.8bn

TTM

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

Gross profit ↑ 221.1bn

Finance costs ↓ 31.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -2.5% = -0.4% × 0.73 × 9.74

2026Q1 29.8% = 4.9% × 0.79 × 7.72

ROE rose from -2.5% to 29.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 4.9% +5.2pp Asset turnover: 0.79x +0.06x Leverage: 7.72x -2.01x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 4.85%, rising 5.2pp. The main driver is Gross margin rose 6.8pp and SG&A / Revenue fell 0.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.3pp added support while Other profit / Revenue fell 2.1pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 4.85% +5.2pp

Gross Margin 15.41% +6.8pp

SG&A / Revenue 4.70% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.70x +0.24x

Average Invested Capital 2,699.6bn −458.9bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 8.16x equity, net debt at 1.89x equity.

Over the last 12 months, working capital released 67.1bn 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: −67.3bn

Inventories increased → lower CFO: −15.7bn

Payables increased → higher CFO: +150.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.3 days versus the same period last year. The main moves came from DIO fell 7.4 days, DSO rose 0.1 days, and DPO rose 2.0 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Receivables collection is slowing

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

Working Capital Efficiency

Receivables 7.2 days +0.1 days

Inventory 48.2 days −7.4 days

Payables 34.6 days +2.0 days

Cash Conversion Cycle 20.7 days −9.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.89x and interest coverage only at 1.69x.

At present, short-term debt accounts for 14.7% of total debt, cash equals 17.7% of debt, and total debt stands at 1,968.1bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.89x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.69x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.89x −1.72x

Interest Coverage 1.69x +1.93x

Cash / Debt 17.7% +2.7pp

Short-term Debt / Total Debt 14.7% +3.4pp

CFO / NI 4.08x +35.82x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 590.9bn in 2025, against investing cash flow of -30.6bn.

Post-investment cash flow was positive +560.3bn. Financing cash flow was negative +545.2bn.

CFO / net income was 4.08x.

After spending +14.6bn on fixed-asset investment, the business generated trailing free cash flow of +891.0bn.

Cash Conversion

CFO TTM 905.6bn +386.8bn

Cash Capex 14.6bn —

FCF TTM +891.0bn —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 5.2 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.69x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.85% after expanding 5.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.69x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,352.0	4,439.5	4,413.5	6,441.0	4,498.6
Revenue Deductions	21.5	0.0	0.0	0.0	0.0
Net Revenue	4,330.5	4,439.5	4,413.5	6,441.0	4,498.6
Cost of Goods Sold	3,845.6	4,161.8	4,428.7	3,606.4	0.0
Gross Profit	484.9	277.7	-15.3	2,834.6	1,189.0
Financial Income	13.1	26.9	12.2	39.9	56.3
Financial Expenses	218.5	272.9	690.4	832.1	-1,000.6
Interest Expense	173.7	203.3	642.4	757.4	-979.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-3.6
Selling Expenses	86.0	86.3	94.8	114.0	-112.8
General and Administrative Expenses	141.2	135.8	156.6	152.0	-133.1
Operating Profit	52.3	-190.6	-944.8	1,776.5	-4.9
Other Income	9.5	249.0	1,803.8	2.8	0.0
Other Expenses	51.0	51.6	0.8	0.1	0.0
Other Profit	-41.5	197.4	1,803.1	2.7	3.2
Profit Before Tax	10.9	6.8	858.3	1,779.1	-1.7
Current Income Tax Expense	—	0.0	0.0	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	10.9	6.8	858.3	1,779.1	-1.7
Non-controlling Interest	—	0.0	0.0	0.0	-1.3
Profit Attributable to Parent	10.9	6.8	858.3	1,779.1	-0.4
Earnings per Share	40.00	25.00	3,153.00	6,536.00	9,854.00
Diluted EPS	39.88	25.15	3,153.14	6,536.17	-1.51

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,480.6	1,280.7	1,197.2	1,396.7	1,063.4
I. Cash and cash equivalents	390.4	371.8	321.7	207.2	301.4
1. Cash	390.4	371.8	321.7	207.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	75.5	48.0	18.0	33.0	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	75.5	48.0	18.0	33.0	0.0
III. Short-term receivables	344.8	247.3	233.2	304.7	210.5
1. Short-term trade accounts receivable	268.5	194.5	200.0	285.4	0.0
2. Short-term prepayments to suppliers	61.2	38.0	18.4	4.6	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	20.4	20.1	20.1	20.0	0.0
7. Provision for short-term doubtful debts (*)	-5.2	-5.2	-5.3	-5.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	556.7	539.1	606.4	847.4	526.8
1. Inventories	556.7	539.1	606.4	847.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	113.3	74.4	17.9	4.4	6.6
1. Short-term prepayments	3.7	5.7	5.5	4.4	0.0
2. Value added tax to be reclaimed	109.5	68.7	10.8	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	1.7	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)	4,305.5	4,967.0	5,548.6	6,184.8	6,965.9
I. Long-term receivables	740.8	740.8	740.8	740.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	740.8
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	740.8	740.8	740.8	740.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3,016.6	3,544.8	4,064.1	4,596.5	5,231.2
1. Tangible fixed assets	3,016.6	3,544.8	4,062.8	4,593.9	5,227.4
- Cost	9,821.3	9,842.7	9,819.2	9,809.5	0.0
- Accumulated depreciation	-6,804.7	-6,297.9	-5,756.4	-5,215.6	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	—	0.0	1.2	2.5	3.8
- Cost	13.2	13.2	13.2	13.2	0.0
- Accumulated depreciation	-13.2	-13.2	-12.0	-10.7	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	71.0	92.3	71.8	72.3	71.3
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	70.9	92.3	71.8	72.3	0.0
V. Long-term financial investments	13.2	13.2	13.2	13.2	15.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.7	9.7	9.7	9.7	0.0
3. Investments in other entities	3.6	3.6	3.6	3.6	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	463.9	575.8	658.7	762.0	0.0
1. Long-term prepayments	463.9	575.8	658.7	762.0	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	906.7
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)	5,786.2	6,247.7	6,745.9	7,581.4	8,029.3
A. LIABILITIES (300=210+330)	5,154.5	5,629.2	6,134.3	7,833.6	10,007.5
I. Short -term liabilities	1,203.1	1,173.6	1,080.8	6,254.3	6,696.2
1. Short-term trade accounts payable	566.7	386.1	414.5	394.0	327.9
2. Short-term advances from customers	46.7	117.5	9.1	3.6	103.8
3. Taxes and other payables to state authorities	2.0	0.5	1.1	8.2	0.0
4. Payable to employees	49.1	45.0	70.1	53.9	0.0
5. Short-term acrrued expenses	11.9	0.6	9.0	12.1	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	242.7	208.4	202.9	4,032.5	0.0
10. Short-term borrowings and financial leases	284.0	415.3	374.0	1,749.8	2,795.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	3,951.4	4,455.6	5,053.5	1,579.4	3,311.3
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	1,956.1	2,085.7	2,538.4	94.4	0.0
8. Long-term borrowings and financial leases	1,995.3	2,369.9	2,515.1	1,484.9	3,239.1
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)	631.6	618.5	611.6	-252.2	-1,978.3
I. Owner's equity	631.6	618.5	611.6	-252.2	0.0
1. Owner's capital	2,722.0	2,722.0	2,722.0	2,722.0	-1,978.3
- Common stock with voting right	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00
- 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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-2,090.4	-2,103.5	-2,110.4	-2,974.2	-4,746.3
- Accumulated retained earning at the end of the previous period	-2,101.2	-2,110.4	-2,968.7	-4,753.3	-4,747.5
- Undistributed earnings in this period	10.9	6.8	858.3	1,779.1	1.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	34.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,786.2	6,247.7	6,745.9	7,581.4	8,029.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	10.9	6.8	858.3	1,779.1	-1.7
Depreciation of Fixed Assets and Investment Property	627.9	626.7	624.8	624.7	697.5
Provision (Increase)/Reversal	—	-0.1	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	43.6	67.7	47.6	62.5	0.0
Gain/Loss from Investment Activities	-10.6	-6.9	-9.0	-32.8	0.0
Interest Expense	173.7	203.3	642.4	757.4	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	845.4	897.5	2,164.1	3,190.9	1,644.7
Increase/(Decrease) in Receivables	-146.3	-76.9	59.2	-97.1	0.0
Increase/(Decrease) in Inventory	-17.5	67.3	240.9	-327.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	182.7	-420.3	-1,760.9	76.7	0.0
Increase/(Decrease) in Prepaid Expenses	30.3	-1.4	17.8	54.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-303.7	-203.7	-233.7	-209.7	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	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	590.9	262.5	487.5	2,687.2	1,367.2
Payments for Fixed Assets and Other Long-term Assets	-14.0	-45.5	-9.7	-1.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.4	0.2	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-251.7	-30.0	0.0	-15.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	224.2	0.0	15.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	71.0	0.0
Dividends and Interest Income Received	3.5	6.2	8.7	5.9	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	-69.0	14.0	60.7	8.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,697.2	1,890.2	1,650.2	763.0	1,434.0
Repayment of Borrowings	-2,242.4	-2,034.7	-2,035.3	-3,588.8	-2,683.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-46.2
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	-545.2	-144.5	-385.1	-2,825.8	-1,295.9
Net Cash Flow During the Period	15.1	49.0	116.4	-77.8	14.1
Cash and Cash Equivalents at Beginning of Period	371.8	321.7	207.2	288.2	221.3
FX Difference from Revaluation	3.5	1.2	-1.9	-3.2	-0.1
Cash and Cash Equivalents at End of Period	390.4	371.8	321.7	207.2	301.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,404.6	1,356.2	651.3	1,187.1	1,157.4	1,447.5	1,024.7	957.9	1,009.3	1,189.3	1,138.2	901.4
Revenue Deductions	—	21.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,404.6	1,334.7	651.3	1,187.1	1,157.4	1,447.5	1,024.7	957.9	1,009.3	1,189.3	1,138.2	901.4
Cost of Goods Sold	1,038.8	1,169.4	631.3	1,032.9	1,012.7	1,232.9	928.6	1,016.9	983.9	1,124.1	1,177.9	1,021.1
Gross Profit	365.9	165.3	20.0	154.2	144.8	214.6	96.1	-59.0	25.4	65.2	-39.8	-119.7
Financial Income	4.9	2.1	1.2	10.0	1.5	11.0	49.3	5.2	5.0	6.0	2.5	6.7
Financial Expenses	34.8	49.3	39.0	66.0	65.8	98.0	51.2	82.4	85.0	136.0	225.6	185.2
Interest Expense	34.8	44.7	39.0	43.1	46.8	50.5	50.5	55.8	46.5	136.0	176.8	176.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	19.6	23.8	7.6	22.7	32.0	31.5	19.5	15.4	19.9	39.0	15.0	14.4
General and Administrative Expenses	33.6	47.4	19.8	40.7	32.9	33.0	36.8	36.8	29.1	49.7	30.7	37.9
Operating Profit	282.8	47.0	-45.2	34.8	15.6	63.0	37.9	-188.4	-103.6	-153.6	-308.5	-350.5
Other Income	1.0	2.0	0.1	7.3	0.1	5.2	0.4	101.7	141.8	1,803.3	0.2	0.2
Other Expenses	0.0	0.0	50.8	0.1	0.1	0.9	0.0	50.7	0.0	0.4	0.3	0.0
Other Profit	1.0	2.0	-50.7	7.2	0.0	4.3	0.3	51.0	141.8	1,802.8	-0.1	0.1
Profit Before Tax	283.8	49.0	-95.9	42.0	15.6	67.3	38.3	-137.4	38.2	1,649.3	-308.6	-350.3
Current Income Tax Expense	56.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	227.0	49.0	-95.9	42.0	15.6	67.3	38.3	-137.4	38.2	1,649.3	-308.6	-350.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	227.0	49.0	-95.9	42.0	15.6	67.3	38.3	-137.4	38.2	1,649.3	-308.6	-350.3
Earnings per Share	834.01	179.87	-352.39	154.33	57.25	247.12	140.53	-504.95	140.31	6,058.99	-1,133.65	-1,287.01
Diluted EPS	834.01	179.87	-352.39	154.33	57.25	247.12	140.53	-504.95	140.31	6,058.99	-1,133.65	-1,287.01

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)	1,409.7	1,480.7	1,058.3	1,164.6	1,176.3	1,280.1	1,071.0	962.8	1,130.5	1,196.9	1,048.0	1,237.9
I. Cash and cash equivalents	348.5	390.4	182.6	281.5	403.0	371.8	259.4	234.5	175.4	321.7	281.9	141.2
1. Cash	348.5	390.4	182.6	231.1	327.5	371.8	259.4	234.5	175.4	321.7	281.9	115.8
2. Cash equivalents	—	—	—	50.3	75.5	0.0	0.0	0.0	0.0	0.0	0.0	25.4
II. Short-term financial investments	232.1	75.5	100.7	68.3	18.0	48.0	48.0	18.0	18.0	18.0	18.0	48.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	232.1	75.5	100.7	68.3	18.0	48.0	48.0	18.0	18.0	18.0	18.0	48.0
III. Short-term receivables	181.4	344.8	170.2	242.0	171.6	247.3	240.2	205.5	133.0	233.3	133.1	167.4
1. Short-term trade accounts receivable	99.7	268.5	121.6	67.6	79.9	194.5	206.5	112.6	97.5	200.1	113.3	144.4
2. Short-term prepayments to suppliers	65.0	61.2	33.5	158.9	76.2	38.0	17.4	75.3	19.7	18.4	6.0	7.8
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	0.0
6. Other short-term receivables	21.9	20.4	20.2	20.7	20.8	20.1	21.6	22.9	21.2	20.1	19.1	20.6
7. Provision for short-term doubtful debts (*)	-5.2	-5.2	-5.2	-5.2	-5.2	-5.2	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	519.1	556.7	504.5	478.8	503.4	538.5	487.9	477.9	774.3	606.0	602.5	869.1
1. Inventories	519.1	556.7	504.5	478.8	503.4	538.5	487.9	477.9	774.3	606.0	602.5	869.1
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	128.6	113.3	100.3	93.9	80.3	74.4	35.5	27.0	29.9	17.9	12.5	12.1
1. Short-term prepayments	1.9	3.7	4.4	4.5	3.7	5.7	5.0	1.9	3.3	5.5	5.2	4.1
2. Value added tax to be reclaimed	126.2	109.5	95.8	89.5	76.6	68.7	30.5	25.1	24.6	10.8	7.3	7.9
3. Taxes and other receivables from state authorities	0.5	0.0	—	—	—	0.0	0.0	0.0	2.0	1.7	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)	4,137.9	4,303.2	4,490.9	4,644.4	4,805.6	4,967.0	5,113.0	5,262.5	5,388.1	5,548.7	5,746.0	5,867.3
I. Long-term receivables	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8
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	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8	740.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,880.3	3,013.5	3,140.0	3,273.4	3,408.7	3,544.8	3,674.8	3,795.8	3,928.6	4,064.1	4,192.7	4,327.0
1. Tangible fixed assets	2,880.3	3,013.5	3,140.0	3,273.4	3,408.7	3,544.8	3,674.5	3,795.2	3,927.7	4,062.9	4,191.2	4,325.1
- Cost	9,822.0	—	—	—	—	9,842.7	9,836.8	9,822.0	9,819.2	9,819.2	9,812.2	9,810.9
- Accumulated depreciation	-6,941.6	—	—	—	—	-6,297.9	-6,162.3	-6,026.8	-5,891.5	-5,756.3	-5,621.0	-5,485.8
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.3	0.6	0.9	1.2	1.6	1.9
- Cost	13.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.2	—	—	—	—	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	71.0	71.0	87.8	81.6	96.1	92.3	102.0	105.5	72.1	71.8	75.6	76.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	70.9	70.9	87.8	81.6	96.1	92.3	102.0	105.4	72.1	71.8	75.6	76.0
V. Long-term financial investments	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7
3. Investments in other entities	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
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	432.6	464.7	509.1	535.3	546.7	575.8	582.1	607.2	633.3	658.7	723.6	710.3
1. Long-term prepayments	432.6	464.7	509.1	535.3	546.7	575.8	582.1	607.2	633.3	658.7	723.6	710.3
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)	5,547.6	5,783.8	5,549.2	5,808.9	5,981.8	6,247.1	6,183.9	6,225.3	6,518.6	6,745.6	6,793.9	7,105.1
A. LIABILITIES (300=210+330)	4,688.9	5,154.7	4,969.0	5,132.9	5,347.8	5,629.2	5,633.3	5,712.9	5,868.8	6,131.4	7,834.5	7,837.1
I. Short -term liabilities	1,058.8	1,067.8	840.1	1,004.0	876.7	1,173.6	966.4	1,040.3	1,100.3	3,277.5	6,317.0	6,308.1
1. Short-term trade accounts payable	365.7	567.0	383.0	365.2	369.3	386.1	344.7	342.1	380.8	414.5	329.7	446.3
2. Short-term advances from customers	120.0	46.7	8.9	19.8	19.0	117.5	17.7	9.8	25.6	9.1	72.7	4.3
3. Taxes and other payables to state authorities	61.2	1.9	0.3	1.5	1.5	0.5	0.5	0.5	0.6	1.1	0.5	0.6
4. Payable to employees	38.0	49.1	7.1	43.4	24.0	45.0	41.0	28.0	31.4	67.1	7.6	6.0
5. Short-term acrrued expenses	9.9	11.9	5.7	2.5	5.1	0.6	9.9	11.1	9.8	9.2	10.0	2.7
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	149.4	107.3	57.0	147.7	143.7	208.4	174.9	213.0	253.1	2,402.5	4,297.2	4,252.7
10. Short-term borrowings and financial leases	289.3	283.9	377.9	414.3	304.5	415.3	332.7	399.9	373.8	374.0	1,563.4	1,590.4
11. Provision for short-term liabilities	25.0	—	—	9.5	9.5	0.0	44.9	35.9	25.2	0.0	35.9	5.1
12.. Bonus and welfare 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
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	3,630.1	4,086.9	4,128.9	4,128.9	4,471.1	4,455.6	4,667.0	4,672.6	4,768.5	2,853.9	1,517.5	1,529.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1,951.3	2,091.6	2,086.1	2,086.1	2,085.8	2,085.7	2,184.9	2,151.0	2,220.5	338.8	71.3	124.9
8. Long-term borrowings and financial leases	1,678.8	1,995.3	2,042.7	2,042.7	2,385.3	2,369.9	2,482.0	2,521.6	2,548.0	2,515.1	1,446.2	1,404.1
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)	858.7	629.1	580.1	676.0	634.0	617.9	550.6	512.4	649.8	614.2	-1,040.6	-732.0
I. Owner's equity	858.7	629.1	580.1	676.0	634.0	617.9	550.6	512.4	649.8	614.2	-1,040.6	-732.0
1. Owner's capital	2,722.0	2,722.0	2,722.0	2,722.0	2,722.0	2,722.0	2,722.0	2,722.0	2,722.0	2,722.0	2,722.0	2,722.0
- Common stock with voting right	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00	2,722,000,000,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-1,863.3	-2,092.9	-2,141.9	-2,046.0	-2,088.0	-2,104.1	-2,171.4	-2,209.6	-2,072.2	-2,107.8	-3,762.6	-3,454.0
- Accumulated retained earning at the end of the previous period	-2,090.4	-2,103.5	-2,103.5	-2,103.5	-2,103.5	-2,110.4	-2,110.4	-2,110.4	-2,110.4	-2,968.7	-2,974.2	-2,974.2
- Undistributed earnings in this period	227.0	10.6	-38.3	57.6	15.6	6.3	-61.0	-99.3	38.2	860.9	-788.4	-479.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,547.6	5,783.8	5,549.2	5,808.9	5,981.8	6,247.1	6,183.9	6,225.3	6,518.6	6,745.6	6,793.9	7,105.1

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	283.8	49.2	-95.9	42.0	15.6	67.3	38.3	-137.4	38.2	1,646.7	-308.6	-350.3
Depreciation of Fixed Assets and Investment Property	157.5	157.9	156.7	156.7	156.6	157.9	156.4	156.2	156.1	156.3	156.1	156.1
Provision (Increase)/Reversal	25.0	—	—	0.0	9.5	-44.9	9.0	10.8	25.2	-35.9	30.8	-50.3
FX Gain/Loss from Revaluation of Monetary Items	—	2.9	0.0	22.5	18.2	46.4	-43.7	26.5	38.4	-3.8	48.7	8.1
Gain/Loss from Investment Activities	-0.1	-7.4	6.7	-9.7	-0.2	-0.5	-5.6	-0.4	-0.1	-0.3	-2.4	-6.1
Interest Expense	34.8	44.7	39.0	43.1	46.8	50.5	50.5	55.8	46.5	136.0	176.8	176.9
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	501.0	247.3	96.9	254.6	246.5	276.7	204.9	111.4	304.2	1,899.0	101.5	-65.6
Increase/(Decrease) in Receivables	146.8	-197.1	73.8	-90.8	67.8	-45.7	-30.8	-75.6	81.4	-104.6	34.5	131.0
Increase/(Decrease) in Inventory	37.6	-52.1	-18.4	17.2	35.7	-50.6	-10.0	296.3	-167.8	-3.9	266.6	-112.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-207.0	387.0	-99.0	69.1	-174.5	119.8	59.2	-183.9	-293.7	-1,620.6	-99.6	62.5
Increase/(Decrease) in Prepaid Expenses	12.6	24.6	-9.4	4.4	10.6	-15.7	1.3	6.1	7.0	43.1	-35.0	3.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-64.4	-68.4	-87.3	-73.4	-74.5	-93.2	-87.9	-75.3	-77.3	-53.7	-125.5	-27.8
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	426.5	341.3	-43.3	181.2	111.7	191.4	136.7	79.0	-146.2	159.4	142.5	-8.6
Payments for Fixed Assets and Other Long-term Assets	-0.7	-10.3	7.9	-11.6	—	-7.4	-20.3	2.7	0.0	-7.1	-1.2	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.5	-0.7	7.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-156.6	-199.0	123.5	-176.2	—	0.0	-30.0	0.0	0.0	0.0	15.0	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	118.7	—	75.5	30.0	0.0	0.0	0.0	0.0	0.0	15.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.3	0.1	2.9	0.2	0.5	5.9	0.2	0.1	0.1	2.3	6.2
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	-157.2	15.7	25.4	-101.9	30.2	-6.9	-44.4	2.8	0.1	-7.0	31.1	-10.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	337.7	459.3	291.6	519.4	426.9	737.4	260.4	324.6	567.8	340.5	348.3	425.1
Repayment of Borrowings	-648.8	-609.2	-322.2	-773.4	-537.6	-808.3	-327.5	-348.5	-568.0	-451.2	-381.2	-614.0
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	-311.2	-149.9	-30.6	-253.9	-110.7	-70.9	-67.1	-23.9	-0.2	-110.7	-32.9	-188.8
Net Cash Flow During the Period	-41.9	207.1	-48.5	-174.7	31.2	113.6	25.2	57.9	-146.3	41.7	140.7	-207.7
Cash and Cash Equivalents at Beginning of Period	390.4	182.6	231.1	403.0	371.8	321.7	321.7	321.7	321.7	207.2	207.2	207.2
FX Difference from Revaluation	—	3.5	2.8	2.8	—	-1.2	-0.3	1.1	0.0	-1.9	0.0	0.0
Cash and Cash Equivalents at End of Period	348.5	390.4	182.6	231.1	403.0	371.8	259.4	234.5	175.4	321.7	281.9	141.2

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DHB

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