DRC

Cao su Đà Nẵng ·HOSE ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 4.36%, −2.92pp YoY

Price

12,100

Latest close

04 Jun 2026

P/E 13.58x

P/B 0.95x

EPS 891

BVPS 12,720

ROE 6.6%

ROA 3.2%

Profit Margin 2.6%

Asset Turnover 1.23x

Equity Mult. 2.08x

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

What Is Changing

On a TTM 2026Q1 basis, DRC is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,979bn
	                                
+2.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 128bn
	                                
−33.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	5,003.6	4,673.0	4,495.2	4,898.6	4,379.5
Growth	+7%	+4%	-8%	+12%	—
Net Income	118.5	231.6	246.3	307.2	290.9
Net Margin	2.37%	4.96%	5.48%	6.27%	6.64%

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	1,154.9	1,212.5	1,234.2	1,377.3	1,179.8	1,117.8	1,217.7	1,364.2	973.3	1,097.4	1,123.5	1,161.6
Growth	-5%	-2%	-10%	+17%	+6%	-8%	-11%	+40%	-11%	-2%	-3%	—
Net Income	16.2	39.5	40.1	32.1	9.5	59.1	45.9	77.4	49.2	95.8	75.7	50.9
Net Margin	1.40%	3.26%	3.25%	2.33%	0.80%	5.29%	3.77%	5.68%	5.06%	8.73%	6.74%	4.38%

Drivers of DRC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 33.0bn

Selling expenses ↓ 21.9bn

Tax ↓ 20.6bn

Administrative expenses ↑ 123.7bn

Financial income ↓ 11.4bn

TTM

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

Gross profit ↑ 55.1bn

Selling expenses ↓ 33.8bn

Financial income ↑ 1.2bn

Administrative expenses ↑ 81.8bn

Finance costs ↑ 2.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.0% = 3.9% × 1.29 × 1.98

2026Q1 6.6% = 2.6% × 1.23 × 2.08

ROE fell from 10.0% to 6.6% — asset turnover weakened the most, though leverage still provided support.

Net margin: 2.6% -1.4pp Asset turnover: 1.23x -0.06x Leverage: 2.08x +0.11x

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 narrowed to 2.57%, falling 1.4pp. The main pressure is SG&A / Revenue rose 1.9pp, outweighing the improvement in Gross margin rose 0.4pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 2.57% −1.4pp

Gross Margin 14.69% +0.4pp

SG&A / Revenue 11.04% +1.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC fell to 4.36%, losing 2.9pp. That translates to 4.36 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.4pp and capital turnover fell 0.14x, while invested capital rose by 282bn — pressure came from both operational efficiency and asset efficiency.

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

Watchpoints

ROIC remains low

ROIC is currently 4.36% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.36% −2.9pp

NOPAT Margin 2.57% −1.4pp

Capital Turnover 1.70x −0.14x

Average Invested Capital 2,929.2bn +282.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 1.15x equity, net debt at 0.47x equity.

Inventory ended the period at 1,400.5bn, roughly 33.5% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 15.0 days versus the same period last year. The main moves came from DIO rose 3.5 days, DSO rose 19.1 days, and DPO rose 7.5 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 120.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +19.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 73.3 days +19.1 days

Inventory 117.1 days +3.5 days

Payables 69.9 days +7.5 days

Cash Conversion Cycle 120.5 days +15.0 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 0.47x and interest coverage only at 1.99x.

At present, short-term debt accounts for 88.7% of total debt, cash equals 5.6% of debt, and total debt stands at 980.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.99x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 88.7% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.47x −0.07x

Interest Coverage 1.99x −1.34x

Cash / Debt 5.6% +2.5pp

Short-term Debt / Total Debt 88.7% +2.3pp

CFO / NI 1.81x +3.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 135.4bn in 2025, against investing cash flow of -37.3bn.

Post-investment cash flow was positive +98.1bn. Financing cash flow was negative +110.9bn.

CFO / net income was 1.81x.

After spending +53.0bn on fixed-asset investment, the business generated trailing free cash flow of +178.9bn.

Cash Conversion

CFO TTM 231.9bn +481.3bn

Cash Capex 53.0bn −288.1bn

FCF TTM +178.9bn +769.4bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.81x. The main risk still sits in capital efficiency remains weak, with ROIC at 4.4%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.81x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,174.3	4,852.4	4,657.6	5,139.2	4,635.5
Revenue Deductions	170.7	179.4	162.5	240.6	0.0
Net Revenue	5,003.6	4,673.0	4,495.2	4,898.6	4,379.5
Cost of Goods Sold	4,326.1	3,943.6	3,846.5	4,087.8	0.0
Gross Profit	677.5	729.4	648.7	810.7	747.2
Financial Income	53.1	69.9	55.2	62.0	37.2
Financial Expenses	77.7	66.3	57.2	92.3	-51.0
Interest Expense	39.9	21.4	21.1	18.8	-9.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	366.3	348.0	267.8	318.2	-304.6
General and Administrative Expenses	136.3	94.5	71.9	77.0	-63.5
Operating Profit	150.4	290.6	307.0	385.3	365.3
Other Income	0.4	0.3	0.3	1.4	0.0
Other Expenses	0.8	1.8	0.2	0.3	0.0
Other Profit	-0.4	-1.5	0.1	1.1	-1.0
Profit Before Tax	150.0	289.0	307.1	386.5	364.3
Current Income Tax Expense	31.5	57.4	60.7	79.3	-73.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	118.5	231.6	246.3	307.2	290.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	118.5	231.6	246.3	307.2	290.9
Earnings per Share	767.00	1,950.00	2,074.00	2,586.00	2,450.00
Diluted EPS	767.28	1,949.77	18.00	2,586.00	2,449.21

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,824.4	2,794.0	2,291.9	2,457.4	2,117.3
I. Cash and cash equivalents	208.4	220.7	320.7	155.3	89.6
1. Cash	48.4	45.7	62.2	40.3	0.0
2. Cash equivalents	160.0	175.0	258.5	115.0	0.0
II. Short-term financial investments	—	45.0	134.1	210.0	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	—	45.0	134.1	210.0	0.0
III. Short-term receivables	982.0	696.9	457.0	257.1	208.3
1. Short-term trade accounts receivable	1,037.5	694.3	406.3	247.6	0.0
2. Short-term prepayments to suppliers	1.9	0.5	47.1	2.1	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	1.0	0.0	0.0
6. Other short-term receivables	2.7	4.8	5.5	8.9	0.0
7. Provision for short-term doubtful debts (*)	-60.1	-2.7	-2.0	-1.9	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.4	0.0
IV. Inventories	1,400.5	1,490.9	1,184.3	1,707.7	1,432.2
1. Inventories	1,403.6	1,521.1	1,234.2	1,733.5	0.0
2. Provision for decline in value of inventories	-3.0	-30.3	-49.9	-25.8	0.0
V. Other short-term assets	233.5	340.5	195.8	127.3	67.2
1. Short-term prepayments	39.1	116.3	50.2	70.3	0.0
2. Value added tax to be reclaimed	194.5	224.2	145.6	57.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.1	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)	1,358.3	1,406.0	1,092.5	960.4	1,021.7
I. Long-term receivables	0.0	0.4	0.5	0.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.5
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	0.4	0.5	0.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,244.8	1,212.8	938.8	900.5	975.4
1. Tangible fixed assets	1,241.7	1,210.5	933.9	895.6	969.1
- Cost	3,887.3	3,738.7	3,349.8	3,226.9	0.0
- Accumulated depreciation	-2,645.6	-2,528.2	-2,415.8	-2,331.3	0.0
2. Financial leased fixed assets	1.2	1.6	3.6	2.9	3.6
- Cost	1.3	2.4	4.8	4.1	0.0
- Accumulated depreciation	-0.1	-0.8	-1.3	-1.2	0.0
3. Intangible fixed assets	1.9	0.8	1.3	2.0	2.7
- Cost	11.9	9.6	9.6	9.6	0.0
- Accumulated depreciation	-10.1	-8.8	-8.3	-7.6	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	0.1	132.0	106.1	11.6	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	132.0	106.1	11.6	0.0
V. Long-term financial investments	5.5	5.1	4.7	4.4	4.1
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	6.1	6.1	6.1	6.1	0.0
4. Provision for diminution in value of long-term investments	-0.6	-0.9	-1.4	-1.7	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	107.8	55.7	42.4	43.1	0.0
1. Long-term prepayments	107.8	55.7	42.4	43.1	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	41.4
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)	4,182.7	4,200.1	3,384.3	3,417.8	3,139.0
A. LIABILITIES (300=210+330)	2,234.5	2,284.6	1,533.0	1,508.0	1,365.0
I. Short -term liabilities	2,088.9	2,139.0	1,508.1	1,506.9	1,362.9
1. Short-term trade accounts payable	1,037.8	945.9	536.6	471.4	407.6
2. Short-term advances from customers	50.4	88.3	112.1	114.9	142.2
3. Taxes and other payables to state authorities	17.2	14.1	28.1	23.4	0.0
4. Payable to employees	78.3	103.8	129.4	160.8	0.0
5. Short-term acrrued expenses	21.6	27.2	20.3	8.7	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	0.2	0.2	0.0	0.2	0.2
9. Other short-term payables	4.9	63.6	61.4	4.2	0.0
10. Short-term borrowings and financial leases	847.4	826.3	564.9	686.3	572.2
11. Provision for short-term liabilities	1.2	0.6	0.9	2.1	0.0
12.. Bonus and welfare fund	29.8	69.1	54.4	34.9	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	145.6	145.6	24.8	1.1	2.1
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	24.8	0.0	5.3	0.4	0.0
8. Long-term borrowings and financial leases	120.8	132.8	24.8	0.7	1.7
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	—	12.8	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,948.2	1,915.5	1,851.4	1,909.8	1,774.1
I. Owner's equity	1,948.1	1,915.2	1,851.0	1,909.1	0.0
1. Owner's capital	1,544.3	1,187.9	1,187.9	1,187.9	1,774.1
- Common stock with voting right	1,544,292,830,000.00	1,187,926,050,000.00	1,187,926,050,000.00	1,187,926,050,000.00	1,187,926,050,000.00
- 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	251.1	517.3	443.4	381.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	20.8	20.8	20.8	0.0
11. Undistributed earnings after tax	152.6	189.2	199.0	318.5	241.6
- Accumulated retained earning at the end of the previous period	34.1	17.0	12.0	11.3	10.0
- Undistributed earnings in this period	118.5	172.2	186.9	307.2	231.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.2	0.3	0.4	0.7	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.2	0.3	0.4	0.7	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,182.7	4,200.1	3,384.3	3,417.8	3,139.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.7	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	9.1	0.0	0.0
Provision (Increase)/Reversal	—	0.0	-9.1	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	—	0.0	-0.7	0.0	0.0
Interest Expense	—	0.0	12.6	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	—	0.0	12.5	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	-2.4	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	-13.4	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	-0.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	2.7	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-13.3	0.0	0.0
Corporate Income Tax Paid	-30.8	-70.6	-56.8	-68.2	0.0
Other Operating Receipts	183.1	132.5	66.6	344.9	0.0
Other Operating Payments	-203.5	-229.6	-185.5	-140.2	0.0
Net Cash Flow from Operating Activities	135.4	-108.2	585.2	28.4	-109.2
Payments for Fixed Assets and Other Long-term Assets	-85.6	-336.8	-223.6	-13.2	-9.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	1.3	0.0
Loans and Purchases of Debt Instruments	—	0.0	-2.1	0.0	-480.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	2.7	0.0	310.0
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	2.8	10.0	21.4	22.7	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	-37.3	-237.7	-126.3	120.8	-172.3
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	4,390.0	3,939.5	3,280.3	4,066.2	4,004.9
Repayment of Borrowings	-4,369.4	-3,564.9	-3,362.4	-3,946.4	-3,703.4
Repayment of Finance Leases	-0.9	-1.4	-1.7	-1.3	-0.7
Dividends Paid	-130.7	-142.6	-213.8	-201.9	-118.8
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	-110.9	230.7	-297.6	-83.5	182.0
Net Cash Flow During the Period	-12.9	-115.3	161.2	65.7	71.3
Cash and Cash Equivalents at Beginning of Period	220.7	320.7	155.3	89.6	188.8
FX Difference from Revaluation	0.5	15.3	4.2	0.0	0.2
Cash and Cash Equivalents at End of Period	208.4	220.7	320.7	155.3	89.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,211.4	1,249.5	1,269.8	1,433.1	1,221.9	1,158.8	1,276.6	1,414.0	1,003.0	1,126.1	1,181.0	1,199.0
Revenue Deductions	56.5	37.0	35.6	55.8	42.1	40.9	58.9	49.8	29.7	28.7	57.5	37.4
Net Revenue	1,154.9	1,212.5	1,234.2	1,377.3	1,179.8	1,117.8	1,217.7	1,364.2	973.3	1,097.4	1,123.5	1,161.6
Cost of Goods Sold	969.1	987.5	1,068.3	1,222.8	1,049.1	976.8	1,065.4	1,089.8	811.5	895.7	934.3	1,016.2
Gross Profit	185.8	225.0	165.9	154.5	130.7	141.0	152.3	274.4	161.8	201.6	189.2	145.3
Financial Income	9.8	7.6	16.0	20.8	8.7	31.7	7.2	18.0	13.1	16.3	11.6	13.4
Financial Expenses	19.4	19.5	20.5	19.5	17.3	18.5	24.4	12.9	10.5	11.2	17.7	12.9
Interest Expense	11.6	9.6	10.2	9.9	9.3	7.2	6.5	4.1	3.6	3.4	4.7	5.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	59.0	85.1	88.3	99.4	92.8	49.4	53.1	158.5	87.1	71.1	67.7	61.9
General and Administrative Expenses	99.6	75.9	22.9	19.2	17.9	31.7	21.2	23.2	18.4	13.9	22.0	21.2
Operating Profit	17.6	52.1	50.1	37.2	11.4	73.1	60.8	97.8	59.0	121.8	93.4	62.8
Other Income	0.0	0.4	0.1	0.0	0.0	0.2	0.1	0.0	0.0	0.0	0.0	0.2
Other Expenses	0.0	0.3	—	—	0.5	0.0	0.5	0.4	0.9	0.2	0.0	0.0
Other Profit	0.0	0.0	0.1	0.0	-0.5	0.2	-0.5	-0.4	-0.9	-0.1	0.0	0.2
Profit Before Tax	17.6	52.2	50.2	37.3	10.9	73.3	60.3	97.4	58.1	121.7	93.4	63.0
Current Income Tax Expense	1.4	12.7	10.1	5.2	1.4	14.1	14.4	20.0	8.9	25.9	17.7	12.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	16.2	39.5	40.1	32.1	9.5	59.1	45.9	77.4	49.2	95.8	75.7	50.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	16.2	39.5	40.1	32.1	9.5	59.1	45.9	77.4	49.2	95.8	75.7	50.9
Earnings per Share	105.00	256.00	260.00	270.00	80.00	498.00	387.00	652.00	415.00	806.00	637.00	429.00
Diluted EPS	105.00	256.06	259.79	269.94	79.74	497.89	386.65	651.92	414.51	806.21	636.97	428.60

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)	2,624.0	2,812.8	2,737.5	2,931.5	2,728.5	2,790.2	2,609.1	2,496.3	2,245.3	2,291.3	2,190.0	2,148.7
I. Cash and cash equivalents	54.4	208.4	75.3	90.5	32.3	220.7	123.8	285.2	236.9	320.7	168.8	152.8
1. Cash	54.4	48.4	49.3	40.5	32.3	45.7	63.8	60.2	47.0	62.2	36.8	20.8
2. Cash equivalents	—	160.0	26.0	50.0	—	175.0	60.0	225.0	189.8	258.5	132.0	132.0
II. Short-term financial investments	50.0	—	—	—	45.0	45.0	100.0	100.0	134.4	134.1	171.0	171.0
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	50.0	—	—	—	45.0	45.0	100.0	100.0	134.4	134.1	171.0	171.0
III. Short-term receivables	1,002.6	981.8	1,204.4	1,198.2	964.4	696.9	792.5	719.5	534.6	455.8	543.9	440.9
1. Short-term trade accounts receivable	1,040.4	1,037.5	1,204.5	1,197.8	960.5	694.3	776.0	681.9	490.6	406.3	496.3	424.6
2. Short-term prepayments to suppliers	18.6	1.9	0.3	0.8	1.6	0.5	13.4	34.7	39.1	47.2	45.6	11.6
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	2.6	2.8	2.8	5.0	4.8	5.8	5.2	6.8	4.3	3.7	5.8
7. Provision for short-term doubtful debts (*)	3.8	-60.1	-3.3	-3.3	-2.7	-2.7	-2.6	-2.6	-2.0	-2.0	-1.7	-1.7
8. Assets awaiting resolution	-60.1	0.0	—	0.1	—	0.0	0.0	0.2	0.0	0.0	0.0	0.5
IV. Inventories	1,294.6	1,387.0	1,173.5	1,327.0	1,398.6	1,487.1	1,291.4	1,118.0	1,125.2	1,184.9	1,193.0	1,268.1
1. Inventories	1,297.6	1,401.2	1,188.0	1,341.5	1,428.9	1,518.6	1,312.8	1,139.4	1,175.2	1,230.2	1,212.2	1,287.3
2. Provision for decline in value of inventories	-3.0	-14.1	-14.5	-14.5	-30.3	-31.5	-21.5	-21.5	-49.9	-45.3	-19.2	-19.2
V. Other short-term assets	222.4	235.6	284.2	315.8	288.1	340.5	301.5	273.7	214.2	195.8	113.3	116.0
1. Short-term prepayments	30.2	41.5	51.2	46.4	37.5	116.3	51.3	61.6	39.0	50.2	22.9	39.0
2. Value added tax to be reclaimed	192.2	194.1	233.0	269.4	250.6	224.2	250.2	212.1	175.2	145.6	90.4	77.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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)	1,316.8	1,355.3	1,399.3	1,425.6	1,439.4	1,406.0	1,391.8	1,175.6	1,149.7	1,115.3	967.7	975.6
I. Long-term receivables	0.0	0.1	0.2	0.2	0.2	0.4	0.5	0.5	0.5	0.5	0.5	0.5
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	—	0.1	0.2	0.2	0.2	0.4	0.5	0.5	0.0	0.0	0.0	0.5
6. Other long-term receivables	0.0	—	—	—	—	0.0	0.0	0.0	0.5	0.5	0.5	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	1,214.5	1,244.8	1,256.1	1,286.1	1,178.9	1,212.8	1,007.8	1,015.7	967.9	938.8	876.1	885.7
1. Tangible fixed assets	1,211.6	1,241.7	1,252.8	1,283.9	1,176.7	1,210.5	1,004.0	1,011.5	963.4	933.9	870.8	880.0
- Cost	3,887.3	—	—	—	—	3,738.7	3,499.6	3,478.6	3,403.4	3,349.8	3,264.3	3,252.7
- Accumulated depreciation	-2,675.7	—	—	—	—	-2,528.2	-2,495.6	-2,467.1	-2,440.0	-2,415.8	-2,393.5	-2,372.7
2. Financial leased fixed assets	1.2	1.2	2.6	1.4	1.5	1.6	3.0	3.2	3.4	3.6	3.8	4.0
- Cost	1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.8	1.9	0.8	0.8	0.8	0.8	0.8	1.0	1.1	1.3	1.5	1.7
- Cost	11.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.2	—	—	—	—	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	0.5	0.1	38.5	28.1	149.4	132.0	320.6	93.9	115.7	128.9	43.5	40.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	0.1	38.5	28.1	149.4	132.0	320.6	93.9	115.7	128.9	43.5	40.9
V. Long-term financial investments	5.5	5.5	5.5	5.5	5.1	5.1	5.1	5.1	4.7	4.7	4.7	4.7
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	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1
4. Provision for diminution in value of long-term investments	-0.6	-0.6	-0.6	-0.6	-0.9	-0.9	-0.9	-0.9	-1.4	-1.4	-1.4	-1.4
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	96.3	104.8	99.0	105.8	105.8	55.7	57.8	60.4	61.0	42.4	42.9	43.8
1. Long-term prepayments	96.3	104.8	99.0	105.8	105.8	55.7	57.8	60.4	61.0	42.4	42.9	43.8
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)	3,940.9	4,168.1	4,136.7	4,357.1	4,167.8	4,196.3	4,000.9	3,671.9	3,395.1	3,406.6	3,157.7	3,124.3
A. LIABILITIES (300=210+330)	1,976.5	2,226.4	2,234.5	2,495.0	2,242.9	2,280.8	2,085.1	1,801.9	1,494.5	1,553.8	1,341.3	1,383.5
I. Short -term liabilities	1,842.6	2,080.8	2,054.9	2,342.1	2,083.7	2,135.1	1,978.5	1,759.5	1,464.2	1,528.9	1,340.1	1,382.0
1. Short-term trade accounts payable	712.9	1,034.1	819.5	1,020.4	915.1	943.4	727.7	609.9	514.8	557.6	371.9	469.9
2. Short-term advances from customers	75.7	50.4	63.9	85.6	86.1	88.3	76.1	86.8	77.7	112.1	79.5	77.6
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.4	12.7	16.6	6.6	1.4	14.1	34.4	20.0	8.8	26.7	29.7	15.5
4. Payable to employees	38.5	78.4	89.5	80.6	48.3	102.5	106.9	91.6	87.8	129.4	139.6	115.8
5. Short-term acrrued expenses	106.5	21.6	64.9	46.9	35.9	27.2	126.8	190.8	74.3	20.3	97.7	60.4
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	0.5	0.2	0.5	0.2	0.5	0.2	0.5	0.4	1.0	0.0	0.0	0.0
9. Other short-term payables	4.9	4.9	6.1	77.0	5.3	63.6	5.6	5.8	3.5	62.6	4.2	6.5
10. Short-term borrowings and financial leases	869.6	847.4	900.4	940.7	929.2	826.3	782.7	651.2	632.3	564.8	522.2	542.9
11. Provision for short-term liabilities	10.2	1.2	9.6	—	0.6	0.6	48.3	32.2	17.0	0.9	39.8	34.3
12.. Bonus and welfare fund	22.3	29.8	83.9	84.0	61.2	69.1	69.4	70.9	47.0	54.4	55.4	59.1
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	133.9	145.6	179.6	153.0	159.3	145.6	106.6	42.4	30.3	24.9	1.1	1.5
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	23.2	24.8	35.9	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	110.7	120.8	130.9	140.1	146.5	132.8	106.6	42.4	30.3	24.9	1.1	1.5
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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	—	—	12.8	12.8	12.8	12.8	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,964.4	1,941.7	1,902.2	1,862.1	1,924.9	1,915.5	1,915.8	1,870.0	1,900.6	1,852.8	1,816.4	1,740.8
I. Owner's equity	1,964.4	1,941.6	1,902.0	1,861.9	1,924.7	1,915.3	1,915.5	1,869.7	1,900.3	1,852.4	1,816.1	1,740.4
1. Owner's capital	1,544.3	1,544.3	1,544.3	1,187.9	1,187.9	1,187.9	1,187.9	1,187.9	1,187.9	1,187.9	1,187.9	1,187.9
- Common stock with voting right	1,544,292,830,000.00	1,544,292,830,000.00	1,544,292,830,000.00	1,187,926,050,000.00	1,187,926,050,000.00	1,187,926,050,000.00	1,187,926,050,000.00	1,187,926,050,000.00	1,187,926,050,000.00	1,187,926,050,000.00	1,187,926,050,000.00	1,187,926,050,000.00
- 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	0.1	—	—	—	—	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	251.1	251.1	251.1	586.8	517.3	517.3	517.3	517.3	443.4	443.4	443.4	443.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	20.8	20.8	20.8	20.8	20.8	20.8	20.8	20.8	20.8
11. Undistributed earnings after tax	168.8	146.1	106.6	66.5	198.7	189.3	189.6	143.7	248.2	200.4	164.0	88.4
- Accumulated retained earning at the end of the previous period	24.9	24.9	24.9	24.9	189.2	17.0	17.0	17.0	12.0	12.0	12.0	12.0
- Undistributed earnings in this period	143.9	121.2	81.7	41.5	9.5	172.3	172.5	126.7	236.2	188.3	152.0	76.3
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	—	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.4	0.4	0.4
1. Subsidized not-for-profit funds	—	—	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.2	0.2	—	0.2	0.3	0.3	0.3	0.3	0.4	0.4	0.4
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)	3,940.9	4,168.1	4,136.7	4,357.1	4,167.8	4,196.3	4,000.9	3,671.9	3,395.1	3,406.6	3,157.7	3,124.3

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	9.1	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	-9.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.7	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	12.6	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	—	—	—	—	—	0.0	0.0	0.0	0.0	12.5	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	-2.4	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	-13.4	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	2.7	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-13.3	0.0	0.0
Corporate Income Tax Paid	-17.2	-15.2	-1.4	0.0	-14.2	-34.4	-0.0	-8.9	-27.3	26.4	-3.5	-0.1
Other Operating Receipts	18.6	—	—	—	—	80.8	43.2	7.4	1.1	-98.4	25.0	72.7
Other Operating Payments	-48.0	-45.0	-41.2	-61.3	-55.9	-53.0	-78.3	-55.8	-43.6	-18.1	-58.1	-48.8
Net Cash Flow from Operating Activities	-95.1	203.7	105.8	17.5	-191.6	24.9	-197.8	115.1	-51.8	-373.5	43.3	255.1
Payments for Fixed Assets and Other Long-term Assets	-22.3	-14.2	-6.1	-10.3	-54.9	-62.7	-166.8	-56.8	-50.6	50.8	-43.9	-12.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	-2.1	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	2.7	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.0	0.5	0.5	1.0	0.8	2.6	1.8	4.3	1.3	-13.2	1.3	3.7
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	-71.3	-13.3	-5.6	35.7	-54.1	-5.1	-165.0	-18.1	-49.6	-0.8	-42.6	-179.6
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	1,160.4	1,017.5	1,119.8	1,138.1	1,114.5	1,116.4	1,160.6	906.8	755.7	-2,205.3	886.4	714.8
Repayment of Borrowings	-1,147.8	-1,072.8	-1,165.8	-1,130.8	-999.9	-1,045.2	-962.2	-875.1	-682.4	2,352.2	-868.1	-757.1
Repayment of Finance Leases	-0.1	-0.2	-0.3	-0.2	-0.2	-0.3	-0.4	-0.4	-0.4	-0.9	-0.4	-0.6
Dividends Paid	—	-1.5	-69.8	0.0	-59.4	0.0	0.0	-81.8	-59.4	0.0	-2.6	-151.8
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	12.5	-57.0	-116.1	7.0	55.1	71.0	198.0	-50.4	13.5	359.7	15.3	-194.7
Net Cash Flow During the Period	-153.9	133.4	-15.9	60.2	-190.6	90.8	-164.8	46.6	-87.8	-14.6	15.9	-119.2
Cash and Cash Equivalents at Beginning of Period	208.4	75.3	90.5	32.3	220.7	320.7	320.7	320.7	320.7	4.7	155.3	155.3
FX Difference from Revaluation	0.0	0.5	0.8	0.1	2.1	6.2	3.4	1.8	3.9	-1.2	0.1	0.6
Cash and Cash Equivalents at End of Period	54.4	208.4	75.3	90.5	32.3	220.7	123.8	285.2	236.9	2.4	168.8	152.8

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DRC

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