ELC

Công Nghệ - Viễn Thông Elcom ·HOSE ·2026Q1

▼ Slightly negative

Margins remain under pressure Net margin 8.12%, −4.77pp YoY

Price

16,300

Latest close

04 Jun 2026

P/E 12.76x

P/B 1.17x

EPS 1,277

BVPS 13,912

ROE 9.0%

ROA 5.8%

Profit Margin 8.0%

Asset Turnover 0.73x

Equity Mult. 1.55x

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

What Is Changing

On a TTM 2026Q1 basis, ELC 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, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,571bn
	                                
+108.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 127bn
	                                
+31.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.83x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,517.7	800.1	980.1	863.3	659.1
Growth	+90%	-18%	+14%	+31%	—
Net Income	128.5	99.3	84.3	37.4	50.4
Net Margin	8.47%	12.40%	8.60%	4.33%	7.64%

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	114.3	760.1	427.6	268.6	61.4	372.5	177.0	143.2	107.4	522.7	336.1	35.3
Growth	-85%	+78%	+59%	+338%	-84%	+110%	+24%	+33%	-79%	+56%	+852%	—
Net Income	2.5	72.6	37.6	14.7	3.3	78.3	10.8	4.7	7.3	40.7	35.1	5.0
Net Margin	2.20%	9.56%	8.79%	5.49%	5.45%	21.03%	6.11%	3.25%	6.84%	7.79%	10.43%	14.24%

Drivers of ELC's profit

TTM

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

Gross profit ↑ 22.8bn

Financial income ↑ 16.3bn

Administrative expenses ↓ 4.4bn

Other profit ↑ 4.3bn

Tax ↑ 8.7bn

Finance costs ↑ 3.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Gross profit ↑ 2.7bn

Financial income ↑ 1.3bn

Selling expenses ↑ 2.8bn

Finance costs ↑ 1.7bn

Minority interests ↑ 1.3bn

Deferred tax ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.1% = 12.9% × 0.42 × 1.48

2026Q1 9.2% = 8.1% × 0.73 × 1.55

ROE rose from 8.1% to 9.2% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 8.1% -4.8pp Asset turnover: 0.73x +0.31x Leverage: 1.55x +0.07x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 8.12%, losing 4.8pp. The main pressure is Gross margin fell 15.8pp, outweighing the improvement in SG&A / Revenue fell 10.0pp (with additional support from Other profit / Revenue rose 0.5pp and Net financial result / Revenue rose 0.4pp).

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

Profitability trend

Net Margin 8.12% −4.8pp

Gross Margin 17.37% −15.8pp

SG&A / Revenue 8.63% −10.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 8.05%, broadly flat versus the same period. That translates to 8.05 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 5.2pp, but capital turnover rose 0.40x, while invested capital expanded strongly by 322bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

CAPITAL EFFICIENCY TREND

ROIC 8.05% +0.1pp

NOPAT Margin 8.04% −5.2pp

Capital Turnover 1.00x +0.40x

Average Invested Capital 1,569.6bn +322.0bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.61x equity, net debt at 0.12x equity.

Over the last 12 months, working capital absorbed 340.7bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −107.1bn

Inventories increased → lower CFO: −150.6bn

Payables decreased → lower CFO: −82.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 65.2 days versus the same period last year. The main moves came from DIO fell 26.2 days, DSO fell 142.6 days, and DPO fell 103.6 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 141.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 122.9 days −142.6 days

Inventory 61.0 days −26.2 days

Payables 42.7 days −103.6 days

Cash Conversion Cycle 141.3 days −65.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 274.4bn due to capex of 45.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.12x and interest coverage at 7.17x.

At present, short-term debt accounts for 55.5% of total debt, cash equals 51.3% of debt, and total debt stands at 381.9bn.

Leverage and liquidity trend

Net Debt / Equity 0.12x −0.01x

Interest Coverage 7.17x +0.62x

Cash / Debt 51.3% +4.9pp

Short-term Debt / Total Debt 55.5% +9.2pp

CFO / NI -1.83x −2.02x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -305.0bn in 2025, against investing cash flow of -138.5bn.

Post-investment cash flow was negative +443.5bn. Financing cash flow was positive +533.5bn.

CFO / net income was -1.83x.

After spending +45.4bn on fixed-asset investment, the business generated trailing free cash flow of −274.4bn.

Cash Conversion

CFO TTM 229.0bn −247.2bn

Cash Capex 45.4bn −154.1bn

FCF TTM −274.4bn −93.1bn

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 earnings conversion is confirmed, with CFO/NI at -1.83x. The main risk still sits in core profitability, with net margin down 4.8 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -1.83x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 8.12% after a 4.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,517.7	800.1	980.1	863.3	659.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,517.7	800.1	980.1	863.3	659.1
Cost of Goods Sold	1,247.6	556.0	786.4	722.8	0.0
Gross Profit	270.2	244.2	193.7	140.5	129.2
Financial Income	38.7	24.4	53.2	48.1	11.1
Financial Expenses	19.3	13.0	8.8	38.6	-5.2
Interest Expense	15.9	3.0	3.7	38.3	-3.9
Share of Associates and Joint Ventures	-5.8	0.0	-1.8	0.1	20.4
Selling Expenses	47.4	49.1	46.3	45.0	-40.0
General and Administrative Expenses	85.2	88.6	92.9	57.6	-54.6
Operating Profit	151.1	117.9	97.1	47.4	60.8
Other Income	2.4	2.4	1.0	0.9	0.0
Other Expenses	1.1	5.3	1.2	1.9	0.0
Other Profit	1.3	-2.9	-0.2	-0.9	-2.0
Profit Before Tax	152.5	115.0	96.9	46.5	58.9
Current Income Tax Expense	26.1	17.8	9.4	9.1	-8.5
Deferred Income Tax Expense	-2.1	-2.0	3.1	0.1	0.0
Net Income	128.5	99.3	84.3	37.4	50.4
Non-controlling Interest	0.8	3.8	6.7	6.1	2.2
Profit Attributable to Parent	127.6	95.4	77.7	31.3	48.2
Earnings per Share	1,296.00	1,150.00	1,303.00	605.00	948.00
Diluted EPS	1,159.49	1,095.00	1,303.00	532.63	945.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,701.4	1,184.5	1,214.1	821.0	878.3
I. Cash and cash equivalents	416.5	326.6	186.2	72.9	154.7
1. Cash	134.6	187.1	78.2	31.4	0.0
2. Cash equivalents	281.9	139.5	108.0	41.5	0.0
II. Short-term financial investments	64.3	115.4	104.6	83.3	0.0
1. Available for sale securities	0.7	0.7	0.7	0.7	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.4	-0.2	-0.1	-0.4	0.0
3. Held to maturity investments	63.9	114.9	104.0	83.0	0.0
III. Short-term receivables	996.1	661.8	809.4	535.1	556.4
1. Short-term trade accounts receivable	769.9	627.6	773.4	429.6	0.0
2. Short-term prepayments to suppliers	69.0	26.5	24.9	89.1	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	125.1	28.9	6.0	5.7	0.0
6. Other short-term receivables	122.6	65.6	76.0	51.9	0.0
7. Provision for short-term doubtful debts (*)	-90.5	-86.7	-70.9	-41.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	219.0	77.5	108.8	123.9	138.8
1. Inventories	219.0	77.5	108.8	123.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.6	3.1	5.1	5.8	1.3
1. Short-term prepayments	0.5	0.3	0.3	0.6	0.0
2. Value added tax to be reclaimed	5.0	2.8	3.9	5.2	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.8	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)	793.7	805.5	607.0	323.9	268.9
I. Long-term receivables	138.2	62.8	63.1	6.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
2. Long-term prepayments to suppliers	13.0	13.0	13.0	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	2.9	6.0	0.0
6. Other long-term receivables	125.2	49.8	47.2	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	104.5	100.0	90.0	69.6	10.8
1. Tangible fixed assets	91.6	83.8	79.5	65.7	8.7
- Cost	146.3	126.8	169.6	150.2	0.0
- Accumulated depreciation	-54.7	-43.0	-90.1	-84.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	12.9	16.2	10.5	3.9	2.1
- Cost	20.1	20.1	16.9	10.3	0.0
- Accumulated depreciation	-7.3	-3.9	-6.4	-6.4	0.0
III. Investment properties	7.5	8.0	8.4	5.6	8.0
- Cost	18.2	18.2	18.2	6.7	0.0
- Accumulated depreciation	-10.7	-10.2	-9.8	-1.2	0.0
IV. Long-term assets in progress	141.1	216.2	1.6	1.1	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	141.1	216.2	1.6	1.1	0.0
V. Long-term financial investments	103.3	108.7	120.8	234.9	246.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	30.3	36.9	36.9	117.8	0.0
3. Investments in other entities	79.0	77.1	89.3	123.4	0.0
4. Provision for diminution in value of long-term investments	-6.0	-5.3	-5.5	-6.2	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	299.1	309.8	323.1	6.7	0.0
1. Long-term prepayments	298.9	309.0	322.9	6.5	0.0
2. Deferred income tax assets	0.2	0.7	0.2	0.2	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,495.1	1,990.0	1,821.1	1,144.9	1,147.2
A. LIABILITIES (300=210+330)	949.0	741.3	669.0	233.4	276.9
I. Short -term liabilities	693.5	650.9	584.6	224.4	267.9
1. Short-term trade accounts payable	300.2	443.4	474.9	152.5	129.4
2. Short-term advances from customers	108.2	117.6	20.1	15.0	58.1
3. Taxes and other payables to state authorities	24.2	27.9	18.4	5.2	0.0
4. Payable to employees	9.2	7.1	9.7	6.0	0.0
5. Short-term acrrued expenses	8.8	5.9	0.7	3.9	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	3.9	1.7	6.0	1.3	1.4
9. Other short-term payables	5.6	4.4	4.8	11.1	0.0
10. Short-term borrowings and financial leases	226.1	36.1	42.5	20.3	31.4
11. Provision for short-term liabilities	0.7	1.6	2.3	2.6	0.0
12.. Bonus and welfare fund	6.6	5.2	5.1	6.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	255.5	90.4	84.4	9.0	9.0
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	8.0	7.6	9.9	2.6	0.0
8. Long-term borrowings and financial leases	170.1	0.0	0.0	0.0	0.0
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	62.2	64.5	66.6	0.0	0.0
12. Provision for long-term liabilities	15.1	18.4	7.9	6.5	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)	1,546.1	1,248.7	1,152.2	911.4	870.3
I. Owner's equity	1,546.1	1,248.7	1,152.2	911.4	0.0
1. Owner's capital	1,100.9	832.9	822.9	587.8	870.3
- Common stock with voting right	1,100,889,030,000.00	832,900,770,000.00	822,900,770,000.00	587,788,430,000.00	509,282,430,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.3	0.0	0.0	85.4	86.7
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	-144,000,000.00	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	—	10.4	10.4	41.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	5.2	5.2	5.2	5.2	0.0
11. Undistributed earnings after tax	245.6	208.6	123.4	166.4	215.8
- Accumulated retained earning at the end of the previous period	118.4	119.9	45.7	135.1	167.6
- Undistributed earnings in this period	127.2	88.7	77.7	31.3	48.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	194.9	191.5	190.3	25.3	13.3
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,495.1	1,990.0	1,821.1	1,144.9	1,147.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	152.5	115.0	96.9	46.5	58.9
Depreciation of Fixed Assets and Investment Property	15.9	12.5	7.4	6.2	7.4
Provision (Increase)/Reversal	0.5	25.7	29.7	1.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.3	-1.8	0.8	-0.2	0.0
Gain/Loss from Investment Activities	-23.4	-17.9	-47.7	-64.0	0.0
Interest Expense	15.9	3.0	3.7	38.3	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	-8.2	0.0	-2.4	0.0
Operating Profit Before Changes in Working Capital	159.0	128.3	90.8	25.4	65.6
Increase/(Decrease) in Receivables	-326.2	133.2	-314.9	6.9	0.0
Increase/(Decrease) in Inventory	-151.2	11.0	0.9	10.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	44.7	-132.4	331.2	-96.0	0.0
Increase/(Decrease) in Prepaid Expenses	10.0	13.9	-0.6	-2.9	0.0
Changes in Trading Securities	—	-0.0	0.0	-0.7	0.0
Interest Paid	-15.9	-3.1	-3.7	-38.3	0.0
Corporate Income Tax Paid	-21.8	-7.4	-3.9	-8.3	0.0
Other Operating Receipts	—	0.0	0.0	0.5	0.0
Other Operating Payments	-3.5	-3.5	-4.1	-1.4	0.0
Net Cash Flow from Operating Activities	-305.0	140.1	95.8	-104.0	-128.7
Payments for Fixed Assets and Other Long-term Assets	-214.6	-26.4	-12.3	-5.3	-1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	86.5	0.2	1.1	2.7	17.6
Loans and Purchases of Debt Instruments	-209.3	-175.0	-200.7	-15.6	-14.4
Receipts from Loan Repayments and Sale of Debt Instruments	161.5	128.5	224.1	4.6	20.6
Investments in Other Entities	-2.0	-8.5	-21.0	-13.4	-13.9
Proceeds from Investments in Other Entities	20.2	67.7	2.7	10.4	0.0
Dividends and Interest Income Received	19.1	11.2	12.2	43.3	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	-138.5	-2.3	6.0	26.7	14.3
Proceeds from Equity Issuance and Capital Contributions	174,144,010,000.00	10,000,000,000.00	1,500,000,000.00	2,432,938,536.00	500,000,000.00
Share Repurchases	-144,000,000.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	819.1	192.3	164.5	46.0	217.9
Repayment of Borrowings	-458.9	-198.7	-152.9	-52.8	-255.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.7	-1.0	-1.5	-0.1	0.0
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	533.5	2.6	11.5	-4.5	-37.1
Net Cash Flow During the Period	90.0	140.4	113.3	-81.8	-96.5
Cash and Cash Equivalents at Beginning of Period	326.6	186.2	72.9	154.7	305.2
FX Difference from Revaluation	-0.1	0.0	0.0	0.0	1.0
Cash and Cash Equivalents at End of Period	416.5	326.6	186.2	72.9	154.7

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	114.3	760.1	427.6	268.6	61.4	372.5	177.0	143.2	107.4	522.7	336.1	35.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	114.3	760.1	427.6	268.6	61.4	372.5	177.0	143.2	107.4	522.7	336.1	35.3
Cost of Goods Sold	86.1	634.0	349.7	227.9	35.9	236.9	126.9	104.2	86.0	450.6	258.7	20.6
Gross Profit	28.2	126.1	77.9	40.7	25.4	135.6	50.1	39.0	21.4	72.1	77.4	14.7
Financial Income	10.5	9.2	9.9	10.3	9.2	9.6	1.7	3.0	10.0	39.7	1.2	8.8
Financial Expenses	5.5	6.3	4.0	5.2	3.8	4.6	1.5	7.7	-0.8	2.8	4.6	0.4
Interest Expense	5.3	4.9	3.9	3.4	3.7	0.7	1.2	0.9	0.2	1.8	1.1	0.9
Share of Associates and Joint Ventures	—	-5.8	—	—	—	0.0	0.0	0.0	0.0	-2.0	-0.8	1.0
Selling Expenses	12.8	15.8	9.7	12.0	10.0	12.4	19.3	9.3	8.1	18.1	11.1	4.8
General and Administrative Expenses	17.0	21.8	26.5	20.0	16.9	36.8	20.2	15.7	15.8	43.5	21.5	13.3
Operating Profit	3.4	85.6	47.6	13.9	3.9	91.3	10.8	9.3	8.3	45.5	40.7	5.8
Other Income	0.1	0.0	0.2	2.1	0.1	2.2	0.0	0.0	0.2	0.8	0.1	0.0
Other Expenses	0.0	0.7	0.0	0.2	0.1	0.1	0.0	5.0	0.1	1.0	0.0	0.1
Other Profit	0.1	-0.7	0.2	1.8	-0.0	2.1	0.0	-5.0	0.0	-0.2	0.1	-0.1
Profit Before Tax	3.5	84.9	47.7	15.7	3.9	93.4	10.9	4.3	8.3	45.3	40.8	5.8
Current Income Tax Expense	1.1	12.8	10.7	1.5	1.1	15.5	0.6	0.2	1.5	1.5	5.7	0.7
Deferred Income Tax Expense	-0.2	-0.6	-0.5	-0.5	-0.5	-0.4	-0.5	-0.5	-0.5	3.1	0.0	0.0
Net Income	2.5	72.6	37.6	14.7	3.3	78.3	10.8	4.7	7.3	40.7	35.1	5.0
Non-controlling Interest	-0.1	3.5	-1.4	0.0	-1.4	2.4	1.7	0.5	0.1	1.3	5.2	0.8
Profit Attributable to Parent	2.7	69.1	39.0	14.7	4.8	75.9	9.1	4.2	7.2	39.4	29.9	4.2
Earnings per Share	24.00	722.00	382.00	149.00	57.00	911.00	109.00	50.00	88.00	662.00	508.00	72.00
Diluted EPS	24.00	722.00	382.00	149.00	49.00	1,158.00	109.45	50.26	87.90	479.31	508.08	72.10

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)	1,477.8	1,701.0	1,644.7	1,352.8	1,115.4	1,184.5	961.7	944.2	960.1	1,222.1	1,021.5	956.3
I. Cash and cash equivalents	196.0	416.4	181.1	253.0	147.0	296.6	115.3	145.0	108.2	186.2	114.0	78.5
1. Cash	104.4	134.5	128.2	79.5	56.5	187.1	87.5	102.1	50.2	78.2	34.0	17.0
2. Cash equivalents	91.6	281.9	52.9	173.5	90.5	109.5	27.8	42.8	58.0	108.0	80.0	61.5
II. Short-term financial investments	227.5	64.3	57.8	80.7	124.0	145.4	71.1	64.8	89.7	104.6	65.0	74.6
1. Available for sale securities	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
2. Provision for diminution in value of available for sale securities (*)	-0.4	-0.4	-0.3	-0.3	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.3
3. Held to maturity investments	227.1	63.9	57.4	80.3	123.5	144.9	70.5	64.3	89.1	104.0	64.5	74.1
III. Short-term receivables	750.8	995.8	986.7	874.3	692.6	661.8	660.5	620.1	659.1	817.4	638.4	559.0
1. Short-term trade accounts receivable	541.8	769.9	647.0	512.5	516.3	627.6	571.0	528.6	581.2	773.8	511.2	401.3
2. Short-term prepayments to suppliers	152.5	68.8	127.8	215.9	53.4	26.5	23.8	50.0	55.5	37.9	83.2	118.9
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	—	125.1	153.5	103.3	107.9	28.9	26.0	16.0	8.3	0.0	18.5	6.7
6. Other short-term receivables	147.1	122.6	149.1	130.8	101.8	65.6	111.0	96.8	85.0	75.1	72.8	73.2
7. Provision for short-term doubtful debts (*)	-90.5	-90.5	-90.7	-88.1	-86.7	-86.7	-71.3	-71.3	-70.9	-69.5	-47.4	-41.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	292.0	219.0	403.7	137.0	142.1	77.5	110.6	108.5	98.9	108.8	199.1	228.5
1. Inventories	292.0	219.0	403.7	137.0	142.1	77.5	110.6	108.5	98.9	108.8	199.1	228.5
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	11.5	5.6	15.3	7.7	9.7	3.1	4.3	5.8	4.3	5.1	5.0	15.8
1. Short-term prepayments	0.8	0.5	0.7	0.9	0.6	0.3	0.5	0.7	0.5	0.3	0.7	1.1
2. Value added tax to be reclaimed	10.7	5.0	14.6	6.8	9.1	2.8	3.8	4.4	3.6	3.9	4.3	14.7
3. Taxes and other receivables from state authorities	—	0.1	0.0	0.0	0.0	0.0	0.0	0.8	0.2	0.8	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	824.9	793.8	796.3	796.6	895.9	807.3	623.0	618.1	594.5	601.0	351.6	330.4
I. Long-term receivables	138.2	138.2	134.6	134.6	147.8	62.8	67.7	67.7	65.7	56.1	6.1	6.1
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	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	5.5	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	5.5	5.5	0.0	8.9	6.0	6.0
6. Other long-term receivables	125.2	125.2	121.6	121.6	134.8	49.8	49.2	49.2	47.2	47.2	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	100.0	104.5	106.8	106.0	105.3	100.6	95.2	90.1	89.3	90.0	67.4	66.9
1. Tangible fixed assets	88.0	91.6	93.1	91.5	89.9	84.4	83.5	77.8	79.2	79.5	64.2	63.4
- Cost	146.4	—	—	—	—	118.3	116.1	172.0	171.2	169.6	151.2	149.0
- Accumulated depreciation	-58.5	—	—	—	—	-33.9	-32.7	-94.2	-92.0	-90.1	-87.1	-85.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	12.0	12.9	13.7	14.5	15.4	16.2	11.8	12.3	10.1	10.5	3.3	3.5
- Cost	20.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	7.4	7.5	7.6	7.7	7.8	8.0	8.1	8.2	8.3	8.4	5.6	5.6
- Cost	18.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	144.4	141.2	137.0	134.8	218.6	216.2	2.1	1.9	1.7	1.6	0.2	0.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	144.4	141.2	137.0	134.8	218.6	216.2	2.1	1.9	1.7	1.6	0.2	0.2
V. Long-term financial investments	133.3	103.3	109.9	109.9	108.7	108.7	134.5	134.5	109.8	121.5	266.4	246.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	30.3	30.3	36.1	36.1	36.9	36.9	36.9	36.9	36.9	45.1	131.4	129.2
3. Investments in other entities	109.0	79.0	79.0	79.0	77.1	77.1	102.1	102.1	77.1	81.1	141.2	123.4
4. Provision for diminution in value of long-term investments	-6.0	-6.0	-5.3	-5.3	-5.3	-5.3	-4.5	-4.5	-4.2	-4.7	-6.2	-6.2
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	301.6	299.1	300.4	303.6	307.6	311.0	315.3	315.7	319.6	323.4	5.9	5.2
1. Long-term prepayments	301.4	298.9	300.2	303.4	306.9	310.9	315.2	315.5	319.5	322.9	5.7	5.0
2. Deferred income tax assets	0.2	0.2	0.2	0.2	0.7	0.1	0.1	0.1	0.2	0.5	0.2	0.2
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	0.0
TOTAL ASSETS (280=100+200)	2,302.7	2,494.8	2,441.0	2,149.4	2,011.3	1,991.8	1,584.7	1,562.3	1,554.7	1,823.2	1,373.1	1,286.7
A. LIABILITIES (300=210+330)	771.2	948.9	968.4	763.0	759.3	741.3	404.2	392.7	395.2	670.4	420.6	368.7
I. Short -term liabilities	521.1	693.4	713.0	507.3	499.3	651.3	312.0	310.1	312.4	585.7	407.3	362.3
1. Short-term trade accounts payable	137.0	301.4	287.0	162.0	166.7	443.4	176.4	127.8	237.4	475.3	267.9	176.1
2. Short-term advances from customers	149.5	108.2	218.9	160.0	161.1	117.6	25.0	26.3	25.8	20.1	14.9	83.8
3. Dividends and profits payable	1.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.9	24.2	16.9	8.4	4.1	27.9	5.9	2.3	3.6	18.4	9.2	2.4
4. Payable to employees	5.6	9.3	5.5	5.2	5.3	7.1	5.2	4.8	5.0	9.7	5.1	5.2
5. Short-term acrrued expenses	2.8	7.3	4.9	2.1	4.9	5.9	0.2	1.8	2.4	0.7	0.3	0.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	2.8	3.9	3.9	5.2	1.5	1.7	1.0	2.3	6.0	6.0	2.3	1.9
9. Other short-term payables	4.8	5.6	4.8	5.9	5.4	4.8	6.3	6.2	5.3	5.5	4.9	11.6
10. Short-term borrowings and financial leases	211.7	226.1	162.4	149.7	146.6	36.1	85.1	130.6	22.1	42.5	96.4	75.6
11. Provision for short-term liabilities	1.3	0.7	1.9	1.9	1.6	1.6	1.7	2.2	2.3	2.3	1.2	0.5
12.. Bonus and welfare fund	2.6	6.6	6.9	7.0	2.2	5.2	5.3	5.7	2.4	5.1	5.1	4.9
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	250.1	255.5	255.3	255.7	260.0	90.0	92.3	82.5	82.8	84.7	13.3	6.4
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	8.6	8.0	8.2	8.2	7.6	7.1	10.0	9.9	9.9	9.9	9.4	2.5
8. Long-term borrowings and financial leases	170.1	170.1	170.1	170.1	170.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	62.1	62.2	63.2	63.4	64.0	64.5	64.9	65.5	66.0	66.9	0.0	0.0
12. Provision for long-term liabilities	9.3	15.1	13.8	13.9	18.4	18.4	17.3	7.2	6.8	7.9	3.9	3.8
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)	1,531.5	1,545.9	1,472.6	1,386.4	1,252.0	1,250.5	1,180.5	1,169.6	1,159.5	1,152.7	952.6	918.0
I. Owner's equity	1,531.5	1,545.9	1,472.6	1,386.4	1,252.0	1,250.5	1,180.5	1,169.6	1,159.5	1,152.7	952.6	918.0
1. Owner's capital	1,100.9	1,100.9	1,048.5	999.5	874.5	832.9	832.9	832.9	822.9	822.9	587.8	587.8
- Common stock with voting right	1,100,889,030,000.00	1,100,889,030,000.00	1,048,474,360,000.00	999,474,360,000.00	874,539,250,000.00	832,900,770,000.00	832,900,770,000.00	832,900,770,000.00	822,900,770,000.00	822,900,770,000.00	587,788,430,000.00	587,788,430,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.3	-0.3	-0.3	-0.3	-0.1	0.0	0.0	0.0	0.0	10.6	85.4	85.4
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	-202,000,000.00	-144,000,000.00	—	—	—	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	—	—	—	—	—	10.4	10.4	10.4	10.4	11.9	41.4	41.4
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	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2
11. Undistributed earnings after tax	218.2	245.5	231.0	192.3	182.2	209.6	140.4	131.3	130.6	123.2	194.0	172.4
- Accumulated retained earning at the end of the previous period	215.6	118.4	179.2	179.5	177.4	119.9	119.9	119.9	123.4	46.1	156.3	164.6
- Undistributed earnings in this period	2.7	127.1	51.8	12.8	4.8	89.7	20.5	11.4	7.2	77.1	37.7	7.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	207.7	194.7	188.2	189.7	190.1	192.5	191.5	189.8	190.4	178.9	38.8	25.8
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)	2,302.7	2,494.8	2,441.0	2,149.4	2,011.3	1,991.8	1,584.7	1,562.3	1,554.7	1,823.2	1,373.1	1,286.7

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
Profit Before Tax	3.5	85.1	47.7	15.7	3.9	93.4	10.9	4.3	8.3	45.4	40.8	5.8
Depreciation of Fixed Assets and Investment Property	4.7	3.1	4.5	4.5	3.8	3.6	3.3	2.8	2.8	2.3	1.7	1.9
Provision (Increase)/Reversal	-5.2	0.7	2.4	-2.6	-0.1	17.4	9.6	0.9	-2.3	27.8	6.8	-5.0
FX Gain/Loss from Revaluation of Monetary Items	—	-1.1	0.0	-1.2	—	-3.4	0.0	0.8	0.0	0.9	0.0	-0.1
Gain/Loss from Investment Activities	-8.8	-1.4	-7.3	-7.3	-7.4	-4.7	-0.8	-2.5	-9.9	-36.7	-1.5	-8.4
Interest Expense	5.3	4.9	3.9	3.4	3.7	0.7	1.2	0.9	0.2	1.8	0.8	0.9
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	-0.5	91.3	51.2	12.5	4.1	107.1	24.3	7.3	-1.0	41.5	48.6	-5.0
Increase/(Decrease) in Receivables	105.7	-40.1	-76.4	-96.3	-113.4	-263.2	-31.2	45.3	164.5	-235.5	-53.2	-17.9
Increase/(Decrease) in Inventory	-73.0	181.6	-266.9	7.6	-73.5	24.5	-9.1	-12.2	9.3	76.6	29.0	-102.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-137.4	-60.7	183.9	-68.7	-9.7	399.6	49.8	-116.5	-246.4	222.1	23.5	79.2
Increase/(Decrease) in Prepaid Expenses	-2.8	1.5	3.3	3.2	1.9	4.6	0.6	6.3	0.7	-1.2	-0.2	1.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.3	-4.9	-3.9	-3.3	-3.8	-0.7	-1.2	-0.9	-0.2	-1.8	-1.1	-0.6
Corporate Income Tax Paid	-21.8	-2.7	-1.5	-0.0	-17.6	-0.0	-0.0	0.1	-7.4	-1.4	-0.0	-0.6
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Payments	-4.0	-0.2	-0.1	-0.1	-3.0	-0.2	-0.5	-0.3	-2.6	-0.6	-0.3	-0.2
Net Cash Flow from Operating Activities	-139.1	165.7	-110.5	-145.2	-215.0	271.5	32.6	-70.9	-83.1	99.8	46.2	-45.8
Payments for Fixed Assets and Other Long-term Assets	-3.4	-27.3	-7.2	-7.5	-172.6	-23.0	-3.2	-0.7	-1.4	-10.4	-1.8	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	86.3	—	0.0	0.0	0.0	0.2	0.9	0.2	0.0
Loans and Purchases of Debt Instruments	-101.3	-24.5	-66.4	-20.9	-97.5	-118.9	-26.2	-27.7	-32.8	-114.8	-20.8	-57.0
Receipts from Loan Repayments and Sale of Debt Instruments	50.6	43.8	41.7	57.3	18.7	47.1	10.0	41.3	30.0	146.1	10.0	67.0
Investments in Other Entities	-30.0	—	—	—	—	16.8	0.0	-25.0	-8.5	12.5	-23.0	0.0
Proceeds from Investments in Other Entities	—	13.7	0.0	4.0	2.5	34.0	0.0	0.0	31.8	0.0	2.7	0.0
Dividends and Interest Income Received	4.0	1.0	8.7	5.9	3.5	2.8	3.8	1.2	5.9	2.5	1.3	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	-80.0	6.9	-23.2	123.1	-245.3	-41.3	-15.6	-10.9	25.4	36.9	-31.5	16.2
Proceeds from Equity Issuance and Capital Contributions	13,000,000,000.00	—	—	—	—	0.00	0.00	10,000,000,000.00	0.00	1,500,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	-7,480,000,000.00	7,480,000,000.00	0.00
Proceeds from Borrowings	97.5	220.5	92.8	189.0	316.8	2.6	39.9	122.1	27.6	42.5	26.5	73.3
Repayment of Borrowings	-111.8	-156.8	-80.1	-186.0	-36.1	-51.6	-85.5	-13.6	-48.0	-107.1	-5.6	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.7	—	—	—	-0.0	-1.0	0.0	0.0	6.0	-7.5	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	-1.3	62.9	61.7	128.2	280.7	-49.0	-46.6	118.6	-20.4	-64.6	20.8	73.3
Net Cash Flow During the Period	-220.4	235.5	-71.9	106.1	-179.7	181.3	-29.6	36.8	-78.0	72.1	35.5	43.7
Cash and Cash Equivalents at Beginning of Period	416.5	181.1	253.0	147.0	326.6	186.2	186.2	186.2	186.2	72.9	72.9	72.9
FX Difference from Revaluation	-0.1	-0.1	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	196.0	416.5	181.1	253.0	147.0	296.6	115.3	145.0	108.2	186.2	114.0	78.5

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ELC

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Cash Flow