GMA

G-Automobile ·HNX ·2026Q1

▼ Under pressure

Capital efficiency remains weak ROE 0.28%, −1.38pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 779

BVPS 23,802

ROE 3.3%

ROA 1.0%

Profit Margin 0.4%

Asset Turnover 2.62x

Equity Mult. 3.27x

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

What Is Changing

On a TTM 2026Q1 basis, GMA is maintaining revenue, but margins are compressing slightly — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,097bn
	                                
+44.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 15bn
	                                
−33.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    74.9%

Metric	2025	2024	2023	2022	2021
Revenue	3,685.3	2,811.8	2,765.2	1,863.2	103.2
Growth	+31%	+2%	+48%	+1705%	—
Net Income	20.0	15.1	0.3	26.7	6.1
Net Margin	0.54%	0.54%	0.01%	1.43%	5.89%

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	1,010.4	1,476.2	1,095.7	515.1	594.0	864.4	797.4	590.3	562.7	872.1	662.6	557.7
Growth	-32%	+35%	+113%	-13%	-31%	+8%	+35%	+5%	-35%	+32%	+19%	—
Net Income	-2.5	26.4	4.1	-13.2	3.0	5.1	10.4	3.5	-0.1	6.2	1.0	-8.0
Net Margin	-0.24%	1.79%	0.37%	-2.57%	0.50%	0.59%	1.30%	0.60%	-0.01%	0.71%	0.15%	-1.43%

Drivers of GMA's profit

TTM

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

Gross profit ↑ 67.7bn

Other profit ↑ 12.3bn

Tax ↓ 1.5bn

Minority interests ↓ 1.2bn

Selling expenses ↑ 39.2bn

Administrative expenses ↑ 32.0bn

TTM

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

Gross profit ↑ 33.0bn

Minority interests ↓ 1.2bn

Selling expenses ↑ 14.9bn

Administrative expenses ↑ 9.6bn

Associates income ↓ 5.1bn

Finance costs ↑ 4.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.7% = 0.8% × 2.00 × 3.01

2026Q1 3.1% = 0.4% × 2.62 × 3.27

ROE fell from 4.7% to 3.1% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 0.4% -0.4pp Asset turnover: 2.62x +0.62x Leverage: 3.27x +0.25x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 0.36%, falling 0.4pp. The main pressure is Gross margin fell 0.9pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.3pp).

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

Profitability trend

Net Margin 0.36% −0.4pp

Gross Margin 7.56% −0.9pp

SG&A / Revenue 5.81% −0.1pp

Non-core / Revenue -1.21% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 74.9% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC narrowed to 0.28%, falling 1.4pp. That translates to 0.28 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.6pp, outweighing the movement in capital turnover; while invested capital rose by 118bn.

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

Watchpoints

ROIC remains low

ROIC is currently 0.28% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.28% −1.4pp

NOPAT Margin 0.09% −0.6pp

Capital Turnover 3.13x +0.74x

Average Invested Capital 1,309.6bn +117.8bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.58x equity, net debt at 1.83x equity.

Inventory ended the period at 387.0bn, roughly 22.6% of total assets.

Over the last 12 months, working capital released 43.9bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +146.3bn

Inventories increased → lower CFO: −68.1bn

Payables decreased → lower CFO: −34.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.3 days versus the same period last year. The main moves came from DIO fell 1.6 days, DSO fell 5.0 days, and DPO fell 0.4 days.

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

Working Capital Efficiency

Receivables 11.0 days −5.0 days

Inventory 34.1 days −1.6 days

Payables 6.3 days −0.4 days

Cash Conversion Cycle 38.8 days −6.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.83x and interest coverage only at 0.08x.

At present, short-term debt accounts for 71.3% of total debt, cash equals 10.0% of debt, and total debt stands at 966.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.83x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.08x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.83x +0.18x

Interest Coverage 0.08x −0.40x

Cash / Debt 10.0% +1.8pp

Short-term Debt / Total Debt 71.3% −2.0pp

CFO / NI 8.66x +8.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 40.6bn in 2025, against investing cash flow of -41.1bn.

Post-investment cash flow was negative +0.5bn. Financing cash flow was positive +16.2bn.

CFO / net income was 8.66x.

After spending +237.2bn on fixed-asset investment, the business generated trailing free cash flow of −102.2bn.

Cash Conversion

CFO TTM 134.9bn +125.9bn

Cash Capex 237.2bn +81.0bn

FCF TTM −102.2bn +44.8bn

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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is -319.3%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.3%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 44.8bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.66x. Even so, net financial result still accounts for -319.3% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,685.3	2,811.8	2,765.2	1,863.2	103.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,685.3	2,811.8	2,765.2	1,863.2	103.2
Cost of Goods Sold	3,401.1	2,573.1	2,546.6	1,739.4	0.0
Gross Profit	284.3	238.7	218.6	123.8	13.0
Financial Income	3.2	2.9	0.4	11.5	0.0
Financial Expenses	60.9	52.9	58.4	17.5	-1.9
Interest Expense	60.1	52.2	57.8	17.4	-1.9
Share of Associates and Joint Ventures	2.6	-0.9	3.3	3.2	-0.0
Selling Expenses	105.8	84.4	91.8	59.2	-0.3
General and Administrative Expenses	108.4	87.4	73.0	39.9	-4.3
Operating Profit	15.0	16.2	-1.0	21.9	6.4
Other Income	11.0	7.6	1.4	8.2	0.0
Other Expenses	1.1	2.8	0.1	0.6	0.0
Other Profit	9.9	4.8	1.3	7.5	0.6
Profit Before Tax	24.9	20.9	0.3	29.4	7.1
Current Income Tax Expense	6.1	8.0	5.5	11.4	-1.0
Deferred Income Tax Expense	-1.2	-2.2	-5.5	-8.6	0.0
Net Income	20.0	15.1	0.3	26.7	6.1
Non-controlling Interest	0.8	0.9	-4.8	1.9	-0.0
Profit Attributable to Parent	19.2	14.2	5.1	24.8	6.1
Earnings per Share	961.00	712.00	255.00	2,110.00	1,013.00
Diluted EPS	961.07	712.28	254.76	2,110.00	1,013.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	980.5	757.8	793.2	974.3	24.5
I. Cash and cash equivalents	62.4	46.7	90.5	57.7	1.6
1. Cash	62.4	46.7	90.5	57.7	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	515.2	409.0	464.9	488.1	21.0
1. Short-term trade accounts receivable	178.9	148.8	110.4	217.9	0.0
2. Short-term prepayments to suppliers	22.5	1.5	5.4	4.3	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	28.4	9.2	176.9	77.6	0.0
6. Other short-term receivables	286.1	250.0	172.8	188.8	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.5	-0.5	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	387.0	288.7	223.7	395.7	1.7
1. Inventories	388.4	289.8	224.8	396.8	0.0
2. Provision for decline in value of inventories	-1.4	-1.1	-1.1	-1.1	0.0
V. Other short-term assets	15.9	13.5	14.2	32.8	0.2
1. Short-term prepayments	8.0	7.8	5.9	6.5	0.0
2. Value added tax to be reclaimed	7.5	5.4	8.2	26.3	0.0
3. Taxes and other receivables from state authorities	0.4	0.2	0.0	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)	730.9	738.2	545.7	598.8	85.3
I. Long-term receivables	157.2	156.7	0.8	0.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	157.2	156.7	0.8	0.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	498.2	466.0	418.4	472.5	0.0
1. Tangible fixed assets	492.3	462.1	416.2	469.4	0.0
- Cost	792.5	695.2	621.4	663.4	0.0
- Accumulated depreciation	-300.2	-233.1	-205.2	-194.0	0.0
2. Financial leased fixed assets	4.4	3.2	1.2	1.6	0.0
- Cost	6.2	3.8	2.8	3.9	0.0
- Accumulated depreciation	-1.8	-0.6	-1.6	-2.3	0.0
3. Intangible fixed assets	1.5	0.7	1.0	1.4	0.0
- Cost	14.6	12.3	12.3	12.2	0.0
- Accumulated depreciation	-13.1	-11.7	-11.2	-10.8	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	2.4	1.7	12.4	7.9	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.4	1.7	12.4	7.9	0.0
V. Long-term financial investments	29.9	74.3	68.9	65.7	85.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	29.9	27.2	18.8	15.6	0.0
3. Investments in other entities	—	47.1	50.1	50.1	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	43.3	39.6	45.2	52.1	0.0
1. Long-term prepayments	29.4	29.1	33.3	38.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
5. Goodwill	13.9	10.5	11.9	13.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,711.4	1,496.1	1,338.9	1,573.1	109.8
A. LIABILITIES (300=210+330)	1,232.9	1,018.7	876.0	1,110.6	30.7
I. Short -term liabilities	982.2	843.3	696.3	960.4	7.6
1. Short-term trade accounts payable	55.8	43.8	47.1	40.2	2.1
2. Short-term advances from customers	37.3	30.6	50.1	117.5	2.0
3. Taxes and other payables to state authorities	9.1	11.4	9.3	23.7	0.0
4. Payable to employees	37.7	26.5	19.6	50.3	0.0
5. Short-term acrrued expenses	23.8	12.9	16.6	22.9	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	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	5.9	6.2	4.9	5.2	0.0
10. Short-term borrowings and financial leases	811.8	711.3	547.9	699.9	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.7	0.7	0.7	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	250.7	175.4	179.8	150.2	23.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	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	11.0	8.8	8.3	7.0	0.0
8. Long-term borrowings and financial leases	230.4	156.6	159.3	125.6	23.2
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	9.1	9.8	12.0	17.5	0.0
12. Provision for long-term liabilities	0.2	0.2	0.2	0.2	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)	478.5	477.4	462.8	462.5	79.1
I. Owner's equity	478.5	477.4	462.8	462.5	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	79.1
- Common stock with voting right	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	60,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	76.6	76.6	76.6	76.6	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	47.7	48.4	34.7	29.6	19.1
- Accumulated retained earning at the end of the previous period	28.4	34.2	29.6	6.3	13.0
- Undistributed earnings in this period	19.2	14.2	5.1	23.3	6.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	154.2	152.3	151.5	156.3	0.0
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)	1,711.4	1,496.1	1,338.9	1,573.1	109.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	24.9	20.9	0.3	29.4	0.0
Depreciation of Fixed Assets and Investment Property	70.6	64.7	56.2	8.0	0.0
Provision (Increase)/Reversal	0.2	0.0	0.1	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.8	-2.8	-4.0	-14.7	0.0
Interest Expense	60.1	52.2	57.8	17.4	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	—	-0.6	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	149.0	134.5	110.3	40.4	0.0
Increase/(Decrease) in Receivables	10.1	-265.0	140.6	221.8	0.0
Increase/(Decrease) in Inventory	-42.1	-65.0	172.0	-100.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.8	-14.8	-92.9	-105.0	0.0
Increase/(Decrease) in Prepaid Expenses	6.5	3.2	6.2	2.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-60.5	-54.8	-59.4	-14.9	0.0
Corporate Income Tax Paid	-9.5	-6.4	-21.7	-2.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-1.8	0.0
Net Cash Flow from Operating Activities	40.6	-268.4	255.0	40.5	20.7
Payments for Fixed Assets and Other Long-term Assets	-220.6	-183.5	-192.4	-135.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	134.0	86.3	187.5	1.0	0.0
Loans and Purchases of Debt Instruments	-6.7	167.7	-99.3	-81.6	-4.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	38.7	4.5
Investments in Other Entities	4.2	-9.3	0.0	-159.5	-11.8
Proceeds from Investments in Other Entities	47.9	4.8	0.0	29.6	0.0
Dividends and Interest Income Received	—	1.0	0.2	2.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-41.1	67.0	-104.0	-304.6	-11.9
Proceeds from Equity Issuance and Capital Contributions	6,000,000,000.00	0.00	0.00	204,628,400,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,583.8	2,778.6	2,418.8	1,921.1	46.8
Repayment of Borrowings	-3,544.4	-2,620.4	-2,536.3	-1,803.7	-55.5
Repayment of Finance Leases	-1.1	-0.6	-0.7	-0.3	0.0
Dividends Paid	-28.1	0.0	0.0	0.0	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	16.2	157.7	-118.3	321.7	-8.7
Net Cash Flow During the Period	15.7	-43.8	32.8	57.6	-8.4
Cash and Cash Equivalents at Beginning of Period	46.7	90.5	57.7	0.1	1.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	62.4	46.7	90.5	57.7	1.6

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	1,010.4	1,476.2	1,095.7	515.1	594.0	864.4	797.4	590.3	562.7	872.1	662.6	557.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,010.4	1,476.2	1,095.7	515.1	594.0	864.4	797.4	590.3	562.7	872.1	662.6	557.7
Cost of Goods Sold	928.6	1,369.5	1,020.4	469.0	545.1	796.7	731.1	531.0	515.5	812.2	609.6	510.0
Gross Profit	81.9	106.7	75.3	46.1	48.9	67.7	66.4	59.3	47.2	59.9	53.0	47.7
Financial Income	0.3	-1.3	0.5	1.1	2.5	-1.7	0.1	0.0	4.0	0.1	0.1	0.0
Financial Expenses	18.7	17.3	15.3	14.1	13.8	14.2	13.4	12.6	12.6	12.5	14.1	15.7
Interest Expense	18.6	17.1	15.0	13.9	13.6	14.1	13.3	12.4	12.5	12.3	14.0	15.5
Share of Associates and Joint Ventures	-2.5	2.5	-0.5	-1.5	2.7	0.7	0.2	0.2	-0.0	1.4	0.8	0.2
Selling Expenses	31.2	39.6	30.9	19.6	16.4	23.6	21.6	20.5	18.7	24.0	21.0	22.9
General and Administrative Expenses	29.3	32.4	30.9	24.3	19.7	21.8	21.3	21.9	19.7	18.0	17.6	19.5
Operating Profit	0.6	18.7	-1.8	-12.3	4.1	7.0	10.3	4.4	0.2	6.9	1.2	-10.1
Other Income	0.6	9.8	7.3	0.1	0.1	0.7	3.3	0.2	0.8	0.7	0.0	0.4
Other Expenses	1.1	0.9	0.1	0.5	0.0	0.8	0.6	0.1	0.8	0.0	0.0	0.0
Other Profit	-0.5	8.9	7.2	-0.4	0.1	-0.1	2.7	0.1	0.0	0.7	0.0	0.4
Profit Before Tax	0.0	27.5	5.4	-12.7	4.2	6.9	13.0	4.5	0.2	7.6	1.2	-9.8
Current Income Tax Expense	2.8	1.4	1.6	0.8	1.7	2.2	3.1	1.3	1.3	2.1	1.3	0.8
Deferred Income Tax Expense	-0.3	-0.3	-0.3	-0.3	-0.4	-0.4	-0.4	-0.3	-1.1	-0.7	-1.1	-2.6
Net Income	-2.5	26.4	4.1	-13.2	3.0	5.1	10.4	3.5	-0.1	6.2	1.0	-8.0
Non-controlling Interest	-3.3	9.6	-0.8	-6.3	-2.1	-0.1	2.1	0.4	-0.9	1.3	-1.0	-4.4
Profit Attributable to Parent	0.8	16.8	4.8	-6.9	5.0	5.2	8.3	3.1	0.8	4.8	2.0	-3.6
Earnings per Share	42.00	841.00	242.00	-346.00	251.00	262.00	415.00	156.00	40.00	242.00	101.00	-180.00
Diluted EPS	42.00	841.00	242.00	-346.00	251.00	873.00	415.00	156.00	40.09	242.00	101.00	-180.00

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)	912.0	980.2	937.9	860.2	794.8	919.5	1,011.9	854.9	818.3	794.8	813.7	746.7
I. Cash and cash equivalents	96.6	62.4	79.8	96.4	71.1	46.7	155.1	114.6	93.8	90.5	65.3	57.4
1. Cash	96.6	62.4	79.8	96.4	71.1	46.7	155.1	114.6	92.9	90.5	65.3	57.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.8	0.0	0.0	0.0
II. Short-term financial investments	23.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	23.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	359.7	514.8	484.1	478.1	421.5	571.0	581.5	494.9	493.1	465.9	487.1	470.4
1. Short-term trade accounts receivable	99.4	178.6	199.5	189.0	147.2	154.9	200.8	122.0	102.7	111.4	265.0	137.5
2. Short-term prepayments to suppliers	12.1	22.5	5.3	11.1	3.0	1.5	2.9	2.9	3.8	5.4	5.7	4.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	28.8	29.4	25.5	8.5	183.9	186.5	187.6	184.2	6.0	162.1	172.0
6. Other short-term receivables	248.9	285.6	250.3	253.1	263.3	231.2	191.8	183.0	202.8	343.7	54.7	156.7
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	415.0	386.8	358.0	275.0	290.6	288.6	267.5	234.9	216.8	223.7	247.2	206.9
1. Inventories	416.4	388.2	359.4	276.4	291.8	289.8	268.6	236.0	218.0	224.8	248.3	208.1
2. Provision for decline in value of inventories	-1.4	-1.4	-1.4	-1.4	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1
V. Other short-term assets	16.8	16.1	16.2	10.6	11.5	13.2	7.8	10.5	14.6	14.7	14.2	11.9
1. Short-term prepayments	9.6	8.3	9.0	9.1	10.4	7.8	6.0	7.1	7.6	6.5	6.8	8.3
2. Value added tax to be reclaimed	7.2	7.5	7.2	1.5	1.1	5.4	1.8	3.5	7.0	8.2	7.4	3.6
3. Taxes and other receivables from state authorities	—	0.3	0.0	0.0	—	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)	714.1	731.6	710.9	707.5	703.0	583.6	522.6	526.2	524.1	544.8	525.4	524.6
I. Long-term receivables	157.2	157.5	157.2	157.2	156.7	0.7	0.7	0.7	1.0	0.7	0.7	0.7
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	157.2	157.5	157.2	157.2	156.7	0.7	0.7	0.7	1.0	0.7	0.7	0.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	477.0	498.3	478.1	465.3	428.0	466.0	409.8	408.4	404.6	418.3	409.1	403.1
1. Tangible fixed assets	470.4	492.4	472.2	459.0	424.4	462.1	405.7	404.9	402.6	416.1	406.7	400.4
- Cost	783.1	—	—	—	—	695.2	628.1	614.8	602.3	621.5	617.6	603.2
- Accumulated depreciation	-312.8	—	—	—	—	-233.1	-222.4	-209.9	-199.7	-205.4	-210.9	-202.8
2. Financial leased fixed assets	4.2	4.4	4.7	4.9	3.0	3.2	3.4	2.7	1.1	1.2	1.3	1.4
- Cost	6.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.4	1.5	1.2	1.4	0.6	0.7	0.7	0.8	0.9	1.0	1.1	1.2
- Cost	15.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.3	—	—	—	—	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	12.1	2.4	2.6	8.3	4.2	1.7	1.5	4.2	5.4	12.4	1.8	5.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	12.1	2.4	2.6	8.3	4.2	1.7	1.5	4.2	5.4	12.4	1.8	5.4
V. Long-term financial investments	27.4	30.4	27.9	28.4	77.0	75.7	69.3	69.1	68.9	68.9	67.5	66.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	27.4	30.4	27.9	28.4	29.9	28.6	19.2	19.0	18.8	18.7	17.4	16.5
3. Investments in other entities	—	—	—	—	47.1	47.1	50.1	50.1	50.1	50.1	50.1	50.1
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	40.4	43.0	45.1	48.2	37.1	39.6	41.2	43.8	32.6	32.7	34.1	36.2
1. Long-term prepayments	27.0	29.1	30.8	33.4	26.9	29.1	30.3	32.6	32.6	32.7	34.1	36.2
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	13.4	13.9	14.4	14.9	10.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	10.5	10.8	11.2	11.5	11.9	12.2	12.6
TOTAL ASSETS (280=100+200)	1,626.1	1,711.8	1,648.9	1,567.7	1,497.7	1,503.2	1,534.5	1,381.1	1,342.4	1,339.6	1,339.2	1,271.3
A. LIABILITIES (300=210+330)	1,150.0	1,233.1	1,196.6	1,125.5	1,017.4	1,022.0	1,058.4	915.4	879.7	876.9	882.6	815.7
I. Short -term liabilities	852.2	930.5	899.8	837.5	769.1	839.1	890.5	736.7	698.0	690.2	711.5	651.1
1. Short-term trade accounts payable	68.8	56.0	42.9	73.1	62.8	43.9	53.2	28.2	33.3	47.4	29.2	29.6
2. Short-term advances from customers	31.7	38.3	50.1	39.8	28.5	36.8	45.3	34.8	37.4	50.4	59.4	61.3
3. Taxes and other payables to state authorities	9.9	8.5	11.0	17.0	12.3	10.6	8.5	7.3	8.5	9.1	15.1	28.0
4. Payable to employees	18.9	39.4	23.6	17.8	10.0	24.2	19.7	17.1	12.7	19.7	16.8	14.2
5. Short-term acrrued expenses	27.0	21.7	31.0	31.6	16.0	12.9	22.7	22.5	21.2	17.0	24.3	35.1
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	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	6.2	6.1	6.4	14.1	5.6	7.3	8.9	6.0	6.0	6.8	6.2	6.1
10. Short-term borrowings and financial leases	688.9	759.9	734.1	643.4	633.2	702.7	731.5	620.2	578.2	539.1	559.8	476.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	297.9	302.6	296.8	288.0	248.3	182.8	167.9	178.7	181.6	186.7	171.1	164.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	11.3	11.0	9.1	9.2	7.8	7.7	7.0	7.6	7.5	7.4	7.0	6.4
8. Long-term borrowings and financial leases	277.5	282.3	278.1	268.9	230.8	165.1	150.5	160.3	163.1	167.1	151.3	144.3
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	8.8	9.1	9.4	9.7	9.4	9.8	10.2	10.6	10.9	12.0	12.7	13.7
12. Provision for long-term liabilities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	476.0	478.7	452.3	442.2	480.3	481.2	476.1	465.7	462.8	462.7	456.5	455.5
I. Owner's equity	476.0	478.7	452.3	442.2	480.3	481.2	476.1	465.7	462.8	462.7	456.5	455.5
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00	199,999,990,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	76.6	76.6	76.6	76.6	76.6	76.6	76.6	76.6	76.6	76.6	76.6	76.6
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	48.5	48.2	31.4	26.5	53.4	51.7	46.4	38.1	35.5	34.6	29.8	27.7
- Accumulated retained earning at the end of the previous period	47.7	28.4	28.4	25.6	48.4	34.2	34.2	34.2	34.7	29.6	29.6	29.6
- Undistributed earnings in this period	0.8	19.7	2.9	0.9	5.0	17.5	12.2	3.9	0.8	5.0	0.2	-1.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	150.9	153.8	144.3	139.0	150.2	152.9	153.1	151.0	150.6	151.5	150.1	151.2
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)	1,626.1	1,711.8	1,648.9	1,567.7	1,497.7	1,503.2	1,534.5	1,381.1	1,342.4	1,339.6	1,339.2	1,271.3

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	28.0	5.4	-12.7	4.2	6.9	13.0	4.5	0.2	7.7	1.2	-9.8
Depreciation of Fixed Assets and Investment Property	18.6	19.1	23.4	11.8	16.3	30.3	15.4	15.1	14.9	7.0	16.0	16.2
Provision (Increase)/Reversal	—	-0.1	—	0.3	—	0.0	0.0	0.0	0.0	0.1	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	1.7	-1.4	-0.5	0.3	-5.1	0.9	-0.3	-0.3	-4.4	-1.8	-1.0	-0.2
Interest Expense	18.6	17.6	15.0	13.9	13.6	14.1	13.3	12.4	12.5	12.3	14.0	15.5
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	0.6	-0.6	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	38.9	63.3	39.8	16.8	29.1	52.1	41.9	31.1	23.2	25.3	30.2	21.8
Increase/(Decrease) in Receivables	127.4	-19.5	88.7	-50.3	-8.9	4.3	-85.3	4.7	-19.9	36.2	-30.5	2.1
Increase/(Decrease) in Inventory	-28.0	-29.0	-26.5	15.4	-2.0	-21.1	-32.6	-18.0	6.8	23.5	-40.2	93.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.8	-95.5	18.0	23.4	41.2	-20.5	90.7	-40.3	11.0	-117.5	100.6	-60.1
Increase/(Decrease) in Prepaid Expenses	0.8	2.4	9.7	-5.1	-0.5	-0.5	2.3	1.6	-1.0	1.7	3.6	2.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-18.3	-18.0	-14.9	-14.0	-13.5	-16.9	-13.3	-12.4	-12.4	-12.8	-14.0	-16.7
Corporate Income Tax Paid	-3.5	-3.3	-2.0	-1.5	-2.8	-0.6	-0.6	-0.3	-4.9	-5.0	-5.5	-7.1
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	0.2	-0.2
Net Cash Flow from Operating Activities	137.1	-99.5	112.7	-15.3	42.7	-3.3	3.2	-33.5	2.7	-48.6	44.4	35.7
Payments for Fixed Assets and Other Long-term Assets	-34.2	-77.1	-23.5	-102.4	-17.6	-88.5	-19.6	-30.3	-37.7	-87.0	-47.4	-21.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.2	127.3	-74.8	81.6	—	2.4	-48.7	51.8	7.7	179.4	-89.6	94.2
Loans and Purchases of Debt Instruments	-10.2	9.8	-0.2	-16.2	—	-0.3	-2.3	-1.3	-9.4	-14.7	9.8	-9.9
Receipts from Loan Repayments and Sale of Debt Instruments	14.7	—	8.1	—	0.7	2.9	3.3	-2.1	2.1	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	-9.3	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.2	-0.2	47.9	—	4.8	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	—	-9.5	10.3	2.5	-2.9	0.1	0.0	4.0	-0.0	0.1	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-27.1	52.2	-99.4	20.5	-14.5	-90.9	-67.3	18.2	-33.5	77.7	-127.1	63.2
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	867.7	1,426.4	1,753.8	-166.6	570.2	922.8	777.5	567.9	593.0	769.5	638.6	434.6
Repayment of Borrowings	-943.1	-1,396.1	-1,789.5	3.2	-573.9	-936.5	-673.6	-530.7	-558.9	-773.2	-547.8	-537.0
Repayment of Finance Leases	-0.3	-0.3	-0.3	-0.2	-0.2	-0.5	0.8	-1.0	-0.1	-0.2	-0.1	-0.3
Dividends Paid	—	-0.0	0.0	-28.1	—	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	-75.7	29.9	-30.0	20.2	-3.8	-14.2	104.6	36.2	34.0	-3.9	90.7	-102.7
Net Cash Flow During the Period	34.2	-17.4	-16.7	25.3	24.4	-108.4	40.5	20.8	3.3	25.2	7.9	-3.8
Cash and Cash Equivalents at Beginning of Period	62.4	79.8	96.4	71.1	46.7	90.5	90.5	90.5	90.5	57.7	57.7	57.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	96.6	62.4	79.8	96.4	71.1	46.7	155.1	114.6	93.8	90.5	65.3	57.4

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GMA

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