HCO

Listed Company

Price

—

Latest close

P/E —

EPS (TTM) 930

ROE (TTM) 4.2%

P/B —

BVPS (Latest) 18,054

ROA (TTM) 1.4%

What Is Changing

HCO is entering a phase where earnings quality matters more than pure top-line recovery. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income decreased 34.8% YoY to VND 2.4bn in 2021Q4.

Metric	2021
Revenue	659.7
Growth	—
Net Income	9.2
Net Margin	1.40%

Metric	Q4'21	Q3'21	Q2'21	Q1'21	Q2'20	Q1'20
Revenue	223.9	151.0	145.9	138.9	113.1	94.3
Growth	+48%	+3%	+5%	+23%	+20%	—
Net Income	2.4	2.2	2.5	2.2	3.6	0.8
Net Margin	1.06%	1.45%	1.72%	1.55%	3.20%	0.89%

Financial Statements

Profitability

Net margin reached 1.40% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 93.8bn, liabilities at 430.9bn, and equity at 220.8bn.

Cash Flow

Operating cash flow was 83.4bn in 2021, while investing cash flow was -40.3bn.

Financing cash flow: -39.0bn.

Item	2021
Revenue	661.2
Revenue Deductions	0.0
Net Revenue	659.7
Cost of Goods Sold	0.0
Gross Profit	134.3
Financial Income	0.0
Financial Expenses	-19.4
Interest Expense	-18.1
Share of Associates and Joint Ventures	-0.0
Selling Expenses	-75.7
General and Administrative Expenses	-27.2
Operating Profit	12.0
Other Income	0.0
Other Expenses	0.0
Other Profit	-0.2
Profit Before Tax	11.8
Current Income Tax Expense	-2.6
Deferred Income Tax Expense	0.0
Net Income	9.2
Non-controlling Interest	-0.0
Profit Attributable to Parent	9.2
Earnings per Share	381.00
Diluted EPS	753.77

Item	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	281.6
I. Cash and cash equivalents	43.6
1. Cash	0.0
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0
3. Held to maturity investments	0.0
III. Short-term receivables	123.7
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	0.0
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	0.0
6. Other short-term receivables	0.0
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	93.8
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	20.5
1. Short-term prepayments	0.0
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	370.1
I. Long-term receivables	0.0
1. Long-term trade receivables	0.0
2. Long-term prepayments to suppliers	0.0
3. Capital at inter-company	0.0
4. Long-term inter-company receivables	0.0
5. Long-term loan receivables	0.0
6. Other long-term receivables	0.0
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	332.7
1. Tangible fixed assets	317.1
- Cost	0.0
- Accumulated depreciation	0.0
2. Financial leased fixed assets	15.6
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	32.4
1. Long-term production in progress	0.0
2. Construction in progress	0.0
V. Long-term financial investments	0.0
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	0.0
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	0.0
5. Held to maturity investments	0.0
6. Other long-term investments	0.0
VI. Other long-term assets	0.0
1. Long-term prepayments	0.0
2. Deferred income tax assets	0.0
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	5.0
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	651.7
A. LIABILITIES (300=210+330)	430.9
I. Short -term liabilities	279.0
1. Short-term trade accounts payable	97.9
2. Short-term advances from customers	1.0
3. Taxes and other payables to state authorities	0.0
4. Payable to employees	0.0
5. Short-term acrrued expenses	0.0
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	0.0
10. Short-term borrowings and financial leases	140.1
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	151.9
1. Long-term trade payables	0.0
2. Long-term advances from customers	0.0
3. Long-term acrrued expenses	0.0
4. Inter-company payables on business capital	0.0
5. Long-term inter-company payables	0.0
6. Long-term unearned revenue	0.0
7. Other long-term liabilities	0.0
8. Long-term borrowings and financial leases	151.9
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.0
11. Deferred income tax liabilities	0.0
12. Provision for long-term liabilities	0.0
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	220.8
I. Owner's equity	0.0
1. Owner's capital	220.8
- Common stock with voting right	122.3
- Preferred stock	0.0
2. Share premium	25.9
3. Convertible bond option	0.0
4. Other capital of owners	3.4
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	9.1
- Accumulated retained earning at the end of the previous period	0.0
- Undistributed earnings in this period	9.1
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	0.0
II. Other resources and funds	0.0
1. Subsidized not-for-profit funds	0.0
2. Funds invested in fixed assets	0.0
C. MINORITY'S INTEREST	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	651.7

Item	2021
Profit Before Tax	0.0
Depreciation of Fixed Assets and Investment Property	0.0
Provision (Increase)/Reversal	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0
Gain/Loss from Investment Activities	0.0
Interest Expense	0.0
Gain/Loss on Disposal of Fixed Assets	0.0
Interest Income and Dividends	0.0
Amortization of Goodwill	0.0
Other Adjustments	0.0
Operating Profit Before Changes in Working Capital	0.0
Increase/(Decrease) in Receivables	0.0
Increase/(Decrease) in Inventory	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0
Increase/(Decrease) in Prepaid Expenses	0.0
Changes in Trading Securities	0.0
Interest Paid	0.0
Corporate Income Tax Paid	0.0
Other Operating Receipts	0.0
Other Operating Payments	0.0
Net Cash Flow from Operating Activities	83.4
Payments for Fixed Assets and Other Long-term Assets	-40.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0
Loans and Purchases of Debt Instruments	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0
Investments in Other Entities	0.0
Proceeds from Investments in Other Entities	0.0
Dividends and Interest Income Received	0.0
Increase/(Decrease) in Term Deposits	0.0
Acquisition of Non-controlling Interests	0.0
Other Investing Receipts	0.0
Other Investing Payments	0.0
Net Cash Flow from Investing Activities	-40.3
Proceeds from Equity Issuance and Capital Contributions	0.0
Share Repurchases	0.0
Proceeds from Borrowings	399.9
Repayment of Borrowings	-423.0
Repayment of Finance Leases	-8.8
Dividends Paid	-7.1
Other Financing Receipts	0.0
Other Financing Payments	0.0
Net Cash Flow from Financing Activities	-39.0
Net Cash Flow During the Period	-3.9
Cash and Cash Equivalents at Beginning of Period	39.4
FX Difference from Revaluation	-0.0
Cash and Cash Equivalents at End of Period	43.6

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q2'20	Q1'20
Revenue	224.0	151.2	146.2	139.9	114.2	94.4
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	223.9	151.0	145.9	138.9	113.1	94.3
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	39.8	42.0	28.4	24.1	24.3	11.9
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	-5.6	-4.8	-4.5	-4.5	-4.6	-4.8
Interest Expense	-5.2	-4.3	-4.4	-4.2	-4.6	-4.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	-25.0	-26.0	-14.1	-10.6	-9.8	-0.1
General and Administrative Expenses	-5.7	-8.4	-6.7	-6.4	-5.4	-6.0
Operating Profit	3.5	2.9	3.1	2.6	4.5	1.1
Other Income	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.2	-0.1	0.0	0.1	-0.0	-0.0
Profit Before Tax	3.2	2.7	3.1	2.7	4.5	1.1
Current Income Tax Expense	-0.9	-0.5	-0.6	-0.5	-0.9	-0.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.4	2.2	2.5	2.2	3.6	0.8
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.4	2.2	2.5	2.2	3.6	0.8
Earnings per Share	193.14	179.55	381.00	175.83	296.09	68.86
Diluted EPS	193.14	179.55	205.25	175.83	296.09	68.86

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	281.6	281.6	296.5	324.4	270.7	287.0
I. Cash and cash equivalents	43.6	47.5	41.0	47.6	31.1	29.7
1. Cash	0.0	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	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
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	123.7	100.7	118.7	126.7	85.8	118.1
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	93.8	112.6	115.9	129.3	131.4	116.2
1. Inventories	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	20.5	20.8	20.9	20.7	22.3	23.1
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	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
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	370.1	354.1	341.0	347.0	372.8	375.9
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	332.7	317.1	303.0	308.1	326.9	304.9
1. Tangible fixed assets	317.1	301.2	286.8	291.5	309.4	285.6
- Cost	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
2. Financial leased fixed assets	15.6	15.9	16.2	16.6	17.5	17.8
- Cost	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
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	1.5
- Cost	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
III. Investment properties	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
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	32.4	32.7	32.7	32.2	37.5	67.2
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	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
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	5.0	4.2	5.3	6.7	8.4	3.8
5. Goodwill	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
TOTAL ASSETS (280=100+200)	651.7	635.7	637.6	671.4	643.5	662.9
A. LIABILITIES (300=210+330)	430.9	417.1	421.2	449.5	427.9	437.1
I. Short -term liabilities	279.0	284.0	281.8	291.8	280.2	285.5
1. Short-term trade accounts payable	97.9	98.3	93.0	103.5	98.1	132.5
2. Short-term advances from customers	1.0	1.0	0.9	1.5	1.2	0.8
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	140.1	130.6	150.2	160.4	139.3	128.4
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	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
II. Long-term liabilities	151.9	133.1	139.4	157.7	147.7	151.6
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	151.9	133.1	139.4	157.7	147.7	151.6
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	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
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	220.8	218.6	216.4	221.9	215.6	225.8
I. Owner's equity	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	220.8	218.6	216.4	221.9	215.6	225.8
- Common stock with voting right	122.3	122.3	122.3	122.3	122.3	122.3
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	25.9	25.9	25.9	25.9	25.9	25.9
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3.4	3.4	3.4	3.4	3.4	3.4
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	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
8. Investment and development fund	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
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	9.1	6.9	4.7	10.8	4.5	16.2
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	8.7	0.0	15.3
- Undistributed earnings in this period	9.1	6.9	4.7	2.2	4.5	0.9
12. Reserves for investment in construction	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
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	651.7	635.7	637.6	671.4	643.5	662.9

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q2'20	Q1'20
Profit Before Tax	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	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	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	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
Amortization of Goodwill	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
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	15.2	33.8	25.5	8.9	-1.0	46.2
Payments for Fixed Assets and Other Long-term Assets	-36.6	-1.3	-3.8	1.4	-4.5	-4.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	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	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	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
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	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
Net Cash Flow from Investing Activities	-36.6	-1.3	-3.8	1.4	-4.5	-4.6
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	122.8	87.0	90.6	99.4	98.7	124.0
Repayment of Borrowings	-93.2	-111.8	-116.4	-101.6	-91.8	-167.3
Repayment of Finance Leases	-5.0	-1.3	-2.5	0.0	0.0	0.0
Dividends Paid	-7.1	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
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	17.5	-26.0	-28.4	-2.1	6.9	-43.3
Net Cash Flow During the Period	-3.9	6.5	-6.6	8.2	1.4	-1.7
Cash and Cash Equivalents at Beginning of Period	47.5	41.0	47.6	39.4	29.7	31.4
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	43.6	47.5	41.0	47.6	31.1	29.7

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