HHC

Bánh kẹo Hải Hà ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 8.36%, +3.13pp YoY

Price

67,700

Latest close

29 May 2026

P/E 18.92x

P/B 1.63x

EPS 3,579

BVPS 41,603

ROE 8.8%

ROA 6.2%

Profit Margin 8.4%

Asset Turnover 0.74x

Equity Mult. 1.42x

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

What Is Changing

On a TTM 2026Q1 basis, HHC has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 704bn
	                                
−4.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 59bn
	                                
+53.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    45.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	699.8	772.3	866.3	1,454.6	930.6
Growth	-9%	-11%	-40%	+56%	—
Net Income	47.3	44.3	49.6	52.8	52.3
Net Margin	6.76%	5.73%	5.72%	3.63%	5.62%

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	168.1	260.9	157.4	117.2	164.0	274.5	160.1	136.0	206.5	223.2	274.6	154.7
Growth	-36%	+66%	+34%	-29%	-40%	+71%	+18%	-34%	-7%	-19%	+77%	—
Net Income	18.6	30.1	9.4	0.6	9.2	13.4	12.9	2.9	21.1	10.9	24.3	6.6
Net Margin	11.09%	11.55%	6.00%	0.49%	5.59%	4.87%	8.06%	2.17%	10.22%	4.90%	8.84%	4.26%

Drivers of HHC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 19.6bn

Administrative expenses ↓ 15.4bn

Selling expenses ↓ 13.3bn

Financial income ↓ 19.8bn

Tax ↑ 4.4bn

Gross profit ↓ 4.3bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 8.2bn

Administrative expenses ↓ 2.5bn

Gross profit ↑ 2.1bn

Tax ↑ 2.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.0% = 5.2% × 0.58 × 1.99

2026Q1 8.8% = 8.4% × 0.74 × 1.42

ROE rose from 6.0% to 8.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 8.4% +3.1pp Asset turnover: 0.74x +0.16x Leverage: 1.42x -0.57x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 8.36%, rising 3.1pp. The main driver is SG&A / Revenue fell 3.2pp and Gross margin rose 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.2pp).

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

Profitability trend

Net Margin 8.36% +3.1pp

Gross Margin 22.64% +0.4pp

SG&A / Revenue 16.76% −3.2pp

Non-core / Revenue 4.61% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (46.2% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 28.0 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 7.20%, rising 2.1pp. That translates to 7.20 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.1pp, with capital turnover fell 0.09x; with invested capital holding roughly steady.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 7.20% +2.1pp

NOPAT Margin 8.45% +3.1pp

Capital Turnover 0.85x −0.09x

Average Invested Capital 826.1bn +47.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.48x equity, net debt at 0.29x equity.

Over the last 12 months, working capital absorbed 162.5bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −118.8bn

Inventories decreased → higher CFO: +6.9bn

Payables decreased → lower CFO: −50.7bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 28.0 days versus the same period last year. The main moves came from DIO fell 2.9 days, DSO rose 30.0 days, and DPO fell 1.0 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 107.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +30.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 79.9 days +30.0 days

Inventory 38.2 days −2.9 days

Payables 10.7 days −1.0 days

Cash Conversion Cycle 107.4 days +28.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.29x and interest coverage at 7.03x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 10.2% of debt, and total debt stands at 223.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 10.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.29x +0.11x

Interest Coverage 7.03x +5.36x

Cash / Debt 10.2% −24.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -2.36x −0.65x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -18.1bn in 2025, against investing cash flow of 28.9bn.

Post-investment cash flow was positive +10.8bn. Financing cash flow was negative +18.0bn.

CFO / net income was -2.36x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 138.8bn −73.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.1 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.36% after expanding 3.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 45.1% of PBT and CFO / net income currently at -2.36x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	768.2	818.0	915.0	1,517.0	1,002.4
Revenue Deductions	68.5	45.8	48.6	62.4	0.0
Net Revenue	699.8	772.3	866.3	1,454.6	930.6
Cost of Goods Sold	543.7	602.7	690.9	1,258.9	0.0
Gross Profit	156.1	169.6	175.4	195.7	143.4
Financial Income	44.4	81.8	70.5	75.6	26.7
Financial Expenses	10.2	46.4	47.1	56.9	-26.4
Interest Expense	9.8	46.2	46.9	56.4	-26.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	94.0	101.4	87.5	123.5	-110.3
General and Administrative Expenses	35.8	45.3	46.8	48.1	-47.4
Operating Profit	60.5	58.4	64.6	42.8	-14.1
Other Income	0.2	0.3	0.5	28.7	0.0
Other Expenses	1.3	1.5	0.5	1.3	0.0
Other Profit	-1.1	-1.2	-0.0	27.4	80.0
Profit Before Tax	59.5	57.2	64.6	70.1	65.9
Current Income Tax Expense	12.2	12.9	15.0	17.3	-13.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	47.3	44.3	49.6	52.8	52.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	47.3	44.3	49.6	52.8	52.3
Earnings per Share	2,880.00	2,694.00	3,018.00	3,214.00	3,183.12
Diluted EPS	2,880.26	2,694.16	3,018.30	3,213.78	3,183.12

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	594.6	698.7	1,416.3	1,028.4	987.6
I. Cash and cash equivalents	57.5	64.8	11.7	18.4	19.0
1. Cash	57.5	19.2	11.7	18.4	0.0
2. Cash equivalents	—	45.6	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	86.0	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	86.0	0.0
III. Short-term receivables	477.0	574.0	1,308.8	797.6	737.1
1. Short-term trade accounts receivable	175.5	127.6	120.5	280.0	0.0
2. Short-term prepayments to suppliers	0.9	9.3	122.6	132.1	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	0.0	0.0	0.0
6. Other short-term receivables	303.8	438.0	1,065.6	385.5	0.0
7. Provision for short-term doubtful debts (*)	-3.2	-1.3	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.4	0.0	0.0	0.0
IV. Inventories	52.2	59.6	95.3	125.5	134.6
1. Inventories	52.2	59.6	95.3	125.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.8	0.3	0.6	0.9	1.9
1. Short-term prepayments	1.3	0.3	0.2	0.5	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.1	0.0
3. Taxes and other receivables from state authorities	6.5	0.1	0.3	0.3	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)	389.6	243.6	334.8	216.5	257.9
I. Long-term receivables	211.3	62.5	135.4	2.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.6
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	211.3	62.5	135.4	2.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	126.4	138.0	153.4	167.1	184.4
1. Tangible fixed assets	125.4	137.5	152.6	167.1	184.4
- Cost	420.8	415.7	423.6	422.5	0.0
- Accumulated depreciation	-295.4	-278.1	-271.0	-255.4	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	1.1	0.4	0.8	0.0	0.0
- Cost	2.5	1.2	1.2	0.2	0.0
- Accumulated depreciation	-1.4	-0.8	-0.5	-0.2	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	—	0.0	0.0	0.0	22.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	—	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
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	51.9	43.2	46.1	46.8	0.0
1. Long-term prepayments	51.9	43.2	46.1	46.8	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	48.6
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)	984.2	942.3	1,751.1	1,244.9	1,245.5
A. LIABILITIES (300=210+330)	319.5	301.1	1,151.7	692.4	743.2
I. Short -term liabilities	317.6	299.2	1,150.1	686.5	662.5
1. Short-term trade accounts payable	48.7	19.1	80.9	287.9	137.1
2. Short-term advances from customers	7.8	1.8	120.9	123.3	132.6
3. Taxes and other payables to state authorities	11.0	10.8	10.7	13.5	0.0
4. Payable to employees	20.8	22.6	19.5	23.9	0.0
5. Short-term acrrued expenses	38.4	12.5	8.0	16.5	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	3.4	26.6	0.4	1.1	1.1
9. Other short-term payables	21.6	20.3	750.3	20.9	0.0
10. Short-term borrowings and financial leases	157.2	175.3	149.4	191.7	314.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	8.6	10.2	10.1	7.7	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	1.9	1.9	1.5	5.9	80.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.9	1.9	1.5	1.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	4.2	79.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	664.7	641.2	599.5	552.5	502.4
I. Owner's equity	664.7	641.2	599.5	552.5	0.0
1. Owner's capital	164.2	164.2	164.2	164.2	502.4
- Common stock with voting right	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	33.5	33.5	33.5	33.5	33.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	3.7	3.7	3.7	3.7	3.7
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	413.2	392.8	345.7	295.5	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	50.1	47.1	52.4	55.6	55.1
- Accumulated retained earning at the end of the previous period	2.8	2.8	2.8	2.8	2.8
- Undistributed earnings in this period	47.3	44.3	49.6	52.8	52.3
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	—	0.0	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)	984.2	942.3	1,751.1	1,244.9	1,245.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	59.5	57.2	64.6	70.1	65.9
Depreciation of Fixed Assets and Investment Property	18.0	17.3	17.1	17.3	17.9
Provision (Increase)/Reversal	2.3	1.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.1	0.1	0.1	0.0
Gain/Loss from Investment Activities	-43.6	-80.5	-70.1	-74.4	0.0
Interest Expense	9.8	11.6	46.9	56.4	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	45.9	6.8	58.6	69.6	83.2
Increase/(Decrease) in Receivables	-76.2	793.1	-638.7	-47.0	0.0
Increase/(Decrease) in Inventory	7.4	35.7	30.2	9.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	37.1	-878.3	486.4	168.9	0.0
Increase/(Decrease) in Prepaid Expenses	-9.7	2.9	1.0	2.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-9.7	-11.7	-24.6	-55.0	0.0
Corporate Income Tax Paid	-11.4	-11.1	-20.7	-20.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.6	-2.4	-0.2	-0.2	0.0
Net Cash Flow from Operating Activities	-18.1	-65.0	-108.1	127.2	4.5
Payments for Fixed Assets and Other Long-term Assets	-6.1	-2.7	-3.0	-9.0	-7.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-5.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	86.0	9.0	17.0
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	35.0	94.8	64.8	70.1	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	28.9	92.1	147.9	70.1	54.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	452.7	614.7	535.2	507.8	661.6
Repayment of Borrowings	-470.7	-588.8	-581.7	-705.8	-713.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	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	-18.0	25.9	-46.5	-198.0	-52.1
Net Cash Flow During the Period	-7.3	53.0	-6.7	-0.7	-8.7
Cash and Cash Equivalents at Beginning of Period	64.8	11.7	18.4	19.0	11.6
FX Difference from Revaluation	-0.0	0.1	-0.0	0.1	0.1
Cash and Cash Equivalents at End of Period	57.5	64.8	11.7	18.4	19.0

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	224.2	305.2	166.3	126.6	170.1	291.9	172.2	143.1	215.3	238.5	284.8	165.8
Revenue Deductions	56.1	44.3	8.9	9.4	6.1	17.4	12.1	7.2	8.8	15.3	10.2	11.1
Net Revenue	168.1	260.9	157.4	117.2	164.0	274.5	160.1	136.0	206.5	223.2	274.6	154.7
Cost of Goods Sold	129.3	201.3	119.7	94.1	127.2	213.8	122.1	108.0	158.8	176.3	211.0	124.0
Gross Profit	38.8	59.7	37.6	23.1	36.8	60.8	38.0	28.0	47.8	46.9	63.6	30.7
Financial Income	10.6	10.9	10.9	11.4	11.1	8.4	8.3	35.9	35.8	47.9	0.4	12.0
Financial Expenses	3.4	2.2	2.0	3.0	3.0	0.2	0.0	27.0	26.1	29.4	5.0	7.0
Interest Expense	3.4	1.9	2.0	3.0	2.9	3.1	2.9	3.2	26.1	5.1	4.9	7.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	13.0	29.2	23.5	21.1	21.2	36.1	19.9	22.9	21.8	36.4	17.2	15.4
General and Administrative Expenses	9.3	0.7	11.4	9.7	11.8	16.3	8.8	9.8	9.1	12.9	11.1	12.1
Operating Profit	23.8	38.5	11.6	0.8	11.9	16.7	17.7	4.2	26.6	16.1	30.6	8.1
Other Income	0.0	0.1	0.2	0.0	0.0	0.3	0.0	0.0	0.0	0.1	0.0	0.4
Other Expenses	0.4	0.4	0.3	0.0	0.3	0.2	0.6	0.5	0.2	0.2	0.2	0.0
Other Profit	-0.4	-0.3	-0.1	-0.0	-0.3	0.1	-0.6	-0.5	-0.1	-0.1	-0.2	0.4
Profit Before Tax	23.4	38.1	11.5	0.7	11.5	16.7	17.0	3.7	26.4	16.0	30.4	8.4
Current Income Tax Expense	4.8	8.0	2.1	0.2	2.4	3.3	4.1	0.7	5.3	5.0	6.1	1.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.6	30.1	9.4	0.6	9.2	13.4	12.9	2.9	21.1	10.9	24.3	6.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	18.6	30.1	9.4	0.6	9.2	13.4	12.9	2.9	21.1	10.9	24.3	6.6
Earnings per Share	1,135.00	1,835.00	574.00	35.00	558.00	814.00	786.00	180.00	1,285.00	665.00	1,477.00	401.00
Diluted EPS	1,135.02	1,835.19	574.71	34.93	558.45	814.34	785.71	179.56	1,285.40	665.37	1,477.43	401.11

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)	691.2	598.7	456.3	490.3	576.2	636.1	1,279.1	1,281.9	1,289.8	1,548.8	1,436.9	793.1
I. Cash and cash equivalents	22.9	57.5	17.2	16.1	61.2	19.2	12.3	16.1	10.1	11.7	13.6	6.7
1. Cash	22.9	57.5	17.2	16.1	25.6	19.2	12.3	16.1	10.1	11.7	13.6	6.7
2. Cash equivalents	—	—	—	—	35.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	45.6	0.0	0.0	0.0	0.0	5.0	5.0
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	—	—	—	—	—	45.6	0.0	0.0	0.0	0.0	5.0	5.0
III. Short-term receivables	609.6	482.1	372.4	404.8	452.9	511.0	1,189.0	1,193.8	1,211.1	1,441.3	1,325.9	660.2
1. Short-term trade accounts receivable	226.2	178.1	58.8	68.3	81.9	127.6	96.8	97.0	119.0	120.5	123.4	65.9
2. Short-term prepayments to suppliers	1.7	1.4	4.1	19.3	8.9	9.3	6.0	3.8	4.6	122.6	124.6	124.0
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	384.9	303.8	310.7	318.1	363.0	374.1	1,086.2	1,093.0	1,087.5	1,198.1	1,077.9	470.3
7. Provision for short-term doubtful debts (*)	-3.2	-1.6	-1.6	-1.3	-1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	52.7	51.3	65.3	67.8	61.2	60.0	75.9	71.5	67.5	95.3	91.5	118.7
1. Inventories	52.7	51.3	65.3	67.8	61.2	60.0	75.9	71.5	67.5	95.3	91.5	118.7
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	6.0	7.8	1.4	1.6	0.9	0.3	1.9	0.4	1.1	0.6	1.0	2.5
1. Short-term prepayments	1.1	1.3	1.4	1.2	0.7	0.3	0.1	0.1	0.7	0.2	0.7	1.4
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.3	0.2	0.0	0.0	0.0	0.1	0.0	0.0	0.8
3. Taxes and other receivables from state authorities	4.8	6.5	0.0	0.0	0.0	0.1	1.8	0.3	0.3	0.3	0.3	0.3
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)	294.5	389.6	391.6	400.7	337.6	314.1	322.5	325.6	329.8	202.3	294.7	210.3
I. Long-term receivables	121.3	211.3	211.4	217.1	161.5	133.0	135.4	135.4	135.4	2.9	92.2	2.6
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	121.3	211.3	211.4	217.1	161.5	133.0	135.4	135.4	135.4	2.9	92.2	2.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	121.7	126.4	126.4	138.4	133.6	138.0	141.3	145.6	149.1	153.4	155.6	160.0
1. Tangible fixed assets	120.9	125.4	126.0	137.9	133.2	137.5	140.8	145.0	148.4	152.6	154.7	159.1
- Cost	420.8	—	—	—	—	415.7	414.8	414.8	423.6	423.6	422.0	422.2
- Accumulated depreciation	-299.9	—	—	—	—	-278.1	-274.1	-269.8	-275.2	-271.0	-267.2	-263.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.8	1.1	0.4	0.5	0.4	0.4	0.5	0.6	0.7	0.8	0.9	1.0
- Cost	2.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.7	—	—	—	—	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	—	—	1.7	1.1	—	0.0	2.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	1.7	1.1	—	0.0	2.0	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	0.0
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	—	—	—	—	—	0.0	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	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	51.4	51.9	52.1	44.2	42.6	43.2	43.9	44.6	45.4	46.1	46.9	47.7
1. Long-term prepayments	51.4	51.9	52.1	44.2	42.6	43.2	43.9	44.6	45.4	46.1	46.9	47.7
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)	985.8	988.4	847.9	891.0	913.8	950.2	1,601.6	1,607.5	1,619.6	1,751.1	1,731.6	1,003.4
A. LIABILITIES (300=210+330)	302.4	321.7	211.3	240.0	263.4	302.8	967.7	986.4	999.0	1,152.2	1,143.6	436.4
I. Short -term liabilities	300.5	319.7	209.4	238.1	261.4	300.9	965.8	984.5	997.6	1,150.7	1,141.5	434.3
1. Short-term trade accounts payable	20.3	48.7	40.5	8.2	11.5	19.1	26.0	20.8	25.0	80.9	19.5	8.3
2. Short-term advances from customers	7.9	7.8	4.5	3.3	2.7	1.8	1.8	1.9	1.9	120.9	124.5	121.2
3. Taxes and other payables to state authorities	5.5	11.5	5.7	0.3	6.4	11.4	4.4	1.5	8.0	10.5	25.8	12.8
4. Payable to employees	7.1	20.8	9.4	8.3	8.7	22.6	9.9	9.2	10.0	20.2	8.8	7.2
5. Short-term acrrued expenses	5.0	40.1	13.6	12.1	10.1	11.3	2.7	5.1	8.0	8.0	1.4	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	0.8	3.4	9.3	12.8	13.9	22.0	0.7	1.3	0.3	0.4	0.4	1.0
9. Other short-term payables	21.9	21.5	22.9	24.0	20.7	27.2	747.6	765.2	755.8	750.3	725.4	19.5
10. Short-term borrowings and financial leases	223.9	157.2	94.9	160.4	178.7	175.3	160.7	167.0	178.4	149.4	225.5	253.7
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	8.0	8.6	8.6	8.8	8.8	10.2	12.0	12.4	10.1	10.1	10.2	10.2
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	1.9	1.9	1.9	1.9	2.0	1.9	1.9	1.9	1.5	1.5	2.1	2.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.9	1.9	1.9	1.9	2.0	1.9	1.9	1.9	1.5	1.5	1.7	1.7
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.4	0.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	683.3	666.7	636.6	651.0	650.4	647.3	634.0	621.1	620.6	599.0	588.0	567.0
I. Owner's equity	683.3	666.7	636.6	651.0	650.4	647.3	634.0	621.1	620.6	599.0	588.0	567.0
1. Owner's capital	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2
- Common stock with voting right	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00	164,250,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
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	413.2	413.2	413.2	437.0	392.8	392.8	392.8	392.8	345.7	345.7	345.7	345.7
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	68.8	52.1	22.0	12.5	56.2	53.1	39.8	26.9	73.5	51.9	40.9	19.9
- Accumulated retained earning at the end of the previous period	50.1	2.8	2.8	2.8	47.1	2.8	2.8	2.8	52.4	2.8	2.8	2.8
- Undistributed earnings in this period	18.6	49.3	19.2	9.7	9.2	50.3	37.0	24.1	21.1	49.1	38.1	17.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	985.8	988.4	847.9	891.0	913.8	950.2	1,601.6	1,607.5	1,619.6	1,751.1	1,731.6	1,003.4

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	23.4	47.1	0.8	11.5	16.7	18.9	1.8	26.4	16.6	30.4	4.4	13.1
Depreciation of Fixed Assets and Investment Property	4.7	9.1	4.4	4.4	4.4	4.4	4.3	4.3	4.4	4.3	4.3	4.2
Provision (Increase)/Reversal	—	2.0	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.2	-0.2	-0.1	-0.1	-0.1	0.0	-0.2	0.3	-0.1	-0.0	-0.1
Gain/Loss from Investment Activities	-10.6	-21.7	-10.9	-11.0	-11.2	36.1	-34.9	-35.5	-36.4	-11.4	-12.0	-10.2
Interest Expense	3.4	3.9	3.0	2.9	3.1	-45.1	27.5	26.1	29.4	4.9	8.0	4.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	20.8	40.7	-2.6	7.8	13.0	14.3	-1.4	21.1	14.2	28.0	4.7	11.7
Increase/(Decrease) in Receivables	-42.5	-95.5	3.1	16.2	661.9	0.1	27.0	115.6	-29.0	-831.6	224.8	-2.9
Increase/(Decrease) in Inventory	-0.5	15.6	-6.6	-1.6	15.9	-4.3	-4.1	27.7	-3.8	27.2	11.0	-4.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-87.8	74.6	0.3	-37.9	-666.3	-18.4	-8.8	-187.9	-14.1	806.3	-146.4	-159.5
Increase/(Decrease) in Prepaid Expenses	0.6	0.1	-10.0	0.2	0.5	0.8	1.3	0.3	1.2	1.5	1.3	-3.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.1	-3.8	-2.9	-2.9	-19.4	-2.9	-17.8	-20.7	-6.6	-4.0	-8.9	-5.2
Corporate Income Tax Paid	-7.5	-0.3	-6.9	-4.2	0.0	-1.4	-5.3	-4.3	-10.8	0.0	0.0	-9.9
Other Operating Receipts	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-0.2	-0.0	-1.4	-1.8	-0.5	-0.1	-0.1	-0.1	0.0	-0.1	0.0
Net Cash Flow from Operating Activities	-120.7	31.3	-25.5	-23.9	3.9	-12.4	-9.1	-48.2	-48.9	27.5	86.4	-173.1
Payments for Fixed Assets and Other Long-term Assets	—	-4.5	-1.5	-0.2	-1.1	0.0	-0.8	-0.6	-0.2	-1.3	-1.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	89.5	-170.5	81.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	86.0	-87.0	87.0	0.0
Investments in Other Entities	-110.8	—	—	—	-45.6	0.0	0.0	0.0	795.4	-795.4	0.0	0.0
Proceeds from Investments in Other Entities	109.0	—	—	—	0.0	0.0	0.0	0.0	-792.9	792.9	0.0	0.0
Dividends and Interest Income Received	21.2	17.9	0.2	16.9	35.1	14.7	27.3	18.0	35.5	8.7	11.9	8.7
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	19.4	13.4	-1.3	16.8	-11.6	14.7	26.6	17.4	123.8	7.5	-73.0	89.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	102.0	183.2	113.4	156.1	205.8	128.3	115.1	169.8	86.8	159.5	98.4	190.4
Repayment of Borrowings	-35.4	-186.3	-131.8	-152.7	-191.3	-134.6	-126.5	-140.8	-163.3	-187.7	-113.1	-117.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	66.6	-3.1	-18.3	3.4	14.6	-6.3	-11.4	29.0	-76.5	-28.2	-14.7	72.9
Net Cash Flow During the Period	-34.6	41.6	-45.2	-3.7	6.9	-3.9	6.1	-1.8	-1.7	6.7	-1.2	-10.5
Cash and Cash Equivalents at Beginning of Period	57.5	64.8	61.2	64.8	11.7	11.7	11.7	11.7	18.4	18.4	18.4	18.4
FX Difference from Revaluation	0.0	-0.0	0.1	0.1	0.1	0.1	0.0	0.1	-0.2	0.1	0.1	-0.1
Cash and Cash Equivalents at End of Period	22.9	57.5	16.1	61.2	19.2	12.3	16.1	10.1	11.7	13.6	6.7	7.8

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HHC

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Cash Flow ●

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Balance Sheet

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Cash Flow