HHP

HHP Global ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 0.50x

Price

14,300

Latest close

04 Jun 2026

P/E 22.95x

P/B 1.08x

EPS 623

BVPS 13,232

ROE 4.8%

ROA 1.6%

Profit Margin 1.6%

Asset Turnover 0.98x

Equity Mult. 3.05x

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

What Is Changing

On a TTM 2026Q1 basis, HHP is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,339bn
	                                
+57.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 58bn
	                                
+76.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,123.9	1,870.5	1,109.3	945.3	791.4
Growth	+67%	+69%	+17%	+19%	—
Net Income	52.1	23.8	24.5	40.6	36.7
Net Margin	1.67%	1.27%	2.21%	4.30%	4.64%

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	838.5	802.7	705.8	991.8	655.7	528.3	492.6	437.9	411.7	356.8	286.9	227.6
Growth	+4%	+14%	-29%	+51%	+24%	+7%	+12%	+6%	+15%	+24%	+26%	—
Net Income	13.0	13.9	10.0	20.8	12.8	6.7	3.2	9.9	5.9	0.2	3.3	10.6
Net Margin	1.55%	1.73%	1.42%	2.10%	1.95%	1.27%	0.65%	2.27%	1.42%	0.05%	1.13%	4.66%

Drivers of HHP's profit

TTM

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

Gross profit ↑ 143.7bn

Finance costs ↑ 84.7bn

Selling expenses ↑ 13.6bn

Administrative expenses ↑ 12.0bn

Tax ↑ 8.5bn

TTM

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

Gross profit ↑ 22.7bn

Minority interests ↓ 0.9bn

Finance costs ↑ 14.1bn

Selling expenses ↑ 3.4bn

Administrative expenses ↑ 2.0bn

Tax ↑ 2.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.4% = 1.5% × 0.80 × 2.76

2026Q1 5.2% = 1.7% × 0.98 × 3.05

ROE rose from 3.4% to 5.2% — all three components improved, with leverage contributing the most.

Net margin: 1.7% +0.2pp Asset turnover: 0.98x +0.18x Leverage: 3.05x +0.29x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 1.73%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 1.73% +0.2pp

Gross Margin 6.67% +2.9pp

SG&A / Revenue 1.17% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 1.80%, rising 0.4pp. That translates to 1.80 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.15x, while invested capital expanded strongly by 833bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation, but with ROIC still at a low level, several more periods in the same direction are needed to confirm a substantive shift.

Watchpoints

ROIC remains low

ROIC is currently 1.80% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.80% +0.4pp

NOPAT Margin 1.73% +0.2pp

Capital Turnover 1.04x +0.15x

Average Invested Capital 3,204.7bn +833.5bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.25x equity, net debt at 2.02x equity.

Inventory ended the period at 500.4bn, roughly 13.6% of total assets.

Over the last 12 months, working capital absorbed 93.6bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +125.9bn

Inventories increased → lower CFO: −160.9bn

Payables decreased → lower CFO: −58.7bn

Working Capital Efficiency

Cash conversion cycle lengthened by 21.6 days versus the same period last year. The main moves came from DIO rose 3.5 days, DSO fell 5.5 days, and DPO fell 23.6 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +21.6 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +3.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 33.8 days −5.5 days

Inventory 52.0 days +3.5 days

Payables 12.3 days −23.6 days

Cash Conversion Cycle 73.5 days +21.6 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.02x and interest coverage only at 0.61x.

At present, short-term debt accounts for 42.7% of total debt, cash equals 0.6% of debt, and total debt stands at 2,326.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.02x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.61x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.02x +0.32x

Interest Coverage 0.61x −0.45x

Cash / Debt 0.6% −0.3pp

Short-term Debt / Total Debt 42.7% −6.6pp

CFO / NI 0.50x +4.66x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -96.6bn in 2025, against investing cash flow of -565.2bn.

Post-investment cash flow was negative +661.8bn. Financing cash flow was positive +679.9bn.

CFO / net income was 0.50x.

After spending +615.7bn on fixed-asset investment, the business generated trailing free cash flow of −589.0bn.

Cash Conversion

CFO TTM 26.7bn +138.8bn

Cash Capex 615.7bn −362.1bn

FCF TTM −589.0bn +500.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.50x. The main risk still sits in capital efficiency remains weak, with ROIC at 1.8%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.50x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,123.9	1,870.6	1,109.3	945.3	791.6
Revenue Deductions	0.0	0.1	0.0	0.0	0.0
Net Revenue	3,123.9	1,870.5	1,109.3	945.3	791.4
Cost of Goods Sold	2,924.0	1,812.6	1,040.7	871.4	0.0
Gross Profit	199.9	57.8	68.7	74.0	62.0
Financial Income	12.1	8.2	7.8	1.5	0.4
Financial Expenses	110.3	25.3	39.2	20.2	-14.8
Interest Expense	103.3	24.7	27.1	20.0	-10.6
Share of Associates and Joint Ventures	3.3	2.0	2.3	2.5	1.5
Selling Expenses	16.6	5.7	2.6	2.7	-3.2
General and Administrative Expenses	17.0	7.0	7.4	4.5	-5.1
Operating Profit	71.4	30.1	29.6	50.6	41.0
Other Income	0.2	0.2	2.0	0.0	0.0
Other Expenses	0.4	0.3	0.5	0.2	0.0
Other Profit	-0.2	-0.1	1.5	-0.2	4.9
Profit Before Tax	71.2	29.9	31.1	50.4	45.9
Current Income Tax Expense	19.1	6.5	6.6	9.8	-9.1
Deferred Income Tax Expense	-0.0	-0.3	0.0	0.0	0.0
Net Income	52.1	23.8	24.5	40.6	36.7
Non-controlling Interest	4.1	5.1	3.6	4.0	2.0
Profit Attributable to Parent	48.0	18.7	21.0	36.6	34.8
Earnings per Share	499.00	197.00	270.00	1,001.00	1,583.00
Diluted EPS	499.00	215.91	270.00	1,001.00	1,156.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,294.3	1,158.7	548.6	527.6	451.8
I. Cash and cash equivalents	35.1	16.5	13.1	2.1	7.7
1. Cash	35.1	16.5	13.1	2.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	207.1	120.0	39.0	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	—	207.1	120.0	39.0	0.0
III. Short-term receivables	716.3	536.9	236.9	369.9	362.7
1. Short-term trade accounts receivable	268.2	276.5	127.5	84.2	0.0
2. Short-term prepayments to suppliers	133.3	197.6	79.1	233.3	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	314.8	62.8	30.3	52.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	500.4	353.6	170.4	102.6	67.3
1. Inventories	500.4	353.6	170.4	102.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	42.5	44.6	8.2	13.9	0.7
1. Short-term prepayments	7.0	3.3	0.3	0.5	0.0
2. Value added tax to be reclaimed	35.5	41.1	7.8	13.4	0.0
3. Taxes and other receivables from state authorities	0.0	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)	2,390.7	1,716.2	1,529.5	460.0	265.9
I. Long-term receivables	3.1	2.0	13.8	3.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.0
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	3.1	2.0	13.8	3.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,348.5	220.7	151.0	159.2	162.3
1. Tangible fixed assets	1,261.3	137.1	99.3	89.4	84.3
- Cost	1,363.8	251.9	192.8	162.1	0.0
- Accumulated depreciation	-102.5	-114.8	-93.5	-72.7	0.0
2. Financial leased fixed assets	86.2	82.4	51.6	69.8	78.0
- Cost	95.6	83.4	66.6	85.6	0.0
- Accumulated depreciation	-9.4	-1.0	-15.0	-15.8	0.0
3. Intangible fixed assets	1.0	1.2	0.0	0.0	0.0
- Cost	1.2	1.2	0.0	0.0	0.0
- Accumulated depreciation	-0.2	0.0	0.0	0.0	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	950.1	1,408.2	1,245.2	216.9	22.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	950.1	1,408.2	1,245.2	216.9	0.0
V. Long-term financial investments	42.5	39.7	73.0	35.7	33.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	42.2	39.4	72.4	35.1	0.0
3. Investments in other entities	0.3	0.3	0.3	0.3	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	0.3	0.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	46.4	45.6	46.6	44.2	0.0
1. Long-term prepayments	46.1	45.3	46.6	44.2	0.0
2. Deferred income tax assets	0.3	0.3	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	44.7
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)	3,685.0	2,874.9	2,078.1	987.5	717.7
A. LIABILITIES (300=210+330)	2,552.7	1,842.5	1,313.0	548.3	332.4
I. Short -term liabilities	1,235.9	994.2	919.8	392.1	308.4
1. Short-term trade accounts payable	136.7	69.6	511.8	85.0	52.7
2. Short-term advances from customers	3.0	0.5	11.0	0.1	0.7
3. Taxes and other payables to state authorities	8.1	7.9	4.3	7.1	0.0
4. Payable to employees	3.1	1.8	1.0	1.7	0.0
5. Short-term acrrued expenses	6.6	1.1	1.3	1.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	95.7	4.1	38.0	35.0	0.0
10. Short-term borrowings and financial leases	980.9	895.9	340.1	253.8	239.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.9	13.4	12.4	8.4	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	1,316.8	848.3	393.2	156.1	23.9
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	0.1	0.2
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,316.8	848.3	393.2	156.0	23.8
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)	1,132.3	1,032.3	765.0	439.3	385.3
I. Owner's equity	1,132.3	1,032.3	765.0	439.3	0.0
1. Owner's capital	865.5	865.5	620.2	320.2	385.3
- Common stock with voting right	865,543,430,000.00	865,543,430,000.00	620,238,100,000.00	320,238,100,000.00	300,698,240,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	9.2	7.5	10.9	7.5	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	95.9	51.5	76.9	63.2	53.2
- Accumulated retained earning at the end of the previous period	47.9	32.8	55.9	26.6	19.3
- Undistributed earnings in this period	48.0	18.7	21.0	36.6	33.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	161.7	107.8	57.1	48.4	27.0
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)	3,685.0	2,874.9	2,078.1	987.5	717.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	71.2	29.9	31.1	50.4	45.8
Depreciation of Fixed Assets and Investment Property	72.1	13.4	19.9	19.6	18.4
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.4	0.1	-0.3	-0.1	0.0
Gain/Loss from Investment Activities	-1.2	-8.8	-7.4	-1.2	0.0
Interest Expense	103.3	24.7	27.1	20.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	245.0	59.4	70.3	88.6	78.5
Increase/(Decrease) in Receivables	32.8	136.2	-453.0	-27.9	0.0
Increase/(Decrease) in Inventory	-146.9	-183.2	-67.8	-35.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-99.8	-393.1	449.2	28.7	0.0
Increase/(Decrease) in Prepaid Expenses	-4.5	-1.7	-2.2	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-98.1	-24.8	-26.9	-19.2	0.0
Corporate Income Tax Paid	-14.7	-5.0	-9.6	-7.8	0.0
Other Operating Receipts	—	0.0	0.4	0.0	0.0
Other Operating Payments	-10.3	-1.5	-0.3	-0.5	0.0
Net Cash Flow from Operating Activities	-96.6	-413.8	-39.9	26.8	-17.9
Payments for Fixed Assets and Other Long-term Assets	-637.2	-706.7	-462.7	-234.4	-158.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	5.8	0.0	0.0	23.2
Loans and Purchases of Debt Instruments	-68.0	-209.7	-150.8	-35.2	-18.7
Receipts from Loan Repayments and Sale of Debt Instruments	85.4	124.9	71.7	9.9	6.2
Investments in Other Entities	—	0.0	-35.0	0.0	0.0
Proceeds from Investments in Other Entities	48.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.5	3.3	4.3	0.2	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	-565.2	-782.4	-572.5	-259.5	-147.1
Proceeds from Equity Issuance and Capital Contributions	101,430,000,000.00	200,000,000,000.00	300,000,000,000.00	19,500,000,000.00	109,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,506.0	2,860.0	1,023.0	889.0	575.9
Repayment of Borrowings	-1,915.1	-1,840.3	-683.7	-662.0	-503.2
Repayment of Finance Leases	-11.7	-20.1	-15.8	-17.0	-19.9
Dividends Paid	-0.8	0.0	0.0	-2.3	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	679.9	1,199.6	623.4	227.2	161.8
Net Cash Flow During the Period	18.1	3.4	11.0	-5.5	-2.4
Cash and Cash Equivalents at Beginning of Period	16.5	13.1	2.1	7.7	10.8
FX Difference from Revaluation	0.5	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	35.1	16.5	13.1	2.1	7.7

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	838.5	802.7	705.8	991.8	655.7	528.3	492.7	437.9	411.7	356.8	286.9	227.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Net Revenue	838.5	802.7	705.8	991.8	655.7	528.3	492.6	437.9	411.7	356.8	286.9	227.6
Cost of Goods Sold	782.2	751.5	652.5	930.0	622.0	512.0	482.4	419.1	399.0	346.1	268.5	207.0
Gross Profit	56.4	51.2	53.3	61.8	33.7	16.3	10.1	18.8	12.7	10.6	18.4	20.6
Financial Income	2.0	4.3	2.1	2.8	3.0	2.5	3.5	2.8	1.5	1.5	2.9	2.8
Financial Expenses	31.5	31.4	33.9	26.6	17.3	9.6	6.3	5.5	5.4	7.1	17.3	9.4
Interest Expense	31.5	31.0	28.7	26.4	17.1	12.6	6.3	5.5	5.4	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	1.0	0.5	1.8	—	1.5	0.0	0.6	0.0	0.9	0.0	0.9
Selling Expenses	4.5	3.7	4.5	7.3	1.1	1.1	2.1	2.0	0.5	0.6	0.7	0.7
General and Administrative Expenses	4.0	4.0	4.1	6.9	2.0	1.6	1.0	2.4	0.9	4.2	1.3	1.2
Operating Profit	18.3	17.4	13.4	25.6	16.2	8.0	4.2	12.4	7.3	1.1	2.0	13.1
Other Income	0.0	0.0	0.0	—	0.2	5.5	0.0	-0.0	0.0	0.3	1.8	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.3	5.3	0.3	0.0	0.0	0.2	0.0	0.1
Other Profit	0.0	-0.1	-0.0	-0.0	-0.0	0.2	-0.3	-0.1	0.0	0.1	1.8	-0.1
Profit Before Tax	18.4	17.3	13.4	25.6	16.2	8.2	4.0	12.3	7.3	1.2	3.8	13.0
Current Income Tax Expense	5.4	3.4	3.4	4.7	3.4	1.8	0.8	2.4	1.5	1.0	0.5	2.4
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	-0.0	-0.3	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	13.0	13.9	10.0	20.8	12.8	6.7	3.2	9.9	5.9	0.2	3.3	10.6
Non-controlling Interest	0.3	1.7	0.2	1.7	1.2	2.0	0.9	1.6	0.4	1.3	1.0	0.8
Profit Attributable to Parent	12.7	12.2	9.9	19.1	11.6	4.7	2.3	8.3	5.4	-1.1	2.2	9.8
Earnings per Share	147.00	141.00	113.85	221.20	134.00	53.90	26.67	95.57	82.00	-18.11	35.93	157.61
Diluted EPS	146.52	141.00	113.85	221.20	134.44	53.90	26.67	95.57	82.00	-18.11	35.93	157.61

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)	1,299.8	1,256.9	1,264.8	1,221.6	1,250.6	1,160.4	1,119.8	979.3	671.1	548.6	622.8	598.2
I. Cash and cash equivalents	14.6	35.1	16.8	17.6	18.0	16.2	22.9	38.2	16.1	13.1	5.8	4.1
1. Cash	14.6	35.1	16.8	17.6	18.0	16.2	22.9	38.2	16.1	13.1	5.8	4.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	188.9	198.7	207.2	209.7	196.8	132.1	120.0	134.9	165.9
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	—	—	—	188.9	198.7	207.2	209.7	196.8	132.1	120.0	134.9	165.9
III. Short-term receivables	729.4	718.7	800.1	652.9	614.2	537.9	522.1	538.4	328.8	236.9	342.8	221.3
1. Short-term trade accounts receivable	304.0	270.8	366.1	391.3	314.6	269.1	230.6	241.6	141.0	127.5	171.3	108.1
2. Short-term prepayments to suppliers	156.6	133.1	179.2	181.6	222.6	194.7	238.5	161.5	110.8	79.1	109.9	78.8
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	0.5	42.0	0.0	0.0	10.0	0.0
6. Other short-term receivables	268.8	314.8	254.9	80.0	76.9	74.1	52.4	93.3	77.0	30.3	51.6	34.4
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	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	0.0
IV. Inventories	524.8	460.4	363.4	286.9	363.9	353.5	333.2	180.0	177.3	170.4	130.6	130.1
1. Inventories	524.8	460.4	363.4	286.9	363.9	353.5	333.2	180.0	177.3	170.4	130.6	130.1
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	31.0	42.7	84.5	75.3	55.9	45.6	32.0	25.8	16.8	8.2	8.8	76.8
1. Short-term prepayments	8.6	7.2	4.8	3.8	3.7	4.3	1.0	1.0	0.4	0.3	0.4	0.6
2. Value added tax to be reclaimed	22.4	35.5	79.7	71.5	52.2	41.1	31.0	24.9	16.4	7.8	8.3	76.2
3. Taxes and other receivables from state authorities	0.0	0.0	—	0.0	—	0.2	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)	2,462.2	2,390.5	2,239.0	2,064.5	1,816.8	1,725.4	1,660.0	1,578.5	1,547.0	1,529.5	1,292.8	1,174.2
I. Long-term receivables	3.1	3.1	1.7	1.7	1.7	11.6	15.8	2.6	13.8	13.8	3.6	3.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.1	3.1	1.7	1.7	1.7	11.6	15.8	2.6	13.8	13.8	3.6	3.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,329.5	1,348.5	1,356.1	1,374.6	1,475.5	220.9	150.4	141.0	145.8	151.0	144.4	149.3
1. Tangible fixed assets	1,244.7	1,261.3	1,278.0	1,294.7	1,395.6	138.5	104.1	92.9	95.9	99.3	99.0	102.3
- Cost	1,364.8	—	—	—	—	253.1	207.6	193.2	192.8	192.8	188.2	188.2
- Accumulated depreciation	-120.1	—	—	—	—	-114.6	-103.6	-100.3	-96.9	-93.5	-89.1	-85.8
2. Financial leased fixed assets	83.9	86.2	77.0	78.8	78.8	82.4	46.4	48.1	49.9	51.6	45.4	47.0
- Cost	95.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.9	1.0	1.0	1.1	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	1,039.9	950.1	794.1	559.4	253.7	1,408.2	1,407.9	1,351.1	1,301.6	1,245.2	1,063.5	940.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,039.9	950.1	794.1	559.4	253.7	1,408.2	1,407.9	1,351.1	1,301.6	1,245.2	1,063.5	940.8
V. Long-term financial investments	42.5	42.5	41.5	82.8	39.7	39.7	38.3	38.6	38.0	73.0	36.7	36.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	42.2	42.2	41.2	82.5	39.4	39.4	38.0	38.0	37.4	72.4	36.1	36.1
3. Investments in other entities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.3	0.3	0.3	0.3	0.3
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	47.1	46.2	45.7	45.9	46.2	44.9	47.6	45.2	47.9	46.6	44.7	44.0
1. Long-term prepayments	46.8	45.9	45.3	45.6	45.8	44.6	47.6	45.2	47.9	46.6	44.7	44.0
2. Deferred income tax assets	0.3	0.3	0.3	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,762.0	3,647.4	3,503.9	3,286.1	3,067.4	2,885.8	2,779.8	2,557.8	2,218.2	2,078.1	1,915.6	1,772.4
A. LIABILITIES (300=210+330)	2,616.6	2,511.0	2,381.3	2,227.4	1,973.3	1,853.6	1,752.5	1,533.6	1,398.2	1,313.0	1,156.5	1,020.6
I. Short -term liabilities	1,283.3	1,234.2	1,175.8	1,119.0	1,022.8	1,010.2	948.1	847.8	813.8	919.9	838.1	758.8
1. Short-term trade accounts payable	158.1	136.4	110.1	42.0	52.4	72.0	49.3	125.0	348.5	511.8	455.4	402.2
2. Short-term advances from customers	1.1	5.6	2.3	0.3	3.5	14.0	22.7	5.7	5.1	11.0	0.1	0.1
3. Taxes and other payables to state authorities	6.3	4.0	6.2	3.7	9.4	7.9	6.3	5.1	5.3	4.3	4.7	4.9
4. Payable to employees	4.0	3.1	2.8	3.3	1.5	1.8	1.4	1.5	1.2	1.0	1.1	0.9
5. Short-term acrrued expenses	7.5	6.6	8.6	4.0	6.2	1.0	0.5	1.3	1.3	1.3	2.0	1.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	111.5	95.7	124.1	5.0	11.4	4.2	37.5	3.8	38.2	38.0	65.3	33.3
10. Short-term borrowings and financial leases	993.1	980.9	919.6	1,058.4	925.5	895.9	816.0	690.8	402.1	340.2	297.0	303.5
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	1.8	1.9	2.1	2.3	12.9	13.4	14.4	14.6	12.2	12.4	12.5	12.6
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	1,333.3	1,276.8	1,205.5	1,108.4	950.4	843.4	804.5	685.8	584.4	393.2	318.3	261.8
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	0.1	0.1
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,333.3	1,276.8	1,205.5	1,108.4	950.4	843.4	804.5	685.8	584.3	393.1	318.3	261.7
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)	1,145.3	1,136.4	1,122.5	1,058.7	1,094.2	1,032.2	1,027.3	1,024.2	819.9	765.0	759.1	751.8
I. Owner's equity	1,145.3	1,136.4	1,122.5	1,058.7	1,094.2	1,032.2	1,027.3	1,024.2	819.9	765.0	759.1	751.8
1. Owner's capital	865.5	865.5	865.5	865.5	865.5	865.5	865.5	865.5	660.5	620.2	620.2	620.2
- Common stock with voting right	865,543,430,000.00	865,543,430,000.00	865,543,430,000.00	865,543,430,000.00	865,543,430,000.00	865,543,430,000.00	865,543,430,000.00	865,543,430,000.00	660,543,430,000.00	620,238,100,000.00	620,238,100,000.00	620,238,100,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	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	9.2	9.2	9.2	9.2	7.5	7.5	7.5	7.5	10.9	10.9	10.9	10.9
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	108.9	99.3	87.1	81.8	63.1	50.6	47.9	46.5	42.0	76.9	77.2	74.9
- Accumulated retained earning at the end of the previous period	96.2	47.9	47.9	51.0	51.5	32.0	32.8	32.8	36.6	54.4	55.9	52.1
- Undistributed earnings in this period	12.7	51.5	39.3	30.8	11.6	18.6	15.1	13.7	5.4	22.5	21.3	22.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	161.6	162.3	160.6	102.1	157.9	108.5	106.3	104.6	106.5	57.1	50.8	45.8
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)	3,762.0	3,647.4	3,503.9	3,286.1	3,067.4	2,885.8	2,779.8	2,557.8	2,218.2	2,078.1	1,915.6	1,772.4

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	18.4	17.3	13.4	24.4	16.2	7.0	3.1	12.3	7.3	1.8	3.8	13.0
Depreciation of Fixed Assets and Investment Property	19.9	20.6	19.3	16.0	16.2	-2.2	5.1	5.2	5.2	5.0	4.9	5.0
Provision (Increase)/Reversal	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.5	0.9	—	-0.8	0.0	0.0	-0.0	0.0	-0.3	0.0	0.0
Gain/Loss from Investment Activities	—	-0.2	2.0	-1.7	-1.3	0.7	-1.2	-2.0	-1.5	-1.2	-2.9	-2.8
Interest Expense	31.5	31.0	28.7	26.4	17.1	12.6	1.7	5.5	5.4	7.0	6.4	8.2
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	69.6	68.2	63.5	65.9	47.3	18.1	8.7	20.9	16.4	12.3	12.2	23.4
Increase/(Decrease) in Receivables	4.5	-81.1	54.9	147.6	-88.5	-26.7	-42.3	-146.2	-120.3	-496.2	-45.1	60.9
Increase/(Decrease) in Inventory	-24.3	-137.0	-76.5	77.0	-10.3	-20.3	-153.1	-2.7	-7.0	-39.8	-0.5	-29.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	52.8	-148.2	392.8	-356.0	11.6	601.2	-23.0	-261.9	-84.4	524.4	77.0	54.3
Increase/(Decrease) in Prepaid Expenses	-2.3	-2.9	-0.7	0.0	-0.9	-0.3	-2.4	2.1	-1.3	-1.8	-0.6	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-31.1	-28.5	-27.3	-25.5	-16.8	-11.8	-2.6	-5.5	-5.4	-7.7	-5.7	-7.8
Corporate Income Tax Paid	-3.8	-4.2	-1.6	-8.9	—	-0.1	-0.7	-3.9	-0.3	-1.2	-1.2	-7.2
Other Operating Receipts	—	—	—	—	—	0.0	-0.9	0.9	0.0	0.4	0.0	0.0
Other Operating Payments	-0.1	-0.2	-0.2	-9.5	-0.4	-1.1	-0.2	-0.1	-0.2	-0.2	-0.1	-0.1
Net Cash Flow from Operating Activities	65.2	-334.0	404.9	-109.3	-58.1	558.9	-216.5	-396.3	-202.5	-9.6	36.0	94.4
Payments for Fixed Assets and Other Long-term Assets	-109.7	29.8	-311.2	-224.6	-131.1	-694.8	-82.5	-69.3	-25.8	-88.5	-139.3	-103.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	—	5.3	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-6.7	-13.4	—	-18.4	-36.1	-8.6	-31.4	-115.2	-12.0	-3.5	-19.0	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.6	12.3	—	28.3	44.8	11.7	58.6	10.1	0.0	29.0	40.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-35.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	38.5	9.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	-0.7	2.1	4.3	0.9	2.1	1.5	2.6	1.4	0.8	3.4	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	-108.8	46.4	-289.1	-200.9	-121.6	-684.5	-53.9	-171.8	-36.5	-97.2	-114.9	-118.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	200,000,000,000.00	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	560.5	823.0	1,080.5	—	602.4	-194.2	1,355.7	517.0	401.5	206.7	334.4	160.4
Repayment of Borrowings	-534.5	-615.3	-493.9	-338.1	-467.8	317.3	-1,092.5	-122.4	-154.7	-90.6	-250.8	-140.8
Repayment of Finance Leases	-2.9	-2.9	-2.9	-2.9	-2.9	-4.2	-8.1	-4.4	-4.9	-5.3	-3.0	-3.5
Dividends Paid	—	-0.8	—	—	—	0.0	0.0	0.0	0.0	3.4	0.0	-3.4
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	23.1	305.5	-116.6	310.3	180.7	118.9	255.1	590.2	241.9	114.2	80.6	12.7
Net Cash Flow During the Period	-20.5	17.9	-0.9	0.1	1.0	-6.7	-15.3	22.1	2.9	7.4	1.7	-11.6
Cash and Cash Equivalents at Beginning of Period	35.1	16.8	17.6	18.0	16.5	13.1	13.1	13.1	13.1	2.1	2.1	2.1
FX Difference from Revaluation	—	0.5	0.0	-0.0	0.4	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.6	35.1	16.8	17.6	18.0	16.2	22.9	38.2	16.1	13.1	5.8	4.1

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