M10

Tổng Công ty May 10 - CTCP ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 3.68%, +1.53pp YoY

Price

22,400

Latest close

29 May 2026

P/E 3.82x

P/B 0.98x

EPS 5,863

BVPS 22,956

ROE 28.6%

ROA 7.6%

Profit Margin 3.7%

Asset Turnover 2.07x

Equity Mult. 3.76x

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

What Is Changing

On a TTM 2026Q1 basis, M10 is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,078bn
	                                
+5.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 187bn
	                                
+80.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	5,010.7	4,646.6	4,139.1	4,548.2	3,467.6
Growth	+8%	+12%	-9%	+31%	—
Net Income	179.0	97.8	103.2	123.8	75.9
Net Margin	3.57%	2.10%	2.49%	2.72%	2.19%

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	1,323.0	1,286.9	1,309.6	1,158.7	1,255.8	1,306.4	1,361.5	892.5	1,099.7	1,103.7	1,138.9	1,018.4
Growth	+3%	-2%	+13%	-8%	-4%	-4%	+53%	-19%	-0%	-3%	+12%	—
Net Income	43.9	54.0	48.5	40.3	35.4	19.8	31.9	16.4	29.6	26.1	31.6	22.2
Net Margin	3.32%	4.20%	3.70%	3.48%	2.82%	1.52%	2.34%	1.84%	2.69%	2.37%	2.77%	2.18%

Drivers of M10's profit

TTM

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

Administrative expenses ↓ 88.1bn

Finance costs ↓ 78.4bn

Selling expenses ↑ 62.1bn

Financial income ↓ 20.2bn

TTM

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

Gross profit ↑ 16.1bn

Finance costs ↓ 11.3bn

Other profit ↑ 2.9bn

Financial income ↓ 8.3bn

Selling expenses ↑ 6.8bn

Administrative expenses ↑ 5.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.8% = 2.2% × 2.14 × 4.07

2026Q1 28.7% = 3.7% × 2.07 × 3.76

ROE rose from 18.8% to 28.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 3.7% +1.5pp Asset turnover: 2.07x -0.07x Leverage: 3.76x -0.30x

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 expanded to 3.68%, rising 1.5pp. Core operating signals are improving as SG&A / Revenue fell 0.9pp are enough to offset pressure from Gross margin fell 0.8pp (in addition, Net financial result / Revenue rose 1.2pp added support while Other profit / Revenue fell 0.0pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 3.68% +1.5pp

Gross Margin 11.00% −0.8pp

SG&A / Revenue 7.45% −0.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 13.86%, rising 4.5pp. That translates to 13.86 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.5pp, with capital turnover fell 0.58x; while invested capital expanded strongly by 244bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 13.86% +4.5pp

NOPAT Margin 3.71% +1.5pp

Capital Turnover 3.73x −0.58x

Average Invested Capital 1,360.6bn +243.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 3.01x equity, net debt at 1.15x equity.

Inventory ended the period at 898.0bn, roughly 32.7% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle improved by 0.2 days versus the same period last year. The main moves came from DIO fell 2.0 days, DSO rose 4.1 days, and DPO rose 2.2 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Receivables collection is slowing

DSO increased by +4.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 46.2 days +4.1 days

Inventory 47.2 days −2.0 days

Payables 44.8 days +2.2 days

Cash Conversion Cycle 48.6 days −0.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 165.7bn due to capex of 179.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.15x and interest coverage only at 3.59x.

At present, short-term debt accounts for 77.5% of total debt, cash equals 6.5% of debt, and total debt stands at 898.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.15x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 77.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 1.15x +0.14x

Interest Coverage 3.59x +2.54x

Cash / Debt 6.5% −19.5pp

Short-term Debt / Total Debt 77.5% +0.7pp

CFO / NI 0.07x −2.68x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 90.5bn in 2025, against investing cash flow of -212.0bn.

Post-investment cash flow was negative +121.6bn. Financing cash flow was negative +9.5bn.

CFO / net income was 0.07x.

After spending +179.2bn on fixed-asset investment, the business generated trailing free cash flow of −165.7bn.

Cash Conversion

CFO TTM 13.5bn −271.4bn

Cash Capex 179.2bn −13.8bn

FCF TTM −165.7bn −257.6bn

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 1.5 pp. The next item to monitor is the earnings mix, when non-core contribution is 19.9%. The main risk still sits in leverage and liquidity, with interest coverage at 3.59x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.68% after expanding 1.5pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.9% of PBT and CFO / net income currently at 0.07x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.15x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,010.7	4,660.2	4,139.7	4,548.7	3,468.0
Revenue Deductions	0.0	13.6	0.6	0.5	0.0
Net Revenue	5,010.7	4,646.6	4,139.1	4,548.2	3,467.6
Cost of Goods Sold	4,471.5	4,092.3	3,702.5	4,052.8	0.0
Gross Profit	539.1	554.4	436.6	495.5	409.0
Financial Income	115.0	120.8	114.1	120.4	44.4
Financial Expenses	74.1	87.0	93.6	109.6	-29.1
Interest Expense	27.8	28.3	32.4	19.1	-13.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	254.1	193.4	159.1	158.1	-152.4
General and Administrative Expenses	114.0	252.6	177.9	199.5	-183.9
Operating Profit	211.8	142.1	120.0	148.7	88.0
Other Income	7.0	2.0	4.2	3.6	0.0
Other Expenses	6.4	3.1	0.7	2.0	0.0
Other Profit	0.6	-1.1	3.4	1.5	3.5
Profit Before Tax	212.5	141.0	123.4	150.2	91.5
Current Income Tax Expense	33.5	43.2	20.2	26.4	-15.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	179.0	97.8	103.2	123.8	75.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	179.0	97.8	103.2	123.8	75.9
Earnings per Share	4,791.00	2,612.00	2,828.00	3,467.00	902.00
Diluted EPS	5,636.67	3,079.95	3,250.74	4,095.24	2,509.63

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,094.1	2,054.8	1,781.3	1,734.2	1,496.9
I. Cash and cash equivalents	100.9	231.9	152.1	285.0	38.1
1. Cash	98.9	153.1	101.2	278.9	0.0
2. Cash equivalents	2.0	78.8	50.9	6.1	0.0
II. Short-term financial investments	436.5	408.4	302.2	102.0	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	436.5	408.4	302.2	102.0	0.0
III. Short-term receivables	548.3	538.2	530.5	450.1	514.2
1. Short-term trade accounts receivable	596.3	603.9	505.4	407.4	0.0
2. Short-term prepayments to suppliers	28.7	30.6	5.6	4.6	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	15.2	12.8	19.5	38.1	0.0
7. Provision for short-term doubtful debts (*)	-91.9	-109.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	898.0	797.7	746.5	822.9	849.5
1. Inventories	902.1	801.7	753.8	829.5	0.0
2. Provision for decline in value of inventories	-4.1	-4.0	-7.2	-6.6	0.0
V. Other short-term assets	110.3	78.7	50.1	74.1	30.1
1. Short-term prepayments	7.0	4.9	5.8	5.5	0.0
2. Value added tax to be reclaimed	103.3	71.3	41.8	68.5	0.0
3. Taxes and other receivables from state authorities	0.0	2.5	2.5	0.2	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)	652.7	561.0	508.3	562.6	423.7
I. Long-term receivables	7.3	9.6	15.4	8.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	26.4
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	7.3	9.6	15.4	8.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	577.8	434.1	450.4	501.8	301.4
1. Tangible fixed assets	576.1	433.0	448.2	497.6	295.8
- Cost	1,925.0	1,733.7	1,712.8	1,681.6	0.0
- Accumulated depreciation	-1,349.0	-1,300.7	-1,264.6	-1,184.0	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	1.7	1.1	2.2	4.2	5.6
- Cost	17.5	16.3	15.9	14.6	0.0
- Accumulated depreciation	-15.8	-15.2	-13.7	-10.4	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	10.5	76.5	1.4	0.6	71.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	10.5	76.5	1.4	0.6	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	57.1	40.8	41.2	51.9	0.0
1. Long-term prepayments	57.1	40.8	41.2	51.9	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	24.7
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)	2,746.8	2,615.8	2,289.7	2,296.8	1,920.6
A. LIABILITIES (300=210+330)	2,061.8	2,046.7	1,755.2	1,806.6	1,503.4
I. Short -term liabilities	1,864.5	1,901.1	1,599.4	1,610.0	1,393.0
1. Short-term trade accounts payable	761.6	807.9	569.5	601.8	681.5
2. Short-term advances from customers	15.4	18.5	13.7	31.4	31.4
3. Taxes and other payables to state authorities	38.0	43.1	9.6	14.6	0.0
4. Payable to employees	385.3	343.0	349.8	367.0	0.0
5. Short-term acrrued expenses	4.5	0.4	0.1	0.0	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	0.2
9. Other short-term payables	6.9	34.6	19.9	5.9	0.0
10. Short-term borrowings and financial leases	564.9	567.4	566.9	538.6	340.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	87.9	86.2	69.8	50.6	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	197.3	145.6	155.8	196.6	110.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	9.3	18.3	20.0
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	2.4	2.3	12.3	12.1	0.0
8. Long-term borrowings and financial leases	173.8	131.4	129.0	159.6	69.1
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	21.1	11.9	5.2	6.5	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	685.0	569.2	534.5	490.2	417.3
I. Owner's equity	685.0	569.2	534.5	490.2	0.0
1. Owner's capital	317.5	317.5	317.5	302.4	417.3
- Common stock with voting right	317,510,000,000.00	317,510,000,000.00	317,510,000,000.00	302,400,000,000.00	302,400,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.4	5.4	5.4	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	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00	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	181.0	146.3	105.1	56.0	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	181.1	99.3	105.8	131.1	81.1
- Accumulated retained earning at the end of the previous period	2.1	1.5	2.6	7.2	3.7
- Undistributed earnings in this period	179.0	97.8	103.2	123.8	77.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.7	0.7	0.7	0.7
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,746.8	2,615.8	2,289.7	2,296.8	1,920.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	212.5	141.0	123.4	150.2	0.0
Depreciation of Fixed Assets and Investment Property	101.1	84.4	91.4	85.7	0.0
Provision (Increase)/Reversal	-17.0	105.8	0.6	-9.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	5.2	5.8	7.5	-7.4	0.0
Gain/Loss from Investment Activities	-24.9	-21.2	-23.2	-3.8	0.0
Interest Expense	27.8	28.3	32.4	19.1	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	9.8	7.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	314.4	351.1	232.1	234.7	0.0
Increase/(Decrease) in Receivables	-24.0	-110.7	-60.2	44.8	0.0
Increase/(Decrease) in Inventory	-100.5	-47.9	75.7	34.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.4	180.7	-17.8	-18.8	0.0
Increase/(Decrease) in Prepaid Expenses	-9.8	1.8	10.3	-6.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-27.8	-28.3	-32.5	-18.8	0.0
Corporate Income Tax Paid	-38.2	-13.1	-25.6	-20.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-13.2	-9.0	-5.9	-8.3	0.0
Net Cash Flow from Operating Activities	90.5	324.6	176.1	240.4	44.9
Payments for Fixed Assets and Other Long-term Assets	-207.6	-106.5	-84.5	-218.1	-88.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.2	0.7	0.0	0.0
Loans and Purchases of Debt Instruments	-636.1	-659.8	-576.2	-152.0	-166.2
Receipts from Loan Repayments and Sale of Debt Instruments	608.0	553.6	376.1	115.0	95.0
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	22.7	19.1	18.1	2.0	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	-212.0	-193.5	-265.9	-253.1	-154.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	20,492,400,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,242.2	1,244.8	1,062.8	1,662.5	1,128.2
Repayment of Borrowings	-1,204.1	-1,249.4	-1,072.3	-1,379.0	-630.5
Repayment of Finance Leases	—	0.0	0.0	0.0	-376.4
Dividends Paid	-47.6	-47.6	-54.4	-30.3	-35.1
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	-9.5	-52.1	-43.3	253.2	86.2
Net Cash Flow During the Period	-131.0	79.0	-133.2	240.5	-11.0
Cash and Cash Equivalents at Beginning of Period	231.9	152.1	285.0	38.1	61.9
FX Difference from Revaluation	0.1	0.8	0.2	6.4	-0.4
Cash and Cash Equivalents at End of Period	100.9	231.9	152.1	285.0	38.1

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	1,323.0	1,287.0	1,309.6	1,158.7	1,255.8	1,306.4	1,361.5	892.5	1,099.8	1,104.1	1,139.1	1,018.9
Revenue Deductions	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.1	0.4	0.2	0.5
Net Revenue	1,323.0	1,286.9	1,309.6	1,158.7	1,255.8	1,306.4	1,361.5	892.5	1,099.7	1,103.7	1,138.9	1,018.4
Cost of Goods Sold	1,189.8	1,112.0	1,170.3	1,047.5	1,138.7	1,143.0	1,207.3	760.6	981.3	995.9	1,021.0	915.8
Gross Profit	133.2	175.0	139.3	111.2	117.1	163.4	154.2	131.8	118.3	107.8	117.9	102.6
Financial Income	25.9	28.0	21.0	31.8	34.2	44.7	19.7	28.4	28.1	37.6	26.2	24.9
Financial Expenses	12.4	23.2	11.3	15.6	23.6	23.9	28.1	65.3	14.0	24.6	27.7	16.0
Interest Expense	8.0	8.1	6.9	6.6	5.8	6.8	6.0	7.9	7.6	8.2	8.3	8.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	61.8	86.7	60.2	52.2	55.0	69.2	47.4	27.2	41.7	50.7	36.3	37.3
General and Administrative Expenses	34.6	28.0	28.3	26.6	29.4	75.6	59.4	41.2	53.4	42.1	42.4	47.8
Operating Profit	50.4	65.1	60.4	48.6	43.3	39.2	39.0	26.6	37.3	27.9	37.6	26.4
Other Income	2.1	1.3	0.2	0.3	0.5	1.0	0.3	0.5	0.1	2.6	1.0	0.2
Other Expenses	0.6	1.6	2.3	1.7	1.8	0.7	0.5	0.5	1.4	0.1	0.1	-0.0
Other Profit	1.6	-0.3	-2.1	-1.4	-1.4	0.3	-0.2	0.0	-1.3	2.5	0.9	0.2
Profit Before Tax	52.0	64.8	58.3	47.2	41.9	39.5	38.8	26.6	36.0	30.3	38.5	26.7
Current Income Tax Expense	8.0	10.8	9.8	6.9	6.5	19.7	6.9	10.2	6.4	4.2	6.9	4.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	43.9	54.0	48.5	40.3	35.4	19.8	31.9	16.4	29.6	26.1	31.6	22.2
Non-controlling Interest	0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	43.4	54.0	48.5	40.3	35.4	19.8	31.9	16.4	29.6	26.1	31.6	22.2
Earnings per Share	1,367.17	1,700.54	1,526.15	1,269.25	1,115.66	624.96	1,004.55	517.19	933.24	823.28	1,043.63	732.51
Diluted EPS	1,367.17	1,700.54	1,526.15	1,269.25	1,115.66	624.96	1,004.55	517.19	933.24	823.28	1,043.63	732.51

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)	1,922.6	2,099.3	1,918.2	1,912.0	1,734.1	2,059.9	2,046.9	2,035.8	1,720.3	1,788.6	1,751.3	1,774.6
I. Cash and cash equivalents	58.4	102.0	147.1	145.9	203.1	231.9	165.8	97.4	218.1	152.1	252.4	126.2
1. Cash	56.9	100.0	143.1	142.9	201.1	153.1	148.6	95.4	215.9	101.2	248.0	122.4
2. Cash equivalents	1.5	2.0	4.0	3.0	2.0	78.8	17.2	2.0	2.2	50.9	4.4	3.8
II. Short-term financial investments	468.6	436.5	449.3	395.1	367.2	408.4	402.6	280.1	282.0	302.2	260.7	254.1
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	468.6	436.5	449.3	395.1	367.2	408.4	402.6	280.1	282.0	302.2	260.7	254.1
III. Short-term receivables	663.3	552.4	570.7	553.1	547.0	543.3	692.9	700.5	563.2	537.8	529.5	523.8
1. Short-term trade accounts receivable	692.6	599.0	630.1	615.4	592.4	607.5	696.6	684.8	518.5	505.4	487.2	477.8
2. Short-term prepayments to suppliers	39.0	31.5	42.8	31.0	52.1	30.6	36.3	19.3	24.3	5.6	10.1	6.9
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	17.2	13.8	8.6	15.7	11.5	14.2	19.2	24.3	20.4	26.8	32.2	39.1
7. Provision for short-term doubtful debts (*)	-85.5	-91.9	-110.8	-109.0	-109.0	-109.0	-59.1	-27.9	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	638.7	898.0	663.0	701.1	523.2	797.7	721.4	902.7	613.3	746.5	655.7	815.3
1. Inventories	642.8	902.1	670.4	705.1	527.2	801.7	730.0	911.3	620.5	753.8	662.3	821.9
2. Provision for decline in value of inventories	-4.1	-4.1	-7.4	-4.0	-4.0	-4.0	-8.6	-8.6	-7.2	-7.2	-6.6	-6.6
V. Other short-term assets	93.6	110.3	88.1	116.9	93.6	78.7	64.2	55.2	43.7	50.1	52.9	55.1
1. Short-term prepayments	5.7	7.0	4.4	4.0	5.2	4.9	5.4	5.1	4.9	5.8	5.6	4.6
2. Value added tax to be reclaimed	87.9	103.3	83.8	112.9	88.4	71.3	58.8	48.7	38.7	41.8	47.4	50.6
3. Taxes and other receivables from state authorities	—	0.0	—	—	—	2.5	0.0	1.4	0.1	2.5	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)	687.8	654.1	625.0	613.4	553.3	559.6	492.7	482.9	483.4	501.0	510.7	524.4
I. Long-term receivables	8.7	8.7	8.5	8.4	7.5	8.3	11.0	10.5	8.8	8.1	9.0	8.8
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	8.7	8.7	8.5	8.4	7.5	8.3	11.0	10.5	8.8	8.1	9.0	8.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	597.9	577.8	565.8	551.8	425.2	434.1	432.4	428.5	434.4	450.4	460.7	471.0
1. Tangible fixed assets	596.4	576.1	563.9	550.3	423.8	433.0	431.6	427.1	432.7	448.2	459.0	468.4
- Cost	1,974.3	—	—	—	—	1,733.7	1,755.7	1,730.5	1,717.7	1,712.8	1,704.3	1,696.3
- Accumulated depreciation	-1,377.9	—	—	—	—	-1,300.7	-1,324.1	-1,303.4	-1,285.0	-1,264.6	-1,245.4	-1,227.8
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	1.5	1.7	1.8	1.5	1.4	1.1	0.8	1.3	1.8	2.2	1.7	2.5
- Cost	17.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-16.0	—	—	—	—	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	17.6	10.5	6.2	11.8	82.1	76.5	8.0	6.8	3.0	1.4	1.0	0.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	17.6	10.5	6.2	11.8	82.1	76.5	8.0	6.8	3.0	1.4	1.0	0.9
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	63.5	57.1	44.5	41.3	38.4	40.8	41.4	37.1	37.2	41.2	39.9	43.7
1. Long-term prepayments	63.5	57.1	44.5	41.3	38.4	40.8	41.4	37.1	37.2	41.2	39.9	43.7
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)	2,610.4	2,753.3	2,543.1	2,525.4	2,287.4	2,619.6	2,539.7	2,518.7	2,203.7	2,289.7	2,261.9	2,299.0
A. LIABILITIES (300=210+330)	1,881.5	2,069.3	1,913.1	1,943.0	1,714.5	2,050.4	1,990.3	2,001.3	1,671.3	1,755.2	1,774.1	1,842.8
I. Short -term liabilities	1,655.7	1,872.0	1,702.3	1,771.6	1,518.8	1,904.8	1,823.2	1,865.0	1,509.4	1,599.4	1,583.8	1,652.1
1. Short-term trade accounts payable	585.4	770.5	589.8	709.7	525.3	810.9	712.7	749.8	467.7	569.5	576.3	664.1
2. Short-term advances from customers	19.1	17.6	41.2	35.7	28.0	19.6	26.2	17.5	14.9	13.7	37.3	40.6
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	12.6	38.9	43.5	25.9	9.4	43.1	30.7	14.6	16.5	9.6	33.8	23.1
4. Payable to employees	251.0	385.3	325.0	280.8	247.6	343.0	317.1	268.1	273.9	349.8	311.3	299.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.1	0.3	1.3
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	—	—	53.1	2.5	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
9. Other short-term payables	8.8	6.9	8.7	41.9	25.0	34.6	36.3	81.5	33.1	19.9	28.3	9.7
10. Short-term borrowings and financial leases	696.2	564.9	549.9	580.6	600.7	567.4	621.9	654.9	633.2	566.9	523.4	541.0
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	81.9	87.9	91.1	94.6	82.8	86.2	78.3	78.6	69.5	69.8	72.9	73.2
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	225.8	197.3	210.8	171.4	195.7	145.6	167.2	136.2	162.0	155.8	190.3	190.7
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	9.3	9.3	9.3	9.3	11.4	11.4
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	2.4	2.4	2.3	2.3	2.3	2.3	12.3	12.3	12.3	12.3	12.2	12.2
8. Long-term borrowings and financial leases	202.5	173.8	196.8	157.3	181.5	131.4	141.0	109.9	135.4	129.0	161.2	161.2
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	20.8	21.1	11.7	11.8	11.8	11.9	4.5	4.8	5.0	5.2	5.5	5.9
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)	728.9	684.1	630.1	582.4	572.9	569.2	549.3	517.4	531.7	534.5	487.8	456.2
I. Owner's equity	728.9	684.1	630.1	582.4	572.9	569.2	549.3	517.4	531.7	534.5	487.8	456.2
1. Owner's capital	317.5	317.5	317.5	317.5	317.5	317.5	317.5	317.5	317.5	317.5	302.4	302.4
- Common stock with voting right	317,510,000,000.00	317,510,000,000.00	317,510,000,000.00	317,510,000,000.00	317,510,000,000.00	317,510,000,000.00	317,510,000,000.00	317,510,000,000.00	317,510,000,000.00	317,510,000,000.00	302,400,000,000.00	302,400,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	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	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00	-2,440,000.00
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	181.0	181.0	181.0	181.0	146.3	146.3	146.3	146.3	105.1	105.1	105.1	105.1
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	225.0	180.2	126.2	77.8	103.0	99.3	79.5	47.6	103.7	105.8	79.6	48.0
- Accumulated retained earning at the end of the previous period	181.1	2.1	2.1	2.1	67.6	1.5	1.5	1.5	74.0	2.6	2.6	2.6
- Undistributed earnings in this period	43.9	178.1	124.1	75.7	35.4	97.8	77.9	46.1	29.6	103.2	77.1	45.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	0.7	0.7	0.7	0.7	0.7	0.0	0.7	0.7	0.7
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	0.7	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,610.4	2,753.3	2,543.1	2,525.4	2,287.4	2,619.6	2,539.7	2,518.7	2,203.7	2,289.7	2,261.9	2,299.0

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
Profit Before Tax	—	123.0	—	89.4	—	0.0	-62.7	62.7	0.0	123.4	-54.6	54.6
Depreciation of Fixed Assets and Investment Property	—	54.0	—	47.1	—	0.0	-41.3	41.3	0.0	91.4	-49.0	49.0
Provision (Increase)/Reversal	—	-22.1	—	5.2	—	0.0	-29.3	29.3	0.0	0.6	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	4.2	—	1.0	—	0.0	-3.5	3.5	0.0	7.5	-1.7	1.7
Gain/Loss from Investment Activities	—	-15.0	—	-9.9	—	0.0	9.0	-9.0	0.0	-23.2	11.9	-11.9
Interest Expense	—	15.0	—	12.8	—	0.0	-15.5	15.5	0.0	32.4	-15.9	15.9
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	168.9	—	145.5	—	0.0	-143.3	143.3	0.0	232.1	-109.4	109.4
Increase/(Decrease) in Receivables	—	31.6	—	-55.6	—	0.0	177.9	-177.9	0.0	-60.2	50.3	-50.3
Increase/(Decrease) in Inventory	—	-197.1	—	96.6	—	0.0	157.5	-157.5	0.0	75.7	-7.8	7.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	135.6	—	-145.9	—	0.0	-143.4	143.4	0.0	-17.8	-57.8	57.8
Increase/(Decrease) in Prepaid Expenses	—	-12.1	—	2.3	—	0.0	-4.8	4.8	0.0	10.3	-9.0	9.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-15.0	—	-12.8	—	0.0	15.1	-15.1	0.0	-32.5	16.5	-16.5
Corporate Income Tax Paid	-33.1	0.0	0.0	0.0	-38.2	-0.5	0.0	-9.1	-3.5	-9.0	-3.7	-0.0
Other Operating Receipts	53.6	—	—	—	—	48.7	107.8	-50.9	50.9	-67.2	67.2	-77.3
Other Operating Payments	-65.7	172.7	-179.4	70.0	-76.5	-72.6	-156.9	56.0	-62.6	83.5	-87.0	53.7
Net Cash Flow from Operating Activities	-122.0	-32.3	137.4	30.3	-45.0	183.9	242.0	-96.1	17.9	-60.5	134.7	13.3
Payments for Fixed Assets and Other Long-term Assets	-55.6	-20.0	-83.7	-19.9	-83.9	-42.9	-53.3	-12.8	-14.7	-14.0	-6.5	-19.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.7	—	0.2	—	0.0	0.0	0.0	0.0	0.7	-0.1	0.1
Loans and Purchases of Debt Instruments	—	-242.6	—	-393.6	—	0.0	240.1	-240.1	0.0	-576.2	274.1	-274.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	201.1	—	406.9	—	0.0	-262.2	262.2	0.0	376.1	-122.0	122.0
Investments in Other Entities	—	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	2.7	2.7	6.8	10.9	2.4	2.0	-5.6	9.3	1.5	11.9	-1.3	7.1
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	-81.5	-5.1	-130.0	-36.7	-40.3	-46.5	-181.7	-1.5	7.0	-44.2	-13.0	-12.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-57,200,000.00	20,549,600,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	400.6	291.2	323.3	221.5	406.2	297.6	318.6	299.6	333.5	271.6	239.1	234.5
Repayment of Borrowings	-237.7	9.8	-313.3	-271.6	-318.3	-369.9	-309.7	-307.6	-260.2	-258.4	-261.8	-299.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-1.6	-14.2	-1.1	-30.6	-0.0	1.1	-16.4	-30.6	-1.8	0.0	-52.6
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	162.9	-11.4	-4.2	-51.1	57.2	-72.3	10.0	-24.4	42.6	11.3	-2.1	-118.0
Net Cash Flow During the Period	-40.6	-48.7	3.3	-57.5	-28.1	65.1	70.3	-122.0	67.5	-93.4	119.5	-116.7
Cash and Cash Equivalents at Beginning of Period	98.9	147.1	145.9	203.1	231.9	152.1	152.1	152.1	152.1	285.0	285.0	285.0
FX Difference from Revaluation	0.2	0.1	-2.5	-0.4	-0.7	0.9	-1.9	1.4	-1.5	-7.0	6.7	-3.2
Cash and Cash Equivalents at End of Period	58.4	100.9	147.1	145.9	203.1	231.9	165.8	97.4	218.1	152.1	252.4	126.2

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M10

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