MBG

Tập đoàn MBG ·HNX ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 3.46%, −5.23pp YoY

Price

2,700

Latest close

04 Jun 2026

P/E 17.53x

P/B 0.25x

EPS 154

BVPS 10,903

ROE 1.4%

ROA 1.3%

Profit Margin 3.5%

Asset Turnover 0.38x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2026Q1 basis, MBG is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 536bn
	                                
+40.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 19bn
	                                
−44.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	525.7	311.2	508.4	1,219.0	883.5
Growth	+69%	-39%	-58%	+38%	—
Net Income	20.3	27.4	-56.1	100.4	82.0
Net Margin	3.86%	8.80%	-11.03%	8.24%	9.28%

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	117.3	161.0	180.6	77.4	106.6	121.4	85.3	67.5	37.0	125.8	108.0	175.1
Growth	-27%	-11%	+133%	-27%	-12%	+42%	+26%	+82%	-71%	+16%	-38%	—
Net Income	0.4	8.8	5.7	3.6	5.7	19.9	16.3	-8.7	0.5	-66.8	0.2	3.4
Net Margin	0.34%	5.49%	3.14%	4.71%	5.32%	16.36%	19.06%	-12.88%	1.42%	-53.07%	0.18%	1.96%

Drivers of MBG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Associates income ↑ 2.9bn

Gross profit ↓ 12.8bn

Finance costs ↑ 2.4bn

TTM

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

Administrative expenses ↑ 1.4bn

Gross profit ↓ 1.3bn

Finance costs ↑ 0.8bn

Associates income ↓ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.6% = 8.7% × 0.28 × 1.07

2026Q1 1.4% = 3.5% × 0.38 × 1.08

ROE fell from 2.6% to 1.4% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 3.5% -5.2pp Asset turnover: 0.38x +0.10x Leverage: 1.08x +0.02x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 3.46%, losing 5.2pp. The main pressure is Gross margin fell 5.9pp, outweighing the improvement in SG&A / Revenue fell 0.4pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.3pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 3.46% −5.2pp

Gross Margin 6.11% −5.9pp

SG&A / Revenue 1.91% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC narrowed to 1.30%, falling 1.1pp. That translates to 1.30 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.1pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

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

Watchpoints

ROIC remains low

ROIC is currently 1.30% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.30% −1.1pp

NOPAT Margin 3.32% −5.1pp

Capital Turnover 0.39x +0.11x

Average Invested Capital 1,372.3bn +35.3bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.11x equity, net debt at 0.07x equity.

Inventory ended the period at 388.8bn, roughly 26.8% 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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 166.7 days versus the same period last year. The main moves came from DIO fell 88.7 days, DSO fell 77.2 days, and DPO rose 0.9 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 530.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 277.1 days −77.2 days

Inventory 256.5 days −88.7 days

Payables 3.5 days +0.9 days

Cash Conversion Cycle 530.2 days −166.7 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.07x and interest coverage at 3.05x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 23.2% of debt, and total debt stands at 118.1bn.

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 23.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.07x +0.03x

Interest Coverage 3.05x −5.29x

Cash / Debt 23.2% −13.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 6.79x +6.69x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 5.0bn in 2025, against investing cash flow of -103.9bn.

Post-investment cash flow was negative +98.8bn. Financing cash flow was positive +42.5bn.

CFO / net income was 6.79x.

After spending +2.6bn on fixed-asset investment, the business generated trailing free cash flow of +123.0bn.

Cash Conversion

CFO TTM 125.7bn +122.2bn

Cash Capex 2.6bn +1.4bn

FCF TTM +123.0bn +120.8bn

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 earnings conversion is confirmed, with CFO/NI at 6.79x. The main risk still sits in core profitability, with net margin down 5.2 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 6.79x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 3.46% after a 5.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	525.7	311.2	508.4	1,219.0	883.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	525.7	311.2	508.4	1,219.0	883.5
Cost of Goods Sold	491.6	268.5	537.2	1,091.7	0.0
Gross Profit	34.1	42.7	-28.7	127.3	100.8
Financial Income	1.2	1.3	6.1	12.3	9.2
Financial Expenses	5.5	3.8	3.0	1.9	-0.8
Interest Expense	5.5	3.8	2.8	1.9	-0.1
Share of Associates and Joint Ventures	2.6	-0.7	-6.7	0.2	-0.0
Selling Expenses	0.1	0.1	1.4	0.7	-1.0
General and Administrative Expenses	12.0	9.8	22.8	11.4	-5.4
Operating Profit	20.3	29.6	-56.5	125.8	102.8
Other Income	0.6	1.0	0.5	0.0	0.0
Other Expenses	0.0	0.9	0.0	0.1	0.0
Other Profit	0.6	0.1	0.4	-0.1	-0.1
Profit Before Tax	20.8	29.6	-56.1	125.7	102.7
Current Income Tax Expense	0.8	0.7	0.0	25.2	-20.7
Deferred Income Tax Expense	-0.2	1.6	0.0	0.0	0.0
Net Income	20.3	27.4	-56.1	100.4	82.0
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	20.2	27.4	-56.1	100.4	82.0
Earnings per Share	168.00	228.00	-466.00	1,019.00	1,151.30
Diluted EPS	168.29	227.82	-466.00	1,019.00	1,133.59

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	971.7	961.6	963.2	1,114.9	595.6
I. Cash and cash equivalents	37.4	93.8	74.0	72.1	137.3
1. Cash	37.4	29.8	74.0	72.1	0.0
2. Cash equivalents	—	64.0	0.0	0.0	0.0
II. Short-term financial investments	—	1.1	1.4	106.1	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	—	1.1	1.4	106.1	0.0
III. Short-term receivables	539.9	439.5	604.2	605.1	263.6
1. Short-term trade accounts receivable	464.7	331.4	397.6	397.9	0.0
2. Short-term prepayments to suppliers	80.9	114.8	214.3	192.5	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	6.8	6.0	5.6	3.0	0.0
6. Other short-term receivables	0.0	0.1	0.0	13.7	0.0
7. Provision for short-term doubtful debts (*)	-12.4	-12.8	-13.3	-2.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	388.8	413.2	280.5	330.5	191.9
1. Inventories	388.8	413.2	336.8	330.5	0.0
2. Provision for decline in value of inventories	—	0.0	-56.3	0.0	0.0
V. Other short-term assets	5.5	14.0	3.1	1.2	2.7
1. Short-term prepayments	0.4	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.5	13.3	2.9	1.2	0.0
3. Taxes and other receivables from state authorities	0.6	0.6	0.2	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)	479.1	417.5	345.6	340.5	308.9
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	24.1	34.5	38.5	47.7	57.8
1. Tangible fixed assets	24.1	34.4	38.4	47.5	57.8
- Cost	100.4	98.2	90.2	86.5	0.0
- Accumulated depreciation	-76.3	-63.7	-51.8	-38.9	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	0.0	0.1	0.1	0.2	0.0
- Cost	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.1	-0.1	-0.0	0.0
III. Investment properties	45.1	46.8	48.0	0.0	0.0
- Cost	49.2	49.2	48.8	0.0	0.0
- Accumulated depreciation	-4.1	-2.5	-0.8	0.0	0.0
IV. Long-term assets in progress	3.8	29.4	2.9	8.1	7.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.8	29.4	2.9	8.1	0.0
V. Long-term financial investments	356.9	252.3	253.0	275.9	230.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	356.9	252.3	253.0	275.9	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	49.1	54.6	3.1	8.8	0.0
1. Long-term prepayments	0.1	0.1	3.1	8.8	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	13.3
5. Goodwill	49.0	54.5	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,450.7	1,379.1	1,308.8	1,455.4	904.5
A. LIABILITIES (300=210+330)	140.4	89.5	47.3	136.8	89.0
I. Short -term liabilities	138.7	87.5	46.9	135.8	87.0
1. Short-term trade accounts payable	16.2	7.7	6.9	29.7	24.3
2. Short-term advances from customers	—	0.0	0.9	13.0	3.6
3. Taxes and other payables to state authorities	0.5	0.2	0.0	23.2	0.0
4. Payable to employees	0.2	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.5	0.4	0.9	0.3	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	0.3	0.3	0.3	0.0	0.0
9. Other short-term payables	0.5	0.5	0.5	13.0	0.0
10. Short-term borrowings and financial leases	118.1	76.0	35.0	55.2	27.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.4	2.4	2.4	1.4	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	1.7	2.0	0.4	1.0	2.0
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	0.4	0.4	0.4	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	1.0	2.0
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	1.3	1.6	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)	1,310.3	1,289.6	1,261.5	1,318.6	815.5
I. Owner's equity	1,310.3	1,289.6	1,261.5	1,318.6	0.0
1. Owner's capital	1,202.2	1,202.2	1,202.2	1,202.2	815.5
- Common stock with voting right	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	723,552,780,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.1
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	8.4	8.4	8.4	5.4	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	96.9	76.7	49.3	109.4	89.1
- Accumulated retained earning at the end of the previous period	76.7	49.3	105.3	7.8	7.1
- Undistributed earnings in this period	20.2	27.4	-56.1	101.5	82.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3.1	2.6	1.9	1.9	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,450.7	1,379.1	1,308.8	1,455.4	904.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	20.8	29.6	-56.1	125.7	0.0
Depreciation of Fixed Assets and Investment Property	19.6	12.9	13.7	10.8	0.0
Provision (Increase)/Reversal	-0.4	-56.8	67.7	1.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.1	-0.5	0.7	-12.5	0.0
Interest Expense	5.5	3.8	2.8	1.9	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	42.5	-11.0	28.9	127.8	0.0
Increase/(Decrease) in Receivables	-90.7	158.9	-8.1	-336.0	0.0
Increase/(Decrease) in Inventory	50.6	-75.7	-6.3	-138.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.7	-5.0	-89.1	16.5	0.0
Increase/(Decrease) in Prepaid Expenses	-0.3	3.1	2.0	4.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.5	-3.7	-2.9	-1.8	0.0
Corporate Income Tax Paid	-0.3	-0.8	-23.2	-20.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	5.0	65.7	-98.7	-348.2	146.5
Payments for Fixed Assets and Other Long-term Assets	-2.7	-1.2	-6.3	-1.4	-1.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-6.8	-6.0	-11.1	-168.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.1	6.0	113.1	59.8	15.0
Investments in Other Entities	-102.0	-86.8	-64.0	-57.0	-37.4
Proceeds from Investments in Other Entities	—	0.0	80.0	18.8	0.0
Dividends and Interest Income Received	0.5	1.2	10.1	3.0	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	-103.9	-86.9	121.8	-145.7	-24.2
Proceeds from Equity Issuance and Capital Contributions	400,000,000.00	0.00	0.00	401,774,022,914.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	212.1	161.0	70.0	91.6	29.3
Repayment of Borrowings	-170.0	-120.0	-91.1	-64.8	-25.9
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	42.5	41.0	-21.1	428.6	3.4
Net Cash Flow During the Period	-56.3	19.8	1.9	-65.3	96.0
Cash and Cash Equivalents at Beginning of Period	93.8	74.0	72.1	137.3	5.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	37.4	93.8	74.0	72.1	137.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	117.3	161.0	180.6	77.4	106.6	121.4	85.3	67.5	37.0	125.8	108.0	175.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	117.3	161.0	180.6	77.4	106.6	121.4	85.3	67.5	37.0	125.8	108.0	175.1
Cost of Goods Sold	111.2	146.4	174.6	71.5	99.2	93.3	79.2	63.6	32.4	173.3	100.9	167.5
Gross Profit	6.1	14.7	6.0	5.9	7.4	28.1	6.1	3.9	4.6	-47.5	7.2	7.6
Financial Income	0.1	0.1	0.8	0.1	0.2	0.2	0.0	0.9	0.2	4.0	0.7	0.3
Financial Expenses	1.8	1.9	1.4	1.3	1.0	1.0	1.0	1.1	0.7	0.5	0.6	0.7
Interest Expense	1.8	1.9	1.4	1.3	0.4	1.0	1.0	1.1	0.7	0.5	0.6	0.7
Share of Associates and Joint Ventures	-0.6	0.9	2.1	-0.1	0.1	2.1	-0.7	-2.1	0.0	-6.7	-2.2	0.1
Selling Expenses	0.1	0.1	0.0	—	—	0.0	0.0	0.0	0.1	0.3	0.7	0.3
General and Administrative Expenses	2.8	4.2	1.9	1.2	1.4	8.9	-12.1	10.4	2.5	16.0	3.5	2.7
Operating Profit	0.8	9.5	5.7	3.5	5.4	20.4	16.6	-8.8	1.3	-67.0	0.7	4.3
Other Income	0.3	0.0	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.1	0.4	0.1	0.3	0.0	0.0	0.0
Other Profit	0.3	-0.0	0.1	0.2	0.2	0.2	-0.2	0.1	-0.1	0.2	0.2	0.0
Profit Before Tax	1.1	9.5	5.8	3.7	5.6	20.6	16.4	-8.7	1.3	-66.8	1.0	4.3
Current Income Tax Expense	0.7	0.8	0.1	0.1	—	-0.8	0.1	0.0	0.8	0.0	0.8	0.9
Deferred Income Tax Expense	—	-0.2	—	—	-0.1	1.6	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.4	8.8	5.7	3.6	5.7	19.9	16.3	-8.7	0.5	-66.8	0.2	3.4
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Profit Attributable to Parent	0.4	8.8	5.7	3.6	5.7	19.9	16.3	-8.7	0.5	-66.8	0.2	3.4
Earnings per Share	3.00	73.00	47.00	31.00	47.00	165.00	135.00	-72.00	4.00	-555.00	2.00	28.00
Diluted EPS	3.00	73.00	47.00	31.00	47.00	233.00	135.00	-72.00	4.00	-555.00	2.00	28.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	974.4	971.7	953.1	984.2	963.6	962.3	995.8	1,022.9	1,013.4	963.2	1,009.4	1,004.4
I. Cash and cash equivalents	27.4	37.4	31.2	14.4	28.1	93.8	12.4	9.0	16.3	74.0	62.4	78.4
1. Cash	27.4	37.4	31.2	2.9	28.1	29.8	12.4	9.0	16.3	74.0	62.4	78.4
2. Cash equivalents	—	—	—	11.4	—	64.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	8.0	—	—	1.1	1.1	1.1	1.1	1.4	14.8	1.4	1.4	1.1
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	8.0	—	—	1.1	1.1	1.1	1.1	1.4	14.8	1.4	1.4	1.1
III. Short-term receivables	550.7	539.9	576.4	593.2	605.8	439.5	703.4	744.2	719.9	604.2	591.3	569.9
1. Short-term trade accounts receivable	480.0	464.7	417.9	381.3	334.3	331.4	415.3	460.8	405.0	397.6	336.9	288.5
2. Short-term prepayments to suppliers	83.1	80.9	162.2	216.0	276.3	114.8	288.6	298.5	323.3	214.3	128.9	146.2
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	—	6.8	7.0	6.5	6.5	6.0	6.0	5.5	5.0	5.6	5.1	5.1
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.5	0.0	0.0	120.5	130.1
7. Provision for short-term doubtful debts (*)	-12.4	-12.4	-10.7	-10.7	-11.3	-12.8	-6.5	-21.1	-13.3	-13.3	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	384.0	388.8	340.3	367.4	323.9	413.2	277.8	267.4	261.5	280.5	348.9	348.8
1. Inventories	384.0	388.8	340.3	367.4	323.9	413.2	319.7	311.7	310.2	336.8	348.9	348.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	-42.0	-44.3	-48.7	-56.3	0.0	0.0
V. Other short-term assets	4.3	5.5	5.1	8.1	4.7	14.7	1.1	0.8	0.8	3.1	5.3	6.2
1. Short-term prepayments	0.3	0.4	0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.0	0.0	0.1
2. Value added tax to be reclaimed	3.4	4.5	4.2	7.1	3.6	13.3	0.6	0.4	0.4	2.9	5.2	6.2
3. Taxes and other receivables from state authorities	0.6	0.6	0.9	0.9	0.9	1.3	0.4	0.4	0.3	0.2	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)	473.7	479.1	479.4	410.2	414.5	417.5	331.5	335.8	341.6	344.5	377.3	383.7
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	21.1	24.1	27.3	30.5	33.1	34.5	30.4	32.9	35.7	38.5	39.6	42.3
1. Tangible fixed assets	21.0	24.1	27.2	30.4	33.0	34.4	30.3	32.8	35.5	38.4	39.4	42.1
- Cost	100.4	—	—	—	—	98.2	90.6	90.2	90.2	90.2	86.5	86.5
- Accumulated depreciation	-79.3	—	—	—	—	-63.7	-60.3	-57.5	-54.7	-51.8	-47.0	-44.3
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	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
- Cost	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	44.7	45.1	45.8	46.2	46.4	46.8	47.0	47.4	47.6	48.0	48.4	48.8
- Cost	49.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.9	3.8	29.8	29.7	29.5	29.4	3.3	3.2	3.1	2.9	8.5	8.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.9	3.8	29.8	29.7	29.5	29.4	3.3	3.2	3.1	2.9	8.5	8.4
V. Long-term financial investments	356.3	356.9	326.1	252.0	252.4	252.3	250.2	250.9	253.1	251.9	275.4	277.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	356.3	356.9	326.1	252.0	252.4	252.3	250.2	250.9	253.1	251.9	275.4	277.6
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	47.7	49.1	50.5	51.8	53.2	54.6	0.6	1.4	2.3	3.1	5.4	6.5
1. Long-term prepayments	0.1	0.1	0.1	0.1	0.1	0.1	0.6	1.4	2.3	3.1	5.4	6.5
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	47.6	49.0	50.4	51.7	53.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	54.5	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,448.1	1,450.7	1,432.5	1,394.4	1,378.1	1,379.8	1,327.3	1,358.7	1,355.0	1,307.7	1,386.7	1,388.1
A. LIABILITIES (300=210+330)	137.4	140.4	130.9	97.2	82.8	89.5	57.5	105.2	92.9	47.5	61.2	62.9
I. Short -term liabilities	135.6	138.7	129.0	95.3	80.9	87.5	57.1	104.8	92.5	47.1	60.8	61.7
1. Short-term trade accounts payable	8.1	16.2	7.3	13.7	1.4	7.7	3.3	15.8	3.3	6.9	0.0	0.0
2. Short-term advances from customers	4.9	—	—	—	0.1	0.0	0.0	0.6	0.9	0.9	7.7	8.9
3. Taxes and other payables to state authorities	0.7	0.5	0.2	0.1	0.0	0.2	0.0	0.0	0.0	0.0	2.3	1.5
4. Payable to employees	0.3	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.3	0.5	0.2	0.2	0.0	0.4	0.1	0.2	0.1	0.9	0.0	0.0
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.5	0.3	0.3
9. Other short-term payables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	13.0	13.0
10. Short-term borrowings and financial leases	118.1	118.1	118.1	78.1	76.1	76.0	50.5	85.0	85.0	35.0	35.0	35.5
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	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
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	1.7	1.7	1.9	1.9	1.9	2.0	0.4	0.4	0.4	0.4	0.4	1.1
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.7
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	1.3	1.3	1.5	1.5	1.5	1.6	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)	1,310.7	1,310.3	1,301.5	1,297.2	1,295.3	1,290.3	1,269.7	1,253.5	1,262.1	1,260.2	1,325.5	1,325.3
I. Owner's equity	1,310.7	1,310.3	1,301.5	1,297.2	1,295.3	1,290.3	1,269.7	1,253.5	1,262.1	1,260.2	1,325.5	1,325.3
1. Owner's capital	1,202.2	1,202.2	1,202.2	1,202.2	1,202.2	1,202.2	1,202.2	1,202.2	1,202.2	1,202.2	1,202.2	1,202.2
- Common stock with voting right	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00	1,202,185,400,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
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	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4
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	97.3	96.9	88.5	84.2	82.3	77.3	57.5	41.2	49.8	48.0	113.2	113.0
- Accumulated retained earning at the end of the previous period	96.9	76.7	76.7	76.7	76.7	49.3	49.3	49.3	49.3	104.6	105.3	105.3
- Undistributed earnings in this period	0.4	20.2	11.9	7.6	5.7	28.0	8.2	-8.1	0.5	-56.6	7.8	7.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.1	3.1	2.6	2.6	2.6	2.6	1.9	1.9	1.9	1.9	1.9	1.9
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,448.1	1,450.7	1,432.5	1,394.4	1,378.1	1,379.8	1,327.3	1,358.7	1,355.0	1,307.7	1,386.7	1,388.1

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
Profit Before Tax	—	13.2	—	7.6	—	0.0	7.4	-7.4	0.0	-56.1	-9.2	9.2
Depreciation of Fixed Assets and Investment Property	—	9.8	—	9.8	—	0.0	-6.5	6.5	0.0	13.7	-5.4	5.4
Provision (Increase)/Reversal	—	1.8	—	-2.2	—	0.0	4.3	-4.3	0.0	67.7	1.9	-1.9
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-3.1	—	-0.0	—	0.0	1.0	-1.0	0.0	0.7	3.2	-3.2
Interest Expense	—	3.3	—	2.3	—	0.0	-1.8	1.8	0.0	2.8	-1.7	1.7
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	—	25.1	—	17.4	—	0.0	4.4	-4.4	0.0	28.9	-11.2	11.2
Increase/(Decrease) in Receivables	—	54.4	—	-145.0	—	0.0	145.0	-145.0	0.0	-8.1	-30.3	30.3
Increase/(Decrease) in Inventory	—	4.8	—	45.8	—	0.0	-25.1	25.1	0.0	-6.3	18.2	-18.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	3.0	—	5.8	—	0.0	-9.9	9.9	0.0	-89.1	76.3	-76.3
Increase/(Decrease) in Prepaid Expenses	—	-0.3	—	-0.0	—	0.0	-1.6	1.6	0.0	2.0	-2.2	2.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-3.2	—	-2.3	—	0.0	1.8	-1.8	0.0	-2.9	1.8	-1.8
Corporate Income Tax Paid	-0.5	-0.0	0.0	-0.0	-0.2	-0.0	-0.1	-0.0	-0.7	0.0	0.0	-11.0
Other Operating Receipts	0.0	—	—	—	—	3.4	0.7	-0.2	0.2	-0.8	0.8	0.0
Other Operating Payments	-5.8	—	-0.8	—	0.0	-0.0	-1.9	0.6	-0.6	0.5	-0.5	0.3
Net Cash Flow from Operating Activities	-8.9	95.9	-12.3	50.9	-129.5	115.5	37.6	-20.2	-95.0	-122.5	99.6	38.8
Payments for Fixed Assets and Other Long-term Assets	-0.0	-4.8	4.9	-2.7	-0.1	-0.7	-0.1	-0.3	-0.1	-6.0	5.8	-6.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.3	—	-6.5	—	0.0	10.5	-10.5	0.0	-11.1	5.1	-5.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.1	—	6.0	—	0.0	-10.6	10.6	0.0	113.1	-108.0	108.0
Investments in Other Entities	—	—	—	—	—	-89.2	0.0	0.0	0.0	-64.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	0.0	—	—	0.0	0.0	0.0	0.0	80.0	0.0	0.0
Dividends and Interest Income Received	0.0	-0.4	0.6	0.1	0.3	0.1	0.5	0.4	0.2	4.1	0.6	0.4
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	-1.2	-99.1	-1.9	-66.6	63.7	-89.7	0.2	12.9	-12.6	134.0	-114.4	-9.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	30,089,180,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	100.2	26.9	107.1	7.0	71.1	25.5	50.5	0.0	85.0	0.0	35.0	0.0
Repayment of Borrowings	-100.2	-17.9	-76.1	-5.0	-71.0	0.0	-85.0	0.0	-35.0	0.0	-36.3	-19.7
Repayment of Finance Leases	—	—	—	—	—	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
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	—	9.4	31.0	2.0	0.1	55.6	-34.5	0.0	50.0	0.0	-1.3	-19.7
Net Cash Flow During the Period	-10.0	6.2	16.8	-13.8	-65.6	81.4	3.3	-7.3	-57.6	11.5	-16.0	10.0
Cash and Cash Equivalents at Beginning of Period	37.4	31.2	14.4	28.1	93.8	74.0	74.0	74.0	74.0	72.1	72.1	72.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	27.4	37.4	31.2	14.4	28.1	93.8	12.4	9.0	16.3	74.0	62.4	78.4

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MBG

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What is driving the margin?

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Cash Flow