MCM

Giống Bò sữa Mộc Châu ·HOSE ·2026Q1

▲ Slightly positive

Price

27,600

Latest close

02 Jun 2026

P/E 13.59x

P/B 1.29x

EPS 2,031

BVPS 21,377

ROE 10.6%

ROA 9.2%

Profit Margin 8.3%

Asset Turnover 1.11x

Equity Mult. 1.15x

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

What Is Changing

On a TTM 2026Q1 basis, MCM is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,985bn
	                                
+3.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 248bn
	                                
+13.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    35.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	2,834.9	2,917.0	3,135.4	3,133.1	2,925.7
Growth	-3%	-7%	+0%	+7%	—
Net Income	215.7	219.9	374.4	346.5	319.1
Net Margin	7.61%	7.54%	11.94%	11.06%	10.91%

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	741.6	721.2	716.2	806.3	591.2	742.9	739.7	809.0	625.4	794.7	816.2	790.3
Growth	+3%	+1%	-11%	+36%	-20%	+0%	-9%	+29%	-21%	-3%	+3%	—
Net Income	80.1	64.1	28.1	75.7	47.8	71.0	42.6	56.3	50.0	85.4	95.0	92.6
Net Margin	10.80%	8.89%	3.92%	9.39%	8.08%	9.56%	5.76%	6.96%	7.99%	10.74%	11.64%	11.71%

Drivers of MCM's profit

TTM

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

Gross profit ↑ 46.4bn

Financial income ↑ 9.4bn

Selling expenses ↑ 22.1bn

Tax ↑ 5.0bn

TTM

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

Gross profit ↑ 66.9bn

Selling expenses ↑ 35.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.2% = 7.6% × 1.08 × 1.14

2026Q1 10.6% = 8.3% × 1.11 × 1.15

ROE rose from 9.2% to 10.6% — all three components improved, with asset turnover contributing the most.

Net margin: 8.3% +0.8pp Asset turnover: 1.11x +0.03x Leverage: 1.15x +0.01x

Is the profit sustainable?

Margins improved (+0.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 8.31%, rising 0.8pp. The main driver is Gross margin rose 0.6pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 8.31% +0.8pp

Gross Margin 28.94% +0.6pp

SG&A / Revenue 22.76% −0.1pp

Non-core / Revenue 3.33% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (35.2% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 8.32% +0.7pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.18x equity, net debt at 0.00x equity.

Over the last 12 months, working capital released 0.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −63.7bn

Inventories decreased → higher CFO: +48.8bn

Payables increased → higher CFO: +15.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.1 days versus the same period last year. The main moves came from DIO fell 8.7 days, DSO rose 0.5 days, and DPO fell 1.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Receivables collection is slowing

DSO increased by +0.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 22.8 days +0.5 days

Inventory 35.3 days −8.7 days

Payables 25.0 days −1.2 days

Cash Conversion Cycle 33.1 days −7.1 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.00x and interest coverage at 56.13x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity 0.00x −0.04x

Interest Coverage 56.13x −22.80x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.77x −0.28x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 180.9bn in 2025, against investing cash flow of 71.8bn.

Post-investment cash flow was positive +252.7bn. Financing cash flow was negative +252.0bn.

CFO / net income was 0.77x.

After spending +186.2bn on fixed-asset investment, the business generated trailing free cash flow of +6.0bn.

Cash Conversion

CFO TTM 192.2bn −36.8bn

Cash Capex 186.2bn +60.0bn

FCF TTM +6.0bn −96.7bn

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 35.1%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 35.1% of PBT and CFO / net income currently at 0.77x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,839.5	2,919.4	3,137.5	3,134.5	2,927.8
Revenue Deductions	4.6	2.4	2.0	1.4	0.0
Net Revenue	2,834.9	2,917.0	3,135.4	3,133.1	2,925.7
Cost of Goods Sold	2,037.9	2,068.4	2,126.8	2,115.3	0.0
Gross Profit	797.0	848.5	1,008.6	1,017.8	898.5
Financial Income	103.9	101.3	162.3	103.2	95.4
Financial Expenses	6.0	1.9	0.9	1.0	-0.5
Interest Expense	5.7	1.7	0.0	0.6	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	606.6	657.0	708.9	688.7	-594.3
General and Administrative Expenses	38.1	37.1	37.9	39.6	-36.6
Operating Profit	250.2	253.7	423.3	391.6	362.6
Other Income	13.8	15.0	16.6	16.2	0.0
Other Expenses	15.5	16.6	16.3	27.1	0.0
Other Profit	-1.7	-1.7	0.3	-10.9	-8.8
Profit Before Tax	248.5	252.1	423.6	380.7	353.8
Current Income Tax Expense	32.8	32.1	49.2	34.1	-34.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	215.7	219.9	374.4	346.5	319.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	215.7	219.9	374.4	346.5	319.1
Earnings per Share	1,765.00	1,799.00	3,063.00	2,835.00	2,884.00
Diluted EPS	1,961.03	1,999.28	3,403.80	3,150.45	2,901.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,914.7	2,114.9	2,077.7	2,123.2	2,218.7
I. Cash and cash equivalents	37.0	36.3	55.2	312.0	92.1
1. Cash	37.0	36.3	52.2	18.0	0.0
2. Cash equivalents	—	0.0	3.1	294.0	0.0
II. Short-term financial investments	1,431.0	1,603.0	1,442.1	1,285.0	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	1,431.0	1,603.0	1,442.1	1,285.0	0.0
III. Short-term receivables	248.2	287.0	349.1	308.2	272.7
1. Short-term trade accounts receivable	177.7	206.7	205.0	191.0	0.0
2. Short-term prepayments to suppliers	13.1	29.9	11.2	32.4	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	57.6	50.6	133.0	84.9	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	187.0	172.4	185.6	194.2	192.8
1. Inventories	188.0	173.0	187.4	195.1	0.0
2. Provision for decline in value of inventories	-1.0	-0.6	-1.8	-0.9	0.0
V. Other short-term assets	11.6	16.2	45.7	23.8	4.1
1. Short-term prepayments	11.1	8.9	8.1	5.7	0.0
2. Value added tax to be reclaimed	0.2	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	7.3	37.6	18.1	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)	765.1	571.7	528.4	332.0	268.2
I. Long-term receivables	—	0.1	0.1	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	—	0.1	0.1	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	357.8	366.6	392.6	226.8	141.8
1. Tangible fixed assets	357.8	366.6	392.6	226.5	140.5
- Cost	1,176.5	1,153.1	1,139.1	922.0	0.0
- Accumulated depreciation	-818.8	-786.5	-746.5	-695.5	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	0.0	0.3	1.2
- Cost	1.0	4.0	4.0	4.0	0.0
- Accumulated depreciation	-1.0	-4.0	-4.0	-3.7	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	374.1	186.8	118.5	96.9	115.1
1. Long-term production in progress	19.2	20.6	11.3	11.4	0.0
2. Construction in progress	354.9	166.2	107.2	85.5	0.0
V. Long-term financial investments	25.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	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	25.0	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	8.2	18.2	17.1	8.1	0.0
1. Long-term prepayments	8.2	18.2	17.1	8.1	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	11.1
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)	2,679.9	2,686.7	2,606.1	2,455.2	2,487.0
A. LIABILITIES (300=210+330)	400.5	381.5	278.8	245.0	313.6
I. Short -term liabilities	397.4	377.6	274.5	238.0	289.9
1. Short-term trade accounts payable	197.9	164.8	122.8	102.5	88.0
2. Short-term advances from customers	3.8	3.2	0.8	0.7	0.9
3. Taxes and other payables to state authorities	12.0	6.3	0.2	0.4	0.0
4. Payable to employees	16.3	15.8	16.9	20.0	0.0
5. Short-term acrrued expenses	75.1	60.3	83.6	60.8	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	1.4	1.6	7.1	21.5	0.0
10. Short-term borrowings and financial leases	67.0	99.0	0.0	0.0	77.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	24.0	26.6	43.2	32.0	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	3.1	3.9	4.4	7.0	23.6
1. Long-term trade payables	—	0.0	0.0	0.0	21.9
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	0.6	0.7	1.1	3.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	2.5	3.2	3.3	3.3	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)	2,279.3	2,305.2	2,327.3	2,210.3	2,173.4
I. Owner's equity	2,279.3	2,305.2	2,327.3	2,210.3	0.0
1. Owner's capital	1,100.0	1,100.0	1,100.0	1,100.0	2,173.4
- Common stock with voting right	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	817.3	817.3	817.3	817.3	817.3
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	148.8	148.8	148.8	111.3	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	213.3	239.1	261.2	181.7	179.4
- Accumulated retained earning at the end of the previous period	129.1	151.2	71.7	14.4	34.1
- Undistributed earnings in this period	84.1	87.9	189.5	167.2	145.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,679.9	2,686.7	2,606.1	2,455.2	2,487.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	248.5	252.1	423.6	380.7	353.8
Depreciation of Fixed Assets and Investment Property	68.8	67.0	62.0	54.5	49.9
Provision (Increase)/Reversal	0.8	-1.0	1.6	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-93.6	-91.4	-150.1	-89.8	0.0
Interest Expense	5.7	1.7	0.0	0.6	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	230.1	228.5	337.2	346.7	325.4
Increase/(Decrease) in Receivables	32.3	32.8	33.7	0.5	0.0
Increase/(Decrease) in Inventory	-38.9	-8.5	8.1	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.3	-4.4	9.8	-1.3	0.0
Increase/(Decrease) in Prepaid Expenses	7.9	-0.4	-11.4	0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.5	-0.6	0.0	-0.8	0.0
Corporate Income Tax Paid	-30.0	-12.7	-63.1	-43.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-24.5	-38.7	-26.8	-33.5	0.0
Net Cash Flow from Operating Activities	180.9	196.1	287.5	268.5	230.3
Payments for Fixed Assets and Other Long-term Assets	-174.2	-93.5	-246.4	-139.4	-151.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.1	7.1	3.4	10.5	4.8
Loans and Purchases of Debt Instruments	-1,749.0	-2,028.1	-2,183.8	-1,389.3	-1,768.8
Receipts from Loan Repayments and Sale of Debt Instruments	1,896.0	1,868.0	1,984.9	1,722.0	699.5
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	92.9	152.5	117.7	99.7	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	71.8	-94.0	-324.2	303.5	-1,176.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	1,249,274,340,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	285.0	129.0	0.0	0.0	77.2
Repayment of Borrowings	-317.0	-30.0	0.0	-77.2	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-220.0	-220.0	-220.1	-274.9	-309.0
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	-252.0	-121.0	-220.1	-352.1	1,017.4
Net Cash Flow During the Period	0.7	-19.0	-256.8	219.9	-138.7
Cash and Cash Equivalents at Beginning of Period	36.3	55.2	312.0	92.1	21.4
FX Difference from Revaluation	—	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	37.0	36.3	55.2	312.0	92.1

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	742.1	722.9	717.3	807.3	591.9	743.8	740.3	809.5	625.7	795.3	816.5	791.0
Revenue Deductions	0.5	1.7	1.1	1.0	0.8	0.9	0.6	0.5	0.3	0.6	0.4	0.7
Net Revenue	741.6	721.2	716.2	806.3	591.2	742.9	739.7	809.0	625.4	794.7	816.2	790.3
Cost of Goods Sold	529.1	511.7	514.0	566.5	445.7	525.2	533.6	560.8	448.8	532.8	554.8	542.3
Gross Profit	212.4	209.5	202.2	239.8	145.5	217.7	206.1	248.2	176.6	261.9	261.3	248.0
Financial Income	25.3	25.8	25.9	27.7	24.5	25.5	23.7	21.6	30.4	42.8	42.3	43.8
Financial Expenses	0.3	0.9	1.7	2.2	1.3	1.3	0.6	0.0	0.0	0.3	0.2	0.3
Interest Expense	0.3	0.9	1.7	2.0	1.2	1.2	0.6	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	138.0	153.2	182.1	169.0	102.3	154.1	169.6	194.2	139.2	200.1	187.6	174.4
General and Administrative Expenses	9.3	10.5	8.2	9.0	10.3	10.4	8.7	9.3	8.8	10.3	9.0	9.7
Operating Profit	90.1	70.8	36.1	87.3	56.0	77.3	51.1	66.3	59.0	94.0	106.8	107.3
Other Income	1.4	7.0	2.1	2.3	2.4	5.3	2.4	1.8	5.5	7.0	5.4	1.8
Other Expenses	1.4	4.9	3.7	3.1	3.8	3.2	3.7	3.4	6.3	4.2	3.4	3.4
Other Profit	0.0	2.1	-1.7	-0.8	-1.3	2.1	-1.3	-1.6	-0.8	2.8	2.0	-1.6
Profit Before Tax	90.1	72.9	34.5	86.5	54.7	79.4	49.8	64.7	58.1	96.8	108.8	105.7
Current Income Tax Expense	10.0	8.7	6.4	10.8	6.9	8.4	7.2	8.4	8.2	11.5	13.8	13.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	80.1	64.1	28.1	75.7	47.8	71.0	42.6	56.3	50.0	85.4	95.0	92.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	80.1	64.1	28.1	75.7	47.8	71.0	42.6	56.3	50.0	85.4	95.0	92.6
Earnings per Share	656.00	525.00	230.00	620.00	391.00	581.00	349.00	461.00	409.00	698.00	777.00	757.00
Diluted EPS	728.35	583.08	255.13	688.57	434.25	645.76	387.30	512.11	454.11	776.10	863.49	841.58

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)	1,885.1	1,914.7	1,997.7	2,191.8	2,134.8	2,114.9	2,176.5	2,094.8	2,076.5	2,077.7	2,279.2	2,202.1
I. Cash and cash equivalents	60.6	37.0	88.9	75.2	74.5	36.3	51.3	54.7	58.0	55.2	236.2	171.9
1. Cash	60.6	37.0	23.9	75.2	24.5	36.3	31.3	54.7	58.0	52.2	74.8	56.9
2. Cash equivalents	—	—	65.0	—	50.0	0.0	20.0	0.0	0.0	3.1	161.4	115.0
II. Short-term financial investments	1,379.3	1,431.0	1,484.0	1,580.0	1,605.0	1,603.0	1,638.1	1,473.1	1,488.0	1,442.1	1,530.2	1,460.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,379.3	1,431.0	1,484.0	1,580.0	1,605.0	1,603.0	1,638.1	1,473.1	1,488.0	1,442.1	1,530.2	1,460.0
III. Short-term receivables	246.4	248.2	247.2	314.3	206.0	287.0	284.9	298.7	246.7	349.1	334.9	302.4
1. Short-term trade accounts receivable	216.8	177.7	181.0	240.8	155.9	206.7	219.2	240.7	196.9	205.0	190.9	230.9
2. Short-term prepayments to suppliers	25.3	13.1	20.4	20.0	18.1	29.9	25.2	19.6	13.3	11.2	18.9	15.6
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	4.5	57.6	45.9	53.6	32.2	50.6	40.7	38.7	36.7	133.0	125.0	56.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	169.4	187.0	168.6	212.4	239.1	172.4	194.0	260.0	256.6	185.6	171.2	262.2
1. Inventories	170.0	188.0	170.6	213.5	240.2	173.0	194.9	260.7	258.1	187.4	172.0	264.5
2. Provision for decline in value of inventories	-0.6	-1.0	-2.0	-1.2	-1.1	-0.6	-0.9	-0.6	-1.5	-1.8	-0.8	-2.3
V. Short-term Biological Assets	3.5	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	3.3	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	0.2	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	25.8	11.6	9.1	10.0	10.2	16.2	8.2	8.3	27.3	45.7	6.7	5.6
1. Short-term prepayments	25.7	11.1	8.4	8.9	7.4	8.9	8.2	7.9	6.0	8.1	6.7	5.6
2. Value added tax to be reclaimed	0.1	0.2	0.1	0.1	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.3	0.6	0.9	1.6	7.3	0.0	0.5	21.3	37.6	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)	752.4	765.1	794.7	708.6	621.6	571.7	539.3	512.5	528.7	528.4	412.6	400.4
I. Long-term receivables	0.0	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	304.0	357.8	357.8	370.3	363.8	366.6	372.7	366.4	374.5	392.6	373.8	323.4
1. Tangible fixed assets	304.0	357.8	357.8	370.3	363.8	366.6	372.7	366.4	374.5	392.6	373.8	323.3
- Cost	1,113.8	—	—	—	—	1,153.1	1,148.9	1,130.2	1,123.6	1,139.1	1,104.2	1,038.9
- Accumulated depreciation	-809.9	—	—	—	—	-786.5	-776.2	-763.8	-749.1	-746.5	-730.4	-715.6
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	0.0	0.0	0.1	0.1
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	65.8	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	65.8	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	17.4	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	48.4	—	—	—	—	—	—	—	—	—	—	—
- Cost	70.7	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-22.3	—	—	—	—	—	—	—	—	—	—	—
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	376.4	374.1	336.3	325.5	242.2	186.8	147.1	132.9	138.4	118.5	23.3	66.6
1. Long-term production in progress	—	19.2	18.1	16.4	19.1	20.6	18.5	14.8	12.6	11.3	10.5	9.7
2. Construction in progress	376.4	354.9	318.2	309.2	223.1	166.2	128.6	118.2	125.8	107.2	12.9	56.8
V. Long-term financial investments	0.1	25.1	90.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	—	25.0	90.0	—	—	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	6.1	8.2	10.5	12.6	15.4	18.2	19.3	13.0	15.7	17.1	15.3	10.3
1. Long-term prepayments	6.1	8.2	10.5	12.6	15.4	18.2	19.3	13.0	15.7	17.1	15.3	10.3
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)	2,637.5	2,679.9	2,792.4	2,900.4	2,756.4	2,686.7	2,715.8	2,607.3	2,605.3	2,606.1	2,691.8	2,602.5
A. LIABILITIES (300=210+330)	286.0	400.5	460.8	594.1	408.2	381.5	364.6	294.4	233.0	278.8	331.3	327.6
I. Short -term liabilities	283.0	397.4	457.6	590.7	404.4	377.6	360.0	290.1	228.7	274.5	327.2	322.7
1. Short-term trade accounts payable	130.5	197.9	151.1	178.1	160.3	164.8	128.7	145.8	136.3	122.8	103.9	134.3
2. Short-term advances from customers	5.4	3.8	6.4	4.7	6.1	3.2	4.0	3.3	2.8	0.8	0.7	0.9
3. Taxes and other payables to state authorities	34.4	12.0	43.3	43.4	6.4	6.3	31.2	6.9	0.0	0.2	84.1	58.6
4. Payable to employees	10.4	16.3	14.8	12.1	10.3	15.8	14.6	12.5	10.6	16.9	14.8	12.3
5. Short-term acrrued expenses	83.4	75.1	88.0	97.0	38.7	60.3	57.8	69.8	52.3	83.6	77.8	69.9
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	1.6	1.4	2.5	3.4	2.1	1.6	2.1	1.8	3.0	7.1	11.2	13.8
10. Short-term borrowings and financial leases	—	67.0	127.0	228.0	164.0	99.0	95.0	20.8	0.0	0.0	0.0	0.0
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	17.3	24.0	24.4	23.9	16.5	26.6	26.5	29.3	23.8	43.2	34.7	33.0
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	3.0	3.1	3.3	3.3	3.8	3.9	4.6	4.3	4.3	4.4	4.2	4.9
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	0.6	0.6	0.7	0.7	0.7	0.7	1.4	1.1	1.0	1.1	1.3	1.6
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2.5	2.5	2.6	2.6	3.1	3.2	3.2	3.2	3.3	3.3	2.9	3.2
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)	2,351.4	2,279.3	2,331.6	2,306.3	2,348.2	2,305.2	2,351.3	2,312.9	2,372.2	2,327.3	2,360.4	2,274.9
I. Owner's equity	2,351.4	2,279.3	2,331.6	2,306.3	2,348.2	2,305.2	2,351.3	2,312.9	2,372.2	2,327.3	2,360.4	2,274.9
1. Owner's capital	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0
- Common stock with voting right	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00	1,100,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3	817.3
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	148.8	148.8	148.8	148.8	148.8	148.8	148.8	148.8	153.8	148.8	140.2	130.7
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	285.4	213.3	265.6	240.3	282.1	239.1	285.2	246.9	301.2	261.2	302.9	226.9
- Accumulated retained earning at the end of the previous period	213.3	129.1	129.1	129.1	239.1	151.2	151.2	151.2	261.2	71.7	71.7	71.7
- Undistributed earnings in this period	72.1	84.1	136.4	111.2	43.0	87.9	134.0	95.7	40.0	189.5	231.2	155.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,637.5	2,679.9	2,792.4	2,900.4	2,756.4	2,686.7	2,715.8	2,607.3	2,605.3	2,606.1	2,691.8	2,602.5

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	90.1	72.9	34.5	86.5	54.7	79.4	49.8	64.7	58.1	96.8	108.8	105.7
Depreciation of Fixed Assets and Investment Property	17.7	17.3	17.3	17.2	16.9	16.9	16.7	16.6	16.9	18.1	16.6	14.9
Provision (Increase)/Reversal	-0.2	-0.6	1.0	-0.2	0.6	-0.3	0.4	-0.9	-0.3	1.7	-1.5	1.4
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	-0.0	0.0	0.1	-0.0	0.0	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-23.4	-22.9	-23.5	-25.1	-22.1	-23.3	-20.4	-19.1	-28.6	-39.4	-40.3	-40.1
Interest Expense	0.3	0.9	1.7	2.0	1.2	1.2	0.6	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	84.6	67.5	31.0	80.3	51.3	74.0	47.1	61.3	46.1	77.2	83.6	82.0
Increase/(Decrease) in Receivables	-38.0	-2.2	61.3	-84.7	58.0	20.4	10.7	-0.9	50.1	70.2	-13.4	-17.5
Increase/(Decrease) in Inventory	14.3	-24.3	36.8	22.0	-73.4	15.2	49.6	-2.5	-70.7	-15.0	92.5	-43.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-22.6	-15.1	17.0	35.8	-27.3	-9.1	-11.5	15.9	-47.2	-63.0	-3.7	56.1
Increase/(Decrease) in Prepaid Expenses	-12.5	-0.3	2.5	1.3	4.3	0.4	-5.1	0.8	3.5	-3.5	-6.1	-1.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-1.5	-3.1	-0.7	-1.2	-0.4	-0.1	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-8.7	-17.2	-6.3	0.0	-6.5	-12.7	0.0	0.0	0.0	-52.0	-10.7	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-14.6	-7.0	-2.3	-0.2	-14.9	-7.1	-7.0	-0.1	-24.4	-0.1	-8.2	-8.7
Net Cash Flow from Operating Activities	1.7	-0.1	136.9	53.8	-9.7	80.6	83.5	74.6	-42.6	13.8	133.9	66.1
Payments for Fixed Assets and Other Long-term Assets	-67.5	-17.4	-62.8	-38.4	-55.5	-42.8	-17.4	-10.5	-22.8	-153.8	-12.3	-45.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.6	2.1	1.4	1.3	1.3	1.0	0.9	4.9	0.3	0.6	0.5	1.2
Loans and Purchases of Debt Instruments	-720.0	-310.0	-534.0	-110.0	-795.0	-310.0	-600.0	-95.1	-1,023.0	-296.8	-272.0	-117.0
Receipts from Loan Repayments and Sale of Debt Instruments	825.0	428.0	540.0	135.0	793.0	345.1	435.0	110.3	977.6	343.1	201.8	190.4
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	49.8	15.4	33.3	5.1	39.1	17.1	20.4	1.8	113.3	22.0	12.5	6.2
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	88.9	118.2	-22.2	-7.1	-17.1	10.4	-161.1	11.3	45.4	-84.8	-69.5	35.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	57.0	78.0	150.0	34.0	74.2	20.8	0.0	0.0	0.0	0.0
Repayment of Borrowings	-67.0	-60.0	-158.0	-14.0	-85.0	-30.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-110.0	0.0	-110.0	—	-110.0	0.0	-110.0	0.0	-110.0	-0.1	-110.0
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	-67.0	-170.0	-101.0	-46.0	65.0	-106.0	74.2	-89.2	0.0	-110.0	-0.1	-110.0
Net Cash Flow During the Period	23.6	-51.9	13.7	0.7	38.2	-15.0	-3.4	-3.3	2.7	-181.0	64.3	-8.5
Cash and Cash Equivalents at Beginning of Period	37.0	88.9	75.2	74.5	36.3	55.2	55.2	55.2	55.2	312.0	312.0	312.0
FX Difference from Revaluation	—	—	—	—	-0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	60.6	37.0	88.9	75.2	74.5	36.3	51.3	54.7	58.0	55.2	236.2	171.9

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MCM

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