MIE

Tổng Công ty Máy và Thiết bị Công nghiệp - CTCP ·UPCOM ·2026Q1

▲ Showing improvement

Cash generation is recovering CFO/NPAT −29 bn, +81 bn YoY

Price

8,000

Latest close

01 Apr 2026

P/E 81.05x

P/B 0.78x

EPS 99

BVPS 10,277

ROE 1.0%

ROA 0.5%

Profit Margin 0.9%

Asset Turnover 0.63x

Equity Mult. 1.78x

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

What Is Changing

On a TTM 2026Q1 basis, MIE is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,640bn
	                                
+1.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 18bn
	                                
+140.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    60.1%

Metric	2025	2024	2023	2022	2021
Revenue	1,624.8	1,614.1	1,351.7	1,330.7	1,214.7
Growth	+1%	+19%	+2%	+10%	—
Net Income	18.4	7.6	6.6	-1.3	62.2
Net Margin	1.13%	0.47%	0.48%	-0.10%	5.12%

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	304.2	509.5	464.3	361.9	324.3	495.5	326.2	469.6	321.7	509.4	273.3	303.6
Growth	-40%	+10%	+28%	+12%	-35%	+52%	-31%	+46%	-37%	+86%	-10%	—
Net Income	2.7	9.2	2.8	3.4	1.9	1.8	1.4	2.5	0.9	2.1	2.0	1.4
Net Margin	0.89%	1.81%	0.61%	0.95%	0.59%	0.36%	0.42%	0.54%	0.29%	0.42%	0.74%	0.46%

Drivers of MIE's profit

TTM

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

Other profit ↑ 15.2bn

Gross profit ↑ 11.8bn

Administrative expenses ↑ 7.4bn

Finance costs ↑ 7.2bn

Minority interests ↑ 4.4bn

Tax ↑ 1.9bn

TTM

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

Other profit ↑ 3.1bn

Administrative expenses ↓ 2.4bn

Financial income ↑ 0.1bn

Gross profit ↓ 2.3bn

Finance costs ↑ 1.9bn

Minority interests ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.5% = 0.5% × 0.64 × 1.73

2026Q1 1.3% = 1.1% × 0.63 × 1.78

ROE rose from 0.5% to 1.3% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 1.1% +0.6pp Asset turnover: 0.63x -0.01x Leverage: 1.78x +0.05x

Is the profit sustainable?

Margins improved (+0.6pp), 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 1.11%, rising 0.6pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Other profit / Revenue rose 0.9pp added support while Net financial result / Revenue fell 0.4pp 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 1.11% +0.6pp

Gross Margin 11.63% +0.6pp

SG&A / Revenue 8.71% +0.3pp

Non-core / Revenue -1.54% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 60.1% of PBT and lifted net margin by 0.5pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 0.36%, broadly flat versus the same period. That translates to 0.36 in after-tax operating profit for every 100 units of operating capital. Both components held their rhythm — NOPAT margin and capital turnover were both stable, with invested capital easing up by 89bn.

ROIC is in a stable range — capital efficiency has not moved clearly.

Watchpoints

ROIC remains low

ROIC is currently 0.36% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.36% −0.1pp

NOPAT Margin 0.44% −0.1pp

Capital Turnover 0.82x −0.03x

Average Invested Capital 2,001.9bn +88.7bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.79x equity, net debt at 0.41x equity.

Inventory ended the period at 827.4bn, roughly 31.7% of total assets.

Over the last 12 months, working capital absorbed 53.8bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +208.0bn

Inventories increased → lower CFO: −128.3bn

Payables decreased → lower CFO: −133.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 19.6 days versus the same period last year. The main moves came from DIO rose 17.9 days, DSO fell 9.2 days, and DPO fell 10.9 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 290.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +17.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 146.6 days −9.2 days

Inventory 203.8 days +17.9 days

Payables 59.8 days −10.9 days

Cash Conversion Cycle 290.6 days +19.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 29.4bn due to capex of 56.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.41x and interest coverage only at 0.17x.

At present, short-term debt accounts for 90.1% of total debt, cash equals 8.5% of debt, and total debt stands at 653.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.17x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 90.1% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.41x +0.06x

Interest Coverage 0.17x −0.09x

Cash / Debt 8.5% −1.6pp

Short-term Debt / Total Debt 90.1% −1.0pp

CFO / NI 1.95x +16.02x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10.1bn in 2025, against investing cash flow of -10.7bn.

Post-investment cash flow was negative +0.6bn. Financing cash flow was positive +0.6bn.

CFO / net income was 1.95x.

After spending +56.8bn on fixed-asset investment, the business generated trailing free cash flow of −29.4bn.

Cash Conversion

CFO TTM 27.4bn +136.0bn

Cash Capex 56.8bn +55.2bn

FCF TTM −29.4bn +80.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 0.4%. The next watchpoint is the earnings mix, when non-core contribution is -172.5%. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 80.8bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.95x. Even so, net financial result still accounts for -172.5% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,625.4	1,617.7	1,351.8	1,330.7	1,215.2
Revenue Deductions	0.6	3.7	0.1	0.0	0.0
Net Revenue	1,624.8	1,614.1	1,351.7	1,330.7	1,214.7
Cost of Goods Sold	1,435.5	1,446.3	1,179.6	1,205.9	0.0
Gross Profit	189.4	167.7	172.1	124.9	132.4
Financial Income	12.1	17.4	12.1	21.0	5.8
Financial Expenses	48.6	43.1	45.0	32.6	-31.8
Interest Expense	47.5	42.5	44.3	30.0	-31.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	15.8	13.9	9.0	5.7	-4.4
General and Administrative Expenses	127.8	120.1	121.6	112.1	-97.0
Operating Profit	9.4	7.9	8.6	-4.6	5.0
Other Income	19.4	7.4	5.9	26.9	0.0
Other Expenses	6.4	6.3	6.3	23.0	0.0
Other Profit	13.1	1.1	-0.4	3.9	79.0
Profit Before Tax	22.4	9.0	8.2	-0.8	84.1
Current Income Tax Expense	4.0	1.5	1.7	0.5	-21.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	18.4	7.6	6.6	-1.3	62.2
Non-controlling Interest	3.6	-0.4	-0.6	-0.8	30.3
Profit Attributable to Parent	14.8	8.0	7.1	-0.5	31.9
Earnings per Share	104.00	56.00	45.00	-4.00	8.00
Diluted EPS	104.23	56.09	50.26	-3.54	225.06

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,769.4	1,783.5	1,667.9	1,582.5	1,548.4
I. Cash and cash equivalents	66.2	65.8	55.9	43.6	32.7
1. Cash	18.7	41.3	32.7	24.3	0.0
2. Cash equivalents	47.5	24.5	23.2	19.3	0.0
II. Short-term financial investments	187.8	141.1	122.2	128.9	0.0
1. Available for sale securities	1.5	1.5	1.5	1.5	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	186.3	139.6	120.7	127.4	0.0
III. Short-term receivables	640.5	795.8	770.3	731.6	805.4
1. Short-term trade accounts receivable	610.9	747.8	718.6	653.6	0.0
2. Short-term prepayments to suppliers	38.7	53.3	45.7	40.4	0.0
3. Short-term inter-company receivables	0.6	0.6	0.6	0.6	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	80.4	63.7	69.0	94.3	0.0
7. Provision for short-term doubtful debts (*)	-90.1	-69.7	-63.6	-57.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	827.4	732.9	674.6	603.3	535.3
1. Inventories	827.4	732.9	674.6	603.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	47.6	47.8	44.9	75.2	87.9
1. Short-term prepayments	5.3	3.7	2.4	2.8	0.0
2. Value added tax to be reclaimed	41.8	43.6	41.0	71.7	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	1.6	0.7	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)	838.1	773.6	829.6	836.9	944.0
I. Long-term receivables	3.3	1.6	1.8	1.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.8
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.3	1.6	1.8	1.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	615.9	569.4	606.6	621.7	666.5
1. Tangible fixed assets	474.8	519.1	554.5	585.9	633.0
- Cost	956.0	1,018.4	1,018.0	1,013.6	0.0
- Accumulated depreciation	-481.2	-499.3	-463.5	-427.7	0.0
2. Financial leased fixed assets	110.6	19.1	19.9	2.5	0.0
- Cost	119.7	20.4	20.4	2.6	0.0
- Accumulated depreciation	-9.2	-1.3	-0.5	-0.1	0.0
3. Intangible fixed assets	30.5	31.2	32.2	33.3	33.5
- Cost	41.7	41.2	41.1	41.1	0.0
- Accumulated depreciation	-11.2	-10.0	-8.9	-7.8	0.0
III. Investment properties	24.7	25.6	26.5	27.4	27.5
- Cost	33.8	33.8	33.8	33.8	0.0
- Accumulated depreciation	-9.0	-8.1	-7.2	-6.3	0.0
IV. Long-term assets in progress	48.7	47.7	46.3	48.2	88.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	48.7	47.7	46.3	48.2	0.0
V. Long-term financial investments	31.5	31.5	30.0	31.5	31.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.9	1.9	1.9	1.9	0.0
3. Investments in other entities	28.1	28.1	28.1	29.6	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	1.5	1.5	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	114.0	97.7	118.4	106.4	0.0
1. Long-term prepayments	114.0	97.7	118.4	106.4	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	128.1
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)	2,607.5	2,557.0	2,497.5	2,419.4	2,492.4
A. LIABILITIES (300=210+330)	1,152.3	1,110.9	1,047.8	969.4	1,023.5
I. Short -term liabilities	1,079.1	1,092.3	1,015.6	946.0	970.1
1. Short-term trade accounts payable	240.6	286.2	328.1	244.9	264.4
2. Short-term advances from customers	67.4	83.1	76.6	69.5	40.9
3. Taxes and other payables to state authorities	60.5	58.3	52.6	53.2	0.0
4. Payable to employees	52.5	48.5	47.3	45.9	0.0
5. Short-term acrrued expenses	26.0	26.6	23.7	24.6	0.0
6. Short-term inter-company payables	—	0.1	0.1	0.1	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	4.1	2.9	1.5	1.7	1.6
9. Other short-term payables	75.8	46.7	31.1	48.5	0.0
10. Short-term borrowings and financial leases	530.3	518.5	439.6	445.4	461.6
11. Provision for short-term liabilities	0.5	3.1	1.3	0.8	0.0
12.. Bonus and welfare fund	21.5	18.5	13.8	11.5	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	73.2	18.6	32.2	23.4	53.5
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	1.8	2.7	2.7	2.7	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	3.1	3.1	2.3	2.0	0.0
8. Long-term borrowings and financial leases	68.0	12.3	26.9	18.7	7.0
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	0.3	0.4	0.2	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)	1,455.2	1,446.1	1,449.7	1,450.0	1,468.9
I. Owner's equity	1,455.2	1,446.0	1,449.7	1,450.0	0.0
1. Owner's capital	1,418.6	1,418.6	1,418.6	1,418.6	1,468.9
- Common stock with voting right	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-1.2	-1.2	-1.2	-1.2	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	34.2	32.2	32.2	32.2	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	-34.5	-38.1	-34.9	-35.2	-14.5
- Accumulated retained earning at the end of the previous period	-49.3	-46.1	-42.0	-34.7	-14.8
- Undistributed earnings in this period	14.8	8.0	7.1	-0.5	0.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	38.1	34.5	34.9	35.5	35.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.1	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.1	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)	2,607.5	2,557.0	2,497.5	2,419.4	2,492.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	22.4	9.0	8.2	-0.8	84.1
Depreciation of Fixed Assets and Investment Property	42.3	39.9	40.1	40.2	40.2
Provision (Increase)/Reversal	19.7	8.1	7.7	4.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.0	-2.6	-0.6	1.0	0.0
Gain/Loss from Investment Activities	-25.2	-13.5	-10.8	-19.4	0.0
Interest Expense	47.5	42.5	44.3	30.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	105.6	83.4	88.9	55.6	148.9
Increase/(Decrease) in Receivables	211.4	19.2	-42.5	125.1	0.0
Increase/(Decrease) in Inventory	-94.4	-58.3	-70.0	-67.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-139.7	-55.6	59.6	-32.0	0.0
Increase/(Decrease) in Prepaid Expenses	-17.9	19.3	-11.6	13.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-46.8	-42.3	-43.6	-29.8	0.0
Corporate Income Tax Paid	-2.3	-0.7	-1.6	-15.7	0.0
Other Operating Receipts	—	0.3	0.0	0.0	0.0
Other Operating Payments	-5.8	-2.3	-2.8	-3.5	0.0
Net Cash Flow from Operating Activities	10.1	-37.1	-23.4	46.1	10.8
Payments for Fixed Assets and Other Long-term Assets	-49.8	-2.9	-4.4	-3.4	-18.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	78.2	0.0	0.6	1.7	5.9
Loans and Purchases of Debt Instruments	-193.8	-144.7	-130.7	-80.4	-40.1
Receipts from Loan Repayments and Sale of Debt Instruments	147.1	121.1	128.4	38.6	72.5
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	7.6	9.1	9.2	17.8	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	-10.7	-17.4	3.1	-25.7	24.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	910.4	828.0	647.9	588.9	668.8
Repayment of Borrowings	-899.2	-760.4	-609.2	-595.9	-757.7
Repayment of Finance Leases	-10.5	-3.5	-6.3	-1.0	0.0
Dividends Paid	—	0.0	0.0	-0.6	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	0.6	64.1	32.4	-8.6	-88.9
Net Cash Flow During the Period	0.0	9.6	12.1	11.8	-47.2
Cash and Cash Equivalents at Beginning of Period	65.8	55.9	43.6	31.9	86.2
FX Difference from Revaluation	0.4	0.3	0.2	-0.0	-0.0
Cash and Cash Equivalents at End of Period	66.2	65.8	55.9	43.6	32.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	304.3	509.8	464.5	361.9	324.5	499.0	326.2	469.7	321.8	510.2	273.3	303.6
Revenue Deductions	0.0	0.2	0.1	—	0.2	3.5	0.0	0.0	0.1	0.8	0.0	0.0
Net Revenue	304.2	509.5	464.3	361.9	324.3	495.5	326.2	469.6	321.7	509.4	273.3	303.6
Cost of Goods Sold	261.6	449.2	416.2	322.2	279.3	445.7	277.9	433.8	281.2	458.1	232.1	262.7
Gross Profit	42.6	60.4	48.1	39.7	44.9	49.8	48.4	35.8	40.5	51.3	41.2	40.9
Financial Income	1.7	5.5	0.5	5.1	1.6	3.6	1.6	5.8	1.8	2.7	2.5	5.8
Financial Expenses	13.0	16.3	12.3	10.1	11.1	11.2	13.2	8.9	10.6	12.9	10.2	11.7
Interest Expense	12.8	15.7	11.9	9.8	10.8	11.0	12.9	8.9	10.5	12.0	10.1	11.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.6	-2.9	7.0	4.3	3.2	3.2	2.5	3.0	2.2	3.5	1.9	1.8
General and Administrative Expenses	23.8	44.4	25.8	37.0	26.2	34.5	31.7	31.1	27.5	37.1	25.9	31.4
Operating Profit	3.9	8.0	3.6	-6.6	6.0	4.4	2.6	-1.3	2.1	0.5	5.6	1.7
Other Income	0.5	6.8	0.5	11.7	61.4	0.8	0.6	5.6	0.4	2.6	0.7	1.5
Other Expenses	0.8	3.3	0.7	1.1	64.8	2.6	1.3	1.4	1.2	0.7	2.9	1.5
Other Profit	-0.3	3.4	-0.2	10.6	-3.5	-1.9	-0.6	4.3	-0.7	1.9	-2.2	0.0
Profit Before Tax	3.6	11.5	3.4	4.1	2.5	2.6	2.0	3.0	1.4	2.4	3.4	1.8
Current Income Tax Expense	0.9	2.2	0.6	0.6	0.6	0.8	0.6	0.4	0.5	0.3	1.3	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.7	9.2	2.8	3.4	1.9	1.8	1.4	2.5	0.9	2.1	2.0	1.4
Non-controlling Interest	0.8	2.9	0.3	0.2	0.1	-0.0	-0.1	-0.2	-0.1	-0.0	-0.1	-0.2
Profit Attributable to Parent	1.9	6.3	2.5	3.3	1.8	1.8	1.5	2.7	1.0	2.2	2.1	1.6
Earnings per Share	13.69	44.36	17.57	23.09	12.50	12.51	10.40	19.03	7.30	15.17	15.11	11.45
Diluted EPS	13.69	44.36	17.57	23.09	12.50	12.51	10.40	19.03	7.30	15.17	15.11	11.45

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)	1,777.1	1,766.6	1,735.5	1,787.4	1,789.6	1,788.8	1,730.7	1,707.0	1,655.2	1,705.1	1,635.1	1,552.8
I. Cash and cash equivalents	55.3	66.1	57.0	52.0	56.0	66.9	64.3	48.0	53.2	53.9	33.4	18.8
1. Cash	24.5	24.6	29.8	27.5	28.8	42.4	32.8	34.5	40.0	32.2	17.7	13.6
2. Cash equivalents	30.8	41.5	27.2	24.5	27.2	24.5	31.5	13.5	13.2	21.7	15.7	5.2
II. Short-term financial investments	165.3	187.8	174.6	158.6	157.1	142.6	116.6	125.2	124.7	122.2	136.7	154.3
1. Available for sale securities	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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	163.8	186.3	173.1	157.1	155.6	141.1	115.1	123.7	123.2	120.7	135.2	152.8
III. Short-term receivables	646.0	641.0	689.5	757.7	777.0	797.9	759.8	791.4	726.3	779.3	719.8	681.2
1. Short-term trade accounts receivable	601.2	610.8	648.1	710.1	716.2	791.5	720.5	748.5	663.1	717.2	657.4	617.9
2. Short-term prepayments to suppliers	40.9	38.9	44.6	54.2	55.1	19.9	56.0	51.0	57.2	52.6	53.9	50.8
3. Short-term inter-company receivables	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.7
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	93.4	80.5	74.9	67.5	75.8	54.7	52.7	56.8	68.3	72.6	64.5	69.3
7. Provision for short-term doubtful debts (*)	-90.1	-90.0	-78.7	-74.6	-70.7	-68.8	-70.1	-65.4	-62.9	-63.8	-56.6	-57.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	860.8	827.2	768.8	773.6	757.5	731.1	735.9	694.3	705.7	688.3	684.4	648.3
1. Inventories	860.8	827.2	768.8	773.6	757.5	731.1	736.9	694.3	705.7	688.3	684.4	648.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	-1.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	49.7	44.5	45.6	45.5	41.9	50.3	54.1	48.1	45.3	61.5	60.8	50.2
1. Short-term prepayments	6.1	2.3	4.0	3.5	5.0	3.7	4.8	3.1	2.2	19.3	18.3	4.0
2. Value added tax to be reclaimed	43.4	41.8	40.9	41.3	36.3	46.1	48.4	43.9	42.0	40.5	41.2	44.9
3. Taxes and other receivables from state authorities	0.2	0.4	0.6	0.7	0.6	0.5	0.8	1.0	1.1	1.6	1.2	1.3
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	0.1	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	845.5	842.7	816.3	785.3	758.4	777.2	791.2	807.6	813.6	784.1	799.0	810.3
I. Long-term receivables	3.2	5.0	4.2	3.6	3.7	1.6	1.7	1.8	1.8	1.8	1.4	1.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	5.0	4.2	3.6	3.7	1.6	1.7	1.8	1.8	1.8	1.4	1.5
7. Provision for long-term doubtful debts	3.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	606.4	615.7	584.9	583.5	557.3	569.3	579.0	588.1	596.9	593.3	600.7	608.8
1. Tangible fixed assets	469.3	474.6	472.5	476.0	447.4	519.0	528.2	536.7	545.1	555.2	562.3	570.5
- Cost	959.1	—	—	—	—	1,019.0	1,019.0	1,018.5	1,018.0	1,018.6	1,016.3	1,016.8
- Accumulated depreciation	-489.8	—	—	—	—	-500.0	-490.8	-481.8	-472.8	-463.4	-454.0	-446.4
2. Financial leased fixed assets	106.9	110.6	81.4	76.9	79.0	19.1	19.4	19.7	19.8	5.9	6.0	5.6
- Cost	118.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	30.2	30.5	31.0	30.6	30.9	31.2	31.4	31.7	31.9	32.2	32.5	32.8
- Cost	41.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	24.5	25.1	25.3	25.5	25.7	25.9	26.1	26.2	26.3	26.7	26.9	27.0
- Cost	33.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	49.9	48.7	69.0	56.2	49.1	48.8	47.1	46.9	46.6	46.4	46.4	46.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	49.9	48.7	69.0	56.2	49.1	48.8	47.1	46.9	46.6	46.4	46.4	46.0
V. Long-term financial investments	31.5	31.5	31.5	31.5	31.5	30.0	30.0	30.0	31.5	33.0	33.0	31.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
3. Investments in other entities	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1	29.6	29.6	29.6
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	1.5	1.5	1.5	1.5	1.5	0.0	0.0	0.0	1.5	1.5	1.5	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	130.0	116.7	101.5	84.9	91.3	101.7	107.4	114.7	110.5	83.0	90.6	95.4
1. Long-term prepayments	130.0	116.7	101.5	84.9	91.3	101.7	107.4	114.7	110.5	83.0	90.6	95.4
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)	2,622.6	2,609.3	2,551.8	2,572.7	2,548.0	2,566.0	2,521.9	2,514.6	2,468.8	2,489.1	2,434.1	2,363.1
A. LIABILITIES (300=210+330)	1,164.6	1,149.5	1,101.0	1,124.3	1,101.2	1,121.0	1,073.8	1,067.5	1,022.1	1,040.2	987.6	918.8
I. Short -term liabilities	1,096.5	1,075.9	1,028.5	1,064.0	1,044.5	1,102.4	1,054.1	1,047.6	994.6	1,022.6	965.7	899.6
1. Short-term trade accounts payable	194.4	240.3	190.7	256.7	280.6	330.0	296.8	295.5	275.8	337.8	267.5	228.7
2. Short-term advances from customers	83.7	68.4	47.2	53.9	65.0	49.1	82.5	85.9	84.9	71.1	94.1	66.8
3. Taxes and other payables to state authorities	60.5	60.3	60.3	59.9	59.2	59.1	59.7	55.1	54.2	53.4	54.6	52.6
4. Payable to employees	44.6	52.1	47.9	46.1	40.8	48.0	46.1	43.3	44.9	46.9	42.6	43.5
5. Short-term acrrued expenses	27.7	26.0	26.8	26.7	27.2	26.5	25.4	25.0	25.1	23.7	29.3	27.3
6. Short-term inter-company payables	—	0.1	—	0.1	0.1	0.1	0.1	0.2	0.1	0.2	0.1	0.1
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	2.9	3.6	5.1	0.1	1.6	2.9	4.1	1.3	1.0	1.5	2.1	1.5
9. Other short-term payables	75.9	77.0	72.5	77.1	40.9	46.8	40.8	35.3	31.1	32.6	33.6	39.8
10. Short-term borrowings and financial leases	589.2	530.4	551.4	518.8	507.1	518.5	484.7	491.2	462.5	438.6	426.6	423.8
11. Provision for short-term liabilities	0.2	0.1	7.7	5.5	2.5	3.2	0.2	0.4	1.9	2.8	0.8	0.8
12.. Bonus and welfare fund	17.6	17.7	18.9	19.1	19.7	18.4	13.8	14.4	13.1	14.0	14.3	14.7
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	68.1	73.6	72.4	60.3	56.6	18.6	19.7	19.9	27.6	17.6	21.9	19.2
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	—	1.8	1.8	2.7	2.7	2.7	2.8	2.7	2.7	2.8	2.7	2.8
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	—	—	2.6	0.7	0.8	0.0	0.0	0.7	0.0	0.0	0.0	0.0
7. Other long-term liabilities	3.1	3.1	3.1	3.1	2.9	3.1	3.0	1.4	1.5	2.3	2.2	2.1
8. Long-term borrowings and financial leases	64.7	68.0	64.1	53.1	49.4	12.3	13.6	14.9	23.2	12.5	17.1	14.3
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	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.8	0.8	0.8	0.8	0.4	0.4	0.2	0.2	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)	1,457.9	1,459.8	1,450.8	1,448.4	1,446.8	1,444.9	1,448.1	1,447.2	1,446.6	1,449.0	1,446.5	1,444.3
I. Owner's equity	1,457.9	1,459.8	1,450.8	1,448.4	1,446.8	1,444.9	1,448.1	1,447.2	1,446.6	1,449.0	1,446.5	1,444.3
1. Owner's capital	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6	1,418.6
- Common stock with voting right	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00	1,418,634,488,001.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	34.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2
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	-32.5	-28.0	-34.0	-36.1	-37.5	-39.3	-36.1	-37.1	-37.8	-35.6	-38.1	-40.4
- Accumulated retained earning at the end of the previous period	-34.5	-42.4	-41.4	-40.8	-39.3	-46.1	-41.1	-40.6	-38.9	-41.6	-42.0	-42.0
- Undistributed earnings in this period	1.9	14.4	7.4	4.7	1.8	6.8	5.0	3.5	1.0	6.0	3.9	1.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	38.9	38.1	35.1	34.8	34.7	34.5	34.5	34.6	34.8	34.9	34.9	35.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.1	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)	2,622.6	2,609.3	2,551.8	2,572.7	2,548.0	2,566.0	2,521.9	2,514.6	2,468.8	2,489.1	2,434.1	2,363.1

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	3.7	11.8	3.4	4.7	2.5	2.6	2.0	2.8	1.4	2.6	3.4	1.4
Depreciation of Fixed Assets and Investment Property	11.2	12.0	10.3	54.9	-34.9	10.1	9.3	9.9	9.9	10.8	9.2	10.0
Provision (Increase)/Reversal	-0.3	5.6	5.0	8.3	0.8	0.8	4.1	1.8	0.0	8.5	-0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.2	-0.1	-1.1	-0.1	-2.3	-0.0	-1.0	-0.1	-0.5	0.1	-0.2
Gain/Loss from Investment Activities	-0.7	-11.3	-0.9	-12.7	-0.3	-1.8	-0.6	-4.3	-1.4	-3.4	-0.5	-5.1
Interest Expense	12.9	15.0	12.2	9.5	10.8	10.8	13.0	8.5	10.5	12.0	10.1	11.3
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	26.7	33.4	29.9	63.5	-21.1	20.2	27.8	17.7	20.5	30.0	21.5	17.5
Increase/(Decrease) in Receivables	12.4	146.5	-45.5	94.5	15.8	-47.2	-18.8	-17.5	20.7	1.1	-104.6	54.0
Increase/(Decrease) in Inventory	-58.5	-58.4	4.9	-16.4	-24.6	7.9	-40.4	9.8	-31.1	11.2	-36.3	-35.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-37.7	-35.8	39.8	-99.9	-43.9	23.9	47.9	-38.3	-15.4	15.8	101.5	-41.9
Increase/(Decrease) in Prepaid Expenses	8.3	-14.3	-16.5	7.7	5.2	6.8	5.4	12.7	-9.5	-13.7	-7.5	4.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.1	-14.3	-12.5	-9.1	-10.9	-11.3	-13.7	-7.6	-10.7	-11.5	-10.1	-11.3
Corporate Income Tax Paid	-1.3	-1.2	0.1	-0.9	-0.2	-0.2	-0.1	-3.9	3.6	-0.5	-0.0	-0.1
Other Operating Receipts	-0.1	—	—	—	—	2.1	5.0	0.3	0.0	-0.4	0.4	-0.4
Other Operating Payments	-6.4	-4.5	2.1	3.6	-7.0	-4.5	-5.2	-0.5	-1.0	2.0	-2.7	-1.6
Net Cash Flow from Operating Activities	-69.6	51.2	2.2	43.5	-86.8	-2.3	7.8	-27.4	-23.0	34.0	-37.7	-14.5
Payments for Fixed Assets and Other Long-term Assets	-7.8	-45.9	-1.3	-1.9	-0.8	-0.4	0.5	-0.8	-0.1	1.0	-2.4	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	-0.1	12.1	65.5	1.1	0.0	0.0	0.0	0.3	0.1	0.0
Loans and Purchases of Debt Instruments	-78.5	-87.9	20.2	-106.1	-20.0	-44.0	12.5	-62.3	-16.5	-52.6	27.6	-79.7
Receipts from Loan Repayments and Sale of Debt Instruments	96.3	73.9	-35.4	104.6	4.0	21.5	-4.0	63.3	12.5	59.6	-5.5	56.3
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	0.3	0.8	2.0	1.3	3.6	1.7	0.0	5.6	1.1	3.1	0.7	3.2
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	10.3	-58.4	-14.5	10.0	52.3	-20.1	9.0	5.8	-3.0	11.4	20.6	-21.1
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	176.0	296.6	228.1	146.8	238.9	266.2	187.4	207.2	177.7	158.1	146.0	179.5
Repayment of Borrowings	-117.4	-314.4	-198.5	-200.2	-186.2	-240.4	-186.7	-193.6	-150.3	-174.8	-114.6	-157.1
Repayment of Finance Leases	-4.2	34.1	-12.3	-4.2	-28.1	-1.4	-1.4	2.7	-4.3	-6.3	0.4	0.3
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	54.4	16.3	17.2	-57.6	24.7	24.5	-0.7	16.4	23.1	-23.0	31.8	22.6
Net Cash Flow During the Period	-4.9	9.1	4.9	-4.1	-9.9	2.1	16.2	-5.2	-2.8	22.4	14.7	-13.0
Cash and Cash Equivalents at Beginning of Period	60.2	57.0	52.0	56.0	65.8	55.9	55.9	55.9	55.9	43.6	43.6	43.6
FX Difference from Revaluation	—	0.4	0.3	0.2	0.0	0.5	0.1	0.1	0.1	0.1	-0.0	0.1
Cash and Cash Equivalents at End of Period	55.3	66.2	57.0	52.0	56.0	66.9	64.3	48.0	53.2	55.9	33.4	18.8

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MIE

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