MVB

Tổng Công ty Công nghiệp mỏ Việt Bắc TKV - CTCP ·HNX ·2026Q1

▼ Under pressure

Self-funded cash generation remains weak CFO/NPAT −121 bn, −417 bn YoY

Price

15,600

Latest close

02 Jun 2026

P/E 9.65x

P/B 0.75x

EPS 1,617

BVPS 20,861

ROE 9.2%

ROA 5.6%

Profit Margin 3.7%

Asset Turnover 1.51x

Equity Mult. 1.64x

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

What Is Changing

On a TTM 2026Q1 basis, MVB is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,377bn
	                                
−1.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 245bn
	                                
−14.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	5,504.3	5,268.0	4,883.3	5,475.6	4,926.9
Growth	+4%	+8%	-11%	+11%	—
Net Income	276.8	267.0	293.5	230.8	334.3
Net Margin	5.03%	5.07%	6.01%	4.21%	6.79%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,257.7	1,369.4	1,206.4	1,543.5	1,385.2	1,665.6	1,132.9	1,298.2	1,171.4	1,294.2	1,053.2	1,295.9
Growth	-8%	+14%	-22%	+11%	-17%	+47%	-13%	+11%	-9%	+23%	-19%	—
Net Income	39.9	79.2	16.7	109.5	72.5	95.7	37.8	81.2	47.3	87.3	32.2	109.3
Net Margin	3.17%	5.78%	1.38%	7.09%	5.23%	5.75%	3.33%	6.25%	4.04%	6.75%	3.05%	8.44%

Drivers of MVB's profit

TTM

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

Tax ↓ 29.7bn

Administrative expenses ↓ 11.5bn

Financial income ↑ 9.1bn

Gross profit ↓ 44.8bn

Other profit ↓ 22.2bn

Finance costs ↑ 9.4bn

TTM

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

Administrative expenses ↓ 14.6bn

Other profit ↑ 11.5bn

Tax ↓ 9.4bn

Minority interests ↓ 4.5bn

Gross profit ↓ 67.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.6% = 5.2% × 1.60 × 1.62

2026Q1 11.3% = 4.6% × 1.51 × 1.64

ROE fell from 13.6% to 11.3% — asset turnover weakened the most, though leverage still provided support.

Net margin: 4.6% -0.7pp Asset turnover: 1.51x -0.09x Leverage: 1.64x +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 narrowed to 4.56%, falling 0.7pp. The main pressure is Gross margin fell 0.5pp, outweighing the improvement in SG&A / Revenue fell 0.0pp (with lingering pressure from Other profit / Revenue fell 0.4pp and Net financial result / Revenue fell 0.0pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 4.56% −0.7pp

Gross Margin 14.49% −0.5pp

SG&A / Revenue 8.75% −0.0pp

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 10.41%, falling 1.3pp. That translates to 10.41 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.23x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 161bn.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 10.41% −1.3pp

NOPAT Margin 4.40% −0.1pp

Capital Turnover 2.36x −0.23x

Average Invested Capital 2,274.5bn +161.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.51x equity, net debt at 0.13x equity.

Inventory ended the period at 444.7bn, roughly 13.7% of total assets.

Over the last 12 months, working capital absorbed 56.7bn 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: +91.0bn

Inventories increased → lower CFO: −33.9bn

Payables decreased → lower CFO: −113.8bn

Working Capital Efficiency

Cash conversion cycle lengthened by 1.9 days versus the same period last year. The main moves came from DIO rose 5.0 days, DSO fell 1.7 days, and DPO rose 1.4 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +1.9 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +5.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 34.5 days −1.7 days

Inventory 48.4 days +5.0 days

Payables 42.2 days +1.4 days

Cash Conversion Cycle 40.7 days +1.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 120.7bn due to capex of 319.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.13x and interest coverage at 7.60x.

At present, short-term debt accounts for 39.2% of total debt, cash equals 37.3% of debt, and total debt stands at 438.4bn.

Leverage and liquidity trend

Net Debt / Equity 0.13x +0.15x

Interest Coverage 7.60x −3.63x

Cash / Debt 37.3% −82.0pp

Short-term Debt / Total Debt 39.2% −16.9pp

CFO / NI 0.99x −1.15x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 410.3bn in 2025, against investing cash flow of -516.3bn.

Post-investment cash flow was negative +106.0bn. Financing cash flow was negative +24.9bn.

CFO / net income was 0.99x.

After spending +319.4bn on fixed-asset investment, the business generated trailing free cash flow of −120.7bn.

Cash Conversion

CFO TTM 198.6bn −311.8bn

Cash Capex 319.4bn +104.9bn

FCF TTM −120.7bn −416.7bn

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 self-funded cash generation remains weak remaining the main constraint. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.99x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.99x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 120.7bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,509.7	5,273.0	4,887.9	5,478.1	4,926.9
Revenue Deductions	5.4	5.1	4.6	2.5	0.0
Net Revenue	5,504.3	5,268.0	4,883.3	5,475.6	4,926.9
Cost of Goods Sold	4,659.5	4,510.8	4,046.0	4,668.5	0.0
Gross Profit	844.8	757.2	837.3	807.1	885.4
Financial Income	21.7	13.9	25.4	13.7	15.9
Financial Expenses	36.5	28.5	53.9	82.3	-99.6
Interest Expense	21.3	17.9	45.5	74.3	-93.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	108.7	101.0	106.1	105.1	-91.9
General and Administrative Expenses	377.0	349.9	340.2	347.7	-300.1
Operating Profit	344.4	291.8	362.6	285.6	409.8
Other Income	9.7	51.1	4.4	1.6	0.0
Other Expenses	3.5	6.0	2.9	7.3	0.0
Other Profit	6.2	45.1	1.5	-5.7	3.7
Profit Before Tax	350.6	336.9	364.1	280.0	413.4
Current Income Tax Expense	69.4	82.7	68.7	50.5	-79.1
Deferred Income Tax Expense	4.3	-12.9	1.9	-1.3	0.0
Net Income	276.8	267.0	293.5	230.8	334.3
Non-controlling Interest	49.5	41.9	49.9	56.7	50.8
Profit Attributable to Parent	227.3	225.1	243.6	174.0	283.5
Earnings per Share	1,879.00	1,836.00	2,320.00	1,265.00	3,220.00
Diluted EPS	1,879.00	1,836.00	2,320.00	1,657.53	2,699.98

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,345.9	1,290.6	1,272.5	1,189.6	1,021.6
I. Cash and cash equivalents	197.1	327.9	225.1	293.4	159.0
1. Cash	83.1	102.9	97.6	78.4	0.0
2. Cash equivalents	114.0	225.0	127.5	215.0	0.0
II. Short-term financial investments	311.0	100.5	283.5	103.0	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	311.0	100.5	283.5	103.0	0.0
III. Short-term receivables	359.5	481.6	288.1	550.5	367.9
1. Short-term trade accounts receivable	260.2	462.4	230.8	507.7	0.0
2. Short-term prepayments to suppliers	73.8	6.0	9.6	3.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	31.0	22.5	60.6	53.9	0.0
7. Provision for short-term doubtful debts (*)	-5.5	-9.4	-12.9	-14.3	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	444.7	363.7	450.6	229.2	233.1
1. Inventories	444.9	364.0	450.9	229.6	0.0
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	0.0
V. Other short-term assets	33.6	16.8	25.2	13.5	24.5
1. Short-term prepayments	7.7	3.8	2.9	2.2	0.0
2. Value added tax to be reclaimed	12.9	9.3	9.4	0.0	0.0
3. Taxes and other receivables from state authorities	13.0	3.7	13.0	11.3	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)	1,910.9	1,873.8	1,837.8	2,185.0	2,656.3
I. Long-term receivables	158.3	146.4	129.0	123.3	0.0
1. Long-term trade receivables	—	9.5	0.0	0.0	113.0
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	158.3	136.9	129.0	123.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,210.8	1,169.8	1,251.1	1,566.6	1,930.6
1. Tangible fixed assets	1,206.6	1,165.2	1,245.8	1,541.3	1,903.2
- Cost	6,331.5	6,223.3	6,172.8	6,132.3	0.0
- Accumulated depreciation	-5,125.0	-5,058.2	-4,926.9	-4,591.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	4.3	4.6	5.2	25.3	27.4
- Cost	10.9	10.9	10.9	46.5	0.0
- Accumulated depreciation	-6.6	-6.2	-5.6	-21.2	0.0
III. Investment properties	77.2	81.0	37.5	18.9	42.5
- Cost	107.7	107.7	61.7	0.0	0.0
- Accumulated depreciation	-30.5	-26.7	-24.2	18.9	0.0
IV. Long-term assets in progress	33.9	17.2	10.3	40.0	14.2
1. Long-term production in progress	—	0.0	0.0	61.7	0.0
2. Construction in progress	33.9	17.2	10.3	-21.7	0.0
V. Long-term financial investments	17.7	17.5	18.3	18.3	18.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.7	1.7	1.7	1.7	0.0
3. Investments in other entities	16.6	16.6	16.6	16.6	0.0
4. Provision for diminution in value of long-term investments	-0.7	-0.9	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	413.0	441.9	391.6	417.9	0.0
1. Long-term prepayments	392.9	417.4	380.0	404.4	0.0
2. Deferred income tax assets	20.1	24.5	11.6	13.5	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	537.7
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,256.8	3,164.3	3,110.4	3,374.6	3,677.9
A. LIABILITIES (300=210+330)	1,104.8	1,091.6	1,061.4	1,412.9	1,688.6
I. Short -term liabilities	843.9	944.5	985.6	1,012.2	1,107.2
1. Short-term trade accounts payable	301.0	355.5	379.9	343.0	304.8
2. Short-term advances from customers	22.0	17.0	14.1	10.0	23.3
3. Taxes and other payables to state authorities	55.1	100.0	39.1	78.8	0.0
4. Payable to employees	236.5	224.9	235.4	220.1	0.0
5. Short-term acrrued expenses	13.2	12.2	11.2	18.6	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	0.5	0.4	0.4	0.4	0.1
9. Other short-term payables	11.6	13.9	12.9	14.8	0.0
10. Short-term borrowings and financial leases	110.5	121.6	205.3	255.7	414.6
11. Provision for short-term liabilities	—	0.0	7.4	5.6	0.0
12.. Bonus and welfare fund	93.4	98.8	80.0	65.3	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	260.9	147.1	75.7	400.6	581.4
1. Long-term trade payables	—	8.8	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	1.2	1.4	1.6	1.8	0.1
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	253.5	131.1	68.7	392.6	572.7
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	6.2	5.9	5.5	6.3	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)	2,152.1	2,072.7	2,049.0	1,961.7	1,989.4
I. Owner's equity	2,152.1	2,072.7	2,049.0	1,961.7	0.0
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0	1,989.4
- Common stock with voting right	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2	0.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	20.3	20.3	20.3	20.3	20.3
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-14.0	-14.0	-14.0	-14.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	438.9	373.1	310.2	305.1	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	297.4	289.4	329.0	249.9	410.4
- Accumulated retained earning at the end of the previous period	27.3	64.3	85.4	75.9	126.9
- Undistributed earnings in this period	270.1	225.1	243.6	174.0	283.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	359.3	353.6	353.3	350.1	336.5
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,256.8	3,164.3	3,110.4	3,374.6	3,677.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	350.6	336.9	364.1	280.0	413.4
Depreciation of Fixed Assets and Investment Property	268.2	227.4	338.3	408.1	338.8
Provision (Increase)/Reversal	-3.8	-7.4	-0.5	-3.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.5	0.1	-0.1	0.0
Gain/Loss from Investment Activities	-19.6	-16.8	-23.2	-12.4	0.0
Interest Expense	21.3	17.9	45.5	74.3	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	—	-45.1	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	616.4	513.4	724.3	746.6	830.8
Increase/(Decrease) in Receivables	97.7	-201.8	250.1	-184.4	0.0
Increase/(Decrease) in Inventory	-81.0	86.9	-221.3	4.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-80.7	-3.6	26.2	49.5	0.0
Increase/(Decrease) in Prepaid Expenses	20.6	-38.2	23.6	126.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-18.9	-15.8	-49.7	-73.2	0.0
Corporate Income Tax Paid	-81.4	-55.9	-56.0	-69.1	0.0
Other Operating Receipts	3.8	4.6	0.0	7.4	0.0
Other Operating Payments	-66.3	-49.0	-51.7	-43.7	0.0
Net Cash Flow from Operating Activities	410.3	240.6	645.5	563.7	784.6
Payments for Fixed Assets and Other Long-term Assets	-323.1	-152.4	-39.8	-39.3	-196.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	5.4	0.0	0.3	-0.3
Loans and Purchases of Debt Instruments	-280.0	-59.5	-212.5	-239.0	-236.0
Receipts from Loan Repayments and Sale of Debt Instruments	69.5	242.5	32.0	293.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	17.2	12.9	20.1	14.1	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	-516.3	48.8	-200.1	29.1	-418.2
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	772.2	976.7	930.6	984.1	1,541.6
Repayment of Borrowings	-660.8	-1,000.5	-1,304.9	-1,323.1	-1,746.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-136.2	-162.8	-139.3	-199.4	-139.6
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	-24.9	-186.6	-513.7	-538.5	-344.8
Net Cash Flow During the Period	-130.8	102.8	-68.3	54.3	-52.6
Cash and Cash Equivalents at Beginning of Period	327.9	225.1	293.4	239.0	137.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	197.1	327.9	225.1	293.4	159.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,257.7	1,374.8	1,206.4	1,543.5	1,385.2	1,670.6	1,132.9	1,298.2	1,171.4	1,298.8	1,053.2	1,295.9
Revenue Deductions	0.0	5.4	—	—	—	5.1	0.0	0.0	0.0	4.6	0.0	0.0
Net Revenue	1,257.7	1,369.4	1,206.4	1,543.5	1,385.2	1,665.6	1,132.9	1,298.2	1,171.4	1,294.2	1,053.2	1,295.9
Cost of Goods Sold	1,108.5	1,156.5	1,071.0	1,261.7	1,168.4	1,444.3	955.7	1,089.3	1,023.5	1,068.4	909.2	1,042.1
Gross Profit	149.2	212.9	135.5	281.8	216.9	221.2	177.2	208.8	147.9	225.9	144.0	253.7
Financial Income	3.4	7.2	5.2	6.5	2.4	4.8	2.7	3.5	2.8	11.9	1.4	8.2
Financial Expenses	10.6	10.7	8.5	8.8	7.9	8.1	5.9	7.3	6.4	10.2	10.1	16.2
Interest Expense	7.3	6.9	5.2	4.5	4.7	4.3	4.1	4.8	4.7	7.8	8.0	14.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	23.8	28.2	23.7	31.5	25.0	32.9	21.1	27.2	19.5	28.6	27.1	24.8
General and Administrative Expenses	79.1	87.4	86.2	110.5	93.6	102.3	103.5	75.3	69.0	92.0	67.4	80.9
Operating Profit	39.2	93.8	22.4	137.5	92.7	82.8	49.3	102.5	55.8	106.9	40.8	140.1
Other Income	10.7	4.8	0.1	3.7	0.2	45.4	0.2	0.1	5.4	0.5	1.5	1.7
Other Expenses	0.0	0.8	0.2	1.4	1.0	5.3	0.3	0.1	0.3	1.4	0.2	1.1
Other Profit	10.7	4.0	-0.1	2.3	-0.8	40.1	-0.1	-0.0	5.1	-0.9	1.2	0.6
Profit Before Tax	49.9	97.7	22.3	139.9	91.9	122.8	49.3	102.5	60.9	106.0	42.0	140.7
Current Income Tax Expense	10.0	15.0	5.6	28.7	19.4	36.6	11.5	21.5	13.6	16.6	9.8	31.3
Deferred Income Tax Expense	—	3.6	—	1.7	—	-9.5	0.0	-0.2	0.0	2.0	0.1	0.1
Net Income	39.9	79.2	16.7	109.5	72.5	95.7	37.8	81.2	47.3	87.3	32.2	109.3
Non-controlling Interest	3.4	17.0	7.1	17.7	7.9	23.0	4.3	13.8	0.8	19.5	5.8	15.1
Profit Attributable to Parent	36.4	62.1	9.6	91.8	64.6	72.7	33.5	67.4	46.5	67.9	26.3	94.3
Earnings per Share	347.00	305.00	91.00	874.00	308.00	483.00	319.00	642.00	443.00	646.00	251.00	898.00
Diluted EPS	347.02	591.70	91.16	874.33	615.12	692.58	318.81	641.74	442.82	646.23	250.59	897.67

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)	1,563.1	1,336.9	1,661.7	1,808.9	1,745.7	1,302.8	1,396.3	1,497.4	1,480.2	1,272.1	1,375.8	1,410.6
I. Cash and cash equivalents	163.4	197.1	361.8	360.8	360.1	327.9	286.0	240.4	256.2	285.1	298.6	276.3
1. Cash	148.4	83.1	101.8	78.8	141.1	102.9	89.0	62.4	87.2	97.6	107.6	71.3
2. Cash equivalents	15.0	114.0	260.0	282.0	219.0	225.0	197.0	178.0	169.0	187.5	191.0	205.0
II. Short-term financial investments	253.0	311.0	253.5	211.5	120.5	100.5	81.0	171.0	163.5	223.5	243.0	191.0
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	253.0	311.0	253.5	211.5	120.5	100.5	81.0	171.0	163.5	223.5	243.0	191.0
III. Short-term receivables	481.6	352.5	381.2	556.4	650.7	491.0	493.8	466.8	510.2	288.1	400.9	481.9
1. Short-term trade accounts receivable	383.6	250.7	355.1	491.9	624.2	471.9	431.8	416.2	455.2	230.8	335.1	430.3
2. Short-term prepayments to suppliers	62.5	76.4	11.6	52.0	10.8	6.2	21.8	9.3	7.5	9.6	15.6	8.1
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	40.9	30.8	22.9	21.0	24.7	22.3	52.4	53.7	60.0	60.6	63.5	57.2
7. Provision for short-term doubtful debts (*)	-5.5	-5.5	-8.3	-8.6	-8.9	-9.4	-12.1	-12.4	-12.4	-12.9	-13.4	-13.7
8. Assets awaiting resolution	0.0	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	625.9	442.2	625.9	656.4	592.0	366.8	523.1	593.1	514.3	450.9	427.9	442.6
1. Inventories	626.2	442.4	626.1	656.6	592.3	367.1	523.4	593.4	514.6	451.1	428.2	443.0
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
V. Other short-term assets	39.3	34.1	39.4	23.9	22.4	16.6	12.4	26.1	36.0	24.5	5.5	18.9
1. Short-term prepayments	16.4	8.2	14.9	16.2	15.9	3.6	6.8	13.4	19.3	3.0	5.3	16.8
2. Value added tax to be reclaimed	17.2	12.9	19.8	4.8	5.4	9.3	1.7	4.2	8.8	9.4	0.0	1.3
3. Taxes and other receivables from state authorities	5.6	13.0	4.6	2.8	1.0	3.7	3.8	8.4	7.8	12.2	0.2	0.7
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)	1,953.8	1,920.5	1,933.5	1,750.7	1,835.8	1,862.0	1,793.0	1,714.7	1,775.6	1,837.4	1,910.2	1,977.8
I. Long-term receivables	184.4	167.7	154.0	153.5	153.7	136.9	136.3	136.3	136.1	129.0	128.4	128.0
1. Long-term trade receivables	—	9.5	9.5	9.5	9.5	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	184.4	158.2	144.5	144.0	144.2	136.9	136.3	136.3	136.1	129.0	128.4	128.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,183.6	1,210.9	1,252.7	1,062.7	1,118.2	1,215.8	1,143.5	1,145.2	1,199.1	1,264.4	1,322.7	1,400.1
1. Tangible fixed assets	1,179.4	1,206.6	1,248.3	1,058.3	1,113.7	1,211.1	1,138.7	1,140.3	1,194.0	1,245.6	1,317.4	1,375.9
- Cost	6,334.5	—	—	—	—	6,269.3	6,133.3	6,085.6	6,081.0	6,172.8	6,155.7	6,146.5
- Accumulated depreciation	-5,155.2	—	—	—	—	-5,058.2	-4,994.6	-4,945.4	-4,887.0	-4,927.2	-4,838.3	-4,770.6
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	4.2	4.3	4.3	4.4	4.5	4.6	4.8	4.9	5.1	18.8	5.4	24.2
- Cost	10.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	76.2	77.2	78.1	79.1	80.0	35.0	35.6	36.3	36.9	37.5	38.1	38.8
- Cost	107.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-31.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	33.0	33.9	22.2	17.0	30.5	17.2	14.4	12.5	10.8	10.3	12.0	18.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	33.0	33.9	22.2	17.0	30.5	17.2	14.4	12.5	10.8	10.3	12.0	18.2
V. Long-term financial investments	17.7	18.3	18.3	18.3	17.5	18.3	18.3	18.3	18.3	18.3	18.3	18.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
3. Investments in other entities	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6
4. Provision for diminution in value of long-term investments	-0.7	—	—	—	-0.9	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	458.9	412.5	408.2	419.9	435.8	438.7	444.8	366.0	374.4	377.8	390.6	374.4
1. Long-term prepayments	438.8	392.4	385.4	397.2	411.4	417.4	433.0	354.3	362.9	366.8	377.5	361.4
2. Deferred income tax assets	20.1	20.1	22.8	22.8	24.5	21.2	11.8	11.8	11.6	11.1	13.1	13.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,516.9	3,257.4	3,595.3	3,559.6	3,581.5	3,164.8	3,189.3	3,212.1	3,255.8	3,109.4	3,286.0	3,388.5
A. LIABILITIES (300=210+330)	1,326.5	1,104.9	1,507.7	1,486.8	1,439.8	1,096.9	1,221.3	1,262.3	1,164.7	1,045.6	1,303.7	1,428.2
I. Short -term liabilities	1,052.2	834.9	1,261.6	1,347.0	1,291.1	959.7	1,136.6	1,182.8	1,088.7	969.9	1,195.5	1,176.8
1. Short-term trade accounts payable	533.2	291.9	551.0	474.5	520.7	367.2	459.3	425.1	511.0	379.9	388.5	321.5
2. Short-term advances from customers	13.8	22.2	19.3	34.8	38.8	17.2	16.6	10.9	9.3	14.1	4.9	9.3
3. Dividends and profits payable	2.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	38.3	55.1	68.1	89.0	96.1	102.3	69.4	73.2	70.6	41.4	110.1	100.5
4. Payable to employees	114.4	236.5	190.4	175.1	136.8	224.9	154.0	117.1	106.7	217.4	167.4	159.7
5. Short-term acrrued expenses	16.5	13.5	20.5	25.6	27.0	12.2	19.5	17.3	15.0	11.2	22.5	26.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.2	0.5	0.8	0.6	0.8	0.4	0.9	0.6	1.0	0.4	0.8	0.6
9. Other short-term payables	15.3	11.4	13.2	14.5	17.6	13.9	35.5	20.9	19.8	12.9	20.8	16.2
10. Short-term borrowings and financial leases	171.9	110.5	135.0	142.0	169.2	122.7	200.4	238.5	239.7	205.3	239.2	234.8
11. Provision for short-term liabilities	64.9	—	150.1	260.2	196.8	0.0	69.1	153.3	46.4	7.4	145.0	197.3
12.. Bonus and welfare fund	80.2	93.4	113.1	130.7	87.3	98.8	111.9	125.7	69.2	80.0	96.3	110.5
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	274.3	270.0	246.1	139.8	148.7	137.2	84.8	79.5	76.1	75.7	108.2	251.4
1. Long-term trade payables	—	9.1	9.1	9.1	8.8	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	1.1	1.2	1.2	1.3	1.3	1.4	1.4	1.5	1.6	1.6	1.6	1.7
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	266.6	253.5	229.6	123.5	132.6	130.0	77.5	72.2	68.7	68.7	101.2	244.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	6.6	6.2	6.2	6.0	5.9	5.9	5.8	5.8	5.8	5.5	5.5	5.6
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)	2,190.5	2,152.5	2,087.6	2,072.7	2,141.7	2,067.9	1,967.9	1,949.8	2,091.1	2,063.8	1,982.3	1,960.2
I. Owner's equity	2,190.5	2,152.5	2,087.6	2,072.7	2,141.7	2,067.9	1,967.9	1,949.8	2,091.1	2,063.8	1,982.3	1,960.2
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0
- Common stock with voting right	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00	1,050,000,000,000.00
- 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	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0	-14.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	406.0	438.9	438.9	438.9	373.1	373.1	373.1	373.1	310.2	310.2	310.2	310.2
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	365.8	297.8	235.7	226.4	352.4	284.6	194.9	178.0	372.9	343.9	276.0	246.3
- Accumulated retained earning at the end of the previous period	329.4	70.0	70.0	70.0	287.8	64.3	47.3	64.2	326.4	85.4	85.4	85.4
- Undistributed earnings in this period	36.4	227.8	165.7	156.4	64.6	220.3	147.6	113.9	46.5	258.4	190.6	160.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	362.1	359.3	356.5	350.9	359.7	353.6	343.4	342.1	351.5	353.3	339.6	347.3
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,516.9	3,257.4	3,595.3	3,559.6	3,581.5	3,164.8	3,189.3	3,212.1	3,255.8	3,109.4	3,286.0	3,388.5

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	49.9	97.2	22.3	139.2	91.9	122.8	49.3	102.5	60.9	87.6	42.0	140.7
Depreciation of Fixed Assets and Investment Property	60.0	65.7	71.3	66.5	64.6	65.1	50.0	59.2	53.2	89.8	67.6	96.9
Provision (Increase)/Reversal	65.3	-152.2	-125.1	76.1	197.3	-71.7	-84.3	106.8	38.8	-138.1	-54.3	67.8
FX Gain/Loss from Revaluation of Monetary Items	0.1	-2.1	1.0	0.5	0.6	2.0	0.3	-0.7	-0.4	-0.2	0.3	0.2
Gain/Loss from Investment Activities	-2.6	-6.9	-4.7	-6.1	-2.0	-4.2	-1.8	-3.0	-7.7	-12.9	1.0	-7.7
Interest Expense	7.3	6.9	5.2	4.5	4.7	4.3	4.1	4.8	4.7	7.8	8.0	14.1
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	180.0	8.6	-30.1	280.8	357.2	118.3	17.6	269.6	149.6	34.1	64.6	312.0
Increase/(Decrease) in Receivables	-176.1	15.3	156.7	95.1	-169.3	-2.6	-19.7	47.2	-223.1	93.6	82.7	70.2
Increase/(Decrease) in Inventory	-181.3	181.2	32.2	-66.0	-228.3	156.3	70.0	-78.8	-63.7	-22.7	14.7	-94.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	106.8	-193.9	-2.2	-24.5	139.8	7.3	90.7	-83.5	31.1	16.4	109.6	-72.5
Increase/(Decrease) in Prepaid Expenses	-54.6	-0.3	13.1	13.9	-6.1	18.9	-72.2	14.5	0.8	-0.2	-4.6	23.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.8	-31.8	21.0	-4.1	-4.1	-6.2	-4.1	-4.1	-4.0	-8.0	-10.8	-13.7
Corporate Income Tax Paid	-19.2	-11.2	-23.8	-16.6	-29.8	-22.9	-14.0	-9.7	-9.4	-30.8	-16.7	-3.6
Other Operating Receipts	2.3	—	—	—	—	7.4	0.4	0.3	0.0	-47.3	38.1	4.3
Other Operating Payments	-14.3	-26.6	-10.7	-15.5	-13.4	-16.1	-3.6	-18.3	-9.4	-18.8	-9.6	-10.6
Net Cash Flow from Operating Activities	-164.1	-56.0	157.2	261.5	47.6	260.4	65.2	137.2	-128.0	16.3	268.1	214.9
Payments for Fixed Assets and Other Long-term Assets	-13.4	-39.2	-220.1	-46.7	-17.1	-135.8	-56.1	-5.4	-3.0	-18.4	-5.6	-11.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	10.7	-0.0	0.1	0.0	0.1	0.0	0.0	0.0	5.4	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-45.0	-97.0	-6.0	-127.0	-50.0	-59.5	10.0	-10.0	0.0	-72.5	-10.0	-80.0
Receipts from Loan Repayments and Sale of Debt Instruments	101.0	39.5	-36.0	66.0	—	40.0	80.0	2.5	120.0	32.0	-42.0	42.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.6	4.7	6.0	4.2	2.4	4.2	1.8	3.0	2.3	8.0	0.9	7.7
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	56.0	-92.1	-256.1	-103.5	-64.6	-151.1	35.6	-9.9	124.7	-50.9	-56.7	-42.3
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	235.5	189.9	244.8	144.0	193.4	263.8	210.1	269.2	236.1	380.1	179.5	193.7
Repayment of Borrowings	-161.1	-190.5	-145.7	-180.4	-144.2	-289.1	-242.8	-267.0	-201.6	-446.3	-321.7	-325.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-15.9	0.7	-121.0	-0.0	-42.1	-22.5	-145.4	-0.0	27.4	-46.9	-119.8
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	74.3	-16.5	99.8	-157.4	49.2	-67.4	-55.2	-143.1	34.5	-38.9	-189.2	-251.5
Net Cash Flow During the Period	-33.8	-164.6	0.9	0.7	32.2	41.9	45.6	-15.8	31.1	-73.4	22.3	-78.8
Cash and Cash Equivalents at Beginning of Period	197.1	361.8	360.8	360.1	327.9	225.1	225.1	225.1	225.1	293.4	293.4	293.4
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	163.4	197.1	361.8	360.8	360.1	327.9	286.0	240.4	256.2	225.1	298.6	276.3

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MVB

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