NAF

Nafoods Group ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT −0.15x

Price

52,000

Latest close

02 Jun 2026

P/E 15.02x

P/B 3.80x

EPS 3,462

BVPS 13,683

ROE 21.0%

ROA 7.7%

Profit Margin 8.9%

Asset Turnover 0.86x

Equity Mult. 2.75x

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

What Is Changing

On a TTM 2026Q1 basis, NAF is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,163bn
	                                
+46.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 193bn
	                                
+63.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.15x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	2,063.7	1,437.0	1,733.3	1,766.5	1,616.5
Growth	+44%	-17%	-2%	+9%	—
Net Income	145.6	116.4	109.9	79.8	82.4
Net Margin	7.05%	8.10%	6.34%	4.52%	5.10%

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	449.3	405.7	627.9	680.1	349.8	327.9	358.3	441.0	310.7	377.0	507.2	445.8
Growth	+11%	-35%	-8%	+94%	+7%	-8%	-19%	+42%	-18%	-26%	+14%	—
Net Income	60.1	30.7	43.8	58.7	12.9	26.0	28.1	51.1	13.6	14.0	34.2	48.3
Net Margin	13.38%	7.56%	6.98%	8.63%	3.69%	7.93%	7.85%	11.60%	4.39%	3.72%	6.74%	10.83%

Drivers of NAF's profit

TTM

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

Gross profit ↑ 150.4bn

Administrative expenses ↑ 33.9bn

Finance costs ↑ 25.4bn

TTM

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

Gross profit ↑ 52.3bn

Other profit ↑ 13.1bn

Finance costs ↑ 9.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.8% = 8.0% × 0.67 × 2.21

2026Q1 21.1% = 8.9% × 0.86 × 2.75

ROE rose from 11.8% to 21.1% — all three components improved, with leverage contributing the most.

Net margin: 8.9% +0.9pp Asset turnover: 0.86x +0.19x Leverage: 2.75x +0.54x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 8.93%, rising 0.9pp. Core operating signals are improving as SG&A / Revenue fell 2.6pp are enough to offset pressure from Gross margin fell 1.0pp (with lingering pressure from Net financial result / Revenue fell 0.7pp and Other profit / Revenue fell 0.2pp).

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

Profitability trend

Net Margin 8.93% +0.9pp

Gross Margin 24.12% −1.0pp

SG&A / Revenue 11.48% −2.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 99.4 days.

Is capital being deployed efficiently?

ROIC expanded to 8.42%, rising 2.7pp. That translates to 8.42 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.1pp and capital turnover rose 0.22x, while invested capital rose by 277bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

CAPITAL EFFICIENCY TREND

ROIC 8.42% +2.7pp

NOPAT Margin 8.44% +1.1pp

Capital Turnover 1.00x +0.22x

Average Invested Capital 2,170.0bn +277.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.96x equity, net debt at 1.83x equity.

Over the last 12 months, working capital absorbed 265.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −281.8bn

Inventories increased → lower CFO: −32.7bn

Payables increased → higher CFO: +49.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 56.1 days versus the same period last year. The main moves came from DIO fell 34.2 days, DSO fell 20.6 days, and DPO rose 1.4 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 99.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 75.0 days −20.6 days

Inventory 51.9 days −34.2 days

Payables 27.5 days +1.4 days

Cash Conversion Cycle 99.4 days −56.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.83x and interest coverage only at 2.19x.

At present, short-term debt accounts for 52.7% of total debt, cash equals 5.0% of debt, and total debt stands at 1,611.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.83x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 5.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.83x +0.85x

Interest Coverage 2.19x +0.35x

Cash / Debt 5.0% +0.3pp

Short-term Debt / Total Debt 52.7% −31.7pp

CFO / NI -0.15x −0.66x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 89.6bn in 2025, against investing cash flow of -198.0bn.

Post-investment cash flow was negative +108.4bn. Financing cash flow was positive +108.8bn.

CFO / net income was -0.15x.

After spending +278.4bn on fixed-asset investment, the business generated trailing free cash flow of −307.8bn.

Cash Conversion

CFO TTM 29.4bn −89.8bn

Cash Capex 278.4bn +163.2bn

FCF TTM −307.8bn −253.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at -0.15x. The main risk still sits in leverage and liquidity, with interest coverage at 2.19x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.15x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.83x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,134.1	1,458.3	1,754.6	1,817.8	1,629.3
Revenue Deductions	70.4	21.3	21.2	51.3	0.0
Net Revenue	2,063.7	1,437.0	1,733.3	1,766.5	1,616.5
Cost of Goods Sold	1,594.7	1,031.4	1,263.6	1,390.7	0.0
Gross Profit	469.0	405.6	469.7	375.9	296.7
Financial Income	35.9	36.0	34.7	28.7	25.0
Financial Expenses	85.6	68.2	75.6	49.0	-42.7
Interest Expense	71.8	52.0	45.7	27.4	-32.3
Share of Associates and Joint Ventures	—	0.0	0.0	-0.8	0.1
Selling Expenses	116.1	122.8	135.2	190.4	-148.1
General and Administrative Expenses	129.2	121.6	170.2	66.0	-35.7
Operating Profit	174.1	129.0	123.5	98.4	95.4
Other Income	3.4	34.8	24.2	6.9	0.0
Other Expenses	4.2	23.7	15.3	12.4	0.0
Other Profit	-0.8	11.1	8.9	-5.5	-0.6
Profit Before Tax	173.3	140.1	132.4	92.9	94.8
Current Income Tax Expense	24.7	20.4	25.0	10.6	-12.4
Deferred Income Tax Expense	3.0	3.3	-2.5	2.5	0.0
Net Income	145.6	116.4	109.9	79.8	82.4
Non-controlling Interest	0.3	0.2	0.2	0.1	0.1
Profit Attributable to Parent	145.3	116.2	109.7	79.7	82.3
Earnings per Share	2,566.00	2,089.00	2,170.00	1,576.00	1,370.00
Diluted EPS	2,374.65	2,088.86	2,170.13	1,576.48	1,307.57

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,117.3	991.1	1,016.6	1,166.8	1,032.9
I. Cash and cash equivalents	54.7	54.4	62.4	54.0	51.7
1. Cash	12.4	22.2	21.7	14.8	0.0
2. Cash equivalents	42.3	32.2	40.7	39.2	0.0
II. Short-term financial investments	122.0	95.8	119.9	12.5	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	122.0	95.8	119.9	12.5	0.0
III. Short-term receivables	614.8	571.7	497.6	907.8	801.4
1. Short-term trade accounts receivable	397.6	334.7	348.4	400.1	0.0
2. Short-term prepayments to suppliers	132.1	79.5	95.8	116.2	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	58.9	73.1	42.7	39.5	0.0
6. Other short-term receivables	80.0	153.5	108.8	383.6	0.0
7. Provision for short-term doubtful debts (*)	-53.9	-69.3	-98.2	-31.7	0.0
8. Assets awaiting resolution	0.1	0.2	0.2	0.0	0.0
IV. Inventories	220.3	211.2	267.2	157.8	127.7
1. Inventories	222.3	212.9	273.5	161.1	0.0
2. Provision for decline in value of inventories	-2.0	-1.8	-6.3	-3.3	0.0
V. Other short-term assets	105.6	58.0	69.5	34.7	51.9
1. Short-term prepayments	8.4	8.4	13.0	6.9	0.0
2. Value added tax to be reclaimed	96.9	49.5	51.1	27.4	0.0
3. Taxes and other receivables from state authorities	0.3	0.0	5.4	0.3	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)	1,205.8	1,037.9	1,026.6	577.0	625.1
I. Long-term receivables	149.4	134.5	105.6	98.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.2
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	11.6	0.0	0.0	0.7	0.0
6. Other long-term receivables	137.8	134.5	105.6	97.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	678.9	654.8	664.1	418.1	364.1
1. Tangible fixed assets	587.5	505.0	524.6	335.1	296.2
- Cost	970.8	819.8	776.1	445.7	0.0
- Accumulated depreciation	-383.3	-314.8	-251.5	-110.6	0.0
2. Financial leased fixed assets	85.2	60.8	46.0	7.4	0.0
- Cost	105.0	71.0	49.4	7.4	0.0
- Accumulated depreciation	-19.8	-10.2	-3.4	0.0	0.0
3. Intangible fixed assets	6.2	89.0	93.5	75.6	67.9
- Cost	16.3	106.7	106.3	83.9	0.0
- Accumulated depreciation	-10.1	-17.7	-12.8	-8.3	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	63.6	5.9	12.4	3.0	12.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	63.6	5.9	12.4	3.0	0.0
V. Long-term financial investments	2.0	2.0	2.0	21.0	219.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	19.0	0.0
3. Investments in other entities	—	0.0	0.0	3.1	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-3.1	0.0
5. Held to maturity investments	2.0	2.0	2.0	2.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	311.9	240.7	242.6	36.4	0.0
1. Long-term prepayments	156.6	65.0	46.2	36.2	0.0
2. Deferred income tax assets	0.2	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	27.6
5. Goodwill	155.0	175.7	196.4	0.2	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,323.1	2,029.0	2,043.2	1,743.7	1,658.0
A. LIABILITIES (300=210+330)	1,539.0	1,044.0	1,055.3	851.6	816.8
I. Short -term liabilities	1,001.3	856.5	964.5	772.3	700.0
1. Short-term trade accounts payable	121.0	56.2	80.0	126.3	186.3
2. Short-term advances from customers	9.7	10.3	23.1	23.7	19.2
3. Taxes and other payables to state authorities	39.9	34.3	32.0	13.6	0.0
4. Payable to employees	1.8	0.8	15.2	12.7	0.0
5. Short-term acrrued expenses	49.4	41.2	50.3	7.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.1	0.0	0.0	0.0
9. Other short-term payables	8.3	12.6	6.7	4.1	0.0
10. Short-term borrowings and financial leases	771.0	692.1	746.9	578.5	449.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	9.0	10.4	6.5	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	537.7	187.5	90.8	79.3	116.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.2	0.3	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	502.7	155.6	62.4	74.9	114.9
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	34.8	31.6	28.3	4.4	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	784.1	985.0	988.0	892.2	841.2
I. Owner's equity	784.1	985.0	988.0	892.2	0.0
1. Owner's capital	682.7	653.0	629.2	629.2	841.2
- Common stock with voting right	611,820,540,000.00	556,203,480,000.00	505,641,520,000.00	505,641,520,000.00	629,230,850,000.00
- Preferred stock	70,839,330,000.00	96,839,330,000.00	123,589,330,000.00	123,589,330,000.00	0.00
2. Share premium	—	21.2	67.2	67.2	67.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	-227.6	0.0	0.0	0.0	0.0
5. Treasury shares	-620,000.00	-620,000.00	-620,000.00	-620,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	12.4	32.2	59.1	59.1	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	315.5	277.6	231.5	135.9	105.2
- Accumulated retained earning at the end of the previous period	170.2	161.4	121.8	56.2	22.9
- Undistributed earnings in this period	145.3	116.2	109.7	79.7	82.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1.2	0.9	0.9	0.7	0.7
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,323.1	2,029.0	2,043.2	1,743.7	1,658.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	173.3	140.1	132.4	92.9	94.8
Depreciation of Fixed Assets and Investment Property	101.7	95.9	61.4	29.2	26.6
Provision (Increase)/Reversal	-15.1	-26.4	65.8	7.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.3	7.4	2.1	0.0
Gain/Loss from Investment Activities	-10.1	-15.7	-12.0	-1.6	0.0
Interest Expense	71.8	52.0	45.7	27.4	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	321.7	245.5	300.8	157.3	153.6
Increase/(Decrease) in Receivables	-62.3	-18.6	126.0	-29.7	0.0
Increase/(Decrease) in Inventory	-9.4	60.6	-49.3	-16.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-24.0	-68.5	-181.8	-63.3	0.0
Increase/(Decrease) in Prepaid Expenses	-30.1	-14.2	-12.8	-8.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-63.1	-50.2	-45.0	-27.4	0.0
Corporate Income Tax Paid	-13.3	-12.3	-10.7	-2.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-29.9	-33.8	-2.1	-7.3	0.0
Net Cash Flow from Operating Activities	89.6	108.4	125.0	2.3	100.2
Payments for Fixed Assets and Other Long-term Assets	-205.7	-95.5	-151.9	-84.3	-97.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	21.6	23.1	5.8	17.4	1.0
Loans and Purchases of Debt Instruments	-167.9	-189.3	-155.9	-16.2	-146.6
Receipts from Loan Repayments and Sale of Debt Instruments	144.3	183.0	60.9	18.5	80.4
Investments in Other Entities	0.1	0.0	-28.1	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	9.6	10.1	10.1	4.5	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	-198.0	-68.6	-259.1	-60.1	-131.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	29,963,000,000.00
Share Repurchases	-303,806,755,500.00	-72,760,000,000.00	0.00	0.00	0.00
Proceeds from Borrowings	3,166.0	2,444.2	1,823.3	1,412.9	1,287.4
Repayment of Borrowings	-2,702.8	-2,389.3	-1,661.4	-1,335.3	-1,247.6
Repayment of Finance Leases	-37.2	-16.5	-5.9	-4.1	0.0
Dividends Paid	-13.4	-13.4	-13.4	-13.4	-13.4
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	108.8	-47.8	142.5	60.1	56.3
Net Cash Flow During the Period	0.4	-8.0	8.4	2.2	-1.3
Cash and Cash Equivalents at Beginning of Period	54.4	62.4	54.0	51.7	26.9
FX Difference from Revaluation	-0.0	-0.0	0.0	0.1	-0.0
Cash and Cash Equivalents at End of Period	54.7	54.4	62.4	54.0	51.7

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	454.9	415.0	653.8	705.6	359.4	338.2	360.1	448.0	312.2	379.0	512.1	456.7
Revenue Deductions	5.6	9.3	25.9	25.6	9.6	10.3	1.8	7.0	1.5	1.9	4.9	10.9
Net Revenue	449.3	405.7	627.9	680.1	349.8	327.9	358.3	441.0	310.7	377.0	507.2	445.8
Cost of Goods Sold	338.0	312.7	481.4	509.3	290.9	248.5	261.4	304.9	218.4	244.6	379.4	318.9
Gross Profit	111.3	93.1	146.5	170.8	59.0	79.4	96.9	136.1	92.3	132.5	127.8	126.9
Financial Income	7.4	7.2	12.1	10.1	8.7	14.6	8.7	8.5	5.9	-13.2	32.5	8.7
Financial Expenses	25.0	28.1	25.3	19.0	15.8	17.9	18.3	19.9	12.0	24.9	16.5	21.1
Interest Expense	21.5	21.5	20.4	16.0	13.8	13.1	13.9	11.6	10.6	12.3	12.5	13.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.5	-0.5
Selling Expenses	21.6	23.5	36.5	34.9	21.4	21.3	26.2	40.7	33.4	29.3	47.4	23.9
General and Administrative Expenses	15.7	10.6	47.2	58.3	12.4	22.8	26.2	36.7	35.4	52.2	56.9	35.6
Operating Profit	56.4	38.1	49.6	68.8	18.1	32.0	34.8	47.3	17.3	12.9	40.1	54.5
Other Income	13.1	-0.2	2.8	0.4	0.9	2.2	1.0	30.0	0.5	11.4	11.6	1.1
Other Expenses	0.5	2.4	0.7	0.1	1.4	1.6	1.0	18.4	0.4	4.9	9.2	1.7
Other Profit	12.6	-2.6	2.1	0.2	-0.5	0.5	-0.0	11.6	0.0	6.5	2.4	-0.6
Profit Before Tax	69.0	35.5	51.7	69.0	17.6	32.6	34.8	59.0	17.3	19.4	42.5	53.8
Current Income Tax Expense	9.5	3.9	8.4	7.3	5.3	-0.8	10.5	8.6	4.4	10.6	8.4	5.4
Deferred Income Tax Expense	-0.6	1.0	-0.6	3.0	-0.6	7.4	-3.9	-0.7	-0.7	-5.2	-0.2	0.1
Net Income	60.1	30.7	43.8	58.7	12.9	26.0	28.1	51.1	13.6	14.0	34.2	48.3
Non-controlling Interest	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.0	-0.0	0.1	0.1
Profit Attributable to Parent	60.0	30.6	43.7	58.6	12.9	26.0	28.1	51.1	13.6	14.0	34.0	48.2
Earnings per Share	1,109.00	514.00	786.00	1,053.00	243.00	498.00	551.00	1,010.00	269.00	278.00	541.00	766.00
Diluted EPS	980.29	499.89	785.99	1,053.06	232.12	466.91	504.44	1,009.83	269.14	277.76	673.37	953.76

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)	1,538.8	1,139.8	1,525.5	1,531.9	1,218.1	1,001.5	1,125.8	1,154.9	1,151.7	1,015.8	1,076.5	1,283.2
I. Cash and cash equivalents	81.3	54.7	69.5	71.0	49.2	54.4	57.0	54.2	82.7	62.4	77.5	61.7
1. Cash	81.3	12.4	14.0	17.4	7.1	22.2	17.5	14.7	43.4	21.7	37.1	21.6
2. Cash equivalents	—	42.3	55.5	53.6	42.1	32.2	39.5	39.4	39.3	40.7	40.4	40.1
II. Short-term financial investments	58.9	122.0	142.3	134.9	124.6	95.8	185.1	169.2	168.3	117.4	88.8	49.6
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	58.9	122.0	142.3	134.9	124.6	95.8	185.1	169.2	168.3	117.4	88.8	49.6
III. Short-term receivables	875.0	637.6	936.5	864.9	752.1	572.3	539.4	558.0	546.8	497.1	669.0	930.6
1. Short-term trade accounts receivable	481.8	405.0	497.0	517.2	406.7	336.5	321.5	355.4	366.4	316.1	420.2	412.2
2. Short-term prepayments to suppliers	235.3	141.9	138.0	123.2	93.3	87.7	111.0	122.4	100.6	100.0	120.7	157.4
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	—	70.5	80.3	85.7	67.9	73.1	52.9	54.6	52.9	42.7	50.8	46.1
6. Other short-term receivables	195.3	80.9	289.3	206.7	235.4	143.7	122.2	98.4	124.6	111.1	160.5	379.4
7. Provision for short-term doubtful debts (*)	-37.5	-60.7	-68.1	-68.0	-51.4	-68.7	-68.3	-72.8	-97.9	-73.0	-83.5	-64.5
8. Assets awaiting resolution	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1
IV. Inventories	246.9	219.3	263.7	371.6	216.3	209.1	268.1	322.8	298.3	267.2	194.3	189.8
1. Inventories	249.2	221.3	268.0	375.9	217.9	210.8	274.0	329.1	304.1	273.0	200.3	192.5
2. Provision for decline in value of inventories	-2.3	-2.0	-4.3	-4.3	-1.7	-1.7	-5.9	-6.3	-5.7	-5.8	-6.0	-2.7
V. Short-term Biological Assets	1.4	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	1.4	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	275.1	106.3	113.5	89.6	76.0	69.9	76.2	50.6	55.5	71.7	47.0	51.5
1. Short-term prepayments	19.6	8.9	9.7	14.2	13.3	10.9	5.5	3.3	9.8	20.1	11.1	16.2
2. Value added tax to be reclaimed	103.6	97.1	103.6	75.3	61.7	59.0	70.6	47.3	45.6	50.9	35.7	35.0
3. Taxes and other receivables from state authorities	0.3	0.3	0.2	0.1	1.0	0.0	0.0	0.1	0.2	0.6	0.2	0.3
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	151.6	—	—	—	—	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)	1,250.4	1,174.1	1,069.6	1,054.6	1,029.5	1,040.7	1,034.9	1,028.1	1,010.8	1,019.6	1,015.8	607.3
I. Long-term receivables	137.3	137.3	135.9	136.4	134.1	132.7	133.2	122.4	106.3	105.6	106.2	101.6
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	137.3	137.3	135.9	136.4	134.1	132.7	133.2	122.4	106.3	105.6	106.2	101.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	662.7	679.2	691.7	674.6	651.3	674.0	656.8	660.2	657.7	645.6	608.1	433.4
1. Tangible fixed assets	574.1	587.9	534.3	520.7	495.2	510.3	503.6	521.7	520.5	510.7	473.8	335.0
- Cost	977.1	—	—	—	—	825.1	802.2	804.5	787.8	762.6	709.6	461.4
- Accumulated depreciation	-403.1	—	—	—	—	-314.8	-298.6	-282.8	-267.3	-251.9	-235.8	-126.5
2. Financial leased fixed assets	83.1	85.1	72.0	67.3	68.3	60.8	62.9	46.9	44.5	41.3	42.2	24.7
- Cost	105.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.5	6.2	85.4	86.6	87.8	102.9	90.3	91.5	92.7	93.5	92.1	73.7
- Cost	16.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	105.6	43.9	12.0	16.6	9.7	5.9	12.9	9.4	8.5	31.0	30.4	12.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	105.6	43.9	12.0	16.6	9.7	5.9	12.9	9.4	8.5	31.0	30.4	12.8
V. Long-term financial investments	11.6	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	0.0	2.0	20.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.5	18.5
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.1
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.5	-3.1
5. Held to maturity investments	11.6	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	0.0	2.0	2.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	333.2	311.7	228.0	225.1	232.4	226.0	229.9	234.1	45.0	41.1	42.1	39.0
1. Long-term prepayments	163.4	156.4	67.8	59.7	61.8	50.3	49.1	48.0	45.0	39.1	42.1	39.0
2. Deferred income tax assets	0.2	0.2	—	—	—	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	19.7	—	—	—	—	0.0	0.0	0.0	0.0	2.0	0.0	0.0
5. Goodwill	149.9	155.0	160.2	165.4	170.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	175.7	180.9	186.0	191.2	196.4	227.0	0.1
TOTAL ASSETS (280=100+200)	2,789.2	2,313.9	2,595.1	2,586.5	2,247.6	2,042.2	2,160.7	2,183.0	2,162.5	2,035.4	2,092.3	1,890.5
A. LIABILITIES (300=210+330)	1,952.0	1,529.5	1,597.5	1,555.0	1,251.2	1,057.2	1,195.6	1,166.8	1,160.9	1,052.3	1,123.2	958.0
I. Short -term liabilities	1,154.7	993.3	1,268.7	1,387.3	1,058.9	868.9	1,110.6	1,093.4	1,073.1	955.5	1,013.3	861.0
1. Short-term trade accounts payable	170.6	111.3	93.9	214.3	77.0	56.3	68.1	107.1	81.6	77.8	120.0	105.7
2. Short-term advances from customers	6.8	9.7	13.2	21.2	5.1	11.4	18.9	10.9	30.2	23.9	57.6	48.7
3. Taxes and other payables to state authorities	49.0	40.2	47.2	32.4	23.5	45.7	55.8	28.7	41.4	33.5	26.4	8.9
4. Payable to employees	18.6	2.0	16.3	20.8	16.9	1.4	9.1	12.2	19.9	15.6	11.7	9.2
5. Short-term acrrued expenses	51.7	49.7	55.2	44.7	42.5	42.4	50.3	48.9	48.8	50.2	69.0	5.7
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	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	9.5	7.8	10.3	16.3	28.9	14.0	15.1	16.9	7.2	6.5	9.3	6.2
10. Short-term borrowings and financial leases	848.4	772.4	1,028.7	1,033.8	864.7	688.8	881.2	856.7	833.6	737.6	708.8	666.2
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	0.0	0.0	3.8	3.8	0.3	9.0	12.1	12.1	10.4	10.4	10.4	10.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	797.3	536.2	328.8	167.7	192.2	188.3	85.0	73.4	87.8	96.8	109.9	97.0
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	0.2	0.2	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	762.8	501.3	295.0	133.3	160.9	157.5	61.6	46.5	60.2	71.7	80.9	92.6
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	34.3	34.7	33.5	34.1	31.1	30.8	23.4	26.9	27.6	25.1	29.0	4.4
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	837.2	784.4	997.6	1,031.5	996.5	985.0	965.1	1,016.2	1,001.6	983.1	969.1	932.5
I. Owner's equity	837.2	784.4	997.6	1,031.5	996.5	985.0	965.1	1,016.2	1,001.6	983.1	969.1	932.5
1. Owner's capital	611.8	682.7	627.0	653.0	653.0	653.0	653.0	629.2	629.2	629.2	629.2	629.2
- Common stock with voting right	611,820,540,000.00	611,820,540,000.00	556,203,480,000.00	556,203,480,000.00	556,203,480,000.00	556,203,480,000.00	556,203,480,000.00	505,641,520,000.00	505,641,520,000.00	505,641,520,000.00	505,641,520,000.00	505,641,520,000.00
- Preferred stock	—	70,839,330,000.00	70,839,330,000.00	96,839,330,000.00	96,839,330,000.00	96,839,330,000.00	96,839,330,000.00	123,589,330,000.00	123,589,330,000.00	123,589,330,000.00	123,589,330,000.00	123,589,330,000.00
2. Share premium	—	—	—	21.2	21.2	21.2	21.2	67.2	67.2	67.2	67.2	67.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	-227.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-620,000.00	-620,000.00	-620,000.00	-620,000.00	-620,000.00	-620,000.00	-620,000.00	-620,000.00	-620,000.00	-620,000.00	-620,000.00	-620,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	5.3	12.4	28.3	29.6	31.0	32.2	37.1	42.7	59.1	59.1	59.1	59.1
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	218.7	315.7	341.2	326.6	290.2	277.6	252.7	276.0	245.1	226.5	212.4	176.0
- Accumulated retained earning at the end of the previous period	158.7	170.0	226.0	255.1	277.3	159.7	160.8	211.3	231.5	117.0	117.0	114.5
- Undistributed earnings in this period	60.0	145.8	115.2	71.5	12.9	117.9	91.9	64.7	13.6	109.5	95.5	61.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1.3	1.2	1.1	1.0	1.0	0.9	1.0	1.0	0.9	1.1	1.1	0.9
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,789.2	2,313.9	2,595.1	2,586.5	2,247.6	2,042.2	2,160.7	2,183.0	2,162.5	2,035.4	2,092.3	1,890.5

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	69.0	35.1	51.7	68.9	17.6	32.6	34.8	58.3	17.3	21.2	42.5	53.3
Depreciation of Fixed Assets and Investment Property	23.8	40.8	11.0	30.3	19.4	19.7	7.8	24.5	23.2	26.3	16.8	9.0
Provision (Increase)/Reversal	-16.2	-16.5	0.0	19.3	-18.0	1.9	-39.1	9.7	-0.8	11.4	27.1	16.3
FX Gain/Loss from Revaluation of Monetary Items	—	0.7	0.0	-0.6	—	-0.7	2.1	-1.0	0.0	7.4	-8.3	8.3
Gain/Loss from Investment Activities	-3.1	1.2	-3.5	-2.9	-4.9	-7.6	-2.1	-20.2	-2.5	-32.1	22.0	-1.1
Interest Expense	21.5	21.7	20.4	16.0	13.8	13.1	13.9	12.9	10.6	10.6	12.5	13.0
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	5.2	—	—	—	—	5.2	15.5	0.0	0.0	-6.0	6.0	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	100.2	67.6	95.1	125.9	33.1	64.1	32.9	84.1	47.8	38.8	118.5	98.9
Increase/(Decrease) in Receivables	-309.0	187.2	-24.4	-135.6	-89.5	10.8	10.8	-4.5	-26.8	-80.2	282.0	-40.5
Increase/(Decrease) in Inventory	-28.3	45.6	107.9	-157.9	-5.0	63.2	47.2	-25.1	-30.5	-10.1	-10.6	-12.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	112.8	-91.5	-122.4	150.1	39.8	-44.7	-12.9	0.7	15.6	-156.5	-19.4	-3.5
Increase/(Decrease) in Prepaid Expenses	-18.4	-26.0	-3.7	1.3	-1.8	-6.6	-3.0	-1.9	4.3	-2.7	3.2	-9.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-22.6	-16.3	-16.7	-17.0	-13.1	-16.3	-11.3	-14.0	-8.6	-10.6	-13.1	-13.3
Corporate Income Tax Paid	-0.4	0.3	-0.5	-5.5	-7.5	-11.0	3.7	-18.3	0.0	-7.2	6.7	-4.2
Other Operating Receipts	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-7.1	-14.9	-1.4	-3.7	-9.9	-8.0	-5.6	-20.2	-0.0	1.9	-1.5	-2.5
Net Cash Flow from Operating Activities	-172.8	151.9	34.0	-42.5	-53.8	51.5	61.8	0.9	1.7	-226.5	365.9	12.7
Payments for Fixed Assets and Other Long-term Assets	-93.9	-72.7	-59.8	-52.0	-21.3	-29.6	-22.3	-41.9	-7.9	-62.4	-61.7	-21.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	21.6	—	—	—	-0.2	19.4	3.9	0.0	4.9	-3.0	0.1
Loans and Purchases of Debt Instruments	-10.7	-94.3	-7.4	-17.6	-48.6	-82.2	-33.1	-15.2	-58.7	-24.1	-87.6	-36.1
Receipts from Loan Repayments and Sale of Debt Instruments	5.7	124.3	5.4	-10.4	25.0	151.3	19.0	12.7	0.0	16.1	43.6	0.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	253.3	-281.4	0.0
Proceeds from Investments in Other Entities	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	-3.1	3.1	0.0
Dividends and Interest Income Received	3.0	1.4	3.2	3.0	2.1	3.0	4.8	1.7	0.6	7.2	-2.0	4.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-95.9	-19.7	10.3	-76.9	5.2	42.2	-12.2	-39.0	-65.9	191.8	-388.9	-53.1
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	-72,760,000,000.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	859.0	797.8	1,006.1	791.9	570.3	727.0	595.1	550.2	546.6	485.3	530.4	400.2
Repayment of Borrowings	-515.4	-832.7	-832.7	-640.5	-396.9	-819.4	-552.9	-533.6	-459.4	-461.3	-476.7	-365.4
Repayment of Finance Leases	-6.0	-15.1	-6.1	-10.1	-5.9	-4.1	-2.6	-7.1	-2.7	-4.4	-1.4	4.4
Dividends Paid	—	0.0	-13.4	—	—	0.0	-13.4	0.0	0.0	0.0	-13.4	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	337.6	-147.0	23.3	141.2	91.3	-96.5	-46.7	9.5	84.5	19.6	38.9	39.2
Net Cash Flow During the Period	68.9	-14.8	-1.4	21.8	-5.2	-2.7	2.9	-28.6	20.3	-15.1	15.9	-1.3
Cash and Cash Equivalents at Beginning of Period	12.4	69.5	71.0	49.2	54.4	62.4	62.4	62.4	62.4	54.0	54.0	54.0
FX Difference from Revaluation	—	-0.0	0.0	0.0	—	0.0	-0.0	0.0	-0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	81.3	54.7	69.5	71.0	49.2	54.4	57.0	54.2	82.7	62.4	77.5	61.7

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NAF

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