NAG

Tập đoàn Nagakawa ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT −3.50x

Price

8,100

Latest close

04 Jun 2026

P/E 9.79x

P/B 0.63x

EPS 827

BVPS 12,788

ROE 6.6%

ROA 1.4%

Profit Margin 0.9%

Asset Turnover 1.57x

Equity Mult. 4.58x

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

What Is Changing

On a TTM 2026Q1 basis, NAG is improving on both revenue and margins, though the magnitude is still moderate — 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 3,418bn
	                                
+13.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 35bn
	                                
+21.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -3.50x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	3,298.9	2,723.3	2,118.1	1,904.0	1,407.6
Growth	+21%	+29%	+11%	+35%	—
Net Income	32.9	26.9	25.2	23.6	15.6
Net Margin	1.00%	0.99%	1.19%	1.24%	1.10%

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	1,081.2	884.6	551.9	899.8	963.0	580.6	397.1	1,068.1	676.4	504.6	398.5	651.7
Growth	+22%	+60%	-39%	-7%	+66%	+46%	-63%	+58%	+34%	+27%	-39%	—
Net Income	16.4	2.4	4.5	12.3	13.7	2.3	1.3	11.9	12.9	0.6	4.8	10.4
Net Margin	1.52%	0.27%	0.81%	1.36%	1.42%	0.40%	0.34%	1.11%	1.90%	0.12%	1.21%	1.60%

Drivers of NAG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Gross profit ↑ 36.6bn

Selling expenses ↓ 16.2bn

Tax ↓ 5.7bn

Associates income ↑ 2.1bn

Finance costs ↑ 23.4bn

Administrative expenses ↑ 15.5bn

TTM

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

Gross profit ↑ 17.7bn

Tax ↓ 3.5bn

Selling expenses ↑ 7.8bn

Finance costs ↑ 4.0bn

Minority interests ↑ 3.7bn

Administrative expenses ↑ 3.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.7% = 1.0% × 1.56 × 4.41

2026Q1 7.5% = 1.0% × 1.57 × 4.58

ROE rose from 6.7% to 7.5% — mainly driven by leverage.

Net margin: 1.0% +0.1pp Asset turnover: 1.57x +0.01x Leverage: 4.58x +0.17x

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 stands at 1.04%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 1.04% +0.1pp

Gross Margin 9.57% −0.1pp

SG&A / Revenue 5.84% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 2.62%, rising 0.7pp. That translates to 2.62 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.24x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 2.62% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.62% +0.7pp

NOPAT Margin 1.14% +0.2pp

Capital Turnover 2.31x +0.24x

Average Invested Capital 1,481.9bn +26.2bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 3.65x equity, net debt at 2.11x equity.

Inventory ended the period at 870.8bn, roughly 39.2% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.7 days versus the same period last year. The main moves came from DIO fell 3.5 days, DSO fell 3.4 days, and DPO rose 12.9 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 114.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 60.9 days −3.4 days

Inventory 102.3 days −3.5 days

Payables 48.7 days +12.9 days

Cash Conversion Cycle 114.5 days −19.7 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.11x and interest coverage only at 0.48x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 21.8% of debt, and total debt stands at 1,330.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.11x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.48x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.11x −0.01x

Interest Coverage 0.48x −0.04x

Cash / Debt 21.8% +12.3pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -3.50x −8.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -230.7bn in 2025, against investing cash flow of 17.5bn.

Post-investment cash flow was negative +213.2bn. Financing cash flow was positive +389.3bn.

CFO / net income was -3.50x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 109.8bn −276.8bn

Cash Capex — —

FCF TTM — —

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 2.6%. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -3.50x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -3.50x.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,329.0	2,744.0	2,140.6	1,910.0	1,474.9
Revenue Deductions	30.0	20.8	22.5	6.0	0.0
Net Revenue	3,298.9	2,723.3	2,118.1	1,904.0	1,407.6
Cost of Goods Sold	3,004.4	2,425.9	1,809.7	1,648.1	0.0
Gross Profit	294.5	297.4	308.4	255.9	182.0
Financial Income	22.2	25.0	15.9	11.1	6.2
Financial Expenses	95.9	77.5	81.9	54.4	-40.2
Interest Expense	73.7	63.7	75.4	51.6	-38.0
Share of Associates and Joint Ventures	0.8	0.2	0.2	0.5	6.0
Selling Expenses	130.8	169.6	177.7	149.8	-98.9
General and Administrative Expenses	43.4	42.4	48.9	37.4	-29.5
Operating Profit	47.5	33.1	16.0	26.0	25.6
Other Income	0.6	4.7	17.7	6.9	0.0
Other Expenses	4.6	2.4	1.8	1.5	0.0
Other Profit	-3.9	2.3	16.0	5.4	-2.8
Profit Before Tax	43.6	35.4	32.0	31.4	22.8
Current Income Tax Expense	12.3	8.2	9.3	5.7	-7.3
Deferred Income Tax Expense	-1.6	0.2	-2.4	2.1	0.0
Net Income	32.9	26.9	25.2	23.6	15.6
Non-controlling Interest	0.5	-0.0	0.7	1.4	-2.2
Profit Attributable to Parent	32.4	27.0	24.5	22.2	17.7
Earnings per Share	863.00	773.00	757.00	908.00	1,095.00
Diluted EPS	863.00	773.00	757.00	908.00	1,062.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,997.6	1,632.2	1,413.0	1,312.3	1,094.6
I. Cash and cash equivalents	247.7	71.6	46.5	14.7	24.6
1. Cash	16.4	21.6	16.5	14.7	0.0
2. Cash equivalents	231.3	50.0	30.0	0.0	0.0
II. Short-term financial investments	228.3	326.6	198.7	128.7	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	228.3	326.6	198.7	128.7	0.0
III. Short-term receivables	645.0	486.4	419.1	465.2	349.2
1. Short-term trade accounts receivable	523.6	410.2	384.4	379.3	0.0
2. Short-term prepayments to suppliers	82.7	32.8	13.5	26.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	28.7	35.1	20.6	59.9	0.0
6. Other short-term receivables	13.9	13.1	5.2	4.3	0.0
7. Provision for short-term doubtful debts (*)	-4.0	-4.7	-4.7	-4.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	870.8	739.1	737.2	682.2	619.6
1. Inventories	874.0	743.3	740.4	690.0	0.0
2. Provision for decline in value of inventories	-3.2	-4.2	-3.2	-7.9	0.0
V. Other short-term assets	5.8	8.4	11.5	21.5	24.5
1. Short-term prepayments	1.7	3.1	5.4	5.0	0.0
2. Value added tax to be reclaimed	4.1	5.2	6.0	16.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.5	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)	223.6	172.8	178.0	165.4	106.4
I. Long-term receivables	2.3	2.2	2.3	2.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	2.3	2.2	2.3	2.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	96.7	94.4	102.8	26.0	29.2
1. Tangible fixed assets	77.9	87.9	96.4	20.7	24.1
- Cost	177.8	179.1	177.2	122.6	0.0
- Accumulated depreciation	-99.9	-91.2	-80.7	-101.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	18.8	6.5	6.4	5.3	5.2
- Cost	21.7	8.7	8.0	6.5	0.0
- Accumulated depreciation	-2.9	-2.2	-1.6	-1.2	0.0
III. Investment properties	48.1	0.0	0.0	0.0	0.0
- Cost	48.1	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.2	0.2	0.6	68.8	0.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.2	0.2	0.6	68.8	0.0
V. Long-term financial investments	48.9	48.1	35.9	30.7	40.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	28.9	28.1	15.9	15.7	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	20.0	20.0	20.0	15.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	24.4	27.9	36.4	37.6	0.0
1. Long-term prepayments	2.4	4.4	9.4	9.0	0.0
2. Deferred income tax assets	5.3	3.6	3.9	2.2	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	35.4
5. Goodwill	16.6	19.9	23.2	26.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,221.2	1,805.1	1,591.0	1,477.8	1,201.0
A. LIABILITIES (300=210+330)	1,743.8	1,376.1	1,189.4	1,084.0	972.1
I. Short -term liabilities	1,742.2	1,374.6	1,187.9	1,081.8	970.5
1. Short-term trade accounts payable	173.8	182.0	136.6	164.0	110.0
2. Short-term advances from customers	32.0	14.8	37.4	22.9	26.3
3. Taxes and other payables to state authorities	22.7	22.9	18.5	10.3	0.0
4. Payable to employees	4.7	4.3	4.7	5.3	0.0
5. Short-term acrrued expenses	2.9	5.2	3.3	1.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	3.8	2.9	2.6	4.1	0.0
10. Short-term borrowings and financial leases	1,496.5	1,137.3	980.3	868.6	793.2
11. Provision for short-term liabilities	4.4	3.9	3.7	4.4	0.0
12.. Bonus and welfare fund	1.3	1.3	0.9	0.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.5	1.5	1.5	2.2	1.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	1.5	1.5	1.5	2.2	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)	477.5	429.0	401.6	393.8	228.9
I. Owner's equity	477.5	429.0	401.6	393.8	0.0
1. Owner's capital	386.2	341.8	316.5	316.5	228.9
- Common stock with voting right	386,202,350,000.00	341,777,690,000.00	316,465,410,000.00	316,465,410,000.00	166,830,677,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.1	5.3	5.3	5.3	5.7
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	-20,000.00	-20,000.00	-20,000.00	-20,000.00	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	11.2	9.8	8.6	7.1	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	54.7	52.3	52.4	45.7	34.6
- Accumulated retained earning at the end of the previous period	22.3	25.3	27.9	23.6	16.6
- Undistributed earnings in this period	32.4	27.0	24.5	22.2	18.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	20.2	19.8	18.9	19.1	15.4
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)	2,221.2	1,805.1	1,591.0	1,477.8	1,201.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	43.6	35.4	32.0	31.4	0.0
Depreciation of Fixed Assets and Investment Property	11.3	11.8	10.7	5.5	0.0
Provision (Increase)/Reversal	-1.2	1.3	-5.5	-8.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.2	0.4	-0.6	0.0
Gain/Loss from Investment Activities	-18.2	-21.3	-17.8	-8.8	0.0
Interest Expense	73.7	63.7	75.4	51.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	109.1	90.7	95.2	71.1	0.0
Increase/(Decrease) in Receivables	-129.3	-41.9	33.7	-55.7	0.0
Increase/(Decrease) in Inventory	-130.6	-2.9	-50.4	-61.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.4	32.4	16.2	45.1	0.0
Increase/(Decrease) in Prepaid Expenses	3.4	7.3	-0.8	-6.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-73.5	-64.2	-74.9	-51.2	0.0
Corporate Income Tax Paid	-8.4	-9.9	-5.8	-7.9	0.0
Other Operating Receipts	—	0.0	-15.8	0.0	0.0
Other Operating Payments	—	-0.1	-0.0	-0.5	0.0
Net Cash Flow from Operating Activities	-230.7	11.3	-2.6	-67.8	-237.1
Payments for Fixed Assets and Other Long-term Assets	-90.4	-3.1	-31.7	-70.3	-1.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	5.7	0.1	0.1
Loans and Purchases of Debt Instruments	-226.2	335.8	-179.1	-115.6	-113.7
Receipts from Loan Repayments and Sale of Debt Instruments	317.9	-478.2	132.1	39.3	36.0
Investments in Other Entities	—	-12.0	0.0	0.0	-55.7
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	16.0	14.1	10.1	4.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	17.5	-143.3	-62.9	-141.8	-131.8
Proceeds from Equity Issuance and Capital Contributions	15,823,000,000.00	0.00	0.00	139,329,900,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,270.1	2,616.1	2,142.5	1,757.0	1,642.0
Repayment of Borrowings	-2,896.6	-2,459.0	-2,030.8	-1,681.6	-1,255.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-14.3	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	389.3	157.0	97.4	214.8	386.6
Net Cash Flow During the Period	176.0	25.1	31.8	5.1	15.5
Cash and Cash Equivalents at Beginning of Period	71.6	46.5	14.7	9.6	4.9
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	247.7	71.6	46.5	14.7	23.7

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	1,089.5	887.7	555.4	918.2	966.5	587.9	403.0	1,074.6	677.3	520.4	402.9	655.3
Revenue Deductions	8.3	3.2	3.5	18.4	3.5	7.4	5.9	6.5	1.0	15.8	4.4	3.6
Net Revenue	1,081.2	884.6	551.9	899.8	963.0	580.6	397.1	1,068.1	676.4	504.6	398.5	651.7
Cost of Goods Sold	979.9	822.8	490.0	797.8	879.4	532.3	349.8	956.8	608.9	479.0	345.2	547.9
Gross Profit	101.2	61.8	61.9	102.0	83.6	48.3	47.2	111.3	67.4	25.6	53.3	103.7
Financial Income	0.6	12.3	1.6	5.3	1.4	10.3	9.2	6.9	3.7	9.5	2.1	4.3
Financial Expenses	22.5	29.2	19.6	29.2	18.5	21.2	15.8	21.6	22.0	22.9	17.5	25.2
Interest Expense	20.1	25.3	16.1	19.5	13.5	18.1	14.6	16.3	17.8	19.5	16.0	23.6
Share of Associates and Joint Ventures	0.7	0.1	0.1	0.2	0.6	2.9	-4.3	-0.2	1.9	0.7	-1.2	-3.6
Selling Expenses	44.3	27.3	29.0	47.1	36.6	31.6	22.6	73.3	26.6	7.3	16.4	51.9
General and Administrative Expenses	13.9	11.7	11.3	14.9	10.4	2.9	11.3	11.6	8.7	12.4	13.1	11.8
Operating Profit	21.9	6.0	3.6	16.4	20.2	5.8	2.4	11.4	15.7	-6.8	7.2	15.6
Other Income	0.0	1.3	0.1	0.1	0.1	-2.8	3.5	3.7	0.2	7.1	0.0	2.0
Other Expenses	1.3	3.5	0.5	0.3	0.6	0.4	1.7	0.0	0.3	0.1	0.8	0.6
Other Profit	-1.3	-2.2	-0.4	-0.2	-0.5	-3.2	1.8	3.7	-0.1	7.0	-0.8	1.3
Profit Before Tax	20.6	3.8	3.2	16.2	19.7	2.6	4.3	15.0	15.6	0.3	6.4	16.9
Current Income Tax Expense	4.4	1.6	-2.0	4.3	7.8	0.9	2.2	3.0	3.4	1.6	0.1	5.4
Deferred Income Tax Expense	-0.2	-0.2	0.7	-0.4	-1.8	-0.6	0.7	0.2	-0.6	-1.9	1.5	1.1
Net Income	16.4	2.4	4.5	12.3	13.7	2.3	1.3	11.9	12.9	0.6	4.8	10.4
Non-controlling Interest	0.6	-0.4	5.3	-1.3	-3.1	0.5	-1.9	1.8	-0.3	0.1	-0.4	-1.2
Profit Attributable to Parent	15.8	2.8	-0.8	13.5	16.8	1.9	3.3	10.0	13.2	0.5	5.2	11.7
Earnings per Share	401.00	77.00	-23.00	372.00	378.00	72.00	42.00	367.00	398.00	19.00	150.00	322.00
Diluted EPS	401.00	77.00	-23.00	372.00	470.70	55.24	103.38	317.52	416.03	14.65	165.20	368.44

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)	2,105.8	2,002.6	2,053.5	2,167.6	1,866.3	1,540.8	1,570.8	1,746.7	1,641.4	1,388.0	1,443.7	1,451.5
I. Cash and cash equivalents	289.5	246.4	238.4	166.7	101.3	141.3	36.5	101.5	64.9	17.2	11.3	16.0
1. Cash	28.8	16.4	18.4	26.7	51.3	21.3	6.5	41.5	34.9	17.2	11.3	16.0
2. Cash equivalents	260.7	230.0	220.0	140.0	50.0	120.0	30.0	60.0	30.0	0.0	0.0	0.0
II. Short-term financial investments	252.9	242.5	259.4	301.4	330.0	256.6	264.3	264.3	260.7	213.0	138.2	142.7
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	252.9	242.5	259.4	301.4	330.0	256.6	264.3	264.3	260.7	213.0	138.2	142.7
III. Short-term receivables	678.1	650.4	617.4	718.5	575.1	417.9	535.5	662.0	581.0	434.7	527.2	579.9
1. Short-term trade accounts receivable	618.3	522.6	560.9	656.9	523.0	332.0	478.3	628.7	537.4	384.9	457.8	492.9
2. Short-term prepayments to suppliers	51.5	90.1	19.0	23.8	8.5	37.8	17.6	8.4	18.7	28.3	14.5	28.3
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	—	28.7	32.7	27.1	35.9	35.1	34.6	20.1	21.3	20.6	56.9	58.6
6. Other short-term receivables	12.3	12.9	8.8	15.3	12.3	17.7	9.7	9.5	8.3	5.2	2.6	4.8
7. Provision for short-term doubtful debts (*)	-4.0	-4.0	-4.0	-4.7	-4.7	-4.7	-4.7	-4.7	-4.7	-4.3	-4.6	-4.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	878.8	857.8	931.1	964.9	845.8	723.0	691.4	708.7	722.2	711.5	751.1	684.5
1. Inventories	882.0	861.2	933.5	970.7	850.0	727.1	703.4	727.6	725.4	714.7	754.4	687.9
2. Provision for decline in value of inventories	-3.2	-3.4	-2.4	-5.8	-4.2	-4.2	-12.0	-18.9	-3.2	-3.2	-3.2	-3.4
V. Other short-term assets	6.4	5.5	7.1	16.1	14.1	2.0	43.0	10.2	12.7	11.7	15.8	28.3
1. Short-term prepayments	3.5	1.7	2.6	4.6	5.2	2.0	7.6	5.1	5.4	5.6	6.0	19.4
2. Value added tax to be reclaimed	2.1	3.8	4.5	10.4	8.9	0.0	35.4	5.0	7.3	6.1	9.7	8.3
3. Taxes and other receivables from state authorities	0.9	—	0.0	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	220.2	223.6	213.1	168.7	170.4	174.6	168.9	187.5	175.5	190.6	192.4	193.5
I. Long-term receivables	2.1	2.3	2.4	2.4	2.2	2.2	2.5	2.4	2.3	2.3	1.9	1.9
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	2.1	2.3	2.4	2.4	2.2	2.2	2.5	2.4	2.3	2.3	1.9	1.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	93.3	96.6	86.1	88.8	91.7	94.6	96.1	98.8	100.1	102.8	105.3	101.1
1. Tangible fixed assets	75.3	77.8	80.0	82.6	85.3	88.1	89.5	92.0	93.8	96.4	99.5	95.2
- Cost	177.7	—	—	—	—	179.1	178.6	178.3	177.4	177.2	188.3	199.2
- Accumulated depreciation	-102.4	—	—	—	—	-91.0	-89.1	-86.3	-83.6	-80.7	-88.8	-104.0
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	18.0	18.8	6.1	6.2	6.3	6.5	6.6	6.8	6.2	6.4	5.8	5.9
- Cost	21.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	48.1	48.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	48.1	—	—	—	—	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	3.4	3.1	50.7	2.0	0.5	0.6	0.2	0.2	0.6	0.2	0.7	6.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.4	3.1	50.7	2.0	0.5	0.6	0.2	0.2	0.6	0.2	0.7	6.4
V. Long-term financial investments	49.6	49.2	49.0	49.0	48.8	48.1	45.2	53.5	37.8	49.1	48.4	44.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	29.6	29.2	29.0	29.0	28.8	28.1	25.2	17.5	17.8	13.1	12.4	13.6
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	20.0	20.0	20.0	20.0	20.0	20.0	20.0	36.0	20.0	36.0	36.0	31.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	23.6	24.3	24.9	26.5	27.3	29.1	24.8	32.5	12.4	13.1	12.2	14.7
1. Long-term prepayments	18.2	2.4	2.6	2.6	2.8	5.5	1.0	6.7	8.0	9.2	10.3	11.3
2. Deferred income tax assets	5.5	5.3	4.9	5.6	5.4	3.6	3.1	4.3	4.5	3.9	1.9	3.4
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	—	16.6	17.5	18.3	19.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	19.9	20.7	21.5	22.4	23.2	24.0	24.8
TOTAL ASSETS (280=100+200)	2,326.0	2,226.3	2,266.6	2,336.3	2,036.7	1,715.4	1,739.7	1,934.2	1,817.0	1,578.7	1,636.1	1,645.0
A. LIABILITIES (300=210+330)	1,832.1	1,748.9	1,791.4	1,865.5	1,578.2	1,285.5	1,312.2	1,507.4	1,401.6	1,177.3	1,235.4	1,232.5
I. Short -term liabilities	1,830.6	1,746.5	1,789.3	1,863.5	1,576.7	1,263.5	1,293.6	1,488.7	1,400.1	1,175.0	1,233.1	1,230.4
1. Short-term trade accounts payable	441.0	167.1	308.9	551.3	383.5	77.7	159.4	418.1	149.9	129.0	287.4	256.5
2. Short-term advances from customers	21.5	29.5	12.7	13.0	14.2	13.6	24.2	28.2	78.5	39.7	12.5	37.2
3. Dividends and profits payable	1.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	18.6	21.8	18.5	21.8	18.1	18.2	62.4	32.5	24.4	15.2	19.7	17.5
4. Payable to employees	5.8	4.8	4.9	4.9	3.6	4.3	4.2	5.0	4.7	4.9	4.7	5.2
5. Short-term acrrued expenses	4.1	3.2	14.0	24.2	7.2	7.2	3.7	4.8	3.1	3.3	0.1	3.2
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	0.0	—	0.0	—	0.1	0.0	2.3	0.0	0.1	0.8	2.3	0.0
9. Other short-term payables	2.2	3.0	2.9	3.8	74.4	3.3	3.8	3.7	2.9	2.6	2.9	7.9
10. Short-term borrowings and financial leases	1,330.9	1,510.8	1,425.0	1,240.1	1,071.3	1,137.3	1,028.0	988.5	1,132.4	977.8	900.0	899.0
11. Provision for short-term liabilities	3.1	5.1	1.1	3.1	3.2	0.6	4.0	6.4	3.2	0.9	2.4	3.0
12.. Bonus and welfare fund	1.3	1.3	1.3	1.3	1.3	1.3	1.4	1.4	0.9	0.9	0.9	0.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.5	2.4	2.1	2.0	1.5	22.1	18.5	18.7	1.5	2.3	2.3	2.2
1. Long-term trade payables	—	—	—	—	—	20.8	17.2	17.2	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.8	0.7	0.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	1.5	1.6	1.4	1.4	1.5	1.3	1.3	1.5	1.5	2.3	2.3	2.2
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)	493.9	477.4	475.2	470.7	458.5	429.8	427.5	426.8	415.4	401.4	381.7	412.5
I. Owner's equity	493.9	477.4	475.2	470.7	458.5	429.8	427.5	426.8	415.4	401.4	381.7	412.5
1. Owner's capital	386.2	386.2	386.2	357.6	357.6	341.8	316.5	316.5	316.5	316.5	316.5	316.5
- Common stock with voting right	386,202,350,000.00	386,202,350,000.00	386,202,350,000.00	357,600,690,000.00	357,600,690,000.00	341,777,690,000.00	316,465,410,000.00	316,465,410,000.00	316,465,410,000.00	316,465,410,000.00	316,465,410,000.00	316,465,410,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.1	5.1	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00	-20,000.00
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	11.2	11.2	11.2	11.2	9.8	9.8	9.8	9.8	8.6	8.3	8.3	8.3
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	70.5	54.7	51.9	81.3	69.1	53.1	76.5	73.8	65.5	52.0	51.6	62.9
- Accumulated retained earning at the end of the previous period	54.9	22.3	22.3	50.9	52.3	25.3	50.6	50.6	52.4	28.2	28.2	44.0
- Undistributed earnings in this period	15.6	32.4	29.6	30.4	16.8	27.8	25.9	23.2	13.2	23.8	23.4	18.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	20.8	20.2	20.6	15.3	16.6	19.8	19.4	21.3	19.5	19.2	0.0	19.4
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	19.1	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,326.0	2,226.3	2,266.6	2,336.3	2,036.7	1,715.4	1,739.7	1,934.2	1,817.0	1,578.7	1,636.1	1,645.0

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
Profit Before Tax	—	7.3	—	36.3	—	0.0	-29.6	29.6	0.0	32.0	-25.3	25.3
Depreciation of Fixed Assets and Investment Property	—	5.5	—	5.8	—	0.0	-5.8	5.8	0.0	10.7	-4.6	4.6
Provision (Increase)/Reversal	—	-1.6	—	0.4	—	0.0	-18.5	18.5	0.0	-5.5	5.1	-5.1
FX Gain/Loss from Revaluation of Monetary Items	—	-1.6	—	1.6	—	0.0	1.0	-1.0	0.0	0.4	-0.5	0.5
Gain/Loss from Investment Activities	—	-11.8	—	-6.4	—	0.0	10.4	-10.4	0.0	-17.8	3.5	-3.5
Interest Expense	—	40.8	—	32.9	—	0.0	-33.8	33.8	0.0	75.4	-39.6	39.6
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	—	38.6	—	70.5	—	0.0	-76.3	76.3	0.0	95.2	-61.4	61.4
Increase/(Decrease) in Receivables	—	114.7	—	-244.0	—	0.0	236.7	-236.7	0.0	33.7	90.5	-90.5
Increase/(Decrease) in Inventory	—	96.8	—	-227.4	—	0.0	-10.3	10.3	0.0	-50.4	11.1	-11.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-386.4	—	385.0	—	0.0	-313.2	313.2	0.0	16.2	-99.6	99.6
Increase/(Decrease) in Prepaid Expenses	—	3.1	—	0.3	—	0.0	-2.9	2.9	0.0	-0.8	3.6	-3.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-40.6	—	-32.9	—	0.0	34.2	-34.2	0.0	-74.9	39.0	-39.0
Corporate Income Tax Paid	-1.4	-0.4	-0.2	-7.8	-0.1	0.0	-2.5	-6.4	-0.9	-1.7	-1.2	-2.1
Other Operating Receipts	2.5	—	—	—	—	3.4	14.5	-1.2	1.2	-20.1	4.3	-3.6
Other Operating Payments	-52.8	—	-168.9	—	-137.9	-51.0	-248.5	74.0	-74.0	159.0	-159.0	4.2
Net Cash Flow from Operating Activities	202.7	-75.2	-99.0	-138.2	81.7	-14.6	-97.5	197.4	-73.0	22.7	-39.2	31.8
Payments for Fixed Assets and Other Long-term Assets	—	-39.9	-48.5	-1.6	-0.4	0.0	-0.1	-1.3	-0.2	-12.0	3.0	-18.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.1	0.0	0.0	0.0	3.9	-0.2	2.0
Loans and Purchases of Debt Instruments	—	-83.3	—	-142.9	—	0.0	107.7	-107.7	0.0	-179.1	66.4	-66.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	150.0	—	167.9	—	0.0	-26.5	26.5	0.0	132.1	-38.4	38.4
Investments in Other Entities	—	—	—	—	—	0.0	-12.0	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	0.6	12.4	-0.4	1.3	2.7	3.1	7.4	3.6	1.2	3.2	4.1	1.9
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	4.7	17.2	-26.8	29.0	-1.9	10.0	-7.8	-16.1	-61.8	-55.0	37.9	-54.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	900,000,000.00	-900,000,000.00	900,000,000.00	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	588.0	952.9	725.8	901.3	690.1	707.2	525.3	766.9	616.8	739.0	382.4	565.5
Repayment of Borrowings	-753.6	-885.6	-522.1	-732.8	-756.1	-597.9	-485.8	-910.7	-464.6	-658.8	-381.3	-556.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-12.8	-1.5	-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	-165.6	67.2	203.7	168.5	-50.2	109.3	40.4	-144.8	153.0	67.5	-0.4	9.3
Net Cash Flow During the Period	41.8	9.3	77.9	59.3	29.6	104.7	-64.9	36.6	18.3	35.2	-1.7	-13.0
Cash and Cash Equivalents at Beginning of Period	247.7	238.4	160.6	101.3	71.6	46.5	46.5	46.5	46.5	14.7	14.7	14.7
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	289.5	247.7	238.4	160.6	101.3	141.3	36.5	101.4	64.9	46.5	11.3	13.0

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NAG

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Cash Flow