NBC

Than Núi Béo - Vinacomin ·HNX ·2026Q1

● Maintaining

Pre-tax profit relies materially on non-core sources Net financial result/PBT −1.13%

Price

8,600

Latest close

03 Jun 2026

P/E 8.54x

P/B 0.59x

EPS 1,007

BVPS 14,494

ROE 7.0%

ROA 1.6%

Profit Margin 1.5%

Asset Turnover 1.06x

Equity Mult. 4.22x

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

What Is Changing

On a TTM 2026Q1 basis, NBC has not moved the needle on revenue, but profitability has edged up slightly — earnings have been recovering gradually over multiple periods. Notably, a significant portion of profit is supported by non-core sources, affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,406bn
	                                
−18.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 37bn
	                                
+22.2%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    36.0%

Metric	2025	2024	2023	2022	2021
Revenue	2,682.4	2,804.8	3,251.8	3,611.0	2,670.9
Growth	-4%	-14%	-10%	+35%	—
Net Income	41.1	37.1	104.1	47.2	45.7
Net Margin	1.53%	1.32%	3.20%	1.31%	1.71%

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	443.6	1,070.5	337.2	554.5	723.4	1,128.7	347.6	755.5	581.0	513.4	902.1	970.4
Growth	-59%	+217%	-39%	-23%	-36%	+225%	-54%	+30%	+13%	-43%	-7%	—
Net Income	6.3	24.7	1.8	4.5	10.0	107.8	-104.1	16.8	15.8	35.3	32.5	23.2
Net Margin	1.43%	2.31%	0.52%	0.82%	1.39%	9.55%	-29.96%	2.22%	2.72%	6.88%	3.60%	2.39%

Drivers of NBC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 12.2bn

Other profit ↑ 11.5bn

Selling expenses ↓ 2.8bn

Financial income ↑ 1.4bn

Gross profit ↓ 19.2bn

Tax ↑ 1.4bn

TTM

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

Administrative expenses ↓ 5.5bn

Tax ↓ 0.9bn

Selling expenses ↑ 4.3bn

Finance costs ↑ 3.9bn

Gross profit ↓ 1.4bn

Other profit ↓ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.4% = 1.0% × 1.23 × 4.25

2026Q1 7.0% = 1.5% × 1.06 × 4.22

ROE rose from 5.4% to 7.0% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 1.5% +0.5pp Asset turnover: 1.06x -0.17x Leverage: 4.22x -0.03x

Is the profit sustainable?

Margins improved (+0.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.55%, rising 0.5pp. Core operating signals are improving as Gross margin rose 1.3pp are enough to offset pressure from SG&A / Revenue rose 1.2pp (with additional support from Other profit / Revenue rose 0.5pp and Net financial result / Revenue rose 0.1pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 1.55% +0.5pp

Gross Margin 10.25% +1.3pp

SG&A / Revenue 6.82% +1.2pp

Non-core / Revenue -1.49% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 36.0% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 1.46%, broadly flat versus the same period. That translates to 1.46 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.22x, with invested capital easing slightly by 112bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 1.46% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.46% −0.1pp

NOPAT Margin 0.99% +0.1pp

Capital Turnover 1.47x −0.22x

Average Invested Capital 1,632.4bn −112.1bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 3.55x equity, net debt at 2.11x equity.

Inventory ended the period at 301.3bn, roughly 12.5% of total assets.

Over the last 12 months, working capital released 122.7bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +337.0bn

Inventories increased → lower CFO: −332.8bn

Payables increased → higher CFO: +118.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.4 days versus the same period last year. The main moves came from DIO rose 39.5 days, DSO fell 26.4 days, and DPO rose 20.6 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +39.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 55.0 days −26.4 days

Inventory 55.7 days +39.5 days

Payables 67.3 days +20.6 days

Cash Conversion Cycle 43.3 days −7.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.11x and interest coverage only at 0.54x.

At present, short-term debt accounts for 73.6% of total debt, cash equals 0.6% of debt, and total debt stands at 1,136.5bn.

Watchpoints

Net leverage is elevated

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

Interest coverage is thin

Interest coverage is 0.54x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.11x +0.12x

Interest Coverage 0.54x +0.05x

Cash / Debt 0.6% +0.1pp

Short-term Debt / Total Debt 73.6% −12.6pp

CFO / NI 9.15x −1.70x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 298.5bn in 2025, against investing cash flow of -335.2bn.

Post-investment cash flow was negative +36.7bn. Financing cash flow was positive +35.1bn.

CFO / net income was 9.15x.

After spending +380.4bn on fixed-asset investment, the business generated trailing free cash flow of −39.4bn.

Cash Conversion

CFO TTM 341.0bn +9.9bn

Cash Capex 380.4bn +286.2bn

FCF TTM −39.4bn −276.3bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is -113.2%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.5%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 9.15x. Even so, net financial result still accounts for -113.2% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,682.4	2,804.8	3,251.8	3,611.0	2,670.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,682.4	2,804.8	3,251.8	3,611.0	2,670.9
Cost of Goods Sold	2,416.7	2,523.2	2,799.2	3,193.6	0.0
Gross Profit	265.7	281.6	452.6	417.4	346.0
Financial Income	3.0	2.7	2.6	2.5	8.3
Financial Expenses	51.5	74.1	135.1	165.1	-173.6
Interest Expense	50.9	68.8	127.8	159.2	-178.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	15.2	18.0	22.7	43.1	-20.2
General and Administrative Expenses	157.9	151.3	177.3	150.2	-110.5
Operating Profit	44.1	40.9	120.1	61.5	50.0
Other Income	8.5	9.1	7.8	4.7	0.0
Other Expenses	1.1	3.2	2.0	5.9	0.0
Other Profit	7.4	5.8	5.8	-1.2	0.7
Profit Before Tax	51.5	46.7	125.9	60.3	50.7
Current Income Tax Expense	7.9	9.6	31.0	42.6	-4.9
Deferred Income Tax Expense	2.5	0.0	-9.2	-29.5	0.0
Net Income	41.1	37.1	104.1	47.2	45.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	41.1	37.1	104.1	47.2	45.7
Earnings per Share	1,110.00	1,003.00	2,814.00	1,276.00	1,236.00
Diluted EPS	1,110.37	1,002.53	2,813.81	1,275.81	1,236.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	830.3	1,054.8	848.0	1,215.9	823.0
I. Cash and cash equivalents	5.0	6.6	3.3	1.8	3.1
1. Cash	5.0	6.6	3.3	1.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	8.9	0.0	0.0	0.0	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	8.9	0.0	0.0	0.0	0.0
III. Short-term receivables	479.4	832.1	707.2	991.2	137.7
1. Short-term trade accounts receivable	423.0	827.5	703.4	985.7	0.0
2. Short-term prepayments to suppliers	48.6	0.0	0.0	0.0	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	7.8	4.6	3.8	5.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	301.3	182.3	74.9	192.5	612.0
1. Inventories	301.3	182.3	74.9	192.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	35.6	33.7	62.6	30.3	70.2
1. Short-term prepayments	34.9	33.7	40.8	28.4	0.0
2. Value added tax to be reclaimed	—	0.0	19.8	0.0	0.0
3. Taxes and other receivables from state authorities	0.8	0.0	2.0	1.9	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)	1,579.7	1,515.5	1,779.7	2,157.4	2,652.2
I. Long-term receivables	93.3	90.1	87.0	84.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	81.1
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	93.3	90.1	87.0	84.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,233.0	1,272.1	1,576.2	1,961.4	2,341.5
1. Tangible fixed assets	1,233.0	1,272.1	1,574.0	1,959.2	2,339.2
- Cost	5,090.4	4,883.2	4,838.7	4,810.3	0.0
- Accumulated depreciation	-3,857.3	-3,611.0	-3,264.7	-2,851.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	2.1	2.2	2.3
- Cost	0.4	0.4	3.6	3.6	0.0
- Accumulated depreciation	-0.4	-0.4	-1.4	-1.4	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	95.4	88.2	73.1	72.9	77.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	95.4	88.2	73.1	72.9	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	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	—	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	157.9	65.0	43.4	39.1	0.0
1. Long-term prepayments	121.7	26.3	4.7	9.6	0.0
2. Deferred income tax assets	36.2	38.7	38.7	29.5	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	152.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,410.0	2,570.2	2,627.8	3,373.2	3,475.2
A. LIABILITIES (300=210+330)	1,880.1	2,044.8	2,052.6	2,884.4	2,994.7
I. Short -term liabilities	1,605.1	1,898.6	1,650.4	2,030.0	1,581.9
1. Short-term trade accounts payable	491.2	487.4	421.0	376.9	387.7
2. Short-term advances from customers	0.1	0.6	0.1	0.2	1.0
3. Taxes and other payables to state authorities	79.3	116.0	28.5	144.7	0.0
4. Payable to employees	138.9	114.0	197.5	169.6	0.0
5. Short-term acrrued expenses	0.1	0.1	0.1	5.8	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	12.9	212.6	12.2	223.1	0.0
10. Short-term borrowings and financial leases	852.5	927.6	980.0	1,090.0	998.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	30.2	40.1	11.0	19.8	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	274.9	146.2	402.2	854.4	1,412.8
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	—	0.0	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	274.9	146.2	402.1	854.3	1,412.6
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.1	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)	529.9	525.4	575.2	488.8	480.5
I. Owner's equity	529.9	525.4	575.2	488.8	0.0
1. Owner's capital	370.0	370.0	370.0	370.0	480.5
- Common stock with voting right	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00
- 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	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	80.3	78.2	71.7	71.7	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	79.8	77.3	133.6	47.2	45.7
- Accumulated retained earning at the end of the previous period	38.7	40.2	29.5	0.0	0.0
- Undistributed earnings in this period	41.1	37.1	104.1	47.2	45.7
12. Reserves for investment in construction	0.1	0.1	0.1	0.1	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	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)	2,410.0	2,570.2	2,627.8	3,373.2	3,475.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	51.5	46.7	125.9	60.3	50.7
Depreciation of Fixed Assets and Investment Property	308.8	380.1	420.1	438.5	478.1
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.5	-0.0	-0.4	-0.1	0.0
Interest Expense	50.9	68.8	127.8	159.2	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	143.0	0.0
Operating Profit Before Changes in Working Capital	411.6	495.6	673.4	801.0	696.4
Increase/(Decrease) in Receivables	396.9	-105.2	261.1	-858.7	0.0
Increase/(Decrease) in Inventory	-119.0	-107.4	117.6	426.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-209.4	268.1	-230.3	340.9	0.0
Increase/(Decrease) in Prepaid Expenses	-96.5	-11.6	-7.5	22.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-50.9	-68.8	-133.5	-153.5	0.0
Corporate Income Tax Paid	-6.8	-8.8	-55.7	-18.3	0.0
Other Operating Receipts	—	0.0	0.0	0.2	0.0
Other Operating Payments	-27.3	-27.0	-15.5	-25.3	0.0
Net Cash Flow from Operating Activities	298.5	435.0	609.7	535.0	624.9
Payments for Fixed Assets and Other Long-term Assets	-325.5	-93.8	-35.4	-47.5	-461.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.8	-0.0	0.3	0.0	0.0
Loans and Purchases of Debt Instruments	-8.9	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	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	0.0	0.0	0.1	0.0	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	-335.2	-93.8	-35.0	-47.4	-461.0
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	2,511.2	2,175.6	2,357.5	2,016.5	2,096.4
Repayment of Borrowings	-2,457.6	-2,483.8	-2,919.6	-2,483.2	-2,261.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-18.5	-29.6	-11.1	-22.2	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	35.1	-337.9	-573.2	-488.9	-164.7
Net Cash Flow During the Period	-1.6	3.3	1.4	-1.3	1.1
Cash and Cash Equivalents at Beginning of Period	6.6	3.3	1.8	3.1	3.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.0	6.6	3.3	1.8	3.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	443.6	1,070.5	337.2	554.5	723.4	1,128.7	347.6	755.5	581.0	513.4	902.1	970.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	443.6	1,070.5	337.2	554.5	723.4	1,128.7	347.6	755.5	581.0	513.4	902.1	970.4
Cost of Goods Sold	382.9	977.7	288.8	509.9	661.3	948.0	410.5	669.8	502.8	387.2	784.6	851.0
Gross Profit	60.7	92.7	48.4	44.7	62.1	180.7	-62.9	85.7	78.2	126.2	117.5	119.4
Financial Income	0.0	1.4	0.0	1.4	0.0	0.0	0.0	1.3	0.0	1.3	1.3	0.0
Financial Expenses	16.0	12.9	12.0	14.5	12.1	18.7	14.1	22.8	18.5	26.3	26.1	38.4
Interest Expense	16.0	12.9	12.0	14.5	11.6	14.1	13.3	22.8	18.5	20.2	20.1	32.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.5	1.8	0.0	2.6	1.1	1.8	3.2	6.5	6.5	1.4	2.9	9.7
General and Administrative Expenses	31.9	54.1	34.6	33.4	37.4	43.5	34.1	38.4	34.8	55.7	49.9	42.6
Operating Profit	7.3	25.3	1.8	-4.6	11.5	116.8	-114.4	19.4	18.5	44.1	39.9	28.6
Other Income	0.6	6.5	0.4	10.3	1.3	0.9	3.9	2.4	2.0	1.7	0.7	0.4
Other Expenses	0.0	0.9	0.0	0.1	0.2	0.5	1.8	0.7	0.7	1.0	0.0	0.0
Other Profit	0.6	5.5	0.4	10.2	1.1	0.4	2.1	1.6	1.2	0.7	0.7	0.4
Profit Before Tax	7.9	30.8	2.2	5.7	12.6	117.2	-112.3	21.0	19.7	44.8	40.6	29.0
Current Income Tax Expense	1.6	6.2	0.4	1.1	2.5	9.4	-8.2	4.2	3.9	18.7	8.1	5.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	-9.2	0.0	0.0
Net Income	6.3	24.7	1.8	4.5	10.0	107.8	-104.1	16.8	15.8	35.3	32.5	23.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.3	24.7	1.8	4.5	10.0	107.8	-104.1	16.8	15.8	35.3	32.5	23.2
Earnings per Share	171.00	667.00	47.00	122.00	271.00	2,914.00	-2,814.00	454.00	427.00	955.00	877.00	627.47
Diluted EPS	170.98	666.95	47.47	122.23	271.36	2,913.89	-2,814.37	453.94	426.96	955.18	877.23	627.47

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)	795.8	846.2	944.5	756.0	752.6	1,064.4	896.4	1,019.3	916.1	815.1	827.8	1,027.9
I. Cash and cash equivalents	6.3	5.0	6.0	5.1	5.2	6.6	7.1	4.3	6.0	3.3	6.2	5.2
1. Cash	6.3	5.0	6.0	5.1	5.2	6.6	7.1	4.3	6.0	3.3	6.2	5.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	8.9	8.9	8.9	8.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	8.9	8.9	8.9	8.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	250.8	498.3	202.1	402.2	549.0	843.4	378.3	791.6	798.0	674.2	696.5	883.8
1. Short-term trade accounts receivable	187.5	438.3	151.0	388.1	537.1	836.1	367.1	778.1	779.9	670.3	688.5	874.7
2. Short-term prepayments to suppliers	52.8	48.6	32.0	3.1	0.0	0.0	1.3	3.8	2.0	0.0	0.6	0.2
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	10.4	11.5	19.1	11.0	11.9	7.3	9.9	9.8	16.1	3.8	7.4	8.8
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	495.9	299.1	696.5	308.9	163.1	181.5	318.3	163.5	75.4	73.8	89.5	112.8
1. Inventories	495.9	299.1	696.5	308.9	163.1	182.3	318.3	163.5	75.4	73.8	89.5	112.8
2. Provision for decline in value of inventories	—	—	—	—	—	-0.9	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	33.9	34.8	30.9	30.8	35.3	32.9	192.7	59.9	36.7	63.8	35.7	26.2
1. Short-term prepayments	25.1	34.0	28.2	30.0	32.3	32.9	186.5	33.4	34.2	38.9	33.3	21.0
2. Value added tax to be reclaimed	—	—	2.7	—	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	8.7	0.8	0.0	0.9	2.2	0.0	6.2	26.4	2.4	24.9	2.3	5.1
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)	1,547.7	1,579.7	1,353.2	1,381.3	1,429.4	1,514.7	1,533.3	1,602.1	1,688.0	1,779.6	1,738.3	1,821.9
I. Long-term receivables	93.8	93.3	92.0	92.0	90.1	88.8	88.8	88.8	87.5	87.0	85.8	84.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	93.8	93.3	92.0	92.0	90.1	88.8	88.8	88.8	87.5	87.0	85.8	84.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,224.6	1,233.7	1,076.3	1,125.3	1,182.5	1,272.1	1,324.7	1,397.0	1,483.4	1,576.2	1,552.2	1,629.6
1. Tangible fixed assets	1,224.6	1,233.7	1,076.3	1,125.3	1,182.5	1,272.1	1,324.7	1,394.8	1,481.2	1,574.0	1,550.0	1,627.4
- Cost	5,159.2	—	—	—	—	4,883.2	4,851.7	4,824.1	4,838.7	4,838.7	4,819.4	4,820.3
- Accumulated depreciation	-3,934.6	—	—	—	—	-3,611.0	-3,527.0	-3,429.2	-3,357.5	-3,264.7	-3,269.4	-3,192.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	2.1	2.1	2.1	2.2	2.2
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	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	81.9	95.4	91.3	87.8	86.1	88.2	73.4	73.1	73.1	73.1	72.9	72.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	81.9	95.4	91.3	87.8	86.1	88.2	73.4	73.1	73.1	73.1	72.9	72.8
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	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	—	—	—	—	—	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	147.4	157.2	93.7	76.2	70.7	65.6	46.4	43.2	44.0	43.2	27.6	35.0
1. Long-term prepayments	111.1	118.5	55.0	37.5	32.0	26.9	7.7	4.5	5.3	4.5	-1.9	5.5
2. Deferred income tax assets	36.2	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	29.5	29.5
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,343.4	2,425.9	2,297.7	2,137.3	2,182.0	2,579.1	2,429.7	2,621.4	2,604.1	2,594.6	2,566.2	2,849.8
A. LIABILITIES (300=210+330)	1,807.2	1,896.1	1,792.5	1,633.9	1,646.5	2,054.4	2,014.4	2,102.0	2,013.1	2,020.1	2,027.0	2,343.1
I. Short -term liabilities	1,506.9	1,621.2	1,674.2	1,512.0	1,495.9	1,941.0	1,778.6	1,818.8	1,776.3	1,617.9	1,648.5	1,805.5
1. Short-term trade accounts payable	455.8	492.6	454.1	357.2	340.7	487.3	430.6	332.2	348.4	406.8	348.4	273.5
2. Short-term advances from customers	13.9	0.1	1.2	—	0.6	0.6	5.2	5.5	0.8	0.1	1.1	0.0
3. Taxes and other payables to state authorities	50.6	83.9	40.8	44.2	66.9	116.1	26.3	58.1	37.4	29.8	58.7	68.5
4. Payable to employees	65.6	149.1	141.0	106.9	89.4	117.8	83.4	97.5	87.1	159.5	157.0	120.5
5. Short-term acrrued expenses	0.0	0.1	—	0.1	—	0.1	5.7	7.1	8.6	0.1	3.9	37.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	13.3	12.1	20.7	35.8	17.1	212.1	216.4	245.6	218.5	30.7	27.3	239.9
10. Short-term borrowings and financial leases	836.2	852.5	896.2	885.0	920.5	966.7	896.9	939.3	1,068.8	980.0	750.3	941.1
11. Provision for short-term liabilities	51.5	—	81.6	36.0	29.1	0.0	65.5	75.5	0.0	0.0	290.2	107.9
12.. Bonus and welfare fund	19.9	30.8	38.6	46.8	31.5	40.3	48.7	57.9	6.7	11.0	11.5	16.3
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	300.3	274.9	118.3	121.9	150.6	113.4	235.7	283.2	236.8	402.2	378.6	537.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	300.3	274.9	118.3	121.9	147.4	107.2	235.7	283.2	236.8	402.1	378.5	537.5
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	—	—	—	—	3.2	6.2	0.0	0.0	0.0	0.0	0.1	0.2
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	536.3	529.8	505.2	503.4	535.5	524.7	415.4	519.4	591.0	574.5	539.1	506.7
I. Owner's equity	536.3	529.8	505.2	503.4	535.5	524.7	415.4	519.4	591.0	574.5	539.1	506.7
1. Owner's capital	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0	370.0
- Common stock with voting right	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00	369,991,240,000.00
- 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	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	80.3	80.3	80.3	80.3	78.2	78.2	78.2	78.2	71.7	71.7	71.7	71.7
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	86.1	79.7	55.0	53.3	87.3	76.5	-32.8	71.3	149.4	132.9	97.5	65.1
- Accumulated retained earning at the end of the previous period	79.8	38.7	38.7	38.7	77.3	40.2	38.7	38.7	133.6	29.5	29.5	0.0
- Undistributed earnings in this period	6.3	41.0	16.3	14.6	10.0	36.3	-71.5	32.6	15.8	103.4	68.0	65.1
12. Reserves for investment in construction	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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)	2,343.4	2,425.9	2,297.7	2,137.3	2,182.0	2,579.1	2,429.7	2,621.4	2,604.1	2,594.6	2,566.2	2,849.8

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	7.9	31.1	2.2	5.7	12.6	117.2	-112.3	21.1	19.7	40.8	40.6	29.0
Depreciation of Fixed Assets and Investment Property	77.1	60.5	90.2	66.2	91.9	88.4	96.6	102.5	92.6	0.6	77.7	237.2
Provision (Increase)/Reversal	51.5	—	45.6	6.9	29.1	-64.6	-10.0	75.5	0.0	-290.2	151.7	54.9
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.3	0.3	-0.2	0.1	-0.0	-0.0	-0.0	-0.0	-0.3	-0.0	-0.0
Interest Expense	16.0	12.8	12.0	14.5	11.6	16.4	13.3	20.6	18.5	26.3	26.1	37.2
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	152.5	23.1	150.2	93.0	145.3	157.3	-12.4	219.7	130.8	-222.8	296.2	358.3
Increase/(Decrease) in Receivables	220.2	-228.6	198.3	147.1	280.1	-457.8	407.2	7.5	-71.9	-31.5	184.1	-126.1
Increase/(Decrease) in Inventory	-194.6	395.2	-387.6	-145.8	19.2	136.0	-154.8	-88.1	-0.5	14.6	23.3	-18.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-82.3	84.0	109.9	6.8	-410.2	146.0	22.1	-93.2	152.3	72.8	-113.6	-27.1
Increase/(Decrease) in Prepaid Expenses	20.3	-73.4	-15.8	-3.2	-4.2	134.0	-119.3	-32.2	6.0	-14.1	-4.9	5.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-51.1	-12.7	-12.1	-14.4	-11.7	0.1	-15.5	90.9	-127.9	-26.2	-28.0	-29.3
Corporate Income Tax Paid	-7.6	0.0	-1.9	0.8	-5.7	0.0	-3.7	-0.6	-4.5	-10.5	-3.5	-23.5
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Other Operating Payments	-9.9	-12.8	-3.4	-3.3	-7.7	-7.8	-2.9	-6.4	-5.1	-2.8	-2.6	-3.3
Net Cash Flow from Operating Activities	47.5	174.8	37.7	81.0	5.0	107.8	120.7	97.7	79.2	-220.4	351.1	136.1
Payments for Fixed Assets and Other Long-term Assets	-55.3	-269.6	-44.3	-11.2	-0.4	-49.5	-28.0	-16.3	0.0	-25.1	-0.3	-10.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	-0.6	-0.3	0.2	-0.1	0.0	0.0	0.0	0.0	0.3	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-8.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-55.3	-270.2	-44.5	-20.0	-0.5	-49.5	-28.0	-16.3	0.0	-24.8	-0.3	-10.0
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	585.3	758.8	473.5	557.5	721.4	493.7	546.3	593.5	542.0	638.6	458.5	592.0
Repayment of Borrowings	-576.3	-645.9	-465.7	-618.6	-727.3	-552.4	-636.2	-676.6	-618.6	-385.2	-808.3	-741.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-18.5	—	—	—	0.0	0.0	0.0	0.0	-11.1	0.0	22.2
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	9.1	94.4	7.7	-61.1	-5.9	-58.8	-89.9	-83.1	-76.5	242.3	-349.8	-127.6
Net Cash Flow During the Period	1.2	-1.0	0.9	-0.0	-1.4	-0.5	2.8	-1.7	2.7	-2.9	1.0	-1.4
Cash and Cash Equivalents at Beginning of Period	5.0	6.0	5.1	5.2	6.6	3.3	3.3	3.3	3.3	1.8	1.8	1.8
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	6.3	5.0	6.0	5.1	5.2	6.6	7.1	4.3	6.0	3.3	6.2	5.2

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NBC

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