NDX

Xây lắp Phát triển Nhà Đà Nẵng ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 6.16%, +7.22pp YoY

Price

6,700

Latest close

01 Jun 2026

P/E 13.34x

P/B 0.54x

EPS 502

BVPS 12,454

ROE 4.1%

ROA 2.4%

Profit Margin 6.1%

Asset Turnover 0.40x

Equity Mult. 1.71x

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

What Is Changing

On a TTM 2026Q1 basis, NDX is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 83bn
	                                
+132.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 5bn
	                                
+1440.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    76.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	75.0	48.6	114.2	178.5	129.5
Growth	+54%	-57%	-36%	+38%	—
Net Income	5.4	0.1	3.8	9.1	5.2
Net Margin	7.15%	0.14%	3.32%	5.12%	4.04%

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	14.7	31.2	17.9	18.9	7.1	11.1	6.9	10.5	20.6	19.3	8.5	57.4
Growth	-53%	+74%	-5%	+167%	-36%	+60%	-34%	-49%	+7%	+127%	-85%	—
Net Income	-0.7	1.7	1.9	2.2	0.2	1.0	-0.7	-0.8	0.6	-0.1	-0.4	2.4
Net Margin	-4.83%	5.34%	10.66%	11.80%	2.35%	8.75%	-10.03%	-7.82%	2.93%	-0.58%	-4.17%	4.22%

Drivers of NDX's profit

TTM

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

Gross profit ↑ 7.8bn

Finance costs ↓ 0.8bn

Financial income ↑ 0.7bn

Tax ↑ 1.5bn

Selling expenses ↑ 0.5bn

TTM

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

Gross profit ↑ 0.8bn

Financial income ↑ 0.2bn

Deferred tax ↑ 0.3bn

Selling expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.3% = -1.1% × 0.16 × 1.81

2026Q1 4.2% = 6.2% × 0.40 × 1.71

ROE rose from -0.3% to 4.2% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 6.2% +7.2pp Asset turnover: 0.40x +0.23x Leverage: 1.71x -0.10x

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 expanded to 6.16%, rising 7.2pp. The main driver is Gross margin rose 10.3pp and SG&A / Revenue fell 5.3pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 4.2pp and Other profit / Revenue fell 0.0pp).

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

Profitability trend

Net Margin 6.16% +7.2pp

Gross Margin 8.76% +10.3pp

SG&A / Revenue 4.64% −5.3pp

Non-core / Revenue 6.38% −4.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 4.2pp, financial result still accounts for 76.3% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 3.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 3.08%, rising 3.2pp. That translates to 3.08 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 6.8pp and capital turnover rose 0.29x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 3.08% +3.2pp

NOPAT Margin 6.17% +6.8pp

Capital Turnover 0.50x +0.29x

Average Invested Capital 165.6bn −8.0bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.63x equity, net debt at 0.30x equity.

Over the last 12 months, working capital absorbed 5.0bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +6.1bn

Inventories increased → lower CFO: −12.9bn

Payables increased → higher CFO: +1.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 478.0 days versus the same period last year. The main moves came from DIO fell 1.2 days, DSO fell 508.8 days, and DPO fell 32.0 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 252.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 209.4 days −508.8 days

Inventory 86.0 days −1.2 days

Payables 42.9 days −32.0 days

Cash Conversion Cycle 252.4 days −478.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 1.8bn due to capex of 1.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.30x and interest coverage at 3.88x.

At present, short-term debt accounts for 97.9% of total debt, cash equals 10.9% of debt, and total debt stands at 42.4bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 97.9% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 10.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.30x −0.10x

Interest Coverage 3.88x +3.99x

Cash / Debt 10.9% +4.3pp

Short-term Debt / Total Debt 97.9% +6.3pp

CFO / NI -0.09x +8.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.7bn in 2025, against investing cash flow of 4.2bn.

Post-investment cash flow was positive +5.9bn. Financing cash flow was positive +5.3bn.

CFO / net income was -0.09x.

After spending +1.4bn on fixed-asset investment, the business generated trailing free cash flow of −1.8bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 0.4bn −2.7bn

Cash Capex 1.4bn —

FCF TTM −1.8bn —

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 operating efficiency, with net margin improving 7.2 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.16% after expanding 7.2pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 76.0% of PBT and CFO / net income currently at -0.09x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	75.0	48.6	114.2	178.5	129.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	75.0	48.6	114.2	178.5	129.5
Cost of Goods Sold	68.8	48.7	109.8	160.6	0.0
Gross Profit	6.2	-0.2	4.4	17.9	7.8
Financial Income	6.9	6.6	6.8	5.5	10.6
Financial Expenses	1.8	2.7	2.9	3.9	-8.3
Interest Expense	2.3	2.7	2.9	1.7	-2.1
Share of Associates and Joint Ventures	-0.5	0.0	0.0	0.0	0.0
Selling Expenses	1.0	0.7	0.9	1.8	-1.0
General and Administrative Expenses	3.0	2.8	2.3	4.7	-2.6
Operating Profit	6.9	0.2	5.2	13.1	6.5
Other Income	0.1	0.0	0.0	0.1	0.0
Other Expenses	0.1	0.0	0.0	1.2	0.0
Other Profit	0.0	-0.0	0.0	-1.1	0.5
Profit Before Tax	6.9	0.2	5.2	12.0	7.0
Current Income Tax Expense	1.5	0.1	1.3	2.7	-1.8
Deferred Income Tax Expense	0.1	0.0	0.2	0.1	0.0
Net Income	5.4	0.1	3.8	9.1	5.2
Non-controlling Interest	-0.0	-0.1	-0.3	-0.4	-0.6
Profit Attributable to Parent	5.4	0.2	4.1	9.5	5.5
Earnings per Share	563.00	16.00	429.00	994.00	550.47
Diluted EPS	563.00	16.00	429.00	994.00	550.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	152.1	140.0	153.2	147.5	121.2
I. Cash and cash equivalents	15.7	4.6	1.2	5.3	6.9
1. Cash	15.7	3.6	1.2	5.3	0.0
2. Cash equivalents	—	1.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.3	0.0
1. Available for sale securities	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
3. Held to maturity investments	—	0.0	0.0	0.3	0.0
III. Short-term receivables	117.5	125.7	145.9	127.8	76.9
1. Short-term trade accounts receivable	48.8	63.0	86.3	70.0	0.0
2. Short-term prepayments to suppliers	0.0	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	71.0	65.4	62.5	60.8	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-2.8	-2.8	-3.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	14.7	5.2	2.2	9.5	16.1
1. Inventories	14.7	5.2	3.4	10.7	0.0
2. Provision for decline in value of inventories	—	0.0	-1.1	-1.1	0.0
V. Other short-term assets	4.2	4.5	3.8	4.6	4.3
1. Short-term prepayments	0.6	0.8	0.4	0.9	0.0
2. Value added tax to be reclaimed	3.6	3.7	3.4	3.6	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.1	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)	51.9	73.6	78.5	83.5	88.0
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	41.0	45.4	50.4	55.2	60.0
1. Tangible fixed assets	36.1	40.3	45.1	49.9	54.7
- Cost	102.5	101.8	101.8	101.8	0.0
- Accumulated depreciation	-66.3	-61.5	-56.7	-51.9	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	4.9	5.0	5.3	5.3	5.3
- Cost	5.4	5.4	5.4	5.4	0.0
- Accumulated depreciation	-0.5	-0.3	-0.1	-0.1	0.0
III. Investment properties	1.1	27.5	27.6	27.6	27.6
- Cost	1.3	27.6	27.6	27.6	0.0
- Accumulated depreciation	-0.2	-0.1	-0.1	-0.1	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	9.1	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	9.1	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	0.7	0.7	0.6	0.8	0.0
1. Long-term prepayments	0.7	0.7	0.6	0.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.5
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)	204.0	213.5	231.7	230.9	209.2
A. LIABILITIES (300=210+330)	78.9	93.7	108.1	102.0	85.9
I. Short -term liabilities	75.5	87.1	98.6	89.5	70.3
1. Short-term trade accounts payable	11.5	6.6	10.0	14.7	11.1
2. Short-term advances from customers	0.0	0.0	0.0	3.2	0.1
3. Taxes and other payables to state authorities	1.5	0.1	1.2	1.8	0.0
4. Payable to employees	1.1	0.6	0.6	0.6	0.0
5. Short-term acrrued expenses	0.2	0.4	0.1	0.2	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	0.1	0.1
9. Other short-term payables	20.8	31.4	33.4	41.2	0.0
10. Short-term borrowings and financial leases	39.9	47.2	52.1	26.1	8.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.8	1.3	1.6	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	3.4	6.5	9.6	12.6	15.6
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	0.2	0.2	0.0	0.0	0.0
8. Long-term borrowings and financial leases	2.0	5.2	8.4	11.6	14.8
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	1.3	1.2	1.1	1.0	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)	125.1	119.9	123.6	128.9	123.3
I. Owner's equity	125.1	119.9	123.6	128.9	0.0
1. Owner's capital	99.9	99.9	99.9	99.9	123.3
- Common stock with voting right	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00
- 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	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	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	1.3	1.3	1.3	1.3	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	21.9	16.5	20.1	25.1	20.4
- Accumulated retained earning at the end of the previous period	16.5	16.3	16.0	15.6	14.9
- Undistributed earnings in this period	5.4	0.2	4.1	9.5	5.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	9.2	9.4	9.5	9.8	9.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
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)	204.0	213.5	231.7	230.9	209.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.9	0.2	5.2	12.0	0.0
Depreciation of Fixed Assets and Investment Property	5.1	5.1	4.8	4.8	0.0
Provision (Increase)/Reversal	0.1	-1.1	-0.2	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.4	-6.6	-6.8	-4.2	0.0
Interest Expense	2.3	2.7	2.9	1.7	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	8.1	0.3	5.9	15.1	0.0
Increase/(Decrease) in Receivables	8.1	20.0	-17.7	-53.5	0.0
Increase/(Decrease) in Inventory	-11.7	-1.8	7.3	-0.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.1	-5.3	-16.6	7.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.5	0.7	-0.5	0.0
Changes in Trading Securities	—	0.0	0.0	19.6	0.0
Interest Paid	-2.5	-2.4	-2.7	-1.5	0.0
Corporate Income Tax Paid	-0.1	-1.0	-2.0	-0.8	0.0
Other Operating Receipts	—	0.0	0.5	0.0	0.0
Other Operating Payments	-0.3	-0.7	-0.7	-0.7	0.0
Net Cash Flow from Operating Activities	1.7	8.6	-25.3	-16.3	-26.3
Payments for Fixed Assets and Other Long-term Assets	-0.7	0.0	0.0	0.0	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-0.3	-3.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.3	0.0	28.0
Investments in Other Entities	-2.0	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	6.9	6.5	6.8	4.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	4.2	6.5	7.1	3.9	31.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	1,323,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	62.0	55.4	38.4	22.9	7.0
Repayment of Borrowings	-56.7	-63.5	-15.6	-9.2	-12.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-3.6	-8.6	-4.3	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	5.3	-11.7	14.2	10.8	-5.9
Net Cash Flow During the Period	11.1	3.4	-4.1	-1.6	3.1
Cash and Cash Equivalents at Beginning of Period	4.6	1.2	5.3	6.9	7.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.7	4.6	1.2	5.3	6.9

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	14.7	31.2	17.9	18.9	7.1	11.1	6.9	10.5	20.6	19.3	8.5	57.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	14.7	31.2	17.9	18.9	7.1	11.1	6.9	10.5	20.6	19.3	8.5	57.4
Cost of Goods Sold	13.9	28.8	15.9	16.8	7.0	9.9	7.9	11.3	20.2	19.7	9.3	54.1
Gross Profit	0.8	2.3	2.0	2.1	0.0	1.2	-0.9	-0.9	0.4	-0.3	-0.8	3.3
Financial Income	1.8	1.8	1.8	1.7	1.6	1.5	1.6	1.7	1.8	1.9	1.8	1.6
Financial Expenses	0.6	0.6	0.6	0.0	0.6	0.6	0.7	0.7	0.7	0.9	0.7	0.8
Interest Expense	0.6	0.6	0.6	0.5	0.7	0.6	0.7	0.7	0.7	0.9	0.7	0.9
Share of Associates and Joint Ventures	-1.4	-0.3	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.4	0.3	0.1	0.1	0.2	0.1	0.2	0.1	0.2	0.2	0.3
General and Administrative Expenses	0.6	0.8	0.5	0.8	0.7	0.8	0.7	0.7	0.6	0.6	0.5	0.6
Operating Profit	-0.4	2.1	2.4	2.8	0.2	1.1	-0.8	-0.8	0.8	-0.1	-0.3	3.2
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0
Profit Before Tax	-0.4	2.1	2.4	2.8	0.2	1.1	-0.8	-0.8	0.7	-0.1	-0.3	3.2
Current Income Tax Expense	0.0	0.4	0.5	0.6	0.1	0.1	-0.1	0.0	0.2	0.0	0.0	0.7
Deferred Income Tax Expense	0.3	0.1	0.0	-0.0	0.0	0.0	0.0	-0.0	-0.0	0.0	0.0	0.1
Net Income	-0.7	1.7	1.9	2.2	0.2	1.0	-0.7	-0.8	0.6	-0.1	-0.4	2.4
Non-controlling Interest	0.0	—	—	0.0	-0.0	-0.1	-0.0	0.0	-0.0	-0.1	-0.1	-0.1
Profit Attributable to Parent	-0.7	1.7	1.9	2.2	0.2	1.0	-0.7	-0.8	0.6	-0.0	-0.3	2.5
Earnings per Share	-77.00	166.78	190.92	221.52	19.00	103.82	-65.33	-84.33	64.00	-5.00	-27.30	251.80
Diluted EPS	-77.00	166.78	190.92	221.52	19.00	16.00	-65.33	-84.33	64.00	-5.00	-27.30	251.80

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)	146.6	152.3	151.6	145.8	141.1	139.3	139.5	143.8	150.5	156.7	169.1	153.3
I. Cash and cash equivalents	4.6	15.7	1.5	1.2	3.5	4.6	2.5	2.2	4.6	1.2	10.9	2.9
1. Cash	4.6	15.7	1.5	1.2	2.5	3.6	1.5	1.2	4.6	1.2	10.9	2.9
2. Cash equivalents	—	—	—	—	1.0	1.0	1.0	1.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.6
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	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	-0.0	-0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.6	0.6
III. Short-term receivables	114.2	117.6	121.9	123.0	120.3	125.7	128.6	134.1	138.3	145.9	146.7	139.5
1. Short-term trade accounts receivable	39.8	48.8	54.5	58.1	55.1	63.0	72.1	72.4	85.0	86.3	83.5	95.4
2. Short-term prepayments to suppliers	0.2	0.0	0.0	0.0	0.0	0.0	0.3	0.3	0.0	0.0	0.0	0.0
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	76.5	70.9	69.5	67.1	68.0	65.4	59.1	64.3	56.1	62.5	66.2	47.1
7. Provision for short-term doubtful debts (*)	-2.3	-2.2	-2.2	-2.2	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-3.0	-3.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	23.2	14.7	22.9	16.4	12.3	4.5	3.8	3.6	3.8	5.7	6.2	6.1
1. Inventories	23.2	14.7	22.9	16.4	12.3	4.5	3.8	4.8	4.9	6.8	7.4	7.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	-1.1	-1.1	-1.1	-1.1	-1.1
V. Other short-term assets	4.6	4.2	5.4	5.1	5.0	4.5	4.5	3.9	3.8	3.8	4.7	4.2
1. Short-term prepayments	0.5	0.6	0.6	0.7	0.7	0.8	0.9	0.5	0.4	0.4	0.5	0.7
2. Value added tax to be reclaimed	4.0	3.6	4.7	4.4	4.2	3.7	3.6	3.4	3.4	3.4	4.1	3.5
3. Taxes and other receivables from state authorities	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	57.5	51.9	53.4	54.2	72.3	73.6	74.8	77.5	77.5	78.5	79.7	81.0
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	40.1	41.0	42.3	42.9	44.1	45.4	46.6	48.0	49.2	50.4	51.6	52.8
1. Tangible fixed assets	35.3	36.1	37.4	38.0	39.1	40.3	41.5	42.7	43.9	45.1	46.3	47.5
- Cost	102.5	—	—	—	—	101.8	101.8	101.8	101.8	101.8	101.8	101.8
- Accumulated depreciation	-67.2	—	—	—	—	-61.5	-60.3	-59.1	-57.9	-56.7	-55.5	-54.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	4.8	4.9	4.9	5.0	5.0	5.0	5.1	5.3	5.3	5.3	5.3	5.3
- Cost	5.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1.1	1.1	1.1	1.1	27.5	27.5	27.5	28.8	27.6	27.6	27.6	27.6
- Cost	1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	15.6	9.1	9.4	9.6	—	-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	16.2	9.1	9.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	9.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.6	0.0	—	-0.0	—	-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	0.7	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.7	0.6	0.6	0.7
1. Long-term prepayments	0.7	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.7	0.6	0.6	0.7
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	204.0	204.2	205.1	200.0	213.4	212.9	214.2	221.3	228.0	235.2	248.8	234.3
A. LIABILITIES (300=210+330)	79.7	78.7	81.2	77.9	93.4	93.0	91.7	97.9	103.8	111.5	116.4	101.5
I. Short -term liabilities	77.1	75.2	77.1	73.0	87.6	86.5	84.4	89.8	94.9	98.8	102.9	90.4
1. Short-term trade accounts payable	12.1	11.5	12.9	8.7	5.6	6.6	7.0	7.0	9.2	10.0	11.0	14.5
2. Short-term advances from customers	5.6	0.0	1.9	0.4	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.8
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.0	1.6	1.1	0.8	0.1	0.1	0.1	0.2	0.2	1.2	3.5	3.5
4. Payable to employees	0.5	0.8	0.5	0.5	0.3	0.6	0.4	0.5	0.6	0.6	0.3	0.6
5. Short-term acrrued expenses	0.2	0.2	0.1	0.1	0.4	0.4	0.2	0.2	0.1	0.0	0.8	0.7
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	16.8	20.7	24.4	29.2	32.5	30.8	30.8	32.4	32.9	36.8	37.8	41.3
10. Short-term borrowings and financial leases	41.5	39.9	35.6	32.8	48.1	47.2	45.1	48.7	51.0	48.9	48.1	27.6
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	0.4	0.4	0.4	0.4	0.4	0.8	0.8	0.6	0.8	1.3	1.3	1.4
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	2.5	3.4	4.2	4.9	5.8	6.6	7.3	8.1	8.9	12.8	13.5	11.1
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.9	2.0	2.8	3.6	4.4	5.2	6.0	6.8	7.6	11.6	12.4	10.0
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	1.4	1.3	1.2	1.2	1.2	1.2	1.1	1.1	1.1	1.1	1.1	1.1
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)	124.4	125.5	123.8	122.1	120.1	119.9	122.5	123.4	124.2	123.6	132.4	132.7
I. Owner's equity	124.4	125.5	123.8	122.1	120.1	119.9	122.5	123.4	124.2	123.6	132.4	132.7
1. Owner's capital	99.9	99.9	99.9	99.9	99.9	99.9	99.9	99.9	99.9	99.9	99.9	99.9
- Common stock with voting right	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00	99,875,570,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00	-7,426,893,655.00
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	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
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	21.2	22.3	20.6	18.7	16.7	16.5	19.0	19.9	20.7	20.1	28.8	29.1
- Accumulated retained earning at the end of the previous period	21.9	16.5	16.5	16.5	16.5	16.3	19.9	20.1	20.1	16.0	24.6	24.6
- Undistributed earnings in this period	-0.7	5.8	4.1	2.2	0.2	0.2	-0.9	-0.2	0.6	4.2	4.2	4.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	9.3	9.2	9.2	9.4	9.4	9.4	9.5	9.5	9.5	9.5	9.6	9.7
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)	204.0	204.2	205.1	200.0	213.4	212.9	214.2	221.3	228.0	235.2	248.8	234.3

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	-0.4	1.7	2.4	2.6	0.2	1.1	-0.6	-1.0	0.7	-0.1	-0.3	3.2
Depreciation of Fixed Assets and Investment Property	0.9	1.3	1.3	1.3	1.2	1.2	1.2	1.4	1.2	1.2	1.2	1.2
Provision (Increase)/Reversal	0.0	0.1	-0.0	0.0	-0.0	0.0	0.0	-1.1	-0.0	-0.2	0.0	-0.0
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	-0.4	-1.6	-1.8	-1.5	-1.6	-1.5	-1.6	-1.7	-1.8	-1.9	-1.8	-1.6
Interest Expense	0.6	0.6	0.6	0.5	0.6	0.6	0.7	0.7	0.7	0.9	0.7	0.9
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	0.8	2.1	2.4	3.0	0.5	1.5	-0.3	-1.8	0.9	-0.1	-0.3	3.7
Increase/(Decrease) in Receivables	2.9	5.4	2.0	-4.2	4.9	2.9	6.8	2.7	7.7	1.0	-7.3	16.3
Increase/(Decrease) in Inventory	-8.5	8.2	-6.9	-5.8	-7.2	-0.8	-0.4	1.5	-1.5	4.0	-0.1	1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.1	-6.2	-0.5	6.6	-0.0	-0.2	-1.9	-2.6	-1.2	-7.5	-9.1	-20.4
Increase/(Decrease) in Prepaid Expenses	0.0	-0.0	0.1	0.1	0.1	0.1	-0.4	-0.1	-0.1	0.2	0.2	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.6	-0.6	-0.6	-0.8	-0.6	-0.4	-0.7	-0.6	-0.7	-1.3	-0.5	-0.4
Corporate Income Tax Paid	-1.5	0.0	-0.0	0.0	-0.1	0.0	-0.2	-0.0	-1.0	-0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.0	0.0
Other Operating Payments	-0.0	-0.0	0.0	0.0	-0.4	0.0	-0.0	-0.1	-0.5	-0.0	0.0	-0.2
Net Cash Flow from Operating Activities	-4.9	9.0	-3.5	-1.1	-2.7	3.0	2.9	-1.0	3.5	-3.3	-17.0	0.0
Payments for Fixed Assets and Other Long-term Assets	-0.6	-0.1	0.0	-0.6	—	1.2	-1.2	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.6	-0.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	-0.3	0.3
Investments in Other Entities	-7.9	—	—	—	—	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	1.8	1.8	1.8	1.7	1.6	1.5	1.6	1.7	1.8	1.9	1.8	1.6
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	-6.8	8.8	1.8	-8.0	1.6	2.7	0.4	1.7	1.8	2.2	2.1	1.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	14.8	18.8	16.2	13.6	13.4	15.6	10.2	12.5	20.3	2.1	32.3	0.7
Repayment of Borrowings	-14.3	-22.3	-14.3	-6.8	-13.3	-15.7	-13.1	-15.7	-22.2	-2.1	-9.4	-0.9
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	-3.6	0.0	0.0	-0.0	-8.6	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.5	-3.5	2.0	6.8	0.1	-3.7	-3.0	-3.1	-1.9	-8.6	22.9	-0.2
Net Cash Flow During the Period	-11.1	14.2	0.3	-2.2	-1.1	2.1	0.3	-2.4	3.4	-9.7	8.0	1.2
Cash and Cash Equivalents at Beginning of Period	15.7	1.5	1.2	3.5	4.6	1.2	1.2	1.2	1.2	5.3	5.3	5.3
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	4.6	15.7	1.5	1.2	3.5	4.6	2.5	2.2	4.6	1.2	10.9	2.9

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NDX

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Cash Flow