NOS

Vận tải biển và Thương mại Phương Đông ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −243.56%, −59.93pp YoY

Price

900,000

Latest close

22 May 2026

P/E -87.69x

P/B -3.38x

EPS -10,263

BVPS -266,281

ROE 3.9%

ROA -77.0%

Profit Margin -243.6%

Asset Turnover 0.32x

Equity Mult. -0.05x

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

What Is Changing

On a TTM 2026Q1 basis, NOS is under pressure on both revenue and margins simultaneously — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 85bn
	                                
−43.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 206bn
	                                
+25.2%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    76.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	100.2	166.3	168.2	371.3	204.1
Growth	-40%	-1%	-55%	+82%	—
Net Income	-204.9	-289.2	-299.2	-247.2	-48.4
Net Margin	-204.54%	-173.92%	-177.83%	-66.59%	-23.73%

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	13.0	17.6	24.8	29.2	26.9	26.9	48.5	47.5	43.6	47.6	48.0	29.2
Growth	-26%	-29%	-15%	+9%	-0%	-44%	+2%	+9%	-8%	-1%	+64%	—
Net Income	-36.1	-49.0	9.8	-130.5	-37.3	-48.0	-36.3	-153.6	-50.6	-121.6	-39.8	-65.1
Net Margin	-278.35%	-279.30%	39.61%	-446.69%	-138.65%	-178.18%	-74.88%	-323.11%	-116.02%	-255.20%	-82.96%	-222.67%

Drivers of NOS's profit

TTM

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

Finance costs ↓ 32.8bn

Gross profit ↑ 20.4bn

Other profit ↑ 16.1bn

TTM

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

Gross profit ↑ 2.9bn

Administrative expenses ↓ 0.5bn

Finance costs ↓ 0.2bn

Other profit ↓ 2.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.5% = -183.6% × 0.37 × -0.08

2026Q1 3.9% = -243.6% × 0.32 × -0.05

ROE fell from 5.5% to 3.9% — net margin weakened the most, though leverage still provided support.

Net margin: -243.6% -59.9pp Asset turnover: 0.32x -0.05x Leverage: -0.05x +0.03x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -243.56%, losing 59.9pp. The main pressure comes from Gross margin fell 27.1pp and SG&A / Revenue rose 6.4pp (in addition, Other profit / Revenue rose 33.2pp added support while Net financial result / Revenue fell 59.6pp remained a drag).

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

Profitability trend

Net Margin -243.56% −59.9pp

Gross Margin -93.44% −27.1pp

SG&A / Revenue 14.89% +6.4pp

Non-core / Revenue -135.23% −26.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 26.4pp, financial result still accounts for 97.8% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover -0.04x +0.04x

Average Invested Capital 2,134.7bn −191.1bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -1.04x equity, with a net cash position equivalent to 0.58x equity.

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 12.6 days versus the same period last year. The main moves came from DIO fell 2.7 days, DSO rose 99.8 days, and DPO rose 109.8 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +99.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 249.7 days +99.8 days

Inventory 10.9 days −2.7 days

Payables 371.3 days +109.8 days

Cash Conversion Cycle -110.8 days −12.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 19.1bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.58x and interest coverage only at -1.57x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.2% of debt, and total debt stands at 3,129.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.57x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.58x +0.02x

Interest Coverage -1.57x +0.01x

Cash / Debt 0.2% +0.0pp

Short-term Debt / Total Debt 100.0% +0.0pp

CFO / NI -0.09x −0.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 19.1bn in 2025, against investing cash flow of 45.4bn.

Post-investment cash flow was positive +64.5bn. Financing cash flow was negative +47.6bn.

CFO / net income was -0.09x.

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 19.3bn +24.2bn

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 margins remain under pressure remaining the main constraint, with net margin down 59.9 pp. The next watchpoint is the earnings mix, when non-core contribution is 76.7%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 76.7% of PBT and CFO / net income currently at -0.09x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -243.56% after a 59.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	100.2	166.3	168.2	371.3	204.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	100.2	166.3	168.2	371.3	204.1
Cost of Goods Sold	181.6	275.0	301.2	437.4	0.0
Gross Profit	-81.4	-108.7	-133.0	-66.1	-34.9
Financial Income	0.7	1.0	0.7	1.5	47.3
Financial Expenses	158.7	193.2	154.5	157.8	-49.2
Interest Expense	72.6	74.6	79.9	72.9	-49.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	12.1	11.7	14.3	25.9	-11.4
Operating Profit	-251.5	-312.7	-301.0	-248.2	-48.2
Other Income	52.1	27.9	2.5	1.8	0.0
Other Expenses	5.5	4.4	0.6	0.8	0.0
Other Profit	46.6	23.5	1.9	1.0	-0.2
Profit Before Tax	-204.9	-289.2	-299.2	-247.2	-48.4
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-204.9	-289.2	-299.2	-247.2	-48.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-204.9	-289.2	-299.2	-247.2	-48.4
Earnings per Share	-10,494.00	-14,810.00	-14,915.77	-12,327.30	-2,413.91
Diluted EPS	-10,216.61	-14,418.94	-14,915.77	-12,327.30	-2,413.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	83.1	119.7	125.8	122.7	106.1
I. Cash and cash equivalents	23.9	7.0	4.9	12.4	6.5
1. Cash	6.9	7.0	4.9	12.4	0.0
2. Cash equivalents	17.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	52.4	104.5	106.1	85.8	92.3
1. Short-term trade accounts receivable	48.5	63.4	61.9	60.6	0.0
2. Short-term prepayments to suppliers	23.0	51.8	57.4	35.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	3.2	3.2	3.2	3.2	0.0
6. Other short-term receivables	78.6	90.2	88.3	91.1	0.0
7. Provision for short-term doubtful debts (*)	-100.8	-104.1	-104.8	-104.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.5	2.9	9.7	18.0	6.4
1. Inventories	0.5	2.9	9.7	18.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.2	5.3	5.0	6.6	0.9
1. Short-term prepayments	—	0.0	0.0	0.2	0.0
2. Value added tax to be reclaimed	6.2	5.3	5.0	6.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	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)	133.0	241.8	387.3	526.9	664.3
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	128.5	212.9	352.5	493.4	629.3
1. Tangible fixed assets	128.0	212.4	352.0	492.9	628.8
- Cost	1,523.8	1,856.8	1,994.7	1,994.7	0.0
- Accumulated depreciation	-1,395.8	-1,644.4	-1,642.7	-1,501.8	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	0.5	0.5	0.5	0.5	0.5
- Cost	0.7	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	4.4	4.4	4.4	4.4	4.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.4	4.4	4.4	4.4	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	118.3	118.3	118.3	118.3	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	-118.3	-118.3	-118.3	-118.3	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	—	24.4	30.4	29.1	0.0
1. Long-term prepayments	—	24.4	30.4	29.1	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	30.6
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)	216.0	361.5	513.1	649.6	770.4
A. LIABILITIES (300=210+330)	5,520.5	5,461.1	5,323.5	5,160.8	5,024.9
I. Short -term liabilities	5,519.9	5,459.6	3,079.2	2,972.8	2,889.1
1. Short-term trade accounts payable	158.8	170.4	180.3	188.0	173.0
2. Short-term advances from customers	13.4	15.4	15.6	16.8	17.5
3. Taxes and other payables to state authorities	0.9	0.7	0.8	0.9	0.0
4. Payable to employees	26.5	27.3	28.5	28.3	0.0
5. Short-term acrrued expenses	2,169.4	2,121.3	2,022.9	1,945.1	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	—	10.7	23.7	1.7	19.3
9. Other short-term payables	19.6	18.9	19.5	19.5	0.0
10. Short-term borrowings and financial leases	3,129.2	3,092.6	785.0	768.8	756.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.1	2.3	2.9	3.7	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	0.6	1.5	2,244.3	2,188.1	2,135.9
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	0.6	0.4	0.4	0.4	0.0
8. Long-term borrowings and financial leases	—	1.0	2,243.9	2,187.7	2,135.5
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	0.0	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)	-5,304.5	-5,099.5	-4,810.4	-4,511.2	-4,254.5
I. Owner's equity	-5,304.5	-5,099.5	-4,810.4	-4,511.2	0.0
1. Owner's capital	200.6	200.6	200.6	200.6	-4,254.5
- Common stock with voting right	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	13.8	13.8	13.8	13.8	13.8
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	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	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	49.9	49.9	49.9	49.9	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	-5,563.5	-5,358.6	-5,069.4	-4,770.2	-4,513.5
- Accumulated retained earning at the end of the previous period	-5,358.6	-5,069.4	-4,770.2	-4,523.0	-4,409.9
- Undistributed earnings in this period	-204.9	-289.2	-299.2	-247.2	-103.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	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
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)	216.0	361.5	513.1	649.6	770.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	-204.9	-289.2	-299.2	-247.2	-31.6
Depreciation of Fixed Assets and Investment Property	85.5	110.7	140.9	139.9	34.8
Provision (Increase)/Reversal	-3.2	-0.7	0.4	15.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	85.4	117.7	74.4	83.4	0.0
Gain/Loss from Investment Activities	-46.6	-21.2	-0.0	-0.0	0.0
Interest Expense	72.6	74.6	79.9	72.9	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	-11.2	-8.0	-3.6	64.3	19.6
Increase/(Decrease) in Receivables	54.4	2.0	-19.3	-16.1	0.0
Increase/(Decrease) in Inventory	2.4	6.8	8.2	-12.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-50.8	25.4	10.1	-12.9	0.0
Increase/(Decrease) in Prepaid Expenses	24.4	6.0	-1.1	1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.4	-0.0	-0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.6	-0.8	-0.1	0.0
Net Cash Flow from Operating Activities	19.1	31.1	-6.5	23.5	5.6
Payments for Fixed Assets and Other Long-term Assets	-1.3	-0.0	0.0	-3.8	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	46.6	21.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	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	0.0	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	45.4	21.1	0.0	-3.8	0.0
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	—	0.0	0.0	0.4	0.8
Repayment of Borrowings	-47.6	-50.2	-1.0	-13.1	-3.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	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	-47.6	-50.2	-1.0	-12.7	-2.6
Net Cash Flow During the Period	16.9	2.1	-7.4	7.0	0.0
Cash and Cash Equivalents at Beginning of Period	7.0	4.9	12.4	5.7	0.0
FX Difference from Revaluation	—	0.0	0.0	-0.3	-0.0
Cash and Cash Equivalents at End of Period	23.9	7.0	4.9	12.4	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	13.0	17.6	24.8	29.2	26.9	26.9	48.5	47.5	43.6	47.6	48.0	29.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	13.0	17.6	24.8	29.2	26.9	26.9	48.5	47.5	43.6	47.6	48.0	29.2
Cost of Goods Sold	30.2	32.1	43.0	58.1	47.1	43.1	86.8	72.3	74.0	80.6	67.8	66.9
Gross Profit	-17.3	-14.6	-18.2	-28.9	-20.2	-16.2	-38.3	-24.7	-30.4	-32.9	-19.8	-37.7
Financial Income	0.0	0.0	0.1	0.5	0.0	0.2	0.2	0.3	0.2	0.1	0.1	0.3
Financial Expenses	16.0	32.5	16.4	93.6	16.2	28.2	16.7	130.1	17.7	85.5	17.1	25.6
Interest Expense	15.9	20.2	16.3	19.9	16.2	20.1	16.6	20.3	17.1	17.4	17.0	23.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.9	2.0	2.2	5.5	3.3	3.1	3.8	2.5	3.0	4.2	3.2	2.9
Operating Profit	-36.0	-49.1	-36.7	-127.5	-39.7	-47.3	-58.6	-157.1	-50.9	-122.6	-40.0	-65.9
Other Income	—	0.1	46.7	0.9	3.8	0.0	51.5	4.0	1.4	1.2	0.3	1.0
Other Expenses	0.0	0.0	0.2	3.9	1.4	0.8	29.2	0.5	1.0	0.1	0.2	0.2
Other Profit	-0.0	0.0	46.5	-3.0	2.4	-0.7	22.3	3.5	0.3	1.1	0.1	0.8
Profit Before Tax	-36.1	-49.0	9.8	-130.5	-37.3	-48.0	-36.3	-153.6	-50.6	-121.6	-39.8	-65.1
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-36.1	-49.0	9.8	-130.5	-37.3	-48.0	-36.3	-153.6	-50.6	-121.6	-39.8	-65.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-36.1	-49.0	9.8	-130.5	-37.3	-48.0	-36.3	-153.6	-50.6	-121.6	-39.8	-65.1
Earnings per Share	-1,799.24	-2,444.75	489.21	-6,508.29	-1,860.74	-2,392.01	-1,809.99	-7,657.83	-2,522.63	-6,061.14	-1,985.89	-3,245.33
Diluted EPS	-1,799.24	-2,444.75	489.21	-6,508.29	-1,860.74	-2,392.01	-1,809.99	-7,657.83	-2,522.63	-6,061.14	-1,985.89	-3,245.33

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)	83.9	81.6	78.5	77.3	126.7	119.7	121.2	136.0	129.5	124.9	122.5	120.7
I. Cash and cash equivalents	7.4	6.9	8.8	11.3	6.9	7.0	4.8	6.7	4.5	4.9	10.8	6.9
1. Cash	7.4	6.9	8.8	11.3	6.9	7.0	4.8	6.7	4.5	4.9	10.8	6.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	20.2	17.0	12.0	—	—	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	17.0	17.0	12.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term investments	3.2	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	49.3	51.0	48.5	50.3	105.6	104.5	106.9	107.0	105.2	105.2	104.7	102.2
1. Short-term trade accounts receivable	49.4	48.5	46.0	48.5	66.2	63.4	60.3	58.7	56.9	61.9	54.4	51.6
2. Short-term prepayments to suppliers	22.9	23.0	23.0	23.2	53.9	51.8	55.5	60.1	60.1	57.4	59.6	62.2
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	—	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2
6. Other short-term receivables	77.7	77.1	77.1	77.2	86.3	90.2	92.0	89.7	89.8	87.0	91.9	89.5
7. Provision for short-term doubtful debts (*)	-100.8	-100.7	-100.7	-101.8	-104.1	-104.1	-104.1	-104.8	-104.8	-104.4	-104.4	-104.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.0	0.5	1.1	5.7	8.8	2.9	2.2	11.2	9.8	9.7	2.8	3.4
1. Inventories	1.0	0.5	1.1	5.7	8.8	2.9	2.2	11.2	9.8	9.7	2.8	3.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.0	6.2	8.0	10.1	5.4	5.3	7.4	11.1	10.0	5.1	4.1	8.2
1. Short-term prepayments	0.1	—	1.3	2.8	0.0	0.0	2.7	3.2	3.0	0.1	0.5	0.2
2. Value added tax to be reclaimed	5.9	6.2	6.6	7.2	5.4	5.3	4.7	7.9	7.0	5.0	3.6	8.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	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)	111.6	133.0	158.1	186.0	212.5	241.8	261.7	308.2	345.4	387.3	423.1	462.5
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	107.1	128.5	149.9	171.4	191.6	212.9	234.3	285.5	317.3	352.5	387.7	422.9
1. Tangible fixed assets	106.6	128.0	149.4	170.9	191.1	212.4	233.8	285.0	316.8	352.0	387.2	422.4
- Cost	1,523.8	—	—	—	—	1,856.8	1,856.8	1,994.2	1,994.7	1,994.7	1,994.7	1,994.7
- Accumulated depreciation	-1,417.2	—	—	—	—	-1,644.4	-1,623.0	-1,709.2	-1,677.9	-1,642.7	-1,607.5	-1,572.3
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
- Cost	0.7	—	—	—	—	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
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	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4
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	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3
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	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3
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	—	—	3.7	10.1	16.5	24.4	23.0	18.3	23.6	30.4	30.9	35.2
1. Long-term prepayments	—	—	3.7	10.1	16.5	24.4	23.0	18.3	23.6	30.4	30.9	35.2
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)	195.5	214.6	236.5	263.3	339.2	361.5	382.9	444.2	474.9	512.2	545.6	583.3
A. LIABILITIES (300=210+330)	5,536.0	5,519.5	5,492.4	5,530.7	5,476.1	5,461.1	5,434.5	5,458.8	5,335.9	5,315.2	5,226.9	5,221.9
I. Short -term liabilities	5,535.4	5,517.9	5,490.8	5,529.1	5,474.6	5,459.6	5,433.0	3,125.7	3,091.5	3,070.9	3,037.4	3,034.0
1. Short-term trade accounts payable	158.4	158.5	159.3	165.1	174.2	170.4	167.6	180.5	183.0	180.3	175.3	177.8
2. Short-term advances from customers	13.4	13.4	14.9	14.0	14.2	15.4	14.5	14.5	13.6	15.6	13.1	51.6
3. Taxes and other payables to state authorities	0.8	0.9	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.8
4. Payable to employees	27.3	26.4	26.7	26.9	27.0	27.3	28.5	27.8	28.0	28.2	27.8	27.9
5. Short-term acrrued expenses	2,185.4	2,169.4	2,149.6	2,133.2	2,137.5	2,121.3	2,101.6	2,060.4	2,040.0	2,019.8	2,003.6	1,985.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	1.6	4.6	7.7	10.7	13.8	16.8	19.9	23.7	26.0	0.0
9. Other short-term payables	18.9	19.0	19.1	19.1	18.8	18.9	18.8	19.0	18.5	18.5	18.6	18.5
10. Short-term borrowings and financial leases	3,129.2	3,128.2	3,116.7	3,163.4	3,092.2	3,092.6	3,085.0	803.2	785.0	781.1	769.2	769.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.0	2.1	2.2	2.2	2.2	2.3	2.3	2.6	2.8	2.9	3.0	3.1
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	0.6	1.6	1.6	1.6	1.5	1.5	1.5	2,333.1	2,244.3	2,244.3	2,189.5	2,188.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.6	0.6	0.6	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
8. Long-term borrowings and financial leases	—	1.0	1.0	1.0	1.0	1.0	1.0	2,332.7	2,243.9	2,243.9	2,189.1	2,187.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	-5,340.5	-5,304.9	-5,255.8	-5,267.4	-5,136.9	-5,099.5	-5,051.6	-5,014.5	-4,861.0	-4,803.0	-4,681.4	-4,638.7
I. Owner's equity	-5,340.5	-5,304.9	-5,255.8	-5,267.4	-5,136.9	-5,099.5	-5,051.6	-5,014.5	-4,861.0	-4,803.0	-4,681.4	-4,638.7
1. Owner's capital	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6
- Common stock with voting right	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00	200,560,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8
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	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00	-5,300,680,000.00
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	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9
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	-5,599.5	-5,563.9	-5,514.8	-5,526.4	-5,395.9	-5,358.6	-5,310.6	-5,273.5	-5,120.0	-5,062.0	-4,940.4	-4,897.7
- Accumulated retained earning at the end of the previous period	-5,563.5	-5,358.6	-5,358.6	-5,358.6	-5,358.6	-5,069.4	-5,069.4	-5,069.4	-5,069.4	-4,770.2	-4,770.2	-4,770.2
- Undistributed earnings in this period	-36.1	-205.3	-156.3	-167.8	-37.3	-289.2	-241.2	-204.2	-50.6	-291.7	-170.2	-127.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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
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)	195.5	214.6	236.5	263.3	339.2	361.5	382.9	444.2	474.9	512.2	545.6	583.3

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	—	-48.6	9.8	-128.8	-37.3	241.2	-36.3	-154.3	-50.6	-129.0	-39.8	-68.0
Depreciation of Fixed Assets and Investment Property	—	21.4	21.4	21.4	21.4	-89.4	22.5	31.7	35.2	35.2	35.2	35.2
Provision (Increase)/Reversal	—	-2.0	2.1	-3.3	—	0.0	0.7	-0.7	0.0	0.4	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	12.3	-0.1	73.2	-0.0	-109.7	2.8	106.6	0.4	72.5	-0.4	2.5
Gain/Loss from Investment Activities	—	0.1	-46.7	-0.0	-0.0	-29.3	29.4	-0.1	-0.0	-0.0	-0.0	-0.0
Interest Expense	—	20.2	16.3	19.9	16.2	-54.6	16.7	20.8	17.1	20.5	17.0	26.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	3.4	2.9	-17.6	0.2	-41.8	35.7	4.0	2.1	-0.4	12.0	-4.2
Increase/(Decrease) in Receivables	—	-1.4	1.4	55.6	-1.2	2.9	0.8	-0.7	-3.1	-1.2	1.3	-25.1
Increase/(Decrease) in Inventory	—	0.6	4.5	3.1	-5.8	-7.6	9.1	-1.4	-0.1	-6.9	0.6	-0.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-3.8	-7.2	-39.1	-0.7	51.3	-42.3	-5.8	-3.2	2.3	-13.6	30.8
Increase/(Decrease) in Prepaid Expenses	—	5.1	7.9	3.5	7.9	-4.8	-5.2	6.2	3.8	1.0	3.9	-9.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	—	—	—	—	0.6	4.5	-0.6	0.6	0.0	0.0	0.0
Other Operating Payments	-1.9	-0.1	-0.0	2.5	-2.5	-17.8	-0.3	-0.2	-0.2	-0.0	-0.1	-0.5
Net Cash Flow from Operating Activities	0.5	3.8	9.4	5.6	0.0	-5.0	-2.1	2.2	-0.6	-5.3	4.1	-9.3
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-1.3	—	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.2	46.9	—	—	57.1	-0.2	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	-12.0	—	—	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	0.0	11.8	34.9	-1.3	0.0	57.1	-0.2	0.2	-0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-0.4	-46.7	0.0	0.0	-50.1	-0.1	0.0	0.0	-0.4	-0.4	-0.1
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	0.0	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	—	-0.4	-46.7	0.0	0.0	-50.1	-0.1	0.0	0.0	-0.4	-0.4	-0.1
Net Cash Flow During the Period	0.5	15.1	-2.5	4.4	0.0	2.1	-2.5	2.4	-0.7	-5.6	3.6	-9.4
Cash and Cash Equivalents at Beginning of Period	6.9	8.8	11.3	6.9	7.0	4.9	4.9	4.9	4.9	12.4	12.4	12.4
FX Difference from Revaluation	0.0	—	0.0	0.0	0.0	0.2	0.6	-0.2	0.2	-0.2	0.2	-0.1
Cash and Cash Equivalents at End of Period	7.4	23.9	8.8	11.3	6.9	7.0	4.8	6.7	4.5	4.9	10.8	6.9

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NOS

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