NS2

Nước sạch Số 2 Hà Nội ·UPCOM ·2024Q4

● Maintaining

Pre-tax profit relies materially on non-core sources Net financial result/PBT −94.68%

Price

—

Latest close

P/E —

P/B —

EPS 342

BVPS 10,347

ROE 3.3%

ROA 1.3%

Profit Margin 2.6%

Asset Turnover 0.49x

Equity Mult. 2.56x

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

What Is Changing

On a TTM 2024Q4 basis, NS2 is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. Notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 740bn
	                                
+34.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 19bn
	                                
+29.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    89.4%

Metric	2024	2023	2022	2021	2020
Revenue	739.8	552.3	473.8	464.1	447.1
Growth	+34%	+17%	+2%	+4%	—
Net Income	19.4	15.0	14.2	16.6	13.4
Net Margin	2.62%	2.72%	2.99%	3.58%	2.99%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	198.2	199.6	185.3	156.7	164.4	152.1	129.9	105.8	126.9	127.4	117.4	102.1
Growth	-1%	+8%	+18%	-5%	+8%	+17%	+23%	-17%	-0%	+8%	+15%	—
Net Income	-9.9	9.1	12.7	7.6	10.0	5.0	0.0	0.0	2.7	4.6	4.5	2.4
Net Margin	-5.00%	4.54%	6.84%	4.87%	6.06%	3.26%	0.03%	0.05%	2.12%	3.60%	3.81%	2.32%

Drivers of NS2's profit

TTM

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

Gross profit ↑ 116.8bn

Selling expenses ↑ 93.0bn

Administrative expenses ↑ 10.3bn

Finance costs ↑ 4.2bn

Financial income ↓ 2.1bn

TTM

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

Gross profit ↑ 26.4bn

Tax ↓ 4.9bn

Selling expenses ↑ 28.0bn

Other profit ↓ 23.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q4 2.6% = 2.7% × 0.40 × 2.34

2024Q4 3.3% = 2.6% × 0.49 × 2.56

ROE rose from 2.6% to 3.3% — mainly driven by leverage.

Net margin: 2.6% -0.1pp Asset turnover: 0.49x +0.09x Leverage: 2.56x +0.21x

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 stands at 2.63%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

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

Profitability trend

Net Margin 2.63% −0.1pp

Gross Margin 48.29% +4.7pp

SG&A / Revenue 44.82% +3.5pp

Non-core / Revenue -0.17% −1.4pp

TTM YoY · 2023Q4 -> 2024Q4

Watchpoints

Non-core sources share remains high

Even though contribution decreased by 1.4pp, non-core sources still accounts for 89.4% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 0.2% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC edged up to 0.21%, rising 0.6pp. That translates to 0.21 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.13x, while invested capital rose by 99bn — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 0.21% +0.6pp

NOPAT Margin 0.28% +0.9pp

Capital Turnover 0.76x +0.13x

Average Invested Capital 977.1bn +98.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.65x equity, net debt at 0.72x equity.

Over the last 12 months, working capital released 4.8bn 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: +3.0bn

Inventories increased → lower CFO: −112.3bn

Payables increased → higher CFO: +114.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.0 days versus the same period last year. The main moves came from DIO fell 4.3 days, DSO fell 2.4 days, and DPO rose 1.3 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 5.8 days −2.4 days

Inventory 26.5 days −4.3 days

Payables 42.6 days +1.3 days

Cash Conversion Cycle -10.3 days −8.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 32.4bn due to capex of 197.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.72x and interest coverage only at 0.09x.

At present, short-term debt accounts for 9.2% of total debt, cash equals 18.2% of debt, and total debt stands at 518.7bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Interest coverage is thin

Interest coverage is 0.09x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 18.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.72x +0.11x

Interest Coverage 0.09x +0.29x

Cash / Debt 18.2% +4.2pp

Short-term Debt / Total Debt 9.2% −2.5pp

CFO / NI 8.51x +3.47x

TTM YoY · 2023Q4 -> 2024Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 165.4bn in 2024, against investing cash flow of -223.0bn.

Post-investment cash flow was negative +57.6bn. Financing cash flow was positive +93.4bn.

CFO / net income was 8.51x.

After spending +197.9bn on fixed-asset investment, the business generated trailing free cash flow of −32.4bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 165.4bn +89.8bn

Cash Capex 197.9bn −1.8bn

FCF TTM −32.4bn +91.6bn

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The next item to monitor is the earnings mix, when non-core contribution is -94.7%. The main risk still sits in leverage and liquidity, with interest coverage at 0.09x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.51x. Even so, net financial result still accounts for -94.7% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.09x.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	739.8	552.3	473.8	464.1	447.3
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	739.8	552.3	473.8	464.1	447.1
Cost of Goods Sold	382.6	311.8	255.4	0.0	0.0
Gross Profit	357.2	240.5	218.4	221.9	196.9
Financial Income	4.7	6.8	6.0	5.7	5.4
Financial Expenses	27.8	23.5	17.6	-16.2	-14.4
Interest Expense	27.8	23.5	17.6	-16.2	-14.4
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	280.4	187.3	172.2	-176.8	-139.8
General and Administrative Expenses	51.3	41.0	40.0	-38.1	-31.4
Operating Profit	2.6	-4.6	-5.5	-3.6	16.8
Other Income	21.9	23.4	23.5	0.0	0.0
Other Expenses	0.1	0.0	0.2	0.0	0.0
Other Profit	21.8	23.4	23.2	24.3	-0.0
Profit Before Tax	24.3	18.8	17.8	20.7	16.7
Current Income Tax Expense	5.0	3.8	3.6	-4.1	-3.4
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	19.4	15.0	14.2	16.6	13.4
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	19.4	15.0	14.2	16.6	13.4
Earnings per Share	170.00	131.00	124.00	292.14	235.35
Diluted EPS	341.27	264.32	124.00	292.14	235.35

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	284.4	234.2	191.0	245.7	205.0
I. Cash and cash equivalents	94.6	58.8	50.3	107.1	95.0
1. Cash	81.6	40.5	32.0	0.0	0.0
2. Cash equivalents	13.0	18.3	18.3	0.0	0.0
II. Short-term financial investments	121.5	91.3	88.8	0.0	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	0.0
3. Held to maturity investments	121.5	91.3	88.8	0.0	0.0
III. Short-term receivables	21.6	42.8	21.3	23.3	6.1
1. Short-term trade accounts receivable	10.7	12.9	12.1	0.0	0.0
2. Short-term prepayments to suppliers	8.2	0.6	3.6	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.8	31.7	7.5	0.0	0.0
7. Provision for short-term doubtful debts (*)	-2.2	-2.5	-1.9	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	27.7	27.9	24.7	23.2	25.9
1. Inventories	27.7	27.9	24.7	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	19.0	13.4	5.9	2.5	5.3
1. Short-term prepayments	0.9	1.3	0.7	0.0	0.0
2. Value added tax to be reclaimed	18.0	12.1	4.6	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.5	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,272.1	1,203.1	1,103.7	1,070.3	1,104.2
I. Long-term receivables	0.1	0.1	0.0	0.0	0.0
1. Long-term trade receivables	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
3. Capital at inter-company	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
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,153.8	1,068.7	993.2	993.6	1,045.6
1. Tangible fixed assets	1,151.4	1,065.9	991.6	991.8	1,043.5
- Cost	2,519.0	2,289.5	2,096.9	0.0	0.0
- Accumulated depreciation	-1,367.5	-1,223.5	-1,105.3	0.0	0.0
2. Financial leased fixed assets	1.8	2.1	0.8	1.0	1.2
- Cost	2.3	2.3	1.3	0.0	0.0
- Accumulated depreciation	-0.5	-0.1	-0.5	0.0	0.0
3. Intangible fixed assets	0.5	0.6	0.8	0.8	0.9
- Cost	2.0	2.0	2.0	0.0	0.0
- Accumulated depreciation	-1.5	-1.4	-1.3	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	42.8	65.3	63.1	37.6	28.6
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	42.8	65.3	63.1	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	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
5. Held to maturity investments	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
VI. Other long-term assets	75.4	69.0	47.4	0.0	0.0
1. Long-term prepayments	75.4	69.0	47.4	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	39.1	30.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,556.4	1,437.3	1,294.7	1,316.1	1,309.3
A. LIABILITIES (300=210+330)	968.8	854.1	712.2	731.2	727.6
I. Short -term liabilities	232.8	204.5	166.1	186.8	191.1
1. Short-term trade accounts payable	52.8	36.5	34.1	52.9	72.3
2. Short-term advances from customers	15.9	15.2	19.3	29.8	30.4
3. Taxes and other payables to state authorities	4.0	5.7	3.3	0.0	0.0
4. Payable to employees	33.1	22.5	23.8	0.0	0.0
5. Short-term acrrued expenses	9.1	7.9	6.7	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	64.2	61.9	39.0	0.0	0.0
10. Short-term borrowings and financial leases	47.8	49.0	32.8	29.2	25.8
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.9	5.7	7.2	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	736.0	649.5	546.1	544.3	536.4
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	265.1	280.7	296.5	0.0	0.0
8. Long-term borrowings and financial leases	470.9	368.8	249.6	199.8	180.7
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	587.6	583.3	582.4	584.9	581.7
I. Owner's equity	587.4	583.0	582.2	0.0	0.0
1. Owner's capital	568.0	568.0	568.0	584.6	581.4
- Common stock with voting right	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	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
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	19.4	15.0	14.2	16.6	13.4
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	19.4	15.0	14.2	16.6	13.4
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.3	0.3	0.3	0.3	0.3
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.3	0.3	0.3	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,556.4	1,437.3	1,294.7	1,316.1	1,309.3

Item	2024	2023	2022	2021	2020
Profit Before Tax	24.3	18.8	17.8	20.7	16.7
Depreciation of Fixed Assets and Investment Property	144.4	117.9	110.7	109.3	105.5
Provision (Increase)/Reversal	-0.2	0.6	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.7	-6.8	-6.0	0.0	0.0
Interest Expense	27.8	23.5	17.6	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	191.6	154.1	140.1	140.6	130.8
Increase/(Decrease) in Receivables	3.0	-35.6	-3.5	0.0	0.0
Increase/(Decrease) in Inventory	-112.3	-43.2	-59.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	114.1	56.5	-41.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	11.1	-22.2	-7.6	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-27.2	-23.2	-17.6	0.0	0.0
Corporate Income Tax Paid	-7.6	-2.0	-3.4	0.0	0.0
Other Operating Receipts	0.2	0.0	0.1	0.0	0.0
Other Operating Payments	-7.5	-8.6	-6.9	0.0	0.0
Net Cash Flow from Operating Activities	165.4	75.6	0.2	72.3	95.1
Payments for Fixed Assets and Other Long-term Assets	-197.9	-199.6	-108.8	-64.6	-102.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-73.7	-35.5	-3.6	-24.3	-2.9
Receipts from Loan Repayments and Sale of Debt Instruments	43.6	33.0	4.5	7.4	5.0
Investments in Other Entities	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
Dividends and Interest Income Received	5.1	6.6	5.7	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-223.0	-195.6	-102.1	-75.9	-94.8
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	157.0	168.1	86.4	50.7	67.6
Repayment of Borrowings	-55.8	-31.7	-32.8	-28.0	-24.7
Repayment of Finance Leases	-0.4	-0.9	-0.3	-0.3	-0.1
Dividends Paid	-7.5	-7.0	-8.3	-6.6	-7.4
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	93.4	128.4	45.1	15.8	35.5
Net Cash Flow During the Period	35.9	8.5	-56.8	1.0	11.8
Cash and Cash Equivalents at Beginning of Period	58.8	50.3	107.1	95.0	59.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	94.6	58.8	50.3	107.1	95.0

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	198.2	199.6	185.3	156.7	164.4	152.1	129.9	105.8	126.9	127.4	117.4	102.1
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	198.2	199.6	185.3	156.7	164.4	152.1	129.9	105.8	126.9	127.4	117.4	102.1
Cost of Goods Sold	112.3	94.4	102.4	73.5	104.9	78.2	74.8	54.0	68.6	67.7	67.1	51.9
Gross Profit	85.9	105.2	82.9	83.2	59.5	74.0	55.1	51.8	58.3	59.6	50.3	50.2
Financial Income	2.3	0.2	2.0	0.2	3.3	0.2	3.2	0.1	3.2	0.1	2.7	0.1
Financial Expenses	7.1	7.0	6.6	7.0	7.0	5.4	6.3	4.8	5.1	3.9	5.5	3.1
Interest Expense	7.1	7.0	6.6	7.0	7.0	5.4	6.3	4.8	5.1	3.9	5.5	3.1
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	79.9	70.9	72.4	57.2	51.9	51.7	43.6	40.1	40.9	42.1	51.9	37.4
General and Administrative Expenses	13.5	16.1	11.9	9.7	14.8	10.8	8.4	7.1	11.8	8.0	13.4	6.9
Operating Profit	-12.3	11.3	-6.0	9.5	-10.8	6.2	0.0	-0.0	3.6	5.7	-17.8	3.0
Other Income	0.0	0.0	21.8	0.0	23.2	0.0	0.0	0.1	0.0	0.0	23.4	0.0
Other Expenses	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0
Other Profit	-0.1	0.0	21.8	0.0	23.2	-0.0	0.0	0.1	-0.2	0.0	23.4	0.0
Profit Before Tax	-12.4	11.3	15.8	9.5	12.5	6.2	0.0	0.1	3.4	5.7	5.6	3.0
Current Income Tax Expense	-2.5	2.3	3.2	1.9	2.5	1.3	0.0	0.0	0.7	1.1	1.1	0.6
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-9.9	9.1	12.7	7.6	10.0	5.0	0.0	0.0	2.7	4.6	4.5	2.4
Non-controlling Interest	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 Attributable to Parent	-9.9	9.1	12.7	7.6	10.0	5.0	0.0	0.0	2.7	4.6	4.5	2.4
Earnings per Share	-174.64	159.40	223.11	134.30	175.33	87.44	0.70	0.85	47.45	80.61	78.75	41.80
Diluted EPS	-174.64	159.40	223.11	134.30	175.33	87.44	0.70	0.85	47.45	80.61	78.75	41.80

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	284.4	290.0	247.7	200.2	234.2	234.9	206.9	184.5	191.0	213.9	196.2	206.3
I. Cash and cash equivalents	94.6	107.8	99.1	70.5	58.8	79.2	65.7	60.4	50.3	76.6	68.0	72.8
1. Cash	81.6	94.8	86.1	57.5	40.5	60.4	47.2	36.9	32.0	56.3	47.7	52.5
2. Cash equivalents	13.0	13.0	13.0	13.0	18.3	18.8	18.5	23.5	18.3	20.3	20.3	20.3
II. Short-term financial investments	121.5	120.4	95.4	75.4	91.3	77.9	77.0	70.8	88.8	91.4	91.4	89.7
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	0.0	0.0	0.0
3. Held to maturity investments	121.5	120.4	95.4	75.4	91.3	77.9	77.0	70.8	88.8	91.4	91.4	89.7
III. Short-term receivables	21.6	19.4	14.8	18.5	42.8	44.1	29.7	19.6	21.3	18.6	10.7	13.6
1. Short-term trade accounts receivable	10.7	9.1	10.3	14.4	12.9	15.5	15.4	11.3	12.1	7.8	4.6	4.1
2. Short-term prepayments to suppliers	8.2	7.1	0.8	0.7	0.6	17.8	3.5	1.9	3.6	5.8	0.7	1.3
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.8	5.0	5.6	5.6	31.7	12.8	12.6	8.2	7.5	6.9	7.3	10.0
7. Provision for short-term doubtful debts (*)	-2.2	-1.9	-1.9	-2.1	-2.5	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	27.7	35.4	27.6	26.2	27.9	28.7	27.4	25.8	24.7	25.5	23.0	26.9
1. Inventories	27.7	35.4	27.6	26.2	27.9	28.7	27.4	25.8	24.7	25.5	23.0	26.9
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	19.0	7.0	10.8	9.5	13.4	5.0	7.1	7.9	5.9	1.7	3.0	3.3
1. Short-term prepayments	0.9	0.6	0.7	0.7	1.3	1.0	1.4	0.7	0.7	0.8	0.8	1.0
2. Value added tax to be reclaimed	18.0	6.4	10.2	8.7	12.1	3.8	5.1	5.9	4.6	0.0	0.9	2.0
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.2	0.0	0.2	0.5	1.2	0.5	0.9	1.3	0.3
4. Government bonds	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,272.1	1,173.0	1,190.2	1,174.4	1,203.1	1,097.5	1,092.4	1,098.8	1,103.7	1,037.5	1,055.6	1,070.6
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.2	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	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	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	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	0.2	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	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	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	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,153.8	1,092.3	1,122.6	1,101.0	1,068.7	1,028.5	1,023.8	997.5	993.2	985.3	979.2	995.7
1. Tangible fixed assets	1,151.4	1,089.8	1,120.0	1,098.3	1,065.9	1,025.0	1,022.5	996.1	991.6	983.7	977.6	994.0
- Cost	2,519.0	2,421.0	2,414.8	2,353.6	2,289.5	2,218.0	2,185.9	2,130.0	2,096.9	2,061.3	2,027.6	2,016.9
- Accumulated depreciation	-1,367.5	-1,331.2	-1,294.8	-1,255.2	-1,223.5	-1,193.0	-1,163.5	-1,133.9	-1,105.3	-1,077.6	-1,050.0	-1,022.9
2. Financial leased fixed assets	1.8	1.9	2.0	2.1	2.1	2.8	0.7	0.7	0.8	0.8	0.9	0.9
- Cost	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.8	0.8	0.7	0.7
- Cost	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	42.8	20.7	9.7	4.3	65.3	21.8	20.1	55.0	63.1	14.7	36.4	33.6
1. Long-term production in progress	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. Construction in progress	42.8	20.7	9.7	4.3	65.3	21.8	20.1	55.0	63.1	14.7	36.4	33.6
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	75.4	60.0	57.8	69.0	69.0	47.1	48.4	46.1	47.4	37.5	40.0	41.3
1. Long-term prepayments	75.4	60.0	57.8	69.0	69.0	47.1	48.4	46.1	47.4	37.5	40.0	41.3
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,556.5	1,463.0	1,437.9	1,374.5	1,437.3	1,332.4	1,299.2	1,283.3	1,294.7	1,251.5	1,251.7	1,276.9
A. LIABILITIES (300=210+330)	968.8	865.4	849.4	783.6	854.1	759.1	730.9	700.8	712.3	671.8	676.6	689.7
I. Short -term liabilities	232.8	195.6	175.2	140.0	204.5	176.1	164.2	130.7	166.2	157.0	152.8	139.2
1. Short-term trade accounts payable	52.8	24.5	13.6	1.4	36.5	43.8	31.9	21.4	34.1	26.2	17.9	27.5
2. Short-term advances from customers	15.9	18.2	15.5	14.3	15.2	21.5	20.4	20.5	19.3	24.1	26.4	31.9
3. Taxes and other payables to state authorities	4.0	6.0	6.9	5.0	5.7	4.5	2.8	2.5	3.3	5.1	3.7	2.9
4. Payable to employees	33.1	39.0	23.8	15.6	22.5	15.8	0.7	7.0	23.8	20.3	15.3	10.3
5. Short-term acrrued expenses	9.1	8.7	8.4	8.2	7.9	6.6	7.1	6.3	6.7	5.9	11.6	9.4
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	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	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	64.2	47.0	55.1	45.1	61.9	36.6	55.9	34.4	39.0	30.8	36.6	20.4
10. Short-term borrowings and financial leases	47.8	44.4	42.3	48.4	49.0	38.4	34.8	35.2	32.8	35.2	30.4	34.1
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.9	7.8	9.4	1.9	5.7	9.0	10.6	3.4	7.2	9.3	10.9	2.7
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	736.0	669.8	674.2	643.7	649.5	583.0	566.7	570.1	546.1	514.8	523.8	550.5
1. Long-term trade payables	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. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	265.1	280.7	280.7	280.7	280.7	296.5	296.5	296.5	296.5	312.3	312.3	344.5
8. Long-term borrowings and financial leases	470.9	389.0	393.4	362.9	368.8	286.4	270.2	273.6	249.6	202.5	211.5	206.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	587.7	597.6	588.6	590.9	583.3	573.3	568.4	582.5	582.4	579.7	575.1	587.3
I. Owner's equity	587.4	597.4	588.3	590.6	583.0	573.1	568.1	582.2	582.1	579.4	574.8	587.0
1. Owner's capital	568.0	568.0	568.0	568.0	568.0	568.0	568.0	568.0	568.0	568.0	568.0	568.0
- Common stock with voting right	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00	568,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	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. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	19.4	29.4	20.3	22.6	15.0	5.1	0.1	14.2	14.1	11.4	6.8	19.0
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	15.0	0.0	0.0	0.0	14.2	0.0	0.0	0.0	16.6
- Undistributed earnings in this period	19.4	29.4	20.3	7.6	15.0	5.1	0.1	0.0	14.1	11.4	6.8	2.4
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.0
2. Funds invested in fixed assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,556.5	1,463.0	1,437.9	1,374.5	1,437.3	1,332.4	1,299.2	1,283.3	1,294.7	1,251.5	1,251.7	1,276.9

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	-12.4	11.3	15.8	9.5	12.5	6.2	0.0	0.1	3.5	5.7	5.6	3.0
Depreciation of Fixed Assets and Investment Property	36.5	36.4	39.7	31.8	29.9	29.7	29.6	28.7	27.8	27.6	27.2	28.1
Provision (Increase)/Reversal	0.3	0.1	-0.2	-0.3	0.6	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.3	-0.2	-2.0	-0.2	-3.3	-0.2	-3.2	-0.1	-3.2	-0.1	-2.7	-0.1
Interest Expense	7.1	7.0	6.6	7.0	7.0	5.4	6.3	4.8	5.1	3.9	5.5	3.1
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	29.2	54.7	59.9	47.8	46.6	41.1	32.8	33.5	33.3	37.2	35.6	34.1
Increase/(Decrease) in Receivables	-19.9	5.0	-8.0	25.9	-29.1	1.4	-5.8	-2.2	-7.6	-7.0	2.9	8.2
Increase/(Decrease) in Inventory	-56.0	-25.0	-37.5	6.3	-17.5	-19.5	-4.6	-1.6	-43.2	-6.1	-3.1	-6.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	78.9	43.8	40.0	-48.6	31.6	32.2	10.8	-18.1	20.8	9.9	-25.1	-47.5
Increase/(Decrease) in Prepaid Expenses	-12.6	2.2	20.9	0.7	-22.2	1.7	-3.0	1.3	-9.8	2.5	1.5	-1.7
Changes in Trading 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
Interest Paid	-6.9	-6.9	-6.7	-6.7	-6.0	-6.1	-5.7	-5.4	-4.5	-4.4	-5.0	-3.7
Corporate Income Tax Paid	0.0	-3.2	-1.9	-2.5	-1.3	-0.0	-0.0	-0.7	-1.2	-1.1	-0.6	-0.5
Other Operating Receipts	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Other Operating Payments	-1.9	-1.6	-0.0	-3.9	-3.3	-1.6	-0.0	-3.8	-2.1	-1.6	-0.0	-3.1
Net Cash Flow from Operating Activities	10.8	69.0	66.6	19.1	-1.1	49.2	24.5	3.1	-14.4	29.3	6.3	-20.9
Payments for Fixed Assets and Other Long-term Assets	-110.5	-25.6	-44.1	-17.7	-101.4	-49.1	-11.2	-37.9	-61.9	-8.5	-13.5	-24.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1.1	-25.0	-46.9	-0.7	-13.4	-0.9	-1.2	-20.0	-1.9	0.0	-1.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	27.0	16.6	0.0	0.0	-5.0	38.0	4.5	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.3	0.3	1.5	1.0	2.5	1.5	2.1	0.4	2.7	0.3	2.5	0.2
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-109.3	-50.4	-62.5	-0.9	-112.2	-48.5	-15.3	-19.5	-56.6	-8.2	-12.7	-24.6
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	95.9	7.1	48.1	5.9	101.9	26.7	6.9	32.5	55.3	2.8	11.8	16.6
Repayment of Borrowings	-10.5	-9.4	-23.6	-12.3	-8.3	-6.7	-10.7	-6.0	-10.5	-6.9	-10.1	-5.3
Repayment of Finance Leases	-0.1	-0.1	-0.1	-0.1	-0.6	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Dividends Paid	0.0	-7.5	0.0	0.0	0.0	-7.0	0.0	0.0	0.0	-8.3	0.0	0.0
Other Financing Receipts	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 Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	85.3	-9.9	24.4	-6.5	93.0	12.8	-3.9	26.5	44.7	-12.5	1.7	11.2
Net Cash Flow During the Period	-13.2	8.8	28.5	11.8	-20.4	13.5	5.3	10.1	-26.3	8.6	-4.8	-34.3
Cash and Cash Equivalents at Beginning of Period	58.8	58.8	58.8	58.8	50.3	50.3	50.3	50.3	107.1	107.1	107.1	107.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	94.6	107.8	99.1	70.5	58.8	79.2	65.7	60.4	50.3	76.6	68.0	72.8

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NS2

What Is Changing

Drivers of NS2's profit

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Balance Sheet ▲

Working Capital Efficiency ▲

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Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow