PBC

Dược phẩm Trung ương I - Pharbaco ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 3.22%, −1.59pp YoY

Price

6,000

Latest close

03 Jun 2026

P/E 20.51x

P/B 0.54x

EPS 293

BVPS 11,176

ROE 2.6%

ROA 1.1%

Profit Margin 3.2%

Asset Turnover 0.34x

Equity Mult. 2.45x

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

What Is Changing

On a TTM 2026Q1 basis, PBC is going through a period of clear decline across multiple metrics at once — the growth momentum has held across consecutive periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,066bn
	                                
+1.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 34bn
	                                
−31.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,077.7	1,065.1	1,340.0	1,057.0	940.6
Growth	+1%	-21%	+27%	+12%	—
Net Income	31.5	21.7	39.4	60.2	29.3
Net Margin	2.92%	2.04%	2.94%	5.69%	3.12%

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	207.9	280.2	288.4	289.5	220.4	322.8	240.2	263.4	238.6	357.8	371.9	312.3
Growth	-26%	-3%	-0%	+31%	-32%	+34%	-9%	+10%	-33%	-4%	+19%	—
Net Income	10.7	6.4	22.4	-5.2	19.7	6.5	15.6	8.5	13.7	0.7	15.6	8.6
Net Margin	5.13%	2.29%	7.76%	-1.78%	8.93%	2.02%	6.51%	3.23%	5.75%	0.19%	4.20%	2.76%

Drivers of PBC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 12.9bn

Other profit ↑ 6.7bn

Gross profit ↓ 21.1bn

Finance costs ↑ 12.5bn

Financial income ↓ 3.4bn

TTM

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

Administrative expenses ↓ 0.9bn

Finance costs ↑ 9.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.9% = 4.8% × 0.33 × 2.51

2026Q1 2.6% = 3.2% × 0.34 × 2.45

ROE fell from 3.9% to 2.6% — leverage weakened the most, though asset turnover still provided support.

Net margin: 3.2% -1.6pp Asset turnover: 0.34x +0.01x Leverage: 2.45x -0.06x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 3.22%, losing 1.6pp. The main pressure is Gross margin fell 2.3pp, outweighing the improvement in SG&A / Revenue fell 1.5pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 1.4pp 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 3.22% −1.6pp

Gross Margin 17.75% −2.3pp

SG&A / Revenue 9.21% −1.5pp

TTM YoY · 2025Q1 -> 2026Q1

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 0.40x +0.02x

Average Invested Capital 2,691.9bn −63.1bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 1.42x equity, net debt at 1.10x equity.

Over the last 12 months, working capital absorbed 76.0bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −80.6bn

Inventories decreased → higher CFO: +56.8bn

Payables decreased → lower CFO: −52.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 31.1 days versus the same period last year. The main moves came from DIO fell 23.0 days, DSO fell 2.9 days, and DPO rose 5.3 days.

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

Working Capital Efficiency

Receivables 64.3 days −2.9 days

Inventory 79.2 days −23.0 days

Payables 74.7 days +5.3 days

Cash Conversion Cycle 68.8 days −31.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 88.8bn due to capex of 90.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.10x and interest coverage only at 0.74x.

At present, short-term debt accounts for 44.5% of total debt, cash equals 0.9% of debt, and total debt stands at 1,441.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.10x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.74x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.10x +0.04x

Interest Coverage 0.74x −0.79x

Cash / Debt 0.9% −9.8pp

Short-term Debt / Total Debt 44.5% +4.8pp

CFO / NI 0.05x −7.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 29.1bn in 2025, against investing cash flow of -67.0bn.

Post-investment cash flow was negative +37.9bn. Financing cash flow was negative +114.4bn.

CFO / net income was 0.05x.

After spending +90.3bn on fixed-asset investment, the business generated trailing free cash flow of −88.8bn.

Cash Conversion

CFO TTM 1.5bn −353.8bn

Cash Capex 90.3bn −30.5bn

FCF TTM −88.8bn −323.3bn

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 1.6 pp. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 3.22% after a 1.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,079.1	1,066.8	1,341.2	1,057.1	940.8
Revenue Deductions	1.4	1.7	1.1	0.1	0.0
Net Revenue	1,077.7	1,065.1	1,340.0	1,057.0	940.6
Cost of Goods Sold	892.1	855.3	1,109.2	821.6	0.0
Gross Profit	185.6	209.8	230.8	235.4	174.9
Financial Income	2.5	3.0	6.5	4.8	11.4
Financial Expenses	43.9	43.3	46.2	37.5	-35.1
Interest Expense	38.4	36.5	40.6	31.1	-29.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.5	4.9	6.0	6.1	-7.5
General and Administrative Expenses	105.0	134.4	134.0	117.0	-105.3
Operating Profit	34.6	30.2	51.1	79.6	38.3
Other Income	6.0	0.1	0.1	3.0	0.0
Other Expenses	0.7	2.1	1.5	5.7	0.0
Other Profit	5.3	-2.1	-1.4	-2.7	-0.7
Profit Before Tax	39.9	28.1	49.7	76.9	37.7
Current Income Tax Expense	8.4	6.5	10.3	16.7	-8.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	31.5	21.7	39.4	60.2	29.3
Non-controlling Interest	—	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	31.5	21.7	39.4	60.2	29.4
Earnings per Share	7,007.00	191.00	347.00	530.00	371.00
Diluted EPS	269.98	191.00	347.00	531.30	266.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	606.8	777.7	913.7	935.3	950.7
I. Cash and cash equivalents	73.6	228.5	206.2	190.9	190.7
1. Cash	73.6	228.5	8.2	80.9	0.0
2. Cash equivalents	—	0.0	198.0	110.0	0.0
II. Short-term financial investments	—	0.0	0.0	70.0	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	70.0	0.0
III. Short-term receivables	199.4	206.7	264.8	227.7	368.8
1. Short-term trade accounts receivable	148.5	211.1	161.4	118.1	0.0
2. Short-term prepayments to suppliers	31.3	50.8	107.2	88.9	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	96.3	5.2	16.3	20.7	0.0
7. Provision for short-term doubtful debts (*)	-76.6	-60.4	-20.2	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	177.8	181.2	273.2	276.7	237.6
1. Inventories	178.0	181.3	281.1	276.8	0.0
2. Provision for decline in value of inventories	-0.2	-0.1	-7.9	-0.1	0.0
V. Other short-term assets	155.9	161.4	169.5	170.0	153.6
1. Short-term prepayments	2.5	3.6	2.0	3.4	0.0
2. Value added tax to be reclaimed	153.4	157.7	167.4	166.5	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.1	0.2	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)	2,521.0	2,389.9	2,253.5	1,961.7	1,710.4
I. Long-term receivables	219.4	156.9	156.9	19.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	19.4
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	219.4	156.9	156.9	19.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	129.3	135.4	112.5	139.5	177.5
1. Tangible fixed assets	81.4	87.5	102.9	127.9	163.9
- Cost	565.2	559.3	547.4	543.7	0.0
- Accumulated depreciation	-483.8	-471.8	-444.6	-415.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.3	0.4
- Cost	—	0.0	0.0	0.9	0.0
- Accumulated depreciation	—	0.0	0.0	-0.6	0.0
3. Intangible fixed assets	48.0	47.9	9.6	11.4	13.2
- Cost	65.3	57.2	15.4	14.6	0.0
- Accumulated depreciation	-17.3	-9.3	-5.8	-3.2	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	2,166.7	2,089.6	1,971.6	1,793.8	1,506.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2,166.7	2,089.6	1,971.6	1,793.8	0.0
V. Long-term financial investments	—	0.3	0.3	0.3	-0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.2	0.3	0.3	0.3	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	-1.2	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	5.5	7.8	12.3	8.7	0.0
1. Long-term prepayments	5.5	7.8	12.3	8.7	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	6.6
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)	3,127.7	3,167.6	3,167.2	2,897.0	2,661.1
A. LIABILITIES (300=210+330)	1,834.1	1,897.9	1,919.1	1,631.7	1,453.7
I. Short -term liabilities	1,215.8	976.3	924.0	737.1	886.5
1. Short-term trade accounts payable	167.9	174.6	112.1	148.7	133.7
2. Short-term advances from customers	167.8	149.6	118.5	97.6	86.0
3. Taxes and other payables to state authorities	7.9	4.9	9.9	11.3	0.0
4. Payable to employees	10.9	14.7	12.0	16.1	0.0
5. Short-term acrrued expenses	45.7	5.1	4.1	3.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	5.3	6.0	24.9	24.2	0.0
10. Short-term borrowings and financial leases	809.7	620.9	642.1	435.3	626.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.6	0.6	0.6	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	618.3	921.6	995.1	894.6	567.2
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	1.9	1.7	2.6	2.8	0.0
8. Long-term borrowings and financial leases	616.4	919.6	992.2	891.6	564.9
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	—	0.3	0.3	0.3	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)	1,293.6	1,269.7	1,248.0	1,265.3	1,207.4
I. Owner's equity	1,293.6	1,269.7	1,248.0	1,265.3	0.0
1. Owner's capital	1,167.0	1,133.0	1,133.0	1,133.0	1,207.4
- Common stock with voting right	1,166,984,480,000.00	1,132,999,020,000.00	1,132,999,020,000.00	1,132,999,020,000.00	1,100,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	25.7	25.7	25.7	25.7	25.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	38.5	38.5	38.5	38.5	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	62.4	65.0	43.3	60.6	35.7
- Accumulated retained earning at the end of the previous period	30.9	43.3	4.0	0.4	6.3
- Undistributed earnings in this period	31.5	21.7	39.4	60.2	29.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	7.5	7.5	7.5	7.5
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)	3,127.7	3,167.6	3,167.2	2,897.0	2,661.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	39.9	28.1	49.7	76.9	37.7
Depreciation of Fixed Assets and Investment Property	27.7	30.8	32.0	36.4	43.0
Provision (Increase)/Reversal	16.0	32.5	28.0	-0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	7.8	3.6	2.1	1.6	0.0
Gain/Loss from Investment Activities	-2.3	-0.7	-3.0	-0.1	0.0
Interest Expense	38.4	36.5	40.6	31.1	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	127.3	130.8	149.3	145.1	102.8
Increase/(Decrease) in Receivables	-67.7	27.6	-195.6	138.9	0.0
Increase/(Decrease) in Inventory	3.3	99.8	-4.3	-38.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-23.7	31.1	-22.1	31.1	0.0
Increase/(Decrease) in Prepaid Expenses	3.4	2.9	-2.2	-3.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-8.3	-35.4	-39.6	-32.1	0.0
Corporate Income Tax Paid	-5.3	-11.5	-11.7	-7.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	29.1	245.2	-126.2	233.1	-58.8
Payments for Fixed Assets and Other Long-term Assets	-91.8	-129.9	-188.7	-299.7	-471.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.3	0.1	4.9	0.4	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-135.0	-8.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	70.0	65.0	81.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	22.5	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.6	4.1	1.5	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	-67.0	-129.2	-109.8	-367.7	-396.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	200,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	789.5	618.7	1,366.5	2,030.8	1,414.0
Repayment of Borrowings	-903.8	-712.5	-1,059.1	-1,895.3	-1,020.9
Repayment of Finance Leases	—	0.0	0.0	-0.3	0.0
Dividends Paid	-0.0	-0.0	-56.2	-0.0	-0.1
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	-114.4	-93.8	251.3	135.2	593.0
Net Cash Flow During the Period	-152.3	22.2	15.3	0.5	166.6
Cash and Cash Equivalents at Beginning of Period	226.0	206.2	190.9	190.4	52.7
FX Difference from Revaluation	-0.0	-0.0	0.0	-0.1	0.3
Cash and Cash Equivalents at End of Period	73.6	228.5	206.2	190.9	190.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	207.9	280.2	288.6	290.7	220.4	324.5	240.2	263.4	238.6	358.9	371.9	312.3
Revenue Deductions	—	—	0.2	1.2	0.0	1.7	0.0	0.0	0.0	1.1	0.0	0.0
Net Revenue	207.9	280.2	288.4	289.5	220.4	322.8	240.2	263.4	238.6	357.8	371.9	312.3
Cost of Goods Sold	161.9	228.0	239.8	247.1	173.8	258.1	194.9	209.7	190.9	308.6	311.9	250.4
Gross Profit	46.0	52.1	48.6	42.5	46.6	64.7	45.3	53.7	47.7	49.2	60.0	61.9
Financial Income	0.2	0.2	1.5	0.4	0.4	3.3	1.2	0.8	0.4	1.3	0.2	4.5
Financial Expenses	12.1	17.8	3.6	20.2	2.5	18.3	5.9	14.5	7.6	14.5	13.7	19.5
Interest Expense	11.8	8.8	10.3	10.7	8.5	10.2	8.8	8.9	8.8	10.5	13.5	18.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.9	1.0	1.0	1.2	1.3	1.2	1.2	1.4	1.2	1.3	1.4	1.6
General and Administrative Expenses	22.6	23.4	25.4	22.7	23.5	36.2	23.5	23.7	25.4	29.5	29.4	28.3
Operating Profit	10.7	10.2	20.1	-1.2	19.7	12.4	15.8	14.9	14.0	5.2	15.6	17.1
Other Income	0.0	3.6	2.3	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.2	0.1	0.2	0.2	0.7	0.3	0.2	0.1	0.2
Other Profit	0.0	3.6	2.3	-0.1	-0.0	-0.2	-0.2	-0.6	-0.3	-0.2	-0.0	-0.1
Profit Before Tax	10.7	13.7	22.4	-1.4	19.7	12.2	15.6	14.3	13.7	5.0	15.6	16.9
Current Income Tax Expense	—	7.3	—	3.8	—	5.7	0.0	5.8	0.0	4.3	0.0	8.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	10.7	6.4	22.4	-5.2	19.7	6.5	15.6	8.5	13.7	0.7	15.6	8.6
Non-controlling Interest	—	—	—	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0
Profit Attributable to Parent	10.7	6.4	22.4	-5.2	19.7	6.5	15.6	8.5	13.7	0.7	15.6	8.6
Earnings per Share	91.32	55.05	191.70	-45.52	174.00	58.00	138.00	75.00	121.00	5.97	138.00	76.00
Diluted EPS	91.32	55.05	191.70	-45.52	173.77	57.61	137.96	75.12	121.06	5.97	137.70	75.95

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)	603.9	530.4	559.4	767.0	748.3	858.9	929.7	910.6	915.1	933.9	1,051.5	1,173.6
I. Cash and cash equivalents	13.5	73.6	5.2	3.9	164.2	228.5	22.8	16.1	18.0	206.2	6.5	209.4
1. Cash	13.5	73.6	5.2	3.9	164.2	228.5	22.8	16.1	18.0	8.2	6.5	209.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	198.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	270.4	122.4	189.6	348.9	204.3	287.8	497.7	472.9	478.1	285.0	560.3	469.9
1. Short-term trade accounts receivable	175.0	148.5	189.3	173.8	200.3	211.1	209.3	200.3	184.8	161.4	184.8	138.9
2. Short-term prepayments to suppliers	112.5	31.7	61.6	92.4	59.2	92.6	93.1	93.0	106.9	107.2	150.4	304.0
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	59.4	18.3	14.7	143.1	5.1	25.2	223.4	199.8	206.6	16.3	225.1	27.0
7. Provision for short-term doubtful debts (*)	-76.6	-76.0	-76.0	-60.4	-60.4	-41.0	-28.1	-20.2	-20.2	-0.0	-0.0	-0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	161.6	177.8	205.8	247.1	218.5	181.2	245.2	232.9	249.6	273.2	309.3	318.2
1. Inventories	161.8	178.0	208.6	249.9	218.6	181.3	245.3	235.7	249.7	281.1	309.4	319.0
2. Provision for decline in value of inventories	-0.2	-0.2	-2.8	-2.8	-0.1	-0.1	-0.1	-2.8	-0.1	-7.9	-0.1	-0.8
V. Other short-term assets	158.5	156.5	158.9	167.1	161.4	161.4	164.0	188.7	169.3	169.5	175.4	176.1
1. Short-term prepayments	2.5	3.1	3.4	4.3	3.2	3.7	1.4	1.2	1.4	2.1	4.4	3.7
2. Value added tax to be reclaimed	151.7	153.4	155.4	159.1	158.0	157.7	162.5	163.3	165.7	167.4	170.6	172.2
3. Taxes and other receivables from state authorities	4.3	0.0	0.0	3.6	0.2	0.0	0.1	24.2	2.2	0.1	0.3	0.3
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)	2,536.2	2,598.5	2,637.7	2,491.5	2,465.6	2,350.5	2,319.3	2,309.3	2,277.6	2,250.4	2,211.6	2,044.2
I. Long-term receivables	19.4	297.4	357.4	219.4	219.4	156.9	156.9	156.9	156.9	156.9	156.9	19.4
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	19.4	297.4	357.4	219.4	219.4	156.9	156.9	156.9	156.9	156.9	156.9	19.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	124.3	129.3	129.3	122.7	128.2	95.2	101.9	106.7	114.1	112.5	118.6	122.9
1. Tangible fixed assets	77.3	81.4	80.2	76.7	81.2	87.5	93.7	98.1	105.0	102.9	108.5	112.2
- Cost	565.2	—	—	—	—	559.3	559.1	556.7	556.5	547.4	545.9	542.3
- Accumulated depreciation	-487.8	—	—	—	—	-471.8	-465.4	-458.6	-451.6	-444.5	-437.4	-430.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.2
- 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	46.9	48.0	49.1	46.0	47.0	7.7	8.2	8.6	9.1	9.5	10.0	10.5
- Cost	65.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-18.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2,187.7	2,166.1	2,141.0	2,143.7	2,112.0	2,090.3	2,052.6	2,035.7	1,994.8	1,968.4	1,920.9	1,885.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2,187.7	2,166.1	2,141.0	2,143.7	2,112.0	2,090.3	2,052.6	2,035.7	1,994.8	1,968.4	1,920.9	1,885.7
V. Long-term financial investments	200.0	—	5.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
1. Investments in subsidiaries	—	—	5.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.2	1.2	1.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
3. Investments in other entities	200.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-1.2	-1.2	-1.3	—	—	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	4.8	5.6	4.6	5.4	5.7	7.8	7.7	9.8	11.5	12.3	15.0	15.9
1. Long-term prepayments	4.8	5.6	4.6	5.4	5.7	7.8	7.7	9.8	11.5	12.3	15.0	15.9
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)	3,140.1	3,128.8	3,197.1	3,258.5	3,213.9	3,209.4	3,248.9	3,220.0	3,192.7	3,184.3	3,263.1	3,217.8
A. LIABILITIES (300=210+330)	1,835.8	1,834.2	1,908.8	1,974.3	1,924.4	1,921.7	1,967.8	1,949.7	1,930.9	1,922.4	2,001.8	1,976.7
I. Short -term liabilities	1,033.8	1,215.9	1,146.4	1,211.5	1,002.9	1,000.2	960.7	941.9	935.8	927.2	929.8	904.7
1. Short-term trade accounts payable	171.6	167.9	180.5	243.3	187.2	174.6	188.8	176.2	131.0	112.1	136.8	87.8
2. Short-term advances from customers	175.9	167.8	232.3	209.1	175.6	149.6	145.4	140.9	140.3	118.5	113.6	111.9
3. Dividends and profits payable	0.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.9	8.0	6.8	3.4	8.0	8.8	6.0	4.2	2.9	13.4	12.0	7.9
4. Payable to employees	7.4	10.9	15.9	12.9	8.5	14.7	14.3	13.8	9.5	12.0	11.5	7.4
5. Short-term acrrued expenses	24.6	45.7	24.5	16.7	10.8	5.1	5.7	11.7	4.1	3.8	2.0	3.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.3	5.3	4.9	5.1	5.8	26.0	27.6	26.9	24.7	24.9	25.2	24.4
10. Short-term borrowings and financial leases	641.7	809.7	681.1	720.6	606.4	620.9	572.2	567.6	622.7	642.1	628.1	661.6
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	802.0	618.3	762.5	762.8	921.6	921.6	1,007.1	1,007.7	995.1	995.1	1,072.1	1,072.0
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	1.9	1.9	2.2	2.2	1.7	1.7	2.0	2.6	2.6	2.6	2.9	2.8
8. Long-term borrowings and financial leases	800.1	616.4	760.3	760.3	919.6	919.6	1,004.8	1,004.8	992.2	992.2	1,068.9	1,068.9
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	—	—	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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)	1,304.3	1,294.7	1,288.2	1,284.2	1,289.4	1,287.7	1,281.2	1,270.3	1,261.8	1,261.9	1,261.2	1,241.1
I. Owner's equity	1,304.3	1,294.7	1,288.2	1,284.2	1,289.4	1,287.7	1,281.2	1,270.3	1,261.8	1,261.9	1,261.2	1,241.1
1. Owner's capital	1,167.0	1,167.0	1,167.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0
- Common stock with voting right	1,166,984,480,000.00	1,166,984,480,000.00	1,166,984,480,000.00	1,132,999,020,000.00	1,132,999,020,000.00	1,132,999,020,000.00	1,132,999,020,000.00	1,132,999,020,000.00	1,132,999,020,000.00	1,132,999,020,000.00	1,132,999,020,000.00	1,132,999,020,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7
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	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5
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	73.0	63.4	57.0	79.6	84.7	83.0	76.5	65.6	57.1	57.2	56.5	36.4
- Accumulated retained earning at the end of the previous period	62.4	30.9	30.9	65.0	65.0	43.3	43.3	43.3	43.3	4.0	4.0	4.0
- Undistributed earnings in this period	10.7	32.6	26.1	14.5	19.7	39.7	33.1	22.2	13.7	53.2	52.6	32.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
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)	3,140.1	3,128.8	3,197.1	3,258.5	3,213.9	3,209.4	3,248.9	3,220.0	3,192.7	3,184.3	3,263.1	3,217.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	10.7	12.7	22.6	-15.0	19.7	12.2	15.6	8.4	13.7	-12.3	15.6	22.7
Depreciation of Fixed Assets and Investment Property	5.1	5.1	5.3	10.0	7.2	6.9	7.3	7.5	7.5	7.6	7.8	8.2
Provision (Increase)/Reversal	—	-2.1	-0.2	18.3	—	12.9	-2.8	10.7	-7.8	28.0	-0.7	0.7
FX Gain/Loss from Revaluation of Monetary Items	—	5.4	—	2.4	—	6.4	-4.2	4.2	0.0	2.1	-1.1	1.1
Gain/Loss from Investment Activities	-0.0	-0.0	-2.3	-0.0	-0.0	-0.2	-0.0	-0.4	-0.1	-0.6	-0.0	-3.1
Interest Expense	11.8	8.8	10.3	10.7	8.5	10.2	8.8	8.8	8.8	7.3	13.5	10.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	27.5	32.2	33.4	26.3	35.4	48.4	24.7	39.2	22.2	32.1	35.1	40.2
Increase/(Decrease) in Receivables	-73.5	129.6	2.2	-138.8	-60.6	201.8	-8.8	-13.3	-213.8	278.8	-215.9	234.7
Increase/(Decrease) in Inventory	16.2	30.6	41.3	-31.3	-37.3	64.0	-9.6	14.0	31.3	28.4	9.6	-61.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.5	-118.6	1.2	57.7	36.0	-22.8	27.6	40.0	45.3	-25.5	49.9	-165.8
Increase/(Decrease) in Prepaid Expenses	0.7	-0.0	1.7	-0.9	2.6	-2.3	1.9	1.9	1.4	5.1	0.2	-3.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-32.2	1.5	-2.7	-3.6	-3.5	-8.9	-14.3	-0.7	-11.5	-4.7	-15.3	-8.8
Corporate Income Tax Paid	-1.0	0.0	0.0	-5.3	—	0.0	0.0	0.0	-11.5	0.0	-0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-54.9	75.3	77.1	-95.9	-27.3	280.0	21.5	81.2	-136.6	314.1	-136.4	34.5
Payments for Fixed Assets and Other Long-term Assets	-21.0	3.0	-53.1	-19.2	-22.5	-38.0	-19.3	-41.0	-32.4	-52.2	-31.0	-69.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	2.3	—	—	0.0	0.0	0.1	0.0	-0.0	0.0	5.9
Loans and Purchases of Debt Instruments	—	—	—	—	—	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	70.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	5.5	17.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.0	0.0	0.0	0.2	0.0	0.3	0.1	0.6	0.0	3.0
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	-20.9	8.5	-33.8	-19.2	-22.5	-37.8	-19.3	-40.6	-32.2	-51.6	-31.0	9.5
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	409.0	178.9	225.0	219.9	165.8	271.9	181.2	161.7	70.7	239.5	275.0	331.0
Repayment of Borrowings	-393.3	-194.1	-264.5	-265.0	-180.2	-308.5	-176.7	-204.2	-90.1	-302.2	-310.5	-205.3
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	-0.0	-0.0	-0.0	-0.1
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	15.7	-15.3	-39.5	-45.1	-14.5	-36.6	4.6	-42.5	-19.3	-62.8	-35.6	125.5
Net Cash Flow During the Period	-60.1	68.5	3.7	-160.2	-64.3	205.7	6.8	-2.0	-188.2	199.7	-202.9	169.5
Cash and Cash Equivalents at Beginning of Period	73.6	5.2	3.9	164.2	228.5	206.2	206.2	206.2	206.2	190.9	190.9	190.9
FX Difference from Revaluation	—	-0.0	—	0.0	—	-0.0	-0.1	0.1	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	13.5	73.6	5.2	3.9	164.2	228.5	22.8	16.1	18.0	206.2	6.5	209.4

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PBC

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