PDN

Cảng Đồng Nai ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 28.04%, +1.88pp YoY

Price

106,000

Latest close

04 Jun 2026

P/E 12.37x

P/B 3.97x

EPS 8,570

BVPS 26,714

ROE 32.6%

ROA 24.6%

Profit Margin 28.0%

Asset Turnover 0.88x

Equity Mult. 1.32x

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

What Is Changing

On a TTM 2026Q1 basis, PDN is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,597bn
	                                
+15.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 448bn
	                                
+24.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,575.7	1,337.3	1,167.2	1,067.5	892.5
Growth	+18%	+15%	+9%	+20%	—
Net Income	436.5	347.2	294.6	234.2	160.8
Net Margin	27.70%	25.97%	25.24%	21.94%	18.01%

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	375.9	430.4	398.9	392.0	354.5	369.3	332.8	321.8	313.5	334.9	300.3	304.6
Growth	-13%	+8%	+2%	+11%	-4%	+11%	+3%	+3%	-6%	+12%	-1%	—
Net Income	110.5	103.9	108.0	125.5	99.1	86.9	90.1	84.5	85.0	80.5	80.5	80.6
Net Margin	29.39%	24.15%	27.07%	32.01%	27.97%	23.55%	27.06%	26.25%	27.11%	24.03%	26.80%	26.46%

Drivers of PDN's profit

TTM

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

Gross profit ↑ 88.0bn

Financial income ↑ 15.0bn

Tax ↑ 20.3bn

TTM

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

Gross profit ↑ 12.1bn

Administrative expenses ↓ 2.4bn

Tax ↑ 2.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 30.7% = 26.2% × 0.90 × 1.31

2026Q1 32.6% = 28.0% × 0.88 × 1.32

ROE rose from 30.7% to 32.6% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: 28.0% +1.9pp Asset turnover: 0.88x -0.02x Leverage: 1.32x +0.02x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 28.04%, rising 1.9pp. The main driver is SG&A / Revenue fell 1.0pp and Gross margin rose 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.8pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 28.04% +1.9pp

Gross Margin 37.83% +0.4pp

SG&A / Revenue 4.96% −1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 35.58%, rising 1.4pp. That translates to 35.58 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.9pp, with capital turnover broadly stable; while invested capital rose by 203bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 35.58% +1.4pp

NOPAT Margin 28.02% +1.9pp

Capital Turnover 1.27x −0.04x

Average Invested Capital 1,257.9bn +202.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.24x equity, with a net cash position equivalent to 0.06x 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

Cash conversion cycle lengthened by 1.0 days versus the same period last year. The main moves came from DIO rose 0.0 days, DSO fell 6.2 days, and DPO fell 7.1 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +1.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +0.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 41.5 days −6.2 days

Inventory 0.4 days +0.0 days

Payables 36.2 days −7.1 days

Cash Conversion Cycle 5.8 days +1.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 402.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.06x and interest coverage at 102.32x.

At present, short-term debt accounts for 83.5% of total debt, cash equals 155.0% of debt, and total debt stands at 149.3bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 83.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.06x +0.06x

Interest Coverage 102.32x +32.59x

Cash / Debt 155.0% −98.4pp

Short-term Debt / Total Debt 83.5% +29.3pp

CFO / NI 0.92x −0.14x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 402.2bn in 2025, against investing cash flow of -419.3bn.

Post-investment cash flow was negative +17.0bn. Financing cash flow was negative +140.3bn.

CFO / net income was 0.92x.

After spending +93.5bn on fixed-asset investment, the business generated trailing free cash flow of +320.0bn.

Cash Conversion

CFO TTM 413.5bn +28.6bn

Cash Capex 93.5bn +69.4bn

FCF TTM +320.0bn −40.9bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 28.04% after expanding 1.9pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,575.7	1,337.3	1,167.2	1,067.5	892.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,575.7	1,337.3	1,167.2	1,067.5	892.5
Cost of Goods Sold	983.6	838.7	738.4	702.3	0.0
Gross Profit	592.1	498.6	428.8	365.2	268.2
Financial Income	39.7	25.1	25.8	15.8	11.0
Financial Expenses	5.3	7.1	10.9	14.3	-12.6
Interest Expense	5.3	7.0	10.9	14.3	-12.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	22.1	22.3	21.2	19.6	-18.5
General and Administrative Expenses	59.2	61.2	53.3	55.4	-48.1
Operating Profit	545.2	433.1	369.2	291.7	200.1
Other Income	0.5	1.1	1.5	0.9	0.0
Other Expenses	0.1	0.6	2.4	0.3	0.0
Other Profit	0.4	0.4	-0.9	0.6	0.5
Profit Before Tax	545.6	433.6	368.3	292.2	200.6
Current Income Tax Expense	109.1	86.3	73.7	58.0	-39.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	436.5	347.2	294.6	234.2	160.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	436.5	347.2	294.6	234.2	160.8
Earnings per Share	7,350.00	8,713.00	7,337.00	11,338.00	7,823.00
Diluted EPS	7,350.00	8,713.00	7,337.00	11,338.00	8,680.58

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,103.5	843.0	628.0	467.5	378.4
I. Cash and cash equivalents	120.9	278.1	182.8	230.7	184.6
1. Cash	74.9	50.1	70.8	40.7	0.0
2. Cash equivalents	46.0	228.0	112.0	190.0	0.0
II. Short-term financial investments	778.9	412.7	290.0	125.0	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	778.9	412.7	290.0	125.0	0.0
III. Short-term receivables	194.8	150.1	150.6	109.2	102.7
1. Short-term trade accounts receivable	182.8	144.1	144.9	105.2	0.0
2. Short-term prepayments to suppliers	4.5	1.5	2.7	2.5	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	10.2	6.9	5.3	4.0	0.0
7. Provision for short-term doubtful debts (*)	-2.7	-2.5	-2.4	-2.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.2	1.7	0.8	1.5	0.6
1. Inventories	1.2	1.7	0.8	1.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.7	0.4	3.8	1.1	0.5
1. Short-term prepayments	0.7	0.4	1.1	1.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	7.0	0.0	2.6	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)	740.4	705.7	731.4	770.8	763.4
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	334.5	356.2	389.1	383.3	426.0
1. Tangible fixed assets	330.8	352.9	386.6	380.2	422.1
- Cost	989.3	963.4	946.7	885.9	0.0
- Accumulated depreciation	-658.5	-610.5	-560.1	-505.7	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	3.7	3.4	2.5	3.1	3.9
- Cost	9.7	9.1	7.6	7.4	0.0
- Accumulated depreciation	-5.9	-5.7	-5.1	-4.3	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	292.1	234.2	234.0	277.7	226.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	292.1	234.2	234.0	277.7	0.0
V. Long-term financial investments	71.0	71.0	62.6	62.6	62.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	15.2	15.2	15.2	15.2	0.0
3. Investments in other entities	55.8	55.8	47.4	47.4	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	42.9	44.3	45.6	47.2	0.0
1. Long-term prepayments	42.9	44.3	45.6	47.2	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	48.8
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)	1,843.9	1,548.7	1,359.3	1,238.3	1,141.8
A. LIABILITIES (300=210+330)	358.9	309.0	358.8	410.3	417.0
I. Short -term liabilities	309.6	239.2	270.6	292.9	280.5
1. Short-term trade accounts payable	119.1	91.1	80.7	97.5	97.2
2. Short-term advances from customers	1.0	0.6	0.6	0.9	1.2
3. Taxes and other payables to state authorities	34.5	27.2	21.4	17.0	0.0
4. Payable to employees	18.6	31.2	27.1	23.9	0.0
5. Short-term acrrued expenses	10.2	8.0	11.2	5.6	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	1.1	0.0	1.1	1.0	1.0
9. Other short-term payables	4.5	4.7	4.8	5.1	0.0
10. Short-term borrowings and financial leases	70.6	23.5	67.2	91.4	89.4
11. Provision for short-term liabilities	17.8	16.0	15.0	14.4	0.0
12.. Bonus and welfare fund	32.2	36.9	41.7	36.0	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	49.3	69.8	88.2	117.4	136.5
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	24.6	24.6	19.6	19.6	0.0
8. Long-term borrowings and financial leases	24.6	45.2	68.7	97.8	116.9
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	—	0.0	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)	1,485.0	1,239.7	1,000.5	827.9	724.8
I. Owner's equity	1,485.0	1,239.7	1,000.5	827.9	0.0
1. Owner's capital	555.7	370.4	370.4	185.2	724.8
- Common stock with voting right	555,658,200,000.00	370,439,080,000.00	370,439,080,000.00	185,219,540,000.00	185,219,540,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	74.4	74.4	74.4	74.4	74.4
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	474.5	485.2	346.4	413.8	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	380.4	309.6	209.2	154.5	145.0
- Accumulated retained earning at the end of the previous period	118.5	101.2	76.9	51.0	48.6
- Undistributed earnings in this period	262.0	208.4	132.3	103.5	96.5
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)	1,843.9	1,548.7	1,359.3	1,238.3	1,141.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	545.6	433.6	368.3	292.2	0.0
Depreciation of Fixed Assets and Investment Property	49.1	51.1	55.8	57.8	0.0
Provision (Increase)/Reversal	2.0	1.2	7.4	16.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.2	-0.1	-0.1	0.0
Gain/Loss from Investment Activities	-39.6	-24.9	-25.9	-15.8	0.0
Interest Expense	5.3	7.0	10.9	14.3	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	562.1	467.8	416.3	364.9	0.0
Increase/(Decrease) in Receivables	-47.8	4.7	-42.8	-5.1	0.0
Increase/(Decrease) in Inventory	0.6	-0.9	0.7	-0.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	26.7	22.7	-12.1	-15.5	0.0
Increase/(Decrease) in Prepaid Expenses	1.1	2.1	1.5	1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.3	-7.1	-11.0	-14.3	0.0
Corporate Income Tax Paid	-106.1	-79.9	-71.2	-51.3	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-29.2	-27.7	-16.3	-15.9	0.0
Net Cash Flow from Operating Activities	402.2	381.8	265.0	262.8	144.6
Payments for Fixed Assets and Other Long-term Assets	-88.5	-26.4	-19.2	-67.8	-89.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.2	0.1	0.0
Loans and Purchases of Debt Instruments	-778.9	-412.7	-290.0	-125.0	-105.0
Receipts from Loan Repayments and Sale of Debt Instruments	412.7	290.0	125.0	100.0	60.0
Investments in Other Entities	—	-8.4	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	35.3	23.2	24.6	14.3	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	-419.3	-134.3	-159.4	-78.4	-126.3
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	99.9	183.0	314.5	329.1	249.0
Repayment of Borrowings	-73.3	-250.2	-367.8	-346.3	-235.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-166.9	-85.2	-100.2	-111.2	-29.2
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	-140.3	-152.3	-153.5	-128.4	-15.6
Net Cash Flow During the Period	-157.4	95.1	-48.0	56.0	-30.4
Cash and Cash Equivalents at Beginning of Period	278.1	182.8	230.7	174.6	172.6
FX Difference from Revaluation	0.2	0.2	0.1	0.1	-0.0
Cash and Cash Equivalents at End of Period	120.9	278.1	182.8	230.7	184.6

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	375.9	430.4	398.9	392.0	354.5	369.3	332.8	321.8	313.5	334.9	300.3	304.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	375.9	430.4	398.9	392.0	354.5	369.3	332.8	321.8	313.5	334.9	300.3	304.6
Cost of Goods Sold	221.9	276.9	249.4	244.8	212.5	241.2	204.8	203.6	189.2	213.3	181.8	197.8
Gross Profit	154.1	153.5	149.5	147.1	141.9	128.0	128.0	118.2	124.3	121.6	118.5	106.8
Financial Income	2.8	16.8	5.9	14.3	2.7	10.2	2.4	9.4	2.3	9.5	2.4	12.2
Financial Expenses	1.2	1.4	1.1	1.7	1.1	1.9	1.6	2.0	1.7	2.5	2.3	3.0
Interest Expense	1.2	1.4	1.1	1.7	1.1	1.8	1.6	1.9	1.7	2.5	2.3	3.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.4	9.2	5.3	3.6	3.9	7.4	3.6	3.9	7.3	8.0	5.8	4.5
General and Administrative Expenses	13.3	13.0	14.8	15.6	15.7	18.4	14.5	15.1	13.2	16.2	14.7	10.3
Operating Profit	138.0	146.6	134.3	140.4	123.9	110.6	110.7	106.6	104.4	104.5	98.1	101.2
Other Income	0.1	-15.9	0.1	16.2	0.1	0.5	0.1	0.2	0.2	0.1	1.1	0.3
Other Expenses	0.0	0.0	0.1	0.0	0.0	0.5	0.0	0.0	0.1	0.0	2.4	0.1
Other Profit	0.1	-16.0	0.1	16.2	0.0	0.1	0.1	0.2	0.1	0.1	-1.3	0.2
Profit Before Tax	138.1	130.7	134.3	156.7	124.0	110.7	110.8	106.8	104.5	104.5	96.8	101.4
Current Income Tax Expense	27.6	26.7	26.3	31.2	24.8	23.7	20.7	22.3	19.5	24.1	16.3	20.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	110.5	103.9	108.0	125.5	99.1	86.9	90.1	84.5	85.0	80.5	80.5	80.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	110.5	103.9	108.0	125.5	99.1	86.9	90.1	84.5	85.0	80.5	80.5	80.6
Earnings per Share	1,859.00	1,750.00	1,809.00	3,152.00	2,491.00	2,162.00	2,244.00	2,104.00	2,118.00	1,967.00	1,967.00	3,941.00
Diluted EPS	1,988.74	1,870.47	1,943.50	3,386.83	2,676.51	2,347.08	2,431.39	2,280.37	2,294.66	2,171.99	2,172.53	4,352.18

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)	1,239.8	1,103.5	1,070.7	1,098.3	963.9	843.1	877.4	810.6	682.2	628.0	626.9	574.2
I. Cash and cash equivalents	231.4	120.9	233.8	310.1	250.0	278.0	317.5	256.2	184.2	182.8	197.8	257.2
1. Cash	135.4	74.9	75.2	113.1	107.0	50.0	70.5	109.2	72.2	70.8	65.8	63.2
2. Cash equivalents	96.0	46.0	158.6	197.0	143.0	228.0	247.0	147.0	112.0	112.0	132.0	194.0
II. Short-term financial investments	814.1	778.9	646.5	600.5	521.7	412.7	367.7	362.1	317.1	290.0	285.0	155.0
1. Available for sale securities	—	—	—	—	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
3. Held to maturity investments	814.1	778.9	646.5	600.5	521.7	412.7	367.7	362.1	317.1	290.0	285.0	155.0
III. Short-term receivables	186.0	194.8	184.9	181.4	189.5	150.2	188.3	186.2	178.9	150.6	140.8	160.7
1. Short-term trade accounts receivable	179.4	182.8	175.5	171.4	183.6	144.1	179.5	177.6	176.7	144.9	136.3	148.0
2. Short-term prepayments to suppliers	3.7	4.5	6.8	4.1	5.6	1.5	8.3	4.8	2.6	2.7	3.9	6.8
3. Short-term inter-company receivables	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.6	10.2	5.1	8.4	2.8	7.0	3.0	6.3	2.0	5.3	2.9	8.3
7. Provision for short-term doubtful debts (*)	-2.7	-2.7	-2.5	-2.5	-2.5	-2.5	-2.5	-2.5	-2.4	-2.4	-2.4	-2.4
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.1	1.2	1.6	1.8	1.3	1.7	1.2	0.7	0.5	0.8	0.8	0.8
1. Inventories	1.1	1.2	1.6	1.8	1.3	1.7	1.2	0.7	0.5	0.8	0.8	0.8
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	7.2	7.7	3.9	4.4	1.5	0.4	2.7	5.3	1.4	3.8	2.5	0.5
1. Short-term prepayments	0.8	0.7	0.4	0.5	0.8	0.4	0.4	0.7	1.1	1.1	0.2	0.5
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	6.4	7.0	3.5	3.9	0.7	0.0	2.3	4.6	0.3	2.6	2.3	0.0
4. Government bonds	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	740.4	740.4	705.0	688.5	695.2	705.7	711.4	720.2	730.7	731.4	741.4	754.6
I. Long-term receivables	—	—	—	—	0.0	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	—	0.0	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	0.0
II. Fixed assets	326.4	334.5	337.3	335.8	345.1	356.2	360.0	370.3	377.1	389.1	398.7	411.9
1. Tangible fixed assets	322.7	330.7	334.1	332.5	341.8	352.9	358.0	368.1	374.7	386.6	396.1	409.2
- Cost	992.1	—	—	—	964.8	963.4	956.0	953.4	947.3	946.7	942.9	942.0
- Accumulated depreciation	-669.4	—	—	—	-622.9	-610.5	-598.0	-585.3	-572.7	-560.1	-546.8	-532.8
2. Financial leased fixed assets	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.7	3.7	3.2	3.3	3.3	3.4	2.0	2.2	2.4	2.5	2.5	2.7
- Cost	9.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.0	—	—	—	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
- Cost	—	—	—	—	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
IV. Long-term assets in progress	300.6	292.1	253.4	238.2	235.2	234.2	235.8	234.1	237.4	234.0	233.7	233.7
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	300.6	292.1	253.4	238.2	235.2	234.2	235.8	234.1	237.4	234.0	233.7	233.7
V. Long-term financial investments	71.0	71.0	71.0	71.0	71.0	71.0	71.0	71.0	71.0	62.6	62.6	62.6
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2
3. Investments in other entities	55.8	55.8	55.8	55.8	55.8	55.8	55.8	55.8	55.8	47.4	47.4	47.4
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
5. Held to maturity investments	—	—	—	—	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
VI. Other long-term assets	42.5	42.9	43.3	43.5	43.9	44.3	44.6	44.9	45.2	45.6	46.4	46.4
1. Long-term prepayments	42.5	42.9	43.3	43.5	43.9	44.3	44.6	44.9	45.2	45.6	46.4	46.4
2. Deferred income tax assets	—	—	—	—	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
4. Other long-term assets	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,980.2	1,843.9	1,775.7	1,786.7	1,659.1	1,548.8	1,588.8	1,530.8	1,412.9	1,359.3	1,368.3	1,328.8
A. LIABILITIES (300=210+330)	495.8	358.8	394.6	513.6	394.3	309.0	435.9	468.8	327.4	358.5	403.5	444.5
I. Short -term liabilities	446.6	309.5	335.0	454.1	324.5	239.2	359.5	392.5	239.2	276.1	303.6	344.6
1. Short-term trade accounts payable	88.1	119.1	142.7	132.9	108.6	91.1	120.5	108.4	95.9	80.7	108.6	125.7
2. Short-term advances from customers	0.9	1.0	0.8	0.5	0.9	0.6	0.6	0.9	0.4	0.6	0.3	0.3
3. Dividends and profits payable	111.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	33.2	34.4	73.5	73.7	31.4	27.1	61.5	30.0	24.6	21.0	57.3	44.9
4. Payable to employees	18.5	18.6	28.6	24.8	17.4	31.2	27.7	24.1	15.1	27.1	22.3	21.0
5. Short-term acrrued expenses	5.5	10.2	12.7	16.6	10.1	8.0	9.7	8.4	13.6	11.2	5.1	6.4
6. Short-term inter-company payables	—	—	—	—	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
8. Short-term unearned revenue	14.4	1.1	5.6	0.2	4.5	0.0	4.1	0.1	4.2	1.1	3.9	1.6
9. Other short-term payables	5.5	4.5	5.5	97.3	46.9	4.7	4.4	89.6	5.4	4.8	4.4	35.9
10. Short-term borrowings and financial leases	124.7	70.6	15.9	57.8	53.5	23.5	62.9	61.4	27.0	73.0	32.8	35.8
11. Provision for short-term liabilities	22.8	17.8	7.4	3.4	21.0	16.0	23.7	23.9	20.0	15.0	24.3	24.3
12.. Bonus and welfare fund	21.8	32.2	42.4	46.9	30.2	36.9	44.7	45.7	32.8	41.7	44.6	48.8
13. Price stabilization fund	—	—	—	—	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
II. Long-term liabilities	49.3	49.3	59.5	59.5	69.8	69.8	76.4	76.4	88.2	82.4	99.9	99.9
1. Long-term trade payables	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	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
7. Other long-term liabilities	24.6	24.6	24.6	24.6	24.6	24.6	19.6	19.6	19.6	19.6	19.6	19.6
8. Long-term borrowings and financial leases	24.6	24.6	34.9	34.9	45.2	45.2	56.8	56.8	68.7	62.8	80.3	80.3
9. Convertible bonds	—	—	—	—	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
11. Deferred income tax liabilities	—	—	—	—	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
13. Fund for technology development	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	1,484.4	1,485.1	1,381.1	1,273.1	1,264.8	1,239.8	1,152.9	1,062.0	1,085.5	1,000.8	964.8	884.3
I. Owner's equity	1,484.4	1,485.1	1,381.1	1,273.1	1,264.8	1,239.8	1,152.9	1,062.0	1,085.5	1,000.8	964.8	884.3
1. Owner's capital	555.7	555.7	555.7	370.4	370.4	370.4	370.4	370.4	370.4	370.4	370.4	185.2
- Common stock with voting right	555,658,200,000.00	555,658,200,000.00	555,658,200,000.00	370,439,080,000.00	370,439,080,000.00	370,439,080,000.00	370,439,080,000.00	370,439,080,000.00	370,439,080,000.00	370,439,080,000.00	370,439,080,000.00	185,219,540,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4
3. Convertible bond option	—	—	—	—	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
5. Treasury shares	—	—	—	—	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
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	474.5	474.5	300.0	485.2	485.2	485.2	346.4	346.4	346.4	346.5	228.6	413.8
9. Fund to support corporate restructuring	—	—	—	—	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
11. Undistributed earnings after tax	379.8	380.5	451.1	343.1	334.7	309.7	361.6	270.7	294.2	209.4	291.4	210.9
- Accumulated retained earning at the end of the previous period	269.3	118.5	118.5	118.5	235.6	101.2	101.2	101.2	209.2	76.9	76.9	76.9
- Undistributed earnings in this period	110.5	262.0	332.6	224.6	99.1	208.5	260.4	169.5	85.0	132.5	214.5	134.0
12. Reserves for investment in construction	—	—	—	—	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
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	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)	1,980.2	1,843.9	1,775.7	1,786.7	1,659.1	1,548.8	1,588.8	1,530.8	1,412.9	1,359.3	1,368.3	1,328.8

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	—	265.0	—	280.6	0.0	0.0	-212.2	212.2	0.0	368.3	-167.1	167.1
Depreciation of Fixed Assets and Investment Property	—	24.2	—	24.9	0.0	0.0	-25.6	25.6	0.0	55.8	-28.1	28.1
Provision (Increase)/Reversal	—	14.6	—	-12.6	0.0	0.0	-10.1	10.1	0.0	7.4	-10.0	10.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.2	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	—	-22.5	—	-17.1	0.0	0.0	12.6	-12.6	0.0	-25.9	14.1	-14.1
Interest Expense	—	2.5	—	2.8	0.0	0.0	-3.6	3.6	0.0	10.9	-6.1	6.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	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
Operating Profit Before Changes in Working Capital	—	283.5	—	278.6	0.0	0.0	-239.0	239.0	0.0	416.3	-197.2	197.2
Increase/(Decrease) in Receivables	—	-14.8	—	-33.0	0.0	0.0	36.8	-36.8	0.0	-42.8	49.6	-49.6
Increase/(Decrease) in Inventory	—	0.6	—	-0.1	0.0	0.0	-0.1	0.1	0.0	0.7	-0.6	0.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-34.9	—	61.7	0.0	0.0	-29.2	29.2	0.0	-12.1	-36.4	36.4
Increase/(Decrease) in Prepaid Expenses	—	0.5	—	0.6	0.0	0.0	-1.2	1.2	0.0	1.5	-1.3	1.3
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-2.5	—	-2.8	0.0	0.0	3.7	-3.7	0.0	-11.0	6.2	-6.2
Corporate Income Tax Paid	-26.8	-57.5	-24.8	-0.0	-23.8	-43.0	-0.1	-19.5	-17.3	-42.1	-12.3	-2.0
Other Operating Receipts	4.4	—	—	—	0.0	9.4	10.4	-2.9	2.9	-10.0	10.0	-2.4
Other Operating Payments	-38.7	57.9	-72.6	20.0	-34.5	-41.1	-56.1	10.2	-29.0	40.3	-47.4	12.2
Net Cash Flow from Operating Activities	94.3	18.8	116.7	183.8	83.1	60.2	148.2	93.4	79.9	7.1	104.3	119.1
Payments for Fixed Assets and Other Long-term Assets	-11.2	-55.0	-21.8	-5.5	-6.2	-9.7	-4.2	-4.1	-8.4	-2.3	-4.9	-6.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	—	-178.4	—	-600.5	0.0	0.0	362.1	-362.1	0.0	-290.0	255.0	-255.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	—	412.7	0.0	0.0	-290.0	290.0	0.0	125.0	-125.0	125.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	-8.4	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
Dividends and Interest Income Received	8.4	11.2	9.4	8.4	6.3	5.9	6.5	5.2	5.6	6.8	5.7	8.5
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	-37.9	-176.2	-58.5	-75.8	-108.8	-48.8	-3.2	-43.9	-38.4	-0.4	-29.2	-147.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	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
Proceeds from Borrowings	109.2	50.0	0.0	13.9	35.9	39.0	60.0	37.1	46.9	129.9	63.8	61.1
Repayment of Borrowings	-55.1	-5.6	-41.9	-19.9	-5.9	-89.9	-58.6	-14.6	-87.0	-107.2	-66.7	-87.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-92.6	-42.0	-32.3	-0.0	-85.2	-0.0	0.0	-44.5	-31.6	-24.1
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	54.1	44.3	-134.5	-47.9	-2.3	-51.0	-83.7	22.5	-40.1	-21.7	-34.5	-50.8
Net Cash Flow During the Period	110.5	-113.1	-76.3	60.1	-28.0	-39.6	61.3	72.0	1.4	-15.0	40.6	-79.3
Cash and Cash Equivalents at Beginning of Period	120.9	233.8	310.1	250.0	278.1	182.8	182.8	182.8	182.8	230.7	230.7	230.7
FX Difference from Revaluation	—	0.2	—	—	0.0	0.2	0.0	0.0	0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	231.4	120.9	233.8	310.1	250.0	278.0	317.5	256.2	184.2	182.8	197.8	157.2

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PDN

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