PGD

Phân phối khí thấp áp Dầu khí Việt Nam ·HOSE ·2026Q1

● Maintaining

Price

22,950

Latest close

04 Jun 2026

P/E 8.04x

P/B 1.48x

EPS 2,855

BVPS 15,500

ROE 15.5%

ROA 6.7%

Profit Margin 2.0%

Asset Turnover 3.25x

Equity Mult. 2.33x

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

What Is Changing

On a TTM 2026Q1 basis, PGD shows mild improvement in both revenue and margins, but the magnitude of change is narrow — profit is at an all-time high. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 11,384bn
	                                
+1.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 233bn
	                                
+9.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.61x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	11,452.6	10,937.6	9,890.7	11,274.4	8,996.1
Growth	+5%	+11%	-12%	+25%	—
Net Income	168.4	249.2	265.8	412.7	254.0
Net Margin	1.47%	2.28%	2.69%	3.66%	2.82%

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	2,489.9	2,828.6	3,091.3	2,974.0	2,558.8	2,839.8	2,906.5	2,899.0	2,292.3	2,479.6	2,456.5	2,663.3
Growth	-12%	-8%	+4%	+16%	-10%	-2%	+0%	+26%	-8%	+1%	-8%	—
Net Income	65.0	29.8	74.2	64.3	0.0	-2.2	97.6	117.0	36.8	68.3	23.0	63.0
Net Margin	2.61%	1.05%	2.40%	2.16%	0.00%	-0.08%	3.36%	4.04%	1.60%	2.75%	0.94%	2.37%

Drivers of PGD's profit

TTM

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

Gross profit ↑ 75.0bn

Financial income ↑ 11.3bn

Selling expenses ↑ 56.3bn

Tax ↑ 12.3bn

TTM

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

Gross profit ↑ 126.0bn

Selling expenses ↑ 38.6bn

Tax ↑ 21.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.6% = 1.9% × 3.25 × 2.37

2026Q1 15.5% = 2.0% × 3.25 × 2.33

ROE rose from 14.6% to 15.5% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 2.0% +0.2pp Asset turnover: 3.25x +0.00x Leverage: 2.33x -0.04x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 2.05%, 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 2.05% +0.2pp

Gross Margin 6.97% +0.6pp

SG&A / Revenue 4.73% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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 — —

NOPAT Margin 2.05% +0.1pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 1.42x equity, with a net cash position equivalent to 0.52x equity.

Over the last 12 months, working capital absorbed 378.2bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +59.3bn

Inventories increased → lower CFO: −56.1bn

Payables decreased → lower CFO: −381.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 13.5 days versus the same period last year. The main moves came from DIO rose 1.0 days, DSO fell 0.7 days, and DPO fell 13.3 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +13.5 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +1.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 21.1 days −0.7 days

Inventory 2.6 days +1.0 days

Payables 44.0 days −13.3 days

Cash Conversion Cycle -20.2 days +13.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 161.3bn due to capex of 18.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.52x and interest coverage at 110.31x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1672.9% of debt, and total debt stands at 50.6bn.

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

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity -0.52x —

Interest Coverage 110.31x +23.09x

Cash / Debt 1672.9% —

Short-term Debt / Total Debt 100.0% —

CFO / NI -0.61x −2.73x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -47.6bn in 2025, against investing cash flow of -101.1bn.

Post-investment cash flow was negative +148.7bn. Financing cash flow was negative +118.0bn.

CFO / net income was -0.61x.

After spending +18.3bn on fixed-asset investment, the business generated trailing free cash flow of −161.3bn.

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 143.0bn −593.1bn

Cash Capex 18.3bn −1.1bn

FCF TTM −161.3bn −592.0bn

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 brighter spot is earnings conversion is confirmed, with CFO/NI at -0.61x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.61x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	11,452.6	10,937.6	9,890.7	11,274.4	8,996.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	11,452.6	10,937.6	9,890.7	11,274.4	8,996.1
Cost of Goods Sold	10,784.8	10,169.5	9,125.3	10,320.8	0.0
Gross Profit	667.8	768.1	765.4	953.7	691.1
Financial Income	42.8	31.1	51.6	19.9	11.5
Financial Expenses	1.7	3.2	7.4	4.0	-5.8
Interest Expense	0.5	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	407.7	385.5	367.2	349.1	-314.8
General and Administrative Expenses	91.3	96.0	106.6	99.0	-60.2
Operating Profit	210.0	314.4	335.9	521.4	321.9
Other Income	0.0	0.0	0.2	0.2	0.0
Other Expenses	0.2	1.5	0.7	1.9	0.0
Other Profit	-0.2	-1.5	-0.5	-1.8	1.4
Profit Before Tax	209.8	312.9	335.4	519.7	323.2
Current Income Tax Expense	41.5	63.7	69.6	107.0	-69.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	168.4	249.2	265.8	412.7	254.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	168.4	249.2	265.8	412.7	254.0
Earnings per Share	1,579.00	2,365.00	2,555.00	4,452.00	2,822.47
Diluted EPS	1,700.55	2,365.00	2,555.00	4,452.00	2,822.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,203.2	3,378.4	2,955.1	3,191.2	2,893.0
I. Cash and cash equivalents	1,118.2	1,384.9	1,135.2	1,590.2	1,490.9
1. Cash	55.2	194.9	85.2	70.2	0.0
2. Cash equivalents	1,063.0	1,190.0	1,050.0	1,520.0	0.0
II. Short-term financial investments	848.0	717.8	487.5	297.1	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	848.0	717.8	487.5	297.1	0.0
III. Short-term receivables	1,165.9	1,204.3	1,228.5	1,240.2	1,205.3
1. Short-term trade accounts receivable	571.7	634.9	702.8	778.5	0.0
2. Short-term prepayments to suppliers	31.2	2.2	8.5	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	603.1	593.9	533.3	475.3	0.0
7. Provision for short-term doubtful debts (*)	-40.1	-26.8	-16.2	-16.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	55.0	48.6	46.7	42.8	39.8
1. Inventories	55.0	48.6	46.7	42.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	16.1	22.8	57.3	21.0	20.1
1. Short-term prepayments	3.4	3.8	5.4	5.8	0.0
2. Value added tax to be reclaimed	12.6	16.4	51.8	15.1	0.0
3. Taxes and other receivables from state authorities	0.1	2.6	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	371.6	389.9	407.8	420.6	450.1
I. Long-term receivables	17.7	3.4	3.1	3.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.0
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	17.7	3.4	3.1	3.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	228.0	263.0	278.2	298.4	337.8
1. Tangible fixed assets	181.8	215.1	228.5	249.8	288.3
- Cost	1,111.3	1,097.2	1,060.0	1,039.7	0.0
- Accumulated depreciation	-929.5	-882.1	-831.5	-789.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	46.2	47.9	49.7	48.6	49.5
- Cost	63.2	63.2	63.2	60.2	0.0
- Accumulated depreciation	-17.0	-15.4	-13.5	-11.6	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	6.2	1.9	2.3	1.5	1.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.2	1.9	2.3	1.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	119.7	121.5	124.3	117.5	0.0
1. Long-term prepayments	119.7	121.5	124.3	117.5	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	107.7
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)	3,574.8	3,768.2	3,362.9	3,611.8	3,343.1
A. LIABILITIES (300=210+330)	2,099.3	2,290.7	1,961.4	2,056.6	1,959.7
I. Short -term liabilities	2,099.2	2,290.6	1,961.3	2,056.5	1,959.6
1. Short-term trade accounts payable	1,011.8	2,012.3	1,642.7	1,769.6	1,737.3
2. Short-term advances from customers	52.9	97.2	68.0	51.8	12.8
3. Taxes and other payables to state authorities	9.4	12.4	20.7	44.7	0.0
4. Payable to employees	25.5	15.8	22.1	13.0	0.0
5. Short-term acrrued expenses	823.9	13.2	54.3	4.6	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	143.8	138.2	152.6	172.1	0.0
10. Short-term borrowings and financial leases	30.5	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	1.5	1.0	0.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.1	0.1	0.1	0.1	0.1
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	1,475.5	1,477.5	1,401.5	1,555.2	1,383.4
I. Owner's equity	1,475.5	1,477.5	1,401.5	1,555.2	0.0
1. Owner's capital	990.0	990.0	990.0	900.0	1,383.4
- Common stock with voting right	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	899,990,250,000.00	899,990,250,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2	0.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	255.2	180.5	100.7	178.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	12.4	0.0
11. Undistributed earnings after tax	230.2	307.0	310.7	464.4	292.6
- Accumulated retained earning at the end of the previous period	73.8	72.8	57.8	63.7	50.5
- Undistributed earnings in this period	156.4	234.1	252.9	400.7	242.0
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)	3,574.8	3,768.2	3,362.9	3,611.8	3,343.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	209.8	312.9	335.4	519.7	323.2
Depreciation of Fixed Assets and Investment Property	49.1	55.5	52.4	59.1	60.5
Provision (Increase)/Reversal	13.3	10.6	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-41.7	-29.7	-51.1	-18.9	0.0
Interest Expense	0.5	0.0	0.0	0.0	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	231.0	349.3	336.7	559.9	344.8
Increase/(Decrease) in Receivables	22.6	41.9	-17.3	-33.9	0.0
Increase/(Decrease) in Inventory	-6.4	-1.9	-3.9	-3.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-240.8	334.1	-69.1	72.6	0.0
Increase/(Decrease) in Prepaid Expenses	2.3	4.3	-7.9	-11.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.5	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-34.0	-81.4	-92.7	-84.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-21.9	-24.1	-22.8	-19.3	0.0
Net Cash Flow from Operating Activities	-47.6	622.2	122.9	480.7	-24.8
Payments for Fixed Assets and Other Long-term Assets	-7.0	-28.9	-26.5	-14.2	-82.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	180.7
Loans and Purchases of Debt Instruments	-1,030.2	-860.3	-660.4	-450.2	-336.9
Receipts from Loan Repayments and Sale of Debt Instruments	900.0	630.0	470.0	290.0	200.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	36.1	35.2	44.0	18.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-101.1	-224.0	-172.9	-156.4	-28.7
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	30.5	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-148.5	-148.5	-405.0	-225.0	-180.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-118.0	-148.5	-405.0	-225.0	-180.0
Net Cash Flow During the Period	-266.7	249.7	-455.0	99.3	370.2
Cash and Cash Equivalents at Beginning of Period	1,384.9	1,135.2	1,590.2	1,490.9	1,724.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1,118.2	1,384.9	1,135.2	1,590.2	1,490.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,489.9	2,828.6	3,091.3	2,974.0	2,558.8	2,839.8	2,906.5	2,899.0	2,292.3	2,479.6	2,456.5	2,663.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,489.9	2,828.6	3,091.3	2,974.0	2,558.8	2,839.8	2,906.5	2,899.0	2,292.3	2,479.6	2,456.5	2,663.3
Cost of Goods Sold	2,246.1	2,709.1	2,866.3	2,768.4	2,441.0	2,735.7	2,654.5	2,654.1	2,125.3	2,274.4	2,321.8	2,517.7
Gross Profit	243.8	119.5	225.0	205.5	117.7	104.1	252.0	245.0	167.1	205.2	134.8	145.6
Financial Income	11.8	11.2	11.0	10.3	10.3	8.6	6.8	7.3	8.3	9.8	15.1	15.2
Financial Expenses	1.6	0.4	0.1	0.7	0.6	0.7	0.8	0.9	0.8	1.8	2.3	2.3
Interest Expense	0.6	0.4	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	143.3	71.1	124.4	107.5	104.7	87.8	120.0	77.5	100.3	94.8	96.3	61.0
General and Administrative Expenses	23.8	21.6	18.8	28.3	22.6	26.4	18.7	26.3	24.6	30.7	22.4	21.4
Operating Profit	86.8	37.6	92.8	79.5	0.1	-2.2	119.2	147.6	49.8	87.7	29.0	76.0
Other Income	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.1	0.1	0.0
Other Expenses	0.0	0.0	0.0	0.1	0.0	0.0	0.1	1.4	0.1	0.1	0.0	0.6
Other Profit	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0	-0.1	-1.4	-0.1	0.0	0.1	-0.5
Profit Before Tax	86.8	37.5	92.8	79.4	0.1	-2.2	119.1	146.3	49.7	87.7	29.0	75.5
Current Income Tax Expense	21.8	7.7	18.6	15.1	0.1	0.0	21.5	29.3	12.9	19.4	6.0	12.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	65.0	29.8	74.2	64.3	0.0	-2.2	97.6	117.0	36.8	68.3	23.0	63.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	65.0	29.8	74.2	64.3	0.0	-2.2	97.6	117.0	36.8	68.3	23.0	63.0
Earnings per Share	656.00	301.13	1,309.00	589.00	0.14	-22.27	985.91	1,181.76	341.00	689.80	232.58	700.34
Diluted EPS	656.23	301.13	749.46	649.82	0.14	-22.27	985.91	1,181.76	371.50	689.80	232.58	700.34

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)	3,017.0	3,203.2	3,535.1	3,392.1	3,257.6	3,378.4	3,456.2	3,448.9	2,859.3	2,955.1	3,132.2	3,459.4
I. Cash and cash equivalents	846.2	1,118.2	1,461.5	1,309.5	1,130.6	1,384.9	1,593.9	1,648.1	1,041.7	1,135.2	1,433.4	1,717.7
1. Cash	176.2	55.2	91.5	100.5	130.6	194.9	128.9	211.1	76.7	85.2	83.4	127.7
2. Cash equivalents	670.0	1,063.0	1,370.0	1,209.0	1,000.0	1,190.0	1,465.0	1,437.0	965.0	1,050.0	1,350.0	1,590.0
II. Short-term financial investments	778.0	848.0	717.9	717.9	717.8	717.8	467.7	387.7	487.5	487.5	447.3	547.3
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	778.0	848.0	717.9	717.9	717.8	717.8	467.7	387.7	487.5	487.5	447.3	547.3
III. Short-term receivables	1,280.5	1,165.9	1,279.9	1,306.0	1,322.1	1,204.3	1,309.9	1,311.7	1,253.2	1,228.5	1,193.6	1,144.0
1. Short-term trade accounts receivable	607.8	571.7	566.0	792.0	710.5	634.9	775.1	697.5	629.6	702.8	696.5	636.0
2. Short-term prepayments to suppliers	0.2	31.2	16.6	0.2	0.9	2.2	2.3	2.3	3.5	8.5	4.1	0.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	712.6	603.1	734.0	546.0	642.8	593.9	548.7	628.0	636.3	533.3	509.2	524.0
7. Provision for short-term doubtful debts (*)	-40.1	-40.1	-36.8	-32.1	-32.0	-26.8	-16.2	-16.2	-16.2	-16.2	-16.2	-16.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	104.6	55.0	50.8	52.1	48.5	48.6	47.9	46.7	47.2	46.7	42.2	42.9
1. Inventories	104.6	55.0	50.8	52.1	48.5	48.6	47.9	46.7	47.2	46.7	42.2	42.9
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	7.7	16.1	25.0	6.5	38.7	22.8	36.9	54.8	29.7	57.3	15.7	7.4
1. Short-term prepayments	4.8	3.4	5.4	6.4	4.3	3.8	5.4	6.4	5.2	5.4	5.7	7.4
2. Value added tax to be reclaimed	2.6	12.6	19.6	0.1	31.7	16.4	28.7	45.8	24.4	51.8	10.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.1	—	—	2.7	2.6	2.7	2.7	0.1	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	360.9	371.6	348.8	354.1	372.9	389.9	389.0	399.1	408.3	407.8	397.5	409.3
I. Long-term receivables	18.6	17.7	5.3	4.8	4.7	3.4	3.4	3.4	3.4	3.1	3.1	3.1
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	18.6	17.7	5.3	4.8	4.7	3.4	3.4	3.4	3.4	3.1	3.1	3.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	219.8	228.0	228.1	237.8	251.2	263.0	267.0	280.7	266.9	278.2	270.3	277.9
1. Tangible fixed assets	174.0	181.8	181.5	190.8	203.7	215.1	218.6	232.0	217.6	228.5	220.1	229.8
- Cost	1,114.1	—	—	—	—	1,097.2	1,087.4	1,087.1	1,061.8	1,060.0	1,045.3	1,043.3
- Accumulated depreciation	-940.1	—	—	—	—	-882.1	-868.8	-855.2	-844.2	-831.5	-825.2	-813.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	45.8	46.2	46.6	47.0	47.4	47.9	48.3	48.8	49.2	49.7	50.2	48.1
- Cost	63.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-17.4	—	—	—	—	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	5.0	6.2	3.8	2.5	2.1	1.9	1.8	1.8	18.1	2.3	4.9	4.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	6.2	3.8	2.5	2.1	1.9	1.8	1.8	18.1	2.3	4.9	4.1
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	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
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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	117.6	119.7	111.6	109.1	115.0	121.5	116.8	113.3	119.9	124.3	119.3	124.3
1. Long-term prepayments	117.6	119.7	111.6	109.1	115.0	121.5	116.8	113.3	119.9	124.3	119.3	124.3
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)	3,377.9	3,574.8	3,883.8	3,746.2	3,630.5	3,768.2	3,845.2	3,848.0	3,267.6	3,362.9	3,529.8	3,868.7
A. LIABILITIES (300=210+330)	1,843.4	2,099.3	2,286.7	2,220.2	2,155.1	2,290.7	2,217.9	2,308.3	1,832.3	1,961.4	2,201.2	2,155.1
I. Short -term liabilities	1,843.3	2,099.2	2,286.6	2,220.1	2,155.0	2,290.6	2,217.8	2,308.3	1,832.2	1,961.3	2,201.1	2,155.0
1. Short-term trade accounts payable	631.7	1,011.8	1,089.7	1,015.9	1,922.5	2,012.3	1,893.0	2,022.6	1,368.8	1,642.7	1,583.3	1,763.2
2. Short-term advances from customers	74.8	52.9	79.3	78.9	87.5	97.2	99.2	81.7	82.0	68.0	73.2	65.4
3. Taxes and other payables to state authorities	19.4	9.4	21.1	30.3	2.1	12.4	25.7	29.7	16.6	20.7	15.8	18.5
4. Payable to employees	49.9	25.5	57.8	29.4	8.2	15.8	46.8	9.1	20.5	22.1	26.6	13.2
5. Short-term acrrued expenses	881.8	823.9	889.1	926.8	3.1	13.2	16.1	12.0	197.4	54.3	342.4	128.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	133.9	143.8	130.1	134.2	131.6	138.2	128.5	150.1	146.3	152.6	156.9	162.6
10. Short-term borrowings and financial leases	50.6	30.5	15.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.1	1.5	4.2	4.6	0.0	1.5	8.6	3.0	0.6	1.0	2.9	4.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,534.5	1,475.5	1,597.2	1,526.0	1,475.4	1,477.5	1,627.3	1,539.7	1,435.3	1,401.5	1,328.6	1,713.6
I. Owner's equity	1,534.5	1,475.5	1,597.2	1,526.0	1,475.4	1,477.5	1,627.3	1,539.7	1,435.3	1,401.5	1,328.6	1,713.6
1. Owner's capital	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	900.0
- Common stock with voting right	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	989,982,660,000.00	899,990,250,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00	-9,550,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	255.2	255.2	255.2	255.2	180.5	180.5	180.5	180.5	100.7	100.7	100.7	190.7
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	289.1	230.2	351.8	280.6	304.9	307.0	456.7	369.1	344.5	310.7	237.7	622.8
- Accumulated retained earning at the end of the previous period	224.2	73.8	222.3	222.3	304.9	72.8	221.3	221.3	310.7	57.8	49.2	454.3
- Undistributed earnings in this period	65.0	156.4	129.5	58.3	0.0	234.1	235.4	147.8	33.8	252.9	188.5	168.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,377.9	3,574.8	3,883.8	3,746.2	3,630.5	3,768.2	3,845.2	3,848.0	3,267.6	3,362.9	3,529.8	3,868.7

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
Profit Before Tax	86.8	37.5	92.8	79.4	0.1	-2.2	119.1	146.3	49.7	87.7	29.0	75.5
Depreciation of Fixed Assets and Investment Property	11.0	10.2	12.2	14.0	12.6	13.7	14.1	14.5	13.2	15.1	12.1	12.3
Provision (Increase)/Reversal	—	3.3	4.7	0.1	5.3	10.6	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
Gain/Loss from Investment Activities	-11.8	-10.1	-11.0	-10.4	-10.2	-8.3	-6.8	-6.0	-8.3	-9.8	-15.1	-14.7
Interest Expense	0.6	0.4	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	86.7	41.4	98.7	83.1	7.8	13.8	126.4	154.8	54.5	93.0	26.0	73.0
Increase/(Decrease) in Receivables	-97.5	104.2	8.3	44.2	-134.1	104.1	22.9	-93.1	7.8	-83.5	-56.3	122.7
Increase/(Decrease) in Inventory	-49.6	-4.2	1.3	-3.7	0.1	-0.7	-1.2	0.5	-0.4	-4.5	0.7	-1.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-275.3	-197.0	44.9	46.2	-134.8	92.2	-90.9	464.6	-132.0	-240.8	50.5	159.0
Increase/(Decrease) in Prepaid Expenses	0.7	-6.0	-1.6	3.9	6.0	-3.1	-2.6	5.5	4.5	-6.2	6.7	-1.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.6	-0.4	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-12.0	-18.8	-15.1	0.0	-0.1	-23.8	-27.0	-12.8	-17.8	-7.5	-12.6	-31.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.4	-6.6	-2.5	-9.2	-3.6	-6.1	-4.4	-10.2	-3.4	-6.9	-3.0	-9.3
Net Cash Flow from Operating Activities	-354.0	-87.4	134.0	164.4	-258.6	176.4	23.1	509.3	-86.8	-256.5	12.0	310.7
Payments for Fixed Assets and Other Long-term Assets	-11.7	-3.5	-1.4	-1.7	-0.3	1.5	0.1	-20.8	-9.5	-18.1	-3.1	-2.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-30.0	-380.1	-100.0	-450.1	-100.0	-510.1	-100.0	-200.2	-50.0	-230.2	-50.0	-230.2
Receipts from Loan Repayments and Sale of Debt Instruments	100.0	250.0	100.0	450.0	100.0	260.0	20.0	300.0	50.0	190.0	150.0	130.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.5	11.0	4.1	16.4	4.6	11.7	2.7	18.0	2.8	16.5	11.8	10.6
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	61.9	-122.6	2.7	14.6	4.3	-236.8	-77.2	97.1	-6.6	-41.8	108.7	-92.4
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	20.1	15.2	15.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-148.5	—	—	—	-148.5	0.0	0.0	0.0	0.0	-405.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	20.1	-133.3	15.3	—	—	-148.5	0.0	0.0	0.0	0.0	-405.0	0.0
Net Cash Flow During the Period	-272.0	-343.3	151.9	179.0	-254.3	-209.0	-54.2	606.4	-93.5	-298.2	-284.3	218.3
Cash and Cash Equivalents at Beginning of Period	1,118.2	1,461.5	1,309.5	1,130.6	1,384.9	1,135.2	1,135.2	1,135.2	1,135.2	1,590.2	1,590.2	1,590.2
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	846.2	1,118.2	1,461.5	1,309.5	1,130.6	1,384.9	1,593.9	1,648.1	1,041.7	1,135.2	1,433.4	1,717.7

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PGD

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