PGS

Kinh doanh Khí Miền Nam ·HNX ·2026Q1

▼ Slightly negative

Capital efficiency needs cycle context ROE 13.09%

Price

51,000

Latest close

02 Jun 2026

P/E 24.48x

P/B 2.43x

EPS 2,083

BVPS 20,954

ROE 11.1%

ROA 4.6%

Profit Margin 1.9%

Asset Turnover 2.39x

Equity Mult. 2.41x

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

What Is Changing

On a TTM 2026Q1 basis, PGS posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether this is a temporary adjustment or an early sign of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,023bn
	                                
−7.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 116bn
	                                
−0.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	6,162.3	6,438.7	5,677.4	6,820.7	5,614.8
Growth	-4%	+13%	-17%	+21%	—
Net Income	115.0	116.0	106.2	98.9	79.4
Net Margin	1.87%	1.80%	1.87%	1.45%	1.41%

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	1,417.6	1,433.9	1,493.5	1,677.8	1,557.1	1,709.9	1,641.7	1,612.0	1,475.1	1,511.4	1,379.7	1,322.9
Growth	-1%	-4%	-11%	+8%	-9%	+4%	+2%	+9%	-2%	+10%	+4%	—
Net Income	30.5	14.1	36.4	35.3	29.2	18.4	35.4	33.6	28.5	19.1	27.1	26.9
Net Margin	2.15%	0.98%	2.43%	2.11%	1.88%	1.08%	2.16%	2.09%	1.93%	1.26%	1.96%	2.03%

Drivers of PGS's profit

TTM

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

Administrative expenses ↓ 14.4bn

Tax ↓ 10.9bn

Financial income ↑ 9.4bn

Other profit ↑ 1.5bn

Gross profit ↓ 25.6bn

Finance costs ↑ 6.3bn

TTM

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

Gross profit ↑ 15.2bn

Other profit ↑ 3.1bn

Administrative expenses ↓ 0.9bn

Selling expenses ↑ 17.4bn

Finance costs ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.6% = 1.8% × 2.54 × 2.56

2026Q1 11.1% = 1.9% × 2.39 × 2.41

ROE fell from 11.6% to 11.1% — asset turnover weakened the most, though net margin still provided support.

Net margin: 1.9% +0.1pp Asset turnover: 2.39x -0.15x Leverage: 2.41x -0.15x

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 stands at 1.93%, 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 1.93% +0.1pp

Gross Margin 15.56% +0.8pp

SG&A / Revenue 13.51% +0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 13.1% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC narrowed to 13.09%, falling 1.4pp. That translates to 13.09 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 1.30x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 68bn.

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 13.09% −1.4pp

NOPAT Margin 1.80% +0.1pp

Capital Turnover 7.25x −1.30x

Average Invested Capital 830.7bn +68.2bn

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 1.51x equity, with a net cash position equivalent to 0.05x equity.

Over the last 12 months, working capital absorbed 148.8bn 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: +67.5bn

Inventories increased → lower CFO: −11.0bn

Payables decreased → lower CFO: −205.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.6 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO rose 3.6 days, and DPO rose 4.9 days.

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

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 +0.6 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +3.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 40.7 days +3.6 days

Inventory 10.4 days +1.9 days

Payables 57.0 days +4.9 days

Cash Conversion Cycle -5.8 days +0.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 20.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.05x and interest coverage at 7.79x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 123.9% of debt, and total debt stands at 251.1bn.

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 -0.05x +0.31x

Interest Coverage 7.79x −5.28x

Cash / Debt 123.9% −119.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.22x −2.60x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 20.2bn in 2025, against investing cash flow of -125.4bn.

Post-investment cash flow was negative +105.2bn. Financing cash flow was negative +189.3bn.

CFO / net income was 0.22x.

After spending +29.1bn on fixed-asset investment, the business generated trailing free cash flow of −3.3bn.

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 25.7bn −303.3bn

Cash Capex 29.1bn +0.2bn

FCF TTM −3.3bn −303.5bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.22x. The next item to monitor is capital efficiency, with ROIC at 13.1%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.22x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,393.8	6,659.7	5,905.2	7,024.2	5,858.3
Revenue Deductions	231.5	221.1	227.9	203.5	0.0
Net Revenue	6,162.3	6,438.7	5,677.4	6,820.7	5,614.8
Cost of Goods Sold	5,240.4	5,495.1	4,792.2	5,973.5	0.0
Gross Profit	921.9	943.6	885.2	847.2	774.6
Financial Income	27.6	14.5	10.4	10.6	4.3
Financial Expenses	16.9	9.2	12.8	10.4	-12.2
Interest Expense	16.7	9.0	12.8	8.2	-12.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	702.1	684.5	655.8	632.6	-595.3
General and Administrative Expenses	94.9	123.5	86.5	96.1	-73.4
Operating Profit	135.5	140.9	140.5	118.7	98.0
Other Income	6.4	8.9	5.1	6.3	0.0
Other Expenses	0.2	1.0	0.1	1.0	0.0
Other Profit	6.2	7.9	5.1	5.4	1.7
Profit Before Tax	141.7	148.9	145.6	124.1	99.7
Current Income Tax Expense	28.3	39.0	31.1	21.1	-20.3
Deferred Income Tax Expense	-1.6	-6.1	8.3	4.2	0.0
Net Income	115.0	116.0	106.2	98.9	79.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	115.0	116.0	106.2	98.9	79.4
Earnings per Share	2,080.00	2,099.00	1,903.00	1,717.00	1,306.00
Diluted EPS	2,080.00	2,099.00	1,903.00	1,717.00	1,587.03

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,520.5	1,769.3	1,578.5	1,161.1	1,179.7
I. Cash and cash equivalents	637.4	932.0	761.4	331.0	421.2
1. Cash	235.4	175.2	261.4	236.0	0.0
2. Cash equivalents	402.0	756.8	500.0	95.0	0.0
II. Short-term financial investments	188.0	58.5	58.5	38.0	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	188.0	58.5	58.5	38.0	0.0
III. Short-term receivables	507.9	613.9	619.7	604.6	508.8
1. Short-term trade accounts receivable	527.8	624.6	546.8	560.9	0.0
2. Short-term prepayments to suppliers	22.3	32.9	36.1	41.6	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	9.6	10.4	58.5	22.7	0.0
7. Provision for short-term doubtful debts (*)	-51.8	-53.9	-21.7	-20.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	134.6	122.2	92.4	130.6	152.4
1. Inventories	136.4	125.3	98.6	135.3	0.0
2. Provision for decline in value of inventories	-1.8	-3.2	-6.2	-4.7	0.0
V. Other short-term assets	52.6	42.8	46.6	56.9	59.7
1. Short-term prepayments	11.3	6.5	5.1	5.4	0.0
2. Value added tax to be reclaimed	39.6	35.1	40.2	45.3	0.0
3. Taxes and other receivables from state authorities	1.7	1.2	1.2	6.2	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)	1,033.3	1,072.1	1,159.1	1,228.4	1,234.6
I. Long-term receivables	19.9	3.2	3.5	3.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.3
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	19.9	3.2	3.5	3.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	330.3	382.4	382.5	390.3	427.8
1. Tangible fixed assets	302.3	356.6	357.4	363.5	399.3
- Cost	2,096.6	2,081.1	2,013.0	1,963.1	0.0
- Accumulated depreciation	-1,794.3	-1,724.5	-1,655.7	-1,599.5	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	28.1	25.8	25.2	26.7	28.6
- Cost	47.7	43.8	41.5	44.1	0.0
- Accumulated depreciation	-19.6	-18.0	-16.4	-17.3	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	40.7	39.0	82.0	62.0	8.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	40.7	39.0	82.0	62.0	0.0
V. Long-term financial investments	1.0	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	50.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-50.0	0.0
5. Held to maturity investments	1.0	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	641.3	647.5	691.1	772.7	0.0
1. Long-term prepayments	626.0	633.8	683.5	756.8	0.0
2. Deferred income tax assets	15.3	13.7	7.6	15.9	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	795.2
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)	2,553.8	2,841.4	2,737.6	2,389.5	2,414.2
A. LIABILITIES (300=210+330)	1,535.1	1,826.7	1,727.9	1,370.5	1,407.3
I. Short -term liabilities	1,423.2	1,668.2	1,528.2	1,140.4	1,173.3
1. Short-term trade accounts payable	722.8	848.9	698.4	694.9	980.8
2. Short-term advances from customers	18.2	7.3	2.6	2.0	4.2
3. Taxes and other payables to state authorities	5.0	16.9	10.4	1.8	0.0
4. Payable to employees	70.4	56.5	49.1	47.4	0.0
5. Short-term acrrued expenses	131.7	192.8	162.8	103.7	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	7.5	6.7	23.1	8.8	0.0
10. Short-term borrowings and financial leases	448.8	528.5	564.8	268.8	48.0
11. Provision for short-term liabilities	9.5	0.0	4.8	0.0	0.0
12.. Bonus and welfare fund	9.3	10.6	12.1	13.2	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	111.9	158.5	199.6	230.0	234.1
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	109.5	146.4	177.9	210.9	0.0
8. Long-term borrowings and financial leases	2.4	12.1	21.8	19.2	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)	1,018.7	1,014.7	1,009.8	1,019.0	1,006.9
I. Owner's equity	1,018.7	1,014.7	1,009.8	1,019.0	0.0
1. Owner's capital	500.0	500.0	500.0	500.0	1,006.9
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	45.6	45.6	45.6	45.6	45.6
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	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00	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	362.9	362.9	362.9	362.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	110.2	106.2	101.3	110.5	98.4
- Accumulated retained earning at the end of the previous period	1.7	1.3	6.1	24.6	29.0
- Undistributed earnings in this period	108.5	105.0	95.2	85.9	69.4
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)	2,553.8	2,841.4	2,737.6	2,389.5	2,414.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	141.7	148.9	145.6	124.1	99.7
Depreciation of Fixed Assets and Investment Property	77.1	73.0	66.8	84.5	87.3
Provision (Increase)/Reversal	6.1	24.4	7.4	-24.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	0.0	0.1	0.0
Gain/Loss from Investment Activities	-27.3	-14.4	-8.8	-11.1	0.0
Interest Expense	16.7	9.0	12.8	8.2	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	214.3	240.8	223.7	181.2	207.7
Increase/(Decrease) in Receivables	85.8	-21.9	2.7	-97.0	0.0
Increase/(Decrease) in Inventory	-11.1	-26.8	36.7	22.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-207.6	146.7	29.0	-246.7	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	48.4	73.5	20.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-16.8	-9.1	-13.0	-7.3	0.0
Corporate Income Tax Paid	-35.0	-34.4	-20.4	-35.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-12.3	-12.4	-6.9	-10.4	0.0
Net Cash Flow from Operating Activities	20.2	331.3	325.3	-172.3	659.7
Payments for Fixed Assets and Other Long-term Assets	-23.1	-30.0	-81.2	-97.1	-45.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.2	1.9	2.2	13.1
Loans and Purchases of Debt Instruments	-131.1	-100.0	-20.5	-0.3	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	100.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	27.8	15.1	6.1	10.0	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	-125.4	-14.7	-93.6	-85.3	-58.7
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	1,692.1	1,326.8	1,205.2	979.6	1,154.5
Repayment of Borrowings	-1,781.5	-1,372.8	-906.5	-739.6	-1,650.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-100.0	-100.0	-100.0	-72.6	-50.0
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	-189.3	-146.0	198.7	167.4	-545.6
Net Cash Flow During the Period	-294.6	170.6	430.3	-90.2	79.0
Cash and Cash Equivalents at Beginning of Period	932.0	761.4	331.0	421.2	365.9
FX Difference from Revaluation	-0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	637.4	932.0	761.4	331.0	421.2

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	1,464.8	1,494.1	1,561.4	1,732.9	1,605.5	1,769.9	1,705.5	1,667.4	1,517.0	1,562.7	1,438.0	1,394.6
Revenue Deductions	47.1	60.2	67.9	55.1	48.4	60.0	63.8	55.3	41.9	51.3	58.3	71.7
Net Revenue	1,417.6	1,433.9	1,493.5	1,677.8	1,557.1	1,709.9	1,641.7	1,612.0	1,475.1	1,511.4	1,379.7	1,322.9
Cost of Goods Sold	1,155.3	1,220.0	1,266.9	1,443.6	1,310.0	1,476.1	1,390.4	1,381.5	1,247.1	1,308.4	1,137.9	1,110.3
Gross Profit	262.4	213.9	226.6	234.2	247.2	233.8	251.3	230.6	228.0	203.0	241.8	212.6
Financial Income	6.0	7.6	7.7	6.3	6.1	5.2	4.4	2.4	2.5	4.2	1.8	2.5
Financial Expenses	4.0	4.7	4.3	4.2	3.7	2.8	2.6	1.7	2.1	3.5	2.4	3.2
Interest Expense	3.9	4.7	4.2	4.1	3.7	2.7	2.6	1.7	2.1	3.5	2.3	3.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	208.5	180.0	161.6	169.4	191.2	181.6	183.7	163.1	171.1	150.4	187.9	155.5
General and Administrative Expenses	22.6	20.8	23.4	27.3	23.4	32.0	24.2	28.7	23.5	17.5	19.3	25.8
Operating Profit	33.3	15.9	45.0	39.7	34.9	22.6	45.1	39.5	33.8	35.8	34.1	30.5
Other Income	5.0	2.0	0.9	1.8	1.8	3.7	0.5	2.9	1.9	1.5	0.0	3.8
Other Expenses	0.2	0.0	0.2	0.0	0.0	0.3	0.6	0.1	0.0	1.4	0.0	0.0
Other Profit	4.8	2.0	0.7	1.8	1.7	3.4	-0.1	2.8	1.9	0.1	-0.0	3.8
Profit Before Tax	38.1	17.9	45.7	41.5	36.7	26.0	45.0	42.3	35.7	35.8	34.1	34.3
Current Income Tax Expense	7.6	6.7	9.2	5.0	7.5	14.7	9.6	7.5	7.1	9.7	7.0	6.2
Deferred Income Tax Expense	0.0	-2.8	0.1	1.2	-0.1	-7.2	-0.1	1.1	0.0	7.1	-0.0	1.2
Net Income	30.5	14.1	36.4	35.3	29.2	18.4	35.4	33.6	28.5	19.1	27.1	26.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	30.5	14.1	36.4	35.3	29.2	18.4	35.4	33.6	28.5	19.1	27.1	26.9
Earnings per Share	579.00	98.00	724.00	682.00	575.00	167.00	702.00	669.00	561.00	202.00	536.00	503.00
Diluted EPS	609.43	281.69	727.16	706.44	584.76	367.99	708.49	672.88	569.97	382.31	542.22	537.27

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)	1,418.0	1,521.6	1,673.5	1,872.9	1,582.7	1,769.3	1,379.2	1,458.7	1,369.0	1,577.9	1,139.6	1,197.7
I. Cash and cash equivalents	311.0	637.4	841.8	921.0	627.4	932.0	513.4	454.6	389.1	761.4	275.8	431.3
1. Cash	265.8	235.4	223.6	212.8	209.4	175.2	198.4	214.6	279.1	261.4	235.3	224.3
2. Cash equivalents	45.2	402.0	618.2	708.2	418.0	756.8	315.0	240.0	110.0	500.0	40.5	207.0
II. Short-term financial investments	282.5	188.0	58.0	59.0	58.6	58.5	58.5	58.5	58.5	58.5	8.0	8.5
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	282.5	188.0	58.0	59.0	58.6	58.5	58.5	58.5	58.5	58.5	8.0	8.5
III. Short-term receivables	617.9	509.0	600.7	732.2	708.2	613.9	656.6	778.7	747.9	620.4	710.5	594.0
1. Short-term trade accounts receivable	636.5	527.8	611.4	727.6	707.9	585.5	591.3	613.2	617.4	547.5	564.7	517.1
2. Short-term prepayments to suppliers	22.3	22.3	32.4	34.5	40.7	32.9	35.6	26.2	38.8	36.1	49.5	46.9
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	100.0	50.0	0.0	65.0	0.0
6. Other short-term receivables	10.9	10.7	11.2	24.3	13.4	49.4	55.0	64.4	63.3	58.5	53.3	52.4
7. Provision for short-term doubtful debts (*)	-51.8	—	—	—	—	0.0	0.0	-25.2	0.0	-21.7	0.0	0.0
8. Assets awaiting resolution	—	-51.8	-54.3	-54.3	-53.9	-53.9	-25.2	-25.2	-21.7	0.0	-22.1	-22.4
IV. Inventories	149.2	134.6	129.0	118.9	137.6	122.2	104.7	115.4	114.9	91.1	95.9	117.0
1. Inventories	151.1	136.4	131.5	122.0	140.0	125.3	107.7	118.4	121.1	97.3	99.3	121.7
2. Provision for decline in value of inventories	-1.8	-1.8	-2.4	-3.1	-2.5	-3.2	-3.0	-3.0	-6.2	-6.2	-3.5	-4.7
V. Other short-term assets	57.4	52.6	43.9	41.7	51.0	42.8	46.1	51.6	58.6	46.6	49.5	46.9
1. Short-term prepayments	17.9	11.3	12.3	13.7	19.0	6.5	11.4	13.8	16.6	5.1	8.3	6.1
2. Value added tax to be reclaimed	38.0	39.6	30.3	26.1	30.9	35.1	33.5	36.5	40.5	40.2	39.8	39.2
3. Taxes and other receivables from state authorities	1.5	1.7	1.3	2.0	1.2	1.2	1.2	1.3	1.6	1.2	1.3	1.6
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)	1,003.8	1,033.3	993.9	1,004.3	1,040.7	1,072.1	1,092.8	1,131.3	1,144.7	1,159.1	1,154.8	1,167.0
I. Long-term receivables	20.9	19.9	20.3	3.8	3.2	3.2	3.2	3.3	3.4	3.5	3.2	3.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	20.9	19.9	20.3	3.8	3.2	3.2	3.2	3.3	3.4	3.5	3.2	3.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	320.5	330.3	339.3	351.8	366.2	382.4	394.1	363.5	369.5	382.5	353.8	361.9
1. Tangible fixed assets	293.0	302.3	310.9	326.6	340.7	356.6	368.1	337.2	344.8	357.4	328.2	336.1
- Cost	2,105.7	—	—	—	—	2,079.4	2,074.8	2,022.0	2,015.7	2,013.0	1,969.7	1,962.7
- Accumulated depreciation	-1,812.6	—	—	—	—	-1,722.8	-1,706.8	-1,684.8	-1,670.9	-1,655.7	-1,641.5	-1,626.6
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	27.4	28.1	28.4	25.2	25.5	25.8	26.0	26.4	24.7	25.2	25.6	25.9
- Cost	47.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-20.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	43.0	40.7	33.1	34.8	39.2	39.0	38.8	90.2	83.7	82.0	84.4	70.4
1. Long-term production in progress	—	40.7	33.1	34.8	39.2	39.0	38.8	90.2	83.7	82.0	84.4	70.4
2. Construction in progress	43.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.5	1.0	1.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	50.0	50.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-50.0	-50.0
5. Held to maturity investments	0.5	1.0	1.0	—	—	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
VI. Other long-term assets	619.0	641.3	600.2	613.9	632.0	647.5	656.7	674.4	688.1	691.1	713.4	731.8
1. Long-term prepayments	603.7	626.0	587.7	601.3	618.3	633.8	650.1	668.0	680.5	683.5	698.8	717.1
2. Deferred income tax assets	15.3	15.3	12.5	12.6	13.8	13.7	6.5	6.5	7.6	7.6	14.7	14.6
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)	2,421.8	2,554.9	2,667.3	2,877.1	2,623.4	2,841.4	2,472.0	2,590.0	2,513.7	2,737.1	2,294.4	2,364.7
A. LIABILITIES (300=210+330)	1,374.2	1,536.1	1,653.5	1,899.5	1,579.9	1,826.7	1,465.7	1,618.7	1,550.9	1,727.3	1,294.8	1,391.9
I. Short -term liabilities	1,270.4	1,424.2	1,529.2	1,760.0	1,431.1	1,668.2	1,295.2	1,438.4	1,363.5	1,527.6	1,084.0	1,172.9
1. Short-term trade accounts payable	735.9	722.8	791.7	878.7	852.7	848.9	803.6	754.4	734.9	698.4	628.2	493.1
2. Short-term advances from customers	27.3	18.2	8.2	6.5	7.3	7.3	1.8	1.8	2.0	2.1	2.0	1.5
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.0	5.0	9.2	8.2	5.7	16.9	10.4	5.7	9.4	10.4	7.4	3.4
4. Payable to employees	60.7	70.4	68.6	67.4	58.1	56.5	73.7	54.5	42.1	49.1	58.0	50.8
5. Short-term acrrued expenses	168.5	131.7	200.0	234.7	236.7	192.8	214.7	232.6	202.7	162.8	171.2	162.2
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	5.1	8.6	8.7	7.0	6.1	6.7	6.7	8.0	82.6	23.1	26.2	109.7
10. Short-term borrowings and financial leases	251.1	448.8	438.1	552.4	257.4	528.5	175.4	371.4	277.7	564.8	183.7	343.2
11. Provision for short-term liabilities	9.5	9.5	—	—	—	0.0	4.4	4.6	4.8	4.8	0.0	0.0
12.. Bonus and welfare fund	5.6	9.3	4.6	5.1	6.9	10.6	4.6	5.5	7.4	12.1	7.2	8.9
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	103.7	111.9	124.3	139.5	148.8	158.5	170.5	180.4	187.4	199.6	210.8	219.0
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	—	2.4	4.8	7.3	9.7	0.0	14.5	16.9	19.4	0.0	24.2	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	103.7	109.5	119.5	132.3	139.1	146.4	156.0	163.4	168.1	177.9	186.6	192.4
8. Long-term borrowings and financial leases	—	—	—	—	—	12.1	0.0	16.9	0.0	21.8	0.0	26.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,047.7	1,018.7	1,013.8	977.6	1,043.5	1,014.7	1,006.4	971.3	962.8	1,009.8	999.7	972.8
I. Owner's equity	1,047.7	1,018.7	1,013.8	977.6	1,043.5	1,014.7	1,006.4	971.3	962.8	1,009.8	999.7	972.8
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6
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	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00	-12,061,327.00
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	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	139.2	110.2	105.3	69.1	135.0	106.2	97.9	62.7	54.3	101.3	91.1	64.3
- Accumulated retained earning at the end of the previous period	110.2	1.7	6.2	6.2	106.2	1.3	1.3	1.3	26.3	6.1	6.1	6.1
- Undistributed earnings in this period	28.9	108.5	99.1	62.9	28.8	105.0	96.6	61.5	28.0	95.2	85.0	58.2
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)	2,421.8	2,554.9	2,667.3	2,877.1	2,623.4	2,841.4	2,472.0	2,590.0	2,513.7	2,737.1	2,294.4	2,364.7

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	38.1	17.9	45.7	41.5	36.7	26.0	45.0	42.3	35.7	35.8	34.1	34.3
Depreciation of Fixed Assets and Investment Property	18.9	19.3	19.3	19.2	19.2	17.4	22.6	17.1	15.9	16.3	15.7	16.4
Provision (Increase)/Reversal	—	6.4	-0.7	1.1	-0.7	24.5	-0.2	0.0	-0.0	7.2	-1.5	-4.2
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.0	-0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-6.1	-7.2	-8.2	-6.2	-5.7	-5.3	-4.6	-1.2	-3.6	-2.2	-2.6	-2.1
Interest Expense	3.9	4.7	4.2	4.1	3.7	2.7	2.6	1.7	2.1	3.5	2.3	3.2
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	55.0	41.2	60.3	59.6	53.2	65.3	65.4	60.0	50.0	60.6	48.0	47.6
Increase/(Decrease) in Receivables	-108.4	85.3	111.5	-21.0	-90.1	12.7	22.2	21.8	-78.7	20.8	-56.6	127.3
Increase/(Decrease) in Inventory	-14.6	-5.0	-9.4	18.0	-14.7	-17.7	10.7	2.7	-22.5	0.7	22.3	17.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	41.1	-142.2	-133.0	28.9	38.8	-1.4	48.5	49.1	45.5	29.4	166.6	-291.2
Increase/(Decrease) in Prepaid Expenses	15.7	-37.3	15.0	22.2	3.0	21.3	20.2	15.4	-8.4	18.4	16.2	28.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.0	-4.7	-4.3	-3.9	-3.9	-2.7	-2.5	-1.7	-2.2	-3.3	-3.2	-2.3
Corporate Income Tax Paid	-7.6	-9.2	-5.0	-5.2	-15.6	-9.1	-8.0	-7.1	-10.2	-7.8	-5.0	-7.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-5.2	-4.5	-0.6	-3.0	-4.2	0.4	-1.1	-1.7	-5.2	3.1	-2.0	-1.6
Net Cash Flow from Operating Activities	-28.1	-76.3	34.4	95.7	-33.6	68.9	155.3	138.4	-31.7	122.0	186.3	-81.1
Payments for Fixed Assets and Other Long-term Assets	-9.5	-14.1	-5.1	-0.4	-3.5	-5.9	-1.2	-18.2	-4.6	-30.8	-18.0	-30.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.4	0.0	0.0	0.1	0.0	0.1	0.0	1.5	-0.2	0.6
Loans and Purchases of Debt Instruments	-93.0	-130.5	0.5	-1.0	-0.1	0.0	0.0	-50.0	-50.0	44.5	-65.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	—	0.5	—	0.0	100.0	0.0	0.0	-30.0	0.5	29.5
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	3.8	7.8	7.7	6.3	6.1	4.8	3.8	3.1	3.6	-0.4	2.8	1.9
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	-98.7	-136.3	3.0	5.4	2.5	-1.0	102.6	-65.0	-51.0	-15.2	-79.9	1.9
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	362.0	439.2	428.5	540.3	284.2	531.3	160.9	364.1	270.4	546.0	183.2	339.3
Repayment of Borrowings	-562.2	-430.9	-545.1	-247.8	-557.7	-180.6	-359.3	-272.9	-560.0	-167.3	-345.1	-129.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-100.0	—	0.0	-0.8	-99.2	0.0	0.0	-100.0	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	-200.2	8.3	-116.7	192.5	-273.5	350.7	-199.2	-7.9	-289.6	378.7	-261.8	210.0
Net Cash Flow During the Period	-326.9	-204.4	-79.2	293.6	-304.6	418.6	58.8	65.5	-372.3	485.5	-155.4	130.8
Cash and Cash Equivalents at Beginning of Period	637.9	841.8	921.0	627.4	932.0	761.4	761.4	761.4	761.4	331.0	331.0	331.0
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	311.0	637.4	841.8	921.0	627.4	932.0	513.4	454.6	389.1	761.4	275.8	431.3

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PGS

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