PMG

Đầu tư và Sản xuất Petro Miền Trung ·HOSE ·2026Q1

▼ Slightly negative

Capital efficiency remains weak ROE 2.43%, +0.00pp YoY

Price

6,490

Latest close

04 Jun 2026

P/E 12.06x

P/B 0.43x

EPS 538

BVPS 15,225

ROE 3.6%

ROA 1.5%

Profit Margin 1.5%

Asset Turnover 1.03x

Equity Mult. 2.41x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,707bn
	                                
−15.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 34bn
	                                
−3.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,757.6	2,024.7	1,832.2	2,021.5	1,566.8
Growth	-13%	+11%	-9%	+29%	—
Net Income	24.6	31.5	-24.0	-13.3	-66.2
Net Margin	1.40%	1.55%	-1.31%	-0.66%	-4.22%

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	433.0	394.9	422.7	456.7	483.2	527.9	509.2	487.4	500.1	464.2	414.0	434.4
Growth	+10%	-7%	-7%	-5%	-8%	+4%	+4%	-3%	+8%	+12%	-5%	—
Net Income	14.4	8.1	8.0	3.7	4.8	6.1	13.7	10.9	0.8	-10.6	10.7	-26.5
Net Margin	3.33%	2.05%	1.89%	0.82%	0.99%	1.15%	2.69%	2.23%	0.17%	-2.28%	2.57%	-6.11%

Drivers of PMG's profit

TTM

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

Selling expenses ↓ 10.3bn

Finance costs ↓ 3.5bn

Other profit ↑ 0.8bn

Deferred tax ↓ 0.7bn

Gross profit ↓ 6.3bn

Financial income ↓ 5.3bn

TTM

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

Gross profit ↑ 14.3bn

Selling expenses ↓ 1.1bn

Finance costs ↓ 0.5bn

Minority interests ↑ 5.3bn

Tax ↑ 3.2bn

Financial income ↓ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.4% = 1.8% × 1.09 × 2.80

2026Q1 5.0% = 2.0% × 1.03 × 2.41

ROE is broadly flat at 5.0% — the components are offsetting one another.

Net margin: 2.0% +0.2pp Asset turnover: 1.03x -0.07x Leverage: 2.41x -0.39x

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 2.01%, 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 2.01% +0.2pp

Gross Margin 17.41% +2.3pp

SG&A / Revenue 15.19% +1.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 2.43%, broadly flat versus the same period. That translates to 2.43 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.18x, with invested capital easing slightly by 63bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 2.43% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.43% +0.0pp

NOPAT Margin 1.45% +0.1pp

Capital Turnover 1.68x −0.18x

Average Invested Capital 1,014.8bn −62.6bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.20x equity, net debt at 0.35x equity.

Over the last 12 months, working capital absorbed 57.0bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +58.2bn

Inventories decreased → higher CFO: +15.8bn

Payables decreased → lower CFO: −130.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.9 days versus the same period last year. The main moves came from DIO rose 3.7 days, DSO rose 7.9 days, and DPO rose 21.5 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +7.9 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +3.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 68.5 days +7.9 days

Inventory 16.5 days +3.7 days

Payables 126.7 days +21.5 days

Cash Conversion Cycle -41.7 days −9.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.35x and interest coverage only at 1.50x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 31.7% of debt, and total debt stands at 359.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.50x, leaving limited room to absorb financing costs.

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 0.35x −0.25x

Interest Coverage 1.50x +0.18x

Cash / Debt 31.7% +20.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 2.90x −0.18x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -12.5bn in 2025, against investing cash flow of 42.2bn.

Post-investment cash flow was positive +29.7bn. Financing cash flow was negative +87.1bn.

CFO / net income was 2.90x.

After spending +39.1bn on fixed-asset investment, the business generated trailing free cash flow of +33.4bn.

Cash Conversion

CFO TTM 72.4bn −9.0bn

Cash Capex 39.1bn +8.3bn

FCF TTM +33.4bn −17.3bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 2.4%. The next watchpoint is the earnings mix, when non-core contribution is 27.9%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.90x. Even so, net financial result still accounts for 27.9% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,783.3	2,055.7	1,876.7	2,073.9	1,634.3
Revenue Deductions	25.8	31.1	44.5	52.4	0.0
Net Revenue	1,757.6	2,024.7	1,832.2	2,021.5	1,566.8
Cost of Goods Sold	1,474.6	1,728.5	1,581.7	1,798.0	0.0
Gross Profit	283.0	296.2	250.5	223.5	236.4
Financial Income	15.5	19.1	17.3	39.6	63.6
Financial Expenses	21.4	24.3	41.5	38.3	-27.9
Interest Expense	21.4	24.2	36.6	35.5	-25.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	214.8	220.5	207.5	198.4	-180.5
General and Administrative Expenses	44.8	42.0	45.2	43.9	-160.4
Operating Profit	17.5	28.5	-26.4	-17.5	-68.9
Other Income	19.0	20.0	20.0	19.3	0.0
Other Expenses	5.8	8.4	6.6	3.5	0.0
Other Profit	13.2	11.6	13.5	15.8	13.1
Profit Before Tax	30.7	40.1	-12.9	-1.7	-55.8
Current Income Tax Expense	7.8	9.4	5.8	8.1	-10.3
Deferred Income Tax Expense	-1.7	-0.8	5.3	3.4	0.0
Net Income	24.6	31.5	-24.0	-13.3	-66.2
Non-controlling Interest	4.0	6.7	-26.4	-21.6	-37.6
Profit Attributable to Parent	20.7	24.8	2.4	8.3	-28.6
Earnings per Share	446.00	535.00	52.00	180.00	-617.00
Diluted EPS	446.00	534.94	52.00	180.00	-616.92

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	627.0	806.5	750.1	547.7	674.0
I. Cash and cash equivalents	92.3	149.7	76.6	80.9	77.9
1. Cash	92.3	89.7	75.3	80.9	0.0
2. Cash equivalents	—	60.0	1.3	0.0	0.0
II. Short-term financial investments	214.2	277.5	281.0	156.6	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	214.2	277.5	281.0	156.6	0.0
III. Short-term receivables	254.4	309.8	319.9	164.6	188.9
1. Short-term trade accounts receivable	291.2	346.9	306.8	216.0	0.0
2. Short-term prepayments to suppliers	45.9	43.8	42.3	5.3	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	—	2.1	2.1	2.1	0.0
6. Other short-term receivables	21.4	24.4	76.1	46.4	0.0
7. Provision for short-term doubtful debts (*)	-104.0	-107.4	-107.4	-105.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	47.4	40.1	32.9	97.8	55.9
1. Inventories	47.4	40.1	32.9	97.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	18.7	29.4	39.7	47.9	48.7
1. Short-term prepayments	4.1	4.9	4.8	4.0	0.0
2. Value added tax to be reclaimed	13.7	23.2	33.6	42.5	0.0
3. Taxes and other receivables from state authorities	0.9	1.4	1.4	1.4	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)	893.5	966.3	1,027.8	1,049.6	1,103.4
I. Long-term receivables	16.9	20.0	23.0	22.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	28.0
2. Long-term prepayments to suppliers	9.4	11.1	11.6	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	7.5	9.0	11.4	22.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	401.8	441.3	471.7	502.8	530.2
1. Tangible fixed assets	401.8	441.3	471.7	502.8	530.2
- Cost	779.1	782.7	769.2	756.8	0.0
- Accumulated depreciation	-377.3	-341.4	-297.6	-254.0	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	—	0.0	0.0	0.0	0.0
- Cost	2.8	2.8	2.8	2.8	0.0
- Accumulated depreciation	-2.8	-2.8	-2.8	-2.8	0.0
III. Investment properties	115.1	94.1	94.1	94.2	94.2
- Cost	115.2	94.3	94.3	94.3	0.0
- Accumulated depreciation	-0.1	-0.2	-0.2	-0.1	0.0
IV. Long-term assets in progress	2.2	1.6	1.8	5.1	2.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.2	1.6	1.8	5.1	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	357.5	409.2	437.2	425.5	0.0
1. Long-term prepayments	326.6	377.7	404.7	420.5	0.0
2. Deferred income tax assets	30.2	30.3	30.8	2.7	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	448.7
5. Goodwill	0.7	1.2	1.7	2.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,520.5	1,772.8	1,777.8	1,597.2	1,777.4
A. LIABILITIES (300=210+330)	829.4	1,104.0	1,140.5	956.7	1,081.6
I. Short -term liabilities	775.9	1,034.9	1,055.3	820.7	940.0
1. Short-term trade accounts payable	390.6	557.4	392.6	265.6	452.7
2. Short-term advances from customers	2.4	4.7	2.5	2.5	6.4
3. Taxes and other payables to state authorities	6.3	9.3	14.2	7.1	0.0
4. Payable to employees	4.7	4.8	1.9	1.9	0.0
5. Short-term acrrued expenses	0.2	0.2	1.4	0.1	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	0.7	0.0	0.0	0.0	0.0
9. Other short-term payables	1.5	1.7	109.5	1.5	0.0
10. Short-term borrowings and financial leases	369.5	456.6	532.9	541.7	471.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	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	53.5	69.1	85.2	136.0	141.7
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	45.7	59.5	74.3	86.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	44.0	44.0
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	7.8	9.6	10.9	5.5	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)	691.0	668.8	637.3	640.5	695.8
I. Owner's equity	691.0	668.8	637.3	640.5	0.0
1. Owner's capital	463.4	463.4	463.4	463.4	695.8
- Common stock with voting right	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	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	-28.3	-49.0	-73.8	-97.0	-72.3
- Accumulated retained earning at the end of the previous period	-49.0	-73.8	-76.2	-105.4	-43.7
- Undistributed earnings in this period	20.7	24.8	2.4	8.3	-28.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	256.0	254.4	247.8	274.2	304.7
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)	1,520.5	1,772.8	1,777.8	1,597.2	1,777.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.7	40.1	-12.9	-1.7	-55.8
Depreciation of Fixed Assets and Investment Property	45.2	45.3	44.9	48.6	46.9
Provision (Increase)/Reversal	—	0.0	2.2	4.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-14.6	-15.5	-15.0	-17.2	0.0
Interest Expense	21.4	24.2	36.6	35.5	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	82.7	94.1	55.8	69.3	77.8
Increase/(Decrease) in Receivables	69.8	23.4	-153.8	-15.8	0.0
Increase/(Decrease) in Inventory	-7.3	-7.2	64.9	-41.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-177.5	45.0	224.6	19.2	0.0
Increase/(Decrease) in Prepaid Expenses	51.8	27.0	14.7	22.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-21.4	-25.3	-35.8	-37.2	0.0
Corporate Income Tax Paid	-10.6	-12.1	-7.0	-4.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	-12.5	144.8	163.3	11.0	212.0
Payments for Fixed Assets and Other Long-term Assets	-32.7	-14.8	-9.7	-23.3	-22.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	0.5	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-228.2	-345.8	-281.0	0.0	-303.5
Receipts from Loan Repayments and Sale of Debt Instruments	291.5	349.4	156.6	146.1	9.9
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	-4.6	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	15.1	15.4	19.4	15.7	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	42.2	4.6	-114.8	138.5	-314.4
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	1,338.5	1,954.7	2,795.5	2,937.1	1,923.7
Repayment of Borrowings	-1,425.6	-2,031.0	-2,848.4	-3,083.3	-1,827.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	-87.1	-76.3	-52.8	-146.2	96.2
Net Cash Flow During the Period	-57.4	73.1	-4.3	3.3	-8.0
Cash and Cash Equivalents at Beginning of Period	149.7	76.6	80.9	77.6	84.1
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	92.3	149.7	76.6	80.9	77.9

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	437.6	401.6	428.4	463.7	489.6	536.4	517.7	492.9	508.7	471.5	426.5	445.4
Revenue Deductions	4.6	6.7	5.7	7.0	6.4	8.5	8.4	5.6	8.6	7.3	12.5	11.0
Net Revenue	433.0	394.9	422.7	456.7	483.2	527.9	509.2	487.4	500.1	464.2	414.0	434.4
Cost of Goods Sold	347.2	325.0	349.5	388.5	411.7	455.0	428.1	409.4	436.0	406.5	334.8	391.7
Gross Profit	85.9	69.9	73.2	68.2	71.6	72.9	81.1	78.0	64.1	57.7	79.2	42.6
Financial Income	3.2	3.1	3.8	4.3	4.3	3.9	6.9	4.6	3.6	4.2	4.1	4.6
Financial Expenses	4.9	4.2	5.6	6.3	5.4	5.6	6.3	7.2	5.2	11.6	8.7	9.6
Interest Expense	4.9	4.2	5.6	6.2	5.4	5.5	6.2	7.2	5.2	6.9	8.7	9.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	55.7	49.9	53.3	54.7	56.8	53.5	56.8	56.7	53.4	45.1	52.6	56.6
General and Administrative Expenses	12.0	12.4	11.6	9.8	11.0	11.5	10.4	9.9	10.3	12.9	10.3	11.0
Operating Profit	16.6	6.7	6.4	1.8	2.6	6.3	14.6	8.8	-1.1	-7.6	11.6	-30.0
Other Income	4.3	4.7	4.8	4.8	4.8	5.0	5.0	5.1	5.0	5.0	5.2	4.9
Other Expenses	1.5	2.1	1.9	1.0	1.0	2.5	3.6	1.5	0.9	1.3	2.4	0.8
Other Profit	2.8	2.6	2.9	3.8	3.9	2.5	1.4	3.5	4.1	3.7	2.8	4.1
Profit Before Tax	19.4	9.2	9.3	5.6	6.5	8.8	16.0	12.3	3.0	-3.9	14.4	-25.9
Current Income Tax Expense	4.9	3.4	1.1	1.5	1.7	3.6	2.1	1.7	2.1	3.9	3.6	-1.7
Deferred Income Tax Expense	0.1	-2.3	0.2	0.3	0.0	-0.9	0.2	-0.2	0.1	2.8	0.2	2.3
Net Income	14.4	8.1	8.0	3.7	4.8	6.1	13.7	10.9	0.8	-10.6	10.7	-26.5
Non-controlling Interest	5.0	3.0	2.6	-1.3	-0.3	1.1	4.4	3.9	-2.7	-8.6	-4.2	-7.1
Profit Attributable to Parent	9.4	5.1	5.4	5.0	5.1	5.0	9.3	6.9	3.5	-2.0	14.8	-19.5
Earnings per Share	203.00	110.00	117.00	108.00	110.00	108.00	201.00	150.00	76.00	38.00	319.00	-420.00
Diluted EPS	203.00	110.00	117.00	108.00	110.00	535.00	201.00	150.00	76.00	38.00	319.00	-420.00

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)	671.3	564.0	509.6	738.4	797.2	806.5	691.2	834.5	897.9	750.3	657.7	573.8
I. Cash and cash equivalents	114.0	92.3	23.4	38.8	49.7	151.7	63.7	184.8	127.2	76.5	74.7	65.2
1. Cash	114.0	92.3	23.4	36.6	24.2	91.7	62.0	89.7	116.0	75.3	70.8	52.4
2. Cash equivalents	—	—	—	2.2	25.5	60.0	1.7	95.1	11.3	1.3	3.9	12.7
II. Short-term financial investments	224.2	151.2	141.2	304.4	337.2	277.5	287.9	266.9	304.3	281.0	240.7	187.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	224.2	151.2	141.2	304.4	337.2	277.5	287.9	266.9	304.3	281.0	240.7	187.0
III. Short-term receivables	260.6	254.4	266.3	302.9	307.8	307.9	275.9	302.0	378.2	319.9	261.1	197.2
1. Short-term trade accounts receivable	296.5	291.2	298.1	317.1	344.2	346.9	348.6	338.7	322.9	306.8	291.6	248.8
2. Short-term prepayments to suppliers	49.2	45.9	49.4	48.8	46.0	43.8	8.6	43.3	44.4	7.5	17.6	5.7
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	—	—	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
6. Other short-term receivables	18.9	21.4	24.1	42.3	22.8	22.4	23.9	25.3	116.1	110.8	56.3	47.2
7. Provision for short-term doubtful debts (*)	-104.0	-104.0	-107.4	-107.4	-107.4	-107.4	-107.4	-107.4	-107.4	-107.4	-106.5	-106.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	55.9	47.4	55.2	64.8	71.7	40.1	31.4	42.9	48.1	32.9	38.8	76.6
1. Inventories	55.9	47.4	55.2	64.8	71.7	40.1	31.4	42.9	48.1	32.9	38.8	76.6
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	16.5	18.7	23.5	27.5	30.8	29.4	32.3	38.0	40.1	40.0	42.4	47.8
1. Short-term prepayments	5.8	4.1	5.1	6.9	6.4	4.9	5.6	6.4	5.3	4.8	5.1	5.8
2. Value added tax to be reclaimed	10.7	13.7	17.0	19.2	23.0	23.2	25.4	29.4	32.6	33.9	35.3	40.6
3. Taxes and other receivables from state authorities	0.1	0.9	1.4	1.4	1.4	1.4	1.4	2.1	2.1	1.4	2.1	1.4
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)	887.3	956.5	980.6	939.6	961.9	966.3	1,020.5	1,000.4	1,012.5	999.8	993.3	997.8
I. Long-term receivables	16.8	16.9	18.1	19.3	19.6	20.0	56.1	22.2	22.7	23.0	11.4	21.2
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	9.4	9.4	10.2	11.1	11.1	11.1	46.3	11.6	11.6	11.6	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	7.4	7.5	7.9	8.2	8.5	9.0	9.8	10.7	11.1	11.4	11.4	21.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	393.6	401.8	411.3	421.2	430.8	441.3	450.4	454.7	463.4	471.7	473.5	482.5
1. Tangible fixed assets	393.6	401.8	411.3	421.2	430.8	441.3	450.4	454.7	463.4	471.7	473.5	482.5
- Cost	781.8	—	—	—	—	782.7	781.3	774.5	772.0	769.2	763.3	760.8
- Accumulated depreciation	-388.2	—	—	—	—	-341.4	-330.8	-319.8	-308.7	-297.6	-289.8	-278.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	2.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	137.2	115.1	115.3	112.3	112.3	94.1	94.1	94.1	94.1	94.1	94.1	94.2
- Cost	137.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.6	2.2	2.1	1.5	1.9	1.6	2.2	2.2	2.9	1.8	6.1	6.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	2.2	2.1	1.5	1.9	1.6	2.2	2.2	2.9	1.8	6.1	6.4
V. Long-term financial investments	—	63.0	63.0	—	—	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	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	—	63.0	63.0	—	—	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	338.1	357.5	370.9	385.3	397.3	409.2	417.6	427.2	427.9	407.5	406.3	391.5
1. Long-term prepayments	307.4	326.6	340.0	354.1	366.0	377.7	385.9	395.1	397.2	404.7	403.5	388.6
2. Deferred income tax assets	30.1	30.2	30.1	30.3	30.3	30.3	30.4	30.7	30.7	2.8	2.8	2.9
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	0.5	0.7	0.8	0.9	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	1.2	1.3	1.5	1.6	1.7	1.9	2.0
TOTAL ASSETS (280=100+200)	1,558.6	1,520.5	1,490.2	1,678.0	1,759.1	1,772.8	1,711.8	1,834.9	1,910.4	1,750.2	1,651.0	1,571.5
A. LIABILITIES (300=210+330)	853.1	829.4	804.9	1,000.6	1,085.5	1,104.0	1,049.0	1,185.9	1,272.2	1,132.4	1,026.4	956.4
I. Short -term liabilities	844.8	775.9	745.9	938.0	1,018.9	1,034.9	975.6	1,106.6	1,189.6	1,047.2	940.0	824.9
1. Short-term trade accounts payable	428.1	390.6	385.4	446.5	551.0	557.4	515.4	381.8	431.8	392.9	301.6	360.7
2. Short-term advances from customers	5.6	2.4	5.1	6.7	4.1	4.7	4.8	3.6	1.8	2.5	2.6	4.0
3. Taxes and other payables to state authorities	4.3	6.3	5.2	4.3	2.4	9.3	7.1	5.0	2.4	5.8	6.1	2.9
4. Payable to employees	4.0	4.7	4.3	4.2	4.4	4.8	4.3	4.2	3.1	1.9	3.8	3.9
5. Short-term acrrued expenses	0.2	0.2	0.2	0.2	0.2	0.2	1.7	4.8	3.4	1.4	1.7	1.2
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	0.4	0.7	0.7	0.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	42.8	1.5	0.1	0.4	1.7	1.7	0.2	46.1	182.0	109.5	82.2	0.1
10. Short-term borrowings and financial leases	359.2	369.5	344.8	475.0	455.1	456.6	442.1	661.0	564.9	532.9	542.0	452.0
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	8.4	53.5	59.0	62.6	66.6	69.1	73.4	79.4	82.6	85.2	86.4	131.5
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	0.6	45.7	49.1	52.6	57.0	59.5	62.7	68.6	71.7	74.3	78.1	79.3
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	44.0
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	7.8	7.8	10.0	10.0	9.6	9.6	10.7	10.7	10.9	10.9	8.3	8.2
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)	705.5	691.0	685.3	677.3	673.6	668.8	662.7	649.0	638.2	617.8	624.6	615.1
I. Owner's equity	705.5	691.0	685.3	677.3	673.6	668.8	662.7	649.0	638.2	617.8	624.6	615.1
1. Owner's capital	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4	463.4
- Common stock with voting right	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00	463,362,780,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-18.9	-28.3	-33.4	-38.9	-43.9	-49.0	-54.0	-63.3	-70.3	-93.3	-95.1	-109.3
- Accumulated retained earning at the end of the previous period	-28.3	-49.0	-49.0	-49.0	-49.0	-73.8	-73.8	-73.8	-73.8	-97.0	-97.0	-97.0
- Undistributed earnings in this period	9.4	20.7	15.6	10.1	5.1	24.8	19.8	10.5	3.5	3.7	1.9	-12.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	261.0	256.0	255.4	252.8	254.1	254.4	253.4	249.0	245.1	247.7	256.3	261.0
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)	1,558.6	1,520.5	1,490.2	1,678.0	1,759.1	1,772.8	1,711.8	1,834.9	1,910.4	1,750.2	1,651.0	1,571.5

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	19.4	9.2	9.3	5.6	6.5	8.8	16.0	12.3	3.0	-5.2	14.4	-27.0
Depreciation of Fixed Assets and Investment Property	11.1	11.1	11.3	11.4	11.4	11.4	11.3	11.3	11.3	7.9	12.4	12.3
Provision (Increase)/Reversal	2.6	—	—	—	—	0.0	0.0	0.0	0.0	0.8	0.0	1.4
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	-3.2	-3.0	-2.9	-4.3	-4.3	-3.8	-3.4	-4.6	-3.6	-4.2	-4.1	-3.6
Interest Expense	4.9	4.2	5.6	6.2	5.4	5.5	6.2	7.2	5.2	6.9	8.7	9.5
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	34.8	21.5	23.3	18.9	19.0	21.9	30.1	26.2	15.9	6.2	31.5	-7.4
Increase/(Decrease) in Receivables	-9.1	17.7	38.9	10.6	2.6	7.6	-3.4	79.3	-58.1	-69.1	-50.9	14.2
Increase/(Decrease) in Inventory	-8.5	7.7	9.6	6.9	-31.6	-8.7	11.5	5.2	-15.2	5.9	9.5	42.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	36.3	9.8	-70.5	-106.5	-10.3	38.6	82.9	-185.3	108.8	112.0	20.5	65.9
Increase/(Decrease) in Prepaid Expenses	18.0	14.3	15.6	11.9	10.0	9.5	9.9	1.8	5.8	-1.2	13.1	-14.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.0	-4.1	-5.7	-6.2	-5.4	-5.4	-9.2	-5.8	-4.9	-5.6	-8.7	-9.5
Corporate Income Tax Paid	-6.1	-1.9	0.0	0.0	-8.6	-0.8	-0.0	0.0	-11.3	-0.1	-0.2	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	60.4	65.1	11.3	-64.4	-24.5	62.7	121.8	-78.6	40.9	48.1	14.7	90.9
Payments for Fixed Assets and Other Long-term Assets	-25.2	-9.0	-1.3	-3.6	-18.8	-2.2	-7.3	-2.5	-2.8	-1.4	-2.8	-5.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.0	0.2	—	—	-0.0	0.5	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-69.0	-20.0	-68.0	-55.2	-85.0	-93.0	-63.0	-63.3	-126.5	-40.3	-210.3	10.1
Receipts from Loan Repayments and Sale of Debt Instruments	59.0	10.0	168.2	88.0	25.2	103.4	42.0	100.7	103.2	0.0	156.6	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	4.5	-4.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.3	1.7	6.4	2.4	4.5	2.5	3.8	5.2	3.9	4.5	5.5	10.1
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	-28.4	-20.9	105.5	31.6	-74.0	10.8	-24.0	40.1	-22.2	-37.2	-51.0	15.2
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	381.7	195.7	201.8	457.0	483.9	840.5	713.9	847.5	683.9	588.8	708.5	678.7
Repayment of Borrowings	-392.0	-171.1	-332.0	-437.1	-485.4	-826.0	-932.8	-751.4	-651.9	-597.9	-662.6	-779.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	-10.3	24.6	-130.2	19.9	-1.5	14.5	-218.9	96.1	31.9	-9.0	45.9	-100.5
Net Cash Flow During the Period	21.8	68.9	-13.4	-12.9	-100.0	88.0	-121.2	57.6	50.7	1.9	9.5	5.6
Cash and Cash Equivalents at Beginning of Period	92.3	23.4	36.8	49.7	149.7	76.6	76.6	76.6	76.6	80.9	80.9	80.9
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	114.0	92.3	23.4	36.8	49.7	151.7	63.7	184.8	127.2	76.6	74.7	65.2

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PMG

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