PQN

Dịch vụ Dầu khí Quảng Ngãi PTSC ·UPCOM ·2026Q1

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P/E —

P/B —

EPS 1,261

BVPS 7,214

ROE 19.1%

ROA 3.1%

Profit Margin 2.0%

Asset Turnover 1.51x

Equity Mult. 6.21x

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

What Is Changing

On a TTM 2026Q1 basis, PQN is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,855bn
	                                
+19.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 38bn
	                                
+34.3%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.83x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,562.7	1,603.3	1,076.8	1,050.3	847.7
Growth	-3%	+49%	+3%	+24%	—
Net Income	32.3	28.3	21.9	21.1	17.1
Net Margin	2.07%	1.76%	2.04%	2.00%	2.02%

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	422.0	477.5	322.4	633.1	150.5	418.8	316.0	667.2	201.4	397.4	245.2	213.6
Growth	-12%	+48%	-49%	+321%	-64%	+33%	-53%	+231%	-49%	+62%	+15%	—
Net Income	8.4	8.6	6.5	14.2	3.6	6.0	5.4	13.2	4.3	8.5	4.9	3.7
Net Margin	2.00%	1.80%	2.03%	2.25%	2.39%	1.44%	1.70%	1.98%	2.12%	2.13%	1.99%	1.74%

Drivers of PQN's profit

TTM

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

Gross profit ↑ 13.4bn

Financial income ↑ 4.7bn

Finance costs ↓ 4.4bn

Other profit ↑ 1.0bn

Administrative expenses ↑ 12.6bn

Tax ↑ 1.2bn

TTM

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

Gross profit ↑ 11.6bn

Financial income ↑ 1.1bn

Finance costs ↓ 0.6bn

Administrative expenses ↑ 6.8bn

Tax ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.0% = 1.8% × 1.49 × 6.32

2026Q1 19.1% = 2.0% × 1.51 × 6.21

ROE rose from 17.0% to 19.1% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 2.0% +0.2pp Asset turnover: 1.51x +0.02x Leverage: 6.21x -0.11x

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 2.04%, 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 2.04% +0.2pp

Gross Margin 5.43% −0.2pp

SG&A / Revenue 3.69% +0.1pp

Non-core / Revenue 0.77% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from financial result

Profit includes a contribution from financial result (30.8% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 28.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 28.17%, losing 23.8pp. That translates to 28.17 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 15.63x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 75bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 28.17% −23.8pp

NOPAT Margin 1.91% +0.2pp

Capital Turnover 14.77x −15.63x

Average Invested Capital 125.6bn +74.5bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 5.19x equity, net debt at 0.15x equity.

Inventory ended the period at 368.1bn, roughly 28.6% of total assets.

Over the last 12 months, working capital absorbed 142.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −206.8bn

Inventories increased → lower CFO: −9.6bn

Payables increased → higher CFO: +73.8bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3.0 days versus the same period last year. The main moves came from DIO fell 9.1 days, DSO rose 14.6 days, and DPO rose 2.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.0 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +14.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 61.0 days +14.6 days

Inventory 76.3 days −9.1 days

Payables 66.1 days +2.6 days

Cash Conversion Cycle 71.2 days +3.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 210.4bn due to capex of 141.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.15x and interest coverage at 9.32x.

At present, short-term debt accounts for 7.7% of total debt, cash equals 54.1% of debt, and total debt stands at 72.8bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Leverage and liquidity trend

Net Debt / Equity 0.15x +1.15x

Interest Coverage 9.32x +5.60x

Cash / Debt 54.1% −717.4pp

Short-term Debt / Total Debt 7.7% −10.0pp

CFO / NI -1.83x −8.63x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 48.1bn in 2025, against investing cash flow of -79.6bn.

Post-investment cash flow was negative +31.4bn. Financing cash flow was positive +19.0bn.

CFO / net income was -1.83x.

After spending +141.2bn on fixed-asset investment, the business generated trailing free cash flow of −210.4bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 69.3bn −260.7bn

Cash Capex 141.2bn +101.7bn

FCF TTM −210.4bn −362.4bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The next item to monitor is the earnings mix, when non-core contribution is 24.3%. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 24.3% of PBT and CFO / net income currently at -1.83x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,562.7	1,603.3	1,076.8	1,050.3	847.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,562.7	1,603.3	1,076.8	1,050.3	847.7
Cost of Goods Sold	1,473.0	1,517.2	1,011.4	987.8	0.0
Gross Profit	89.6	86.2	65.4	62.5	57.3
Financial Income	13.3	6.1	4.8	2.7	1.3
Financial Expenses	4.2	1.8	2.3	2.4	-0.3
Interest Expense	1.9	0.3	0.2	0.5	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	61.7	55.4	42.2	38.9	-35.6
Operating Profit	37.0	35.1	25.8	23.8	22.6
Other Income	4.3	2.8	3.0	2.7	0.0
Other Expenses	0.8	1.4	1.3	0.2	0.0
Other Profit	3.4	1.4	1.7	2.5	-1.1
Profit Before Tax	40.5	36.4	27.5	26.3	21.5
Current Income Tax Expense	9.0	8.1	5.6	5.1	-4.4
Deferred Income Tax Expense	-0.8	0.0	-0.0	0.2	0.0
Net Income	32.3	28.3	21.9	21.1	17.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	32.3	28.3	21.9	21.1	17.1
Earnings per Share	1,076.00	943.00	732.00	702.00	571.00
Diluted EPS	1,076.21	943.00	731.55	701.83	570.89

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	958.9	710.8	674.2	597.5	506.5
I. Cash and cash equivalents	139.5	150.3	177.6	43.1	50.6
1. Cash	139.5	150.3	127.6	43.1	0.0
2. Cash equivalents	—	0.0	50.0	0.0	0.0
II. Short-term financial investments	6.5	6.4	6.4	6.4	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	6.5	6.4	6.4	6.4	0.0
III. Short-term receivables	409.7	377.6	267.5	300.4	238.2
1. Short-term trade accounts receivable	356.0	342.3	211.9	246.5	0.0
2. Short-term prepayments to suppliers	36.5	21.7	29.7	17.1	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	22.5	17.6	28.3	39.2	0.0
7. Provision for short-term doubtful debts (*)	-5.4	-4.0	-2.4	-2.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	368.1	165.6	217.1	242.9	212.9
1. Inventories	368.1	165.6	217.1	242.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	35.2	10.9	5.6	4.7	4.8
1. Short-term prepayments	4.8	2.5	2.7	2.5	0.0
2. Value added tax to be reclaimed	30.4	8.4	2.9	2.3	0.0
3. Taxes and other receivables from state authorities	—	0.0	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)	328.5	293.4	286.9	311.7	346.2
I. Long-term receivables	13.5	13.5	13.5	13.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	13.5
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	13.5	13.5	13.5	13.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	134.2	158.0	166.6	193.2	232.2
1. Tangible fixed assets	128.5	156.6	164.8	191.0	230.8
- Cost	961.0	942.1	900.5	880.5	0.0
- Accumulated depreciation	-832.4	-785.6	-735.7	-689.4	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	5.6	1.4	1.8	2.2	1.5
- Cost	11.5	6.3	5.7	5.3	0.0
- Accumulated depreciation	-5.9	-4.8	-3.9	-3.2	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	134.8	88.4	83.5	87.3	79.9
1. Long-term production in progress	21.3	69.8	69.8	69.8	0.0
2. Construction in progress	113.5	18.6	13.7	17.5	0.0
V. Long-term financial investments	4.5	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	4.5	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	41.5	33.5	23.4	17.7	0.0
1. Long-term prepayments	40.8	33.5	23.4	17.7	0.0
2. Deferred income tax assets	0.7	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	20.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,287.4	1,004.2	961.1	909.1	852.6
A. LIABILITIES (300=210+330)	1,079.4	828.5	813.6	783.7	748.2
I. Short -term liabilities	680.0	445.9	454.7	424.7	389.3
1. Short-term trade accounts payable	396.6	240.6	254.3	230.9	218.3
2. Short-term advances from customers	154.0	59.0	96.4	90.5	74.9
3. Taxes and other payables to state authorities	6.7	3.1	3.2	3.1	0.0
4. Payable to employees	27.5	12.8	6.5	5.7	0.0
5. Short-term acrrued expenses	62.5	73.6	41.1	38.3	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	0.7	1.9
9. Other short-term payables	27.0	53.2	53.1	55.5	0.0
10. Short-term borrowings and financial leases	5.7	3.7	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	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	399.4	382.5	359.0	359.0	358.9
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	358.9	358.9	358.9	358.9	0.0
8. Long-term borrowings and financial leases	40.5	23.5	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	—	0.1	0.1	0.1	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)	208.0	175.7	147.4	125.5	104.5
I. Owner's equity	208.0	175.7	147.4	125.5	0.0
1. Owner's capital	300.0	300.0	300.0	300.0	104.5
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- 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	4.7	4.7	4.7	4.7	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	-96.7	-129.0	-157.3	-179.2	-200.2
- Accumulated retained earning at the end of the previous period	-129.0	-157.3	-179.2	-200.3	-220.1
- Undistributed earnings in this period	32.3	28.3	21.9	21.1	19.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,287.4	1,004.2	961.1	909.1	852.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	40.5	36.4	27.5	26.3	21.5
Depreciation of Fixed Assets and Investment Property	53.4	50.8	49.7	51.3	56.9
Provision (Increase)/Reversal	1.4	1.6	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.4	-0.4	-0.9	-0.3	0.0
Gain/Loss from Investment Activities	-1.4	-0.8	-0.8	-0.4	0.0
Interest Expense	1.9	0.3	0.2	0.5	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	93.4	87.9	75.7	77.4	77.2
Increase/(Decrease) in Receivables	-55.2	-115.0	32.3	-61.0	0.0
Increase/(Decrease) in Inventory	-154.0	51.5	25.8	-30.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	183.4	-3.4	21.1	32.0	0.0
Increase/(Decrease) in Prepaid Expenses	-9.6	-6.2	-5.9	2.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-0.3	-0.2	-0.5	0.0
Corporate Income Tax Paid	-8.0	-8.6	-5.7	-3.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	48.1	5.9	143.2	16.6	-34.2
Payments for Fixed Assets and Other Long-term Assets	-76.0	-61.3	-10.2	-18.2	-9.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-11.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	6.4	0.0	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	0.7	0.9	0.8	0.4	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	-79.6	-60.4	-9.4	-17.7	-8.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	22.7	27.6	0.0	0.0	0.0
Repayment of Borrowings	-3.7	-0.4	0.0	0.0	0.0
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	19.0	27.2	0.0	0.0	0.0
Net Cash Flow During the Period	-12.4	-27.3	133.8	-1.1	-3.6
Cash and Cash Equivalents at Beginning of Period	150.3	177.6	43.1	44.2	93.1
FX Difference from Revaluation	1.6	-0.0	0.7	0.1	0.0
Cash and Cash Equivalents at End of Period	139.5	150.3	177.6	43.1	50.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	422.0	477.5	322.4	633.1	150.5	418.8	316.0	667.2	201.4	397.4	245.2	213.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	422.0	477.5	322.4	633.1	150.5	418.8	316.0	667.2	201.4	397.4	245.2	213.6
Cost of Goods Sold	396.4	446.2	300.1	611.7	136.4	394.7	292.0	642.1	188.3	374.8	230.2	200.5
Gross Profit	25.6	31.2	22.4	21.5	14.1	24.1	23.9	25.1	13.0	22.5	15.0	13.1
Financial Income	2.6	-0.4	4.9	8.8	1.6	6.5	0.3	2.9	1.4	0.5	1.1	0.6
Financial Expenses	1.7	-2.5	5.0	0.5	2.3	0.5	4.6	1.6	0.1	0.4	0.0	0.6
Interest Expense	0.3	0.5	0.4	0.5	0.5	0.2	0.1	0.0	0.0	0.0	0.0	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	16.6	22.8	15.9	13.3	9.8	22.7	12.6	10.8	9.3	12.4	10.0	9.5
Operating Profit	10.0	10.6	6.4	16.5	3.6	7.3	7.1	15.7	5.1	10.1	6.2	3.7
Other Income	0.6	6.6	1.8	0.1	1.3	1.4	0.1	0.9	0.4	1.7	0.0	1.4
Other Expenses	0.0	5.9	0.0	0.1	0.4	0.7	0.5	0.1	0.1	1.2	0.1	0.2
Other Profit	0.5	0.7	1.8	0.0	0.9	0.7	-0.4	0.8	0.3	0.5	-0.1	1.2
Profit Before Tax	10.5	11.3	8.2	16.5	4.5	8.0	6.7	16.5	5.3	10.6	6.1	4.9
Current Income Tax Expense	2.1	2.7	1.6	2.3	0.9	1.9	1.3	3.3	1.1	2.1	1.2	1.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.4	8.6	6.5	14.2	3.6	6.0	5.4	13.2	4.3	8.5	4.9	3.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.4	8.6	6.5	14.2	3.6	6.0	5.4	13.2	4.3	8.5	4.9	3.7
Earnings per Share	281.00	287.00	218.00	475.00	120.00	201.00	179.00	439.00	142.00	282.00	163.00	124.00
Diluted EPS	281.05	287.26	218.09	474.51	119.70	200.80	178.75	439.40	142.43	282.49	163.00	123.56

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)	950.4	959.5	852.2	929.3	833.8	710.8	708.9	876.7	683.1	674.3	630.9	630.6
I. Cash and cash equivalents	39.4	139.5	158.3	174.3	204.4	150.3	54.2	54.9	50.9	177.6	88.8	33.6
1. Cash	39.4	139.5	158.3	174.3	174.4	150.3	54.2	54.9	50.9	127.6	68.8	33.6
2. Cash equivalents	—	—	—	—	30.0	0.0	0.0	0.0	0.0	50.0	20.0	0.0
II. Short-term financial investments	11.8	6.5	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4
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	11.8	6.5	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4
III. Short-term receivables	465.1	410.5	299.4	493.0	256.4	377.6	393.2	558.0	265.6	267.3	233.2	305.2
1. Short-term trade accounts receivable	400.4	356.5	237.8	419.4	219.5	342.3	339.1	501.9	175.0	211.9	147.1	217.6
2. Short-term prepayments to suppliers	36.7	36.5	50.9	41.9	22.9	21.7	24.1	26.1	64.5	29.7	50.6	46.8
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	33.4	22.8	14.6	35.6	17.9	17.6	32.3	32.4	28.5	28.2	38.0	43.2
7. Provision for short-term doubtful debts (*)	-5.4	-5.4	-4.0	-4.0	-4.0	-4.0	-2.4	-2.4	-2.4	-2.4	-2.4	-2.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	395.9	368.1	355.8	232.2	337.8	165.6	240.8	250.7	347.8	217.4	293.9	273.5
1. Inventories	395.9	368.1	355.8	232.2	337.8	165.6	240.8	250.7	347.8	217.4	293.9	273.5
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	38.3	35.0	32.4	23.5	28.7	10.9	14.2	6.6	12.4	5.5	8.5	11.8
1. Short-term prepayments	3.9	4.8	6.0	7.2	2.7	2.5	3.1	3.4	2.8	2.7	2.5	2.4
2. Value added tax to be reclaimed	31.8	30.2	26.4	15.6	26.0	8.4	11.1	1.4	9.6	2.9	6.1	9.4
3. Taxes and other receivables from state authorities	2.5	—	—	0.7	—	0.0	0.0	1.9	0.0	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)	380.4	327.8	287.8	239.6	292.5	293.4	273.1	284.9	281.1	287.2	282.9	287.3
I. Long-term receivables	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5
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	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	141.0	134.2	134.1	146.5	149.9	158.0	151.2	163.7	157.6	166.6	160.9	169.3
1. Tangible fixed assets	135.9	128.5	132.2	144.3	148.4	156.6	150.1	162.4	156.0	164.8	159.3	167.5
- Cost	976.0	—	—	—	—	942.1	922.7	922.5	903.9	900.5	882.7	879.1
- Accumulated depreciation	-840.0	—	—	—	—	-785.6	-772.6	-760.1	-747.9	-735.7	-723.4	-711.6
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	5.1	5.6	1.9	2.2	1.5	1.4	1.1	1.3	1.5	1.8	1.6	1.8
- Cost	11.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.5	—	—	—	—	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	185.7	134.8	87.2	33.8	88.7	88.4	89.2	87.5	87.2	83.5	86.8	87.7
1. Long-term production in progress	21.3	21.3	21.3	—	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8
2. Construction in progress	164.4	113.5	65.8	33.8	18.9	18.6	19.4	17.6	17.4	13.7	16.9	17.9
V. Long-term financial investments	—	4.5	11.0	11.0	11.0	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	—	4.5	11.0	11.0	11.0	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	40.1	40.8	42.1	34.8	29.4	33.5	19.2	20.2	22.8	23.6	21.7	16.8
1. Long-term prepayments	39.4	40.8	42.1	34.8	29.4	33.5	19.2	20.2	22.8	23.6	21.7	16.8
2. Deferred income tax assets	0.7	—	—	—	—	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)	1,330.8	1,287.3	1,140.1	1,168.9	1,126.3	1,004.2	981.9	1,161.6	964.2	961.5	913.8	917.9
A. LIABILITIES (300=210+330)	1,114.4	1,077.9	939.6	975.4	947.0	828.0	811.7	996.7	812.5	814.1	774.9	784.5
I. Short -term liabilities	688.3	678.3	560.0	594.9	566.2	445.4	438.7	637.7	453.5	455.2	416.0	425.5
1. Short-term trade accounts payable	369.2	396.4	309.8	366.9	266.2	240.6	247.1	460.5	244.0	254.3	197.2	209.9
2. Short-term advances from customers	126.7	154.0	113.0	93.6	188.6	59.0	86.1	57.9	92.9	96.4	101.2	130.1
3. Taxes and other payables to state authorities	1.4	5.3	1.7	2.0	0.4	2.5	1.6	2.8	0.4	3.7	2.1	1.1
4. Payable to employees	21.5	27.5	18.5	17.5	15.9	12.8	7.8	3.8	0.5	6.5	0.0	0.0
5. Short-term acrrued expenses	142.2	62.5	88.8	66.3	46.2	73.6	42.0	57.2	55.9	41.1	55.0	28.8
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	2.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	18.8	27.0	23.5	44.5	44.2	53.2	54.1	55.5	59.8	53.1	60.5	55.6
10. Short-term borrowings and financial leases	5.6	5.7	4.0	4.0	4.7	3.7	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	—	—	0.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	426.1	399.6	379.5	380.5	380.8	382.6	373.0	359.0	359.0	358.9	358.9	359.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	358.9	358.9	358.9	358.9	358.9	358.9	358.9	358.9	358.9	358.9	358.9	358.9
8. Long-term borrowings and financial leases	67.2	40.5	20.5	21.5	21.8	23.5	13.9	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	—	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.0	0.0	0.1
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)	216.4	209.1	200.5	193.5	179.3	176.2	170.2	164.9	151.7	147.4	138.9	133.4
I. Owner's equity	216.4	209.1	200.5	193.5	179.3	176.2	170.2	164.9	151.7	147.4	138.9	133.4
1. Owner's capital	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- 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	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7
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	-88.3	-95.6	-104.2	-111.2	-125.4	-128.5	-134.5	-139.8	-153.0	-157.3	-165.8	-171.3
- Accumulated retained earning at the end of the previous period	-96.7	-129.0	-129.0	-129.0	-129.0	-157.3	-157.3	-157.3	-157.3	-179.2	-179.2	-179.2
- Undistributed earnings in this period	8.4	33.4	24.8	17.8	3.6	28.8	22.8	17.5	4.3	21.9	13.4	8.0
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)	1,330.8	1,287.0	1,140.1	1,168.9	1,126.3	1,004.2	981.9	1,161.6	964.2	961.5	913.8	917.9

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
Profit Before Tax	10.5	11.3	7.6	17.1	4.5	8.0	6.7	16.4	5.3	10.3	6.1	5.8
Depreciation of Fixed Assets and Investment Property	8.2	15.4	11.7	15.1	11.3	13.2	12.9	12.3	12.4	12.4	12.3	12.4
Provision (Increase)/Reversal	—	1.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.9	-5.1	10.7	-10.4	2.3	1.8	-4.5	-0.5	1.6	-1.4	1.1	-1.4
Gain/Loss from Investment Activities	-0.2	-0.4	-0.1	-0.5	-0.3	-0.1	-0.1	-1.1	0.5	-0.3	-0.0	-0.3
Interest Expense	0.3	0.5	0.4	0.5	0.5	0.2	0.1	0.0	0.0	0.0	0.0	0.2
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	20.7	22.6	30.9	21.7	18.2	23.1	15.0	27.1	19.9	21.0	19.5	16.6
Increase/(Decrease) in Receivables	-59.4	-115.4	160.2	-192.3	92.3	17.5	150.3	-280.8	-9.1	-31.5	75.8	-92.9
Increase/(Decrease) in Inventory	-27.8	36.1	-172.0	154.1	-172.2	75.2	9.9	97.1	-130.7	76.8	-20.3	14.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.9	54.9	-13.3	23.4	118.5	27.3	-192.0	180.4	-1.9	29.9	-13.4	33.3
Increase/(Decrease) in Prepaid Expenses	2.2	2.4	-6.0	-9.9	3.8	-13.6	1.0	2.3	0.5	-1.9	-5.4	-1.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-1.4	—	—	-0.5	-0.2	-0.1	0.0	0.0	0.0	0.0	-0.2
Corporate Income Tax Paid	-4.2	-1.6	-2.3	-0.9	-3.2	-1.3	-2.6	-1.1	-3.6	-0.0	-0.9	-1.3
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	-2.8	-2.5	-3.5	57.0	128.0	-18.5	25.0	-124.9	94.2	55.3	-31.4
Payments for Fixed Assets and Other Long-term Assets	-65.9	-48.5	-5.2	-21.6	-0.8	-16.3	-0.1	-22.3	-0.5	-5.8	-0.8	-3.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	-1.6	1.8	0.2	—	0.0	0.0	0.0	0.0	-0.2	0.0	0.2
Loans and Purchases of Debt Instruments	-11.8	0.0	0.0	-11.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	11.0	6.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	-0.3	0.6	0.0	0.3	0.1	0.1	1.1	-0.5	0.4	0.3	0.1
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	-66.4	-43.9	-2.8	-32.4	-0.4	-16.2	0.0	-21.3	-1.0	-5.5	-0.6	-3.2
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	28.0	22.7	—	—	—	-13.9	13.9	0.0	0.0	-26.7	0.0	0.0
Repayment of Borrowings	-1.5	-1.0	0.5	-1.0	-0.7	0.0	0.0	0.0	0.0	26.7	0.0	0.0
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	26.5	21.7	-1.0	-1.0	-0.7	-13.9	13.9	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-100.3	-25.0	-6.3	-36.9	55.8	97.9	-4.6	3.7	-125.9	88.7	54.7	-34.6
Cash and Cash Equivalents at Beginning of Period	139.5	158.3	174.3	204.4	150.3	177.6	177.6	177.6	177.6	43.1	43.1	43.1
FX Difference from Revaluation	0.2	1.6	-4.6	5.1	-1.6	-1.8	3.8	0.3	-0.7	0.1	0.5	0.1
Cash and Cash Equivalents at End of Period	39.4	139.5	158.3	174.3	204.4	150.3	54.2	54.9	50.9	177.6	88.8	33.6

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PQN

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Cash Flow