PSD

Dịch vụ Phân phối Tổng hợp Dầu khí ·HNX ·2026Q1

▲▲ Improving positively

Price

17,000

Latest close

02 Jun 2026

P/E 5.11x

P/B 1.14x

EPS 3,325

BVPS 14,874

ROE 25.6%

ROA 4.5%

Profit Margin 1.9%

Asset Turnover 2.30x

Equity Mult. 5.72x

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

What Is Changing

On a TTM 2026Q1 basis, PSD is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 8,994bn
	                                
+60.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 175bn
	                                
+104.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -4.34x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	7,819.4	5,700.8	6,764.4	8,634.6	8,526.5
Growth	+37%	-16%	-22%	+1%	—
Net Income	143.1	82.6	63.3	112.9	138.7
Net Margin	1.83%	1.45%	0.94%	1.31%	1.63%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,517.2	2,376.2	2,214.6	1,885.9	1,342.7	1,338.1	1,539.6	1,392.7	1,457.0	1,711.7	1,683.9	1,519.0
Growth	+6%	+7%	+17%	+40%	+0%	-13%	+11%	-4%	-15%	+2%	+11%	—
Net Income	54.2	46.9	44.4	29.5	22.1	17.5	27.9	18.0	20.1	23.0	12.9	5.9
Net Margin	2.15%	1.97%	2.00%	1.56%	1.65%	1.31%	1.81%	1.29%	1.38%	1.35%	0.77%	0.39%

Drivers of PSD's profit

TTM

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

Gross profit ↑ 159.4bn

Financial income ↑ 87.7bn

Selling expenses ↑ 81.2bn

Finance costs ↑ 55.5bn

Tax ↑ 21.5bn

TTM

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

Gross profit ↑ 74.4bn

Financial income ↑ 22.2bn

Selling expenses ↑ 28.2bn

Finance costs ↑ 26.9bn

Tax ↑ 8.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.7% = 1.5% × 1.80 × 5.35

2026Q1 25.6% = 1.9% × 2.30 × 5.72

ROE rose from 14.7% to 25.6% — all three components improved, with asset turnover contributing the most.

Net margin: 1.9% +0.4pp Asset turnover: 2.30x +0.49x Leverage: 5.72x +0.38x

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 edged up to 1.95%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 0.8pp are enough to offset pressure from Gross margin fell 0.4pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.1pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 1.95% +0.4pp

Gross Margin 5.35% −0.4pp

SG&A / Revenue 3.63% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 61.8 days.

Is capital being deployed efficiently?

ROIC expanded to 6.45%, rising 2.8pp. That translates to 6.45 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 0.81x, while invested capital expanded strongly by 473bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

CAPITAL EFFICIENCY TREND

ROIC 6.45% +2.8pp

NOPAT Margin 1.91% +0.5pp

Capital Turnover 3.37x +0.81x

Average Invested Capital 2,668.0bn +473.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 5.52x equity, net debt at 3.34x equity.

Inventory ended the period at 965.4bn, roughly 20.7% of total assets.

Over the last 12 months, working capital absorbed 746.7bn 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: −934.7bn

Inventories increased → lower CFO: −228.1bn

Payables increased → higher CFO: +416.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 24.9 days versus the same period last year. The main moves came from DIO fell 25.5 days, DSO fell 3.3 days, and DPO fell 3.9 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working Capital Efficiency

Receivables 56.8 days −3.3 days

Inventory 33.7 days −25.5 days

Payables 28.7 days −3.9 days

Cash Conversion Cycle 61.8 days −24.9 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 3.34x and interest coverage only at 1.89x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2.9% of debt, and total debt stands at 2,649.8bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 3.34x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.89x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 3.34x +1.01x

Interest Coverage 1.89x +0.17x

Cash / Debt 2.9% −4.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -4.34x −11.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -458.5bn in 2025, against investing cash flow of -399.4bn.

Post-investment cash flow was negative +857.9bn. Financing cash flow was positive +982.4bn.

CFO / net income was -4.34x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 759.2bn −1,350.3bn

Cash Capex — —

FCF TTM — —

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 27.9%. The main risk still sits in leverage and liquidity, with interest coverage at 1.89x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 27.9% of PBT and CFO / net income currently at -4.34x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.89x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	8,105.4	5,896.9	6,937.9	8,956.5	8,735.0
Revenue Deductions	286.0	196.1	173.5	321.9	0.0
Net Revenue	7,819.4	5,700.8	6,764.4	8,634.6	8,526.5
Cost of Goods Sold	7,412.6	5,379.9	6,469.9	8,213.7	0.0
Gross Profit	406.8	320.9	294.6	420.9	461.5
Financial Income	153.2	81.9	109.9	58.5	46.0
Financial Expenses	87.3	59.1	119.0	109.4	-30.8
Interest Expense	82.2	48.6	114.3	56.8	-25.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	246.4	190.8	171.5	180.5	-150.4
General and Administrative Expenses	50.8	55.2	35.0	48.8	-136.5
Operating Profit	175.5	97.8	78.9	140.6	189.8
Other Income	4.0	7.2	4.6	1.0	0.0
Other Expenses	0.1	0.1	0.3	3.0	0.0
Other Profit	3.9	7.0	4.3	-2.1	3.8
Profit Before Tax	179.4	104.8	83.2	138.6	193.6
Current Income Tax Expense	36.7	22.6	18.0	25.7	-55.0
Deferred Income Tax Expense	-0.4	-0.4	1.9	0.0	0.0
Net Income	143.1	82.6	63.3	112.9	138.7
Non-controlling Interest	—	-0.0	1.1	0.4	-4.8
Profit Attributable to Parent	143.1	82.6	62.2	112.5	143.5
Earnings per Share	2,709.00	1,559.00	1,196.00	2,770.00	4,717.00
Diluted EPS	2,599.00	1,559.00	1,196.00	2,770.00	4,676.07

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,602.3	2,724.9	3,036.7	3,343.7	2,595.5
I. Cash and cash equivalents	228.7	104.2	63.4	72.3	989.1
1. Cash	228.7	104.2	63.4	71.3	0.0
2. Cash equivalents	—	0.0	0.0	1.0	0.0
II. Short-term financial investments	1,793.7	1,271.4	929.5	601.8	0.0
1. Available for sale securities	40.1	0.0	0.0	3.6	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.9	0.0	0.0	-0.2	0.0
3. Held to maturity investments	1,756.5	1,271.4	929.5	598.3	0.0
III. Short-term receivables	1,475.1	723.1	1,032.0	1,052.2	886.4
1. Short-term trade accounts receivable	1,471.4	815.2	1,085.4	1,139.5	0.0
2. Short-term prepayments to suppliers	2.2	2.9	0.9	7.7	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	158.4	66.8	107.2	66.5	0.0
7. Provision for short-term doubtful debts (*)	-156.9	-161.9	-161.5	-161.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	965.4	525.7	863.8	1,429.1	589.1
1. Inventories	974.9	535.2	873.5	1,441.7	0.0
2. Provision for decline in value of inventories	-9.5	-9.6	-9.7	-12.6	0.0
V. Other short-term assets	139.4	100.6	148.0	188.4	31.1
1. Short-term prepayments	0.6	1.4	0.8	3.6	0.0
2. Value added tax to be reclaimed	138.7	99.2	147.1	184.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	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)	69.6	65.5	80.2	87.2	15.3
I. Long-term receivables	1.1	0.0	1.4	3.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.1
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	1.1	0.0	1.4	3.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	68.5	65.5	73.1	75.9	1.9
1. Tangible fixed assets	12.8	7.8	13.3	14.1	1.9
- Cost	22.0	19.8	26.5	25.1	0.0
- Accumulated depreciation	-9.1	-12.0	-13.2	-11.0	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	55.6	57.7	59.7	61.8	0.0
- Cost	64.8	64.8	64.8	64.8	0.0
- Accumulated depreciation	-9.2	-7.1	-5.1	-3.0	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	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	1.4	1.4	1.4	1.4	0.0
4. Provision for diminution in value of long-term investments	-1.4	-1.4	-1.4	-1.4	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	—	0.0	5.7	7.8	0.0
1. Long-term prepayments	—	0.0	0.0	0.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	10.2
5. Goodwill	—	0.0	5.7	7.7	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,671.9	2,790.5	3,116.9	3,430.9	2,610.7
A. LIABILITIES (300=210+330)	3,955.3	2,214.2	2,569.6	2,919.8	2,181.9
I. Short -term liabilities	3,953.5	2,211.9	2,567.1	2,918.7	2,180.1
1. Short-term trade accounts payable	1,048.1	391.9	798.7	584.2	902.5
2. Short-term advances from customers	25.9	3.5	4.4	3.4	13.2
3. Taxes and other payables to state authorities	12.1	5.6	7.6	4.4	0.0
4. Payable to employees	32.3	22.9	21.6	23.2	0.0
5. Short-term acrrued expenses	15.0	6.2	5.8	5.8	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	18.0	0.0
9. Other short-term payables	231.2	228.7	188.0	647.3	0.0
10. Short-term borrowings and financial leases	2,572.0	1,537.8	1,527.2	1,619.9	997.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.8	15.2	13.7	12.6	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	1.7	2.3	2.5	1.1	1.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.6	0.7	0.6	1.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	1.1	1.6	1.9	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)	716.6	576.2	547.3	511.0	428.8
I. Owner's equity	716.6	576.2	547.3	511.0	0.0
1. Owner's capital	518.3	518.3	518.3	398.9	428.8
- Common stock with voting right	518,278,940,000.00	518,278,940,000.00	518,278,940,000.00	398,874,090,000.00	306,826,230,000.00
- 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	198.4	57.9	29.0	113.2	135.9
- Accumulated retained earning at the end of the previous period	57.9	29.0	9.6	2.8	41.9
- Undistributed earnings in this period	140.4	29.0	19.4	110.5	94.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.1	-1.1	-9.4
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)	4,671.9	2,790.5	3,116.9	3,430.9	2,610.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	179.4	104.8	83.2	138.6	193.6
Depreciation of Fixed Assets and Investment Property	4.6	10.7	6.6	6.2	2.5
Provision (Increase)/Reversal	-2.2	0.2	-3.2	-3.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.6	-0.2	-0.5	0.0
Gain/Loss from Investment Activities	-125.2	-57.6	-85.4	-20.8	0.0
Interest Expense	82.2	48.6	114.3	56.8	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	138.8	107.3	115.4	176.9	272.5
Increase/(Decrease) in Receivables	-755.7	366.5	97.2	-359.2	0.0
Increase/(Decrease) in Inventory	-439.6	338.2	568.2	-854.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	747.2	-377.1	-274.5	-17.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	-0.6	2.9	0.1	0.0
Changes in Trading Securities	-40.1	0.0	3.6	35.5	0.0
Interest Paid	-79.2	-48.4	-112.5	-58.4	0.0
Corporate Income Tax Paid	-29.6	-23.9	-15.1	-34.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.3	-0.3	-0.3	0.0
Net Cash Flow from Operating Activities	-458.5	361.8	384.9	-1,111.7	197.2
Payments for Fixed Assets and Other Long-term Assets	-7.5	0.0	-1.9	-7.4	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-3,252.4	-2,025.5	-1,908.7	-698.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,767.3	1,683.6	1,577.5	100.0	34.0
Investments in Other Entities	—	0.0	0.0	-0.3	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	93.0	51.5	48.2	41.8	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	-399.4	-290.2	-284.9	-564.3	67.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	15,750,000,000.00	2,680,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	6,067.3	4,405.2	5,036.7	4,496.9	3,463.8
Repayment of Borrowings	-5,033.1	-4,394.6	-5,129.4	-3,695.2	-3,790.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-51.8	-41.5	-31.9	-46.0	-30.4
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	982.4	-30.8	-108.9	758.3	-357.2
Net Cash Flow During the Period	124.5	40.7	-8.8	-917.7	391.1
Cash and Cash Equivalents at Beginning of Period	104.2	63.4	72.3	990.9	1,081.3
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.9	0.1
Cash and Cash Equivalents at End of Period	228.7	104.2	63.4	72.3	989.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,609.9	2,466.4	2,293.6	1,957.0	1,388.4	1,386.3	1,603.3	1,440.2	1,494.9	1,754.7	1,731.1	1,567.4
Revenue Deductions	92.8	90.2	79.0	71.0	45.7	48.2	63.6	47.5	37.9	43.0	47.1	48.4
Net Revenue	2,517.2	2,376.2	2,214.6	1,885.9	1,342.7	1,338.1	1,539.6	1,392.7	1,457.0	1,711.7	1,683.9	1,519.0
Cost of Goods Sold	2,377.3	2,237.0	2,111.2	1,787.3	1,277.1	1,234.3	1,459.3	1,320.7	1,392.2	1,641.5	1,616.7	1,450.7
Gross Profit	139.9	139.2	103.4	98.6	65.5	103.8	80.3	72.0	64.7	70.1	67.2	68.3
Financial Income	45.6	50.1	47.3	32.7	23.4	22.6	27.0	14.9	17.4	28.8	27.7	33.5
Financial Expenses	39.8	29.8	23.9	21.0	12.9	19.6	11.7	14.8	13.0	16.5	29.0	38.9
Interest Expense	36.0	26.0	24.8	18.4	13.1	13.6	11.3	11.6	12.1	14.2	-6.3	38.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	66.6	85.5	61.0	61.4	38.4	68.9	46.5	39.5	35.8	51.5	39.1	43.0
General and Administrative Expenses	11.7	15.8	12.2	12.1	10.7	18.3	13.8	13.2	8.4	3.0	10.6	11.9
Operating Profit	67.4	58.2	53.6	36.8	26.9	19.8	35.3	19.4	24.9	28.0	16.2	8.0
Other Income	0.7	0.5	2.2	0.2	1.1	5.5	0.5	3.4	0.5	2.1	0.7	0.5
Other Expenses	0.0	0.0	0.1	0.0	0.0	3.2	0.1	0.1	0.0	0.1	0.0	0.0
Other Profit	0.6	0.5	2.0	0.2	1.1	2.3	0.4	3.3	0.5	2.0	0.7	0.5
Profit Before Tax	68.0	58.7	55.6	37.0	28.1	22.0	35.7	22.8	25.4	29.9	16.8	8.5
Current Income Tax Expense	13.8	11.9	11.3	7.6	5.8	4.8	7.7	4.8	5.3	6.2	3.9	2.6
Deferred Income Tax Expense	—	-0.1	-0.1	—	0.2	-0.3	0.2	0.0	0.0	0.7	0.0	0.0
Net Income	54.2	46.9	44.4	29.5	22.1	17.5	27.9	18.0	20.1	23.0	12.9	5.9
Non-controlling Interest	—	—	—	—	—	-0.0	-0.0	-0.0	0.0	0.2	0.2	0.0
Profit Attributable to Parent	54.2	46.9	44.4	29.5	22.1	17.5	27.9	18.0	20.1	22.8	12.7	5.9
Earnings per Share	1,047.00	853.00	856.00	569.00	427.00	304.00	538.00	347.00	388.00	449.00	317.00	147.00
Diluted EPS	1,047.00	853.00	856.00	569.00	427.00	1,549.00	538.00	347.00	388.00	449.00	306.69	147.48

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)	4,725.1	4,607.7	3,924.5	3,757.0	2,975.6	2,729.5	2,510.1	2,649.7	3,112.1	3,063.0	2,879.1	3,005.5
I. Cash and cash equivalents	76.7	227.7	86.7	100.3	106.9	104.2	60.4	109.1	53.0	63.4	43.8	69.6
1. Cash	76.7	227.7	46.7	100.3	106.9	104.2	60.4	109.1	53.0	63.4	43.8	69.6
2. Cash equivalents	—	—	40.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,759.0	1,793.7	1,988.0	1,535.9	1,180.6	1,271.4	1,027.0	804.1	1,030.5	929.5	950.3	1,053.2
1. Available for sale securities	70.3	40.1	50.5	24.3	—	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 (*)	-6.5	-2.9	—	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,695.2	1,756.5	1,937.6	1,511.7	1,180.6	1,271.4	1,027.0	804.1	1,030.5	929.5	950.3	1,053.2
III. Short-term receivables	1,879.1	1,485.4	1,270.5	1,244.2	907.8	756.3	901.1	867.2	834.9	1,058.4	931.6	999.4
1. Short-term trade accounts receivable	1,823.1	1,481.7	1,349.0	1,326.5	976.0	857.2	981.6	965.7	873.0	1,091.8	943.4	1,033.7
2. Short-term prepayments to suppliers	74.4	2.2	5.8	5.8	8.7	2.9	3.6	4.2	4.1	0.9	2.1	1.4
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	138.5	158.4	71.9	74.1	85.1	58.0	77.6	58.9	119.3	127.2	147.7	125.9
7. Provision for short-term doubtful debts (*)	-156.9	-156.9	-156.2	-162.2	-161.9	-161.9	-161.6	-161.6	-161.5	-161.5	-161.6	-161.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	891.7	961.5	469.7	752.5	663.5	497.0	418.6	735.3	1,035.2	863.8	803.5	749.3
1. Inventories	901.1	970.9	479.8	762.6	673.1	506.5	428.2	744.9	1,045.0	873.5	814.0	760.6
2. Provision for decline in value of inventories	-9.5	-9.5	-10.1	-10.1	-9.6	-9.6	-9.6	-9.6	-9.7	-9.7	-10.5	-11.3
V. Other short-term assets	118.6	139.4	109.5	124.1	116.8	100.6	103.0	134.0	158.4	148.0	149.9	134.0
1. Short-term prepayments	1.3	0.6	2.4	1.0	1.2	1.4	1.3	0.6	0.8	0.8	1.6	1.0
2. Value added tax to be reclaimed	116.3	138.7	107.0	123.0	112.9	99.2	100.9	133.3	155.3	147.1	146.2	132.9
3. Taxes and other receivables from state authorities	1.1	0.1	0.1	0.1	2.7	0.1	0.9	0.1	2.3	0.1	2.1	0.1
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)	68.5	69.6	70.7	70.8	64.5	73.0	73.6	78.2	80.0	81.8	80.6	84.3
I. Long-term receivables	1.2	1.1	1.1	0.0	0.0	8.0	2.9	2.9	3.0	3.0	1.9	3.4
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	1.2	1.1	1.1	0.0	0.0	8.0	2.9	2.9	3.0	3.0	1.9	3.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	67.3	68.5	69.6	70.8	64.4	65.0	69.3	70.5	71.8	73.1	72.4	74.2
1. Tangible fixed assets	12.2	12.8	13.5	14.1	7.3	7.3	11.1	11.8	12.6	13.4	12.2	13.4
- Cost	22.0	—	—	—	—	20.8	25.7	25.7	26.5	26.6	24.7	23.0
- Accumulated depreciation	-9.8	—	—	—	—	-13.5	-14.6	-13.9	-13.9	-13.2	-12.5	-9.6
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	55.1	55.6	56.1	56.6	57.2	57.7	58.2	58.7	59.2	59.7	60.2	60.7
- Cost	64.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.7	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
4. Provision for diminution in value of long-term investments	—	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	1.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	—	—	—	—	0.0	1.4	4.8	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	1.4	4.8	5.3	5.7	6.2	6.7
TOTAL ASSETS (280=100+200)	4,793.5	4,677.3	3,995.2	3,827.8	3,040.1	2,802.5	2,583.8	2,728.0	3,192.1	3,144.8	2,959.7	3,089.9
A. LIABILITIES (300=210+330)	4,022.7	3,960.7	3,322.8	3,200.0	2,441.7	2,226.8	1,972.0	2,142.6	2,624.7	2,597.5	2,391.4	2,550.2
I. Short -term liabilities	4,020.9	3,958.9	3,320.9	3,197.8	2,439.5	2,224.5	1,969.4	2,140.0	2,622.1	2,595.0	2,390.8	2,549.6
1. Short-term trade accounts payable	763.9	1,044.2	637.1	705.3	576.8	389.1	336.7	383.0	369.2	820.3	535.7	319.5
2. Short-term advances from customers	25.9	35.1	25.7	52.3	28.2	17.9	25.6	25.7	19.8	10.7	15.6	10.8
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	14.4	12.1	11.9	9.1	6.3	5.6	8.1	5.3	5.7	7.6	6.2	3.1
4. Payable to employees	20.1	32.3	23.8	15.8	13.8	22.9	17.4	11.2	11.9	21.6	14.1	9.7
5. Short-term acrrued expenses	26.7	15.0	16.7	10.1	13.6	6.2	3.5	9.2	2.3	5.8	3.0	2.0
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	503.4	231.4	209.9	193.3	285.2	229.8	176.8	324.1	316.4	183.0	414.3	657.7
10. Short-term borrowings and financial leases	2,649.8	2,572.0	2,381.6	2,196.8	1,500.4	1,537.8	1,387.8	1,368.0	1,883.3	1,527.2	1,389.6	1,534.4
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	16.5	16.8	14.3	15.1	15.1	15.2	13.5	13.5	13.6	18.8	12.4	12.4
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	1.7	1.7	1.8	2.2	2.2	2.3	2.6	2.6	2.6	2.5	0.6	0.6
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	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.6	0.6	0.6
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	1.1	1.1	1.2	1.6	1.6	1.6	1.9	1.9	1.9	1.9	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)	770.9	716.6	672.4	627.8	598.4	575.7	611.8	585.3	567.4	547.3	568.3	539.7
I. Owner's equity	770.9	716.6	672.4	627.8	598.4	575.7	611.8	585.3	567.4	547.3	568.3	539.7
1. Owner's capital	518.3	518.3	518.3	518.3	518.3	518.3	518.3	518.3	518.3	518.3	414.6	398.9
- Common stock with voting right	518,278,940,000.00	518,278,940,000.00	518,278,940,000.00	—	518,278,940,000.00	518,278,940,000.00	518,278,940,000.00	518,278,940,000.00	518,278,940,000.00	518,278,940,000.00	414,624,090,000.00	398,874,090,000.00
- Preferred stock	—	—	—	518,278,940,000.00	—	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	252.6	198.4	154.2	109.6	80.1	57.4	93.5	67.0	49.0	29.0	153.9	141.2
- Accumulated retained earning at the end of the previous period	198.4	57.9	57.9	57.9	57.9	29.0	29.0	29.0	29.0	9.6	113.2	113.2
- Undistributed earnings in this period	54.2	140.4	96.2	51.6	22.1	28.4	64.5	38.1	20.1	19.4	40.6	27.9
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	0.0	0.1	0.1	-0.2	-0.4
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)	4,793.5	4,677.3	3,995.2	3,827.8	3,040.1	2,802.5	2,583.8	2,728.0	3,192.1	3,144.8	2,959.7	3,089.9

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	68.0	58.7	55.6	37.0	28.1	22.0	35.7	21.1	25.4	29.9	16.8	8.5
Depreciation of Fixed Assets and Investment Property	1.2	1.2	1.2	1.1	1.1	3.0	2.5	3.4	1.7	1.7	1.7	2.2
Provision (Increase)/Reversal	3.6	3.0	-6.0	0.8	—	-0.2	0.5	0.0	0.0	-0.8	-0.9	-0.8
FX Gain/Loss from Revaluation of Monetary Items	—	-0.3	—	0.4	—	0.6	0.0	0.0	0.0	-0.2	0.0	0.0
Gain/Loss from Investment Activities	-27.4	-64.4	-24.2	-20.1	-16.4	-17.9	-13.2	-11.0	-14.8	-18.1	-24.6	-26.7
Interest Expense	36.0	26.0	24.8	18.3	13.1	13.6	11.3	11.6	12.1	47.3	-6.3	38.8
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	81.4	24.5	50.9	37.6	25.8	21.2	36.9	25.0	24.4	59.8	-13.2	22.1
Increase/(Decrease) in Receivables	-380.1	-197.7	-46.0	-311.0	-201.1	150.1	-28.9	380.7	-185.2	255.7	-304.7	-75.3
Increase/(Decrease) in Inventory	73.7	-495.0	282.8	-89.5	-137.8	-78.3	332.6	284.1	-171.5	-59.5	-56.9	499.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-15.0	443.1	-29.5	17.6	316.1	62.6	-184.2	-340.3	105.7	-363.7	366.9	-599.8
Increase/(Decrease) in Prepaid Expenses	-0.6	1.8	-1.4	0.2	0.1	-0.1	-0.7	0.2	0.0	0.8	1.9	-2.5
Changes in Trading Securities	-30.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-32.9	-30.1	-20.0	-15.7	-13.3	-13.1	-11.3	-12.3	-11.7	-44.9	-10.0	-23.0
Corporate Income Tax Paid	-11.9	-11.3	-7.6	-5.8	-5.0	-7.7	-4.8	-5.3	-6.2	-3.6	-2.9	-5.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.1	-0.8	0.0	-0.1	-0.0	-0.1	-0.0	-0.2	-0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	-316.0	-254.6	198.5	-387.2	-15.3	134.7	139.5	332.2	-244.6	-155.5	-18.9	-184.7
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	0.0	-7.5	—	0.0	0.0	0.0	0.0	-1.9	0.0	2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	0.0	—	0.0	0.0	0.2	0.0	0.0	0.0	-1.9
Loans and Purchases of Debt Instruments	-693.4	-673.6	-1,208.4	-576.8	-793.6	-387.0	-884.4	544.6	-1,298.7	-359.0	-570.5	-325.4
Receipts from Loan Repayments and Sale of Debt Instruments	754.7	854.6	778.3	250.0	884.4	142.6	661.5	-318.2	1,197.7	379.8	673.4	524.3
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	24.9	24.9	29.6	22.1	16.4	3.5	16.4	12.6	19.0	18.6	19.2	-16.1
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	86.3	206.1	-400.6	-312.2	107.2	-240.9	-206.5	239.2	-82.0	37.5	122.1	183.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	15,750,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,507.4	1,876.4	1,556.9	1,705.9	928.1	1,063.8	966.9	996.0	1,378.6	1,288.5	1,369.0	1,088.2
Repayment of Borrowings	-1,429.6	-1,686.0	-1,372.1	-1,009.5	-965.5	-913.8	-947.1	-1,511.2	-1,022.5	-1,150.9	-1,513.8	-1,062.3
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	-51.8	0.0	-1.6	0.0	-39.9	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	77.8	190.4	184.8	696.4	-89.2	150.0	18.2	-515.3	316.2	137.6	-129.1	25.8
Net Cash Flow During the Period	-152.0	142.0	-17.2	-2.9	2.7	43.8	-48.8	56.1	-10.4	19.6	-25.9	24.6
Cash and Cash Equivalents at Beginning of Period	228.7	86.7	103.8	106.9	104.2	63.4	63.4	63.4	63.4	72.3	72.3	72.3
FX Difference from Revaluation	—	-0.0	—	-0.1	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	76.7	228.7	86.7	103.8	106.9	104.2	60.4	109.1	53.0	63.4	43.8	69.6

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PSD

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