PVG

Kinh doanh LPG Việt Nam ·HNX ·2026Q1

▼ Slightly negative

Pre-tax profit relies materially on non-core sources Net financial result/PBT 1.00%

Price

6,100

Latest close

04 Jun 2026

P/E 15.42x

P/B 0.48x

EPS 396

BVPS 12,746

ROE 3.1%

ROA 0.9%

Profit Margin 0.2%

Asset Turnover 3.83x

Equity Mult. 3.39x

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

What Is Changing

On a TTM 2026Q1 basis, PVG is maintaining revenue growth, but margins have not improved proportionally — earnings have been recovering gradually over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,553bn
	                                
+15.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 16bn
	                                
+11.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    100.4%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	6,551.6	5,196.3	4,381.7	4,601.4	4,112.7
Growth	+26%	+19%	-5%	+12%	—
Net Income	14.7	12.8	1.1	16.3	13.8
Net Margin	0.22%	0.25%	0.02%	0.35%	0.34%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,448.0	1,874.2	1,649.2	1,581.3	1,448.8	1,287.5	1,514.7	1,428.1	986.0	1,527.6	1,056.4	850.5
Growth	-23%	+14%	+4%	+9%	+13%	-15%	+6%	+45%	-35%	+45%	+24%	—
Net Income	4.0	5.7	2.9	3.2	2.9	4.8	5.3	1.2	1.0	-4.3	0.9	0.8
Net Margin	0.28%	0.31%	0.17%	0.20%	0.20%	0.37%	0.35%	0.09%	0.10%	-0.28%	0.08%	0.10%

Drivers of PVG's profit

TTM

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

Gross profit ↑ 9.2bn

Administrative expenses ↓ 0.6bn

Selling expenses ↑ 5.8bn

Financial income ↓ 2.4bn

Tax ↑ 0.4bn

TTM

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

Gross profit ↑ 10.0bn

Selling expenses ↑ 6.3bn

Financial income ↓ 1.2bn

Administrative expenses ↑ 1.0bn

Tax ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.9% = 0.2% × 3.31 × 3.49

2026Q1 3.1% = 0.2% × 3.83 × 3.39

ROE is broadly flat at 3.1% — the components are offsetting one another.

Net margin: 0.2% -0.0pp Asset turnover: 3.83x +0.52x Leverage: 3.39x -0.10x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.24%, 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 0.24% −0.0pp

Gross Margin 6.95% −0.9pp

SG&A / Revenue 6.95% −1.0pp

Non-core / Revenue 0.31% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (102.3% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 4.0% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC narrowed to 3.99%, falling 1.4pp. That translates to 3.99 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 4.65x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 125bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 3.99% −1.4pp

NOPAT Margin 0.24% −0.0pp

Capital Turnover 16.84x −4.65x

Average Invested Capital 389.1bn +124.9bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 2.02x equity, with a net cash position equivalent to 0.13x equity.

Over the last 12 months, working capital absorbed 397.2bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −244.2bn

Inventories decreased → higher CFO: +85.2bn

Payables decreased → lower CFO: −238.1bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 7.7 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 3.9 days, and DPO fell 11.5 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +7.7 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 34.0 days −3.9 days

Inventory 4.9 days +0.1 days

Payables 59.7 days −11.5 days

Cash Conversion Cycle -20.8 days +7.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.13x and interest coverage at 10.04x.

At present, short-term debt accounts for 30.6% of total debt, cash equals 456.2% of debt, and total debt stands at 18.2bn.

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

Leverage and liquidity trend

Net Debt / Equity -0.13x +0.21x

Interest Coverage 10.04x +1.44x

Cash / Debt 456.2% −342.6pp

Short-term Debt / Total Debt 30.6% +7.2pp

CFO / NI -23.93x −17.43x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -306.9bn in 2025, against investing cash flow of 274.4bn.

Post-investment cash flow was negative +32.5bn. Financing cash flow was negative +5.6bn.

CFO / net income was -23.93x.

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

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 378.6bn −286.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.13x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.13x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 100.4% of PBT and CFO / net income currently at -23.93x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,619.0	5,248.1	4,442.0	4,601.4	4,112.7
Revenue Deductions	67.4	51.8	60.2	0.0	0.0
Net Revenue	6,551.6	5,196.3	4,381.7	4,601.4	4,112.7
Cost of Goods Sold	6,111.9	4,755.2	3,959.7	4,185.9	0.0
Gross Profit	439.7	441.1	422.0	415.5	415.8
Financial Income	23.1	22.9	27.6	25.4	18.1
Financial Expenses	1.9	2.2	1.9	0.0	-0.1
Interest Expense	1.7	2.2	1.9	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	400.3	387.6	381.9	372.2	-356.1
General and Administrative Expenses	42.7	58.3	64.7	49.6	-59.4
Operating Profit	18.0	15.9	1.1	19.1	18.3
Other Income	0.5	0.0	0.2	1.6	0.0
Other Expenses	0.2	0.0	0.0	0.0	0.0
Other Profit	0.3	-0.0	0.2	1.6	0.3
Profit Before Tax	18.4	15.9	1.3	20.6	18.6
Current Income Tax Expense	3.7	3.1	0.2	4.3	-4.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	14.7	12.8	1.1	16.3	13.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	14.7	12.8	1.1	16.3	13.8
Earnings per Share	368.00	320.00	30.00	447.00	379.27
Diluted EPS	367.65	320.00	30.00	447.00	379.27

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,079.9	1,151.4	1,237.9	874.0	1,279.4
I. Cash and cash equivalents	78.6	116.6	440.1	356.4	37.1
1. Cash	78.5	51.6	68.2	42.2	0.0
2. Cash equivalents	0.1	65.0	371.9	314.2	0.0
II. Short-term financial investments	252.4	508.0	210.1	52.1	0.0
1. Available for sale securities	—	0.0	210.1	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	252.4	508.0	0.0	52.1	0.0
III. Short-term receivables	625.3	395.7	463.5	350.7	326.1
1. Short-term trade accounts receivable	680.8	455.2	526.5	408.5	0.0
2. Short-term prepayments to suppliers	4.9	1.0	1.0	1.0	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	11.2	12.3	8.7	11.0	0.0
7. Provision for short-term doubtful debts (*)	-71.6	-72.7	-72.7	-69.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	10.0	20.8	55.8	36.2	115.4
1. Inventories	10.0	20.8	55.8	36.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	113.6	110.3	68.4	78.7	78.3
1. Short-term prepayments	37.1	18.3	3.2	5.9	0.0
2. Value added tax to be reclaimed	71.1	91.9	62.9	72.7	0.0
3. Taxes and other receivables from state authorities	5.4	0.0	2.3	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)	446.0	503.7	561.8	582.6	579.5
I. Long-term receivables	0.8	0.6	1.7	3.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.4
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	0.8	0.6	1.7	3.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	208.0	240.8	276.9	310.9	306.2
1. Tangible fixed assets	206.1	240.5	274.9	308.8	303.8
- Cost	725.1	731.6	728.4	724.6	0.0
- Accumulated depreciation	-519.0	-491.1	-453.5	-415.8	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	1.9	0.3	1.9	2.1	2.4
- Cost	7.0	4.0	6.7	6.7	0.0
- Accumulated depreciation	-5.2	-3.7	-4.8	-4.6	0.0
III. Investment properties	18.4	19.3	20.2	21.0	21.9
- Cost	26.4	26.4	26.4	26.4	0.0
- Accumulated depreciation	-8.0	-7.1	-6.3	-5.4	0.0
IV. Long-term assets in progress	2.9	2.7	2.7	0.0	1.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.9	2.7	2.7	0.0	0.0
V. Long-term financial investments	10.0	10.0	10.0	10.0	10.0
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	35.0	35.0	35.0	35.0	0.0
4. Provision for diminution in value of long-term investments	-25.0	-25.0	-25.0	-25.0	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	206.0	230.3	250.4	237.5	0.0
1. Long-term prepayments	206.0	230.3	250.4	237.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	235.1
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)	1,525.9	1,655.1	1,799.7	1,456.7	1,858.9
A. LIABILITIES (300=210+330)	1,020.3	1,159.0	1,316.4	958.1	1,363.7
I. Short -term liabilities	893.8	1,000.7	1,130.6	790.3	1,233.1
1. Short-term trade accounts payable	823.5	963.5	1,093.9	754.1	1,155.9
2. Short-term advances from customers	4.3	1.2	1.4	1.2	3.0
3. Taxes and other payables to state authorities	3.4	1.6	1.6	1.5	0.0
4. Payable to employees	10.1	9.4	9.1	11.7	0.0
5. Short-term acrrued expenses	8.3	10.9	7.6	10.1	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	0.9	0.9	0.9	0.9	0.0
9. Other short-term payables	37.3	7.8	10.6	9.8	0.0
10. Short-term borrowings and financial leases	5.6	5.6	5.6	0.0	0.0
11. Provision for short-term liabilities	0.4	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.0	0.0	0.9	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	126.5	158.3	185.8	167.9	130.6
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	17.2	18.1	19.0	19.8	21.6
7. Other long-term liabilities	93.8	119.2	140.3	148.0	0.0
8. Long-term borrowings and financial leases	15.4	21.0	26.5	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	505.6	496.1	483.4	498.5	495.2
I. Owner's equity	505.6	496.1	483.4	498.5	0.0
1. Owner's capital	400.0	400.0	365.0	365.0	495.2
- Common stock with voting right	399,985,220,000.00	399,985,220,000.00	365,000,000,000.00	365,000,000,000.00	365,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	19.7	19.7	19.7	19.7	19.7
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	71.1	62.5	97.5	83.8	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	14.7	13.9	1.1	30.0	26.6
- Accumulated retained earning at the end of the previous period	0.0	1.1	0.0	13.7	12.8
- Undistributed earnings in this period	14.7	12.8	1.1	16.3	13.8
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)	1,525.9	1,655.1	1,799.7	1,456.7	1,858.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	18.4	15.9	1.3	20.6	18.6
Depreciation of Fixed Assets and Investment Property	38.5	38.7	38.7	39.7	44.1
Provision (Increase)/Reversal	-0.7	0.0	2.9	-1.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.2	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-23.0	-22.6	-27.3	-25.1	0.0
Interest Expense	1.7	2.2	1.9	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	35.0	33.9	17.5	33.9	44.8
Increase/(Decrease) in Receivables	-213.7	45.5	-106.1	-15.9	0.0
Increase/(Decrease) in Inventory	10.7	35.0	-19.6	58.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-134.3	-154.4	349.1	-408.2	0.0
Increase/(Decrease) in Prepaid Expenses	5.5	6.8	-10.3	1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-2.6	-0.7	-0.1	0.0
Corporate Income Tax Paid	-3.0	0.0	-2.8	-5.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.2	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-306.9	-35.8	227.0	-336.3	164.2
Payments for Fixed Assets and Other Long-term Assets	-4.8	-3.6	-33.6	-27.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-565.6	-815.5	-210.1	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	821.2	517.6	52.1	134.0	-2,196.4
Investments in Other Entities	—	0.0	0.0	0.0	1,761.1
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	23.6	19.2	26.9	23.3	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	274.4	-282.3	-164.7	129.8	-427.2
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	—	0.0	33.4	20.0	98.1
Repayment of Borrowings	-5.6	-5.6	-1.3	-20.0	-50.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-10.6	-10.6	-0.1
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	-5.6	-5.6	21.4	-10.6	48.0
Net Cash Flow During the Period	-38.0	-323.7	83.7	-217.2	-581.2
Cash and Cash Equivalents at Beginning of Period	116.6	440.1	356.4	573.5	252.2
FX Difference from Revaluation	-0.0	0.2	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	78.6	116.6	440.1	356.4	37.1

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	1,462.9	1,897.1	1,668.1	1,604.9	1,448.8	1,295.0	1,514.7	1,428.1	986.0	1,560.6	1,056.4	850.5
Revenue Deductions	14.9	22.9	18.9	23.6	—	7.5	0.0	0.0	0.0	33.0	0.0	0.0
Net Revenue	1,448.0	1,874.2	1,649.2	1,581.3	1,448.8	1,287.5	1,514.7	1,428.1	986.0	1,527.6	1,056.4	850.5
Cost of Goods Sold	1,329.5	1,754.3	1,533.9	1,479.8	1,340.4	1,166.4	1,398.8	1,327.6	881.9	1,415.8	956.3	747.8
Gross Profit	118.4	119.8	115.4	101.5	108.5	121.1	115.8	100.5	104.1	111.9	100.1	102.7
Financial Income	5.4	5.1	5.6	5.7	6.7	7.1	6.5	4.0	4.9	5.6	7.0	8.3
Financial Expenses	0.5	0.4	0.6	0.4	0.5	0.5	0.5	0.6	0.6	0.7	0.6	0.4
Interest Expense	0.4	0.4	0.6	0.4	0.5	0.5	0.5	0.6	0.6	0.7	0.6	0.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	106.8	102.6	109.9	91.6	100.5	107.4	104.1	93.1	96.5	106.6	94.0	94.4
General and Administrative Expenses	11.5	15.1	7.0	11.1	10.6	14.4	11.2	9.3	10.6	16.1	11.6	15.1
Operating Profit	5.0	6.8	3.5	4.1	3.6	5.9	6.6	1.6	1.3	-6.0	1.0	1.1
Other Income	0.1	0.4	0.1	0.0	—	0.0	0.0	0.0	0.0	0.6	0.2	0.0
Other Expenses	0.0	0.0	0.0	0.1	—	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Other Profit	0.0	0.4	0.1	-0.1	—	0.0	0.0	-0.0	-0.0	0.6	0.2	0.0
Profit Before Tax	5.0	7.2	3.6	4.0	3.6	5.9	6.6	1.6	1.3	-5.4	1.1	1.1
Current Income Tax Expense	1.0	1.4	0.7	0.8	0.7	1.2	1.3	0.3	0.3	-1.1	0.3	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.0	5.7	2.9	3.2	2.9	4.8	5.3	1.2	1.0	-4.3	0.9	0.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.0	5.7	2.9	3.2	2.9	4.8	5.3	1.2	1.0	-4.3	0.9	0.8
Earnings per Share	100.41	143.61	72.00	79.62	72.01	118.85	131.59	34.20	28.06	-118.04	23.42	23.13
Diluted EPS	100.41	143.61	72.00	79.62	72.01	118.85	131.59	34.20	28.06	-118.04	23.42	23.13

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,149.9	1,083.4	1,313.3	1,304.9	1,341.2	1,187.2	1,277.2	1,168.9	1,065.7	1,230.2	969.5	875.8
I. Cash and cash equivalents	82.9	78.6	90.0	349.2	189.6	176.6	344.7	318.5	323.9	607.6	425.9	218.8
1. Cash	82.8	78.5	38.4	54.2	64.6	51.6	55.7	88.0	86.0	67.8	57.0	35.8
2. Cash equivalents	0.1	0.1	51.6	295.0	125.0	125.0	289.0	230.5	237.9	539.8	368.9	183.0
II. Short-term financial investments	418.4	252.4	331.8	74.7	294.1	448.0	327.2	274.3	210.1	42.2	52.1	209.6
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	418.4	252.4	331.8	74.7	294.1	448.0	327.2	274.3	210.1	42.2	52.1	209.6
III. Short-term receivables	445.0	626.8	798.0	706.7	666.3	413.9	492.7	424.6	403.9	465.0	391.9	316.6
1. Short-term trade accounts receivable	499.0	673.2	855.0	758.6	720.7	458.4	555.7	487.8	458.9	527.0	451.7	376.8
2. Short-term prepayments to suppliers	4.5	1.4	0.8	5.3	1.2	1.0	0.7	1.4	1.8	1.0	1.6	1.1
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	13.1	23.8	14.9	15.6	17.1	27.2	9.0	8.1	15.9	6.6	8.4	8.5
7. Provision for short-term doubtful debts (*)	-71.6	-71.7	-72.7	-72.7	-72.7	-72.7	-72.7	-72.7	-72.7	-69.4	-69.8	-69.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	83.2	8.6	17.8	52.4	79.6	54.5	26.9	69.6	58.2	46.1	36.2	45.7
1. Inventories	83.2	8.6	17.8	52.4	79.6	54.5	26.9	69.6	58.2	46.1	36.2	45.7
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	120.3	117.0	75.7	121.9	111.6	94.2	85.7	81.9	69.6	69.2	63.5	85.1
1. Short-term prepayments	33.8	37.9	5.4	7.3	2.9	2.9	4.5	5.2	6.7	6.0	7.3	6.4
2. Value added tax to be reclaimed	82.2	71.1	67.9	114.6	106.5	91.3	81.0	75.1	60.8	60.9	53.3	76.3
3. Taxes and other receivables from state authorities	4.3	8.0	2.4	0.0	2.1	0.0	0.2	1.5	2.1	2.3	2.9	2.4
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)	433.0	449.6	476.5	476.6	499.4	539.0	520.2	538.2	525.1	552.7	564.3	571.7
I. Long-term receivables	0.7	0.7	1.4	1.2	0.6	0.6	1.7	1.7	1.6	1.7	3.0	3.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.7	0.7	1.4	1.2	0.6	0.6	1.7	1.7	1.6	1.7	3.0	3.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	199.4	208.0	216.1	222.7	231.6	242.8	250.2	260.5	267.7	270.7	282.6	289.8
1. Tangible fixed assets	197.5	206.1	214.2	222.4	231.4	240.7	248.1	258.4	265.5	268.8	280.7	287.8
- Cost	725.4	—	—	—	—	731.8	731.1	729.2	728.4	727.4	724.8	725.0
- Accumulated depreciation	-527.9	—	—	—	—	-491.1	-483.0	-470.8	-462.9	-458.7	-444.1	-437.1
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	1.8	1.9	1.9	0.3	0.3	2.0	2.1	2.1	2.2	1.9	1.9	2.0
- Cost	7.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	18.2	18.4	18.6	18.9	19.1	19.3	19.5	19.7	19.9	20.2	20.4	20.6
- Cost	26.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.8	2.9	2.8	2.7	2.7	2.7	2.6	2.7	2.7	2.7	2.6	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.8	2.9	2.8	2.7	2.7	2.7	2.6	2.7	2.7	2.7	2.6	0.1
V. Long-term financial investments	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
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	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0
4. Provision for diminution in value of long-term investments	—	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Provision for long-term investments held to maturity (*)	-25.0	—	—	—	—	—	—	—	—	—	—	—
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	202.0	209.6	227.5	221.2	235.4	263.6	236.1	243.6	223.2	247.6	245.7	248.2
1. Long-term prepayments	202.0	209.6	227.5	221.2	235.4	263.6	236.1	243.6	223.2	247.6	245.7	248.2
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,582.9	1,533.0	1,789.7	1,781.6	1,840.6	1,726.3	1,797.3	1,707.1	1,590.8	1,782.9	1,533.8	1,447.5
A. LIABILITIES (300=210+330)	1,073.1	1,027.5	1,290.0	1,284.6	1,341.6	1,230.6	1,300.0	1,221.5	1,106.4	1,299.6	1,046.2	960.8
I. Short -term liabilities	928.9	901.0	1,147.8	1,141.7	1,192.2	1,037.7	1,133.4	1,047.5	920.3	1,098.4	841.1	782.4
1. Short-term trade accounts payable	850.2	820.4	1,090.9	1,097.8	1,142.9	999.3	1,095.2	1,013.8	898.8	1,074.5	810.4	702.2
2. Short-term advances from customers	2.3	1.5	1.9	1.8	2.8	1.2	3.6	1.7	0.8	1.8	1.7	1.9
3. Dividends and profits payable	2.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.1	5.2	4.7	1.7	—	4.9	1.2	1.1	0.0	0.4	0.9	2.2
4. Payable to employees	13.4	8.0	18.8	10.5	10.5	9.2	13.0	10.6	4.5	10.8	10.2	10.6
5. Short-term acrrued expenses	13.0	9.7	8.8	15.3	9.3	2.8	1.0	1.7	7.5	8.0	9.2	28.5
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.4	0.6	0.9
9. Other short-term payables	37.4	49.6	16.0	7.9	20.3	13.9	12.9	12.3	2.2	2.4	8.1	34.0
10. Short-term borrowings and financial leases	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	0.0	0.0	0.0
11. Provision for short-term liabilities	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.1	0.3	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	2.0
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	144.1	126.5	142.2	142.9	149.4	193.0	166.6	173.9	186.1	201.2	205.1	178.4
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	17.0	17.2	17.4	17.7	18.7	18.1	18.3	18.5	18.7	19.4	19.4	19.4
7. Other long-term liabilities	114.5	93.8	109.3	107.1	112.5	153.9	127.3	131.6	138.1	149.7	153.6	143.7
8. Long-term borrowings and financial leases	12.6	15.4	15.4	18.2	18.2	21.0	21.0	23.7	29.3	32.1	32.1	15.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	509.8	505.5	499.8	496.9	499.0	495.6	497.3	485.6	484.4	483.3	487.6	486.8
I. Owner's equity	509.8	505.5	499.8	496.9	499.0	495.6	497.3	485.6	484.4	483.3	487.6	486.8
1. Owner's capital	400.0	400.0	400.0	400.0	400.0	400.0	400.0	365.0	365.0	365.0	365.0	365.0
- Common stock with voting right	399,985,220,000.00	399,985,220,000.00	399,985,220,000.00	399,985,220,000.00	399,985,220,000.00	399,985,220,000.00	399,985,220,000.00	365,000,000,000.00	365,000,000,000.00	365,000,000,000.00	365,000,000,000.00	365,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7
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	71.1	71.1	71.1	71.1	62.5	62.5	62.5	97.5	97.5	97.5	97.5	97.5
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	19.0	14.7	8.9	6.1	16.8	13.4	15.1	3.4	2.1	1.1	5.4	4.5
- Accumulated retained earning at the end of the previous period	14.9	0.0	0.0	0.0	13.9	1.1	1.1	1.1	1.1	0.0	0.0	0.0
- Undistributed earnings in this period	4.0	14.7	8.9	6.1	2.9	12.3	13.9	2.3	1.0	1.1	5.4	4.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,582.9	1,533.0	1,789.7	1,781.6	1,840.6	1,726.3	1,797.3	1,707.1	1,590.8	1,782.9	1,533.8	1,447.5

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	5.0	7.2	3.6	4.0	3.6	5.9	6.6	1.6	1.3	-5.4	1.1	1.1
Depreciation of Fixed Assets and Investment Property	0.2	9.2	9.3	10.6	9.4	9.0	11.7	8.4	9.5	10.3	6.5	12.0
Provision (Increase)/Reversal	—	-0.7	—	—	—	0.0	0.0	0.0	0.0	2.9	-0.6	0.6
FX Gain/Loss from Revaluation of Monetary Items	-0.5	0.0	—	—	—	0.0	0.0	4.3	-4.3	20.8	-20.8	6.5
Gain/Loss from Investment Activities	-5.4	-6.3	-4.4	-5.7	-6.7	-6.6	-4.8	-9.0	0.0	-27.3	15.0	-15.0
Interest Expense	0.4	0.4	0.6	0.3	0.5	0.5	0.5	0.6	0.6	0.7	0.6	0.4
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	-0.3	9.8	9.1	9.2	6.8	8.9	14.1	5.8	7.1	2.0	1.8	5.7
Increase/(Decrease) in Receivables	-34.0	135.3	-9.8	-335.7	-3.4	-39.6	4.5	151.3	-119.7	-195.4	58.4	-96.2
Increase/(Decrease) in Inventory	74.6	-26.5	68.9	-31.7	0.1	-28.1	38.5	-5.5	-4.9	-19.9	11.8	50.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-203.4	-300.1	26.4	238.9	-99.6	-320.0	99.9	-6.4	-93.1	272.2	80.0	-86.4
Increase/(Decrease) in Prepaid Expenses	18.8	-6.8	-4.1	-5.5	21.8	-7.2	6.7	9.4	-3.1	9.2	-14.8	-0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.3	0.0	-0.9	0.0	-1.0	-1.8	0.3	0.0	-1.5	0.0	-0.7	0.0
Corporate Income Tax Paid	-4.0	0.0	-0.0	0.0	-3.0	0.0	0.0	0.0	0.0	0.0	-0.0	-1.0
Other Operating Receipts	—	—	—	—	—	9.7	0.0	-64.5	64.5	66.6	-66.6	0.0
Other Operating Payments	-0.3	105.7	-106.0	-4.9	—	5.7	-14.3	118.7	-118.7	0.0	3.9	23.4
Net Cash Flow from Operating Activities	-149.9	-82.6	-16.3	-129.8	-78.1	-372.4	149.7	208.8	-269.3	134.7	73.8	-104.1
Payments for Fixed Assets and Other Long-term Assets	—	-0.4	-1.3	-3.1	—	0.0	1.8	-1.8	0.0	-33.6	27.8	-27.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-166.0	174.8	-445.8	-116.8	-177.8	-320.7	-1,274.0	-65.5	-244.3	-155.4	154.9	273.2
Receipts from Loan Repayments and Sale of Debt Instruments	320.2	-108.8	422.4	175.9	331.7	524.0	1,179.4	-168.2	378.3	52.1	-52.1	-363.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	5.6	5.2	12.8	—	0.9	7.2	8.0	0.2	26.8	-13.7	13.7
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	154.3	71.2	-19.5	68.8	153.9	204.3	-85.7	-227.6	134.2	-110.1	117.0	-104.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	-34.9	34.9	0.0	18.0	0.0
Repayment of Borrowings	—	0.0	-2.8	0.0	-2.8	0.0	-2.8	0.0	-2.8	0.0	-1.3	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	13.1	-13.1	-10.3	-0.3	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	—	0.0	-2.8	0.0	-2.8	0.0	-2.7	-21.8	18.9	-10.3	16.4	0.0
Net Cash Flow During the Period	4.4	-11.4	-38.6	-61.0	73.0	-168.1	61.3	-40.5	-116.2	14.2	207.2	-208.5
Cash and Cash Equivalents at Beginning of Period	78.6	90.0	128.6	189.6	116.6	440.1	440.1	440.1	440.1	356.4	356.4	356.4
FX Difference from Revaluation	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	82.9	78.6	90.0	128.6	189.6	176.6	344.7	283.4	323.9	440.1	425.9	218.7

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PVG

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