QNC

Xi măng và Xây dựng Quảng Ninh ·UPCOM ·2026Q1

● Maintaining

Price

5,400

Latest close

03 Jun 2026

P/E 8.93x

P/B 0.45x

EPS 605

BVPS 12,099

ROE 5.1%

ROA 1.9%

Profit Margin 1.8%

Asset Turnover 1.04x

Equity Mult. 2.72x

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

What Is Changing

On a TTM 2026Q1 basis, QNC posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,007bn
	                                
+19.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 36bn
	                                
−10.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,907.6	1,613.2	1,421.3	1,491.3	1,209.6
Growth	+18%	+14%	-5%	+23%	—
Net Income	34.9	43.2	78.5	89.6	99.2
Net Margin	1.83%	2.68%	5.52%	6.01%	8.20%

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	498.8	554.4	471.9	482.1	399.2	470.6	377.4	430.9	334.5	404.3	377.7	329.7
Growth	-10%	+17%	-2%	+21%	-15%	+25%	-12%	+29%	-17%	+7%	+15%	—
Net Income	8.9	17.4	1.5	8.5	5.1	5.1	3.1	27.4	5.2	-24.4	39.0	35.7
Net Margin	1.79%	3.14%	0.31%	1.76%	1.28%	1.07%	0.82%	6.36%	1.55%	-6.03%	10.34%	10.84%

Drivers of QNC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Other profit ↑ 6.2bn

Administrative expenses ↓ 3.4bn

Tax ↓ 2.3bn

Gross profit ↑ 1.4bn

Finance costs ↑ 13.7bn

Financial income ↓ 2.1bn

TTM

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

Gross profit ↑ 16.2bn

Administrative expenses ↑ 6.2bn

Finance costs ↑ 5.3bn

Tax ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.1% = 2.4% × 1.00 × 2.49

2026Q1 5.1% = 1.8% × 1.04 × 2.72

ROE fell from 6.1% to 5.1% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 1.8% -0.6pp Asset turnover: 1.04x +0.04x Leverage: 2.72x +0.23x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 1.81%, falling 0.6pp. The main pressure is Gross margin fell 1.6pp, outweighing the improvement in SG&A / Revenue fell 0.8pp (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 0.4pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 1.81% −0.6pp

Gross Margin 8.71% −1.6pp

SG&A / Revenue 3.84% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC narrowed to 2.04%, falling 1.0pp. That translates to 2.04 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.9pp, outweighing the movement in capital turnover; while invested capital rose by 229bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 2.04% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.04% −1.0pp

NOPAT Margin 1.60% −0.9pp

Capital Turnover 1.28x +0.03x

Average Invested Capital 1,570.7bn +229.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 1.84x equity, net debt at 1.44x equity.

Inventory ended the period at 474.4bn, roughly 23.3% of total assets.

Over the last 12 months, working capital absorbed 150.4bn 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: −197.5bn

Inventories increased → lower CFO: −53.5bn

Payables increased → higher CFO: +100.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.5 days versus the same period last year. The main moves came from DIO rose 4.7 days, DSO fell 16.7 days, and DPO fell 5.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Inventory turnover is slowing

DIO increased by +4.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 39.4 days −16.7 days

Inventory 70.2 days +4.7 days

Payables 32.5 days −5.6 days

Cash Conversion Cycle 77.1 days −6.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 374.6bn due to capex of 412.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.44x and interest coverage only at 0.69x.

At present, short-term debt accounts for 87.9% of total debt, cash equals 0.9% of debt, and total debt stands at 1,055.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.44x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.69x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.44x +0.46x

Interest Coverage 0.69x −0.50x

Cash / Debt 0.9% −0.7pp

Short-term Debt / Total Debt 87.9% +8.4pp

CFO / NI 1.04x −1.47x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 13.3bn in 2025, against investing cash flow of -376.7bn.

Post-investment cash flow was negative +363.4bn. Financing cash flow was positive +363.4bn.

CFO / net income was 1.04x.

After spending +412.1bn on fixed-asset investment, the business generated trailing free cash flow of −374.6bn.

Cash Conversion

CFO TTM 37.6bn −64.1bn

Cash Capex 412.1bn +304.9bn

FCF TTM −374.6bn −369.0bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.04x. The main risk still sits in capital efficiency remains weak, with ROIC at 2.0%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.04x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,909.5	1,616.6	1,432.6	1,500.7	1,233.0
Revenue Deductions	1.8	3.4	11.3	9.4	0.0
Net Revenue	1,907.6	1,613.2	1,421.3	1,491.3	1,209.6
Cost of Goods Sold	1,746.2	1,430.1	1,247.4	1,296.0	0.0
Gross Profit	161.4	183.1	173.9	195.3	175.9
Financial Income	2.0	3.3	6.1	13.0	19.2
Financial Expenses	54.3	46.6	54.0	33.2	-35.0
Interest Expense	43.7	44.3	45.3	27.1	-30.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.5	1.6	1.6	1.4	-0.8
General and Administrative Expenses	68.9	81.1	56.2	45.8	-46.6
Operating Profit	37.8	57.1	68.2	127.9	112.6
Other Income	8.3	4.5	38.0	1.0	0.0
Other Expenses	2.2	6.7	7.7	13.8	0.0
Other Profit	6.1	-2.2	30.2	-12.8	-13.4
Profit Before Tax	43.8	54.9	98.4	115.1	99.2
Current Income Tax Expense	9.0	11.7	19.9	25.5	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	34.9	43.2	78.5	89.6	99.2
Non-controlling Interest	0.0	0.0	0.1	0.0	0.0
Profit Attributable to Parent	34.8	43.2	78.4	89.6	99.2
Earnings per Share	581.00	720.00	1,309.00	1,645.00	3,005.00
Diluted EPS	580.50	719.28	1,307.11	1,492.56	1,983.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	996.4	806.8	706.0	546.9	528.2
I. Cash and cash equivalents	14.3	14.3	59.2	3.6	4.4
1. Cash	14.3	14.3	53.2	3.6	0.0
2. Cash equivalents	—	0.0	6.0	0.0	0.0
II. Short-term financial investments	2.5	2.5	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	2.5	2.5	0.0	0.0	0.0
III. Short-term receivables	468.2	539.5	503.5	266.2	271.1
1. Short-term trade accounts receivable	112.7	290.5	333.6	211.3	0.0
2. Short-term prepayments to suppliers	375.4	266.1	180.7	54.2	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	—	3.0	0.0	0.0	0.0
6. Other short-term receivables	15.0	14.9	22.6	34.1	0.0
7. Provision for short-term doubtful debts (*)	-34.9	-34.9	-33.4	-33.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	474.4	246.1	141.7	261.6	230.9
1. Inventories	490.9	263.6	160.7	283.1	0.0
2. Provision for decline in value of inventories	-16.6	-17.5	-19.0	-21.5	0.0
V. Other short-term assets	37.1	4.3	1.5	15.4	21.7
1. Short-term prepayments	15.0	1.1	1.2	5.4	0.0
2. Value added tax to be reclaimed	22.1	3.2	0.4	10.0	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)	1,040.6	929.8	984.6	1,123.8	918.5
I. Long-term receivables	8.5	8.1	7.4	174.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	34.9
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	0.2	0.2	0.0	168.8	0.0
6. Other long-term receivables	8.3	7.9	7.4	5.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	930.9	834.7	915.1	849.0	799.3
1. Tangible fixed assets	930.9	834.7	915.1	847.6	797.5
- Cost	2,467.6	2,215.2	2,149.9	2,046.5	0.0
- Accumulated depreciation	-1,536.7	-1,380.5	-1,234.8	-1,198.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	1.4	1.8
- Cost	1.0	1.0	1.0	10.0	0.0
- Accumulated depreciation	-1.0	-1.0	-1.0	-8.5	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	49.2	29.2	9.3	47.3	35.5
1. Long-term production in progress	3.6	3.6	3.6	3.6	0.0
2. Construction in progress	45.6	25.6	5.7	43.7	0.0
V. Long-term financial investments	33.2	39.2	26.7	26.7	26.8
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	1.6	7.6	7.6	7.6	0.0
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.9	-1.9	0.0
5. Held to maturity investments	33.2	33.2	21.0	21.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	18.7	18.5	26.1	26.8	0.0
1. Long-term prepayments	11.9	11.6	18.5	19.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	6.8	6.9	7.6	7.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	21.9
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,037.0	1,736.5	1,690.6	1,670.7	1,446.6
A. LIABILITIES (300=210+330)	1,319.9	1,050.5	1,045.4	1,060.7	1,013.9
I. Short -term liabilities	1,135.6	860.3	865.3	988.0	893.0
1. Short-term trade accounts payable	80.4	182.0	173.4	254.3	231.8
2. Short-term advances from customers	21.9	0.6	9.9	115.9	74.8
3. Taxes and other payables to state authorities	13.8	24.1	71.7	48.3	0.0
4. Payable to employees	21.9	30.2	21.0	17.3	0.0
5. Short-term acrrued expenses	—	0.0	0.5	0.4	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	0.3	0.2	0.2	0.2	0.6
9. Other short-term payables	66.5	64.1	69.6	64.1	0.0
10. Short-term borrowings and financial leases	928.0	559.1	518.9	487.5	423.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.8	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	184.3	190.2	180.1	72.7	120.9
1. Long-term trade payables	45.0	45.0	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	2.8	4.1	4.1	4.2	0.0
8. Long-term borrowings and financial leases	132.4	137.4	172.9	66.0	114.7
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	4.1	3.6	3.0	2.6	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)	717.1	686.0	645.2	610.0	432.7
I. Owner's equity	717.1	686.0	645.2	610.0	0.0
1. Owner's capital	600.0	600.0	600.0	600.0	432.7
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.0	2.1	2.1	2.1	2.2
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	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	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	17.6	10.1	10.1	10.1	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	98.3	74.6	33.8	-1.4	-78.9
- Accumulated retained earning at the end of the previous period	63.4	31.5	-44.7	-91.0	-178.0
- Undistributed earnings in this period	34.8	43.2	78.4	89.6	99.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1.1	1.1	1.2	1.1	1.1
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,037.0	1,736.5	1,690.6	1,670.7	1,446.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	43.8	54.9	98.4	115.1	99.2
Depreciation of Fixed Assets and Investment Property	156.5	147.6	123.6	109.5	103.4
Provision (Increase)/Reversal	-0.5	0.4	-2.1	-10.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	-0.9	7.0	3.3	0.0
Gain/Loss from Investment Activities	-2.0	-1.0	-40.0	-11.3	0.0
Interest Expense	43.7	44.3	45.3	27.1	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	242.1	245.3	232.3	233.7	221.5
Increase/(Decrease) in Receivables	47.2	-42.3	-185.9	-77.0	0.0
Increase/(Decrease) in Inventory	-110.4	-102.3	121.8	-13.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-101.7	7.0	-199.4	-0.1	0.0
Increase/(Decrease) in Prepaid Expenses	-14.2	7.0	5.6	2.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-37.2	-44.7	-35.9	-25.8	0.0
Corporate Income Tax Paid	-11.7	-21.0	-25.5	-7.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	13.3	49.0	-86.9	112.4	204.8
Payments for Fixed Assets and Other Long-term Assets	-387.1	-87.3	-163.7	-191.2	-117.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.0	5.3	0.2
Loans and Purchases of Debt Instruments	—	-18.0	0.0	-56.0	-112.8
Receipts from Loan Repayments and Sale of Debt Instruments	3.0	0.0	168.8	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	6.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.3	5.7	6.0	13.2	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	-376.7	-99.4	11.1	-228.6	-228.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	100,000,000,000.00	112,445,410,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,864.7	1,102.8	1,140.1	779.3	759.6
Repayment of Borrowings	-1,501.3	-1,097.2	-1,008.7	-763.8	-856.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	-0.0	-0.0	-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	363.4	5.6	131.4	115.4	15.2
Net Cash Flow During the Period	-0.0	-44.9	55.6	-0.8	-9.9
Cash and Cash Equivalents at Beginning of Period	14.3	59.2	3.6	4.4	13.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.3	14.3	59.2	3.6	4.4

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	499.1	554.7	472.2	482.7	399.9	471.9	378.3	431.4	335.1	412.4	378.6	330.8
Revenue Deductions	0.3	0.4	0.3	0.6	0.6	1.3	0.9	0.6	0.6	8.1	1.0	1.1
Net Revenue	498.8	554.4	471.9	482.1	399.2	470.6	377.4	430.9	334.5	404.3	377.7	329.7
Cost of Goods Sold	453.2	496.9	443.9	438.5	369.8	421.0	348.2	365.8	298.3	388.9	297.4	294.8
Gross Profit	45.6	57.5	28.0	43.6	29.5	49.6	29.3	65.0	36.2	15.4	80.3	34.9
Financial Income	0.2	0.4	0.5	0.5	0.4	2.6	0.3	0.4	0.3	2.7	0.4	2.8
Financial Expenses	13.0	13.8	9.2	22.7	7.8	11.7	9.3	16.3	9.7	22.9	19.3	8.7
Interest Expense	12.9	13.2	9.0	13.3	7.6	11.3	9.2	11.1	12.9	16.3	18.7	7.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.7	0.7	0.8	0.2	0.3	0.2	0.1	1.0	0.7	0.3	0.2
General and Administrative Expenses	20.3	22.4	15.9	15.9	14.1	35.0	15.3	13.5	17.4	17.3	11.5	14.6
Operating Profit	12.3	20.9	2.6	4.6	7.8	5.2	4.8	35.5	8.3	-22.8	49.4	14.2
Other Income	0.2	0.4	0.6	6.0	0.1	3.2	0.1	1.0	0.2	0.2	0.1	34.1
Other Expenses	0.4	0.4	0.5	0.7	0.6	2.7	0.2	1.8	1.8	1.7	0.9	3.1
Other Profit	-0.2	0.1	0.1	5.3	-0.5	0.5	-0.1	-0.8	-1.6	-1.5	-0.8	31.1
Profit Before Tax	12.1	21.0	2.7	9.9	7.3	5.7	4.7	34.6	6.7	-24.3	48.6	45.3
Current Income Tax Expense	3.2	3.6	1.2	1.4	2.1	0.7	1.6	7.2	1.5	0.1	9.6	9.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.9	17.4	1.5	8.5	5.1	5.1	3.1	27.4	5.2	-24.4	39.0	35.7
Non-controlling Interest	0.0	0.0	0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.9	17.4	1.5	8.5	5.1	5.1	3.1	27.4	5.2	-24.4	39.0	35.7
Earnings per Share	149.00	290.00	24.00	142.00	86.00	84.00	51.00	457.00	86.00	-407.00	651.00	596.00
Diluted EPS	148.82	289.93	24.27	141.42	85.45	84.32	51.25	456.28	86.09	-406.58	650.53	595.12

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)	1,127.7	1,059.1	1,145.8	1,022.9	757.0	905.4	792.5	815.1	717.6	709.1	590.1	513.5
I. Cash and cash equivalents	10.0	14.3	10.7	10.3	11.7	14.1	12.4	22.7	15.0	59.2	15.5	5.3
1. Cash	10.0	14.3	10.7	10.3	11.7	14.1	12.4	6.9	1.8	53.2	15.5	5.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	15.8	13.2	6.0	0.0	0.0
II. Short-term financial investments	2.5	2.5	2.5	2.5	2.5	2.5	2.5	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	2.5	2.5	2.5	2.5	2.5	2.5	2.5	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	659.4	530.1	594.4	784.5	492.5	637.5	585.9	580.6	438.0	503.3	400.9	297.0
1. Short-term trade accounts receivable	237.4	112.7	196.6	215.0	195.7	290.8	362.3	434.1	319.9	333.6	282.1	279.2
2. Short-term prepayments to suppliers	440.5	437.7	417.6	590.8	313.3	367.6	243.5	165.0	134.4	180.7	126.8	20.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	0.8	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	16.5	14.7	15.2	12.9	17.3	15.2	16.2	17.1	19.3	22.5	25.3	30.6
7. Provision for short-term doubtful debts (*)	-34.9	-34.9	-34.9	-34.9	-34.9	-36.0	-36.0	-35.6	-35.6	-33.4	-33.4	-33.4
8. Assets awaiting resolution	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	421.2	474.7	505.5	222.4	249.3	245.0	187.9	211.4	254.4	141.7	166.8	205.1
1. Inventories	437.7	491.3	522.4	239.3	266.8	262.6	205.6	229.0	273.3	160.7	187.8	226.6
2. Provision for decline in value of inventories	-16.6	-16.6	-16.9	-16.9	-17.5	-17.7	-17.7	-17.7	-19.0	-19.0	-21.1	-21.5
V. Other short-term assets	34.6	37.4	32.8	3.2	0.9	6.2	3.7	0.5	10.2	4.8	6.9	6.0
1. Short-term prepayments	22.3	15.3	10.9	3.1	0.7	1.1	1.7	0.4	0.8	4.5	6.9	5.9
2. Value added tax to be reclaimed	12.3	22.1	21.8	—	0.3	3.2	0.2	0.0	9.4	0.4	0.0	0.1
3. Taxes and other receivables from state authorities	—	—	0.0	0.0	—	1.9	1.9	0.0	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)	1,055.4	1,040.0	941.0	914.4	914.3	933.3	920.5	935.6	955.6	985.7	1,128.0	1,100.6
I. Long-term receivables	8.9	8.5	8.5	8.5	8.5	11.1	8.1	8.1	8.1	7.4	146.3	146.3
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	—	0.2	0.2	0.2	0.2	3.2	0.2	0.2	0.2	0.0	139.7	139.7
6. Other long-term receivables	8.9	8.3	8.3	8.3	8.3	7.9	7.9	7.9	7.9	7.4	6.5	6.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	902.1	930.4	795.9	783.9	800.2	834.7	829.7	858.7	882.2	915.1	756.5	783.0
1. Tangible fixed assets	902.1	930.4	795.9	783.9	800.2	834.7	829.7	858.7	882.2	915.1	756.5	782.9
- Cost	2,485.0	—	—	—	—	2,215.2	2,173.2	2,165.4	2,152.2	2,149.9	1,968.8	1,966.4
- Accumulated depreciation	-1,582.9	—	—	—	—	-1,380.5	-1,343.5	-1,306.7	-1,270.0	-1,234.8	-1,212.3	-1,183.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	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	94.8	49.2	78.8	65.7	48.9	30.0	25.2	21.6	14.7	9.3	173.2	117.6
1. Long-term production in progress	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
2. Construction in progress	91.2	45.6	75.2	62.1	45.3	26.5	21.6	18.0	11.1	5.7	169.6	114.0
V. Long-term financial investments	33.2	33.2	39.2	39.2	39.2	39.0	39.0	26.7	26.7	26.7	26.7	26.7
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	1.6	1.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6
4. Provision for diminution in value of long-term investments	-1.6	-1.6	-1.6	-1.6	-1.6	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
5. Held to maturity investments	33.2	33.2	33.2	33.2	33.2	33.2	33.2	21.0	21.0	21.0	21.0	21.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	16.3	18.7	18.5	17.1	17.5	18.5	18.5	20.5	23.9	27.2	25.3	27.0
1. Long-term prepayments	9.7	11.9	11.5	9.9	10.3	11.6	11.1	13.1	16.6	19.6	18.2	19.9
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	6.6	6.8	7.0	7.2	7.2	6.9	7.4	7.4	7.4	7.6	7.1	7.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,183.1	2,099.1	2,086.8	1,937.3	1,671.3	1,838.7	1,712.9	1,750.7	1,673.3	1,694.8	1,718.1	1,614.0
A. LIABILITIES (300=210+330)	1,457.2	1,381.0	1,386.1	1,241.4	980.2	1,155.5	1,032.5	1,073.0	1,023.0	1,052.8	1,056.7	987.6
I. Short -term liabilities	1,277.3	1,196.7	1,203.6	1,051.8	785.6	1,046.7	905.4	924.7	850.5	872.8	919.9	930.1
1. Short-term trade accounts payable	136.7	80.1	131.5	110.3	99.2	227.0	152.1	180.2	169.2	173.4	166.7	206.7
2. Short-term advances from customers	114.6	84.1	25.6	2.9	16.8	102.1	90.6	53.4	40.3	9.9	56.9	45.8
3. Taxes and other payables to state authorities	13.5	14.2	20.2	29.2	36.2	25.2	28.6	50.3	50.7	69.7	106.5	117.6
4. Payable to employees	16.5	20.8	34.8	44.6	23.7	27.9	25.1	18.2	16.5	20.0	15.4	10.3
5. Short-term acrrued expenses	-0.0	—	1.2	0.5	0.3	0.0	0.0	0.7	1.1	0.5	14.0	0.9
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	0.1	0.3	0.4	0.6	0.1	0.2	0.4	0.6	0.1	0.2	0.4	0.6
9. Other short-term payables	65.7	66.4	58.5	59.9	60.6	68.9	63.5	62.4	60.0	80.1	58.9	58.4
10. Short-term borrowings and financial leases	927.3	928.0	928.2	800.3	548.8	595.3	545.1	559.0	512.6	518.9	501.2	489.8
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	2.8	2.8	3.1	3.4	0.0	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	179.9	184.3	182.5	189.6	194.6	108.8	127.1	148.3	172.5	180.1	136.8	57.5
1. Long-term trade payables	45.0	45.0	45.0	45.0	45.0	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	2.8	2.8	2.8	2.8	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.2
8. Long-term borrowings and financial leases	128.0	132.4	130.9	138.0	141.9	101.1	119.6	140.9	165.3	172.9	129.9	50.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	4.1	4.1	3.8	3.8	3.6	3.6	3.3	3.3	3.0	3.0	2.8	2.8
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)	725.9	718.1	700.7	695.9	691.1	683.2	680.4	677.7	650.3	642.0	661.4	626.4
I. Owner's equity	725.9	718.1	700.7	695.9	691.1	683.2	680.4	677.7	650.3	642.0	661.4	626.4
1. Owner's capital	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.0	2.0	2.0	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
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	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00	-1,894,390,964.00
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	17.6	17.6	17.6	17.6	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
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	107.1	99.3	81.9	77.0	79.7	71.8	69.0	66.3	38.9	30.5	50.0	15.0
- Accumulated retained earning at the end of the previous period	98.1	63.4	63.4	63.4	74.6	31.5	33.7	33.8	33.8	-44.7	-44.7	-41.1
- Undistributed earnings in this period	9.0	35.9	18.5	13.6	5.1	40.3	35.3	32.5	5.2	75.2	94.7	56.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.2	1.1	1.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,183.1	2,099.1	2,086.8	1,937.3	1,671.3	1,838.7	1,712.9	1,750.7	1,673.3	1,694.8	1,718.1	1,614.0

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	12.1	19.7	2.7	14.2	7.3	5.7	4.7	34.2	6.7	-20.8	48.6	44.9
Depreciation of Fixed Assets and Investment Property	46.2	41.3	39.2	38.0	38.0	37.5	37.0	36.7	36.4	36.1	28.8	29.2
Provision (Increase)/Reversal	—	-0.1	0.0	-0.4	—	0.3	-0.0	-0.5	2.2	-1.8	0.0	-0.2
FX Gain/Loss from Revaluation of Monetary Items	—	-8.3	0.0	8.9	—	0.1	0.0	-1.0	3.0	5.5	0.0	1.5
Gain/Loss from Investment Activities	-0.2	-0.5	-0.5	-0.5	-0.5	-1.3	-0.1	-0.2	-0.4	-2.7	-0.4	-26.2
Interest Expense	12.9	13.2	9.0	13.9	7.6	11.3	9.2	10.9	12.9	9.7	19.0	7.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	71.0	65.3	50.4	74.1	52.4	53.6	50.7	80.2	60.7	25.9	96.1	56.7
Increase/(Decrease) in Receivables	-196.2	123.2	166.9	-291.4	48.5	-57.2	-2.0	-137.7	53.4	-89.3	-117.4	32.3
Increase/(Decrease) in Inventory	53.4	148.8	-278.2	22.6	-3.5	-56.6	23.5	44.3	-112.4	22.8	45.1	-7.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	137.1	-70.5	26.8	7.2	-65.2	88.3	-2.7	39.3	-8.7	-45.4	-37.7	-57.3
Increase/(Decrease) in Prepaid Expenses	-6.0	-4.5	-9.3	-2.1	1.7	0.0	0.8	3.8	2.3	5.5	1.3	2.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.9	-9.7	-11.8	-6.9	-8.8	-11.3	-8.9	-23.7	-0.8	-13.1	-9.6	-5.4
Corporate Income Tax Paid	-0.0	0.0	-5.8	-5.8	-0.0	-1.1	-3.8	-3.0	-13.1	-25.4	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.7	0.0	-0.3	—	0.0	0.0	-0.0	-0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	49.4	252.0	-61.1	-202.7	25.1	15.7	57.5	3.3	-18.5	-118.9	-22.3	21.4
Payments for Fixed Assets and Other Long-term Assets	-48.8	-264.7	-60.1	-38.5	-23.8	-45.6	-17.9	-19.9	-9.0	-33.8	-58.6	-34.9
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	—	—	—	—	1.8	-3.0	1.0	-15.9	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.2	0.0	0.8	2.2	—	0.0	0.0	-0.3	0.3	139.7	0.0	29.1
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	6.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	1.2	0.0	0.1	-0.1	2.0	0.1	1.2	3.1	1.5	0.4	-5.1
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	-48.6	-257.5	-59.3	-38.0	-22.0	-46.6	-16.9	-34.9	-5.7	107.4	-58.2	-10.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	340.5	507.3	509.1	487.9	360.4	273.6	340.1	252.7	230.6	377.7	345.1	201.4
Repayment of Borrowings	-345.6	-498.2	-388.4	-248.5	-366.2	-240.9	-375.3	-235.2	-244.5	-322.4	-254.4	-211.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	—	—	—	0.1	0.0	0.0	0.0	-0.1	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	-5.1	9.1	120.7	239.3	-5.7	32.6	-35.2	17.5	-14.0	55.2	90.7	-10.0
Net Cash Flow During the Period	-4.3	3.6	0.3	-1.4	-2.6	1.8	5.5	-14.1	-38.2	43.8	10.2	0.4
Cash and Cash Equivalents at Beginning of Period	14.3	10.7	10.3	11.7	14.3	59.2	59.2	59.2	53.2	3.6	3.6	3.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.0	14.3	10.7	10.3	11.7	14.1	12.4	6.9	15.0	59.2	15.5	5.3

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QNC

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