RCC

Tổng Công ty Công trình Đường sắt Việt Nam ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin −57.75%, +2.04pp YoY

Price

17,500

Latest close

25 May 2026

P/E -119.05x

P/B 1.47x

EPS -147

BVPS 11,894

ROE -1.2%

ROA -0.5%

Profit Margin -0.7%

Asset Turnover 0.63x

Equity Mult. 2.68x

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

What Is Changing

On a TTM 2026Q1 basis, RCC posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 650bn
	                                
−11.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 4bn
	                                
+80.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    85.3%

Metric	2025	2024	2023	2022	2021
Revenue	654.7	776.6	840.0	456.3	526.4
Growth	-16%	-8%	+84%	-13%	—
Net Income	2.6	3.7	30.1	22.6	46.3
Net Margin	0.40%	0.48%	3.58%	4.96%	8.80%

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	66.3	306.1	119.8	157.4	71.3	251.6	211.0	198.6	115.4	388.4	214.9	207.8
Growth	-78%	+155%	-24%	+121%	-72%	+19%	+6%	+72%	-70%	+81%	+3%	—
Net Income	-28.0	30.5	2.8	-9.1	-21.7	-2.8	3.1	2.2	0.3	23.7	4.1	12.6
Net Margin	-42.20%	9.96%	2.37%	-5.79%	-30.43%	-1.11%	1.46%	1.11%	0.28%	6.10%	1.91%	6.09%

Drivers of RCC's profit

TTM

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

Financial income ↑ 37.0bn

Other profit ↑ 3.9bn

Gross profit ↓ 13.1bn

Finance costs ↑ 7.4bn

Administrative expenses ↑ 4.2bn

TTM

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

Finance costs ↑ 3.2bn

Gross profit ↓ 3.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -4.8% = -2.6% × 0.70 × 2.65

2026Q1 -1.0% = -0.6% × 0.63 × 2.68

ROE rose from -4.8% to -1.0% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: -0.6% +2.0pp Asset turnover: 0.63x -0.07x Leverage: 2.68x +0.03x

Is the profit sustainable?

Margins improved (+2.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -0.58%, rising 2.0pp. Despite pressure from SG&A / Revenue rose 1.3pp and Gross margin fell 1.1pp, the offset came from Net financial result / Revenue rose 4.0pp and Other profit / Revenue rose 0.6pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin -0.58% +2.0pp

Gross Margin 6.20% −1.1pp

SG&A / Revenue 6.03% +1.3pp

Non-core / Revenue 0.05% +4.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 85.3% of PBT and lifted net margin by 4.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 159.4 days.

Is capital being deployed efficiently?

ROIC edged up to -0.07%, rising 1.1pp. That translates to -0.07 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.1pp, with capital turnover fell 0.20x; while invested capital rose by 63bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently -0.07% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -0.07% +1.1pp

NOPAT Margin -0.08% +1.1pp

Capital Turnover 0.87x −0.20x

Average Invested Capital 750.6bn +63.3bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.85x equity, net debt at 1.04x equity.

Inventory ended the period at 132.2bn, roughly 11.3% of total assets.

Over the last 12 months, working capital absorbed 108.1bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −252.7bn

Inventories decreased → higher CFO: +74.3bn

Payables increased → higher CFO: +70.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 27.1 days versus the same period last year. The main moves came from DIO fell 35.3 days, DSO rose 37.9 days, and DPO rose 29.7 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 159.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +37.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 176.2 days +37.9 days

Inventory 94.2 days −35.3 days

Payables 111.0 days +29.7 days

Cash Conversion Cycle 159.4 days −27.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.04x and interest coverage only at 0.01x.

At present, short-term debt accounts for 99.4% of total debt, cash equals 1.6% of debt, and total debt stands at 401.8bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.04x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.01x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.04x +0.18x

Interest Coverage 0.01x +0.39x

Cash / Debt 1.6% −1.4pp

Short-term Debt / Total Debt 99.4% −0.1pp

CFO / NI 26.40x +32.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -104.2bn in 2025, against investing cash flow of 68.2bn.

Post-investment cash flow was negative +36.1bn. Financing cash flow was positive +76.8bn.

CFO / net income was 26.40x.

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 125.3bn −241.4bn

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 brighter spot is operating efficiency, with net margin improving 2.0 pp. The next item to monitor is the earnings mix, when non-core contribution is -61.3%. The main risk still sits in capital efficiency remains weak, with ROIC at -0.1%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -57.75% after expanding 2.0pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 26.40x. Even so, net financial result still accounts for -61.3% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	654.7	776.6	840.0	456.3	526.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	654.7	776.6	840.0	456.3	526.4
Cost of Goods Sold	611.3	700.3	734.9	393.2	0.0
Gross Profit	43.3	76.4	105.1	63.1	93.1
Financial Income	38.0	0.3	9.3	34.6	64.1
Financial Expenses	35.6	30.5	26.9	27.1	-45.2
Interest Expense	34.4	26.8	25.6	18.6	-26.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.9	1.2	2.6	1.5	-2.8
General and Administrative Expenses	37.9	34.1	46.5	46.7	-68.0
Operating Profit	7.0	10.8	38.4	22.4	41.2
Other Income	2.1	1.1	0.9	3.8	0.0
Other Expenses	1.0	2.5	0.6	0.7	0.0
Other Profit	1.1	-1.3	0.3	3.1	-4.9
Profit Before Tax	8.2	9.5	38.7	25.6	36.4
Current Income Tax Expense	5.9	5.6	8.4	6.7	9.9
Deferred Income Tax Expense	-0.3	0.1	0.3	-3.8	0.0
Net Income	2.6	3.7	30.1	22.6	46.3
Non-controlling Interest	0.9	2.4	2.6	-1.2	-2.4
Profit Attributable to Parent	1.7	1.3	27.4	23.8	48.7
Earnings per Share	53.00	41.00	856.00	743.00	3,152.71
Diluted EPS	52.84	40.97	855.65	743.24	3,152.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	911.7	743.9	1,087.1	745.4	731.5
I. Cash and cash equivalents	52.3	11.6	324.7	29.2	156.2
1. Cash	51.3	10.0	303.3	25.6	0.0
2. Cash equivalents	1.0	1.7	21.4	3.6	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	701.8	524.8	486.2	519.7	377.3
1. Short-term trade accounts receivable	439.2	329.7	412.7	262.1	0.0
2. Short-term prepayments to suppliers	262.5	197.2	78.7	55.6	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	16.1	14.3	10.3	217.7	0.0
7. Provision for short-term doubtful debts (*)	-16.0	-16.4	-15.5	-15.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	132.2	178.7	245.9	174.0	176.7
1. Inventories	138.5	185.1	256.6	184.6	0.0
2. Provision for decline in value of inventories	-6.3	-6.3	-10.6	-10.6	0.0
V. Other short-term assets	25.4	28.7	30.2	22.5	21.3
1. Short-term prepayments	0.9	1.9	1.5	0.5	0.0
2. Value added tax to be reclaimed	22.9	25.2	27.6	20.9	0.0
3. Taxes and other receivables from state authorities	1.6	1.6	1.2	1.1	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)	257.7	302.7	110.3	113.3	127.7
I. Long-term receivables	2.6	2.4	2.1	1.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.6
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	2.6	2.4	2.1	1.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	58.1	72.1	84.4	86.7	98.1
1. Tangible fixed assets	54.5	68.4	80.5	82.8	93.9
- Cost	277.2	295.5	296.9	287.3	0.0
- Accumulated depreciation	-222.7	-227.1	-216.4	-204.6	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	3.6	3.7	3.8	4.0	4.1
- Cost	5.0	5.0	5.0	5.0	0.0
- Accumulated depreciation	-1.4	-1.3	-1.2	-1.0	0.0
III. Investment properties	2.9	3.0	3.1	3.2	3.3
- Cost	5.7	5.7	5.7	5.7	0.0
- Accumulated depreciation	-2.8	-2.7	-2.6	-2.5	0.0
IV. Long-term assets in progress	—	0.0	1.2	4.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	1.2	4.6	0.0
V. Long-term financial investments	189.3	217.5	6.8	8.0	14.9
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	226.1	253.4	38.9	38.9	0.0
4. Provision for diminution in value of long-term investments	-36.8	-35.9	-32.1	-30.9	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	4.8	7.7	12.8	8.8	0.0
1. Long-term prepayments	3.6	6.8	11.8	7.7	0.0
2. Deferred income tax assets	1.2	0.8	0.9	1.2	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	8.8
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)	1,169.4	1,046.6	1,197.4	858.6	859.2
A. LIABILITIES (300=210+330)	759.6	635.3	789.5	477.1	497.2
I. Short -term liabilities	748.9	627.3	779.8	466.3	480.3
1. Short-term trade accounts payable	251.4	195.4	157.6	28.7	47.8
2. Short-term advances from customers	7.1	34.7	272.6	132.9	169.4
3. Taxes and other payables to state authorities	14.1	13.3	16.3	10.9	0.0
4. Payable to employees	6.0	5.0	6.0	4.7	0.0
5. Short-term acrrued expenses	45.1	31.0	38.9	22.0	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	—	0.8	0.8	0.8	0.0
9. Other short-term payables	9.1	5.2	7.1	7.3	0.0
10. Short-term borrowings and financial leases	415.1	340.6	279.4	258.1	210.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.2	1.1	1.0	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	10.7	8.1	9.7	10.8	16.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.1	0.4	0.8	1.2	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	5.9	5.9	6.6	7.4	8.9
7. Other long-term liabilities	0.1	0.2	0.2	0.2	0.0
8. Long-term borrowings and financial leases	2.7	0.3	1.4	2.1	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	1.9	1.4	0.7	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)	409.8	411.2	407.9	381.5	362.0
I. Owner's equity	409.8	411.2	407.9	381.5	0.0
1. Owner's capital	320.6	320.6	320.6	320.0	362.0
- Common stock with voting right	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,043,640,000.00	154,573,830,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.9	4.5	5.3	5.5	31.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	0.7	1.3	1.3	1.3	1.3
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	47.2	46.3	49.4	23.4	21.9
- Accumulated retained earning at the end of the previous period	45.9	46.1	19.3	-0.5	-29.9
- Undistributed earnings in this period	1.3	0.2	30.2	23.9	51.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	36.4	38.5	31.2	31.2	15.3
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)	1,169.4	1,046.6	1,197.4	858.6	859.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	8.2	9.5	38.7	25.6	40.4
Depreciation of Fixed Assets and Investment Property	14.4	14.6	14.2	14.5	11.0
Provision (Increase)/Reversal	1.0	1.0	1.8	7.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-38.1	-0.5	-8.8	-35.0	0.0
Interest Expense	34.7	26.8	25.6	18.6	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	20.1	51.4	71.5	31.5	37.4
Increase/(Decrease) in Receivables	-210.5	-37.7	22.6	-162.5	0.0
Increase/(Decrease) in Inventory	46.6	71.5	-71.9	-27.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	73.7	-211.2	286.8	-19.8	0.0
Increase/(Decrease) in Prepaid Expenses	4.1	4.6	-0.6	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-34.7	-24.6	-26.5	-18.3	0.0
Corporate Income Tax Paid	-2.8	-14.8	-2.7	-6.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.8	-1.3	-1.4	-0.4	0.0
Net Cash Flow from Operating Activities	-104.2	-162.1	277.8	-203.0	158.5
Payments for Fixed Assets and Other Long-term Assets	2.6	-1.8	-13.2	-12.3	-11.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.9	1.0	1.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-13.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	13.0	0.0
Investments in Other Entities	—	-214.5	0.0	0.0	0.0
Proceeds from Investments in Other Entities	27.3	6.1	0.0	32.8	0.0
Dividends and Interest Income Received	37.9	0.3	11.6	0.2	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	68.2	-209.0	-0.7	21.8	9.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	437,684,569.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	549.3	473.1	478.4	357.0	478.6
Repayment of Borrowings	-472.5	-412.9	-457.8	-302.8	-593.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-2.2	-2.6	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	76.8	58.0	18.4	54.2	-114.8
Net Cash Flow During the Period	40.7	-313.1	295.5	-127.1	117.4
Cash and Cash Equivalents at Beginning of Period	11.6	324.7	29.2	156.2	103.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	52.3	11.6	324.7	29.2	156.2

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	66.3	306.1	119.8	157.4	71.3	251.6	211.0	198.6	115.4	388.4	214.9	207.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	66.3	306.1	119.8	157.4	71.3	251.6	211.0	198.6	115.4	388.4	214.9	207.8
Cost of Goods Sold	74.1	286.3	99.6	149.4	76.2	231.9	191.7	179.4	99.0	334.7	191.8	184.5
Gross Profit	-7.8	19.9	20.2	8.1	-4.9	19.8	19.3	19.2	16.4	53.7	23.1	23.3
Financial Income	0.0	38.0	0.0	0.1	0.1	0.9	0.0	0.1	0.1	0.1	0.9	8.4
Financial Expenses	10.1	9.9	10.7	8.3	6.9	10.0	6.4	8.2	6.2	7.5	6.2	7.8
Interest Expense	10.1	9.6	10.7	7.4	6.8	7.9	6.4	6.3	6.2	6.9	6.2	7.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.3	0.3	0.2	0.0	0.0	0.1	0.7	0.4	1.1	0.6	0.4
General and Administrative Expenses	10.1	10.6	8.6	8.8	9.7	9.4	7.4	7.5	9.0	16.0	11.2	9.4
Operating Profit	-28.2	37.0	0.6	-9.2	-21.5	1.3	5.3	2.9	1.0	29.2	5.9	14.1
Other Income	0.0	-1.4	3.5	0.0	0.0	0.9	0.0	0.9	0.0	1.0	0.0	0.1
Other Expenses	0.1	0.2	0.7	-0.1	0.2	3.6	0.6	0.2	0.0	1.5	0.0	0.0
Other Profit	-0.1	-1.7	2.8	0.2	-0.1	-2.7	-0.5	0.6	0.0	-0.5	0.0	0.1
Profit Before Tax	-28.3	35.3	3.4	-9.0	-21.6	-1.4	4.7	3.6	1.0	28.7	5.9	14.1
Current Income Tax Expense	0.1	5.2	0.5	0.1	0.1	1.3	1.6	1.3	0.6	5.0	1.8	1.5
Deferred Income Tax Expense	-0.4	-0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-28.0	30.5	2.8	-9.1	-21.7	-2.8	3.1	2.2	0.3	23.7	4.1	12.6
Non-controlling Interest	0.2	-0.1	0.7	0.1	0.2	0.3	0.8	0.2	0.3	0.9	1.2	0.4
Profit Attributable to Parent	-28.2	30.6	2.1	-9.2	-21.9	-3.1	2.3	2.0	0.1	22.8	2.9	12.3
Earnings per Share	-879.00	954.00	66.00	-288.00	-682.00	-96.00	71.00	62.00	2.00	710.00	92.00	383.00
Diluted EPS	-879.37	953.73	65.67	-288.10	-681.60	-96.49	70.98	61.85	1.66	709.93	91.62	382.75

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)	823.8	911.7	732.5	702.2	690.0	730.6	915.7	945.0	1,013.1	1,012.0	935.4	860.3
I. Cash and cash equivalents	6.5	52.3	7.2	4.3	10.5	11.6	11.2	165.0	70.2	324.7	218.8	47.5
1. Cash	5.6	51.3	4.0	3.3	8.9	10.0	7.6	159.5	57.5	303.3	217.7	46.9
2. Cash equivalents	0.9	1.0	3.2	1.0	1.6	1.7	3.7	5.5	12.7	21.4	1.1	0.6
II. Short-term financial investments	2.0	—	—	—	—	0.0	0.0	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	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	676.1	701.8	543.7	490.4	462.0	514.9	651.8	488.1	632.6	411.2	364.2	511.7
1. Short-term trade accounts receivable	384.0	439.2	321.1	273.1	243.1	266.5	336.7	317.1	312.0	337.7	259.6	249.4
2. Short-term prepayments to suppliers	264.3	262.5	223.6	220.7	221.2	250.5	162.6	176.0	107.3	78.7	105.3	105.0
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	43.8	16.1	15.4	13.0	14.1	14.3	168.0	10.6	228.8	10.3	14.6	172.7
7. Provision for short-term doubtful debts (*)	-16.0	-16.0	-16.4	-16.4	-16.4	-16.4	-15.5	-15.5	-15.5	-15.5	-15.5	-15.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	113.9	132.2	155.8	179.3	188.2	176.8	222.0	257.6	277.2	246.4	316.1	268.8
1. Inventories	120.2	138.5	162.1	185.7	194.5	183.1	228.4	266.9	287.8	257.0	326.7	279.4
2. Provision for decline in value of inventories	-6.3	-6.3	-6.3	-6.3	-6.3	-6.3	-6.3	-9.3	-10.6	-10.6	-10.6	-10.6
V. Other short-term assets	25.3	25.4	25.8	28.2	29.3	27.4	30.7	34.4	33.1	29.8	36.4	32.4
1. Short-term prepayments	0.7	0.9	0.9	0.9	1.0	1.9	2.2	2.5	2.5	1.5	1.7	2.0
2. Value added tax to be reclaimed	23.0	22.9	23.3	25.7	26.6	24.0	26.9	30.3	28.9	27.2	33.4	28.8
3. Taxes and other receivables from state authorities	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.7	1.1	1.3	1.5
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)	256.3	257.7	291.7	295.2	297.7	302.4	95.7	101.8	105.5	109.7	113.8	116.9
I. Long-term receivables	2.6	2.6	2.6	2.6	2.6	2.4	2.3	2.3	2.3	2.1	2.1	2.1
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	2.6	2.6	2.6	2.6	2.6	2.4	2.3	2.3	2.3	2.1	2.1	2.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	56.7	58.1	61.6	65.1	68.6	72.1	76.3	80.0	82.4	83.6	87.9	91.0
1. Tangible fixed assets	51.2	54.5	58.0	61.5	64.9	68.4	72.6	76.3	78.6	79.7	84.0	87.1
- Cost	277.2	—	—	—	—	295.5	296.6	296.6	298.5	296.9	299.2	298.5
- Accumulated depreciation	-226.0	—	—	—	—	-227.1	-224.0	-220.3	-219.9	-217.1	-215.2	-211.4
2. Financial leased fixed assets	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	2.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.6	3.6	3.6	3.6	3.7	3.7	3.7	3.8	3.8	3.8	3.9	3.9
- Cost	5.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2.9	2.9	2.9	2.9	3.0	3.0	3.0	3.0	3.1	3.1	3.1	3.1
- Cost	5.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	2.3	—	—	0.0	0.0	0.0	0.0	1.2	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	—	—	2.3	—	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0
V. Long-term financial investments	190.1	189.3	216.7	216.7	217.5	217.2	4.8	4.8	6.8	6.8	7.3	7.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	226.1	226.1	253.4	253.4	253.4	253.4	38.9	38.9	38.9	38.9	38.9	38.9
4. Provision for diminution in value of long-term investments	-36.8	-36.8	-36.7	-36.7	-35.9	-36.2	-34.0	-34.0	-32.1	-32.1	-31.6	-31.6
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.0	4.8	5.5	7.9	6.1	7.7	9.2	11.6	10.9	12.9	13.4	13.4
1. Long-term prepayments	2.9	3.6	4.8	7.1	5.3	6.8	8.5	10.7	10.0	11.8	12.3	12.3
2. Deferred income tax assets	1.1	1.2	0.8	0.8	0.8	0.8	0.7	0.9	0.9	1.1	1.1	1.1
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)	1,080.1	1,169.4	1,024.2	997.4	987.7	1,033.0	1,011.4	1,046.9	1,118.6	1,121.7	1,049.2	977.2
A. LIABILITIES (300=210+330)	698.7	759.6	641.4	617.0	598.2	623.5	601.5	640.0	712.5	714.0	665.2	597.3
I. Short -term liabilities	686.6	748.9	630.2	609.0	589.5	615.2	592.6	630.3	701.9	703.1	653.7	585.0
1. Short-term trade accounts payable	197.8	251.4	131.5	156.3	172.9	195.5	168.9	154.6	129.7	157.6	181.1	114.9
2. Short-term advances from customers	14.0	7.1	13.2	10.0	20.5	19.1	47.0	124.2	191.5	197.1	147.6	172.3
3. Taxes and other payables to state authorities	14.6	14.1	11.8	10.5	9.9	12.8	5.5	3.2	10.8	16.4	13.4	10.5
4. Payable to employees	2.8	6.0	5.4	4.7	3.5	5.0	3.9	2.8	4.5	6.0	4.9	2.8
5. Short-term acrrued expenses	45.3	45.1	30.5	38.4	30.7	35.2	31.5	27.0	46.1	38.9	34.3	27.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	11.9	9.1	8.0	6.3	5.9	5.2	4.4	9.6	6.1	7.8	9.4	7.9
10. Short-term borrowings and financial leases	399.4	415.1	428.9	380.5	343.7	339.8	329.0	306.2	311.5	278.2	261.8	248.0
11. Provision for short-term liabilities	—	—	—	1.7	1.5	1.4	1.2	1.0	0.9	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	1.0	1.0	0.6	0.8	1.2	1.4	1.7	0.8	1.1	1.3	1.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	12.1	10.7	11.3	8.0	8.7	8.3	8.9	9.7	10.7	11.0	11.5	12.3
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	—	0.1	0.1	0.2	0.3	0.4	0.5	0.6	0.7	0.8	0.9	1.0
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	7.7	5.9	6.0	6.2	6.4	6.6	6.8	7.0	7.2	7.4	7.6	7.8
7. Other long-term liabilities	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	2.4	2.7	3.1	1.5	1.8	1.2	1.5	1.9	2.6	2.6	2.9	3.4
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	1.9	1.9	1.9	—	—	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)	381.4	409.8	382.8	380.4	389.5	409.5	409.9	406.9	406.0	407.6	384.0	379.8
I. Owner's equity	381.4	409.8	382.8	380.4	389.5	409.5	409.9	406.9	406.0	407.6	384.0	379.8
1. Owner's capital	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6
- Common stock with voting right	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00	320,647,490,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.9	4.9	4.5	4.5	4.5	4.5	5.3	5.3	5.3	5.3	5.3	5.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.7	0.7	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	18.6	47.2	16.8	15.2	24.4	45.2	52.4	50.3	49.5	49.2	26.4	23.4
- Accumulated retained earning at the end of the previous period	46.8	45.9	45.7	46.3	46.3	41.8	46.8	45.9	47.2	19.7	19.7	22.6
- Undistributed earnings in this period	-28.2	1.3	-28.9	-31.1	-21.9	3.4	5.6	4.4	2.2	29.5	6.7	0.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	36.6	36.4	39.6	38.8	38.7	37.8	30.2	29.4	29.3	31.2	30.3	29.2
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)	1,080.1	1,169.4	1,024.2	997.4	987.7	1,033.0	1,011.4	1,046.9	1,118.6	1,121.7	1,049.2	977.2

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	-28.3	35.3	3.4	-8.9	-21.6	-1.4	4.7	3.6	1.0	29.0	5.9	15.0
Depreciation of Fixed Assets and Investment Property	3.7	6.1	1.3	3.4	3.7	7.1	0.7	3.6	3.7	3.0	3.9	3.8
Provision (Increase)/Reversal	—	0.1	-0.3	1.2	—	1.8	1.3	0.9	0.0	1.1	0.2	0.5
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-37.9	-0.2	0.1	-0.1	-0.7	0.0	-0.2	-0.0	6.1	-6.5	-2.7
Interest Expense	10.2	9.6	10.9	7.3	6.8	7.9	6.4	6.3	6.2	6.9	6.2	7.1
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	-14.8	13.3	15.0	3.0	-11.2	14.6	13.2	14.1	10.9	46.1	9.7	23.6
Increase/(Decrease) in Receivables	13.7	-184.7	-51.8	-29.9	55.8	125.7	-110.4	100.9	-153.1	-124.9	139.0	16.3
Increase/(Decrease) in Inventory	18.3	23.6	9.6	22.8	-9.4	45.3	34.2	20.9	-31.2	65.1	-42.3	-25.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-37.3	150.9	-12.2	-31.1	-33.9	3.1	-108.4	-6.9	-112.0	102.6	55.6	44.3
Increase/(Decrease) in Prepaid Expenses	1.0	1.1	3.3	-2.6	2.4	1.9	2.6	-0.7	0.8	5.3	0.2	-4.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-6.7	-9.6	-12.1	-6.1	-6.8	-7.7	-7.0	-5.7	-6.2	-7.7	-5.2	-8.1
Corporate Income Tax Paid	-0.9	-3.4	3.2	-0.3	-2.3	-0.1	0.0	-7.4	-7.1	1.3	-1.3	-3.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	0.0	-0.4	—	-0.3	-0.2	0.0	-0.4	-0.3	-0.1	-0.3	-0.7
Net Cash Flow from Operating Activities	-26.8	-8.8	-45.9	-43.8	-5.8	182.7	-175.8	114.9	-298.3	87.6	155.4	41.5
Payments for Fixed Assets and Other Long-term Assets	—	4.9	-2.3	—	-0.0	0.0	-0.0	-1.4	-0.4	-1.0	-5.3	-4.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-1.9	2.3	—	—	0.0	0.0	0.1	0.0	1.0	-0.0	0.0
Loans and Purchases of Debt Instruments	-2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	-9.2	9.2	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	-209.2	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	27.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	4.3
Dividends and Interest Income Received	0.0	37.9	0.0	-0.1	0.1	0.7	0.6	-3.6	3.8	-1.5	12.9	-3.7
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	-2.0	68.2	0.0	-0.0	0.0	-208.5	0.6	-14.1	12.6	-1.5	7.6	-4.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	54.0	164.3	132.2	142.1	110.6	159.1	97.6	79.6	152.0	149.0	98.7	126.8
Repayment of Borrowings	-71.0	-178.6	-83.4	-104.5	-106.0	-132.9	-75.8	-85.6	-118.7	-133.0	-86.4	-137.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	-0.3	0.0	-2.2	3.8	-4.0	4.0
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	-17.0	-14.3	48.8	37.6	4.6	26.2	21.5	-6.0	31.2	19.9	8.3	-6.3
Net Cash Flow During the Period	-45.8	45.1	2.9	-6.2	-1.1	0.4	-153.8	94.8	-254.5	105.9	171.3	31.0
Cash and Cash Equivalents at Beginning of Period	52.3	7.2	4.3	10.5	11.6	324.7	324.7	324.7	324.7	29.2	29.2	29.2
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	6.5	52.3	7.2	4.3	10.5	11.6	11.2	165.0	70.2	324.7	218.8	47.5

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RCC

What Is Changing

Drivers of RCC's profit

Financial Highlights

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What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ●

Working Capital Efficiency ▲▲

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow