SAV

Hợp tác Kinh tế và Xuất nhập khẩu Savimex ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 1.35%, −4.25pp YoY

Price

13,900

Latest close

04 Jun 2026

P/E 25.74x

P/B 0.99x

EPS 540

BVPS 14,103

ROE 3.8%

ROA 2.0%

Profit Margin 1.3%

Asset Turnover 1.49x

Equity Mult. 1.90x

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

What Is Changing

On a TTM 2026Q1 basis, SAV posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,086bn
	                                
−3.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 15bn
	                                
−76.8%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    32.9%

Metric	2025	2024	2023	2022	2021
Revenue	1,062.0	1,068.9	788.9	991.6	1,009.0
Growth	-1%	+35%	-20%	-2%	—
Net Income	9.5	54.1	-10.2	54.7	43.1
Net Margin	0.89%	5.06%	-1.29%	5.51%	4.27%

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	299.3	297.2	251.8	237.7	275.3	309.3	290.4	253.3	215.9	232.8	159.2	214.5
Growth	+1%	+18%	+6%	-14%	-11%	+7%	+15%	+17%	-7%	+46%	-26%	—
Net Income	21.8	-1.8	17.2	-22.6	16.8	2.9	10.7	32.6	7.6	-21.8	2.2	3.3
Net Margin	7.28%	-0.60%	6.82%	-9.49%	6.09%	0.95%	3.70%	12.89%	3.53%	-9.37%	1.35%	1.54%

Drivers of SAV's profit

TTM

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

Gross profit ↑ 15.2bn

Tax ↓ 10.4bn

Finance costs ↑ 70.2bn

Other profit ↓ 5.6bn

TTM

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

Gross profit ↑ 7.9bn

Administrative expenses ↓ 1.7bn

Selling expenses ↑ 2.7bn

Tax ↑ 1.3bn

Financial income ↓ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.2% = 5.6% × 1.65 × 1.86

2026Q1 3.8% = 1.3% × 1.49 × 1.90

ROE fell from 17.2% to 3.8% — asset turnover weakened the most, though leverage still provided support.

Net margin: 1.3% -4.2pp Asset turnover: 1.49x -0.16x Leverage: 1.90x +0.05x

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 fell to 1.35%, losing 4.2pp. Gross margin rose 2.0pp and SG&A / Revenue fell 0.0pp improved but not enough to offset the weakness in Net financial result / Revenue fell 6.6pp and Other profit / Revenue fell 0.5pp.

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 1.35% −4.2pp

Gross Margin 17.36% +2.0pp

SG&A / Revenue 10.10% −0.0pp

Non-core / Revenue -5.19% −7.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 7.2pp, financial result still accounts for 32.9% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC fell to 5.67%, losing 10.8pp. That translates to 5.67 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.9pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 5.67% −10.8pp

NOPAT Margin 1.79% −3.9pp

Capital Turnover 3.17x +0.28x

Average Invested Capital 342.7bn −48.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 1.07x equity, with a net cash position equivalent to 0.26x equity.

Inventory ended the period at 150.3bn, roughly 20.7% of total assets.

Over the last 12 months, working capital released 48.1bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +25.2bn

Inventories decreased → higher CFO: +11.7bn

Payables increased → higher CFO: +11.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.8 days versus the same period last year. The main moves came from DIO rose 10.0 days, DSO rose 1.1 days, and DPO rose 15.9 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +1.1 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +10.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 27.1 days +1.1 days

Inventory 64.6 days +10.0 days

Payables 62.8 days +15.9 days

Cash Conversion Cycle 28.9 days −4.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 94.3bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.26x and interest coverage only at 0.48x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 249.7% of debt, and total debt stands at 64.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.48x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.26x −0.29x

Interest Coverage 0.48x −10.31x

Cash / Debt 249.7% +170.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 8.95x +7.03x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 94.3bn in 2025, against investing cash flow of 4.0bn.

Post-investment cash flow was positive +98.3bn. Financing cash flow was negative +26.1bn.

CFO / net income was 8.95x.

After spending +16.6bn on fixed-asset investment, the business generated trailing free cash flow of +114.2bn.

Cash Conversion

CFO TTM 130.8bn +9.9bn

Cash Capex 16.6bn +2.7bn

FCF TTM +114.2bn +7.3bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 4.2 pp. The next watchpoint is the earnings mix, when non-core contribution is -218.1%. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 7.3bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.95x. Even so, net financial result still accounts for -218.1% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.35% after a 4.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,062.8	1,069.2	797.7	994.3	1,010.4
Revenue Deductions	0.9	0.2	8.8	2.7	0.0
Net Revenue	1,062.0	1,068.9	788.9	991.6	1,009.0
Cost of Goods Sold	881.4	906.2	669.0	834.9	0.0
Gross Profit	180.6	162.8	119.9	156.8	139.6
Financial Income	14.2	13.1	9.9	13.9	8.7
Financial Expenses	62.3	-8.2	43.0	6.1	-4.0
Interest Expense	2.5	2.5	3.8	0.9	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	58.5	62.7	53.7	49.4	-36.9
General and Administrative Expenses	50.4	49.4	48.4	55.8	-50.4
Operating Profit	23.6	71.9	-15.3	59.4	57.0
Other Income	1.5	1.1	10.1	10.7	0.0
Other Expenses	9.0	2.9	5.0	1.2	0.0
Other Profit	-7.6	-1.8	5.1	9.5	-1.3
Profit Before Tax	16.0	70.1	-10.2	68.9	55.7
Current Income Tax Expense	6.6	16.0	0.0	14.2	-12.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	9.5	54.1	-10.2	54.7	43.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	9.5	54.1	-10.2	54.7	43.1
Earnings per Share	373.00	2,330.00	-533.00	3,247.00	1,477.00
Diluted EPS	373.00	2,330.00	-533.00	3,247.00	2,687.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	495.3	454.5	344.9	430.6	462.8
I. Cash and cash equivalents	165.5	93.1	31.7	98.3	97.2
1. Cash	165.5	43.1	31.7	11.5	0.0
2. Cash equivalents	—	50.0	0.0	86.8	0.0
II. Short-term financial investments	71.0	80.0	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	71.0	80.0	0.0	0.0	0.0
III. Short-term receivables	73.2	65.1	76.2	74.5	125.8
1. Short-term trade accounts receivable	74.8	65.5	74.4	90.0	0.0
2. Short-term prepayments to suppliers	5.0	4.0	10.7	2.8	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	6.5	8.7	15.4	6.4	0.0
7. Provision for short-term doubtful debts (*)	-13.1	-13.1	-24.3	-24.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	150.3	171.9	94.4	85.3	111.1
1. Inventories	157.4	175.5	94.4	85.3	0.0
2. Provision for decline in value of inventories	-7.2	-3.6	0.0	0.0	0.0
V. Other short-term assets	35.4	44.4	142.5	172.6	125.7
1. Short-term prepayments	2.1	2.1	1.5	2.4	0.0
2. Value added tax to be reclaimed	29.4	40.4	139.1	168.0	0.0
3. Taxes and other receivables from state authorities	3.8	1.9	1.9	2.1	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)	230.6	294.4	270.1	127.3	132.2
I. Long-term receivables	0.5	0.5	0.5	0.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	0.5	0.5	0.5	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	89.3	92.8	87.1	63.1	67.3
1. Tangible fixed assets	83.8	89.0	83.3	59.3	63.4
- Cost	249.3	241.6	230.7	209.7	0.0
- Accumulated depreciation	-165.5	-152.6	-147.4	-150.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.5	3.8	3.8	3.8	3.9
- Cost	6.3	4.5	7.0	7.0	0.0
- Accumulated depreciation	-0.8	-0.7	-3.2	-3.2	0.0
III. Investment properties	10.9	11.5	12.2	12.8	13.5
- Cost	20.2	20.2	20.2	20.2	0.0
- Accumulated depreciation	-9.3	-8.6	-8.0	-7.3	0.0
IV. Long-term assets in progress	30.6	33.3	31.7	30.3	33.4
1. Long-term production in progress	18.0	19.8	19.2	18.0	0.0
2. Construction in progress	12.7	13.5	12.4	12.3	0.0
V. Long-term financial investments	89.5	145.6	126.4	13.1	13.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	13.1	13.1	13.1	13.1	0.0
3. Investments in other entities	145.6	145.6	145.6	0.0	0.0
4. Provision for diminution in value of long-term investments	-69.2	-13.1	-32.2	0.0	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	9.7	10.7	12.2	7.6	0.0
1. Long-term prepayments	9.7	10.7	12.2	7.6	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	4.9
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)	726.0	748.9	615.0	557.9	595.0
A. LIABILITIES (300=210+330)	375.0	371.8	281.3	188.6	263.9
I. Short -term liabilities	370.0	366.5	275.3	183.1	258.2
1. Short-term trade accounts payable	152.7	160.7	78.7	69.4	74.9
2. Short-term advances from customers	46.4	39.1	35.2	33.0	26.3
3. Taxes and other payables to state authorities	6.2	9.3	0.8	4.0	0.0
4. Payable to employees	27.6	30.6	18.5	19.7	0.0
5. Short-term acrrued expenses	10.0	8.2	7.4	7.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.1
9. Other short-term payables	4.5	2.2	2.7	3.0	0.0
10. Short-term borrowings and financial leases	84.3	85.6	99.4	26.5	83.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	38.4	30.7	32.6	19.9	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	5.0	5.4	5.9	5.5	5.7
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	3.2	3.2	3.2	3.2	3.2
7. Other long-term liabilities	1.8	2.2	2.7	2.3	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	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)	350.9	377.1	333.7	369.3	331.1
I. Owner's equity	350.9	377.1	333.7	369.3	0.0
1. Owner's capital	264.3	251.9	219.6	183.6	331.1
- Common stock with voting right	264,292,400,000.00	251,899,650,000.00	219,563,640,000.00	183,631,750,000.00	160,199,670,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	10.7	34.1
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	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	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	10.9	5.5	5.5	23.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	5.0	2.3	34.6	6.7	0.0
11. Undistributed earnings after tax	78.1	124.8	81.4	125.2	93.4
- Accumulated retained earning at the end of the previous period	68.6	70.7	91.6	70.5	50.4
- Undistributed earnings in this period	9.5	54.1	-10.2	54.7	43.1
12. Reserves for investment in construction	—	0.0	0.0	27.4	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)	726.0	748.9	615.0	557.9	595.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	16.0	70.1	-10.2	68.9	55.7
Depreciation of Fixed Assets and Investment Property	16.4	16.7	14.5	13.2	12.7
Provision (Increase)/Reversal	59.6	-21.8	31.9	6.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	1.6	0.3	0.6	0.0
Gain/Loss from Investment Activities	-5.1	-1.0	0.7	-3.6	0.0
Interest Expense	2.5	2.5	3.8	0.9	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	89.5	68.1	40.9	86.7	69.0
Increase/(Decrease) in Receivables	1.3	116.7	27.6	-1.7	0.0
Increase/(Decrease) in Inventory	19.9	-81.6	-10.4	29.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.4	95.4	6.4	-24.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	0.9	-3.7	-4.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.5	-2.6	-3.7	-0.9	0.0
Corporate Income Tax Paid	-9.2	-8.0	-3.2	-16.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.2	-1.9	0.0	0.0	0.0
Net Cash Flow from Operating Activities	94.3	187.1	53.8	68.0	27.0
Payments for Fixed Assets and Other Long-term Assets	-9.9	-22.5	-42.1	-9.1	-14.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	1.5	1.2	0.3	0.1
Loans and Purchases of Debt Instruments	-111.0	-147.0	0.0	-10.1	-43.0
Receipts from Loan Repayments and Sale of Debt Instruments	120.0	67.0	0.0	13.1	56.2
Investments in Other Entities	—	0.0	-145.6	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.6	0.3	2.5	3.5	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	4.0	-100.7	-184.1	-2.3	1.9
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	151.6	186.4	265.6	156.1	391.8
Repayment of Borrowings	-153.0	-200.7	-192.9	-212.9	-369.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-24.8	-10.8	-9.0	-7.8	-7.1
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	-26.1	-25.1	63.7	-64.7	15.1
Net Cash Flow During the Period	72.2	61.2	-66.5	1.1	41.6
Cash and Cash Equivalents at Beginning of Period	93.1	31.7	98.3	97.2	55.2
FX Difference from Revaluation	0.2	0.1	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	165.5	93.1	31.7	98.3	97.2

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	299.8	297.7	252.1	237.8	275.3	309.4	290.4	253.4	216.0	237.8	161.6	215.2
Revenue Deductions	0.5	0.4	0.3	0.1	0.0	0.0	0.0	0.1	0.1	5.0	2.4	0.7
Net Revenue	299.3	297.2	251.8	237.7	275.3	309.3	290.4	253.3	215.9	232.8	159.2	214.5
Cost of Goods Sold	247.5	244.4	208.7	196.9	231.3	259.5	246.3	217.8	182.6	195.2	137.1	181.1
Gross Profit	51.9	52.8	43.1	40.8	43.9	49.9	44.0	35.5	33.3	37.6	22.1	33.4
Financial Income	4.8	2.4	2.7	3.6	5.5	5.4	2.4	3.2	2.1	1.7	2.9	2.3
Financial Expenses	1.9	18.3	0.9	41.4	1.8	16.6	2.5	-28.6	1.3	37.6	1.9	2.6
Interest Expense	0.7	0.6	0.6	0.6	0.7	0.4	0.5	0.8	0.8	1.3	1.6	0.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	17.0	17.3	12.6	14.1	14.3	16.8	15.7	17.1	13.1	15.5	11.3	14.2
General and Administrative Expenses	10.7	12.8	11.8	13.4	12.4	13.7	13.5	10.8	11.5	16.6	10.6	11.8
Operating Profit	27.0	6.8	20.5	-24.5	20.9	8.1	14.7	39.4	9.5	-30.5	1.2	7.1
Other Income	0.3	0.4	0.8	0.1	0.1	0.7	0.2	0.2	0.1	9.6	3.3	0.1
Other Expenses	0.1	6.6	1.1	1.3	0.0	0.6	1.4	0.7	0.1	3.9	1.8	3.0
Other Profit	0.2	-6.2	-0.2	-1.2	0.1	0.0	-1.3	-0.6	-0.0	5.7	1.5	-3.0
Profit Before Tax	27.2	0.7	20.3	-25.7	21.0	8.2	13.4	38.8	9.5	-24.7	2.7	4.1
Current Income Tax Expense	5.4	2.5	3.1	-3.2	4.2	5.2	2.7	6.1	1.9	-2.9	0.5	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	21.8	-1.8	17.2	-22.6	16.8	2.9	10.7	32.6	7.6	-21.8	2.2	3.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	21.8	-1.8	17.2	-22.6	16.8	2.9	10.7	32.6	7.6	-21.8	2.2	3.3
Earnings per Share	837.00	-70.00	683.00	-910.00	616.00	127.00	479.00	1,317.00	353.00	-1,012.00	114.00	184.00
Diluted EPS	837.00	-70.00	683.00	-910.00	616.00	2,324.00	426.31	1,296.10	346.87	-993.85	97.97	180.18

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)	489.4	495.4	432.2	359.0	440.2	454.8	355.4	362.2	362.3	344.9	344.2	526.5
I. Cash and cash equivalents	159.9	165.5	98.2	71.4	55.6	98.0	57.0	69.3	57.1	31.7	23.9	187.8
1. Cash	159.9	165.5	83.2	61.4	55.6	43.0	57.0	49.3	45.1	31.7	23.9	166.8
2. Cash equivalents	—	—	15.0	10.0	—	55.0	0.0	20.0	12.0	0.0	0.0	21.0
II. Short-term financial investments	66.0	71.0	56.0	36.0	80.0	75.0	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	66.0	71.0	56.0	36.0	80.0	75.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	76.2	73.2	88.9	47.1	85.9	65.1	65.6	69.3	72.4	76.2	74.1	74.1
1. Short-term trade accounts receivable	78.2	74.8	88.3	49.4	83.1	65.5	76.0	80.8	77.8	74.4	82.5	79.4
2. Short-term prepayments to suppliers	4.1	5.0	7.1	4.9	4.8	4.0	6.0	4.9	12.3	10.7	4.2	7.3
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	7.0	6.5	6.6	5.9	11.1	8.7	6.1	6.2	6.6	15.4	8.9	8.8
7. Provision for short-term doubtful debts (*)	-13.1	-13.1	-13.1	-13.1	-13.1	-13.1	-22.6	-22.6	-24.3	-24.3	-21.5	-21.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	146.5	150.3	140.7	136.6	160.6	172.2	143.1	138.4	121.6	94.4	69.4	71.0
1. Inventories	153.6	157.4	144.4	140.3	164.2	175.8	143.1	138.4	121.6	94.4	69.4	71.0
2. Provision for decline in value of inventories	-7.2	-7.2	-3.6	-3.6	-3.6	-3.6	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	40.9	35.4	48.5	67.9	58.1	44.4	89.7	85.2	111.2	142.5	176.8	193.5
1. Short-term prepayments	4.0	2.1	4.1	5.3	4.5	2.1	3.8	5.3	3.2	1.5	2.7	3.6
2. Value added tax to be reclaimed	33.1	29.4	42.4	60.5	51.6	40.4	84.0	78.0	105.6	139.1	172.1	188.0
3. Taxes and other receivables from state authorities	3.7	3.8	1.9	2.0	2.0	1.9	1.9	1.9	2.3	1.9	1.9	1.9
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)	239.5	230.6	245.9	249.9	291.1	294.4	306.8	311.3	272.0	270.1	302.5	148.1
I. Long-term receivables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	96.1	89.3	87.9	89.9	90.3	92.8	93.9	96.4	90.5	87.1	88.5	77.4
1. Tangible fixed assets	90.4	83.8	82.3	86.1	86.5	89.0	90.1	92.6	86.7	83.3	84.7	73.6
- Cost	251.2	—	—	—	—	241.6	243.1	248.0	238.0	230.7	233.0	224.0
- Accumulated depreciation	-160.8	—	—	—	—	-152.6	-153.0	-155.4	-151.3	-147.4	-148.3	-150.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.7	5.5	5.6	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8
- Cost	6.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	10.7	10.9	11.1	11.2	11.4	11.5	11.7	11.9	12.0	12.2	12.3	12.5
- Cost	20.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	31.5	30.6	30.7	31.5	33.4	33.3	31.5	32.6	31.1	31.7	29.0	29.7
1. Long-term production in progress	18.8	18.0	18.1	18.9	19.9	19.8	19.0	20.1	18.6	19.2	16.6	17.3
2. Construction in progress	12.7	12.7	12.6	12.6	13.5	13.5	12.5	12.5	12.5	12.4	12.4	12.3
V. Long-term financial investments	89.5	89.5	106.7	106.7	145.6	145.6	158.7	158.7	126.4	126.4	158.7	13.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1
3. Investments in other entities	145.6	145.6	145.6	145.6	145.6	145.6	145.6	145.6	145.6	145.6	145.6	0.0
4. Provision for diminution in value of long-term investments	-69.2	-69.2	-52.0	-52.0	-13.1	-13.1	0.0	0.0	-32.2	-32.2	0.0	0.0
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	11.1	9.7	9.1	10.1	9.9	10.7	10.5	11.2	11.5	12.2	13.5	14.9
1. Long-term prepayments	11.1	9.7	9.1	10.1	9.9	10.7	10.5	11.2	11.5	12.2	13.5	14.9
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	—	—	—	—	—	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)	729.0	726.0	678.2	608.9	731.2	749.2	662.2	673.5	634.2	615.0	646.7	674.5
A. LIABILITIES (300=210+330)	356.2	374.9	325.3	273.2	337.4	372.2	288.3	310.2	292.9	281.3	291.2	312.2
I. Short -term liabilities	351.2	369.9	319.8	267.9	332.0	366.9	282.4	304.3	286.9	275.4	285.4	306.7
1. Short-term trade accounts payable	154.8	152.7	147.8	117.0	154.0	160.3	121.8	107.5	91.2	78.7	68.3	67.6
2. Short-term advances from customers	53.1	46.4	45.2	26.9	38.8	39.1	50.6	40.9	47.3	35.2	26.4	21.6
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.2	6.2	3.5	1.2	5.1	9.5	11.2	8.9	2.5	0.8	3.2	2.8
4. Payable to employees	15.4	27.5	19.7	14.6	15.4	31.3	16.8	10.7	12.2	18.5	7.8	8.2
5. Short-term acrrued expenses	15.4	9.9	13.6	8.9	15.5	8.2	13.3	8.0	10.5	7.4	10.4	8.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.1	4.5	4.9	3.2	3.0	2.2	2.7	15.9	2.7	2.7	2.6	2.7
10. Short-term borrowings and financial leases	64.0	84.3	45.5	55.7	70.3	85.6	35.1	80.9	88.7	99.4	133.6	162.6
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	37.9	38.4	39.8	40.3	30.0	30.7	31.0	31.6	32.0	32.6	33.0	33.0
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	5.1	5.0	5.5	5.4	5.4	5.4	5.9	6.0	6.0	5.9	5.8	5.5
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	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2
7. Other long-term liabilities	1.9	1.8	2.3	2.2	2.2	2.2	2.6	2.7	2.7	2.7	2.6	2.3
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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)	372.7	351.1	352.8	335.7	393.8	376.9	374.0	363.2	341.4	333.7	355.5	362.3
I. Owner's equity	372.7	351.1	352.8	335.7	393.8	376.9	374.0	363.2	341.4	333.7	355.5	362.3
1. Owner's capital	264.3	264.3	264.3	264.3	251.9	251.9	251.9	251.9	219.6	219.6	219.6	183.6
- Common stock with voting right	264,292,400,000.00	264,292,400,000.00	264,292,400,000.00	264,292,400,000.00	251,899,650,000.00	251,899,650,000.00	251,899,650,000.00	251,899,650,000.00	219,563,640,000.00	219,563,640,000.00	219,563,640,000.00	183,631,750,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	10.7
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	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00	-7,315,281,096.00
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	10.9	10.9	10.9	10.9	5.5	5.5	5.5	5.5	5.5	5.5	5.5	28.4
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	5.0	5.0	5.0	5.0	2.3	2.3	2.3	2.3	34.6	34.6	34.6	36.9
11. Undistributed earnings after tax	99.9	78.2	80.0	62.8	141.5	124.6	121.7	110.9	89.1	81.4	103.2	110.0
- Accumulated retained earning at the end of the previous period	78.1	68.6	68.6	68.6	124.8	70.7	70.7	70.7	81.4	91.6	91.6	100.6
- Undistributed earnings in this period	21.8	9.6	11.4	-5.8	16.8	53.9	51.0	40.3	7.6	-10.2	11.6	9.4
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)	729.0	726.0	678.2	608.9	731.2	749.2	662.2	673.5	634.2	615.0	646.7	674.5

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	27.2	0.5	20.3	-25.7	21.0	8.2	13.4	38.8	9.5	-24.7	2.7	4.1
Depreciation of Fixed Assets and Investment Property	4.3	4.1	4.1	4.1	4.1	4.2	4.2	4.2	4.1	4.0	3.9	3.3
Provision (Increase)/Reversal	—	20.7	0.0	38.9	—	7.3	0.0	-34.0	0.0	35.0	0.0	-0.3
FX Gain/Loss from Revaluation of Monetary Items	—	-1.3	0.0	1.2	—	1.7	0.0	0.8	0.0	-0.6	0.0	0.9
Gain/Loss from Investment Activities	-3.0	-1.1	-2.2	0.8	-2.6	-0.7	-0.2	-0.0	-0.1	-0.1	0.6	1.4
Interest Expense	0.7	0.6	0.6	0.6	0.7	0.4	0.5	0.8	0.8	1.3	1.6	0.6
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	29.2	23.6	22.8	19.9	23.2	21.1	17.9	10.7	14.4	14.8	8.8	10.1
Increase/(Decrease) in Receivables	-6.0	27.2	-21.7	25.8	-29.9	54.1	-2.3	33.4	37.0	28.1	16.2	-20.5
Increase/(Decrease) in Inventory	2.9	-12.9	-3.3	25.0	11.1	-33.5	-3.6	-18.3	-26.6	-27.6	2.3	30.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.1	7.6	62.0	-57.3	-14.6	34.5	32.8	4.4	22.8	25.1	11.5	-21.7
Increase/(Decrease) in Prepaid Expenses	-3.2	1.3	2.2	-1.0	-1.6	1.6	2.2	-1.8	-1.0	2.6	2.2	-7.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-0.6	-0.6	-0.6	-0.7	-0.4	-0.5	-0.8	-0.9	-2.2	-0.7	-0.6
Corporate Income Tax Paid	-5.4	0.0	0.0	-1.2	-8.0	-8.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-1.4	-0.5	-0.5	-0.7	-1.4	-0.6	0.7	-0.7	3.4	-0.1	-0.1
Net Cash Flow from Operating Activities	15.2	44.7	60.9	10.1	-21.3	68.0	46.0	28.2	45.0	44.2	40.3	-10.0
Payments for Fixed Assets and Other Long-term Assets	-8.1	-2.1	-4.1	-2.3	-1.4	-2.1	-3.3	-7.2	-9.0	-3.0	-21.4	-17.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.3	—	—	—	0.1	1.4	0.0	0.0	0.1	0.9	0.1
Loans and Purchases of Debt Instruments	-20.0	-50.0	-25.0	-36.0	—	-75.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	25.0	35.0	5.0	80.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-145.6	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	2.4	0.6	0.3	3.3	0.5	0.0	0.2	0.0	0.1	0.0	-0.2	1.5
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	-0.5	-16.2	-23.8	44.9	-0.9	-77.0	-1.8	-7.2	-8.9	-2.9	-166.2	-15.9
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	—	64.0	20.2	38.8	28.5	61.7	22.4	50.0	52.3	81.9	19.6	139.0
Repayment of Borrowings	-20.2	-25.2	-30.5	-53.4	-43.8	-11.7	-68.1	-58.8	-63.0	-115.2	-48.5	-11.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-24.7	—	0.0	-10.8	0.0	0.0	0.0	-9.0	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	-20.2	38.8	-10.3	-39.3	-15.3	50.0	-56.6	-8.9	-10.7	-33.3	-37.9	127.7
Net Cash Flow During the Period	-5.6	67.3	26.7	15.7	-37.5	41.0	-12.3	12.2	25.4	8.0	-163.9	101.9
Cash and Cash Equivalents at Beginning of Period	165.5	98.2	71.4	55.6	93.1	31.7	31.7	31.7	31.7	98.3	98.3	98.3
FX Difference from Revaluation	—	0.2	0.1	0.1	—	0.0	0.0	0.0	0.0	-0.2	0.0	0.2
Cash and Cash Equivalents at End of Period	159.9	165.5	98.2	71.4	55.6	98.0	57.0	69.3	57.1	31.7	23.9	187.8

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SAV

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