SBV

Siam Brothers Việt Nam ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 2.16%, +9.01pp YoY

Price

6,500

Latest close

04 Jun 2026

P/E -48.15x

P/B 0.40x

EPS -135

BVPS 16,142

ROE 2.8%

ROA 1.4%

Profit Margin 2.2%

Asset Turnover 0.66x

Equity Mult. 1.96x

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

What Is Changing

On a TTM 2026Q1 basis, SBV has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 573bn
	                                
+9.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12bn
	                                
+134.6%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    74.2%

Metric	2025	2024	2023	2022	2021
Revenue	550.6	497.5	425.7	459.2	516.4
Growth	+11%	+17%	-7%	-11%	—
Net Income	2.2	-35.4	6.8	13.1	52.4
Net Margin	0.39%	-7.11%	1.59%	2.84%	10.14%

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	134.9	166.4	146.9	125.0	110.0	173.3	119.7	118.5	90.8	112.0	121.3	103.6
Growth	-19%	+13%	+18%	+14%	-37%	+45%	+1%	+31%	-19%	-8%	+17%	—
Net Income	-5.0	17.7	10.5	-10.8	-12.5	-8.2	-12.9	-2.1	-6.6	19.4	5.9	-7.8
Net Margin	-3.72%	10.62%	7.15%	-8.62%	-11.38%	-4.75%	-10.81%	-1.73%	-7.23%	17.31%	4.85%	-7.52%

Drivers of SBV's profit

TTM

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

Gross profit ↑ 52.0bn

Other profit ↑ 15.1bn

Deferred tax ↓ 5.5bn

Selling expenses ↑ 11.3bn

Administrative expenses ↑ 8.8bn

TTM

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

Gross profit ↑ 7.1bn

Other profit ↑ 5.7bn

Financial income ↑ 2.7bn

Selling expenses ↑ 3.9bn

Finance costs ↑ 2.2bn

Deferred tax ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -7.7% = -6.9% × 0.62 × 1.81

2026Q1 2.8% = 2.2% × 0.66 × 1.96

ROE rose from -7.7% to 2.8% — all three components improved, with leverage contributing the most.

Net margin: 2.2% +9.0pp Asset turnover: 0.66x +0.05x Leverage: 1.96x +0.15x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 2.16%, rising 9.0pp. Core operating signals are improving as Gross margin rose 7.2pp are enough to offset pressure from SG&A / Revenue rose 1.4pp (with additional support from Other profit / Revenue rose 2.7pp and Net financial result / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 2.16% +9.0pp

Gross Margin 28.02% +7.2pp

SG&A / Revenue 25.03% +1.4pp

Non-core / Revenue 0.19% +2.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources is supporting margin

Non-core sources accounts for 74.2% of PBT and lifted net margin by 2.7pp — separate the operating contribution from this source.

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 6.7 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 0.45%, rising 3.1pp. That translates to 0.45 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.1pp and capital turnover rose 0.06x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 0.45% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.45% +3.1pp

NOPAT Margin 0.56% +4.1pp

Capital Turnover 0.81x +0.06x

Average Invested Capital 707.8bn +8.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.04x equity, net debt at 0.66x equity.

Inventory ended the period at 261.7bn, roughly 28.5% of total assets.

Over the last 12 months, working capital absorbed 73.6bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −9.1bn

Inventories increased → lower CFO: −39.0bn

Payables decreased → lower CFO: −25.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 6.7 days versus the same period last year. The main moves came from DIO rose 26.6 days, DSO fell 15.0 days, and DPO rose 4.9 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 290.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +26.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 128.7 days −15.0 days

Inventory 211.6 days +26.6 days

Payables 49.7 days +4.9 days

Cash Conversion Cycle 290.6 days +6.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 62.1bn due to capex of 21.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.66x and interest coverage only at 0.26x.

At present, short-term debt accounts for 94.0% of total debt, cash equals 7.5% of debt, and total debt stands at 314.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.26x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 94.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.66x +0.10x

Interest Coverage 0.26x +2.12x

Cash / Debt 7.5% +2.7pp

Short-term Debt / Total Debt 94.0% +1.8pp

CFO / NI -3.24x −2.78x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -13.7bn in 2025, against investing cash flow of -12.9bn.

Post-investment cash flow was negative +26.6bn. Financing cash flow was positive +33.2bn.

CFO / net income was -3.24x.

After spending +21.9bn on fixed-asset investment, the business generated trailing free cash flow of −62.1bn.

Cash Conversion

CFO TTM 40.1bn −56.6bn

Cash Capex 21.9bn −14.9bn

FCF TTM −62.1bn −41.7bn

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 operating efficiency, with net margin improving 9.0 pp. The next item to monitor is the earnings mix, when non-core contribution is -68.2%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.16% after expanding 9.0pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -68.2% of PBT and CFO / net income currently at -3.24x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	605.3	532.1	445.1	472.6	527.9
Revenue Deductions	54.7	34.5	19.4	13.4	0.0
Net Revenue	550.6	497.5	425.7	459.2	516.4
Cost of Goods Sold	397.1	383.7	286.5	298.7	0.0
Gross Profit	153.5	113.9	139.2	160.5	178.1
Financial Income	3.0	3.5	2.5	2.9	0.8
Financial Expenses	15.8	13.6	17.3	20.3	-17.4
Interest Expense	14.6	12.0	16.7	18.2	-16.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	77.9	71.5	65.7	76.7	-68.2
General and Administrative Expenses	64.1	58.7	50.0	48.5	-47.2
Operating Profit	-1.3	-26.4	8.7	17.8	46.1
Other Income	8.2	0.2	2.9	0.0	0.0
Other Expenses	0.1	1.7	0.0	0.0	0.0
Other Profit	8.2	-1.5	2.8	0.0	17.7
Profit Before Tax	6.9	-27.9	11.5	17.9	63.7
Current Income Tax Expense	10.0	8.1	4.6	3.9	-11.3
Deferred Income Tax Expense	-5.3	-0.6	0.2	0.9	0.0
Net Income	2.2	-35.4	6.8	13.1	52.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	2.2	-35.4	6.8	13.1	52.4
Earnings per Share	-104.00	-1,464.00	79.00	459.00	1,860.00
Diluted EPS	75.10	-1,464.00	79.00	459.00	1,914.21

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	632.4	557.9	528.7	537.6	561.3
I. Cash and cash equivalents	20.6	13.9	14.9	19.7	13.8
1. Cash	20.6	13.7	14.9	19.6	0.0
2. Cash equivalents	—	0.2	0.1	0.1	0.0
II. Short-term financial investments	0.0	0.0	3.2	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	—	0.0	3.2	0.0	0.0
III. Short-term receivables	238.4	245.8	212.2	241.9	288.0
1. Short-term trade accounts receivable	219.0	212.6	204.2	227.3	0.0
2. Short-term prepayments to suppliers	15.4	17.5	7.0	9.2	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	0.3	0.3	0.3	0.0	0.0
6. Other short-term receivables	24.2	30.9	11.4	20.0	0.0
7. Provision for short-term doubtful debts (*)	-20.6	-15.5	-10.8	-14.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	261.7	191.5	196.2	185.3	166.5
1. Inventories	276.6	204.3	207.2	193.0	0.0
2. Provision for decline in value of inventories	-14.9	-12.7	-11.0	-7.7	0.0
V. Other short-term assets	111.7	106.8	102.3	90.7	92.9
1. Short-term prepayments	2.2	3.1	2.7	2.9	0.0
2. Value added tax to be reclaimed	109.5	103.7	99.5	87.7	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	284.5	304.3	297.6	326.9	351.2
I. Long-term receivables	3.5	3.9	2.2	9.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.7
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	0.5	0.7	0.0	0.0
6. Other long-term receivables	3.3	3.4	1.5	9.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	191.5	210.6	204.8	223.1	239.8
1. Tangible fixed assets	137.5	148.0	157.5	153.4	155.5
- Cost	489.4	496.5	472.8	435.5	0.0
- Accumulated depreciation	-351.9	-348.5	-315.3	-282.2	0.0
2. Financial leased fixed assets	41.4	50.8	35.4	56.7	73.1
- Cost	46.5	54.8	50.6	76.4	0.0
- Accumulated depreciation	-5.0	-4.0	-15.2	-19.7	0.0
3. Intangible fixed assets	12.6	11.8	11.9	13.0	11.2
- Cost	22.2	20.4	19.5	19.5	0.0
- Accumulated depreciation	-9.7	-8.6	-7.5	-6.5	0.0
III. Investment properties	35.0	36.7	38.5	40.2	41.9
- Cost	43.4	43.4	43.4	43.4	0.0
- Accumulated depreciation	-8.4	-6.7	-4.9	-3.2	0.0
IV. Long-term assets in progress	0.5	2.9	1.8	1.2	5.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	2.9	1.8	1.2	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	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	54.1	50.2	50.3	53.3	0.0
1. Long-term prepayments	40.5	41.9	42.6	45.5	0.0
2. Deferred income tax assets	13.5	8.3	7.6	7.9	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	54.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	916.9	862.3	826.4	864.5	912.4
A. LIABILITIES (300=210+330)	467.1	409.5	325.8	350.8	375.5
I. Short -term liabilities	453.2	390.9	311.2	319.4	322.7
1. Short-term trade accounts payable	78.2	63.8	63.5	40.0	51.9
2. Short-term advances from customers	4.6	6.3	0.2	1.2	2.5
3. Taxes and other payables to state authorities	9.3	6.6	4.5	2.4	0.0
4. Payable to employees	7.1	0.1	0.4	1.2	0.0
5. Short-term acrrued expenses	9.3	6.6	2.8	3.4	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	0.2	0.0	0.5	0.3	2.7
9. Other short-term payables	55.5	56.8	53.4	47.2	0.0
10. Short-term borrowings and financial leases	285.4	247.6	183.9	223.7	209.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.5	3.0	2.0	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	13.9	18.6	14.6	31.4	52.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.4	0.5	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.5	0.6	0.0
8. Long-term borrowings and financial leases	13.4	18.0	14.1	30.6	52.5
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	0.1	0.1	0.2	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)	449.7	452.7	500.5	513.7	536.9
I. Owner's equity	449.7	452.7	500.5	513.7	0.0
1. Owner's capital	287.3	273.7	273.7	273.7	536.9
- Common stock with voting right	287,325,580,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	94.6	94.6	94.6	94.6	94.6
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	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	14.6	14.6	14.6	14.6	0.0
8. Investment and development fund	5.9	5.9	5.9	5.9	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	47.7	64.4	112.2	125.3	151.1
- Accumulated retained earning at the end of the previous period	45.6	99.7	105.4	112.3	98.7
- Undistributed earnings in this period	2.2	-35.4	6.8	13.1	52.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	916.9	862.3	826.4	864.5	912.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.9	-27.9	11.5	17.9	63.7
Depreciation of Fixed Assets and Investment Property	33.0	32.3	31.7	31.0	29.9
Provision (Increase)/Reversal	7.2	6.5	-0.7	4.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.7	-0.7	-0.3	0.4	0.0
Gain/Loss from Investment Activities	-8.3	-0.1	-0.0	-0.2	0.0
Interest Expense	14.6	12.0	16.7	18.2	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	54.2	22.1	58.9	71.5	113.3
Increase/(Decrease) in Receivables	-3.8	-43.3	29.8	41.6	0.0
Increase/(Decrease) in Inventory	-72.4	2.9	-14.2	-16.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	31.9	9.1	16.7	-29.1	0.0
Increase/(Decrease) in Prepaid Expenses	2.3	0.3	3.0	-0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.8	-12.0	-16.6	-18.2	0.0
Corporate Income Tax Paid	-7.4	-5.9	-2.5	-11.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.6	-4.6	-4.3	-3.7	0.0
Net Cash Flow from Operating Activities	-13.7	-31.4	70.8	33.6	39.7
Payments for Fixed Assets and Other Long-term Assets	-28.9	-31.6	-7.4	-4.5	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	15.9	21.8	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.1	-3.2	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.1	3.5	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.1	0.1	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	-12.9	-6.3	-10.4	-4.3	-0.5
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	628.3	632.6	336.3	451.5	435.6
Repayment of Borrowings	-587.9	-580.5	-379.3	-438.5	-414.3
Repayment of Finance Leases	-7.1	-12.0	-13.2	-20.7	-24.2
Dividends Paid	—	-3.4	-8.9	-15.4	-41.0
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	33.2	36.6	-65.1	-23.1	-43.9
Net Cash Flow During the Period	6.6	-1.0	-4.7	6.1	1.6
Cash and Cash Equivalents at Beginning of Period	13.9	14.9	19.7	13.8	18.6
FX Difference from Revaluation	0.1	-0.0	-0.0	-0.3	-0.0
Cash and Cash Equivalents at End of Period	20.6	13.9	14.9	19.7	13.8

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	146.5	180.6	164.0	136.8	121.7	189.0	126.3	121.1	100.4	124.5	125.3	103.7
Revenue Deductions	11.6	14.2	17.0	11.8	11.7	15.7	6.6	2.7	9.7	12.5	4.0	0.1
Net Revenue	134.9	166.4	146.9	125.0	110.0	173.3	119.7	118.5	90.8	112.0	121.3	103.6
Cost of Goods Sold	109.5	104.5	103.6	95.0	91.6	138.6	97.2	85.5	64.6	59.0	82.9	75.7
Gross Profit	25.5	61.9	43.3	30.0	18.4	34.8	22.5	32.9	26.2	53.0	38.4	27.9
Financial Income	2.9	-0.0	1.3	1.4	0.2	1.3	-0.4	1.5	1.0	0.3	1.4	0.3
Financial Expenses	5.9	3.9	4.1	4.1	3.7	2.5	4.5	3.3	3.4	3.6	4.2	4.4
Interest Expense	4.3	3.8	3.5	4.0	3.4	3.2	2.9	3.0	2.9	3.6	4.0	4.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	18.9	19.6	18.1	22.7	14.9	18.6	17.3	17.2	18.5	16.1	15.6	18.2
General and Administrative Expenses	12.9	22.2	16.5	12.6	12.0	19.1	12.3	11.9	11.4	14.4	13.3	11.7
Operating Profit	-9.3	16.1	5.9	-8.0	-12.0	-4.1	-12.0	2.1	-6.0	19.2	6.7	-6.2
Other Income	5.5	0.9	7.3	0.1	0.0	0.1	0.0	0.1	0.1	2.3	0.0	0.5
Other Expenses	0.0	—	—	0.1	0.3	-0.0	0.1	1.5	0.0	0.0	0.0	0.1
Other Profit	5.5	0.9	7.3	-0.1	-0.3	0.1	-0.0	-1.3	0.1	2.3	0.0	0.4
Profit Before Tax	-3.8	17.0	13.2	-8.1	-12.2	-4.0	-12.0	0.7	-5.9	21.4	6.7	-5.7
Current Income Tax Expense	0.1	1.5	3.5	5.1	0.1	2.9	0.8	3.1	0.7	1.2	2.6	0.6
Deferred Income Tax Expense	1.1	-2.2	-0.8	-2.5	0.2	1.3	0.1	-0.3	-0.1	0.8	-1.8	1.4
Net Income	-5.0	17.7	10.5	-10.8	-12.5	-8.2	-12.9	-2.1	-6.6	19.4	5.9	-7.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-5.0	17.7	10.5	-10.8	-12.5	-8.2	-12.9	-2.1	-6.6	19.4	5.9	-7.8
Earnings per Share	-184.00	436.00	196.00	-583.00	-458.00	-470.00	-474.00	-75.00	-240.00	710.00	215.00	-285.00
Diluted EPS	-183.55	614.97	383.96	-393.97	-457.26	-301.05	-473.08	-75.02	-239.73	708.51	215.12	-284.64

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)	602.6	632.4	591.5	575.9	548.9	557.8	544.8	532.8	552.4	524.8	480.9	476.1
I. Cash and cash equivalents	23.6	20.6	11.8	19.0	12.3	13.8	20.2	14.3	25.6	18.1	14.0	14.7
1. Cash	21.6	20.6	11.8	19.0	12.3	13.7	20.1	14.3	25.6	14.9	14.0	13.6
2. Cash equivalents	2.0	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	3.2	0.1	1.1
II. Short-term financial investments	0.2	0.0	0.0	0.0	0.0	0.1	0.0	0.0	3.2	0.0	1.3	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	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	-0.0	-0.0	-0.0	-0.0	-0.0
3. Held to maturity investments	0.2	—	—	—	—	0.1	0.0	0.0	3.2	0.0	1.3	0.0
III. Short-term receivables	213.5	238.4	245.3	238.1	233.3	256.5	232.2	226.0	228.5	208.3	211.0	207.2
1. Short-term trade accounts receivable	207.1	219.0	223.9	202.2	197.1	240.8	216.7	210.0	213.6	204.2	203.4	194.4
2. Short-term prepayments to suppliers	19.9	15.4	17.3	20.0	20.4	22.6	19.8	16.0	14.9	7.0	8.5	8.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.3	0.2	0.1	0.2	0.3	0.2	0.3	0.9	0.0	0.0	0.0
6. Other short-term receivables	5.5	24.2	23.8	31.3	31.1	5.5	6.0	10.3	9.9	7.8	10.7	13.8
7. Provision for short-term doubtful debts (*)	-19.0	-20.6	-19.9	-15.5	-15.5	-12.6	-10.5	-10.5	-10.8	-10.8	-11.7	-9.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	251.2	261.7	223.5	209.1	199.4	180.7	192.9	192.9	195.3	196.1	156.6	159.6
1. Inventories	266.2	276.6	240.4	226.0	212.1	192.7	204.1	203.6	206.2	207.1	167.6	168.7
2. Provision for decline in value of inventories	-14.9	-14.9	-16.9	-16.9	-12.7	-12.0	-11.2	-10.7	-11.0	-11.0	-11.0	-9.1
V. Other short-term assets	114.1	111.7	110.9	109.6	103.9	106.7	99.5	99.6	99.7	102.3	98.1	94.6
1. Short-term prepayments	1.7	2.2	1.5	3.9	2.4	3.1	3.2	2.6	1.7	2.7	3.1	1.8
2. Value added tax to be reclaimed	111.3	109.5	109.4	105.7	101.0	103.6	96.1	96.9	98.0	99.5	94.8	92.6
3. Taxes and other receivables from state authorities	1.1	—	0.0	0.0	0.4	0.0	0.2	0.0	0.0	0.0	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	276.6	284.5	282.3	297.4	301.3	303.3	296.2	296.7	286.6	301.5	301.0	307.1
I. Long-term receivables	4.4	3.5	3.6	4.0	4.0	3.9	2.9	3.6	1.6	6.1	6.2	6.3
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	0.3	0.5	0.5	0.5	0.6	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	4.4	3.3	3.3	3.6	3.6	3.4	2.3	3.6	1.6	6.1	6.2	6.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	186.1	191.5	190.8	203.2	210.2	210.6	200.4	205.6	198.2	204.8	203.7	210.9
1. Tangible fixed assets	124.7	137.5	135.7	148.5	145.7	148.0	148.0	135.0	151.4	157.5	154.9	154.4
- Cost	482.6	—	—	—	—	496.5	491.1	457.6	472.4	472.8	464.4	453.5
- Accumulated depreciation	-357.9	—	—	—	—	-348.5	-343.1	-322.5	-321.1	-315.3	-309.5	-299.1
2. Financial leased fixed assets	49.2	41.4	42.4	43.4	53.0	50.8	40.3	58.2	34.2	35.4	36.6	44.0
- Cost	55.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	12.3	12.6	12.7	11.3	11.6	11.8	12.1	12.3	12.6	11.9	12.2	12.4
- Cost	22.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	34.6	35.0	35.4	35.9	36.3	36.7	37.2	37.6	38.0	38.5	38.9	39.3
- Cost	43.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.5	0.5	0.3	1.7	1.5	2.9	6.0	0.4	1.0	1.8	2.0	1.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	1.0	1.8	2.0	0.0
2. Construction in progress	0.5	0.5	0.3	1.7	1.5	2.9	6.0	0.4	0.0	0.0	0.0	1.2
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	51.0	54.1	52.1	52.7	49.2	49.2	49.7	49.5	47.7	50.3	50.3	49.3
1. Long-term prepayments	39.2	40.5	40.7	42.2	41.1	41.9	41.1	41.4	40.8	42.6	41.8	42.7
2. Deferred income tax assets	11.7	13.5	11.4	10.6	8.1	7.3	8.6	8.1	6.9	7.7	8.5	6.7
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	0.0
TOTAL ASSETS (280=100+200)	879.2	916.9	873.8	873.3	850.2	861.1	841.0	829.5	838.9	826.3	782.0	783.2
A. LIABILITIES (300=210+330)	437.4	467.1	441.3	449.0	411.6	403.2	375.1	349.9	344.9	325.8	300.9	307.6
I. Short -term liabilities	418.2	453.2	425.4	431.8	391.1	382.2	357.2	339.2	341.9	311.2	276.4	285.2
1. Short-term trade accounts payable	43.7	78.2	70.7	80.4	68.6	59.4	38.6	43.3	32.6	63.5	47.6	35.7
2. Short-term advances from customers	7.4	4.6	2.3	9.2	9.3	4.7	11.4	3.3	3.5	0.2	0.2	2.1
3. Dividends and profits payable	55.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.6	9.3	8.2	4.8	3.2	6.5	4.1	2.6	1.0	4.5	3.5	0.8
4. Payable to employees	—	7.1	0.1	4.6	7.9	1.0	0.2	0.9	2.7	0.4	5.7	0.7
5. Short-term acrrued expenses	5.9	9.3	7.4	9.9	8.2	6.4	6.4	6.1	5.3	2.8	5.6	4.2
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	6.2	0.2	3.4	1.9	0.2	0.0	3.1	2.8	0.3	0.5	4.8	0.4
9. Other short-term payables	1.7	55.5	55.5	56.5	56.7	56.8	57.9	59.3	52.2	53.4	62.0	61.3
10. Short-term borrowings and financial leases	295.5	285.4	274.4	260.9	237.0	244.5	232.6	218.0	244.2	183.9	145.0	178.0
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	—	3.5	3.5	3.5	—	3.0	3.0	3.0	0.0	2.0	2.0	2.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	19.2	13.9	15.9	17.2	20.5	20.9	17.8	10.7	3.1	14.6	24.5	22.5
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	0.5	0.4	0.5	0.5	0.5	0.5	0.1	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.5	1.3	1.3
8. Long-term borrowings and financial leases	18.7	13.4	15.4	16.7	19.9	20.3	17.6	10.6	3.0	14.1	23.0	21.0
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	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2
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)	441.7	449.7	432.5	424.3	438.6	457.9	466.0	479.6	494.0	500.5	481.1	475.5
I. Owner's equity	441.7	449.7	432.5	424.3	438.6	457.9	466.0	479.6	494.0	500.5	481.1	475.5
1. Owner's capital	273.7	287.3	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7	273.7
- Common stock with voting right	273,664,760,000.00	287,325,580,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00	273,664,760,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6	94.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	13.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00	-425,000,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6
8. Investment and development fund	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9
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	39.7	47.7	44.2	35.9	50.2	69.6	77.6	91.3	105.6	112.1	92.7	87.1
- Accumulated retained earning at the end of the previous period	44.7	45.6	59.2	59.2	62.7	99.7	99.5	99.7	112.2	105.4	105.4	105.4
- Undistributed earnings in this period	-5.0	2.2	-15.1	-23.3	-12.5	-30.2	-21.9	-8.5	-6.6	6.7	-12.7	-18.3
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)	879.2	916.9	873.8	873.3	850.2	861.1	841.0	829.5	838.9	826.3	782.0	783.2

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	-3.8	16.6	13.2	-10.6	-12.2	-4.0	-9.3	-2.7	-5.9	21.5	6.7	-6.0
Depreciation of Fixed Assets and Investment Property	8.1	8.1	8.2	8.1	8.6	8.2	8.0	8.0	8.0	8.0	8.0	7.9
Provision (Increase)/Reversal	0.0	-1.3	3.6	5.0	—	3.0	-0.0	-0.1	0.0	-1.0	3.9	-3.6
FX Gain/Loss from Revaluation of Monetary Items	-1.8	1.5	-0.1	-0.8	0.2	-1.8	2.0	-0.3	-0.6	0.8	-0.6	-0.2
Gain/Loss from Investment Activities	-0.0	-0.9	-7.3	-0.1	-0.0	0.1	0.3	-0.4	0.0	-0.0	-0.0	-0.0
Interest Expense	4.3	3.8	3.5	4.0	3.4	3.2	2.8	3.0	2.9	3.6	4.0	4.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	6.7	27.8	21.0	5.5	-0.1	8.7	3.8	7.6	4.5	32.9	22.0	2.4
Increase/(Decrease) in Receivables	9.2	5.1	-10.8	-12.5	14.5	-32.5	-17.4	11.3	-12.3	-1.0	-7.3	8.0
Increase/(Decrease) in Inventory	25.5	-36.3	-15.5	-12.7	-7.9	11.4	10.0	-7.9	0.9	-39.6	1.1	11.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-38.6	8.4	-8.7	13.5	18.7	5.2	4.9	9.9	-18.0	-2.8	21.9	-2.8
Increase/(Decrease) in Prepaid Expenses	1.8	-0.5	1.5	-0.2	1.5	-0.7	-0.3	-1.5	2.9	-0.4	-0.3	1.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.3	-3.0	-4.2	-3.3	-3.4	-3.2	-3.0	-2.9	-2.9	-3.5	-4.0	-4.4
Corporate Income Tax Paid	-7.8	-0.3	0.0	-3.1	-4.0	0.0	-0.4	-1.2	-4.2	-0.2	-0.0	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-4.3	0.0	0.0	0.0	-4.6	0.0	0.0	0.0	-4.6	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-11.8	1.2	-16.7	-12.8	14.7	-11.1	-2.4	15.3	-33.8	-14.5	33.4	16.2
Payments for Fixed Assets and Other Long-term Assets	-0.8	-17.4	-2.7	-1.1	-7.8	-9.2	-10.0	-9.9	-2.5	-3.7	-1.8	-1.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.8	13.6	0.0	0.0	2.2	7.3	4.3	10.3	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	-0.1	0.0	0.0	0.0	-1.9	-0.2	-1.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	-0.1	0.2	-0.0	0.2	3.3	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	-0.4	0.5	-0.0	0.0	0.0	0.0
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	6.1	-3.8	-2.7	-1.1	-5.4	-2.0	-5.9	4.1	-2.5	-5.5	-2.1	-2.8
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	147.2	158.6	153.5	173.9	142.3	125.8	167.4	103.2	235.4	102.6	70.7	85.3
Repayment of Borrowings	-136.7	-145.7	-139.6	-151.6	-151.0	-115.0	-149.8	-130.5	-185.2	-69.8	-98.8	-91.0
Repayment of Finance Leases	-1.8	-1.6	-1.7	-1.7	-2.2	-1.8	-3.0	-2.7	-3.2	-2.8	-2.8	-4.0
Dividends Paid	—	—	—	—	—	-2.1	-0.5	-0.7	0.0	-8.9	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	8.7	11.3	12.2	20.6	-10.9	6.9	14.1	-30.7	47.0	21.1	-30.9	-9.7
Net Cash Flow During the Period	2.9	8.7	-7.2	6.7	-1.6	-6.2	5.8	-11.3	10.7	1.1	0.4	3.7
Cash and Cash Equivalents at Beginning of Period	20.6	11.8	19.0	12.3	13.9	14.9	14.9	14.9	14.9	19.7	19.7	19.7
FX Difference from Revaluation	0.0	0.1	-0.0	0.0	-0.0	-0.1	0.0	0.0	-0.0	-0.1	-0.0	0.0
Cash and Cash Equivalents at End of Period	23.6	20.6	11.8	19.0	12.3	13.8	20.2	14.3	25.6	14.9	14.0	13.7

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SBV

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