SRC

Cao su Sao Vàng ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 2.03%, −9.14pp YoY

Price

53,500

Latest close

03 Jun 2026

P/E 47.92x

P/B 2.60x

EPS 1,117

BVPS 20,551

ROE 5.4%

ROA 2.5%

Profit Margin 2.0%

Asset Turnover 1.22x

Equity Mult. 2.18x

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

What Is Changing

On a TTM 2026Q1 basis, SRC is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,541bn
	                                
+38.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
−74.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.32x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,455.8	1,027.8	1,197.8	915.3	955.7
Growth	+42%	-14%	+31%	-4%	—
Net Income	24.6	151.6	29.4	27.7	40.0
Net Margin	1.69%	14.75%	2.45%	3.03%	4.19%

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	345.9	540.0	279.2	375.5	261.1	240.0	284.6	328.3	174.9	488.4	232.0	275.6
Growth	-36%	+93%	-26%	+44%	+9%	-16%	-13%	+88%	-64%	+110%	-16%	—
Net Income	9.4	7.2	6.6	8.1	2.7	2.2	5.7	113.9	3.3	13.1	6.1	6.2
Net Margin	2.72%	1.34%	2.37%	2.15%	1.03%	0.90%	2.00%	34.69%	1.91%	2.68%	2.62%	2.23%

Drivers of SRC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Tax ↓ 60.8bn

Other profit ↓ 154.7bn

TTM

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

Gross profit ↑ 8.4bn

Administrative expenses ↓ 2.6bn

Finance costs ↑ 2.2bn

Selling expenses ↑ 1.0bn

Financial income ↓ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 24.3% = 11.2% × 0.79 × 2.76

2026Q1 5.4% = 2.0% × 1.22 × 2.18

ROE fell from 24.3% to 5.4% — leverage weakened the most, though asset turnover still provided support.

Net margin: 2.0% -9.1pp Asset turnover: 1.22x +0.44x Leverage: 2.18x -0.58x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 2.03%, losing 9.1pp. The main pressure is Gross margin fell 3.2pp, outweighing the improvement in SG&A / Revenue fell 2.6pp (with lingering pressure from Other profit / Revenue fell 14.1pp and Net financial result / Revenue fell 0.1pp).

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 2.03% −9.1pp

Gross Margin 9.89% −3.2pp

SG&A / Revenue 6.17% −2.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 2.60%, rising 0.3pp. That translates to 2.60 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.32x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.2pp; while invested capital rose by 95bn.

Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.

Watchpoints

ROIC remains low

ROIC is currently 2.60% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.60% +0.3pp

NOPAT Margin 1.63% −0.2pp

Capital Turnover 1.60x +0.32x

Average Invested Capital 962.4bn +95.1bn

Balance Sheet

Capital structure is balanced — liabilities at 1.36x equity, net debt at 0.75x equity.

Inventory ended the period at 270.4bn, roughly 20.2% of total assets.

Over the last 12 months, working capital absorbed 109.8bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −121.3bn

Inventories decreased → higher CFO: +56.3bn

Payables decreased → lower CFO: −44.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.6 days versus the same period last year. The main moves came from DIO fell 44.6 days, DSO fell 11.8 days, and DPO fell 26.7 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 132.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 89.5 days −11.8 days

Inventory 60.5 days −44.6 days

Payables 18.0 days −26.7 days

Cash Conversion Cycle 132.0 days −29.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 84.5bn due to capex of 11.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.75x and interest coverage only at 1.14x.

At present, short-term debt accounts for 99.5% of total debt, cash equals 5.2% of debt, and total debt stands at 459.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.14x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.75x +0.17x

Interest Coverage 1.14x −0.19x

Cash / Debt 5.2% −0.8pp

Short-term Debt / Total Debt 99.5% −0.0pp

CFO / NI -2.32x +0.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -187.5bn in 2025, against investing cash flow of -8.0bn.

Post-investment cash flow was negative +195.5bn. Financing cash flow was positive +197.5bn.

CFO / net income was -2.32x.

After spending +11.9bn on fixed-asset investment, the business generated trailing free cash flow of −84.5bn.

Cash Conversion

CFO TTM 72.6bn +304.7bn

Cash Capex 11.9bn +8.6bn

FCF TTM −84.5bn +296.1bn

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 9.1 pp. The next watchpoint is the earnings mix, when non-core contribution is 20.0%. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 296.1bn versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.0% of PBT and CFO / net income currently at -2.32x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.03% after a 9.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,490.3	1,063.4	1,234.5	959.5	994.9
Revenue Deductions	34.5	35.6	36.7	44.3	0.0
Net Revenue	1,455.8	1,027.8	1,197.8	915.3	955.7
Cost of Goods Sold	1,311.9	881.7	1,032.5	753.0	0.0
Gross Profit	143.9	146.1	165.3	162.3	175.7
Financial Income	3.1	5.3	1.6	1.6	12.5
Financial Expenses	25.6	24.3	21.0	16.8	-14.8
Interest Expense	20.5	15.4	16.0	13.4	-10.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	30.6	35.5	33.7	45.3	-45.6
General and Administrative Expenses	66.1	63.6	74.7	67.4	-75.2
Operating Profit	24.7	28.0	37.7	34.4	52.6
Other Income	7.7	306.9	1.4	4.3	0.0
Other Expenses	0.0	144.2	0.0	0.4	0.0
Other Profit	7.7	162.6	1.4	3.8	-0.2
Profit Before Tax	32.3	190.7	39.1	38.2	52.4
Current Income Tax Expense	7.7	39.0	9.7	10.5	-12.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	24.6	151.6	29.4	27.7	40.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	24.6	151.6	29.4	27.7	40.0
Earnings per Share	877.00	5,403.00	1,048.00	989.00	1,426.82
Diluted EPS	877.00	5,403.00	1,047.56	988.44	1,426.82

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	775.2	549.1	631.1	530.1	507.0
I. Cash and cash equivalents	31.7	29.7	33.1	36.4	46.8
1. Cash	19.7	14.7	17.1	32.4	0.0
2. Cash equivalents	12.0	15.0	16.0	4.0	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	465.5	235.2	366.1	162.5	168.0
1. Short-term trade accounts receivable	471.8	238.2	367.9	115.7	0.0
2. Short-term prepayments to suppliers	0.7	0.7	5.3	47.5	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	6.1	5.9	4.0	6.4	0.0
7. Provision for short-term doubtful debts (*)	-13.2	-9.6	-11.0	-7.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	270.4	250.3	228.5	323.1	287.3
1. Inventories	271.2	251.3	231.0	327.3	0.0
2. Provision for decline in value of inventories	-0.8	-1.0	-2.4	-4.2	0.0
V. Other short-term assets	7.6	33.9	3.4	8.1	4.9
1. Short-term prepayments	1.4	0.9	2.9	1.0	0.0
2. Value added tax to be reclaimed	0.5	2.0	0.4	5.5	0.0
3. Taxes and other receivables from state authorities	5.7	31.0	0.0	1.6	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)	566.2	659.8	715.7	715.0	728.3
I. Long-term receivables	2.0	97.8	6.5	6.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	6.0
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	2.0	97.8	6.5	6.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	46.4	48.3	52.2	45.0	54.5
1. Tangible fixed assets	31.1	31.8	36.3	30.5	41.9
- Cost	694.4	682.9	679.8	663.9	0.0
- Accumulated depreciation	-663.3	-651.1	-643.4	-633.4	0.0
2. Financial leased fixed assets	5.2	13.1	12.5	11.2	9.1
- Cost	8.8	20.1	16.9	13.9	0.0
- Accumulated depreciation	-3.6	-7.0	-4.4	-2.8	0.0
3. Intangible fixed assets	10.1	3.4	3.4	3.4	3.4
- Cost	10.3	3.6	3.6	3.6	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5.5	2.1	2.1	4.2	4.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.5	2.1	2.1	4.2	0.0
V. Long-term financial investments	509.6	508.5	510.5	510.4	509.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	505.0	505.0	505.0	505.0	0.0
3. Investments in other entities	8.4	8.4	8.4	8.4	0.0
4. Provision for diminution in value of long-term investments	-3.8	-4.9	-2.9	-3.0	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	2.7	3.1	144.4	149.1	0.0
1. Long-term prepayments	2.7	3.1	144.4	149.1	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	153.7
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)	1,341.4	1,208.9	1,346.8	1,245.0	1,235.4
A. LIABILITIES (300=210+330)	774.0	633.9	903.5	805.7	802.8
I. Short -term liabilities	620.8	482.0	621.1	520.7	514.7
1. Short-term trade accounts payable	92.0	148.3	93.5	98.6	69.9
2. Short-term advances from customers	10.1	42.5	73.4	100.4	116.6
3. Taxes and other payables to state authorities	5.6	0.3	1.6	2.2	0.0
4. Payable to employees	19.5	22.0	24.9	26.0	0.0
5. Short-term acrrued expenses	6.2	3.7	0.8	2.2	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	0.0	0.0
9. Other short-term payables	3.1	5.7	83.9	62.7	0.0
10. Short-term borrowings and financial leases	471.0	255.7	338.4	221.8	208.0
11. Provision for short-term liabilities	0.4	0.7	0.8	0.8	0.0
12.. Bonus and welfare fund	12.8	3.1	3.7	6.0	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	153.2	151.9	282.4	285.0	288.1
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	143.5	143.5	143.5	143.5	0.0
8. Long-term borrowings and financial leases	2.7	2.1	132.7	135.3	138.2
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	7.0	6.2	6.2	6.2	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	567.4	575.1	443.3	439.3	432.6
I. Owner's equity	567.4	575.1	443.3	439.3	0.0
1. Owner's capital	280.7	280.7	280.7	280.7	432.6
- Common stock with voting right	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0
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	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00	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	162.3	116.8	108.0	99.7	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	124.4	177.6	54.7	59.0	64.3
- Accumulated retained earning at the end of the previous period	99.8	25.9	25.3	31.3	24.2
- Undistributed earnings in this period	24.6	151.6	29.4	27.7	40.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,341.4	1,208.9	1,346.8	1,245.0	1,235.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	32.3	190.7	39.1	38.2	52.4
Depreciation of Fixed Assets and Investment Property	9.7	10.3	11.7	14.1	20.7
Provision (Increase)/Reversal	2.0	-1.0	2.0	-3.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.8	0.2	0.1	0.0
Gain/Loss from Investment Activities	-0.3	-163.1	-0.6	-2.9	0.0
Interest Expense	20.5	15.4	16.0	13.4	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	0.8	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	64.9	51.4	68.3	59.0	80.2
Increase/(Decrease) in Receivables	-114.6	44.8	-204.1	5.5	0.0
Increase/(Decrease) in Inventory	-19.9	-20.3	96.3	-33.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-92.0	-57.3	-17.5	64.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	2.6	2.7	4.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-20.4	-15.3	-16.0	-13.3	0.0
Corporate Income Tax Paid	—	-71.1	-7.0	-13.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.6	-3.5	-5.0	-2.7	0.0
Net Cash Flow from Operating Activities	-187.5	-68.8	-82.3	69.9	233.0
Payments for Fixed Assets and Other Long-term Assets	-9.8	-3.7	-13.5	-6.7	-4.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	300.8	0.0	2.2	0.0
Loans and Purchases of Debt Instruments	—	-10.5	0.0	-2.0	-1.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	10.5	0.0	2.0	85.3
Investments in Other Entities	—	0.0	0.0	0.0	-375.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.8	1.7	0.5	0.7	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	-8.0	298.9	-13.0	-3.8	-287.9
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	1,291.8	794.7	750.1	555.9	518.4
Repayment of Borrowings	-1,074.7	-1,008.5	-633.1	-613.0	-457.4
Repayment of Finance Leases	-2.8	-2.8	-2.6	-2.7	-2.6
Dividends Paid	-16.8	-16.8	-22.4	-16.8	-28.0
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	197.5	-233.4	92.0	-76.6	30.5
Net Cash Flow During the Period	2.0	-3.4	-3.3	-10.4	-19.4
Cash and Cash Equivalents at Beginning of Period	29.7	33.1	36.4	46.8	71.3
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	31.7	29.7	33.1	36.4	46.8

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	354.0	552.3	287.3	384.3	266.4	253.1	293.2	335.5	181.6	500.4	241.8	283.2
Revenue Deductions	8.1	12.3	8.1	8.8	5.3	13.1	8.6	7.2	6.8	12.0	9.8	7.6
Net Revenue	345.9	540.0	279.2	375.5	261.1	240.0	284.6	328.3	174.9	488.4	232.0	275.6
Cost of Goods Sold	307.7	499.2	243.9	337.5	231.2	208.0	247.7	281.3	144.7	432.9	190.8	238.3
Gross Profit	38.3	40.7	35.3	38.0	29.9	32.0	36.9	47.0	30.2	55.5	41.2	37.3
Financial Income	0.5	0.6	0.4	0.8	1.2	2.0	1.5	1.4	0.3	0.6	0.3	0.3
Financial Expenses	8.7	7.0	6.3	5.9	6.5	6.2	5.8	4.9	5.3	5.3	5.1	5.2
Interest Expense	7.6	5.2	4.9	5.4	5.0	4.2	3.4	3.7	4.0	3.6	3.7	4.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	7.2	8.1	7.3	9.1	6.2	8.7	9.6	10.3	6.8	9.0	9.3	8.1
General and Administrative Expenses	11.3	23.9	14.4	13.8	14.0	16.3	15.2	17.4	14.1	24.6	18.9	16.2
Operating Profit	11.5	2.3	7.8	10.1	4.4	2.9	7.9	15.8	4.2	17.2	8.2	8.1
Other Income	1.0	7.1	0.6	0.0	0.0	0.0	0.9	306.0	0.0	0.0	0.0	0.0
Other Expenses	0.7	—	0.0	0.0	0.0	0.4	0.1	143.8	0.0	0.0	0.0	0.0
Other Profit	0.3	7.1	0.6	-0.0	0.0	-0.4	0.8	162.2	-0.0	-0.0	0.0	0.0
Profit Before Tax	11.8	9.4	8.4	10.1	4.4	2.5	8.7	178.0	4.2	17.2	8.3	8.1
Current Income Tax Expense	2.4	2.2	1.8	2.0	1.7	0.3	3.0	64.1	0.9	4.1	2.2	1.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.4	7.2	6.6	8.1	2.7	2.2	5.7	113.9	3.3	13.1	6.1	6.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.4	7.2	6.6	8.1	2.7	2.2	5.7	113.9	3.3	13.1	6.1	6.2
Earnings per Share	335.17	258.20	235.51	287.64	95.84	77.34	202.67	4,058.13	119.28	467.09	216.70	219.41
Diluted EPS	335.17	258.20	235.51	287.64	95.84	77.34	202.67	4,058.13	119.28	467.09	216.70	219.41

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)	724.4	775.3	691.5	632.0	569.8	520.6	526.9	493.3	890.7	631.1	629.3	441.9
I. Cash and cash equivalents	24.0	31.7	18.7	21.9	21.5	29.7	25.6	28.5	99.6	33.1	47.9	39.6
1. Cash	21.0	19.7	9.7	12.9	16.5	14.7	15.6	18.5	25.6	17.1	32.3	39.6
2. Cash equivalents	3.0	12.0	9.0	9.0	5.0	15.0	10.0	10.0	74.0	16.0	15.6	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	5.0	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	—	—	—	—	—	0.0	0.0	5.0	0.0	0.0	0.0	0.0
III. Short-term receivables	493.3	465.6	399.6	316.8	257.5	236.0	262.7	258.1	493.4	366.1	152.0	146.9
1. Short-term trade accounts receivable	497.6	472.0	399.8	319.2	258.3	238.2	262.6	264.3	360.1	367.9	139.7	135.5
2. Short-term prepayments to suppliers	1.6	0.7	1.6	0.9	1.4	0.7	1.1	0.7	2.8	5.3	14.9	12.6
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	5.5	0.0	137.0	0.0	0.0	0.0
6. Other short-term receivables	7.3	6.1	6.6	5.1	7.5	5.9	5.6	5.3	4.6	4.0	4.8	6.1
7. Provision for short-term doubtful debts (*)	-13.2	-13.2	-8.4	-8.4	-9.6	-8.8	-12.1	-12.1	-11.0	-11.0	-7.3	-7.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	200.9	270.4	243.9	261.8	257.0	250.3	234.3	199.3	296.5	228.5	408.0	253.7
1. Inventories	201.9	271.2	244.8	262.7	258.2	251.3	235.4	201.7	299.1	231.0	411.1	257.8
2. Provision for decline in value of inventories	-1.0	-0.8	-0.9	-0.9	-1.1	-1.0	-1.1	-2.4	-2.5	-2.4	-3.1	-4.1
V. Other short-term assets	6.2	7.6	29.3	31.4	33.8	4.6	4.3	2.5	1.2	3.4	21.4	1.7
1. Short-term prepayments	0.9	1.4	0.8	1.1	1.4	0.9	1.5	2.2	1.2	2.9	4.2	1.7
2. Value added tax to be reclaimed	—	0.5	—	—	0.2	2.0	2.8	0.2	0.0	0.4	17.2	0.0
3. Taxes and other receivables from state authorities	5.3	5.7	28.5	30.3	32.3	1.7	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	564.2	566.2	563.5	565.6	657.0	661.9	664.3	664.0	713.2	715.7	710.2	711.1
I. Long-term receivables	2.0	2.0	0.2	0.2	97.8	97.8	98.4	98.4	6.5	6.5	6.5	6.5
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	2.0	2.0	0.2	0.2	97.8	97.8	98.4	98.4	6.5	6.5	6.5	6.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	45.5	46.4	48.6	43.6	45.7	48.3	50.5	48.4	50.1	52.2	45.0	42.6
1. Tangible fixed assets	28.3	31.1	27.6	28.6	30.0	31.8	33.7	33.7	34.9	36.3	28.5	29.0
- Cost	665.5	—	—	—	—	682.9	682.9	681.0	680.2	679.8	669.7	667.1
- Accumulated depreciation	-637.2	—	—	—	—	-651.1	-649.2	-647.3	-645.3	-643.4	-641.2	-638.2
2. Financial leased fixed assets	7.1	5.2	10.9	11.6	12.4	13.1	13.5	11.3	11.9	12.5	13.1	10.2
- Cost	11.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	10.1	10.1	10.1	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
- Cost	10.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.9	5.5	2.6	9.1	2.1	2.1	2.3	4.2	2.6	2.1	2.3	5.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.9	5.5	2.6	9.1	2.1	2.1	2.3	4.2	2.6	2.1	2.3	5.1
V. Long-term financial investments	509.6	509.6	509.6	509.6	508.5	510.6	510.6	510.6	510.5	510.5	510.5	510.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	505.0	505.0	505.0	505.0	505.0	505.0	505.0	505.0	505.0	505.0	505.0	505.0
3. Investments in other entities	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4
4. Provision for diminution in value of long-term investments	-3.8	-3.8	-3.8	-3.8	-4.9	-2.8	-2.8	-2.8	-2.9	-2.9	-2.9	-2.9
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	2.1	2.7	2.4	3.1	2.9	3.1	2.5	2.3	143.4	144.4	145.8	146.3
1. Long-term prepayments	2.1	2.7	2.4	3.1	2.9	3.1	2.5	2.3	143.4	144.4	145.8	146.3
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,288.6	1,341.5	1,255.0	1,197.6	1,226.8	1,182.6	1,191.2	1,157.3	1,603.8	1,346.8	1,339.5	1,152.9
A. LIABILITIES (300=210+330)	711.8	774.2	694.9	644.1	649.1	634.1	644.9	616.7	1,157.1	903.5	909.3	728.8
I. Short -term liabilities	558.8	621.0	543.7	492.7	497.6	482.2	492.8	464.3	875.4	621.1	626.2	445.1
1. Short-term trade accounts payable	56.4	92.0	176.5	91.9	80.8	148.3	159.7	190.6	156.7	93.5	111.4	90.3
2. Short-term advances from customers	13.1	10.2	12.5	9.0	32.9	42.5	44.7	48.7	278.7	73.4	40.6	19.4
3. Dividends and profits payable	1.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	9.1	5.6	11.1	7.6	4.6	0.3	4.1	6.1	4.6	1.6	7.9	6.6
4. Payable to employees	10.8	19.5	11.6	10.0	10.8	22.0	21.6	21.1	16.9	24.9	29.3	28.0
5. Short-term acrrued expenses	7.2	6.2	5.8	4.3	5.4	3.9	4.2	4.9	2.6	0.8	3.3	2.0
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	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.6	3.1	6.3	6.2	5.6	5.7	6.5	22.6	70.3	83.9	228.8	98.5
10. Short-term borrowings and financial leases	456.5	471.0	305.8	348.2	354.9	255.7	248.2	164.6	342.4	338.4	200.0	194.2
11. Provision for short-term liabilities	0.4	0.4	0.5	0.5	0.5	0.7	0.5	0.8	0.5	0.8	0.9	0.9
12.. Bonus and welfare fund	2.6	12.8	13.5	14.9	1.9	3.1	3.1	4.9	2.6	3.7	4.0	5.1
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	153.0	153.2	151.2	151.4	151.5	151.9	152.1	152.4	281.8	282.4	283.0	283.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	143.5	143.5	143.5	143.5	143.5	143.5	143.5	143.5	143.5	143.5	143.5	143.5
8. Long-term borrowings and financial leases	2.5	2.7	1.5	1.6	1.8	2.1	2.4	2.6	132.0	132.7	133.3	134.0
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	7.0	7.0	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2
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)	576.8	567.4	560.1	553.5	577.7	548.5	546.3	540.7	446.7	443.3	430.2	424.2
I. Owner's equity	576.8	567.4	560.1	553.5	577.7	548.5	546.3	540.7	446.7	443.3	430.2	424.2
1. Owner's capital	280.7	280.7	280.7	280.7	280.7	280.7	280.7	280.7	280.7	280.7	280.7	280.7
- Common stock with voting right	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00	280,657,650,000.00
- 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	0.0	0.0	0.0	0.0	0.0	0.0
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	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00	-23,970,000.00
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	162.3	162.3	162.3	162.3	116.8	116.8	116.8	116.8	108.0	108.0	108.0	108.0
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	133.8	124.4	117.2	110.6	180.3	151.0	148.9	143.2	58.0	54.7	41.6	35.5
- Accumulated retained earning at the end of the previous period	124.4	99.8	99.8	99.8	177.6	25.9	25.9	25.9	54.7	25.3	25.3	25.3
- Undistributed earnings in this period	9.4	24.6	17.4	10.8	2.7	125.1	122.9	117.2	3.3	29.4	16.3	10.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,288.6	1,341.5	1,255.0	1,197.6	1,226.8	1,182.6	1,191.2	1,157.3	1,603.8	1,346.8	1,339.5	1,152.9

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	11.8	9.4	8.4	10.1	4.4	2.5	8.7	178.0	4.2	17.2	8.3	8.1
Depreciation of Fixed Assets and Investment Property	2.0	2.2	2.4	2.4	2.6	2.6	2.6	2.5	2.5	2.9	3.1	2.9
Provision (Increase)/Reversal	0.2	4.6	0.0	-2.6	0.0	-3.3	-1.5	1.1	-0.2	2.9	-1.0	0.3
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	-0.2	0.2	-0.1	-1.8	1.3	-0.6	0.2	0.1	0.1	-0.0
Gain/Loss from Investment Activities	0.6	-0.1	-0.1	1.0	-1.1	-1.0	-1.0	51.8	-212.9	-0.2	-0.2	-0.1
Interest Expense	7.6	5.2	4.9	5.4	5.0	4.2	3.4	3.7	4.0	3.6	3.7	4.2
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	22.0	22.2	15.4	16.6	10.8	3.2	13.6	236.5	-202.0	26.5	14.0	15.4
Increase/(Decrease) in Receivables	-26.2	-50.3	-82.3	37.5	-19.4	32.9	-7.8	-205.6	223.6	-201.5	-22.3	2.5
Increase/(Decrease) in Inventory	69.3	-26.4	17.9	-4.6	-6.9	-15.9	-33.7	97.4	-68.1	180.1	-153.3	82.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-35.2	-93.5	95.1	-11.2	-82.4	-18.2	-33.4	-253.7	249.8	-142.0	198.5	-52.6
Increase/(Decrease) in Prepaid Expenses	1.1	-0.8	0.9	0.0	-0.2	-0.1	0.6	-0.7	2.8	2.7	-2.0	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.5	-5.0	-5.0	-5.5	-4.8	-4.2	-3.3	-3.8	-4.0	-3.6	-3.7	-4.3
Corporate Income Tax Paid	-5.5	—	0.0	0.0	-3.0	-5.0	-3.3	-61.6	-1.1	-5.2	-1.8	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-10.2	-0.8	-1.4	-2.3	-1.2	-0.1	-1.8	-1.9	0.2	-0.1	-1.1	-1.3
Net Cash Flow from Operating Activities	7.8	-151.6	40.8	30.5	-107.2	-7.3	-69.2	-193.6	201.3	-143.0	28.2	42.4
Payments for Fixed Assets and Other Long-term Assets	-2.2	-0.6	-1.8	-7.4	-0.0	0.0	-0.5	-2.8	-0.4	-10.1	-2.8	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3	—	—	—	—	0.0	0.0	300.8	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	-5.5	132.0	-137.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	5.5	5.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	0.1	1.6	0.1	0.1	1.1	0.4	0.1	0.2	0.0	0.3
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	-0.8	-0.5	-1.7	-5.8	0.0	5.6	0.1	430.4	-137.3	-9.9	-2.8	-0.2
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	276.7	537.8	128.3	325.4	300.3	216.6	288.1	166.3	123.7	353.7	162.5	114.6
Repayment of Borrowings	-290.9	0.8	-169.7	-332.0	-200.6	-210.1	-204.3	-473.6	-120.6	-214.9	-156.7	-142.9
Repayment of Finance Leases	-0.4	-0.5	-0.8	-0.8	-0.8	-0.8	-0.7	-0.7	-0.6	-0.6	-0.7	-0.7
Dividends Paid	-0.0	-0.0	-0.1	-16.8	-0.0	-0.0	-16.8	0.0	0.0	-0.0	-22.3	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-14.6	165.0	-42.2	-24.2	98.9	5.7	66.3	-307.9	2.5	138.1	-17.2	-28.9
Net Cash Flow During the Period	-7.7	13.0	-3.2	0.5	-8.3	4.0	-2.8	-71.1	66.5	-14.8	8.3	13.2
Cash and Cash Equivalents at Beginning of Period	31.7	18.7	21.9	21.5	29.7	33.1	33.1	33.1	33.1	36.4	36.4	36.4
FX Difference from Revaluation	0.0	-0.0	-0.0	-0.0	0.0	0.1	-0.1	-0.0	0.0	-0.0	0.0	0.1
Cash and Cash Equivalents at End of Period	24.0	31.7	18.7	21.9	21.5	29.7	25.6	28.5	99.6	33.1	47.9	39.6

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SRC

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