TBC

Thủy điện Thác Bà ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 48.58%, +7.34pp YoY

Price

32,000

Latest close

03 Jun 2026

P/E 8.67x

P/B 1.45x

EPS 3,691

BVPS 21,999

ROE 17.2%

ROA 14.5%

Profit Margin 38.3%

Asset Turnover 0.38x

Equity Mult. 1.19x

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

What Is Changing

On a TTM 2026Q1 basis, TBC has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 612bn
	                                
+15.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 297bn
	                                
+36.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	562.8	538.7	430.9	726.1	495.2
Growth	+4%	+25%	-41%	+47%	—
Net Income	255.5	228.6	168.6	378.8	209.5
Net Margin	45.39%	42.44%	39.13%	52.17%	42.30%

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	150.7	132.0	174.1	155.0	101.7	136.3	192.7	98.8	110.8	109.4	82.0	82.8
Growth	+14%	-24%	+12%	+53%	-25%	-29%	+95%	-11%	+1%	+33%	-1%	—
Net Income	81.8	52.4	81.1	82.0	40.0	48.8	99.3	30.2	50.3	38.0	23.3	28.1
Net Margin	54.25%	39.67%	46.57%	52.90%	39.35%	35.80%	51.54%	30.58%	45.36%	34.71%	28.38%	33.91%

Drivers of TBC's profit

TTM

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

Gross profit ↑ 67.1bn

Associates income ↑ 18.5bn

Minority interests ↑ 12.3bn

Tax ↑ 11.7bn

TTM

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

Gross profit ↑ 44.2bn

Associates income ↑ 5.5bn

Tax ↑ 9.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.5% = 41.2% × 0.35 × 1.14

2026Q1 21.8% = 48.6% × 0.38 × 1.19

ROE rose from 16.5% to 21.8% — all three components improved, with net margin contributing the most.

Net margin: 48.6% +7.3pp Asset turnover: 0.38x +0.03x Leverage: 1.19x +0.04x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 48.58%, rising 7.3pp. The main driver is Gross margin rose 2.9pp and SG&A / Revenue fell 1.3pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.9pp).

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

Profitability trend

Net Margin 48.58% +7.3pp

Gross Margin 62.77% +2.9pp

SG&A / Revenue 10.78% −1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 21.4% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 21.41%, rising 4.6pp. That translates to 21.41 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.6pp, with capital turnover broadly stable; while invested capital rose by 70bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 21.41% +4.6pp

NOPAT Margin 47.75% +6.6pp

Capital Turnover 0.45x +0.04x

Average Invested Capital 1,364.7bn +69.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.12x equity, net debt at 0.04x equity.

Over the last 12 months, working capital absorbed 86.9bn 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: −64.2bn

Inventories decreased → higher CFO: +3.0bn

Payables decreased → lower CFO: −25.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 23.8 days versus the same period last year. The main moves came from DIO fell 2.2 days, DSO fell 17.2 days, and DPO rose 4.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 68.7 days −17.2 days

Inventory 10.6 days −2.2 days

Payables 28.7 days +4.4 days

Cash Conversion Cycle 50.6 days −23.8 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.04x and interest coverage at 87.88x.

At present, short-term debt accounts for 16.4% of total debt, cash equals 47.0% of debt, and total debt stands at 96.2bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity 0.04x +0.07x

Interest Coverage 87.88x +24.72x

Cash / Debt 47.0% −167.6pp

Short-term Debt / Total Debt 16.4% −60.5pp

CFO / NI 1.21x −1.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 383.5bn in 2025, against investing cash flow of -252.9bn.

Post-investment cash flow was positive +130.5bn. Financing cash flow was negative +144.6bn.

CFO / net income was 1.21x.

After spending +185.3bn on fixed-asset investment, the business generated trailing free cash flow of +97.6bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 283.0bn −98.9bn

Cash Capex 185.3bn +28.2bn

FCF TTM +97.6bn −127.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 7.3 pp. The next item to monitor is capital efficiency, with ROIC at 21.4%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 48.58% after expanding 7.3pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	562.8	538.7	430.9	726.1	495.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	562.8	538.7	430.9	726.1	495.2
Cost of Goods Sold	223.0	210.6	173.7	204.8	0.0
Gross Profit	339.9	328.1	257.2	521.3	308.5
Financial Income	10.1	12.3	11.3	15.1	16.3
Financial Expenses	3.3	5.2	9.4	15.7	-23.9
Interest Expense	0.8	5.2	9.4	15.7	-23.9
Share of Associates and Joint Ventures	10.7	-1.6	-1.9	-0.3	-0.2
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	64.0	64.4	60.3	65.2	-54.8
Operating Profit	293.4	269.2	196.9	455.2	245.9
Other Income	6.0	1.5	1.3	1.0	0.0
Other Expenses	1.8	0.7	1.2	3.0	0.0
Other Profit	4.1	0.8	0.1	-2.0	0.9
Profit Before Tax	297.5	270.0	197.0	453.3	246.9
Current Income Tax Expense	41.9	41.3	29.4	74.5	-37.4
Deferred Income Tax Expense	0.1	0.1	-1.1	0.0	0.0
Net Income	255.5	228.6	168.6	378.8	209.5
Non-controlling Interest	63.3	50.6	42.9	54.9	50.4
Profit Attributable to Parent	192.2	178.0	125.7	323.9	159.1
Earnings per Share	3,027.00	2,804.00	1,980.00	5,101.00	2,505.00
Diluted EPS	3,027.00	2,804.00	1,980.00	5,101.00	2,505.27

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	222.2	235.5	373.7	370.4	310.3
I. Cash and cash equivalents	80.3	94.3	128.3	109.1	94.6
1. Cash	23.0	21.8	15.2	79.1	0.0
2. Cash equivalents	57.3	72.5	113.1	30.0	0.0
II. Short-term financial investments	55.7	22.0	10.0	95.5	0.0
1. Available for sale securities	13.7	13.7	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	42.0	8.3	10.0	95.5	0.0
III. Short-term receivables	80.1	110.1	219.4	157.0	86.9
1. Short-term trade accounts receivable	68.5	101.4	159.9	136.8	0.0
2. Short-term prepayments to suppliers	4.3	7.2	53.8	0.4	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	6.0	0.0	5.0	17.0	0.0
6. Other short-term receivables	3.7	4.5	3.8	4.5	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-3.1	-3.0	-1.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	5.1	5.3	5.5	4.1	4.2
1. Inventories	5.1	5.3	5.5	4.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.9	3.8	10.4	4.7	22.4
1. Short-term prepayments	0.6	0.2	0.5	0.0	0.0
2. Value added tax to be reclaimed	0.2	3.5	0.0	4.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	10.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,431.1	1,284.3	1,162.2	1,224.1	1,263.5
I. Long-term receivables	59.0	10.0	0.0	0.0	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	59.0	10.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,001.0	833.7	888.7	936.6	1,011.3
1. Tangible fixed assets	986.1	818.0	872.2	920.0	994.0
- Cost	2,846.6	2,608.0	2,596.9	2,575.6	0.0
- Accumulated depreciation	-1,860.5	-1,790.0	-1,724.6	-1,655.7	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	14.9	15.7	16.5	16.7	17.3
- Cost	23.2	23.2	23.2	22.4	0.0
- Accumulated depreciation	-8.3	-7.5	-6.7	-5.8	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	133.0	197.7	11.6	6.0	3.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	133.0	197.7	11.6	6.0	0.0
V. Long-term financial investments	171.1	160.4	163.5	165.4	116.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	110.6	99.9	82.3	84.2	0.0
3. Investments in other entities	60.5	60.5	81.2	81.2	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	67.0	82.5	98.5	116.1	0.0
1. Long-term prepayments	3.3	2.3	1.8	4.2	0.0
2. Deferred income tax assets	0.9	1.0	1.1	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	132.1
5. Goodwill	62.8	79.2	95.6	112.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,653.3	1,519.8	1,535.9	1,594.5	1,573.7
A. LIABILITIES (300=210+330)	178.1	155.0	196.8	220.2	294.8
I. Short -term liabilities	99.4	141.8	151.8	115.2	83.0
1. Short-term trade accounts payable	29.1	27.0	4.3	5.8	2.2
2. Short-term advances from customers	1.6	0.0	3.6	0.4	0.9
3. Taxes and other payables to state authorities	23.0	7.5	1.8	27.3	0.0
4. Payable to employees	13.4	7.5	12.2	11.7	0.0
5. Short-term acrrued expenses	0.6	1.3	1.3	2.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	15.9	52.9	67.8	7.6	0.0
10. Short-term borrowings and financial leases	15.8	45.4	60.0	60.0	44.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.3	0.8	0.4	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	78.8	13.2	45.0	105.0	211.8
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	3.9	3.5	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	74.9	9.7	45.0	105.0	211.8
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)	1,475.1	1,364.8	1,339.1	1,374.3	1,279.0
I. Owner's equity	1,475.1	1,364.8	1,339.1	1,374.3	0.0
1. Owner's capital	635.0	635.0	635.0	635.0	1,279.0
- Common stock with voting right	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	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	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	302.1	302.1	302.1	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	231.1	139.0	123.5	462.6	397.2
- Accumulated retained earning at the end of the previous period	102.4	56.2	61.3	233.9	373.5
- Undistributed earnings in this period	128.7	82.8	62.2	228.7	23.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	307.0	288.8	278.6	276.7	246.8
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)	1,653.3	1,519.8	1,535.9	1,594.5	1,573.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	297.5	270.0	197.0	453.3	246.9
Depreciation of Fixed Assets and Investment Property	87.9	83.4	87.3	96.3	96.3
Provision (Increase)/Reversal	-0.8	0.1	1.4	-1.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.4	-1.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-18.0	-6.4	-9.7	-14.9	0.0
Interest Expense	0.8	5.2	9.4	15.7	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	369.8	351.2	285.4	548.6	351.0
Increase/(Decrease) in Receivables	35.7	70.4	-28.2	-37.3	0.0
Increase/(Decrease) in Inventory	0.3	-1.7	-1.5	0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.3	6.8	-9.6	8.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.3	-0.3	1.9	-0.4	0.0
Changes in Trading Securities	—	7.0	0.0	0.0	0.0
Interest Paid	-1.4	-5.8	-10.0	-17.9	0.0
Corporate Income Tax Paid	-27.6	-39.1	-46.0	-65.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.2	-4.5	-3.6	-5.2	0.0
Net Cash Flow from Operating Activities	383.5	384.0	188.5	430.7	315.2
Payments for Fixed Assets and Other Long-term Assets	-173.0	-139.4	-81.9	-6.0	-25.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.9	0.3	0.0	0.7
Loans and Purchases of Debt Instruments	-201.6	-71.8	-37.0	-271.8	-203.0
Receipts from Loan Repayments and Sale of Debt Instruments	112.9	68.5	134.5	261.5	136.9
Investments in Other Entities	—	-19.2	0.0	-54.9	-29.9
Proceeds from Investments in Other Entities	—	0.0	0.0	10.4	0.0
Dividends and Interest Income Received	8.8	7.8	11.1	14.5	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	-252.9	-153.2	27.0	-46.4	-104.1
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	84.5	10.1	0.0	180.0	0.0
Repayment of Borrowings	-48.9	-60.0	-60.0	-270.8	-68.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-180.1	-214.9	-136.3	-278.9	-158.7
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	-144.6	-264.8	-196.3	-369.7	-226.9
Net Cash Flow During the Period	-14.0	-34.0	19.2	14.5	17.5
Cash and Cash Equivalents at Beginning of Period	94.3	128.3	109.1	94.6	110.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	80.3	94.3	128.3	109.1	94.6

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	150.7	132.0	174.1	155.0	101.7	136.3	192.7	98.8	110.8	109.4	82.0	82.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	150.7	132.0	174.1	155.0	101.7	136.3	192.7	98.8	110.8	109.4	82.0	82.8
Cost of Goods Sold	45.3	59.1	69.8	53.6	40.5	59.0	58.2	54.8	38.6	44.2	44.6	38.5
Gross Profit	105.4	72.9	104.3	101.5	61.2	77.3	134.6	44.0	72.3	65.3	37.5	44.3
Financial Income	3.1	4.6	2.4	1.8	1.3	4.1	1.3	4.2	2.7	2.8	2.7	3.6
Financial Expenses	1.2	-0.0	0.1	2.7	0.6	0.9	1.2	1.4	1.7	2.0	2.2	2.5
Interest Expense	1.2	—	-0.1	0.3	0.6	0.9	1.0	0.7	1.7	1.3	2.2	2.5
Share of Associates and Joint Ventures	4.6	3.7	1.8	6.1	-0.9	-1.0	-0.2	-0.1	-0.3	-1.4	-0.3	-0.4
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	15.5	22.4	15.0	13.1	13.6	21.5	15.4	13.5	14.0	20.4	13.0	14.1
Operating Profit	96.4	59.0	93.5	93.6	47.4	58.0	119.1	33.1	59.0	44.2	24.7	30.9
Other Income	1.4	1.2	2.8	1.8	0.1	1.1	0.2	0.1	0.1	0.6	0.1	0.4
Other Expenses	0.1	0.1	1.0	0.1	0.6	0.4	0.1	0.1	0.1	0.4	0.2	0.5
Other Profit	1.3	1.0	1.8	1.7	-0.5	0.7	0.1	0.0	0.0	0.1	-0.0	-0.0
Profit Before Tax	97.8	60.0	95.3	95.3	46.9	58.7	119.2	33.1	59.0	44.4	24.7	30.9
Current Income Tax Expense	16.0	7.6	14.2	13.3	6.8	9.9	19.8	2.9	8.7	7.4	1.4	2.8
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-1.1	0.0	0.0
Net Income	81.8	52.4	81.1	82.0	40.0	48.8	99.3	30.2	50.3	38.0	23.3	28.1
Non-controlling Interest	10.7	15.1	15.8	21.3	11.1	9.3	14.8	15.4	11.1	10.7	12.8	11.9
Profit Attributable to Parent	71.1	37.3	65.3	60.7	28.9	39.5	84.6	14.8	39.2	27.3	10.5	16.2
Earnings per Share	1,119.00	587.00	1,029.00	956.00	455.00	623.00	1,332.00	233.00	617.00	430.00	165.00	255.00
Diluted EPS	1,119.00	587.00	1,029.00	956.00	455.00	2,804.00	1,332.00	233.00	617.00	430.00	165.00	255.00

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)	258.7	222.2	277.8	216.4	225.9	235.5	386.7	398.8	347.5	373.7	375.0	358.0
I. Cash and cash equivalents	45.2	80.3	133.4	65.0	86.0	94.3	108.3	115.4	104.3	128.3	70.7	74.2
1. Cash	45.2	23.0	30.4	23.3	41.7	21.8	53.9	34.6	56.7	15.2	15.2	11.6
2. Cash equivalents	—	57.3	103.0	41.7	44.3	72.5	54.4	80.8	47.6	113.1	55.5	62.6
II. Short-term financial investments	65.2	55.7	13.7	13.7	20.3	22.0	22.2	25.7	22.0	10.0	27.0	5.8
1. Available for sale securities	13.7	13.7	13.7	13.7	13.7	13.7	13.7	13.7	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	51.5	42.0	—	—	6.6	8.3	8.5	12.0	22.0	10.0	27.0	5.8
III. Short-term receivables	138.7	80.1	120.5	123.2	106.3	110.1	239.6	247.3	213.7	219.4	267.2	272.7
1. Short-term trade accounts receivable	133.4	68.5	49.8	109.2	96.9	101.4	122.7	176.7	152.4	159.9	198.1	204.8
2. Short-term prepayments to suppliers	1.7	4.3	8.9	9.2	7.7	7.2	114.6	70.3	57.2	53.8	55.2	51.3
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	—	6.0	4.5	3.0	—	0.0	0.0	0.0	0.0	5.0	11.0	15.0
6. Other short-term receivables	5.6	3.7	59.8	4.3	4.5	4.5	5.5	3.5	6.5	3.8	5.2	4.4
7. Provision for short-term doubtful debts (*)	-2.0	—	—	—	—	0.0	0.0	-3.2	-2.3	-3.0	-2.3	-2.8
8. Assets awaiting resolution	—	-2.3	-2.5	-2.5	-2.8	-3.1	-3.2	-3.2	0.0	0.0	0.0	0.0
IV. Inventories	5.1	5.1	6.6	8.8	8.1	5.3	16.0	9.8	6.7	5.5	8.8	4.3
1. Inventories	5.1	5.1	6.6	8.8	8.1	5.3	16.0	9.8	6.7	5.5	8.8	4.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	4.6	0.9	3.7	5.7	5.1	3.8	0.6	0.6	0.8	10.4	1.3	1.0
1. Short-term prepayments	4.0	0.6	2.0	3.4	4.3	0.2	0.4	0.4	0.4	0.5	0.2	0.1
2. Value added tax to be reclaimed	—	0.2	—	1.6	—	3.5	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.6	0.1	1.7	0.7	0.8	0.1	0.2	0.3	0.4	10.0	1.1	0.9
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)	1,446.7	1,431.1	1,428.8	1,421.7	1,300.0	1,284.3	1,098.5	1,119.0	1,160.3	1,162.2	1,164.5	1,183.8
I. Long-term receivables	—	59.0	60.5	62.0	30.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	59.0	60.5	62.0	30.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,135.1	1,001.0	1,007.5	917.4	928.4	833.7	841.1	857.6	874.5	888.7	887.8	902.9
1. Tangible fixed assets	1,120.4	986.1	992.4	902.2	912.9	818.0	825.2	841.6	858.2	872.2	871.1	886.0
- Cost	2,995.8	—	—	—	—	2,608.0	2,599.8	2,599.5	2,599.5	2,596.9	2,579.6	2,578.1
- Accumulated depreciation	-1,875.4	—	—	—	—	-1,790.0	-1,774.5	-1,757.9	-1,741.3	-1,724.6	-1,708.5	-1,692.0
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	14.7	14.9	15.1	15.3	15.5	15.7	15.8	16.0	16.3	16.5	16.7	16.9
- Cost	23.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.5	—	—	—	—	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	14.5	133.0	121.8	201.1	102.9	197.7	10.7	10.0	9.5	11.6	9.8	9.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	14.5	133.0	121.8	201.1	102.9	197.7	10.7	10.0	9.5	11.6	9.8	9.0
V. Long-term financial investments	233.2	171.1	167.4	165.6	159.5	160.4	161.4	161.6	182.4	163.5	164.9	165.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	115.2	110.6	106.9	105.1	99.0	99.9	100.9	101.1	101.2	82.3	83.7	84.0
3. Investments in other entities	60.5	60.5	60.5	60.5	60.5	60.5	60.5	60.5	81.2	81.2	81.2	81.2
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	57.5	—	—	—	—	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	63.9	67.0	71.7	75.6	79.3	82.5	85.3	89.8	2.5	2.9	2.3	2.8
1. Long-term prepayments	2.4	3.3	3.9	3.7	3.2	2.3	1.0	1.4	1.4	1.8	2.3	2.8
2. Deferred income tax assets	0.9	0.9	0.9	0.9	1.0	1.0	1.0	1.0	1.0	1.1	0.0	0.0
3. Long-term equipment, supplies, spare parts	1.8	—	—	—	—	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	58.7	62.8	66.9	71.0	75.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	79.2	83.3	87.4	91.5	95.6	99.7	103.8
TOTAL ASSETS (280=100+200)	1,705.4	1,653.3	1,706.6	1,638.1	1,525.9	1,519.8	1,485.1	1,517.8	1,507.8	1,535.9	1,539.5	1,541.8
A. LIABILITIES (300=210+330)	308.5	178.1	195.4	208.0	198.5	155.0	121.7	188.4	184.9	196.8	154.9	180.5
I. Short -term liabilities	223.9	99.4	128.7	150.5	184.5	141.8	120.2	172.1	154.9	151.8	94.9	105.5
1. Short-term trade accounts payable	9.4	29.1	27.1	44.4	26.4	27.0	9.9	7.6	1.9	4.3	2.1	2.7
2. Short-term advances from customers	2.4	1.6	0.3	0.2	—	0.0	0.0	0.0	4.1	3.6	0.0	0.4
3. Dividends and profits payable	154.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	27.0	23.0	41.5	28.8	10.5	7.5	34.8	14.3	13.1	1.8	17.6	29.6
4. Payable to employees	4.6	13.4	6.9	5.6	4.7	7.5	4.2	5.3	4.2	12.2	6.4	4.6
5. Short-term acrrued expenses	0.6	0.6	23.7	10.9	0.9	1.3	0.8	1.0	1.0	1.3	1.4	1.6
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	-1.3	—	1.3	2.6	3.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	5.8	15.9	14.5	33.8	104.2	52.9	9.2	81.8	67.7	67.8	5.5	3.9
10. Short-term borrowings and financial leases	15.8	15.8	12.5	22.5	30.8	45.4	60.0	60.0	60.0	60.0	60.0	60.0
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	4.9	0.1	0.8	1.7	3.1	0.3	1.3	2.1	2.9	0.8	1.9	2.7
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	84.6	78.8	66.8	57.5	14.0	13.2	1.5	16.3	30.0	45.0	60.0	75.0
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	4.1	3.9	4.3	5.0	4.7	3.5	1.4	1.3	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
8. Long-term borrowings and financial leases	80.4	74.9	62.5	52.5	9.3	9.7	0.1	15.0	30.0	45.0	60.0	75.0
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)	1,397.0	1,475.1	1,511.2	1,430.1	1,327.4	1,364.8	1,363.5	1,329.4	1,322.9	1,339.1	1,384.6	1,361.3
I. Owner's equity	1,397.0	1,475.1	1,511.2	1,430.1	1,327.4	1,364.8	1,363.5	1,329.4	1,322.9	1,339.1	1,384.6	1,361.3
1. Owner's capital	635.0	635.0	635.0	635.0	635.0	635.0	635.0	635.0	635.0	635.0	635.0	635.0
- Common stock with voting right	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00	635,000,000,000.00
- 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
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	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	302.1	302.1	302.1	302.1	302.1	302.1	302.1	302.1	302.1	302.1	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	169.9	231.1	257.4	192.0	90.7	139.0	131.2	110.2	96.1	123.5	461.7	451.2
- Accumulated retained earning at the end of the previous period	98.9	193.9	102.4	131.3	61.8	99.5	110.2	95.4	57.0	96.2	451.2	435.1
- Undistributed earnings in this period	71.1	37.3	154.9	60.7	28.9	39.5	21.1	14.8	39.2	27.3	10.5	16.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	289.9	307.0	316.8	301.0	299.7	288.8	295.2	282.2	289.7	278.6	287.8	275.0
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)	1,705.4	1,653.3	1,706.6	1,638.1	1,525.9	1,519.8	1,485.1	1,517.8	1,507.8	1,535.9	1,539.5	1,541.8

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
Profit Before Tax	97.8	60.0	95.3	95.3	46.9	58.7	119.2	33.1	59.0	44.4	24.7	30.9
Depreciation of Fixed Assets and Investment Property	19.1	20.8	23.6	22.1	21.3	20.6	20.9	20.9	21.0	20.8	20.8	21.5
Provision (Increase)/Reversal	-0.3	-0.2	-0.0	-0.3	-0.3	-0.1	0.0	0.9	-0.7	0.7	-0.5	1.5
FX Gain/Loss from Revaluation of Monetary Items	-0.3	0.1	—	2.3	—	-1.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.3	-14.0	3.2	-6.4	-0.9	-1.8	-1.5	-0.4	-2.7	-1.2	-2.8	-3.5
Interest Expense	1.2	0.0	-0.1	0.3	0.6	3.2	-1.1	1.4	1.7	2.0	2.2	2.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	115.2	69.1	119.7	113.4	67.5	79.6	137.4	55.9	78.3	66.7	44.4	52.9
Increase/(Decrease) in Receivables	-89.8	55.7	-12.9	-17.2	10.1	87.2	-12.4	-16.2	11.8	85.7	-49.0	88.9
Increase/(Decrease) in Inventory	-0.0	1.5	2.3	-0.7	-2.8	8.8	-6.2	-3.1	-1.2	3.3	-4.5	0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.3	-23.3	13.3	10.7	12.7	-57.4	57.2	12.7	-5.7	-3.4	6.5	-13.3
Increase/(Decrease) in Prepaid Expenses	-2.6	2.0	1.1	-0.8	-3.6	-1.2	0.4	0.2	0.4	0.2	0.5	0.5
Changes in Trading Securities	—	—	—	—	—	7.0	-7.0	7.0	0.0	0.0	0.0	0.0
Interest Paid	-1.2	-0.0	-0.2	-0.4	-0.8	-3.3	1.0	-1.4	-2.0	-2.1	-2.4	-2.6
Corporate Income Tax Paid	-18.2	-19.3	-2.6	-1.2	-4.5	-26.8	-1.9	-8.6	-1.8	-8.9	-18.0	-0.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.7	-1.2	-0.5	-1.8	-1.8	-1.5	-0.3	-1.9	-0.9	-1.1	-0.9	-1.0
Net Cash Flow from Operating Activities	-23.7	84.5	120.2	101.9	76.8	92.3	168.2	44.6	78.9	140.4	-23.4	124.9
Payments for Fixed Assets and Other Long-term Assets	-30.6	-20.5	-41.9	-92.4	-18.3	-71.4	-46.5	-20.9	-0.5	-72.7	47.8	-56.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.9	0.0	0.0	0.0	0.3	-0.1	0.1
Loans and Purchases of Debt Instruments	-3.5	-140.0	—	-55.0	-6.6	-25.3	-41.5	0.0	-12.0	-10.0	-21.2	-5.8
Receipts from Loan Repayments and Sale of Debt Instruments	-3.1	166.6	-68.6	25.7	-10.8	13.4	47.1	28.9	-13.9	32.5	4.5	72.2
Investments in Other Entities	—	—	—	—	—	0.0	0.0	-19.2	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	-9.9	9.9	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	27.7	-11.8	17.7	2.0	0.9	-8.8	12.4	2.2	2.0	2.0	3.8	3.9
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	-9.5	-67.3	-31.2	-119.7	-34.8	-101.0	-18.7	-9.0	-24.5	-47.8	34.8	13.8
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	45,000,000,000.00	-45,000,000,000.00	0.00
Proceeds from Borrowings	9.9	19.6	15.0	49.9	—	10.0	0.1	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-4.4	-3.9	-15.0	-15.0	-15.0	-15.0	-15.0	-15.0	-15.0	-60.0	30.0	-15.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-7.5	-85.9	-20.7	-38.1	-35.4	-0.3	-141.7	-9.5	-63.5	-19.9	-0.0	-95.2
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	-2.0	-70.3	-20.7	-3.2	-50.4	-5.3	-156.6	-24.5	-78.5	-34.9	-15.0	-110.2
Net Cash Flow During the Period	-35.1	-53.1	68.3	-21.0	-8.3	-14.0	-7.1	11.1	-24.0	57.6	-3.6	28.5
Cash and Cash Equivalents at Beginning of Period	80.3	133.4	65.0	86.0	94.3	128.3	128.3	128.3	128.3	109.1	109.1	109.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	45.2	80.3	133.4	65.0	86.0	94.3	108.3	115.4	104.3	128.3	70.7	74.2

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TBC

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