TCK

Tổng Công ty Cơ khí Xây dựng - CTCP ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 2.84%, −11.08pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 391

BVPS -970

ROE -22.9%

ROA 0.8%

Profit Margin 2.0%

Asset Turnover 0.42x

Equity Mult. -27.27x

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

What Is Changing

On a TTM 2026Q1 basis, TCK is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 351bn
	                                
+15.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10bn
	                                
−76.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    36.4%

Metric	2025	2024	2023	2022	2021
Revenue	332.9	285.8	294.9	302.9	382.9
Growth	+16%	-3%	-3%	-21%	—
Net Income	8.5	35.7	-23.1	-3.6	-2.3
Net Margin	2.56%	12.50%	-7.85%	-1.19%	-0.61%

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	78.8	125.8	75.8	70.0	61.2	115.4	74.0	53.3	43.1	147.0	35.5	42.6
Growth	-37%	+66%	+8%	+14%	-47%	+56%	+39%	+24%	-71%	+314%	-17%	—
Net Income	3.1	0.3	3.7	2.9	1.6	25.5	13.1	2.0	-2.6	1.3	-3.7	-2.4
Net Margin	3.90%	0.26%	4.85%	4.11%	2.66%	22.12%	17.73%	3.79%	-5.96%	0.89%	-10.54%	-5.67%

Drivers of TCK's profit

TTM

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

Other profit ↑ 9.9bn

Finance costs ↓ 3.8bn

Administrative expenses ↑ 27.2bn

Financial income ↓ 17.1bn

TTM

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

Gross profit ↑ 2.9bn

Finance costs ↓ 0.1bn

Administrative expenses ↓ 0.1bn

Other profit ↓ 1.3bn

Minority interests ↑ 0.6bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -61.9% = 13.9% × 0.34 × -12.99

2026Q1 -32.4% = 2.8% × 0.42 × -27.27

ROE rose from -61.9% to -32.4% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 2.8% -11.1pp Asset turnover: 0.42x +0.08x Leverage: -27.27x -14.28x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 2.84%, losing 11.1pp. The main pressure comes from SG&A / Revenue rose 6.9pp and Gross margin fell 2.9pp (in addition, Other profit / Revenue rose 3.5pp added support while Net financial result / Revenue fell 4.1pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 2.84% −11.1pp

Gross Margin 19.33% −2.9pp

SG&A / Revenue 12.68% +6.9pp

Non-core / Revenue -3.02% −0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 0.7pp, financial result still accounts for 36.4% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC fell to 14.05%, losing 45.3pp. That translates to 14.05 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 14.8pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 14.05% −45.3pp

NOPAT Margin 3.88% −14.8pp

Capital Turnover 3.62x +0.44x

Average Invested Capital 96.8bn +1.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at -27.06x equity, with a net cash position equivalent to 5.14x equity.

Inventory ended the period at 326.2bn, roughly 38.7% of total assets.

Over the last 12 months, working capital released 4.5bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +26.1bn

Inventories decreased → higher CFO: +11.0bn

Payables decreased → lower CFO: −32.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 156.0 days versus the same period last year. The main moves came from DIO fell 162.0 days, DSO fell 49.2 days, and DPO fell 55.1 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 524.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 206.2 days −49.2 days

Inventory 436.8 days −162.0 days

Payables 118.6 days −55.1 days

Cash Conversion Cycle 524.5 days −156.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 10.9bn.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at -5.14x and interest coverage at 2.03x.

At present, short-term debt accounts for 70.8% of total debt, cash equals 8.2% of debt, and total debt stands at 129.4bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 70.8% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 8.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity -5.14x −1.59x

Interest Coverage 2.03x −2.61x

Cash / Debt 8.2% +1.9pp

Short-term Debt / Total Debt 70.8% +3.0pp

CFO / NI 1.38x +0.56x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10.9bn in 2025, against investing cash flow of -4.5bn.

Post-investment cash flow was positive +6.3bn. Financing cash flow was positive +2.5bn.

CFO / net income was 1.38x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 9.8bn −25.2bn

Cash Capex — —

FCF TTM — —

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 11.1 pp. The next watchpoint is the earnings mix, when non-core contribution is -47.0%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.38x. Even so, net financial result still accounts for -47.0% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.84% after a 11.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	332.9	285.8	294.9	302.9	382.9
Revenue Deductions	0.1	0.0	0.0	0.0	0.0
Net Revenue	332.9	285.8	294.9	302.9	382.9
Cost of Goods Sold	268.0	222.0	256.6	246.5	0.0
Gross Profit	64.9	63.9	38.2	56.4	50.7
Financial Income	2.5	20.5	0.5	0.9	-1.4
Financial Expenses	8.7	14.3	15.1	13.8	-13.6
Interest Expense	8.7	14.3	15.0	13.8	-11.5
Share of Associates and Joint Ventures	—	-1.2	0.1	0.0	0.0
Selling Expenses	2.3	2.6	2.7	3.3	-3.3
General and Administrative Expenses	42.3	15.2	39.6	40.5	-30.5
Operating Profit	14.1	51.1	-18.5	-0.3	1.9
Other Income	3.1	1.4	4.7	2.9	0.0
Other Expenses	6.5	15.3	7.0	5.5	0.0
Other Profit	-3.3	-13.9	-2.3	-2.6	-3.5
Profit Before Tax	10.8	37.1	-20.8	-2.9	-1.7
Current Income Tax Expense	2.3	1.4	2.3	0.7	-0.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	8.5	35.7	-23.1	-3.6	-2.3
Non-controlling Interest	2.4	-1.6	-9.1	0.2	-0.3
Profit Attributable to Parent	6.2	37.3	-14.0	-3.8	-2.0
Earnings per Share	258.00	1,563.00	-589.00	-161.00	-84.00
Diluted EPS	258.00	1,563.45	-588.81	-161.18	-84.75

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	597.0	629.6	687.7	709.4	774.2
I. Cash and cash equivalents	18.8	10.0	16.5	12.7	28.2
1. Cash	17.7	10.0	14.1	12.7	0.0
2. Cash equivalents	1.1	0.0	2.4	0.0	0.0
II. Short-term financial investments	3.2	2.5	0.0	2.3	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	3.2	2.5	0.0	2.3	0.0
III. Short-term receivables	233.2	258.1	252.2	259.5	281.2
1. Short-term trade accounts receivable	213.2	224.0	239.5	245.4	0.0
2. Short-term prepayments to suppliers	40.0	23.6	20.3	17.0	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	0.4	0.5	0.5	0.0
6. Other short-term receivables	158.1	187.4	193.6	196.6	0.0
7. Provision for short-term doubtful debts (*)	-180.5	-179.3	-203.7	-202.0	0.0
8. Assets awaiting resolution	2.1	2.1	2.1	2.1	0.0
IV. Inventories	326.2	345.2	408.0	424.8	451.7
1. Inventories	326.7	345.7	408.5	425.3	0.0
2. Provision for decline in value of inventories	-0.5	-0.5	-0.5	-0.5	0.0
V. Other short-term assets	15.7	13.8	11.0	10.2	8.6
1. Short-term prepayments	2.9	0.2	0.3	0.2	0.0
2. Value added tax to be reclaimed	9.7	11.0	8.1	7.0	0.0
3. Taxes and other receivables from state authorities	3.1	2.5	2.6	2.9	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)	246.5	268.0	224.9	206.5	211.8
I. Long-term receivables	—	0.9	1.2	1.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.1
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.9	1.2	1.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	219.9	226.3	156.2	160.7	169.0
1. Tangible fixed assets	197.0	203.4	133.2	137.6	146.0
- Cost	409.3	406.5	356.3	357.2	0.0
- Accumulated depreciation	-212.3	-203.1	-223.1	-219.5	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	22.9	22.9	23.0	23.0	23.1
- Cost	28.8	28.8	29.1	29.1	0.0
- Accumulated depreciation	-5.9	-5.9	-6.1	-6.1	0.0
III. Investment properties	0.5	0.5	0.5	0.5	0.7
- Cost	1.7	1.7	1.7	1.7	0.0
- Accumulated depreciation	-1.2	-1.2	-1.2	-1.2	0.0
IV. Long-term assets in progress	3.7	3.3	30.1	7.4	3.6
1. Long-term production in progress	2.6	2.6	2.8	2.8	0.0
2. Construction in progress	1.1	0.7	27.4	4.6	0.0
V. Long-term financial investments	2.3	24.1	33.3	33.3	33.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.4	11.5	12.7	12.8	0.0
3. Investments in other entities	3.0	13.7	21.7	21.7	0.0
4. Provision for diminution in value of long-term investments	-1.1	-1.1	-1.1	-1.2	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	20.1	12.9	3.7	3.5	0.0
1. Long-term prepayments	20.1	12.9	3.7	3.5	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	3.9
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	843.5	897.6	912.7	916.0	986.0
A. LIABILITIES (300=210+330)	875.9	935.8	1,010.2	990.3	1,046.2
I. Short -term liabilities	818.8	880.4	990.4	986.9	1,042.7
1. Short-term trade accounts payable	94.8	109.8	137.4	110.4	134.3
2. Short-term advances from customers	174.1	170.4	165.9	170.8	175.9
3. Taxes and other payables to state authorities	98.5	102.2	104.8	114.6	0.0
4. Payable to employees	9.3	10.6	11.1	9.8	0.0
5. Short-term acrrued expenses	175.4	181.9	196.1	200.2	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	16.9	9.5	1.6	2.5	2.7
9. Other short-term payables	157.8	191.0	193.1	193.8	0.0
10. Short-term borrowings and financial leases	91.4	104.4	179.4	183.8	192.3
11. Provision for short-term liabilities	0.5	0.5	0.5	0.6	0.0
12.. Bonus and welfare fund	0.1	0.1	0.4	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	57.1	55.4	19.8	3.4	3.5
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	—	1.0	1.3	1.5	0.9
7. Other long-term liabilities	10.4	10.1	12.1	0.1	0.0
8. Long-term borrowings and financial leases	46.3	43.8	6.0	1.5	2.2
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	0.4	0.4	0.4	0.4	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)	-32.4	-38.2	-97.5	-74.3	-60.2
I. Owner's equity	-35.3	-41.1	-100.4	-77.2	0.0
1. Owner's capital	238.5	238.5	238.5	238.5	-63.1
- Common stock with voting right	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00
- 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	-6.6	-6.6	-7.2	-7.2	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	7.3	7.3	8.3	8.2	0.0
9. Fund to support corporate restructuring	—	2.9	10.9	10.9	0.0
10. Other funds from owner's equity	—	0.0	0.1	0.1	0.0
11. Undistributed earnings after tax	-281.9	-286.1	-353.8	-339.7	-325.2
- Accumulated retained earning at the end of the previous period	-288.1	-323.4	-339.8	-335.8	-322.7
- Undistributed earnings in this period	6.2	37.3	-14.0	-3.8	-2.5
12. Reserves for investment in construction	0.1	0.1	0.1	0.1	0.0
13. Minority's interest	7.5	2.9	2.7	11.8	11.7
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	2.9	2.9	2.9	2.9	2.9
1. Subsidized not-for-profit funds	2.9	2.9	2.9	2.9	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)	843.5	897.6	912.7	916.0	986.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	10.8	37.1	-20.8	-2.9	-1.7
Depreciation of Fixed Assets and Investment Property	10.2	7.5	7.3	7.8	8.5
Provision (Increase)/Reversal	1.2	-23.6	1.7	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-20.8	-1.6	-2.2	0.0
Interest Expense	8.7	14.3	15.0	13.8	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	-8.1	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	22.6	14.5	1.8	16.8	4.6
Increase/(Decrease) in Receivables	24.4	15.0	4.6	8.4	0.0
Increase/(Decrease) in Inventory	19.0	61.9	16.8	25.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.9	-20.6	15.9	-44.1	0.0
Increase/(Decrease) in Prepaid Expenses	-9.9	-9.1	-0.2	0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-10.9	-10.4	-10.8	-14.1	0.0
Corporate Income Tax Paid	-3.4	-3.8	-2.8	-0.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.3	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	10.9	47.2	25.2	-7.6	-12.6
Payments for Fixed Assets and Other Long-term Assets	-4.2	-44.0	-25.5	-2.7	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.5	1.4	1.1	0.0
Loans and Purchases of Debt Instruments	—	-2.5	-0.9	-0.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	-0.7	0.0	3.2	3.1	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	29.2	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.4	0.3	0.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-4.5	-16.5	-21.5	1.3	-0.0
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	222.7	187.6	159.3	165.7	161.7
Repayment of Borrowings	-220.3	-224.7	-159.1	-174.8	-144.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.3
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	2.5	-37.2	0.2	-9.2	18.0
Net Cash Flow During the Period	8.8	-6.5	3.9	-15.5	10.7
Cash and Cash Equivalents at Beginning of Period	10.0	16.5	12.7	28.2	22.8
FX Difference from Revaluation	—	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	18.8	10.0	16.5	12.7	28.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	78.8	125.9	75.8	70.0	61.2	115.4	74.0	53.3	43.1	147.0	35.5	42.6
Revenue Deductions	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	78.8	125.8	75.8	70.0	61.2	115.4	74.0	53.3	43.1	147.0	35.5	42.6
Cost of Goods Sold	61.3	108.0	58.9	54.6	46.5	95.9	54.0	40.0	32.3	128.5	25.7	29.7
Gross Profit	17.6	17.9	16.9	15.4	14.7	19.5	20.1	13.3	10.8	18.5	9.8	12.9
Financial Income	0.1	-0.2	0.3	2.4	0.0	-0.2	17.9	2.0	0.1	0.2	0.2	0.2
Financial Expenses	2.2	1.4	2.3	2.6	2.3	3.0	3.9	3.2	3.5	5.0	3.6	5.0
Interest Expense	2.2	1.4	2.3	2.6	2.3	2.6	3.9	3.2	6.9	4.3	3.5	5.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.5	1.0	0.5	0.5	0.5	1.0	0.6	0.5	0.5	1.0	0.6	0.6
General and Administrative Expenses	8.8	13.4	9.4	10.5	8.9	-11.9	9.9	8.0	9.2	10.6	8.3	10.1
Operating Profit	6.2	1.9	5.0	4.2	3.0	27.3	23.6	3.5	-2.3	2.1	-2.6	-2.6
Other Income	0.6	2.0	0.2	0.8	0.1	0.6	0.2	0.4	0.2	1.3	2.3	0.7
Other Expenses	3.0	1.9	1.4	1.9	1.3	2.2	10.6	1.9	0.4	2.1	3.4	0.5
Other Profit	-2.4	0.1	-1.1	-1.1	-1.1	-1.6	-10.4	-1.4	-0.2	-0.7	-1.1	0.2
Profit Before Tax	3.7	2.0	3.9	3.1	1.8	25.8	13.2	2.1	-2.6	1.3	-3.7	-2.4
Current Income Tax Expense	0.7	1.6	0.2	0.2	0.2	0.3	0.1	0.1	0.0	0.0	0.1	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.1	0.3	3.7	2.9	1.6	25.5	13.1	2.0	-2.6	1.3	-3.7	-2.4
Non-controlling Interest	0.8	0.8	0.8	0.6	0.2	0.0	0.4	-0.7	-0.8	-0.2	-1.3	-1.5
Profit Attributable to Parent	2.3	-0.4	2.9	2.3	1.4	25.5	12.7	2.7	-1.8	1.5	-2.5	-0.9
Earnings per Share	96.00	-18.00	218.00	95.00	58.00	1,070.00	533.00	114.00	-74.00	-39.00	-103.00	-39.00
Diluted EPS	96.00	-18.00	218.00	95.00	58.00	1,642.00	533.00	114.00	-74.00	-39.00	-103.00	-39.00

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)	580.5	597.0	618.3	608.0	591.2	610.1	722.8	716.3	683.2	708.0	718.3	700.3
I. Cash and cash equivalents	10.6	18.8	12.6	9.2	9.2	12.7	17.8	15.7	15.4	16.5	16.4	13.1
1. Cash	10.6	17.7	10.5	9.2	9.2	10.2	15.3	11.4	13.0	14.0	13.9	10.7
2. Cash equivalents	—	1.1	2.1	—	—	2.5	2.5	4.3	2.4	2.4	2.4	2.4
II. Short-term financial investments	6.3	3.2	7.2	7.5	4.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	6.3	3.2	7.2	7.5	4.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	215.4	233.2	247.9	233.6	217.5	238.5	231.6	228.7	221.5	262.4	232.8	241.0
1. Short-term trade accounts receivable	193.9	213.2	232.2	225.3	202.3	225.8	241.8	234.7	223.0	260.5	218.6	225.8
2. Short-term prepayments to suppliers	34.1	40.0	33.0	25.1	22.7	23.2	22.6	20.8	23.8	21.3	26.7	27.7
3. Short-term inter-company receivables	0.3	—	—	—	—	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	0.5	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.5	0.5
6. Other short-term receivables	157.8	158.1	159.5	160.1	169.4	166.3	167.6	173.9	175.8	177.3	186.9	187.0
7. Provision for short-term doubtful debts (*)	-172.7	-180.5	-179.3	-179.3	-179.3	-179.4	-203.0	-203.2	-203.7	-199.3	-202.0	-202.0
8. Assets awaiting resolution	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
IV. Inventories	331.6	326.2	337.2	342.1	344.2	345.1	462.6	458.2	430.3	418.3	455.5	434.1
1. Inventories	332.1	326.7	337.7	342.7	344.7	345.7	463.1	458.8	430.8	418.8	456.1	434.6
2. Provision for decline in value of inventories	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
V. Other short-term assets	16.6	15.7	13.3	15.5	15.8	13.8	10.8	13.8	15.9	10.9	13.6	12.1
1. Short-term prepayments	5.3	2.9	1.5	3.2	2.9	0.2	0.4	1.9	3.7	0.2	2.5	2.1
2. Value added tax to be reclaimed	8.8	9.7	8.9	9.6	10.4	11.0	7.9	9.3	9.6	8.1	8.4	7.3
3. Taxes and other receivables from state authorities	2.5	3.1	2.9	2.7	2.5	2.5	2.6	2.6	2.6	2.6	2.6	2.7
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)	242.9	246.5	252.0	267.5	264.1	267.4	262.4	220.7	237.4	226.8	201.5	204.0
I. Long-term receivables	—	—	—	—	0.8	0.8	0.8	1.0	1.1	1.0	1.0	1.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.8	0.8	0.8	1.0	1.1	1.0	1.0	1.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	218.5	219.9	220.1	221.2	223.0	226.3	224.7	153.3	154.9	156.2	155.1	158.8
1. Tangible fixed assets	195.6	197.0	197.1	198.3	200.1	203.4	201.8	130.3	131.9	133.2	132.1	135.8
- Cost	410.5	—	—	—	—	406.5	430.0	356.3	356.5	356.3	353.5	358.1
- Accumulated depreciation	-214.9	—	—	—	—	-203.1	-228.3	-226.0	-224.6	-223.1	-221.4	-222.3
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	22.9	22.9	23.0	22.9	22.9	22.9	23.0	23.0	23.0	23.0	23.0	23.0
- Cost	28.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
- Cost	1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.3	3.7	3.3	3.3	3.3	1.5	1.6	30.2	44.3	32.0	7.6	6.7
1. Long-term production in progress	2.6	2.6	2.6	2.6	2.6	0.8	0.8	2.6	2.8	2.8	2.8	2.8
2. Construction in progress	0.7	1.1	0.7	0.7	0.7	0.7	0.8	27.6	41.5	29.2	4.8	3.9
V. Long-term financial investments	3.7	2.3	2.8	13.8	24.1	25.3	25.2	32.5	33.3	33.3	33.3	33.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.9	0.4	0.4	11.5	11.5	12.7	12.7	12.7	12.7	12.8	12.8	12.8
3. Investments in other entities	3.0	3.0	3.5	3.5	13.7	13.7	13.6	20.9	21.7	21.7	21.7	21.7
4. Provision for diminution in value of long-term investments	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.2	-1.2	-1.2
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	16.9	20.1	25.3	28.7	12.5	13.0	9.6	3.1	3.4	3.8	4.0	3.6
1. Long-term prepayments	16.9	20.1	25.3	28.7	12.5	13.0	9.6	3.1	3.4	3.8	4.0	3.6
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)	823.5	843.5	870.3	875.5	855.3	877.4	985.2	937.0	920.5	934.8	919.8	904.2
A. LIABILITIES (300=210+330)	846.6	875.9	900.7	911.8	893.7	915.1	1,078.3	1,035.2	1,018.8	1,016.3	1,004.6	983.1
I. Short -term liabilities	795.3	818.8	842.6	853.5	836.0	860.7	1,012.7	999.6	984.1	997.9	989.9	971.2
1. Short-term trade accounts payable	86.2	94.8	103.2	99.7	97.5	109.8	108.9	143.6	127.4	167.2	117.2	107.5
2. Short-term advances from customers	173.6	174.1	160.4	166.5	168.6	171.6	178.4	172.2	181.0	167.3	188.4	179.5
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	102.4	98.5	103.7	105.2	104.8	98.4	109.7	100.6	104.7	104.1	114.0	117.4
4. Payable to employees	4.9	9.3	6.6	5.0	6.8	10.6	10.9	9.3	7.5	11.4	8.5	6.1
5. Short-term acrrued expenses	174.7	175.4	181.0	177.8	180.8	181.9	240.6	194.9	195.5	196.2	198.5	198.2
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	7.5	16.9	24.2	33.1	8.1	10.5	13.5	4.0	3.2	3.0	3.1	6.6
9. Other short-term payables	153.5	157.8	163.9	167.3	170.0	172.8	178.9	182.6	178.2	174.0	177.7	177.2
10. Short-term borrowings and financial leases	91.6	91.4	98.8	98.3	98.6	104.5	170.9	191.3	185.7	173.8	181.5	177.6
11. Provision for short-term liabilities	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.6	0.6
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.4	0.4	0.4	0.4	0.4	0.4
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	51.3	57.1	58.2	58.3	57.7	54.4	65.6	35.6	34.7	18.4	14.7	11.9
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	0.8	—	—	—	—	0.0	1.2	1.3	1.3	0.0	0.9	0.0
7. Other long-term liabilities	10.8	10.4	10.4	10.6	10.5	10.1	10.1	12.3	12.1	12.1	12.0	10.1
8. Long-term borrowings and financial leases	37.8	46.3	47.4	47.4	46.9	43.8	53.9	21.7	21.0	6.0	1.5	1.5
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	1.9	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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)	-23.1	-32.4	-30.5	-36.4	-38.4	-37.6	-93.0	-98.2	-98.3	-81.5	-84.8	-78.9
I. Owner's equity	-23.1	-35.3	-33.3	-39.3	-41.3	-40.5	-95.9	-101.0	-101.2	-84.4	-87.6	-81.7
1. Owner's capital	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5
- Common stock with voting right	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00	238,500,000,000.00	238,500,151,999.00	238,500,000,000.00	238,500,000,000.00
- 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	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-7.2	-7.2	-7.2	-7.2	-7.2	-7.2
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	7.3	7.3	7.3	7.3	7.3	7.3	8.4	8.4	8.2	8.2	8.3	8.3
9. Fund to support corporate restructuring	—	—	—	—	2.9	2.9	2.9	10.9	10.9	10.9	10.9	10.9
10. Other funds from owner's equity	2.9	—	—	—	—	0.0	0.1	0.1	0.1	0.1	0.1	0.1
11. Undistributed earnings after tax	-270.6	-281.9	-279.3	-284.4	-289.4	-286.1	-340.3	-353.0	-353.7	-344.0	-347.4	-342.8
- Accumulated retained earning at the end of the previous period	-272.9	-288.1	-285.8	-288.1	-290.8	-331.3	-353.9	-353.9	-351.9	-340.0	-342.0	-339.8
- Undistributed earnings in this period	2.3	6.2	6.6	3.7	1.4	45.2	13.6	0.9	-1.8	-4.0	-5.5	-3.0
12. Reserves for investment in construction	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
13. Minority's interest	5.4	7.5	6.7	6.0	6.0	3.4	1.6	1.2	1.8	8.9	9.1	10.4
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9
1. Subsidized not-for-profit funds	—	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9
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)	823.5	843.5	870.3	875.5	855.3	877.4	985.2	937.0	920.5	934.8	919.8	904.2

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	3.7	2.0	3.9	3.1	1.8	25.8	13.2	2.1	-2.6	-12.7	-3.7	-2.4
Depreciation of Fixed Assets and Investment Property	1.8	3.1	1.3	2.4	3.3	-0.2	2.3	1.7	1.6	-0.4	3.9	1.9
Provision (Increase)/Reversal	—	1.2	—	-0.0	—	-23.3	-0.3	-0.5	0.0	1.7	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	-0.2	0.0
Gain/Loss from Investment Activities	-0.1	0.2	2.0	-2.4	-0.1	-0.1	1.9	-2.0	-0.1	-1.0	-0.3	-0.1
Interest Expense	2.3	1.4	2.3	2.6	2.3	2.6	3.9	-0.2	6.9	4.2	3.5	4.9
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	0.6	—	—	—	—	-19.3	0.0	0.0	0.0	0.0	0.0	-0.0
Operating Profit Before Changes in Working Capital	8.4	-0.2	9.5	13.3	-0.1	-14.5	21.0	1.0	5.8	-8.0	3.3	4.3
Increase/(Decrease) in Receivables	43.0	12.4	-23.6	-5.7	41.4	24.4	7.0	-25.4	29.1	-19.8	-3.9	14.2
Increase/(Decrease) in Inventory	-7.0	11.0	4.9	2.0	1.0	127.5	-10.3	-35.8	-14.4	47.5	-21.4	-11.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-40.9	-15.7	17.0	7.0	-39.2	-76.8	4.3	29.4	-11.9	1.4	25.2	-0.5
Increase/(Decrease) in Prepaid Expenses	-2.2	3.8	5.1	-16.5	-2.3	3.8	-11.9	2.1	-3.1	2.5	-0.8	2.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-3.2	-3.5	-1.9	-2.3	-2.6	-5.8	2.3	-6.5	-1.0	-3.0	-5.0
Corporate Income Tax Paid	-2.1	-1.0	-1.1	-0.8	-0.4	0.0	-0.2	-2.4	-1.1	-2.4	-0.2	-0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	-0.0	—	0.0	0.0	0.0	0.0	-0.1	0.1	-0.0
Net Cash Flow from Operating Activities	-3.1	7.1	8.3	-2.6	-2.0	61.8	4.0	-28.9	-2.0	20.2	-0.7	4.1
Payments for Fixed Assets and Other Long-term Assets	—	-3.7	0.1	-0.6	—	-29.6	-47.2	13.7	-14.2	-23.4	-1.0	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	—	—	0.0	0.0	0.1	0.0	1.3	0.0	0.1
Loans and Purchases of Debt Instruments	—	—	—	-0.0	—	0.0	0.0	0.0	0.0	-0.9	0.9	-0.9
Receipts from Loan Repayments and Sale of Debt Instruments	-3.7	3.9	-4.7	2.0	-2.0	0.0	0.0	0.0	0.0	0.9	-0.9	3.3
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	12.3	—	-27.4	24.8	2.6	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	-0.2	0.0	0.3	0.0	0.1	0.3	0.1	0.1	-0.2	0.4	-0.1
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	-3.6	0.1	-16.7	14.0	-1.9	-56.9	-22.1	16.5	-14.1	-22.3	-0.6	1.8
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	172.9	46.1	111.7	-111.0	176.0	1.9	141.0	-107.0	187.9	98.2	2.4	20.6
Repayment of Borrowings	-175.2	-0.5	-104.7	104.5	-7.5	-12.0	-120.7	119.7	-172.9	-95.7	2.0	-23.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	-2.3	-1.1	6.9	-6.5	3.1	-10.1	20.3	12.6	15.0	2.5	4.4	-2.4
Net Cash Flow During the Period	-9.0	6.1	-1.5	4.9	-0.8	-5.1	2.2	0.2	-1.1	0.3	3.1	3.5
Cash and Cash Equivalents at Beginning of Period	19.6	12.6	14.1	9.2	10.0	16.5	16.5	16.5	16.5	12.7	12.7	12.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	0.2	0.0
Cash and Cash Equivalents at End of Period	10.6	18.8	12.6	14.1	9.2	12.7	17.8	15.7	15.4	16.5	16.4	13.1

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TCK

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