TIP

Phát triển Khu Công nghiệp Tín Nghĩa ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 159.19%, +49.70pp YoY

Price

18,200

Latest close

03 Jun 2026

P/E 5.07x

P/B 0.61x

EPS 3,590

BVPS 29,675

ROE 12.4%

ROA 10.9%

Profit Margin 158.0%

Asset Turnover 0.07x

Equity Mult. 1.14x

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

What Is Changing

On a TTM 2026Q1 basis, TIP has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 148bn
	                                
−9.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 235bn
	                                
+31.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    72.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	148.2	167.9	157.7	222.8	247.4
Growth	-12%	+6%	-29%	-10%	—
Net Income	218.1	186.6	178.4	103.5	92.2
Net Margin	147.17%	111.14%	113.08%	46.47%	37.28%

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	33.1	40.1	38.6	35.9	33.6	48.3	40.5	40.7	38.4	47.5	40.4	38.0
Growth	-18%	+4%	+8%	+7%	-30%	+19%	-1%	+6%	-19%	+18%	+6%	—
Net Income	37.0	98.0	29.0	71.1	20.0	70.2	20.3	68.0	28.1	104.1	69.4	15.2
Net Margin	111.88%	244.23%	75.04%	198.30%	59.55%	145.44%	50.14%	167.11%	73.12%	218.97%	171.67%	39.99%

Drivers of TIP's profit

TTM

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

Financial income ↑ 47.9bn

Other profit ↑ 10.5bn

Administrative expenses ↓ 6.6bn

Tax ↑ 10.5bn

TTM

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

Financial income ↑ 25.1bn

Tax ↑ 5.0bn

Associates income ↓ 2.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.9% = 109.5% × 0.08 × 1.14

2026Q1 12.5% = 159.2% × 0.07 × 1.14

ROE rose from 9.9% to 12.5% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 159.2% +49.7pp Asset turnover: 0.07x -0.01x Leverage: 1.14x -0.00x

Is the profit sustainable?

Margins improved (+49.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 159.19%, rising 49.7pp. The main driver is Gross margin rose 4.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 45.9pp and Other profit / Revenue rose 6.4pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 159.19% +49.7pp

Gross Margin 65.30% +4.9pp

SG&A / Revenue 14.94% −2.6pp

Non-core / Revenue 142.10% +52.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 73.4% of PBT and lifted net margin by 52.3pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 159.93% +44.6pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.13x equity, with a net cash position equivalent to 0.08x equity.

Over the last 12 months, working capital released 26.3bn 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: +42.7bn

Inventories decreased → higher CFO: +3.5bn

Payables decreased → lower CFO: −19.9bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Inventory turnover is slowing

DIO increased by +145.8 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 26.0 days −8.6 days

Inventory 933.5 days +145.8 days

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 40.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.08x and interest coverage at 1259.30x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Leverage and liquidity trend

Net Debt / Equity -0.08x −0.06x

Interest Coverage 1259.30x +1210.99x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.21x −0.09x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 40.3bn in 2025, against investing cash flow of 1,249.5bn.

Post-investment cash flow was positive +1,289.8bn. Financing cash flow was negative +191.0bn.

CFO / net income was 0.21x.

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

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 48.0bn −2.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 49.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 159.19% after expanding 49.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 72.9% of PBT and CFO / net income currently at 0.21x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	148.2	167.9	157.7	222.8	247.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	148.2	167.9	157.7	222.8	247.4
Cost of Goods Sold	51.6	70.1	70.6	98.5	0.0
Gross Profit	96.7	97.7	87.2	124.3	167.2
Financial Income	185.9	159.9	177.6	29.7	25.0
Financial Expenses	0.9	-10.6	13.3	0.0	-0.0
Interest Expense	0.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	8.0	5.8	-1.4	-8.0	-37.4
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	21.3	30.7	31.5	30.0	-26.8
Operating Profit	268.3	243.3	218.6	116.1	128.0
Other Income	1.0	2.3	1.2	1.3	0.0
Other Expenses	1.6	14.6	2.6	5.0	0.0
Other Profit	-0.6	-12.3	-1.3	-3.7	-2.6
Profit Before Tax	267.7	231.0	217.2	112.4	125.4
Current Income Tax Expense	49.6	44.6	38.7	24.4	-33.1
Deferred Income Tax Expense	—	-0.1	0.1	-15.6	0.0
Net Income	218.1	186.6	178.4	103.5	92.2
Non-controlling Interest	2.2	4.1	4.4	3.4	2.6
Profit Attributable to Parent	216.0	182.5	173.9	100.1	89.6
Earnings per Share	3,322.00	2,807.00	2,676.00	2,308.00	3,447.00
Diluted EPS	3,322.18	2,807.30	2,675.56	1,539.66	3,447.17

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,716.1	659.7	1,524.8	1,479.7	474.3
I. Cash and cash equivalents	1,185.9	87.1	58.4	105.3	33.2
1. Cash	3.9	13.9	3.8	7.1	0.0
2. Cash equivalents	1,182.0	73.2	54.6	98.2	0.0
II. Short-term financial investments	9.7	9.3	76.4	112.3	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	9.7	9.3	76.4	112.3	0.0
III. Short-term receivables	389.4	423.8	1,235.6	1,114.7	98.1
1. Short-term trade accounts receivable	8.1	83.3	17.9	15.1	0.0
2. Short-term prepayments to suppliers	1.0	1.0	1.6	5.9	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	277.3	285.6	126.6	28.5	0.0
6. Other short-term receivables	102.9	56.0	1,090.3	1,065.2	0.0
7. Provision for short-term doubtful debts (*)	—	-2.0	-0.8	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	128.2	136.9	151.8	144.4	158.6
1. Inventories	128.2	136.9	151.8	144.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.9	2.6	2.6	3.1	1.4
1. Short-term prepayments	0.6	0.5	0.5	1.5	0.0
2. Value added tax to be reclaimed	2.0	2.0	1.9	1.6	0.0
3. Taxes and other receivables from state authorities	0.2	0.1	0.2	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)	439.6	1,469.4	454.8	470.4	482.9
I. Long-term receivables	0.1	1,033.2	21.8	21.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	21.8
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	0.1	1,033.2	21.8	21.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	18.8	22.2	26.2	28.5	25.1
1. Tangible fixed assets	18.8	22.2	26.2	28.4	25.1
- Cost	107.5	107.1	107.5	105.8	0.0
- Accumulated depreciation	-88.7	-84.8	-81.3	-77.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	0.0
III. Investment properties	27.1	26.0	23.8	16.0	15.3
- Cost	130.6	128.0	124.6	115.6	0.0
- Accumulated depreciation	-103.5	-102.0	-100.8	-99.6	0.0
IV. Long-term assets in progress	0.7	1.3	11.0	16.5	29.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	1.3	11.0	16.5	0.0
V. Long-term financial investments	358.0	350.9	334.5	349.2	351.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	325.0	317.1	311.3	312.7	0.0
3. Investments in other entities	36.5	36.5	36.5	36.5	0.0
4. Provision for diminution in value of long-term investments	-3.5	-2.7	-13.3	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	34.9	35.8	37.5	38.3	0.0
1. Long-term prepayments	34.9	35.8	37.5	38.3	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	39.6
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)	2,155.7	2,129.1	1,979.7	1,950.1	957.3
A. LIABILITIES (300=210+330)	253.0	316.8	236.9	286.9	266.7
I. Short -term liabilities	82.5	140.6	54.9	99.4	52.9
1. Short-term trade accounts payable	3.7	3.4	4.7	5.7	3.1
2. Short-term advances from customers	0.7	7.2	15.0	13.1	15.0
3. Taxes and other payables to state authorities	27.4	24.1	16.5	8.5	0.0
4. Payable to employees	0.9	0.0	0.2	0.2	0.0
5. Short-term acrrued expenses	0.6	0.4	0.3	0.8	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	5.7	5.7	5.7	5.7	5.7
9. Other short-term payables	37.6	91.3	6.6	59.2	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.9	8.5	6.0	6.3	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	170.5	176.3	182.0	187.5	213.8
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	143.8	149.5	155.2	160.8	166.5
7. Other long-term liabilities	26.7	26.7	26.7	26.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.1	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)	1,902.6	1,812.3	1,742.8	1,663.2	690.6
I. Owner's equity	1,902.6	1,812.3	1,742.8	1,663.2	0.0
1. Owner's capital	650.1	650.1	650.1	650.1	690.6
- Common stock with voting right	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	260,031,430,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	641.4	641.4	641.4	641.4	66.3
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	48.8	43.7	38.4	35.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.7	0.7	0.7	0.7	0.0
11. Undistributed earnings after tax	524.3	437.9	374.5	298.9	298.6
- Accumulated retained earning at the end of the previous period	405.8	339.9	278.6	250.8	209.0
- Undistributed earnings in this period	118.5	98.0	95.9	48.1	89.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	37.3	38.4	37.8	36.3	35.9
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)	2,155.7	2,129.1	1,979.7	1,950.1	957.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	267.7	231.0	217.2	112.4	125.4
Depreciation of Fixed Assets and Investment Property	6.0	6.4	6.0	5.8	4.9
Provision (Increase)/Reversal	-1.1	-9.5	14.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-194.0	-166.2	-176.3	-57.0	0.0
Interest Expense	0.0	0.0	0.0	0.0	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	—	10.3	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	78.6	72.0	61.1	61.2	148.4
Increase/(Decrease) in Receivables	4.7	23.4	0.1	-1,034.9	0.0
Increase/(Decrease) in Inventory	6.4	11.6	-7.5	14.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.1	-14.5	-5.8	-15.6	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	1.8	1.7	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-45.9	-36.9	-30.9	-22.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.2	-7.8	-6.0	-6.0	0.0
Net Cash Flow from Operating Activities	40.3	49.6	12.7	-1,002.7	101.1
Payments for Fixed Assets and Other Long-term Assets	-0.8	-1.8	-5.4	-11.2	-28.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.6	0.2	49.4	0.2
Loans and Purchases of Debt Instruments	-162.1	-223.7	-158.8	-152.0	-196.1
Receipts from Loan Repayments and Sale of Debt Instruments	169.9	131.9	96.6	237.8	179.3
Investments in Other Entities	—	0.0	0.0	0.0	-120.2
Proceeds from Investments in Other Entities	1,033.2	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	209.1	94.5	153.4	27.6	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	1,249.5	1.5	86.0	151.6	0.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	965,218,971,500.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	6.0	0.0	0.0	0.0	2.1
Repayment of Borrowings	-6.0	0.0	0.0	0.0	-101.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-191.0	-22.4	-145.5	-41.9	-44.6
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	-191.0	-22.4	-145.5	923.3	-144.5
Net Cash Flow During the Period	1,098.8	28.7	-46.9	72.1	-0.3
Cash and Cash Equivalents at Beginning of Period	87.1	58.4	105.3	33.2	76.3
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	1,185.9	87.1	58.4	105.3	33.2

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	33.1	40.1	38.6	35.9	33.6	48.3	40.5	40.7	38.4	47.5	40.4	38.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	33.1	40.1	38.6	35.9	33.6	48.3	40.5	40.7	38.4	47.5	40.4	38.0
Cost of Goods Sold	11.5	12.9	14.7	12.2	11.7	19.1	17.0	16.7	17.3	20.3	19.0	17.9
Gross Profit	21.6	27.3	23.9	23.7	21.8	29.2	23.5	24.0	21.1	27.2	21.4	20.1
Financial Income	33.1	100.1	9.2	68.7	8.0	80.4	7.0	67.8	4.6	92.1	75.8	5.5
Financial Expenses	0.9	1.8	-4.8	1.8	2.1	2.8	-0.1	0.1	-13.3	5.7	4.8	1.6
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	-0.2	1.2	2.5	2.0	2.3	1.6	1.8	0.6	1.8	15.6	2.2	2.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.4	6.5	5.5	3.6	5.6	8.7	6.9	7.3	7.7	10.0	7.1	7.0
Operating Profit	47.2	120.2	34.8	88.9	24.4	99.7	25.5	84.9	33.2	119.2	87.5	19.0
Other Income	0.1	0.4	0.3	0.0	0.3	0.8	1.1	0.3	0.1	0.7	0.2	0.2
Other Expenses	0.8	0.5	0.4	0.5	0.2	12.1	1.5	0.5	0.5	0.6	0.8	0.6
Other Profit	-0.7	-0.1	-0.1	-0.5	0.1	-11.3	-0.4	-0.2	-0.4	0.1	-0.6	-0.4
Profit Before Tax	46.5	120.1	34.7	88.4	24.5	88.3	25.1	84.7	32.8	119.3	86.8	18.6
Current Income Tax Expense	9.5	22.0	5.7	17.3	4.5	18.1	4.8	16.7	4.9	15.2	17.4	3.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	-0.1	0.0	0.0	0.0
Net Income	37.0	98.0	29.0	71.1	20.0	70.2	20.3	68.0	28.1	104.1	69.4	15.2
Non-controlling Interest	0.3	0.4	0.9	0.1	0.8	1.6	1.1	0.6	0.8	1.5	1.6	1.4
Profit Attributable to Parent	36.7	97.6	28.1	71.0	19.2	68.6	19.2	67.5	27.3	102.6	67.8	13.7
Earnings per Share	564.00	1,501.00	432.00	1,093.00	296.00	1,055.00	296.00	1,038.00	419.00	1,578.00	1,043.00	211.00
Diluted EPS	564.22	1,501.49	432.06	1,092.90	295.81	1,055.06	295.81	1,037.83	419.21	1,578.08	1,043.35	211.44

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)	1,755.3	1,716.1	1,619.6	1,720.2	613.1	659.8	1,639.6	1,604.5	1,551.4	1,524.8	1,539.1	1,472.4
I. Cash and cash equivalents	159.2	1,185.9	16.1	61.2	38.4	87.1	70.0	45.0	82.4	58.4	59.1	20.0
1. Cash	37.1	3.9	3.6	4.2	2.5	13.9	5.5	5.8	3.6	3.8	4.3	3.7
2. Cash equivalents	122.1	1,182.0	12.5	56.9	35.9	73.2	64.5	39.2	78.8	54.6	54.8	16.3
II. Short-term financial investments	1,332.7	9.7	4.9	73.9	73.9	9.3	13.7	78.4	75.4	76.4	79.4	88.6
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	1,332.7	9.7	4.9	73.9	73.9	9.3	13.7	78.4	75.4	76.4	79.4	88.6
III. Short-term receivables	131.0	389.4	1,466.4	1,450.0	363.0	423.8	1,407.8	1,331.8	1,245.8	1,235.6	1,240.0	1,199.9
1. Short-term trade accounts receivable	8.5	8.1	6.0	7.7	12.6	83.3	79.3	21.9	18.3	17.9	11.0	10.4
2. Short-term prepayments to suppliers	1.3	1.0	1.0	1.8	1.0	1.0	2.2	4.0	6.1	1.6	4.3	4.7
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	—	277.3	313.5	227.4	220.3	285.6	248.0	166.1	137.5	126.6	135.8	121.6
6. Other short-term receivables	121.3	102.9	1,145.9	1,213.1	131.1	56.0	1,079.1	1,140.7	1,084.6	1,090.3	1,088.9	1,063.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	-2.0	-2.0	-0.8	-0.8	-0.8	-0.8	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	128.2	128.2	129.0	131.5	134.0	136.9	145.3	146.3	144.6	151.8	157.4	159.5
1. Inventories	128.2	128.2	129.0	131.5	134.0	136.9	145.3	146.3	144.6	151.8	157.4	159.5
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	4.1	2.9	3.0	3.6	3.8	2.7	2.9	2.9	3.2	2.6	3.1	4.4
1. Short-term prepayments	1.9	0.6	0.9	1.4	1.8	0.5	0.7	0.8	1.2	0.5	1.4	2.5
2. Value added tax to be reclaimed	2.1	2.0	2.0	2.0	2.0	2.0	2.0	2.0	1.9	1.9	1.6	1.8
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	436.3	439.6	441.6	435.5	1,468.7	1,469.3	448.4	467.8	468.9	476.7	467.7	471.5
I. Long-term receivables	0.1	0.1	0.1	—	1,033.2	1,033.2	0.0	21.8	21.8	21.8	21.8	21.8
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	—	—	0.1	—	1,033.2	0.0	0.0	21.8	0.0	0.0	0.0	21.8
6. Other long-term receivables	0.1	0.1	—	—	—	1,033.2	0.0	0.0	21.8	21.8	21.8	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	17.7	18.8	19.8	20.1	21.1	22.2	23.2	24.0	25.3	26.2	25.9	26.2
1. Tangible fixed assets	17.7	18.8	19.8	20.1	21.1	22.2	23.2	24.0	25.3	26.2	25.9	26.1
- Cost	107.5	—	—	—	—	107.1	108.3	107.9	107.9	107.5	106.7	105.9
- Accumulated depreciation	-89.8	—	—	—	—	-84.8	-85.1	-83.9	-82.6	-81.3	-80.9	-79.7
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	—	—	—	—	—	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	0.0
- Accumulated depreciation	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	26.7	27.1	27.5	27.9	26.5	26.0	25.7	24.5	24.3	23.8	23.5	23.8
- Cost	130.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-103.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.7	0.7	1.3	1.3	1.3	1.3	11.6	11.0	11.0	11.0	11.9	11.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	11.9	0.0
2. Construction in progress	0.7	0.7	1.3	1.3	1.3	1.3	11.6	11.0	11.0	11.0	0.0	11.0
V. Long-term financial investments	356.8	358.0	358.6	351.4	351.1	350.9	352.1	350.1	349.7	356.3	346.4	350.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	324.7	325.0	323.8	321.3	319.3	317.1	315.5	313.7	313.1	333.7	318.1	317.0
3. Investments in other entities	36.5	36.5	36.5	36.5	36.5	36.5	36.5	36.5	36.5	36.5	36.5	33.3
4. Provision for diminution in value of long-term investments	-4.5	-3.5	-1.7	-6.5	-4.7	-2.8	0.0	-0.1	0.0	-13.9	-8.2	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	34.3	34.9	34.4	34.9	35.5	35.8	35.8	36.3	36.9	37.5	38.2	38.4
1. Long-term prepayments	34.3	34.9	34.4	34.9	35.5	35.8	35.8	36.3	36.9	37.5	38.2	38.4
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)	2,191.6	2,155.7	2,061.2	2,155.7	2,081.8	2,129.2	2,088.0	2,072.2	2,020.4	2,001.5	2,006.8	1,943.9
A. LIABILITIES (300=210+330)	262.5	253.0	237.1	282.6	253.8	316.8	261.4	265.9	253.9	236.7	268.1	273.4
I. Short -term liabilities	93.4	82.5	65.1	109.2	78.9	140.6	83.7	86.8	73.4	54.9	84.8	88.7
1. Short-term trade accounts payable	3.3	3.7	—	3.3	—	3.4	0.0	3.3	3.5	4.7	3.2	0.0
2. Short-term advances from customers	0.1	0.7	2.9	4.7	3.0	7.2	3.3	14.5	9.0	15.0	25.5	5.7
3. Dividends and profits payable	1.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	13.1	27.4	1.3	25.8	5.5	24.1	17.2	18.7	7.9	16.5	24.0	28.1
4. Payable to employees	—	0.9	26.9	—	7.8	0.0	24.4	0.0	0.0	0.2	0.0	9.5
5. Short-term acrrued expenses	1.2	0.6	—	0.4	—	0.4	0.0	0.3	0.3	0.3	0.3	0.0
6. Short-term inter-company payables	—	—	0.7	—	0.3	0.0	1.8	0.0	0.0	0.0	0.0	0.3
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	42.9	5.7	—	34.7	—	5.7	0.0	32.6	41.5	5.7	18.8	0.0
9. Other short-term payables	19.2	37.6	20.4	32.9	46.5	91.3	19.4	6.4	6.6	6.6	6.6	31.0
10. Short-term borrowings and financial leases	—	—	7.0	—	7.1	0.0	9.0	0.0	0.0	0.0	0.0	6.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	12.0	5.9	5.9	7.4	8.7	8.5	8.7	11.0	4.6	6.0	6.5	7.3
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	169.1	170.5	172.0	173.4	174.9	176.3	177.7	179.1	180.5	181.9	183.3	184.7
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	—	—	145.3	—	148.1	0.0	151.0	0.0	0.0	0.0	0.0	158.0
6. Long-term unearned revenue	142.4	143.8	26.7	146.7	26.7	149.5	26.7	152.3	153.7	155.2	156.6	26.7
7. Other long-term liabilities	26.7	26.7	—	26.7	—	26.7	0.0	26.8	26.7	26.7	26.7	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,929.1	1,902.6	1,824.1	1,873.1	1,828.0	1,812.3	1,826.6	1,806.3	1,766.5	1,764.8	1,738.7	1,670.5
I. Owner's equity	1,929.1	1,902.6	1,824.1	1,873.1	1,828.0	1,812.3	1,826.6	1,806.3	1,766.5	1,764.8	1,738.7	1,670.5
1. Owner's capital	650.1	650.1	650.1	650.1	650.1	650.1	650.1	650.1	650.1	650.1	650.1	650.1
- Common stock with voting right	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00	650,078,570,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	641.4	641.4	641.4	641.4	641.4	641.4	641.4	641.4	641.4	641.4	641.4	641.4
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	55.0	48.8	48.8	48.8	43.7	43.7	43.7	43.7	38.4	38.4	38.4	38.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.7	0.0	0.0	0.0
10. Other funds from owner's equity	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.0	0.7	0.7	0.7
11. Undistributed earnings after tax	546.1	524.3	446.2	496.1	456.1	437.9	453.9	434.6	400.7	396.1	371.6	304.4
- Accumulated retained earning at the end of the previous period	509.5	405.8	405.8	405.8	436.9	339.9	339.9	339.9	373.4	278.6	278.6	278.3
- Undistributed earnings in this period	36.7	118.5	40.4	90.3	19.2	98.0	113.9	94.7	27.3	117.6	93.0	26.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	35.8	37.3	36.9	36.0	36.0	38.4	36.8	35.7	35.2	38.1	36.6	35.5
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)	2,191.6	2,155.7	2,061.2	2,155.7	2,081.8	2,129.2	2,088.0	2,072.2	2,020.4	2,001.5	2,006.8	1,943.9

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	46.5	120.1	34.7	88.4	24.5	88.3	25.1	84.7	32.8	97.4	86.8	17.4
Depreciation of Fixed Assets and Investment Property	1.5	1.5	1.5	1.5	1.5	1.6	1.6	1.6	1.6	1.6	1.5	1.5
Provision (Increase)/Reversal	0.9	1.8	-4.8	-0.2	2.0	3.4	-0.1	0.1	-13.3	6.0	4.8	1.6
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	-0.0	-0.0	0.0	-0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-32.9	-104.6	-8.4	-71.9	-9.1	-85.5	-6.5	-68.1	-6.7	-84.9	-78.6	-6.1
Interest Expense	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	10.3	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	16.1	18.7	23.1	17.9	18.9	18.1	20.1	18.3	14.4	20.1	14.6	14.3
Increase/(Decrease) in Receivables	34.7	0.2	-0.4	8.1	-3.2	60.4	30.0	-59.0	-9.5	-28.7	24.0	41.8
Increase/(Decrease) in Inventory	-0.0	0.9	2.5	0.2	2.9	7.9	-0.5	-3.0	7.2	5.6	2.1	-9.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.5	-5.7	-20.0	-14.7	40.3	-26.6	-6.8	-19.8	41.9	-14.0	-30.2	-37.3
Increase/(Decrease) in Prepaid Expenses	-0.7	-0.3	1.1	0.9	-1.0	0.1	0.7	2.0	-1.0	3.1	-0.3	-0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-26.0	-18.8	-4.8	0.2	-22.5	-17.7	0.0	-4.9	-14.6	-21.4	-2.4	-0.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.0	2.9	-4.4	-1.3	-1.3	0.4	-3.0	-0.0	-5.2	-2.4	0.5	-2.9
Net Cash Flow from Operating Activities	41.7	-2.1	-2.9	11.2	34.0	42.5	40.6	-66.4	33.1	-37.6	8.3	5.1
Payments for Fixed Assets and Other Long-term Assets	—	-0.0	-0.4	-0.3	-0.1	-0.2	-1.1	-0.1	-0.4	0.1	-2.6	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	—	0.6	0.0	0.0	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-1,090.0	103.3	-166.1	-7.5	-91.8	-72.6	-96.6	-30.5	-20.3	-9.5	-14.8	-32.5
Receipts from Loan Repayments and Sale of Debt Instruments	40.6	-79.1	156.2	0.0	92.8	43.6	78.9	-1.0	10.4	18.0	13.4	10.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	1,033.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.9	114.3	72.1	19.2	3.5	3.2	3.3	80.1	4.0	106.0	34.7	4.8
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	-1,047.4	1,171.8	61.8	11.5	4.3	-25.4	-15.6	48.5	-6.3	114.8	30.8	-18.6
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	—	0.0	0.0	0.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-20.9	0.0	-104.0	0.0	-87.0	0.0	0.0	-19.5	-2.9	-78.0	0.0	-15.3
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-20.9	0.0	-104.0	0.0	-87.0	0.0	0.0	-19.5	-2.9	-78.0	0.0	-15.3
Net Cash Flow During the Period	-1,026.7	1,169.8	-45.0	22.7	-48.7	17.1	25.0	-37.4	24.0	-0.7	39.1	-28.7
Cash and Cash Equivalents at Beginning of Period	1,185.9	16.1	61.2	38.4	87.1	58.4	58.4	58.4	58.4	105.3	105.3	105.3
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	159.2	1,185.9	16.1	61.2	38.4	87.1	70.0	45.0	82.4	58.4	59.1	20.0

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TIP

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Balance Sheet

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Cash Flow