TNA

Thương mại Xuất nhập khẩu Thiên Nam ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −13.07%, −6.38pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -923

BVPS 8,765

ROE -10.0%

ROA -2.0%

Profit Margin -13.0%

Asset Turnover 0.16x

Equity Mult. 4.89x

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

What Is Changing

On a TTM 2026Q1 basis, TNA is under pressure on both revenue and margins simultaneously — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 350bn
	                                
−69.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 46bn
	                                
+41.2%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    134.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	327.7	1,247.0	4,690.4	6,447.2	5,447.1
Growth	-74%	-73%	-27%	+18%	—
Net Income	-64.6	-61.7	3.4	11.5	16.4
Net Margin	-19.71%	-4.94%	0.07%	0.18%	0.30%

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	63.8	32.6	50.1	203.7	41.3	528.6	46.3	546.3	125.8	753.3	976.8	1,578.6
Growth	+96%	-35%	-75%	+393%	-92%	+1041%	-92%	+334%	-83%	-23%	-38%	—
Net Income	-5.6	-20.5	-10.4	-9.2	-24.4	-25.1	-10.2	-18.1	-8.2	-2.5	2.0	2.4
Net Margin	-8.81%	-63.09%	-20.71%	-4.54%	-59.13%	-4.75%	-21.92%	-3.32%	-6.49%	-0.33%	0.20%	0.15%

Drivers of TNA's profit

TTM

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

Other profit ↑ 21.9bn

Administrative expenses ↓ 17.8bn

Gross profit ↑ 6.4bn

Finance costs ↑ 10.5bn

TTM

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

Other profit ↑ 4.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -14.8% = -6.7% × 0.53 × 4.15

2026Q1 -10.0% = -13.1% × 0.16 × 4.89

ROE rose from -14.8% to -10.0% — mainly driven by leverage, despite net margin and asset turnover moving in the opposite direction.

Net margin: -13.1% -6.4pp Asset turnover: 0.16x -0.38x Leverage: 4.89x +0.74x

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 -13.07%, losing 6.4pp. The main pressure is SG&A / Revenue rose 3.6pp, outweighing the improvement in Gross margin rose 8.7pp (in addition, Other profit / Revenue rose 5.4pp added support while Net financial result / Revenue fell 13.3pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin -13.07% −6.4pp

Gross Margin 11.68% +8.7pp

SG&A / Revenue 7.53% +3.6pp

Non-core / Revenue -12.50% −7.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 7.9pp, financial result still accounts for 173.5% of PBT — earnings durability should be monitored in coming periods.

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 — —

Capital Turnover 0.37x −0.74x

Average Invested Capital 940.3bn −108.9bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 4.00x equity, net debt at 1.08x equity.

Inventory ended the period at 1,087.2bn, roughly 49.4% of total assets.

Over the last 12 months, working capital absorbed 14.8bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −379.4bn

Inventories decreased → higher CFO: +1.1bn

Payables increased → higher CFO: +363.5bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 825.5 days versus the same period last year. The main moves came from DIO rose 927.0 days, DSO rose 351.7 days, and DPO rose 453.2 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 1096.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +351.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 518.5 days +351.7 days

Inventory 1283.6 days +927.0 days

Payables 705.8 days +453.2 days

Cash Conversion Cycle 1096.3 days +825.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.08x and interest coverage only at -1.03x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2.5% of debt, and total debt stands at 483.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.08x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -1.03x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.08x +0.04x

Interest Coverage -1.03x +0.16x

Cash / Debt 2.5% +1.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.48x −1.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 18.3bn in 2025, against investing cash flow of 5.9bn.

Post-investment cash flow was positive +24.2bn. Financing cash flow was negative +24.3bn.

CFO / net income was -0.48x.

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 22.0bn +62.3bn

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 6.4 pp. The next watchpoint is the earnings mix, when non-core contribution is 134.5%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 134.5% of PBT and CFO / net income currently at -0.48x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -13.07% after a 6.4pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	327.7	1,247.0	4,690.8	6,447.6	5,447.3
Revenue Deductions	—	0.0	0.4	0.4	0.0
Net Revenue	327.7	1,247.0	4,690.4	6,447.2	5,447.1
Cost of Goods Sold	287.1	1,213.8	4,552.8	6,262.3	0.0
Gross Profit	40.5	33.3	137.6	184.9	211.3
Financial Income	0.5	3.8	41.3	36.8	7.6
Financial Expenses	62.4	50.7	106.7	106.3	-94.4
Interest Expense	45.9	50.5	107.6	104.0	-91.0
Share of Associates and Joint Ventures	-16.5	0.0	3.3	0.0	-0.0
Selling Expenses	6.6	11.5	28.2	47.2	-61.4
General and Administrative Expenses	20.8	35.5	42.2	42.3	-37.7
Operating Profit	-65.4	-60.6	5.1	25.8	25.3
Other Income	18.2	2.2	0.6	3.0	0.0
Other Expenses	4.5	3.3	1.9	2.0	0.0
Other Profit	13.7	-1.0	-1.3	1.0	0.6
Profit Before Tax	-51.7	-61.7	3.8	26.8	25.9
Current Income Tax Expense	12.9	0.0	0.4	15.3	-9.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-64.6	-61.7	3.4	11.5	16.4
Non-controlling Interest	-0.5	-0.5	-0.8	-4.1	-4.9
Profit Attributable to Parent	-64.1	-61.2	4.2	15.6	21.3
Earnings per Share	-1,302.00	-1,243.00	31.00	260.00	434.00
Diluted EPS	-1,302.00	-1,243.00	31.00	260.00	429.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,809.8	1,647.7	1,802.9	2,285.9	2,092.3
I. Cash and cash equivalents	8.8	8.8	10.7	64.7	110.5
1. Cash	8.8	8.7	9.9	16.5	0.0
2. Cash equivalents	—	0.1	0.9	48.2	0.0
II. Short-term financial investments	—	0.0	52.6	73.6	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	52.6	73.6	0.0
III. Short-term receivables	709.8	546.5	615.9	1,152.3	946.4
1. Short-term trade accounts receivable	496.8	506.3	564.9	971.1	0.0
2. Short-term prepayments to suppliers	1.1	0.8	1.0	30.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	212.1	39.6	50.1	151.5	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.1	-0.5	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,087.2	1,088.4	1,118.3	984.7	991.3
1. Inventories	1,087.4	1,088.4	1,118.7	989.4	0.0
2. Provision for decline in value of inventories	-0.3	0.0	-0.4	-4.6	0.0
V. Other short-term assets	4.0	4.0	5.4	10.5	7.2
1. Short-term prepayments	0.1	0.0	0.5	5.2	0.0
2. Value added tax to be reclaimed	3.0	3.1	4.0	4.5	0.0
3. Taxes and other receivables from state authorities	0.9	0.9	0.9	0.9	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)	390.2	433.1	523.0	383.8	246.3
I. Long-term receivables	3.3	3.6	6.8	6.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	6.5
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	3.3	3.6	6.8	6.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	35.8	37.5	40.3	44.0	37.6
1. Tangible fixed assets	8.8	10.6	13.4	16.6	9.4
- Cost	43.7	47.9	51.4	52.4	0.0
- Accumulated depreciation	-34.9	-37.3	-38.0	-35.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.5	1.1
- Cost	—	0.0	0.0	2.0	0.0
- Accumulated depreciation	—	0.0	0.0	-1.6	0.0
3. Intangible fixed assets	26.9	26.9	26.9	26.9	27.0
- Cost	28.2	28.2	28.2	28.2	0.0
- Accumulated depreciation	-1.3	-1.3	-1.3	-1.3	0.0
III. Investment properties	52.8	57.0	61.1	65.3	69.5
- Cost	106.0	106.2	106.2	106.2	0.0
- Accumulated depreciation	-53.2	-49.2	-45.1	-40.9	0.0
IV. Long-term assets in progress	—	0.1	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.1	0.0	0.0	0.0
V. Long-term financial investments	297.9	332.3	409.9	264.7	128.1
1. Investments in subsidiaries	—	0.0	18.3	0.0	0.0
2. Investments in associates, joint-ventures	165.0	194.4	194.4	67.5	0.0
3. Investments in other entities	120.5	120.5	120.5	120.5	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	12.4	17.4	76.7	76.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.4	2.5	4.9	3.3	0.0
1. Long-term prepayments	0.4	2.5	4.9	3.3	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	4.7
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,200.0	2,080.8	2,325.9	2,669.7	2,338.6
A. LIABILITIES (300=210+330)	1,759.9	1,579.7	1,744.2	2,090.1	1,763.9
I. Short -term liabilities	1,745.9	1,569.9	1,732.1	2,061.0	1,724.7
1. Short-term trade accounts payable	542.7	685.2	912.7	461.0	405.6
2. Short-term advances from customers	195.7	95.2	37.0	55.4	65.9
3. Taxes and other payables to state authorities	22.1	4.9	6.0	23.0	0.0
4. Payable to employees	0.4	0.2	0.4	1.5	0.0
5. Short-term acrrued expenses	125.5	70.9	17.3	2.9	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	0.1	1.0	1.1	0.8	1.1
9. Other short-term payables	376.0	205.0	188.5	272.0	0.0
10. Short-term borrowings and financial leases	483.3	507.6	569.0	1,244.3	1,127.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	13.9	9.9	12.2	29.1	39.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	13.9	9.9	10.0	26.7	0.0
8. Long-term borrowings and financial leases	—	0.0	2.1	2.4	0.9
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)	440.1	501.1	581.7	579.6	574.8
I. Owner's equity	440.1	501.1	581.7	579.6	0.0
1. Owner's capital	495.8	495.8	495.8	495.8	574.8
- Common stock with voting right	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.0	4.0	4.0	4.0	4.0
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	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	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	31.8	31.8	31.8	31.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-73.4	-13.0	67.2	64.1	53.1
- Accumulated retained earning at the end of the previous period	-25.8	48.2	65.0	48.5	31.8
- Undistributed earnings in this period	-47.6	-61.2	2.1	15.6	21.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	-6.0	-5.5	-5.1	-4.1	2.1
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)	2,200.0	2,080.8	2,325.9	2,669.7	2,338.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	-51.7	-61.7	0.0	26.8	25.9
Depreciation of Fixed Assets and Investment Property	5.5	7.0	0.0	7.6	9.0
Provision (Increase)/Reversal	33.3	-0.4	0.0	4.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	-0.3	0.0
Gain/Loss from Investment Activities	-0.4	-2.1	0.0	-22.7	0.0
Interest Expense	45.9	50.5	0.0	104.0	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	32.6	-6.6	0.0	119.9	119.4
Increase/(Decrease) in Receivables	-160.8	71.6	0.0	-204.6	0.0
Increase/(Decrease) in Inventory	1.0	30.3	0.0	2.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	146.4	-64.9	0.0	202.0	0.0
Increase/(Decrease) in Prepaid Expenses	2.1	2.8	0.0	-2.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.5	-84.0	0.0	-103.6	0.0
Corporate Income Tax Paid	—	-2.6	0.0	-3.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-0.8	0.0	-11.4	0.0
Net Cash Flow from Operating Activities	18.3	-54.3	0.0	-1.7	95.0
Payments for Fixed Assets and Other Long-term Assets	0.4	-0.1	0.0	-10.2	1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	1.4	0.0	1.0	0.0
Loans and Purchases of Debt Instruments	—	25.4	0.0	-82.0	-32.8
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	86.5	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	-67.5	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	2.8	0.0	19.5	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	5.9	115.9	0.0	-139.3	-28.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	-3,550,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	65.0	77.2	0.0	4,353.0	3,481.2
Repayment of Borrowings	-89.2	-140.7	0.0	-4,233.5	-3,493.1
Repayment of Finance Leases	—	0.0	0.0	-0.7	-0.7
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-24.3	-63.5	0.0	118.8	-16.2
Net Cash Flow During the Period	-0.1	-1.9	0.0	-22.1	0.9
Cash and Cash Equivalents at Beginning of Period	8.8	10.7	0.0	86.8	60.6
FX Difference from Revaluation	-0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.8	8.8	0.0	64.7	110.5

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	63.8	32.6	50.1	203.7	41.3	528.6	46.3	546.3	125.8	753.6	976.8	1,578.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	0.0	0.1
Net Revenue	63.8	32.6	50.1	203.7	41.3	528.6	46.3	546.3	125.8	753.3	976.8	1,578.6
Cost of Goods Sold	52.9	19.2	42.9	194.2	30.8	523.0	37.0	537.3	116.5	719.0	951.6	1,538.3
Gross Profit	10.9	13.3	7.2	9.5	10.5	5.6	9.4	9.0	9.3	34.3	25.2	40.3
Financial Income	0.0	0.0	0.4	-0.3	0.3	-1.2	1.4	1.3	2.4	6.0	13.4	12.7
Financial Expenses	11.1	27.9	11.4	11.4	11.7	10.6	13.3	15.6	11.2	24.0	24.6	28.0
Interest Expense	11.1	11.3	11.4	11.4	11.7	10.6	13.3	15.5	11.1	25.2	24.6	28.0
Share of Associates and Joint Ventures	—	-16.5	—	—	—	0.0	0.0	0.0	0.0	3.3	0.0	0.0
Selling Expenses	1.0	2.1	1.8	1.5	1.2	2.5	1.8	2.6	4.4	5.4	7.0	9.5
General and Administrative Expenses	4.7	5.0	5.0	5.3	5.5	16.4	5.6	10.2	3.3	19.7	4.2	10.7
Operating Profit	-5.9	-38.2	-10.5	-9.1	-7.7	-25.0	-10.0	-18.2	-7.3	-5.4	2.9	4.7
Other Income	0.2	18.0	0.1	0.0	0.0	0.9	0.1	1.2	0.0	-0.2	0.7	0.1
Other Expenses	0.0	0.4	0.0	0.2	3.9	1.0	0.3	1.1	0.9	0.1	0.5	1.1
Other Profit	0.2	17.7	0.1	-0.2	-3.9	-0.1	-0.1	0.1	-0.9	-0.4	0.2	-1.0
Profit Before Tax	-5.6	-20.5	-10.4	-9.2	-11.6	-25.1	-10.2	-18.1	-8.2	-5.8	3.1	3.7
Current Income Tax Expense	—	—	—	—	12.9	0.0	0.0	0.0	0.0	-3.3	1.1	1.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-5.6	-20.5	-10.4	-9.2	-24.4	-25.1	-10.2	-18.1	-8.2	-2.5	2.0	2.4
Non-controlling Interest	-0.0	-0.1	-0.1	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	1.7	-0.6	-0.7
Profit Attributable to Parent	-5.6	-20.5	-10.3	-9.1	-24.3	-25.0	-10.0	-18.1	-8.0	-4.2	2.6	3.1
Earnings per Share	-113.00	-416.00	-209.00	-185.00	-493.00	-508.00	-240.00	-433.00	-163.00	-70.00	43.00	52.00
Diluted EPS	-113.00	-416.00	-209.00	-185.00	-493.00	-1,243.00	-240.00	-433.00	-163.00	-70.00	43.00	52.00

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)	2,010.7	1,809.8	1,635.8	1,631.6	1,627.9	1,647.7	1,754.9	1,747.0	1,783.3	1,802.9	2,329.6	2,262.4
I. Cash and cash equivalents	12.3	8.8	8.1	9.5	8.0	8.8	10.3	6.3	6.7	10.7	85.6	135.0
1. Cash	12.3	8.8	8.0	9.4	7.9	8.7	10.2	6.2	6.6	9.9	32.2	82.9
2. Cash equivalents	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.9	53.4	52.1
II. Short-term financial investments	—	—	—	—	—	0.0	21.2	21.2	25.4	52.6	117.3	117.5
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	21.2	21.2	25.4	52.6	117.3	117.5
III. Short-term receivables	907.7	709.8	536.1	530.1	527.6	546.5	609.3	605.1	630.8	615.9	1,018.1	908.3
1. Short-term trade accounts receivable	507.4	496.8	487.4	487.9	487.5	506.3	532.0	534.5	575.5	564.9	967.4	859.6
2. Short-term prepayments to suppliers	1.2	1.1	0.9	0.9	0.8	0.8	36.5	20.2	1.0	1.0	1.4	1.6
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	399.3	212.1	48.0	41.5	39.5	39.6	41.0	50.7	54.5	50.1	49.4	47.2
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,086.8	1,087.2	1,087.5	1,087.9	1,088.1	1,088.4	1,109.7	1,110.0	1,115.8	1,118.3	1,103.0	1,094.4
1. Inventories	1,087.0	1,087.4	1,087.5	1,087.9	1,088.1	1,088.4	1,110.1	1,110.4	1,116.2	1,118.7	1,103.1	1,094.7
2. Provision for decline in value of inventories	-0.3	-0.3	—	—	—	0.0	-0.4	-0.4	-0.4	-0.4	-0.1	-0.3
V. Other short-term assets	3.9	4.0	4.1	4.1	4.2	4.0	4.3	4.4	4.7	5.4	5.7	7.3
1. Short-term prepayments	0.0	0.1	0.1	0.2	0.2	0.0	0.1	0.1	0.3	0.5	1.3	2.1
2. Value added tax to be reclaimed	3.0	3.0	3.0	3.1	3.1	3.1	3.4	3.4	3.6	4.0	3.5	4.3
3. Taxes and other receivables from state authorities	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	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)	388.7	390.2	421.6	423.4	430.9	433.1	437.2	517.0	520.8	523.0	499.7	512.9
I. Long-term receivables	3.3	3.3	3.3	3.3	3.6	3.6	5.4	5.4	6.8	6.8	6.1	6.1
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	3.3	3.3	3.3	3.3	3.6	3.6	5.4	5.4	6.8	6.8	6.1	6.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	35.4	35.8	36.1	36.5	37.1	37.5	38.3	38.9	39.7	40.3	41.1	42.0
1. Tangible fixed assets	8.5	8.8	9.2	9.6	10.2	10.6	11.4	12.0	12.8	13.4	14.2	15.0
- Cost	43.7	—	—	—	—	47.9	48.6	48.6	51.4	51.4	51.5	52.4
- Accumulated depreciation	-35.2	—	—	—	—	-37.3	-37.2	-36.6	-38.7	-38.0	-37.3	-37.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
- 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	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9	26.9
- Cost	28.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	51.8	52.8	53.8	54.9	55.9	57.0	58.0	59.0	60.1	61.1	62.2	63.2
- Cost	106.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-54.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.1	0.1	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.1	0.1	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	297.9	297.9	327.3	327.3	332.3	332.3	332.3	409.9	409.9	409.9	388.2	399.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	18.3	18.3	18.3	0.0	0.0
2. Investments in associates, joint-ventures	165.0	165.0	194.4	194.4	194.4	194.4	194.4	194.4	194.4	194.4	191.1	202.0
3. Investments in other entities	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5
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	12.4	12.4	12.4	12.4	17.4	17.4	17.4	76.7	76.7	76.7	76.7	76.7
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.3	0.4	1.0	1.4	1.9	2.5	3.2	3.8	4.4	4.9	2.0	2.4
1. Long-term prepayments	0.3	0.4	1.0	1.4	1.9	2.5	3.2	3.8	4.4	4.9	2.0	2.4
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)	2,399.4	2,200.0	2,057.4	2,055.0	2,058.8	2,080.8	2,192.1	2,264.0	2,304.1	2,325.9	2,829.2	2,775.4
A. LIABILITIES (300=210+330)	1,964.9	1,759.9	1,600.3	1,587.7	1,582.1	1,579.7	1,665.9	1,709.3	1,730.7	1,744.2	2,234.7	2,171.9
I. Short -term liabilities	1,952.0	1,745.9	1,584.7	1,577.4	1,572.4	1,569.9	1,655.3	1,697.2	1,718.2	1,732.1	2,218.0	2,142.5
1. Short-term trade accounts payable	544.4	542.7	565.5	584.2	651.7	685.2	823.0	856.1	909.7	912.7	854.3	750.7
2. Short-term advances from customers	196.1	195.7	111.3	93.7	120.0	95.2	43.1	43.4	43.0	37.0	37.4	38.3
3. Taxes and other payables to state authorities	23.5	22.1	22.1	24.2	23.1	4.9	4.5	4.6	2.9	6.0	4.5	15.2
4. Payable to employees	0.5	0.4	0.5	0.6	0.7	0.2	1.4	1.6	1.4	0.4	1.7	1.8
5. Short-term acrrued expenses	139.6	125.5	112.9	98.8	84.8	70.9	49.8	34.8	17.1	17.3	0.9	1.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.1	0.4	0.6	0.9	1.0	0.7	0.6	0.9	1.1	1.0	0.4
9. Other short-term payables	564.7	376.0	284.3	286.9	184.7	205.0	185.8	208.1	188.8	188.5	249.5	208.4
10. Short-term borrowings and financial leases	483.2	483.3	487.7	488.6	506.6	507.6	547.0	548.0	554.3	569.0	1,068.7	1,125.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	12.9	13.9	15.7	10.2	9.7	9.9	10.7	12.0	12.5	12.2	16.7	29.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	12.9	13.9	15.7	10.2	9.7	9.9	10.1	10.2	10.3	10.0	14.3	27.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.5	1.8	2.1	2.1	2.4	2.4
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)	434.5	440.1	457.0	467.4	476.6	501.1	526.2	554.7	573.4	581.7	594.6	603.5
I. Owner's equity	434.5	440.1	457.0	467.4	476.6	501.1	526.2	554.7	573.4	581.7	594.6	603.5
1. Owner's capital	495.8	495.8	495.8	495.8	495.8	495.8	495.8	495.8	495.8	495.8	495.8	495.8
- Common stock with voting right	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00	495,762,640,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
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	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00	-11,978,525,300.00
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	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8
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	-79.0	-73.4	-56.6	-46.3	-37.3	-13.0	12.0	40.4	59.0	67.2	80.4	88.8
- Accumulated retained earning at the end of the previous period	-73.4	-25.8	-13.0	-13.0	-13.0	48.2	48.2	66.5	67.0	65.0	72.1	86.1
- Undistributed earnings in this period	-5.6	-47.6	-43.7	-33.4	-24.3	-61.2	-36.2	-26.1	-8.0	2.1	8.3	2.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	-6.1	-6.0	-5.9	-5.9	-5.7	-5.5	-5.4	-5.3	-5.2	-5.1	-5.4	-4.8
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)	2,399.4	2,200.0	2,057.4	2,055.0	2,058.8	2,080.8	2,192.1	2,264.0	2,304.1	2,325.9	2,829.2	2,775.4

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	-5.6	-20.5	-10.4	-9.2	-11.6	-25.1	-10.2	-18.1	-8.2	-9.5	3.1	3.7
Depreciation of Fixed Assets and Investment Property	1.4	1.2	1.4	1.5	1.5	1.8	1.7	-1.1	4.6	-5.9	1.9	2.0
Provision (Increase)/Reversal	—	33.3	—	—	—	-0.4	0.0	0.0	0.0	4.5	-0.1	-2.2
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	0.0	0.0	—	0.0	-0.2	0.2	0.0	0.0	0.1	-0.1
Gain/Loss from Investment Activities	-0.0	-0.0	-0.4	0.4	-0.3	1.1	-1.2	-1.7	-0.3	6.7	-1.3	-5.2
Interest Expense	11.1	11.3	11.4	11.4	11.7	10.6	13.3	15.5	11.1	-82.4	24.6	28.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	6.8	25.2	2.0	4.0	1.4	-12.0	3.4	-5.3	7.3	-86.7	28.2	26.4
Increase/(Decrease) in Receivables	-197.8	-173.6	-5.9	-2.1	20.8	63.0	-5.6	28.9	-14.8	138.5	-111.0	54.8
Increase/(Decrease) in Inventory	0.4	0.1	0.4	0.2	0.3	21.7	0.3	5.8	2.5	113.8	-8.4	-9.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	194.7	153.2	2.8	12.8	-22.4	-38.5	-28.7	-4.1	6.4	-492.8	132.1	-30.4
Increase/(Decrease) in Prepaid Expenses	0.1	0.6	0.4	0.6	0.4	0.6	0.7	0.8	0.7	-5.2	1.2	1.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.6	-0.6	-0.6	-0.7	-0.6	-18.4	-25.1	-26.3	-14.3	84.2	-25.8	-26.9
Corporate Income Tax Paid	—	—	—	—	—	0.0	-0.4	0.0	-2.2	12.3	-12.3	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-0.1	-0.4	0.1	0.2	0.2	-1.6	0.4	2.2	-0.6	-0.8
Net Cash Flow from Operating Activities	3.7	4.8	-0.9	14.4	-0.0	16.7	-55.2	-1.8	-14.0	-233.8	3.6	15.1
Payments for Fixed Assets and Other Long-term Assets	—	0.2	0.0	0.0	0.1	0.0	-0.1	2.9	-2.9	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	—	0.2	0.0	1.0	0.2	-0.2	0.2	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	21.2	-27.2	4.2	27.2	63.5	0.0	-73.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	5.0	—	0.0	86.5	0.0	0.0	-19.8	0.0	19.8
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.0	-0.5
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.4	0.0	0.0	0.3	2.4	0.0	0.1	-6.9	4.1	2.3
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.3	0.4	5.1	0.1	21.7	61.5	8.1	24.6	37.1	4.3	-51.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	-9,994,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2.2	0.0	30.1	34.9	—	-1.2	36.6	-2,320.8	2,362.4	-2,255.6	658.5	766.2
Repayment of Borrowings	-2.3	-4.4	-31.0	-52.9	-0.9	-38.8	-38.9	2,313.6	-2,376.6	2,430.8	-715.6	-640.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.4	-0.4	0.4	-0.1	-0.2
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	-0.2	-4.4	-0.9	-18.0	-0.9	-39.9	-2.3	-6.7	-14.6	175.6	-57.2	115.5
Net Cash Flow During the Period	3.5	0.7	-1.4	1.5	-0.8	-1.5	4.0	-0.4	-4.1	-21.0	-49.4	79.0
Cash and Cash Equivalents at Beginning of Period	8.8	8.1	9.5	8.0	8.8	10.7	10.7	10.7	10.7	0.0	64.6	64.6
FX Difference from Revaluation	—	-0.0	-0.0	0.0	—	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	12.3	8.8	8.1	9.5	8.0	8.8	10.3	6.3	6.7	0.0	85.6	135.0

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TNA

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