TNH

Tập đoàn Bệnh viện TNH ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −20.24%, −20.13pp YoY

Price

9,550

Latest close

04 Jun 2026

P/E -13.90x

P/B 0.93x

EPS -687

BVPS 10,308

ROE -6.1%

ROA -3.8%

Profit Margin -20.2%

Asset Turnover 0.19x

Equity Mult. 1.59x

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

What Is Changing

On a TTM 2026Q1 basis, TNH is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 530bn
	                                
+19.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 107bn
	                                
−23012.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    40.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	509.5	440.2	531.9	463.2	412.2
Growth	+16%	-17%	+15%	+12%	—
Net Income	-93.2	45.1	139.2	140.6	141.9
Net Margin	-18.30%	10.24%	26.17%	30.35%	34.42%

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	117.4	144.1	145.6	122.8	93.4	110.7	109.9	130.0	92.5	116.2	186.2	123.5
Growth	-19%	-1%	+19%	+32%	-16%	+1%	-15%	+41%	-20%	-38%	+51%	—
Net Income	-46.3	-20.0	-20.6	-20.3	-34.8	-13.6	9.2	38.7	14.9	34.2	48.8	36.1
Net Margin	-39.45%	-13.89%	-14.14%	-16.55%	-37.25%	-12.24%	8.36%	29.76%	16.12%	29.43%	26.20%	29.28%

Drivers of TNH's profit

TTM

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

Gross profit ↓ 65.9bn

Finance costs ↑ 26.7bn

Administrative expenses ↑ 24.8bn

TTM

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

Administrative expenses ↑ 5.3bn

Finance costs ↑ 3.1bn

Gross profit ↓ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.0% = -0.1% × 0.19 × 1.37

2026Q1 -6.1% = -20.2% × 0.19 × 1.59

ROE fell from -0.0% to -6.1% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: -20.2% -20.1pp Asset turnover: 0.19x +0.00x Leverage: 1.59x +0.22x

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 -20.24%, losing 20.1pp. The main pressure comes from Gross margin fell 15.7pp and SG&A / Revenue rose 3.6pp (in addition, Other profit / Revenue rose 0.9pp added support while Net financial result / Revenue fell 2.5pp 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 -20.24% −20.1pp

Gross Margin 4.40% −15.7pp

SG&A / Revenue 16.11% +3.6pp

Non-core / Revenue -8.15% −1.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.6pp, financial result still accounts for 41.0% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at -3.84%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently -3.84% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -3.84% —

NOPAT Margin -19.44% —

Capital Turnover 0.20x +0.00x

Average Invested Capital 2,681.4bn +411.3bn

Balance Sheet

Capital structure is balanced — liabilities at 0.64x equity, net debt at 0.67x equity.

Over the last 12 months, working capital released 37.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +42.0bn

Inventories increased → lower CFO: −10.1bn

Payables increased → higher CFO: +5.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.0 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO fell 1.9 days, and DPO rose 2.8 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Inventory turnover is slowing

DIO increased by +0.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 7.9 days −1.9 days

Inventory 14.2 days +0.6 days

Payables 18.5 days +2.8 days

Cash Conversion Cycle 3.6 days −4.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 471.4bn due to capex of 477.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.67x and interest coverage only at -2.03x.

At present, short-term debt accounts for 18.0% of total debt, cash equals 4.2% of debt, and total debt stands at 1,191.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is -2.03x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.67x +0.28x

Interest Coverage -2.03x −2.38x

Cash / Debt 4.2% −6.5pp

Short-term Debt / Total Debt 18.0% +6.6pp

CFO / NI -0.06x −7.49x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -47.9bn in 2025, against investing cash flow of -341.0bn.

Post-investment cash flow was negative +388.9bn. Financing cash flow was positive +387.0bn.

CFO / net income was -0.06x.

After spending +477.9bn on fixed-asset investment, the business generated trailing free cash flow of −471.4bn.

Cash Conversion

CFO TTM 6.5bn +9.1bn

Cash Capex 477.9bn −68.8bn

FCF TTM −471.4bn +77.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 20.1 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 77.9bn versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 40.8% of PBT and CFO / net income currently at -0.06x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -20.24% after a 20.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	509.5	440.2	531.9	463.2	412.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	509.5	440.2	531.9	463.2	412.2
Cost of Goods Sold	481.6	319.2	313.7	252.7	0.0
Gross Profit	28.0	121.0	218.3	210.5	210.5
Financial Income	8.9	0.1	1.9	0.0	0.0
Financial Expenses	46.0	18.1	26.5	37.4	-42.0
Interest Expense	46.0	18.1	26.5	37.4	-41.1
Share of Associates and Joint Ventures	—	0.0	-6.7	0.0	-0.0
Selling Expenses	7.6	3.0	2.1	0.0	-0.0
General and Administrative Expenses	73.4	44.8	31.2	27.4	-21.9
Operating Profit	-90.1	55.2	153.7	145.7	146.6
Other Income	0.5	1.2	0.6	0.3	0.0
Other Expenses	1.5	4.9	1.3	1.0	0.0
Other Profit	-1.0	-3.7	-0.7	-0.7	0.2
Profit Before Tax	-91.2	51.4	153.0	145.1	146.8
Current Income Tax Expense	2.1	6.4	13.8	4.5	-5.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-93.2	45.1	139.2	140.6	141.9
Non-controlling Interest	-0.1	-0.2	-0.1	0.0	-0.0
Profit Attributable to Parent	-93.1	45.3	139.3	140.6	141.9
Earnings per Share	-562.00	346.00	1,431.00	2,710.00	3,419.00
Diluted EPS	-561.71	314.06	1,452.88	1,408.00	3,418.80

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	246.1	298.0	620.3	192.8	193.4
I. Cash and cash equivalents	53.7	55.6	201.3	73.8	133.6
1. Cash	53.7	55.6	201.3	73.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	154.1	220.5	400.5	103.6	47.7
1. Short-term trade accounts receivable	27.6	14.2	13.1	15.7	0.0
2. Short-term prepayments to suppliers	126.3	204.2	387.2	87.8	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	0.2	2.1	0.1	0.1	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	29.9	13.9	14.6	14.9	11.9
1. Inventories	29.9	13.9	14.6	14.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.5	8.0	3.8	0.5	0.3
1. Short-term prepayments	3.7	3.9	1.1	0.5	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	4.6	4.0	2.7	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)	2,627.3	2,246.0	1,510.3	1,201.4	1,092.2
I. Long-term receivables	96.0	96.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	96.0	96.0	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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,777.1	1,760.0	1,006.5	1,049.6	955.6
1. Tangible fixed assets	1,661.8	1,681.4	925.1	968.1	941.1
- Cost	1,917.3	1,869.4	1,070.3	1,075.3	0.0
- Accumulated depreciation	-255.5	-188.0	-145.2	-107.2	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	115.3	78.6	81.4	81.4	14.5
- Cost	129.4	88.4	88.4	86.0	0.0
- Accumulated depreciation	-14.1	-9.8	-7.0	-4.6	0.0
III. Investment properties	—	0.0	36.0	35.9	36.8
- Cost	—	0.0	38.6	37.6	0.0
- Accumulated depreciation	—	0.0	-2.6	-1.7	0.0
IV. Long-term assets in progress	677.5	288.2	433.2	5.9	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	677.5	288.2	433.2	5.9	0.0
V. Long-term financial investments	0.0	20.0	10.0	96.0	74.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	96.0	0.0
3. Investments in other entities	0.0	20.0	10.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	76.6	81.9	24.6	14.0	0.0
1. Long-term prepayments	76.6	81.9	24.6	14.0	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	25.2
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)	2,873.4	2,544.1	2,130.6	1,394.1	1,285.7
A. LIABILITIES (300=210+330)	1,118.1	695.1	407.0	473.3	506.3
I. Short -term liabilities	274.2	161.9	224.2	284.4	167.8
1. Short-term trade accounts payable	51.5	24.1	12.9	15.1	22.0
2. Short-term advances from customers	1.2	1.1	1.0	4.0	1.4
3. Taxes and other payables to state authorities	2.6	1.5	3.6	1.7	0.0
4. Payable to employees	17.4	12.3	7.9	5.0	0.0
5. Short-term acrrued expenses	2.8	1.9	1.5	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.2	0.3	0.0	0.0	0.0
10. Short-term borrowings and financial leases	197.4	120.7	197.3	258.6	136.7
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	843.9	533.1	182.8	188.9	338.5
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	—	0.0	0.0	7.3	7.5
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	843.9	533.1	182.8	181.7	331.0
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	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,755.3	1,849.0	1,723.5	920.8	779.4
I. Owner's equity	1,755.3	1,849.0	1,723.5	920.8	0.0
1. Owner's capital	1,658.0	1,441.8	958.7	518.7	779.4
- Common stock with voting right	1,657,999,430,000.00	1,441,812,700,000.00	958,746,100,000.00	518,749,980,000.00	415,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	42.7	258.9	259.0	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	-480,000,000.00	0.00	-700,000,000.00	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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	7.2	100.3	389.9	402.1	364.4
- Accumulated retained earning at the end of the previous period	100.3	55.0	250.7	261.5	222.5
- Undistributed earnings in this period	-93.1	45.3	139.3	140.6	141.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	47.9	48.0	116.6	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,873.4	2,544.1	2,130.6	1,394.1	1,285.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	-91.2	51.4	153.0	145.1	146.8
Depreciation of Fixed Assets and Investment Property	72.5	46.6	42.1	41.8	32.4
Provision (Increase)/Reversal	—	0.0	0.0	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	-7.7	4.4	4.8	-0.0	0.0
Interest Expense	46.0	18.1	26.5	36.6	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	19.7	120.5	226.5	223.5	210.1
Increase/(Decrease) in Receivables	-24.7	-96.2	-60.4	-55.7	0.0
Increase/(Decrease) in Inventory	-16.0	0.8	0.2	-3.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.9	12.2	-4.7	72.2	0.0
Increase/(Decrease) in Prepaid Expenses	5.4	-60.0	-5.9	11.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-45.2	-18.1	-26.1	-37.6	0.0
Corporate Income Tax Paid	-0.0	-10.3	-13.1	-4.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-47.9	-51.1	116.5	206.0	262.1
Payments for Fixed Assets and Other Long-term Assets	-369.2	-438.9	-412.6	-217.1	-120.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	54.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	-81.5	-114.7	-96.0	-36.2
Proceeds from Investments in Other Entities	28.2	0.0	0.0	74.7	0.0
Dividends and Interest Income Received	—	0.0	1.9	0.0	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	-341.0	-520.4	-471.4	-238.3	-156.5
Proceeds from Equity Issuance and Capital Contributions	—	152,020,000,000.00	543,342,980,000.00	0.00	0.00
Share Repurchases	-480,000,000.00	0.00	-700,000,000.00	0.00	0.00
Proceeds from Borrowings	663.7	650.7	375.2	402.3	215.0
Repayment of Borrowings	-276.2	-376.9	-435.4	-429.7	-220.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
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	387.0	425.9	482.4	-27.4	-5.7
Net Cash Flow During the Period	-2.0	-145.7	127.5	-59.8	57.9
Cash and Cash Equivalents at Beginning of Period	55.6	201.3	73.8	133.6	23.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	53.7	55.6	201.3	73.8	133.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	117.4	144.1	145.6	122.8	93.4	110.7	109.9	130.0	92.5	116.2	186.2	123.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	117.4	144.1	145.6	122.8	93.4	110.7	109.9	130.0	92.5	116.2	186.2	123.5
Cost of Goods Sold	127.2	135.4	131.9	112.2	101.0	93.6	83.9	76.4	65.4	66.0	120.3	64.7
Gross Profit	-9.8	8.7	13.7	10.7	-7.6	17.1	26.1	53.6	27.1	50.1	65.9	58.8
Financial Income	0.0	8.2	0.0	0.5	0.2	0.0	0.0	0.0	0.0	0.8	1.0	0.1
Financial Expenses	13.9	13.4	12.6	11.8	10.8	6.8	3.8	3.6	3.7	3.1	4.5	9.1
Interest Expense	13.9	13.4	12.6	11.8	10.8	6.8	3.8	3.6	3.7	3.1	4.5	9.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.2	2.4	2.2	1.7	1.2	0.8	0.7	0.9	0.7	0.0	0.0	0.0
General and Administrative Expenses	20.4	20.0	19.1	17.5	15.1	19.1	11.1	6.8	6.6	8.3	9.6	8.8
Operating Profit	-46.3	-18.9	-20.1	-19.7	-34.5	-9.5	10.4	42.3	16.3	39.6	52.7	40.9
Other Income	0.1	0.0	0.4	0.1	0.3	0.0	0.5	0.4	0.3	0.1	0.2	0.0
Other Expenses	0.0	0.5	0.2	0.1	0.6	3.6	0.4	0.9	0.0	0.8	0.0	0.4
Other Profit	0.1	-0.5	0.2	-0.1	-0.3	-3.5	0.1	-0.5	0.2	-0.8	0.2	-0.4
Profit Before Tax	-46.1	-19.4	-19.9	-19.7	-34.8	-13.0	10.5	41.8	16.5	38.8	52.9	40.5
Current Income Tax Expense	0.2	0.6	0.6	0.6	—	0.5	1.4	3.1	1.6	2.9	4.2	4.4
Deferred Income Tax Expense	—	—	0.0	—	—	0.0	0.0	0.0	0.0	1.7	0.0	0.0
Net Income	-46.3	-20.0	-20.6	-20.3	-34.8	-13.6	9.2	38.7	14.9	34.2	48.8	36.1
Non-controlling Interest	-0.0	-0.1	-0.0	-0.1	-0.0	0.0	-0.1	-0.0	-0.1	0.0	0.0	0.0
Profit Attributable to Parent	-46.3	-19.9	-20.6	-20.3	-34.8	-13.6	9.2	38.7	15.0	34.2	48.8	36.1
Earnings per Share	-279.00	-124.00	-143.00	-141.00	-241.00	-94.00	84.00	351.00	135.00	490.00	509.00	377.00
Diluted EPS	-279.24	-120.32	-142.69	-140.67	-241.05	-94.01	83.94	351.14	135.85	356.55	508.88	377.02

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)	199.1	251.3	276.6	347.8	374.5	404.8	338.9	418.4	495.8	620.1	419.9	635.2
I. Cash and cash equivalents	49.4	53.7	36.1	42.4	83.3	56.8	47.3	21.5	81.7	201.3	162.4	496.6
1. Cash	49.4	53.7	36.1	42.4	31.3	56.8	47.3	21.5	81.7	201.3	32.4	466.6
2. Cash equivalents	—	—	—	—	52.0	0.0	0.0	0.0	0.0	0.0	130.0	30.0
II. Short-term financial investments	—	5.0	—	—	—	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	—	5.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	116.9	154.2	209.0	282.9	268.7	318.6	263.2	381.1	398.5	400.5	240.9	125.3
1. Short-term trade accounts receivable	7.4	27.7	28.4	29.6	15.5	17.2	24.2	21.8	8.3	13.1	33.3	27.0
2. Short-term prepayments to suppliers	108.4	126.3	178.3	248.4	249.2	299.3	237.8	358.3	390.2	387.2	207.1	98.2
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	1.1	0.2	2.3	4.9	4.1	2.1	1.1	1.0	0.1	0.1	0.5	0.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	24.7	29.8	23.0	14.5	14.6	13.9	15.8	11.4	11.7	14.6	14.3	12.0
1. Inventories	24.7	29.8	23.0	14.5	14.6	13.9	15.8	11.4	11.7	14.6	14.3	12.0
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	8.1	8.6	8.5	8.0	7.8	15.5	12.6	4.4	3.9	3.6	2.3	1.3
1. Short-term prepayments	3.2	3.8	4.4	4.7	3.9	11.6	9.7	1.4	1.3	0.9	1.5	1.3
2. Value added tax to be reclaimed	0.1	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	4.9	4.6	3.9	3.2	3.9	3.9	2.9	3.0	2.6	2.7	0.8	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,757.1	2,624.8	2,510.9	2,387.8	2,259.6	2,141.7	2,175.0	1,916.2	1,635.3	1,515.8	1,536.8	1,464.3
I. Long-term receivables	96.0	96.0	96.0	96.0	96.0	0.0	82.5	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	96.0	96.0	96.0	96.0	96.0	0.0	82.5	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,774.5	1,782.9	1,766.4	1,780.8	1,760.7	1,700.0	1,078.7	1,083.2	978.5	1,003.6	1,019.5	1,025.0
1. Tangible fixed assets	1,650.8	1,667.6	1,650.1	1,663.1	1,675.2	1,621.4	999.4	1,003.2	897.8	923.8	939.2	944.6
- Cost	1,923.7	—	—	—	—	1,805.9	1,173.5	1,166.9	1,052.8	1,069.0	1,074.5	1,069.9
- Accumulated depreciation	-272.9	—	—	—	—	-184.4	-174.2	-163.8	-155.0	-145.2	-135.3	-125.3
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	123.7	115.3	116.3	117.6	85.5	78.6	79.3	80.0	80.7	79.7	80.2	80.4
- Cost	139.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	56.0	56.1	56.3	56.8	36.0	36.3	35.5
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	817.0	669.3	548.9	403.2	306.7	283.8	877.9	704.8	543.3	433.8	365.4	295.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	817.0	669.3	548.9	403.2	306.7	283.8	877.9	704.8	543.3	433.8	365.4	295.5
V. Long-term financial investments	0.0	0.0	20.0	20.0	20.0	20.0	10.0	10.0	10.0	10.0	96.0	96.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	96.0	96.0
3. Investments in other entities	0.0	0.0	20.0	20.0	20.0	20.0	10.0	10.0	10.0	10.0	0.0	0.0
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	—	—	—	—	—	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	69.7	76.5	79.6	87.8	76.3	81.9	69.7	62.0	46.7	24.6	19.6	12.4
1. Long-term prepayments	69.7	76.5	79.6	87.8	76.3	81.9	69.7	62.0	46.7	24.6	19.6	12.4
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	7.9	0.0	0.0
TOTAL ASSETS (280=100+200)	2,956.3	2,876.1	2,787.6	2,735.7	2,634.1	2,546.5	2,513.9	2,334.7	2,131.2	2,135.8	1,956.7	2,099.5
A. LIABILITIES (300=210+330)	1,247.3	1,122.2	1,013.7	942.3	820.4	693.3	799.2	629.0	464.2	406.6	377.6	574.8
I. Short -term liabilities	270.7	278.2	217.0	199.7	127.6	161.9	288.3	270.0	218.9	222.1	199.6	298.9
1. Short-term trade accounts payable	30.9	51.6	34.6	27.6	20.4	23.5	18.2	18.6	10.1	12.7	14.0	15.4
2. Short-term advances from customers	1.6	2.2	2.3	1.6	1.6	1.1	1.1	1.2	1.2	1.0	1.1	1.2
3. Taxes and other payables to state authorities	0.8	2.4	2.3	1.4	1.2	1.5	2.1	3.3	1.9	2.6	5.5	2.4
4. Payable to employees	17.4	17.4	17.5	15.0	13.7	12.3	10.9	9.7	8.2	7.9	8.3	6.3
5. Short-term acrrued expenses	2.9	2.0	1.6	2.0	1.6	0.8	0.6	0.5	0.0	0.6	0.9	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.0
9. Other short-term payables	2.0	0.2	0.2	1.6	0.2	0.3	0.2	0.6	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	214.6	202.3	158.4	150.5	88.9	122.4	255.3	236.1	197.6	197.3	169.6	273.5
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	976.6	844.0	796.7	742.6	692.8	531.4	511.0	359.0	245.3	184.5	178.0	275.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	6.9	7.2
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	976.6	844.0	796.7	742.6	692.8	531.4	511.0	359.0	245.3	182.8	171.1	268.7
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	1.7	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)	1,709.0	1,753.8	1,773.8	1,793.4	1,813.7	1,853.1	1,714.6	1,705.6	1,666.9	1,729.2	1,579.1	1,524.8
I. Owner's equity	1,709.0	1,753.8	1,773.8	1,793.4	1,813.7	1,853.1	1,714.6	1,705.6	1,666.9	1,729.2	1,579.1	1,524.8
1. Owner's capital	1,658.0	1,658.0	1,441.8	1,441.8	1,441.8	1,441.8	1,101.7	1,102.4	1,102.4	958.7	958.7	958.7
- Common stock with voting right	1,657,999,430,000.00	1,657,999,430,000.00	1,441,812,700,000.00	1,441,812,700,000.00	1,441,812,700,000.00	1,441,812,700,000.00	1,101,745,800,000.00	1,102,445,800,000.00	1,102,445,800,000.00	958,746,100,000.00	958,746,100,000.00	958,746,100,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	42.7	42.7	258.9	258.9	258.9	259.0	259.0	259.0	259.0	259.0	259.0	259.0
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	-480,000,000.00	-480,000,000.00	-480,000,000.00	-480,000,000.00	-480,000,000.00	0.00	0.00	-700,000,000.00	-700,000,000.00	-700,000,000.00	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-39.1	5.8	25.7	45.3	65.5	104.2	305.9	296.8	258.1	395.6	361.4	307.0
- Accumulated retained earning at the end of the previous period	7.2	100.3	100.3	100.3	100.3	54.9	243.1	243.1	246.2	250.7	250.7	246.4
- Undistributed earnings in this period	-46.3	-94.5	-74.6	-55.0	-34.8	49.2	62.8	53.7	11.9	144.9	110.7	60.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	47.9	47.9	47.9	47.9	48.0	48.2	48.1	48.1	48.1	116.6	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,956.3	2,876.1	2,787.6	2,735.7	2,634.1	2,546.5	2,513.9	2,334.7	2,131.2	2,135.8	1,956.7	2,099.5

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
Profit Before Tax	-46.1	-17.8	-19.9	-18.6	-34.8	-13.0	10.5	41.6	16.5	32.5	52.9	40.8
Depreciation of Fixed Assets and Investment Property	18.6	19.5	17.8	17.8	17.5	15.1	12.0	10.1	10.6	11.3	10.1	10.6
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-7.0	-1.2	0.1	0.4	3.4	-0.0	0.9	-0.0	5.9	-1.0	-0.1
Interest Expense	13.9	11.9	12.6	10.7	10.8	6.8	3.8	3.8	3.7	3.1	4.5	9.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-13.6	6.6	9.2	10.0	-6.1	12.3	26.3	56.5	30.7	52.7	66.6	60.8
Increase/(Decrease) in Receivables	18.6	-36.3	65.9	-6.3	-48.1	130.1	15.6	-122.3	5.1	-41.6	-7.1	-9.4
Increase/(Decrease) in Inventory	5.2	-6.9	-8.5	0.1	-0.7	1.9	-4.3	0.3	2.9	-0.3	-2.3	-1.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.7	-2.3	9.2	9.3	-3.3	1.9	3.9	4.1	-3.0	-2.8	-1.5	0.7
Increase/(Decrease) in Prepaid Expenses	7.5	3.7	8.5	-12.4	5.6	-14.1	-15.9	-15.4	-22.3	-4.7	-7.4	3.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.6	-12.0	-11.8	-11.4	-10.0	-6.4	-4.1	-3.0	-4.6	-3.4	-4.2	-9.1
Corporate Income Tax Paid	-1.5	-0.0	—	—	—	-2.4	-3.1	-2.0	-3.3	-6.0	-1.0	-4.6
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	0.0	0.0
Net Cash Flow from Operating Activities	-8.1	-47.1	72.4	-10.7	-62.5	123.4	18.3	-81.8	5.5	-6.1	43.0	40.4
Payments for Fixed Assets and Other Long-term Assets	-145.9	-47.8	-142.7	-141.5	-37.2	-215.1	-163.7	-130.6	-116.5	66.2	-176.7	-176.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-1.2	1.2	-0.0	0.0	0.0	0.0	0.0	0.0	54.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	61.5	0.0	0.0	-71.5	-114.7	0.0	0.0
Proceeds from Investments in Other Entities	—	28.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	—	0.6	—	0.2	0.0	0.0	-0.0	0.0	0.8	1.0	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	-145.9	-21.5	-140.8	-141.6	-37.1	-153.6	-163.6	-130.6	-188.0	6.3	-175.7	-176.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	152,020,000,000.00	0.00	0.00	0.00	0.00	0.00	543,342,980,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	-700,000,000.00	0.00	0.00
Proceeds from Borrowings	234.0	155.2	141.7	168.9	197.9	94.8	228.4	219.2	108.4	78.7	53.1	128.6
Repayment of Borrowings	-84.2	-69.0	-79.6	-57.5	-70.1	-207.1	-57.2	-67.0	-45.6	-39.4	-254.6	-77.2
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	149.8	86.2	62.1	111.4	127.3	39.7	171.1	152.2	62.8	38.6	-201.5	594.7
Net Cash Flow During the Period	-4.2	17.5	-6.3	-40.9	27.7	9.5	25.8	-60.2	-119.6	38.8	-334.1	459.0
Cash and Cash Equivalents at Beginning of Period	53.7	36.1	42.4	83.3	55.6	201.3	201.3	201.3	201.3	73.8	73.8	73.8
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	49.4	53.7	36.1	42.4	83.3	56.8	47.3	21.5	81.7	201.3	162.4	496.6

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TNH

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