TS4

Thủy sản Số 4 ·UPCOM ·2024Q4

▲ Showing improvement

Operating efficiency is improving Net margin −54.30%, +643.18pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -268

BVPS -32,084

ROE 0.8%

ROA -1.5%

Profit Margin -54.3%

Asset Turnover 0.03x

Equity Mult. -0.57x

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

What Is Changing

On a TTM 2024Q4 basis, TS4 posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 8bn
	                                
−90.3%YoY

	                            
	                                NET MARGIN
	                            
	                                    −54.30%
	                                
+643.2ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 4bn
	                                
+99.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.76x
	                                
negative cash flow vs profit

Metric	2024	2023	2022	2021	2020
Revenue	7.9	81.7	30.0	87.9	388.6
Growth	-90%	+173%	-66%	-77%	—
Net Income	-4.3	-569.9	-12.9	-21.7	-96.3
Net Margin	-54.30%	-697.36%	-43.10%	-24.71%	-24.78%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	1.8	2.2	2.2	1.7	0.2	6.7	21.0	53.8	1.4	14.5	9.3	4.7
Growth	-21%	-1%	+33%	+672%	-97%	-68%	-61%	+3670%	-90%	+56%	+97%	—
Net Income	-2.6	0.8	-1.9	-0.7	-1.9	-2.6	0.1	-565.6	-1.7	-8.0	-3.2	-0.2
Net Margin	-145.77%	34.57%	-83.15%	-38.47%	-848.40%	-39.34%	0.58%	-1051.13%	-115.66%	-55.44%	-33.93%	-3.61%

Drivers of TS4's profit

TTM

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

Gross profit ↑ 564.3bn

TTM

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

Gross profit ↓ 0.5bn

Administrative expenses ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q4 248.5% = -697.5% × 0.14 × -2.63

2024Q4 0.8% = -54.3% × 0.03 × -0.57

ROE fell from 248.5% to 0.8% — asset turnover weakened the most, though net margin and leverage still provided support.

Net margin: -54.3% +643.2pp Asset turnover: 0.03x -0.11x Leverage: -0.57x +2.06x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -54.30%, rising 643.2pp. Core operating signals are improving as Gross margin rose 701.8pp are enough to offset pressure from SG&A / Revenue rose 44.2pp (with lingering pressure from Net financial result / Revenue fell 13.8pp and Other profit / Revenue fell 0.7pp).

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

Profitability trend

Net Margin -54.30% +643.2pp

Gross Margin 12.60% +701.8pp

SG&A / Revenue 51.58% +44.2pp

TTM YoY · 2023Q4 -> 2024Q4

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to -1441.2 days.

Is capital being deployed efficiently?

ROIC expanded to -31.17%, rising 144.4pp. That translates to -31.17 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 643.9pp and capital turnover rose 0.33x, while invested capital contracted by 311bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation, but with ROIC still at a low level, several more periods in the same direction are needed to confirm a substantive shift.

Watchpoints

ROIC remains low

ROIC is currently -31.17% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -31.17% +144.4pp

NOPAT Margin -53.50% +643.9pp

Capital Turnover 0.58x +0.33x

Average Invested Capital 13.6bn −310.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at -1.56x equity, with a net cash position equivalent to 1.02x equity.

Inventory ended the period at 75.2bn, roughly 26.0% of total assets.

Over the last 12 months, working capital released 3.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −0.9bn

Inventories increased → lower CFO: −4.2bn

Payables increased → higher CFO: +8.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1843.1 days versus the same period last year. The main moves came from DIO rose 3640.4 days, DSO rose 2584.4 days, and DPO rose 8067.9 days.

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

Watchpoints

Receivables collection is slowing

DSO increased by +2584.4 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +3640.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 2862.1 days +2584.4 days

Inventory 3852.6 days +3640.4 days

Payables 8155.9 days +8067.9 days

Cash Conversion Cycle -1441.2 days −1843.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 3.2bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -1.02x and interest coverage only at -3.36x.

At present, short-term debt accounts for 92.9% of total debt, cash equals 0.1% of debt, and total debt stands at 528.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is -3.36x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 92.9% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -1.02x +0.01x

Interest Coverage -3.36x +707.01x

Cash / Debt 0.1% −0.0pp

Short-term Debt / Total Debt 92.9% +0.4pp

CFO / NI -0.76x −0.67x

TTM YoY · 2023Q4 -> 2024Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3.2bn in 2024, against investing cash flow of -1.2bn.

Post-investment cash flow was positive +2.1bn. Financing cash flow was negative +2.3bn.

CFO / net income was -0.76x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of +3.2bn.

Cash Conversion

CFO TTM 3.2bn −44.3bn

Cash Capex 0.0bn −1.5bn

FCF TTM +3.2bn −42.8bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 643.2 pp. The next item to monitor is the earnings mix, when non-core contribution is 26.7%. The main risk still sits in capital efficiency remains weak, with ROIC at -31.2%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -54.30% after expanding 643.2pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 26.7% of PBT and CFO / net income currently at -0.76x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	7.9	83.2	30.0	87.9	388.7
Revenue Deductions	0.0	1.5	0.0	0.0	0.0
Net Revenue	7.9	81.7	30.0	87.9	388.6
Cost of Goods Sold	6.9	645.0	18.5	0.0	0.0
Gross Profit	1.0	-563.3	11.5	-15.5	-34.6
Financial Income	0.1	0.2	0.1	0.2	2.3
Financial Expenses	1.3	0.8	19.0	-0.0	-33.8
Interest Expense	1.3	0.8	19.0	0.0	-33.5
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	2.5	2.6	-2.7	-10.2
General and Administrative Expenses	4.1	3.5	2.9	-3.7	-7.2
Operating Profit	-4.2	-569.9	-12.9	-21.7	-83.4
Other Income	0.0	0.0	0.2	0.0	0.0
Other Expenses	0.1	0.0	0.2	0.0	0.0
Other Profit	-0.1	0.0	-0.0	-0.0	-12.2
Profit Before Tax	-4.3	-569.9	-12.9	-21.7	-95.6
Current Income Tax Expense	0.0	0.0	0.0	-0.0	-0.7
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	-4.3	-569.9	-12.9	-21.7	-96.3
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-4.3	-569.9	-12.9	-21.7	-96.3
Earnings per Share	-268.00	-35,505.00	-799.17	-1,267.33	-5,984.00
Diluted EPS	-268.00	-35,505.00	-799.17	-1,344.59	-5,957.39

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	136.9	131.9	742.0	746.3	802.7
I. Cash and cash equivalents	0.4	0.5	0.3	0.2	0.3
1. Cash	0.4	0.5	0.3	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	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
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	52.9	51.4	52.7	68.6	165.3
1. Short-term trade accounts receivable	62.2	62.0	62.3	0.0	0.0
2. Short-term prepayments to suppliers	0.2	0.2	1.0	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.4	4.1	4.4	0.0	0.0
7. Provision for short-term doubtful debts (*)	-14.9	-14.9	-14.9	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	75.2	71.0	679.0	667.4	627.5
1. Inventories	75.2	71.0	679.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	8.5	9.0	10.0	10.2	9.6
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	8.4	8.9	9.8	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.1	0.1	0.1	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	151.8	164.4	166.6	197.5	187.4
I. Long-term receivables	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
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	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
II. Fixed assets	136.3	149.0	151.1	163.4	165.5
1. Tangible fixed assets	135.2	138.4	140.5	152.3	154.2
- Cost	266.9	266.9	265.4	0.0	0.0
- Accumulated depreciation	-131.8	-128.6	-124.9	0.0	0.0
2. Financial leased fixed assets	0.0	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
3. Intangible fixed assets	1.2	10.6	10.6	11.1	11.3
- Cost	2.3	11.8	11.8	0.0	0.0
- Accumulated depreciation	-1.2	-1.2	-1.2	0.0	0.0
III. Investment properties	15.4	15.4	15.4	15.4	15.4
- Cost	15.4	15.4	15.4	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	6.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	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
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	18.7	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	288.6	296.3	908.6	943.8	990.1
A. LIABILITIES (300=210+330)	807.1	810.4	853.1	836.8	829.1
I. Short -term liabilities	765.6	767.8	764.4	746.9	705.9
1. Short-term trade accounts payable	154.0	155.3	155.7	157.7	173.7
2. Short-term advances from customers	12.6	13.1	9.3	9.7	9.6
3. Taxes and other payables to state authorities	13.1	13.1	13.2	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	93.3	93.3	93.3	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.2	1.3	1.3	0.0	0.0
10. Short-term borrowings and financial leases	491.4	491.8	491.6	505.7	506.9
11. Provision for short-term liabilities	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
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	41.6	42.5	88.8	89.9	123.1
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	0.5	0.5	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.2	0.0
7. Other long-term liabilities	3.5	2.0	3.5	0.0	0.0
8. Long-term borrowings and financial leases	37.5	40.0	85.2	88.2	95.7
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-518.5	-514.1	55.4	107.1	161.0
I. Owner's equity	-518.5	-514.1	55.4	0.0	0.0
1. Owner's capital	161.6	161.6	161.6	107.1	161.0
- Common stock with voting right	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	88.5	88.5	88.5	88.5	88.5
3. Convertible bond option	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
5. Treasury shares	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	5.5	5.5	5.5	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	5.5	5.5	5.5	0.0	0.0
11. Undistributed earnings after tax	-777.7	-773.3	-203.8	-152.1	-98.2
- Accumulated retained earning at the end of the previous period	-773.3	-771.4	-190.8	-130.4	-2.5
- Undistributed earnings in this period	-4.4	-1.9	-12.9	-21.7	-95.7
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	288.6	296.3	908.6	943.8	990.1

Item	2024	2023	2022	2021	2020
Profit Before Tax	-4.3	-569.9	-12.9	-19.0	-95.6
Depreciation of Fixed Assets and Investment Property	3.2	3.6	1.9	4.1	0.8
Provision (Increase)/Reversal	0.0	0.0	3.9	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	1.2	0.6	18.8	0.0	0.0
Interest Expense	1.3	0.8	19.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1.3	-564.8	30.7	-14.8	-29.9
Increase/(Decrease) in Receivables	-0.9	2.3	1.2	0.0	0.0
Increase/(Decrease) in Inventory	-4.2	608.0	-8.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.7	1.9	18.1	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.6	0.9	0.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-0.8	-19.0	0.0	0.0
Corporate Income Tax Paid	-0.3	0.0	-0.5	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	0.0	-0.1	0.0	0.0
Net Cash Flow from Operating Activities	3.2	47.5	22.6	5.3	68.6
Payments for Fixed Assets and Other Long-term Assets	0.0	-1.5	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	12.1	0.0	0.8
Loans and Purchases of Debt Instruments	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
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-1.2	-0.6	-18.8	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.2	-2.1	-6.7	-3.3	-30.6
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.8	7.1	5.1	3.8	83.0
Repayment of Borrowings	-3.1	-52.4	-20.7	-5.9	-121.6
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.3	-45.2	-15.7	-2.1	-38.6
Net Cash Flow During the Period	-0.2	0.2	0.2	0.0	-0.6
Cash and Cash Equivalents at Beginning of Period	0.5	0.3	0.2	0.3	0.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.4	0.5	0.3	0.2	0.3

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	1.8	2.2	2.2	1.7	1.7	6.7	21.0	53.8	1.4	14.5	9.3	4.7
Revenue Deductions	0.0	0.0	0.0	0.0	1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1.8	2.2	2.2	1.7	0.2	6.7	21.0	53.8	1.4	14.5	9.3	4.7
Cost of Goods Sold	3.6	0.1	2.3	0.9	1.5	7.4	19.0	617.1	2.3	1.1	11.5	3.5
Gross Profit	-1.8	2.1	-0.1	0.8	-1.3	-0.7	2.0	-563.2	-0.9	13.4	-2.2	1.2
Financial Income	0.0	0.1	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.1	0.0	0.0
Financial Expenses	0.3	0.3	0.3	0.3	0.4	0.4	0.0	0.0	0.0	18.5	0.0	0.5
Interest Expense	0.3	0.3	0.3	0.3	0.4	0.4	0.0	0.0	0.0	18.5	0.0	0.5
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.1	1.2	1.2	0.6	1.3	0.6	0.2
General and Administrative Expenses	0.4	1.1	1.4	1.1	0.2	1.5	0.6	1.2	0.1	1.8	0.4	0.8
Operating Profit	-2.6	0.8	-1.8	-0.6	-1.9	-2.6	0.1	-565.6	-1.6	-8.0	-3.2	-0.1
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.2	0.0	0.0	0.0
Other Profit	0.0	0.0	-0.0	-0.0	0.0	-0.1	-0.0	0.0	-0.0	0.0	0.0	0.0
Profit Before Tax	-2.6	0.8	-1.9	-0.7	-1.9	-2.6	0.1	-565.6	-1.7	-8.0	-3.2	-0.1
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-2.6	0.8	-1.9	-0.7	-1.9	-2.6	0.1	-565.6	-1.7	-8.0	-3.2	-0.2
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.6	0.8	-1.9	-0.7	-1.9	-2.6	0.1	-565.6	-1.7	-8.0	-3.2	-0.2
Earnings per Share	-159.00	48.00	-116.00	-41.00	-116.00	-164.00	8.00	-35,000.72	-102.16	-497.63	-195.38	-10.54
Diluted EPS	-268.00	48.00	-116.00	-41.00	-116.00	-164.00	8.00	-35,000.72	-102.16	-497.63	-195.38	-10.54

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	136.9	140.6	139.0	131.4	131.9	131.8	137.2	140.8	742.0	747.2	740.4	736.2
I. Cash and cash equivalents	0.4	0.8	0.2	0.3	0.5	0.3	1.0	0.6	0.3	0.2	0.2	0.5
1. Cash	0.4	0.8	0.2	0.3	0.5	0.3	1.0	0.6	0.3	0.2	0.2	0.5
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	52.9	52.8	51.5	52.0	51.4	51.4	54.1	57.7	52.7	52.4	54.9	52.5
1. Short-term trade accounts receivable	62.2	63.4	62.1	62.6	62.0	62.0	62.0	67.1	62.3	62.2	64.5	62.2
2. Short-term prepayments to suppliers	0.2	0.2	0.2	0.2	0.2	0.2	2.6	1.0	1.0	0.7	1.1	0.8
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.4	4.1	4.1	4.1	4.1	4.1	4.4	4.5	4.4	4.4	4.3	4.4
7. Provision for short-term doubtful debts (*)	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-15.0	-15.0
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	75.2	78.6	78.6	70.3	71.0	71.0	73.1	73.4	679.0	684.5	674.8	673.0
1. Inventories	75.2	78.6	78.6	70.3	71.0	71.0	73.1	73.4	679.0	684.5	674.8	673.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	8.5	8.5	8.7	8.9	9.0	9.1	9.1	9.0	10.0	10.1	10.5	10.1
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	8.4	8.4	8.6	8.8	8.9	9.0	9.0	8.9	9.8	10.0	10.3	10.1
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	151.8	151.8	152.7	163.5	164.4	165.3	164.8	165.7	166.6	162.7	176.0	179.6
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	136.3	136.3	137.2	148.1	149.0	149.9	149.3	150.2	151.1	147.3	160.6	164.2
1. Tangible fixed assets	135.2	135.2	136.0	137.5	138.4	139.2	138.7	139.6	140.5	136.7	149.9	153.3
- Cost	266.9	266.9	266.9	266.9	266.9	266.9	265.4	265.4	265.4	265.4	277.5	277.5
- Accumulated depreciation	-131.8	-131.8	-130.9	-129.5	-128.6	-127.7	-126.7	-125.8	-124.9	-128.7	-127.7	-124.2
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.2	1.2	1.2	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.7	10.8
- Cost	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
III. Investment properties	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4
- Cost	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	288.6	292.4	291.6	294.9	296.3	297.1	302.0	306.4	908.6	909.9	916.4	915.8
A. LIABILITIES (300=210+330)	807.1	808.2	808.1	809.4	810.4	809.3	813.1	817.6	853.1	853.1	855.4	851.7
I. Short -term liabilities	765.6	766.1	765.3	765.7	767.8	765.0	766.2	757.8	764.4	763.8	765.1	761.6
1. Short-term trade accounts payable	154.0	155.0	154.9	155.0	155.3	155.0	157.0	157.6	155.7	155.3	161.5	158.0
2. Short-term advances from customers	12.6	12.1	11.6	11.8	13.1	10.7	9.4	9.3	9.3	9.6	9.7	9.7
3. Taxes and other payables to state authorities	13.1	13.1	13.2	12.9	13.1	13.2	13.2	13.0	13.2	13.2	13.2	13.2
4. Payable to employees	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	93.3	93.3	93.3	93.3	93.3	93.3	93.3	85.7	93.3	92.1	74.8	74.8
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.2	1.2	1.2	1.3	1.3	1.3	1.5	1.3	1.3	1.3	1.4	1.4
10. Short-term borrowings and financial leases	491.4	491.4	490.9	491.4	491.8	491.4	491.9	490.9	491.6	492.3	504.5	504.5
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	41.6	42.1	42.8	43.7	42.5	44.4	46.9	59.9	88.8	89.2	90.4	90.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	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	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	3.5	3.5	3.5	3.5	2.0	2.0	2.0	10.7	3.5	3.5	3.1	3.1
8. Long-term borrowings and financial leases	37.5	38.1	38.7	39.7	40.0	41.8	44.4	49.2	85.2	85.7	87.3	87.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-518.5	-515.8	-516.4	-514.5	-514.1	-512.2	-511.1	-511.2	55.4	56.9	61.0	64.1
I. Owner's equity	-518.5	-515.8	-516.4	-514.5	-514.1	-512.2	-511.1	-511.2	55.4	56.9	61.0	64.1
1. Owner's capital	161.6	161.6	161.6	161.6	161.6	161.6	161.6	161.6	161.6	161.6	161.6	161.6
- Common stock with voting right	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00	161,606,460,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	88.5	88.5	88.5	88.5	88.5	88.5	88.5	88.5	88.5	88.5	88.5	88.5
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00	-1,975,998,328.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5
11. Undistributed earnings after tax	-777.7	-775.0	-775.6	-773.7	-773.3	-771.4	-770.3	-770.4	-203.8	-202.3	-198.2	-195.1
- Accumulated retained earning at the end of the previous period	-773.3	-773.3	-771.8	-773.3	-771.4	-770.3	-769.2	-204.8	-190.8	-190.9	-194.9	-194.9
- Undistributed earnings in this period	-4.4	-1.7	-3.8	-0.4	-1.9	-1.1	-1.1	-565.6	-12.9	-11.4	-3.3	-0.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	288.6	292.4	291.6	294.9	296.3	297.1	302.0	306.4	908.6	909.9	916.4	915.8

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	-2.6	0.8	-1.9	-0.7	-1.8	-2.6	0.1	-565.6	-1.5	-8.1	-3.2	-0.1
Depreciation of Fixed Assets and Investment Property	0.0	0.9	1.4	0.9	0.9	1.0	0.9	0.9	-3.8	4.7	0.0	0.9
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-11.0	11.1	3.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.3	0.2	0.3	0.3	0.4	0.2	0.0	-0.0	-0.0	18.4	0.0	0.5
Interest Expense	0.3	0.3	0.3	0.3	0.4	0.4	0.0	0.0	0.0	18.5	0.0	0.5
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-1.9	2.1	0.2	0.9	-0.1	-1.0	1.0	-564.7	-16.3	44.6	0.7	1.7
Increase/(Decrease) in Receivables	-0.1	-1.1	0.6	-0.4	0.1	2.7	3.6	-4.0	-0.2	2.9	-2.7	1.2
Increase/(Decrease) in Inventory	3.4	0.0	-8.3	0.7	0.0	2.1	0.3	605.6	5.5	-9.7	-1.8	-2.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	9.1	-0.3	-0.1	2.7	-0.8	1.5	-1.5	19.0	-5.8	3.5	1.4
Increase/(Decrease) in Prepaid Expenses	0.0	0.2	0.2	0.1	0.1	-0.0	-0.1	0.9	2.9	-0.8	-1.9	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.3	-0.3	-0.3	-0.4	-0.4	0.0	0.0	0.0	-18.5	0.0	-0.5
Corporate Income Tax Paid	-0.3	0.0	0.0	0.0	0.0	0.0	0.5	-0.5	-0.5	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	-4.0	4.0	0.0	0.0
Other Operating Payments	-0.4	0.0	0.3	-0.4	0.1	-0.1	0.0	-0.0	-0.1	0.0	1.3	-1.3
Net Cash Flow from Operating Activities	0.4	10.0	-7.7	0.5	2.5	2.4	6.8	35.8	6.4	16.6	-0.9	0.5
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	-1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	-9.5	9.5	0.0	0.0	0.0	-0.0	0.0	0.0	12.1	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-2.0	2.0	0.0
Dividends and Interest Income Received	-0.3	-0.2	-0.3	-0.3	-0.4	-0.2	-0.0	0.0	0.0	-18.4	0.0	-0.5
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.3	-9.6	9.2	-0.3	-1.9	-0.2	-0.0	0.0	0.0	-8.3	2.0	-0.5
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.4	0.1	0.4	0.0	4.6	-5.4	1.7	6.3	-5.6	7.3	1.8	1.6
Repayment of Borrowings	-0.9	0.1	-1.9	-0.4	-5.1	2.6	-8.0	-41.9	-0.7	-15.6	-3.2	-1.3
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.5	0.2	-1.6	-0.4	-0.5	-2.8	-6.4	-35.6	-6.3	-8.3	-1.4	0.3
Net Cash Flow During the Period	-0.4	0.6	-0.1	-0.2	0.2	-0.6	0.4	0.3	0.2	0.0	-0.3	0.3
Cash and Cash Equivalents at Beginning of Period	0.5	0.5	0.5	0.5	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2
FX Difference from Revaluation	0.0	0.0	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	0.4	0.8	0.2	0.3	0.5	0.3	1.0	0.6	0.3	0.2	0.2	0.5

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TS4

What Is Changing

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Financial Highlights

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What is driving the margin? ▲

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Is capital being deployed efficiently? ▲▲

Balance Sheet ▼

Working Capital Efficiency ▲▲

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Leverage & Liquidity ▼▼

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow