TTA

Đầu tư Xây dựng và Phát triển Trường Thành ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 34.95%, +2.60pp YoY

Price

10,750

Latest close

03 Jun 2026

P/E 6.77x

P/B 0.79x

EPS 1,587

BVPS 13,549

ROE 14.4%

ROA 8.0%

Profit Margin 34.9%

Asset Turnover 0.23x

Equity Mult. 1.81x

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

What Is Changing

On a TTM 2026Q1 basis, TTA is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 958bn
	                                
+29.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 335bn
	                                
+40.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	728.1	734.1	655.5	808.7	661.3
Growth	-1%	+12%	-19%	+22%	—
Net Income	231.6	231.5	101.5	205.0	131.2
Net Margin	31.81%	31.54%	15.48%	25.35%	19.84%

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	172.3	392.1	206.4	187.1	148.9	168.8	227.0	193.5	144.7	153.6	178.0	168.6
Growth	-56%	+90%	+10%	+26%	-12%	-26%	+17%	+34%	-6%	-14%	+6%	—
Net Income	59.7	129.4	80.9	64.7	42.8	37.2	95.0	63.8	35.4	14.8	40.2	30.0
Net Margin	34.66%	33.01%	39.18%	34.60%	28.73%	22.07%	41.84%	32.95%	24.44%	9.67%	22.58%	17.78%

Drivers of TTA's profit

TTM

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

Gross profit ↑ 121.8bn

Finance costs ↑ 20.6bn

TTM

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

Gross profit ↑ 15.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.3% = 32.3% × 0.17 × 2.03

2026Q1 14.4% = 34.9% × 0.23 × 1.81

ROE rose from 11.3% to 14.4% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 34.9% +2.6pp Asset turnover: 0.23x +0.06x Leverage: 1.81x -0.22x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 34.95%, rising 2.6pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 0.6pp (with additional support from Net financial result / Revenue rose 2.2pp and Other profit / Revenue rose 0.5pp).

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

Profitability trend

Net Margin 34.95% +2.6pp

Gross Margin 57.45% −0.6pp

SG&A / Revenue 3.09% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 8.5% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 8.49%, rising 2.4pp. That translates to 8.49 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.1pp and capital turnover rose 0.06x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 8.49% +2.4pp

NOPAT Margin 35.34% +2.1pp

Capital Turnover 0.24x +0.06x

Average Invested Capital 3,986.1bn −71.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.75x equity, net debt at 0.64x equity.

Over the last 12 months, working capital absorbed 223.6bn of cash, mainly because of higher receivables and lower payables.

Working Capital Drivers

Receivables increased → lower CFO: −186.1bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −37.5bn

Working Capital Efficiency

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

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Receivables collection is slowing

DSO increased by +34.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 93.9 days +34.2 days

Inventory — —

Payables 5.6 days +0.8 days

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.64x and interest coverage at 2.27x.

At present, short-term debt accounts for 18.2% of total debt, cash equals 0.3% of debt, and total debt stands at 1,540.2bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 0.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.64x −0.18x

Interest Coverage 2.27x +0.37x

Cash / Debt 0.3% −0.7pp

Short-term Debt / Total Debt 18.2% +2.7pp

CFO / NI 0.63x −0.61x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 236.3bn in 2025, against investing cash flow of -31.4bn.

Post-investment cash flow was positive +204.9bn. Financing cash flow was negative +210.6bn.

CFO / net income was 0.63x.

After spending +51.3bn on fixed-asset investment, the business generated trailing free cash flow of +160.5bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 211.8bn −84.8bn

Cash Capex 51.3bn +40.5bn

FCF TTM +160.5bn −125.4bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.6 pp. The next item to monitor is capital efficiency, with ROIC at 8.5%. The main risk still sits in leverage and liquidity, with interest coverage at 2.27x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 34.95% after expanding 2.6pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.64x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	728.1	734.1	655.5	808.7	661.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	728.1	734.1	655.5	808.7	661.3
Cost of Goods Sold	319.9	310.6	287.6	308.3	0.0
Gross Profit	408.2	423.5	367.8	500.4	373.1
Financial Income	1.1	0.3	0.2	0.1	4.3
Financial Expenses	129.3	142.7	223.1	239.7	-208.6
Interest Expense	128.3	146.1	211.5	191.7	-208.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	26.8	25.7	20.0	20.9	-21.0
Operating Profit	253.3	255.4	124.9	239.9	147.7
Other Income	1.8	0.0	0.7	0.0	0.0
Other Expenses	6.2	6.5	12.4	20.1	0.0
Other Profit	-4.4	-6.5	-11.8	-20.1	-7.7
Profit Before Tax	248.8	248.9	113.1	219.8	140.0
Current Income Tax Expense	17.2	17.3	11.7	14.8	-8.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	231.6	231.5	101.5	205.0	131.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	231.6	231.5	101.5	205.0	131.2
Earnings per Share	104,494.00	1,158.00	420.00	969.00	734.84
Diluted EPS	104,494.00	1,158.00	420.00	969.00	900.15

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	329.8	272.8	196.5	203.1	159.9
I. Cash and cash equivalents	22.0	27.7	3.9	82.5	23.9
1. Cash	22.0	27.7	3.9	82.5	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	306.9	244.6	192.3	118.9	119.1
1. Short-term trade accounts receivable	278.9	110.1	87.0	68.2	0.0
2. Short-term prepayments to suppliers	19.7	10.4	8.4	45.6	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	8.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	124.1	96.9	5.0	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	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.8	0.4	0.3	1.7	16.9
1. Short-term prepayments	0.8	0.4	0.3	1.6	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	3,819.8	3,977.7	4,180.0	4,393.6	4,587.0
I. Long-term receivables	9.5	0.0	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	—	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	9.5	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	3,619.6	3,819.8	4,034.5	4,240.3	4,429.8
1. Tangible fixed assets	3,619.5	3,819.6	4,034.4	4,240.1	4,429.7
- Cost	5,063.3	5,057.8	5,055.7	5,055.7	0.0
- Accumulated depreciation	-1,443.8	-1,238.2	-1,021.3	-815.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	88.8	55.1	46.1	45.7	40.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	88.8	55.1	46.1	45.7	0.0
V. Long-term financial investments	101.7	102.7	99.3	107.4	116.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	115.5	115.5	115.5	115.5	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-14.8	-13.8	-17.2	-9.3	0.0
5. Held to maturity investments	1.0	1.0	1.0	1.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.2	0.1	0.1	0.2	0.0
1. Long-term prepayments	0.2	0.1	0.1	0.2	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	0.1
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)	4,149.6	4,250.5	4,376.5	4,596.6	4,746.9
A. LIABILITIES (300=210+330)	1,784.2	2,071.9	2,394.9	2,681.2	2,989.1
I. Short -term liabilities	390.9	347.2	411.4	404.8	421.6
1. Short-term trade accounts payable	5.2	3.4	5.8	2.5	10.8
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	25.1	19.0	27.4	36.9	0.0
4. Payable to employees	10.1	5.5	5.3	4.5	0.0
5. Short-term acrrued expenses	1.3	1.5	10.9	13.1	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	42.2	34.6	39.3	41.7	0.0
10. Short-term borrowings and financial leases	297.9	273.7	302.3	292.9	346.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.1	9.6	20.4	13.2	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	1,393.3	1,724.7	1,983.5	2,276.4	2,567.5
1. Long-term trade payables	—	0.0	0.0	267.5	375.1
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	125.3	125.3	125.3	125.3	0.0
8. Long-term borrowings and financial leases	1,268.0	1,599.4	1,858.2	1,883.6	2,067.2
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	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)	2,365.4	2,178.6	1,981.6	1,915.4	1,757.8
I. Owner's equity	2,365.4	2,178.6	1,981.6	1,915.4	0.0
1. Owner's capital	1,785.6	1,700.6	1,700.6	1,574.6	1,757.8
- Common stock with voting right	1,785,590,870,000.00	1,700,575,930,000.00	1,700,575,930,000.00	1,574,629,370,000.00	1,457,999,040,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	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	579.8	478.0	281.0	340.8	299.8
- Accumulated retained earning at the end of the previous period	379.2	281.0	204.0	177.5	149.3
- Undistributed earnings in this period	200.6	197.0	77.0	163.3	150.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	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)	4,149.6	4,250.5	4,376.5	4,596.6	4,746.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	248.8	248.9	113.1	219.8	140.0
Depreciation of Fixed Assets and Investment Property	205.6	216.9	205.7	206.0	207.2
Provision (Increase)/Reversal	1.0	-3.5	7.9	9.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	8.2	0.0
Gain/Loss from Investment Activities	-1.2	-0.1	-0.2	-0.1	0.0
Interest Expense	128.3	146.1	211.5	191.7	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	582.5	608.3	538.0	634.9	552.0
Increase/(Decrease) in Receivables	-174.9	-19.6	-9.2	2.7	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.0	-54.3	-305.1	-137.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.5	-0.1	1.4	10.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-128.4	-151.8	-205.1	-193.2	0.0
Corporate Income Tax Paid	-16.1	-16.7	-14.8	-7.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-14.3	-10.9	-3.6	-2.0	0.0
Net Cash Flow from Operating Activities	236.3	355.0	1.6	308.6	206.8
Payments for Fixed Assets and Other Long-term Assets	-39.0	-11.9	0.0	-13.3	-170.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.0	0.0	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	6.0	0.0	0.2	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.1	0.1	0.2	0.1	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	-31.4	-11.8	0.4	-13.1	-170.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	141.3	51.7	322.7	148.3	318.5
Repayment of Borrowings	-351.9	-371.1	-403.3	-385.1	-334.8
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	-210.6	-319.4	-80.6	-236.8	-16.3
Net Cash Flow During the Period	-5.7	23.8	-78.6	58.6	13.1
Cash and Cash Equivalents at Beginning of Period	27.7	3.9	82.5	23.9	4.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	22.0	27.7	3.9	82.5	23.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	172.3	392.1	206.4	187.1	148.9	168.8	227.0	193.5	144.7	153.6	178.0	168.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	172.3	392.1	206.4	187.1	148.9	168.8	227.0	193.5	144.7	153.6	178.0	168.6
Cost of Goods Sold	73.2	175.3	82.6	76.4	64.8	80.2	84.6	80.2	63.2	75.1	79.6	68.5
Gross Profit	99.1	216.7	123.7	110.8	84.1	88.6	142.4	113.3	81.6	78.5	98.4	100.0
Financial Income	0.0	0.6	0.0	0.5	0.0	0.2	0.0	0.0	0.0	0.1	0.0	0.0
Financial Expenses	29.7	64.7	31.5	33.8	30.8	35.2	35.9	37.0	38.0	48.9	50.0	56.4
Interest Expense	29.7	63.7	31.5	33.8	30.8	35.2	35.9	37.0	38.0	48.9	50.0	56.4
Share of Associates and Joint Ventures	—	—	—	—	—	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	0.0	0.0
General and Administrative Expenses	5.7	12.3	5.2	6.3	5.8	8.2	6.5	5.8	4.9	6.7	4.9	4.2
Operating Profit	63.7	140.3	87.1	71.1	47.5	45.4	100.0	70.5	38.7	23.0	43.6	39.4
Other Income	0.0	—	—	0.5	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.7
Other Expenses	0.4	0.9	0.3	2.9	2.3	2.6	1.1	2.4	0.5	4.8	0.4	6.8
Other Profit	-0.4	-0.9	-0.3	-2.4	-1.1	-2.6	-1.1	-2.4	-0.5	-4.8	-0.4	-6.2
Profit Before Tax	63.3	139.4	86.8	68.7	46.4	42.8	99.0	68.1	38.2	18.2	43.2	33.2
Current Income Tax Expense	3.6	10.0	5.9	4.0	3.6	5.6	4.0	4.4	2.8	3.4	3.0	3.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	59.7	129.4	80.9	64.7	42.8	37.2	95.0	63.8	35.4	14.8	40.2	30.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	59.7	129.4	80.9	64.7	42.8	37.2	95.0	63.8	35.4	14.8	40.2	30.0
Earnings per Share	302.00	644.00	385.00	256.00	218.00	173.00	475.00	331.00	178.00	42.00	187.00	153.00
Diluted EPS	302.00	724.75	475.51	380.71	251.61	219.02	558.56	374.96	207.98	87.32	236.42	190.39

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)	365.2	333.1	415.5	350.6	304.7	272.8	304.5	286.5	212.3	196.6	211.0	170.6
I. Cash and cash equivalents	3.9	22.0	36.8	12.0	17.0	27.7	30.4	29.5	6.6	3.9	33.8	1.1
1. Cash	3.9	22.0	36.8	12.0	17.0	27.7	30.4	29.5	6.6	3.9	33.8	1.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	8.0	—	—	—	—	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	8.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	352.5	310.9	377.8	338.4	287.1	244.6	273.6	256.2	204.8	192.4	176.8	169.4
1. Short-term trade accounts receivable	343.6	278.9	255.0	209.0	149.4	110.1	145.6	125.0	92.1	87.0	68.1	74.6
2. Short-term prepayments to suppliers	9.0	19.7	8.1	20.7	13.3	10.4	5.8	7.9	10.1	8.4	6.4	32.1
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	—	8.0	10.5	7.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	4.3	104.2	101.2	124.4	124.1	122.1	123.2	102.6	96.9	102.4	62.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.7	0.2	0.9	0.1	0.6	0.4	0.6	0.8	0.9	0.3	0.4	0.1
1. Short-term prepayments	0.7	0.2	0.6	0.1	0.6	0.4	0.6	0.8	0.9	0.3	0.4	0.1
2. Value added tax to be reclaimed	—	—	0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	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
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)	3,780.7	3,815.8	3,862.1	3,892.5	3,926.5	3,974.3	4,019.0	4,068.7	4,129.0	4,187.9	4,239.5	4,291.0
I. Long-term receivables	—	9.5	12.0	15.0	—	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
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	—	9.5	12.0	15.0	—	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3,568.2	3,619.6	3,671.1	3,722.5	3,768.5	3,819.8	3,868.9	3,920.1	3,983.1	4,034.5	4,086.0	4,137.4
1. Tangible fixed assets	3,568.0	3,619.5	3,670.9	3,722.4	3,768.4	3,819.6	3,868.7	3,920.0	3,983.0	4,034.4	4,085.8	4,137.3
- Cost	5,063.3	—	—	—	—	5,057.8	5,055.7	5,055.7	5,055.7	5,055.7	5,055.7	5,055.7
- Accumulated depreciation	-1,495.3	—	—	—	—	-1,238.2	-1,186.9	-1,135.7	-1,072.7	-1,021.3	-969.8	-918.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.1	—	—	—	—	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
III. Investment properties	—	—	—	—	—	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
IV. Long-term assets in progress	101.1	84.8	76.1	52.1	55.2	55.1	50.7	49.2	46.5	46.1	46.1	46.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	101.1	84.8	76.1	52.1	55.2	55.1	50.7	49.2	46.5	46.1	46.1	46.1
V. Long-term financial investments	111.2	101.7	102.7	102.7	102.7	99.3	99.3	99.3	99.3	107.2	107.4	107.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	115.5	115.5	115.5	115.5	115.5	115.5	115.5	115.5	115.5	115.5	115.5	115.5
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-14.8	-14.8	-13.8	-13.8	-13.8	-17.2	-17.2	-17.2	-17.2	-9.3	-9.3	-9.3
5. Held to maturity investments	10.5	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.2	1.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.1	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term prepayments	0.1	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	4,145.8	4,148.9	4,277.6	4,243.1	4,231.2	4,247.1	4,323.5	4,355.2	4,341.3	4,384.4	4,450.6	4,461.6
A. LIABILITIES (300=210+330)	1,726.5	1,778.8	1,947.6	1,983.8	2,015.5	2,071.3	2,177.2	2,287.1	2,329.5	2,395.6	2,468.8	2,514.8
I. Short -term liabilities	341.5	385.5	397.1	394.3	354.5	346.5	389.8	428.3	408.8	412.0	426.9	408.2
1. Short-term trade accounts payable	9.2	4.6	5.3	3.7	3.4	3.4	3.8	5.7	4.9	5.8	4.9	4.8
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	16.9	25.5	29.0	21.5	13.0	18.3	30.6	35.3	28.5	28.2	29.4	31.0
4. Payable to employees	2.3	4.4	2.5	2.3	2.2	5.5	2.5	1.8	1.9	5.3	1.2	1.7
5. Short-term acrrued expenses	0.2	1.3	0.1	1.1	7.6	1.5	1.3	12.9	2.9	10.9	17.9	5.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	7.5	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	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	24.2	42.6	49.4	52.9	41.1	34.6	51.3	37.5	44.3	39.1	47.9	53.1
10. Short-term borrowings and financial leases	280.5	297.9	299.5	296.2	282.3	273.7	285.5	314.7	298.4	302.3	301.6	288.3
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	8.2	9.1	11.3	16.7	5.0	9.6	14.8	20.4	20.4	20.4	24.0	24.0
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	1,385.0	1,393.3	1,550.5	1,589.5	1,660.9	1,724.7	1,787.4	1,858.8	1,920.7	1,983.5	2,041.9	2,106.6
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	125.3	125.3	125.3	125.3	125.3	125.3	125.3	125.3	125.3	125.3	125.3	125.3
8. Long-term borrowings and financial leases	1,259.7	1,268.0	1,425.2	1,464.2	1,535.6	1,599.4	1,662.1	1,733.5	1,795.3	1,858.2	1,916.6	1,981.3
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)	2,419.3	2,370.1	2,330.1	2,259.3	2,215.7	2,175.8	2,146.4	2,068.0	2,011.8	1,988.9	1,981.8	1,946.8
I. Owner's equity	2,419.3	2,370.1	2,330.1	2,259.3	2,215.7	2,175.8	2,146.4	2,068.0	2,011.8	1,988.9	1,981.8	1,946.8
1. Owner's capital	1,785.6	1,785.6	1,700.6	1,700.6	1,700.6	1,700.6	1,700.6	1,700.6	1,700.6	1,700.6	1,700.6	1,574.6
- Common stock with voting right	1,785,590,870,000.00	1,785,590,870,000.00	1,700,575,930,000.00	1,700,575,930,000.00	1,700,575,930,000.00	1,700,575,930,000.00	1,700,575,930,000.00	1,700,575,930,000.00	1,700,575,930,000.00	1,700,575,930,000.00	1,700,575,930,000.00	1,574,629,370,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	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	633.7	584.6	629.5	558.7	515.1	475.2	445.8	367.5	311.2	288.3	281.2	372.2
- Accumulated retained earning at the end of the previous period	579.8	379.2	464.2	464.2	478.0	281.0	281.0	281.0	65.8	204.0	204.0	330.0
- Undistributed earnings in this period	53.9	205.4	165.3	94.5	37.1	194.2	164.8	86.4	245.5	84.3	77.2	42.2
12. Reserves for investment in construction	—	—	—	—	—	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
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)	4,145.8	4,148.9	4,277.6	4,243.1	4,231.2	4,247.1	4,323.5	4,355.2	4,341.3	4,384.4	4,450.6	4,461.6

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
Profit Before Tax	63.3	47.0	86.8	68.6	46.4	42.8	99.0	65.4	38.2	10.3	43.2	33.2
Depreciation of Fixed Assets and Investment Property	51.5	51.5	51.5	51.5	51.3	51.3	51.3	63.0	51.4	51.4	51.4	51.4
Provision (Increase)/Reversal	—	1.0	—	—	—	0.0	0.0	0.0	0.0	7.9	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	-0.0	-0.6	-0.0	-0.5	-0.1	-0.2	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0
Interest Expense	29.7	32.2	31.5	33.8	30.8	35.2	35.9	37.0	38.0	48.9	50.0	56.4
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	144.4	131.1	169.7	153.4	128.4	129.0	186.1	165.5	127.6	118.4	144.5	141.1
Increase/(Decrease) in Receivables	-53.6	-28.4	-42.6	-61.4	-42.5	29.0	-48.8	-20.0	-12.5	49.1	-66.1	60.3
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-27.6	-11.7	-11.2	13.0	-2.1	-36.1	-4.1	-14.5	0.5	-17.0	-14.1	-10.3
Increase/(Decrease) in Prepaid Expenses	0.1	-0.3	-0.5	0.4	-0.1	0.1	0.2	0.1	-0.6	0.1	-0.2	0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-31.0	-30.9	-31.5	-41.3	-24.7	-33.7	-47.1	-25.9	-45.1	-55.0	-36.7	-71.9
Corporate Income Tax Paid	-11.5	-3.8	0.0	-2.3	-10.0	-5.0	-6.5	-5.2	0.0	0.0	-2.1	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-2.2	-5.3	-2.2	-4.5	-5.2	-5.7	0.0	0.0	-3.6	0.0	0.0
Net Cash Flow from Operating Activities	19.9	53.9	78.6	59.5	44.4	78.1	74.2	100.0	69.9	92.1	25.3	119.7
Payments for Fixed Assets and Other Long-term Assets	-12.3	-12.2	-18.3	-8.5	-0.0	-6.5	-1.7	-2.5	-0.4	0.0	0.0	0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.5	—	0.0	0.0	0.0	0.0	0.0	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	—	5.0	0.0	1.0	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	0.0	0.6	0.0	0.4	0.1	0.2	0.0	0.0	0.0	0.1	0.0	0.0
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	-12.3	-6.6	-18.3	-6.6	0.1	-6.3	-1.7	-2.5	-0.4	0.3	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	60.0	61.5	46.7	27.6	5.5	4.8	1.7	14.3	31.0	12.7	18.2	21.8
Repayment of Borrowings	-85.7	-123.6	-82.2	-85.4	-60.7	-79.3	-73.3	-88.8	-97.7	-135.0	-10.9	-169.6
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	-25.7	-62.1	-35.5	-57.8	-55.2	-74.4	-71.6	-74.5	-66.8	-122.3	7.3	-147.8
Net Cash Flow During the Period	-18.1	-14.8	24.7	-4.9	-10.7	-2.6	0.9	22.9	2.7	-29.9	32.7	-28.1
Cash and Cash Equivalents at Beginning of Period	22.0	36.8	12.1	17.0	27.7	3.9	3.9	3.9	3.9	82.5	82.5	82.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.9	22.0	36.8	12.1	17.0	27.7	30.4	29.5	6.6	3.9	33.8	1.1

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TTA

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