UDC

Đầu tư Xây dựng UDCons ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −21.17%, −9.00pp YoY

Price

2,900

Latest close

03 Jun 2026

P/E -1.70x

P/B 0.79x

EPS -1,703

BVPS 3,650

ROE -37.4%

ROA -6.9%

Profit Margin -20.6%

Asset Turnover 0.33x

Equity Mult. 5.43x

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

What Is Changing

On a TTM 2026Q1 basis, UDC is declining on both revenue and margins simultaneously, showing pressure from multiple directions at once. 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 287bn
	                                
−15.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 61bn
	                                
−46.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    73.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	276.4	344.1	96.0	131.3	303.5
Growth	-20%	+258%	-27%	-57%	—
Net Income	-61.2	-46.7	-79.4	-40.3	-20.6
Net Margin	-22.13%	-13.57%	-82.66%	-30.71%	-6.80%

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	32.8	110.9	68.1	75.0	22.4	192.1	59.5	65.6	24.8	46.7	15.7	15.8
Growth	-70%	+63%	-9%	+234%	-88%	+223%	-9%	+165%	-47%	+197%	-0%	—
Net Income	-9.8	-22.6	-13.3	-15.0	-9.9	-2.0	-15.0	-14.5	-14.9	-19.5	-23.5	-14.3
Net Margin	-29.77%	-20.41%	-19.54%	-20.02%	-44.15%	-1.02%	-25.16%	-22.11%	-60.26%	-41.69%	-149.36%	-90.41%

Drivers of UDC's profit

TTM

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

Administrative expenses ↓ 55.5bn

Other profit ↑ 6.3bn

Gross profit ↓ 70.0bn

Finance costs ↑ 12.8bn

Minority interests ↑ 4.7bn

TTM

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

Gross profit ↑ 2.1bn

Selling expenses ↓ 0.1bn

Finance costs ↑ 1.8bn

Minority interests ↑ 0.5bn

Other profit ↓ 0.2bn

Financial income ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -19.5% = -12.2% × 0.39 × 4.08

2026Q1 -38.4% = -21.2% × 0.33 × 5.43

ROE fell from -19.5% to -38.4% — net margin weakened the most, though leverage still provided support.

Net margin: -21.2% -9.0pp Asset turnover: 0.33x -0.06x Leverage: 5.43x +1.35x

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 -21.17%, losing 9.0pp. The main pressure is Gross margin fell 20.6pp, outweighing the improvement in SG&A / Revenue fell 15.6pp (in addition, Other profit / Revenue rose 1.9pp added support while Net financial result / Revenue fell 6.2pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin -21.17% −9.0pp

Gross Margin -0.17% −20.6pp

SG&A / Revenue 5.44% −15.6pp

Non-core / Revenue -14.93% −4.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 4.3pp, financial result still accounts for 73.4% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.81x +0.03x

Average Invested Capital 353.5bn −81.5bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 5.08x equity, net debt at 1.51x equity.

Inventory ended the period at 214.8bn, roughly 25.7% of total assets.

Over the last 12 months, working capital absorbed 13.6bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −70.9bn

Inventories decreased → higher CFO: +17.3bn

Payables increased → higher CFO: +40.0bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 11.0 days versus the same period last year. The main moves came from DIO fell 31.8 days, DSO rose 64.7 days, and DPO rose 21.9 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 386.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +64.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 154.7 days +64.7 days

Inventory 376.3 days −31.8 days

Payables 145.1 days +21.9 days

Cash Conversion Cycle 386.0 days +11.0 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.51x and interest coverage only at -1.37x.

At present, short-term debt accounts for 92.7% of total debt, cash equals 11.4% of debt, and total debt stands at 217.8bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.51x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -1.37x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.51x +0.46x

Interest Coverage -1.37x −0.32x

Cash / Debt 11.4% +3.5pp

Short-term Debt / Total Debt 92.7% +10.8pp

CFO / NI -0.04x −0.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -20.7bn in 2025, against investing cash flow of 2.7bn.

Post-investment cash flow was negative +18.0bn. Financing cash flow was positive +0.7bn.

CFO / net income was -0.04x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 2.4bn +35.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 9.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 73.1%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 73.1% of PBT and CFO / net income currently at -0.04x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -21.17% after a 9.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	276.4	344.1	96.0	131.3	303.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	276.4	344.1	96.0	131.3	303.5
Cost of Goods Sold	278.9	313.6	112.6	126.3	0.0
Gross Profit	-2.6	30.5	-16.6	5.0	28.1
Financial Income	0.1	0.3	0.7	0.2	0.1
Financial Expenses	41.3	31.0	30.8	23.6	-25.6
Interest Expense	41.3	31.0	30.1	23.6	-25.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.1	1.2	2.6	2.9	-3.0
General and Administrative Expenses	13.8	33.0	18.1	15.4	-19.3
Operating Profit	-57.7	-34.4	-67.4	-36.6	-19.7
Other Income	3.0	2.4	0.8	0.6	0.0
Other Expenses	4.7	11.2	10.3	1.7	0.0
Other Profit	-1.6	-8.8	-9.6	-1.1	1.4
Profit Before Tax	-59.3	-43.2	-77.0	-37.7	-18.3
Current Income Tax Expense	—	3.3	0.0	0.1	-2.3
Deferred Income Tax Expense	1.8	0.2	2.4	2.5	0.0
Net Income	-61.2	-46.7	-79.4	-40.3	-20.6
Non-controlling Interest	-2.3	-8.2	-6.1	-0.2	2.2
Profit Attributable to Parent	-58.9	-38.5	-73.3	-40.1	-22.8
Earnings per Share	-1,697.00	-1,109.00	-2,112.00	-1,155.00	-658.00
Diluted EPS	-1,682.97	-1,099.99	-2,094.04	-1,145.13	-652.53

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	453.0	447.9	429.9	446.0	556.2
I. Cash and cash equivalents	13.1	30.5	10.2	14.3	12.2
1. Cash	4.1	18.4	8.5	6.2	0.0
2. Cash equivalents	9.0	12.0	1.7	8.2	0.0
II. Short-term financial investments	—	0.0	0.4	0.4	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	0.4	0.4	0.0
III. Short-term receivables	217.0	162.6	104.5	131.8	248.5
1. Short-term trade accounts receivable	150.2	124.6	73.3	96.2	0.0
2. Short-term prepayments to suppliers	70.8	41.7	15.2	15.0	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	51.0	50.0	49.4	50.5	0.0
7. Provision for short-term doubtful debts (*)	-55.0	-53.6	-33.5	-29.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	214.8	242.2	291.6	277.3	274.1
1. Inventories	266.7	280.3	291.6	277.3	0.0
2. Provision for decline in value of inventories	-51.9	-38.1	0.0	0.0	0.0
V. Other short-term assets	8.1	12.6	23.2	22.2	20.9
1. Short-term prepayments	0.2	0.2	0.0	0.1	0.0
2. Value added tax to be reclaimed	1.7	1.9	1.9	1.3	0.0
3. Taxes and other receivables from state authorities	6.2	10.6	21.3	20.8	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)	383.1	406.7	439.8	468.4	493.2
I. Long-term receivables	7.7	7.7	7.7	7.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	7.7
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	7.7	7.7	7.7	7.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	64.5	73.2	379.1	398.8	417.0
1. Tangible fixed assets	49.4	57.6	363.1	382.3	399.9
- Cost	174.4	184.6	533.8	541.2	0.0
- Accumulated depreciation	-125.1	-126.9	-170.7	-158.9	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	15.1	15.6	16.0	16.5	17.0
- Cost	21.9	21.9	21.9	21.9	0.0
- Accumulated depreciation	-6.8	-6.3	-5.9	-5.4	0.0
III. Investment properties	299.8	312.7	36.1	42.2	48.5
- Cost	451.7	451.7	116.5	116.5	0.0
- Accumulated depreciation	-151.9	-139.1	-80.5	-74.3	0.0
IV. Long-term assets in progress	10.7	11.3	12.2	14.4	15.0
1. Long-term production in progress	5.7	5.7	6.6	8.1	0.0
2. Construction in progress	4.9	5.6	5.6	6.4	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
2. Investments in associates, joint-ventures	—	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
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	0.4	1.7	4.7	5.2	0.0
1. Long-term prepayments	0.4	1.7	4.7	5.2	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	5.0
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)	836.1	854.6	869.6	914.4	1,049.4
A. LIABILITIES (300=210+330)	698.6	655.9	619.0	584.4	675.6
I. Short -term liabilities	607.7	543.0	482.9	423.4	494.9
1. Short-term trade accounts payable	98.3	89.8	88.5	85.4	132.1
2. Short-term advances from customers	9.1	17.0	14.9	43.2	57.2
3. Taxes and other payables to state authorities	11.9	14.8	5.9	5.0	0.0
4. Payable to employees	5.5	6.7	7.3	4.4	0.0
5. Short-term acrrued expenses	10.1	8.7	14.8	3.3	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	280.0	233.9	176.7	139.7	0.0
10. Short-term borrowings and financial leases	192.8	172.1	174.8	142.3	144.7
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	90.9	112.9	136.1	161.0	180.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	51.2	55.1	58.4	68.4	0.0
8. Long-term borrowings and financial leases	23.8	43.8	63.8	79.9	93.8
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	15.8	14.0	13.8	11.5	0.0
12. Provision for long-term liabilities	—	0.0	0.0	1.3	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)	137.5	198.7	250.6	330.0	373.8
I. Owner's equity	137.5	198.7	250.6	330.0	0.0
1. Owner's capital	350.0	350.0	350.0	350.0	373.8
- Common stock with voting right	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.0	2.0	2.0	2.0	2.0
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	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	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	16.7	16.7	16.7	16.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.6	2.6	2.6	2.6	0.0
11. Undistributed earnings after tax	-247.4	-188.5	-147.2	-73.9	-31.8
- Accumulated retained earning at the end of the previous period	-188.5	-150.0	-73.9	-33.9	-9.0
- Undistributed earnings in this period	-58.9	-38.5	-73.3	-40.1	-22.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	15.2	17.5	28.2	34.3	35.9
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	836.1	854.6	869.6	914.4	1,049.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	-59.3	-43.2	-77.0	-37.7	-18.3
Depreciation of Fixed Assets and Investment Property	21.7	22.5	23.4	24.3	25.1
Provision (Increase)/Reversal	15.2	58.2	2.4	-2.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.2	-73.4	0.3	-0.1	0.0
Interest Expense	41.3	31.0	30.1	23.6	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	16.7	-4.9	-20.9	7.7	32.5
Increase/(Decrease) in Receivables	-51.3	-67.9	22.7	115.3	0.0
Increase/(Decrease) in Inventory	13.6	12.2	-13.1	-2.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.8	23.1	-18.8	-72.9	0.0
Increase/(Decrease) in Prepaid Expenses	1.4	2.8	1.3	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-2.1	6.0	-23.6	0.0
Corporate Income Tax Paid	-3.9	-0.9	-0.1	-2.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	-2.9	0.0
Net Cash Flow from Operating Activities	-20.7	-37.7	-22.8	18.8	61.8
Payments for Fixed Assets and Other Long-term Assets	-0.4	0.0	0.0	-0.6	-1.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.0	80.0	1.5	0.0	1.7
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-0.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.4	0.0	0.0	1.5
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	0.1	0.3	0.7	0.2	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	2.7	80.7	2.2	-0.3	2.2
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	4.7	50.2	58.5	99.0	167.4
Repayment of Borrowings	-4.0	-72.9	-42.0	-115.4	-232.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-1.1
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	0.7	-22.7	16.5	-16.4	-66.5
Net Cash Flow During the Period	-17.3	20.3	-4.2	2.1	-4.3
Cash and Cash Equivalents at Beginning of Period	30.5	10.2	14.3	12.2	14.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.1	30.5	10.2	14.3	12.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	32.8	110.9	68.1	75.0	22.4	192.1	59.5	65.6	24.8	46.7	15.7	15.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	32.8	110.9	68.1	75.0	22.4	192.1	59.5	65.6	24.8	46.7	15.7	15.8
Cost of Goods Sold	29.8	112.2	65.7	79.5	21.6	120.6	62.8	65.1	24.9	46.3	25.6	17.0
Gross Profit	3.0	-1.3	2.4	-4.6	0.9	71.5	-3.3	0.5	-0.1	0.4	-9.9	-1.2
Financial Income	0.0	0.0	0.0	0.0	0.1	0.2	0.1	0.0	0.0	0.0	0.1	0.4
Financial Expenses	9.1	13.1	13.4	7.5	7.3	7.4	7.3	8.3	8.0	8.1	8.2	7.4
Interest Expense	9.1	13.1	13.4	7.5	7.3	7.4	7.3	8.3	8.0	8.1	7.5	7.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.2	0.2	0.2	0.2	0.0	0.1	0.4	0.7	0.6	0.7	0.5
General and Administrative Expenses	3.0	5.5	2.7	3.8	3.0	60.6	3.3	3.8	3.5	4.1	3.3	3.9
Operating Profit	-9.1	-20.1	-13.9	-16.0	-9.4	3.7	-13.9	-12.0	-12.2	-12.4	-22.0	-12.6
Other Income	0.0	—	1.2	1.7	0.2	0.4	1.8	0.9	0.0	1.7	0.1	0.0
Other Expenses	0.7	0.7	0.6	0.6	0.7	2.7	2.8	3.2	2.7	7.8	1.6	0.3
Other Profit	-0.7	-0.7	0.6	1.0	-0.5	-2.3	-1.0	-2.4	-2.7	-6.0	-1.5	-0.3
Profit Before Tax	-9.8	-20.8	-13.3	-15.0	-9.9	1.4	-15.0	-14.3	-14.9	-18.4	-23.5	-12.9
Current Income Tax Expense	—	—	—	—	—	3.3	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	1.8	—	—	—	0.0	0.0	0.2	0.0	1.0	0.0	1.3
Net Income	-9.8	-22.6	-13.3	-15.0	-9.9	-2.0	-15.0	-14.5	-14.9	-19.5	-23.5	-14.3
Non-controlling Interest	0.2	-1.5	0.1	-0.5	-0.3	-2.3	-1.9	-1.9	-2.0	-3.0	-2.0	-0.1
Profit Attributable to Parent	-10.0	-21.2	-13.4	-14.5	-9.6	0.3	-13.1	-12.6	-12.9	-16.5	-21.4	-14.2
Earnings per Share	-289.00	-610.00	-386.00	-418.00	-277.00	9.00	-376.00	-364.00	-372.00	-475.00	-617.00	-408.00
Diluted EPS	-286.16	-605.00	-382.94	-414.84	-275.07	9.09	-373.27	-361.39	-369.21	-471.32	-612.24	-404.45

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)	489.0	464.9	475.9	452.7	446.0	447.9	501.5	502.8	449.5	421.4	415.1	444.7
I. Cash and cash equivalents	24.9	10.1	9.8	14.3	17.0	30.5	36.3	28.8	22.1	10.2	13.5	40.7
1. Cash	13.3	4.1	3.8	8.2	10.9	18.4	24.3	28.8	22.1	8.5	8.3	5.9
2. Cash equivalents	11.6	6.0	6.0	6.0	6.0	12.0	12.0	0.0	0.0	1.7	5.2	34.8
II. Short-term financial investments	—	3.0	—	—	—	0.0	6.0	18.0	0.0	0.4	0.4	0.4
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	—	3.0	—	—	—	0.0	6.0	18.0	0.0	0.4	0.4	0.4
III. Short-term receivables	218.9	229.0	201.7	177.7	145.2	162.6	133.1	128.4	104.2	95.7	104.5	100.3
1. Short-term trade accounts receivable	147.2	164.1	140.8	120.2	95.8	124.6	79.3	84.6	71.6	61.2	68.2	64.1
2. Short-term prepayments to suppliers	75.4	70.8	64.5	61.2	52.7	41.7	36.7	26.8	16.2	15.2	13.9	13.9
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	—	51.0	50.7	—	50.3	0.0	50.6	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	51.2	—	—	50.6	—	50.0	0.0	50.5	49.9	49.4	52.0	51.8
7. Provision for short-term doubtful debts (*)	-55.0	-56.9	-54.4	-54.4	—	-53.6	0.0	-33.5	-33.5	-30.2	-29.5	-29.5
8. Assets awaiting resolution	—	0.0	0.0	0.0	-53.6	0.0	-33.5	0.0	0.0	0.0	0.0	0.0
IV. Inventories	235.6	214.8	251.6	247.1	266.7	242.1	310.2	312.1	299.3	291.9	274.0	280.7
1. Inventories	287.5	266.7	296.5	291.9	304.8	280.2	310.2	312.1	299.3	291.9	274.0	280.7
2. Provision for decline in value of inventories	-51.9	-51.9	-44.9	-44.9	-38.1	-38.1	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	9.6	8.0	12.8	13.7	17.1	12.7	16.0	15.6	23.9	23.3	22.7	22.6
1. Short-term prepayments	0.0	0.0	1.2	2.2	3.2	0.1	0.0	0.0	0.3	0.2	0.3	0.3
2. Value added tax to be reclaimed	3.4	1.7	1.8	1.7	3.3	1.9	1.9	1.7	2.2	1.9	1.3	1.3
3. Taxes and other receivables from state authorities	6.2	—	—	9.8	—	0.0	0.0	13.8	21.4	21.3	21.1	21.0
4. Government bonds	—	6.2	9.8	—	10.6	10.8	14.1	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)	381.0	385.2	390.2	395.8	401.2	406.8	420.3	426.7	434.0	441.4	450.6	457.0
I. Long-term receivables	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	7.7	7.7	7.7	—	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7
7. Provision for long-term doubtful debts	—	—	—	7.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	62.3	64.5	66.5	68.7	71.0	73.2	75.6	370.3	375.0	379.1	385.8	390.1
1. Tangible fixed assets	47.3	49.4	51.3	53.4	55.5	57.6	59.9	354.5	359.1	363.1	369.6	373.8
- Cost	174.4	—	—	—	—	184.6	191.4	532.7	533.8	534.3	540.3	540.3
- Accumulated depreciation	-127.1	—	—	—	—	-126.9	-131.5	-178.1	-174.7	-171.2	-170.7	-166.4
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	15.0	15.1	15.2	15.4	15.5	15.6	15.7	15.8	15.9	16.0	16.2	16.3
- Cost	21.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	296.6	299.8	303.0	306.2	309.4	312.7	322.2	33.0	34.6	36.1	37.6	39.2
- Cost	451.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-155.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	10.7	11.5	11.5	11.5	11.3	11.3	13.1	13.1	13.1	13.9	13.9	13.9
1. Long-term production in progress	5.7	5.7	5.7	5.7	5.7	5.7	7.5	7.5	7.5	8.1	8.1	8.1
2. Construction in progress	4.9	5.8	5.7	5.7	5.6	5.6	5.6	5.6	5.6	5.9	5.9	5.9
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
2. Investments in associates, joint-ventures	—	—	—	—	—	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
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	3.7	1.7	1.5	1.6	1.7	1.8	1.7	2.5	3.5	4.5	5.5	6.0
1. Long-term prepayments	3.7	1.7	1.5	1.6	1.7	1.8	1.7	2.5	3.5	4.5	5.5	6.0
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)	870.1	850.1	866.1	848.5	847.2	854.7	921.9	929.5	883.4	862.9	865.6	901.6
A. LIABILITIES (300=210+330)	742.3	712.3	705.6	674.8	658.4	650.4	715.6	708.3	647.7	606.9	588.4	600.9
I. Short -term liabilities	672.9	621.8	611.2	574.5	552.0	537.5	597.7	584.1	517.4	470.8	447.6	448.0
1. Short-term trade accounts payable	128.1	112.1	112.4	98.9	100.2	89.8	85.2	79.1	82.1	76.5	83.5	83.0
2. Short-term advances from customers	11.7	9.1	18.7	14.4	10.2	21.5	96.5	92.8	9.6	14.9	37.9	38.8
3. Dividends and profits payable	32.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	11.8	11.9	12.9	12.5	12.5	9.5	5.4	5.5	6.0	5.9	4.9	4.9
4. Payable to employees	5.2	5.4	5.7	5.9	5.6	6.7	7.6	7.1	7.0	7.3	6.1	5.4
5. Short-term acrrued expenses	7.0	10.1	6.3	6.7	6.3	8.7	4.9	18.6	17.0	14.8	3.7	3.4
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	—	—	0.1	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	275.1	280.4	266.1	254.8	241.4	229.3	227.8	213.8	184.6	176.7	168.7	153.2
10. Short-term borrowings and financial leases	202.0	192.8	188.9	181.0	175.8	172.1	170.3	167.3	211.1	174.8	142.8	159.4
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	69.5	90.5	94.4	100.3	106.4	112.9	117.9	124.1	130.3	136.1	140.7	152.9
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	0.0	0.0
7. Other long-term liabilities	37.8	50.8	51.6	52.5	53.6	55.1	55.1	56.3	57.7	58.4	60.1	68.0
8. Long-term borrowings and financial leases	15.8	23.8	28.8	33.8	38.8	43.8	48.8	53.8	58.8	63.8	67.8	71.8
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	15.8	15.8	14.0	14.0	14.0	14.0	14.0	14.0	13.8	13.8	12.8	12.8
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
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)	127.7	137.8	160.5	173.8	188.8	204.3	206.3	221.2	235.7	256.0	277.3	300.7
I. Owner's equity	127.7	137.8	160.5	173.8	188.8	204.3	206.3	221.2	235.7	256.0	277.3	300.7
1. Owner's capital	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0
- Common stock with voting right	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00	-1,686,409,906.00
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	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	15.7	16.7	16.7
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	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
11. Undistributed earnings after tax	-257.4	-247.2	-226.0	-212.6	-198.1	-185.6	-185.9	-172.8	-160.2	-141.0	-124.5	-103.0
- Accumulated retained earning at the end of the previous period	-247.4	-188.5	-188.5	-188.5	-188.5	-147.2	-147.2	-147.2	-147.2	-73.9	-73.9	-73.9
- Undistributed earnings in this period	-10.0	-58.7	-37.5	-24.1	-9.6	-38.3	-38.6	-25.6	-12.9	-67.0	-50.5	-29.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	15.5	15.4	16.8	16.7	17.2	20.2	22.4	24.3	26.2	28.2	32.1	34.1
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)	870.1	850.1	866.1	848.5	847.2	854.7	921.9	929.5	883.4	862.9	865.6	901.6

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	-9.8	-21.1	-13.3	-15.0	-9.9	1.4	-15.0	-14.3	-14.9	-25.6	-23.5	-12.9
Depreciation of Fixed Assets and Investment Property	5.4	5.4	5.4	5.4	5.5	5.6	5.6	5.6	5.7	5.7	5.9	5.9
Provision (Increase)/Reversal	—	7.7	0.0	7.5	—	58.2	0.0	0.0	0.0	3.3	0.3	-0.9
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	0.2	-0.5	-1.6	-0.3	-80.5	-1.5	0.0	-0.2	1.6	-0.5	-0.3
Interest Expense	9.1	12.3	14.1	7.5	7.3	7.4	7.3	8.2	8.2	7.7	7.9	7.3
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	4.7	4.5	5.8	3.9	2.5	-7.9	-3.5	-0.5	-1.3	-7.3	-9.9	-1.0
Increase/(Decrease) in Receivables	-2.9	-13.8	-22.6	-31.6	16.8	-45.6	1.7	-13.6	-2.7	5.0	-14.5	7.8
Increase/(Decrease) in Inventory	-20.8	29.8	-4.6	12.9	-24.5	37.9	1.9	-12.8	-8.6	-16.3	6.8	-1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	32.9	-14.7	12.3	9.5	-4.3	-72.6	-5.0	99.7	-7.3	-27.2	14.1	-9.2
Increase/(Decrease) in Prepaid Expenses	-3.2	2.1	1.2	1.1	-3.0	-0.1	0.8	1.3	0.8	1.4	0.6	-1.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	0.0	-0.1	—	0.0	0.1	-1.2	-0.9	8.9	-0.8	-1.1
Corporate Income Tax Paid	—	-3.9	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	-0.8	0.0	0.0	0.0	0.4	-0.4	0.0
Net Cash Flow from Operating Activities	10.7	4.0	-7.9	-4.4	-12.5	-89.1	-4.0	72.9	-19.9	-35.2	-4.1	-5.9
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	0.0	-0.1	—	-2.1	2.1	0.0	0.0	0.0	0.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.4	-0.2	1.6	0.2	82.4	-0.7	0.7	0.0	1.3	0.0	0.2
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	-8.9	-6.6	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	0.2	—	—	6.0	0.0	0.2	0.8	0.0	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	-0.7	0.7	0.0	0.1	0.2	0.1	-0.1	0.2	-0.4	0.5	0.3
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.2	0.7	1.5	0.3	86.4	-7.5	-5.8	1.0	0.9	0.5	0.3
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	17.4	0.0	3.2	0.8	0.7	0.0	16.6	8.5	34.6	33.2	8.0	13.6
Repayment of Borrowings	-16.2	-0.9	-0.5	-0.6	-2.0	-3.2	-9.6	-56.9	-3.8	-2.1	-31.7	-7.1
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	1.1	-0.9	2.7	0.2	-1.3	-3.2	7.0	-48.3	30.8	31.1	-23.7	6.5
Net Cash Flow During the Period	11.8	3.3	-4.5	-2.7	-13.5	-5.9	-4.5	18.7	11.9	-3.3	-27.2	0.9
Cash and Cash Equivalents at Beginning of Period	13.1	9.8	14.3	17.0	30.5	10.2	10.2	10.2	10.2	14.3	14.3	14.3
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	24.9	13.1	9.8	14.3	17.0	30.5	36.3	40.8	22.1	10.2	13.5	40.7

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UDC

What Is Changing

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Balance Sheet ▼▼

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Cash Flow ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow