VC2

Đầu tư và Xây dựng Vina2 ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 1.41%, −1.93pp YoY

Price

4,600

Latest close

02 Jun 2026

P/E 23.12x

P/B 0.37x

EPS 199

BVPS 12,514

ROE 1.7%

ROA 0.5%

Profit Margin 1.4%

Asset Turnover 0.39x

Equity Mult. 3.13x

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

What Is Changing

On a TTM 2026Q1 basis, VC2 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,157bn
	                                
−2.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 16bn
	                                
−58.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,138.4	1,232.7	1,088.1	969.6	935.5
Growth	-8%	+13%	+12%	+4%	—
Net Income	17.3	57.5	15.3	29.4	86.7
Net Margin	1.52%	4.67%	1.41%	3.03%	9.27%

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	242.8	430.3	216.8	266.7	225.5	395.7	322.9	238.2	276.3	339.0	200.2	386.6
Growth	-44%	+99%	-19%	+18%	-43%	+23%	+36%	-14%	-19%	+69%	-48%	—
Net Income	2.4	7.1	2.6	4.4	3.8	24.9	5.7	5.2	1.7	4.5	4.8	5.2
Net Margin	0.98%	1.64%	1.19%	1.64%	1.70%	6.28%	1.76%	2.19%	0.62%	1.32%	2.41%	1.36%

Drivers of VC2's profit

TTM

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

Administrative expenses ↓ 12.6bn

Finance costs ↓ 12.0bn

Financial income ↑ 8.1bn

Tax ↓ 4.9bn

Gross profit ↓ 61.8bn

TTM

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

Financial income ↑ 14.9bn

Finance costs ↓ 0.5bn

Tax ↓ 0.2bn

Gross profit ↓ 17.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.3% = 3.3% × 0.42 × 3.09

2026Q1 1.7% = 1.4% × 0.39 × 3.13

ROE fell from 4.3% to 1.7% — asset turnover weakened the most, though leverage still provided support.

Net margin: 1.4% -1.9pp Asset turnover: 0.39x -0.03x Leverage: 3.13x +0.04x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 1.41%, losing 1.9pp. The main pressure is Gross margin fell 5.1pp, outweighing the improvement in SG&A / Revenue fell 1.1pp (in addition, Net financial result / Revenue rose 1.7pp added support while Other profit / Revenue fell 0.0pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 1.41% −1.9pp

Gross Margin 7.54% −5.1pp

SG&A / Revenue 5.21% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 0.8% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC narrowed to 0.80%, falling 1.2pp. That translates to 0.80 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.9pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

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 0.80% −1.2pp

NOPAT Margin 1.23% −1.9pp

Capital Turnover 0.65x −0.01x

Average Invested Capital 1,786.6bn −23.5bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 2.25x equity, net debt at 0.86x equity.

Inventory ended the period at 401.1bn, roughly 13.1% of total assets.

Over the last 12 months, working capital released 66.1bn 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: −103.4bn

Inventories increased → lower CFO: −57.7bn

Payables increased → higher CFO: +227.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 23.8 days versus the same period last year. The main moves came from DIO fell 4.0 days, DSO fell 10.6 days, and DPO rose 9.2 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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 184.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 179.8 days −10.6 days

Inventory 136.7 days −4.0 days

Payables 132.0 days +9.2 days

Cash Conversion Cycle 184.5 days −23.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.86x and interest coverage only at 0.37x.

At present, short-term debt accounts for 79.1% of total debt, cash equals 3.4% of debt, and total debt stands at 846.4bn.

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

Interest coverage is thin

Interest coverage is 0.37x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 79.1% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.86x −0.07x

Interest Coverage 0.37x −0.33x

Cash / Debt 3.4% +0.2pp

Short-term Debt / Total Debt 79.1% +2.6pp

CFO / NI 3.17x −6.66x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -118.7bn in 2025, against investing cash flow of 128.8bn.

Post-investment cash flow was positive +10.1bn. Financing cash flow was negative +1.9bn.

CFO / net income was 3.17x.

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 49.5bn −349.8bn

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 1.9 pp. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 30.9%.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.41% after a 1.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,141.0	1,234.1	1,088.1	969.6	935.5
Revenue Deductions	2.6	1.4	0.0	0.0	0.0
Net Revenue	1,138.4	1,232.7	1,088.1	969.6	935.5
Cost of Goods Sold	1,034.5	1,089.2	967.4	841.9	0.0
Gross Profit	103.8	143.5	120.8	127.7	157.0
Financial Income	34.3	40.4	44.4	39.2	8.2
Financial Expenses	56.0	64.6	63.6	53.1	-38.6
Interest Expense	51.7	64.3	63.0	52.6	-40.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.1	0.0
Selling Expenses	3.4	5.1	0.0	0.1	-0.1
General and Administrative Expenses	57.0	67.1	75.7	80.1	-56.0
Operating Profit	21.8	47.1	25.9	33.8	70.4
Other Income	5.3	31.2	5.2	8.8	0.0
Other Expenses	2.2	4.0	9.0	8.3	0.0
Other Profit	3.1	27.3	-3.8	0.5	36.5
Profit Before Tax	24.9	74.4	22.1	34.3	106.9
Current Income Tax Expense	5.9	10.7	5.5	8.5	-20.2
Deferred Income Tax Expense	1.7	6.2	1.3	-3.6	0.0
Net Income	17.3	57.5	15.3	29.4	86.7
Non-controlling Interest	0.7	0.0	1.1	-0.1	0.4
Profit Attributable to Parent	16.6	57.5	14.2	29.5	86.3
Earnings per Share	243.00	847.00	273.00	625.00	2,158.00
Diluted EPS	219.29	836.26	273.00	624.53	2,157.60

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,446.4	2,157.3	2,211.9	1,704.2	1,694.6
I. Cash and cash equivalents	205.3	197.2	186.7	4.5	113.0
1. Cash	33.9	34.5	15.5	4.5	0.0
2. Cash equivalents	171.4	162.7	171.2	0.0	0.0
II. Short-term financial investments	218.6	220.1	21.6	22.3	0.0
1. Available for sale securities	198.3	198.3	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	20.3	21.8	21.6	22.3	0.0
III. Short-term receivables	1,596.7	1,387.0	1,583.1	1,338.5	1,179.8
1. Short-term trade accounts receivable	653.0	549.8	772.5	509.8	0.0
2. Short-term prepayments to suppliers	725.2	391.0	501.9	470.3	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	90.5	127.4	60.6	14.0	0.0
6. Other short-term receivables	208.9	398.6	315.3	391.1	0.0
7. Provision for short-term doubtful debts (*)	-80.9	-79.8	-67.1	-46.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	401.1	342.5	400.7	318.5	271.7
1. Inventories	401.1	342.5	400.7	318.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	24.8	10.5	19.8	20.3	2.3
1. Short-term prepayments	19.6	9.3	11.0	7.3	0.0
2. Value added tax to be reclaimed	4.5	0.5	8.0	12.1	0.0
3. Taxes and other receivables from state authorities	0.7	0.8	0.8	0.9	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	620.4	632.4	561.8	590.2	488.1
I. Long-term receivables	0.1	0.0	0.0	0.3	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	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.0	0.0	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	45.2	49.5	57.6	71.7	77.6
1. Tangible fixed assets	45.2	49.5	57.6	71.7	77.6
- Cost	113.9	114.7	115.8	124.1	0.0
- Accumulated depreciation	-68.8	-65.3	-58.2	-52.4	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	—	0.0	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	137.1	139.7	134.6	131.3	135.4
- Cost	169.0	166.5	157.1	149.2	0.0
- Accumulated depreciation	-31.9	-26.8	-22.5	-17.9	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	435.8	440.1	359.7	370.4	266.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	108.0	108.0	0.0
3. Investments in other entities	440.5	440.5	252.1	262.8	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-0.4	-0.4	0.0
5. Held to maturity investments	-4.7	-0.4	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.2	3.1	9.9	16.6	0.0
1. Long-term prepayments	1.3	0.5	1.1	6.5	0.0
2. Deferred income tax assets	1.0	2.6	8.8	10.1	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	8.6
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)	3,066.9	2,789.7	2,773.7	2,294.4	2,182.7
A. LIABILITIES (300=210+330)	2,123.0	1,858.6	1,882.2	1,619.1	1,505.6
I. Short -term liabilities	1,789.1	1,494.5	1,765.1	1,471.1	1,489.7
1. Short-term trade accounts payable	465.1	369.1	397.4	375.4	325.7
2. Short-term advances from customers	526.4	338.7	323.7	294.3	247.8
3. Taxes and other payables to state authorities	25.5	39.2	37.6	43.4	0.0
4. Payable to employees	4.8	4.2	8.3	7.5	0.0
5. Short-term acrrued expenses	42.8	54.6	133.5	115.4	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	0.3	0.2	0.3	0.3	0.2
9. Other short-term payables	59.6	50.4	66.0	72.9	0.0
10. Short-term borrowings and financial leases	661.7	634.5	786.4	549.4	629.9
11. Provision for short-term liabilities	—	0.8	7.5	4.3	0.0
12.. Bonus and welfare fund	2.9	2.8	4.4	8.4	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	333.9	364.1	117.1	148.0	15.8
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	25.0	25.6	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	7.9	8.3	28.4	28.4	4.5
7. Other long-term liabilities	118.3	118.3	0.4	0.9	0.0
8. Long-term borrowings and financial leases	177.3	206.4	88.0	111.1	0.5
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	5.4	5.4	0.4	7.6	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)	943.9	931.1	891.5	675.2	677.1
I. Owner's equity	943.9	931.1	891.5	675.2	0.0
1. Owner's capital	756.5	687.7	672.0	472.0	677.1
- Common stock with voting right	756,455,250,000.00	687,694,100,000.00	671,994,100,000.00	471,994,100,000.00	400,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	73.1	73.1	73.1	73.2	73.2
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	70.4	70.4	87.1	87.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.7	1.6	1.6	1.6	0.0
11. Undistributed earnings after tax	25.4	82.1	35.0	20.7	107.4
- Accumulated retained earning at the end of the previous period	8.8	24.6	20.7	-8.7	21.1
- Undistributed earnings in this period	16.6	57.5	14.2	29.5	86.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	16.8	16.2	22.6	20.5	7.8
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)	3,066.9	2,789.7	2,773.7	2,294.4	2,182.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	24.9	74.4	22.1	34.3	106.9
Depreciation of Fixed Assets and Investment Property	9.5	10.9	11.3	11.7	11.5
Provision (Increase)/Reversal	5.4	12.7	16.3	12.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-34.3	-23.9	-11.2	-33.5	0.0
Interest Expense	51.7	64.3	63.0	52.6	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	-0.1	0.0
Operating Profit Before Changes in Working Capital	57.1	138.4	101.4	77.4	134.5
Increase/(Decrease) in Receivables	-309.3	376.9	-246.7	-250.1	0.0
Increase/(Decrease) in Inventory	-58.6	46.3	-82.2	-46.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	278.3	40.9	53.4	40.7	0.0
Increase/(Decrease) in Prepaid Expenses	-11.1	2.1	1.6	-10.5	0.0
Changes in Trading Securities	—	-198.3	0.0	0.0	0.0
Interest Paid	-52.8	-70.0	-54.4	-45.9	0.0
Corporate Income Tax Paid	-18.3	-7.0	-10.0	-13.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.0	-2.7	-4.0	-3.8	0.0
Net Cash Flow from Operating Activities	-118.7	326.5	-240.9	-251.2	-63.2
Payments for Fixed Assets and Other Long-term Assets	-2.6	-7.7	-0.4	-6.5	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.7	0.0	0.1	0.4	0.0
Loans and Purchases of Debt Instruments	-39.3	-73.3	-31.2	-192.3	-156.6
Receipts from Loan Repayments and Sale of Debt Instruments	77.6	6.3	30.6	297.2	31.7
Investments in Other Entities	—	-336.4	-43.3	-27.9	-266.5
Proceeds from Investments in Other Entities	67.7	112.1	48.9	12.1	0.0
Dividends and Interest Income Received	26.0	6.6	3.6	14.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	128.8	-292.4	8.3	97.4	-391.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	200,902,800,000.00	20,000,000,000.00	300,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,036.9	988.7	956.8	568.9	886.6
Repayment of Borrowings	-1,038.9	-1,012.4	-743.0	-543.6	-615.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-0.0	-0.0	-18.0
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	-1.9	-23.6	414.7	45.3	553.5
Net Cash Flow During the Period	8.1	10.5	182.2	-108.5	105.1
Cash and Cash Equivalents at Beginning of Period	197.2	186.7	4.5	113.0	13.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	205.3	197.2	186.7	4.5	113.0

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	242.8	432.2	216.8	267.5	225.5	395.7	322.9	238.2	276.3	339.0	200.2	386.6
Revenue Deductions	—	1.8	—	0.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	242.8	430.3	216.8	266.7	225.5	395.7	322.9	238.2	276.3	339.0	200.2	386.6
Cost of Goods Sold	236.3	413.0	193.2	226.9	201.8	317.8	297.5	216.2	259.7	316.8	163.8	344.6
Gross Profit	6.5	17.4	23.5	39.8	23.7	77.9	25.4	22.0	16.6	22.2	36.4	42.1
Financial Income	18.3	25.7	2.7	2.5	3.4	0.5	4.0	33.2	3.5	29.0	1.2	4.0
Financial Expenses	12.9	14.2	12.7	15.7	13.3	17.7	13.5	22.9	10.5	16.5	16.9	21.0
Interest Expense	12.9	14.2	12.7	15.7	13.3	17.7	13.5	22.5	10.5	16.9	18.5	21.2
Share of Associates and Joint Ventures	—	—	—	—	—	-0.0	0.0	-0.2	-0.0	0.2	0.0	-0.2
Selling Expenses	—	1.9	—	1.5	—	5.1	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	9.0	18.0	10.5	19.4	9.0	28.3	11.3	20.9	7.1	40.2	13.6	14.0
Operating Profit	3.0	9.1	3.0	5.7	4.7	27.3	4.6	11.2	2.6	-5.2	7.2	10.8
Other Income	0.1	0.3	0.5	4.4	0.2	3.7	2.6	0.0	1.0	11.2	0.1	0.4
Other Expenses	0.1	1.8	0.2	0.1	0.1	2.0	0.1	0.7	1.2	0.7	2.1	4.6
Other Profit	-0.0	-1.5	0.2	4.3	0.1	1.7	2.5	-0.7	-0.2	10.5	-2.0	-4.2
Profit Before Tax	3.0	7.5	3.2	10.0	4.8	28.9	7.1	10.5	2.4	5.2	5.2	6.6
Current Income Tax Expense	0.5	-0.2	0.5	4.8	0.7	3.6	1.2	5.0	0.6	0.3	-0.1	1.4
Deferred Income Tax Expense	0.1	0.6	0.1	0.8	0.2	0.4	0.2	0.2	0.1	0.4	0.5	-0.0
Net Income	2.4	7.1	2.6	4.4	3.8	24.9	5.7	5.2	1.7	4.5	4.8	5.2
Non-controlling Interest	0.0	0.7	0.0	-0.0	0.0	-0.0	0.2	-1.2	0.0	0.3	0.6	0.1
Profit Attributable to Parent	2.4	6.4	2.5	4.4	3.8	24.9	5.5	6.4	1.7	4.1	4.3	5.1
Earnings per Share	31.00	70.00	35.00	63.00	55.00	445.00	72.00	96.00	25.00	62.00	90.00	109.00
Diluted EPS	31.11	84.05	36.97	63.50	55.28	362.22	79.96	95.78	24.93	61.60	90.12	108.40

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,350.8	2,448.7	2,294.7	2,284.9	2,210.1	2,158.6	2,286.4	2,227.2	2,229.0	2,251.5	1,949.1	1,984.6
I. Cash and cash equivalents	28.6	205.3	24.1	45.0	28.4	197.2	24.2	217.9	14.7	16.7	48.3	14.8
1. Cash	24.1	33.9	23.8	44.6	28.1	34.5	21.8	19.4	12.9	15.5	47.1	13.0
2. Cash equivalents	4.5	171.4	0.3	0.3	0.3	162.7	2.4	198.6	1.8	1.2	1.2	1.8
II. Short-term financial investments	301.6	218.6	222.2	222.2	218.6	220.1	22.3	21.3	21.6	191.6	219.9	218.6
1. Available for sale securities	198.3	198.3	198.3	198.3	198.3	198.3	0.0	0.0	0.0	0.0	198.3	198.3
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	103.3	20.3	23.9	23.9	20.3	21.8	22.3	21.3	21.6	191.6	21.6	20.3
III. Short-term receivables	1,560.4	1,598.5	1,608.4	1,623.2	1,581.6	1,389.6	1,779.2	1,528.6	1,748.0	1,622.6	1,277.0	1,367.1
1. Short-term trade accounts receivable	589.6	653.1	563.6	588.6	549.6	553.1	602.0	560.2	683.7	829.2	527.5	606.7
2. Short-term prepayments to suppliers	754.2	726.9	612.8	606.4	560.5	391.0	646.9	452.0	777.7	517.8	423.0	426.5
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	—	90.5	88.2	94.9	128.9	127.4	127.4	126.5	60.6	25.0	26.0	26.0
6. Other short-term receivables	297.5	208.9	424.2	413.6	422.4	397.9	471.8	458.7	292.5	316.5	349.7	357.1
7. Provision for short-term doubtful debts (*)	-80.9	-80.9	-80.4	-80.4	-79.8	-79.8	-68.9	-68.9	-66.5	-66.0	-49.2	-49.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	429.4	401.6	417.1	373.7	371.6	341.1	442.0	438.2	424.8	400.8	385.2	370.4
1. Inventories	429.4	401.6	417.1	373.7	371.6	341.1	442.0	438.2	424.8	400.8	385.2	370.4
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	30.8	24.7	23.0	20.8	9.9	10.5	18.7	21.1	19.8	19.8	18.6	13.7
1. Short-term prepayments	24.0	19.6	16.3	15.8	7.4	9.3	13.6	12.8	11.9	11.0	10.0	9.1
2. Value added tax to be reclaimed	6.1	4.4	6.0	4.2	1.7	0.5	4.3	7.7	7.2	8.0	7.7	4.1
3. Taxes and other receivables from state authorities	0.7	0.7	0.7	0.8	0.8	0.8	0.7	0.7	0.7	0.8	0.9	0.5
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)	705.4	620.3	624.4	626.8	630.5	632.4	617.8	581.6	586.2	584.9	599.4	585.1
I. Long-term receivables	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	8.2	0.3	0.3
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	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	8.2	0.3	0.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	46.6	45.2	42.2	46.4	48.2	48.3	47.3	50.6	54.5	57.6	56.5	58.2
1. Tangible fixed assets	46.6	45.2	42.2	46.4	48.2	48.3	47.3	50.6	54.5	57.6	56.5	58.2
- Cost	116.5	—	—	—	—	114.1	110.8	112.3	115.3	115.8	113.5	113.4
- Accumulated depreciation	-69.9	—	—	—	—	-65.8	-63.6	-61.7	-60.8	-58.2	-57.0	-55.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	134.0	137.1	139.4	137.3	139.0	139.7	136.1	135.7	134.1	134.6	138.2	139.2
- Cost	166.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-32.7	—	—	—	—	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
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	522.8	435.8	440.1	440.1	440.1	440.8	430.2	385.2	382.3	374.6	392.3	373.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.7	10.4	31.0	108.0	108.0	107.8	107.8
3. Investments in other entities	527.5	440.5	440.5	440.5	440.5	440.5	420.2	354.6	274.8	267.0	285.0	266.3
4. Provision for diminution in value of long-term investments	-4.7	-4.7	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
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	1.9	2.1	2.7	2.9	3.3	3.6	4.2	10.2	15.3	9.9	12.0	13.8
1. Long-term prepayments	1.2	1.3	1.3	1.4	0.8	0.6	0.8	0.3	4.8	1.2	2.8	4.1
2. Deferred income tax assets	0.7	0.8	1.5	1.5	2.5	3.0	3.5	9.9	10.5	8.8	9.2	9.7
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)	3,056.2	3,069.0	2,919.2	2,911.6	2,840.6	2,791.0	2,904.2	2,808.8	2,815.2	2,836.4	2,548.4	2,569.7
A. LIABILITIES (300=210+330)	2,109.6	2,124.7	1,981.9	1,976.7	1,905.7	1,860.6	1,989.8	1,916.6	1,921.4	1,943.8	1,859.5	1,885.2
I. Short -term liabilities	1,781.3	1,790.5	1,621.5	1,607.4	1,535.7	1,492.0	1,788.0	1,735.7	1,776.3	1,709.9	1,649.9	1,736.9
1. Short-term trade accounts payable	428.5	466.8	353.8	367.0	344.8	369.2	314.3	327.3	350.4	405.5	335.4	374.3
2. Short-term advances from customers	516.8	526.4	464.1	450.4	325.9	341.9	394.2	326.9	353.9	318.1	318.7	330.3
3. Taxes and other payables to state authorities	26.9	25.5	32.1	36.4	36.6	38.7	25.5	27.5	31.9	33.4	36.8	39.0
4. Payable to employees	6.0	4.8	2.0	4.2	1.8	4.2	1.3	4.8	2.2	7.6	8.7	7.0
5. Short-term acrrued expenses	67.4	43.1	37.1	36.7	88.9	50.1	169.4	130.2	154.7	138.1	178.1	183.2
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	0.3	0.3	—	—	0.2	0.2	0.3	0.3	0.3	0.3	0.3	4.8
9. Other short-term payables	60.6	59.0	57.3	60.8	46.8	49.7	63.5	63.2	56.8	125.5	151.6	148.9
10. Short-term borrowings and financial leases	669.2	661.7	671.9	648.3	689.9	634.5	812.4	844.9	816.3	676.6	611.2	639.9
11. Provision for short-term liabilities	5.1	—	—	0.1	0.8	0.8	4.0	6.6	6.6	0.5	4.3	4.3
12.. Bonus and welfare fund	0.4	2.9	3.3	3.5	0.1	2.8	3.0	4.1	3.3	4.4	4.7	5.3
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	328.4	334.3	360.5	369.3	370.0	368.6	201.8	180.9	145.1	234.0	209.6	148.3
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	25.0	25.3	25.3	25.3	25.6	30.1	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	7.9	7.9	8.1	8.1	8.3	8.3	5.1	29.1	28.4	28.4	28.4	28.8
7. Other long-term liabilities	118.3	118.3	118.3	118.3	118.3	118.3	0.0	0.0	0.1	0.4	0.8	0.9
8. Long-term borrowings and financial leases	177.2	177.3	203.3	212.1	212.4	206.4	195.8	150.9	116.2	197.9	172.8	110.9
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	—	5.4	5.4	5.4	5.4	5.4	0.9	0.9	0.4	7.4	7.6	7.6
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)	946.6	944.3	937.3	935.0	934.9	930.4	914.4	892.2	893.7	892.5	688.9	684.5
I. Owner's equity	946.6	944.3	937.3	935.0	934.9	930.4	914.4	892.2	893.7	892.5	688.9	684.5
1. Owner's capital	756.5	756.5	687.7	687.7	687.7	687.7	687.7	672.0	672.0	672.0	472.0	472.0
- Common stock with voting right	756,455,250,000.00	756,455,250,000.00	687,694,100,000.00	687,694,100,000.00	687,694,100,000.00	687,694,100,000.00	687,694,100,000.00	671,994,100,000.00	671,994,100,000.00	671,994,100,000.00	471,994,100,000.00	471,994,100,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	73.1	73.1	73.1	73.1	73.1	73.1	73.1	73.1	73.1	73.1	73.2	73.2
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	70.4	70.4	70.4	70.4	70.4	71.4	71.4	87.1	87.1	87.1	87.1	87.1
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	1.7	1.7	1.7	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
11. Undistributed earnings after tax	28.8	25.8	88.2	86.2	86.1	80.3	64.3	42.5	36.7	36.0	31.9	28.1
- Accumulated retained earning at the end of the previous period	26.3	8.8	77.5	78.1	82.3	24.9	33.8	34.4	35.0	20.7	20.7	20.7
- Undistributed earnings in this period	2.5	17.1	10.7	8.2	3.8	55.4	30.4	8.1	1.7	15.3	11.2	7.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	16.2	16.8	16.2	16.0	16.0	16.2	16.3	15.8	23.2	22.6	23.0	22.5
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)	3,056.2	3,069.0	2,919.2	2,911.6	2,840.6	2,791.0	2,904.2	2,808.8	2,815.2	2,836.4	2,548.4	2,569.7

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	3.0	6.9	3.2	9.8	5.0	20.0	7.1	33.2	2.4	10.2	2.5	6.6
Depreciation of Fixed Assets and Investment Property	2.0	1.9	2.0	3.6	2.0	3.0	3.0	3.6	2.2	2.2	3.4	2.8
Provision (Increase)/Reversal	—	4.8	0.0	0.6	—	10.9	0.0	2.8	-1.1	13.1	0.7	2.5
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	-18.3	-25.7	-2.7	28.7	-34.6	0.2	0.0	-30.9	-3.3	6.7	-4.6	-3.4
Interest Expense	12.9	10.0	12.6	15.7	13.3	17.7	13.5	22.7	10.5	14.4	18.4	21.1
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	-0.5	-2.1	15.1	58.5	-14.3	51.9	23.7	31.4	10.7	46.7	20.4	29.6
Increase/(Decrease) in Receivables	41.1	-44.8	-8.2	-91.5	-164.8	361.3	-210.4	367.7	-143.5	-309.6	120.9	-218.1
Increase/(Decrease) in Inventory	-28.3	16.0	-43.2	-2.3	-29.2	101.1	-5.4	-25.7	-22.4	-14.8	-19.2	12.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	66.9	181.6	11.1	-32.2	117.8	34.5	48.5	-10.6	-21.4	-74.7	-40.1	695.8
Increase/(Decrease) in Prepaid Expenses	-4.3	-3.3	-0.5	-8.9	1.6	4.5	-1.3	-0.4	-0.8	-4.7	5.8	0.2
Changes in Trading Securities	—	—	—	—	—	-198.3	0.0	0.0	0.0	198.3	0.0	-198.3
Interest Paid	-13.7	-13.4	-12.2	-12.1	-15.2	-31.3	-11.5	-16.5	-10.6	-23.5	-12.6	-9.1
Corporate Income Tax Paid	-0.4	-3.8	-5.5	-5.0	-4.1	0.0	-0.0	-3.0	-0.7	-2.5	-1.6	-0.1
Other Operating Receipts	-0.6	—	—	—	—	0.0	0.0	-5.1	5.1	0.0	0.0	0.0
Other Operating Payments	-2.6	-0.3	-0.4	-0.6	-2.7	-0.2	-1.1	6.3	-7.7	-2.6	1.7	-1.4
Net Cash Flow from Operating Activities	57.5	129.8	-43.7	-94.1	-110.7	323.5	-157.6	344.1	-191.2	-187.5	75.2	310.8
Payments for Fixed Assets and Other Long-term Assets	-0.3	-2.6	—	—	—	-7.6	-0.1	0.0	0.0	-0.2	-0.1	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.7	—	—	—	0.0	0.0	-0.8	0.8	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-0.3	-35.2	0.5	29.2	-33.8	1.0	-17.5	-7.3	-67.0	-9.3	0.0	-13.9
Receipts from Loan Repayments and Sale of Debt Instruments	7.8	36.4	6.2	27.6	7.4	-0.3	-1.0	-38.3	47.0	20.0	-1.2	11.9
Investments in Other Entities	-171.0	—	—	—	—	-111.2	-44.9	-234.2	-22.6	-19.3	-20.6	-3.4
Proceeds from Investments in Other Entities	-98.7	37.6	—	—	30.2	134.0	0.0	66.2	0.0	48.9	-48.9	48.9
Dividends and Interest Income Received	20.8	21.8	1.4	1.3	1.5	1.2	-0.7	-0.0	3.3	-10.8	3.2	10.7
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	-241.6	87.5	8.1	27.9	5.2	17.0	-64.3	-214.5	-38.4	29.3	-67.6	54.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	15,700,000,000.00	0.00	0.00	197,302,800,000.00	1,848,696,405.00	1,751,303,595.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	282.8	229.9	407.6	336.4	63.1	237.3	270.8	268.2	201.9	368.0	211.7	-193.1
Repayment of Borrowings	-275.3	-266.1	-392.8	-253.6	-126.4	-404.8	-258.3	-194.6	-144.2	-268.6	-187.6	-175.4
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	-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	7.4	-36.2	14.8	82.8	-63.3	-167.5	28.1	73.6	57.7	296.6	26.0	-366.8
Net Cash Flow During the Period	-176.7	181.2	-20.9	16.6	-168.8	173.0	-193.7	203.2	-171.9	138.4	33.6	-1.9
Cash and Cash Equivalents at Beginning of Period	205.3	24.1	45.0	28.4	197.2	186.7	186.7	186.7	186.7	4.5	4.5	4.5
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	28.6	205.3	24.1	45.0	28.4	197.2	24.2	217.9	14.7	186.7	48.3	14.8

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VC2

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