VC9

Xây dựng số 9 - VC9 ·HNX ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 0.02x

Price

4,800

Latest close

03 Jun 2026

P/E 100.00x

P/B 1.27x

EPS 48

BVPS 3,788

ROE 1.3%

ROA 0.1%

Profit Margin 0.4%

Asset Turnover 0.29x

Equity Mult. 11.59x

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

What Is Changing

On a TTM 2026Q1 basis, VC9 is in an offsetting state — revenue softened slightly but margins improved — the growth momentum has held across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 217bn
	                                
−4.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+0.7%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    89.8%

Metric	2025	2024	2023	2022	2021
Revenue	237.0	233.7	268.5	394.0	209.9
Growth	+1%	-13%	-32%	+88%	—
Net Income	0.8	0.8	1.4	1.9	1.7
Net Margin	0.34%	0.34%	0.52%	0.47%	0.81%

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	29.0	99.3	62.4	26.7	48.7	75.5	49.1	54.7	54.4	101.1	91.0	59.9
Growth	-71%	+59%	+134%	-45%	-36%	+54%	-10%	+0%	-46%	+11%	+52%	—
Net Income	0.1	0.2	0.2	0.2	0.1	0.2	0.1	0.4	0.1	0.9	0.1	0.3
Net Margin	0.51%	0.24%	0.33%	0.82%	0.30%	0.29%	0.12%	0.71%	0.23%	0.86%	0.13%	0.52%

Drivers of VC9's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 3.6bn

Administrative expenses ↓ 2.1bn

Other profit ↑ 1.2bn

Gross profit ↓ 5.6bn

Financial income ↓ 1.2bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 1.2bn

Administrative expenses ↓ 0.5bn

Other profit ↑ 0.5bn

Gross profit ↓ 1.7bn

Financial income ↓ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.3% = 0.4% × 0.28 × 12.96

2026Q1 1.3% = 0.4% × 0.29 × 11.59

ROE is broadly flat at 1.3% — the components are offsetting one another.

Net margin: 0.4% +0.0pp Asset turnover: 0.29x +0.01x Leverage: 11.59x -1.37x

Is the profit sustainable?

Margins improved (+0.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.38%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.38% +0.0pp

Gross Margin 6.84% −2.1pp

SG&A / Revenue 4.36% −0.7pp

Non-core / Revenue -2.11% +1.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 89.8% of PBT and lifted net margin by 1.4pp — separate the operating contribution from this source.

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 1.72x +0.19x

Average Invested Capital 126.3bn −22.4bn

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 10.06x equity, net debt at 0.75x equity.

Inventory ended the period at 183.2bn, roughly 25.8% of total assets.

Over the last 12 months, working capital released 20.0bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +43.5bn

Inventories increased → lower CFO: −2.1bn

Payables decreased → lower CFO: −21.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 32.5 days versus the same period last year. The main moves came from DIO fell 16.2 days, DSO fell 51.1 days, and DPO fell 34.8 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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

Working Capital Efficiency

Receivables 406.0 days −51.1 days

Inventory 342.6 days −16.2 days

Payables 347.5 days −34.8 days

Cash Conversion Cycle 401.1 days −32.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.75x and interest coverage only at 0.02x.

At present, short-term debt accounts for 79.0% of total debt, cash equals 29.7% of debt, and total debt stands at 68.5bn.

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 0.02x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 79.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.75x −0.46x

Interest Coverage 0.02x −0.12x

Cash / Debt 29.7% +23.6pp

Short-term Debt / Total Debt 79.0% +2.6pp

CFO / NI 26.93x +38.83x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6.3bn in 2025, against investing cash flow of 13.5bn.

Post-investment cash flow was positive +19.8bn. Financing cash flow was negative +21.6bn.

CFO / net income was 26.93x.

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 22.0bn +31.6bn

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 leverage and liquidity remaining the main constraint, with interest coverage at 0.02x. The next watchpoint is the earnings mix, when non-core contribution is -651.0%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 26.93x. Even so, net financial result still accounts for -651.0% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.02x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	237.0	233.7	268.5	394.0	209.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	237.0	233.7	268.5	394.0	209.9
Cost of Goods Sold	220.4	211.8	233.7	377.6	0.0
Gross Profit	16.6	21.9	34.7	16.4	37.4
Financial Income	0.5	1.4	10.5	16.8	14.8
Financial Expenses	6.5	9.4	30.6	31.5	-36.2
Interest Expense	6.5	9.4	30.6	29.6	-33.5
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	10.0	12.7	13.4	33.8	-16.5
Operating Profit	0.6	1.3	1.3	-32.0	-0.5
Other Income	1.1	0.5	2.7	41.0	0.0
Other Expenses	0.8	1.0	2.6	7.2	0.0
Other Profit	0.3	-0.5	0.1	33.8	3.0
Profit Before Tax	0.8	0.8	1.4	1.9	2.6
Current Income Tax Expense	—	0.0	0.0	0.0	-0.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.8	0.8	1.4	1.9	1.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.8	0.8	1.4	1.9	1.7
Earnings per Share	49.00	47.00	98.00	158.00	1,329.00
Diluted EPS	47.68	46.43	98.00	85.00	140.93

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	501.6	623.3	785.5	1,069.5	1,125.9
I. Cash and cash equivalents	11.9	13.7	6.8	11.2	3.9
1. Cash	11.9	13.7	6.8	11.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.4	13.3	13.3	13.3	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	0.4	13.3	13.3	13.3	0.0
III. Short-term receivables	299.1	379.6	565.0	820.9	772.8
1. Short-term trade accounts receivable	244.4	254.7	429.8	573.6	0.0
2. Short-term prepayments to suppliers	30.4	63.7	32.2	14.4	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	1.6	1.6	18.0	107.7	0.0
6. Other short-term receivables	51.5	88.4	113.8	153.9	0.0
7. Provision for short-term doubtful debts (*)	-28.7	-28.8	-28.8	-28.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	183.2	206.9	194.6	221.3	260.6
1. Inventories	183.2	206.9	194.6	221.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.0	9.8	5.9	2.8	4.9
1. Short-term prepayments	0.1	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	4.2	7.0	3.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.7	2.7	2.7	2.7	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)	209.0	210.8	210.8	116.4	52.0
I. Long-term receivables	—	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	—	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	2.7	3.0	4.9	8.9	28.2
1. Tangible fixed assets	2.3	2.6	4.4	8.4	27.7
- Cost	75.4	75.4	75.4	77.9	0.0
- Accumulated depreciation	-73.2	-72.8	-70.9	-69.5	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	0.4	0.5	0.5	0.5	0.5
- Cost	0.7	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	0.0
III. Investment properties	6.2	6.4	6.6	6.8	7.0
- Cost	204.6	204.6	204.6	204.6	0.0
- Accumulated depreciation	-198.4	-198.2	-198.0	-197.8	0.0
IV. Long-term assets in progress	147.4	146.6	142.2	55.2	0.0
1. Long-term production in progress	82.6	81.7	77.3	0.0	0.0
2. Construction in progress	64.8	64.9	64.9	55.2	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.3
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	1.8	1.8	1.8	1.8	0.0
4. Provision for diminution in value of long-term investments	-1.8	-1.8	-1.8	-1.8	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	52.7	54.9	57.1	45.6	0.0
1. Long-term prepayments	51.8	54.0	56.2	44.7	0.0
2. Deferred income tax assets	0.9	0.9	0.9	0.9	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	16.5
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)	710.6	834.1	996.3	1,186.0	1,177.9
A. LIABILITIES (300=210+330)	646.4	770.7	933.6	1,174.5	1,168.3
I. Short -term liabilities	488.7	567.6	749.6	1,005.3	1,168.2
1. Short-term trade accounts payable	198.4	214.1	236.0	292.4	264.6
2. Short-term advances from customers	191.8	225.0	224.2	177.0	195.2
3. Taxes and other payables to state authorities	0.1	0.2	2.4	4.9	0.0
4. Payable to employees	7.7	7.3	8.6	8.9	0.0
5. Short-term acrrued expenses	11.8	10.0	42.3	171.9	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	0.5	0.5	0.9	3.2	1.4
9. Other short-term payables	20.4	35.5	58.4	67.9	0.0
10. Short-term borrowings and financial leases	57.8	74.6	176.4	278.5	478.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.4	0.4	0.5	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	157.6	203.1	184.0	169.3	0.1
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	127.7	127.7	127.7	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	14.3	55.0	31.1	139.3	0.0
8. Long-term borrowings and financial leases	15.6	20.4	25.2	30.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	64.2	63.4	62.6	11.4	9.6
I. Owner's equity	64.2	63.4	62.6	11.4	0.0
1. Owner's capital	170.0	170.0	170.0	120.0	9.6
- Common stock with voting right	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	0.0	34.8
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	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	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	-102.4	-103.2	-104.0	-105.4	-163.9
- Accumulated retained earning at the end of the previous period	-103.2	-104.0	-105.4	-107.2	-165.6
- Undistributed earnings in this period	0.8	0.8	1.4	1.9	1.7
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)	710.6	834.1	996.3	1,186.0	1,177.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.8	0.8	1.4	1.9	2.6
Depreciation of Fixed Assets and Investment Property	0.6	2.1	2.9	11.1	23.9
Provision (Increase)/Reversal	-0.1	0.0	0.2	14.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.5	-1.4	-10.3	-57.9	0.0
Interest Expense	6.5	9.4	30.6	29.6	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	7.3	10.8	24.7	-0.4	43.2
Increase/(Decrease) in Receivables	83.2	156.0	163.2	95.6	0.0
Increase/(Decrease) in Inventory	22.9	-16.7	-50.5	40.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-102.7	-53.8	-127.6	59.9	0.0
Increase/(Decrease) in Prepaid Expenses	2.1	2.3	-11.5	-84.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.5	-12.0	-36.9	-15.9	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	-0.2	-0.1	0.0
Net Cash Flow from Operating Activities	6.3	86.6	-38.8	95.7	10.4
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	-9.7	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	1.1	13.0	2.4
Loans and Purchases of Debt Instruments	—	-21.3	-37.4	-285.9	-84.6
Receipts from Loan Repayments and Sale of Debt Instruments	12.9	37.8	127.1	250.6	23.1
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	0.7	10.5	10.3	11.4	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	13.5	26.9	91.3	-10.9	-57.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	50,000,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	114.1	175.6	315.9	123.3	121.8
Repayment of Borrowings	-135.7	-282.1	-422.9	-200.7	-74.1
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	-21.6	-106.6	-56.9	-77.4	47.7
Net Cash Flow During the Period	-1.8	7.0	-4.4	7.3	3.6
Cash and Cash Equivalents at Beginning of Period	13.7	6.8	11.2	3.9	3.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	11.9	13.7	6.8	11.2	3.9

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	29.0	99.3	62.4	26.7	48.7	75.5	49.1	54.7	54.4	101.1	91.0	59.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	29.0	99.3	62.4	26.7	48.7	75.5	49.1	54.7	54.4	101.1	91.0	59.9
Cost of Goods Sold	25.6	96.3	57.8	22.8	43.6	71.5	43.7	48.7	47.8	92.1	82.6	50.2
Gross Profit	3.4	3.0	4.6	3.9	5.1	4.0	5.4	6.0	6.6	8.9	8.4	9.6
Financial Income	0.0	0.0	0.0	-0.0	0.5	0.1	0.3	0.3	0.6	4.2	2.2	4.6
Financial Expenses	1.2	1.4	1.2	1.5	2.5	1.9	2.4	2.2	2.9	9.8	6.9	10.7
Interest Expense	1.2	1.4	1.2	1.5	2.5	1.9	2.4	2.2	2.9	9.8	6.9	10.7
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	2.3	1.5	3.4	2.3	2.8	2.4	2.7	3.6	4.0	3.3	3.8	2.4
Operating Profit	-0.2	0.1	0.1	0.1	0.3	-0.1	0.6	0.5	0.3	0.0	-0.1	1.2
Other Income	0.3	0.7	0.1	0.2	0.1	0.5	0.0	0.0	0.0	1.3	0.3	0.0
Other Expenses	0.0	0.6	—	0.0	0.3	0.1	0.5	0.1	0.2	0.4	0.1	0.9
Other Profit	0.3	0.1	0.1	0.2	-0.2	0.3	-0.5	-0.1	-0.2	0.9	0.2	-0.9
Profit Before Tax	0.1	0.2	0.2	0.2	0.1	0.2	0.1	0.4	0.1	0.9	0.1	0.3
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.1	0.2	0.2	0.2	0.1	0.2	0.1	0.4	0.1	0.9	0.1	0.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	0.2	0.2	0.2	0.1	0.2	0.1	0.4	0.1	0.9	0.1	0.3
Earnings per Share	9.00	14.00	12.00	13.00	9.00	13.00	3.00	23.00	7.00	51.00	7.00	26.00
Diluted EPS	8.79	14.15	12.18	12.89	8.46	12.83	3.42	22.94	7.23	51.16	6.84	25.73

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)	516.5	501.6	502.9	502.7	548.3	624.7	586.0	666.4	670.0	788.9	845.9	995.9
I. Cash and cash equivalents	20.3	11.9	5.8	0.6	4.9	13.7	2.0	2.7	5.2	6.8	1.3	1.3
1. Cash	20.3	11.9	5.8	0.6	4.9	13.7	2.0	2.7	5.2	6.8	1.3	1.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.4	0.4	0.4	6.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3
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	1.6	0.4	0.4	0.4	6.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3
4. Provision for short-term investments held to maturity (*)	-1.6	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	298.4	299.1	312.1	302.3	340.4	380.9	347.9	415.9	425.7	569.7	640.7	684.9
1. Short-term trade accounts receivable	235.6	244.4	233.7	241.3	247.9	256.0	258.0	304.4	323.0	433.3	468.7	512.2
2. Short-term prepayments to suppliers	73.9	30.4	53.1	35.6	65.2	63.7	34.4	40.7	31.9	32.2	36.8	34.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	1.6	1.6	1.6	1.6	1.6	1.6	8.3	12.4	18.0	25.9	27.6
6. Other short-term receivables	14.7	51.5	52.6	52.7	54.6	88.4	82.8	91.3	87.1	115.0	138.0	139.7
7. Provision for short-term doubtful debts (*)	-25.8	-28.7	-28.8	-28.8	-28.8	-28.8	-28.8	-28.8	-28.8	-28.8	-28.8	-28.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	190.7	183.2	178.8	191.8	189.4	206.9	211.6	223.4	218.5	193.2	184.5	291.2
1. Inventories	190.7	183.2	178.8	191.8	189.4	206.9	211.6	223.4	218.5	193.2	184.5	291.2
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	7.1	7.0	5.9	7.5	7.3	9.8	11.2	11.1	7.3	5.8	6.2	5.1
1. Short-term prepayments	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
2. Value added tax to be reclaimed	4.4	4.2	3.0	4.7	4.6	7.0	8.4	8.3	4.5	3.0	3.3	2.2
3. Taxes and other receivables from state authorities	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7
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)	208.4	209.0	208.8	209.4	210.2	210.8	209.2	209.2	209.1	210.8	220.2	136.1
I. Long-term receivables	—	—	—	—	—	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	—	—	—	—	—	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	2.6	2.7	2.8	2.8	2.9	3.0	3.1	3.7	4.2	4.9	5.6	6.2
1. Tangible fixed assets	2.2	2.3	2.4	2.4	2.5	2.6	2.7	3.2	3.8	4.4	5.1	5.8
- Cost	75.4	—	—	—	—	75.4	75.4	75.4	75.4	75.4	75.4	75.4
- Accumulated depreciation	-73.3	—	—	—	—	-72.8	-72.7	-72.2	-71.6	-70.9	-70.3	-69.6
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	0.4	0.4	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.5	0.5	0.5
- Cost	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	6.1	6.2	6.2	6.3	6.3	6.4	6.4	6.5	6.5	6.6	6.6	6.7
- Cost	204.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-198.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	147.4	147.4	146.5	146.5	146.6	146.6	144.2	143.1	141.8	142.2	150.3	65.1
1. Long-term production in progress	82.6	82.6	81.7	81.7	81.7	81.7	79.3	78.2	76.9	77.3	77.9	0.0
2. Construction in progress	64.8	64.8	64.8	64.8	64.9	64.9	64.9	64.9	64.9	64.9	72.4	65.1
V. Long-term financial investments	—	—	—	—	—	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	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
4. Provision for diminution in value of long-term investments	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8
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	52.2	52.7	53.3	53.8	54.3	54.9	55.4	56.0	56.5	57.1	57.7	58.2
1. Long-term prepayments	51.3	51.8	52.4	52.9	53.4	54.0	54.5	55.1	55.6	56.2	56.8	57.3
2. Deferred income tax assets	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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)	724.9	710.6	711.8	712.1	758.6	835.5	795.1	875.6	879.1	999.6	1,066.1	1,132.0
A. LIABILITIES (300=210+330)	660.5	646.4	647.8	648.3	695.0	772.1	731.9	812.4	816.3	937.0	1,004.3	1,120.2
I. Short -term liabilities	504.1	488.7	488.9	493.1	523.1	568.9	582.6	628.4	631.1	753.0	819.1	987.3
1. Short-term trade accounts payable	190.5	198.4	205.1	196.9	195.1	214.1	217.0	215.2	239.6	235.8	232.8	291.4
2. Short-term advances from customers	194.9	191.8	199.5	196.3	210.5	226.3	224.0	236.6	225.9	224.8	224.0	229.8
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.8	2.2	2.4	0.5	0.7
4. Payable to employees	7.0	7.7	7.9	8.0	7.3	7.3	7.4	7.0	4.0	8.6	8.3	7.9
5. Short-term acrrued expenses	9.9	11.8	10.6	11.0	11.0	10.0	11.5	43.0	39.4	45.3	38.4	166.1
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	1.8	0.5	1.6	0.5	1.8	0.5	1.8	0.6	1.4	0.9	0.2	0.9
9. Other short-term payables	45.5	20.4	21.1	21.1	34.5	35.6	38.1	42.6	42.1	58.5	65.7	34.1
10. Short-term borrowings and financial leases	54.1	57.8	42.7	58.8	62.2	74.6	82.2	82.2	75.9	176.4	248.8	255.9
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	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	156.4	157.6	158.8	155.2	171.9	203.1	149.3	184.1	185.3	184.0	185.2	132.9
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	127.7	127.7	127.7	127.7	127.7	127.7	127.7	127.7	127.7	127.7	127.7	0.0
4. Inter-company payables on business capital	—	14.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	15.6	—	—	—	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	14.3	—	14.3	14.3	25.0	55.0	0.0	33.5	33.5	31.1	31.1	105.3
8. Long-term borrowings and financial leases	14.4	—	16.8	13.2	19.2	20.4	21.6	22.8	24.0	25.2	26.4	27.6
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)	64.4	64.2	64.0	63.8	63.6	63.4	63.2	63.2	62.8	62.6	61.8	11.8
I. Owner's equity	64.4	64.2	64.0	63.8	63.6	63.4	63.2	63.2	62.8	62.6	61.8	11.8
1. Owner's capital	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	120.0
- Common stock with voting right	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	0.0
3. Convertible bond option	-0.2	—	—	—	—	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	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00	-3,186,169,620.00
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	-102.2	-102.4	-102.6	-102.8	-103.1	-103.2	-103.4	-103.5	-103.9	-104.0	-104.9	-105.0
- Accumulated retained earning at the end of the previous period	-102.4	-103.2	-103.2	-103.2	-103.2	-104.0	-104.0	-104.0	-104.0	-105.4	-105.4	-105.4
- Undistributed earnings in this period	0.1	0.8	0.6	0.4	0.1	0.8	0.6	0.5	0.1	1.4	0.5	0.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	724.9	710.6	711.8	712.1	758.6	835.5	795.1	875.6	879.1	999.6	1,066.1	1,132.0

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
Profit Before Tax	0.1	0.2	0.2	0.2	0.1	0.2	0.1	0.4	0.1	0.9	0.1	0.3
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.1	0.1	0.1	0.6	0.6	0.7	0.7	0.7	0.7
Provision (Increase)/Reversal	-1.3	-0.1	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.1
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	-0.0	-0.0	0.0	-0.5	-0.1	-0.3	-0.3	-0.6	-3.1	-2.2	-4.4
Interest Expense	1.2	1.4	1.2	1.5	2.5	1.9	2.4	2.2	2.9	10.1	6.9	10.7
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	0.2	1.7	1.5	1.9	2.3	2.1	2.7	2.9	3.2	8.7	5.5	7.4
Increase/(Decrease) in Receivables	1.9	12.0	-8.1	37.8	41.5	-32.0	52.7	1.9	131.9	68.3	36.1	-11.3
Increase/(Decrease) in Inventory	-7.6	-5.2	13.0	-2.3	17.4	2.3	10.7	-6.1	-23.6	-87.4	106.7	-41.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.1	-15.4	12.1	-37.2	-62.1	42.2	-72.0	-6.9	-15.6	9.9	-107.2	19.2
Increase/(Decrease) in Prepaid Expenses	0.6	0.6	0.5	0.5	0.6	0.6	0.6	0.5	0.6	0.6	0.6	6.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-1.3	-1.3	-1.5	-2.4	4.8	-9.6	-4.2	-2.9	-17.1	-7.3	-9.6
Corporate Income Tax Paid	—	—	—	—	—	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	-0.0	-0.0	-0.0	-0.0	—	-0.0	-0.0	-0.0	0.0	-0.2	0.0	0.0
Net Cash Flow from Operating Activities	12.9	-7.8	17.7	-0.9	-2.8	20.1	-15.0	-11.9	93.5	-17.2	34.5	-29.0
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.1	—	—	0.0	0.0	0.0	0.0	85.4	-85.2	-9.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.1
Loans and Purchases of Debt Instruments	—	—	—	—	—	-21.3	21.3	-21.3	0.0	0.0	-11.2	-2.5
Receipts from Loan Repayments and Sale of Debt Instruments	0.4	0.0	0.0	5.9	7.0	21.3	-14.6	25.4	5.6	7.9	12.9	7.3
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	0.0	0.0	0.1	0.6	0.5	8.7	0.2	1.1	2.8	7.4	-0.5
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	0.4	0.0	-0.1	6.0	7.6	0.5	15.5	4.3	6.6	96.1	-76.1	-4.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	50,000,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	22.9	24.8	43.8	11.4	34.1	48.0	34.5	42.8	50.3	26.2	58.1	93.0
Repayment of Borrowings	-27.8	-10.9	-56.4	-20.8	-47.7	-56.8	-35.6	-37.7	-152.0	-99.7	-66.4	-63.3
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	-49.8	49.8	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	-4.9	13.9	-12.6	-9.4	-13.6	-8.8	-1.2	5.1	-101.7	-73.4	41.5	29.7
Net Cash Flow During the Period	8.4	6.2	5.1	-4.3	-8.8	11.8	-0.7	-2.5	-1.6	5.4	-0.0	-3.8
Cash and Cash Equivalents at Beginning of Period	11.9	5.8	0.6	4.9	13.7	6.8	6.8	6.8	6.8	11.2	11.2	11.2
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	20.3	11.9	5.8	0.6	4.9	13.7	2.0	2.7	5.2	6.8	1.3	1.3

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VC9

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Balance Sheet ▼▼

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Balance Sheet

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Cash Flow