VE8

Xây dựng Điện VNECO 8 ·UPCOM ·2025Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −83.63%, −79.69pp YoY

Price

1,700

Latest close

29 May 2026

P/E -0.24x

P/B -0.14x

EPS -7,116

BVPS -11,981

ROE 197.4%

ROA -12.7%

Profit Margin -83.6%

Asset Turnover 0.15x

Equity Mult. -15.51x

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

What Is Changing

On a TTM 2025Q1 basis, VE8 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. 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 15bn
	                                
−90.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 13bn
	                                
−98.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    55.5%
	                                
affects earnings quality

Metric	2024	2023	2022	2021	2020
Revenue	27.6	33.9	239.4	337.5	90.2
Growth	-19%	-86%	-29%	+274%	—
Net Income	-20.3	-11.8	-6.8	1.0	5.5
Net Margin	-73.56%	-34.90%	-2.83%	0.31%	6.11%

Metric	Q1'25	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Revenue	0.1	6.8	5.1	3.3	6.0	18.1	6.6	133.3	28.1	66.2	11.8	261.6
Growth	-99%	+33%	+55%	-45%	-67%	+176%	-95%	+375%	-58%	+460%	-95%	—
Net Income	-2.4	-2.6	-0.4	-7.5	-1.7	-2.8	0.1	-2.1	-1.6	-1.1	-2.0	1.8
Net Margin	-3912.93%	-37.78%	-7.35%	-226.34%	-27.69%	-15.41%	1.53%	-1.59%	-5.82%	-1.60%	-16.69%	0.70%

Drivers of VE8's profit

TTM

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

Administrative expenses ↓ 2.3bn

Gross profit ↓ 6.8bn

Finance costs ↑ 1.8bn

TTM

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

Administrative expenses ↓ 0.3bn

Finance costs ↑ 0.8bn

Gross profit ↓ 0.1bn

Financial income ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q1 -179.6% = -37.9% × 0.27 × 17.45

2025Q1 197.4% = -83.6% × 0.15 × -15.51

ROE edged up from -179.6% to 197.4%, but the main driver was not core operations.

Net margin: -83.6% -45.7pp Asset turnover: 0.15x -0.12x Leverage: -15.51x -32.96x

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 -83.63%, losing 79.7pp. The main pressure comes from Gross margin fell 27.6pp and SG&A / Revenue rose 8.8pp (with lingering pressure from Net financial result / Revenue fell 43.3pp).

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

Profitability trend

Net Margin -83.63% −79.7pp

Gross Margin -25.94% −27.6pp

SG&A / Revenue 11.30% +8.8pp

Non-core / Revenue -46.38% −43.3pp

TTM YoY · 2023Q3 -> 2025Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 43.3pp, financial result still accounts for 55.5% 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 0.25x −1.62x

Average Invested Capital 60.4bn −27.3bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at -5.83x equity, with a net cash position equivalent to 2.72x equity.

Inventory ended the period at 35.2bn, roughly 37.9% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 1050.9 days versus the same period last year. The main moves came from DIO rose 673.4 days, DSO rose 603.0 days, and DPO rose 225.6 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 1200.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +603.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 670.5 days +603.0 days

Inventory 775.9 days +673.4 days

Payables 245.6 days +225.6 days

Cash Conversion Cycle 1200.9 days +1050.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 4.6bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -2.72x and interest coverage only at -1.74x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3.3% of debt, and total debt stands at 60.6bn.

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 -1.74x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -2.72x −11.47x

Interest Coverage -1.74x −0.60x

Cash / Debt 3.3% +0.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.34x −0.46x

TTM YoY · 2023Q3 -> 2025Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 4.6bn in 2024, against investing cash flow of 11.6bn.

Post-investment cash flow was positive +16.2bn. Financing cash flow was negative +11.9bn.

CFO / net income was -0.34x.

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 4.4bn +5.2bn

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 79.7 pp. The next watchpoint is the earnings mix, when non-core contribution is 55.5%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 55.5% of PBT and CFO / net income currently at -0.34x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -83.63% after a 79.7pp decline versus the same period last year.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	27.6	33.9	239.4	337.5	90.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	27.6	33.9	239.4	337.5	90.2
Cost of Goods Sold	37.3	36.5	235.9	0.0	0.0
Gross Profit	-9.7	-2.6	3.5	10.0	13.8
Financial Income	0.0	0.6	0.4	0.4	0.1
Financial Expenses	8.4	7.1	5.7	-4.3	-2.1
Interest Expense	8.4	7.1	5.7	-4.3	-2.1
Share of Associates and Joint Ventures	0.0	0.0	0.0	-0.0	-0.0
Selling Expenses	0.0	0.0	0.0	-0.1	-0.8
General and Administrative Expenses	2.1	2.7	4.4	-4.1	-4.9
Operating Profit	-20.2	-11.8	-6.2	1.9	6.1
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.1	0.4	0.0	0.0
Other Profit	-0.1	-0.1	-0.4	-0.2	-0.1
Profit Before Tax	-20.3	-11.8	-6.6	1.6	6.0
Current Income Tax Expense	0.0	0.0	0.1	-0.6	-0.5
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	-20.3	-11.8	-6.8	1.0	5.5
Non-controlling Interest	0.0	0.0	0.0	-0.0	-0.0
Profit Attributable to Parent	-20.3	-11.8	-6.8	1.0	5.5
Earnings per Share	-11,269.00	-6,579.00	-3,769.00	581.00	3,060.22
Diluted EPS	-5,635.00	-6,579.00	-3,769.00	581.65	3,060.07

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	88.6	100.1	193.3	234.7	59.4
I. Cash and cash equivalents	5.0	0.7	5.0	3.1	4.2
1. Cash	5.0	0.7	5.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	11.5	11.5	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	11.5	11.5	0.0	0.0
III. Short-term receivables	48.2	43.5	135.1	184.5	29.6
1. Short-term trade accounts receivable	27.6	24.0	115.3	0.0	0.0
2. Short-term prepayments to suppliers	16.5	15.0	15.2	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.7	5.8	6.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.7	-1.4	-1.4	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	35.2	44.3	41.7	35.5	24.4
1. Inventories	35.2	44.3	41.7	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.1	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	4.3	5.8	7.7	9.9	11.6
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4.2	5.5	6.9	8.4	10.0
1. Tangible fixed assets	3.0	4.2	5.6	7.2	8.7
- Cost	24.7	26.0	26.0	0.0	0.0
- Accumulated depreciation	-21.7	-21.8	-20.4	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.3	1.3	1.3	1.3	1.3
- Cost	1.3	1.3	1.3	0.0	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.1	0.1	0.1	0.1
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.1	0.1	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.2	0.7	0.0	0.0
1. Long-term prepayments	0.0	0.2	0.7	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	1.4	1.5
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	92.9	105.9	201.0	244.6	71.0
A. LIABILITIES (300=210+330)	112.1	104.8	188.1	225.2	52.3
I. Short -term liabilities	111.6	104.3	187.0	225.1	52.0
1. Short-term trade accounts payable	19.8	9.7	75.9	135.3	11.4
2. Short-term advances from customers	7.4	8.0	11.7	6.9	4.0
3. Taxes and other payables to state authorities	0.2	0.2	0.4	0.0	0.0
4. Payable to employees	2.5	2.2	2.7	0.0	0.0
5. Short-term acrrued expenses	0.6	0.3	0.4	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	20.5	11.4	18.7	0.0	0.0
10. Short-term borrowings and financial leases	60.6	72.5	77.4	76.0	23.7
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.5	0.5	1.0	0.2	0.4
1. Long-term trade payables	0.5	0.5	1.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.2	0.4
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-19.2	1.1	12.9	19.3	18.7
I. Owner's equity	-19.2	1.1	12.9	0.0	0.0
1. Owner's capital	18.0	18.0	18.0	19.3	18.7
- Common stock with voting right	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.5	0.5	0.5	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-37.7	-17.4	-5.6	0.8	0.2
- Accumulated retained earning at the end of the previous period	-17.4	-5.6	1.2	-0.2	-5.3
- Undistributed earnings in this period	-20.3	-11.8	-6.8	1.0	5.5
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	92.9	105.9	201.0	244.6	71.0

Item	2024	2023	2022	2021	2020
Profit Before Tax	-20.3	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	1.2	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.3	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.1	0.0	0.0	0.0	0.0
Interest Expense	8.4	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-10.3	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-5.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	9.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.8	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	-1.0	0.0	0.0
Other Operating Receipts	0.0	11.0	13.3	0.0	0.0
Other Operating Payments	0.0	-14.8	-2.4	0.0	0.0
Net Cash Flow from Operating Activities	4.6	0.0	-0.3	-56.9	-6.3
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	-3.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	11.5	0.0	0.0	6.3	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.6	0.4	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	11.6	0.6	0.4	3.6	-0.1
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1.4	51.5	137.2	158.0	35.0
Repayment of Borrowings	-13.3	-56.3	-135.4	-105.8	-29.8
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-11.9	-4.9	1.8	52.2	5.1
Net Cash Flow During the Period	4.3	-4.2	1.9	0.1	1.0
Cash and Cash Equivalents at Beginning of Period	0.7	5.0	3.1	4.2	5.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	5.0	0.7	5.0	3.1	4.2

Item	Q1'25	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Revenue	0.1	6.8	5.1	3.3	6.0	18.1	6.6	133.3	28.1	66.2	11.8	261.6
Revenue Deductions	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.1	6.8	5.1	3.3	6.0	18.1	6.6	133.3	28.1	66.2	11.8	261.6
Cost of Goods Sold	0.0	6.6	5.0	7.6	5.9	18.2	4.9	132.2	27.3	65.2	11.4	0.0
Gross Profit	0.0	0.2	0.1	-4.3	0.1	-0.1	1.7	1.1	0.8	1.1	0.4	4.9
Financial Income	0.0	0.0	0.0	0.2	0.1	0.1	0.1	0.1	0.1	0.2	0.0	0.1
Financial Expenses	2.1	2.2	0.0	3.0	1.3	1.4	1.4	1.5	1.5	1.4	1.2	-1.4
Interest Expense	2.1	2.2	0.0	3.0	1.3	1.4	1.4	1.5	1.5	1.4	1.2	-1.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
General and Administrative Expenses	0.3	0.5	0.5	0.4	0.5	1.5	0.3	1.7	0.9	0.8	1.1	-1.1
Operating Profit	-2.4	-2.6	-0.4	-7.5	-1.7	-2.8	0.1	-2.0	-1.6	-1.0	-2.0	2.5
Other Income	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Other Profit	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.1	-0.0	-0.0	-0.0	-0.1
Profit Before Tax	-2.4	-2.6	-0.4	-7.5	-1.7	-2.8	0.1	-2.0	-1.6	-1.1	-2.0	2.4
Current Income Tax Expense	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	-0.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-2.4	-2.6	-0.4	-7.5	-1.7	-2.8	0.1	-2.1	-1.6	-1.1	-2.0	1.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.4	-2.6	-0.4	-7.5	-1.7	-2.8	0.1	-2.1	-1.6	-1.1	-2.0	1.8
Earnings per Share	-1,310.00	-1,431.00	-209.00	-4,166.00	-922.00	-1,547.00	56.00	-1,179.00	-908.00	-587.00	-1,096.00	1,021.00
Diluted EPS	-1,310.00	-1,431.00	-209.00	-4,166.00	-922.00	-1,547.00	56.00	-1,179.00	-908.00	-587.00	-1,096.00	1,021.28

Item	Q1'25	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	86.0	101.4	101.1	103.2	105.2	137.9	125.7	190.9	108.8	120.4	176.8	234.7
I. Cash and cash equivalents	2.0	4.7	1.2	0.7	1.8	2.0	2.3	5.0	2.7	3.2	3.1	3.1
1. Cash	2.0	4.7	1.2	0.7	1.8	2.0	2.3	5.0	2.7	3.2	3.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	0.0
III. Short-term receivables	48.4	54.7	44.3	46.5	45.3	75.9	68.4	132.7	50.3	69.0	115.6	184.5
1. Short-term trade accounts receivable	27.6	27.0	23.8	28.8	28.7	63.1	51.4	115.4	31.9	43.8	99.4	0.0
2. Short-term prepayments to suppliers	16.7	23.2	18.9	16.5	15.7	15.4	15.3	15.7	17.1	22.6	10.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.8	5.9	2.9	2.7	2.3	-1.3	3.0	2.9	2.1	3.5	6.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0	-1.4	-1.4	0.0	0.0	-0.9	0.0	0.0
8. Assets awaiting resolution	-1.7	-1.4	-1.4	-1.4	-1.4	0.0	0.0	-1.4	-0.9	0.0	-0.9	0.0
IV. Inventories	35.5	42.0	44.0	44.3	46.5	48.1	43.4	41.7	44.0	36.1	45.8	35.5
1. Inventories	35.5	42.0	44.0	44.3	46.5	48.1	43.4	41.7	44.0	36.1	45.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.0	0.0	0.1	0.0	0.4	0.1	0.0	0.4	0.6	0.7	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.0	0.1	0.0	0.4	0.1	0.0	0.4	0.6	0.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0	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)	4.0	4.6	5.4	5.8	6.2	6.7	7.2	7.7	8.2	8.9	9.4	9.9
I. Long-term receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3.9	4.5	5.1	5.5	5.8	6.1	6.5	6.9	7.3	7.6	8.0	8.4
1. Tangible fixed assets	2.7	3.3	3.9	4.2	4.5	4.9	5.2	5.6	6.0	6.4	6.8	7.2
- Cost	—	25.8	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	0.0
- Accumulated depreciation	—	-22.5	-22.1	-21.8	-21.5	-21.1	-20.7	-20.4	-20.0	-19.6	-19.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
- Cost	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.1	0.1	0.2	0.3	0.5	0.6	0.7	0.9	1.1	1.3	0.0
1. Long-term prepayments	0.0	0.1	0.1	0.2	0.3	0.5	0.6	0.7	0.9	1.1	1.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.4
5. Goodwill	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	90.0	105.9	106.4	108.9	111.4	144.6	132.9	198.6	117.1	129.3	186.1	244.6
A. LIABILITIES (300=210+330)	111.5	113.2	105.7	107.9	102.8	134.4	119.9	185.7	102.0	112.6	168.4	225.2
I. Short -term liabilities	111.1	112.7	105.3	107.1	102.1	133.4	118.9	184.7	100.7	111.0	166.7	225.1
1. Short-term trade accounts payable	17.2	24.1	12.3	11.0	7.6	5.5	26.7	76.4	8.1	11.7	65.4	135.3
2. Short-term advances from customers	7.4	7.0	9.3	8.0	9.8	44.5	10.0	11.8	7.5	7.7	15.3	6.9
3. Taxes and other payables to state authorities	0.2	0.2	0.2	0.2	0.3	0.4	0.4	0.4	0.1	0.9	2.2	0.0
4. Payable to employees	2.6	2.2	2.2	2.2	1.9	1.5	0.1	2.7	1.3	1.5	0.9	0.0
5. Short-term acrrued expenses	0.6	0.4	0.4	3.8	1.1	0.5	1.8	0.4	1.4	3.0	0.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	22.5	18.2	8.5	5.2	4.4	5.2	3.9	15.7	3.1	2.6	2.5	0.0
10. Short-term borrowings and financial leases	60.6	60.6	72.4	76.8	77.0	75.8	76.0	77.4	79.3	83.5	80.2	76.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.5	0.5	0.5	0.7	0.7	1.0	1.0	1.0	1.3	1.7	1.7	0.2
1. Long-term trade payables	0.5	0.5	0.5	0.7	0.7	1.0	1.0	1.0	1.2	1.6	1.6	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.2
9. Convertible bonds	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-21.6	-7.2	0.7	1.1	8.6	10.2	13.0	12.9	15.0	16.7	17.7	19.3
I. Owner's equity	-21.6	-7.2	0.7	1.1	8.6	10.2	13.0	12.9	15.0	16.7	17.7	0.0
1. Owner's capital	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	19.3
- Common stock with voting right	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00	18,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00	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	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-40.1	-25.7	-17.8	-17.4	-9.9	-8.3	-5.5	-5.6	-3.5	-1.8	-0.8	0.8
- Accumulated retained earning at the end of the previous period	-37.7	-17.4	-17.4	-5.6	-5.6	-5.6	-5.6	1.2	1.2	1.2	1.2	-0.2
- Undistributed earnings in this period	-2.4	-8.3	-0.4	-11.8	-4.3	-2.7	0.1	-6.8	-4.7	-3.0	-2.0	1.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	90.0	105.9	106.4	108.9	111.4	144.6	132.9	198.6	117.1	129.3	186.1	244.6

Item	Q1'25	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Profit Before Tax	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0	0.0	0.0	-1.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	-0.2	0.5	1.4	1.0	-2.2	10.9	-7.0	3.5	10.8	5.9	0.0
Other Operating Payments	-0.1	0.1	-0.8	5.8	-5.9	7.5	-22.3	16.0	-2.2	1.1	-17.3	0.0
Net Cash Flow from Operating Activities	-3.0	3.8	0.5	3.1	-0.2	-1.4	-1.5	2.3	3.8	-2.3	-4.1	-2.4
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.1
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
Proceeds from 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
Dividends and Interest Income Received	0.0	0.0	0.0	0.2	0.1	0.1	0.1	0.2	0.0	0.2	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	11.5	0.0	0.2	0.1	0.1	0.1	0.2	0.0	0.2	0.0	5.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	1.4	0.5	0.0	44.1	6.8	53.3	11.2	58.5	14.2	53.7
Repayment of Borrowings	—	-11.8	-1.5	-4.9	0.0	-43.2	-8.2	-53.5	-15.5	-56.3	-10.1	-56.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-11.8	-0.1	-4.4	0.0	1.0	-1.4	-0.2	-4.3	2.2	4.1	-2.9
Net Cash Flow During the Period	-3.0	3.5	0.4	-1.1	-0.2	-0.3	-2.7	2.3	-0.5	0.1	0.0	0.1
Cash and Cash Equivalents at Beginning of Period	5.0	0.7	0.7	5.0	5.0	5.0	5.0	3.1	3.1	3.1	3.1	2.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.0	4.7	1.2	0.7	1.8	2.0	2.3	5.0	2.7	3.2	3.1	3.1

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VE8

What Is Changing

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Financial Highlights

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What is driving the margin? ▼▼

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▼

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Leverage & Liquidity ▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow