VFC

Vinafco ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 93.35%, −2.48pp YoY

Price

104,000

Latest close

07 May 2026

P/E 334.41x

P/B 5.00x

EPS 311

BVPS 20,812

ROE 1.5%

ROA 1.0%

Profit Margin 0.7%

Asset Turnover 1.35x

Equity Mult. 1.50x

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

What Is Changing

On a TTM 2026Q1 basis, VFC is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,445bn
	                                
+24.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
−66.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    65.4%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	1,354.6	1,163.4	1,272.4	1,619.7	1,245.2
Growth	+16%	-9%	-21%	+30%	—
Net Income	16.3	25.3	43.9	187.0	47.4
Net Margin	1.20%	2.18%	3.45%	11.54%	3.81%

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	375.2	402.3	355.6	311.6	285.0	332.9	266.5	277.6	286.4	349.6	310.6	320.1
Growth	-7%	+13%	+14%	+9%	-14%	+25%	-4%	-3%	-18%	+13%	-3%	—
Net Income	6.5	-6.7	10.6	3.1	9.4	15.2	7.2	7.8	-4.9	10.2	4.2	21.7
Net Margin	1.73%	-1.67%	2.97%	1.01%	3.31%	4.58%	2.71%	2.80%	-1.71%	2.92%	1.34%	6.79%

Drivers of VFC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 8.7bn

Administrative expenses ↑ 34.9bn

TTM

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

Gross profit ↑ 1.4bn

Other profit ↑ 1.0bn

Financial income ↑ 0.4bn

Administrative expenses ↑ 4.2bn

Finance costs ↑ 1.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.5% = 3.4% × 1.16 × 1.39

2026Q1 1.9% = 0.9% × 1.35 × 1.50

ROE fell from 5.5% to 1.9% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 0.9% -2.5pp Asset turnover: 1.35x +0.19x Leverage: 1.50x +0.11x

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 0.93%, losing 2.5pp. The main pressure comes from SG&A / Revenue rose 1.4pp and Gross margin fell 1.0pp (with lingering pressure from Net financial result / Revenue fell 0.3pp).

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

Profitability trend

Net Margin 0.93% −2.5pp

Gross Margin 7.13% −1.0pp

SG&A / Revenue 6.61% +1.4pp

Non-core / Revenue 1.14% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 0.4pp, financial result still accounts for 68.8% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 1.70%, losing 3.7pp. That translates to 1.70 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.5pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 1.70% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.70% −3.7pp

NOPAT Margin 0.90% −2.5pp

Capital Turnover 1.89x +0.30x

Average Invested Capital 763.3bn +33.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.64x equity, net debt at 0.14x equity.

Over the last 12 months, working capital absorbed 32.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −89.3bn

Inventories increased → lower CFO: −7.1bn

Payables increased → higher CFO: +63.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.4 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO fell 9.2 days, and DPO fell 7.1 days.

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

Working Capital Efficiency

Receivables 74.7 days −9.2 days

Inventory 4.7 days −0.2 days

Payables 48.3 days −7.1 days

Cash Conversion Cycle 31.1 days −2.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 110.1bn due to capex of 117.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.14x and interest coverage at 4.18x.

At present, short-term debt accounts for 72.4% of total debt, cash equals 36.6% of debt, and total debt stands at 152.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 72.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.14x +0.14x

Interest Coverage 4.18x −12.37x

Cash / Debt 36.6% −71.3pp

Short-term Debt / Total Debt 72.4% −14.1pp

CFO / NI 0.71x +0.05x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 24.3bn in 2025, against investing cash flow of -66.9bn.

Post-investment cash flow was negative +42.6bn. Financing cash flow was positive +45.8bn.

CFO / net income was 0.71x.

After spending +117.5bn on fixed-asset investment, the business generated trailing free cash flow of −110.1bn.

Cash Conversion

CFO TTM 7.4bn −17.4bn

Cash Capex 117.5bn +90.8bn

FCF TTM −110.1bn −108.2bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 2.5 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 65.4% of PBT and CFO / net income currently at 0.71x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 93.35% after a 2.5pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,354.6	1,163.4	1,272.4	1,619.7	1,245.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,354.6	1,163.4	1,272.4	1,619.7	1,245.2
Cost of Goods Sold	1,253.1	1,085.7	1,180.0	1,346.4	0.0
Gross Profit	101.5	77.7	92.4	273.3	129.9
Financial Income	20.9	19.8	31.2	13.8	4.2
Financial Expenses	4.0	3.1	4.5	8.1	-12.1
Interest Expense	3.8	2.8	4.4	7.2	-12.1
Share of Associates and Joint Ventures	—	0.0	-0.0	3.2	-0.6
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	91.4	58.8	59.2	72.4	-61.1
Operating Profit	27.0	35.5	59.9	209.8	60.4
Other Income	5.0	7.3	3.1	31.6	0.0
Other Expenses	5.2	6.0	5.1	5.1	0.0
Other Profit	-0.2	1.3	-1.9	26.5	-1.4
Profit Before Tax	26.8	36.9	57.9	236.3	58.9
Current Income Tax Expense	10.5	10.4	13.4	47.8	-11.5
Deferred Income Tax Expense	-0.0	1.1	0.7	1.6	0.0
Net Income	16.3	25.3	43.9	187.0	47.4
Non-controlling Interest	2.7	0.0	0.6	41.8	12.8
Profit Attributable to Parent	13.6	25.3	43.3	145.1	34.6
Earnings per Share	403.00	749.00	1,281.00	4,294.00	1,024.00
Diluted EPS	401.08	744.37	1,273.66	4,268.78	1,017.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	802.2	758.5	757.9	723.3	527.9
I. Cash and cash equivalents	56.7	53.5	41.7	99.5	43.2
1. Cash	56.6	53.5	41.7	75.6	0.0
2. Cash equivalents	0.1	0.0	0.0	23.9	0.0
II. Short-term financial investments	350.9	362.8	387.1	252.3	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	350.9	362.8	387.1	252.3	0.0
III. Short-term receivables	370.7	322.3	300.1	342.3	354.1
1. Short-term trade accounts receivable	321.1	277.7	258.1	312.5	0.0
2. Short-term prepayments to suppliers	8.1	12.4	6.4	4.9	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	17.5	17.5	17.5	17.5	0.0
6. Other short-term receivables	65.8	40.9	41.9	24.2	0.0
7. Provision for short-term doubtful debts (*)	-41.8	-26.2	-23.8	-16.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	15.2	12.4	19.3	22.8	18.9
1. Inventories	15.5	12.7	19.6	23.1	0.0
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	0.0
V. Other short-term assets	8.7	7.4	9.7	6.5	13.3
1. Short-term prepayments	6.5	6.6	8.6	6.4	0.0
2. Value added tax to be reclaimed	2.3	0.8	1.1	0.1	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	343.8	298.4	315.4	368.6	465.1
I. Long-term receivables	4.2	30.6	37.7	45.1	0.0
1. Long-term trade receivables	—	26.1	33.1	40.1	52.1
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	4.2	4.5	4.6	5.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	244.8	201.8	206.9	251.7	309.6
1. Tangible fixed assets	209.2	164.3	166.6	208.6	270.1
- Cost	679.9	606.3	585.1	588.5	0.0
- Accumulated depreciation	-470.7	-442.0	-418.5	-379.9	0.0
2. Financial leased fixed assets	2.9	3.9	5.2	6.5	2.9
- Cost	3.0	7.8	7.8	7.8	0.0
- Accumulated depreciation	-0.2	-3.9	-2.6	-1.3	0.0
3. Intangible fixed assets	32.7	33.7	35.2	36.6	36.6
- Cost	58.5	58.3	58.4	58.3	0.0
- Accumulated depreciation	-25.8	-24.6	-23.2	-21.7	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	26.8	6.3	9.6	0.5	1.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	26.8	6.3	9.6	0.5	0.0
V. Long-term financial investments	—	0.0	0.0	2.6	15.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	2.6	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	68.1	59.7	61.3	68.6	0.0
1. Long-term prepayments	67.9	59.5	61.0	68.4	0.0
2. Deferred income tax assets	0.1	0.1	0.2	0.2	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	87.4
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)	1,146.0	1,056.9	1,073.4	1,091.9	993.0
A. LIABILITIES (300=210+330)	447.3	341.1	350.4	338.7	424.6
I. Short -term liabilities	394.2	319.0	326.7	297.0	343.5
1. Short-term trade accounts payable	229.0	197.9	220.5	200.7	207.4
2. Short-term advances from customers	0.5	0.3	0.2	0.3	10.4
3. Taxes and other payables to state authorities	5.3	11.3	8.9	15.8	0.0
4. Payable to employees	27.1	21.9	15.4	36.6	0.0
5. Short-term acrrued expenses	29.2	21.9	22.5	9.7	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	0.0	0.0	0.0	1.1
9. Other short-term payables	11.0	8.7	10.9	10.4	0.0
10. Short-term borrowings and financial leases	91.5	54.7	47.7	23.4	69.9
11. Provision for short-term liabilities	—	2.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.3	0.5	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	53.1	22.1	23.7	41.7	81.1
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	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	6.2	12.5	12.2	13.2	0.0
8. Long-term borrowings and financial leases	42.3	5.0	7.2	24.9	72.9
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	3.3	3.4	2.3	1.7	0.0
12. Provision for long-term liabilities	1.3	1.2	1.9	2.0	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)	698.7	715.8	723.0	753.3	568.4
I. Owner's equity	698.7	715.8	723.0	753.3	0.0
1. Owner's capital	340.0	340.0	340.0	340.0	568.4
- Common stock with voting right	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	45.8	45.8	45.8	46.9	46.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	10.5	10.5	10.5	10.5	10.5
5. Treasury shares	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	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	11.3	11.3	11.3	11.3	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	1.7	1.7	6.5	0.0
11. Undistributed earnings after tax	254.6	273.0	279.4	260.4	117.3
- Accumulated retained earning at the end of the previous period	241.0	247.7	213.9	115.6	83.1
- Undistributed earnings in this period	13.6	25.3	65.4	144.7	34.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	36.4	35.1	36.0	79.3	38.8
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)	1,146.0	1,056.9	1,073.4	1,091.9	993.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	26.8	36.9	57.9	236.3	58.9
Depreciation of Fixed Assets and Investment Property	40.3	39.7	46.1	48.3	51.1
Provision (Increase)/Reversal	16.3	3.9	7.0	5.6	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	-23.6	-25.4	-30.3	-44.7	0.0
Interest Expense	3.8	2.8	4.4	7.2	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	63.6	57.9	85.1	252.7	114.1
Increase/(Decrease) in Receivables	-41.3	-21.7	49.9	24.2	0.0
Increase/(Decrease) in Inventory	-2.8	6.8	3.5	-3.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	35.7	-16.7	8.7	7.9	0.0
Increase/(Decrease) in Prepaid Expenses	-10.0	1.8	3.5	-1.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.8	-2.8	-4.4	-7.3	0.0
Corporate Income Tax Paid	-15.7	-13.6	-18.7	-39.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.4	-1.5	-1.6	-0.9	0.0
Net Cash Flow from Operating Activities	24.3	10.4	125.9	231.7	91.6
Payments for Fixed Assets and Other Long-term Assets	-104.3	-28.2	-13.7	-26.5	-24.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.4	5.7	1.3	77.4	1.5
Loans and Purchases of Debt Instruments	-338.9	-317.2	-560.8	-497.5	-143.3
Receipts from Loan Repayments and Sale of Debt Instruments	350.8	345.5	427.3	337.0	82.0
Investments in Other Entities	—	0.0	0.0	0.0	-3.2
Proceeds from Investments in Other Entities	—	0.0	0.1	15.7	0.0
Dividends and Interest Income Received	20.1	19.7	27.0	10.3	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	-66.9	25.6	-118.8	-83.5	-83.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	-17,370,050,000.00	0.00	0.00
Proceeds from Borrowings	225.7	170.5	136.9	125.4	91.2
Repayment of Borrowings	-149.5	-164.7	-129.4	-222.1	-99.2
Repayment of Finance Leases	-2.1	-0.9	-0.9	-0.7	-2.2
Dividends Paid	-28.3	-29.0	-54.1	-1.1	-1.5
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	45.8	-24.2	-64.8	-98.6	-11.7
Net Cash Flow During the Period	3.2	11.8	-57.7	49.6	7.3
Cash and Cash Equivalents at Beginning of Period	53.5	41.7	99.5	49.9	47.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	56.7	53.5	41.7	99.5	43.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	375.2	402.3	355.6	311.6	285.0	332.9	266.5	277.6	286.4	349.6	310.6	320.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	375.2	402.3	355.6	311.6	285.0	332.9	266.5	277.6	286.4	349.6	310.6	320.1
Cost of Goods Sold	349.8	369.7	327.4	294.9	261.1	301.5	248.4	256.7	279.1	326.3	296.1	288.8
Gross Profit	25.4	32.6	28.3	16.8	24.0	31.3	18.0	21.0	7.4	23.3	14.6	31.3
Financial Income	5.3	5.9	4.6	5.5	4.9	5.5	4.3	4.9	5.2	8.1	7.7	11.3
Financial Expenses	2.1	1.7	0.9	0.7	0.6	0.8	0.7	0.9	0.7	0.9	0.8	1.6
Interest Expense	2.1	1.7	0.9	0.6	0.6	0.7	0.7	0.8	0.7	0.8	0.8	1.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	19.9	40.0	17.3	18.2	15.7	20.0	12.4	12.5	13.9	14.3	15.5	13.4
Operating Profit	8.5	-3.3	14.6	3.4	12.5	16.0	9.2	12.4	-2.1	16.5	5.9	27.6
Other Income	1.0	2.2	0.4	1.6	0.8	6.1	0.6	0.4	0.3	0.6	0.3	0.9
Other Expenses	0.4	2.5	0.7	0.8	1.2	2.2	1.0	1.7	1.0	2.2	0.7	1.3
Other Profit	0.6	-0.2	-0.3	0.8	-0.4	3.8	-0.5	-1.3	-0.7	-1.6	-0.3	-0.4
Profit Before Tax	9.1	-3.5	14.3	4.2	12.1	19.8	8.7	11.1	-2.8	14.8	5.5	27.2
Current Income Tax Expense	2.6	3.2	3.7	1.0	2.6	4.2	1.2	2.9	2.0	4.5	1.2	5.3
Deferred Income Tax Expense	—	-0.0	—	-0.0	—	0.4	0.3	0.3	0.2	0.2	0.2	0.2
Net Income	6.5	-6.7	10.6	3.1	9.4	15.2	7.2	7.8	-4.9	10.2	4.2	21.7
Non-controlling Interest	1.1	0.7	1.1	0.1	0.8	1.0	0.0	0.0	-1.0	-0.8	-0.6	1.1
Profit Attributable to Parent	5.4	-7.4	9.5	3.0	8.6	14.3	7.2	7.7	-3.9	11.0	4.7	20.6
Earnings per Share	159.00	-219.00	281.00	90.00	256.00	423.00	212.00	229.00	-115.00	324.00	140.00	610.00
Diluted EPS	157.67	-218.06	279.26	89.36	254.34	420.34	211.17	227.54	-114.67	322.40	139.50	606.58

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)	809.5	802.2	775.6	761.8	697.2	758.5	694.6	692.2	698.8	757.9	729.1	743.8
I. Cash and cash equivalents	55.9	56.7	60.9	73.6	39.9	53.5	38.9	59.9	30.0	41.7	39.1	43.7
1. Cash	55.8	56.6	60.9	62.6	39.9	53.5	38.9	54.9	30.0	41.7	39.1	43.7
2. Cash equivalents	0.1	0.1	—	11.0	—	0.0	0.0	5.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	343.6	350.9	343.7	343.8	353.7	362.8	378.5	366.0	379.9	387.1	394.8	392.9
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	361.1	350.9	343.7	343.8	353.7	362.8	378.5	366.0	379.9	387.1	394.8	392.9
4. Provision for short-term investments held to maturity (*)	-17.5	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	380.6	370.7	342.5	320.0	283.1	322.3	255.4	243.3	264.9	300.1	266.6	278.1
1. Short-term trade accounts receivable	321.6	321.1	263.2	228.2	243.9	277.7	219.1	214.3	231.4	258.1	226.6	240.5
2. Short-term prepayments to suppliers	13.8	8.1	16.3	22.4	9.6	12.4	6.2	1.6	4.8	6.4	3.1	6.8
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	—	17.5	17.5	17.5	17.5	17.5	17.5	17.5	17.5	17.5	17.5	17.5
6. Other short-term receivables	69.5	65.8	71.2	77.6	37.7	40.9	36.6	33.9	35.0	41.9	40.4	32.9
7. Provision for short-term doubtful debts (*)	-24.3	-41.8	-25.7	-25.7	-25.6	-26.2	-24.0	-24.0	-23.8	-23.8	-21.0	-19.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	20.5	15.2	20.5	15.5	13.5	12.4	12.9	12.3	14.9	19.3	21.1	21.5
1. Inventories	20.8	15.5	20.8	15.8	13.8	12.7	13.2	12.6	15.2	19.6	21.4	21.8
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
V. Other short-term assets	8.8	8.7	8.0	8.8	6.9	7.4	8.9	10.7	9.1	9.7	7.6	7.7
1. Short-term prepayments	7.4	6.5	7.5	8.2	6.3	6.6	7.3	8.9	7.3	8.6	7.2	7.7
2. Value added tax to be reclaimed	1.4	2.3	0.5	0.6	0.6	0.8	1.7	1.8	1.7	1.1	0.4	0.0
3. Taxes and other receivables from state authorities	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
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)	339.9	343.8	336.5	309.3	297.7	298.4	300.6	309.7	313.0	315.4	332.8	341.6
I. Long-term receivables	5.3	4.2	32.3	31.4	30.6	30.6	37.5	37.5	37.6	37.7	44.5	44.8
1. Long-term trade receivables	—	—	26.1	26.1	26.1	26.1	33.1	33.1	33.1	33.1	40.1	40.1
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	5.3	4.2	6.2	5.3	4.5	4.5	4.4	4.4	4.5	4.6	4.4	4.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	235.6	244.8	210.9	207.2	197.6	201.8	206.6	215.9	216.9	206.9	217.8	229.1
1. Tangible fixed assets	200.4	209.2	174.9	170.7	160.7	164.3	168.3	177.0	177.3	166.6	176.7	187.4
- Cost	677.8	—	—	—	—	606.3	613.7	613.7	605.4	585.1	586.9	587.0
- Accumulated depreciation	-477.4	—	—	—	—	-442.0	-445.3	-436.7	-428.1	-418.5	-410.2	-399.7
2. Financial leased fixed assets	2.8	2.9	2.9	3.2	3.6	3.9	4.2	4.5	4.8	5.2	5.5	5.8
- Cost	3.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	32.4	32.7	33.1	33.2	33.3	33.7	34.0	34.4	34.8	35.2	35.5	35.9
- Cost	58.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-26.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	35.3	26.8	25.0	7.5	7.2	6.3	0.0	0.0	0.0	9.6	6.2	0.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	35.3	26.8	25.0	7.5	7.2	6.3	0.0	0.0	0.0	9.6	6.2	0.6
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.5	2.5
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	2.5	2.5
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	63.7	68.1	68.2	63.3	62.3	59.7	56.6	56.4	58.5	61.3	61.8	64.6
1. Long-term prepayments	63.6	67.9	68.1	63.1	62.2	59.5	56.4	56.1	58.3	61.0	61.6	64.4
2. Deferred income tax assets	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2
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)	1,149.3	1,146.0	1,112.1	1,071.2	994.9	1,056.9	995.3	1,001.9	1,011.8	1,073.4	1,061.9	1,085.4
A. LIABILITIES (300=210+330)	441.7	447.2	402.9	372.6	269.7	341.1	291.2	305.0	293.8	350.4	336.9	309.8
I. Short -term liabilities	387.8	394.0	378.0	345.5	247.7	319.0	268.5	282.4	270.0	326.7	312.7	278.2
1. Short-term trade accounts payable	198.7	229.0	211.9	185.6	156.7	197.9	151.4	165.7	167.4	220.5	182.7	185.4
2. Short-term advances from customers	0.8	0.5	0.4	0.4	0.6	0.3	0.4	0.3	0.2	0.2	0.3	0.3
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.0	5.3	14.7	11.9	6.0	11.3	8.7	4.0	6.3	8.9	23.1	19.1
4. Payable to employees	14.8	26.9	13.7	12.4	10.7	21.9	11.5	7.8	11.0	15.4	13.1	11.1
5. Short-term acrrued expenses	42.2	29.2	37.2	39.4	30.5	21.9	34.0	31.7	31.5	22.5	29.5	24.7
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	0.2	0.3	—	0.2	0.1	0.0	0.0	0.0	0.2	0.0	0.1	1.4
9. Other short-term payables	12.7	11.0	12.3	41.4	10.7	8.7	10.5	11.2	10.8	10.9	12.9	11.3
10. Short-term borrowings and financial leases	110.5	91.5	87.2	52.8	32.0	54.7	51.4	61.0	42.0	47.7	50.3	23.2
11. Provision for short-term liabilities	—	—	—	—	—	2.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.3	0.6	1.4	0.3	0.3	0.5	0.7	0.5	0.5	0.7	1.9
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	53.9	53.1	25.0	27.1	22.0	22.1	22.7	22.6	23.8	23.7	24.2	31.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	7.2	6.2	5.8	12.3	12.4	12.5	12.5	12.6	12.3	12.2	13.2	13.1
8. Long-term borrowings and financial leases	42.1	42.3	14.6	10.2	5.0	5.0	5.2	5.2	7.1	7.2	6.9	14.5
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	3.3	3.3	3.4	3.4	3.4	3.4	3.1	2.9	2.5	2.3	2.2	2.0
12. Provision for long-term liabilities	1.3	1.3	1.2	1.2	1.2	1.2	1.9	1.9	1.9	1.9	1.9	2.0
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)	707.6	698.8	709.2	698.6	725.2	715.8	704.1	696.9	718.0	723.0	725.0	775.6
I. Owner's equity	707.6	698.8	709.2	698.6	725.2	715.8	704.1	696.9	718.0	723.0	725.0	775.6
1. Owner's capital	340.0	340.0	340.0	340.0	340.0	340.0	340.0	340.0	340.0	340.0	340.0	340.0
- Common stock with voting right	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00	340,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	45.8	45.8	45.8	45.8	45.8	45.8	45.8	45.8	45.8	45.8	47.3	47.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.5
5. Treasury shares	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00	-1,729,495,242.00
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	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3	11.3
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	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
11. Undistributed earnings after tax	260.0	254.8	265.8	256.3	281.7	273.0	262.3	255.1	275.4	279.4	260.7	306.8
- Accumulated retained earning at the end of the previous period	254.6	241.0	244.6	244.6	273.0	247.7	251.3	251.3	279.3	213.9	213.9	264.6
- Undistributed earnings in this period	5.4	13.8	21.2	11.7	8.6	25.3	11.0	3.8	-3.9	65.4	46.8	42.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	39.9	36.4	35.7	34.6	35.9	35.1	34.1	34.1	35.0	36.0	55.3	59.7
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)	1,149.3	1,146.0	1,112.1	1,071.2	994.9	1,056.9	995.3	1,001.9	1,011.8	1,073.4	1,061.9	1,085.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	9.1	-3.7	14.3	4.2	12.1	19.8	8.7	11.1	-2.8	14.8	5.5	27.2
Depreciation of Fixed Assets and Investment Property	11.8	11.3	10.2	9.5	9.3	9.4	9.7	9.9	10.7	10.9	11.8	11.6
Provision (Increase)/Reversal	-0.0	16.2	-0.1	0.1	—	3.7	0.0	0.2	0.0	2.8	1.2	1.6
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
Gain/Loss from Investment Activities	-6.0	-7.3	-4.6	-6.5	-5.2	-11.1	-4.4	-4.7	-5.2	-30.3	15.3	-11.5
Interest Expense	2.1	1.7	0.9	0.6	0.6	0.7	0.7	0.8	0.7	0.8	0.8	1.6
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	17.1	18.3	20.7	7.9	16.8	22.6	14.7	17.2	3.5	-0.9	34.7	30.5
Increase/(Decrease) in Receivables	-11.6	-25.7	-23.9	-28.1	36.3	-56.3	-12.0	19.8	26.8	-26.7	12.2	6.0
Increase/(Decrease) in Inventory	-5.3	5.3	-5.0	-2.1	-1.0	0.4	-0.6	2.6	4.4	1.8	0.4	3.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-14.0	16.5	17.6	43.9	-42.2	39.4	-4.6	-7.2	-44.2	-39.0	63.2	28.7
Increase/(Decrease) in Prepaid Expenses	3.0	0.8	-4.7	-3.3	-2.8	-3.0	1.1	0.0	3.6	-1.3	2.9	1.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.2	-1.6	-1.0	-0.6	-0.6	-0.6	-0.7	-0.7	-0.7	-0.7	-0.9	-1.5
Corporate Income Tax Paid	-3.5	-6.6	-2.5	-0.3	-6.3	-2.4	-0.2	-3.6	-7.4	-4.4	-1.5	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.3	-0.8	-0.3	-0.0	-0.4	-0.4	-0.5	-0.1	54.8	-56.0	-0.4
Net Cash Flow from Operating Activities	-16.7	6.6	0.4	17.2	0.2	-0.2	-2.8	27.6	-14.2	-16.5	54.9	67.5
Payments for Fixed Assets and Other Long-term Assets	-19.9	-45.3	-28.0	-24.3	-6.8	-14.5	-0.5	-4.9	-8.3	-7.9	-5.6	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	3.9	0.0	1.1	0.4	5.6	0.0	0.1	0.0	0.9	-0.0	0.2
Loans and Purchases of Debt Instruments	-97.6	-115.1	-154.4	-48.0	-21.4	-57.5	-35.2	-93.2	-131.2	-84.2	-138.7	-142.7
Receipts from Loan Repayments and Sale of Debt Instruments	104.9	104.2	156.5	57.9	32.3	73.2	24.1	107.3	140.9	92.9	136.8	107.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	4.7
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Dividends and Interest Income Received	6.6	7.5	4.3	3.8	4.5	4.8	3.3	3.4	8.2	31.9	-18.4	6.7
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	-5.3	-44.8	-21.6	-9.5	9.0	11.7	-8.3	12.6	9.6	33.7	-25.9	-23.6
Proceeds from Equity Issuance and Capital Contributions	2,450,000,000.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	-12,244,500,000.00	0.00	-5,125,550,000.00
Proceeds from Borrowings	78.9	95.1	55.0	55.9	19.6	52.6	48.5	23.1	46.2	41.9	42.0	21.0
Repayment of Borrowings	-60.0	-60.7	-17.0	-29.6	-42.1	-49.2	-57.9	-5.7	-51.9	-44.0	-22.2	-50.1
Repayment of Finance Leases	-0.1	-0.1	-1.5	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
Dividends Paid	-0.0	-0.2	-28.1	0.0	-0.0	-0.0	-0.3	-27.5	-1.2	-0.1	-53.2	-0.2
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	21.2	34.1	8.4	26.1	-22.8	3.2	-9.9	-10.3	-7.1	-14.6	-33.6	-34.6
Net Cash Flow During the Period	-0.8	-4.2	-12.8	33.7	-13.6	14.6	-20.9	29.9	-11.7	2.6	-4.6	9.2
Cash and Cash Equivalents at Beginning of Period	56.7	60.9	73.6	39.9	53.5	41.7	41.7	41.7	41.7	99.5	99.5	99.5
FX Difference from Revaluation	—	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	55.9	56.7	60.9	73.6	39.9	53.5	38.9	59.9	30.0	41.7	39.1	43.7

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VFC

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