VGS

Ống thép Việt - Đức VG PIPE ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 3.06%, +1.19pp YoY

Price

21,600

Latest close

04 Jun 2026

P/E 6.12x

P/B 0.99x

EPS 3,530

BVPS 21,797

ROE 17.9%

ROA 7.6%

Profit Margin 3.1%

Asset Turnover 2.50x

Equity Mult. 2.35x

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

What Is Changing

On a TTM 2026Q1 basis, VGS has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,233bn
	                                
−1.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 221bn
	                                
+61.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	7,318.6	7,321.9	7,555.7	8,483.2	6,683.6
Growth	-0%	-3%	-11%	+27%	—
Net Income	217.0	109.9	58.1	100.1	128.8
Net Margin	2.97%	1.50%	0.77%	1.18%	1.93%

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	1,701.2	1,644.3	1,767.2	2,120.3	1,786.8	1,639.6	1,907.2	1,987.7	1,787.4	2,139.1	1,716.8	1,577.7
Growth	+3%	-7%	-17%	+19%	+9%	-14%	-4%	+11%	-16%	+25%	+9%	—
Net Income	45.3	77.5	63.8	34.9	41.0	74.2	9.5	12.1	14.0	25.7	9.0	9.8
Net Margin	2.66%	4.71%	3.61%	1.64%	2.29%	4.52%	0.50%	0.61%	0.79%	1.20%	0.52%	0.62%

Drivers of VGS's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 39.4bn

Financial income ↑ 38.3bn

Associates income ↑ 29.3bn

Selling expenses ↑ 9.3bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher associates income. Supporting and offsetting drivers:

Associates income ↑ 5.6bn

Financial income ↑ 4.9bn

Gross profit ↑ 2.6bn

Selling expenses ↑ 5.3bn

Finance costs ↑ 3.1bn

Administrative expenses ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.9% = 1.9% × 2.89 × 2.39

2026Q1 17.9% = 3.1% × 2.50 × 2.35

ROE rose from 12.9% to 17.9% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 3.1% +1.2pp Asset turnover: 2.50x -0.39x Leverage: 2.35x -0.05x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 3.06%, rising 1.2pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (with additional support from Net financial result / Revenue rose 0.5pp and Other profit / Revenue rose 0.0pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 3.06% +1.2pp

Gross Margin 3.99% +0.6pp

SG&A / Revenue 1.39% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 34.3 days.

Is capital being deployed efficiently?

ROIC expanded to 11.21%, rising 3.6pp. That translates to 11.21 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.2pp, with capital turnover fell 0.39x; while invested capital rose by 167bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 11.21% +3.6pp

NOPAT Margin 3.04% +1.2pp

Capital Turnover 3.69x −0.39x

Average Invested Capital 1,961.9bn +166.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 0.80x equity, net debt at 0.75x equity.

Inventory ended the period at 531.4bn, roughly 22.8% of total assets.

Over the last 12 months, working capital released 276.7bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +162.3bn

Inventories decreased → higher CFO: +230.8bn

Payables decreased → lower CFO: −116.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.9 days versus the same period last year. The main moves came from DIO fell 1.8 days, DSO fell 3.7 days, and DPO fell 0.6 days.

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

Working Capital Efficiency

Receivables 29.6 days −3.7 days

Inventory 34.0 days −1.8 days

Payables 29.3 days −0.6 days

Cash Conversion Cycle 34.3 days −4.9 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.75x and interest coverage at 12.17x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3.4% of debt, and total debt stands at 832.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Cash buffer is thin relative to debt

Cash / debt stands at 3.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.75x +0.17x

Interest Coverage 12.17x +4.18x

Cash / Debt 3.4% −11.1pp

Short-term Debt / Total Debt 100.0% +26.4pp

CFO / NI 2.04x +0.51x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 440.7bn in 2025, against investing cash flow of -305.6bn.

Post-investment cash flow was positive +135.1bn. Financing cash flow was negative +210.5bn.

CFO / net income was 2.04x.

After spending +22.3bn on fixed-asset investment, the business generated trailing free cash flow of +428.9bn.

Cash Conversion

CFO TTM 451.2bn +242.0bn

Cash Capex 22.3bn −73.0bn

FCF TTM +428.9bn +315.0bn

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. The brighter spot is operating efficiency, with net margin improving 1.2 pp. The main risk still sits in leverage and liquidity, with interest coverage at 12.17x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.06% after expanding 1.2pp versus the same period last year.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.75x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7,380.0	7,352.0	7,567.8	8,490.9	6,694.1
Revenue Deductions	61.4	30.2	12.1	7.7	0.0
Net Revenue	7,318.6	7,321.9	7,555.7	8,483.2	6,683.6
Cost of Goods Sold	7,032.9	7,099.9	7,364.8	8,289.6	0.0
Gross Profit	285.7	222.0	190.9	193.6	263.1
Financial Income	35.3	1.0	61.1	1.1	0.8
Financial Expenses	18.0	20.8	36.2	35.9	-26.1
Interest Expense	17.9	20.8	36.2	35.9	-26.0
Share of Associates and Joint Ventures	43.6	10.9	-59.2	33.4	20.3
Selling Expenses	61.8	51.4	52.1	46.1	-69.0
General and Administrative Expenses	32.2	26.8	33.1	29.6	-32.7
Operating Profit	252.6	134.9	71.5	116.5	156.5
Other Income	1.9	0.2	0.9	0.6	0.0
Other Expenses	0.4	0.2	0.1	0.3	0.0
Other Profit	1.5	0.0	0.8	0.3	-0.0
Profit Before Tax	254.1	134.9	72.3	116.8	156.5
Current Income Tax Expense	37.1	25.1	14.2	16.7	-27.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	217.0	109.9	58.1	100.1	128.8
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	217.0	109.9	58.1	100.1	128.8
Earnings per Share	3,432.00	1,845.00	1,028.00	1,929.00	3,058.00
Diluted EPS	3,527.36	1,964.07	1,090.05	2,067.19	3,058.61

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,238.9	1,327.0	1,480.4	1,499.1	1,486.2
I. Cash and cash equivalents	60.3	135.7	162.3	192.3	55.6
1. Cash	60.3	20.7	162.3	127.3	0.0
2. Cash equivalents	—	115.0	0.0	65.0	0.0
II. Short-term financial investments	295.0	0.0	0.0	0.0	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	295.0	0.0	0.0	0.0	0.0
III. Short-term receivables	344.6	643.9	878.9	873.5	801.2
1. Short-term trade accounts receivable	262.6	569.9	815.1	825.5	0.0
2. Short-term prepayments to suppliers	45.5	38.2	36.8	23.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	62.7	60.6	51.8	45.6	0.0
7. Provision for short-term doubtful debts (*)	-26.2	-24.8	-24.8	-21.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	531.4	546.2	427.5	433.2	621.5
1. Inventories	531.4	546.2	427.5	433.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.6	1.1	11.7	0.1	7.8
1. Short-term prepayments	—	0.1	7.0	0.1	0.0
2. Value added tax to be reclaimed	7.6	1.0	4.7	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	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)	1,090.5	1,007.1	966.9	665.8	594.1
I. Long-term receivables	0.2	0.2	0.2	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	0.2	0.2	0.2	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	104.7	107.5	126.0	140.5	147.1
1. Tangible fixed assets	90.8	93.2	109.4	123.6	129.8
- Cost	481.9	477.0	482.8	495.4	0.0
- Accumulated depreciation	-391.1	-383.8	-373.4	-371.9	0.0
2. Financial leased fixed assets	—	0.0	16.6	0.0	0.0
- Cost	—	0.0	22.4	0.0	0.0
- Accumulated depreciation	—	0.0	-5.8	0.0	0.0
3. Intangible fixed assets	13.9	14.4	0.0	17.0	17.3
- Cost	20.5	20.5	0.0	22.4	0.0
- Accumulated depreciation	-6.6	-6.2	0.0	-5.4	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	809.2	763.7	707.8	335.3	291.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	809.2	763.7	707.8	335.3	0.0
V. Long-term financial investments	168.1	124.5	113.6	172.8	139.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	168.1	124.5	113.6	172.8	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	8.3	11.2	19.4	17.0	0.0
1. Long-term prepayments	8.3	11.2	19.4	17.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	15.9
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)	2,329.4	2,334.1	2,447.3	2,164.9	2,080.3
A. LIABILITIES (300=210+330)	1,033.7	1,249.5	1,465.9	1,238.3	1,247.3
I. Short -term liabilities	825.6	1,043.8	1,258.7	1,235.8	1,121.3
1. Short-term trade accounts payable	128.8	393.2	523.9	530.4	547.2
2. Short-term advances from customers	1.5	0.6	10.5	0.4	1.1
3. Taxes and other payables to state authorities	17.2	18.9	9.5	9.7	0.0
4. Payable to employees	35.5	13.0	13.0	17.9	0.0
5. Short-term acrrued expenses	0.9	0.7	0.7	0.2	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	1.0	2.1	2.0	1.6	1.5
9. Other short-term payables	0.7	1.4	0.9	0.6	0.0
10. Short-term borrowings and financial leases	571.9	580.6	668.9	644.8	510.7
11. Provision for short-term liabilities	31.4	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	36.7	33.2	29.2	30.1	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	208.1	205.7	207.2	2.5	126.0
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	208.1	3.9	3.4	2.5	0.0
8. Long-term borrowings and financial leases	—	201.8	203.8	0.0	7.3
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)	1,295.7	1,084.6	981.4	926.6	833.0
I. Owner's equity	1,295.7	1,084.6	981.4	926.6	0.0
1. Owner's capital	615.2	559.3	532.7	484.3	833.0
- Common stock with voting right	615,241,550,000.00	559,321,260,000.00	532,696,700,000.00	484,279,210,000.00	421,115,890,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	69.8	69.8	69.8	69.8	69.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	48.0	48.0	48.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	59.8	56.5	51.5	49.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	11.6	11.6	11.6	11.6	0.0
11. Undistributed earnings after tax	491.2	339.2	267.6	311.2	285.4
- Accumulated retained earning at the end of the previous period	283.3	241.0	214.8	222.3	172.4
- Undistributed earnings in this period	207.8	98.3	52.8	88.9	113.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.2	0.1	0.1	0.1	0.1
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)	2,329.4	2,334.1	2,447.3	2,164.9	2,080.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	254.1	134.9	72.3	116.8	156.5
Depreciation of Fixed Assets and Investment Property	12.0	12.6	14.6	14.8	16.1
Provision (Increase)/Reversal	32.8	-0.0	3.5	3.2	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	-79.6	-48.4	-2.5	-34.8	0.0
Interest Expense	17.9	20.8	36.2	35.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.1	0.3	0.0
Operating Profit Before Changes in Working Capital	237.3	119.9	124.1	136.1	181.4
Increase/(Decrease) in Receivables	290.7	274.3	-19.1	-68.0	0.0
Increase/(Decrease) in Inventory	14.8	-118.8	5.7	188.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-47.3	-156.5	4.2	-130.7	0.0
Increase/(Decrease) in Prepaid Expenses	3.0	15.0	-9.2	-1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-17.9	-20.8	-36.1	-35.9	0.0
Corporate Income Tax Paid	-37.5	-17.0	-9.9	-23.1	0.0
Other Operating Receipts	—	0.1	0.0	0.0	0.0
Other Operating Payments	-2.5	-2.7	-4.3	-9.2	0.0
Net Cash Flow from Operating Activities	440.7	93.6	55.4	56.4	205.8
Payments for Fixed Assets and Other Long-term Assets	-47.0	-77.0	-376.0	-47.7	-251.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.1	46.3	1.4	0.4	0.8
Loans and Purchases of Debt Instruments	-295.0	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
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	33.3	0.9	61.2	0.8	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	-305.6	-29.8	-313.3	-46.5	-250.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,425.0	4,985.0	6,335.7	5,747.5	4,831.0
Repayment of Borrowings	-4,635.5	-5,075.4	-6,107.7	-5,620.7	-4,712.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	0.0	0.0	0.0	-42.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-210.5	-90.3	227.9	126.8	76.4
Net Cash Flow During the Period	-75.4	-26.6	-30.0	136.7	33.2
Cash and Cash Equivalents at Beginning of Period	135.7	162.3	192.3	55.6	24.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	60.3	135.7	162.3	192.3	55.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,714.1	1,660.9	1,785.1	2,137.1	1,796.8	1,654.4	1,914.2	1,993.9	1,789.5	2,144.0	1,719.9	1,579.8
Revenue Deductions	12.9	16.6	17.9	16.9	10.0	14.8	7.0	6.3	2.1	4.9	3.1	2.2
Net Revenue	1,701.2	1,644.3	1,767.2	2,120.3	1,786.8	1,639.6	1,907.2	1,987.7	1,787.4	2,139.1	1,716.8	1,577.7
Cost of Goods Sold	1,631.9	1,558.0	1,690.5	2,064.3	1,720.1	1,532.0	1,867.9	1,952.4	1,747.6	2,074.9	1,672.0	1,537.8
Gross Profit	69.3	86.3	76.7	56.0	66.6	107.6	39.4	35.2	39.8	64.2	44.9	39.9
Financial Income	5.9	3.5	2.9	27.9	1.0	0.9	0.0	0.0	0.0	0.0	0.0	60.9
Financial Expenses	8.7	4.4	3.6	4.5	5.6	5.4	5.4	4.4	5.6	7.5	9.2	10.0
Interest Expense	8.7	4.4	3.5	4.6	5.4	5.4	5.4	4.4	5.6	7.5	9.2	10.0
Share of Associates and Joint Ventures	15.3	28.7	19.3	-14.2	9.7	9.6	-2.3	2.9	0.7	3.3	-1.7	-61.6
Selling Expenses	23.0	11.5	15.1	17.5	17.7	15.0	12.5	12.6	11.2	16.1	15.6	9.0
General and Administrative Expenses	6.3	13.5	5.8	7.5	5.4	6.8	6.8	6.8	6.4	12.4	6.9	8.0
Operating Profit	52.5	89.2	74.5	40.2	48.8	90.8	12.5	14.4	17.3	31.5	11.5	12.3
Other Income	0.3	0.8	0.7	0.3	0.1	0.0	0.0	0.1	0.1	0.0	0.2	0.2
Other Expenses	0.0	0.2	0.2	0.0	0.0	0.2	0.0	0.0	0.0	0.1	0.0	0.0
Other Profit	0.3	0.6	0.5	0.3	0.1	-0.2	0.0	0.1	0.1	-0.1	0.2	0.2
Profit Before Tax	52.8	89.7	75.0	40.5	48.9	90.6	12.5	14.5	17.4	31.4	11.7	12.4
Current Income Tax Expense	7.5	12.3	11.3	5.6	7.9	16.4	3.0	2.4	3.3	5.6	2.7	2.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	45.3	77.5	63.8	34.9	41.0	74.2	9.5	12.1	14.0	25.7	9.0	9.8
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	0.0
Profit Attributable to Parent	45.3	77.5	63.8	34.8	41.0	74.2	9.5	12.1	14.0	25.7	9.0	9.8
Earnings per Share	736.00	1,258.00	913.00	623.00	732.00	1,207.00	147.00	227.00	264.00	483.00	125.00	202.00
Diluted EPS	735.92	1,258.97	1,036.32	623.06	732.19	1,326.06	170.44	227.35	263.58	482.62	168.91	201.56

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)	1,998.9	1,238.9	1,368.2	1,562.0	1,624.6	1,327.0	1,333.2	1,377.4	1,458.8	1,480.4	1,278.3	1,306.0
I. Cash and cash equivalents	28.2	60.3	323.6	356.2	110.7	135.7	109.5	99.7	88.0	162.3	75.4	28.9
1. Cash	28.2	60.3	88.6	39.2	18.7	20.7	59.5	99.7	88.0	162.3	75.4	28.9
2. Cash equivalents	—	—	235.0	317.0	92.0	115.0	50.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	846.3	295.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	846.3	295.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	591.6	344.6	470.7	699.0	735.7	643.9	653.2	710.8	720.2	878.9	783.4	811.6
1. Short-term trade accounts receivable	528.6	262.6	396.6	610.6	643.7	569.9	578.1	645.0	690.3	815.1	743.7	770.6
2. Short-term prepayments to suppliers	25.0	45.5	38.5	33.6	41.0	38.2	34.6	32.2	4.4	36.8	10.4	10.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	64.2	62.7	60.9	80.1	75.7	60.6	65.3	58.3	50.2	51.8	53.3	53.8
7. Provision for short-term doubtful debts (*)	-26.2	-26.2	-25.3	-25.3	-24.8	-24.8	-24.8	-24.8	-24.8	-24.8	-23.9	-23.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	532.1	531.4	561.8	506.3	763.0	546.2	558.0	556.4	626.6	427.5	417.0	461.0
1. Inventories	532.1	531.4	561.8	506.3	763.0	546.2	558.0	556.4	626.6	427.5	417.0	461.0
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	0.7	7.6	12.1	0.5	15.2	1.1	12.4	10.5	24.0	11.7	2.5	4.5
1. Short-term prepayments	—	—	0.2	0.4	—	0.1	3.1	3.7	5.3	7.0	1.5	2.8
2. Value added tax to be reclaimed	0.7	7.6	11.9	—	15.2	1.0	9.3	6.8	18.7	4.7	1.0	1.6
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	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)	1,140.8	1,090.5	1,036.6	1,011.9	1,023.2	1,007.1	979.5	972.5	966.4	966.9	951.9	779.6
I. Long-term receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	100.6	104.7	102.7	103.4	105.8	107.5	117.8	120.9	122.7	126.0	129.5	133.2
1. Tangible fixed assets	86.8	90.8	88.7	89.2	91.6	93.2	101.3	104.3	106.2	109.4	112.8	116.4
- Cost	480.8	—	—	—	—	477.0	484.2	484.2	482.8	482.8	482.8	493.5
- Accumulated depreciation	-394.1	—	—	—	—	-383.8	-382.8	-379.9	-376.6	-373.4	-370.0	-377.1
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	13.8	13.9	14.0	14.2	14.3	14.4	16.5	16.6	16.5	16.6	16.7	16.8
- Cost	20.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.7	—	—	—	—	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	849.0	809.2	785.3	778.6	772.5	763.7	735.2	720.6	712.6	707.8	696.0	519.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	849.0	809.2	785.3	778.6	772.5	763.7	735.2	720.6	712.6	707.8	696.0	519.6
V. Long-term financial investments	183.4	168.1	139.4	120.1	134.2	124.5	114.9	117.2	114.3	113.6	110.3	112.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	183.4	168.1	139.4	120.1	134.2	124.5	114.9	117.2	114.3	113.6	110.3	112.0
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	7.6	8.3	9.0	9.7	10.4	11.2	11.3	13.6	16.6	19.4	15.9	14.6
1. Long-term prepayments	7.6	8.3	9.0	9.7	10.4	11.2	11.3	13.6	16.6	19.4	15.9	14.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,139.6	2,329.4	2,404.8	2,573.9	2,647.7	2,334.1	2,312.6	2,350.0	2,425.2	2,447.3	2,230.2	2,085.6
A. LIABILITIES (300=210+330)	1,798.6	1,033.7	1,180.6	1,413.5	1,522.2	1,249.5	1,295.6	1,342.5	1,429.8	1,465.9	1,271.2	1,135.7
I. Short -term liabilities	1,359.6	825.6	972.7	1,207.7	1,316.4	1,043.8	1,087.9	1,135.2	1,222.5	1,258.7	1,063.1	1,029.9
1. Short-term trade accounts payable	415.6	128.8	503.5	684.6	698.2	393.2	255.8	479.6	460.5	523.9	454.1	389.7
2. Short-term advances from customers	0.3	1.5	4.8	0.3	0.4	0.6	11.8	1.8	13.1	10.5	0.4	0.3
3. Taxes and other payables to state authorities	8.6	17.2	37.9	28.8	7.9	18.9	12.2	3.3	3.4	9.5	16.9	7.5
4. Payable to employees	23.7	35.5	12.6	11.0	8.9	13.0	11.4	8.9	6.9	13.0	6.8	6.7
5. Short-term acrrued expenses	14.5	0.9	10.8	8.5	4.4	0.7	2.8	4.0	2.7	0.7	0.5	1.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.0	1.0	1.5	1.5	2.1	2.1	2.7	2.0	2.5	2.0	2.7	2.2
9. Other short-term payables	0.7	0.7	0.7	0.8	0.9	1.4	5.0	2.0	6.0	0.9	2.8	2.8
10. Short-term borrowings and financial leases	832.0	571.9	369.5	440.7	562.3	580.6	759.5	605.9	699.8	668.9	553.0	593.6
11. Provision for short-term liabilities	26.9	31.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	36.1	36.7	31.4	31.4	31.4	33.3	26.6	27.7	27.7	29.2	25.9	26.1
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	439.0	208.1	207.9	205.8	205.8	205.7	207.7	207.3	207.3	207.2	208.2	105.7
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	439.0	208.1	207.9	4.0	4.0	3.9	3.9	3.5	3.5	3.4	3.4	3.3
8. Long-term borrowings and financial leases	—	—	—	201.8	201.8	201.8	203.8	203.8	203.8	203.8	204.8	102.4
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)	1,341.0	1,295.7	1,224.2	1,160.4	1,125.5	1,084.6	1,017.0	1,007.5	995.4	981.4	958.9	950.0
I. Owner's equity	1,341.0	1,295.7	1,224.2	1,160.4	1,125.5	1,084.6	1,017.0	1,007.5	995.4	981.4	958.9	950.0
1. Owner's capital	615.2	615.2	615.2	559.3	559.3	559.3	559.3	532.7	532.7	532.7	532.7	484.3
- Common stock with voting right	615,241,550,000.00	615,241,550,000.00	615,241,550,000.00	559,321,260,000.00	559,321,260,000.00	559,321,260,000.00	559,321,260,000.00	532,696,700,000.00	532,696,700,000.00	532,696,700,000.00	532,696,700,000.00	484,279,210,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	59.8	59.8	56.5	56.5	56.5	56.5	51.5	51.5	51.5	51.5	49.6	49.6
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	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6
11. Undistributed earnings after tax	536.4	491.2	422.9	415.0	380.2	339.2	276.7	293.8	281.6	267.6	247.1	334.6
- Accumulated retained earning at the end of the previous period	491.2	283.3	283.3	339.2	339.2	241.0	241.0	267.6	267.6	214.8	214.8	311.2
- Undistributed earnings in this period	45.3	207.8	139.6	75.8	41.0	98.3	35.7	26.2	14.0	52.8	32.4	23.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,139.6	2,329.4	2,404.8	2,573.9	2,647.7	2,334.1	2,312.6	2,350.0	2,425.2	2,447.3	2,230.2	2,085.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	52.8	89.7	75.0	40.5	48.9	90.6	12.5	14.5	17.4	31.4	11.7	12.4
Depreciation of Fixed Assets and Investment Property	4.1	2.5	3.2	3.4	2.9	2.9	3.0	3.3	3.3	3.5	3.7	3.7
Provision (Increase)/Reversal	-4.5	32.3	0.0	0.5	—	0.0	0.0	0.0	-0.0	0.9	0.9	1.8
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
Gain/Loss from Investment Activities	-21.5	-32.8	-22.0	-13.9	-10.8	-47.1	2.3	-2.9	-0.7	-3.3	1.6	0.7
Interest Expense	8.7	4.4	3.5	4.6	5.4	5.4	5.4	4.4	5.6	7.5	9.2	10.0
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	0.1	0.0	-0.1
Operating Profit Before Changes in Working Capital	39.6	96.1	59.7	35.1	46.4	51.9	23.2	19.3	25.5	40.0	27.0	28.5
Increase/(Decrease) in Receivables	-234.5	129.4	216.5	51.0	-106.1	17.1	60.7	51.8	144.8	-94.4	26.0	240.9
Increase/(Decrease) in Inventory	-0.7	30.4	-55.5	256.7	-216.7	11.7	-1.5	70.1	-199.1	-10.5	42.3	131.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	246.4	-404.3	32.7	8.8	315.6	101.2	-204.1	5.9	-59.5	75.4	77.7	-342.7
Increase/(Decrease) in Prepaid Expenses	0.7	0.9	0.9	0.3	0.9	3.2	2.9	4.5	4.5	-8.9	0.0	-2.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.8	-4.5	-3.5	-4.7	-5.2	-5.7	-5.3	-4.6	-5.3	-7.9	-9.2	-10.0
Corporate Income Tax Paid	-17.1	-16.0	-3.9	0.0	-17.6	-4.4	-0.5	-2.7	-9.5	-1.6	-3.2	0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-0.6	0.0	0.0	-1.9	-0.0	-1.2	0.0	-1.5	-0.0	-0.3	-0.2
Net Cash Flow from Operating Activities	26.1	-168.6	246.8	347.0	15.5	175.0	-125.7	144.4	-100.1	-7.9	160.4	45.9
Payments for Fixed Assets and Other Long-term Assets	1.2	-5.0	-8.9	-9.6	-23.4	-15.0	-18.1	-38.9	-5.0	-20.1	-175.9	-176.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.6	0.1	2.2	0.1	46.3	0.0	0.0	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-551.3	-295.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	231.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	2.3	2.6	27.4	1.0	0.9	0.0	0.0	0.0	0.0	0.0	60.9
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	-318.3	-297.1	-6.3	20.0	-22.2	32.1	-18.1	-38.8	-5.0	-20.1	-175.7	-115.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,145.0	812.8	1,113.3	1,414.3	1,084.7	1,099.1	1,470.5	1,368.7	1,046.7	1,874.9	1,418.2	1,494.6
Repayment of Borrowings	-884.9	0.0	0.0	0.0	0.0	-1,280.0	-1,316.8	-1,462.7	-1,015.8	-1,760.0	-1,356.3	-1,385.2
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	-60.9
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	260.1	202.5	-273.1	-121.6	-18.3	-180.9	153.7	-93.9	30.9	114.9	61.8	48.5
Net Cash Flow During the Period	-32.2	-263.3	-32.6	245.5	-25.0	26.2	9.9	11.6	-74.3	86.9	46.5	-21.2
Cash and Cash Equivalents at Beginning of Period	60.3	323.6	356.2	110.7	135.7	162.3	162.3	162.3	162.3	192.3	192.3	192.3
FX Difference from Revaluation	—	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	28.2	60.3	323.6	356.2	110.7	135.7	109.5	99.7	88.0	162.3	75.4	28.9

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VGS

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