VOS

Vận tải Biển Việt Nam ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 10.83%, +6.64pp YoY

Price

12,300

Latest close

04 Jun 2026

P/E 4.75x

P/B 0.81x

EPS 2,592

BVPS 15,143

ROE 17.9%

ROA 10.5%

Profit Margin 10.8%

Asset Turnover 0.97x

Equity Mult. 1.71x

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

What Is Changing

On a TTM 2026Q1 basis, VOS posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — margins have been expanding consistently over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,350bn
	                                
−32.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 363bn
	                                
+75.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    74.1%

Metric	2025	2024	2023	2022	2021
Revenue	3,103.5	5,576.1	3,187.5	2,420.4	1,423.9
Growth	-44%	+75%	+32%	+70%	—
Net Income	304.7	335.3	155.4	487.9	489.2
Net Margin	9.82%	6.01%	4.87%	20.16%	34.36%

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	709.0	955.9	849.7	835.8	462.1	1,336.8	1,269.9	1,872.0	1,097.5	909.9	715.9	1,042.6
Growth	-26%	+12%	+2%	+81%	-65%	+5%	-32%	+71%	+21%	+27%	-31%	—
Net Income	4.3	216.6	131.7	10.3	-53.9	-9.0	-14.1	283.9	74.5	104.6	-23.3	1.1
Net Margin	0.61%	22.66%	15.50%	1.23%	-11.65%	-0.67%	-1.11%	15.16%	6.79%	11.49%	-3.26%	0.10%

Drivers of VOS's profit

TTM

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

Gross profit ↑ 276.8bn

Other profit ↓ 66.0bn

Financial income ↓ 29.6bn

Finance costs ↑ 17.4bn

TTM

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

Gross profit ↑ 74.1bn

Finance costs ↑ 6.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.2% = 4.2% × 1.68 × 1.59

2026Q1 17.9% = 10.8% × 0.97 × 1.71

ROE rose from 11.2% to 17.9% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 10.8% +6.6pp Asset turnover: 0.97x -0.72x Leverage: 1.71x +0.12x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 10.83%, rising 6.6pp. Core operating signals are improving as Gross margin rose 8.1pp are enough to offset pressure from SG&A / Revenue rose 1.6pp (in addition, Other profit / Revenue rose 1.8pp added support while Net financial result / Revenue fell 0.9pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 10.83% +6.6pp

Gross Margin 7.91% +8.1pp

SG&A / Revenue 4.65% +1.6pp

Non-core / Revenue 9.76% +0.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 74.4% of PBT and lifted net margin by 0.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.77x −1.57x

Average Invested Capital 1,894.1bn +416.1bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.85x equity, net debt at 0.06x equity.

Over the last 12 months, working capital absorbed 423.2bn 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: −452.1bn

Inventories increased → lower CFO: −18.4bn

Payables increased → higher CFO: +47.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 12.7 days versus the same period last year. The main moves came from DIO rose 5.5 days, DSO rose 6.0 days, and DPO fell 1.2 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +12.7 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +6.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 21.5 days +6.0 days

Inventory 13.9 days +5.5 days

Payables 15.9 days −1.2 days

Cash Conversion Cycle 19.5 days +12.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 1,108.2bn due to capex of 923.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.06x and interest coverage at 2.38x.

At present, short-term debt accounts for 26.5% of total debt, cash equals 84.7% of debt, and total debt stands at 811.4bn.

Leverage and liquidity trend

Net Debt / Equity 0.06x +0.26x

Interest Coverage 2.38x +6.00x

Cash / Debt 84.7% −177.6pp

Short-term Debt / Total Debt 26.5% +15.4pp

CFO / NI -0.51x −1.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -129.6bn in 2025, against investing cash flow of -199.1bn.

Post-investment cash flow was negative +328.7bn. Financing cash flow was positive +606.3bn.

CFO / net income was -0.51x.

After spending +923.3bn on fixed-asset investment, the business generated trailing free cash flow of −1,108.2bn.

Cash Conversion

CFO TTM 184.9bn −308.9bn

Cash Capex 923.3bn +437.5bn

FCF TTM −1,108.2bn −746.4bn

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 6.6 pp. The next item to monitor is the earnings mix, when non-core contribution is 0.3%. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.83% after expanding 6.6pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 0.3% of PBT and CFO / net income currently at -0.51x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 1,108.2bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,104.3	5,576.1	3,188.7	2,420.4	1,423.9
Revenue Deductions	0.8	0.0	1.2	0.0	0.0
Net Revenue	3,103.5	5,576.1	3,187.5	2,420.4	1,423.9
Cost of Goods Sold	2,912.5	5,449.0	3,005.7	1,682.7	0.0
Gross Profit	191.0	127.1	181.8	737.8	453.1
Financial Income	53.6	80.1	64.4	51.8	158.0
Financial Expenses	41.1	25.6	32.1	75.6	-110.2
Interest Expense	31.7	0.1	25.9	59.6	-101.6
Share of Associates and Joint Ventures	2.6	3.5	2.4	2.0	0.7
Selling Expenses	67.9	63.3	59.8	79.2	-43.1
General and Administrative Expenses	81.4	97.1	75.6	105.8	-105.2
Operating Profit	56.7	24.7	81.2	531.0	353.3
Other Income	327.6	393.8	147.5	91.2	0.0
Other Expenses	3.5	0.5	28.4	16.6	0.0
Other Profit	324.1	393.2	119.1	74.6	150.8
Profit Before Tax	380.8	417.9	200.2	605.6	504.1
Current Income Tax Expense	80.1	79.2	44.6	117.8	-14.9
Deferred Income Tax Expense	-4.0	3.5	0.2	-0.1	0.0
Net Income	304.7	335.3	155.4	487.9	489.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	304.7	335.3	155.4	487.9	489.2
Earnings per Share	2,177.00	2,395.00	1,110.00	3,485.00	2,170.00
Diluted EPS	2,177.00	2,394.68	1,109.79	3,485.30	3,494.49

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,692.0	2,098.9	1,581.0	1,198.4	1,092.1
I. Cash and cash equivalents	769.2	494.1	260.4	34.8	103.2
1. Cash	659.6	488.1	153.4	26.3	0.0
2. Cash equivalents	109.6	6.0	107.0	8.5	0.0
II. Short-term financial investments	—	725.0	565.0	345.0	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	—	725.0	565.0	345.0	0.0
III. Short-term receivables	777.4	617.8	515.4	600.6	502.6
1. Short-term trade accounts receivable	447.6	199.4	193.0	254.1	0.0
2. Short-term prepayments to suppliers	283.6	282.3	287.5	282.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	112.9	204.0	101.8	133.0	0.0
7. Provision for short-term doubtful debts (*)	-66.7	-67.9	-66.9	-68.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	97.2	105.2	123.3	142.1	90.1
1. Inventories	97.2	105.2	123.3	142.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	48.3	156.8	117.0	76.0	46.2
1. Short-term prepayments	6.5	5.6	9.4	6.1	0.0
2. Value added tax to be reclaimed	41.7	151.2	107.6	69.9	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
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,215.3	792.3	1,134.1	1,479.7	1,654.6
I. Long-term receivables	554.5	168.0	31.5	32.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	27.5
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	554.5	168.0	31.5	32.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,487.3	483.8	946.1	1,217.1	1,499.3
1. Tangible fixed assets	1,478.7	475.2	938.0	1,208.7	1,490.7
- Cost	4,074.9	3,784.0	4,757.3	5,252.9	0.0
- Accumulated depreciation	-2,596.2	-3,308.8	-3,819.3	-4,044.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	8.6	8.6	8.2	8.3	8.6
- Cost	12.7	12.3	11.6	11.6	0.0
- Accumulated depreciation	-4.1	-3.7	-3.4	-3.2	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	28.1	26.9	25.9	25.3	25.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	24.8	23.5	22.5	21.8	0.0
3. Investments in other entities	3.5	3.5	3.5	3.5	0.0
4. Provision for diminution in value of long-term investments	-0.2	-0.1	-0.1	-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	145.4	113.5	130.6	204.8	0.0
1. Long-term prepayments	144.9	113.5	130.6	204.6	0.0
2. Deferred income tax assets	0.5	0.0	0.0	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	102.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,907.3	2,891.2	2,715.1	2,678.1	2,746.6
A. LIABILITIES (300=210+330)	1,791.6	902.3	1,043.0	1,150.0	1,737.5
I. Short -term liabilities	677.9	409.5	524.3	631.2	727.0
1. Short-term trade accounts payable	145.9	95.4	316.8	407.3	316.8
2. Short-term advances from customers	22.8	8.4	20.0	20.4	43.0
3. Taxes and other payables to state authorities	63.9	10.4	34.1	42.4	0.0
4. Payable to employees	30.3	26.7	21.2	21.4	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	—	0.1	0.1	0.1	0.2
9. Other short-term payables	247.1	252.9	124.9	128.9	0.0
10. Short-term borrowings and financial leases	134.4	0.0	0.0	0.0	145.2
11. Provision for short-term liabilities	7.0	7.0	0.0	10.3	0.0
12.. Bonus and welfare fund	26.3	8.6	7.3	0.3	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	1,113.7	492.7	518.7	518.8	1,010.6
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	489.3	489.2	518.7	518.8	0.0
8. Long-term borrowings and financial leases	624.4	0.0	0.0	0.0	491.8
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	—	3.5	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)	2,115.7	1,988.9	1,672.1	1,528.1	1,009.1
I. Owner's equity	2,115.7	1,988.9	1,672.1	1,528.1	0.0
1. Owner's capital	1,400.0	1,400.0	1,400.0	1,400.0	1,009.1
- Common stock with voting right	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.8	1.8	1.8	1.8	1.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	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	392.2	238.0	52.9	27.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	321.8	349.2	217.4	98.4	-420.6
- Accumulated retained earning at the end of the previous period	17.0	13.9	62.1	-389.6	-910.9
- Undistributed earnings in this period	304.7	335.3	155.4	487.9	490.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,907.3	2,891.2	2,715.1	2,678.1	2,746.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	380.8	417.9	200.2	605.6	505.2
Depreciation of Fixed Assets and Investment Property	327.4	463.1	284.9	308.4	309.2
Provision (Increase)/Reversal	-1.1	8.0	-1.9	19.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.8	-17.3	-0.0	0.1	0.0
Gain/Loss from Investment Activities	-348.8	-428.3	-98.9	-25.8	0.0
Interest Expense	31.7	0.1	25.9	59.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	392.9	443.4	410.2	967.6	730.5
Increase/(Decrease) in Receivables	-492.8	-163.7	53.3	-126.6	0.0
Increase/(Decrease) in Inventory	8.0	18.0	18.8	-52.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	60.3	-73.3	-128.7	-29.3	0.0
Increase/(Decrease) in Prepaid Expenses	-32.3	20.9	70.8	-100.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-32.7	-59.5	-4.9	-20.5	0.0
Corporate Income Tax Paid	-26.9	-102.7	-52.2	-76.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.2	-14.7	-2.2	-0.1	0.0
Net Cash Flow from Operating Activities	-129.6	68.5	365.1	562.6	708.7
Payments for Fixed Assets and Other Long-term Assets	-1,288.2	-111.4	-13.9	-19.8	-12.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	325.0	393.4	59.0	0.8	93.8
Loans and Purchases of Debt Instruments	-254.0	-1,450.0	-990.0	-745.0	-3,579.0
Receipts from Loan Repayments and Sale of Debt Instruments	979.0	1,290.0	770.0	750.0	3,310.9
Investments in Other Entities	—	-3.5	-2.4	-2.0	-9.7
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	39.2	29.2	37.9	23.2	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	-199.1	147.8	-139.4	7.2	27.7
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	1,406.1	70.0	0.0	0.0	0.0
Repayment of Borrowings	-647.2	-70.0	0.0	-638.2	-685.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-152.6	0.0	-0.0	-0.0	-0.1
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	606.3	0.0	-0.0	-638.2	-686.0
Net Cash Flow During the Period	277.6	216.3	225.7	-68.3	20.9
Cash and Cash Equivalents at Beginning of Period	494.1	260.4	34.8	103.2	53.0
FX Difference from Revaluation	-2.5	17.3	-0.1	-0.1	-0.2
Cash and Cash Equivalents at End of Period	769.2	494.1	260.4	34.8	103.2

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	709.0	955.9	849.7	836.4	462.3	1,336.8	1,269.9	1,872.0	1,097.5	910.5	715.9	1,043.0
Revenue Deductions	—	—	—	0.6	0.2	0.0	0.0	0.0	0.0	0.7	0.0	0.4
Net Revenue	709.0	955.9	849.7	835.8	462.1	1,336.8	1,269.9	1,872.0	1,097.5	909.9	715.9	1,042.6
Cost of Goods Sold	669.7	845.7	767.2	802.7	496.9	1,314.7	1,245.7	1,895.1	993.5	858.3	718.9	1,012.1
Gross Profit	39.4	110.2	82.5	33.1	-34.8	22.1	24.1	-23.1	104.0	51.6	-3.1	30.4
Financial Income	10.0	5.1	13.2	20.8	14.4	36.4	11.8	16.2	15.8	14.6	19.2	17.0
Financial Expenses	13.1	15.2	11.2	8.5	6.3	1.5	19.4	3.5	1.3	8.1	9.1	7.1
Interest Expense	11.3	11.8	10.1	7.0	2.8	0.0	0.0	0.1	0.0	6.0	6.7	6.6
Share of Associates and Joint Ventures	1.3	0.2	1.2	0.7	0.5	-0.4	1.6	1.6	0.8	0.3	0.7	0.6
Selling Expenses	17.3	20.1	17.6	16.2	14.0	14.9	13.9	17.3	17.3	15.9	13.4	15.8
General and Administrative Expenses	16.1	30.9	19.3	18.3	12.9	37.0	17.9	22.8	19.5	20.7	19.2	18.9
Operating Profit	4.2	49.2	48.9	11.7	-53.1	4.8	-13.7	-48.9	82.5	21.8	-24.9	6.2
Other Income	1.0	227.1	99.8	0.5	0.2	0.0	0.0	393.2	0.5	144.9	1.8	0.4
Other Expenses	0.2	0.1	0.3	1.9	1.1	0.0	0.5	0.0	0.1	28.1	0.0	0.2
Other Profit	0.9	227.0	99.4	-1.4	-0.9	-0.0	-0.4	393.2	0.5	116.8	1.8	0.2
Profit Before Tax	5.1	276.2	148.3	10.3	-54.0	4.8	-14.1	344.3	83.0	138.6	-23.1	6.4
Current Income Tax Expense	0.8	63.6	16.6	—	-0.1	10.3	0.0	60.4	8.4	33.8	0.2	5.3
Deferred Income Tax Expense	—	-4.0	—	—	—	3.5	0.0	0.0	0.0	0.2	0.0	0.0
Net Income	4.3	216.6	131.7	10.3	-53.9	-9.0	-14.1	283.9	74.5	104.6	-23.3	1.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.3	216.6	131.7	10.3	-53.9	-9.0	-14.1	283.9	74.5	104.6	-23.3	1.1
Earnings per Share	31.00	1,547.00	941.00	73.00	-385.00	-64.00	-101.00	2,028.00	532.00	747.00	-167.00	8.00
Diluted EPS	31.00	1,547.00	941.00	73.00	-385.00	2,395.00	-101.00	2,028.00	532.00	747.00	-167.00	8.00

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)	1,609.1	1,692.0	1,809.7	1,918.8	1,964.2	2,098.9	2,235.8	2,354.8	1,693.1	1,581.0	1,467.4	1,485.9
I. Cash and cash equivalents	687.2	769.2	974.6	587.6	632.3	494.1	770.1	611.0	334.5	260.4	68.0	105.5
1. Cash	682.7	659.6	843.3	583.6	595.3	488.1	764.1	608.0	329.5	153.4	61.0	97.5
2. Cash equivalents	4.5	109.6	131.2	4.0	37.0	6.0	6.0	3.0	5.0	107.0	7.0	8.0
II. Short-term financial investments	152.0	—	—	554.0	554.0	725.0	725.0	725.0	515.0	565.0	375.0	425.0
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	152.0	—	—	554.0	554.0	725.0	725.0	725.0	515.0	565.0	375.0	425.0
III. Short-term receivables	576.1	777.4	650.1	606.8	503.9	617.8	494.7	771.9	596.8	515.4	772.0	709.8
1. Short-term trade accounts receivable	220.4	447.6	325.4	227.5	174.2	199.4	164.5	424.4	244.3	193.0	395.5	360.0
2. Short-term prepayments to suppliers	292.0	283.6	283.2	286.3	281.6	282.3	293.2	291.8	289.8	287.5	288.9	284.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	130.0	112.9	108.4	160.1	115.4	204.0	104.0	122.5	129.6	101.8	156.5	134.5
7. Provision for short-term doubtful debts (*)	-66.3	-66.7	-66.9	-67.2	-67.3	-67.9	-66.9	-66.9	-66.9	-66.9	-68.9	-68.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	127.0	97.2	122.9	114.6	108.5	105.2	101.9	108.8	119.8	123.3	146.6	147.7
1. Inventories	127.0	97.2	122.9	114.6	108.5	105.2	101.9	108.8	119.8	123.3	146.6	147.7
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	66.9	48.3	62.1	55.8	165.5	156.8	144.1	138.2	127.1	117.0	105.8	97.9
1. Short-term prepayments	14.5	6.5	6.7	8.2	8.1	5.6	5.9	7.7	9.9	9.4	6.5	7.3
2. Value added tax to be reclaimed	52.2	41.7	55.3	47.5	157.2	151.2	138.2	130.5	117.1	107.6	99.3	90.6
3. Taxes and other receivables from state authorities	0.2	0.1	0.1	0.1	0.2	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)	2,260.1	2,215.3	2,157.4	1,554.0	1,108.7	792.3	764.5	892.2	1,103.6	1,134.1	1,229.6	1,308.3
I. Long-term receivables	663.5	554.5	409.5	222.1	172.4	168.0	78.4	78.4	71.4	31.5	31.5	32.5
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	663.5	554.5	409.5	222.1	172.4	168.0	78.4	78.4	71.4	31.5	31.5	32.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,414.5	1,487.3	1,556.3	1,164.4	803.4	483.8	579.0	694.4	892.9	946.1	999.3	1,066.9
1. Tangible fixed assets	1,405.8	1,478.7	1,547.6	1,155.6	794.9	475.2	570.4	686.4	884.8	938.0	991.1	1,058.7
- Cost	4,074.9	—	—	—	—	3,784.0	3,784.0	3,784.0	4,750.3	4,757.3	5,260.8	5,257.3
- Accumulated depreciation	-2,669.1	—	—	—	—	-3,308.8	-3,213.7	-3,097.6	-3,865.5	-3,819.3	-4,269.7	-4,198.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	8.7	8.6	8.7	8.7	8.5	8.6	8.6	8.1	8.1	8.2	8.2	8.2
- Cost	12.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.3	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	29.3	28.1	28.2	27.0	27.4	26.9	27.4	25.8	26.7	25.9	25.7	26.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	26.1	24.8	24.8	23.6	24.0	23.5	24.0	22.4	23.3	22.5	22.2	23.0
3. Investments in other entities	3.4	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5
4. Provision for diminution in value of long-term investments	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-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	152.8	145.4	163.4	140.5	105.5	113.5	79.7	93.5	112.6	130.6	173.2	182.3
1. Long-term prepayments	152.3	144.9	163.4	140.5	105.5	113.5	79.7	93.5	112.6	130.6	173.0	182.2
2. Deferred income tax assets	0.5	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	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)	3,869.2	3,907.3	3,967.0	3,472.8	3,072.9	2,891.2	3,000.3	3,247.0	2,796.7	2,715.1	2,697.0	2,794.2
A. LIABILITIES (300=210+330)	1,749.2	1,791.6	2,067.9	1,705.3	1,137.9	902.3	1,002.3	1,234.9	1,050.0	1,043.0	1,129.4	1,201.7
I. Short -term liabilities	663.7	677.9	922.4	780.4	430.8	409.5	483.6	716.4	531.3	524.3	610.7	683.1
1. Short-term trade accounts payable	152.0	145.9	258.7	153.0	117.2	95.4	279.6	476.5	347.1	316.8	407.5	501.9
2. Short-term advances from customers	23.3	22.8	17.9	18.1	11.9	8.4	16.5	20.7	18.0	20.0	29.8	19.9
3. Dividends and profits payable	73.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.3	63.9	21.6	3.3	1.7	10.4	61.5	60.7	10.3	34.1	8.5	12.4
4. Payable to employees	19.1	30.3	14.9	14.0	13.5	26.7	15.4	16.4	16.0	21.2	15.2	15.5
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.1	0.1	0.0	0.0	0.1	0.1	0.0
9. Other short-term payables	164.6	247.1	378.0	406.0	251.3	252.9	101.9	132.9	136.4	124.9	140.3	123.8
10. Short-term borrowings and financial leases	215.2	134.4	202.7	157.3	26.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	7.0	—	—	—	7.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.8	26.3	28.6	28.8	8.4	8.6	8.7	9.1	3.5	7.3	9.5	9.5
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	1,085.5	1,113.7	1,145.5	924.9	707.1	492.7	518.7	518.6	518.7	518.7	518.7	518.7
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	489.3	489.3	489.3	489.2	489.2	489.2	518.7	518.5	518.7	518.7	518.7	518.7
8. Long-term borrowings and financial leases	596.2	624.4	652.7	432.1	214.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	3.5	3.5	3.5	3.5	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)	2,120.1	2,115.7	1,899.1	1,767.4	1,935.1	1,988.9	1,997.9	2,012.1	1,746.7	1,672.1	1,567.6	1,592.4
I. Owner's equity	2,120.1	2,115.7	1,899.1	1,767.4	1,935.1	1,988.9	1,997.9	2,012.1	1,746.7	1,672.1	1,567.6	1,592.4
1. Owner's capital	1,400.0	1,400.0	1,400.0	1,400.0	1,400.0	1,400.0	1,400.0	1,400.0	1,400.0	1,400.0	1,400.0	1,400.0
- Common stock with voting right	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00	1,400,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	392.2	392.2	392.2	392.2	238.0	238.0	238.0	238.0	52.9	52.9	52.9	52.9
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	326.1	321.8	105.1	-26.6	295.3	349.2	358.2	372.3	291.9	217.4	112.9	137.7
- Accumulated retained earning at the end of the previous period	321.8	17.0	17.0	17.0	349.2	13.9	13.9	13.9	217.4	62.1	62.1	63.6
- Undistributed earnings in this period	4.3	304.7	88.1	-43.6	-53.9	335.3	344.3	358.4	74.5	155.4	50.8	74.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,869.2	3,907.3	3,967.0	3,472.8	3,072.9	2,891.2	3,000.3	3,247.0	2,796.7	2,715.1	2,697.0	2,794.2

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
Profit Before Tax	5.1	276.2	148.3	10.3	-54.0	4.8	-14.1	344.3	83.0	138.6	-23.1	6.4
Depreciation of Fixed Assets and Investment Property	73.1	76.9	73.2	81.2	96.2	95.2	116.1	198.5	53.2	54.5	75.8	77.3
Provision (Increase)/Reversal	-7.4	6.9	-0.3	-7.1	-0.6	8.0	0.0	0.0	0.0	-1.9	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-3.4	7.9	1.3	-3.0	-3.4	-35.3	17.7	0.6	-0.3	-0.3	0.6	-0.2
Gain/Loss from Investment Activities	-4.2	-227.0	-104.3	-9.3	-8.1	-10.3	-8.7	-400.4	-8.9	-66.2	-13.5	-11.0
Interest Expense	11.3	11.8	10.1	7.0	2.8	0.0	0.0	0.1	0.0	6.0	6.7	6.6
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	74.4	152.6	128.3	79.1	32.9	62.5	111.0	143.0	127.0	130.8	46.5	79.1
Increase/(Decrease) in Receivables	91.1	-261.0	-248.5	-33.8	50.5	-105.7	270.0	-203.9	-124.1	242.4	-63.4	-187.8
Increase/(Decrease) in Inventory	-29.8	25.7	-8.3	-6.0	-3.3	-3.3	6.9	11.0	3.5	23.4	1.1	-16.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.7	-71.6	79.2	50.5	2.2	-29.8	-235.0	127.5	64.1	-112.7	-75.9	145.5
Increase/(Decrease) in Prepaid Expenses	-15.4	18.7	-21.4	-35.2	5.6	-33.5	15.6	21.3	17.4	39.5	10.0	-9.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-11.4	-16.8	-9.1	-6.8	—	-31.0	0.0	-0.1	-28.4	-4.9	0.0	0.0
Corporate Income Tax Paid	-63.6	-16.6	0.0	-0.0	-10.3	-60.0	-0.4	-8.4	-33.8	-5.2	-5.4	-0.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-12.5	-2.2	-0.2	-3.6	-0.2	-0.1	-0.4	-10.4	-3.7	-2.2	-0.0	0.0
Net Cash Flow from Operating Activities	22.1	-171.4	-80.0	44.3	77.4	-201.0	167.6	80.0	21.9	311.1	-87.2	11.0
Payments for Fixed Assets and Other Long-term Assets	-9.4	-4.9	-467.1	-441.8	-374.4	-111.0	-0.3	-0.0	-0.0	-2.6	-7.0	-4.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	226.0	98.7	0.2	—	0.0	0.0	393.2	0.2	57.5	1.5	0.0
Loans and Purchases of Debt Instruments	-152.0	0.0	0.0	0.0	-254.0	0.0	-725.0	-725.0	0.0	-515.0	-50.0	-325.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	554.0	0.0	425.0	0.0	725.0	515.0	50.0	325.0	100.0	345.0
Investments in Other Entities	—	—	—	—	—	0.4	-1.6	-1.6	-0.8	-0.3	-0.7	-0.6
Proceeds from Investments in Other Entities	0.1	—	0.0	-1.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.3	1.9	16.7	0.5	20.1	0.3	11.2	15.0	2.7	16.8	5.9	15.1
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	-160.0	222.9	202.4	-440.6	-183.7	-110.3	9.3	196.6	52.1	-118.6	49.7	30.2
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	111.2	230.4	377.2	548.6	249.9	0.0	70.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-58.6	-326.9	-111.2	-200.2	-8.9	0.0	-70.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-152.6	0.0	-0.0	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	52.5	-249.1	266.0	348.4	241.0	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Net Cash Flow During the Period	-85.4	-197.6	388.4	-47.9	134.7	-311.2	176.9	276.7	74.0	192.5	-37.5	41.2
Cash and Cash Equivalents at Beginning of Period	769.2	974.6	587.6	632.3	494.1	260.4	260.4	260.4	260.4	34.8	34.8	34.8
FX Difference from Revaluation	3.4	-2.5	5.3	6.8	3.5	35.2	-17.8	-0.1	0.0	-0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	687.2	769.2	974.6	587.6	632.3	494.1	770.1	611.0	334.5	260.4	68.0	105.5

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VOS

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