VSN

Việt Nam Kỹ nghệ Súc sản ·UPCOM ·2026Q1

▼▼ Declining sharply

Self-funded cash generation remains weak CFO/NPAT −158 bn, −130 bn YoY

Price

13,500

Latest close

01 Jun 2026

P/E 14.59x

P/B 0.85x

EPS 925

BVPS 15,956

ROE 6.6%

ROA 4.4%

Profit Margin 2.9%

Asset Turnover 1.48x

Equity Mult. 1.51x

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

What Is Changing

On a TTM 2026Q1 basis, VSN is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,910bn
	                                
−5.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 86bn
	                                
−20.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.27x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	2,921.6	3,137.3	3,334.2	3,833.5	4,292.8
Growth	-7%	-6%	-13%	-11%	—
Net Income	82.1	111.1	106.8	137.5	148.2
Net Margin	2.81%	3.54%	3.20%	3.59%	3.45%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	748.4	772.8	728.8	660.2	759.7	763.0	720.9	837.3	806.6	823.1	809.1	895.4
Growth	-3%	+6%	+10%	-13%	-0%	+6%	-14%	+4%	-2%	+2%	-10%	—
Net Income	22.0	28.3	20.2	15.0	18.6	33.1	26.7	28.9	19.0	25.0	28.0	34.8
Net Margin	2.94%	3.66%	2.78%	2.28%	2.44%	4.34%	3.70%	3.45%	2.35%	3.04%	3.46%	3.89%

Drivers of VSN's profit

TTM

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

Selling expenses ↓ 29.8bn

Deferred tax ↓ 13.1bn

Financial income ↑ 7.9bn

Administrative expenses ↓ 3.4bn

Gross profit ↓ 68.6bn

Tax ↑ 8.7bn

TTM

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

Gross profit ↑ 7.4bn

Administrative expenses ↓ 2.3bn

Finance costs ↓ 0.8bn

Financial income ↑ 0.8bn

Selling expenses ↑ 6.6bn

Tax ↑ 1.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.3% = 3.5% × 1.47 × 1.62

2026Q1 6.6% = 2.9% × 1.48 × 1.51

ROE fell from 8.3% to 6.6% — leverage weakened the most, though asset turnover still provided support.

Net margin: 2.9% -0.5pp Asset turnover: 1.48x +0.02x Leverage: 1.51x -0.11x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 2.94%, falling 0.5pp. The main pressure comes from Gross margin fell 0.9pp and SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 2.94% −0.5pp

Gross Margin 23.11% −0.9pp

SG&A / Revenue 20.46% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

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 7.73%, losing 4.1pp. That translates to 7.73 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.6pp and capital turnover fell 0.73x, while invested capital expanded strongly by 180bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

CAPITAL EFFICIENCY TREND

ROIC 7.73% −4.1pp

NOPAT Margin 2.87% −0.6pp

Capital Turnover 2.69x −0.73x

Average Invested Capital 1,080.7bn +180.3bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.45x equity, with a net cash position equivalent to 0.08x equity.

Inventory ended the period at 457.9bn, roughly 24.8% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle improved by 0.4 days versus the same period last year. The main moves came from DIO fell 5.1 days, DSO fell 0.0 days, and DPO fell 4.7 days.

Working capital cycle is flat — components are offsetting each other.

Working Capital Efficiency

Receivables 17.5 days −0.0 days

Inventory 61.3 days −5.1 days

Payables 33.6 days −4.7 days

Cash Conversion Cycle 45.2 days −0.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 158.0bn due to capex of 49.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.08x and interest coverage at 5.81x.

At present, short-term debt accounts for 95.1% of total debt, cash equals 141.7% of debt, and total debt stands at 255.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 95.1% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.08x +0.17x

Interest Coverage 5.81x −1.59x

Cash / Debt 141.7% −63.8pp

Short-term Debt / Total Debt 95.1% −3.1pp

CFO / NI -1.27x −1.06x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -167.6bn in 2025, against investing cash flow of -155.3bn.

Post-investment cash flow was negative +322.9bn. Financing cash flow was negative +167.1bn.

CFO / net income was -1.27x.

After spending +49.1bn on fixed-asset investment, the business generated trailing free cash flow of −158.0bn.

Cash Conversion

CFO TTM 108.9bn −86.6bn

Cash Capex 49.1bn +43.0bn

FCF TTM −158.0bn −129.6bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.08x. The next item to monitor is the earnings mix, when non-core contribution is 27.3%. The main risk still sits in self-funded cash generation remains weak.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.08x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 27.3% of PBT and CFO / net income currently at -1.27x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 158.0bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,949.6	3,154.8	3,348.7	3,856.5	4,315.6
Revenue Deductions	28.0	17.5	14.5	23.0	0.0
Net Revenue	2,921.6	3,137.3	3,334.2	3,833.5	4,292.8
Cost of Goods Sold	2,256.5	2,390.7	2,545.3	2,919.5	0.0
Gross Profit	665.1	746.5	788.9	914.0	995.6
Financial Income	47.5	40.7	43.6	35.7	28.8
Financial Expenses	19.2	18.7	14.5	21.4	-23.2
Interest Expense	9.2	7.6	2.6	6.7	-11.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	438.2	489.2	517.6	605.4	-619.6
General and Administrative Expenses	152.9	139.4	168.4	156.1	-200.6
Operating Profit	102.2	139.9	132.0	166.8	181.0
Other Income	3.2	3.6	6.8	6.9	0.0
Other Expenses	0.4	2.0	0.3	0.2	0.0
Other Profit	2.9	1.7	6.6	6.7	5.0
Profit Before Tax	105.1	141.5	138.6	173.5	186.0
Current Income Tax Expense	20.8	24.1	21.0	36.9	-37.7
Deferred Income Tax Expense	2.2	6.4	10.8	-0.8	0.0
Net Income	82.1	111.1	106.8	137.5	148.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	82.1	111.1	106.8	137.5	148.2
Earnings per Share	359.00	635.00	615.00	952.00	558.00
Diluted EPS	359.00	635.00	615.00	952.00	1,832.10

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,462.6	1,720.7	1,761.9	1,637.4	1,804.9
I. Cash and cash equivalents	379.4	869.3	759.7	520.8	857.9
1. Cash	43.8	65.8	46.7	66.7	0.0
2. Cash equivalents	335.6	803.5	713.0	454.1	0.0
II. Short-term financial investments	461.9	298.1	264.3	300.0	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	461.9	298.1	264.3	300.0	0.0
III. Short-term receivables	155.9	142.4	233.1	265.0	246.2
1. Short-term trade accounts receivable	131.0	131.0	155.2	185.5	0.0
2. Short-term prepayments to suppliers	14.1	2.2	5.1	5.3	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	13.1	11.1	74.4	75.6	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-1.9	-1.6	-1.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	457.9	404.1	498.7	545.2	624.8
1. Inventories	459.1	405.6	500.8	547.3	0.0
2. Provision for decline in value of inventories	-1.2	-1.6	-2.1	-2.1	0.0
V. Other short-term assets	7.6	6.8	6.1	6.4	6.0
1. Short-term prepayments	5.8	4.9	5.3	5.5	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.4	0.5	0.0
3. Taxes and other receivables from state authorities	1.6	1.8	0.4	0.5	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)	385.9	385.4	415.9	444.3	482.7
I. Long-term receivables	5.0	5.2	0.9	0.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.2
2. Long-term prepayments to suppliers	4.6	4.7	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	0.4	0.6	0.9	0.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	342.8	338.7	366.2	387.4	421.3
1. Tangible fixed assets	142.1	129.5	149.9	163.5	188.2
- Cost	559.5	526.8	519.7	505.6	0.0
- Accumulated depreciation	-417.4	-397.3	-369.8	-342.1	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	200.8	209.2	216.2	223.8	233.1
- Cost	303.2	303.2	301.6	300.4	0.0
- Accumulated depreciation	-102.5	-94.0	-85.4	-76.6	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	15.1	14.9	15.5	16.9	16.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	15.1	14.9	15.5	16.9	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	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	22.9	26.5	33.4	39.1	0.0
1. Long-term prepayments	10.8	12.2	12.5	7.5	0.0
2. Deferred income tax assets	12.1	14.4	20.9	31.6	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	43.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,848.5	2,106.0	2,177.8	2,081.7	2,287.6
A. LIABILITIES (300=210+330)	571.6	811.1	889.2	794.8	1,072.3
I. Short -term liabilities	567.3	785.2	862.9	759.3	1,025.0
1. Short-term trade accounts payable	289.3	352.6	280.3	341.3	350.6
2. Short-term advances from customers	24.3	18.3	25.0	25.1	28.2
3. Taxes and other payables to state authorities	11.1	18.2	20.8	17.7	0.0
4. Payable to employees	25.9	36.2	19.3	91.2	0.0
5. Short-term acrrued expenses	44.2	38.0	73.5	112.6	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	21.9	21.1	17.0	26.8	0.0
10. Short-term borrowings and financial leases	119.6	244.6	291.2	11.6	282.7
11. Provision for short-term liabilities	0.9	0.0	10.5	0.0	0.0
12.. Bonus and welfare fund	30.2	56.2	125.3	133.2	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	4.2	25.9	26.3	35.5	47.3
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	4.2	5.8	3.9	10.5	22.1
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	—	20.0	22.4	25.0	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)	1,276.9	1,294.9	1,288.6	1,286.8	1,215.2
I. Owner's equity	1,276.9	1,294.9	1,288.6	1,286.8	0.0
1. Owner's capital	809.1	809.1	809.1	809.1	1,215.2
- Common stock with voting right	809,051,000,000.00	809,051,000,000.00	809,143,000,000.00	809,143,000,000.00	809,143,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	0.0	0.0	0.0
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	-22,200,000.00	-22,200,000.00	-215,400,000.00	-22,200,000.00	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	210.1	199.5	183.5	142.3	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	257.9	286.5	296.1	335.4	286.1
- Accumulated retained earning at the end of the previous period	175.8	175.4	189.4	198.0	137.8
- Undistributed earnings in this period	82.1	111.1	106.8	137.5	148.2
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)	1,848.5	2,106.0	2,177.8	2,081.7	2,287.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-22.7	-26.0	-10.9	-39.9	0.0
Other Operating Receipts	10.4	14.2	17.6	26.4	0.0
Other Operating Payments	-258.7	-368.7	-340.2	-369.4	0.0
Net Cash Flow from Operating Activities	-167.6	201.3	-52.1	148.3	381.8
Payments for Fixed Assets and Other Long-term Assets	-37.9	-8.3	-15.1	-6.1	-26.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.9	0.1	-0.0	1.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-70.0
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	45.9	42.7	41.8	33.5	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	-155.3	1.4	62.5	-202.6	-64.6
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	1,020.9	1,063.6	284.2	455.4	1,047.8
Repayment of Borrowings	-1,147.5	-1,108.2	-11.2	-738.1	-1,114.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-40.5	-48.5	-44.5	-0.0	-0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-167.1	-93.2	228.5	-282.7	-66.6
Net Cash Flow During the Period	-489.9	109.6	238.9	-337.0	137.6
Cash and Cash Equivalents at Beginning of Period	869.3	759.7	520.8	857.9	607.3
FX Difference from Revaluation	0.0	0.1	0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	379.4	869.3	759.7	520.8	857.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	755.9	780.2	733.9	670.0	765.5	767.4	723.9	842.9	808.3	827.5	814.1	898.7
Revenue Deductions	7.5	7.4	5.0	9.8	5.8	4.5	3.0	5.6	1.7	4.5	5.0	3.3
Net Revenue	748.4	772.8	728.8	660.2	759.7	763.0	720.9	837.3	806.6	823.1	809.1	895.4
Cost of Goods Sold	568.9	584.0	557.7	527.3	587.6	575.0	541.5	635.7	610.4	639.8	621.3	673.9
Gross Profit	179.6	188.9	171.2	132.9	172.1	187.9	179.4	201.7	196.3	183.3	187.8	221.5
Financial Income	13.0	11.2	11.8	12.3	12.2	9.5	8.7	9.9	10.0	10.3	11.1	12.2
Financial Expenses	3.9	4.5	5.3	4.7	4.7	4.1	4.3	5.0	3.7	3.4	3.5	3.8
Interest Expense	3.7	2.0	2.7	2.4	2.0	1.4	1.9	1.9	1.2	0.4	0.5	0.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	116.2	128.2	108.9	91.6	109.6	117.5	115.3	132.3	123.6	124.9	124.9	144.2
General and Administrative Expenses	44.7	31.5	43.5	30.7	47.0	34.5	33.2	39.1	56.2	33.7	35.5	43.0
Operating Profit	27.7	35.8	25.2	18.2	23.0	41.3	35.3	35.2	22.7	31.6	34.9	42.7
Other Income	0.9	0.8	0.7	1.1	0.7	0.2	0.3	1.7	4.6	0.3	0.7	1.2
Other Expenses	0.6	0.3	0.1	0.0	0.0	0.0	1.8	0.2	0.1	0.1	0.1	0.0
Other Profit	0.3	0.5	0.6	1.1	0.6	0.2	-1.5	1.5	4.5	0.2	0.7	1.2
Profit Before Tax	28.1	36.4	25.9	19.3	23.6	41.5	33.8	36.7	27.2	31.8	35.6	44.0
Current Income Tax Expense	2.8	9.7	6.0	4.0	1.1	8.7	3.9	0.1	13.1	7.7	-5.9	4.9
Deferred Income Tax Expense	3.3	-1.6	-0.3	0.2	4.0	-0.2	3.2	7.7	-4.9	-1.0	13.6	4.2
Net Income	22.0	28.3	20.2	15.0	18.6	33.1	26.7	28.9	19.0	25.0	28.0	34.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	22.0	28.3	20.2	15.0	18.6	33.1	26.7	28.9	19.0	25.0	28.0	34.8
Earnings per Share	140.00	349.60	249.99	185.87	116.00	409.06	330.00	123.00	234.52	309.18	345.56	242.00
Diluted EPS	140.00	349.60	249.99	185.87	116.00	409.06	330.00	123.00	234.52	309.18	345.56	242.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,513.1	1,462.7	1,595.4	1,542.5	1,652.6	1,612.5	1,582.6	1,651.2	1,761.9	1,464.6	1,433.9	1,503.7
I. Cash and cash equivalents	361.4	379.4	656.3	594.0	634.6	1,020.6	524.2	549.4	759.7	491.1	384.3	415.3
1. Cash	45.2	43.8	51.7	50.7	41.8	56.0	64.9	53.0	46.7	74.2	52.8	30.9
2. Cash equivalents	316.2	335.6	604.6	543.3	592.8	964.6	459.3	496.4	713.0	416.9	331.5	384.4
II. Short-term financial investments	523.3	461.9	391.7	391.7	456.2	30.0	474.8	465.6	264.3	294.4	302.3	343.5
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	523.3	461.9	391.7	391.7	456.2	30.0	474.8	465.6	264.3	294.4	302.3	343.5
III. Short-term receivables	166.9	155.9	157.6	151.3	155.2	225.5	229.8	215.2	233.2	219.8	248.6	236.2
1. Short-term trade accounts receivable	138.6	131.0	139.6	127.2	140.4	155.5	151.2	138.6	155.3	145.7	160.2	155.2
2. Short-term prepayments to suppliers	10.7	14.1	2.2	8.2	0.8	0.4	0.3	5.3	5.1	5.4	5.2	8.1
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	19.9	13.1	17.7	17.7	15.9	71.2	79.9	72.8	74.4	70.0	84.6	74.1
7. Provision for short-term doubtful debts (*)	-2.3	-2.3	-1.9	-1.9	-1.9	-1.6	-1.6	-1.6	-1.6	-1.4	-1.4	-1.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
IV. Inventories	399.3	458.0	373.6	380.1	349.6	327.5	342.2	407.0	498.7	450.9	486.7	496.2
1. Inventories	400.8	459.2	374.8	381.4	350.9	329.0	344.3	409.1	500.8	452.7	488.0	499.0
2. Provision for decline in value of inventories	-1.5	-1.2	-1.2	-1.3	-1.3	-1.6	-2.1	-2.2	-2.1	-1.8	-1.3	-2.8
V. Short-term Biological Assets	26.0	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	26.0	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	36.3	7.5	16.1	25.4	57.0	8.9	11.6	14.0	6.1	8.4	12.0	12.4
1. Short-term prepayments	34.3	5.8	14.4	23.4	54.8	6.5	8.9	11.0	5.3	7.9	10.0	11.8
2. Value added tax to be reclaimed	—	0.1	—	—	—	0.0	0.0	0.0	0.4	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.0	1.6	1.8	2.0	2.2	2.4	2.7	3.0	0.4	0.5	2.0	0.5
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)	390.7	385.8	369.9	365.2	371.4	388.3	396.3	401.1	415.8	414.1	416.3	432.4
I. Long-term receivables	5.0	5.0	5.0	5.1	5.1	5.3	5.3	0.9	0.9	0.7	0.9	0.8
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	4.6	4.6	4.7	4.7	4.7	4.7	4.7	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	0.4	0.4	0.4	0.4	0.4	0.6	0.7	0.9	0.9	0.7	0.9	0.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	337.6	342.8	329.0	323.2	329.9	344.8	350.9	358.7	366.2	364.2	372.2	380.0
1. Tangible fixed assets	138.8	142.1	126.1	118.2	122.8	133.6	137.6	144.0	149.9	146.7	152.6	158.1
- Cost	560.0	—	—	—	—	524.1	521.2	520.7	519.7	509.3	508.2	507.3
- Accumulated depreciation	-421.2	—	—	—	—	-390.5	-383.7	-376.7	-369.8	-362.5	-355.6	-349.1
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	198.8	200.8	202.9	205.0	207.1	211.2	213.3	214.6	216.2	217.4	219.6	221.8
- Cost	303.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-104.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	13.8	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	13.8	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	6.4	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	7.4	—	—	—	—	—	—	—	—	—	—	—
- Cost	7.7	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-0.2	—	—	—	—	—	—	—	—	—	—	—
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	15.1	15.1	14.9	15.2	15.0	16.2	17.7	15.3	15.5	19.8	21.5	16.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	15.1	15.1	14.9	15.2	15.0	16.2	17.7	15.3	15.5	19.8	21.5	16.9
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	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	19.2	22.9	21.1	21.7	21.4	22.1	22.4	26.3	33.3	29.4	21.7	34.8
1. Long-term prepayments	10.3	10.8	10.6	11.6	11.1	11.9	12.4	13.1	12.5	13.5	7.9	7.4
2. Deferred income tax assets	8.9	12.1	10.5	10.1	10.3	10.3	10.0	13.2	20.8	15.9	13.8	27.4
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)	1,903.9	1,848.5	1,965.3	1,907.6	2,024.1	2,000.8	1,979.0	2,052.4	2,177.8	1,878.7	1,850.2	1,936.1
A. LIABILITIES (300=210+330)	612.9	571.5	716.6	679.3	721.5	729.0	740.3	745.5	889.2	609.1	605.4	627.5
I. Short -term liabilities	600.5	567.3	693.3	655.1	696.3	707.4	717.6	720.6	862.9	577.9	573.0	593.5
1. Short-term trade accounts payable	201.7	289.3	217.3	207.7	210.6	214.9	167.1	197.2	280.8	198.5	200.5	223.9
2. Short-term advances from customers	5.0	24.3	3.9	8.1	4.2	2.4	12.4	24.9	25.0	3.5	2.7	5.2
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	45.5	11.1	54.4	45.9	76.3	53.6	23.1	15.6	20.7	56.5	33.8	23.0
4. Payable to employees	16.6	26.2	10.1	17.9	1.6	25.7	34.2	50.2	19.2	52.6	71.5	44.2
5. Short-term acrrued expenses	51.0	43.9	49.3	41.0	40.2	43.8	36.2	84.5	73.3	72.1	64.5	128.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	22.3	21.9	63.9	59.9	18.5	89.3	65.5	15.7	16.9	60.4	62.7	22.6
10. Short-term borrowings and financial leases	242.7	119.6	264.7	242.9	303.4	172.8	260.6	250.8	291.2	9.2	9.5	10.6
11. Provision for short-term liabilities	1.4	0.9	4.1	3.1	1.5	3.7	13.6	12.0	10.5	2.8	0.0	0.0
12.. Bonus and welfare fund	14.3	30.2	25.7	28.4	40.0	101.2	105.0	69.7	125.3	122.3	127.8	135.9
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	12.5	4.2	23.3	24.2	25.2	21.6	22.7	24.9	26.3	31.2	32.4	34.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	12.5	4.2	4.6	5.0	5.4	1.2	1.7	2.8	3.9	8.3	8.7	9.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	18.7	19.2	19.8	20.4	21.0	22.0	22.4	22.9	23.7	24.5
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)	1,290.9	1,276.9	1,248.7	1,228.4	1,302.5	1,271.8	1,238.6	1,306.9	1,288.5	1,269.6	1,244.7	1,308.6
I. Owner's equity	1,290.9	1,276.9	1,248.7	1,228.4	1,302.5	1,271.8	1,238.6	1,306.9	1,288.5	1,269.6	1,244.7	1,308.6
1. Owner's capital	809.1	809.1	809.1	809.1	809.1	809.1	809.1	809.1	809.1	809.1	809.1	809.1
- Common stock with voting right	809,051,000,000.00	809,051,000,000.00	809,051,000,000.00	809,051,000,000.00	809,051,000,000.00	809,051,000,000.00	809,051,000,000.00	809,143,000,000.00	809,143,000,000.00	809,143,000,000.00	809,143,000,000.00	809,143,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-22,200,000.00	-22,200,000.00	-22,200,000.00	-22,200,000.00	-22,200,000.00	-22,200,000.00	-22,200,000.00	-215,400,000.00	-215,400,000.00	-215,400,000.00	-22,200,000.00	-22,200,000.00
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	210.1	210.1	210.1	210.1	199.5	199.5	199.5	183.5	183.5	183.5	183.5	142.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	271.9	257.9	229.7	209.4	294.1	263.3	230.2	314.4	296.1	277.1	252.1	357.2
- Accumulated retained earning at the end of the previous period	249.9	175.8	175.8	175.8	275.5	174.6	174.6	285.5	189.4	189.4	189.4	322.4
- Undistributed earnings in this period	22.0	82.1	53.8	33.6	18.6	88.7	55.6	28.9	106.8	87.8	62.8	34.8
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)	1,903.9	1,848.5	1,965.3	1,907.6	2,024.1	2,000.8	1,979.0	2,052.4	2,177.8	1,878.7	1,850.2	1,936.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-9.5	-10.3	-1.1	0.0	-11.3	-0.0	-0.0	-13.3	-2.8	-4.7	0.0	-3.4
Other Operating Receipts	2.0	—	—	—	—	8.3	2.1	2.3	3.3	9.7	2.7	1.9
Other Operating Payments	-53.9	-78.3	-49.0	-68.9	-62.5	-46.9	-70.9	-73.1	-32.1	-56.1	-157.1	-94.9
Net Cash Flow from Operating Activities	-84.8	-8.6	33.9	-49.5	-143.5	129.5	-28.0	19.7	4.9	86.5	-76.7	-66.7
Payments for Fixed Assets and Other Long-term Assets	-11.5	-25.2	-3.3	-9.1	-0.3	-2.0	-2.0	-1.7	-5.2	-2.0	-1.8	-6.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	-0.0	0.5	—	—	-0.0	0.0	0.9	0.0	-0.0	0.1	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	8.1	—	—	—	—	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	—	13.1	9.8	14.3	8.8	12.7	5.3	13.6	5.8	15.2	7.9	13.0
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	-64.5	-82.4	7.1	69.7	-149.7	455.5	-5.9	-188.5	30.7	21.0	47.4	-36.7
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	131.7	189.9	290.9	240.2	299.9	165.7	252.4	353.8	283.0	0.9	0.3	0.0
Repayment of Borrowings	-0.4	-335.4	-269.5	-301.1	-241.4	-254.1	-243.7	-395.3	-5.4	-1.6	-2.1	-2.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-40.5	0.0	0.0	-0.0	0.0	-0.0	-0.0	-44.5	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	131.3	-186.0	21.4	-60.9	58.4	-88.4	8.7	-41.4	233.1	-0.7	-1.8	-2.1
Net Cash Flow During the Period	-17.9	-276.9	62.3	-40.7	-234.7	496.6	-25.2	-210.3	268.6	106.8	-31.1	-105.4
Cash and Cash Equivalents at Beginning of Period	379.4	656.3	594.0	634.6	869.3	759.7	759.7	759.7	520.8	520.8	520.8	520.8
FX Difference from Revaluation	-0.0	0.0	0.0	0.1	-0.0	-0.2	0.0	0.0	-0.1	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	361.4	379.4	656.3	594.0	634.6	1,020.6	524.2	549.4	759.7	491.1	384.3	415.3

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VSN

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