VST

Vận tải và Thuê tàu biển Việt Nam ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 46.83%, +11.96pp YoY

Price

2,900

Latest close

29 May 2026

P/E 0.78x

P/B -0.54x

EPS 3,709

BVPS -5,331

ROE -51.7%

ROA 54.6%

Profit Margin 46.8%

Asset Turnover 1.17x

Equity Mult. -0.95x

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

What Is Changing

On a TTM 2026Q1 basis, VST has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 547bn
	                                
+8.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 256bn
	                                
+45.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    113.0%

Metric	2025	2024	2023	2022	2021
Revenue	525.2	496.0	437.7	778.0	502.5
Growth	+6%	+13%	-44%	+55%	—
Net Income	247.3	217.9	557.8	214.5	-2.1
Net Margin	47.10%	43.92%	127.45%	27.57%	-0.42%

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	141.1	150.6	132.5	122.5	119.6	129.9	133.0	122.4	110.7	108.7	106.4	122.1
Growth	-6%	+14%	+8%	+2%	-8%	-2%	+9%	+11%	+2%	+2%	-13%	—
Net Income	56.1	-49.3	246.7	2.4	47.5	33.2	3.1	92.3	89.3	56.2	-15.5	516.8
Net Margin	39.77%	-32.73%	186.16%	2.00%	39.69%	25.53%	2.36%	75.40%	80.66%	51.72%	-14.53%	423.30%

Drivers of VST's profit

TTM

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

Other profit ↑ 143.7bn

Finance costs ↓ 11.7bn

Gross profit ↓ 50.5bn

Tax ↑ 20.3bn

TTM

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

Other profit ↑ 12.3bn

Gross profit ↑ 11.4bn

Administrative expenses ↓ 3.8bn

Tax ↑ 14.4bn

Finance costs ↑ 2.3bn

Financial income ↓ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -24.4% = 34.9% × 1.29 × -0.54

2026Q1 -51.7% = 46.8% × 1.17 × -0.95

ROE fell from -24.4% to -51.7% — leverage weakened the most, though net margin still provided support.

Net margin: 46.8% +12.0pp Asset turnover: 1.17x -0.12x Leverage: -0.95x -0.40x

Is the profit sustainable?

Margins improved (+12.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 46.83%, rising 12.0pp. Core operating signals are improving as SG&A / Revenue fell 0.9pp are enough to offset pressure from Gross margin fell 10.4pp (with additional support from Other profit / Revenue rose 23.7pp and Net financial result / Revenue rose 1.4pp).

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 46.83% +12.0pp

Gross Margin 4.58% −10.4pp

SG&A / Revenue 7.76% −0.9pp

Non-core / Revenue 54.29% +25.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 113.0% of PBT and lifted net margin by 25.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 2.1 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 17.62%, rising 19.5pp. That translates to 17.62 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin narrowed 7.5pp, with capital turnover fell 1.51x.

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

CAPITAL EFFICIENCY TREND

ROIC 17.62% +19.5pp

NOPAT Margin -6.10% −7.5pp

Capital Turnover -2.89x −1.51x

Average Invested Capital 189.2bn +175.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at -2.22x equity, with a net cash position equivalent to 0.92x equity.

Over the last 12 months, working capital released 10.7bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −17.5bn

Inventories increased → lower CFO: −1.4bn

Payables increased → higher CFO: +29.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 2.1 days versus the same period last year. The main moves came from DIO fell 5.3 days, DSO rose 9.0 days, and DPO rose 1.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +2.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +9.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 10.3 days +9.0 days

Inventory 22.5 days −5.3 days

Payables 10.2 days +1.6 days

Cash Conversion Cycle 22.7 days +2.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 147.0bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.92x and interest coverage only at -1.50x.

At present, short-term debt accounts for 59.5% of total debt, cash equals 5.3% of debt, and total debt stands at 356.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.50x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 5.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity -0.92x −0.47x

Interest Coverage -1.50x −1.69x

Cash / Debt 5.3% −8.6pp

Short-term Debt / Total Debt 59.5% −10.4pp

CFO / NI 0.17x −0.64x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 147.0bn in 2025, against investing cash flow of -268.5bn.

Post-investment cash flow was negative +121.5bn. Financing cash flow was positive +120.3bn.

CFO / net income was 0.17x.

After spending +304.2bn on fixed-asset investment, the business generated trailing free cash flow of −261.5bn.

Cash Conversion

CFO TTM 42.8bn −99.2bn

Cash Capex 304.2bn +277.3bn

FCF TTM −261.5bn −376.5bn

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 12.0 pp. The next item to monitor is the earnings mix, when non-core contribution is -6.8%. The main risk still sits in leverage and liquidity, with interest coverage at -1.50x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 46.83% after expanding 12.0pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -6.8% of PBT and CFO / net income currently at 0.17x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.50x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	525.2	496.0	437.7	778.0	502.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	525.2	496.0	437.7	778.0	502.5
Cost of Goods Sold	511.5	426.7	445.8	543.8	0.0
Gross Profit	13.6	69.4	-8.1	234.3	39.2
Financial Income	6.6	11.2	7.2	18.1	10.7
Financial Expenses	22.0	38.9	50.4	94.1	-88.3
Interest Expense	19.9	35.2	43.5	65.5	-86.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.2
Selling Expenses	6.4	6.1	5.6	12.3	-6.9
General and Administrative Expenses	39.0	36.2	30.9	28.9	-24.8
Operating Profit	-47.2	-0.6	-87.8	117.0	-70.3
Other Income	304.6	229.3	656.1	162.1	0.0
Other Expenses	1.1	7.9	7.8	61.7	0.0
Other Profit	303.5	221.5	648.3	100.4	70.6
Profit Before Tax	256.3	220.8	560.4	217.4	0.3
Current Income Tax Expense	9.0	3.0	2.6	2.9	-2.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	247.3	217.9	557.8	214.5	-2.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	247.3	217.9	557.8	214.5	-2.1
Earnings per Share	3,585.00	3,239.00	8,379.00	3,405.00	-34.00
Diluted EPS	3,584.60	3,157.59	8,325.76	3,405.43	-33.33

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	139.5	208.2	225.6	246.2	171.1
I. Cash and cash equivalents	31.4	32.6	29.3	34.5	19.4
1. Cash	31.4	32.6	29.3	34.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	53.3	134.5	154.0	146.1	98.7
1. Short-term trade accounts receivable	12.4	2.3	1.4	3.0	0.0
2. Short-term prepayments to suppliers	0.9	2.1	0.8	2.4	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	40.2	139.3	160.9	149.9	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-9.2	-9.2	-9.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	39.0	28.7	30.7	42.3	39.4
1. Inventories	39.0	28.7	30.7	42.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	15.9	12.4	11.6	23.3	13.6
1. Short-term prepayments	8.1	4.5	2.4	3.0	0.0
2. Value added tax to be reclaimed	7.3	7.9	9.0	20.1	0.0
3. Taxes and other receivables from state authorities	0.5	0.1	0.1	0.1	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)	377.9	169.8	233.3	327.9	471.1
I. Long-term receivables	23.4	23.3	23.2	23.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	22.3
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	23.4	23.3	23.2	23.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	350.5	123.2	180.7	263.6	420.3
1. Tangible fixed assets	350.5	123.1	180.4	263.5	420.3
- Cost	1,532.5	1,252.2	1,355.5	1,849.3	0.0
- Accumulated depreciation	-1,182.0	-1,129.1	-1,175.1	-1,585.8	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	—	0.1	0.2	0.1	0.0
- Cost	7.6	7.6	7.6	7.4	0.0
- Accumulated depreciation	-7.6	-7.5	-7.3	-7.3	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	1.7	0.0	0.6	1.0	1.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.7	0.0	0.6	1.0	0.0
V. Long-term financial investments	2.0	2.0	2.0	2.0	2.0
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	2.0	2.0	2.0	2.0	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	0.3	21.3	26.7	38.0	0.0
1. Long-term prepayments	0.3	21.3	26.7	38.0	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	24.8
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)	517.4	378.0	458.8	574.1	642.2
A. LIABILITIES (300=210+330)	940.6	1,047.1	1,364.5	2,076.4	2,358.6
I. Short -term liabilities	763.0	942.7	1,196.5	1,742.3	2,307.7
1. Short-term trade accounts payable	18.3	16.9	12.5	18.2	47.4
2. Short-term advances from customers	35.3	17.3	16.4	23.0	15.3
3. Taxes and other payables to state authorities	6.7	0.8	1.0	1.0	0.0
4. Payable to employees	43.9	38.9	35.9	38.9	0.0
5. Short-term acrrued expenses	409.0	588.2	754.7	1,227.4	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	5.0	8.8	5.0	1.9	5.5
9. Other short-term payables	32.0	30.0	29.5	31.4	0.0
10. Short-term borrowings and financial leases	211.5	240.6	339.4	398.9	1,057.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.3	1.2	2.1	1.4	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	177.6	104.4	168.1	334.1	50.9
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	33.4	8.4	8.4	8.4	0.0
8. Long-term borrowings and financial leases	144.2	96.0	159.6	325.7	42.5
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)	-423.2	-669.1	-905.7	-1,502.2	-1,716.4
I. Owner's equity	-423.2	-669.1	-905.7	-1,502.2	0.0
1. Owner's capital	690.0	690.0	670.0	630.0	-1,716.4
- Common stock with voting right	689,993,370,000.00	689,993,370,000.00	669,993,370,000.00	629,993,370,000.00	629,993,370,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1
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	11.7	11.7	11.7	11.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	4.8	4.8	4.8	4.8	0.0
11. Undistributed earnings after tax	-1,129.8	-1,375.8	-1,592.4	-2,148.4	-2,362.0
- Accumulated retained earning at the end of the previous period	-1,376.8	-1,593.6	-2,149.5	-2,362.9	-2,494.9
- Undistributed earnings in this period	247.0	217.9	557.1	214.5	132.9
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)	517.4	378.0	458.8	574.1	642.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	256.3	220.8	560.4	217.4	0.3
Depreciation of Fixed Assets and Investment Property	53.4	57.8	82.5	137.3	144.7
Provision (Increase)/Reversal	—	0.0	0.0	-1.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	0.0	-0.3	0.0
Gain/Loss from Investment Activities	-1.9	-46.4	-90.2	-64.4	0.0
Interest Expense	19.9	35.2	46.1	65.5	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	-303.6	-189.7	-570.8	0.0	0.0
Operating Profit Before Changes in Working Capital	24.2	77.8	28.1	354.4	102.2
Increase/(Decrease) in Receivables	79.9	21.9	3.6	-57.4	0.0
Increase/(Decrease) in Inventory	-10.3	2.0	11.6	-2.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	54.9	11.4	-31.9	13.6	0.0
Increase/(Decrease) in Prepaid Expenses	17.4	23.0	25.1	38.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-14.6	-10.0	-16.1	-28.4	0.0
Corporate Income Tax Paid	-3.2	-3.0	-2.6	-2.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.2	-2.1	-1.0	-0.5	0.0
Net Cash Flow from Operating Activities	147.0	121.0	16.8	314.9	41.1
Payments for Fixed Assets and Other Long-term Assets	-282.3	-26.8	-15.6	-54.8	-17.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	10.7	45.5	88.0	82.9	0.3
Loans and Purchases of Debt Instruments	-25.0	0.0	-30.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	25.0	0.0	30.0	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	3.2	6.4	5.5	5.0	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	-268.5	25.1	77.9	33.1	-14.6
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	192.8	18.9	20.0	0.0	0.0
Repayment of Borrowings	-72.5	-161.7	-119.8	-332.5	-38.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	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	120.3	-142.8	-99.8	-332.5	-38.6
Net Cash Flow During the Period	-1.2	3.3	-5.1	15.5	-39.9
Cash and Cash Equivalents at Beginning of Period	32.6	29.3	34.5	19.4	31.5
FX Difference from Revaluation	-0.1	0.0	-0.1	-0.5	0.0
Cash and Cash Equivalents at End of Period	31.4	32.6	29.3	34.5	19.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	141.1	150.6	132.5	122.5	119.6	129.9	133.0	122.4	110.7	108.7	106.4	122.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	141.1	150.6	132.5	122.5	119.6	129.9	133.0	122.4	110.7	108.7	106.4	122.1
Cost of Goods Sold	115.0	180.8	119.3	106.7	104.8	109.6	110.0	104.9	102.1	110.4	107.0	120.5
Gross Profit	26.1	-30.2	13.3	15.9	14.7	20.3	23.0	17.4	8.6	-1.6	-0.6	1.6
Financial Income	0.9	2.0	1.0	1.4	2.2	3.3	1.8	4.0	2.1	2.0	1.2	2.9
Financial Expenses	8.8	3.7	5.6	6.3	6.5	9.2	9.9	10.4	9.3	14.2	5.2	18.0
Interest Expense	8.3	2.8	5.4	5.7	6.0	8.2	8.7	9.4	8.9	10.4	4.5	17.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.0	2.3	1.5	1.3	1.2	1.5	1.7	1.6	1.3	1.3	1.3	1.7
General and Administrative Expenses	5.7	11.2	8.4	9.9	9.5	10.6	8.9	8.7	8.0	7.7	7.9	8.3
Operating Profit	10.5	-45.4	-1.2	-0.2	-0.3	2.3	4.3	0.7	-7.9	-22.8	-13.7	-23.5
Other Income	65.4	0.0	249.9	0.1	54.5	38.8	0.0	92.4	98.1	85.0	0.0	542.4
Other Expenses	4.6	-2.9	1.3	-3.3	6.0	7.2	0.3	0.2	0.2	5.4	0.9	1.3
Other Profit	60.8	2.9	248.7	3.4	48.6	31.6	-0.3	92.3	97.9	79.6	-0.9	541.1
Profit Before Tax	71.4	-42.6	247.4	3.2	48.3	33.9	4.0	93.0	90.0	56.8	-14.6	517.5
Current Income Tax Expense	15.2	6.7	0.7	0.8	0.8	0.7	0.9	0.7	0.7	0.6	0.8	0.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	56.1	-49.3	246.7	2.4	47.5	33.2	3.1	92.3	89.3	56.2	-15.5	516.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	56.1	-49.3	246.7	2.4	47.5	33.2	3.1	92.3	89.3	56.2	-15.5	516.8
Earnings per Share	813.00	-714.00	3,575.00	35.00	688.00	481.00	47.00	1,377.00	1,333.00	839.00	-231.00	7,714.00
Diluted EPS	813.44	-714.08	3,575.38	35.44	687.85	480.69	46.87	1,376.96	1,332.99	839.49	-230.78	7,714.07

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)	198.0	139.5	122.1	394.8	204.1	208.2	231.2	201.2	214.4	225.5	163.0	180.2
I. Cash and cash equivalents	18.9	31.4	56.4	34.6	44.4	32.6	29.0	11.9	30.0	29.3	13.0	27.5
1. Cash	18.9	31.4	46.4	34.6	44.4	32.6	29.0	11.9	30.0	29.3	13.0	27.5
2. Cash equivalents	—	—	10.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	11.0	—	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	—	—	—	11.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	138.7	54.5	9.0	303.5	122.4	134.5	152.0	138.3	138.3	154.0	91.8	88.3
1. Short-term trade accounts receivable	29.4	8.8	2.3	1.7	1.5	2.3	3.7	24.2	2.2	1.4	16.0	1.6
2. Short-term prepayments to suppliers	11.8	0.9	0.6	47.9	8.2	2.1	3.0	1.5	1.6	0.8	4.8	10.1
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	97.7	45.0	6.3	254.0	121.9	139.3	154.5	121.8	143.6	160.9	80.2	85.8
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-9.2	-9.2	-9.2	-9.2	-9.2	-9.2	-9.2	-9.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	32.9	37.8	41.5	31.0	31.5	28.7	35.0	33.7	34.0	30.7	39.9	41.8
1. Inventories	32.9	37.8	41.5	31.0	31.5	28.7	35.0	33.7	34.0	30.7	39.9	41.8
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	7.5	15.9	15.2	14.6	5.7	12.4	15.3	17.3	12.1	11.5	18.2	22.6
1. Short-term prepayments	6.0	8.1	9.2	10.4	4.0	4.5	3.1	5.8	1.9	2.4	2.7	2.7
2. Value added tax to be reclaimed	0.9	7.3	5.9	4.3	1.7	7.9	12.1	11.4	9.6	9.0	15.4	19.8
3. Taxes and other receivables from state authorities	0.5	0.5	0.0	0.0	0.0	0.1	0.1	0.1	0.6	0.1	0.1	0.1
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)	381.6	377.9	429.2	159.3	153.4	169.8	180.1	200.1	212.4	233.3	262.0	278.3
I. Long-term receivables	23.4	23.4	23.3	23.4	23.3	23.3	23.3	23.3	23.2	23.2	23.2	23.2
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	23.4	23.4	23.3	23.4	23.3	23.3	23.3	23.3	23.2	23.2	23.2	23.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	335.6	350.5	367.0	95.8	109.8	123.2	135.9	150.6	165.2	180.7	201.0	221.1
1. Tangible fixed assets	335.6	350.5	367.0	95.8	109.7	123.1	135.8	150.4	164.9	180.4	200.9	221.0
- Cost	1,196.1	—	—	—	—	1,252.2	1,355.8	1,355.9	1,355.5	1,355.5	1,849.3	1,849.3
- Accumulated depreciation	-860.5	—	—	—	—	-1,129.1	-1,220.0	-1,205.4	-1,190.6	-1,175.1	-1,648.4	-1,628.3
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	—	—	0.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.1	0.1
- Cost	7.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.6	—	—	—	—	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	20.3	1.7	—	23.1	0.1	0.0	1.0	1.0	0.6	0.6	0.7	4.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	20.3	1.7	—	23.1	0.1	0.0	1.0	1.0	0.6	0.6	0.7	4.5
V. Long-term financial investments	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	0.4	0.3	36.9	15.0	18.3	21.3	17.9	23.2	21.3	26.7	35.1	27.4
1. Long-term prepayments	0.4	0.3	36.9	15.0	18.3	21.3	17.9	23.2	21.3	26.7	35.1	27.4
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)	579.6	517.4	551.4	554.0	357.5	378.0	411.4	401.3	426.8	458.8	425.1	458.6
A. LIABILITIES (300=210+330)	947.4	940.5	925.3	1,174.6	980.2	1,047.1	1,133.6	1,126.7	1,244.5	1,364.5	1,387.0	1,404.4
I. Short -term liabilities	769.9	763.0	730.8	879.9	875.8	942.7	965.6	958.7	1,086.4	1,196.5	1,209.0	1,216.4
1. Short-term trade accounts payable	18.4	18.3	22.7	20.6	10.6	16.9	6.3	10.7	9.5	12.5	21.9	25.1
2. Short-term advances from customers	23.4	35.3	28.6	20.1	20.2	17.3	19.9	21.2	21.2	16.4	21.8	27.4
3. Dividends and profits payable	0.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	14.6	6.7	2.8	2.6	1.0	0.8	2.0	0.8	0.7	1.0	4.0	2.4
4. Payable to employees	36.1	43.9	38.9	36.5	37.1	38.9	35.0	34.2	33.0	35.9	34.5	31.8
5. Short-term acrrued expenses	420.8	409.0	394.6	548.6	545.4	588.2	595.5	583.8	667.7	754.7	760.1	762.5
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	10.1	5.0	7.7	6.0	5.2	8.8	5.8	4.9	5.1	5.0	5.0	3.7
9. Other short-term payables	31.9	31.8	32.7	31.9	31.8	30.0	31.2	29.9	30.9	29.5	32.7	31.9
10. Short-term borrowings and financial leases	211.9	211.5	201.3	212.0	223.4	240.6	268.6	271.8	316.5	339.4	327.0	330.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	1.4	1.3	1.4	1.1	1.2	1.2	1.4	1.8	2.1	2.1	1.4
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	177.6	177.6	194.5	294.8	104.4	104.4	168.1	168.1	158.1	168.1	178.1	188.1
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	33.4	33.4	33.4	33.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4
8. Long-term borrowings and financial leases	144.2	144.2	161.1	261.3	96.0	96.0	159.6	159.6	149.6	159.6	169.6	179.6
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)	-367.8	-423.2	-373.9	-620.6	-622.7	-669.1	-722.3	-725.4	-817.7	-905.7	-962.0	-945.9
I. Owner's equity	-367.8	-423.2	-373.9	-620.6	-622.7	-669.1	-722.3	-725.4	-817.7	-905.7	-962.0	-945.9
1. Owner's capital	690.0	690.0	690.0	690.0	690.0	690.0	670.0	670.0	670.0	670.0	670.0	670.0
- Common stock with voting right	689,993,370,000.00	689,993,370,000.00	689,993,370,000.00	689,993,370,000.00	689,993,370,000.00	689,993,370,000.00	669,993,370,000.00	669,993,370,000.00	669,993,370,000.00	669,993,370,000.00	669,993,370,000.00	669,993,370,000.00
- 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	0.1	0.1	0.1	0.1	0.1
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	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7
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	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8
11. Undistributed earnings after tax	-1,074.5	-1,129.8	-1,080.6	-1,327.2	-1,329.4	-1,375.8	-1,408.9	-1,412.1	-1,504.3	-1,592.4	-1,648.6	-1,632.5
- Accumulated retained earning at the end of the previous period	-1,130.6	-1,080.6	-1,327.2	-1,329.7	-1,376.8	-1,408.9	-1,412.1	-1,504.3	-1,593.6	-1,648.6	-1,633.2	-2,149.3
- Undistributed earnings in this period	56.1	-49.3	246.7	2.4	47.5	33.2	3.1	92.3	89.3	56.2	-15.5	516.8
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)	579.6	517.4	551.4	554.0	357.5	378.0	411.4	401.3	426.8	458.8	425.1	458.6

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	71.4	-42.6	247.4	3.2	48.3	33.9	4.0	93.0	90.0	56.8	-14.6	517.5
Depreciation of Fixed Assets and Investment Property	14.9	15.1	10.4	14.0	13.9	12.8	14.7	14.9	15.5	19.8	20.1	20.0
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	0.2	-0.1	0.2	-0.2	-0.4	0.5	-0.2	-0.3	0.5	-0.4	-0.1
Gain/Loss from Investment Activities	-65.6	-0.1	-0.3	-0.2	-1.3	-40.5	-1.6	-2.9	-1.4	-86.5	-0.4	-2.7
Interest Expense	8.3	2.8	5.4	5.7	6.0	8.2	8.7	9.4	8.9	13.1	4.5	17.1
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	3.9	—	—	—	—	-0.1	-1.1	-91.5	-98.9	5.6	-5.6	-567.5
Operating Profit Before Changes in Working Capital	32.8	-29.7	18.4	22.4	13.1	13.7	25.2	22.6	13.8	9.4	3.6	-15.6
Increase/(Decrease) in Receivables	-79.1	-46.2	244.8	-137.0	18.3	21.2	-14.4	-0.9	14.8	-55.4	0.9	11.7
Increase/(Decrease) in Inventory	6.1	2.5	-10.5	0.5	-2.9	6.3	-1.2	0.3	-3.3	9.2	1.9	0.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.0	9.4	16.2	11.0	18.3	7.6	0.8	0.4	2.6	-27.8	-8.9	38.5
Increase/(Decrease) in Prepaid Expenses	2.0	6.1	10.7	-2.9	3.5	5.8	8.0	2.4	5.8	5.8	8.1	3.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.1	-3.3	-5.1	-6.0	-0.2	0.0	0.0	-0.0	0.0	-10.6	0.0	-40.1
Corporate Income Tax Paid	-7.5	-1.6	-0.8	0.0	-0.8	-1.5	-0.0	-0.7	-0.8	-3.8	2.4	-1.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	0.1	-0.2	0.1	-1.2	-0.0	-0.2	-1.7	-0.3	-1.7	1.3	-0.6
Net Cash Flow from Operating Activities	-56.0	-62.8	273.5	-111.9	48.2	53.2	18.2	22.5	32.6	-74.9	9.2	-4.5
Payments for Fixed Assets and Other Long-term Assets	-22.5	32.5	-247.2	-67.1	-0.6	-18.6	0.6	-8.5	-0.4	-0.2	-11.6	-4.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	65.4	10.7	0.0	0.0	0.0	38.7	0.0	0.0	0.0	88.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-14.0	—	-11.0	—	0.0	0.0	0.0	0.0	-30.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	25.0	—	—	—	0.0	0.0	0.0	0.0	30.0	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	0.2	1.4	-0.4	0.9	1.3	1.9	1.6	2.9	1.4	1.8	0.4	2.7
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	43.1	44.6	-236.6	-77.2	0.7	22.0	2.3	-5.6	1.0	89.5	-11.2	-1.8
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	26.0	0.4	8.1	175.7	8.5	18.9	0.0	0.0	0.0	20.0	0.0	0.0
Repayment of Borrowings	-25.6	-5.1	-244.5	-0.5	-53.5	-90.5	-3.2	-34.6	-33.2	-17.6	-13.2	15.4
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
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	0.4	-6.8	-14.9	179.2	-37.1	-71.6	-3.2	-34.6	-33.2	2.4	-13.2	15.4
Net Cash Flow During the Period	-12.5	-25.0	22.0	-9.9	11.8	3.5	17.2	-17.8	0.4	17.1	-15.2	9.2
Cash and Cash Equivalents at Beginning of Period	31.4	56.4	34.6	44.4	32.6	29.3	29.3	29.3	29.3	34.5	34.5	34.5
FX Difference from Revaluation	0.1	-0.1	-0.0	0.1	0.0	0.1	-0.1	-0.3	0.3	-0.9	0.7	0.1
Cash and Cash Equivalents at End of Period	18.9	31.4	56.4	34.6	44.4	32.6	29.0	11.9	30.0	29.3	13.0	27.5

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VST

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