VTC

Viễn thông VTC ·HNX ·2026Q1

▲ Showing improvement

Price

14,900

Latest close

03 Jun 2026

P/E 11.70x

P/B 0.91x

EPS 1,273

BVPS 16,394

ROE 6.6%

ROA 1.3%

Profit Margin 0.9%

Asset Turnover 1.46x

Equity Mult. 5.18x

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

What Is Changing

On a TTM 2026Q1 basis, VTC is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 552bn
	                                
+152.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6bn
	                                
+176.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    89.3%

Metric	2025	2024	2023	2022	2021
Revenue	522.9	236.6	179.1	261.3	140.8
Growth	+121%	+32%	-31%	+86%	—
Net Income	4.0	3.6	0.3	1.3	0.5
Net Margin	0.76%	1.52%	0.17%	0.49%	0.36%

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	51.6	361.6	49.2	89.2	22.9	87.0	67.3	41.5	40.8	122.3	25.8	12.5
Growth	-86%	+634%	-45%	+289%	-74%	+29%	+62%	+2%	-67%	+374%	+106%	—
Net Income	-6.6	18.0	-3.0	-2.6	-8.5	18.7	-1.5	-6.6	-6.9	16.8	-3.6	-6.6
Net Margin	-12.84%	4.98%	-6.03%	-2.90%	-37.01%	21.43%	-2.19%	-15.87%	-16.79%	13.75%	-13.92%	-52.70%

Drivers of VTC's profit

TTM

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

Gross profit ↑ 6.5bn

Other profit ↑ 6.2bn

Financial income ↑ 0.4bn

Finance costs ↑ 4.7bn

Selling expenses ↑ 3.4bn

Administrative expenses ↑ 2.3bn

TTM

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

Other profit ↑ 2.9bn

Administrative expenses ↓ 1.9bn

Gross profit ↑ 1.0bn

Finance costs ↑ 3.0bn

Selling expenses ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.9% = 1.0% × 0.92 × 3.28

2026Q1 8.0% = 1.1% × 1.46 × 5.18

ROE rose from 2.9% to 8.0% — mainly driven by leverage.

Net margin: 1.1% +0.1pp Asset turnover: 1.46x +0.54x Leverage: 5.18x +1.90x

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 stands at 1.06%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 1.06% +0.1pp

Gross Margin 9.76% −11.9pp

SG&A / Revenue 6.79% −7.7pp

Non-core / Revenue -1.68% +3.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 89.3% of PBT and lifted net margin by 3.4pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 0.41%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 0.41% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.41% —

NOPAT Margin 0.14% —

Capital Turnover 3.04x +1.64x

Average Invested Capital 181.7bn +24.7bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 6.54x equity, net debt at 1.98x equity.

Inventory ended the period at 155.9bn, roughly 25.5% of total assets.

Over the last 12 months, working capital absorbed 73.6bn 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: −98.6bn

Inventories increased → lower CFO: −106.0bn

Payables increased → higher CFO: +131.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 107.1 days versus the same period last year. The main moves came from DIO fell 79.1 days, DSO fell 35.8 days, and DPO fell 7.8 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working Capital Efficiency

Receivables 77.4 days −35.8 days

Inventory 108.0 days −79.1 days

Payables 95.9 days −7.8 days

Cash Conversion Cycle 89.5 days −107.1 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.98x and interest coverage only at 0.05x.

At present, short-term debt accounts for 97.6% of total debt, cash equals 34.9% of debt, and total debt stands at 226.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.98x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.05x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.98x +1.01x

Interest Coverage 0.05x −0.33x

Cash / Debt 34.9% +19.3pp

Short-term Debt / Total Debt 97.6% −1.0pp

CFO / NI -14.22x −6.60x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -138.8bn in 2025, against investing cash flow of -1.9bn.

Post-investment cash flow was negative +140.7bn. Financing cash flow was positive +149.4bn.

CFO / net income was -14.22x.

After spending +3.2bn on fixed-asset investment, the business generated trailing free cash flow of −71.3bn.

Cash Conversion

CFO TTM 68.2bn −52.1bn

Cash Capex 3.2bn +2.3bn

FCF TTM −71.3bn −54.4bn

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 next item to monitor is the earnings mix, when non-core contribution is -218.6%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.4%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -218.6% of PBT and CFO / net income currently at -14.22x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	522.9	236.6	179.1	261.3	140.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	522.9	236.6	179.1	261.3	140.8
Cost of Goods Sold	470.2	188.0	140.0	219.2	0.0
Gross Profit	52.7	48.6	39.1	42.1	26.4
Financial Income	0.5	0.3	0.5	0.5	2.1
Financial Expenses	13.3	12.8	11.3	9.7	-5.9
Interest Expense	11.3	11.3	10.2	8.1	-5.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	14.6	12.1	12.4	14.3	-12.9
General and Administrative Expenses	23.6	17.7	14.1	16.2	-11.7
Operating Profit	1.7	6.2	1.9	2.5	-1.9
Other Income	4.7	1.8	8.1	0.6	0.0
Other Expenses	1.3	1.7	7.4	0.4	0.0
Other Profit	3.5	0.1	0.8	0.1	3.0
Profit Before Tax	5.2	6.3	2.7	2.6	1.0
Current Income Tax Expense	1.2	2.7	2.5	1.4	-0.5
Deferred Income Tax Expense	0.0	0.0	-0.1	0.0	0.0
Net Income	4.0	3.6	0.3	1.3	0.5
Non-controlling Interest	0.1	0.1	-0.6	0.8	0.1
Profit Attributable to Parent	3.9	3.5	0.9	0.5	0.4
Earnings per Share	867.00	779.00	201.00	98.00	212.00
Diluted EPS	867.00	779.00	201.00	98.00	82.67

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	584.8	238.0	247.7	234.4	223.3
I. Cash and cash equivalents	33.6	24.9	15.5	17.4	31.7
1. Cash	31.1	24.9	15.5	16.4	0.0
2. Cash equivalents	2.5	0.0	0.0	1.0	0.0
II. Short-term financial investments	0.9	0.3	0.3	3.8	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	0.9	0.3	0.3	3.8	0.0
III. Short-term receivables	384.4	128.6	158.6	143.3	118.6
1. Short-term trade accounts receivable	341.8	104.1	134.0	116.0	0.0
2. Short-term prepayments to suppliers	31.2	5.1	8.4	5.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	11.8	20.0	16.3	21.9	0.0
7. Provision for short-term doubtful debts (*)	-0.4	-0.6	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	155.9	83.0	72.4	68.5	61.0
1. Inventories	155.9	83.0	72.4	68.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	10.0	1.2	0.9	1.4	1.0
1. Short-term prepayments	1.1	0.4	0.4	0.3	0.0
2. Value added tax to be reclaimed	8.3	0.2	0.1	1.1	0.0
3. Taxes and other receivables from state authorities	0.6	0.6	0.3	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)	25.5	20.0	23.3	26.7	31.0
I. Long-term receivables	1.4	0.9	0.9	0.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	1.4	0.9	0.9	0.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	18.8	14.7	17.7	21.2	26.6
1. Tangible fixed assets	14.2	13.8	15.2	21.1	26.4
- Cost	61.2	57.9	61.2	71.7	0.0
- Accumulated depreciation	-47.1	-44.1	-46.0	-50.5	0.0
2. Financial leased fixed assets	4.6	0.9	2.5	0.0	0.0
- Cost	8.0	4.3	4.3	0.0	0.0
- Accumulated depreciation	-3.4	-3.4	-1.8	0.0	0.0
3. Intangible fixed assets	—	0.0	0.1	0.1	0.1
- Cost	0.3	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.3	-0.4	-0.4	-0.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	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	—	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	5.4	4.5	4.6	4.8	0.0
1. Long-term prepayments	5.1	4.2	4.3	4.8	0.0
2. Deferred income tax assets	0.3	0.3	0.3	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	3.7
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)	610.4	258.0	271.0	261.1	254.3
A. LIABILITIES (300=210+330)	529.4	177.5	189.9	177.2	166.2
I. Short -term liabilities	523.0	175.6	186.9	177.2	166.2
1. Short-term trade accounts payable	265.3	79.9	55.7	61.3	47.1
2. Short-term advances from customers	10.7	0.4	0.8	1.4	19.0
3. Taxes and other payables to state authorities	2.0	3.6	4.6	2.7	0.0
4. Payable to employees	1.5	0.5	1.0	2.4	0.0
5. Short-term acrrued expenses	2.7	0.8	3.3	3.4	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	0.0	0.1	0.3	0.0	0.0
9. Other short-term payables	5.4	8.4	10.4	11.3	0.0
10. Short-term borrowings and financial leases	233.0	79.7	108.3	91.7	74.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.3	2.1	2.5	2.9	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	6.4	1.9	3.1	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.1	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	5.9	1.4	2.3	0.0	0.0
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	0.2	0.2	0.2	0.0	0.0
12. Provision for long-term liabilities	0.4	0.4	0.5	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)	81.0	80.5	81.1	84.0	88.2
I. Owner's equity	81.0	80.5	81.1	84.0	0.0
1. Owner's capital	45.3	45.3	45.3	45.3	88.2
- Common stock with voting right	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2	0.2
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	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00	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	—	0.0	11.2	10.5	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	23.1	22.7	12.2	12.6	15.0
- Accumulated retained earning at the end of the previous period	19.2	19.2	11.3	14.0	14.6
- Undistributed earnings in this period	3.9	3.5	0.9	-1.3	0.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	12.3	12.3	12.2	15.4	14.7
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)	610.4	258.0	271.0	261.1	254.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	5.2	6.3	2.7	2.6	1.0
Depreciation of Fixed Assets and Investment Property	4.0	4.7	4.6	5.8	6.4
Provision (Increase)/Reversal	-0.3	0.4	0.0	-0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.1	1.3	1.1	0.5	0.0
Gain/Loss from Investment Activities	-1.5	-0.1	-4.5	-0.7	0.0
Interest Expense	11.3	11.3	10.2	8.1	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	19.7	23.7	14.1	16.2	11.9
Increase/(Decrease) in Receivables	-264.1	29.3	-12.2	-24.5	0.0
Increase/(Decrease) in Inventory	-72.9	-10.6	-4.0	-7.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	193.7	16.1	-9.9	-6.6	0.0
Increase/(Decrease) in Prepaid Expenses	-1.7	0.2	0.3	-1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-11.5	-11.3	-10.5	-8.0	0.0
Corporate Income Tax Paid	-1.7	-3.5	-0.7	-0.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.4	-0.3	-1.0	0.0
Net Cash Flow from Operating Activities	-138.8	43.5	-23.2	-33.0	44.8
Payments for Fixed Assets and Other Long-term Assets	-3.4	-1.6	-0.7	-0.4	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	0.0	4.3	0.0	0.0
Loans and Purchases of Debt Instruments	-0.6	0.0	-1.0	-7.8	-18.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	4.5	15.0	24.5
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	0.1	0.1	0.6	0.4	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	-1.9	-1.5	7.7	7.1	6.8
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	364.6	178.5	136.3	162.3	119.0
Repayment of Borrowings	-209.7	-207.0	-116.9	-145.2	-148.8
Repayment of Finance Leases	-2.4	-1.0	-0.6	0.0	0.0
Dividends Paid	-3.1	-3.2	-5.3	-5.4	-8.2
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	149.4	-32.6	13.6	11.6	-38.0
Net Cash Flow During the Period	8.8	9.4	-1.9	-14.3	13.2
Cash and Cash Equivalents at Beginning of Period	24.9	15.5	17.4	31.7	17.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.5
Cash and Cash Equivalents at End of Period	33.6	24.9	15.5	17.4	31.7

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	51.6	361.6	49.2	89.2	22.9	87.0	67.3	41.5	40.8	122.3	25.8	12.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	51.6	361.6	49.2	89.2	22.9	87.0	67.3	41.5	40.8	122.3	25.8	12.5
Cost of Goods Sold	45.5	324.6	46.5	81.1	17.9	62.1	58.5	32.9	34.5	97.8	19.0	6.4
Gross Profit	6.1	36.9	2.8	8.0	5.1	25.0	8.7	8.6	6.3	24.5	6.8	6.2
Financial Income	0.1	0.4	0.2	0.0	0.0	0.0	0.1	0.1	0.0	0.2	0.0	0.4
Financial Expenses	4.7	5.1	2.7	3.8	1.7	2.2	2.8	4.8	3.0	3.1	2.5	2.8
Interest Expense	4.7	4.7	2.1	2.7	1.7	2.1	2.8	3.3	3.0	2.2	2.8	2.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.0	9.3	-2.0	3.2	4.1	1.1	3.5	3.6	4.1	3.5	2.9	3.0
General and Administrative Expenses	6.0	6.2	5.1	4.5	7.9	1.1	4.9	5.6	6.1	1.6	4.8	7.1
Operating Profit	-9.5	16.7	-2.9	-3.5	-8.6	20.6	-2.3	-5.3	-6.9	16.4	-3.4	-6.4
Other Income	3.1	3.1	0.6	2.0	0.1	0.5	1.1	0.1	0.0	8.1	0.0	3.4
Other Expenses	0.1	1.1	0.6	0.6	0.0	-0.0	0.3	1.4	0.0	6.7	0.3	3.5
Other Profit	3.0	2.0	-0.1	1.4	0.1	0.6	0.9	-1.3	-0.0	1.4	-0.3	-0.1
Profit Before Tax	-6.5	18.7	-2.9	-2.1	-8.5	21.1	-1.5	-6.6	-6.9	17.9	-3.7	-6.5
Current Income Tax Expense	—	1.2	—	—	—	2.7	0.0	0.0	0.0	1.1	0.3	0.1
Deferred Income Tax Expense	0.1	-0.5	0.0	0.4	—	-0.2	0.0	0.0	0.0	0.0	-0.3	0.0
Net Income	-6.6	18.0	-3.0	-2.6	-8.5	18.7	-1.5	-6.6	-6.9	16.8	-3.6	-6.6
Non-controlling Interest	-0.5	1.6	-0.1	—	-0.5	0.8	0.0	-0.4	-0.4	0.5	-0.8	0.7
Profit Attributable to Parent	-6.2	16.4	-2.9	-2.6	-8.0	17.8	-1.5	-6.2	-6.4	16.3	-2.8	-7.3
Earnings per Share	-1,359.00	3,630.00	-641.00	-357.00	-1,768.00	3,933.00	-1,751.00	-1,374.00	-1,422.00	3,598.63	-606.55	-1,607.00
Diluted EPS	-1,359.00	3,630.00	-641.00	-357.00	-1,768.00	760.00	-1,751.00	-1,374.00	-1,422.00	3,598.63	-606.55	-1,607.00

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)	500.3	582.4	326.6	277.6	213.8	237.7	209.4	238.5	221.6	245.7	203.2	202.2
I. Cash and cash equivalents	78.9	33.6	51.7	18.2	12.9	24.9	15.4	12.4	14.2	15.5	2.9	8.7
1. Cash	15.0	31.1	46.6	13.1	12.9	24.9	15.4	9.4	14.2	15.5	2.9	6.7
2. Cash equivalents	63.9	2.5	5.1	5.1	—	0.0	0.0	3.0	0.0	0.0	0.0	2.0
II. Short-term financial investments	0.6	0.9	0.6	0.6	0.6	0.3	11.3	8.3	6.3	0.3	0.3	1.3
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	0.6	0.9	0.6	0.6	0.6	0.3	11.3	8.3	6.3	0.3	0.3	1.3
III. Short-term receivables	208.0	382.0	99.7	144.5	104.2	128.3	97.6	122.7	118.5	153.4	100.5	99.9
1. Short-term trade accounts receivable	176.3	341.8	56.9	103.8	57.6	103.9	54.3	86.6	78.1	133.8	64.9	59.3
2. Short-term prepayments to suppliers	14.7	28.9	14.9	14.0	12.6	5.1	6.7	9.5	12.2	8.4	9.4	9.6
3. Short-term inter-company receivables	—	—	0.5	0.5	—	0.0	0.0	0.0	0.6	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	17.3	11.9	28.0	26.8	34.6	19.9	36.8	26.8	27.8	11.4	26.3	31.2
7. Provision for short-term doubtful debts (*)	-0.4	-0.5	-0.6	-0.6	-0.6	-0.7	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	200.2	155.7	167.2	111.2	94.2	83.0	83.8	93.0	81.5	74.6	97.3	90.1
1. Inventories	200.2	155.7	167.2	111.2	94.2	83.0	83.8	93.0	81.5	74.6	97.3	90.1
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	12.7	10.1	7.3	3.1	1.8	1.2	1.3	2.1	1.1	1.9	2.2	2.2
1. Short-term prepayments	1.2	1.3	0.6	0.4	0.3	0.4	0.6	0.8	0.4	1.4	0.4	0.6
2. Value added tax to be reclaimed	10.9	8.3	6.1	2.0	0.8	0.2	0.2	1.2	0.6	0.1	1.8	1.6
3. Taxes and other receivables from state authorities	0.6	0.6	0.6	0.6	0.6	0.6	0.5	0.1	0.1	0.3	0.1	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)	24.1	25.4	25.9	24.0	19.5	20.0	20.8	20.8	22.0	23.4	24.9	25.7
I. Long-term receivables	1.3	1.4	1.3	1.2	0.8	0.9	0.8	0.8	0.8	0.9	0.8	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	—	—	—	—	—	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	1.3	1.4	1.3	1.2	0.8	0.9	0.8	0.8	0.8	0.9	0.8	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	17.8	18.8	19.2	17.8	14.1	14.7	15.5	16.2	17.4	17.7	19.1	20.0
1. Tangible fixed assets	13.4	14.2	14.3	12.7	13.3	13.8	14.4	14.9	15.6	15.2	15.8	15.9
- Cost	61.3	—	—	—	—	57.9	57.5	57.4	62.4	61.2	61.2	60.7
- Accumulated depreciation	-47.8	—	—	—	—	-44.1	-43.2	-42.5	-46.8	-46.0	-45.4	-44.8
2. Financial leased fixed assets	4.4	4.6	4.9	5.1	0.7	0.9	1.0	1.2	1.7	2.5	3.3	4.1
- Cost	8.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	-0.9	-0.9	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	-0.9	-0.9	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	5.1	5.2	5.5	4.9	4.6	4.5	4.6	4.8	4.8	4.7	5.0	4.8
1. Long-term prepayments	5.1	5.1	5.9	5.3	4.4	4.2	4.3	4.5	4.5	4.6	4.9	4.8
2. Deferred income tax assets	-0.1	0.1	-0.4	-0.4	0.3	0.3	0.3	0.3	0.3	0.1	0.1	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)	524.5	607.8	352.5	301.6	233.3	257.7	230.3	259.3	243.6	269.1	228.1	227.9
A. LIABILITIES (300=210+330)	450.1	526.8	289.6	235.7	161.3	177.3	169.7	197.7	170.1	187.7	163.6	160.2
I. Short -term liabilities	444.2	520.0	284.0	230.2	159.6	175.4	167.2	194.9	167.5	184.5	160.9	160.2
1. Short-term trade accounts payable	202.7	265.5	122.7	98.0	58.9	79.7	56.2	41.0	38.5	55.5	42.5	39.8
2. Short-term advances from customers	7.4	8.3	9.5	8.5	0.8	0.4	1.0	2.5	2.5	0.8	3.4	3.2
3. Dividends and profits payable	3.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.2	2.1	0.1	0.4	3.7	3.6	0.6	1.2	3.5	4.7	2.0	2.2
4. Payable to employees	0.6	1.5	0.2	0.2	2.8	0.5	1.0	1.2	0.2	0.3	1.0	2.2
5. Short-term acrrued expenses	3.7	0.2	0.3	1.4	0.8	0.8	1.8	2.8	0.7	3.2	2.0	2.8
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	0.1	0.1	0.1	0.1	0.0	0.2	0.4	0.5	0.9
9. Other short-term payables	2.4	7.7	9.2	8.0	8.9	8.4	8.6	9.2	8.8	9.3	10.4	9.2
10. Short-term borrowings and financial leases	220.8	232.4	139.5	111.3	81.6	79.7	95.7	134.9	111.0	107.3	96.1	96.8
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	0.4	0.4
12.. Bonus and welfare fund	2.1	2.3	2.4	2.4	2.1	2.1	2.1	2.1	2.2	2.5	2.5	2.7
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	5.9	6.8	5.6	5.5	1.7	1.9	2.5	2.8	2.7	3.3	2.6	0.0
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	0.1	0.0	0.1	0.0
7. Other long-term liabilities	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	5.4	6.5	5.2	5.1	1.1	1.4	1.6	2.3	2.1	3.3	2.5	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	—	—	—	—	0.2	0.2	0.4	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5	0.5	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)	74.3	80.9	62.9	65.9	72.0	80.4	60.6	61.5	73.5	81.3	64.6	67.7
I. Owner's equity	74.3	80.9	62.9	65.9	72.0	80.4	60.6	61.5	73.5	81.3	64.6	67.7
1. Owner's capital	45.3	45.3	45.3	45.3	45.3	45.3	45.3	45.3	45.3	45.3	45.3	45.3
- Common stock with voting right	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00	45,346,960,100.00	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00	45,346,960,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00	-55,530,000.00
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	—	—	—	—	—	0.0	0.0	0.0	11.2	11.2	11.2	10.4
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	17.0	23.1	6.7	9.6	14.7	22.7	3.7	4.6	4.4	12.4	-3.9	-3.3
- Accumulated retained earning at the end of the previous period	23.1	19.2	19.2	19.2	22.7	19.2	18.0	17.3	10.8	11.2	11.3	9.5
- Undistributed earnings in this period	-6.2	3.9	-12.5	-9.6	-8.0	3.4	-14.3	-12.7	-6.4	1.1	-15.2	-12.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	11.9	12.3	10.8	10.8	11.8	12.3	11.4	11.4	12.4	12.3	11.7	15.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	524.5	607.8	352.5	301.6	233.3	257.7	230.3	259.3	243.6	269.1	228.1	227.9

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	-6.5	23.1	-7.3	-2.1	-8.5	14.9	-1.5	-6.6	-6.9	18.6	-3.7	-6.9
Depreciation of Fixed Assets and Investment Property	1.0	1.2	0.9	1.0	0.8	-3.6	0.8	1.4	1.3	1.2	1.1	0.9
Provision (Increase)/Reversal	—	-4.8	4.5	-0.0	-0.0	0.0	0.0	-0.0	0.0	-0.4	0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	-0.0	1.1	-0.0	-1.2	0.0	1.2	-0.0	1.1	0.1	-0.1
Gain/Loss from Investment Activities	-0.0	-1.5	1.4	-1.4	-0.0	0.2	-0.1	-0.1	-0.0	-4.4	4.8	-4.8
Interest Expense	4.7	4.7	2.1	2.7	1.7	-9.1	2.8	3.3	3.0	3.1	2.1	3.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.8	22.9	1.6	1.2	-5.9	1.2	2.1	-0.7	-2.6	19.2	4.8	-7.8
Increase/(Decrease) in Receivables	190.9	-285.5	38.9	-42.9	25.4	-61.0	32.0	-10.8	39.7	-54.5	-3.6	17.4
Increase/(Decrease) in Inventory	-44.3	11.5	-56.2	-17.0	-11.2	11.4	9.1	-11.5	-9.0	24.8	-7.3	-14.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-81.6	146.6	24.0	42.1	-19.0	6.3	5.3	10.1	-21.7	8.6	5.8	-11.2
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.3	-0.2	-1.0	-0.1	0.1	0.5	-0.4	-0.1	0.5	0.0	0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.1	-4.4	-2.8	-2.2	-2.1	9.4	-3.0	-3.1	-3.3	-3.2	-2.7	-2.7
Corporate Income Tax Paid	-1.2	0.0	0.0	-1.7	-0.0	3.7	0.0	-4.0	0.3	0.0	-0.3	-0.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-0.1	-0.0	-0.0	0.4	-0.0	-0.0	-0.3	-0.0	-0.1	3.7
Net Cash Flow from Operating Activities	57.6	-109.4	5.2	-21.7	-13.0	-28.5	46.0	-20.5	3.0	-4.5	-3.4	-14.4
Payments for Fixed Assets and Other Long-term Assets	-0.0	2.8	-5.1	-0.9	-0.2	1.3	-0.1	0.0	-1.1	0.0	-0.5	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.5	-0.5	2.0	—	-0.0	0.0	0.0	0.0	0.0	-0.0	4.3
Loans and Purchases of Debt Instruments	—	3.8	-4.0	4.0	-4.3	12.0	-4.0	-8.0	0.0	0.0	2.0	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.3	—	9.0	—	—	-1.0	1.0	0.0	0.0	0.0	-1.0	2.0
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	0.0	-0.7	0.8	0.0	0.0	-0.1	0.0	-0.3	0.4	0.4	0.1	0.0
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	0.3	-2.6	0.1	5.1	-4.5	12.2	-3.1	-8.3	-0.8	0.4	0.6	4.2
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	106.4	178.8	92.6	56.4	36.9	-132.7	14.8	51.7	66.1	60.8	28.5	28.9
Repayment of Borrowings	-118.7	-83.5	-64.7	-30.5	-31.0	145.2	-54.5	-27.1	-63.7	-44.9	-30.2	-10.2
Repayment of Finance Leases	-0.4	-1.4	0.3	-1.0	-0.2	0.7	-0.2	-0.5	0.0	0.7	-1.3	0.0
Dividends Paid	—	0.0	0.0	-3.1	—	3.2	0.0	-3.2	0.0	0.0	0.0	-2.7
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	-12.7	93.9	28.2	21.8	5.6	16.4	-39.9	21.0	2.5	16.7	-2.9	16.0
Net Cash Flow During the Period	45.3	-18.1	33.5	5.3	-12.0	0.1	3.0	-7.8	4.7	12.6	-5.7	5.8
Cash and Cash Equivalents at Beginning of Period	33.6	51.7	18.2	12.9	24.9	0.0	15.5	15.5	9.5	17.4	17.4	17.4
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	78.9	33.6	51.7	18.2	12.9	0.0	15.4	12.4	14.2	15.5	2.9	8.7

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VTC

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