C4G

Tập đoàn CIENCO4 ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 2.80%, −1.95pp YoY

Price

6,800

Latest close

02 Jun 2026

P/E 27.76x

P/B 0.61x

EPS 245

BVPS 11,204

ROE 2.2%

ROA 0.9%

Profit Margin 2.8%

Asset Turnover 0.33x

Equity Mult. 2.36x

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

What Is Changing

On a TTM 2026Q1 basis, C4G is going through a period of clear decline across multiple metrics at once — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,100bn
	                                
−5.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 87bn
	                                
−44.3%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.92x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	3,198.2	3,265.2	2,628.5	2,726.0	1,812.2
Growth	-2%	+24%	-4%	+50%	—
Net Income	81.5	178.7	128.4	154.8	61.0
Net Margin	2.55%	5.47%	4.88%	5.68%	3.37%

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	414.3	1,015.9	681.9	988.0	508.6	954.9	789.8	1,027.1	507.2	835.6	711.1	621.7
Growth	-59%	+49%	-31%	+94%	-47%	+21%	-23%	+103%	-39%	+18%	+14%	—
Net Income	5.7	33.1	41.8	6.2	16.9	23.8	55.2	60.1	41.2	48.2	30.4	37.0
Net Margin	1.38%	3.26%	6.14%	0.63%	3.33%	2.50%	6.98%	5.86%	8.12%	5.77%	4.27%	5.95%

Drivers of C4G's profit

TTM

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

Finance costs ↓ 25.0bn

Gross profit ↓ 40.0bn

Administrative expenses ↑ 22.0bn

Financial income ↓ 11.2bn

Associates income ↓ 10.9bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 28.5bn

Administrative expenses ↑ 17.9bn

Other profit ↓ 10.2bn

Associates income ↓ 7.5bn

Financial income ↓ 4.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.0% = 4.8% × 0.34 × 2.47

2026Q1 2.2% = 2.8% × 0.33 × 2.36

ROE fell from 4.0% to 2.2% — all three components weakened, with leverage being the main drag.

Net margin: 2.8% -2.0pp Asset turnover: 0.33x -0.01x Leverage: 2.36x -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 fell to 2.80%, losing 2.0pp. The main pressure comes from SG&A / Revenue rose 1.0pp and Gross margin fell 0.5pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 2.80% −2.0pp

Gross Margin 12.96% −0.5pp

SG&A / Revenue 5.14% +1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC narrowed to 1.27%, falling 1.1pp. That translates to 1.27 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.8pp and capital turnover fell 0.05x, while invested capital rose by 344bn — pressure came from both operational efficiency and asset efficiency.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 1.27% −1.1pp

NOPAT Margin 2.74% −1.8pp

Capital Turnover 0.46x −0.05x

Average Invested Capital 6,689.0bn +344.4bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.29x equity, net debt at 0.70x equity.

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 lengthened by 10.3 days versus the same period last year. The main moves came from DIO rose 4.7 days, DSO rose 1.4 days, and DPO fell 4.1 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 100.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 108.7 days +1.4 days

Inventory 123.4 days +4.7 days

Payables 131.3 days −4.1 days

Cash Conversion Cycle 100.9 days +10.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.70x and interest coverage only at 0.74x.

At present, short-term debt accounts for 36.4% of total debt, cash equals 4.9% of debt, and total debt stands at 2,930.1bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is 0.74x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.70x +0.02x

Interest Coverage 0.74x −0.23x

Cash / Debt 4.9% −1.6pp

Short-term Debt / Total Debt 36.4% +4.5pp

CFO / NI -0.92x −2.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -133.8bn in 2025, against investing cash flow of -9.7bn.

Post-investment cash flow was negative +143.5bn. Financing cash flow was positive +70.0bn.

CFO / net income was -0.92x.

Track how much investment can be funded internally from operating cash flow.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 79.8bn −288.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 2.0 pp. The next watchpoint is capital efficiency, with ROIC at 1.3%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -0.92x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.92x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.80% after a 2.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,198.2	3,265.2	2,628.5	2,726.0	1,812.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,198.2	3,265.2	2,628.5	2,726.0	1,812.2
Cost of Goods Sold	2,824.7	2,787.1	2,224.6	2,328.1	0.0
Gross Profit	373.5	478.1	403.9	398.0	370.4
Financial Income	69.2	93.7	105.8	92.4	35.5
Financial Expenses	156.1	196.2	229.5	230.5	-224.3
Interest Expense	124.1	172.4	202.9	206.9	-205.4
Share of Associates and Joint Ventures	-43.3	-16.4	-10.4	-2.5	-15.0
Selling Expenses	3.8	1.8	1.7	3.8	-0.4
General and Administrative Expenses	136.8	142.1	119.9	92.8	-83.6
Operating Profit	102.7	215.2	148.2	160.8	82.5
Other Income	20.8	4.7	17.7	29.7	0.0
Other Expenses	8.4	5.0	5.4	4.9	0.0
Other Profit	12.4	-0.2	12.3	24.8	0.8
Profit Before Tax	115.1	215.0	160.6	185.6	83.3
Current Income Tax Expense	32.6	38.4	30.5	30.6	-22.3
Deferred Income Tax Expense	1.0	-2.1	1.8	0.2	0.0
Net Income	81.5	178.7	128.4	154.8	61.0
Non-controlling Interest	-0.4	-0.5	-2.0	2.9	-0.2
Profit Attributable to Parent	82.0	179.2	130.3	151.9	61.2
Earnings per Share	229.00	501.00	410.00	801.00	213.00
Diluted EPS	229.40	501.42	364.71	676.02	544.75

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,138.4	5,344.0	5,530.1	4,272.7	4,079.8
I. Cash and cash equivalents	152.0	225.4	709.2	216.2	191.0
1. Cash	70.2	97.9	497.8	201.7	0.0
2. Cash equivalents	81.8	127.4	211.4	14.5	0.0
II. Short-term financial investments	69.8	37.5	31.9	15.0	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	69.8	37.5	31.9	15.0	0.0
III. Short-term receivables	4,164.9	4,210.8	3,983.0	3,214.5	2,570.1
1. Short-term trade accounts receivable	1,080.1	1,003.8	1,085.1	949.0	0.0
2. Short-term prepayments to suppliers	588.0	715.4	720.1	392.5	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	2,143.1	2,107.5	1,780.0	1,530.9	0.0
6. Other short-term receivables	471.9	456.9	424.3	343.2	0.0
7. Provision for short-term doubtful debts (*)	-118.1	-72.7	-26.5	-1.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	727.6	850.8	796.3	802.7	1,261.9
1. Inventories	727.6	850.8	796.3	802.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	24.1	19.5	9.7	24.3	4.3
1. Short-term prepayments	3.0	2.4	0.6	0.8	0.0
2. Value added tax to be reclaimed	17.3	14.0	8.7	23.5	0.0
3. Taxes and other receivables from state authorities	3.8	3.1	0.4	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)	4,014.9	4,065.2	4,075.3	3,998.4	3,862.6
I. Long-term receivables	27.7	24.4	4.6	2.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	25.4
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	27.7	24.4	4.6	2.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,121.8	2,188.8	2,278.7	2,354.8	2,477.4
1. Tangible fixed assets	2,038.0	2,088.9	2,190.2	2,276.3	2,403.3
- Cost	3,364.7	3,343.9	3,335.8	3,365.7	0.0
- Accumulated depreciation	-1,326.7	-1,255.0	-1,145.6	-1,089.4	0.0
2. Financial leased fixed assets	73.2	89.1	77.5	67.2	62.9
- Cost	104.9	133.0	105.4	85.7	0.0
- Accumulated depreciation	-31.7	-43.8	-27.9	-18.5	0.0
3. Intangible fixed assets	10.5	10.8	11.0	11.3	11.1
- Cost	12.8	12.8	12.8	12.8	0.0
- Accumulated depreciation	-2.3	-2.0	-1.8	-1.5	0.0
III. Investment properties	112.0	115.2	118.4	121.7	132.7
- Cost	146.0	146.0	146.0	146.0	0.0
- Accumulated depreciation	-34.1	-30.8	-27.6	-24.4	0.0
IV. Long-term assets in progress	17.0	28.5	23.4	23.1	15.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	17.0	28.5	23.4	23.1	0.0
V. Long-term financial investments	557.7	569.1	547.1	533.3	458.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	280.1	330.9	366.3	376.7	0.0
3. Investments in other entities	287.1	247.6	180.7	156.5	0.0
4. Provision for diminution in value of long-term investments	-9.5	-9.5	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	1,178.8	1,139.3	1,103.0	962.8	0.0
1. Long-term prepayments	1,169.5	1,128.6	1,091.0	949.4	0.0
2. Deferred income tax assets	1.1	1.1	1.1	1.2	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	753.0
5. Goodwill	8.2	9.6	10.9	12.2	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	9,153.3	9,409.2	9,605.4	8,271.1	7,942.4
A. LIABILITIES (300=210+330)	5,156.6	5,489.1	5,862.5	5,777.7	6,659.4
I. Short -term liabilities	3,079.1	2,951.3	2,894.7	2,821.8	3,531.5
1. Short-term trade accounts payable	812.4	760.5	695.3	739.0	669.9
2. Short-term advances from customers	572.4	687.4	762.9	406.6	694.0
3. Taxes and other payables to state authorities	41.0	46.3	44.9	41.6	0.0
4. Payable to employees	18.3	18.7	20.5	19.3	0.0
5. Short-term acrrued expenses	416.0	421.9	368.8	341.8	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	16.8	19.2	17.3	16.5	0.0
9. Other short-term payables	105.3	86.9	85.2	87.1	0.0
10. Short-term borrowings and financial leases	1,087.5	903.6	889.7	1,149.5	1,387.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.3	6.7	10.0	20.4	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	2,077.5	2,537.8	2,967.9	2,955.9	3,127.8
1. Long-term trade payables	153.1	311.5	375.4	375.4	389.3
2. Long-term advances from customers	—	229.5	529.3	152.9	101.3
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	2.7	0.0	2.0	5.7	0.0
7. Other long-term liabilities	21.4	16.3	8.2	8.2	0.0
8. Long-term borrowings and financial leases	1,883.0	1,964.1	2,034.3	2,396.9	2,637.2
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	17.4	16.4	18.6	16.8	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)	3,996.7	3,920.1	3,742.8	2,493.4	1,283.0
I. Owner's equity	3,996.7	3,920.1	3,742.8	2,493.4	0.0
1. Owner's capital	3,573.0	3,573.0	3,573.0	2,247.2	1,283.0
- Common stock with voting right	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	2,247,182,020,000.00	1,123,591,010,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	17.1	17.1	17.1	17.6	17.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	10.5	10.5	10.5	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	394.0	317.0	139.2	213.2	67.9
- Accumulated retained earning at the end of the previous period	312.0	137.8	8.9	61.3	1.6
- Undistributed earnings in this period	82.0	179.2	130.3	151.9	66.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.0	2.5	2.9	4.9	62.9
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)	9,153.3	9,409.2	9,605.4	8,271.1	7,942.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	115.1	215.0	160.6	185.6	0.0
Depreciation of Fixed Assets and Investment Property	82.3	135.1	122.2	131.8	0.0
Provision (Increase)/Reversal	45.4	55.8	25.3	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-21.7	-84.6	-101.2	-88.6	0.0
Interest Expense	124.1	172.4	202.9	206.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	345.2	493.6	409.8	435.9	0.0
Increase/(Decrease) in Receivables	32.6	19.8	-528.2	-573.9	0.0
Increase/(Decrease) in Inventory	123.2	-54.5	6.4	-106.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-433.7	-304.4	732.7	153.6	0.0
Increase/(Decrease) in Prepaid Expenses	-36.6	-39.4	-141.4	-76.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-123.5	-189.6	-225.2	-258.5	0.0
Corporate Income Tax Paid	-38.4	-28.0	-25.3	-25.0	0.0
Other Operating Receipts	—	0.0	0.0	20.8	0.0
Other Operating Payments	-2.5	-4.6	-12.4	-25.7	0.0
Net Cash Flow from Operating Activities	-133.8	-107.0	216.5	-455.4	202.8
Payments for Fixed Assets and Other Long-term Assets	-6.2	-31.9	-22.2	-2.4	-8.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	26.8	16.0	20.7	2.0	1.3
Loans and Purchases of Debt Instruments	-1,046.2	-1,725.8	-3,019.8	-2,276.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	978.2	1,392.7	2,753.8	1,926.2	0.0
Investments in Other Entities	-39.4	-57.4	-24.2	-153.0	-88.6
Proceeds from Investments in Other Entities	7.5	22.9	0.0	17.5	0.0
Dividends and Interest Income Received	69.6	93.9	100.5	76.0	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	-9.7	-289.7	-191.1	-410.0	-62.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	1,123,139,910,000.00	1,123,591,010,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,429.1	1,734.4	1,527.4	1,589.3	1,466.3
Repayment of Borrowings	-1,321.6	-1,793.7	-2,152.6	-1,726.7	-1,599.2
Repayment of Finance Leases	-37.5	-27.4	-30.4	-21.6	-20.5
Dividends Paid	—	-0.4	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	70.0	-87.2	467.6	964.6	-153.4
Net Cash Flow During the Period	-73.4	-483.8	493.1	99.1	96.1
Cash and Cash Equivalents at Beginning of Period	225.4	709.2	216.2	117.0	203.7
FX Difference from Revaluation	—	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	152.0	225.4	709.2	216.2	191.0

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	414.3	1,015.9	681.9	988.0	508.6	954.9	789.8	1,027.1	507.2	835.6	711.1	621.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	414.3	1,015.9	681.9	988.0	508.6	954.9	789.8	1,027.1	507.2	835.6	711.1	621.7
Cost of Goods Sold	332.3	900.7	578.7	886.7	455.1	807.5	683.8	892.4	427.3	712.6	632.3	508.6
Gross Profit	82.0	115.2	103.2	101.3	53.5	147.4	106.0	134.8	80.0	123.1	78.8	113.0
Financial Income	9.4	18.5	10.9	25.5	13.6	17.6	22.1	22.2	25.6	31.8	30.8	37.1
Financial Expenses	35.8	35.6	39.2	50.7	36.6	46.0	46.6	57.1	48.6	78.0	61.9	86.2
Interest Expense	33.3	22.1	33.7	34.4	29.0	24.0	43.3	48.2	45.4	40.2	53.0	72.8
Share of Associates and Joint Ventures	-11.0	4.0	-1.5	-17.1	-3.5	-15.6	0.1	4.4	4.5	-6.3	3.4	1.1
Selling Expenses	0.8	1.1	1.0	1.1	0.7	0.5	0.4	0.4	0.3	0.7	0.6	0.3
General and Administrative Expenses	34.7	55.7	19.1	45.9	16.7	70.8	15.3	30.5	16.0	22.1	16.5	21.8
Operating Profit	9.2	45.2	53.3	12.2	9.5	32.0	65.9	73.4	45.2	47.8	34.0	43.0
Other Income	1.7	4.8	3.0	2.8	12.2	11.4	2.0	5.4	1.9	18.0	4.5	3.0
Other Expenses	0.1	7.1	1.4	0.4	0.4	11.0	1.7	5.9	0.8	6.1	2.7	2.5
Other Profit	1.7	-2.3	1.5	2.3	11.8	0.3	0.3	-0.5	1.1	12.0	1.8	0.4
Profit Before Tax	10.8	42.9	54.8	14.6	21.4	32.3	66.3	72.9	46.2	59.8	35.8	43.4
Current Income Tax Expense	5.1	9.7	12.9	8.3	4.4	8.8	11.0	10.4	5.0	9.3	5.5	6.4
Deferred Income Tax Expense	—	0.1	0.1	—	—	-0.3	0.1	2.3	0.0	2.2	0.0	0.0
Net Income	5.7	33.1	41.8	6.2	16.9	23.8	55.2	60.1	41.2	48.2	30.4	37.0
Non-controlling Interest	-0.0	-0.2	-0.1	-0.0	0.0	0.5	-0.2	-0.2	-0.7	-0.5	0.2	0.1
Profit Attributable to Parent	5.7	33.3	41.9	6.3	16.9	23.3	55.3	60.4	41.9	48.8	30.1	36.9
Earnings per Share	16.00	93.00	118.00	18.00	47.00	65.00	155.00	169.00	117.00	137.00	80.00	77.00
Diluted EPS	16.09	93.26	117.27	17.56	47.33	65.25	154.87	168.95	117.16	136.53	84.37	109.37

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)	5,348.4	5,193.9	5,168.0	5,101.0	5,407.7	5,444.3	5,464.4	5,571.1	5,632.5	5,689.7	5,665.7	5,673.4
I. Cash and cash equivalents	143.5	151.9	94.0	96.1	183.8	225.8	497.0	538.2	652.4	725.6	799.1	713.1
1. Cash	18.5	70.2	65.3	67.4	59.9	98.0	409.5	445.9	224.9	497.5	558.9	133.2
2. Cash equivalents	125.0	81.8	28.7	28.7	123.8	127.8	87.5	92.3	427.5	228.1	240.2	579.9
II. Short-term financial investments	2,160.6	69.8	126.1	65.7	37.5	37.1	37.1	37.2	31.8	15.2	15.7	165.9
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	2,271.2	69.8	126.1	65.7	37.5	37.1	37.1	37.2	31.8	15.2	15.7	165.9
4. Provision for short-term investments held to maturity (*)	-110.5	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	2,126.8	4,219.5	4,108.4	4,089.2	4,206.9	4,223.8	4,007.8	4,059.8	4,028.2	4,144.4	3,886.3	3,866.8
1. Short-term trade accounts receivable	918.0	987.7	796.4	906.9	928.5	987.6	952.3	1,060.7	1,000.4	1,101.3	842.6	837.3
2. Short-term prepayments to suppliers	735.9	716.1	739.2	733.3	737.4	738.5	847.0	834.6	817.3	800.8	888.6	823.0
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	—	1,925.3	1,977.6	2,041.6	2,065.8	2,089.0	1,765.6	1,781.0	1,792.4	1,758.6	1,730.9	1,584.5
6. Other short-term receivables	493.2	701.9	684.8	498.4	548.0	481.4	469.4	410.0	444.5	510.3	425.3	623.1
7. Provision for short-term doubtful debts (*)	-20.3	-111.5	-89.6	-91.0	-72.7	-72.7	-26.5	-26.5	-26.5	-26.5	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	883.4	729.2	807.2	819.3	941.7	932.4	896.6	916.0	904.6	795.3	929.6	902.7
1. Inventories	883.4	729.2	807.2	819.3	941.7	932.4	896.6	916.0	904.6	795.3	929.6	902.7
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	34.1	23.5	32.2	30.8	37.9	25.2	25.9	19.9	15.6	9.2	35.1	25.0
1. Short-term prepayments	2.9	3.0	3.8	2.5	2.5	2.4	3.2	1.4	1.0	0.6	1.3	2.7
2. Value added tax to be reclaimed	27.4	17.2	25.3	25.3	32.4	21.2	21.2	16.6	14.0	8.1	33.7	22.2
3. Taxes and other receivables from state authorities	3.8	3.2	3.1	3.1	3.1	1.5	1.5	1.8	0.6	0.5	0.2	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.1	—	—	—	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)	3,951.9	4,032.5	3,957.4	4,004.7	4,006.6	4,048.9	4,054.0	4,097.1	4,016.5	4,037.9	4,010.5	3,965.8
I. Long-term receivables	27.6	27.7	24.1	24.6	25.3	24.3	22.7	23.5	23.0	5.8	5.3	5.3
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	27.6	27.7	24.1	24.6	25.3	24.3	22.7	23.5	23.0	5.8	5.3	5.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,088.7	2,104.4	2,109.7	2,128.6	2,149.8	2,170.0	2,197.4	2,226.1	2,244.0	2,259.3	2,292.4	2,318.4
1. Tangible fixed assets	2,006.8	2,020.6	2,034.1	2,036.1	2,050.4	2,071.5	2,103.6	2,128.2	2,144.4	2,170.7	2,198.1	2,221.5
- Cost	3,345.1	—	—	—	—	3,322.1	3,335.4	3,333.1	3,317.8	3,313.1	3,366.5	3,364.5
- Accumulated depreciation	-1,338.3	—	—	—	—	-1,250.6	-1,231.7	-1,204.9	-1,173.3	-1,142.3	-1,168.4	-1,143.1
2. Financial leased fixed assets	71.4	73.2	64.9	81.8	88.7	87.7	83.0	87.0	88.6	77.6	83.2	85.8
- Cost	107.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-35.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	10.5	10.5	10.6	10.7	10.7	10.8	10.8	10.9	10.9	11.0	11.1	11.1
- Cost	12.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	116.5	117.4	118.2	119.1	119.9	120.7	121.6	122.4	123.3	124.0	124.9	125.7
- Cost	152.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-36.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.3	17.0	23.6	24.0	34.0	28.9	23.8	23.7	47.0	23.4	23.2	22.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.3	17.0	23.6	24.0	34.0	28.9	23.8	23.7	47.0	23.4	23.2	22.8
V. Long-term financial investments	546.7	601.5	551.5	556.3	573.4	592.2	615.1	595.1	572.6	560.0	554.0	541.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	269.1	304.4	305.6	310.4	327.5	344.6	377.0	375.3	370.9	379.2	385.5	380.3
3. Investments in other entities	287.1	306.6	255.4	255.4	255.4	247.6	238.1	219.8	201.7	180.7	168.5	161.3
4. Provision for diminution in value of long-term investments	-9.5	-9.5	-9.5	-9.5	-9.5	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	1,169.1	1,164.5	1,130.3	1,152.1	1,104.3	1,112.8	1,073.4	1,106.3	996.2	1,053.9	999.1	939.6
1. Long-term prepayments	1,159.9	1,154.9	1,120.5	1,142.1	1,094.0	1,102.1	1,062.0	1,094.6	995.6	1,052.7	997.9	939.6
2. Deferred income tax assets	1.0	1.1	1.1	1.1	1.1	1.1	1.1	1.1	0.6	1.2	1.2	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	8.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	8.6	8.7	8.9	9.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	9.6	10.2	10.5	10.5	11.5	11.5	12.2
TOTAL ASSETS (280=100+200)	9,300.2	9,226.4	9,125.3	9,105.7	9,414.3	9,493.2	9,518.5	9,668.2	9,649.0	9,727.6	9,676.2	9,639.2
A. LIABILITIES (300=210+330)	5,296.9	5,210.3	5,143.8	5,166.4	5,476.3	5,570.8	5,620.0	5,823.3	5,864.3	5,962.1	5,957.7	5,944.2
I. Short -term liabilities	3,260.6	3,176.9	2,970.9	2,894.9	3,044.4	3,061.9	3,027.2	3,040.9	2,956.4	3,009.3	3,306.8	2,914.3
1. Short-term trade accounts payable	786.2	833.7	739.4	766.3	716.4	797.8	789.0	736.1	716.8	720.7	779.0	703.1
2. Short-term advances from customers	806.3	568.1	625.0	574.4	937.3	721.3	719.2	817.5	757.6	764.8	1,005.8	748.7
3. Taxes and other payables to state authorities	20.4	40.4	37.5	25.5	14.1	41.0	39.9	24.7	19.1	46.9	38.9	28.3
4. Payable to employees	15.7	21.0	12.0	10.7	16.9	20.5	12.5	12.3	11.4	21.8	16.5	15.6
5. Short-term acrrued expenses	413.7	416.0	374.3	376.5	345.2	391.7	337.4	374.9	351.9	346.3	330.2	342.6
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	14.1	11.8	16.0	18.3	19.8	13.5	16.0	12.3	16.0	16.9	16.9	15.4
9. Other short-term payables	129.5	161.6	84.6	103.2	85.3	136.4	156.5	136.8	132.6	149.0	168.6	121.9
10. Short-term borrowings and financial leases	1,067.8	1,115.1	1,072.2	1,009.8	903.9	933.0	947.4	916.7	942.5	932.9	938.6	920.2
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	6.9	9.3	9.8	10.1	5.4	6.7	9.2	9.5	8.6	10.0	12.2	18.6
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	2,036.3	2,033.4	2,172.9	2,271.6	2,431.9	2,508.9	2,592.8	2,782.4	2,907.8	2,952.8	2,650.9	3,029.9
1. Long-term trade payables	151.8	153.1	198.3	210.6	286.2	311.5	308.8	377.1	386.7	387.7	303.9	325.8
2. Long-term advances from customers	—	—	78.7	131.0	184.3	229.5	281.9	371.2	466.8	529.3	233.0	310.5
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	2.3	—	—	—	—	0.3	1.2	1.7	2.0	3.7	3.7	5.7
7. Other long-term liabilities	19.9	—	19.9	15.6	15.6	15.7	15.7	7.6	7.6	7.5	7.5	8.2
8. Long-term borrowings and financial leases	1,862.3	1,865.2	1,860.5	1,898.5	1,929.9	1,934.1	1,967.4	2,003.9	2,026.2	2,007.0	2,086.6	2,379.7
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	—	15.2	15.5	15.8	15.8	17.7	17.7	20.8	18.6	17.6	16.1	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)	4,003.3	4,016.1	3,981.6	3,939.3	3,938.0	3,922.3	3,898.5	3,844.9	3,784.8	3,765.5	3,718.5	3,695.0
I. Owner's equity	4,003.3	4,016.1	3,981.6	3,939.3	3,938.0	3,922.3	3,898.5	3,844.9	3,784.8	3,765.5	3,718.5	3,695.0
1. Owner's capital	3,573.0	3,573.0	3,573.0	3,573.0	3,573.0	3,573.0	3,573.0	3,573.0	3,573.0	3,573.0	3,573.0	3,370.8
- Common stock with voting right	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	3,573,007,540,000.00	3,370,773,030,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	17.0	17.1	17.1	17.1	17.1	17.0	17.0	17.0	17.0	17.0	17.0	17.0
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	—	—	—	—	—	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	12.0	12.0	10.5	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0
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	399.7	412.4	379.0	335.2	333.9	318.6	295.3	241.5	181.1	161.2	112.4	291.1
- Accumulated retained earning at the end of the previous period	394.0	312.0	312.0	312.0	317.0	139.2	139.2	139.2	139.2	8.9	8.9	213.2
- Undistributed earnings in this period	5.7	100.4	67.0	23.2	16.9	179.3	156.0	102.2	41.9	152.2	103.5	77.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1.6	1.6	1.8	2.0	2.0	1.7	1.2	1.5	1.7	2.4	4.1	4.2
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)	9,300.2	9,226.4	9,125.3	9,105.7	9,414.3	9,493.2	9,518.5	9,668.2	9,649.0	9,727.6	9,676.2	9,639.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	80.3	—	34.7	—	0.0	-114.9	114.9	0.0	160.6	-88.5	88.5
Depreciation of Fixed Assets and Investment Property	—	37.2	—	45.1	—	0.0	-74.5	74.5	0.0	122.2	-63.8	63.8
Provision (Increase)/Reversal	—	28.5	—	16.9	—	0.0	0.0	0.0	0.0	25.3	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	-0.0
Gain/Loss from Investment Activities	—	-4.1	—	-17.6	—	0.0	64.3	-64.3	0.0	-101.2	57.4	-57.4
Interest Expense	—	60.7	—	63.4	—	0.0	-93.6	93.6	0.0	202.9	-118.0	118.0
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	—	202.8	—	142.5	—	0.0	-218.8	218.8	0.0	409.8	-212.9	212.9
Increase/(Decrease) in Receivables	—	-210.0	—	242.6	—	0.0	71.4	-71.4	0.0	-528.2	295.9	-295.9
Increase/(Decrease) in Inventory	—	91.9	—	31.3	—	0.0	107.2	-107.2	0.0	6.4	105.7	-105.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-45.2	—	-388.4	—	0.0	58.5	-58.5	0.0	732.7	-445.3	445.3
Increase/(Decrease) in Prepaid Expenses	—	-7.5	—	-29.2	—	0.0	46.4	-46.4	0.0	-141.4	79.3	-79.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-60.1	—	-63.4	—	0.0	104.2	-104.2	0.0	-225.2	119.4	-119.4
Corporate Income Tax Paid	-26.3	-0.4	0.4	-0.1	-38.3	-0.2	0.2	-4.5	-23.4	-2.9	0.2	-3.6
Other Operating Receipts	46.6	—	—	—	—	4.6	8.3	-11.6	11.6	-3.1	3.1	-1.2
Other Operating Payments	-15.5	38.6	-39.9	14.8	-16.0	-17.5	-28.6	23.9	-25.9	-4.4	-4.2	-1.0
Net Cash Flow from Operating Activities	83.7	81.9	-111.4	-134.0	29.8	197.0	242.0	-260.5	61.7	-119.4	304.3	-44.9
Payments for Fixed Assets and Other Long-term Assets	-4.4	-1.3	—	-4.9	—	0.0	25.2	-25.2	0.0	1.6	7.5	-31.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.7	15.5	—	11.3	—	0.0	-4.7	4.7	0.0	15.3	-7.5	12.8
Loans and Purchases of Debt Instruments	—	-799.7	—	-246.5	—	0.0	886.9	-886.9	0.0	-3,019.8	2,090.1	-2,090.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	820.0	—	158.2	—	0.0	-945.7	945.7	0.0	2,753.8	-1,244.4	1,244.4
Investments in Other Entities	—	—	—	—	—	0.0	-18.3	-18.2	-21.0	-12.2	-7.2	-4.8
Proceeds from Investments in Other Entities	8.1	7.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	9.7	48.0	-24.4	42.3	3.7	1.2	-27.8	40.9	9.2	55.2	-4.6	49.9
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-81.1	11.8	22.2	-22.1	-21.6	-410.8	-281.5	212.1	-162.8	-215.9	843.8	-616.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-450,000,000.00	1,123,589,910,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	327.1	393.1	305.0	414.9	316.1	328.0	452.4	602.7	341.5	607.6	919.9	-504.0
Repayment of Borrowings	-328.6	-417.1	-212.0	-334.0	-358.4	-377.9	-444.1	-662.4	-289.8	-354.1	-1,798.4	491.7
Repayment of Finance Leases	-9.5	-11.7	-6.3	-12.1	-7.5	-7.5	-10.0	-5.9	-7.4	-7.5	-22.8	10.9
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	-842.8	842.8
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-11.1	-35.7	86.7	68.9	-49.8	-57.4	-1.7	-65.7	44.3	245.4	-620.6	841.4
Net Cash Flow During the Period	-8.4	57.9	-2.5	-87.2	-41.6	-271.2	-41.3	-114.1	-56.8	-89.9	527.5	180.3
Cash and Cash Equivalents at Beginning of Period	152.0	94.0	96.6	183.8	225.4	709.2	709.2	709.2	709.2	216.2	216.2	216.2
FX Difference from Revaluation	—	—	—	0.0	—	0.0	0.0	-0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	143.5	152.0	94.0	96.6	183.8	225.8	497.0	538.3	652.4	709.2	799.1	271.6

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C4G

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