DLG

Tập đoàn Đức Long Gia Lai ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 71.47%, +45.34pp YoY

Price

2,700

Latest close

04 Jun 2026

P/E 1.89x

P/B 0.76x

EPS 1,429

BVPS 3,554

ROE 46.1%

ROA 9.9%

Profit Margin 64.3%

Asset Turnover 0.15x

Equity Mult. 4.65x

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

What Is Changing

On a TTM 2026Q1 basis, DLG posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 665bn
	                                
−27.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 476bn
	                                
+98.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	699.2	1,058.7	1,122.3	1,347.9	1,569.1
Growth	-34%	-6%	-17%	-14%	—
Net Income	417.2	244.0	-578.7	-1,197.2	14.5
Net Margin	59.67%	23.05%	-51.57%	-88.82%	0.92%

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	120.2	210.6	172.5	162.0	153.1	216.9	220.3	328.3	266.4	343.3	289.1	288.8
Growth	-43%	+22%	+6%	+6%	-29%	-2%	-33%	+23%	-22%	+19%	+0%	—
Net Income	68.4	258.5	89.6	59.0	41.1	124.6	64.6	9.9	35.5	-149.9	15.7	28.5
Net Margin	56.89%	122.75%	51.95%	36.43%	26.82%	57.44%	29.30%	3.01%	13.33%	-43.66%	5.43%	9.89%

Drivers of DLG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 515.1bn

Finance costs ↓ 35.4bn

Financial income ↑ 33.7bn

Other profit ↓ 311.7bn

Gross profit ↓ 32.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 50.9bn

Finance costs ↓ 7.8bn

Minority interests ↓ 6.9bn

Gross profit ↓ 35.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 35.4% = 26.1% × 0.20 × 6.88

2026Q1 51.2% = 71.5% × 0.15 × 4.65

ROE rose from 35.4% to 51.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 71.5% +45.3pp Asset turnover: 0.15x -0.04x Leverage: 4.65x -2.23x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 71.47%, rising 45.3pp. The main driver is SG&A / Revenue fell 61.7pp and Gross margin rose 8.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 11.2pp added support while Other profit / Revenue fell 34.6pp remained a drag).

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

Profitability trend

Net Margin 71.47% +45.3pp

Gross Margin 42.75% +8.2pp

SG&A / Revenue -18.45% −61.7pp

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 17.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 17.07%, rising 19.1pp. That translates to 17.07 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 80.3pp, with capital turnover fell 0.08x; with invested capital easing slightly by 119bn.

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 17.07% +19.1pp

NOPAT Margin 73.78% +80.3pp

Capital Turnover 0.23x −0.08x

Average Invested Capital 2,876.3bn −119.1bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 3.24x equity, net debt at 1.72x equity.

Over the last 12 months, working capital released 412.5bn of cash, mainly thanks to lower receivables. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +454.7bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −42.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 88.6 days versus the same period last year. The main moves came from DIO rose 47.6 days, DSO rose 67.6 days, and DPO rose 26.6 days.

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

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 371.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +67.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 353.4 days +67.6 days

Inventory 186.6 days +47.6 days

Payables 168.8 days +26.6 days

Cash Conversion Cycle 371.2 days +88.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.72x and interest coverage only at 2.02x.

At present, short-term debt accounts for 37.3% of total debt, cash equals 0.8% of debt, and total debt stands at 1,841.1bn.

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

Net leverage is elevated

Net debt / equity stands at 1.72x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 0.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.72x −0.89x

Interest Coverage 2.02x +2.24x

Cash / Debt 0.8% −5.3pp

Short-term Debt / Total Debt 37.3% +0.9pp

CFO / NI 1.44x +1.26x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 104.2bn in 2025, against investing cash flow of 67.0bn.

Post-investment cash flow was positive +171.3bn. Financing cash flow was negative +237.1bn.

CFO / net income was 1.44x.

After spending +1.6bn on fixed-asset investment, the business generated trailing free cash flow of +615.8bn.

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

Cash Conversion

CFO TTM 617.3bn +581.1bn

Cash Capex 1.6bn −6.1bn

FCF TTM +615.8bn +587.1bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 45.3 pp. The next item to monitor is the earnings mix, when non-core contribution is 18.3%. The main risk still sits in leverage and liquidity, with interest coverage at 2.02x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 71.47% after expanding 45.3pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.44x. Even so, net financial result still accounts for 18.3% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.72x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	699.2	1,058.7	1,122.3	1,347.9	1,573.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	699.2	1,058.7	1,122.3	1,347.9	1,569.1
Cost of Goods Sold	379.6	742.1	899.5	1,020.6	0.0
Gross Profit	319.7	316.6	222.9	327.3	313.2
Financial Income	303.1	302.1	237.6	236.9	327.8
Financial Expenses	253.3	277.8	353.5	427.8	-482.4
Interest Expense	228.1	287.4	353.5	362.0	-388.7
Share of Associates and Joint Ventures	-0.1	-0.0	0.0	0.1	-0.2
Selling Expenses	0.1	7.0	6.8	11.1	-20.0
General and Administrative Expenses	-76.9	374.1	659.0	1,289.3	-143.1
Operating Profit	446.2	-40.3	-558.8	-1,164.0	-4.8
Other Income	0.1	321.0	9.7	6.4	0.0
Other Expenses	18.8	19.6	12.7	26.1	0.0
Other Profit	-18.7	301.4	-3.0	-19.7	6.6
Profit Before Tax	427.5	261.1	-561.8	-1,183.7	1.8
Current Income Tax Expense	14.3	17.5	10.0	12.5	12.7
Deferred Income Tax Expense	-4.1	-0.5	6.9	0.9	0.0
Net Income	417.2	244.0	-578.7	-1,197.2	14.5
Non-controlling Interest	52.5	36.1	15.9	22.2	-1.5
Profit Attributable to Parent	364.7	207.9	-594.6	-1,219.4	15.9
Earnings per Share	1,218.00	695.00	-1,987.00	-4,074.00	53.00
Diluted EPS	1,218.00	695.00	-1,987.00	-4,074.00	53.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,850.4	1,513.6	1,131.7	1,647.4	2,450.7
I. Cash and cash equivalents	29.1	95.0	194.7	118.0	82.3
1. Cash	29.1	95.0	194.7	118.0	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	282.4	0.0	50.0	50.0	0.0
1. Available for sale securities	175.0	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
3. Held to maturity investments	107.5	0.0	50.0	50.0	0.0
III. Short-term receivables	1,433.0	1,304.1	707.1	1,234.6	1,934.2
1. Short-term trade accounts receivable	1,180.0	714.8	797.7	872.8	0.0
2. Short-term prepayments to suppliers	51.2	51.6	57.3	54.9	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	1,518.2	1,984.6	1,137.1	1,283.6	0.0
6. Other short-term receivables	732.4	729.1	667.3	463.5	0.0
7. Provision for short-term doubtful debts (*)	-2,048.8	-2,175.9	-1,952.1	-1,440.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	103.8	112.6	178.4	243.5	383.0
1. Inventories	198.2	197.8	261.5	279.1	0.0
2. Provision for decline in value of inventories	-94.3	-85.2	-83.0	-35.6	0.0
V. Other short-term assets	2.0	1.8	1.5	1.3	1.3
1. Short-term prepayments	0.4	0.3	0.3	0.3	0.0
2. Value added tax to be reclaimed	0.8	0.7	1.0	1.0	0.0
3. Taxes and other receivables from state authorities	0.8	0.7	0.1	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,365.5	2,834.8	3,920.2	3,964.5	4,609.7
I. Long-term receivables	397.8	387.9	1,125.4	974.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1,270.0
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	51.8	386.6	1,124.2	973.4	0.0
6. Other long-term receivables	346.0	1.3	1.3	1.3	0.0
7. Provision for long-term doubtful debts	-0.0	-0.0	0.0	0.0	0.0
II. Fixed assets	1,415.5	2,180.5	2,417.4	2,609.4	2,868.5
1. Tangible fixed assets	1,415.5	2,180.5	2,393.2	2,582.1	2,800.7
- Cost	2,123.4	3,391.2	4,168.9	4,143.0	0.0
- Accumulated depreciation	-707.9	-1,210.6	-1,775.7	-1,560.9	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	—	0.0	24.2	27.3	67.8
- Cost	0.4	0.5	246.6	229.0	0.0
- Accumulated depreciation	-0.4	-0.5	-222.4	-201.6	0.0
III. Investment properties	24.9	26.2	27.4	29.1	31.0
- Cost	56.1	56.1	56.1	56.1	0.0
- Accumulated depreciation	-31.2	-30.0	-28.7	-27.0	0.0
IV. Long-term assets in progress	36.5	47.7	35.0	40.9	32.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	36.5	47.7	35.0	40.9	0.0
V. Long-term financial investments	377.0	7.1	22.0	16.2	46.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	371.0	7.1	7.1	7.1	0.0
3. Investments in other entities	6.5	0.5	42.2	41.0	0.0
4. Provision for diminution in value of long-term investments	-0.5	-0.5	-27.3	-31.9	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	113.8	185.4	293.0	294.2	0.0
1. Long-term prepayments	26.3	78.9	119.1	72.6	0.0
2. Deferred income tax assets	8.2	9.9	10.8	11.4	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	361.4
5. Goodwill	79.4	96.5	163.1	210.2	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,215.9	4,348.4	5,051.9	5,611.8	7,060.5
A. LIABILITIES (300=210+330)	3,220.5	3,596.5	4,524.4	4,502.8	4,739.3
I. Short -term liabilities	2,002.6	2,093.4	2,769.7	2,592.2	2,724.1
1. Short-term trade accounts payable	140.4	206.7	277.6	272.5	387.3
2. Short-term advances from customers	1.3	1.3	39.8	41.1	132.7
3. Taxes and other payables to state authorities	37.2	37.5	74.0	80.7	0.0
4. Payable to employees	3.1	3.1	24.7	22.6	0.0
5. Short-term acrrued expenses	363.7	313.7	509.6	435.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	0.4	0.4	0.1	0.1
9. Other short-term payables	748.1	664.2	712.8	612.1	0.0
10. Short-term borrowings and financial leases	706.6	864.7	1,128.3	1,125.6	1,224.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	1.8	2.5	2.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,217.9	1,503.1	1,754.8	1,910.7	2,015.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.8	0.2	0.0
8. Long-term borrowings and financial leases	1,154.1	1,433.4	1,682.9	1,845.7	1,956.6
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	63.7	69.5	71.1	64.8	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)	995.4	751.9	527.5	1,109.0	2,321.1
I. Owner's equity	995.4	751.9	527.5	1,109.0	0.0
1. Owner's capital	2,993.1	2,993.1	2,993.1	2,993.1	2,321.1
- Common stock with voting right	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	50.5	50.5	50.5	50.5	50.5
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	6.7	0.8	0.0
8. Investment and development fund	6.2	6.2	6.2	6.2	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	-2,091.8	-2,456.5	-2,664.4	-2,069.8	-851.1
- Accumulated retained earning at the end of the previous period	-2,456.5	-2,664.4	-2,069.8	-850.4	-867.0
- Undistributed earnings in this period	364.7	207.9	-594.6	-1,219.4	15.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	37.4	158.5	135.4	128.2	135.5
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)	4,215.9	4,348.4	5,051.9	5,611.8	7,060.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	427.5	261.1	-561.8	-1,183.7	1.8
Depreciation of Fixed Assets and Investment Property	242.0	250.8	259.8	228.2	222.0
Provision (Increase)/Reversal	-118.0	199.1	554.7	1,168.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	8.1	-8.7	0.7	34.3	0.0
Gain/Loss from Investment Activities	-303.1	-247.0	-215.3	-225.4	0.0
Interest Expense	228.1	287.4	353.5	362.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	484.7	742.7	391.6	383.9	928.8
Increase/(Decrease) in Receivables	-82.4	83.9	65.3	89.7	0.0
Increase/(Decrease) in Inventory	-0.4	63.7	17.6	117.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-57.5	-308.8	2.8	-292.9	0.0
Increase/(Decrease) in Prepaid Expenses	52.6	69.2	-48.6	27.9	0.0
Changes in Trading Securities	-175.0	0.0	0.0	0.0	0.0
Interest Paid	-106.6	-451.6	-181.2	-87.7	0.0
Corporate Income Tax Paid	-11.2	-10.2	-18.5	-52.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.7	-0.0	-0.2	0.0
Net Cash Flow from Operating Activities	104.2	188.1	229.0	185.8	27.5
Payments for Fixed Assets and Other Long-term Assets	-4.9	-1.9	-31.8	-22.7	-43.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	1.8
Loans and Purchases of Debt Instruments	-107.6	-2,621.7	-1,091.9	-27.9	-506.2
Receipts from Loan Repayments and Sale of Debt Instruments	466.3	2,511.8	1,087.6	49.2	388.4
Investments in Other Entities	-369.9	0.0	-3.1	-42.5	-39.3
Proceeds from Investments in Other Entities	—	101.4	41.5	41.5	0.0
Dividends and Interest Income Received	83.1	235.6	0.4	17.4	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	67.0	225.3	2.7	15.0	246.9
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	—	0.0	27.3	0.0	104.0
Repayment of Borrowings	-237.1	-513.0	-187.4	-217.3	-397.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-0.3
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	-237.1	-513.0	-160.0	-217.3	-293.3
Net Cash Flow During the Period	-65.9	-99.6	71.6	-16.5	-20.3
Cash and Cash Equivalents at Beginning of Period	95.0	194.7	118.0	122.6	138.1
FX Difference from Revaluation	0.0	0.0	5.1	11.9	-36.9
Cash and Cash Equivalents at End of Period	29.1	95.0	194.7	118.0	82.3

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	120.2	210.6	172.5	162.0	153.1	216.9	220.3	328.3	266.4	343.3	289.1	288.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	120.2	210.6	172.5	162.0	153.1	216.9	220.3	328.3	266.4	343.3	289.1	288.8
Cost of Goods Sold	77.8	133.7	84.6	84.8	75.2	156.6	135.5	234.4	197.2	267.0	200.3	256.5
Gross Profit	42.4	76.9	87.9	77.2	78.0	60.3	84.8	93.9	69.2	76.3	88.9	32.3
Financial Income	40.8	195.5	53.8	43.0	41.6	20.3	180.7	56.7	51.8	61.5	60.1	65.0
Financial Expenses	51.2	71.8	56.2	66.2	59.0	48.9	74.4	98.5	67.5	79.1	88.2	97.5
Interest Expense	51.2	55.3	56.2	116.6	59.0	49.6	73.9	151.4	764.4	84.1	88.2	97.6
Share of Associates and Joint Ventures	0.0	0.1	0.1	-0.2	0.1	0.1	0.1	-0.3	0.1	0.1	0.1	-0.2
Selling Expenses	—	0.0	0.0	0.0	0.0	1.0	0.9	2.8	2.4	2.5	2.4	2.1
General and Administrative Expenses	-39.6	-62.6	-7.2	-13.4	11.3	224.4	125.8	30.8	8.7	202.5	37.6	-41.9
Operating Profit	71.5	263.3	92.8	67.2	49.3	-193.5	64.4	18.3	42.5	-146.3	20.8	39.5
Other Income	—	0.1	0.0	0.0	—	315.6	0.1	0.9	0.3	1.0	0.3	1.0
Other Expenses	2.4	3.4	2.8	7.0	5.6	8.8	2.5	3.6	2.4	3.3	2.3	4.1
Other Profit	-2.4	-3.3	-2.8	-7.0	-5.6	306.9	-2.4	-2.6	-2.1	-2.3	-2.0	-3.1
Profit Before Tax	69.1	260.0	90.0	60.2	43.7	113.4	62.0	15.7	40.4	-148.5	18.8	36.4
Current Income Tax Expense	2.5	3.9	4.1	2.7	3.5	1.0	5.3	2.7	2.7	2.7	2.8	2.7
Deferred Income Tax Expense	-1.7	-2.4	-3.7	-1.5	-0.9	-12.3	-7.8	3.1	2.2	-1.4	0.3	5.1
Net Income	68.4	258.5	89.6	59.0	41.1	124.6	64.6	9.9	35.5	-149.9	15.7	28.5
Non-controlling Interest	5.8	13.7	14.8	13.4	12.7	13.2	12.1	8.0	7.8	3.0	6.7	4.6
Profit Attributable to Parent	62.6	244.8	74.8	45.6	28.4	111.4	52.5	1.9	27.7	-152.8	9.0	24.0
Earnings per Share	209.00	818.00	250.00	152.00	95.00	372.00	175.00	7.00	92.00	-510.00	30.00	81.00
Diluted EPS	209.00	818.00	250.00	152.00	95.00	705.00	175.00	7.00	92.00	-510.00	30.00	81.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,904.7	1,850.4	1,452.9	1,601.0	1,537.1	1,820.0	2,276.4	1,510.8	866.3	1,618.0	1,578.5	1,506.4
I. Cash and cash equivalents	15.4	29.1	170.4	138.4	135.8	95.0	117.0	170.9	159.0	194.6	190.2	161.7
1. Cash	15.4	29.1	170.4	138.4	135.8	95.0	117.0	170.9	159.0	194.6	190.2	161.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,624.7	282.4	76.3	30.7	—	0.0	50.0	50.0	50.0	50.0	50.0	50.0
1. Available for sale securities	175.0	175.0	—	—	—	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	2,199.8	107.5	76.3	30.7	—	0.0	50.0	50.0	50.0	50.0	50.0	50.0
4. Provision for short-term investments held to maturity (*)	-750.1	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	165.6	1,433.0	1,091.3	1,316.7	1,286.9	1,610.6	1,973.9	1,091.4	467.6	1,147.9	1,111.5	1,058.2
1. Short-term trade accounts receivable	611.1	1,180.0	638.7	662.5	677.4	714.8	890.5	802.3	761.7	796.7	779.9	785.5
2. Short-term prepayments to suppliers	51.2	51.2	47.4	46.3	47.4	51.6	51.8	56.4	58.1	60.6	65.1	59.8
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	—	1,518.2	1,710.9	1,956.4	1,955.3	1,945.2	2,020.2	919.9	902.7	1,166.2	1,025.9	1,023.1
6. Other short-term receivables	754.9	732.4	809.6	805.2	782.7	728.3	631.7	727.3	671.1	654.1	604.2	552.8
7. Provision for short-term doubtful debts (*)	-1,251.6	-2,048.8	-2,115.3	-2,153.7	-2,175.9	-1,829.3	-1,620.2	-1,414.5	-1,925.9	-1,529.7	-1,363.4	-1,362.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	97.3	103.8	112.7	112.6	112.6	112.6	133.8	196.4	187.6	223.9	224.5	230.6
1. Inventories	191.6	198.2	197.9	197.8	197.8	197.8	197.3	265.9	260.2	251.5	249.3	254.0
2. Provision for decline in value of inventories	-94.3	-94.3	-85.2	-85.2	-85.2	-85.2	-63.4	-69.6	-72.6	-27.6	-24.8	-23.4
V. Other short-term assets	1.7	2.0	2.2	2.5	1.7	1.8	1.6	2.1	2.0	1.6	2.2	5.9
1. Short-term prepayments	0.2	0.4	0.3	0.2	0.2	0.3	0.2	0.2	0.2	0.5	1.0	4.6
2. Value added tax to be reclaimed	0.7	0.8	0.8	0.8	0.8	0.7	0.9	0.9	1.1	1.0	1.1	1.3
3. Taxes and other receivables from state authorities	0.8	0.8	1.1	1.5	0.7	0.7	0.4	1.0	0.7	0.1	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,404.8	2,365.6	2,926.6	2,716.6	2,777.9	2,528.6	2,583.4	3,552.5	4,153.5	3,898.1	4,161.2	4,230.4
I. Long-term receivables	346.0	397.8	412.8	398.0	388.2	81.9	85.5	880.1	1,398.2	1,103.8	1,299.8	1,326.4
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	—	51.8	66.8	51.9	386.9	425.9	402.0	1,383.6	1,396.9	1,102.6	1,298.5	1,325.2
6. Other long-term receivables	346.0	346.0	346.0	346.0	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
7. Provision for long-term doubtful debts	—	-0.0	-0.0	-0.0	-0.0	-345.3	-317.8	-504.8	0.0	0.0	0.0	0.0
II. Fixed assets	1,394.2	1,415.5	2,014.4	2,070.1	2,126.1	2,180.2	2,231.6	2,311.3	2,363.8	2,417.4	2,463.6	2,509.5
1. Tangible fixed assets	1,394.2	1,415.5	2,014.4	2,070.1	2,126.1	2,180.2	2,231.6	2,290.4	2,341.4	2,393.2	2,439.2	2,486.7
- Cost	2,128.0	—	—	—	—	3,391.9	3,391.6	4,208.5	4,185.7	4,168.6	4,163.7	4,140.5
- Accumulated depreciation	-733.8	—	—	—	—	-1,211.7	-1,160.0	-1,918.0	-1,844.3	-1,775.5	-1,724.4	-1,653.7
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	20.9	22.4	24.2	24.3	22.7
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	24.6	24.9	25.2	25.6	25.9	26.2	26.5	26.8	27.1	27.4	27.8	28.2
- Cost	56.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-31.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	34.5	36.5	36.4	35.9	52.8	47.7	35.5	35.4	34.1	35.0	34.9	86.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	34.5	36.5	36.4	35.9	52.8	47.7	35.5	35.4	34.1	35.0	34.9	86.6
V. Long-term financial investments	495.8	377.1	278.1	12.9	13.1	7.2	7.0	20.9	31.2	21.9	22.7	22.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	454.5	371.1	272.1	6.9	7.1	7.2	7.0	6.9	7.2	7.1	7.0	6.9
3. Investments in other entities	6.5	6.5	6.5	6.5	6.5	0.5	0.5	44.2	43.0	42.2	42.1	40.9
4. Provision for diminution in value of long-term investments	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-30.2	-19.0	-27.3	-26.4	-25.1
5. Held to maturity investments	35.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Provision for long-term investments held to maturity (*)	-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	109.6	113.8	159.7	174.0	171.9	185.5	197.3	278.1	147.4	129.4	137.1	71.2
1. Long-term prepayments	26.5	26.3	66.7	76.6	69.9	79.0	86.3	127.5	136.8	118.7	126.2	60.1
2. Deferred income tax assets	8.0	8.2	9.3	9.5	9.7	10.0	10.2	10.4	10.6	10.8	10.9	11.1
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	75.1	79.4	83.7	87.9	92.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	96.5	100.8	140.1	151.7	163.1	175.4	185.7
TOTAL ASSETS (280=100+200)	4,309.5	4,216.0	4,379.5	4,317.5	4,315.0	4,348.6	4,859.7	5,063.3	5,019.8	5,516.2	5,739.6	5,736.8
A. LIABILITIES (300=210+330)	3,245.7	3,220.5	3,473.4	3,470.0	3,522.0	3,590.5	4,216.4	4,481.0	4,455.3	4,515.5	4,584.8	4,593.8
I. Short -term liabilities	2,029.7	2,002.6	2,092.8	2,009.7	2,050.0	2,092.6	2,618.1	2,833.3	2,732.6	2,757.9	2,743.4	2,749.6
1. Short-term trade accounts payable	155.7	140.4	170.3	169.8	196.7	205.9	210.1	298.7	272.1	277.5	280.5	280.6
2. Short-term advances from customers	5.0	1.3	1.3	6.3	1.3	1.3	26.2	54.3	39.8	39.8	38.7	40.1
3. Taxes and other payables to state authorities	25.1	37.2	45.3	40.2	33.6	37.5	39.2	70.5	68.1	82.0	79.7	78.9
4. Payable to employees	1.3	3.1	2.6	2.3	2.0	3.1	2.2	24.0	21.7	24.5	23.2	22.3
5. Short-term acrrued expenses	382.6	363.7	355.5	336.4	323.5	313.7	462.4	501.4	494.3	493.3	492.8	468.9
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	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.4	0.3	0.9	0.4
9. Other short-term payables	771.3	748.1	737.7	717.5	688.3	664.2	791.6	780.3	760.7	715.7	695.1	684.2
10. Short-term borrowings and financial leases	687.0	706.6	777.8	735.0	802.5	864.8	1,083.9	1,101.1	1,072.9	1,122.3	1,129.9	1,171.6
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	1.3	1.8	1.8	1.8	1.8	1.8	2.0	2.5	2.5	2.5	2.5	2.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,216.1	1,217.9	1,380.6	1,460.3	1,472.0	1,497.9	1,598.3	1,647.7	1,722.7	1,757.6	1,841.5	1,844.2
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	0.9	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.4	0.4	0.1	0.2	0.2
8. Long-term borrowings and financial leases	1,154.1	1,154.1	1,313.2	1,393.4	1,403.4	1,433.4	1,521.4	1,571.3	1,649.3	1,688.9	1,772.1	1,775.0
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	61.9	63.7	67.3	66.8	68.5	64.3	76.8	76.1	73.1	67.7	69.2	69.0
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)	1,063.8	995.6	906.1	847.5	792.9	758.1	643.3	582.2	564.5	1,000.7	1,154.8	1,143.0
I. Owner's equity	1,063.8	995.6	906.1	847.5	792.9	758.1	643.3	582.2	564.5	1,000.7	1,154.8	1,143.0
1. Owner's capital	2,993.1	2,993.1	2,993.1	2,993.1	2,993.1	2,993.1	2,993.1	2,993.1	2,993.1	2,993.1	2,993.1	2,993.1
- Common stock with voting right	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00	2,993,097,200,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	50.5	50.5	50.5	50.5	50.5	50.5	50.5	50.5	50.5	50.5	50.5	50.5
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	15.8	8.2	1.0	5.1	-0.6
8. Investment and development fund	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2
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	-2,029.2	-2,091.6	-2,336.4	-2,382.4	-2,428.1	-2,453.3	-2,564.7	-2,634.8	-2,636.7	-2,186.0	-2,033.2	-2,041.2
- Accumulated retained earning at the end of the previous period	-2,091.8	-2,456.5	-2,456.5	-2,456.5	-2,456.5	-2,664.4	-2,664.4	-2,664.4	-2,664.4	-2,069.8	-2,069.8	-2,069.8
- Undistributed earnings in this period	62.6	364.8	120.0	74.0	28.4	211.1	99.7	29.6	27.7	-116.2	36.6	28.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	43.2	37.4	192.7	180.2	171.2	161.6	158.2	151.4	143.2	135.9	133.1	135.0
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)	4,309.5	4,216.0	4,379.5	4,317.5	4,315.0	4,348.6	4,859.7	5,063.3	5,019.8	5,516.2	5,739.6	5,736.8

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	69.1	260.1	90.0	33.7	43.7	113.4	62.0	42.2	40.4	-624.4	18.8	35.1
Depreciation of Fixed Assets and Investment Property	30.5	61.2	61.2	60.6	59.0	48.3	93.6	69.2	68.6	66.6	65.0	63.7
Provision (Increase)/Reversal	-47.1	-57.4	-33.7	-26.9	-0.1	258.3	13.7	-29.3	-44.9	647.9	3.1	-84.3
FX Gain/Loss from Revaluation of Monetary Items	—	-0.5	0.0	8.6	—	-0.7	0.0	1.8	0.0	6.2	-11.1	5.6
Gain/Loss from Investment Activities	-40.8	-195.0	-54.0	-12.5	-41.7	31.9	-282.1	-56.5	-51.8	-39.6	-60.1	-64.8
Interest Expense	51.2	55.3	56.2	57.6	59.0	49.6	73.9	75.0	76.4	84.1	88.2	98.9
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	62.9	123.8	119.8	121.1	120.0	500.8	-38.9	102.3	88.6	140.9	104.0	54.2
Increase/(Decrease) in Receivables	550.5	6.6	-100.3	-2.1	13.4	-83.6	198.9	-61.1	58.8	-62.4	44.4	53.1
Increase/(Decrease) in Inventory	6.6	-0.3	-0.1	—	—	-50.5	68.7	-5.7	1.2	-12.1	4.7	9.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.7	-29.5	15.4	-37.8	-5.6	-79.6	-220.8	45.9	3.2	27.8	3.8	10.2
Increase/(Decrease) in Prepaid Expenses	-0.0	40.3	8.9	-5.7	9.1	-45.4	41.3	8.1	-18.7	7.5	-64.4	1.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-8.5	-45.0	-24.0	-11.8	-25.9	-366.3	-40.3	-34.4	-28.4	-81.1	-30.7	-18.3
Corporate Income Tax Paid	-7.6	0.4	-22.9	22.4	-11.2	-0.6	0.0	-1.6	-8.0	-1.7	-3.9	-5.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	0.0	0.0	0.0	-0.0	-0.2	-0.5	0.0	-0.1	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	613.0	-78.6	-3.2	86.1	99.9	-125.4	8.3	53.5	96.6	18.9	57.7	104.6
Payments for Fixed Assets and Other Long-term Assets	-2.7	5.5	-10.1	5.8	-6.0	-12.7	-3.3	14.4	-46.3	21.4	-7.1	-35.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-628.6	109.7	-24.3	-50.3	-142.7	-1,027.1	-118.7	-18.6	-1,407.4	-324.5	-112.9	-635.8
Receipts from Loan Repayments and Sale of Debt Instruments	71.0	0.3	285.7	8.7	171.7	1,128.1	0.0	14.6	1,369.1	387.6	109.6	584.3
Investments in Other Entities	-83.6	—	—	—	—	0.0	0.0	-13.3	0.0	-1.6	-1.6	0.1
Proceeds from Investments in Other Entities	12.8	—	33.0	18.0	0.1	240.3	15.0	0.0	0.0	41.5	0.0	0.0
Dividends and Interest Income Received	23.9	1.6	53.3	12.0	16.1	80.4	118.2	3.0	41.5	-49.3	22.3	26.6
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	-607.1	-32.8	72.5	-5.8	33.1	409.0	11.2	0.3	-43.1	75.1	10.2	-59.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	-22,103,344,884.00
Proceeds from Borrowings	465.0	—	—	—	—	1.7	13.4	9.4	0.0	5.1	-0.2	44.5
Repayment of Borrowings	-484.6	-30.1	-37.4	-77.5	-92.2	-307.1	-70.8	-59.5	-89.0	-95.5	-44.8	-47.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	0.0	-0.1	—	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	-19.6	-29.9	-37.4	-77.7	-92.2	-305.4	-57.4	-50.1	-89.0	-90.4	-45.0	-24.7
Net Cash Flow During the Period	-13.8	-141.3	32.0	2.7	40.8	-21.9	-37.9	3.6	-35.5	3.6	22.9	20.2
Cash and Cash Equivalents at Beginning of Period	29.1	170.4	138.4	135.8	95.0	194.7	194.7	194.7	194.7	118.0	118.0	118.0
FX Difference from Revaluation	—	0.0	0.0	0.0	—	-0.1	-16.1	8.2	-0.1	0.9	5.6	0.3
Cash and Cash Equivalents at End of Period	15.4	29.1	170.4	138.4	135.8	95.0	117.0	170.9	159.0	194.7	190.2	161.7

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DLG

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