DNH

Thủy điện Đa Nhim - Hàm Thuận - Đa Mi ·UPCOM ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 1.80x

Price

49,000

Latest close

22 May 2026

P/E 19.73x

P/B 3.82x

EPS 2,484

BVPS 12,841

ROE 19.5%

ROA 15.2%

Profit Margin 44.1%

Asset Turnover 0.35x

Equity Mult. 1.28x

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

What Is Changing

On a TTM 2026Q1 basis, DNH shows mild improvement in both revenue and margins, but the magnitude of change is narrow — the growth momentum has held across consecutive periods. This signal only becomes convincing if the improvement widens in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,381bn
	                                
+1.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,057bn
	                                
+2.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,199.1	2,080.6	2,373.0	2,752.7	2,475.8
Growth	+6%	-12%	-14%	+11%	—
Net Income	883.2	906.3	1,129.2	1,504.5	1,373.5
Net Margin	40.16%	43.56%	47.59%	54.66%	55.48%

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	585.2	647.4	518.2	629.8	489.3	757.6	680.4	411.5	231.1	526.7	681.7	471.9
Growth	-10%	+25%	-18%	+29%	-35%	+11%	+65%	+78%	-56%	-23%	+44%	—
Net Income	293.5	303.4	209.7	250.5	184.8	403.6	281.9	157.2	67.5	188.2	318.0	242.4
Net Margin	50.16%	46.86%	40.47%	39.77%	37.77%	53.27%	41.43%	38.21%	29.20%	35.72%	46.65%	51.35%

Drivers of DNH's profit

TTM

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

Finance costs ↓ 51.5bn

Administrative expenses ↓ 10.6bn

Financial income ↑ 4.0bn

Associates income ↑ 3.9bn

Gross profit ↓ 26.0bn

Tax ↑ 13.2bn

TTM

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

Gross profit ↑ 74.1bn

Finance costs ↓ 48.0bn

Tax ↑ 26.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.3% = 43.9% × 0.34 × 1.30

2026Q1 19.6% = 44.4% × 0.35 × 1.28

ROE is broadly flat at 19.6% — the components are offsetting one another.

Net margin: 44.4% +0.5pp Asset turnover: 0.35x +0.01x Leverage: 1.28x -0.02x

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 edged up to 44.40%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 2.1pp (with additional support from Net financial result / Revenue rose 2.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 44.40% +0.5pp

Gross Margin 54.59% −2.1pp

SG&A / Revenue 2.65% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 16.3% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC edged up to 16.25%, rising 0.4pp. That translates to 16.25 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.5pp, with capital turnover broadly stable; with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 16.25% +0.4pp

NOPAT Margin 44.39% +0.5pp

Capital Turnover 0.37x +0.01x

Average Invested Capital 6,502.5bn +22.5bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.41x equity, net debt at 0.20x equity.

Over the last 12 months, working capital released 1,056.7bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +480.2bn

Inventories decreased → higher CFO: +3.1bn

Payables increased → higher CFO: +573.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 16.6 days versus the same period last year. The main moves came from DIO fell 5.3 days, DSO rose 17.9 days, and DPO fell 3.9 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 113.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +17.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 122.3 days +17.9 days

Inventory 4.2 days −5.3 days

Payables 12.7 days −3.9 days

Cash Conversion Cycle 113.7 days +16.6 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.20x and interest coverage at 32.65x.

At present, short-term debt accounts for 5.4% of total debt, cash equals 12.5% of debt, and total debt stands at 1,236.0bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 12.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.20x −0.01x

Interest Coverage 32.65x +18.87x

Cash / Debt 12.5% −5.1pp

Short-term Debt / Total Debt 5.4% +0.8pp

CFO / NI 1.80x +1.35x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,387.6bn in 2025, against investing cash flow of -313.6bn.

Post-investment cash flow was positive +1,074.0bn. Financing cash flow was negative +991.1bn.

CFO / net income was 1.80x.

After spending +64.7bn on fixed-asset investment, the business generated trailing free cash flow of +1,827.7bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 1,892.4bn +1,428.3bn

Cash Capex 64.7bn −10.4bn

FCF TTM +1,827.7bn +1,438.7bn

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 earnings conversion is confirmed, with CFO/NI at 1.80x. The next item to monitor is capital efficiency, with ROIC at 16.3%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.80x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,199.1	2,080.6	2,373.0	2,752.7	2,475.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,199.1	2,080.6	2,373.0	2,752.7	2,475.8
Cost of Goods Sold	1,039.1	993.7	1,004.5	995.9	0.0
Gross Profit	1,160.0	1,086.9	1,368.5	1,756.8	1,538.9
Financial Income	81.7	111.3	150.0	188.6	228.5
Financial Expenses	75.4	46.1	60.5	64.8	-64.1
Interest Expense	29.1	45.8	58.7	64.1	-62.4
Share of Associates and Joint Ventures	—	29.8	20.4	20.1	25.3
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	69.2	78.4	89.2	90.2	-67.2
Operating Profit	1,097.1	1,103.6	1,389.3	1,810.5	1,661.5
Other Income	0.3	1.6	0.1	18.1	0.0
Other Expenses	0.0	0.3	0.1	1.0	0.0
Other Profit	0.3	1.3	0.0	17.1	0.1
Profit Before Tax	1,097.4	1,104.9	1,389.3	1,827.5	1,661.5
Current Income Tax Expense	214.2	198.6	260.1	323.0	-288.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	883.2	906.3	1,129.2	1,504.5	1,373.5
Non-controlling Interest	—	3.5	6.0	7.7	5.7
Profit Attributable to Parent	883.2	902.8	1,123.2	1,496.9	1,367.8
Earnings per Share	2,090.81	2,137.00	2,659.00	3,544.00	-805,914.00
Diluted EPS	2,090.81	2,137.21	2,659.03	3,543.73	3,238.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,799.3	2,457.6	2,077.7	2,232.5	2,169.8
I. Cash and cash equivalents	683.6	604.6	536.2	1,208.6	738.4
1. Cash	9.6	9.9	7.3	16.2	0.0
2. Cash equivalents	674.0	594.6	528.8	1,192.4	0.0
II. Short-term financial investments	1,370.0	930.2	70.0	400.0	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	1,370.0	930.2	70.0	400.0	0.0
III. Short-term receivables	736.5	908.1	1,428.1	584.9	599.1
1. Short-term trade accounts receivable	698.2	871.6	1,181.0	539.4	0.0
2. Short-term prepayments to suppliers	7.3	5.6	4.6	1.2	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	200.0	0.0	0.0
6. Other short-term receivables	33.1	33.2	44.6	46.2	0.0
7. Provision for short-term doubtful debts (*)	-2.1	-2.3	-2.0	-1.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	8.0	14.4	37.5	38.4	28.7
1. Inventories	8.0	14.4	37.5	38.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	0.4	5.9	0.5	2.2
1. Short-term prepayments	0.4	0.4	0.6	0.5	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.9	0.0	5.2	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)	4,307.6	5,020.1	5,941.5	6,378.7	6,788.7
I. Long-term receivables	—	0.0	599.9	799.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	799.9
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	599.9	799.9	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3,954.9	4,653.2	4,933.5	5,299.5	5,645.1
1. Tangible fixed assets	3,954.8	4,652.9	4,932.8	5,298.5	5,644.3
- Cost	14,958.1	15,488.1	15,381.4	15,370.3	0.0
- Accumulated depreciation	-11,003.3	-10,835.1	-10,448.6	-10,071.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.3	0.7	1.0	0.8
- Cost	2.0	2.3	2.3	2.3	0.0
- Accumulated depreciation	-1.9	-2.1	-1.7	-1.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6.9	12.0	100.6	18.3	5.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.9	12.0	100.6	18.3	0.0
V. Long-term financial investments	249.4	251.0	211.1	173.7	268.9
1. Investments in subsidiaries	112.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	100.1	143.6	143.8	133.4	0.0
3. Investments in other entities	37.4	37.4	37.4	37.4	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	—	70.0	30.0	3.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	96.3	103.9	96.3	87.1	0.0
1. Long-term prepayments	20.9	30.1	39.4	28.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	75.4	73.9	57.0	58.6	0.0
4. Other long-term assets	—	0.0	0.0	0.0	69.3
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)	7,107.0	7,477.8	8,019.1	8,611.1	8,958.6
A. LIABILITIES (300=210+330)	2,083.1	2,212.5	2,736.0	2,118.2	2,451.4
I. Short -term liabilities	1,041.8	935.1	1,328.6	547.7	535.8
1. Short-term trade accounts payable	69.8	72.9	146.1	105.5	63.8
2. Short-term advances from customers	0.4	0.6	0.2	0.6	1.6
3. Taxes and other payables to state authorities	190.7	176.9	135.6	166.8	0.0
4. Payable to employees	54.9	26.3	37.3	31.6	0.0
5. Short-term acrrued expenses	10.1	11.2	13.3	13.9	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	591.8	508.7	845.5	0.9	0.0
10. Short-term borrowings and financial leases	104.2	115.5	130.4	212.7	142.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	19.9	23.1	20.2	15.8	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	1,041.3	1,277.4	1,407.4	1,570.6	1,915.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,041.3	1,277.4	1,407.4	1,570.6	1,915.6
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,023.9	5,265.3	5,283.1	6,492.9	6,507.2
I. Owner's equity	5,023.9	5,265.3	5,283.1	6,492.9	0.0
1. Owner's capital	4,224.0	4,224.0	4,224.0	4,224.0	6,507.2
- Common stock with voting right	4,224,000,000,000.00	4,224,000,000,000.00	4,224,000,000,000.00	4,224,000,000,000.00	4,224,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	475.4	463.1	455.9
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	499.9	501.2	25.2	56.5	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	300.0	483.6	500.5	1,692.0	1,709.4
- Accumulated retained earning at the end of the previous period	8.2	87.7	51.4	195.1	1,211.3
- Undistributed earnings in this period	291.8	395.9	449.1	1,496.9	498.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	56.5	58.0	57.2	54.1
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)	7,107.0	7,477.8	8,019.1	8,611.1	8,958.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,097.4	1,104.9	1,389.3	1,827.5	1,661.5
Depreciation of Fixed Assets and Investment Property	365.7	387.0	377.2	363.8	349.9
Provision (Increase)/Reversal	-0.3	0.3	0.1	0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	46.3	-26.0	-24.7	-68.2	0.0
Gain/Loss from Investment Activities	-78.4	-110.1	-133.2	-138.6	0.0
Interest Expense	29.1	45.8	58.7	64.1	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	1,459.8	1,401.9	1,667.4	2,049.4	1,942.0
Increase/(Decrease) in Receivables	157.5	344.9	-661.2	9.8	0.0
Increase/(Decrease) in Inventory	1.9	6.2	2.6	-3.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	62.6	7.4	-69.0	7.3	0.0
Increase/(Decrease) in Prepaid Expenses	4.9	9.5	-11.0	-22.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-29.6	-48.5	-59.3	-74.2	0.0
Corporate Income Tax Paid	-231.7	-171.1	-242.4	-392.5	0.0
Other Operating Receipts	0.7	0.0	0.0	0.0	0.0
Other Operating Payments	-38.5	-50.5	-48.8	-28.9	0.0
Net Cash Flow from Operating Activities	1,387.6	1,499.9	578.2	1,545.1	1,333.2
Payments for Fixed Assets and Other Long-term Assets	-23.2	-94.2	-26.9	-11.6	-176.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-1,300.0	-970.2	-100.0	-300.0	-977.0
Receipts from Loan Repayments and Sale of Debt Instruments	930.0	869.9	403.0	812.6	1,037.3
Investments in Other Entities	—	0.0	0.0	0.0	-45.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	79.3	90.3	135.5	57.8	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	-313.6	-104.1	411.6	559.0	-142.1
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	-104.1	0.0	0.0	0.0	142.0
Repayment of Borrowings	—	-118.9	-221.3	-206.7	-153.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-887.0	-1,208.4	-1,441.0	-1,423.1	-585.6
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	-991.1	-1,327.4	-1,662.3	-1,629.8	-597.1
Net Cash Flow During the Period	82.9	68.4	-672.4	474.2	524.6
Cash and Cash Equivalents at Beginning of Period	600.7	536.2	1,208.6	734.4	144.3
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	683.6	604.6	536.2	1,208.6	738.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	585.2	647.4	518.2	629.8	489.3	757.6	680.4	411.5	231.1	526.7	681.7	471.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	585.2	647.4	518.2	629.8	489.3	757.6	680.4	411.5	231.1	526.7	681.7	471.9
Cost of Goods Sold	236.8	333.7	245.7	264.6	215.1	304.8	260.9	232.2	192.4	288.5	255.6	240.9
Gross Profit	348.3	313.7	272.5	365.2	274.2	452.7	419.4	179.3	38.7	238.2	426.0	231.0
Financial Income	12.8	33.0	5.9	20.1	2.2	15.9	2.8	46.7	45.8	11.7	17.8	109.0
Financial Expenses	9.3	-37.7	10.1	58.2	57.3	-33.5	55.8	11.9	12.0	-0.1	29.9	15.2
Interest Expense	9.3	9.9	10.0	10.9	10.7	11.2	11.0	11.9	11.7	13.1	14.9	15.2
Share of Associates and Joint Ventures	21.2	10.7	4.9	-1.5	20.4	10.3	2.0	-1.3	18.8	9.5	-3.0	-1.4
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	14.4	21.1	13.5	14.0	15.8	17.7	20.5	19.7	18.8	23.9	18.2	23.0
Operating Profit	358.6	373.9	259.6	311.6	223.8	494.8	348.1	193.1	72.6	235.6	392.7	300.5
Other Income	—	0.0	0.4	—	—	0.1	0.2	1.3	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	—	-0.1	-0.1	0.2	0.0	0.0	0.0	0.0
Other Profit	—	0.0	0.3	-0.0	—	0.2	0.3	1.1	0.0	0.0	0.0	-0.0
Profit Before Tax	358.6	373.9	259.9	311.6	223.8	494.9	348.4	194.2	72.6	235.7	392.8	300.4
Current Income Tax Expense	65.1	70.5	50.2	61.2	39.0	91.4	66.5	37.0	5.1	47.5	74.8	58.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	293.5	303.4	209.7	250.5	184.8	403.6	281.9	157.2	67.5	188.2	318.0	242.4
Non-controlling Interest	1.5	2.7	0.1	2.8	2.2	2.2	0.4	0.8	0.3	1.9	-0.3	2.1
Profit Attributable to Parent	292.0	300.7	209.6	247.7	182.6	401.4	281.5	156.5	67.2	186.3	318.3	240.3
Earnings per Share	691.00	712.00	496.00	585.00	432.00	951.00	666.00	370.00	159.00	441.00	753.00	569.00
Diluted EPS	691.34	711.82	496.14	—	432.34	950.18	666.54	370.41	0.00	440.98	753.47	568.81

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)	2,369.4	2,826.0	2,357.9	2,398.3	1,985.6	2,427.6	2,012.8	1,649.4	1,110.0	2,077.5	1,686.8	1,362.9
I. Cash and cash equivalents	155.0	691.1	476.4	54.9	243.9	604.6	211.4	933.5	311.9	536.2	202.6	128.9
1. Cash	18.0	9.6	9.4	9.9	21.9	9.9	15.4	13.5	311.9	7.3	52.6	13.9
2. Cash equivalents	137.0	681.5	467.0	45.0	222.0	594.6	196.0	920.0	0.0	528.8	150.0	115.0
II. Short-term financial investments	1,490.4	1,370.3	1,030.3	1,180.2	780.2	900.2	870.0	70.0	70.0	70.0	100.0	100.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,490.4	1,370.3	1,030.3	1,180.2	780.2	900.2	870.0	70.0	70.0	70.0	100.0	100.0
III. Short-term receivables	709.5	748.1	834.4	1,145.8	943.2	908.1	915.1	604.4	685.7	1,428.9	1,346.2	1,092.7
1. Short-term trade accounts receivable	677.2	709.6	812.9	1,101.0	917.6	871.6	895.3	585.9	419.3	1,181.0	1,309.2	1,061.2
2. Short-term prepayments to suppliers	3.3	7.5	14.2	8.8	8.5	5.6	6.5	5.1	5.9	4.6	29.4	23.8
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	—	—	—	—	—	0.0	0.0	0.0	200.0	200.0	0.0	0.0
6. Other short-term receivables	30.8	33.1	9.6	38.3	19.5	33.2	15.5	15.6	62.6	45.5	9.5	9.6
7. Provision for short-term doubtful debts (*)	-1.9	-2.1	-2.3	-2.3	-2.3	-2.3	-2.2	-2.2	-2.0	-2.2	-1.9	-1.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.8	14.7	15.1	14.8	14.9	14.4	14.7	36.9	37.5	37.5	36.3	38.1
1. Inventories	9.8	14.7	15.1	14.8	14.9	14.4	14.7	36.9	37.5	37.5	36.3	38.1
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	4.8	1.8	1.7	2.6	3.5	0.4	1.6	4.5	4.8	5.0	1.7	3.3
1. Short-term prepayments	3.9	0.9	1.7	2.6	3.5	0.4	1.6	4.5	3.9	0.6	1.7	3.3
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.9	0.9	—	—	—	0.0	0.0	0.0	0.9	4.4	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)	4,496.8	4,597.0	4,737.9	4,836.5	4,935.0	5,049.5	5,051.4	5,124.5	5,816.3	5,918.3	6,087.0	6,165.1
I. Long-term receivables	—	0.0	0.0	—	—	0.0	0.0	0.0	599.9	599.9	799.9	799.9
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	599.9	599.9	799.9	799.9
6. Other long-term receivables	—	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4,198.3	4,290.8	4,372.3	4,461.6	4,557.9	4,652.7	4,738.0	4,834.9	4,931.8	4,933.4	5,017.0	5,111.0
1. Tangible fixed assets	4,198.2	4,290.6	4,372.2	4,461.4	4,557.7	4,652.5	4,737.7	4,834.5	4,931.2	4,932.7	5,016.2	5,110.2
- Cost	15,510.8	—	—	—	—	15,487.6	15,476.1	15,476.1	15,475.9	15,381.3	15,370.6	15,370.3
- Accumulated depreciation	-11,312.6	—	—	—	—	-10,835.1	-10,738.4	-10,641.5	-10,544.7	-10,448.6	-10,354.4	-10,260.2
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	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.4	0.6	0.7	0.7	0.8
- Cost	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.9	—	—	—	—	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	28.6	6.9	12.8	15.1	11.7	11.9	18.2	17.1	6.3	100.7	24.5	18.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	28.6	6.9	12.8	15.1	11.7	11.9	18.2	17.1	6.3	100.7	24.5	18.4
V. Long-term financial investments	171.3	200.3	259.6	264.7	266.2	280.9	187.0	185.0	186.3	188.0	151.4	154.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	134.0	162.9	152.2	157.4	158.8	143.6	119.7	117.6	118.9	120.6	111.1	114.1
3. Investments in other entities	37.4	37.4	37.4	37.4	37.4	37.4	37.4	37.4	37.4	37.4	37.4	37.4
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	70.0	70.0	70.0	100.0	30.0	30.0	30.0	30.0	3.0	3.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	98.5	99.0	93.1	95.1	99.2	103.9	108.2	87.6	92.0	96.3	94.1	81.3
1. Long-term prepayments	22.9	26.9	20.0	21.8	25.7	30.1	30.4	30.7	35.0	39.4	37.0	23.5
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	75.6	72.0	73.1	73.3	73.4	73.9	77.7	56.9	57.0	57.0	57.1	57.8
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)	6,866.2	7,422.9	7,095.8	7,234.8	6,920.6	7,477.1	7,064.2	6,773.9	6,926.3	7,995.9	7,773.7	7,528.0
A. LIABILITIES (300=210+330)	1,442.0	1,627.6	1,603.7	1,952.4	1,562.5	2,208.0	1,715.4	1,712.1	1,617.7	2,729.6	1,850.8	1,923.1
I. Short -term liabilities	272.5	449.9	311.6	657.5	240.9	925.7	352.7	392.0	233.2	1,322.2	407.2	488.5
1. Short-term trade accounts payable	25.6	70.4	44.2	45.1	49.5	72.9	48.2	49.6	42.5	146.1	48.6	51.0
2. Short-term advances from customers	0.2	0.4	0.6	0.6	0.6	0.6	0.2	0.2	0.2	0.2	0.6	0.6
3. Dividends and profits payable	0.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	156.1	199.7	153.0	130.8	102.0	178.2	153.6	98.0	50.5	141.5	208.2	154.9
4. Payable to employees	9.4	24.6	15.3	9.7	7.1	22.3	29.0	18.4	10.5	24.9	21.7	16.5
5. Short-term acrrued expenses	2.7	10.1	4.1	11.9	3.1	10.6	3.2	11.6	3.2	13.3	27.3	14.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.6	0.7	1.0	296.6	1.1	507.8	1.1	34.6	36.8	845.5	0.4	5.8
10. Short-term borrowings and financial leases	66.5	123.9	63.0	125.3	64.0	110.5	71.0	124.5	79.1	130.4	57.5	190.6
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	10.9	20.1	30.5	37.5	13.5	22.8	46.5	55.0	10.3	20.2	43.0	54.6
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	1,169.5	1,177.7	1,292.1	1,294.9	1,321.6	1,282.4	1,362.7	1,320.1	1,384.5	1,407.4	1,443.6	1,434.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,169.5	1,177.7	1,292.1	1,294.9	1,321.6	1,282.4	1,362.7	1,320.1	1,384.5	1,407.4	1,443.6	1,434.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,424.2	5,795.3	5,492.1	5,282.4	5,358.1	5,269.1	5,348.8	5,061.9	5,308.6	5,266.3	5,922.9	5,604.9
I. Owner's equity	5,424.2	5,795.3	5,492.1	5,282.4	5,358.1	5,269.1	5,348.8	5,061.9	5,308.6	5,266.3	5,922.9	5,604.9
1. Owner's capital	4,224.0	4,224.0	4,224.0	4,224.0	4,224.0	4,224.0	4,224.0	4,224.0	4,224.0	4,224.0	4,224.0	4,224.0
- Common stock with voting right	4,224,000,000,000.00	4,224,000,000,000.00	4,224,000,000,000.00	—	4,224,000,000,000.00	4,224,000,000,000.00	4,224,000,000,000.00	4,224,000,000,000.00	0.00	4,224,000,000,000.00	4,224,000,000,000.00	4,224,000,000,000.00
- Preferred stock	—	—	—	4,224,000,000,000.00	—	0.00	0.00	0.00	4,224,000,000,000.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	500.7	490.3	490.3	490.2	475.5	463.3	463.1
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	501.2	501.2	501.2	501.2	501.2	0.5	10.9	10.9	10.4	25.1	56.3	56.5
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	638.9	1,008.9	708.4	498.8	577.1	487.8	569.7	283.2	529.6	484.1	1,123.7	805.4
- Accumulated retained earning at the end of the previous period	346.9	708.3	498.8	251.2	394.5	86.4	288.2	126.7	462.3	1,142.7	805.4	565.1
- Undistributed earnings in this period	292.0	300.7	209.6	247.7	182.6	401.4	281.5	156.5	67.2	-658.5	318.3	240.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	60.2	61.2	58.5	58.4	55.8	56.1	53.9	53.5	54.4	57.5	55.6	55.9
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)	6,866.2	7,422.9	7,095.8	7,234.8	6,920.6	7,477.1	7,064.2	6,773.9	6,926.3	7,995.9	7,773.7	7,528.0

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
Profit Before Tax	358.6	302.0	259.8	311.8	223.8	486.8	348.5	194.1	72.6	202.0	399.6	293.5
Depreciation of Fixed Assets and Investment Property	96.6	75.4	96.8	96.8	96.8	91.3	96.9	97.0	96.2	94.3	94.3	94.3
Provision (Increase)/Reversal	-0.1	-0.3	—	—	—	0.1	0.0	0.2	0.0	0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-9.2	-44.6	-3.0	47.2	46.6	-31.5	59.3	9.0	-24.0	-8.7	61.4	-61.4
Gain/Loss from Investment Activities	-22.7	-38.4	-0.2	-24.4	-15.4	-39.1	4.2	-51.6	-31.8	-64.1	-1.6	-37.5
Interest Expense	9.3	-2.6	10.0	10.9	10.7	7.5	11.0	11.9	11.7	13.1	14.9	15.2
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	432.6	291.6	363.4	442.4	362.4	515.1	519.8	260.6	124.7	236.7	568.6	304.1
Increase/(Decrease) in Receivables	260.8	-2,425.9	2,811.8	-166.5	-61.8	1,607.9	690.5	54.6	626.6	-4,396.3	4,279.4	-29.6
Increase/(Decrease) in Inventory	1.3	1.8	-0.0	0.1	-0.0	4.1	1.8	0.7	-0.0	-1.0	2.5	1.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-74.5	2,277.7	-2,178.0	548.3	-585.3	-1,073.0	-1,825.8	811.8	-876.5	3,637.6	-3,629.6	-73.5
Increase/(Decrease) in Prepaid Expenses	1.1	-4.2	3.0	4.8	1.2	2.0	3.2	3.7	1.1	-1.3	-10.8	2.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-16.7	102.7	-111.9	-17.1	-3.3	0.0	-21.9	-19.6	-5.7	-45.0	15.6	-24.3
Corporate Income Tax Paid	-94.1	-77.5	-3.6	-39.0	-111.7	-53.1	-29.8	-4.1	-84.1	-176.2	58.7	-58.7
Other Operating Receipts	1,425.4	—	—	—	—	41.0	60.1	-244.6	244.6	-203.4	203.4	-59.7
Other Operating Payments	-1,800.1	865.4	-882.8	77.4	-98.5	-610.2	-96.9	235.2	-253.8	2,299.9	-2,334.3	582.8
Net Cash Flow from Operating Activities	135.8	530.8	503.5	722.4	-369.1	433.8	-698.9	1,098.4	-223.1	1,351.1	-846.6	644.7
Payments for Fixed Assets and Other Long-term Assets	-26.4	-42.8	30.3	-25.8	15.1	-43.1	30.5	-77.6	0.0	143.9	-147.3	55.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-0.1	-1,296.9	396.9	-400.0	—	0.0	0.0	0.0	0.0	-99.0	-1.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.5	926.6	-146.6	146.6	3.4	0.0	9.4	790.6	9.4	385.8	-282.8	283.8
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	1.4	65.6	-2.7	15.8	0.7	2.5	11.4	27.8	0.4	124.3	-78.9	85.0
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	-17.6	-347.3	277.9	-263.4	19.2	-40.6	51.3	740.8	9.8	555.0	-509.9	424.1
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	—	-104.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-54.9	—	-59.0	-62.2	-3.0	0.0	-29.5	-53.7	0.0	-192.3	51.8	-72.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-599.4	7.4	-300.8	-585.8	-7.9	0.0	-44.9	-1,163.6	-11.1	-1,380.2	1,378.5	-1,383.2
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	-654.3	27.5	-359.8	-647.9	-10.9	0.0	-74.5	-1,217.4	-11.1	-1,572.5	1,430.3	-1,456.0
Net Cash Flow During the Period	-536.2	211.1	421.5	-189.0	-360.7	393.2	-722.1	621.7	-224.4	333.6	73.7	-387.2
Cash and Cash Equivalents at Beginning of Period	691.1	476.4	54.9	243.9	604.6	536.2	536.2	536.2	536.2	1,208.6	1,208.6	1,208.6
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	155.0	683.6	476.4	54.9	243.9	604.6	211.4	933.5	311.8	536.2	202.6	128.9

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DNH

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