DTK

Tổng Công ty Điện lực TKV - CTCP ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 6.57%, +1.21pp YoY

Price

11,500

Latest close

04 Jun 2026

P/E 9.37x

P/B 0.85x

EPS 1,227

BVPS 13,479

ROE 9.3%

ROA 5.3%

Profit Margin 6.6%

Asset Turnover 0.80x

Equity Mult. 1.77x

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

What Is Changing

On a TTM 2026Q1 basis, DTK has not accelerated revenue, but profitability is improving more visibly — profit momentum has been slowing across consecutive periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 12,728bn
	                                
−4.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 836bn
	                                
+16.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	12,754.8	12,839.3	11,830.0	10,769.9	13,059.3
Growth	-1%	+9%	+10%	-18%	—
Net Income	655.1	689.2	540.0	778.7	824.6
Net Margin	5.14%	5.37%	4.56%	7.23%	6.31%

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	3,692.9	2,731.7	2,471.8	3,831.9	3,719.2	3,547.8	2,376.0	3,724.0	3,191.9	3,475.2	2,485.9	2,985.1
Growth	+35%	+11%	-35%	+3%	+5%	+49%	-36%	+17%	-8%	+40%	-17%	—
Net Income	433.5	82.2	-2.9	322.9	252.0	191.0	7.9	265.6	225.6	104.6	-45.8	174.1
Net Margin	11.74%	3.01%	-0.12%	8.43%	6.78%	5.38%	0.33%	7.13%	7.07%	3.01%	-1.84%	5.83%

Drivers of DTK's profit

TTM

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

Gross profit ↑ 150.9bn

Finance costs ↓ 86.4bn

Tax ↑ 76.0bn

Administrative expenses ↑ 37.6bn

Other profit ↓ 12.5bn

TTM

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

Gross profit ↑ 235.2bn

Finance costs ↓ 18.6bn

Tax ↑ 76.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.4% = 5.4% × 0.84 × 1.86

2026Q1 9.3% = 6.6% × 0.80 × 1.77

ROE rose from 8.4% to 9.3% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 6.6% +1.2pp Asset turnover: 0.80x -0.04x Leverage: 1.77x -0.10x

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 6.57%, rising 1.2pp. Core operating signals are improving as Gross margin rose 1.6pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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 6.57% +1.2pp

Gross Margin 10.83% +1.6pp

SG&A / Revenue 3.56% +0.4pp

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 6.7% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC edged up to 6.75%, rising 1.0pp. That translates to 6.75 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.3pp, with capital turnover fell 0.07x; 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 6.75% +1.0pp

NOPAT Margin 6.52% +1.3pp

Capital Turnover 1.04x −0.07x

Average Invested Capital 12,297.0bn +188.7bn

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 0.75x equity, net debt at 0.36x equity.

Over the last 12 months, working capital released 507.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +487.9bn

Inventories increased → lower CFO: −127.2bn

Payables increased → higher CFO: +146.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.9 days versus the same period last year. The main moves came from DIO rose 3.9 days, DSO fell 1.4 days, and DPO rose 5.3 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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

Inventory turnover is slowing

DIO increased by +3.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 111.1 days −1.4 days

Inventory 15.7 days +3.9 days

Payables 97.3 days +5.3 days

Cash Conversion Cycle 29.4 days −2.9 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 0.36x and interest coverage at 5.86x.

At present, short-term debt accounts for 62.0% of total debt, cash equals 6.7% of debt, and total debt stands at 3,569.2bn.

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

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 62.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 6.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.36x −0.01x

Interest Coverage 5.86x +2.83x

Cash / Debt 6.7% +2.2pp

Short-term Debt / Total Debt 62.0% −19.4pp

CFO / NI 2.77x +1.38x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,012.6bn in 2025, against investing cash flow of -1,071.8bn.

Post-investment cash flow was positive +940.8bn. Financing cash flow was negative +907.6bn.

CFO / net income was 2.77x.

After spending +1,087.8bn on fixed-asset investment, the business generated trailing free cash flow of +1,229.3bn.

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 2,317.1bn +1,324.7bn

Cash Capex 1,087.8bn +581.3bn

FCF TTM +1,229.3bn +743.4bn

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 1.2 pp. The next item to monitor is capital efficiency, with ROIC at 6.7%. The main risk still sits in leverage and liquidity, with interest coverage at 5.86x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.57% after expanding 1.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.36x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	12,754.8	12,839.3	11,830.0	10,769.9	13,059.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	12,754.8	12,839.3	11,830.0	10,769.9	13,059.3
Cost of Goods Sold	11,617.4	11,611.3	10,595.4	9,438.6	0.0
Gross Profit	1,137.3	1,228.0	1,234.7	1,331.3	1,406.1
Financial Income	200.0	227.9	228.5	363.0	421.6
Financial Expenses	183.2	315.5	471.3	515.6	-721.5
Interest Expense	155.9	220.0	371.5	362.9	-382.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.1	0.4	2.2	2.4	-2.6
General and Administrative Expenses	447.1	394.7	376.2	313.2	-312.7
Operating Profit	707.0	745.3	613.4	863.1	791.0
Other Income	9.2	22.3	4.9	3.1	0.0
Other Expenses	3.3	16.9	2.9	8.2	0.0
Other Profit	5.9	5.4	2.0	-5.1	76.0
Profit Before Tax	712.9	750.7	615.3	858.1	867.0
Current Income Tax Expense	58.0	60.2	75.3	79.3	-42.3
Deferred Income Tax Expense	-0.2	1.3	0.0	0.0	0.0
Net Income	655.1	689.2	540.0	778.7	824.6
Non-controlling Interest	0.1	-2.1	-0.9	0.3	-0.9
Profit Attributable to Parent	655.0	691.3	540.9	778.5	825.6
Earnings per Share	959.00	1,013.00	792.00	1,140.00	1,213.00
Diluted EPS	959.00	1,012.52	792.22	1,140.14	1,209.17

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,116.5	5,526.6	5,427.3	4,034.1	4,205.2
I. Cash and cash equivalents	584.7	551.5	277.9	258.3	146.5
1. Cash	289.7	251.5	277.9	187.5	0.0
2. Cash equivalents	295.0	300.0	0.0	70.8	0.0
II. Short-term financial investments	865.0	400.0	444.0	425.0	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	865.0	400.0	444.0	425.0	0.0
III. Short-term receivables	2,769.5	3,909.7	4,241.4	2,890.1	3,542.2
1. Short-term trade accounts receivable	2,501.2	3,552.2	4,210.6	2,829.8	0.0
2. Short-term prepayments to suppliers	243.3	318.4	5.3	6.9	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	27.9	42.1	25.4	52.8	0.0
7. Provision for short-term doubtful debts (*)	-2.9	-2.9	0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.6	0.0
IV. Inventories	576.4	409.7	314.0	328.7	347.5
1. Inventories	576.6	409.7	314.1	328.7	0.0
2. Provision for decline in value of inventories	-0.2	-0.0	-0.0	-0.0	0.0
V. Other short-term assets	320.8	255.7	150.0	132.0	154.3
1. Short-term prepayments	8.7	9.7	7.3	6.4	0.0
2. Value added tax to be reclaimed	282.3	195.3	115.6	123.3	0.0
3. Taxes and other receivables from state authorities	29.7	50.7	27.1	2.3	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)	10,220.6	10,004.5	11,070.8	12,636.7	14,467.8
I. Long-term receivables	33.4	32.1	14.4	13.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	12.4
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	33.4	32.1	14.4	13.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	7,211.1	8,327.2	9,484.6	10,842.3	12,856.8
1. Tangible fixed assets	7,157.2	8,271.5	9,427.6	10,783.9	12,797.4
- Cost	34,177.1	34,121.2	33,960.9	33,803.7	0.0
- Accumulated depreciation	-27,019.9	-25,849.7	-24,533.3	-23,019.8	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	53.9	55.6	57.1	58.4	59.4
- Cost	75.5	75.5	75.2	74.2	0.0
- Accumulated depreciation	-21.6	-19.9	-18.2	-15.9	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,436.3	171.8	111.5	264.8	110.8
1. Long-term production in progress	—	2.0	1.9	1.9	0.0
2. Construction in progress	1,436.3	169.8	109.6	262.9	0.0
V. Long-term financial investments	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	1,224.9	1,224.9	1,224.9	1,224.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	314.8	248.5	235.3	291.1	0.0
1. Long-term prepayments	206.6	131.3	106.5	129.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	108.2	117.1	128.8	161.7	0.0
4. Other long-term assets	—	0.0	0.0	0.0	262.9
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)	15,337.0	15,531.1	16,498.2	16,670.8	18,673.0
A. LIABILITIES (300=210+330)	6,567.8	7,007.0	8,346.5	8,549.4	10,972.2
I. Short -term liabilities	5,030.4	5,972.8	6,312.7	5,250.7	6,010.5
1. Short-term trade accounts payable	2,778.1	2,716.4	2,826.8	1,575.8	2,201.3
2. Short-term advances from customers	0.8	3.6	1.4	1.4	1.4
3. Taxes and other payables to state authorities	75.3	36.7	64.7	84.6	0.0
4. Payable to employees	84.6	127.0	109.0	57.5	0.0
5. Short-term acrrued expenses	89.6	51.4	67.2	79.6	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	26.3	34.2	160.6	71.1	0.0
10. Short-term borrowings and financial leases	1,914.3	2,961.9	3,041.2	3,342.4	3,350.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	61.3	41.6	41.8	38.3	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	1,537.3	1,034.1	2,033.9	3,298.7	4,961.7
1. Long-term trade payables	426.1	412.7	394.4	383.3	370.2
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	—	0.2	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,100.6	619.9	1,621.4	2,896.3	4,571.3
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	1.1	1.3	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	1.0	0.0
13. Fund for technology development	9.6	0.0	18.1	18.1	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	8,769.3	8,524.1	8,151.6	8,121.4	7,700.7
I. Owner's equity	8,769.3	8,524.1	8,151.6	8,121.4	0.0
1. Owner's capital	6,827.7	6,827.7	6,827.7	6,827.7	7,700.7
- Common stock with voting right	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-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	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-1.8	-1.8	-1.8	-1.8	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	696.6	485.7	321.3	88.4	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	1,231.9	1,197.7	987.6	1,189.0	802.1
- Accumulated retained earning at the end of the previous period	576.9	506.4	446.6	410.5	-2.1
- Undistributed earnings in this period	655.0	691.3	540.9	778.5	804.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	15.0	14.9	17.0	18.2	18.2
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)	15,337.0	15,531.1	16,498.2	16,670.8	18,673.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	712.9	750.7	615.3	858.1	867.0
Depreciation of Fixed Assets and Investment Property	1,290.1	1,318.8	1,512.6	1,998.7	2,056.6
Provision (Increase)/Reversal	0.2	2.9	-0.0	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	20.6	60.1	63.3	117.2	0.0
Gain/Loss from Investment Activities	-200.7	-218.8	-223.4	-339.5	0.0
Interest Expense	155.9	220.0	371.5	362.9	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	10.2	-11.3	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,989.2	2,122.5	2,339.3	2,997.4	1,277.1
Increase/(Decrease) in Receivables	968.9	550.8	-1,397.6	692.8	0.0
Increase/(Decrease) in Inventory	-158.0	-83.9	47.6	27.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-441.7	-298.1	1,394.3	-1,609.4	0.0
Increase/(Decrease) in Prepaid Expenses	-74.2	-24.1	22.0	70.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-173.1	-231.9	-381.3	-354.4	0.0
Corporate Income Tax Paid	-50.6	-74.6	-69.4	-32.4	0.0
Other Operating Receipts	25.6	23.3	22.0	8.4	0.0
Other Operating Payments	-73.5	-69.5	-62.4	-35.7	0.0
Net Cash Flow from Operating Activities	2,012.6	1,914.5	1,914.4	1,764.4	1,709.4
Payments for Fixed Assets and Other Long-term Assets	-818.7	-498.1	-123.8	-171.8	-656.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.1	3.3	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-2,271.4	-706.0	-835.0	-416.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,806.4	750.0	816.0	5.7	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	208.9	205.4	251.3	307.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,071.8	-245.5	108.5	-274.6	-308.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	10,473.0	8,738.8	6,818.3	3,573.4	6,581.5
Repayment of Borrowings	-11,040.0	-9,861.3	-8,446.6	-5,360.4	-7,846.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-340.7	-272.9	-374.9	409.1	-441.9
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	-907.6	-1,395.4	-2,003.2	-1,378.0	-1,706.8
Net Cash Flow During the Period	33.2	273.6	19.6	111.8	51.8
Cash and Cash Equivalents at Beginning of Period	551.5	277.9	258.3	146.5	452.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	584.7	551.5	277.9	258.3	146.5

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	3,692.9	2,731.7	2,471.8	3,831.9	3,719.2	3,547.8	2,376.0	3,724.0	3,191.9	3,475.2	2,485.9	2,985.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	3,692.9	2,731.7	2,471.8	3,831.9	3,719.2	3,547.8	2,376.0	3,724.0	3,191.9	3,475.2	2,485.9	2,985.1
Cost of Goods Sold	3,081.9	2,556.9	2,383.8	3,327.3	3,343.4	3,199.3	2,325.2	3,271.6	2,798.0	3,167.0	2,379.0	2,601.2
Gross Profit	611.0	174.8	87.9	504.5	375.8	348.5	50.7	452.4	393.9	308.2	106.9	383.9
Financial Income	54.0	63.0	30.9	55.7	50.4	53.2	52.4	43.0	68.5	59.3	78.3	31.3
Financial Expenses	35.9	28.2	40.0	60.5	54.5	91.7	14.9	89.8	118.0	71.2	165.3	116.9
Interest Expense	35.7	29.8	36.2	43.9	46.0	46.3	50.9	54.0	68.8	72.6	83.9	106.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0	0.2	-0.2	0.6	0.5	0.5	0.5	0.6
General and Administrative Expenses	98.2	123.9	88.0	143.5	98.6	113.9	91.8	111.8	93.7	165.3	70.7	101.0
Operating Profit	530.9	85.7	-9.1	356.2	273.0	195.9	-3.4	293.2	250.1	130.6	-51.3	196.8
Other Income	1.3	4.3	2.8	0.6	1.2	12.7	3.2	4.4	0.5	2.7	0.3	0.7
Other Expenses	0.3	1.3	0.8	1.2	0.1	0.6	1.1	2.0	1.5	1.8	0.1	0.0
Other Profit	1.0	2.9	2.1	-0.6	1.2	12.2	2.0	2.4	-1.0	0.9	0.1	0.7
Profit Before Tax	531.8	88.7	-7.1	355.6	274.2	208.1	-1.3	295.6	249.1	131.5	-51.1	197.5
Current Income Tax Expense	98.3	6.5	-4.1	33.9	22.2	15.6	-9.2	29.9	23.6	26.9	-5.3	23.4
Deferred Income Tax Expense	—	—	—	-1.3	—	1.4	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	433.5	82.2	-2.9	322.9	252.0	191.0	7.9	265.6	225.6	104.6	-45.8	174.1
Non-controlling Interest	-0.6	-1.7	0.3	0.3	1.2	-1.6	0.8	-0.1	-1.3	1.1	-1.4	0.3
Profit Attributable to Parent	434.1	83.9	-3.2	322.7	250.8	192.6	7.1	265.7	226.9	103.5	-44.4	173.8
Earnings per Share	636.00	123.00	-5.00	473.00	367.00	282.00	10.00	389.00	332.00	152.00	-65.00	255.00
Diluted EPS	635.84	122.86	-4.69	472.59	367.30	282.13	10.47	389.15	332.31	151.57	-64.99	254.54

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)	6,040.1	5,126.9	4,512.9	5,664.3	5,737.7	5,543.1	4,710.0	6,046.2	5,666.3	5,439.9	4,734.7	4,869.9
I. Cash and cash equivalents	238.5	584.5	301.7	262.2	153.1	547.3	296.8	367.4	586.0	277.9	160.5	341.4
1. Cash	238.5	289.5	301.7	262.2	153.1	247.3	296.8	367.4	586.0	277.9	154.5	335.4
2. Cash equivalents	—	295.0	—	—	—	300.0	0.0	0.0	0.0	0.0	6.0	6.0
II. Short-term financial investments	1,115.0	865.0	1,406.4	1,406.4	400.0	400.0	350.0	350.0	444.0	444.0	444.0	444.0
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	1,115.0	865.0	1,406.4	1,406.4	400.0	400.0	350.0	350.0	444.0	444.0	444.0	444.0
III. Short-term receivables	3,809.8	2,781.0	2,215.3	3,347.5	4,528.2	3,927.7	3,441.6	4,785.5	4,120.7	4,255.5	3,659.5	3,671.1
1. Short-term trade accounts receivable	3,579.8	2,512.7	1,859.3	2,998.9	4,165.9	3,581.4	3,109.0	4,412.3	4,074.2	4,211.5	3,634.8	3,575.7
2. Short-term prepayments to suppliers	207.3	243.3	315.4	321.6	317.0	318.4	308.7	348.4	7.7	5.3	11.7	72.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	25.7	27.9	43.5	29.9	48.2	30.8	26.8	24.7	38.9	38.7	13.0	22.5
7. Provision for short-term doubtful debts (*)	-2.9	-2.9	-2.9	-2.9	-2.9	-2.9	-2.9	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.6
IV. Inventories	554.2	575.8	397.0	446.1	420.0	410.1	452.8	378.9	363.8	313.7	332.2	309.6
1. Inventories	554.4	576.0	397.0	446.1	420.0	410.1	452.8	378.9	363.8	313.7	332.2	309.6
2. Provision for decline in value of inventories	-0.2	-0.2	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
V. Other short-term assets	322.6	320.7	192.4	202.1	236.3	258.1	168.8	164.4	151.8	148.8	138.5	103.8
1. Short-term prepayments	15.1	8.6	10.5	13.4	13.4	9.7	10.8	13.2	9.1	7.8	13.3	11.6
2. Value added tax to be reclaimed	278.2	282.3	154.2	162.5	178.4	216.3	139.2	123.9	104.1	115.6	96.7	90.8
3. Taxes and other receivables from state authorities	29.2	29.8	27.7	26.2	44.6	32.1	18.9	27.3	38.6	25.4	28.5	1.4
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)	10,232.7	10,220.4	9,682.9	9,660.7	9,760.4	10,014.7	10,430.5	10,482.0	10,777.6	11,069.6	11,707.7	11,862.2
I. Long-term receivables	33.5	33.4	33.3	33.3	33.2	32.2	32.1	28.7	14.5	14.6	14.5	14.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	33.5	33.4	33.3	33.3	33.2	32.2	32.1	28.7	14.5	14.6	14.5	14.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	6,979.3	7,211.2	7,511.4	7,791.5	8,054.4	8,339.9	8,605.8	8,902.8	9,185.8	9,485.0	9,911.3	10,221.9
1. Tangible fixed assets	6,925.2	7,157.3	7,457.1	7,736.8	7,999.2	8,284.3	8,549.7	8,846.6	9,129.1	9,427.9	9,854.6	10,164.7
- Cost	34,197.6	—	—	—	—	34,121.2	34,016.2	34,000.4	33,973.2	33,960.9	33,868.7	33,846.5
- Accumulated depreciation	-27,272.4	—	—	—	—	-25,837.0	-25,466.5	-25,153.8	-24,844.1	-24,533.0	-24,014.1	-23,681.8
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	54.1	53.9	54.3	54.8	55.2	55.6	56.1	56.2	56.6	57.1	56.7	57.2
- Cost	76.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.1	—	—	—	—	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	1,699.2	1,436.3	663.8	347.1	205.2	171.1	355.5	97.3	127.9	115.9	305.3	144.3
1. Long-term production in progress	—	—	—	—	2.0	2.0	2.0	2.0	2.0	1.9	1.9	1.9
2. Construction in progress	1,699.2	1,436.3	663.8	347.1	203.2	169.1	353.5	95.3	125.9	114.0	303.3	142.3
V. Long-term financial investments	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9	1,224.9
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	295.8	314.5	249.4	263.8	242.7	246.6	212.2	228.2	224.4	229.2	251.7	256.8
1. Long-term prepayments	188.1	206.3	138.2	148.9	127.9	129.5	94.6	100.8	96.6	100.4	99.0	96.7
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	107.7	108.2	111.3	114.9	114.9	117.1	117.6	127.4	127.8	128.8	152.8	160.1
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)	16,272.9	15,347.3	14,195.8	15,325.0	15,498.1	15,557.9	15,140.5	16,528.2	16,443.8	16,509.5	16,442.4	16,732.2
A. LIABILITIES (300=210+330)	7,070.0	6,578.9	5,509.6	6,635.8	6,722.0	7,032.7	6,809.6	8,205.4	8,066.6	8,378.5	8,322.6	8,567.3
I. Short -term liabilities	5,279.2	5,042.7	4,241.9	5,401.3	5,666.8	5,996.5	5,690.9	6,574.6	6,385.6	6,344.7	6,186.3	6,019.1
1. Short-term trade accounts payable	2,685.4	2,789.9	1,866.7	2,412.7	2,525.4	2,745.0	1,875.1	2,356.6	2,773.7	2,826.9	2,195.6	2,002.2
2. Short-term advances from customers	1.6	0.8	1.0	2.1	2.4	3.6	10.5	2.7	3.1	1.4	1.5	1.4
3. Dividends and profits payable	2.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	123.7	75.7	64.9	90.1	61.6	38.8	50.1	92.1	54.4	71.2	70.6	85.8
4. Payable to employees	31.9	84.6	94.8	101.0	42.5	127.0	82.5	80.6	51.3	120.6	67.1	64.7
5. Short-term acrrued expenses	31.8	89.8	68.1	49.6	20.5	46.6	43.9	79.2	38.8	86.9	290.4	317.3
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	23.6	26.2	29.4	32.6	33.0	34.2	157.4	426.6	162.7	154.6	236.1	595.6
10. Short-term borrowings and financial leases	2,213.0	1,914.3	1,814.4	2,374.0	2,799.6	2,959.8	3,016.5	3,176.2	3,105.1	3,041.2	3,266.7	2,881.8
11. Provision for short-term liabilities	125.5	—	225.6	250.8	151.3	0.0	395.1	290.1	167.0	0.0	1.2	3.9
12.. Bonus and welfare fund	40.6	61.2	76.9	88.4	30.5	41.7	59.8	70.6	29.4	41.8	57.1	66.3
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	1,790.9	1,536.2	1,267.6	1,234.5	1,055.2	1,036.2	1,118.8	1,630.8	1,681.1	2,033.9	2,136.3	2,548.2
1. Long-term trade payables	424.0	426.1	427.2	424.8	415.8	412.7	399.6	411.5	403.3	394.4	395.1	383.6
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	0.1
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	—	—	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,356.2	1,100.6	830.2	799.4	637.9	622.0	702.4	1,202.2	1,259.7	1,621.4	1,722.9	2,145.9
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	1.1	—	—	—	1.3	1.4	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	0.2	0.5
13. Fund for technology development	9.6	9.6	10.0	10.1	—	0.0	16.7	17.2	18.1	18.1	18.1	18.1
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)	9,202.8	8,768.4	8,686.2	8,689.2	8,776.1	8,525.2	8,330.9	8,322.8	8,377.2	8,131.0	8,119.7	8,164.9
I. Owner's equity	9,202.8	8,768.4	8,686.2	8,689.2	8,776.1	8,525.2	8,330.9	8,322.8	8,377.2	8,131.0	8,119.7	8,164.9
1. Owner's capital	6,827.7	6,827.7	6,827.7	6,827.7	6,827.7	6,827.7	6,827.7	6,827.7	6,827.7	6,827.7	6,827.7	6,827.7
- Common stock with voting right	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00	6,827,674,750,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-0.0	-0.0	-0.0	-0.0	-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	—	—	—	—	—	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	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	696.6	696.6	696.6	696.6	485.7	485.7	485.7	485.7	321.3	321.3	321.3	321.3
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	1,666.0	1,231.1	1,147.2	1,150.4	1,448.5	1,198.9	1,003.0	995.7	1,214.4	966.8	956.6	1,000.3
- Accumulated retained earning at the end of the previous period	1,231.9	576.9	576.9	576.9	1,197.7	506.4	503.1	503.1	987.6	441.4	534.8	534.8
- Undistributed earnings in this period	434.1	654.1	570.2	573.4	250.8	692.5	499.9	492.6	226.9	525.3	421.8	465.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	14.4	15.0	16.7	16.4	16.2	14.8	16.4	15.6	15.7	17.1	16.0	17.4
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)	16,272.9	15,347.3	14,195.8	15,325.0	15,498.1	15,557.9	15,140.5	16,528.2	16,443.8	16,509.5	16,442.4	16,732.2

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	531.8	90.2	-7.1	355.6	274.2	208.1	-1.3	295.7	249.1	147.1	-51.1	195.2
Depreciation of Fixed Assets and Investment Property	252.4	423.1	288.1	289.3	289.7	373.5	313.0	309.9	311.0	517.5	333.0	331.8
Provision (Increase)/Reversal	112.8	-225.4	-25.3	99.5	151.3	-392.2	105.0	123.1	167.0	-1.2	-2.7	3.9
FX Gain/Loss from Revaluation of Monetary Items	-2.6	-1.9	3.7	13.3	5.5	32.9	-43.6	33.8	37.0	-3.9	65.0	2.2
Gain/Loss from Investment Activities	-53.0	-64.4	-30.1	-56.1	-50.0	-52.3	-42.9	-45.8	-68.6	-60.8	-78.1	-60.3
Interest Expense	35.9	29.8	36.2	43.9	46.0	46.3	50.9	54.0	68.8	73.2	83.9	102.5
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	877.4	252.1	264.8	755.5	716.8	216.3	381.0	770.9	764.4	671.9	349.9	575.2
Increase/(Decrease) in Receivables	-1,080.5	-754.3	1,129.7	1,193.0	-599.5	-572.7	1,274.7	-354.9	120.5	-627.1	18.7	512.1
Increase/(Decrease) in Inventory	22.7	-176.5	52.7	-26.1	-8.1	43.1	-64.0	-14.7	-48.8	42.1	-15.3	21.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	51.7	484.2	-639.5	249.9	-536.2	1,086.1	-825.0	-189.8	-245.8	500.1	-61.4	195.9
Increase/(Decrease) in Prepaid Expenses	12.0	-66.6	13.6	-21.1	-0.2	-33.8	8.5	-8.2	8.2	-1.5	-3.6	15.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-36.3	-29.0	-37.8	-45.4	-60.9	-37.3	-74.3	-27.2	-101.8	-25.6	-142.3	-76.9
Corporate Income Tax Paid	-33.1	-0.5	-25.0	-0.0	-25.1	-5.6	-26.2	-0.2	-42.7	0.0	-31.1	0.0
Other Operating Receipts	5.9	—	—	—	—	7.9	12.7	1.6	1.8	5.1	11.9	1.9
Other Operating Payments	-39.0	-19.8	-14.5	-26.0	-13.2	-22.0	-22.2	-8.8	-13.4	-19.2	-20.6	-9.3
Net Cash Flow from Operating Activities	-219.1	-307.1	748.7	2,094.5	-523.6	682.0	665.3	168.7	442.3	545.8	106.4	1,236.2
Payments for Fixed Assets and Other Long-term Assets	-349.5	-402.3	-202.0	-134.0	-80.4	-89.9	-8.5	-327.6	-65.6	-52.0	-27.5	-20.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.3	0.0	0.8	—	0.6	0.0	2.9	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-400.0	-715.0	-150.0	-1,256.4	-150.0	-356.0	-150.0	-200.0	0.0	-400.0	0.0	-435.0
Receipts from Loan Repayments and Sale of Debt Instruments	150.0	1,256.4	150.0	-52.0	452.0	90.0	154.0	239.6	160.4	314.4	85.6	416.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	58.6	78.7	15.3	65.0	49.9	61.3	39.8	45.0	68.7	88.9	65.3	72.8
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	-540.8	220.1	-186.7	-1,376.6	271.5	-294.0	35.2	-240.1	163.5	-48.7	123.4	33.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,248.5	2,111.6	2,182.8	3,129.7	3,048.9	1,814.5	2,097.9	2,611.3	2,308.8	1,685.1	1,776.9	1,850.2
Repayment of Borrowings	-1,834.6	0.7	-0.6	10.1	-3,195.2	-1,951.6	-2,703.5	-2,651.5	-2,606.5	-2,064.3	-1,813.0	-2,958.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-0.3	-0.2	-340.2	-0.0	-0.4	-271.5	-0.9	-0.0	-0.5	-374.4	-0.1
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	413.7	370.0	-522.4	-608.9	-146.3	-137.5	-877.1	-41.1	-297.8	-379.7	-410.6	-1,108.7
Net Cash Flow During the Period	-346.2	283.0	39.6	109.0	-398.4	250.4	-176.6	-112.6	308.0	117.4	-180.9	160.7
Cash and Cash Equivalents at Beginning of Period	584.7	301.7	262.2	153.1	551.5	277.9	277.9	277.9	277.9	258.3	258.3	258.3
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	238.5	584.7	301.7	262.2	153.1	547.3	296.8	473.4	586.0	277.9	160.5	341.4

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