G36

Tổng Công ty 36 - CTCP ·UPCOM ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 0.08x

Price

9,900

Latest close

02 Jun 2026

P/E 42.08x

P/B 0.90x

EPS 235

BVPS 10,975

ROE 2.1%

ROA 0.6%

Profit Margin 1.3%

Asset Turnover 0.46x

Equity Mult. 3.69x

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

What Is Changing

On a TTM 2026Q1 basis, G36 posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,919bn
	                                
+30.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 24bn
	                                
−24.2%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    84.7%

Metric	2025	2024	2023	2022	2021
Revenue	1,949.0	1,457.1	1,399.0	1,322.1	1,161.1
Growth	+34%	+4%	+6%	+14%	—
Net Income	26.6	26.7	17.3	22.2	23.1
Net Margin	1.37%	1.83%	1.24%	1.68%	1.99%

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	159.0	751.5	382.3	625.8	189.4	560.0	386.7	335.2	175.1	595.5	282.3	403.2
Growth	-79%	+97%	-39%	+230%	-66%	+45%	+15%	+91%	-71%	+111%	-30%	—
Net Income	15.9	-14.7	17.9	5.3	18.1	-8.9	7.6	15.4	14.1	17.3	-1.2	6.8
Net Margin	9.98%	-1.96%	4.69%	0.85%	9.58%	-1.59%	1.96%	4.60%	8.03%	2.90%	-0.41%	1.70%

Drivers of G36's profit

TTM

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

Gross profit ↑ 42.8bn

Other profit ↑ 6.2bn

Selling expenses ↓ 2.8bn

Financial income ↑ 2.5bn

Administrative expenses ↑ 56.7bn

Tax ↑ 3.5bn

TTM

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

Financial income ↑ 0.3bn

Administrative expenses ↑ 2.3bn

Selling expenses ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.9% = 2.2% × 0.33 × 3.98

2026Q1 2.1% = 1.3% × 0.46 × 3.69

ROE fell from 2.9% to 2.1% — leverage weakened the most, though asset turnover still provided support.

Net margin: 1.3% -0.9pp Asset turnover: 0.46x +0.13x Leverage: 3.69x -0.29x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 1.27%, falling 0.9pp. The main pressure comes from SG&A / Revenue rose 1.8pp and Gross margin fell 0.0pp (in addition, Net financial result / Revenue rose 1.1pp added support while Other profit / Revenue fell 0.0pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 1.27% −0.9pp

Gross Margin 9.59% −0.0pp

SG&A / Revenue 6.29% +1.8pp

Non-core / Revenue -1.55% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 84.7% of PBT and lifted net margin by 1.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 0.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC narrowed to 0.20%, falling 0.6pp. That translates to 0.20 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.7pp, outweighing the movement in capital turnover; while invested capital rose by 111bn.

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 0.20% −0.6pp

NOPAT Margin 0.19% −0.7pp

Capital Turnover 1.06x +0.19x

Average Invested Capital 1,817.2bn +111.5bn

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 2.69x equity, net debt at 0.70x equity.

Inventory ended the period at 912.7bn, roughly 22.1% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 64.2 days versus the same period last year. The main moves came from DIO fell 92.3 days, DSO fell 27.3 days, and DPO fell 55.4 days.

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

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

Working Capital Efficiency

Receivables 50.6 days −27.3 days

Inventory 236.6 days −92.3 days

Payables 93.2 days −55.4 days

Cash Conversion Cycle 194.0 days −64.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 146.1bn due to capex of 18.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.70x and interest coverage only at 0.08x.

At present, short-term debt accounts for 61.3% of total debt, cash equals 13.7% of debt, and total debt stands at 922.6bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is 0.08x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 61.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.70x +0.20x

Interest Coverage 0.08x −0.15x

Cash / Debt 13.7% −17.6pp

Short-term Debt / Total Debt 61.3% +12.0pp

CFO / NI -5.21x −13.88x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -52.8bn in 2025, against investing cash flow of -255.9bn.

Post-investment cash flow was negative +308.7bn. Financing cash flow was positive +222.9bn.

CFO / net income was -5.21x.

After spending +18.9bn on fixed-asset investment, the business generated trailing free cash flow of −146.1bn.

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

Cash Conversion

CFO TTM 127.2bn −406.3bn

Cash Capex 18.9bn −30.3bn

FCF TTM −146.1bn −375.9bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 0.08x. The next watchpoint is the earnings mix, when non-core contribution is -177.0%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -177.0% of PBT and CFO / net income currently at -5.21x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.08x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,949.0	1,457.1	1,399.0	1,322.1	1,161.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,949.0	1,457.1	1,399.0	1,322.1	1,161.1
Cost of Goods Sold	1,762.9	1,322.1	1,270.2	1,200.2	0.0
Gross Profit	186.1	135.0	128.9	121.9	141.3
Financial Income	5.7	4.2	7.6	44.4	36.2
Financial Expenses	70.2	63.2	90.9	51.2	-100.7
Interest Expense	70.2	63.2	90.8	83.9	-100.7
Share of Associates and Joint Ventures	-1.0	-0.4	-0.5	0.0	7.1
Selling Expenses	7.9	6.8	0.5	0.0	-1.9
General and Administrative Expenses	94.0	59.4	28.8	93.1	-53.9
Operating Profit	18.6	9.4	15.8	22.0	28.0
Other Income	30.2	22.5	2.2	0.4	0.0
Other Expenses	13.5	0.8	0.2	0.3	0.0
Other Profit	16.7	21.7	2.0	0.2	0.3
Profit Before Tax	35.3	31.1	17.8	22.2	28.3
Current Income Tax Expense	8.4	6.6	0.6	0.0	-5.2
Deferred Income Tax Expense	0.2	-2.2	-0.2	0.0	0.0
Net Income	26.6	26.7	17.3	22.2	23.1
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	26.6	26.7	17.3	22.2	23.1
Earnings per Share	257.00	257.00	167.00	218.00	227.18
Diluted EPS	256.78	257.10	167.15	218.06	227.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,204.6	2,415.2	2,713.4	2,504.9	2,723.8
I. Cash and cash equivalents	268.4	354.1	478.2	276.1	342.2
1. Cash	126.4	354.1	478.2	276.1	0.0
2. Cash equivalents	142.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	98.4	47.2	67.2	67.1	0.0
1. Available for sale securities	—	0.0	0.0	67.1	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	98.4	47.2	67.2	0.0	0.0
III. Short-term receivables	811.2	768.2	976.2	1,303.9	1,213.2
1. Short-term trade accounts receivable	427.4	301.0	458.4	801.7	0.0
2. Short-term prepayments to suppliers	249.1	317.4	313.6	252.1	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	70.2	35.2	32.9	30.4	0.0
6. Other short-term receivables	79.4	119.3	177.3	258.3	0.0
7. Provision for short-term doubtful debts (*)	-14.9	-4.7	-6.0	-38.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	912.7	1,169.1	1,108.8	768.1	716.6
1. Inventories	912.7	1,169.1	1,108.8	768.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	113.9	76.5	83.0	89.7	126.2
1. Short-term prepayments	5.5	4.3	5.3	4.6	0.0
2. Value added tax to be reclaimed	86.5	60.1	61.4	66.5	0.0
3. Taxes and other receivables from state authorities	21.8	12.1	16.2	18.6	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)	1,926.1	1,986.0	1,944.2	2,334.7	2,315.6
I. Long-term receivables	4.5	4.4	1.2	1.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.0
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	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	4.5	4.4	1.2	1.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,252.8	1,284.2	1,318.9	1,361.2	1,402.4
1. Tangible fixed assets	1,221.3	1,252.8	1,287.6	1,329.8	1,371.0
- Cost	1,624.4	1,615.3	1,604.6	1,604.1	0.0
- Accumulated depreciation	-403.1	-362.4	-317.1	-274.3	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	31.5	31.4	31.4	31.4	31.4
- Cost	32.1	32.0	32.0	32.0	0.0
- Accumulated depreciation	-0.7	-0.6	-0.6	-0.6	0.0
III. Investment properties	217.1	223.8	194.4	199.7	205.2
- Cost	256.1	256.1	221.1	220.8	0.0
- Accumulated depreciation	-39.0	-32.3	-26.7	-21.2	0.0
IV. Long-term assets in progress	241.0	421.9	391.7	745.5	529.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	241.0	421.9	391.7	745.5	0.0
V. Long-term financial investments	164.0	8.1	8.6	9.1	161.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	164.0	8.1	8.6	9.1	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	46.9	43.6	29.4	18.1	0.0
1. Long-term prepayments	46.3	40.9	29.1	18.0	0.0
2. Deferred income tax assets	0.5	2.7	0.3	0.1	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	16.2
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)	4,130.7	4,401.2	4,657.6	4,839.6	5,039.3
A. LIABILITIES (300=210+330)	3,011.5	3,288.0	3,569.5	3,744.5	3,962.3
I. Short -term liabilities	1,980.6	2,399.8	2,437.9	2,337.5	2,736.3
1. Short-term trade accounts payable	513.7	597.2	800.9	868.9	987.4
2. Short-term advances from customers	454.3	1,111.0	934.5	779.4	1,043.0
3. Taxes and other payables to state authorities	45.2	5.3	2.7	3.4	0.0
4. Payable to employees	11.5	8.0	7.0	8.4	0.0
5. Short-term acrrued expenses	12.4	16.8	13.8	29.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	269.6	275.7	224.6	282.6	0.0
10. Short-term borrowings and financial leases	672.8	385.8	451.9	365.2	378.4
11. Provision for short-term liabilities	—	0.0	1.9	0.0	0.0
12.. Bonus and welfare fund	1.0	0.0	0.6	0.1	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	1,030.9	888.2	1,131.6	1,406.9	1,226.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	703.4	516.8	545.5	481.3	0.0
8. Long-term borrowings and financial leases	327.1	371.2	586.1	925.6	791.8
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	0.4	0.2	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)	1,119.3	1,113.2	1,088.1	1,095.2	1,077.0
I. Owner's equity	1,122.8	1,118.8	1,093.9	1,097.7	0.0
1. Owner's capital	1,037.5	1,037.5	1,037.5	1,017.6	1,076.5
- Common stock with voting right	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,017,565,750,000.00	1,017,565,750,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.9	0.9	0.9	0.9	0.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	18.3	18.3	18.3	17.2	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	46.5	62.1	37.2	42.0	21.8
- Accumulated retained earning at the end of the previous period	19.9	35.4	19.9	19.8	0.4
- Undistributed earnings in this period	26.6	26.7	17.3	22.2	21.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	19.5	0.0	0.0	20.0	20.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	-3.5	-5.6	-5.8	-2.5	0.6
1. Subsidized not-for-profit funds	-3.5	-5.6	-5.8	-2.5	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)	4,130.7	4,401.2	4,657.6	4,839.6	5,039.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	35.3	31.1	17.8	22.2	0.0
Depreciation of Fixed Assets and Investment Property	47.5	51.0	48.4	47.5	0.0
Provision (Increase)/Reversal	10.2	-3.2	-30.6	1.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.7	-3.9	-7.1	-123.3	0.0
Interest Expense	70.2	63.2	90.8	162.8	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	-8.3	0.0	0.0
Operating Profit Before Changes in Working Capital	161.6	138.2	111.0	110.2	0.0
Increase/(Decrease) in Receivables	-56.0	208.3	370.7	-99.5	0.0
Increase/(Decrease) in Inventory	445.3	-60.3	46.0	-46.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-524.5	0.8	76.1	-279.6	0.0
Increase/(Decrease) in Prepaid Expenses	-6.6	-10.9	-11.8	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-70.8	-65.0	-91.4	-157.9	0.0
Corporate Income Tax Paid	-2.1	0.0	0.0	-6.8	0.0
Other Operating Receipts	4.0	0.0	1.3	0.0	0.0
Other Operating Payments	-3.7	-0.6	-5.2	-4.7	0.0
Net Cash Flow from Operating Activities	-52.8	210.5	496.5	-484.2	-362.9
Payments for Fixed Assets and Other Long-term Assets	-17.3	-75.9	-45.4	-221.9	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0	0.7
Loans and Purchases of Debt Instruments	-165.0	0.0	-35.6	-6.2	-649.5
Receipts from Loan Repayments and Sale of Debt Instruments	80.0	20.0	35.5	262.6	945.1
Investments in Other Entities	-156.9	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	185.1	0.0
Dividends and Interest Income Received	3.3	2.2	3.9	90.3	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	-255.9	-53.6	-41.6	309.9	327.0
Proceeds from Equity Issuance and Capital Contributions	19,541,690,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,174.2	392.5	436.5	1,170.2	607.8
Repayment of Borrowings	-931.3	-673.6	-689.3	-1,062.0	-530.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-39.5	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	222.9	-281.0	-252.8	108.2	77.6
Net Cash Flow During the Period	-85.8	-124.1	202.1	-66.2	160.6
Cash and Cash Equivalents at Beginning of Period	354.1	478.2	276.1	342.2	300.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	268.4	354.1	478.2	276.1	342.2

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
Revenue	159.0	751.5	382.3	625.8	189.4	560.0	386.7	335.2	175.1	595.5	282.3	403.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	159.0	751.5	382.3	625.8	189.4	560.0	386.7	335.2	175.1	595.5	282.3	403.2
Cost of Goods Sold	114.8	705.7	333.6	580.7	145.1	535.5	358.6	291.0	136.1	566.1	252.1	362.9
Gross Profit	44.2	45.8	48.8	45.1	44.3	24.4	28.1	44.2	39.1	29.4	30.3	40.3
Financial Income	0.4	2.5	0.1	3.0	0.1	0.5	0.8	2.1	1.0	1.8	1.8	3.3
Financial Expenses	13.5	16.1	10.8	22.8	13.4	22.7	12.3	14.8	13.4	19.5	20.5	26.9
Interest Expense	13.5	16.1	10.8	22.8	13.4	22.7	12.3	14.8	0.0	19.5	20.5	26.9
Share of Associates and Joint Ventures	—	-1.0	—	—	—	-0.2	0.0	-0.2	0.0	0.0	0.0	0.0
Selling Expenses	0.8	0.1	1.0	2.2	0.2	0.0	0.5	6.2	0.1	0.1	0.5	0.0
General and Administrative Expenses	15.0	46.6	20.7	34.2	12.7	24.1	9.6	13.5	12.0	-4.4	12.6	9.2
Operating Profit	15.3	-15.6	16.3	-11.0	18.0	-21.9	6.5	11.6	14.4	16.0	-1.5	7.5
Other Income	0.6	1.7	2.5	25.6	0.4	15.4	1.2	5.0	0.9	1.3	0.5	0.0
Other Expenses	0.0	0.0	0.0	3.0	0.0	0.1	0.0	0.6	0.1	0.1	0.0	0.0
Other Profit	0.6	1.7	2.4	22.7	0.4	15.2	1.2	4.4	0.9	1.3	0.5	-0.0
Profit Before Tax	15.9	-13.9	18.7	11.7	18.4	-6.7	7.7	16.0	15.3	17.2	-1.0	7.5
Current Income Tax Expense	0.1	0.6	0.8	6.4	0.2	3.4	0.1	0.6	1.2	-0.1	0.1	0.6
Deferred Income Tax Expense	-0.1	0.3	-0.0	-0.1	0.0	-1.2	0.0	-0.0	0.0	0.0	0.0	0.0
Net Income	15.9	-14.7	17.9	5.3	18.1	-8.9	7.6	15.4	14.1	17.3	-1.2	6.8
Non-controlling Interest	-0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	15.9	-14.7	17.9	5.3	18.1	-8.9	7.6	15.4	14.1	17.3	-1.2	6.8
Earnings per Share	152.95	-141.87	172.91	51.29	174.88	-86.05	72.94	148.68	135.58	166.67	-11.17	67.28
Diluted EPS	152.95	-141.87	172.91	51.29	174.88	-86.05	72.94	148.68	135.58	166.67	-11.17	67.28

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)	1,948.6	2,232.9	2,110.7	2,059.0	2,444.7	2,480.9	2,469.9	2,470.9	2,442.9	2,699.9	2,719.7	2,191.6
I. Cash and cash equivalents	126.4	268.3	132.4	177.0	258.3	354.1	204.5	220.1	227.4	477.7	418.9	146.3
1. Cash	126.4	126.3	132.4	177.0	178.3	354.1	204.5	220.1	227.4	477.7	418.9	146.3
2. Cash equivalents	—	142.0	—	—	80.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	123.4	98.4	97.2	97.2	97.2	47.2	47.2	47.2	47.2	67.2	67.2	67.2
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	133.6	98.4	97.2	97.2	97.2	47.2	47.2	47.2	47.2	67.2	67.2	67.2
4. Provision for short-term investments held to maturity (*)	-10.2	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	598.7	813.8	749.8	722.2	750.7	776.9	956.8	942.3	914.2	976.8	996.2	1,091.8
1. Short-term trade accounts receivable	275.9	432.2	284.9	230.2	255.7	307.2	383.8	354.8	372.2	459.9	543.3	549.8
2. Short-term prepayments to suppliers	232.6	247.3	361.4	366.9	339.6	317.8	391.5	392.6	338.5	313.6	319.9	342.4
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	—	70.2	35.2	35.2	35.2	35.2	34.6	34.1	33.5	32.9	32.3	31.7
6. Other short-term receivables	94.8	79.0	83.1	114.6	124.8	121.4	152.9	166.8	176.0	176.4	137.9	205.1
7. Provision for short-term doubtful debts (*)	-4.7	-14.9	-14.9	-24.7	-4.7	-4.7	-6.0	-6.0	-6.0	-6.0	-37.3	-37.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,006.7	907.3	1,029.0	943.1	1,242.2	1,163.5	1,159.0	1,139.4	1,155.0	1,044.8	1,124.4	749.0
1. Inventories	1,006.7	907.3	1,029.0	943.1	1,242.2	1,163.5	1,159.0	1,139.4	1,155.0	1,044.8	1,124.4	749.0
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	93.4	145.0	102.3	119.4	96.3	139.3	102.5	121.9	99.1	133.4	113.1	137.3
1. Short-term prepayments	7.5	5.5	6.8	5.2	5.1	4.7	10.2	9.0	7.6	5.3	7.5	9.4
2. Value added tax to be reclaimed	58.0	134.6	82.6	101.5	79.0	122.5	78.3	99.7	76.2	111.8	89.4	111.7
3. Taxes and other receivables from state authorities	27.9	4.9	12.9	12.7	12.2	12.1	14.0	13.2	15.2	16.2	16.3	16.2
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)	1,918.5	1,927.7	1,897.8	2,053.6	2,062.8	2,005.6	1,952.6	1,952.0	1,948.2	2,008.7	1,973.1	2,332.7
I. Long-term receivables	4.6	4.5	4.5	4.5	4.5	4.4	4.4	1.3	1.3	1.2	1.2	1.2
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	4.6	4.5	4.5	4.5	4.5	4.4	4.4	1.3	1.3	1.2	1.2	1.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,241.5	1,252.8	1,261.1	1,270.5	1,274.1	1,284.2	1,293.2	1,305.1	1,306.4	1,318.9	1,329.2	1,339.2
1. Tangible fixed assets	1,210.1	1,221.3	1,229.6	1,239.1	1,242.7	1,252.8	1,261.8	1,273.8	1,275.0	1,287.6	1,297.8	1,307.8
- Cost	1,624.3	—	—	—	—	1,615.3	1,615.3	1,615.6	1,604.6	1,604.6	1,604.6	1,604.2
- Accumulated depreciation	-414.2	—	—	—	—	-362.4	-353.5	-341.8	-329.6	-317.1	-306.8	-296.4
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	31.4	31.5	31.5	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4
- Cost	32.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	216.1	217.1	218.8	220.5	222.1	223.8	190.3	191.6	193.0	194.4	195.8	196.9
- Cost	256.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-40.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	248.7	241.0	228.0	429.7	428.7	441.2	428.8	409.3	403.8	455.7	398.4	769.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	248.7	241.0	228.0	429.7	428.7	441.2	428.8	409.3	403.8	455.7	398.4	769.9
V. Long-term financial investments	164.0	164.0	121.0	91.0	91.0	8.1	8.3	8.3	8.6	9.1	9.1	9.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	164.0	164.0	121.0	91.0	91.0	8.1	8.3	8.3	8.6	9.1	9.1	9.1
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	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	43.5	48.5	64.4	37.4	42.4	43.8	27.6	36.2	35.1	29.3	39.5	16.4
1. Long-term prepayments	42.8	45.7	61.6	34.6	38.9	41.1	25.3	34.6	34.9	29.1	39.3	16.3
2. Deferred income tax assets	0.7	2.7	2.9	2.8	3.5	2.7	2.4	1.6	0.2	0.2	0.2	0.1
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	—	—	—	—	—	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)	3,867.1	4,160.6	4,008.5	4,112.6	4,507.5	4,486.5	4,422.5	4,422.9	4,391.1	4,708.6	4,692.8	4,524.4
A. LIABILITIES (300=210+330)	2,728.4	3,041.0	2,854.9	2,977.4	3,374.8	3,373.2	3,299.1	3,306.4	3,288.2	3,619.1	3,618.9	3,429.6
I. Short -term liabilities	1,800.5	1,996.2	1,929.0	2,043.7	2,357.3	2,455.4	2,327.4	2,321.4	2,146.0	2,487.5	2,405.9	2,148.0
1. Short-term trade accounts payable	426.6	504.0	413.4	417.3	458.9	600.2	579.7	607.8	623.7	800.9	682.4	752.1
2. Short-term advances from customers	505.8	452.5	663.7	828.4	1,190.7	1,114.7	1,201.2	1,173.4	1,002.5	935.0	1,094.7	741.1
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.3	79.6	26.6	46.1	19.6	67.6	31.9	42.7	11.6	53.2	24.8	44.9
4. Payable to employees	10.9	11.0	10.7	8.4	8.5	8.0	7.2	5.5	7.5	7.0	5.4	6.4
5. Short-term acrrued expenses	16.8	6.8	11.2	5.6	4.8	31.2	9.8	3.9	9.9	13.9	15.3	14.4
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	267.6	268.6	235.2	241.5	267.4	276.5	267.4	232.8	215.5	223.2	247.4	248.5
10. Short-term borrowings and financial leases	565.8	672.8	566.3	494.4	407.4	356.1	229.1	254.2	273.2	451.9	335.2	340.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	1.9	1.9	0.0	0.0
12.. Bonus and welfare fund	0.7	1.0	1.8	1.8	0.0	1.0	1.1	1.1	0.1	0.6	0.6	0.6
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	927.9	1,044.7	925.9	933.7	1,017.6	917.8	971.8	985.0	1,142.2	1,131.6	1,213.0	1,281.6
1. Long-term trade payables	—	13.9	—	—	—	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	570.8	703.4	591.6	637.7	599.6	516.8	498.8	501.9	579.1	545.5	536.0	508.0
8. Long-term borrowings and financial leases	356.8	327.1	334.0	295.7	417.8	400.9	472.8	483.2	563.2	586.1	677.1	773.6
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	0.4	0.4	0.2	0.2	0.2	0.2	0.1	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)	1,138.6	1,119.6	1,153.7	1,135.2	1,132.7	1,113.3	1,123.4	1,116.4	1,102.9	1,089.5	1,073.9	1,094.7
I. Owner's equity	1,138.6	1,123.2	1,157.9	1,139.6	1,137.0	1,119.0	1,127.9	1,121.6	1,108.0	1,094.2	1,077.0	1,097.8
1. Owner's capital	1,037.5	1,037.5	1,037.5	1,037.5	1,037.5	1,037.5	1,037.5	1,037.5	1,037.5	1,037.5	1,037.5	1,017.6
- Common stock with voting right	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,037,450,670,000.00	1,017,565,750,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3
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	62.4	46.9	101.2	82.9	80.3	62.3	71.2	64.9	51.3	37.5	20.3	41.0
- Accumulated retained earning at the end of the previous period	46.5	19.9	59.4	59.4	62.1	35.4	35.4	35.4	37.2	19.8	19.8	39.8
- Undistributed earnings in this period	15.9	27.0	41.7	23.5	18.1	26.8	35.8	29.5	14.1	17.7	0.4	1.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	19.5	19.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	20.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	-3.5	-4.2	-4.3	-4.3	-5.7	-4.5	-5.2	-5.1	-4.8	-3.1	-3.1
1. Subsidized not-for-profit funds	—	-3.5	-4.2	-4.3	-4.3	-5.7	-4.5	-5.2	-5.1	-4.8	-3.1	-3.1
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)	3,867.1	4,160.6	4,008.5	4,112.6	4,507.5	4,486.5	4,422.5	4,422.9	4,391.1	4,708.6	4,692.8	4,524.4

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
Profit Before Tax	—	4.8	—	30.5	—	0.0	-30.2	30.2	0.0	17.8	-2.0	2.0
Depreciation of Fixed Assets and Investment Property	—	23.9	—	23.6	—	0.0	-27.5	27.5	0.0	48.4	-24.9	24.9
Provision (Increase)/Reversal	—	0.0	—	10.2	—	0.0	1.9	-1.9	0.0	-30.6	1.3	-1.3
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	1.4	—	-3.1	—	0.0	2.8	-2.8	0.0	-7.1	4.0	-4.0
Interest Expense	—	26.9	—	43.3	—	0.0	-28.2	28.2	0.0	90.8	-50.8	50.8
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	-8.3	0.0	0.0
Operating Profit Before Changes in Working Capital	—	57.1	—	104.5	—	0.0	-81.2	81.2	0.0	111.0	-72.4	72.4
Increase/(Decrease) in Receivables	—	-81.8	—	25.8	—	0.0	-32.2	32.2	0.0	370.7	-264.0	264.0
Increase/(Decrease) in Inventory	—	213.0	—	232.3	—	0.0	33.6	-33.6	0.0	46.0	339.8	-339.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-135.6	—	-388.9	—	0.0	-3.7	3.7	0.0	76.1	227.5	-227.5
Increase/(Decrease) in Prepaid Expenses	—	-11.9	—	5.4	—	0.0	3.3	-3.3	0.0	-11.8	12.7	-12.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-27.3	—	-43.5	—	0.0	29.4	-29.4	0.0	-91.4	50.4	-50.4
Corporate Income Tax Paid	-13.3	-0.1	0.0	0.0	-2.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	501.0	—	—	—	—	646.7	1,034.8	-364.0	365.3	-1,475.8	1,476.7	-508.0
Other Operating Payments	-857.9	1,469.5	-1,472.4	516.4	-517.2	-892.7	-1,652.2	580.1	-582.0	2,180.2	-2,184.1	818.3
Net Cash Flow from Operating Activities	-96.9	111.5	-98.2	-43.7	-22.4	135.4	57.5	108.6	-58.4	25.6	765.8	-568.2
Payments for Fixed Assets and Other Long-term Assets	-1.6	-17.3	14.4	-14.4	-0.0	-30.1	9.1	-28.3	0.0	-45.4	-339.8	339.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	0.9	—	—	0.0	0.0	0.0	0.1	-0.5	0.5	0.0
Loans and Purchases of Debt Instruments	—	-35.0	—	-130.0	—	0.0	1.2	-1.2	0.0	-35.6	35.6	-35.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	—	80.0	—	0.0	-20.0	20.0	0.0	35.5	-35.5	35.5
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	-30.0	30.0	0.0
Dividends and Interest Income Received	0.4	0.1	0.1	3.0	0.1	1.2	0.1	1.4	0.3	0.4	0.9	1.9
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	33.8	-97.1	-14.6	-11.4	-132.8	-28.9	10.4	-28.0	20.3	-75.6	-308.4	341.6
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	124.3	600.2	77.2	325.4	171.4	142.8	-9.3	116.1	19.1	164.3	-15.1	241.0
Repayment of Borrowings	-203.2	-458.7	-9.0	-351.6	-112.1	-99.6	-74.2	-204.0	-231.8	-60.7	-164.0	-171.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-39.5	—	—	—	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	-78.8	121.5	68.2	-26.2	59.3	43.2	-83.5	-87.9	-212.7	103.5	-179.2	69.3
Net Cash Flow During the Period	-141.9	136.0	-44.6	-81.2	-95.9	149.7	-15.7	-7.3	-250.8	53.6	278.3	-157.2
Cash and Cash Equivalents at Beginning of Period	268.4	132.4	177.0	258.3	354.1	478.2	478.2	478.2	478.2	276.1	270.3	276.1
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	126.4	268.4	132.4	177.0	258.3	354.1	204.5	220.1	227.4	478.2	418.9	146.3

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G36

What Is Changing

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Balance Sheet ●

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow