HAH

Vận tải và Xếp dỡ Hải An ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 28.50%, +5.51pp YoY

Price

55,000

Latest close

04 Jun 2026

P/E 7.66x

P/B 1.69x

EPS 7,177

BVPS 32,498

ROE 24.2%

ROA 15.2%

Profit Margin 24.5%

Asset Turnover 0.62x

Equity Mult. 1.59x

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

What Is Changing

On a TTM 2026Q1 basis, HAH has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,187bn
	                                
+16.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,478bn
	                                
+44.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	5,091.1	3,992.1	2,612.7	3,205.6	1,955.3
Growth	+28%	+53%	-18%	+64%	—
Net Income	1,400.9	800.2	357.8	1,040.8	550.6
Net Margin	27.52%	20.05%	13.70%	32.47%	28.16%

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	1,265.0	1,299.6	1,347.7	1,274.7	1,169.1	1,210.7	1,128.6	948.8	704.1	664.8	681.4	611.4
Growth	-3%	-4%	+6%	+9%	-3%	+7%	+19%	+35%	+6%	-2%	+11%	—
Net Income	351.0	360.0	352.9	414.4	273.6	347.9	276.6	126.5	47.3	52.6	112.6	79.7
Net Margin	27.74%	27.70%	26.19%	32.51%	23.40%	28.73%	24.50%	13.33%	6.72%	7.91%	16.52%	13.04%

Drivers of HAH's profit

TTM

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

Gross profit ↑ 529.2bn

Administrative expenses ↓ 61.7bn

Tax ↑ 127.5bn

TTM

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

Gross profit ↑ 109.8bn

Tax ↑ 25.4bn

Minority interests ↑ 10.6bn

Financial income ↓ 7.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 26.4% = 23.0% × 0.65 × 1.75

2026Q1 28.1% = 28.5% × 0.62 × 1.59

ROE rose from 26.4% to 28.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 28.5% +5.5pp Asset turnover: 0.62x -0.04x Leverage: 1.59x -0.16x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 28.50%, rising 5.5pp. The main driver is Gross margin rose 5.3pp and SG&A / Revenue fell 1.9pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.5pp remained a drag).

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

Profitability trend

Net Margin 28.50% +5.5pp

Gross Margin 40.00% +5.3pp

SG&A / Revenue 2.86% −1.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 5.6 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 23.25%, rising 2.0pp. That translates to 23.25 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 5.9pp was enough to offset the decline from capital turnover fell 0.12x, while invested capital expanded strongly by 1,625bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 23.25% +2.0pp

NOPAT Margin 28.91% +5.9pp

Capital Turnover 0.80x −0.12x

Average Invested Capital 6,451.2bn +1,624.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.62x equity, net debt at 0.18x equity.

Over the last 12 months, working capital absorbed 98.3bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +45.9bn

Inventories increased → lower CFO: −93.2bn

Payables decreased → lower CFO: −51.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 5.6 days versus the same period last year. The main moves came from DIO rose 4.3 days, DSO rose 2.5 days, and DPO rose 1.2 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +5.6 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +2.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 23.6 days +2.5 days

Inventory 13.7 days +4.3 days

Payables 25.3 days +1.2 days

Cash Conversion Cycle 11.9 days +5.6 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 0.18x and interest coverage at 12.70x.

At present, short-term debt accounts for 38.6% of total debt, cash equals 42.4% of debt, and total debt stands at 1,929.9bn.

Leverage and liquidity trend

Net Debt / Equity 0.18x −0.09x

Interest Coverage 12.70x +3.58x

Cash / Debt 42.4% −3.2pp

Short-term Debt / Total Debt 38.6% +13.7pp

CFO / NI 1.47x −0.71x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,807.4bn in 2025, against investing cash flow of -2,105.8bn.

Post-investment cash flow was negative +298.3bn. Financing cash flow was negative +88.8bn.

CFO / net income was 1.47x.

After spending +1,172.9bn on fixed-asset investment, the business generated trailing free cash flow of +703.2bn.

Cash Conversion

CFO TTM 1,876.1bn +81.7bn

Cash Capex 1,172.9bn −956.9bn

FCF TTM +703.2bn +1,038.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 5.5 pp. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 28.50% after expanding 5.5pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,091.1	3,992.1	2,612.7	3,205.6	1,955.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	5,091.1	3,992.1	2,612.7	3,205.6	1,955.3
Cost of Goods Sold	3,126.4	2,725.4	2,001.6	1,783.9	0.0
Gross Profit	1,964.7	1,266.7	611.1	1,421.7	714.4
Financial Income	51.9	24.6	30.2	38.7	26.3
Financial Expenses	147.4	118.6	83.7	76.3	-32.9
Interest Expense	131.4	101.2	73.4	57.2	-32.1
Share of Associates and Joint Ventures	26.2	18.3	14.9	29.3	19.3
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	147.2	210.5	125.4	113.8	-85.2
Operating Profit	1,748.2	980.4	447.1	1,299.7	641.9
Other Income	8.1	7.6	14.1	5.6	0.0
Other Expenses	32.7	10.8	11.2	32.9	0.0
Other Profit	-24.6	-3.1	3.0	-27.3	20.4
Profit Before Tax	1,723.5	977.3	450.0	1,272.4	662.3
Current Income Tax Expense	322.6	177.1	92.2	231.6	-111.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1,400.9	800.2	357.8	1,040.8	550.6
Non-controlling Interest	194.4	149.7	-27.1	218.9	105.1
Profit Attributable to Parent	1,206.5	650.5	384.9	821.9	445.5
Earnings per Share	6,830.00	5,055.00	3,315.00	11,306.00	8,750.00
Diluted EPS	6,498.00	5,055.00	3,315.00	11,306.00	9,132.60

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,563.8	1,752.8	1,600.2	1,744.5	1,287.2
I. Cash and cash equivalents	533.6	921.9	245.4	415.5	484.7
1. Cash	431.3	514.9	122.3	291.0	0.0
2. Cash equivalents	102.2	407.0	123.2	124.5	0.0
II. Short-term financial investments	54.0	70.5	72.5	140.1	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	54.0	70.5	72.5	140.1	0.0
III. Short-term receivables	718.4	504.4	1,005.2	978.7	633.0
1. Short-term trade accounts receivable	403.4	332.3	228.0	238.3	0.0
2. Short-term prepayments to suppliers	55.0	14.3	439.9	321.2	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	103.0	38.0	50.0	50.0	0.0
6. Other short-term receivables	197.2	160.1	289.5	371.2	0.0
7. Provision for short-term doubtful debts (*)	-40.2	-40.3	-2.2	-2.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	155.2	87.8	97.1	78.4	48.4
1. Inventories	155.2	87.8	97.1	78.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	102.5	168.2	180.0	131.8	33.7
1. Short-term prepayments	8.9	26.5	15.8	12.4	0.0
2. Value added tax to be reclaimed	93.6	141.6	125.1	101.7	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	39.0	17.7	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)	7,149.8	5,536.7	3,758.8	3,304.9	1,945.1
I. Long-term receivables	781.8	112.9	113.0	112.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
2. Long-term prepayments to suppliers	695.7	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	86.1	112.9	113.0	112.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	5,084.8	4,775.0	3,117.7	2,744.1	1,535.9
1. Tangible fixed assets	4,992.7	4,566.5	2,868.6	2,406.8	1,292.9
- Cost	7,211.0	6,274.0	4,197.2	3,450.4	0.0
- Accumulated depreciation	-2,218.3	-1,707.5	-1,328.7	-1,043.6	0.0
2. Financial leased fixed assets	89.3	204.7	246.0	333.8	239.1
- Cost	444.0	490.8	439.2	439.2	0.0
- Accumulated depreciation	-354.7	-286.1	-193.2	-105.3	0.0
3. Intangible fixed assets	2.8	3.9	3.2	3.5	3.9
- Cost	16.4	16.2	14.4	14.2	0.0
- Accumulated depreciation	-13.6	-12.4	-11.3	-10.7	0.0
III. Investment properties	14.5	0.0	0.0	0.0	0.0
- Cost	25.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.5	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	48.8	20.8	30.2	45.4	6.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	48.8	20.8	30.2	45.4	0.0
V. Long-term financial investments	600.0	173.8	155.4	140.5	147.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	579.5	153.3	135.0	120.0	0.0
3. Investments in other entities	20.4	20.5	20.5	20.5	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	620.0	454.2	342.4	262.1	0.0
1. Long-term prepayments	620.0	381.9	342.4	262.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	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	254.8
5. Goodwill	—	72.3	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,713.6	7,289.5	5,358.9	5,049.4	3,232.3
A. LIABILITIES (300=210+330)	3,318.8	3,317.8	2,188.2	2,162.5	1,330.3
I. Short -term liabilities	1,513.9	1,210.1	937.3	910.3	620.6
1. Short-term trade accounts payable	274.9	205.6	155.5	148.4	78.9
2. Short-term advances from customers	4.1	7.3	1.0	1.4	0.8
3. Taxes and other payables to state authorities	184.0	108.2	96.9	117.6	0.0
4. Payable to employees	48.5	42.9	31.8	39.0	0.0
5. Short-term acrrued expenses	44.5	58.9	18.8	34.2	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	8.4	20.6	4.3	12.5	15.2
9. Other short-term payables	60.8	109.3	108.2	169.3	0.0
10. Short-term borrowings and financial leases	711.0	532.3	394.2	317.7	233.8
11. Provision for short-term liabilities	15.9	9.9	2.6	2.6	0.0
12.. Bonus and welfare fund	161.8	115.1	124.0	67.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,804.9	2,107.7	1,250.9	1,252.2	709.7
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	0.7	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	315.7	309.8	257.6	247.7	0.0
8. Long-term borrowings and financial leases	1,489.2	1,797.9	992.6	1,004.4	558.7
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)	5,394.8	3,971.7	3,170.7	2,886.9	1,902.0
I. Owner's equity	5,394.8	3,971.7	3,170.7	2,886.9	0.0
1. Owner's capital	1,688.6	1,213.4	1,055.2	703.4	1,902.0
- Common stock with voting right	1,688,612,120,000.00	1,213,430,910,000.00	1,055,168,810,000.00	703,446,670,000.00	487,827,510,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	305.7	191.6	191.6	191.6	191.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	404.2	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	791.5	818.6	663.6	390.5	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	1,319.3	1,053.2	750.5	1,025.4	591.8
- Accumulated retained earning at the end of the previous period	112.8	402.7	365.6	203.4	146.2
- Undistributed earnings in this period	1,206.5	650.5	384.9	821.9	445.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	885.5	694.8	509.8	575.9	350.3
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)	8,713.6	7,289.5	5,358.9	5,049.4	3,232.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,723.5	977.3	450.0	1,272.4	662.3
Depreciation of Fixed Assets and Investment Property	588.4	457.2	364.3	278.1	163.5
Provision (Increase)/Reversal	5.9	45.5	0.2	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-4.5	8.5	7.3	13.5	0.0
Gain/Loss from Investment Activities	-51.0	-12.7	-21.8	-25.2	0.0
Interest Expense	131.4	101.2	73.4	57.2	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	2,393.6	1,577.0	873.5	1,595.9	818.0
Increase/(Decrease) in Receivables	-75.0	234.6	21.3	-322.2	0.0
Increase/(Decrease) in Inventory	-67.5	9.3	-18.7	-30.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	75.2	281.9	-17.2	333.0	0.0
Increase/(Decrease) in Prepaid Expenses	-101.5	-50.3	-83.8	-7.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-133.3	-83.4	-75.0	-55.6	0.0
Corporate Income Tax Paid	-274.3	-117.0	-149.7	-209.3	0.0
Other Operating Receipts	—	0.0	0.3	0.0	0.0
Other Operating Payments	-9.8	-45.4	-14.4	-9.6	0.0
Net Cash Flow from Operating Activities	1,807.4	1,806.6	536.3	1,294.7	835.1
Payments for Fixed Assets and Other Long-term Assets	-1,661.7	-2,087.9	-866.0	-1,603.8	-665.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.5	3.2	1.4	0.0	53.0
Loans and Purchases of Debt Instruments	-48.5	-70.5	-43.9	-429.6	-24.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	84.5	111.5	363.8	0.0
Investments in Other Entities	-422.5	0.0	0.0	-17.0	-78.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	25.4	10.0	20.8	25.2	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	-2,105.8	-2,060.8	-776.2	-1,661.3	-695.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	22,593,900,000.00	20,488,500,000.00	98,939,520,415.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	793.6	1,482.6	546.1	716.3	286.6
Repayment of Borrowings	-620.1	-453.9	-399.2	-292.5	-174.0
Repayment of Finance Leases	-105.4	-99.5	-90.3	-76.4	-20.2
Dividends Paid	-156.9	-0.0	-9.8	-68.6	-67.1
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	-88.8	929.2	69.5	299.2	124.3
Net Cash Flow During the Period	-387.1	675.0	-170.4	-67.3	267.8
Cash and Cash Equivalents at Beginning of Period	921.9	245.4	415.5	484.7	221.0
FX Difference from Revaluation	-1.2	1.4	0.4	-1.9	-0.5
Cash and Cash Equivalents at End of Period	533.6	921.9	245.4	415.5	484.7

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	1,265.0	1,299.6	1,347.7	1,274.7	1,169.1	1,210.7	1,128.6	948.8	704.1	664.8	681.4	611.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,265.0	1,299.6	1,347.7	1,274.7	1,169.1	1,210.7	1,128.6	948.8	704.1	664.8	681.4	611.4
Cost of Goods Sold	770.3	782.2	851.8	708.1	784.3	692.4	736.2	698.9	597.9	551.6	523.1	464.2
Gross Profit	494.6	517.4	495.9	566.5	384.8	518.2	392.4	249.9	106.2	113.1	158.2	147.2
Financial Income	5.0	11.9	14.3	13.5	12.1	8.2	7.8	-1.5	10.2	6.9	10.5	7.9
Financial Expenses	34.9	38.5	33.5	39.0	36.5	31.0	34.2	34.9	18.6	24.3	19.5	19.0
Interest Expense	32.6	34.6	30.3	31.3	33.8	31.9	28.0	22.7	18.9	16.8	17.9	19.2
Share of Associates and Joint Ventures	7.1	8.1	7.0	5.7	5.4	6.3	5.8	3.0	3.2	6.7	16.4	0.8
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	34.9	35.5	45.9	32.0	33.8	86.8	45.7	43.7	34.2	33.3	33.9	28.1
Operating Profit	436.9	463.4	437.9	514.8	332.1	414.8	326.0	172.8	66.8	69.2	131.7	108.8
Other Income	0.1	4.5	1.4	0.2	1.9	4.3	0.1	0.3	9.4	7.1	3.3	1.3
Other Expenses	1.1	25.2	4.2	2.2	1.0	0.9	4.7	0.6	10.9	10.0	0.4	0.7
Other Profit	-1.0	-20.8	-2.8	-2.0	0.9	3.3	-4.6	-0.3	-1.5	-2.8	2.9	0.6
Profit Before Tax	435.8	442.6	435.1	512.7	333.1	418.1	321.4	172.5	65.3	66.4	134.6	109.4
Current Income Tax Expense	84.9	82.7	82.2	98.4	59.5	70.3	44.8	46.0	18.0	13.8	22.0	29.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	351.0	360.0	352.9	414.4	273.6	347.9	276.6	126.5	47.3	52.6	112.6	79.7
Non-controlling Interest	51.0	52.4	48.9	52.7	40.4	67.7	77.3	15.8	-11.9	-10.4	6.9	-16.8
Profit Attributable to Parent	300.0	307.6	304.0	361.6	233.2	280.2	199.3	110.7	59.2	63.0	105.7	96.5
Earnings per Share	1,648.00	1,746.00	1,741.00	2,042.00	1,772.00	3,672.00	1,575.00	865.00	513.00	545.00	922.00	1,263.00
Diluted EPS	1,670.00	1,584.00	1,612.00	1,896.00	1,772.00	4,986.00	1,575.00	865.00	513.00	545.00	922.00	1,263.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,771.8	1,563.8	2,475.5	2,293.1	1,840.7	1,752.8	1,664.0	1,558.3	1,938.8	1,596.9	1,844.5	1,779.6
I. Cash and cash equivalents	817.5	533.6	856.7	929.1	1,045.0	921.9	774.8	368.1	631.8	245.4	310.6	377.6
1. Cash	772.7	431.3	650.5	417.7	637.0	514.9	442.3	259.1	620.8	122.3	218.6	208.6
2. Cash equivalents	44.8	102.2	206.2	511.4	408.0	407.0	332.5	109.0	11.0	123.2	92.0	169.0
II. Short-term financial investments	195.9	54.0	37.5	75.5	70.5	70.5	30.5	33.5	63.5	72.5	117.5	120.1
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	195.9	54.0	37.5	75.5	70.5	70.5	30.5	33.5	63.5	72.5	117.5	120.1
III. Short-term receivables	496.1	718.4	1,351.7	1,032.2	507.0	504.4	604.5	882.1	986.6	1,005.2	1,204.0	1,072.2
1. Short-term trade accounts receivable	341.7	403.4	403.1	418.3	329.5	332.3	312.0	318.3	185.1	228.0	261.7	200.8
2. Short-term prepayments to suppliers	17.5	55.0	765.3	399.6	19.4	14.3	17.5	275.0	443.5	439.9	626.9	506.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	103.0	103.0	106.0	38.0	38.0	48.0	48.4	50.0	50.0	50.0	50.0
6. Other short-term receivables	177.0	197.2	120.4	148.4	160.1	160.1	229.1	242.6	310.2	289.5	267.4	317.5
7. Provision for short-term doubtful debts (*)	-40.2	-40.2	-40.1	-40.1	-40.1	-40.3	-2.1	-2.3	-2.1	-2.2	-2.1	-2.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	163.1	155.2	137.6	154.4	69.9	87.8	75.1	72.9	80.1	93.3	85.1	84.9
1. Inventories	163.1	155.2	137.6	154.4	69.9	87.8	75.1	72.9	80.1	93.3	85.1	84.9
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	99.2	102.5	91.9	101.9	148.3	168.2	179.2	201.7	176.8	180.5	127.3	124.8
1. Short-term prepayments	17.1	8.9	13.6	9.1	27.0	26.5	27.6	19.8	17.1	19.6	12.7	11.2
2. Value added tax to be reclaimed	82.0	93.6	78.2	92.7	121.2	141.6	150.0	165.4	118.5	125.1	80.1	83.5
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.1	0.1	1.6	16.6	41.2	35.7	34.5	30.2
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)	7,161.5	7,149.8	5,789.8	5,836.0	5,998.2	5,536.7	4,979.9	4,367.0	3,840.7	3,772.2	3,231.1	3,216.4
I. Long-term receivables	781.8	781.8	112.9	112.9	112.9	112.9	112.9	112.9	112.9	113.0	113.0	113.0
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	695.7	695.7	—	—	—	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	86.1	86.1	112.9	112.9	112.9	112.9	112.9	112.9	112.9	113.0	113.0	113.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4,931.2	5,084.8	4,795.0	4,942.9	5,134.1	4,775.0	4,204.6	3,563.4	3,096.4	3,117.7	2,559.3	2,584.4
1. Tangible fixed assets	4,862.6	4,992.7	4,681.6	4,805.9	4,949.5	4,566.5	3,971.3	3,352.2	2,787.8	2,868.6	2,288.2	2,291.2
- Cost	7,219.7	—	—	—	—	6,274.0	5,567.3	4,835.8	4,183.6	4,197.2	3,542.9	3,474.0
- Accumulated depreciation	-2,357.2	—	—	—	—	-1,707.5	-1,596.0	-1,483.6	-1,395.8	-1,328.7	-1,254.7	-1,182.8
2. Financial leased fixed assets	66.0	89.3	110.4	133.6	180.9	204.7	229.2	206.7	224.0	246.0	268.0	289.9
- Cost	444.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-378.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.6	2.8	3.1	3.4	3.7	3.9	4.2	4.5	84.6	3.2	3.2	3.3
- Cost	16.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	14.0	14.5	14.9	15.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	25.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.9	48.8	89.7	45.9	58.6	20.8	18.8	22.3	55.8	30.2	51.0	88.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.9	48.8	89.7	45.9	58.6	20.8	18.8	22.3	55.8	30.2	51.0	88.2
V. Long-term financial investments	747.2	600.0	191.8	183.3	179.1	173.8	167.5	161.7	158.7	168.8	162.1	145.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	726.6	579.5	171.4	162.8	158.7	153.3	147.0	141.2	138.2	148.4	141.6	125.2
3. Investments in other entities	20.6	20.4	20.5	20.5	20.5	20.5	20.5	20.5	20.5	20.5	20.5	20.5
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	686.4	620.0	585.4	535.5	513.5	454.2	476.1	506.8	338.7	342.4	345.6	285.0
1. Long-term prepayments	686.4	620.0	585.4	535.5	513.5	381.9	401.8	430.6	338.7	342.4	345.6	285.0
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	—	—	—	—	—	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)	—	—	—	—	—	72.3	74.3	76.2	78.2	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,933.3	8,713.6	8,265.3	8,129.1	7,839.0	7,289.5	6,644.0	5,925.4	5,779.5	5,369.1	5,075.6	4,996.0
A. LIABILITIES (300=210+330)	2,894.0	3,318.8	3,230.4	3,318.9	3,339.2	3,317.8	3,020.1	2,570.1	2,516.0	2,183.0	1,942.1	1,936.0
I. Short -term liabilities	1,373.7	1,513.9	1,479.1	1,450.5	1,305.1	1,210.1	1,024.0	1,025.5	849.6	889.3	864.1	844.0
1. Short-term trade accounts payable	231.9	274.9	245.5	252.4	200.3	205.6	196.2	211.8	184.7	155.5	172.8	134.3
2. Short-term advances from customers	12.5	4.1	29.6	2.9	13.8	7.3	2.2	1.8	0.6	1.0	1.3	1.2
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	84.3	184.0	184.9	163.2	70.7	108.2	41.1	30.0	16.7	91.7	72.3	52.9
4. Payable to employees	19.3	48.5	53.4	41.1	21.0	42.9	43.5	33.7	18.0	31.8	24.1	18.8
5. Short-term acrrued expenses	34.9	44.5	45.5	59.9	155.5	58.9	87.6	57.5	43.8	18.8	32.2	22.7
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	15.9	8.4	6.9	16.8	35.6	20.6	15.5	20.5	5.0	4.3	18.9	17.8
9. Other short-term payables	64.5	60.8	99.0	101.0	111.8	109.3	80.7	96.2	117.7	108.3	107.9	157.7
10. Short-term borrowings and financial leases	745.5	711.0	640.1	634.8	571.7	532.3	429.9	432.9	352.7	351.4	301.7	327.0
11. Provision for short-term liabilities	15.8	15.9	11.6	13.7	11.6	9.9	2.6	2.6	2.6	2.6	2.6	2.6
12.. Bonus and welfare fund	149.2	161.8	162.6	164.7	113.0	115.1	124.7	138.5	107.8	124.0	130.2	108.9
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	1,520.3	1,804.9	1,751.4	1,868.4	2,034.0	2,107.7	1,996.1	1,544.6	1,666.4	1,293.7	1,078.0	1,092.0
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	2.7	2.0	1.3	0.7	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	335.9	315.7	309.8	309.8	309.8	309.8	309.8	257.6	257.6	257.6	247.7	247.7
8. Long-term borrowings and financial leases	1,184.4	1,489.2	1,441.6	1,558.6	1,724.2	1,797.9	1,683.7	1,284.9	917.5	1,035.4	830.2	844.3
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	490.0	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)	6,039.4	5,394.8	5,034.8	4,810.2	4,499.8	3,971.7	3,623.8	3,355.3	3,263.5	3,186.1	3,133.6	3,060.0
I. Owner's equity	6,039.4	5,394.8	5,034.8	4,810.2	4,499.8	3,971.7	3,623.8	3,355.3	3,263.5	3,186.1	3,133.6	3,060.0
1. Owner's capital	1,858.4	1,688.6	1,688.6	1,298.9	1,298.9	1,213.4	1,213.4	1,055.2	1,055.2	1,055.2	1,055.2	703.4
- Common stock with voting right	1,858,404,010,000.00	1,688,612,120,000.00	1,688,612,120,000.00	1,298,944,180,000.00	1,298,944,180,000.00	1,213,430,910,000.00	1,213,430,910,000.00	1,055,168,810,000.00	1,055,168,810,000.00	1,055,168,810,000.00	1,055,168,810,000.00	703,446,670,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	429.5	305.7	305.7	305.7	309.1	191.6	191.6	191.6	191.6	191.6	191.6	191.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	404.2	404.2	404.2	404.2	—	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	791.5	791.5	791.5	791.5	824.1	818.6	818.6	811.5	663.6	663.6	663.6	599.7
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	1,619.2	1,319.3	1,011.7	1,225.6	1,287.0	1,053.2	773.0	740.4	812.1	752.9	689.9	964.8
- Accumulated retained earning at the end of the previous period	1,319.2	112.8	112.8	630.7	1,053.8	402.7	402.7	570.4	752.9	368.0	368.0	749.3
- Undistributed earnings in this period	300.0	1,206.5	898.9	594.8	233.2	650.5	370.3	170.0	59.2	384.9	321.9	215.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	936.4	885.5	833.1	784.2	780.5	694.8	627.1	556.6	541.0	522.9	533.3	600.4
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)	8,933.3	8,713.6	8,265.3	8,129.1	7,839.0	7,289.5	6,644.0	5,925.4	5,779.5	5,369.1	5,075.6	4,996.0

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	435.8	442.6	435.1	512.7	333.1	418.1	321.4	172.5	65.3	53.0	134.6	109.4
Depreciation of Fixed Assets and Investment Property	160.3	150.5	150.8	147.1	139.9	131.1	134.4	106.7	100.4	114.7	72.8	94.3
Provision (Increase)/Reversal	-0.1	4.3	-2.1	2.1	1.5	45.4	-0.2	0.2	-0.1	0.1	0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	-1.2	-4.2	6.5	-6.5	-0.3	2.3	5.5	12.0	-7.0	8.4	-1.1	-0.7
Gain/Loss from Investment Activities	-1.2	-29.3	-10.4	-3.5	-7.8	-6.0	-3.8	2.2	-8.2	-6.2	-7.1	-4.5
Interest Expense	32.6	34.6	30.3	32.6	33.8	31.9	28.0	22.4	18.9	16.7	17.9	19.2
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	626.2	728.4	480.4	684.6	500.2	622.8	485.3	316.0	169.3	186.7	217.1	217.9
Increase/(Decrease) in Receivables	180.4	643.6	-313.8	-464.2	59.4	25.9	-27.7	-65.9	-2.9	-69.5	35.0	5.8
Increase/(Decrease) in Inventory	-7.8	-17.6	16.8	-84.5	17.9	-12.7	-1.3	6.3	17.0	-12.0	-0.2	-14.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	63.6	-703.6	333.1	255.7	189.9	38.7	-39.7	134.7	37.3	-353.0	313.7	38.4
Increase/(Decrease) in Prepaid Expenses	-66.4	-57.6	-54.4	142.5	-132.1	19.9	13.9	-87.5	2.4	0.1	-62.2	-33.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-40.6	-27.1	-35.7	-30.3	-40.3	-24.7	-28.1	-10.8	-20.3	-16.7	-11.1	-26.1
Corporate Income Tax Paid	-183.9	-91.7	-64.0	-16.1	-102.5	-1.9	-21.6	-8.2	-85.4	-0.7	-10.7	-26.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	-0.3	0.3
Other Operating Payments	-12.4	6.4	-9.3	-4.7	-2.2	-9.5	-15.9	-3.8	-16.2	-6.5	-0.6	-2.5
Net Cash Flow from Operating Activities	559.1	480.9	353.0	483.2	490.4	658.5	364.9	280.7	101.3	-271.3	480.7	158.9
Payments for Fixed Assets and Other Long-term Assets	-56.7	-378.7	-363.3	-374.2	-545.5	-708.7	-364.7	-510.8	-113.9	-453.0	-157.7	-107.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	3.1	—	-3.1	1.5	0.2	6.1	-4.7	9.4	0.4	0.1	-0.8
Loans and Purchases of Debt Instruments	-102.3	-16.5	41.0	-2.5	-70.5	-40.0	3.0	-7.5	-26.0	-66.5	63.6	-61.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	70.5	10.0	0.4	39.1	35.0	111.5	-61.0	61.0
Investments in Other Entities	-140.1	—	—	—	—	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	0.0
Dividends and Interest Income Received	1.2	2.4	9.5	6.1	7.4	5.9	4.1	0.8	2.3	6.5	6.8	5.2
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	-298.0	-791.2	-311.2	-466.7	-536.6	-732.6	-351.2	-483.2	-93.3	-401.1	-148.2	-102.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	22,593,900,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	232.3	336.8	76.6	44.9	335.2	372.3	550.9	33.4	524.8	350.0	99.9	32.6
Repayment of Borrowings	-183.4	-191.8	-129.9	-125.5	-140.5	-129.4	-129.2	-72.0	-121.5	-124.6	-72.2	-112.8
Repayment of Finance Leases	-25.8	-26.4	-27.2	-25.6	-26.2	-26.0	-25.7	-22.7	-25.1	-22.4	-23.1	0.6
Dividends Paid	—	-129.9	0.0	-27.0	—	0.0	0.0	-0.0	0.0	405.3	-405.3	-0.2
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	23.1	-11.3	-112.8	-133.2	168.5	216.9	396.0	-61.3	378.2	608.4	-400.8	-57.2
Net Cash Flow During the Period	284.1	-321.7	-71.0	-116.7	122.3	142.8	409.7	-263.8	386.1	-64.0	-68.3	-1.2
Cash and Cash Equivalents at Beginning of Period	533.6	856.7	929.1	1,045.0	921.9	245.4	245.4	245.4	245.4	415.5	415.5	415.5
FX Difference from Revaluation	-0.2	-1.2	0.3	1.6	0.9	4.3	-3.0	0.0	0.2	-1.2	1.3	1.0
Cash and Cash Equivalents at End of Period	817.5	533.6	856.7	929.1	1,045.0	921.9	774.8	368.1	631.8	245.4	310.6	377.6

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HAH

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