HAN

Tổng Công ty Xây dựng Hà Nội - CTCP ·UPCOM ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 0.79x

Price

8,000

Latest close

02 Jun 2026

P/E 22.13x

P/B 0.64x

EPS 361

BVPS 12,581

ROE 3.0%

ROA 0.8%

Profit Margin 1.8%

Asset Turnover 0.44x

Equity Mult. 3.85x

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

What Is Changing

On a TTM 2026Q1 basis, HAN is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,898bn
	                                
−0.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 58bn
	                                
−16.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    48.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	3,214.8	2,597.5	2,966.4	3,217.3	2,452.5
Growth	+24%	-12%	-8%	+31%	—
Net Income	68.0	66.5	47.0	67.3	42.1
Net Margin	2.11%	2.56%	1.58%	2.09%	1.72%

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	496.8	904.4	605.4	891.4	866.5	1,075.7	281.5	701.9	539.6	1,665.4	402.1	730.3
Growth	-45%	+49%	-32%	+3%	-19%	+282%	-60%	+30%	-68%	+314%	-45%	—
Net Income	7.1	25.9	5.6	19.8	3.4	19.5	25.1	21.7	1.5	28.4	10.3	8.7
Net Margin	1.43%	2.86%	0.92%	2.22%	0.39%	1.82%	8.91%	3.10%	0.29%	1.70%	2.56%	1.19%

Drivers of HAN's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Financial income ↑ 78.2bn

Tax ↓ 26.2bn

Minority interests ↓ 7.0bn

Gross profit ↓ 60.0bn

Finance costs ↑ 22.0bn

Other profit ↓ 21.9bn

TTM

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

Gross profit ↑ 11.8bn

Financial income ↑ 0.1bn

Administrative expenses ↑ 4.8bn

Finance costs ↑ 3.2bn

Minority interests ↑ 2.6bn

Tax ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.3% = 2.4% × 0.47 × 3.80

2026Q1 3.4% = 2.0% × 0.44 × 3.85

ROE fell from 4.3% to 3.4% — asset turnover weakened the most, though leverage still provided support.

Net margin: 2.0% -0.4pp Asset turnover: 0.44x -0.03x Leverage: 3.85x +0.05x

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 2.01%, falling 0.4pp. The main pressure comes from Gross margin fell 2.0pp and SG&A / Revenue rose 0.4pp (in addition, Net financial result / Revenue rose 1.9pp added support while Other profit / Revenue fell 0.7pp 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 2.01% −0.4pp

Gross Margin 4.98% −2.0pp

SG&A / Revenue 4.07% +0.4pp

Non-core / Revenue 1.32% +1.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 59.2% of PBT and lifted net margin by 1.2pp — 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 2.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC stands at 2.26%, broadly flat versus the same period. That translates to 2.26 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.08x, while invested capital rose by 110bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 2.26% −0.0pp

NOPAT Margin 1.79% +0.1pp

Capital Turnover 1.26x −0.08x

Average Invested Capital 2,295.2bn +110.2bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 3.19x equity, net debt at 0.40x equity.

Inventory ended the period at 1,578.3bn, roughly 22.8% of total assets.

Over the last 12 months, working capital absorbed 638.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −1,128.3bn

Inventories increased → lower CFO: −315.9bn

Payables increased → higher CFO: +806.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 21.9 days versus the same period last year. The main moves came from DIO rose 6.3 days, DSO rose 16.2 days, and DPO rose 0.7 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 311.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +16.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 244.5 days +16.2 days

Inventory 215.9 days +6.3 days

Payables 149.4 days +0.7 days

Cash Conversion Cycle 311.0 days +21.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 697.1bn due to capex of 90.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.40x and interest coverage only at 0.79x.

At present, short-term debt accounts for 87.8% of total debt, cash equals 25.6% of debt, and total debt stands at 957.9bn.

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 0.79x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 87.8% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.40x +0.12x

Interest Coverage 0.79x −0.64x

Cash / Debt 25.6% −12.2pp

Short-term Debt / Total Debt 87.8% −12.1pp

CFO / NI -11.89x −12.87x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -370.0bn in 2025, against investing cash flow of 257.0bn.

Post-investment cash flow was negative +113.0bn. Financing cash flow was positive +166.2bn.

CFO / net income was -11.89x.

After spending +90.6bn on fixed-asset investment, the business generated trailing free cash flow of −697.1bn.

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

Cash Conversion

CFO TTM 606.5bn −660.9bn

Cash Capex 90.6bn +88.5bn

FCF TTM −697.1bn −749.4bn

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 0.79x. The next watchpoint is the earnings mix, when non-core contribution is 48.1%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 48.1% of PBT and CFO / net income currently at -11.89x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.79x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,215.2	2,597.5	2,967.1	3,217.5	2,452.7
Revenue Deductions	0.4	0.1	0.7	0.2	0.0
Net Revenue	3,214.8	2,597.5	2,966.4	3,217.3	2,452.5
Cost of Goods Sold	3,070.7	2,410.7	2,758.0	2,968.6	0.0
Gross Profit	144.2	186.8	208.3	248.7	209.3
Financial Income	97.7	25.9	13.4	12.4	14.5
Financial Expenses	56.4	51.5	51.0	21.6	-28.4
Interest Expense	54.4	51.3	51.0	21.6	-28.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.0	0.0	0.0	0.2	-0.0
General and Administrative Expenses	108.4	85.8	99.9	119.0	-110.4
Operating Profit	76.0	75.3	70.8	120.3	85.0
Other Income	103.9	124.4	27.9	30.9	0.0
Other Expenses	100.7	97.4	28.1	46.4	0.0
Other Profit	3.2	27.0	-0.2	-15.5	-11.7
Profit Before Tax	79.3	102.3	70.6	104.8	73.3
Current Income Tax Expense	6.7	35.8	23.6	37.5	-31.2
Deferred Income Tax Expense	4.6	0.0	0.0	0.0	0.0
Net Income	68.0	66.5	47.0	67.3	42.1
Non-controlling Interest	3.9	13.3	3.1	5.6	-0.9
Profit Attributable to Parent	64.0	53.2	43.9	61.7	43.0
Earnings per Share	448.00	374.00	319.00	435.00	162.00
Diluted EPS	454.04	377.27	311.42	437.68	305.01

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,694.6	5,064.2	5,478.4	6,265.9	5,644.8
I. Cash and cash equivalents	491.7	438.5	598.9	519.9	257.5
1. Cash	478.8	402.5	562.9	493.2	0.0
2. Cash equivalents	13.0	36.0	36.0	26.7	0.0
II. Short-term financial investments	6.7	47.7	44.8	82.3	0.0
1. Available for sale securities	0.1	0.1	0.1	0.1	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	6.6	47.6	44.7	82.2	0.0
III. Short-term receivables	3,453.7	2,876.6	3,119.3	4,005.7	3,796.7
1. Short-term trade accounts receivable	2,156.6	1,885.4	2,019.1	2,794.4	0.0
2. Short-term prepayments to suppliers	908.9	654.1	595.2	749.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	576.5	506.9	667.6	621.1	0.0
7. Provision for short-term doubtful debts (*)	-188.2	-169.8	-162.6	-159.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,578.3	1,566.6	1,610.4	1,642.5	1,491.4
1. Inventories	1,578.4	1,566.6	1,610.4	1,642.5	0.0
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	-0.0	0.0
V. Other short-term assets	164.1	134.8	105.1	15.6	40.4
1. Short-term prepayments	1.3	2.3	2.7	3.1	0.0
2. Value added tax to be reclaimed	115.4	104.8	92.6	11.8	0.0
3. Taxes and other receivables from state authorities	47.4	27.7	9.8	0.7	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)	1,241.8	1,366.3	1,292.2	1,326.4	1,393.0
I. Long-term receivables	2.7	2.7	2.7	2.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.0
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	2.7	2.7	2.7	2.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	45.1	51.2	57.6	54.6	49.9
1. Tangible fixed assets	42.6	48.4	54.5	53.2	48.0
- Cost	179.8	180.6	181.0	175.9	0.0
- Accumulated depreciation	-137.2	-132.2	-126.4	-122.7	0.0
2. Financial leased fixed assets	0.3	1.0	1.7	0.0	0.0
- Cost	2.0	2.0	2.0	0.0	0.0
- Accumulated depreciation	-1.7	-1.0	-0.4	0.0	0.0
3. Intangible fixed assets	2.2	1.8	1.4	1.4	1.9
- Cost	2.8	2.3	1.9	1.9	0.0
- Accumulated depreciation	-0.6	-0.6	-0.5	-0.5	0.0
III. Investment properties	512.9	506.6	426.4	437.7	451.6
- Cost	708.3	678.3	553.9	552.5	0.0
- Accumulated depreciation	-195.5	-171.7	-127.4	-114.8	0.0
IV. Long-term assets in progress	10.9	4.7	0.6	1.6	10.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	10.9	4.7	0.6	1.6	0.0
V. Long-term financial investments	664.9	795.2	795.2	795.2	824.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	346.6	377.0	377.0	377.0	0.0
3. Investments in other entities	364.3	457.0	457.0	457.0	0.0
4. Provision for diminution in value of long-term investments	-46.0	-38.8	-38.8	-38.8	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	5.4	5.9	9.7	35.3	0.0
1. Long-term prepayments	5.0	5.6	9.4	34.9	0.0
2. Deferred income tax assets	0.4	0.4	0.4	0.4	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	55.2
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)	6,936.4	6,430.5	6,770.6	7,592.3	7,037.8
A. LIABILITIES (300=210+330)	5,281.0	4,793.6	5,153.5	5,958.1	5,408.9
I. Short -term liabilities	5,055.6	4,646.9	4,792.6	4,749.7	4,532.6
1. Short-term trade accounts payable	1,129.5	1,245.0	1,223.8	1,085.5	971.7
2. Short-term advances from customers	850.0	504.7	709.5	352.6	411.0
3. Taxes and other payables to state authorities	108.1	140.7	137.6	205.8	0.0
4. Payable to employees	19.9	16.2	16.4	23.0	0.0
5. Short-term acrrued expenses	1,331.0	1,238.3	1,192.1	1,431.6	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	126.0	126.4	126.5	184.2	159.6
9. Other short-term payables	545.8	564.3	557.4	515.5	0.0
10. Short-term borrowings and financial leases	925.5	795.5	806.4	928.8	901.9
11. Provision for short-term liabilities	7.1	5.3	11.5	12.6	0.0
12.. Bonus and welfare fund	12.8	10.5	11.4	10.0	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	225.4	146.8	361.0	1,208.4	876.3
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	141.1	145.0	358.7	1,207.5	732.3
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	78.8	0.8	1.3	0.0	134.9
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	4.6	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.8	0.8	0.8	0.8	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)	1,655.4	1,636.9	1,617.1	1,634.2	1,628.9
I. Owner's equity	1,655.4	1,636.9	1,617.1	1,634.2	0.0
1. Owner's capital	1,410.5	1,410.5	1,410.5	1,410.5	1,628.9
- Common stock with voting right	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	3.9	3.9	3.9	3.9	3.9
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-37.3	-37.3	-37.3	-37.3	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	72.1	70.7	69.9	66.7	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	58.3	39.9	30.7	49.4	45.4
- Accumulated retained earning at the end of the previous period	-5.7	-13.6	-13.2	-12.3	4.4
- Undistributed earnings in this period	64.0	53.5	43.9	61.7	41.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	147.9	149.2	139.5	141.2	140.4
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)	6,936.4	6,430.5	6,770.6	7,592.3	7,037.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	79.3	102.3	70.6	104.8	73.3
Depreciation of Fixed Assets and Investment Property	33.4	20.7	18.8	20.8	20.8
Provision (Increase)/Reversal	16.3	7.2	3.5	9.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-97.7	-26.1	-13.7	-13.0	0.0
Interest Expense	54.4	51.3	51.0	21.6	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	85.7	155.4	130.3	143.2	111.1
Increase/(Decrease) in Receivables	-592.2	179.1	795.8	-194.5	0.0
Increase/(Decrease) in Inventory	-108.3	74.9	32.1	-154.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	332.8	-650.8	-675.9	667.5	0.0
Increase/(Decrease) in Prepaid Expenses	1.6	4.2	25.9	20.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-54.4	-50.1	-58.7	-21.6	0.0
Corporate Income Tax Paid	-31.2	-10.4	-36.6	-32.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.0	-5.2	-4.0	-2.6	0.0
Net Cash Flow from Operating Activities	-370.0	-302.8	208.9	426.1	-48.4
Payments for Fixed Assets and Other Long-term Assets	-9.4	-6.4	-8.1	-3.7	-18.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.4	0.2	0.6	4.3
Loans and Purchases of Debt Instruments	-15.0	-71.7	0.0	-6.1	-38.0
Receipts from Loan Repayments and Sale of Debt Instruments	56.0	68.9	37.4	5.6	34.8
Investments in Other Entities	—	0.0	0.0	-0.7	-0.3
Proceeds from Investments in Other Entities	175.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	50.4	52.1	21.5	12.5	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	257.0	43.3	51.1	8.4	2.8
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	1,321.2	1,090.7	1,041.5	800.0	1,206.5
Repayment of Borrowings	-1,113.1	-935.8	-1,162.5	-908.1	-1,030.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-41.8	-55.8	-59.9	-64.1	-118.3
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	166.2	99.2	-181.0	-172.1	58.0
Net Cash Flow During the Period	53.2	-160.3	79.0	262.4	65.4
Cash and Cash Equivalents at Beginning of Period	438.5	598.9	519.9	257.5	245.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	491.7	438.5	598.9	519.9	257.5

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	496.8	904.8	605.4	891.4	866.5	1,075.8	281.5	701.9	539.6	1,665.4	402.8	730.3
Revenue Deductions	—	0.4	—	—	—	0.1	0.0	0.0	0.0	0.0	0.7	0.0
Net Revenue	496.8	904.4	605.4	891.4	866.5	1,075.7	281.5	701.9	539.6	1,665.4	402.1	730.3
Cost of Goods Sold	433.3	873.0	571.3	876.1	814.8	970.2	265.4	670.8	507.2	1,525.1	373.8	702.3
Gross Profit	63.5	31.4	34.1	15.3	51.7	105.5	16.0	31.1	32.5	140.3	28.3	28.0
Financial Income	1.2	55.9	8.4	38.9	1.1	1.0	8.1	16.0	1.0	2.7	1.0	8.4
Financial Expenses	14.8	31.5	14.4	12.6	11.6	18.5	9.6	11.6	11.5	33.0	6.2	8.2
Interest Expense	9.4	17.3	14.3	12.5	11.6	18.5	9.6	11.6	11.5	33.0	6.2	8.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	43.1	27.7	25.2	21.9	38.4	31.7	16.6	18.4	17.8	62.0	11.7	15.4
Operating Profit	6.8	28.1	3.0	19.8	1.9	56.3	-2.1	17.1	4.1	48.0	11.3	12.8
Other Income	12.1	30.7	25.0	20.9	31.1	32.0	50.9	79.9	10.2	8.3	9.4	5.9
Other Expenses	10.0	29.7	21.4	20.5	29.0	40.2	23.3	72.3	9.3	7.4	9.6	7.7
Other Profit	2.1	1.0	3.6	0.4	2.1	-8.2	27.6	7.5	0.9	0.9	-0.1	-1.8
Profit Before Tax	8.8	29.1	6.6	20.2	3.9	48.2	25.6	24.7	5.0	48.9	11.2	10.9
Current Income Tax Expense	1.7	3.2	1.0	0.4	0.6	28.6	0.5	2.9	3.4	20.5	0.9	2.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.1	25.9	5.6	19.8	3.4	19.5	25.1	21.7	1.5	28.4	10.3	8.7
Non-controlling Interest	2.8	3.0	1.5	-0.0	0.2	0.2	11.6	2.3	-0.2	2.1	1.1	-0.1
Profit Attributable to Parent	4.3	22.9	4.1	19.8	3.1	19.4	13.5	19.4	1.7	26.2	9.2	8.8
Earnings per Share	30.33	162.18	28.92	140.00	22.00	137.00	95.90	137.71	12.00	185.00	65.00	62.33
Diluted EPS	30.33	162.18	28.92	140.31	22.23	137.24	95.90	137.71	12.16	185.83	64.88	62.33

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)	5,910.9	5,704.7	4,890.4	5,070.8	4,705.0	5,070.5	5,076.2	4,926.0	5,025.3	5,484.9	6,442.9	6,180.7
I. Cash and cash equivalents	245.2	477.0	197.7	320.6	280.4	443.2	159.8	186.4	158.8	576.8	151.1	248.9
1. Cash	232.2	478.0	184.7	307.6	266.1	407.2	123.9	150.4	122.8	563.9	151.1	236.0
2. Cash equivalents	13.0	-1.0	13.0	13.0	14.3	36.0	36.0	36.0	36.0	13.0	0.0	13.0
II. Short-term financial investments	56.4	6.7	11.7	8.7	24.7	47.7	52.9	34.9	39.9	67.8	67.8	70.9
1. Available for sale securities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	56.3	6.6	11.6	8.6	24.6	47.6	52.8	34.8	39.8	67.7	67.7	70.8
III. Short-term receivables	3,712.3	3,463.7	3,012.3	3,013.6	2,710.4	2,878.6	2,919.5	3,039.1	3,112.7	3,118.5	3,803.7	3,707.9
1. Short-term trade accounts receivable	2,151.4	2,154.8	1,915.1	1,981.1	1,730.6	1,887.4	1,919.1	1,965.2	1,928.2	2,023.1	2,224.8	2,389.5
2. Short-term prepayments to suppliers	1,037.5	908.9	724.0	671.6	639.3	657.5	654.5	749.4	660.8	596.2	656.9	782.4
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	—	14.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	736.2	574.2	562.0	545.0	524.7	503.4	508.5	487.1	686.2	661.7	1,080.2	651.9
7. Provision for short-term doubtful debts (*)	-212.7	-188.2	-188.7	-184.1	-184.1	-169.8	-162.6	-162.6	-162.6	-162.6	-158.3	-159.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	43.2
IV. Inventories	1,718.0	1,591.7	1,505.0	1,562.0	1,539.6	1,566.4	1,787.8	1,548.5	1,585.1	1,616.7	2,320.1	2,074.5
1. Inventories	1,718.1	1,591.7	1,505.1	1,562.0	1,539.7	1,566.5	1,787.8	1,548.5	1,585.2	1,616.8	2,320.2	2,074.6
2. Provision for decline in value of inventories	-0.0	-0.0	-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	179.0	165.7	163.7	166.0	149.9	134.6	156.1	117.0	128.7	105.0	100.2	78.5
1. Short-term prepayments	1.3	1.2	2.2	2.9	4.2	1.8	2.5	4.3	2.9	2.7	3.3	4.3
2. Value added tax to be reclaimed	122.9	116.2	115.6	116.6	113.3	104.9	124.3	84.9	105.1	92.5	63.9	32.5
3. Taxes and other receivables from state authorities	54.8	48.2	45.9	46.5	32.4	27.9	29.3	27.9	20.6	9.8	33.0	41.6
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)	1,166.9	1,208.3	1,341.9	1,346.6	1,354.9	1,368.0	1,410.0	1,289.6	1,296.6	1,292.6	1,293.3	1,302.3
I. Long-term receivables	3.8	3.7	2.7	2.7	2.7	2.7	2.7	1.7	3.0	2.7	2.7	2.0
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	—	—	—	—	—	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	3.8	3.7	2.7	2.7	2.7	2.7	2.7	1.7	3.0	2.7	2.7	2.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	44.6	45.8	46.7	48.2	50.8	52.1	61.7	61.7	63.5	58.0	54.0	53.7
1. Tangible fixed assets	42.4	43.3	44.4	45.8	48.2	49.3	58.6	58.6	60.2	54.6	52.6	52.3
- Cost	183.5	—	—	—	—	180.6	189.0	188.4	188.4	181.0	177.4	175.6
- Accumulated depreciation	-141.1	—	—	—	—	-131.3	-130.4	-129.8	-128.2	-126.4	-124.8	-123.3
2. Financial leased fixed assets	—	0.3	0.5	0.6	0.8	1.0	1.3	1.3	1.5	2.0	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	2.2	2.2	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.4	1.4	1.4
- Cost	2.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	509.0	486.7	487.8	491.8	498.9	506.6	541.1	420.6	423.5	426.4	429.3	432.2
- Cost	708.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-199.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	134.1	10.9	8.4	7.8	5.9	4.7	2.1	2.1	1.8	0.6	1.6	1.6
1. Long-term production in progress	122.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	11.9	10.9	8.4	7.8	5.9	4.7	2.1	2.1	1.8	0.6	1.6	1.6
V. Long-term financial investments	463.8	655.8	790.6	790.1	790.6	795.2	795.2	795.2	795.2	795.2	795.2	795.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	196.5	346.6	377.0	377.0	377.0	377.0	377.0	377.0	377.0	377.0	377.0	377.0
3. Investments in other entities	318.8	364.3	457.0	457.0	457.0	457.0	457.0	457.0	457.0	457.0	457.0	457.0
4. Provision for diminution in value of long-term investments	-51.5	-55.2	-43.4	-43.8	-43.4	-38.8	-38.8	-38.8	-38.8	-38.8	-38.8	-38.8
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	11.7	5.4	5.7	5.9	6.0	6.8	7.1	8.3	9.6	9.7	10.5	17.6
1. Long-term prepayments	11.3	5.1	5.4	5.5	5.7	6.5	6.8	7.9	9.3	9.4	10.1	17.2
2. Deferred income tax assets	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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)	7,077.8	6,913.0	6,232.3	6,417.4	6,059.9	6,438.6	6,486.2	6,215.6	6,321.9	6,777.5	7,736.1	7,483.0
A. LIABILITIES (300=210+330)	5,303.2	5,268.9	4,580.8	4,767.8	4,419.0	4,798.7	4,868.4	4,579.2	4,703.2	5,159.9	6,146.8	5,844.6
I. Short -term liabilities	5,040.5	5,048.1	4,364.5	4,623.3	4,273.3	4,651.9	4,721.6	4,430.3	4,492.9	4,799.6	4,857.8	4,583.1
1. Short-term trade accounts payable	1,108.2	1,136.9	1,091.9	1,278.6	1,146.1	1,253.1	1,117.1	1,054.2	1,071.7	1,220.5	1,017.8	1,045.0
2. Short-term advances from customers	970.8	849.5	453.5	457.4	439.1	506.5	697.3	477.9	642.3	713.0	209.8	266.0
3. Dividends and profits payable	25.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	71.2	106.6	107.6	98.0	83.1	140.7	150.8	101.0	110.0	137.9	160.6	104.7
4. Payable to employees	16.6	20.6	16.6	15.3	13.1	16.1	11.8	11.7	11.9	16.4	12.5	14.0
5. Short-term acrrued expenses	1,344.8	1,317.1	1,147.2	1,166.7	1,141.4	1,238.3	1,263.5	1,324.0	1,139.0	1,197.7	1,250.2	1,348.7
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	87.9	127.3	128.8	133.7	130.5	126.4	127.0	130.2	128.8	126.5	177.8	191.1
9. Other short-term payables	542.1	544.8	526.3	554.0	563.3	559.6	556.1	547.4	561.8	557.5	911.8	500.7
10. Short-term borrowings and financial leases	840.9	925.5	876.4	903.0	741.9	795.5	774.5	761.2	805.9	807.3	1,093.2	1,089.5
11. Provision for short-term liabilities	20.7	7.1	5.3	5.3	5.3	5.3	11.5	11.5	11.5	11.5	12.4	12.4
12.. Bonus and welfare fund	11.7	12.8	10.8	11.3	9.5	10.5	12.0	11.2	9.9	11.4	11.7	10.9
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	262.7	220.8	216.3	144.5	145.6	146.8	146.8	148.9	210.3	360.2	1,289.0	1,261.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	140.1	141.1	142.1	143.0	144.0	145.0	145.9	146.9	208.2	358.7	1,287.0	1,260.6
7. Other long-term liabilities	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.7	1.2	0.1
8. Long-term borrowings and financial leases	117.0	78.8	73.3	0.5	0.6	0.8	0.0	1.0	1.2	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	4.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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)	1,774.6	1,644.1	1,651.5	1,649.6	1,640.9	1,639.9	1,617.7	1,636.3	1,618.7	1,617.6	1,589.3	1,638.4
I. Owner's equity	1,774.6	1,644.1	1,651.5	1,649.6	1,640.9	1,639.9	1,617.7	1,636.3	1,618.7	1,617.6	1,589.3	1,638.4
1. Owner's capital	1,410.5	1,410.5	1,410.5	1,410.5	1,410.5	1,410.5	1,410.5	1,410.5	1,410.5	1,410.5	1,410.5	1,410.5
- Common stock with voting right	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00	1,410,480,000,000.00
- 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
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-37.8	-37.3	-37.3	-37.3	-37.3	-37.3	-37.3	-37.3	-37.3	-37.3	-37.3	-37.3
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	72.1	72.1	71.4	71.4	70.7	70.7	70.7	70.4	69.9	69.9	69.9	67.5
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	60.4	47.0	59.9	57.5	43.7	42.0	20.9	51.2	32.4	31.1	4.9	57.1
- Accumulated retained earning at the end of the previous period	56.1	1.0	32.7	34.6	40.6	-11.8	-13.6	30.1	30.7	-13.2	-13.2	48.1
- Undistributed earnings in this period	4.3	46.0	27.2	22.9	3.1	53.8	34.4	21.1	1.7	44.3	18.1	9.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	265.5	147.9	143.2	143.7	149.5	150.2	149.1	137.7	139.3	139.5	137.4	136.8
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)	7,077.8	6,913.0	6,232.3	6,417.4	6,059.9	6,438.6	6,486.2	6,215.6	6,321.9	6,777.5	7,736.1	7,483.0

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	8.8	48.5	6.6	20.2	3.9	48.2	25.6	24.4	5.0	48.0	11.2	10.9
Depreciation of Fixed Assets and Investment Property	4.3	9.8	5.1	9.6	8.9	36.2	3.8	4.6	4.6	6.9	4.4	2.5
Provision (Increase)/Reversal	30.0	-3.1	—	19.4	—	0.0	0.0	0.0	0.0	3.5	0.0	0.0
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	-1.2	-49.3	-8.3	-38.7	-1.3	-1.2	-8.1	-16.0	-1.0	-2.9	-1.0	-8.7
Interest Expense	9.4	11.5	19.0	12.3	11.6	18.5	9.6	11.6	11.5	33.1	6.2	8.5
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	—	—	—	—	—	-1.3	1.3	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	51.2	36.8	3.0	22.8	23.2	100.3	32.2	24.6	20.1	88.5	20.8	13.3
Increase/(Decrease) in Receivables	-333.2	-511.4	85.6	-369.3	202.9	-2.2	135.8	59.1	-8.8	594.0	-126.6	174.5
Increase/(Decrease) in Inventory	-180.6	-169.9	56.9	-22.3	26.9	221.3	-239.3	36.7	25.2	709.8	-245.6	-249.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	182.3	647.4	-243.2	219.8	-291.2	-295.5	313.2	-225.9	-431.8	-657.1	240.1	112.5
Increase/(Decrease) in Prepaid Expenses	-6.4	1.3	0.8	1.5	-2.0	1.0	2.9	0.0	-0.1	1.4	8.1	12.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.4	-11.5	-18.3	-13.0	-11.6	-18.5	-9.6	-11.6	-11.5	-40.8	-6.2	-8.5
Corporate Income Tax Paid	-3.3	-1.2	0.0	-20.0	-10.1	-9.7	0.6	-0.6	-0.6	12.4	-0.1	-48.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-1.5	-0.9	-0.5	-1.1	2.5	0.6	-0.7	-1.5	-3.7	0.0	2.2
Net Cash Flow from Operating Activities	-299.4	-10.0	-116.0	-181.1	-62.9	-0.8	236.5	-118.5	-409.0	704.5	-109.6	7.8
Payments for Fixed Assets and Other Long-term Assets	-82.1	-5.2	-0.9	-2.4	-0.8	123.0	-122.8	-1.4	-7.6	-5.2	-1.8	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.1	0.2	0.2	0.0	0.0	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-15.0	-15.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	92.0	-75.0	62.0	-23.0	10.9	-18.0	5.0	4.9	22.9	3.1	11.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	196.3	175.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	7.2	18.8	23.9	0.6	15.4	-24.7	51.6	0.3	10.8	6.8	2.8
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	99.3	253.9	-57.4	83.6	-23.1	149.5	-165.5	55.2	-2.4	28.7	8.1	16.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	3,128,157,290.00	-3,128,157,290.00	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	178.6	274.2	380.2	363.9	302.8	514.3	2.9	339.2	230.4	216.1	260.5	275.3
Repayment of Borrowings	-224.9	-219.5	-334.1	-226.4	-333.1	-480.6	0.3	-220.8	-230.9	-501.6	-256.8	-184.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-41.8	0.0	0.0	-30.8	-25.0	0.0	0.0	4.2
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	-46.4	50.1	50.7	137.6	-72.1	33.8	3.3	90.8	-28.6	-285.5	3.7	94.9
Net Cash Flow During the Period	-246.5	294.0	-122.8	40.0	-158.1	182.5	74.3	27.6	-440.0	447.7	-97.8	119.4
Cash and Cash Equivalents at Beginning of Period	491.7	197.7	320.5	280.4	438.5	598.9	598.9	598.9	598.9	519.9	519.9	519.9
FX Difference from Revaluation	—	—	—	—	—	100.8	-100.8	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	245.2	491.7	197.7	320.5	280.4	443.2	159.8	186.4	158.8	598.9	151.1	248.9

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HAN

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