HBC

Tập đoàn Xây dựng Hòa Bình ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 5.02%, −10.66pp YoY

Price

4,900

Latest close

02 Jun 2026

P/E 6.63x

P/B 0.85x

EPS 739

BVPS 5,758

ROE 13.7%

ROA 1.6%

Profit Margin 4.9%

Asset Turnover 0.33x

Equity Mult. 8.38x

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

What Is Changing

On a TTM 2026Q1 basis, HBC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,256bn
	                                
+12.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 264bn
	                                
−63.9%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    62.6%

Metric	2025	2024	2023	2022	2021
Revenue	4,634.6	6,420.8	7,537.1	14,149.0	11,355.1
Growth	-28%	-15%	-47%	+25%	—
Net Income	250.3	963.0	-1,115.3	-2,570.5	92.3
Net Margin	5.40%	15.00%	-14.80%	-18.17%	0.81%

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	1,322.2	1,875.6	1,122.6	935.4	692.0	829.3	974.9	2,159.9	1,650.9	2,190.6	1,893.3	2,297.9
Growth	-30%	+67%	+20%	+35%	-17%	-15%	-55%	+31%	-25%	+16%	-18%	—
Net Income	22.7	10.6	188.3	42.0	5.4	27.5	12.7	684.4	56.6	101.3	-170.4	546.3
Net Margin	1.71%	0.56%	16.78%	4.49%	0.78%	3.32%	1.30%	31.68%	3.43%	4.62%	-9.00%	23.78%

Drivers of HBC's profit

TTM

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

Financial income ↑ 239.0bn

Gross profit ↑ 54.3bn

Other profit ↓ 393.4bn

Administrative expenses ↑ 356.9bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 9.4bn

Financial income ↑ 8.8bn

Finance costs ↓ 5.5bn

Gross profit ↑ 3.4bn

Selling expenses ↑ 8.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 76.8% = 15.7% × 0.31 × 15.80

2026Q1 14.1% = 5.0% × 0.33 × 8.38

ROE fell from 76.8% to 14.1% — leverage weakened the most, though asset turnover still provided support.

Net margin: 5.0% -10.7pp Asset turnover: 0.33x +0.02x Leverage: 8.38x -7.43x

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 fell to 5.02%, losing 10.7pp. The main pressure is SG&A / Revenue rose 7.9pp, outweighing the improvement in Gross margin rose 0.5pp (in addition, Net financial result / Revenue rose 4.7pp added support while Other profit / Revenue fell 8.9pp 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 5.02% −10.7pp

Gross Margin 5.50% +0.5pp

SG&A / Revenue 2.19% +7.9pp

Non-core / Revenue 2.16% −4.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 4.2pp, other income still accounts for 62.6% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.7% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 1.72%, losing 2.2pp. That translates to 1.72 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.3pp, outweighing the movement in capital turnover; while invested capital rose by 700bn.

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 1.72% −2.2pp

NOPAT Margin 1.87% −2.3pp

Capital Turnover 0.92x −0.01x

Average Invested Capital 5,718.7bn +699.7bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 7.15x equity, net debt at 1.86x equity.

Inventory ended the period at 2,258.7bn, roughly 14.0% of total assets.

Over the last 12 months, working capital released 809.2bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −123.4bn

Inventories decreased → higher CFO: +415.6bn

Payables increased → higher CFO: +517.0bn

Working Capital Efficiency

Cash conversion cycle improved by 0.3 days versus the same period last year. The main moves came from DIO rose 6.5 days, DSO fell 64.9 days, and DPO fell 58.1 days.

Working capital cycle is flat — components are offsetting each other.

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

Inventory turnover is slowing

DIO increased by +6.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 462.6 days −64.9 days

Inventory 194.0 days +6.5 days

Payables 308.8 days −58.1 days

Cash Conversion Cycle 347.8 days −0.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.86x and interest coverage only at 0.27x.

At present, short-term debt accounts for 98.8% of total debt, cash equals 7.5% of debt, and total debt stands at 4,027.2bn.

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

Net leverage is elevated

Net debt / equity stands at 1.86x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.27x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.86x −0.40x

Interest Coverage 0.27x −0.31x

Cash / Debt 7.5% +4.2pp

Short-term Debt / Total Debt 98.8% +11.8pp

CFO / NI 3.03x +2.31x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 1,267.2bn in 2025, against investing cash flow of -827.9bn.

Post-investment cash flow was positive +439.3bn. Financing cash flow was negative +362.6bn.

CFO / net income was 3.03x.

After spending +548.4bn on fixed-asset investment, the business generated trailing free cash flow of +228.5bn.

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

Cash Conversion

CFO TTM 776.9bn +259.4bn

Cash Capex 548.4bn −30.8bn

FCF TTM +228.5bn +290.2bn

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 margins remain under pressure remaining the main constraint, with net margin down 10.7 pp. The next watchpoint is the earnings mix, when non-core contribution is -22.8%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.03x. Even so, net financial result still accounts for -22.8% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 5.02% after a 10.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,641.3	6,425.2	7,542.2	14,154.1	11,365.6
Revenue Deductions	6.7	4.4	5.1	5.1	0.0
Net Revenue	4,634.6	6,420.8	7,537.1	14,149.0	11,355.1
Cost of Goods Sold	4,343.9	6,063.3	7,293.0	13,678.6	0.0
Gross Profit	290.6	357.6	244.1	470.3	771.6
Financial Income	300.0	244.7	74.3	24.0	111.8
Financial Expenses	393.9	407.7	559.5	520.6	-302.0
Interest Expense	383.0	404.2	557.1	519.9	-299.0
Share of Associates and Joint Ventures	-3.2	-26.4	-37.9	4.7	-5.3
Selling Expenses	39.2	36.2	38.7	39.1	-46.8
General and Administrative Expenses	94.9	-266.9	757.7	2,246.2	-380.9
Operating Profit	59.5	398.8	-1,075.4	-2,306.9	148.3
Other Income	277.6	635.8	53.0	25.8	0.0
Other Expenses	66.5	25.3	57.4	52.8	0.0
Other Profit	211.1	610.5	-4.4	-27.0	0.0
Profit Before Tax	270.6	1,009.4	-1,079.8	-2,333.9	148.4
Current Income Tax Expense	5.2	13.7	7.5	3.8	-56.0
Deferred Income Tax Expense	15.1	32.6	28.0	232.7	0.0
Net Income	250.3	963.0	-1,115.3	-2,570.5	92.3
Non-controlling Interest	1.3	3.2	-4.6	-3.7	-6.1
Profit Attributable to Parent	249.0	959.8	-1,110.7	-2,566.8	98.5
Earnings per Share	717.14	3,089.00	-4,052.00	-9,698.00	259.00
Diluted EPS	717.14	3,089.00	-4,051.85	-9,698.00	406.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	13,261.9	13,734.8	13,449.3	13,603.8	15,122.1
I. Cash and cash equivalents	344.8	268.2	388.5	496.3	733.0
1. Cash	337.6	261.7	299.7	207.3	0.0
2. Cash equivalents	7.1	6.5	88.8	289.0	0.0
II. Short-term financial investments	12.3	14.1	15.7	43.8	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	12.3	14.1	15.7	43.8	0.0
III. Short-term receivables	10,535.7	11,012.4	10,669.8	10,672.6	11,572.7
1. Short-term trade accounts receivable	6,886.2	6,851.5	7,232.7	6,589.9	0.0
2. Short-term prepayments to suppliers	1,144.3	1,149.1	1,085.7	492.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	2,370.3	2,260.2	3,082.7	3,665.5	0.0
5. Short-term loan receivables	162.7	257.2	67.0	112.5	0.0
6. Other short-term receivables	1,680.4	2,391.4	1,678.2	1,870.9	0.0
7. Provision for short-term doubtful debts (*)	-1,708.3	-1,897.1	-2,476.5	-2,059.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,258.7	2,357.1	2,278.1	2,218.0	2,600.5
1. Inventories	2,298.0	2,396.7	2,333.5	2,273.9	0.0
2. Provision for decline in value of inventories	-39.3	-39.6	-55.4	-55.9	0.0
V. Other short-term assets	110.5	83.0	97.1	173.2	143.4
1. Short-term prepayments	29.6	15.7	16.0	92.4	0.0
2. Value added tax to be reclaimed	76.2	62.6	76.7	76.4	0.0
3. Taxes and other receivables from state authorities	4.7	4.7	4.4	4.4	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)	2,826.1	1,677.0	1,800.6	1,990.4	1,677.5
I. Long-term receivables	122.0	256.1	381.2	369.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.2	62.1
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	30.0	0.0
6. Other long-term receivables	122.0	256.1	381.2	339.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,177.7	660.1	713.3	959.0	964.1
1. Tangible fixed assets	1,128.8	605.3	654.2	903.0	904.3
- Cost	2,223.1	1,632.9	2,056.8	2,208.0	0.0
- Accumulated depreciation	-1,094.3	-1,027.6	-1,402.6	-1,305.0	0.0
2. Financial leased fixed assets	3.6	4.3	5.1	5.8	6.6
- Cost	7.5	7.5	7.5	7.5	0.0
- Accumulated depreciation	-4.0	-3.2	-2.5	-1.7	0.0
3. Intangible fixed assets	45.3	50.4	54.0	50.2	53.2
- Cost	77.8	80.1	80.8	73.9	0.0
- Accumulated depreciation	-32.5	-29.7	-26.8	-23.8	0.0
III. Investment properties	164.1	163.9	9.7	10.3	11.0
- Cost	168.7	167.8	12.9	12.9	0.0
- Accumulated depreciation	-4.6	-3.9	-3.3	-2.6	0.0
IV. Long-term assets in progress	778.9	48.2	46.5	52.6	38.3
1. Long-term production in progress	732.7	0.0	0.0	0.0	0.0
2. Construction in progress	46.2	48.2	46.5	52.6	0.0
V. Long-term financial investments	296.7	304.9	334.5	180.5	194.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	273.2	276.4	310.2	154.6	0.0
3. Investments in other entities	36.2	40.4	40.4	40.4	0.0
4. Provision for diminution in value of long-term investments	-14.8	-14.1	-18.1	-16.5	0.0
5. Held to maturity investments	2.0	2.1	2.0	2.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	286.8	243.8	315.4	418.2	0.0
1. Long-term prepayments	235.9	185.4	253.0	347.5	0.0
2. Deferred income tax assets	44.8	46.1	48.7	50.0	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	408.0
5. Goodwill	6.1	12.3	13.7	20.7	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	16,088.0	15,411.8	15,249.9	15,594.2	16,799.6
A. LIABILITIES (300=210+330)	14,114.6	13,663.9	15,156.5	14,375.7	12,573.4
I. Short -term liabilities	13,333.8	12,410.7	13,703.3	12,640.6	11,660.5
1. Short-term trade accounts payable	4,165.7	4,170.7	4,801.0	4,738.1	3,653.2
2. Short-term advances from customers	2,965.3	2,273.2	2,779.3	1,084.9	1,291.0
3. Taxes and other payables to state authorities	138.4	244.5	218.6	124.9	0.0
4. Payable to employees	390.3	432.0	452.4	449.2	0.0
5. Short-term acrrued expenses	1,137.5	918.6	916.0	717.3	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	6.9	35.2	44.8	36.0	13.5
9. Other short-term payables	522.0	442.9	444.0	383.1	0.0
10. Short-term borrowings and financial leases	3,921.6	3,818.3	3,995.3	5,104.3	4,694.4
11. Provision for short-term liabilities	84.0	72.8	49.1	0.0	0.0
12.. Bonus and welfare fund	2.1	2.4	2.7	2.9	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	780.7	1,253.2	1,453.2	1,735.0	913.0
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	31.9	30.5	37.7	38.7	0.0
8. Long-term borrowings and financial leases	66.5	532.4	722.7	1,026.6	403.2
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	549.6	523.1	491.5	413.6	0.0
12. Provision for long-term liabilities	132.7	167.2	201.4	256.1	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)	1,973.5	1,747.9	93.4	1,218.6	4,226.2
I. Owner's equity	1,973.5	1,747.9	93.4	1,218.6	0.0
1. Owner's capital	3,472.1	3,472.1	2,741.3	2,741.3	4,226.2
- Common stock with voting right	3,472,132,700,000.00	3,472,132,700,000.00	2,741,332,700,000.00	2,741,332,700,000.00	2,424,157,840,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	458.6	458.6	459.0	459.0	346.7
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	0.1	0.1	0.1	0.1	0.0
8. Investment and development fund	96.7	96.7	96.8	96.8	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	-2,071.1	-2,299.3	-3,240.3	-2,100.7	803.0
- Accumulated retained earning at the end of the previous period	-2,466.9	-3,266.9	-2,131.5	466.7	727.0
- Undistributed earnings in this period	395.7	967.6	-1,108.8	-2,567.4	76.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	17.1	19.7	36.5	22.1	555.4
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)	16,088.0	15,411.8	15,249.9	15,594.2	16,799.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	270.6	1,009.4	-1,079.8	-2,333.9	148.4
Depreciation of Fixed Assets and Investment Property	247.4	163.6	241.8	233.9	231.5
Provision (Increase)/Reversal	-211.6	-554.7	412.9	1,745.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.2	0.1	0.0
Gain/Loss from Investment Activities	-224.3	-742.7	-3.8	-28.2	0.0
Interest Expense	383.0	404.2	557.1	519.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	465.1	279.8	128.4	136.9	594.6
Increase/(Decrease) in Receivables	808.7	876.5	2,044.7	-899.3	0.0
Increase/(Decrease) in Inventory	103.8	-63.2	-75.0	-186.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	341.2	-432.1	-585.4	659.1	0.0
Increase/(Decrease) in Prepaid Expenses	-76.1	67.9	153.3	-42.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-363.3	-421.9	-548.8	-494.8	0.0
Corporate Income Tax Paid	-12.4	-7.3	-3.4	-37.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.1	-1.4	-18.7	0.0
Net Cash Flow from Operating Activities	1,267.2	299.8	1,112.4	-883.1	596.8
Payments for Fixed Assets and Other Long-term Assets	-932.8	-193.6	-8.1	-254.1	-61.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	99.3	204.3	43.4	27.4	48.7
Loans and Purchases of Debt Instruments	-24.4	-126.5	-51.2	-112.4	-91.1
Receipts from Loan Repayments and Sale of Debt Instruments	29.4	58.2	154.7	74.0	1.1
Investments in Other Entities	—	-2.2	0.0	-364.5	-2.0
Proceeds from Investments in Other Entities	—	74.4	33.2	58.0	0.0
Dividends and Interest Income Received	0.5	14.0	3.6	18.6	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	-827.9	28.7	175.6	-553.0	-87.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	23,000,000,000.00	257,600,700,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,400.1	2,625.8	3,295.3	10,397.8	7,957.8
Repayment of Borrowings	-4,762.7	-3,073.9	-4,709.1	-9,383.9	-7,977.7
Repayment of Finance Leases	—	-0.7	-0.7	0.0	0.0
Dividends Paid	—	0.0	-4.2	-73.6	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	-362.6	-448.8	-1,395.7	1,198.0	-19.9
Net Cash Flow During the Period	76.6	-120.4	-107.7	-238.1	372.0
Cash and Cash Equivalents at Beginning of Period	268.2	388.5	496.3	734.4	244.0
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	344.8	268.2	388.5	496.3	733.0

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
Revenue	1,322.2	1,881.8	1,122.8	935.7	692.0	829.3	975.2	2,160.2	1,650.9	2,190.6	1,893.3	2,297.9
Revenue Deductions	—	6.2	0.2	0.2	—	0.0	0.3	0.3	0.0	0.1	0.1	0.0
Net Revenue	1,322.2	1,875.6	1,122.6	935.4	692.0	829.3	974.9	2,159.9	1,650.9	2,190.6	1,893.3	2,297.9
Cost of Goods Sold	1,266.3	1,769.0	1,055.7	875.5	639.5	807.2	914.4	2,060.1	1,629.6	2,137.1	1,853.4	1,874.3
Gross Profit	55.8	106.6	66.8	59.9	52.5	22.1	60.5	99.8	21.3	53.5	39.9	423.6
Financial Income	19.6	13.6	229.5	62.1	10.8	51.0	-22.3	46.2	113.7	20.0	30.8	93.1
Financial Expenses	91.4	104.5	98.0	95.6	96.9	64.5	72.0	128.0	99.8	135.4	145.0	142.4
Interest Expense	90.3	98.6	94.9	94.4	96.4	99.2	71.0	130.6	98.6	135.2	144.2	141.4
Share of Associates and Joint Ventures	-0.0	-2.0	-1.5	0.2	1.0	0.0	0.2	-18.5	1.4	-32.5	-2.3	-0.0
Selling Expenses	16.0	14.0	10.9	6.9	7.3	0.0	7.8	6.5	6.6	16.8	7.9	6.3
General and Administrative Expenses	-49.2	8.1	14.5	93.8	-39.8	22.1	-52.0	-220.1	-21.1	-223.0	78.5	435.9
Operating Profit	17.3	-8.4	171.5	-74.1	-0.1	-13.5	10.6	213.0	51.1	111.8	-163.0	-68.0
Other Income	32.2	50.7	44.4	138.1	15.6	43.5	6.8	526.9	7.3	17.9	2.6	659.2
Other Expenses	22.7	33.8	13.9	17.0	5.9	1.9	1.2	12.2	4.0	20.4	3.0	6.2
Other Profit	9.5	16.9	30.5	121.2	9.7	41.6	5.6	514.6	3.2	-2.5	-0.3	653.0
Profit Before Tax	26.8	8.5	202.0	47.1	9.5	28.1	16.2	727.6	54.3	109.3	-163.3	585.0
Current Income Tax Expense	0.0	-1.4	2.4	4.1	0.1	0.0	6.3	8.1	0.1	4.4	0.6	34.5
Deferred Income Tax Expense	4.1	-0.7	11.2	1.0	4.1	0.5	-2.7	35.1	-2.3	3.6	6.5	4.2
Net Income	22.7	10.6	188.3	42.0	5.4	27.5	12.7	684.4	56.6	101.3	-170.4	546.3
Non-controlling Interest	0.7	-0.2	6.4	0.2	-0.0	0.0	4.8	1.9	-1.2	-1.1	-1.9	-0.6
Profit Attributable to Parent	22.0	10.8	181.9	41.8	5.4	27.5	7.9	682.4	57.8	102.4	-168.5	546.9
Earnings per Share	63.25	31.16	523.91	120.34	15.62	79.33	22.63	1,965.49	210.67	373.53	-614.48	1,995.00
Diluted EPS	63.25	31.16	523.91	120.34	15.62	79.33	22.63	1,965.49	210.67	373.53	-614.48	1,995.00

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)	13,645.6	13,261.9	12,999.2	13,154.5	13,267.8	13,213.1	12,934.5	13,224.3	12,322.5	11,280.6	11,810.6	13,173.6
I. Cash and cash equivalents	302.4	344.8	316.7	101.8	135.9	234.6	144.5	310.7	314.7	390.6	515.8	274.1
1. Cash	295.4	337.6	312.4	97.5	131.8	234.6	136.8	300.4	301.7	299.8	501.0	250.8
2. Cash equivalents	7.0	7.1	4.3	4.3	4.1	0.0	7.7	10.3	13.0	90.8	14.8	23.3
II. Short-term financial investments	136.2	12.3	2.7	3.6	15.6	11.4	13.5	13.5	13.5	13.7	30.6	29.5
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	177.3	12.3	2.7	3.6	15.6	11.4	13.5	13.5	13.5	13.7	30.6	29.5
4. Provision for short-term investments held to maturity (*)	-41.1	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	10,683.6	10,535.7	10,228.3	10,109.6	10,236.8	11,472.1	10,884.3	11,219.5	10,239.5	8,492.2	8,856.8	10,463.3
1. Short-term trade accounts receivable	6,880.5	6,886.2	6,728.1	6,279.4	6,440.9	6,265.6	6,305.5	6,457.3	7,016.0	4,980.1	5,293.5	5,454.5
2. Short-term prepayments to suppliers	1,335.5	1,144.3	1,075.6	1,088.9	1,155.0	1,315.1	1,301.6	1,167.6	1,091.9	524.6	551.3	589.0
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	2,187.1	2,370.3	2,322.2	2,371.9	2,131.1	2,204.5	2,528.3	3,015.1	2,594.3	3,083.0	3,658.6	3,795.7
5. Short-term loan receivables	—	162.7	161.3	159.6	171.4	1,613.1	155.8	120.6	87.0	67.0	84.6	74.0
6. Other short-term receivables	1,822.6	1,680.4	1,707.5	2,033.2	2,130.7	1,718.7	2,535.4	2,514.4	1,837.5	1,964.1	1,773.7	2,936.5
7. Provision for short-term doubtful debts (*)	-1,542.1	-1,708.3	-1,766.4	-1,823.5	-1,792.4	-1,644.7	-1,942.4	-2,055.5	-2,387.2	-2,126.7	-2,504.8	-2,386.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,406.9	2,258.7	2,357.4	2,850.1	2,793.5	1,481.2	1,787.3	1,582.7	1,653.1	2,285.4	2,296.6	2,285.9
1. Inventories	2,446.2	2,298.0	2,396.9	2,889.7	2,833.1	1,513.1	1,842.8	1,638.1	1,708.2	2,338.5	2,352.5	2,341.8
2. Provision for decline in value of inventories	-39.3	-39.3	-39.6	-39.6	-39.6	-31.8	-55.4	-55.4	-55.1	-53.1	-55.9	-55.9
V. Other short-term assets	116.5	110.5	94.2	89.5	86.0	13.7	104.9	97.8	101.6	98.6	110.8	120.8
1. Short-term prepayments	33.5	29.6	19.9	17.1	16.8	13.7	17.0	10.2	12.9	16.1	28.5	40.0
2. Value added tax to be reclaimed	78.1	76.2	69.5	67.6	64.5	0.0	83.5	83.2	84.3	78.1	77.6	76.4
3. Taxes and other receivables from state authorities	4.8	4.7	4.8	4.7	4.7	0.0	4.5	4.5	4.4	4.4	4.7	4.4
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,629.1	2,826.1	2,909.1	2,229.3	1,868.2	1,311.2	2,368.9	2,407.4	2,569.7	1,774.1	1,886.3	1,528.2
I. Long-term receivables	119.6	122.0	116.9	112.4	110.1	286.4	376.6	379.3	379.3	327.9	327.9	343.7
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	0.4	0.4
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	119.6	122.0	116.9	112.4	110.1	286.4	376.6	379.3	379.3	327.5	327.5	343.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,022.6	1,177.7	1,273.9	1,329.7	1,003.5	543.9	527.2	549.3	643.4	724.4	775.2	407.8
1. Tangible fixed assets	974.4	1,128.8	1,224.3	1,279.3	949.6	503.8	471.4	492.5	585.8	665.3	715.2	347.6
- Cost	2,096.7	—	—	—	—	1,474.4	1,480.1	1,471.1	2,004.2	2,095.8	2,108.1	860.7
- Accumulated depreciation	-1,122.3	—	—	—	—	-970.6	-1,008.7	-978.5	-1,418.5	-1,430.5	-1,392.9	-513.1
2. Financial leased fixed assets	3.4	3.6	3.8	4.0	4.1	0.0	4.5	4.7	4.9	5.1	5.3	5.5
- Cost	7.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	44.8	45.3	45.8	46.5	49.7	40.1	51.2	52.0	52.8	54.0	54.7	54.7
- Cost	77.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-33.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	164.0	164.1	163.4	163.6	163.8	0.0	109.9	110.1	103.2	9.7	9.8	10.0
- Cost	168.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	748.6	778.9	787.9	46.0	46.4	37.5	787.8	788.8	788.3	48.6	47.4	47.2
1. Long-term production in progress	702.4	732.7	741.8	—	—	0.0	741.7	741.7	741.7	0.0	0.0	0.0
2. Construction in progress	46.1	46.2	46.2	46.0	46.4	37.5	46.1	47.1	46.6	48.6	47.4	47.2
V. Long-term financial investments	296.5	296.7	298.8	302.4	306.1	381.4	309.4	311.2	377.5	334.7	367.0	368.1
1. Investments in subsidiaries	—	—	—	—	—	720.1	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	273.1	273.2	275.2	277.6	277.4	91.0	281.0	282.3	311.6	310.4	342.8	345.1
3. Investments in other entities	36.2	36.2	36.2	36.2	40.4	39.2	40.4	40.4	82.4	40.4	40.4	40.4
4. Provision for diminution in value of long-term investments	-14.8	-14.8	-14.8	-13.6	-13.8	-470.9	-14.1	-13.6	-18.5	-18.1	-18.2	-17.4
5. Held to maturity investments	2.0	2.0	2.1	2.1	2.1	2.0	2.0	2.0	2.0	2.0	2.0	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	277.7	286.8	268.1	275.2	238.4	62.0	258.1	268.8	266.0	315.2	343.6	334.1
1. Long-term prepayments	228.3	235.9	217.5	223.1	181.3	59.0	195.8	205.6	217.5	261.2	291.1	286.6
2. Deferred income tax assets	44.8	44.8	43.0	43.0	46.4	3.0	48.1	47.9	48.4	54.0	52.4	47.6
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	4.7	6.1	7.6	9.2	10.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	14.2	15.3	12.0	13.7	15.4	17.2
TOTAL ASSETS (280=100+200)	16,274.6	16,088.0	15,908.3	15,383.8	15,136.0	14,524.3	15,303.4	15,631.6	14,892.2	13,054.8	13,696.9	14,701.7
A. LIABILITIES (300=210+330)	14,275.5	14,114.6	13,945.4	13,595.8	13,385.0	11,948.7	13,658.1	14,064.8	14,743.0	12,601.1	13,344.6	13,407.5
I. Short -term liabilities	13,510.3	13,333.8	12,739.1	12,331.7	12,108.9	11,411.3	12,367.7	12,719.3	13,253.9	11,139.0	11,859.5	11,947.3
1. Short-term trade accounts payable	4,123.4	4,165.7	4,425.5	4,268.4	4,280.4	3,964.3	4,090.2	4,051.5	4,607.1	4,367.9	4,238.8	4,283.4
2. Short-term advances from customers	3,109.0	2,965.3	2,803.7	2,443.8	2,306.9	2,043.1	2,317.8	2,500.4	2,799.8	847.7	1,177.1	1,180.3
3. Dividends and profits payable	2.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	149.1	138.4	55.0	81.0	139.0	203.0	271.4	277.9	245.0	207.6	189.2	306.1
4. Payable to employees	392.9	390.3	382.7	388.7	406.5	412.4	440.8	418.2	400.1	452.1	445.1	433.3
5. Short-term acrrued expenses	1,186.9	1,137.5	836.9	822.6	871.8	785.1	902.6	1,020.2	932.0	913.2	1,040.9	944.9
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	9.9	6.9	12.6	14.0	19.0	0.0	56.5	46.8	49.9	44.8	49.2	50.2
9. Other short-term payables	473.0	522.0	621.3	646.7	466.6	212.9	463.6	446.7	435.3	314.3	316.6	310.6
10. Short-term borrowings and financial leases	3,980.7	3,921.6	3,521.4	3,611.5	3,568.4	3,718.3	3,745.7	3,905.7	3,731.6	3,988.5	4,400.0	4,435.8
11. Provision for short-term liabilities	80.7	84.0	77.8	52.7	48.1	72.3	76.7	49.3	50.5	0.2	0.0	0.0
12.. Bonus and welfare fund	2.0	2.1	2.2	2.3	2.3	0.0	2.5	2.5	2.6	2.7	2.7	2.7
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	765.2	780.7	1,206.3	1,264.1	1,276.1	537.4	1,290.3	1,345.4	1,489.1	1,462.2	1,485.1	1,460.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	33.0	31.9	29.2	25.6	25.8	0.0	36.5	41.1	41.9	37.5	38.4	37.5
8. Long-term borrowings and financial leases	46.4	66.5	490.4	534.5	530.0	376.0	587.4	578.8	758.4	729.5	749.8	742.1
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	553.7	549.6	548.5	524.9	527.3	0.0	488.7	525.0	490.4	438.0	432.9	418.8
12. Provision for long-term liabilities	132.1	132.7	138.2	179.1	193.0	161.4	177.6	200.5	198.3	257.2	264.1	262.0
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)	1,999.1	1,973.5	1,962.9	1,788.0	1,751.0	2,575.6	1,645.4	1,566.9	149.2	453.6	352.3	1,294.2
I. Owner's equity	1,999.1	1,973.5	1,962.9	1,788.0	1,751.0	2,575.6	1,645.4	1,566.9	149.2	453.6	352.3	1,294.2
1. Owner's capital	3,472.1	3,472.1	3,472.1	3,472.1	3,472.1	3,472.1	3,472.1	3,472.1	2,741.3	2,741.3	2,741.3	2,741.3
- Common stock with voting right	3,472,132,700,000.00	3,472,132,700,000.00	3,472,132,700,000.00	3,472,132,700,000.00	3,472,132,700,000.00	3,472,132,700,000.00	3,472,132,700,000.00	3,472,132,700,000.00	2,741,332,700,000.00	2,741,332,700,000.00	2,741,332,700,000.00	2,741,332,700,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	458.6	458.6	458.6	458.6	458.6	458.6	458.6	458.6	459.0	459.0	459.0	459.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1
8. Investment and development fund	96.7	96.7	96.7	96.7	96.7	94.5	96.8	96.8	96.8	96.8	96.8	96.8
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	-2,043.8	-2,071.1	-2,082.0	-2,253.7	-2,293.9	-1,449.7	-2,424.1	-2,498.3	-3,182.5	-2,877.8	-2,980.3	-2,020.4
- Accumulated retained earning at the end of the previous period	-2,084.9	-2,466.9	-2,466.9	-2,450.3	-2,299.3	-2,401.4	-3,261.1	-3,239.2	-3,238.9	-2,102.2	-2,102.2	-2,102.4
- Undistributed earnings in this period	41.1	395.7	384.9	196.6	5.4	951.8	837.0	740.9	56.5	-775.7	-878.1	82.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	15.4	17.1	17.4	14.2	17.4	0.0	41.9	37.6	34.4	34.3	35.4	17.5
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	16,274.6	16,088.0	15,908.3	15,383.8	15,136.0	14,524.3	15,303.4	15,631.6	14,892.2	13,054.8	13,696.9	14,701.7

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
Profit Before Tax	26.8	8.5	202.0	50.7	9.5	14.6	16.2	787.0	54.3	-213.1	-163.3	-260.7
Depreciation of Fixed Assets and Investment Property	49.8	57.8	89.1	59.4	41.2	36.4	34.3	43.3	49.5	75.8	49.8	58.6
Provision (Increase)/Reversal	-132.8	-57.8	-78.8	29.4	-104.5	-0.6	-132.5	-298.7	-92.6	-42.5	27.9	415.1
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.2	0.2	-0.0	-0.2	0.0	0.2	0.0	0.2	0.0	-0.0
Gain/Loss from Investment Activities	-27.4	-41.9	-36.3	-128.5	-17.7	-245.7	17.5	-549.7	-118.6	11.1	0.5	-13.1
Interest Expense	90.3	98.6	94.9	93.1	96.4	104.1	71.0	129.9	99.9	138.5	144.2	137.6
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	6.8	65.2	270.7	104.3	24.9	-91.4	6.4	112.0	-7.5	-30.0	59.1	337.4
Increase/(Decrease) in Receivables	8.0	-256.4	-251.6	376.6	940.1	235.2	43.7	546.9	-290.6	653.4	528.0	67.5
Increase/(Decrease) in Inventory	-124.6	98.9	437.8	3.5	-436.4	629.3	135.8	-689.0	620.3	3.6	-11.3	-37.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	101.5	346.5	92.7	-23.7	-74.3	-204.4	-271.2	30.2	-25.4	-554.7	102.7	58.6
Increase/(Decrease) in Prepaid Expenses	3.5	-28.1	-4.5	-46.6	3.1	11.4	-22.7	40.3	17.0	33.1	27.9	31.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-76.9	-119.4	-79.2	-116.0	-48.7	-209.4	-82.4	-104.8	-101.9	-115.2	-177.1	-136.8
Corporate Income Tax Paid	-0.9	-10.5	-0.3	-0.6	-1.1	-0.7	-0.1	-5.4	-1.1	-1.2	-0.4	-0.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	-0.1	—	0.0	0.0	0.0	0.0	-1.4	0.9	-0.9
Net Cash Flow from Operating Activities	-82.6	96.2	465.7	297.6	407.7	370.1	-190.5	-69.8	210.8	-12.3	529.9	319.3
Payments for Fixed Assets and Other Long-term Assets	-1.4	-45.3	-69.0	-432.6	-385.8	-172.9	-9.0	-11.6	-0.1	-2.4	1.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	14.5	60.4	11.0	13.5	15.6	143.3	43.8	1.5	43.3	0.0	-10.5
Loans and Purchases of Debt Instruments	—	-2.5	-12.7	10.2	-19.4	-104.4	36.5	-38.6	-20.0	-13.1	-30.8	-5.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	-11.3	13.7	18.8	8.2	43.5	7.6	5.0	2.2	45.6	19.0	50.4
Investments in Other Entities	—	—	—	—	—	-2.3	0.2	42.0	-42.0	193.4	-193.4	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	44.5	0.0	21.0	1.5	33.2	0.0	0.0
Dividends and Interest Income Received	0.2	0.1	-3.4	3.7	0.1	7.0	2.8	4.0	0.3	-4.6	0.4	6.2
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	-1.2	-44.4	-11.0	-389.0	-383.5	-169.0	181.4	65.5	-56.7	295.4	-203.7	40.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	23,000,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,068.1	1,397.9	905.1	1,032.2	1,064.9	824.4	-14.0	936.2	879.2	369.6	1,096.2	1,090.0
Repayment of Borrowings	-1,029.0	-1,421.6	-1,162.9	-956.9	-1,221.4	-887.6	-137.4	-941.7	-1,107.1	-802.3	-1,177.2	-1,386.4
Repayment of Finance Leases	—	—	—	-18.3	—	0.0	0.0	0.0	0.0	-0.7	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-2.8	-1.4
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	39.1	-23.6	-239.5	57.0	-156.5	-63.3	-151.4	-5.5	-228.0	-410.4	-83.8	-297.8
Net Cash Flow During the Period	-44.6	28.1	215.2	-34.4	-132.3	137.9	-160.5	-9.9	-73.8	-127.3	242.4	62.4
Cash and Cash Equivalents at Beginning of Period	347.0	316.7	101.5	135.9	268.2	388.5	388.5	388.5	388.5	496.3	496.3	496.3
FX Difference from Revaluation	—	—	—	-0.0	—	-0.1	0.0	0.1	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	302.4	344.8	316.7	101.5	135.9	282.2	144.5	304.9	314.7	388.5	515.8	273.4

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HBC

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