HDG

Tập đoàn Hà Đô ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 29.60%, +1.03pp YoY

Price

22,950

Latest close

04 Jun 2026

P/E 14.30x

P/B 1.02x

EPS 1,605

BVPS 22,476

ROE 7.5%

ROA 4.2%

Profit Margin 20.7%

Asset Turnover 0.20x

Equity Mult. 1.78x

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

What Is Changing

On a TTM 2026Q1 basis, HDG is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,865bn
	                                
+15.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 848bn
	                                
+19.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,786.5	2,717.6	2,889.4	3,581.2	3,841.6
Growth	+3%	-6%	-19%	-7%	—
Net Income	993.5	447.3	866.3	1,361.9	1,333.2
Net Margin	35.65%	16.46%	29.98%	38.03%	34.71%

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	683.9	884.9	712.5	583.8	598.6	754.6	566.9	559.8	847.8	861.5	459.6	564.0
Growth	-23%	+24%	+22%	-2%	-21%	+33%	+1%	-34%	-2%	+87%	-19%	—
Net Income	104.0	373.4	336.7	34.0	206.9	208.1	182.0	111.3	264.3	372.5	99.5	80.6
Net Margin	15.20%	42.20%	47.25%	5.82%	34.57%	27.58%	32.10%	19.88%	31.18%	43.24%	21.66%	14.30%

Drivers of HDG's profit

TTM

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

Gross profit ↑ 228.1bn

Other profit ↑ 59.5bn

Financial income ↑ 23.5bn

Tax ↓ 13.0bn

Administrative expenses ↑ 122.3bn

Minority interests ↑ 66.2bn

TTM

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

Gross profit ↑ 40.9bn

Finance costs ↓ 32.1bn

Other profit ↑ 15.4bn

Administrative expenses ↑ 203.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.4% = 28.6% × 0.18 × 1.87

2026Q1 10.7% = 29.6% × 0.20 × 1.78

ROE rose from 9.4% to 10.7% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 29.6% +1.0pp Asset turnover: 0.20x +0.03x Leverage: 1.78x -0.08x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 29.60%, rising 1.0pp. Despite pressure from SG&A / Revenue rose 2.4pp and Gross margin fell 0.6pp, the offset came from Other profit / Revenue rose 2.4pp and Net financial result / Revenue rose 0.5pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 29.60% +1.0pp

Gross Margin 62.81% −0.6pp

SG&A / Revenue 17.63% +2.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 7.0% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to 7.00%, rising 0.6pp. That translates to 7.00 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin narrowed 1.2pp, with capital turnover broadly stable; with invested capital holding roughly steady.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 7.00% +0.6pp

NOPAT Margin 29.87% −1.2pp

Capital Turnover 0.23x +0.03x

Average Invested Capital 12,230.6bn +184.8bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.75x equity, net debt at 0.52x equity.

Over the last 12 months, working capital absorbed 231.4bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −169.4bn

Inventories decreased → higher CFO: +8.0bn

Payables decreased → lower CFO: −70.0bn

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.52x and interest coverage at 2.14x.

At present, short-term debt accounts for 13.9% of total debt, cash equals 6.3% of debt, and total debt stands at 4,572.5bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 6.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.52x −0.05x

Interest Coverage 2.14x −0.15x

Cash / Debt 6.3% −4.2pp

Short-term Debt / Total Debt 13.9% −1.4pp

CFO / NI 1.70x +0.43x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,243.5bn in 2025, against investing cash flow of -587.9bn.

Post-investment cash flow was positive +655.6bn. Financing cash flow was negative +714.8bn.

CFO / net income was 1.70x.

After spending +149.7bn on fixed-asset investment, the business generated trailing free cash flow of +859.9bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 1,009.6bn +350.0bn

Cash Capex 149.7bn +129.3bn

FCF TTM +859.9bn +220.7bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 1.0 pp. The next item to monitor is capital efficiency, with ROIC at 7.0%. The main risk still sits in leverage and liquidity, with interest coverage at 2.14x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 29.60% after expanding 1.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.52x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,815.6	2,774.7	2,889.4	3,581.2	3,887.3
Revenue Deductions	29.0	57.1	0.0	0.0	0.0
Net Revenue	2,786.5	2,717.6	2,889.4	3,581.2	3,841.6
Cost of Goods Sold	1,040.5	1,126.9	1,166.4	1,368.8	0.0
Gross Profit	1,746.0	1,590.7	1,723.0	2,212.4	2,286.3
Financial Income	84.8	60.3	40.3	83.3	28.7
Financial Expenses	443.5	369.8	569.0	517.3	-408.0
Interest Expense	299.8	342.7	486.6	500.7	-388.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	10.8	4.4	14.5	4.6	-96.8
General and Administrative Expenses	273.9	446.0	218.5	159.1	-210.7
Operating Profit	1,102.6	830.9	961.3	1,614.6	1,599.5
Other Income	3.9	24.5	20.3	18.4	0.0
Other Expenses	36.0	282.6	18.2	28.6	0.0
Other Profit	-32.1	-258.0	2.1	-10.2	-6.2
Profit Before Tax	1,070.5	572.9	963.4	1,604.4	1,593.2
Current Income Tax Expense	79.5	122.2	90.9	231.3	-260.0
Deferred Income Tax Expense	-2.5	3.4	6.2	11.2	0.0
Net Income	993.5	447.3	866.3	1,361.9	1,333.2
Non-controlling Interest	223.1	99.0	201.2	266.3	243.2
Profit Attributable to Parent	770.4	348.3	665.1	1,095.6	1,090.0
Earnings per Share	2,082.00	1,083.00	2,175.00	4,507.00	5,551.19
Diluted EPS	2,082.00	1,083.00	2,175.00	4,507.00	5,551.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,621.3	3,227.7	3,353.9	3,856.2	4,175.0
I. Cash and cash equivalents	265.7	332.3	245.5	694.5	215.7
1. Cash	106.1	155.5	213.2	297.3	0.0
2. Cash equivalents	159.7	176.8	32.3	397.1	0.0
II. Short-term financial investments	1,147.6	736.0	392.7	1.2	0.0
1. Available for sale securities	629.9	518.6	386.6	1.2	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	517.7	217.4	6.1	0.0	0.0
III. Short-term receivables	1,395.9	1,267.1	1,594.7	1,710.7	1,810.6
1. Short-term trade accounts receivable	1,610.0	1,366.3	1,318.8	1,097.8	0.0
2. Short-term prepayments to suppliers	103.4	92.6	97.9	372.5	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	56.3	56.3	133.7	56.3	0.0
6. Other short-term receivables	270.9	165.6	159.7	283.0	0.0
7. Provision for short-term doubtful debts (*)	-644.8	-413.8	-115.4	-98.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	768.9	856.9	1,074.4	1,381.6	1,316.7
1. Inventories	779.1	867.2	1,084.6	1,391.9	0.0
2. Provision for decline in value of inventories	-10.2	-10.2	-10.2	-10.2	0.0
V. Other short-term assets	43.2	35.3	46.6	68.2	142.1
1. Short-term prepayments	7.4	7.1	2.9	4.8	0.0
2. Value added tax to be reclaimed	31.2	28.1	40.8	60.7	0.0
3. Taxes and other receivables from state authorities	4.5	0.1	2.9	2.7	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)	11,064.6	10,621.7	11,084.5	11,248.7	11,799.6
I. Long-term receivables	289.4	287.0	286.6	15.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	82.7
2. Long-term prepayments to suppliers	267.0	264.8	263.4	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	22.4	22.2	23.2	15.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	8,053.6	8,548.1	9,034.4	9,494.9	9,624.6
1. Tangible fixed assets	7,869.9	8,355.3	8,832.8	9,099.7	9,359.2
- Cost	11,072.1	11,076.4	11,074.1	10,864.9	0.0
- Accumulated depreciation	-3,202.3	-2,721.1	-2,241.3	-1,765.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	183.8	192.8	201.6	395.2	265.4
- Cost	223.8	223.7	223.4	420.4	0.0
- Accumulated depreciation	-40.0	-30.9	-21.8	-25.2	0.0
III. Investment properties	788.6	728.9	757.8	793.0	828.2
- Cost	1,065.4	983.7	983.7	983.7	0.0
- Accumulated depreciation	-276.8	-254.8	-225.9	-190.8	0.0
IV. Long-term assets in progress	1,756.6	901.6	830.9	818.1	918.2
1. Long-term production in progress	74.0	91.6	36.9	36.9	0.0
2. Construction in progress	1,682.6	810.1	794.0	781.1	0.0
V. Long-term financial investments	56.1	58.7	63.1	3.1	4.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.1	0.1	0.1	0.1	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	56.0	58.6	62.9	3.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	120.3	97.3	111.6	124.5	0.0
1. Long-term prepayments	15.9	21.3	21.2	18.7	0.0
2. Deferred income tax assets	47.9	49.2	56.3	64.4	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	341.7
5. Goodwill	56.4	26.9	34.2	41.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	14,685.9	13,849.4	14,438.4	15,104.9	15,974.6
A. LIABILITIES (300=210+330)	6,287.5	6,473.4	7,209.6	8,556.9	10,593.6
I. Short -term liabilities	2,185.5	2,139.9	2,328.7	3,286.8	3,574.1
1. Short-term trade accounts payable	82.2	40.4	75.5	180.9	300.9
2. Short-term advances from customers	60.9	18.8	303.9	682.0	1,125.9
3. Taxes and other payables to state authorities	83.4	103.2	95.4	123.9	0.0
4. Payable to employees	36.7	32.5	30.7	34.3	0.0
5. Short-term acrrued expenses	802.5	875.0	815.6	838.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.8	4.3	7.1	21.3	3.4
9. Other short-term payables	288.0	170.3	317.7	388.1	0.0
10. Short-term borrowings and financial leases	681.1	631.0	625.1	958.9	591.6
11. Provision for short-term liabilities	95.8	209.1	0.0	0.0	0.0
12.. Bonus and welfare fund	54.1	55.4	57.7	58.8	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	4,102.0	4,333.5	4,880.9	5,270.1	7,019.6
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	3.7	0.9	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	0.4	6.7	33.6
7. Other long-term liabilities	19.5	15.4	11.8	33.3	0.0
8. Long-term borrowings and financial leases	4,018.3	4,253.1	4,800.9	5,160.2	6,873.0
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	60.5	64.1	67.9	69.8	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.1	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)	8,398.4	7,376.0	7,228.7	6,548.0	5,381.0
I. Owner's equity	8,398.4	7,376.0	7,228.7	6,548.0	0.0
1. Owner's capital	3,699.6	3,363.3	3,057.6	2,446.1	5,381.0
- Common stock with voting right	3,699,630,350,000.00	3,363,315,290,000.00	3,057,568,410,000.00	2,446,058,980,000.00	1,963,574,150,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	374.9	374.9	374.9	374.9	229.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	288.9	287.9	287.9	287.9	230.4
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	-242.3	-234.8	-221.0	-163.8	0.0
8. Investment and development fund	23.5	23.5	23.5	17.6	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	2,717.0	2,283.9	2,394.2	2,340.6	1,933.4
- Accumulated retained earning at the end of the previous period	1,946.6	1,935.6	1,729.1	1,391.3	843.4
- Undistributed earnings in this period	770.4	348.3	665.1	949.4	1,090.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,536.8	1,277.4	1,311.8	1,244.8	1,047.4
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)	14,685.9	13,849.4	14,438.4	15,104.9	15,974.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,070.5	572.9	963.4	1,604.4	1,593.2
Depreciation of Fixed Assets and Investment Property	525.2	525.1	519.9	528.4	297.9
Provision (Increase)/Reversal	117.7	507.5	20.0	10.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-9.2	32.7	-21.5	0.0
Gain/Loss from Investment Activities	-37.5	-26.4	41.1	-56.6	0.0
Interest Expense	349.5	367.7	514.9	507.5	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	2,025.4	1,937.6	2,091.8	2,572.9	2,304.9
Increase/(Decrease) in Receivables	-302.7	-26.8	-64.3	60.3	0.0
Increase/(Decrease) in Inventory	6.5	162.8	307.2	-27.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	39.4	-402.0	-511.6	-223.4	0.0
Increase/(Decrease) in Prepaid Expenses	5.0	-4.3	22.3	5.2	0.0
Changes in Trading Securities	-111.3	-132.0	-385.4	340.2	0.0
Interest Paid	-318.0	-367.7	-538.8	-530.7	0.0
Corporate Income Tax Paid	-99.6	-114.9	-126.5	-253.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.3	-2.3	-1.1	-1.6	0.0
Net Cash Flow from Operating Activities	1,243.5	1,050.4	793.6	1,942.0	2,003.7
Payments for Fixed Assets and Other Long-term Assets	-138.6	-17.5	-147.8	-428.6	-2,205.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.6	0.0	-3.8
Loans and Purchases of Debt Instruments	-596.5	-233.0	-143.5	-1.2	-551.8
Receipts from Loan Repayments and Sale of Debt Instruments	298.8	103.5	0.0	339.8	126.6
Investments in Other Entities	-178.3	0.0	-44.9	-36.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	26.8	30.7	9.4	46.4	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	-587.9	-116.4	-326.2	-79.6	-2,587.8
Proceeds from Equity Issuance and Capital Contributions	203,810,000.00	0.00	245,380,000.00	200,012,784,800.00	322,285,872,127.00
Share Repurchases	—	-187,209,999.00	0.00	0.00	0.00
Proceeds from Borrowings	665.1	70.2	599.1	1,133.8	2,099.0
Repayment of Borrowings	-1,252.9	-617.4	-1,324.8	-2,375.4	-1,700.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-127.2	-286.1	-133.7	-267.2	-324.4
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	-714.8	-833.4	-859.1	-1,308.7	396.2
Net Cash Flow During the Period	-59.2	100.6	-391.7	553.7	-278.7
Cash and Cash Equivalents at Beginning of Period	332.3	245.5	694.5	230.4	437.9
FX Difference from Revaluation	-7.4	-13.8	-57.3	-89.6	-34.3
Cash and Cash Equivalents at End of Period	265.7	332.3	245.5	694.5	215.7

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	689.5	887.2	714.6	583.8	623.2	811.7	566.9	559.8	847.8	861.5	459.7	564.0
Revenue Deductions	5.6	2.3	2.1	0.0	24.6	57.1	0.0	0.0	0.0	0.0	0.1	0.0
Net Revenue	683.9	884.9	712.5	583.8	598.6	754.6	566.9	559.8	847.8	861.5	459.6	564.0
Cost of Goods Sold	242.2	276.5	217.1	329.8	197.7	202.8	230.5	277.4	409.9	275.7	214.7	283.8
Gross Profit	441.7	608.4	495.4	254.0	400.9	551.8	336.5	282.3	437.9	585.8	244.9	280.2
Financial Income	24.3	19.4	16.9	19.9	14.2	19.1	16.8	7.0	13.2	13.1	10.6	9.7
Financial Expenses	75.6	126.5	80.7	154.8	107.6	64.1	102.0	105.7	96.3	155.0	127.4	140.3
Interest Expense	73.9	69.7	72.3	75.3	75.5	78.3	93.3	86.4	94.3	111.2	120.0	127.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.7	4.7	2.6	1.3	1.0	1.5	1.6	1.3	1.1	2.3	1.7	2.0
General and Administrative Expenses	258.2	90.1	69.0	77.4	55.1	225.5	41.7	50.2	32.6	48.9	19.1	41.9
Operating Profit	130.6	406.5	360.1	40.4	251.3	279.8	208.0	132.1	321.2	392.8	107.3	105.7
Other Income	0.3	1.9	1.1	0.5	5.2	2.5	5.1	11.0	0.3	11.1	4.1	0.6
Other Expenses	7.1	10.9	2.2	-7.8	27.4	49.4	9.8	5.3	2.4	0.6	1.9	11.5
Other Profit	-6.7	-9.0	-1.1	8.3	-22.1	-46.9	-4.8	5.7	-2.1	10.5	2.2	-10.9
Profit Before Tax	123.8	397.5	359.0	48.7	229.2	232.9	203.2	137.8	319.1	403.3	109.5	94.7
Current Income Tax Expense	19.8	24.1	22.3	14.7	22.3	24.8	20.8	26.1	53.5	29.9	10.0	13.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.5	0.4	1.3	0.9	0.0	0.7
Net Income	104.0	373.4	336.7	34.0	206.9	208.1	182.0	111.3	264.3	372.5	99.5	80.6
Non-controlling Interest	54.0	89.5	51.7	58.8	51.9	54.7	44.4	36.9	43.0	83.6	15.1	35.7
Profit Attributable to Parent	50.0	283.9	285.0	-24.9	155.1	153.5	137.6	74.4	221.3	289.0	84.4	44.9
Earnings per Share	135.02	767.34	770.31	-67.24	461.05	456.31	409.14	243.22	723.93	945.04	276.04	183.65
Diluted EPS	135.02	767.34	770.31	-67.24	461.05	456.31	409.14	243.22	723.93	945.04	276.04	183.65

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)	3,485.6	3,639.0	3,237.3	3,104.4	3,368.1	3,351.7	3,253.2	3,234.3	3,312.6	3,660.7	3,510.4	3,257.9
I. Cash and cash equivalents	290.0	267.9	243.3	332.8	503.9	337.4	288.7	472.5	578.3	245.6	339.9	208.7
1. Cash	112.1	104.6	150.3	207.6	217.3	226.0	185.7	222.6	291.6	208.3	154.0	144.9
2. Cash equivalents	177.9	163.3	93.0	125.2	286.7	111.4	103.0	249.9	286.7	37.3	185.9	63.9
II. Short-term financial investments	1,312.2	1,144.1	967.3	757.6	751.6	751.6	736.8	682.2	347.0	387.7	515.1	285.3
1. Available for sale securities	900.5	636.0	584.2	544.6	534.5	578.6	583.8	609.2	346.0	386.6	513.4	283.6
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	468.0	508.0	383.0	213.0	217.1	173.0	153.0	73.0	1.0	1.1	1.7	1.7
4. Provision for short-term investments held to maturity (*)	-56.3	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	1,058.1	1,401.7	1,203.4	1,093.4	1,214.9	1,352.9	1,303.2	1,151.7	1,416.0	1,940.5	1,525.0	1,653.6
1. Short-term trade accounts receivable	1,485.4	1,625.1	1,505.8	1,323.0	1,337.5	1,380.0	1,160.3	968.4	1,147.6	1,346.9	968.9	937.1
2. Short-term prepayments to suppliers	103.2	112.7	105.9	106.5	93.0	90.7	86.8	107.9	101.5	362.5	363.2	366.1
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	—	56.3	56.3	56.3	56.3	56.3	56.3	56.3	133.7	133.7	133.7	133.7
6. Other short-term receivables	228.3	249.4	124.2	135.6	161.3	148.9	138.6	150.3	148.5	210.6	174.0	331.4
7. Provision for short-term doubtful debts (*)	-758.9	-641.7	-588.8	-527.9	-433.2	-322.9	-138.8	-131.2	-115.4	-113.3	-114.8	-114.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	772.4	782.2	781.5	882.5	861.9	863.5	880.3	889.2	931.2	1,049.6	1,083.2	1,061.4
1. Inventories	782.6	792.4	791.7	892.7	872.1	873.7	890.5	899.4	941.4	1,059.8	1,093.5	1,071.6
2. Provision for decline in value of inventories	-10.2	-10.2	-10.2	-10.2	-10.2	-10.2	-10.2	-10.2	-10.2	-10.2	-10.2	-10.2
V. Other short-term assets	52.9	43.1	41.8	38.1	35.9	46.3	44.3	38.7	40.0	37.2	47.1	48.8
1. Short-term prepayments	7.3	7.4	4.9	3.8	3.4	5.8	2.6	3.8	2.3	0.9	1.3	2.7
2. Value added tax to be reclaimed	31.7	31.2	32.3	29.5	28.0	39.7	40.5	33.4	33.7	34.1	44.5	44.8
3. Taxes and other receivables from state authorities	13.9	4.4	4.6	4.8	4.5	0.7	1.2	1.4	4.0	1.4	1.3	1.3
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	0.8	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	10,961.9	11,093.8	11,243.6	11,245.9	10,500.9	10,584.0	10,705.3	10,817.6	10,947.2	10,946.1	11,018.4	11,119.1
I. Long-term receivables	290.9	293.7	291.5	287.3	287.3	305.6	298.7	285.7	285.8	26.6	25.2	15.2
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	267.0	267.0	265.4	265.1	265.1	276.4	276.4	263.4	263.4	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	23.8	26.7	26.1	22.2	22.2	29.2	22.3	22.3	22.4	26.6	25.2	15.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	7,935.1	8,059.8	8,180.3	8,301.1	8,421.9	8,549.0	8,671.6	8,791.7	8,913.4	9,089.1	9,207.0	9,309.8
1. Tangible fixed assets	7,753.4	7,875.9	7,994.2	8,112.9	8,231.4	8,356.1	8,476.5	8,594.4	8,713.8	8,811.1	8,820.1	8,922.7
- Cost	11,072.1	—	—	—	—	11,075.9	11,076.5	11,074.5	11,074.1	11,036.8	10,922.4	10,907.0
- Accumulated depreciation	-3,318.7	—	—	—	—	-2,719.8	-2,600.0	-2,480.1	-2,360.3	-2,225.8	-2,102.3	-1,984.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	181.7	183.9	186.1	188.3	190.5	192.9	195.1	197.4	199.6	278.0	386.8	387.1
- Cost	223.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-42.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	778.1	782.9	791.4	713.2	721.0	725.0	733.2	741.4	749.6	759.5	767.7	775.9
- Cost	1,071.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-293.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,764.3	1,793.0	1,771.7	1,742.8	903.4	849.7	849.2	844.5	838.8	894.3	905.1	897.8
1. Long-term production in progress	78.1	76.2	75.9	124.9	92.2	39.4	38.8	38.2	37.5	49.5	48.6	47.9
2. Construction in progress	1,686.2	1,716.8	1,695.9	1,617.9	811.2	810.3	810.4	806.3	801.2	844.9	856.5	849.8
V. Long-term financial investments	78.2	56.1	96.2	96.2	73.7	43.1	43.1	43.1	43.1	63.1	3.1	3.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	78.0	56.0	96.0	96.0	73.6	43.0	43.0	43.0	43.0	62.9	3.0	3.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	115.4	108.3	112.6	105.3	93.5	111.6	109.4	111.1	84.1	79.5	74.5	79.6
1. Long-term prepayments	14.8	28.5	30.7	32.8	19.3	33.2	29.2	29.1	31.4	21.8	15.2	15.7
2. Deferred income tax assets	47.9	49.2	49.2	49.2	49.2	51.5	51.5	51.5	52.7	57.7	59.3	63.9
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	0.0	0.0	0.0	0.0	0.0
5. Goodwill	52.7	30.7	32.8	23.3	25.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	26.9	28.7	30.5	32.4	34.1	36.0	37.8
TOTAL ASSETS (280=100+200)	14,447.5	14,732.8	14,480.9	14,350.3	13,869.0	13,935.7	13,958.6	14,051.9	14,259.8	14,606.8	14,528.8	14,377.0
A. LIABILITIES (300=210+330)	6,132.1	6,355.3	6,412.9	6,593.5	6,286.1	6,252.2	6,402.8	6,600.4	6,766.7	7,292.1	7,507.0	7,450.5
I. Short -term liabilities	2,108.0	2,240.4	2,102.3	2,034.8	2,152.2	1,915.9	1,891.3	1,981.3	1,943.4	2,395.1	2,484.6	2,269.7
1. Short-term trade accounts payable	41.5	49.1	42.0	51.0	41.3	40.8	44.8	42.0	53.6	83.4	79.3	92.7
2. Short-term advances from customers	17.6	60.4	14.4	14.7	14.8	19.0	21.1	8.9	96.4	295.5	382.4	325.3
3. Dividends and profits payable	10.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	51.8	83.9	135.5	66.6	49.9	110.0	84.6	59.3	69.0	97.0	80.1	65.6
4. Payable to employees	13.9	28.9	14.2	13.2	12.3	21.7	11.7	11.0	12.5	20.3	12.2	11.4
5. Short-term acrrued expenses	851.0	813.8	748.3	832.3	868.6	865.0	904.4	869.0	883.6	813.2	814.5	773.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.8	2.7	2.3	1.7	1.5	0.2	0.8	3.3	3.1	7.8	8.7
9. Other short-term payables	285.9	372.6	280.2	287.9	163.3	171.5	150.8	310.0	198.7	409.1	358.5	327.7
10. Short-term borrowings and financial leases	637.4	681.1	692.6	565.6	731.6	631.0	618.0	624.5	570.6	617.1	692.0	606.3
11. Provision for short-term liabilities	144.7	95.8	118.4	147.0	213.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	53.1	54.1	54.2	54.3	55.1	55.4	55.8	55.8	55.8	56.4	57.7	58.2
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	4,024.1	4,114.9	4,310.6	4,558.7	4,133.9	4,336.3	4,511.5	4,619.1	4,823.3	4,897.0	5,022.4	5,180.9
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	9.6	7.9	9.4	7.9	1.4	0.0	0.0	10.3	0.0	3.6	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	1.9	1.9
7. Other long-term liabilities	18.9	21.9	50.6	38.9	15.8	15.4	14.7	13.9	12.6	14.7	14.8	46.1
8. Long-term borrowings and financial leases	3,935.1	4,020.9	4,186.5	4,447.7	4,052.6	4,253.1	4,429.0	4,527.1	4,742.9	4,808.9	4,935.9	5,063.0
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	60.5	64.1	64.1	64.1	64.1	67.9	67.9	67.9	67.9	69.8	69.8	69.8
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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)	8,315.4	8,377.6	8,067.9	7,756.8	7,582.9	7,683.5	7,555.7	7,451.5	7,493.1	7,314.7	7,021.8	6,926.4
I. Owner's equity	8,315.4	8,377.6	8,067.9	7,756.8	7,582.9	7,683.5	7,555.7	7,451.5	7,493.1	7,314.7	7,021.8	6,926.4
1. Owner's capital	3,699.6	3,699.6	3,699.6	3,699.6	3,363.3	3,363.3	3,363.3	3,057.6	3,057.6	3,057.6	3,057.6	2,446.1
- Common stock with voting right	3,699,630,350,000.00	3,699,630,350,000.00	3,699,630,350,000.00	3,699,630,350,000.00	3,363,315,290,000.00	3,363,315,290,000.00	3,363,315,290,000.00	3,057,568,410,000.00	3,057,568,410,000.00	3,057,568,410,000.00	3,057,568,410,000.00	2,446,058,980,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	374.9	374.9	374.9	374.9	374.9	374.9	374.9	374.9	374.9	374.9	374.9	374.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	288.9	288.9	288.9	288.9	287.9	287.9	287.9	287.9	287.9	351.1	351.1	287.9
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	-242.3	-240.8	-240.8	-234.8	-234.8	-233.1	-221.0	-221.0	-221.0	-174.7	-163.8	-163.8
8. Investment and development fund	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	17.6	17.6	17.6
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	2,581.9	2,653.1	2,368.3	2,076.8	2,439.0	2,512.0	2,358.4	2,537.0	2,615.6	2,377.1	2,088.3	2,688.1
- Accumulated retained earning at the end of the previous period	2,532.0	1,947.6	1,946.6	1,946.6	2,283.9	1,935.6	1,935.6	2,241.3	2,394.2	1,665.6	1,665.7	2,340.5
- Undistributed earnings in this period	50.0	705.6	421.7	130.2	155.1	576.3	422.9	295.7	221.3	711.5	422.6	347.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,588.8	1,578.3	1,553.6	1,527.9	1,329.2	1,355.1	1,368.8	1,391.7	1,354.8	1,311.3	1,296.2	1,275.7
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)	14,447.5	14,732.8	14,480.9	14,350.3	13,869.0	13,935.7	13,958.6	14,051.9	14,259.8	14,606.8	14,528.8	14,377.0

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	123.8	442.4	359.0	39.9	229.2	232.9	203.2	124.9	319.1	359.7	109.5	95.2
Depreciation of Fixed Assets and Investment Property	135.2	128.1	135.8	125.9	135.4	130.2	116.3	144.4	129.5	149.1	114.5	141.4
Provision (Increase)/Reversal	219.3	33.5	24.0	37.8	22.4	184.1	7.0	16.4	0.0	4.1	-3.5	19.4
FX Gain/Loss from Revaluation of Monetary Items	—	-105.4	11.3	65.5	28.6	7.9	0.6	12.6	-3.1	14.1	3.0	1.6
Gain/Loss from Investment Activities	-24.3	7.3	-26.5	2.1	-20.4	-19.1	-34.8	4.9	-7.8	107.3	-67.0	24.6
Interest Expense	73.9	126.7	63.9	83.5	75.5	78.3	79.6	95.4	94.3	136.6	105.8	141.7
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	527.9	632.5	567.4	354.8	470.6	614.2	371.9	398.6	531.9	770.9	262.3	423.9
Increase/(Decrease) in Receivables	166.0	-76.5	-343.4	84.5	32.7	-228.7	-205.0	204.8	179.7	-264.0	64.7	267.2
Increase/(Decrease) in Inventory	-3.5	-69.0	73.6	6.8	-4.9	16.8	29.8	21.2	143.2	75.5	0.9	34.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-149.7	111.5	-6.9	-24.9	-40.3	19.0	-46.7	-292.0	-188.2	85.1	-70.8	101.1
Increase/(Decrease) in Prepaid Expenses	1.3	12.3	3.2	-16.1	5.7	-7.3	-10.0	11.9	-9.6	15.3	2.0	2.6
Changes in Trading Securities	-320.3	—	—	—	—	5.2	-44.6	-193.2	40.6	126.8	-229.7	-283.6
Interest Paid	-66.0	-100.6	-67.6	-101.0	-48.9	-81.7	-83.2	-108.4	-68.8	-141.5	-133.7	-148.3
Corporate Income Tax Paid	-48.3	-11.9	-12.5	-15.1	-60.0	-16.6	-4.7	-51.4	-38.7	-17.7	-6.7	-25.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	-1.1	1.1	-7.9	7.9	0.0
Other Operating Payments	-2.1	4.2	-4.4	-1.1	—	2.5	-3.5	2.6	-4.5	0.1	-0.4	7.5
Net Cash Flow from Operating Activities	105.2	456.8	189.8	257.7	339.1	323.4	4.1	-7.0	586.7	642.5	-103.6	379.2
Payments for Fixed Assets and Other Long-term Assets	-15.3	-38.3	0.0	-96.1	-4.3	-1.3	-5.1	-9.7	-6.1	-101.9	42.4	-79.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	1.4	0.0	0.0	0.0	0.6	0.0	0.0
Loans and Purchases of Debt Instruments	-62.0	-127.9	-325.6	-108.0	-35.0	-20.0	-4.9	-142.0	0.0	-66.0	11.7	-11.7
Receipts from Loan Repayments and Sale of Debt Instruments	121.4	-25.6	194.4	130.0	—	0.0	0.0	97.4	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.0	-44.6
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	23.1	-2.3	21.3	5.7	2.2	19.1	30.4	-5.9	13.2	-17.5	11.2	9.1
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	67.2	-193.9	-110.1	-246.7	-37.1	-0.8	20.4	-60.2	7.1	-185.2	65.3	-126.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	245,380,000.00	-236,980,000.00	236,980,000.00
Share Repurchases	—	—	—	—	—	0.00	-187,210,000.00	0.00	0.00	0.00	-7,000,000.00	7,000,000.00
Proceeds from Borrowings	10.0	658.4	5.2	1.0	0.5	19.0	32.7	5.8	12.9	64.8	445.0	1.4
Repayment of Borrowings	-158.1	-772.3	-171.5	-178.2	-130.9	-216.1	-35.0	-32.4	-273.9	-484.8	-277.6	-420.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-125.3	0.0	-1.9	—	-64.8	-217.7	0.0	0.0	-74.7	0.0	-59.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-148.2	-239.0	-166.4	-179.0	-130.4	-261.9	-220.2	-26.6	-261.0	-494.5	167.1	-477.9
Net Cash Flow During the Period	24.3	23.9	-86.8	-167.9	171.6	60.7	-195.6	-93.9	332.8	-37.1	128.9	-225.3
Cash and Cash Equivalents at Beginning of Period	265.7	243.3	330.0	503.9	332.3	245.5	245.5	245.5	245.5	694.5	694.5	694.5
FX Difference from Revaluation	—	-7.4	-5.9	-5.9	—	-12.1	12.1	-12.1	0.0	-57.3	12.3	-12.3
Cash and Cash Equivalents at End of Period	290.0	265.7	243.3	330.0	503.9	337.4	288.7	472.3	578.3	245.5	339.9	198.7

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