HHV

Đầu tư Hạ tầng Giao thông Đèo Cả ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 18.19%, +2.47pp YoY

Price

11,650

Latest close

04 Jun 2026

P/E 9.08x

P/B 0.49x

EPS 1,283

BVPS 23,552

ROE 5.1%

ROA 1.5%

Profit Margin 15.6%

Asset Turnover 0.10x

Equity Mult. 3.34x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,973bn
	                                
+18.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 723bn
	                                
+37.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,801.4	3,308.3	2,685.5	2,094.6	1,859.3
Growth	+15%	+23%	+28%	+13%	—
Net Income	671.2	495.1	364.5	297.4	295.9
Net Margin	17.66%	14.97%	13.57%	14.20%	15.91%

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	907.0	1,205.9	913.5	947.1	735.0	1,010.0	794.7	813.7	689.9	861.3	673.6	612.3
Growth	-25%	+32%	-4%	+29%	-27%	+27%	-2%	+18%	-20%	+28%	+10%	—
Net Income	217.3	201.7	152.4	151.4	173.0	105.7	123.6	125.0	114.0	52.5	117.1	109.3
Net Margin	23.96%	16.73%	16.68%	15.98%	23.53%	10.46%	15.55%	15.36%	16.52%	6.10%	17.38%	17.84%

Drivers of HHV's profit

TTM

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

Gross profit ↑ 353.8bn

Finance costs ↑ 148.6bn

Minority interests ↑ 25.9bn

Tax ↑ 21.2bn

TTM

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

Gross profit ↑ 127.3bn

Finance costs ↑ 58.8bn

Financial income ↓ 11.6bn

Minority interests ↑ 10.6bn

Tax ↑ 7.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.0% = 15.7% × 0.09 × 3.65

2026Q1 6.0% = 18.2% × 0.10 × 3.34

ROE rose from 5.0% to 6.0% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 18.2% +2.5pp Asset turnover: 0.10x +0.01x Leverage: 3.34x -0.31x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 18.19%, rising 2.5pp. The main driver is Gross margin rose 2.4pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 18.19% +2.5pp

Gross Margin 43.90% +2.4pp

SG&A / Revenue 1.89% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 2.4% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to 2.41%, rising 0.6pp. That translates to 2.41 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.4pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 2.41% +0.6pp

NOPAT Margin 18.09% +2.4pp

Capital Turnover 0.13x +0.02x

Average Invested Capital 29,856.5bn +297.9bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 2.35x equity, net debt at 1.32x equity.

Over the last 12 months, working capital released 1,071.5bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +700.9bn

Inventories decreased → higher CFO: +61.3bn

Payables increased → higher CFO: +309.3bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 32.3 days versus the same period last year. The main moves came from DIO fell 7.6 days, DSO rose 8.0 days, and DPO fell 31.9 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 is lengthening

CCC is up by +32.3 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +8.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 58.2 days +8.0 days

Inventory 13.3 days −7.6 days

Payables 202.4 days −31.9 days

Cash Conversion Cycle -130.9 days +32.3 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.32x and interest coverage only at 0.84x.

At present, short-term debt accounts for 4.9% of total debt, cash equals 6.6% of debt, and total debt stands at 18,179.1bn.

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 1.32x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.84x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.32x −0.33x

Interest Coverage 0.84x +0.10x

Cash / Debt 6.6% +5.5pp

Short-term Debt / Total Debt 4.9% −1.1pp

CFO / NI 3.24x +0.55x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,828.9bn in 2025, against investing cash flow of -1,395.6bn.

Post-investment cash flow was positive +433.3bn. Financing cash flow was negative +155.4bn.

CFO / net income was 3.24x.

After spending +22.3bn on fixed-asset investment, the business generated trailing free cash flow of +1,992.6bn.

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

Cash Conversion

CFO TTM 2,014.8bn +800.8bn

Cash Capex 22.3bn −217.1bn

FCF TTM +1,992.6bn +1,017.9bn

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 2.5 pp. The next item to monitor is capital efficiency, with ROIC at 2.4%. The main risk still sits in leverage and liquidity, with interest coverage at 0.84x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 18.19% after expanding 2.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.84x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,801.4	3,308.3	2,685.5	2,094.6	1,859.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,801.4	3,308.3	2,685.5	2,094.6	1,859.3
Cost of Goods Sold	2,185.5	1,967.0	1,605.1	1,078.0	0.0
Gross Profit	1,615.9	1,341.2	1,080.4	1,016.6	912.8
Financial Income	58.3	48.0	25.7	5.4	24.3
Financial Expenses	917.1	814.3	667.3	647.6	-537.0
Interest Expense	905.3	796.6	662.4	647.6	-537.0
Share of Associates and Joint Ventures	90.6	57.8	49.1	52.7	12.6
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	78.3	71.7	60.8	72.9	-94.4
Operating Profit	769.4	561.0	427.2	354.2	318.4
Other Income	5.2	23.6	2.1	0.0	0.0
Other Expenses	1.2	6.0	4.6	0.3	0.0
Other Profit	4.0	17.6	-2.5	-0.3	19.6
Profit Before Tax	773.4	578.6	424.7	353.9	338.0
Current Income Tax Expense	108.6	89.0	62.5	58.8	-42.1
Deferred Income Tax Expense	-6.4	-5.5	-2.3	-2.3	0.0
Net Income	671.2	495.1	364.5	297.4	295.9
Non-controlling Interest	90.4	68.7	42.3	33.4	20.4
Profit Attributable to Parent	580.8	426.4	322.1	264.1	272.5
Earnings per Share	1,242.00	1,025.00	1,010.00	982.00	1,020.00
Diluted EPS	1,242.00	754.00	678.00	929.00	1,019.14

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,862.4	1,282.9	1,176.0	1,183.8	1,373.6
I. Cash and cash equivalents	586.8	308.9	296.1	382.3	262.4
1. Cash	446.1	187.4	70.6	167.1	0.0
2. Cash equivalents	140.6	121.6	225.5	215.1	0.0
II. Short-term financial investments	14.6	6.4	77.0	72.8	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	14.6	6.4	77.0	72.8	0.0
III. Short-term receivables	1,191.8	878.3	690.0	456.6	623.8
1. Short-term trade accounts receivable	810.8	629.0	400.0	204.9	0.0
2. Short-term prepayments to suppliers	56.9	57.5	130.2	59.7	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	7.0	6.0	0.0	1.0	0.0
6. Other short-term receivables	330.3	199.0	173.0	204.2	0.0
7. Provision for short-term doubtful debts (*)	-13.2	-13.2	-13.2	-13.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	44.9	67.7	77.3	160.7	38.3
1. Inventories	44.9	67.7	77.3	160.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	24.3	21.6	35.6	111.4	378.9
1. Short-term prepayments	20.0	18.6	25.3	25.5	0.0
2. Value added tax to be reclaimed	1.4	0.0	10.1	85.8	0.0
3. Taxes and other receivables from state authorities	3.0	3.0	0.1	0.1	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)	38,889.7	37,623.4	35,604.2	34,469.4	32,520.8
I. Long-term receivables	588.1	940.2	404.7	558.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	372.8
2. Long-term prepayments to suppliers	360.7	310.1	205.9	200.9	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	227.3	630.1	198.8	357.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	27,487.5	27,803.1	28,328.8	28,561.8	28,627.2
1. Tangible fixed assets	27,436.1	27,786.0	28,308.7	28,557.2	28,626.5
- Cost	30,219.9	30,147.5	30,309.4	30,253.5	0.0
- Accumulated depreciation	-2,783.8	-2,361.6	-2,000.7	-1,696.3	0.0
2. Financial leased fixed assets	41.7	14.1	16.2	0.0	0.0
- Cost	48.5	17.7	17.7	0.0	0.0
- Accumulated depreciation	-6.9	-3.6	-1.5	0.0	0.0
3. Intangible fixed assets	9.8	3.1	3.9	4.6	0.8
- Cost	12.4	5.2	5.4	5.4	0.0
- Accumulated depreciation	-2.6	-2.1	-1.5	-0.8	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	3.4	11.1	0.2	13.6	12.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.4	11.1	0.2	13.6	0.0
V. Long-term financial investments	2,159.4	1,088.6	497.0	531.1	479.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,216.9	944.1	466.5	514.1	0.0
3. Investments in other entities	927.5	127.5	13.5	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	15.0	17.0	17.0	17.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	8,651.3	7,780.4	6,373.5	4,804.5	0.0
1. Long-term prepayments	8,631.7	7,761.7	6,355.2	4,783.8	0.0
2. Deferred income tax assets	10.4	7.1	4.2	4.2	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	3,028.8
5. Goodwill	9.2	11.7	14.1	16.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	40,752.1	38,906.4	36,780.2	35,653.2	33,894.4
A. LIABILITIES (300=210+330)	28,579.5	27,976.7	28,047.3	27,277.7	26,216.0
I. Short -term liabilities	3,561.6	3,678.9	3,143.9	3,857.3	3,162.4
1. Short-term trade accounts payable	1,037.2	902.9	1,105.9	1,094.9	1,123.8
2. Short-term advances from customers	102.8	4.7	4.6	111.9	7.6
3. Taxes and other payables to state authorities	112.9	93.3	81.5	65.9	0.0
4. Payable to employees	31.7	27.3	12.8	13.7	0.0
5. Short-term acrrued expenses	335.3	587.2	439.4	1,111.6	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	1.2	1.1	1.1	1.1	0.0
9. Other short-term payables	954.5	975.7	488.2	583.8	0.0
10. Short-term borrowings and financial leases	979.8	1,080.7	1,004.2	872.6	215.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.1	6.1	6.2	1.6	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	25,017.9	24,297.8	24,903.4	23,420.5	23,053.6
1. Long-term trade payables	260.8	285.5	365.1	422.3	452.1
2. Long-term advances from customers	507.9	232.7	289.2	0.0	0.0
3. Long-term acrrued expenses	6,576.3	5,671.9	4,755.0	3,000.7	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	11.2	6.6	7.8	8.8	0.0
7. Other long-term liabilities	35.3	38.8	53.5	53.5	0.0
8. Long-term borrowings and financial leases	17,479.2	17,912.1	19,280.0	19,780.1	20,871.8
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	147.1	150.2	152.8	155.1	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	12,172.6	10,929.6	8,732.9	8,375.5	7,678.4
I. Owner's equity	7,999.5	6,921.5	5,460.1	5,102.7	0.0
1. Owner's capital	4,974.3	4,322.6	3,293.5	3,078.0	4,405.6
- Common stock with voting right	4,974,330,030,000.00	4,322,555,280,000.00	3,293,503,510,000.00	3,078,044,500,000.00	2,673,840,900,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.4	6.1	-0.9	-0.5	-0.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	15.6	8.8	8.8	7.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	1.7	0.0	0.0	0.0
11. Undistributed earnings after tax	1,446.7	1,116.7	921.9	820.5	560.2
- Accumulated retained earning at the end of the previous period	863.9	703.3	601.7	558.4	287.7
- Undistributed earnings in this period	582.8	413.4	320.2	262.1	272.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,557.5	1,465.6	1,236.7	1,197.5	1,166.9
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	4,173.1	4,008.1	3,272.8	3,272.8	3,272.8
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	4,173.1	4,008.1	3,272.8	3,272.8	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	40,752.1	38,906.4	36,780.2	35,653.2	33,894.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	773.4	578.6	424.7	353.9	335.0
Depreciation of Fixed Assets and Investment Property	430.6	348.9	310.9	283.7	262.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-152.6	-106.1	-70.0	-58.2	0.0
Interest Expense	905.3	796.6	662.4	647.6	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	1,956.7	1,618.0	1,328.1	1,227.1	1,076.8
Increase/(Decrease) in Receivables	430.1	-191.1	60.9	54.7	0.0
Increase/(Decrease) in Inventory	22.8	9.6	83.5	-122.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	402.8	-35.6	182.9	72.9	0.0
Increase/(Decrease) in Prepaid Expenses	1.3	7.2	1.5	-3.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1,061.6	-1,078.9	-1,202.1	-827.6	0.0
Corporate Income Tax Paid	-88.2	-85.6	-61.4	-36.1	0.0
Other Operating Receipts	165.0	900.3	0.0	0.0	0.0
Other Operating Payments	-0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1,828.9	1,143.9	393.4	365.1	183.6
Payments for Fixed Assets and Other Long-term Assets	-74.7	-258.5	-129.0	-196.9	-238.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	-8.3	0.0	15.8	-2.7	38.2
Loans and Purchases of Debt Instruments	-4.0	-455.9	-6.6	0.0	-1.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.6	106.7	3.5	0.0	0.0
Investments in Other Entities	-1,453.1	-81.8	-79.0	0.0	-19.0
Proceeds from Investments in Other Entities	118.4	10.1	78.4	0.0	0.0
Dividends and Interest Income Received	25.5	9.5	25.2	5.4	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	-1,395.6	-669.9	-91.7	-194.2	-199.3
Proceeds from Equity Issuance and Capital Contributions	414,284,400,000.00	830,254,742,000.00	61,000,000.00	403,873,700,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,046.1	484.3	503.4	499.2	799.7
Repayment of Borrowings	-1,594.4	-1,772.2	-886.3	-954.2	-798.6
Repayment of Finance Leases	-21.5	-3.5	-5.0	0.0	0.0
Dividends Paid	—	-0.1	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-155.4	-461.2	-387.8	-51.1	1.1
Net Cash Flow During the Period	277.8	12.8	-86.1	119.9	109.1
Cash and Cash Equivalents at Beginning of Period	308.9	296.1	382.3	262.4	277.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	586.8	308.9	296.1	382.3	262.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	907.0	1,205.9	913.5	947.1	735.0	1,010.0	794.7	813.7	689.9	861.3	673.6	612.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	907.0	1,205.9	913.5	947.1	735.0	1,010.0	794.7	813.7	689.9	861.3	673.6	612.3
Cost of Goods Sold	393.5	751.8	524.0	559.9	348.8	677.9	464.7	471.5	354.9	628.7	374.8	325.0
Gross Profit	513.5	454.1	389.5	387.2	386.2	332.1	330.0	342.2	335.0	232.6	298.8	287.3
Financial Income	2.3	15.1	14.5	14.7	13.9	14.9	14.3	11.2	7.3	6.0	2.7	13.3
Financial Expenses	279.3	232.8	236.7	227.0	220.6	204.6	199.0	203.0	208.2	162.7	165.1	175.9
Interest Expense	275.0	229.8	233.8	224.0	217.6	194.3	199.0	203.0	208.2	162.7	165.1	171.1
Share of Associates and Joint Ventures	24.1	19.1	20.5	20.1	30.8	8.7	14.2	16.3	14.0	8.0	13.9	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-14.4
General and Administrative Expenses	16.9	20.7	17.8	19.8	16.9	19.3	15.6	19.7	17.0	16.8	14.8	11.5
Operating Profit	243.6	234.9	170.1	175.2	193.3	131.8	143.8	147.0	131.1	67.0	135.5	127.6
Other Income	1.4	0.0	3.7	0.1	1.1	4.8	0.3	0.0	0.0	0.0	0.0	1.9
Other Expenses	0.0	0.1	0.1	0.5	0.0	3.6	1.7	0.8	0.1	0.2	0.3	3.3
Other Profit	1.4	-0.1	3.6	-0.4	1.1	1.3	-1.4	-0.8	-0.1	-0.2	-0.3	-1.4
Profit Before Tax	245.0	234.8	173.7	174.8	194.4	133.1	142.4	146.2	131.0	66.8	135.2	126.2
Current Income Tax Expense	29.2	35.4	23.2	25.0	22.2	28.0	19.5	21.8	17.6	14.9	18.6	17.5
Deferred Income Tax Expense	-1.5	-2.2	-1.9	-1.5	-0.7	-0.6	-0.6	-0.6	-0.6	-0.5	-0.5	-0.6
Net Income	217.3	201.7	152.4	151.4	173.0	105.7	123.6	125.0	114.0	52.5	117.1	109.3
Non-controlling Interest	37.3	19.9	23.5	20.7	26.7	10.2	19.6	19.1	18.0	1.1	16.2	14.6
Profit Attributable to Parent	180.0	181.8	128.9	130.6	146.2	95.5	104.0	105.9	96.0	51.4	100.9	94.7
Earnings per Share	353.00	377.00	267.00	286.00	338.00	221.00	245.00	257.00	243.00	156.00	306.00	307.00
Diluted EPS	353.00	342.00	242.00	246.00	266.00	716.00	181.00	182.00	204.00	106.00	208.00	204.00

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)	2,346.8	1,864.8	1,671.4	1,670.7	1,319.2	1,387.7	1,333.9	1,360.3	1,503.9	1,172.2	1,237.2	1,204.7
I. Cash and cash equivalents	1,202.2	586.8	474.6	570.4	199.7	310.4	368.0	404.7	657.7	296.0	415.2	391.9
1. Cash	983.1	446.1	340.0	404.8	71.1	187.4	219.4	239.8	434.2	70.5	103.9	218.1
2. Cash equivalents	219.1	140.6	134.6	165.7	128.6	123.0	148.6	164.9	223.5	225.5	311.2	173.9
II. Short-term financial investments	22.2	14.6	8.3	6.3	6.3	5.0	83.9	96.3	94.7	77.0	74.9	74.9
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	22.2	14.6	8.3	6.3	6.3	5.0	83.9	96.3	94.7	77.0	74.9	74.9
III. Short-term receivables	1,049.1	1,193.0	996.1	924.2	975.3	981.0	636.7	646.7	608.1	686.4	488.8	455.7
1. Short-term trade accounts receivable	660.2	810.6	631.2	601.9	607.5	631.9	388.3	399.0	315.5	401.1	195.1	124.4
2. Short-term prepayments to suppliers	70.8	57.7	81.3	70.8	80.6	157.5	77.0	85.0	129.5	125.3	158.2	0.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	7.0	7.0	7.0	7.0	6.0	5.0	0.0	0.0	0.0	0.0	121.5
6. Other short-term receivables	331.3	330.9	289.8	257.6	293.4	198.8	179.6	175.9	176.3	173.3	148.7	223.0
7. Provision for short-term doubtful debts (*)	-13.2	-13.2	-13.2	-13.2	-13.2	-13.2	-13.2	-13.2	-13.2	-13.2	-13.2	-13.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	50.8	46.2	164.9	138.6	112.1	69.7	222.4	183.4	113.4	77.3	206.6	213.5
1. Inventories	50.8	46.2	164.9	138.6	112.1	69.7	222.4	183.4	113.4	77.3	206.6	213.5
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	22.5	24.4	27.4	31.1	25.8	21.6	22.8	29.2	30.1	35.6	51.7	68.7
1. Short-term prepayments	19.5	20.0	19.4	19.2	18.8	18.6	18.8	22.8	25.0	25.4	25.7	25.3
2. Value added tax to be reclaimed	—	1.4	3.8	8.9	4.1	0.0	1.0	3.4	4.9	10.1	25.9	43.3
3. Taxes and other receivables from state authorities	3.0	3.0	4.3	3.1	3.0	3.0	3.0	3.0	0.1	0.1	0.1	0.1
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)	38,966.3	38,888.6	38,378.5	38,166.2	37,941.6	37,416.0	36,959.9	36,667.0	36,156.5	35,603.3	35,283.3	34,874.3
I. Long-term receivables	444.4	588.1	1,139.3	1,047.8	1,053.1	844.0	839.7	823.7	684.9	404.5	398.9	338.5
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	335.1	360.7	422.1	415.4	410.0	213.9	212.1	212.5	210.4	205.7	202.8	202.5
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	109.3	227.3	717.2	632.4	643.2	630.1	627.5	611.2	474.5	198.8	196.1	135.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	27,355.1	27,486.5	27,550.2	27,627.7	27,705.4	27,720.6	27,925.2	27,985.8	28,227.0	28,328.8	28,369.0	28,431.1
1. Tangible fixed assets	27,305.3	27,435.1	27,518.1	27,600.9	27,688.9	27,703.5	27,907.3	27,967.0	28,207.6	28,308.7	28,348.2	28,413.0
- Cost	30,205.7	—	—	—	—	30,065.0	30,177.8	30,149.4	30,298.1	30,309.4	30,272.8	30,262.7
- Accumulated depreciation	-2,900.4	—	—	—	—	-2,361.6	-2,270.5	-2,182.4	-2,090.5	-2,000.7	-1,924.5	-1,849.8
2. Financial leased fixed assets	40.2	41.7	29.8	24.1	13.5	14.1	14.6	15.1	15.7	16.2	16.7	13.9
- Cost	48.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.6	9.8	2.3	2.8	2.9	3.1	3.2	3.6	3.7	3.9	4.1	4.2
- Cost	12.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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
IV. Long-term assets in progress	0.6	3.4	28.5	55.0	71.5	11.7	4.8	2.1	2.4	0.1	33.5	32.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.6	3.4	28.5	55.0	71.5	11.7	4.8	2.1	2.4	0.1	33.5	32.5
V. Long-term financial investments	2,327.1	2,159.4	1,224.2	1,212.3	1,103.7	1,065.4	652.8	648.7	518.5	497.3	489.3	475.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,257.0	1,216.9	1,081.7	1,067.8	959.2	920.9	500.8	496.7	480.5	466.8	458.8	445.0
3. Investments in other entities	1,013.3	927.5	127.5	127.5	127.5	127.5	135.0	135.0	21.0	13.5	13.5	13.5
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	56.9	15.0	15.0	17.0	17.0	17.0	17.0	17.0	17.0	17.0	17.0	17.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	8,839.2	8,651.3	8,436.3	8,223.3	8,007.8	7,774.2	7,537.4	7,206.7	6,710.1	6,358.5	5,977.8	5,581.4
1. Long-term prepayments	8,819.5	8,631.7	8,417.5	8,205.1	7,989.7	7,758.5	7,521.0	7,189.6	6,706.0	6,354.3	5,973.7	5,577.2
2. Deferred income tax assets	11.1	10.4	8.9	7.8	7.0	4.1	4.1	4.1	4.1	4.2	4.2	4.2
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	8.6	9.2	9.8	10.4	11.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	11.7	12.3	12.9	13.5	14.1	14.7	15.3
TOTAL ASSETS (280=100+200)	41,313.1	40,753.4	40,049.9	39,836.9	39,260.8	38,803.7	38,293.7	38,027.3	37,660.4	36,775.5	36,520.4	36,079.1
A. LIABILITIES (300=210+330)	28,426.0	28,575.6	28,072.6	28,011.4	27,989.6	27,895.9	28,215.3	28,077.0	27,834.2	28,045.2	27,841.9	27,517.0
I. Short -term liabilities	3,324.5	3,558.8	3,559.6	3,500.7	3,652.3	3,691.4	3,121.1	3,043.1	2,865.9	2,876.0	2,420.1	3,925.8
1. Short-term trade accounts payable	976.8	1,036.8	970.1	1,012.9	963.9	899.2	983.3	972.7	961.1	1,105.6	1,061.1	1,049.7
2. Short-term advances from customers	99.8	102.3	5.0	5.3	5.6	4.7	5.7	5.9	4.6	4.6	42.8	61.5
3. Taxes and other payables to state authorities	51.2	109.9	57.7	45.2	27.6	91.6	48.5	42.3	21.8	82.7	59.2	34.5
4. Payable to employees	16.6	30.5	20.4	18.3	16.8	27.3	16.9	14.9	13.1	12.8	14.2	5.6
5. Short-term acrrued expenses	327.6	337.8	388.5	404.7	531.3	590.9	500.9	461.2	438.5	451.5	452.7	1,197.1
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	1.1	1.2	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
9. Other short-term payables	948.8	954.3	957.6	959.6	972.0	990.1	597.6	618.5	488.1	182.7	171.9	504.7
10. Short-term borrowings and financial leases	896.8	979.8	1,153.1	1,047.7	1,127.9	1,080.4	961.0	920.4	931.5	1,028.8	610.8	1,065.4
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.8	6.1	6.1	6.1	6.1	6.1	6.2	6.2	6.2	6.2	6.2	6.2
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	25,101.5	25,016.8	24,512.9	24,510.7	24,337.4	24,204.5	25,094.2	25,033.9	24,968.2	25,169.3	25,421.8	23,591.1
1. Long-term trade payables	256.9	260.9	262.6	269.6	275.0	272.1	298.1	301.9	320.3	364.9	370.4	380.4
2. Long-term advances from customers	575.5	507.9	240.7	269.9	306.2	235.4	151.0	210.1	264.6	289.2	324.9	193.8
3. Long-term acrrued expenses	6,791.0	6,575.2	6,363.9	6,145.4	5,915.2	5,589.0	5,533.4	5,274.3	5,009.4	4,740.2	4,471.8	3,492.3
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	14.3	11.2	7.9	6.3	6.4	6.6	6.9	7.2	7.5	7.8	8.0	8.3
7. Other long-term liabilities	35.3	35.3	35.3	35.3	35.3	38.8	38.9	38.9	46.1	359.0	377.5	53.1
8. Long-term borrowings and financial leases	17,282.2	17,479.2	17,454.8	17,635.4	17,649.8	17,912.4	18,915.0	19,049.9	19,168.1	19,255.4	19,715.9	19,309.2
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	146.3	147.1	147.9	148.7	149.5	150.2	150.9	151.5	152.2	152.8	153.4	153.9
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	12,887.1	12,177.8	11,977.3	11,825.5	11,271.1	10,907.8	10,078.4	9,950.3	9,826.3	8,730.2	8,678.5	8,562.1
I. Owner's equity	12,887.1	8,004.7	7,804.2	7,652.4	7,098.1	6,899.7	6,805.6	6,677.5	6,553.5	5,457.4	5,405.7	5,289.3
1. Owner's capital	5,471.7	4,974.3	4,974.3	4,737.6	4,322.6	4,322.6	4,322.6	4,116.8	4,116.8	3,293.5	3,293.5	3,293.5
- Common stock with voting right	5,471,662,960,000.00	4,974,330,030,000.00	4,974,330,030,000.00	4,737,555,280,000.00	4,322,555,280,000.00	4,322,555,280,000.00	4,322,555,280,000.00	4,116,801,690,000.00	4,116,801,690,000.00	3,293,503,510,000.00	3,293,503,510,000.00	3,293,503,510,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.2	5.4	6.1	6.1	6.1	6.1	6.1	6.1	6.1	-0.9	-0.5	-0.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	4,173.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	15.6	15.6	15.6	15.6	8.8	8.8	8.8	10.6	8.8	8.8	8.8	8.8
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	—	—	—	—	1.7	1.7	1.7	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,626.7	1,451.5	1,270.2	1,378.7	1,265.0	1,095.3	1,011.3	1,110.0	1,006.8	919.7	868.7	768.5
- Accumulated retained earning at the end of the previous period	1,446.7	864.0	863.9	1,100.7	1,116.7	703.3	714.4	920.2	921.9	601.7	601.7	601.9
- Undistributed earnings in this period	179.9	587.6	406.3	277.9	148.3	391.9	296.9	189.8	84.9	318.0	267.0	166.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,594.9	1,557.9	1,538.1	1,514.5	1,493.9	1,465.2	1,455.1	1,434.0	1,415.0	1,236.3	1,235.2	1,219.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	4,173.1	4,173.1	4,173.1	4,173.1	4,008.1	3,272.8	3,272.8	3,272.8	3,272.8	3,272.8	3,272.8
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	—	4,173.1	4,173.1	4,173.1	4,173.1	4,008.1	3,272.8	3,272.8	3,272.8	3,272.8	3,272.8	3,272.8
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)	41,313.1	40,753.4	40,049.9	39,836.9	39,260.8	38,803.7	38,293.7	38,027.3	37,660.4	36,775.5	36,520.4	36,079.1

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	245.0	230.4	173.7	174.9	194.4	133.1	142.4	151.4	131.0	67.9	135.2	126.2
Depreciation of Fixed Assets and Investment Property	127.2	111.3	110.4	106.0	102.8	92.7	91.0	92.7	91.0	78.1	76.4	78.9
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	-27.2	-34.3	-38.8	-34.8	-44.7	-23.7	-28.8	-27.4	-21.3	-13.6	-16.6	-22.9
Interest Expense	275.0	229.9	233.8	224.0	217.6	194.3	199.0	195.1	208.2	162.7	165.1	171.1
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	620.0	537.4	479.0	470.1	470.2	396.4	403.7	411.8	408.9	295.1	360.1	353.3
Increase/(Decrease) in Receivables	153.9	648.8	-128.9	27.0	-116.9	-329.0	6.4	-32.3	85.0	-177.7	-88.1	274.2
Increase/(Decrease) in Inventory	-5.8	120.0	-26.3	-26.5	-44.4	152.7	-38.9	-70.1	-36.1	129.3	6.9	-23.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-23.1	519.6	-82.0	-105.2	70.4	64.9	-29.8	-31.8	-33.0	18.1	131.8	-114.1
Increase/(Decrease) in Prepaid Expenses	0.4	-0.2	0.4	0.4	0.8	-1.4	0.4	7.1	1.1	0.9	-0.4	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-243.4	-315.9	-238.3	-258.0	-249.5	-263.2	-274.2	-265.6	-275.9	-320.7	-296.9	-329.7
Corporate Income Tax Paid	-86.7	-7.7	-7.1	-7.1	-66.3	-8.5	-12.8	-1.3	-63.0	0.0	-1.5	-23.0
Other Operating Receipts	—	—	—	—	—	900.3	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	415.3	1,502.0	-3.1	100.7	229.3	912.2	54.8	17.7	87.1	-55.0	111.9	137.3
Payments for Fixed Assets and Other Long-term Assets	-4.4	-3.6	-12.6	-1.7	-56.8	-152.4	-13.5	-16.6	-76.0	-12.0	-36.8	-40.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	-8.3	—	—	—	0.0	0.0	0.0	0.0	0.0	3.3	12.5
Loans and Purchases of Debt Instruments	-0.6	-2.5	0.0	0.0	-1.5	57.5	-22.0	-128.5	-289.5	-2.1	0.0	-2.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.6	80.1	29.4	0.0	0.0	0.0	0.0	3.5
Investments in Other Entities	-13.9	—	—	—	—	-74.3	0.0	0.0	-7.5	-13.3	-65.7	0.0
Proceeds from Investments in Other Entities	—	4.0	6.6	102.1	5.7	0.0	10.1	0.0	0.0	0.0	78.4	0.0
Dividends and Interest Income Received	1.0	-5.6	6.3	4.2	20.6	0.0	-0.4	4.6	2.6	6.2	1.8	13.4
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	-17.0	-1,206.9	-13.1	-52.1	-123.5	-89.1	3.6	-140.6	-370.4	-21.1	-19.2	-13.0
Proceeds from Equity Issuance and Capital Contributions	497,157,030,000.00	—	—	—	—	0.00	0.00	0.00	830,254,742,000.00	-339,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	59.0	198.2	278.3	373.1	196.5	159.8	126.0	118.2	80.3	145.5	113.7	131.5
Repayment of Borrowings	-336.6	-363.9	-354.7	-465.0	-410.7	-1,039.6	-220.3	-247.6	-264.8	-187.2	-179.7	-305.8
Repayment of Finance Leases	-2.4	-16.5	-3.2	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-3.5	0.1
Dividends Paid	—	—	—	—	—	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	217.2	-182.9	-79.6	322.1	-215.1	-880.7	-95.1	-130.2	644.8	-42.9	-69.5	-174.2
Net Cash Flow During the Period	615.4	112.1	-95.8	370.7	-109.2	-57.6	-36.7	-253.0	361.6	-119.0	23.2	-49.9
Cash and Cash Equivalents at Beginning of Period	586.8	474.6	570.4	199.7	308.9	296.1	296.1	296.1	296.1	382.3	382.3	382.3
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1,202.2	586.8	474.6	570.4	199.7	310.4	368.0	404.7	657.7	296.1	415.2	391.9

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HHV

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