HND

Nhiệt điện Hải Phòng ·UPCOM ·2026Q1

● Maintaining

Capital structure should be read with cycle risk in mind Debt/equity −0.02x

Price

10,500

Latest close

04 Jun 2026

P/E 11.15x

P/B 0.85x

EPS 942

BVPS 12,353

ROE 7.8%

ROA 6.3%

Profit Margin 4.9%

Asset Turnover 1.29x

Equity Mult. 1.23x

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

What Is Changing

On a TTM 2026Q1 basis, HND is in an offsetting state — revenue softened slightly but margins improved — earnings have been recovering gradually over multiple periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9,619bn
	                                
−11.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 471bn
	                                
+8.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	9,730.8	11,036.3	11,442.7	10,511.2	9,026.4
Growth	-12%	-4%	+9%	+16%	—
Net Income	342.4	258.9	441.5	546.8	443.1
Net Margin	3.52%	2.35%	3.86%	5.20%	4.91%

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	2,545.2	2,061.1	2,040.5	2,971.8	2,657.4	2,430.8	2,364.6	3,452.2	2,788.6	2,620.6	2,884.4	3,366.5
Growth	+23%	+1%	-31%	+12%	+9%	+3%	-32%	+24%	+6%	-9%	-14%	—
Net Income	216.0	28.7	-15.0	241.7	166.1	-0.2	-9.1	276.5	154.7	-115.3	191.5	180.9
Net Margin	8.49%	1.39%	-0.74%	8.13%	6.25%	-0.01%	-0.39%	8.01%	5.55%	-4.40%	6.64%	5.37%

Drivers of HND's profit

TTM

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

Other profit ↑ 29.5bn

Financial income ↑ 19.0bn

Administrative expenses ↓ 14.5bn

Gross profit ↑ 13.1bn

TTM

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

Gross profit ↑ 51.4bn

Other profit ↑ 27.0bn

Financial income ↑ 8.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.4% = 4.0% × 1.45 × 1.28

2026Q1 7.8% = 4.9% × 1.29 × 1.23

ROE is broadly flat at 7.8% — the components are offsetting one another.

Net margin: 4.9% +0.9pp Asset turnover: 1.29x -0.15x Leverage: 1.23x -0.05x

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 4.90%, rising 0.9pp. The main driver is Gross margin rose 0.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.3pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 4.90% +0.9pp

Gross Margin 6.23% +0.9pp

SG&A / Revenue 0.94% −0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.23x equity, with a net cash position equivalent to 0.02x equity.

Inventory ended the period at 742.6bn, roughly 10.1% of total assets.

Over the last 12 months, working capital released 297.3bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +397.6bn

Inventories increased → lower CFO: −48.9bn

Payables decreased → lower CFO: −51.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3.2 days versus the same period last year. The main moves came from DIO rose 3.7 days, DSO rose 9.4 days, and DPO rose 10.0 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 93.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +9.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 105.1 days +9.4 days

Inventory 36.5 days +3.7 days

Payables 48.1 days +10.0 days

Cash Conversion Cycle 93.5 days +3.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 1,886.8bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.02x −0.04x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.48x +0.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,886.8bn in 2025, against investing cash flow of -763.1bn.

Post-investment cash flow was positive +1,123.6bn. Financing cash flow was negative +200.1bn.

CFO / net income was 2.48x.

After spending +39.8bn on fixed-asset investment, the business generated trailing free cash flow of +1,128.4bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 1,168.1bn +238.0bn

Cash Capex 39.8bn −2.6bn

FCF TTM +1,128.4bn +240.6bn

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.02x. The next item to monitor is capital structure should be read with cycle risk in mind.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	9,730.8	11,036.3	11,442.7	10,511.2	9,026.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	9,730.8	11,036.3	11,442.7	10,511.2	9,026.4
Cost of Goods Sold	9,258.3	10,629.1	10,798.8	9,697.2	0.0
Gross Profit	472.5	407.2	643.9	814.0	643.7
Financial Income	11.4	0.5	7.9	23.6	75.1
Financial Expenses	2.9	28.4	80.0	170.6	-153.1
Interest Expense	2.9	11.5	52.2	101.1	-153.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	102.5	107.0	107.7	117.5	-98.2
Operating Profit	378.5	272.3	464.1	549.6	467.5
Other Income	6.3	4.8	4.3	31.8	0.0
Other Expenses	3.8	4.4	3.4	5.7	0.0
Other Profit	2.5	0.5	0.8	26.0	-0.9
Profit Before Tax	381.0	272.8	464.9	575.6	466.6
Current Income Tax Expense	38.6	13.9	23.4	28.8	-23.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	342.4	258.9	441.5	546.8	443.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	342.4	258.9	441.5	546.8	443.1
Earnings per Share	685.00	518.00	883.00	1,094.00	886.00
Diluted EPS	684.86	517.88	882.94	1,093.59	886.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,392.4	3,540.7	3,845.8	3,346.2	2,966.2
I. Cash and cash equivalents	941.7	18.2	18.5	515.6	568.2
1. Cash	9.7	18.2	18.5	15.6	0.0
2. Cash equivalents	932.0	0.0	0.0	500.0	0.0
II. Short-term financial investments	770.0	15.0	20.0	100.0	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	770.0	15.0	20.0	100.0	0.0
III. Short-term receivables	1,727.2	2,553.5	2,909.0	2,314.4	1,766.0
1. Short-term trade accounts receivable	1,674.7	2,541.5	2,891.2	2,301.3	0.0
2. Short-term prepayments to suppliers	37.2	7.0	12.0	4.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	15.3	5.0	5.8	8.9	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	742.6	805.8	830.8	405.0	560.1
1. Inventories	742.6	805.8	830.8	405.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	211.1	148.3	67.5	11.1	1.9
1. Short-term prepayments	—	2.0	6.4	10.2	0.0
2. Value added tax to be reclaimed	205.9	137.4	61.0	0.0	0.0
3. Taxes and other receivables from state authorities	5.2	8.9	0.0	0.9	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)	2,962.6	3,439.5	3,974.8	4,874.6	5,722.8
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,715.8	3,192.4	3,707.5	4,615.2	5,515.4
1. Tangible fixed assets	2,714.0	3,188.1	3,699.8	4,605.0	5,513.6
- Cost	22,203.1	22,199.2	22,165.7	22,144.8	0.0
- Accumulated depreciation	-19,489.1	-19,011.1	-18,465.9	-17,539.8	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	1.9	4.3	7.8	10.2	1.8
- Cost	15.9	15.9	15.9	14.7	0.0
- Accumulated depreciation	-14.0	-11.6	-8.1	-4.5	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	30.5	44.6	60.8	41.3	6.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	30.5	44.6	60.8	41.3	0.0
V. Long-term financial investments	0.5	0.5	0.5	0.5	0.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	0.5	0.5	0.5	0.5	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	215.7	202.0	206.0	217.6	0.0
1. Long-term prepayments	129.6	134.3	139.7	145.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	86.1	67.7	66.3	72.5	0.0
4. Other long-term assets	—	0.0	0.0	0.0	200.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,355.0	6,980.2	7,820.6	8,220.8	8,689.0
A. LIABILITIES (300=210+330)	1,374.7	1,257.0	1,808.1	1,903.2	2,475.1
I. Short -term liabilities	1,370.4	1,251.0	1,800.1	1,501.1	1,327.4
1. Short-term trade accounts payable	1,171.9	953.6	1,052.3	556.1	340.5
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	10.7	10.3	9.3	29.0	0.0
4. Payable to employees	151.5	42.6	94.6	82.3	0.0
5. Short-term acrrued expenses	16.1	67.5	13.4	21.1	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	3.8	154.8	205.4	3.5	0.0
10. Short-term borrowings and financial leases	—	0.0	403.9	784.9	820.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.4	22.2	21.2	24.1	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	4.4	6.0	8.0	402.2	1,147.8
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	392.5	1,137.2
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	4.4	6.0	8.0	9.7	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,980.3	5,723.2	6,012.5	6,317.6	6,213.8
I. Owner's equity	5,980.3	5,723.2	6,012.5	6,317.6	0.0
1. Owner's capital	5,000.0	5,000.0	5,000.0	5,000.0	6,213.8
- Common stock with voting right	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	196.7	196.7	196.7	196.7	196.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	56.2	55.8	25.9	16.5	3.8
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	385.0	354.6	272.5	557.6	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	342.4	116.1	517.5	546.8	443.1
- Accumulated retained earning at the end of the previous period	—	7.2	276.0	0.0	183.2
- Undistributed earnings in this period	342.4	108.9	241.5	546.8	259.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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)	7,355.0	6,980.2	7,820.6	8,220.8	8,689.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	381.0	272.8	464.9	575.6	466.6
Depreciation of Fixed Assets and Investment Property	481.7	546.8	927.8	940.7	1,299.6
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	11.4	40.2	0.0
Gain/Loss from Investment Activities	-4.5	-0.4	-6.1	-15.4	0.0
Interest Expense	2.9	11.5	52.2	101.1	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	861.0	830.7	1,450.1	1,642.3	1,844.2
Increase/(Decrease) in Receivables	765.7	270.4	-591.6	-1,555.4	0.0
Increase/(Decrease) in Inventory	44.8	23.7	-419.7	157.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	276.0	-66.9	349.9	293.9	0.0
Increase/(Decrease) in Prepaid Expenses	6.7	9.8	9.2	-28.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-16.4	-0.2	-5.7	0.0
Corporate Income Tax Paid	-27.8	-23.1	-22.1	-34.2	0.0
Other Operating Receipts	0.2	1.0	0.9	0.1	0.0
Other Operating Payments	-39.9	-46.7	-57.5	-55.7	0.0
Net Cash Flow from Operating Activities	1,886.8	982.4	718.9	413.9	426.9
Payments for Fixed Assets and Other Long-term Assets	-8.5	-33.0	-23.2	-51.2	-61.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-770.0	-20.0	-20.0	-30.0	-50.0
Receipts from Loan Repayments and Sale of Debt Instruments	15.0	25.0	100.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.3	4.3	15.1	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	-763.1	-27.7	61.1	-65.9	-87.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-403.9	-784.9	0.0	-100.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-200.1	-551.1	-492.3	-400.5	-1,148.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-200.1	-955.0	-1,277.2	-400.5	-1,248.1
Net Cash Flow During the Period	923.5	-0.3	-497.2	-52.6	56.4
Cash and Cash Equivalents at Beginning of Period	18.2	18.5	515.6	568.2	1,476.5
FX Difference from Revaluation	—	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	941.7	18.2	18.5	515.6	568.2

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	2,545.2	2,061.1	2,040.5	2,971.8	2,657.4	2,430.8	2,364.6	3,452.2	2,788.6	2,620.6	2,884.4	3,366.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,545.2	2,061.1	2,040.5	2,971.8	2,657.4	2,430.8	2,364.6	3,452.2	2,788.6	2,620.6	2,884.4	3,366.5
Cost of Goods Sold	2,286.7	2,015.5	2,041.5	2,675.7	2,450.3	2,391.9	2,347.1	3,129.8	2,580.1	2,686.2	2,631.1	3,136.5
Gross Profit	258.5	45.6	-1.0	296.0	207.1	38.9	17.5	322.5	208.5	-65.6	253.3	230.0
Financial Income	8.2	8.3	2.9	0.1	0.1	0.1	0.1	0.1	0.3	1.1	1.0	-1.4
Financial Expenses	—	—	—	1.0	1.9	0.0	2.4	10.4	15.5	11.7	36.5	14.1
Interest Expense	—	—	—	1.0	1.9	0.0	2.4	2.7	6.4	8.0	13.0	13.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	21.4	25.7	16.8	26.7	20.5	39.3	23.8	21.3	30.6	45.3	16.5	24.2
Operating Profit	245.3	28.2	-14.9	268.5	184.8	-0.3	-8.7	290.8	162.6	-121.5	201.4	190.3
Other Income	33.2	3.2	1.3	1.0	0.6	1.1	1.3	1.3	0.9	1.1	1.2	1.1
Other Expenses	6.4	0.8	1.4	0.9	0.8	1.0	1.7	1.0	0.6	0.9	1.0	0.9
Other Profit	26.8	2.4	-0.1	0.1	-0.2	0.1	-0.5	0.3	0.2	0.3	0.2	0.2
Profit Before Tax	272.1	30.6	-15.0	268.6	184.6	-0.2	-9.1	291.1	162.8	-121.2	201.6	190.5
Current Income Tax Expense	56.0	1.9	—	26.9	18.5	-0.0	0.0	14.6	8.2	-5.9	10.0	9.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	216.0	28.7	-15.0	241.7	166.1	-0.2	-9.1	276.5	154.7	-115.3	191.5	180.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	216.0	28.7	-15.0	241.7	166.1	-0.2	-9.1	276.5	154.7	-115.3	191.5	180.9
Earnings per Share	432.00	57.00	-30.00	483.00	332.00	-0.49	-18.00	553.00	309.00	-231.00	383.00	362.00
Diluted EPS	432.09	57.39	-30.10	483.40	332.19	-0.49	-18.30	552.96	309.35	-230.57	383.08	361.81

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)	4,548.7	4,392.1	3,499.7	3,673.1	4,099.5	3,547.0	3,570.1	3,963.0	3,831.9	3,844.2	3,764.8	3,767.3
I. Cash and cash equivalents	276.6	941.7	686.8	3.1	12.1	18.2	14.0	17.8	22.8	18.5	23.5	549.2
1. Cash	16.6	9.7	16.8	3.1	12.1	18.2	14.0	17.8	17.8	18.5	23.5	19.2
2. Cash equivalents	260.0	932.0	670.0	—	—	0.0	0.0	0.0	5.0	0.0	0.0	530.0
II. Short-term financial investments	570.0	770.0	60.0	—	15.0	15.0	5.0	5.0	20.0	20.0	0.0	0.0
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	570.0	770.0	60.0	—	15.0	15.0	5.0	5.0	20.0	20.0	0.0	0.0
III. Short-term receivables	2,590.2	1,726.9	1,921.4	2,666.9	3,017.4	2,568.7	2,695.6	2,962.2	2,748.3	2,909.0	3,068.9	2,795.1
1. Short-term trade accounts receivable	2,552.8	1,674.7	1,855.7	2,655.3	2,989.0	2,556.6	2,671.2	2,941.4	2,731.9	2,891.2	3,030.5	2,782.3
2. Short-term prepayments to suppliers	23.5	37.2	54.5	6.2	15.0	7.0	18.3	15.3	7.8	12.0	20.6	1.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	13.9	15.0	11.1	5.4	13.4	5.1	6.1	5.5	8.5	5.8	17.7	11.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	908.8	742.6	657.1	841.8	894.7	805.8	756.9	890.1	957.6	828.3	633.2	418.5
1. Inventories	908.8	742.6	657.1	841.8	894.7	805.8	756.9	890.1	957.6	828.3	633.2	418.5
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	203.2	211.1	174.4	161.3	160.2	139.4	98.6	87.9	83.2	68.4	39.2	4.5
1. Short-term prepayments	—	—	—	0.5	1.3	2.0	2.8	0.9	3.7	6.4	10.8	4.5
2. Value added tax to be reclaimed	198.0	205.9	174.4	160.8	159.0	137.4	95.8	86.9	79.5	61.0	28.4	0.0
3. Taxes and other receivables from state authorities	5.2	5.2	—	—	—	0.0	0.0	0.0	0.0	0.9	0.0	0.0
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)	2,884.5	2,962.6	3,105.3	3,183.5	3,330.2	3,595.9	3,565.0	3,671.2	3,823.7	3,974.8	4,226.5	4,428.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,623.9	2,715.8	2,832.4	2,953.1	3,072.8	3,192.4	3,284.4	3,404.2	3,533.9	3,707.5	3,934.8	4,165.5
1. Tangible fixed assets	2,622.2	2,714.0	2,830.1	2,950.2	3,069.2	3,188.1	3,279.3	3,398.2	3,527.1	3,699.8	3,927.3	4,157.2
- Cost	22,235.2	—	—	—	—	22,199.2	22,169.0	22,167.7	22,167.7	22,165.7	22,161.6	22,160.0
- Accumulated depreciation	-19,612.9	—	—	—	—	-19,011.1	-18,889.7	-18,769.5	-18,640.6	-18,465.9	-18,234.3	-18,002.8
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	1.7	1.9	2.3	2.9	3.6	4.3	5.1	6.0	6.8	7.8	7.5	8.3
- Cost	15.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.2	—	—	—	—	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	31.5	30.5	54.0	22.7	57.2	200.9	76.9	55.6	79.8	60.8	81.1	44.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	31.5	30.5	54.0	22.7	57.2	200.9	76.9	55.6	79.8	60.8	81.1	44.7
V. Long-term financial investments	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	228.6	215.7	218.4	207.2	199.7	202.0	203.2	210.9	209.5	206.0	210.1	217.5
1. Long-term prepayments	128.1	129.6	131.1	132.6	134.1	134.3	135.7	137.0	138.4	139.7	141.0	142.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	100.5	86.1	87.3	74.6	65.6	67.7	67.5	73.9	71.1	66.3	69.1	75.1
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,433.2	7,354.7	6,605.1	6,856.6	7,429.7	7,142.9	7,135.1	7,634.2	7,655.6	7,819.0	7,991.3	8,195.5
A. LIABILITIES (300=210+330)	1,256.9	1,295.4	574.5	761.0	1,556.4	1,256.9	1,023.8	1,513.8	1,780.4	2,106.2	1,687.2	1,983.4
I. Short -term liabilities	1,252.6	1,291.1	568.7	755.1	1,550.5	1,250.9	1,016.0	1,505.9	1,772.4	2,098.3	1,677.7	1,973.8
1. Short-term trade accounts payable	1,134.9	1,171.8	454.8	642.6	1,242.4	968.7	843.7	902.2	914.4	1,052.3	743.5	630.2
2. Short-term advances from customers	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	1.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	67.6	19.4	24.4	36.4	20.1	10.3	9.0	24.0	18.3	8.9	17.9	17.8
4. Payable to employees	23.2	63.9	53.1	41.7	26.3	86.1	62.2	54.1	37.3	117.0	39.8	68.0
5. Short-term acrrued expenses	5.4	15.6	6.6	3.6	56.9	10.5	25.7	1.2	41.9	13.5	26.0	171.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.5	3.8	9.0	3.3	50.7	153.0	3.0	88.4	325.2	481.4	5.1	247.2
10. Short-term borrowings and financial leases	—	—	—	—	133.8	0.0	45.0	396.0	413.0	403.9	809.1	785.6
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	17.6	16.4	20.9	27.5	20.3	22.2	27.3	40.0	22.3	21.2	36.3	53.6
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	4.3	4.4	5.8	5.9	5.9	6.0	7.8	7.9	7.9	8.0	9.5	9.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	4.3	4.4	5.8	5.9	5.9	6.0	7.8	7.9	7.9	8.0	9.5	9.6
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,176.3	6,059.3	6,030.6	6,095.6	5,873.3	5,886.0	6,111.3	6,120.4	5,875.2	5,712.8	6,304.0	6,212.1
I. Owner's equity	6,176.3	6,059.3	6,030.6	6,095.6	5,873.3	5,886.0	6,111.3	6,120.4	5,875.2	5,712.8	6,304.0	6,212.1
1. Owner's capital	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0
- Common stock with voting right	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	196.7	196.7	196.7	196.7	196.7	196.7	196.7	196.7	196.7	196.7	196.7	196.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	56.2	56.2	56.2	56.2	55.8	28.0	27.9	27.9	27.9	25.9	20.6	19.3
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	385.0	385.0	385.0	385.0	354.6	382.4	382.5	382.5	270.5	272.5	553.8	555.1
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	538.5	421.4	392.7	457.8	266.2	279.0	504.2	513.4	380.1	217.7	533.0	441.1
- Accumulated retained earning at the end of the previous period	322.4	392.7	407.8	216.1	100.1	429.2	513.4	236.9	225.5	533.0	341.4	260.1
- Undistributed earnings in this period	216.0	28.7	-15.0	241.7	166.1	-150.2	-9.1	276.5	154.7	-315.3	191.5	180.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,433.2	7,354.7	6,605.1	6,856.6	7,429.7	7,142.9	7,135.1	7,634.2	7,655.6	7,819.0	7,991.3	8,195.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	272.1	-57.2	-15.0	268.6	184.6	-0.2	-9.1	291.1	162.8	-96.2	201.6	348.8
Depreciation of Fixed Assets and Investment Property	117.8	120.2	120.3	120.5	120.7	121.7	120.6	129.3	175.1	232.0	231.9	231.8
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	-9.1	9.1	-12.7	23.5	5.6
Gain/Loss from Investment Activities	-8.2	-1.4	-2.9	-0.1	-0.1	-0.1	-0.1	-0.0	-0.3	-0.9	-3.4	0.4
Interest Expense	—	0.0	0.0	1.0	1.9	0.0	2.4	2.7	6.4	8.0	13.0	13.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	381.7	61.6	102.3	390.0	307.0	121.4	113.8	413.9	353.3	130.1	466.5	600.1
Increase/(Decrease) in Receivables	-853.5	169.2	724.5	357.4	-485.4	85.3	257.8	-221.8	142.5	193.4	-303.6	84.2
Increase/(Decrease) in Inventory	-180.6	-84.3	172.0	43.9	-86.9	-49.0	139.5	64.8	-131.6	-194.9	-208.6	33.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	54.2	859.8	-219.1	-746.3	381.6	15.5	-48.0	7.6	-191.6	267.7	40.1	174.7
Increase/(Decrease) in Prepaid Expenses	1.5	1.5	2.0	2.2	1.0	2.1	-0.5	4.1	4.1	5.8	-5.0	4.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	-2.9	—	-0.0	-3.0	-19.7	0.0	35.8	0.0	-36.0
Corporate Income Tax Paid	-3.6	-18.1	—	-9.6	—	0.0	-14.6	-8.2	-0.3	-5.0	-8.1	-8.6
Other Operating Receipts	0.1	—	—	—	—	0.1	0.6	0.2	0.2	0.4	0.2	0.2
Other Operating Payments	-18.6	-3.0	-7.3	-11.9	-17.7	-4.9	-12.7	-13.9	-14.1	-16.2	-17.5	-15.2
Net Cash Flow from Operating Activities	-618.8	976.9	787.0	23.0	99.8	170.5	432.9	226.9	162.4	417.1	-35.9	836.7
Payments for Fixed Assets and Other Long-term Assets	-32.8	-5.2	-0.1	-1.7	-1.6	-36.4	-1.4	-3.0	-3.2	-6.4	-1.5	-14.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-80.0	-710.0	-60.0	—	—	-10.0	-5.0	0.0	0.0	-20.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	60.0	0.0	0.0	15.0	—	0.0	5.0	15.0	0.0	0.0	0.0	100.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.5	-1.4	1.4	0.2	0.0	0.1	0.0	0.5	0.0	-3.1	3.9	1.3
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	-46.3	-716.4	-58.7	13.5	-1.6	-46.3	-1.3	12.5	-3.2	-29.5	2.4	86.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	326.3	396.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	-45.0	-677.3	-403.9	0.0	-392.5	0.0	-392.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-5.7	-44.5	-45.5	-104.3	-75.0	-84.4	-236.5	-154.9	-0.2	-492.1	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	-0.0	-5.7	-44.5	-45.5	-104.3	-120.0	-435.4	-244.4	-154.9	-392.6	-492.1	-392.5
Net Cash Flow During the Period	-665.1	254.8	683.7	-9.0	-6.1	4.2	-3.9	-5.0	4.3	-5.0	-525.7	530.9
Cash and Cash Equivalents at Beginning of Period	941.7	686.8	3.1	12.1	18.2	18.5	18.5	18.5	18.5	515.6	515.6	515.6
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	276.6	941.7	686.8	3.1	12.1	18.2	14.0	17.8	22.8	18.5	23.5	549.2

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HND

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