HTM

Tổng Công ty Thương mại Hà Nội - CTCP ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin −5.08%, −1.63pp YoY

Price

9,000

Latest close

01 Jun 2026

P/E -109.76x

P/B 0.91x

EPS -82

BVPS 9,895

ROE -0.8%

ROA -0.6%

Profit Margin -4.3%

Asset Turnover 0.14x

Equity Mult. 1.34x

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

What Is Changing

On a TTM 2026Q1 basis, HTM is under pressure on both revenue and margins simultaneously — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 420bn
	                                
−40.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 21bn
	                                
+12.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -24.51x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	444.8	725.9	444.4	389.9	618.3
Growth	-39%	+63%	+14%	-37%	—
Net Income	-35.8	-27.4	-30.1	-12.8	-4.9
Net Margin	-8.05%	-3.78%	-6.77%	-3.29%	-0.79%

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	96.0	104.3	105.8	113.8	125.8	382.5	99.5	99.9	145.8	144.2	98.6	107.7
Growth	-8%	-1%	-7%	-10%	-67%	+285%	-0%	-32%	+1%	+46%	-8%	—
Net Income	4.5	-17.7	-10.1	2.0	2.9	-6.2	-13.0	-8.2	1.1	-1.9	-4.6	-9.1
Net Margin	4.67%	-16.97%	-9.55%	1.73%	2.34%	-1.61%	-13.10%	-8.17%	0.76%	-1.32%	-4.68%	-8.47%

Drivers of HTM's profit

TTM

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

Administrative expenses ↓ 179.5bn

Finance costs ↓ 90.2bn

Associates income ↑ 5.7bn

Minority interests ↓ 2.6bn

Gross profit ↓ 251.2bn

Financial income ↓ 16.6bn

TTM

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

Finance costs ↓ 7.1bn

Administrative expenses ↓ 2.1bn

Gross profit ↑ 1.2bn

Minority interests ↓ 0.8bn

Financial income ↓ 8.6bn

Selling expenses ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -1.1% = -3.5% × 0.22 × 1.44

2026Q1 -1.0% = -5.1% × 0.14 × 1.34

ROE is broadly flat at -1.0% — the components are offsetting one another.

Net margin: -5.1% -1.6pp Asset turnover: 0.14x -0.08x Leverage: 1.34x -0.11x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -5.08%, losing 1.6pp. The main pressure is Gross margin fell 23.7pp, outweighing the improvement in SG&A / Revenue fell 11.1pp (in addition, Net financial result / Revenue rose 10.2pp added support while Other profit / Revenue fell 1.1pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin -5.08% −1.6pp

Gross Margin 28.93% −23.7pp

SG&A / Revenue 35.14% −11.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at -0.64%, broadly flat versus the same period. That translates to -0.64 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.5pp, but capital turnover fell 0.08x, with invested capital easing slightly by 266bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently -0.64% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -0.64% +0.2pp

NOPAT Margin -4.01% −0.5pp

Capital Turnover 0.16x −0.08x

Average Invested Capital 2,650.6bn −265.7bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.40x equity, net debt at 0.13x equity.

Over the last 12 months, working capital released 390.8bn 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: +412.7bn

Inventories increased → lower CFO: −5.7bn

Payables decreased → lower CFO: −16.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 70.7 days versus the same period last year. The main moves came from DIO rose 6.3 days, DSO rose 54.8 days, and DPO fell 9.6 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 220.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +54.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 186.5 days +54.8 days

Inventory 53.8 days +6.3 days

Payables 20.1 days −9.6 days

Cash Conversion Cycle 220.3 days +70.7 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 0.13x and interest coverage only at -0.31x.

At present, short-term debt accounts for 83.0% of total debt, cash equals 14.4% of debt, and total debt stands at 321.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is -0.31x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 83.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.13x −0.16x

Interest Coverage -0.31x −0.14x

Cash / Debt 14.4% +9.7pp

Short-term Debt / Total Debt 83.0% −0.4pp

CFO / NI -24.51x −18.02x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 47.6bn in 2025, against investing cash flow of -59.6bn.

Post-investment cash flow was negative +11.9bn. Financing cash flow was negative +15.7bn.

CFO / net income was -24.51x.

After spending +68.4bn on fixed-asset investment, the business generated trailing free cash flow of +373.6bn.

Cash Conversion

CFO TTM 441.9bn +287.9bn

Cash Capex 68.4bn +33.0bn

FCF TTM +373.6bn +254.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is 19.0%. The main risk still sits in core profitability, with net margin down 1.6 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 254.9bn versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.0% of PBT and CFO / net income currently at -24.51x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -5.08% after a 1.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	444.8	725.9	444.4	390.1	618.4
Revenue Deductions	0.0	0.0	0.0	0.2	0.0
Net Revenue	444.8	725.9	444.4	389.9	618.3
Cost of Goods Sold	325.8	353.4	341.5	273.9	0.0
Gross Profit	119.0	372.4	102.9	116.1	116.4
Financial Income	61.3	71.4	56.1	40.5	76.3
Financial Expenses	61.9	160.4	75.2	50.3	-46.9
Interest Expense	60.4	83.5	73.4	46.9	-45.3
Share of Associates and Joint Ventures	8.2	10.5	8.4	19.3	-1.0
Selling Expenses	33.8	37.0	37.5	53.0	-64.9
General and Administrative Expenses	124.5	286.2	87.3	86.2	-89.7
Operating Profit	-31.7	-29.2	-32.7	-13.7	-9.8
Other Income	5.5	6.4	4.9	6.1	0.0
Other Expenses	9.5	4.3	2.0	4.6	0.0
Other Profit	-4.0	2.0	2.9	1.5	5.1
Profit Before Tax	-35.7	-27.1	-29.8	-12.2	-4.7
Current Income Tax Expense	0.2	0.3	0.3	0.6	-0.2
Deferred Income Tax Expense	-0.0	0.0	0.0	0.0	0.0
Net Income	-35.8	-27.4	-30.1	-12.8	-4.9
Non-controlling Interest	-2.6	-4.3	0.6	-0.3	-1.9
Profit Attributable to Parent	-33.2	-23.1	-30.7	-12.6	-3.0
Earnings per Share	-151.00	-105.00	-140.00	-57.00	-13.50
Diluted EPS	-151.00	-105.00	-140.00	-57.00	-13.50

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	963.2	1,043.5	1,340.4	1,010.9	1,082.8
I. Cash and cash equivalents	27.7	55.3	36.2	32.4	56.4
1. Cash	27.2	54.8	26.5	31.7	0.0
2. Cash equivalents	0.5	0.5	9.7	0.7	0.0
II. Short-term financial investments	1.3	0.0	0.4	0.4	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	1.3	0.0	0.4	0.4	0.0
III. Short-term receivables	868.4	928.7	1,220.5	880.4	941.9
1. Short-term trade accounts receivable	214.6	205.0	288.2	246.6	0.0
2. Short-term prepayments to suppliers	336.5	330.1	345.4	352.8	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	106.3	106.6	171.5	171.5	0.0
6. Other short-term receivables	433.5	482.2	411.5	105.8	0.0
7. Provision for short-term doubtful debts (*)	-222.5	-195.2	-2.7	-2.8	0.0
8. Assets awaiting resolution	—	0.0	6.5	6.5	0.0
IV. Inventories	35.3	32.4	36.0	48.2	48.9
1. Inventories	35.3	32.4	36.0	48.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	30.5	27.0	47.3	49.4	35.6
1. Short-term prepayments	13.6	13.0	18.7	18.7	0.0
2. Value added tax to be reclaimed	16.0	13.4	14.2	14.7	0.0
3. Taxes and other receivables from state authorities	0.8	0.6	14.4	16.0	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)	2,082.9	2,078.4	1,935.1	1,939.9	1,945.8
I. Long-term receivables	3.6	7.4	9.2	10.5	0.0
1. Long-term trade receivables	5.7	6.3	8.1	9.4	10.3
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	1.4	1.1	1.2	1.2	0.0
7. Provision for long-term doubtful debts	-3.6	0.0	-0.1	-0.1	0.0
II. Fixed assets	617.3	636.4	553.8	578.0	577.4
1. Tangible fixed assets	571.3	590.5	507.6	531.5	530.6
- Cost	902.8	898.1	780.0	787.3	0.0
- Accumulated depreciation	-331.6	-307.6	-272.4	-255.7	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	46.0	45.8	46.2	46.5	46.8
- Cost	49.2	48.9	49.6	49.8	0.0
- Accumulated depreciation	-3.1	-3.1	-3.4	-3.4	0.0
III. Investment properties	90.8	94.5	98.2	101.9	105.5
- Cost	131.5	131.5	131.5	131.5	0.0
- Accumulated depreciation	-40.7	-37.0	-33.3	-29.7	0.0
IV. Long-term assets in progress	1,028.9	963.4	826.4	767.3	733.2
1. Long-term production in progress	556.1	546.6	540.2	510.2	0.0
2. Construction in progress	472.7	416.9	286.2	257.1	0.0
V. Long-term financial investments	205.5	202.4	192.1	199.4	231.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	132.7	131.4	127.1	134.4	0.0
3. Investments in other entities	90.8	89.0	66.3	66.3	0.0
4. Provision for diminution in value of long-term investments	-18.0	-18.0	-1.3	-1.3	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	136.9	174.3	255.5	282.9	0.0
1. Long-term prepayments	113.2	146.1	222.9	245.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	287.7
5. Goodwill	23.6	28.1	32.6	37.1	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,046.1	3,121.8	3,275.5	2,950.8	3,028.5
A. LIABILITIES (300=210+330)	873.7	908.0	1,042.0	687.0	758.5
I. Short -term liabilities	652.7	684.1	767.4	315.7	355.6
1. Short-term trade accounts payable	21.7	19.0	39.9	28.4	30.2
2. Short-term advances from customers	1.9	3.9	3.5	2.6	14.3
3. Taxes and other payables to state authorities	1.0	27.9	2.3	1.2	0.0
4. Payable to employees	6.4	6.7	6.4	4.1	0.0
5. Short-term acrrued expenses	22.1	19.4	11.2	9.1	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	9.7	9.0	10.2	12.9	5.6
9. Other short-term payables	44.7	43.9	38.1	15.7	0.0
10. Short-term borrowings and financial leases	544.4	553.6	655.0	240.2	227.4
11. Provision for short-term liabilities	0.5	0.5	0.5	0.5	0.0
12.. Bonus and welfare fund	0.2	0.3	0.4	1.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	221.0	223.9	274.6	371.3	403.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	16.8	19.7	20.2	29.1	55.7
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	91.0	94.8	98.5	102.3	58.9
7. Other long-term liabilities	36.3	26.0	20.4	15.3	0.0
8. Long-term borrowings and financial leases	76.9	83.4	135.5	224.6	275.1
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	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)	2,172.4	2,213.8	2,233.5	2,263.7	2,270.0
I. Owner's equity	2,172.4	2,213.8	2,233.5	2,263.7	0.0
1. Owner's capital	2,200.0	2,200.0	2,200.0	2,200.0	2,270.0
- Common stock with voting right	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3
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	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00	0.00
6. Assets revaluation differences	10.2	10.2	16.8	16.8	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	33.4	33.4	33.4	33.4	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	-88.4	-50.3	-37.0	-6.2	3.1
- Accumulated retained earning at the end of the previous period	-55.2	-27.2	-6.2	6.4	6.0
- Undistributed earnings in this period	-33.2	-23.1	-30.7	-12.6	-3.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	17.4	20.7	20.3	19.9	16.8
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)	3,046.1	3,121.8	3,275.5	2,950.8	3,028.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	-35.7	-27.1	-29.8	-12.2	-4.7
Depreciation of Fixed Assets and Investment Property	28.1	24.7	26.2	34.0	23.5
Provision (Increase)/Reversal	30.9	209.3	-0.1	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.6	0.0	2.1	0.0
Gain/Loss from Investment Activities	-19.6	-80.1	-26.9	-44.2	0.0
Interest Expense	60.4	83.5	73.4	46.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	64.3	209.6	42.7	26.5	-6.3
Increase/(Decrease) in Receivables	42.4	31.8	-320.0	-21.6	0.0
Increase/(Decrease) in Inventory	-12.4	-4.6	-17.8	-10.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-20.6	67.1	2.7	-68.8	0.0
Increase/(Decrease) in Prepaid Expenses	32.3	-14.6	22.9	11.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-58.0	-82.5	-46.5	-41.3	0.0
Corporate Income Tax Paid	-0.4	-0.3	-0.2	-0.6	0.0
Other Operating Receipts	—	0.0	0.6	0.0	0.0
Other Operating Payments	-0.0	-0.2	-1.2	-1.0	0.0
Net Cash Flow from Operating Activities	47.6	206.4	-316.7	-106.1	-40.2
Payments for Fixed Assets and Other Long-term Assets	-61.5	-29.7	-29.7	-30.3	-43.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.8	1.2	1.2	1.7
Loans and Purchases of Debt Instruments	-1.3	0.0	0.0	-42.7	-44.6
Receipts from Loan Repayments and Sale of Debt Instruments	0.3	0.4	0.0	113.5	245.0
Investments in Other Entities	-7.4	-3.5	0.0	0.0	-33.5
Proceeds from Investments in Other Entities	—	0.2	11.6	46.6	0.0
Dividends and Interest Income Received	10.2	15.0	11.6	21.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-59.6	-16.8	-5.3	109.8	155.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	579.9	566.4	598.0	194.5	346.7
Repayment of Borrowings	-595.6	-737.1	-272.4	-220.4	-423.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.1	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	-15.7	-170.7	325.6	-26.0	-77.1
Net Cash Flow During the Period	-27.6	18.9	3.6	-22.4	5.1
Cash and Cash Equivalents at Beginning of Period	55.3	36.2	32.4	55.5	17.8
FX Difference from Revaluation	-0.0	0.2	0.1	-0.7	0.1
Cash and Cash Equivalents at End of Period	27.7	55.3	36.2	32.4	56.4

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	96.0	104.3	105.8	113.8	125.8	382.5	99.5	99.9	145.8	144.2	98.6	107.7
Revenue Deductions	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	96.0	104.3	105.8	113.8	125.8	382.5	99.5	99.9	145.8	144.2	98.6	107.7
Cost of Goods Sold	65.8	73.6	74.3	84.8	96.8	88.8	73.7	75.7	116.8	113.6	70.1	81.1
Gross Profit	30.2	30.7	31.5	29.0	29.0	293.7	25.8	24.2	29.0	30.6	28.5	26.7
Financial Income	8.0	14.7	15.8	14.3	16.6	17.3	21.7	13.8	16.0	18.9	25.1	14.2
Financial Expenses	8.1	18.6	13.9	14.4	15.1	85.6	24.3	20.1	20.2	20.7	20.5	20.1
Interest Expense	7.5	18.2	13.6	14.0	14.5	20.8	22.6	19.7	19.7	19.7	20.2	20.1
Share of Associates and Joint Ventures	4.0	5.7	-3.8	5.0	3.6	2.6	-4.1	3.2	4.0	4.3	-7.1	3.8
Selling Expenses	9.0	7.3	10.1	8.5	8.3	10.0	8.7	8.3	10.2	11.9	10.9	10.9
General and Administrative Expenses	21.0	39.8	26.3	25.6	23.1	224.7	22.5	21.9	18.5	24.0	21.0	23.6
Operating Profit	4.2	-14.5	-6.7	-0.1	2.6	-6.6	-12.0	-9.1	0.1	-2.8	-5.9	-10.0
Other Income	0.4	1.1	1.2	2.1	1.0	2.1	1.3	1.5	1.4	1.3	1.7	1.0
Other Expenses	0.1	4.2	4.6	0.0	0.6	1.5	2.2	0.6	0.3	0.4	0.4	0.0
Other Profit	0.4	-3.1	-3.4	2.1	0.4	0.6	-0.9	1.0	1.1	0.9	1.3	0.9
Profit Before Tax	4.5	-17.6	-10.0	2.0	3.0	-6.1	-13.0	-8.1	1.2	-1.8	-4.5	-9.1
Current Income Tax Expense	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.5	-17.7	-10.1	2.0	2.9	-6.2	-13.0	-8.2	1.1	-1.9	-4.6	-9.1
Non-controlling Interest	-0.8	-2.4	-0.1	-0.0	-0.0	-0.1	-0.4	-0.1	0.3	0.1	0.3	-0.3
Profit Attributable to Parent	5.2	-15.3	-10.0	2.0	2.9	-6.1	-12.6	-8.0	0.8	-2.0	-4.9	-8.8
Earnings per Share	24.00	-70.00	-45.00	9.00	13.00	-27.54	-57.26	-36.53	3.53	-9.20	-22.40	-39.92
Diluted EPS	24.00	-70.00	-45.00	9.00	13.00	-27.54	-57.26	-36.53	3.53	-9.20	-22.40	-39.92

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)	671.8	962.6	1,026.2	1,024.0	1,054.5	1,026.3	1,393.3	1,396.3	1,373.6	1,342.5	1,341.8	1,306.4
I. Cash and cash equivalents	46.1	29.9	51.5	42.8	31.0	55.4	42.9	33.1	51.8	36.6	76.8	53.1
1. Cash	35.6	29.4	34.0	34.3	23.2	54.9	38.4	32.6	43.1	26.5	40.9	32.2
2. Cash equivalents	10.5	0.5	17.5	8.5	7.8	0.5	4.5	0.5	8.7	10.1	35.9	20.9
II. Short-term financial investments	139.1	1.3	0.3	0.3	—	0.0	0.0	0.0	0.4	0.0	0.0	0.8
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	139.1	1.3	0.3	0.3	—	0.0	0.0	0.0	0.4	0.0	0.0	0.8
III. Short-term receivables	414.5	865.7	924.3	920.3	949.8	910.7	1,269.4	1,303.2	1,232.7	1,222.7	1,186.8	1,176.0
1. Short-term trade accounts receivable	214.5	213.8	214.9	209.5	204.1	189.2	278.0	277.7	292.4	276.6	270.7	267.3
2. Short-term prepayments to suppliers	335.5	336.5	334.3	331.5	329.3	330.1	336.7	337.1	342.8	356.9	337.8	357.2
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	—	106.3	106.4	106.5	106.6	104.4	171.5	171.5	171.5	171.5	171.5	171.5
6. Other short-term receivables	87.0	431.6	476.7	468.2	505.0	482.2	481.5	517.3	422.2	413.8	403.1	376.3
7. Provision for short-term doubtful debts (*)	-222.5	-222.5	-208.1	-195.4	-195.3	-195.2	-4.7	-6.9	-2.7	-2.7	-2.8	-2.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	6.5	6.5	6.5	6.5	6.5	6.5
IV. Inventories	42.1	35.3	22.3	32.6	45.9	32.4	41.6	25.5	41.3	36.0	29.0	27.5
1. Inventories	42.1	35.3	22.3	32.6	45.9	32.4	41.6	25.5	41.3	36.0	29.0	27.5
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	30.0	30.3	27.8	27.9	27.8	27.8	39.4	34.5	47.3	47.3	49.3	49.0
1. Short-term prepayments	14.1	13.6	13.7	13.3	13.2	13.0	18.0	13.1	18.5	18.7	18.6	18.6
2. Value added tax to be reclaimed	14.6	15.5	13.4	13.9	13.9	14.0	14.5	14.4	14.3	14.2	14.7	14.3
3. Taxes and other receivables from state authorities	1.0	1.1	0.6	0.7	0.7	0.6	6.9	7.0	14.5	14.4	15.9	16.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.3	0.1	0.1	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,084.7	2,083.9	2,050.3	2,064.8	2,071.3	2,089.0	1,956.3	1,939.0	1,930.1	1,936.3	1,913.7	1,930.0
I. Long-term receivables	1.6	1.8	1.9	5.8	7.4	8.7	8.9	8.9	9.1	9.2	9.2	9.1
1. Long-term trade receivables	4.1	3.9	4.1	4.3	6.3	7.6	7.8	7.8	7.9	8.1	8.1	8.0
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	1.1	1.4	1.4	1.4	1.1	1.1	1.2	1.2	1.2	1.2	1.2	1.2
7. Provision for long-term doubtful debts	-3.6	-3.6	-3.6	—	—	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
II. Fixed assets	611.2	617.3	623.5	629.1	630.3	636.4	536.1	542.9	548.5	553.8	559.2	564.9
1. Tangible fixed assets	565.1	571.3	577.4	583.3	584.5	590.5	490.0	496.8	502.4	507.6	513.0	518.6
- Cost	902.7	—	—	—	—	898.1	770.9	774.4	779.4	780.0	780.2	784.4
- Accumulated depreciation	-337.6	—	—	—	—	-307.6	-280.9	-277.6	-277.0	-272.4	-267.2	-265.7
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	46.0	46.0	46.1	45.8	45.8	45.8	46.0	46.1	46.1	46.2	46.2	46.3
- Cost	49.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	89.9	90.8	91.8	92.7	93.6	94.5	95.4	96.3	97.3	98.2	99.1	100.0
- Cost	131.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-41.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,037.3	1,028.9	995.5	969.5	966.2	962.6	844.6	844.3	826.8	826.4	795.0	784.4
1. Long-term production in progress	556.1	556.1	548.4	546.9	546.6	546.6	544.0	543.9	540.2	540.2	535.2	525.6
2. Construction in progress	481.1	472.7	447.2	422.6	419.6	416.0	300.6	300.5	286.7	286.2	259.8	258.8
V. Long-term financial investments	209.5	208.4	204.9	208.0	205.5	212.3	214.5	202.7	199.6	193.2	188.9	203.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	136.7	135.6	132.2	135.3	134.6	141.3	140.1	137.7	134.6	128.2	123.9	138.2
3. Investments in other entities	90.8	90.8	90.8	90.8	89.0	78.8	75.7	66.3	66.3	66.3	66.3	66.3
4. Provision for diminution in value of long-term investments	-18.0	-18.0	-18.0	-18.0	-18.0	-7.8	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3
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	135.3	136.7	132.7	159.7	168.3	174.5	256.8	243.8	217.3	222.9	228.4	233.6
1. Long-term prepayments	112.8	113.1	107.9	133.8	141.3	146.4	227.6	213.5	217.3	222.9	228.4	233.6
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	—	—	—	—	—	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	22.5	23.6	24.7	25.9	27.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	28.1	29.2	30.4	31.5	32.6	33.7	34.9
TOTAL ASSETS (280=100+200)	2,756.6	3,046.5	3,076.5	3,088.8	3,125.8	3,115.3	3,349.6	3,335.4	3,303.7	3,278.8	3,255.6	3,236.4
A. LIABILITIES (300=210+330)	579.7	871.5	878.3	870.3	909.6	890.9	1,144.6	1,116.1	1,069.1	1,044.3	1,019.2	995.7
I. Short -term liabilities	385.5	681.0	683.4	671.6	662.1	669.1	958.4	840.8	792.9	766.2	741.5	627.0
1. Short-term trade accounts payable	14.6	17.7	10.6	19.9	18.3	4.5	33.2	35.2	36.2	28.2	33.1	28.2
2. Short-term advances from customers	2.1	1.9	5.3	2.0	2.9	3.9	1.9	2.6	2.7	15.0	3.7	3.1
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.9	0.9	8.8	6.7	2.9	28.0	5.6	2.6	2.4	2.3	6.1	4.4
4. Payable to employees	4.3	6.7	4.2	4.3	4.1	6.4	3.8	3.8	3.7	6.7	4.1	3.9
5. Short-term acrrued expenses	23.0	22.1	37.2	32.8	24.1	19.4	11.0	10.5	22.1	11.1	26.2	21.1
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	12.5	9.6	10.3	10.5	11.7	8.9	12.3	10.9	10.3	10.2	12.2	16.9
9. Other short-term payables	59.0	56.5	52.4	40.2	43.2	45.9	45.4	30.1	49.7	40.4	39.2	27.4
10. Short-term borrowings and financial leases	266.5	565.0	553.8	554.7	554.0	551.4	844.4	744.3	664.9	651.4	615.7	520.5
11. Provision for short-term liabilities	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
12.. Bonus and welfare fund	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.8	0.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	194.3	190.6	195.0	198.7	247.5	221.8	186.1	275.3	276.2	278.1	277.6	368.7
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	16.8	16.8	19.3	19.7	19.7	19.7	19.7	19.7	20.2	20.2	20.8	24.2
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	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	90.0	91.0	92.0	92.9	93.9	94.8	95.6	96.6	97.5	98.5	99.4	100.4
7. Other long-term liabilities	32.8	26.4	27.3	29.0	23.8	23.9	24.9	23.4	23.0	20.4	18.3	19.5
8. Long-term borrowings and financial leases	54.6	56.4	56.4	57.0	110.1	83.4	45.9	135.5	135.5	139.1	139.1	224.6
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	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	—	—	—	—	—	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)	2,176.8	2,174.9	2,198.2	2,218.5	2,216.2	2,224.4	2,205.1	2,219.3	2,234.6	2,234.5	2,236.4	2,240.7
I. Owner's equity	2,176.8	2,174.9	2,198.2	2,218.5	2,216.2	2,224.4	2,205.1	2,219.3	2,234.6	2,234.5	2,236.4	2,240.7
1. Owner's capital	2,200.0	2,200.0	2,200.0	2,200.0	2,200.0	2,200.0	2,200.0	2,200.0	2,200.0	2,200.0	2,200.0	2,200.0
- Common stock with voting right	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00	2,200,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00	-529,920,000.00
6. Assets revaluation differences	10.2	10.2	10.2	10.2	10.2	12.5	16.8	16.8	16.8	16.8	16.8	16.8
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	33.4	33.4	33.4	33.4	33.4	33.4	33.4	33.4	33.4	33.4	33.4	33.4
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	-83.2	-82.8	-65.6	-47.0	-47.4	-46.6	-61.5	-47.9	-36.2	-33.0	-30.9	-29.0
- Accumulated retained earning at the end of the previous period	-88.4	-52.3	-50.5	-52.0	-50.3	-22.5	-43.5	-40.6	-37.0	-3.7	-3.6	-6.6
- Undistributed earnings in this period	5.2	-30.4	-15.1	4.9	2.9	-24.1	-18.0	-7.3	0.8	-29.3	-27.2	-22.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	16.6	14.3	20.3	22.1	20.2	25.3	16.5	17.1	20.7	17.4	17.2	19.6
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)	2,756.6	3,046.5	3,076.5	3,088.8	3,125.8	3,115.3	3,349.6	3,335.4	3,303.7	3,278.8	3,255.6	3,236.4

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
Profit Before Tax	4.5	-20.5	-10.0	-8.2	3.0	-6.1	-13.0	-6.4	1.2	-3.0	-4.5	-8.9
Depreciation of Fixed Assets and Investment Property	6.9	6.2	8.0	7.0	7.0	6.5	5.9	6.1	6.2	6.3	4.5	8.6
Provision (Increase)/Reversal	—	18.2	1.8	10.9	-0.0	194.8	1.9	2.1	0.0	-0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.4	0.4	-0.0	-0.2	-0.0	-0.9	0.6	0.9	-1.0	1.2	-0.6	-0.7
Gain/Loss from Investment Activities	-8.0	0.3	-9.6	-0.8	-9.4	-16.7	-12.2	5.1	-17.5	12.9	-18.3	-18.2
Interest Expense	8.2	15.5	16.4	12.8	15.7	22.9	22.8	19.6	19.7	19.8	20.4	20.0
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	11.3	20.1	6.5	21.5	16.3	200.6	6.1	27.4	8.6	37.1	1.4	0.8
Increase/(Decrease) in Receivables	352.8	34.1	-7.0	32.9	-17.5	83.6	26.6	-79.7	2.6	-329.4	40.1	-28.2
Increase/(Decrease) in Inventory	-6.8	-20.8	8.8	13.0	-13.5	4.8	-16.3	12.2	-5.4	-10.1	-28.5	19.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.0	-17.0	-0.1	-1.1	-2.5	-2.8	18.2	-16.9	3.5	-13.3	-1.5	7.8
Increase/(Decrease) in Prepaid Expenses	2.1	16.3	4.0	7.3	4.7	11.0	-25.9	9.4	5.6	6.1	4.6	5.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.0	-17.4	0.7	-17.8	-23.5	-11.3	-16.0	-40.8	-6.8	-18.3	-6.7	-10.4
Corporate Income Tax Paid	-0.3	-0.1	0.0	-0.0	-0.3	0.0	0.0	0.0	-0.3	-0.1	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.6	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.0	-0.0	—	-0.0	-0.0	-0.1	-0.0	-1.0	-0.1	-0.0
Net Cash Flow from Operating Activities	358.0	15.2	12.9	55.7	-36.2	285.9	-7.2	-88.5	7.9	-328.4	9.3	-4.6
Payments for Fixed Assets and Other Long-term Assets	-8.4	-51.1	0.2	-9.2	-1.5	-19.8	-0.5	-13.5	-0.4	1.9	-14.7	-10.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	—	0.3	0.7	-0.1	0.1	0.0	1.1	-0.0
Loans and Purchases of Debt Instruments	—	5.8	-6.8	-0.3	—	0.0	0.0	-1.1	1.1	250.8	0.0	-249.6
Receipts from Loan Repayments and Sale of Debt Instruments	0.1	0.2	—	0.1	—	0.0	-0.4	1.2	-0.8	-0.6	0.2	-0.4
Investments in Other Entities	—	—	—	—	—	0.8	0.0	0.0	-3.5	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	11.6	0.0
Dividends and Interest Income Received	0.5	-3.0	7.5	3.7	2.1	3.0	6.8	3.8	1.5	-0.3	6.7	4.4
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	-7.8	-53.5	0.8	-7.4	0.6	-15.7	6.7	-9.8	-2.0	251.8	4.9	-256.0
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	36.0	36.1	38.5	416.4	88.9	35.7	39.5	432.4	58.6	78.8	23.3	477.7
Repayment of Borrowings	-367.8	-21.5	-43.5	-453.1	-77.6	-293.9	-28.8	-352.7	-49.1	-43.1	-13.8	-191.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	-0.0	-0.2	0.0	0.0	0.4	-0.2	-0.2
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-331.8	14.6	-5.0	-36.6	11.3	-258.2	10.5	79.7	9.5	36.1	9.3	286.6
Net Cash Flow During the Period	18.4	-23.7	8.7	11.7	-24.4	11.9	10.0	-18.5	15.4	-40.5	23.5	26.0
Cash and Cash Equivalents at Beginning of Period	27.7	51.5	42.8	31.0	55.3	36.4	36.2	36.2	36.2	32.4	32.4	32.4
FX Difference from Revaluation	0.0	-0.0	0.2	0.1	0.0	0.5	-0.3	-0.2	0.2	-0.1	0.1	0.2
Cash and Cash Equivalents at End of Period	46.1	27.7	51.5	42.8	31.0	55.4	42.9	33.1	51.8	36.2	76.8	53.1

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HTM

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