HTN

Hưng Thịnh Incons ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −1.49%, −5.25pp YoY

Price

7,340

Latest close

02 Jun 2026

P/E -104.86x

P/B 0.42x

EPS -70

BVPS 17,509

ROE -0.4%

ROA -0.1%

Profit Margin -1.5%

Asset Turnover 0.06x

Equity Mult. 4.61x

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

What Is Changing

On a TTM 2026Q1 basis, HTN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 431bn
	                                
−52.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 6bn
	                                
−118.9%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -91.30x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	630.7	1,140.5	2,681.5	5,464.5	6,163.7
Growth	-45%	-57%	-51%	-11%	—
Net Income	18.3	25.6	60.3	64.0	241.0
Net Margin	2.91%	2.25%	2.25%	1.17%	3.91%

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	30.2	99.1	162.7	139.3	229.6	134.0	106.0	437.4	463.1	235.8	446.7	1,570.2
Growth	-70%	-39%	+17%	-39%	+71%	+26%	-76%	-6%	+96%	-47%	-72%	—
Net Income	2.5	-27.2	1.6	16.7	27.3	4.9	0.2	1.7	10.3	32.7	1.2	48.9
Net Margin	8.24%	-27.47%	0.98%	12.00%	11.87%	3.67%	0.20%	0.39%	2.22%	13.89%	0.28%	3.12%

Drivers of HTN's profit

TTM

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

Tax ↓ 9.5bn

Other profit ↑ 7.0bn

Gross profit ↓ 35.2bn

Financial income ↓ 20.1bn

Administrative expenses ↑ 5.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 6.1bn

Other profit ↑ 4.5bn

Gross profit ↓ 16.5bn

Finance costs ↑ 16.5bn

Financial income ↓ 3.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.2% = 3.8% × 0.13 × 4.66

2026Q1 -0.4% = -1.5% × 0.06 × 4.61

ROE fell from 2.2% to -0.4% — all three components weakened, with asset turnover being the main drag.

Net margin: -1.5% -5.3pp Asset turnover: 0.06x -0.07x Leverage: 4.61x -0.05x

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 -1.49%, losing 5.3pp. The main pressure comes from SG&A / Revenue rose 5.5pp and Gross margin fell 0.7pp (in addition, Other profit / Revenue rose 0.9pp added support while Net financial result / Revenue fell 0.9pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -1.49% −5.3pp

Gross Margin 6.10% −0.7pp

SG&A / Revenue 9.38% +5.5pp

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 -0.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC narrowed to -0.15%, falling 1.2pp. That translates to -0.15 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 5.6pp and capital turnover fell 0.13x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

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 -0.15% −1.2pp

NOPAT Margin -1.30% −5.6pp

Capital Turnover 0.12x −0.13x

Average Invested Capital 3,651.3bn +61.6bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage runs above the construction contractors average — project acceptance cycles warrant monitoring — liabilities at 3.72x equity, net debt at 1.31x equity.

Over the last 12 months, working capital released 477.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +531.2bn

Inventories increased → lower CFO: −215.9bn

Payables increased → higher CFO: +162.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 864.1 days versus the same period last year. The main moves came from DIO rose 196.1 days, DSO rose 1174.5 days, and DPO rose 506.5 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 1852.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1174.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 2607.5 days +1174.5 days

Inventory 409.5 days +196.1 days

Payables 1164.5 days +506.5 days

Cash Conversion Cycle 1852.5 days +864.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.31x and interest coverage only at -0.03x.

At present, short-term debt accounts for 62.0% of total debt, cash equals 3.6% of debt, and total debt stands at 2,111.5bn.

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 1.31x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.03x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.31x −0.06x

Interest Coverage -0.03x −0.23x

Cash / Debt 3.6% +0.9pp

Short-term Debt / Total Debt 62.0% −7.8pp

CFO / NI -91.30x −79.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 590.5bn in 2025, against investing cash flow of -530.4bn.

Post-investment cash flow was positive +60.1bn. Financing cash flow was negative +73.6bn.

CFO / net income was -91.30x.

Track how much investment can be funded internally from operating cash flow.

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

Cash Conversion

CFO TTM 577.3bn +994.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 5.3 pp. The next watchpoint is the earnings mix, when non-core contribution is 20.6%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.6% of PBT and CFO / net income currently at -91.30x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -1.49% after a 5.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	630.7	1,140.5	2,681.5	5,464.5	6,163.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	630.7	1,140.5	2,681.5	5,464.5	6,163.7
Cost of Goods Sold	587.9	1,060.3	2,459.2	5,029.4	0.0
Gross Profit	42.8	80.2	222.3	435.1	489.5
Financial Income	257.8	260.3	143.4	74.1	94.5
Financial Expenses	230.4	263.8	252.3	244.6	-189.8
Interest Expense	202.1	241.6	252.1	225.1	-173.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	1.2	0.0	-0.0
General and Administrative Expenses	41.6	40.5	66.7	132.5	-112.3
Operating Profit	28.6	36.3	45.6	132.0	281.9
Other Income	1.3	2.5	3.8	2.8	0.0
Other Expenses	4.7	7.7	-1.7	10.8	0.0
Other Profit	-3.4	-5.1	5.5	-7.9	20.6
Profit Before Tax	25.2	31.1	51.1	124.0	302.5
Current Income Tax Expense	6.8	7.4	-9.5	59.5	-61.5
Deferred Income Tax Expense	0.1	-1.9	0.2	0.5	0.0
Net Income	18.3	25.6	60.3	64.0	241.0
Non-controlling Interest	-0.1	0.3	0.3	0.4	0.0
Profit Attributable to Parent	18.4	25.3	60.0	63.6	241.0
Earnings per Share	199.00	276.00	653.00	686.00	4,379.00
Diluted EPS	206.48	283.63	653.00	686.00	2,704.14

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,786.7	7,121.0	7,042.8	8,578.5	7,003.3
I. Cash and cash equivalents	81.6	95.2	104.1	83.8	428.1
1. Cash	72.0	85.8	95.1	30.7	0.0
2. Cash equivalents	9.7	9.4	9.1	53.1	0.0
II. Short-term financial investments	18.9	40.2	19.7	84.4	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	18.9	40.2	19.7	84.4	0.0
III. Short-term receivables	6,041.8	6,416.9	5,815.6	6,422.7	5,489.2
1. Short-term trade accounts receivable	2,672.9	3,690.2	3,219.1	3,438.6	0.0
2. Short-term prepayments to suppliers	2,238.7	2,108.8	1,699.1	2,201.2	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	1,158.3	643.8	923.3	808.7	0.0
7. Provision for short-term doubtful debts (*)	-28.1	-25.8	-25.8	-25.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	535.4	465.5	1,009.9	1,821.8	979.7
1. Inventories	535.4	465.5	1,009.9	1,821.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	109.0	103.2	93.4	165.9	60.3
1. Short-term prepayments	0.0	18.5	0.1	1.3	0.0
2. Value added tax to be reclaimed	109.0	84.8	93.3	164.5	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	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)	572.7	535.4	579.4	595.7	580.8
I. Long-term receivables	28.7	28.7	29.7	29.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	29.6
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	28.7	28.7	29.7	29.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	216.7	232.4	250.9	257.7	274.9
1. Tangible fixed assets	216.2	232.4	250.9	257.5	274.5
- Cost	335.6	335.6	335.9	325.1	0.0
- Accumulated depreciation	-119.4	-103.2	-85.1	-67.6	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	0.5	0.0	0.0	0.2	0.4
- Cost	1.3	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.8	-0.7	-0.7	-0.5	0.0
III. Investment properties	194.8	200.0	204.5	209.2	193.7
- Cost	218.6	218.6	218.6	218.6	0.0
- Accumulated depreciation	-23.8	-18.6	-14.1	-9.4	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	63.3	0.0	20.0	20.0	0.0
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	63.3	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	20.0	20.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	69.2	74.3	74.3	79.0	0.0
1. Long-term prepayments	0.3	2.0	0.7	1.9	0.0
2. Deferred income tax assets	63.3	63.4	61.5	61.7	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	82.5
5. Goodwill	5.6	8.9	12.1	15.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,359.5	7,656.4	7,622.1	9,174.2	7,584.1
A. LIABILITIES (300=210+330)	5,801.6	6,114.4	6,102.2	7,710.4	6,063.1
I. Short -term liabilities	4,804.8	5,439.6	5,926.7	7,702.8	6,056.0
1. Short-term trade accounts payable	1,259.8	1,471.8	1,831.6	2,417.0	950.8
2. Short-term advances from customers	1,334.8	1,425.6	1,223.6	1,769.4	1,927.4
3. Taxes and other payables to state authorities	237.9	232.4	236.9	266.6	0.0
4. Payable to employees	7.5	7.4	2.3	21.5	0.0
5. Short-term acrrued expenses	344.5	352.2	411.2	489.0	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	168.1	182.8	299.8	167.3	0.0
10. Short-term borrowings and financial leases	1,408.5	1,725.3	1,882.8	2,537.6	1,962.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	43.8	42.1	38.5	34.3	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	996.8	674.8	175.5	7.6	7.2
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	63.3	1.4	1.4	1.7	0.0
8. Long-term borrowings and financial leases	908.7	665.5	169.1	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	24.8	7.9	5.0	5.9	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,557.8	1,542.0	1,519.9	1,463.8	1,520.9
I. Owner's equity	1,557.8	1,542.0	1,519.9	1,463.8	0.0
1. Owner's capital	891.2	891.2	891.2	891.2	1,520.9
- Common stock with voting right	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	159.9	159.9	159.9	159.9	159.9
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	31.4	30.8	29.0	27.2	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	448.2	432.9	414.6	360.5	425.1
- Accumulated retained earning at the end of the previous period	430.5	408.3	356.5	299.4	191.2
- Undistributed earnings in this period	17.7	24.6	58.2	61.2	233.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	27.2	27.3	25.3	25.0	24.6
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)	7,359.5	7,656.4	7,622.1	9,174.2	7,584.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	25.2	31.1	51.1	124.0	302.5
Depreciation of Fixed Assets and Investment Property	24.8	26.1	26.9	26.8	25.8
Provision (Increase)/Reversal	19.1	2.9	-0.9	-2.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.8	-38.9	-65.7	-65.0	0.0
Interest Expense	202.1	241.6	252.1	244.5	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	268.4	262.9	263.4	327.9	427.5
Increase/(Decrease) in Receivables	838.5	-883.3	593.8	-1,166.7	0.0
Increase/(Decrease) in Inventory	-69.9	544.4	811.9	-752.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-309.9	-351.5	-1,109.8	850.3	0.0
Increase/(Decrease) in Prepaid Expenses	20.2	-19.7	2.5	4.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-155.6	-219.2	-242.2	-230.9	0.0
Corporate Income Tax Paid	-1.2	-11.6	-11.9	-42.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-10.1	0.0
Net Cash Flow from Operating Activities	590.5	-678.0	307.8	-1,019.2	-631.1
Payments for Fixed Assets and Other Long-term Assets	-0.7	0.0	-13.8	-10.6	-3.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.6	0.0	0.0
Loans and Purchases of Debt Instruments	—	-21.4	-9.0	-94.2	-560.9
Receipts from Loan Repayments and Sale of Debt Instruments	21.4	296.9	98.6	146.2	457.0
Investments in Other Entities	-63.3	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	-489.2	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.3	54.6	121.8	77.0	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	-530.4	330.1	198.3	118.3	15.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	279,350,660,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,810.0	1,608.1	3,008.6	4,243.7	3,398.1
Repayment of Borrowings	-1,883.7	-1,269.2	-3,494.3	-3,687.2	-2,757.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	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	-73.6	338.9	-485.7	556.5	920.3
Net Cash Flow During the Period	-13.5	-8.9	20.3	-344.3	152.5
Cash and Cash Equivalents at Beginning of Period	95.2	104.1	83.8	428.1	123.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	81.6	95.2	104.1	83.8	428.1

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
Revenue	30.2	99.1	162.7	139.3	229.6	134.0	106.0	437.4	463.1	235.8	446.7	1,570.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	30.2	99.1	162.7	139.3	229.6	134.0	106.0	437.4	463.1	235.8	446.7	1,570.2
Cost of Goods Sold	30.8	100.3	150.3	123.8	213.6	133.0	97.8	401.1	428.5	201.3	410.8	1,452.6
Gross Profit	-0.5	-1.1	12.4	15.5	16.0	1.0	8.2	36.3	34.6	34.5	35.9	117.6
Financial Income	64.2	48.9	71.4	69.9	67.7	89.7	76.4	40.6	53.6	93.1	16.4	15.3
Financial Expenses	54.8	64.8	71.6	55.7	38.2	69.9	68.1	74.3	51.2	74.9	37.5	89.4
Interest Expense	54.8	60.3	61.6	50.4	38.2	0.0	57.1	61.2	51.2	74.9	37.3	89.4
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	8.3	14.8	9.2	8.2	9.5	13.1	14.9	-2.2	23.6	17.4	12.4	15.5
Operating Profit	0.6	-31.8	3.0	21.6	35.9	7.7	1.6	4.8	13.3	35.3	2.4	28.0
Other Income	4.1	-0.7	1.7	0.2	0.2	1.4	0.1	1.1	0.0	0.9	0.0	0.0
Other Expenses	0.5	0.8	1.4	1.4	1.1	2.6	2.9	1.9	0.2	6.5	0.4	-5.9
Other Profit	3.6	-1.5	0.3	-1.2	-0.9	-1.3	-2.9	-0.8	-0.2	-5.6	-0.4	5.9
Profit Before Tax	4.2	-33.4	3.3	20.4	35.0	6.5	-1.2	4.0	13.1	29.6	2.0	33.8
Current Income Tax Expense	1.7	-6.2	1.7	3.6	7.7	1.5	-1.4	2.3	2.8	-3.1	0.7	-15.1
Deferred Income Tax Expense	0.0	0.1	-0.0	0.1	0.0	-0.0	-0.1	-0.0	0.1	0.0	0.1	0.0
Net Income	2.5	-27.2	1.6	16.7	27.3	4.9	0.2	1.7	10.3	32.7	1.2	48.9
Non-controlling Interest	-0.1	0.2	-0.3	0.1	-0.1	0.1	-0.2	-0.1	0.0	0.2	-0.0	-0.1
Profit Attributable to Parent	2.6	-27.5	1.9	16.6	27.4	4.8	0.4	1.8	10.3	32.5	1.3	49.1
Earnings per Share	30.00	-308.00	21.00	187.00	307.00	52.00	4.00	20.00	115.00	354.00	14.00	551.00
Diluted EPS	29.53	-308.00	21.00	187.00	307.00	200.00	4.00	20.00	115.00	354.00	14.00	551.00

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)	6,712.6	6,786.8	6,937.6	6,432.2	6,426.5	7,121.3	6,932.2	6,662.2	6,723.6	6,893.9	7,004.7	7,043.5
I. Cash and cash equivalents	75.1	81.6	19.8	32.4	57.5	95.4	44.1	60.1	106.9	104.2	27.5	44.5
1. Cash	75.1	72.0	10.2	22.9	48.0	86.1	34.8	50.9	97.8	95.1	9.4	26.7
2. Cash equivalents	—	9.7	9.5	9.5	9.4	9.4	9.3	9.2	9.2	9.1	18.0	17.8
II. Short-term financial investments	19.0	18.9	18.9	18.8	40.3	40.2	18.7	18.6	19.8	19.7	24.6	37.3
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	19.0	18.9	18.9	18.8	40.3	40.2	18.7	18.6	19.8	19.7	24.6	37.3
III. Short-term receivables	5,935.8	6,041.8	6,281.0	5,863.7	5,895.8	6,416.9	6,394.1	6,082.9	5,867.9	5,698.1	5,950.0	5,965.1
1. Short-term trade accounts receivable	2,625.6	2,672.9	2,708.2	3,456.4	3,537.4	3,690.2	3,730.2	3,804.2	3,584.1	3,219.1	3,260.8	3,375.8
2. Short-term prepayments to suppliers	2,109.1	2,238.7	2,515.2	1,739.9	1,872.4	2,108.8	2,000.7	1,532.5	1,503.2	1,699.1	1,933.1	1,828.6
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	1,229.2	1,158.3	1,082.9	692.8	511.8	643.8	689.0	772.0	806.4	805.8	782.0	786.4
7. Provision for short-term doubtful debts (*)	-28.1	-28.1	-25.3	-25.3	-25.8	-25.8	-25.8	-25.8	-25.8	-25.8	-25.8	-25.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	562.5	535.4	514.4	420.9	346.5	465.5	403.7	427.8	642.2	978.3	923.6	912.7
1. Inventories	562.5	535.4	514.4	420.9	346.5	465.5	403.7	427.8	642.2	978.3	923.6	912.7
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	120.2	109.1	103.6	96.4	86.4	103.3	71.5	72.7	86.8	93.6	79.0	83.8
1. Short-term prepayments	0.0	0.0	4.5	4.6	9.9	18.5	0.2	0.0	0.0	0.1	0.1	0.6
2. Value added tax to be reclaimed	110.4	109.1	99.1	91.8	76.5	84.8	71.3	72.7	86.7	93.5	72.3	82.7
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.6	0.6
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	9.8	—	—	—	—	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)	565.9	572.7	577.9	585.4	707.7	527.5	535.9	561.5	570.9	693.9	585.7	583.1
I. Long-term receivables	28.7	28.7	28.7	28.7	146.2	28.7	28.7	28.7	29.7	147.2	29.7	29.8
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	28.7	28.7	28.7	28.7	146.2	28.7	28.7	28.7	29.7	147.2	29.7	29.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	212.2	216.7	219.7	224.0	227.2	229.3	234.6	239.9	245.4	249.4	255.7	253.8
1. Tangible fixed assets	211.7	216.2	219.1	223.8	227.2	229.3	234.6	239.9	245.4	249.4	255.6	253.7
- Cost	334.8	—	—	—	—	335.6	335.6	335.6	335.9	335.9	335.9	329.5
- Accumulated depreciation	-123.1	—	—	—	—	-106.3	-101.0	-95.7	-90.5	-86.5	-80.3	-75.9
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	0.5	0.5	0.6	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
- Cost	1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	192.9	194.8	195.7	197.6	198.1	197.0	198.7	200.7	202.6	203.1	205.0	203.0
- Cost	218.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-25.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	63.3	63.3	63.3	63.3	63.3	0.0	0.0	20.0	20.0	20.0	20.0	20.0
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	63.3	63.3	63.3	63.3	63.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	20.0	20.0	20.0	20.0	20.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	68.8	69.2	70.5	71.7	72.9	72.4	73.9	72.2	61.9	62.1	62.4	62.9
1. Long-term prepayments	0.7	0.3	0.6	1.1	1.5	2.0	2.7	0.3	0.5	0.7	0.9	1.2
2. Deferred income tax assets	63.2	63.3	63.4	63.4	63.4	61.5	61.5	61.4	61.4	61.4	61.5	61.7
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	4.8	5.6	6.5	7.3	8.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	8.9	9.7	10.5	11.3	12.1	12.9	13.7
TOTAL ASSETS (280=100+200)	7,278.4	7,359.6	7,515.5	7,017.5	7,134.2	7,648.7	7,468.1	7,223.7	7,294.5	7,587.8	7,590.3	7,626.6
A. LIABILITIES (300=210+330)	5,718.1	5,801.7	5,929.8	5,433.4	5,565.7	6,113.9	5,937.6	5,694.6	5,764.2	6,066.9	6,101.9	6,133.8
I. Short -term liabilities	4,832.3	4,804.9	4,853.0	4,703.4	4,832.1	5,439.1	5,258.3	5,413.1	5,607.8	5,417.2	5,454.3	6,130.2
1. Short-term trade accounts payable	1,225.9	1,259.8	1,259.5	1,270.1	1,294.1	1,471.8	1,594.7	1,657.0	1,689.3	1,809.8	2,098.8	2,206.4
2. Short-term advances from customers	1,495.2	1,334.8	1,298.1	1,185.9	1,238.3	1,425.6	1,055.2	1,137.1	1,197.3	1,223.6	1,226.0	1,346.8
3. Dividends and profits payable	111.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	239.9	238.0	244.6	242.7	239.2	232.0	235.2	242.5	240.3	238.0	255.9	249.3
4. Payable to employees	3.8	7.5	3.9	4.0	3.8	7.4	3.7	3.5	3.2	0.6	9.2	13.6
5. Short-term acrrued expenses	347.6	344.5	319.3	323.7	318.3	352.2	351.0	346.5	360.5	398.3	562.1	375.4
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	54.9	168.1	169.0	219.2	162.4	182.8	180.9	197.0	178.5	299.8	180.7	181.0
10. Short-term borrowings and financial leases	1,310.0	1,408.5	1,515.5	1,414.5	1,533.9	1,725.3	1,796.2	1,788.0	1,900.2	1,408.6	1,085.1	1,721.0
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	43.8	43.8	43.2	43.2	42.1	42.0	41.4	41.4	38.5	38.5	36.6	36.6
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	885.8	996.8	1,076.8	730.0	733.6	674.8	679.3	281.6	156.4	649.7	647.6	3.6
1. Long-term trade payables	—	—	—	—	64.7	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	63.3	63.3	63.3	64.7	—	1.4	1.4	1.4	1.4	1.4	1.4	1.4
8. Long-term borrowings and financial leases	801.5	908.7	998.0	656.5	661.0	665.5	670.0	273.0	150.0	643.3	644.0	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	21.0	24.8	15.4	8.8	7.9	7.9	7.9	7.1	5.0	5.0	2.2	2.2
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,560.3	1,557.8	1,585.8	1,584.2	1,568.5	1,534.8	1,530.5	1,529.0	1,530.2	1,520.9	1,488.5	1,492.8
I. Owner's equity	1,560.3	1,557.8	1,585.8	1,584.2	1,568.5	1,534.8	1,530.5	1,529.0	1,530.2	1,520.9	1,488.5	1,492.8
1. Owner's capital	891.2	891.2	891.2	891.2	891.2	891.2	891.2	891.2	891.2	891.2	891.2	891.2
- Common stock with voting right	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00	891,164,110,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	159.9	159.9	159.9	159.9	159.9	159.9	159.9	159.9	159.9	159.9	159.9	159.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	31.4	31.4	31.4	31.4	30.8	30.8	30.8	30.8	29.0	29.0	29.0	29.0
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	450.8	448.2	476.4	474.5	460.3	427.7	423.5	422.0	424.9	415.7	383.5	388.0
- Accumulated retained earning at the end of the previous period	448.2	430.5	430.5	430.5	432.9	409.9	409.9	409.9	414.6	356.5	356.5	356.5
- Undistributed earnings in this period	2.6	17.8	45.9	44.0	27.4	17.8	13.6	12.0	10.3	59.2	27.0	31.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	27.0	27.2	26.9	27.2	26.5	25.3	25.2	25.2	25.3	25.2	25.0	24.9
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)	7,278.4	7,359.6	7,515.5	7,017.5	7,134.2	7,648.7	7,468.1	7,223.7	7,294.5	7,587.8	7,590.3	7,626.6

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	4.2	-33.4	3.3	20.4	35.0	6.5	-1.2	6.9	13.1	29.6	2.0	36.9
Depreciation of Fixed Assets and Investment Property	7.2	4.7	7.5	4.7	7.9	7.8	11.0	5.2	8.2	6.1	7.5	8.4
Provision (Increase)/Reversal	-3.8	12.1	6.7	0.4	—	-0.0	0.8	2.2	0.0	2.8	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	-1.1	-1.5	-0.1	-0.8	-0.5	-0.4	-2.9	69.0	-91.9	-15.7	-17.1	-14.3
Interest Expense	54.8	60.3	61.6	42.0	38.2	69.9	57.1	61.2	51.2	74.9	37.3	89.4
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	61.3	42.2	78.9	66.7	80.6	83.7	64.8	144.4	-19.4	97.7	29.8	120.4
Increase/(Decrease) in Receivables	104.4	716.1	-424.2	134.9	411.7	-136.4	-390.6	-370.7	-3.3	73.3	16.9	268.3
Increase/(Decrease) in Inventory	-27.0	-21.0	-93.5	-74.4	119.0	-61.8	24.1	214.3	367.7	-86.3	35.5	1,154.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	126.4	35.0	25.7	-24.8	-345.9	235.1	-161.9	-100.7	-326.4	-313.9	-72.7	-879.3
Increase/(Decrease) in Prepaid Expenses	-0.4	4.9	0.5	5.7	9.1	-17.5	-2.7	0.2	0.2	0.3	0.7	0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-56.9	-30.0	-41.8	-31.1	-52.7	-78.1	-50.8	-48.4	-63.8	-60.3	-69.2	-62.3
Corporate Income Tax Paid	—	-0.2	0.0	-0.1	-0.9	22.7	-7.6	0.0	0.0	-15.7	4.0	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	-4.1	4.1	0.0
Net Cash Flow from Operating Activities	207.7	747.0	-454.3	76.8	221.0	47.7	-524.6	-160.8	-44.9	-308.9	-50.9	601.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.4	-0.2	—	0.0	0.0	0.0	0.0	0.0	-6.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.6
Loans and Purchases of Debt Instruments	-13.6	—	-0.5	—	0.2	21.5	-27.6	0.7	-0.7	-9.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	13.4	0.0	0.0	21.4	—	53.8	115.2	103.6	24.2	38.2	12.7	16.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	-489.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.3	0.0	0.1	0.9	0.4	3.6	15.8	-1.2	25.9	33.5	19.5	67.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	1.1	-488.9	-0.7	21.9	-62.8	79.0	103.5	103.1	49.4	62.7	25.8	84.2
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	113.4	464.5	1,100.6	161.8	83.1	780.5	518.0	204.6	131.8	438.2	930.3	332.2
Repayment of Borrowings	-319.0	-660.8	-658.1	-285.7	-279.0	-855.9	-112.9	-193.7	-133.5	-115.3	-922.2	-1,037.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	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	-205.7	-196.3	442.5	-123.9	-195.9	-75.4	405.2	10.8	-1.7	322.8	8.1	-705.6
Net Cash Flow During the Period	3.2	61.9	-12.6	-25.1	-37.7	51.3	-16.0	-46.8	2.8	76.6	-17.0	-19.7
Cash and Cash Equivalents at Beginning of Period	72.0	19.8	32.4	57.5	95.2	104.1	104.1	104.1	104.1	83.8	83.8	83.8
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	75.1	81.6	19.8	32.4	57.5	95.4	44.1	60.1	106.9	104.1	27.5	44.5

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HTN

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