IDP

Sữa Quốc tế Lof ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 4.19%, −8.23pp YoY

Price

285,000

Latest close

01 Jun 2026

P/E 56.08x

P/B 4.90x

EPS 5,082

BVPS 58,119

ROE 9.2%

ROA 4.1%

Profit Margin 4.2%

Asset Turnover 1.00x

Equity Mult. 2.21x

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

What Is Changing

On a TTM 2026Q1 basis, IDP posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,502bn
	                                
+1.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 314bn
	                                
−65.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	7,432.6	7,658.2	6,654.7	6,086.5	4,827.1
Growth	-3%	+15%	+9%	+26%	—
Net Income	177.2	875.3	924.4	810.5	822.8
Net Margin	2.38%	11.43%	13.89%	13.32%	17.05%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q1'23	Q4'22
Revenue	1,901.0	1,870.2	1,618.0	2,112.7	1,831.7	2,048.3	1,929.9	1,584.4	1,676.8	1,646.2	1,576.8	1,671.7
Growth	+2%	+16%	-23%	+15%	-11%	+6%	+22%	-6%	+2%	+4%	-6%	—
Net Income	244.1	239.9	-133.7	-36.2	107.0	299.6	287.9	223.4	186.4	257.4	218.2	165.7
Net Margin	12.84%	12.83%	-8.26%	-1.71%	5.84%	14.62%	14.92%	14.10%	11.11%	15.64%	13.84%	9.91%

Drivers of IDP's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher selling expenses. Supporting and offsetting drivers:

Tax ↓ 161.6bn

Selling expenses ↑ 441.0bn

Gross profit ↓ 213.0bn

Finance costs ↑ 65.4bn

TTM

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

Selling expenses ↓ 119.9bn

Gross profit ↑ 28.1bn

Administrative expenses ↓ 27.3bn

Other profit ↓ 14.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 29.3% = 12.4% × 1.18 × 2.01

2026Q1 9.2% = 4.2% × 1.00 × 2.21

ROE fell from 29.3% to 9.2% — asset turnover weakened the most, though leverage still provided support.

Net margin: 4.2% -8.2pp Asset turnover: 1.00x -0.18x Leverage: 2.21x +0.20x

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 4.19%, losing 8.2pp. The main pressure comes from SG&A / Revenue rose 6.3pp and Gross margin fell 3.4pp (in addition, Other profit / Revenue rose 0.0pp 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 4.19% −8.2pp

Gross Margin 36.67% −3.4pp

SG&A / Revenue 31.70% +6.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 5.19%, losing 14.6pp. That translates to 5.19 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 8.2pp and capital turnover fell 0.36x, while invested capital expanded strongly by 1,411bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 5.19% −14.6pp

NOPAT Margin 4.15% −8.2pp

Capital Turnover 1.25x −0.36x

Average Invested Capital 6,005.4bn +1,411.2bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.19x equity, net debt at 0.79x equity.

Over the last 12 months, working capital released 315.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +293.1bn

Inventories decreased → higher CFO: +104.4bn

Payables decreased → lower CFO: −81.9bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 9.6 days versus the same period last year. The main moves came from DIO rose 3.2 days, DSO rose 1.0 days, and DPO fell 5.4 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +9.6 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +1.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 8.0 days +1.0 days

Inventory 49.1 days +3.2 days

Payables 69.0 days −5.4 days

Cash Conversion Cycle -11.9 days +9.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 262.5bn due to capex of 1,237.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.79x and interest coverage at 2.57x.

At present, short-term debt accounts for 58.2% of total debt, cash equals 2.5% of debt, and total debt stands at 2,903.5bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 2.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.79x +0.05x

Interest Coverage 2.57x −11.00x

Cash / Debt 2.5% −4.6pp

Short-term Debt / Total Debt 58.2% −11.5pp

CFO / NI 3.12x +3.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 308.6bn in 2025, against investing cash flow of -836.3bn.

Post-investment cash flow was negative +527.7bn. Financing cash flow was positive +325.1bn.

CFO / net income was 3.12x.

After spending +1,237.9bn on fixed-asset investment, the business generated trailing free cash flow of −262.5bn.

Cash Conversion

CFO TTM 975.3bn +926.1bn

Cash Capex 1,237.9bn +538.9bn

FCF TTM −262.5bn +387.3bn

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 earnings conversion is confirmed, with CFO/NI at 3.12x. The main risk still sits in core profitability, with net margin down 8.2 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.12x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 4.19% after a 8.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7,557.9	7,774.5	6,746.7	6,175.7	4,725.0
Revenue Deductions	125.3	116.3	92.1	89.3	0.0
Net Revenue	7,432.6	7,658.2	6,654.7	6,086.5	4,827.1
Cost of Goods Sold	4,709.6	4,533.2	3,948.1	3,723.5	0.0
Gross Profit	2,723.1	3,125.0	2,706.6	2,363.0	2,083.1
Financial Income	173.1	176.5	146.2	101.4	74.3
Financial Expenses	142.6	62.4	59.2	57.3	-27.2
Interest Expense	117.4	42.8	43.6	27.5	-15.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2,197.4	1,884.2	1,450.8	1,281.9	-989.2
General and Administrative Expenses	327.9	249.7	177.4	134.3	-102.6
Operating Profit	228.2	1,105.1	1,165.4	990.8	1,038.4
Other Income	62.1	5.9	5.8	9.4	0.0
Other Expenses	44.8	2.5	18.8	10.2	0.0
Other Profit	17.3	3.3	-13.0	-0.8	3.2
Profit Before Tax	245.5	1,108.4	1,152.4	990.1	1,041.6
Current Income Tax Expense	86.9	204.1	258.3	215.7	-218.8
Deferred Income Tax Expense	-18.6	29.0	-30.3	-36.2	0.0
Net Income	177.2	875.3	924.4	810.5	822.8
Non-controlling Interest	1.9	-0.0	0.0	0.0	0.0
Profit Attributable to Parent	175.3	875.3	924.4	810.5	822.8
Earnings per Share	2,836.00	14,183.00	15,465.00	13,750.00	13,958.84
Diluted EPS	2,836.00	14,183.00	15,250.00	13,750.00	13,958.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,786.6	3,881.7	3,497.2	2,682.0	1,924.4
I. Cash and cash equivalents	66.3	269.3	211.8	84.1	20.4
1. Cash	56.3	230.4	86.8	84.1	0.0
2. Cash equivalents	10.0	38.9	125.0	0.0	0.0
II. Short-term financial investments	1,694.2	1,581.8	2,048.5	1,208.6	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	1,694.2	1,581.8	2,048.5	1,208.6	0.0
III. Short-term receivables	1,178.8	1,180.5	740.3	954.1	350.4
1. Short-term trade accounts receivable	141.7	157.8	125.4	114.1	0.0
2. Short-term prepayments to suppliers	508.4	99.1	250.6	309.0	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	340.0	850.0	300.0	0.0	0.0
6. Other short-term receivables	189.5	74.5	65.8	531.0	0.0
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	-1.6	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	575.8	641.6	435.3	390.1	340.5
1. Inventories	625.2	644.1	436.9	392.6	0.0
2. Provision for decline in value of inventories	-49.5	-2.5	-1.6	-2.4	0.0
V. Other short-term assets	271.7	208.5	61.3	45.0	5.8
1. Short-term prepayments	7.5	5.5	7.0	7.2	0.0
2. Value added tax to be reclaimed	262.9	199.3	54.1	31.8	0.0
3. Taxes and other receivables from state authorities	1.2	3.7	0.2	6.0	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)	3,925.3	3,063.5	1,747.2	1,158.2	1,038.1
I. Long-term receivables	5.2	9.0	7.1	3.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	204.5
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	5.2	9.0	7.1	3.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,657.4	853.0	816.9	686.6	773.5
1. Tangible fixed assets	2,656.0	850.1	815.8	684.0	770.4
- Cost	3,856.0	1,906.0	1,699.1	1,412.4	0.0
- Accumulated depreciation	-1,200.0	-1,055.9	-883.3	-728.4	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	1.4	2.9	1.1	2.6	3.1
- Cost	22.6	22.5	19.2	19.2	0.0
- Accumulated depreciation	-21.2	-19.6	-18.1	-16.7	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	128.7	1,346.9	596.0	372.0	17.4
1. Long-term production in progress	48.9	0.0	0.0	0.0	0.0
2. Construction in progress	79.8	1,346.9	596.0	372.0	0.0
V. Long-term financial investments	458.0	200.0	204.3	4.9	0.1
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	258.0	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
5. Held to maturity investments	200.0	200.0	204.3	4.9	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	675.9	654.6	122.9	91.1	0.0
1. Long-term prepayments	619.9	617.2	56.5	55.0	0.0
2. Deferred income tax assets	56.0	37.5	66.5	36.2	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	42.5
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)	7,711.9	6,945.2	5,244.4	3,840.1	2,962.5
A. LIABILITIES (300=210+330)	4,190.2	3,521.9	2,179.6	2,033.0	1,641.7
I. Short -term liabilities	3,157.5	2,854.3	2,143.8	1,984.4	1,641.7
1. Short-term trade accounts payable	687.8	935.2	662.8	662.5	506.5
2. Short-term advances from customers	78.5	72.7	46.1	26.8	53.4
3. Taxes and other payables to state authorities	93.2	32.6	168.0	45.3	0.0
4. Payable to employees	81.9	110.4	75.4	59.5	0.0
5. Short-term acrrued expenses	355.3	240.0	434.0	433.7	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	19.2	15.2	15.3	11.8	0.0
10. Short-term borrowings and financial leases	1,839.8	1,446.4	740.5	743.1	541.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.7	1.7	1.7	1.7	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	1,032.7	667.6	35.7	48.5	0.0
1. Long-term trade payables	6.0	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	1,011.9	667.6	35.7	48.5	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	14.9	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)	3,521.7	3,423.3	3,064.9	1,807.2	1,320.8
I. Owner's equity	3,521.7	3,423.3	3,064.9	1,807.2	0.0
1. Owner's capital	618.0	618.0	613.5	589.5	1,320.8
- Common stock with voting right	618,044,720,000.00	618,044,720,000.00	613,504,720,000.00	589,454,720,000.00	589,454,720,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	850.0	850.0	850.0	275.3	275.3
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	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-0.3	-0.0	0.0	0.0	0.0
8. Investment and development fund	5.2	5.2	5.2	5.2	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	1,816.3	1,950.1	1,596.3	937.1	450.9
- Accumulated retained earning at the end of the previous period	1,641.1	1,074.8	671.9	450.9	0.0
- Undistributed earnings in this period	175.3	875.3	924.4	486.3	450.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	232.5	0.1	0.0	0.1	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)	7,711.9	6,945.2	5,244.4	3,840.1	2,962.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	245.5	1,108.4	1,152.4	990.1	1,041.6
Depreciation of Fixed Assets and Investment Property	334.1	193.9	161.8	148.7	123.8
Provision (Increase)/Reversal	47.0	0.1	0.8	-2.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.3	-0.5	1.9	14.0	0.0
Gain/Loss from Investment Activities	-142.1	-146.0	-129.7	-83.5	0.0
Interest Expense	117.4	42.8	43.6	27.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	600.7	1,198.7	1,230.8	1,094.1	1,127.6
Increase/(Decrease) in Receivables	-142.2	-38.0	513.3	-432.3	0.0
Increase/(Decrease) in Inventory	47.2	-207.2	-44.3	-46.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-68.4	-109.5	123.4	325.5	0.0
Increase/(Decrease) in Prepaid Expenses	4.5	7.8	-1.4	-14.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-115.9	-41.5	-43.9	-27.1	0.0
Corporate Income Tax Paid	-17.3	-350.8	-140.4	-270.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	308.6	459.5	1,637.6	628.4	783.1
Payments for Fixed Assets and Other Long-term Assets	-1,137.8	-1,290.0	-603.6	-479.2	-442.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	179.2	2.2	8.5	0.0	1.1
Loans and Purchases of Debt Instruments	-1,866.4	0.0	-2,927.6	-1,697.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,264.0	0.0	1,588.2	1,607.3	117.0
Investments in Other Entities	-401.4	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	1.1	0.0
Dividends and Interest Income Received	126.1	143.3	106.7	78.1	0.0
Increase/(Decrease) in Term Deposits	—	-79.0	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	-836.3	-1,223.6	-1,827.8	-489.7	-266.1
Proceeds from Equity Issuance and Capital Contributions	472,062,573.00	4,618,000,000.00	598,706,303,600.00	100,000,000.00	0.00
Share Repurchases	—	0.00	-100,000,000.00	0.00	0.00
Proceeds from Borrowings	4,121.5	3,797.6	2,874.7	3,275.6	3,196.0
Repayment of Borrowings	-3,469.4	-2,459.8	-2,890.1	-3,026.4	-3,413.4
Repayment of Finance Leases	—	0.0	-265.3	-324.2	0.0
Dividends Paid	-327.4	-521.5	0.0	0.0	-294.7
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	325.1	820.9	317.9	-74.9	-512.1
Net Cash Flow During the Period	-202.6	56.9	127.8	63.7	-13.9
Cash and Cash Equivalents at Beginning of Period	269.3	211.8	84.1	20.4	16.1
FX Difference from Revaluation	-0.4	0.6	-0.1	-0.0	-0.7
Cash and Cash Equivalents at End of Period	66.3	269.3	211.8	84.1	20.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q1'23	Q4'22
Revenue	1,999.1	1,899.6	1,632.6	2,115.0	1,910.7	2,050.9	1,942.6	1,645.6	2,013.1	1,650.8	1,578.7	1,420.2
Revenue Deductions	98.1	29.3	14.7	2.3	79.0	2.6	12.7	61.2	336.3	4.6	1.9	-251.6
Net Revenue	1,901.0	1,870.2	1,618.0	2,112.7	1,831.7	2,048.3	1,929.9	1,584.4	1,676.8	1,646.2	1,576.8	1,671.7
Cost of Goods Sold	1,150.4	1,113.3	1,147.9	1,339.5	1,109.2	1,213.3	1,139.8	968.1	950.2	967.4	970.3	1,027.6
Gross Profit	750.6	756.9	470.1	773.2	722.5	835.0	790.1	616.3	726.6	678.8	606.5	644.1
Financial Income	38.2	46.7	34.7	48.2	43.5	47.7	41.4	37.0	51.7	36.0	26.0	32.6
Financial Expenses	44.9	36.9	38.0	31.8	35.8	19.9	16.6	13.8	5.5	16.8	16.3	20.1
Interest Expense	41.5	36.1	33.2	26.1	18.8	12.5	8.7	7.2	5.5	0.0	0.0	9.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	391.9	336.9	590.8	757.8	511.8	425.0	392.4	307.3	466.8	322.9	300.1	478.6
General and Administrative Expenses	51.7	94.4	73.5	80.9	79.0	62.6	53.2	47.1	27.9	50.3	42.3	26.7
Operating Profit	300.3	335.3	-197.6	-49.1	139.3	375.2	369.3	285.0	278.0	324.9	273.7	151.3
Other Income	9.9	56.7	1.2	5.7	1.1	3.5	1.6	0.7	1.2	1.0	9.4	1.2
Other Expenses	23.0	46.2	0.1	1.1	0.0	1.5	2.3	0.1	18.4	0.1	6.6	1.6
Other Profit	-13.1	10.5	1.1	4.6	1.1	2.0	-0.8	0.6	-17.3	1.0	2.8	-0.4
Profit Before Tax	287.2	345.8	-196.5	-44.6	140.4	377.2	368.5	285.7	260.7	325.8	276.5	150.9
Current Income Tax Expense	44.2	72.2	-47.4	28.6	33.4	77.7	85.8	62.3	80.3	68.4	58.3	21.4
Deferred Income Tax Expense	-1.1	33.7	-15.4	-36.9	—	0.0	-5.2	0.0	-6.0	0.0	0.0	-36.2
Net Income	244.1	239.9	-133.7	-36.2	107.0	299.6	287.9	223.4	186.4	257.4	218.2	165.7
Non-controlling Interest	—	1.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	244.1	238.0	-133.7	-36.2	107.0	299.6	287.9	223.4	186.4	257.4	218.2	165.7
Earnings per Share	3,949.00	3,882.00	-2,163.00	-586.00	1,731.00	4,846.98	4,658.33	3,614.19	3,038.00	4,195.77	3,701.02	2,812.00
Diluted EPS	3,949.30	3,850.32	-2,162.71	-585.94	1,731.19	4,846.98	4,658.33	3,614.19	3,038.00	4,195.77	3,701.02	2,812.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q1'23	Q4'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,966.1	3,804.7	3,621.2	4,304.6	4,200.8	3,772.4	3,321.7	3,255.3	3,573.0	2,935.5	2,774.2	2,675.9
I. Cash and cash equivalents	74.0	66.3	155.1	258.1	181.9	138.0	221.8	219.9	211.8	291.7	94.8	84.1
1. Cash	64.0	56.3	145.1	218.7	142.8	128.0	211.8	209.9	86.8	141.7	84.8	84.1
2. Cash equivalents	10.0	10.0	10.0	39.4	39.1	10.0	10.0	10.0	125.0	150.0	10.0	0.0
II. Short-term financial investments	1,887.6	1,694.2	1,322.5	1,567.2	1,409.0	1,640.9	1,385.5	1,754.0	2,048.5	2,050.9	1,206.1	1,208.6
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	1,887.6	1,694.2	1,322.5	1,567.2	1,409.0	1,640.9	1,385.5	1,754.0	2,048.5	2,050.9	1,206.1	1,208.6
III. Short-term receivables	1,337.4	1,196.8	1,438.4	1,623.4	1,698.5	1,365.5	1,215.4	800.1	816.2	223.0	1,061.7	954.1
1. Short-term trade accounts receivable	172.0	141.7	129.7	216.7	156.5	159.0	131.9	110.7	125.4	116.9	119.0	114.1
2. Short-term prepayments to suppliers	635.0	526.5	631.5	666.5	633.8	262.0	141.5	116.6	324.8	69.5	385.7	309.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	340.0	375.0	460.0	820.0	850.0	850.0	500.0	300.0	0.0	0.0	0.0
6. Other short-term receivables	531.3	189.5	303.0	281.0	89.1	95.3	92.9	74.4	66.0	36.6	557.0	531.0
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-1.6	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	566.1	575.8	582.2	765.7	673.2	499.7	393.7	400.5	435.3	366.9	366.1	390.1
1. Inventories	601.3	625.2	658.0	786.6	677.4	502.5	396.9	402.4	436.9	369.4	368.6	392.6
2. Provision for decline in value of inventories	-35.2	-49.5	-75.7	-21.0	-4.2	-2.8	-3.2	-1.9	-1.6	-2.5	-2.6	-2.4
V. Other short-term assets	101.0	271.7	123.0	90.3	238.2	128.3	105.3	80.8	61.1	3.0	45.6	39.0
1. Short-term prepayments	10.5	7.5	10.3	10.0	9.8	4.1	3.6	3.0	7.0	3.0	6.7	7.2
2. Value added tax to be reclaimed	88.8	262.9	111.6	80.1	228.4	124.1	101.6	77.9	54.1	0.0	38.9	31.8
3. Taxes and other receivables from state authorities	1.7	1.2	1.1	0.1	—	0.0	0.0	0.0	0.0	0.0	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)	3,824.1	3,936.8	3,749.8	3,127.4	3,072.3	2,509.8	2,338.9	2,055.8	1,715.3	1,867.8	1,179.1	1,158.2
I. Long-term receivables	5.2	5.2	9.2	9.2	8.4	6.9	6.5	6.5	5.5	706.5	4.0	3.6
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	703.6	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	5.2	5.2	9.2	9.2	8.4	6.9	6.5	6.5	7.1	4.5	4.0	3.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	-1.6	-1.6	0.0	0.0
II. Fixed assets	2,568.5	2,669.0	2,134.4	1,530.4	811.6	856.7	832.7	853.2	816.9	828.8	644.4	686.6
1. Tangible fixed assets	2,567.4	2,666.5	2,132.8	1,528.3	809.1	853.4	829.0	849.1	815.8	827.5	642.9	684.0
- Cost	3,858.6	—	—	—	—	1,859.2	1,805.3	1,778.7	1,699.1	1,666.4	1,402.7	1,412.4
- Accumulated depreciation	-1,291.2	—	—	—	—	-1,005.8	-976.3	-929.6	-883.3	-838.8	-759.8	-728.4
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	1.1	2.5	1.6	2.1	2.5	3.3	3.7	4.2	1.1	1.2	1.5	2.6
- Cost	22.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-21.5	—	—	—	—	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	118.0	129.7	196.7	696.7	1,396.4	1,054.4	1,168.7	869.2	596.0	45.1	429.4	372.0
1. Long-term production in progress	35.6	49.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	372.0
2. Construction in progress	82.4	79.8	196.7	696.7	1,396.4	1,054.4	1,168.7	869.2	596.0	45.1	429.4	0.0
V. Long-term financial investments	458.0	458.0	705.7	200.0	200.0	203.2	203.7	204.3	204.3	200.0	9.9	4.9
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	258.0	258.0	505.7	—	—	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	200.0	200.0	200.0	200.0	200.0	203.2	203.7	204.3	204.3	200.0	9.9	4.9
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	674.3	674.8	703.8	691.2	655.9	388.6	127.3	122.6	92.6	87.5	91.4	91.1
1. Long-term prepayments	617.2	618.8	614.8	616.8	618.4	317.0	55.6	56.1	56.5	57.3	55.2	55.0
2. Deferred income tax assets	57.1	56.0	89.1	74.4	37.5	71.7	71.7	66.5	36.1	30.2	36.2	36.2
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	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)	7,790.1	7,741.5	7,371.0	7,432.1	7,273.1	6,282.3	5,660.6	5,311.1	5,288.3	4,803.3	3,953.3	3,834.1
A. LIABILITIES (300=210+330)	4,198.1	4,219.8	4,320.1	4,247.7	4,053.1	2,923.4	2,601.3	2,539.8	2,253.7	1,950.5	1,928.0	2,026.9
I. Short -term liabilities	2,962.6	3,037.0	3,168.4	3,201.9	3,278.4	2,460.0	2,393.3	2,469.6	2,182.3	1,950.5	1,879.4	1,978.4
1. Short-term trade accounts payable	721.3	687.8	973.0	920.3	1,069.9	814.0	687.1	688.7	736.9	596.1	668.3	662.5
2. Short-term advances from customers	45.6	96.6	40.8	46.0	55.3	31.9	51.9	42.9	46.1	30.1	37.8	26.8
3. Taxes and other payables to state authorities	60.8	93.2	59.8	97.2	42.9	90.2	88.8	66.5	168.0	181.2	60.5	39.2
4. Payable to employees	36.9	81.9	85.8	87.0	56.7	89.3	65.4	38.0	75.4	70.5	32.7	59.5
5. Short-term acrrued expenses	344.3	355.3	468.0	400.8	264.6	415.7	436.4	424.5	434.0	432.4	370.2	433.7
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	—	—	—	47.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	63.2	30.7	19.4	11.8	10.9	11.8	17.4	18.5	15.3	24.7	9.8	11.8
10. Short-term borrowings and financial leases	1,688.8	1,689.8	1,519.9	1,589.7	1,776.5	1,005.4	1,044.8	1,188.8	704.8	613.9	698.4	743.1
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	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
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	1,235.6	1,182.7	1,151.7	1,045.8	774.7	463.4	208.0	70.2	71.4	0.0	48.5	48.5
1. Long-term trade payables	6.0	6.0	—	—	—	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	1,214.7	1,161.9	1,151.7	1,045.8	774.7	463.4	208.0	70.2	71.4	0.0	48.5	48.5
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	14.9	14.9	—	—	—	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)	3,592.0	3,521.7	3,051.0	3,184.4	3,220.1	3,358.9	3,059.3	2,771.3	3,034.6	2,852.8	2,025.3	1,807.2
I. Owner's equity	3,592.0	3,521.7	3,051.0	3,184.4	3,220.1	3,358.9	3,059.3	2,771.3	3,034.6	2,852.8	2,025.3	1,807.2
1. Owner's capital	618.0	618.0	618.0	618.0	618.0	618.0	618.0	618.0	613.5	613.5	589.5	589.6
- Common stock with voting right	618,044,720,000.00	618,044,720,000.00	618,044,720,000.00	618,044,720,000.00	618,044,720,000.00	618,044,720,000.00	618,044,720,000.00	618,044,720,000.00	613,504,720,000.00	613,504,720,000.00	589,454,720,000.00	589,554,720,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	275.3	275.3
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	—	—	—	—	—	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	-0.1	-0.3	0.2	-0.8	-1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2
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	1,863.6	1,797.9	1,577.1	1,712.0	1,748.4	1,885.6	1,586.1	1,298.1	1,565.9	1,384.1	1,155.3	937.1
- Accumulated retained earning at the end of the previous period	1,616.6	1,620.8	1,639.9	1,641.1	1,642.1	402.9	1,074.8	0.0	1,565.9	1,384.1	1,155.3	937.1
- Undistributed earnings in this period	247.0	177.2	-62.7	70.9	106.3	1,482.7	511.3	0.0	0.0	0.0	0.0	0.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	255.3	250.9	0.5	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.1	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)	7,790.1	7,741.5	7,371.0	7,432.1	7,273.1	6,282.3	5,660.6	5,311.1	5,288.3	4,803.3	3,953.3	3,834.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q1'23	Q4'22
Profit Before Tax	287.2	345.8	-196.5	-44.2	140.4	377.2	368.5	285.7	256.4	619.5	276.5	150.9
Depreciation of Fixed Assets and Investment Property	125.5	120.4	95.1	67.8	50.9	49.1	47.6	46.6	44.6	79.4	37.9	38.5
Provision (Increase)/Reversal	-14.3	-26.2	54.8	16.8	1.7	-0.4	0.5	0.3	-1.0	1.6	0.1	-0.6
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-1.4	1.9	-0.3	-1.5	-4.1	0.6	4.2	-6.6	8.8	-0.3	9.3
Gain/Loss from Investment Activities	29.1	-64.2	-11.7	-57.4	-8.9	-35.1	-35.1	-33.7	-41.7	-62.0	-25.9	-22.6
Interest Expense	41.5	36.1	33.2	29.3	18.8	12.5	8.7	7.2	10.2	19.8	13.6	9.9
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	469.1	410.5	-23.2	12.0	201.4	399.1	390.8	310.3	261.8	667.1	301.9	185.4
Increase/(Decrease) in Receivables	-137.5	551.1	-402.5	282.0	-572.8	-73.4	-78.2	115.9	620.7	62.9	-170.3	301.5
Increase/(Decrease) in Inventory	23.9	67.7	122.0	-109.2	-33.3	-106.1	5.1	34.9	-67.8	-0.5	23.9	-51.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	80.5	-442.9	227.0	53.5	94.1	193.4	-84.9	-110.4	92.6	58.2	-27.5	126.8
Increase/(Decrease) in Prepaid Expenses	-0.3	6.9	1.8	1.4	-5.6	-261.8	-0.0	4.3	-5.3	3.5	0.5	-6.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-39.9	-29.6	-38.7	-23.2	-24.4	-11.9	-8.6	-7.0	-10.2	-20.1	-13.6	-9.8
Corporate Income Tax Paid	-88.2	1.3	0.0	0.0	-18.6	-74.8	-63.6	-164.5	-29.5	-69.7	-41.1	-35.0
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	0.0	0.0	0.0
Net Cash Flow from Operating Activities	307.5	565.0	-113.5	216.4	-359.3	64.5	160.5	183.4	862.3	701.5	73.8	511.1
Payments for Fixed Assets and Other Long-term Assets	-159.1	-792.7	206.1	-492.1	-59.1	-172.3	-66.8	-400.8	-362.2	-181.9	-59.4	-426.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.0	179.2	—	0.0	—	43.7	-41.5	43.2	0.0	0.0	8.5	-5.6
Loans and Purchases of Debt Instruments	-275.4	-1,362.8	542.7	-1,046.4	—	922.3	-1,364.4	0.0	-1,596.1	-1,331.5	0.0	-1,697.0
Receipts from Loan Repayments and Sale of Debt Instruments	233.5	1,026.0	-213.0	1,451.0	—	899.8	-332.0	332.0	1,291.0	272.2	25.0	1,607.3
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	-499.9	499.9	0.0	3.3
Dividends and Interest Income Received	—	60.4	—	65.7	—	94.5	-35.7	35.7	47.1	51.3	8.3	26.9
Increase/(Decrease) in Term Deposits	—	—	—	—	—	-1,536.4	1,536.4	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	-197.0	-719.8	-35.6	-224.6	143.8	251.7	-304.0	10.0	-1,120.2	-689.9	-17.7	-491.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	-77,535,586.00	77,535,586.00	4,540,000,000.00	-12,269,516,400.00	610,975,820,000.00	0.00	100,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	12,169,516,400.00	-12,269,516,400.00	0.00	0.00
Proceeds from Borrowings	1,162.1	567.1	-1,458.2	3,781.7	1,230.9	1,406.2	812.5	838.4	-284.6	2,021.2	1,138.1	626.0
Repayment of Borrowings	-1,110.3	-480.6	1,502.2	-3,697.3	-793.7	-1,804.3	-668.3	-506.1	405.6	-2,112.9	-1,182.8	-550.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	-265.3	0.0	0.0	-324.2
Dividends Paid	-154.5	-18.4	0.0	0.0	-309.0	0.0	0.0	-521.5	265.3	-265.3	0.0	235.8
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	-102.7	66.5	46.2	84.4	128.1	-398.2	144.3	-184.6	120.9	241.7	-44.7	-13.1
Net Cash Flow During the Period	7.9	-88.4	-103.0	76.2	-87.4	-82.1	0.8	8.8	-137.0	253.4	11.4	6.7
Cash and Cash Equivalents at Beginning of Period	66.3	155.1	258.1	181.9	269.3	211.8	211.8	211.8	84.1	27.8	84.1	20.4
FX Difference from Revaluation	-0.1	-0.4	—	0.0	—	-1.7	1.1	-0.7	0.8	-0.2	-0.8	9.9
Cash and Cash Equivalents at End of Period	74.0	66.3	155.1	258.1	181.9	138.0	221.8	219.9	211.8	291.7	94.8	84.1

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IDP

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