KSB

Khoáng sản và Xây dựng Bình Dương ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 19.41%, +3.05pp YoY

Price

15,000

Latest close

03 Jun 2026

P/E 12.96x

P/B 0.61x

EPS 1,157

BVPS 24,451

ROE 5.6%

ROA 2.9%

Profit Margin 19.4%

Asset Turnover 0.15x

Equity Mult. 1.92x

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

What Is Changing

On a TTM 2026Q1 basis, KSB is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 786bn
	                                
+61.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 153bn
	                                
+92.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	710.9	401.3	528.6	859.1	884.2
Growth	+77%	-24%	-38%	-3%	—
Net Income	155.6	53.0	73.8	152.1	252.6
Net Margin	21.89%	13.20%	13.95%	17.70%	28.57%

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	202.2	181.0	259.9	143.1	126.9	119.0	89.5	150.3	42.5	138.3	117.3	183.2
Growth	+12%	-30%	+82%	+13%	+7%	+33%	-40%	+254%	-69%	+18%	-36%	—
Net Income	31.8	40.0	35.4	45.4	35.9	19.3	12.2	12.1	9.3	1.5	19.9	46.5
Net Margin	15.72%	22.10%	13.64%	31.72%	28.29%	16.22%	13.61%	8.03%	21.78%	1.09%	16.95%	25.37%

Drivers of KSB's profit

TTM

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

Gross profit ↑ 69.1bn

Finance costs ↓ 29.3bn

Associates income ↑ 26.2bn

Tax ↓ 21.5bn

Financial income ↓ 65.4bn

Administrative expenses ↑ 11.8bn

TTM

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

Associates income ↑ 3.4bn

Gross profit ↑ 3.2bn

Tax ↓ 2.3bn

Administrative expenses ↓ 0.9bn

Selling expenses ↑ 6.4bn

Other profit ↓ 4.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.0% = 16.4% × 0.10 × 1.87

2026Q1 5.6% = 19.4% × 0.15 × 1.92

ROE rose from 3.0% to 5.6% — all three components improved, with asset turnover contributing the most.

Net margin: 19.4% +3.1pp Asset turnover: 0.15x +0.05x Leverage: 1.92x +0.04x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 19.41%, rising 3.1pp. Core operating signals are improving as SG&A / Revenue fell 3.2pp are enough to offset pressure from Gross margin fell 8.8pp (in addition, Other profit / Revenue rose 4.5pp added support while Net financial result / Revenue fell 1.4pp remained a drag).

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

Profitability trend

Net Margin 19.41% +3.1pp

Gross Margin 37.23% −8.8pp

SG&A / Revenue 12.80% −3.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 39.1 days.

Is capital being deployed efficiently?

ROIC expanded to 4.49%, rising 1.5pp. That translates to 4.49 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 0.07x, while invested capital rose by 308bn — capital-return quality improved from both sides.

Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.

Watchpoints

ROIC remains low

ROIC is currently 4.49% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.49% +1.5pp

NOPAT Margin 21.23% +0.4pp

Capital Turnover 0.21x +0.07x

Average Invested Capital 3,716.1bn +307.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.86x equity, net debt at 0.34x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 90.8 days versus the same period last year. The main moves came from DIO fell 16.6 days, DSO fell 58.3 days, and DPO rose 15.9 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 80.4 days −58.3 days

Inventory 13.4 days −16.6 days

Payables 54.6 days +15.9 days

Cash Conversion Cycle 39.1 days −90.8 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 0.34x and interest coverage only at 1.52x.

At present, short-term debt accounts for 22.8% of total debt, cash equals 19.1% of debt, and total debt stands at 1,179.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.52x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 19.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.34x −0.03x

Interest Coverage 1.52x +0.54x

Cash / Debt 19.1% +17.0pp

Short-term Debt / Total Debt 22.8% −12.0pp

CFO / NI 2.43x +0.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 474.4bn in 2025, against investing cash flow of -222.9bn.

Post-investment cash flow was positive +251.5bn. Financing cash flow was positive +137.0bn.

CFO / net income was 2.43x.

After spending +34.2bn on fixed-asset investment, the business generated trailing free cash flow of +337.9bn.

Cash Conversion

CFO TTM 372.2bn +235.2bn

Cash Capex 34.2bn −128.7bn

FCF TTM +337.9bn +363.9bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.1 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 4.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 19.41% after expanding 3.1pp versus the same period last year.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	710.9	401.3	528.6	859.1	884.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	710.9	401.3	528.6	859.1	884.2
Cost of Goods Sold	421.4	223.6	289.5	542.1	0.0
Gross Profit	289.5	177.7	239.1	317.0	412.2
Financial Income	43.8	122.4	79.7	93.9	102.7
Financial Expenses	117.4	141.6	160.6	135.1	-94.6
Interest Expense	116.7	141.5	160.6	135.1	-94.6
Share of Associates and Joint Ventures	66.5	34.2	9.8	-2.2	-5.3
Selling Expenses	21.9	14.4	13.0	40.3	-55.0
General and Administrative Expenses	73.3	56.6	50.4	52.9	-61.7
Operating Profit	187.2	121.7	104.6	180.3	298.3
Other Income	24.6	23.0	38.3	27.1	0.0
Other Expenses	36.9	61.0	37.6	23.3	0.0
Other Profit	-12.3	-38.0	0.7	3.8	3.0
Profit Before Tax	174.9	83.7	105.3	184.1	301.4
Current Income Tax Expense	19.4	30.5	31.7	31.3	-48.8
Deferred Income Tax Expense	-0.2	0.3	-0.1	0.7	0.0
Net Income	155.6	53.0	73.8	152.1	252.6
Non-controlling Interest	-0.3	-0.1	0.0	0.0	-0.0
Profit Attributable to Parent	155.9	53.1	73.8	152.1	252.6
Earnings per Share	1,175.00	477.00	802.00	1,717.00	2,941.00
Diluted EPS	1,175.00	477.00	802.00	1,717.00	3,430.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,094.7	2,013.6	1,984.9	2,059.0	2,095.4
I. Cash and cash equivalents	404.3	15.8	103.7	122.3	94.2
1. Cash	354.3	15.8	103.7	112.3	0.0
2. Cash equivalents	50.0	0.0	0.0	10.0	0.0
II. Short-term financial investments	8.4	8.4	0.0	10.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	8.4	8.4	0.0	10.0	0.0
III. Short-term receivables	1,635.4	1,945.4	1,839.4	1,867.2	1,919.6
1. Short-term trade accounts receivable	155.9	168.7	174.3	187.6	0.0
2. Short-term prepayments to suppliers	152.1	454.9	6.0	10.4	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	276.6	241.5	223.4	239.4	0.0
6. Other short-term receivables	1,091.3	1,162.1	1,511.6	1,496.4	0.0
7. Provision for short-term doubtful debts (*)	-40.5	-81.8	-75.9	-66.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	17.1	21.5	28.5	28.4	39.1
1. Inventories	17.1	21.5	28.5	28.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	29.6	22.5	13.3	31.1	42.5
1. Short-term prepayments	27.9	21.8	13.2	31.0	0.0
2. Value added tax to be reclaimed	0.7	0.6	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.0	0.1	0.1	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,076.3	2,913.7	2,291.7	2,183.8	1,889.6
I. Long-term receivables	1,255.1	1,067.4	1,077.7	876.4	0.0
1. Long-term trade receivables	—	0.0	2.6	7.8	425.2
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	1,255.1	1,067.4	1,075.1	868.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	29.9	53.9	78.6	96.8	117.2
1. Tangible fixed assets	29.9	53.9	78.6	84.3	67.0
- Cost	169.2	271.1	325.0	309.4	0.0
- Accumulated depreciation	-139.3	-217.2	-246.4	-225.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	12.4	49.9
- Cost	—	0.0	0.0	21.1	0.0
- Accumulated depreciation	—	0.0	0.0	-8.7	0.0
3. Intangible fixed assets	—	0.0	0.0	0.1	0.3
- Cost	1.7	1.9	1.9	1.9	0.0
- Accumulated depreciation	-1.7	-1.9	-1.9	-1.8	0.0
III. Investment properties	102.6	110.7	119.1	125.4	131.3
- Cost	192.8	196.2	199.0	199.0	0.0
- Accumulated depreciation	-90.2	-85.5	-79.9	-73.6	0.0
IV. Long-term assets in progress	900.5	894.9	432.5	516.0	611.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	900.5	894.9	432.5	516.0	0.0
V. Long-term financial investments	601.1	576.6	344.3	339.0	341.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	601.1	576.6	344.3	32.6	0.0
3. Investments in other entities	—	0.0	0.0	306.3	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	187.0	210.2	239.6	230.3	0.0
1. Long-term prepayments	164.6	180.9	202.9	186.6	0.0
2. Deferred income tax assets	4.5	4.3	4.6	4.4	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	263.1
5. Goodwill	17.9	25.0	32.1	39.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,171.0	4,927.3	4,276.6	4,242.8	3,985.0
A. LIABILITIES (300=210+330)	2,391.1	2,276.5	2,278.9	2,301.9	2,197.3
I. Short -term liabilities	1,196.7	1,068.1	1,267.9	1,342.0	947.8
1. Short-term trade accounts payable	81.3	31.8	23.5	47.0	38.0
2. Short-term advances from customers	8.0	61.4	64.7	0.7	1.5
3. Taxes and other payables to state authorities	139.5	112.2	92.0	64.3	0.0
4. Payable to employees	4.2	4.7	3.5	3.0	0.0
5. Short-term acrrued expenses	35.1	25.8	26.1	37.4	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	19.3	17.6	17.6	20.8	38.4
9. Other short-term payables	164.7	267.0	233.1	368.0	0.0
10. Short-term borrowings and financial leases	696.4	510.4	769.5	758.0	103.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	48.2	37.3	37.8	42.8	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	1,194.3	1,208.4	1,011.0	959.9	1,249.5
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	515.9	526.1	543.7	571.1	589.2
7. Other long-term liabilities	170.2	127.9	41.0	3.0	0.0
8. Long-term borrowings and financial leases	481.8	528.6	399.9	357.7	626.9
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	26.5	25.9	26.5	28.2	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)	2,779.9	2,650.8	1,997.7	1,940.9	1,787.6
I. Owner's equity	2,779.9	2,650.8	1,997.7	1,940.9	0.0
1. Owner's capital	1,147.8	1,147.8	766.3	766.3	1,787.6
- Common stock with voting right	1,147,791,030,000.00	1,147,791,030,000.00	766,312,020,000.00	766,312,020,000.00	736,312,020,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	227.7	227.7	0.0	0.0	0.0
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	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	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	212.7	197.4	192.1	184.7	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	1,193.1	1,078.9	1,042.7	993.2	885.3
- Accumulated retained earning at the end of the previous period	1,078.9	1,043.4	991.6	883.7	698.9
- Undistributed earnings in this period	114.1	35.5	51.1	109.5	186.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.1	2.4	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,171.0	4,927.3	4,276.6	4,242.8	3,985.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	174.9	83.7	105.3	184.1	0.0
Depreciation of Fixed Assets and Investment Property	21.8	29.8	117.7	178.5	43.9
Provision (Increase)/Reversal	-40.7	5.3	7.6	-4.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-119.1	-156.7	-90.7	-98.5	0.0
Interest Expense	116.7	141.5	160.6	135.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	153.6	103.6	300.4	394.7	0.0
Increase/(Decrease) in Receivables	491.9	259.7	-0.8	147.0	0.0
Increase/(Decrease) in Inventory	4.4	7.1	-0.2	11.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-63.2	123.6	-107.1	-283.4	0.0
Increase/(Decrease) in Prepaid Expenses	10.2	13.4	15.4	30.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-101.3	-154.1	-151.5	-96.4	0.0
Corporate Income Tax Paid	-10.7	-23.4	-12.0	-36.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-10.5	-7.9	-15.3	-37.6	0.0
Net Cash Flow from Operating Activities	474.4	321.9	29.0	129.8	80.5
Payments for Fixed Assets and Other Long-term Assets	-199.1	-307.6	-217.9	-509.0	-173.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	4.1	0.0	2.0	0.0
Loans and Purchases of Debt Instruments	-80.6	-142.0	0.0	-62.0	-73.0
Receipts from Loan Repayments and Sale of Debt Instruments	15.6	115.6	26.0	20.0	3.1
Investments in Other Entities	—	-674.7	0.0	0.0	-528.7
Proceeds from Investments in Other Entities	—	19.5	0.0	0.0	0.0
Dividends and Interest Income Received	41.3	97.9	95.2	52.6	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	-222.9	-887.3	-96.7	-496.4	-208.6
Proceeds from Equity Issuance and Capital Contributions	—	610,366,416,000.00	0.00	30,000,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	916.9	1,067.3	943.3	989.3	523.7
Repayment of Borrowings	-779.9	-1,200.2	-891.2	-614.2	-439.7
Repayment of Finance Leases	—	0.0	-2.9	-10.4	-13.3
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	137.0	477.4	49.2	394.7	70.7
Net Cash Flow During the Period	388.5	-87.9	-18.6	28.1	10.1
Cash and Cash Equivalents at Beginning of Period	15.8	103.7	122.3	94.2	151.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	404.3	15.8	103.7	122.3	94.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	202.2	181.0	259.9	143.1	126.9	119.0	89.5	150.3	42.5	138.3	117.3	183.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	202.2	181.0	259.9	143.1	126.9	119.0	89.5	150.3	42.5	138.3	117.3	183.2
Cost of Goods Sold	141.1	124.5	149.9	78.0	69.0	71.0	65.7	56.4	30.5	87.6	70.9	103.5
Gross Profit	61.1	56.4	110.1	65.1	57.9	48.0	23.8	93.9	12.0	50.7	46.5	79.8
Financial Income	16.4	8.9	3.2	16.0	16.5	32.0	21.4	39.9	34.9	37.6	15.7	15.2
Financial Expenses	32.1	15.4	45.0	29.2	28.6	38.4	20.4	63.6	25.1	59.7	25.1	45.4
Interest Expense	31.0	15.4	44.3	29.2	28.6	38.3	20.4	63.6	25.1	59.7	25.1	45.4
Share of Associates and Joint Ventures	16.3	22.2	13.9	17.5	12.9	13.9	11.2	5.7	3.4	0.5	1.8	0.0
Selling Expenses	10.4	7.7	8.8	1.4	4.0	2.5	3.6	7.1	1.2	3.3	1.3	2.3
General and Administrative Expenses	15.0	18.9	19.6	18.9	15.9	15.6	12.6	16.4	11.9	17.6	9.7	11.0
Operating Profit	36.3	45.6	53.8	49.1	38.7	37.5	19.8	52.4	12.1	8.2	27.8	36.3
Other Income	0.9	1.4	2.7	6.9	13.6	5.7	5.4	5.5	6.4	6.0	3.2	25.6
Other Expenses	1.0	6.0	10.9	9.8	9.2	13.9	10.1	28.8	8.2	7.8	7.1	5.6
Other Profit	-0.1	-4.6	-8.2	-2.9	4.4	-8.3	-4.6	-23.3	-1.8	-1.8	-4.0	20.1
Profit Before Tax	36.2	41.0	45.6	46.2	43.1	29.2	15.1	29.1	10.3	6.4	23.8	56.4
Current Income Tax Expense	4.7	7.0	2.0	1.6	7.0	9.9	2.9	17.0	0.7	4.7	4.2	9.9
Deferred Income Tax Expense	-0.2	-6.0	8.2	-0.8	0.2	0.0	0.1	0.0	0.3	0.2	-0.3	0.0
Net Income	31.8	40.0	35.4	45.4	35.9	19.3	12.2	12.1	9.3	1.5	19.9	46.5
Non-controlling Interest	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.0	-0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	31.8	40.1	35.5	45.5	36.0	19.4	12.2	12.1	9.3	1.5	19.9	46.5
Earnings per Share	243.00	312.00	260.00	342.00	270.00	146.00	92.00	88.00	107.00	17.00	224.00	545.00
Diluted EPS	277.26	349.12	309.42	396.14	313.48	168.76	106.48	105.20	80.60	19.62	259.57	606.66

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,356.6	2,063.5	1,973.2	1,912.7	1,866.5	2,013.6	1,836.8	1,591.4	2,659.2	2,001.4	1,943.0	2,075.3
I. Cash and cash equivalents	225.4	404.3	38.2	39.5	21.4	15.8	23.1	66.6	701.7	103.7	57.3	109.6
1. Cash	175.4	404.3	38.2	39.5	21.4	15.8	23.1	66.6	701.7	103.7	57.3	99.6
2. Cash equivalents	50.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	10.0
II. Short-term financial investments	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	0.0	0.0	10.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	0.0	0.0	10.0
III. Short-term receivables	2,073.0	1,604.5	1,882.5	1,825.5	1,798.7	1,945.4	1,760.0	1,470.5	1,909.1	1,852.0	1,826.3	1,876.8
1. Short-term trade accounts receivable	165.3	155.9	183.3	198.9	180.9	168.7	161.9	177.8	185.6	174.3	173.7	179.6
2. Short-term prepayments to suppliers	589.5	152.1	452.5	451.3	450.9	455.1	442.8	27.9	5.7	6.0	32.1	6.1
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	—	276.6	275.5	228.1	255.6	241.5	115.4	114.5	174.4	223.4	223.4	223.4
6. Other short-term receivables	1,358.7	1,060.4	1,011.3	1,030.1	993.4	1,162.0	1,119.9	1,230.1	1,619.4	1,524.2	1,465.2	1,535.8
7. Provision for short-term doubtful debts (*)	-40.5	-40.5	-40.1	-82.9	-82.1	-81.8	-80.0	-79.8	-75.9	-75.9	-68.1	-68.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	19.6	17.1	20.7	16.9	16.7	21.5	26.9	28.6	26.5	28.5	34.9	52.3
1. Inventories	19.6	17.1	20.7	16.9	16.7	21.5	26.9	28.6	26.5	28.5	34.9	52.3
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	30.3	29.3	23.4	22.4	21.4	22.5	18.4	17.3	13.6	17.1	24.6	26.7
1. Short-term prepayments	29.0	27.6	22.6	21.6	20.6	21.8	17.7	16.6	13.4	17.1	24.5	25.6
2. Value added tax to be reclaimed	0.7	—	—	—	0.7	0.0	0.0	0.0	0.0	0.0	0.0	1.0
3. Taxes and other receivables from state authorities	0.6	1.7	0.8	0.8	0.1	0.7	0.7	0.7	0.1	0.1	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,183.0	3,106.9	3,102.4	3,139.6	3,108.7	2,913.6	2,969.3	2,965.2	2,288.9	2,289.9	2,308.9	2,329.0
I. Long-term receivables	1,256.6	1,255.1	1,255.1	1,284.2	1,260.7	1,067.4	1,069.9	1,069.3	1,078.0	1,077.7	1,080.8	980.2
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	2.6	2.6	2.6	5.2	5.2
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	1,256.6	1,255.1	1,255.1	1,284.2	1,260.7	1,067.4	1,069.9	1,066.7	1,075.4	1,075.1	1,075.6	975.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	29.4	29.9	31.2	31.6	32.8	53.9	54.1	57.6	74.6	78.6	82.8	87.2
1. Tangible fixed assets	29.3	29.9	31.2	31.6	32.8	53.9	54.1	57.6	74.6	78.6	72.0	75.8
- Cost	169.8	—	—	—	—	271.1	268.0	269.8	325.0	325.0	309.1	309.4
- Accumulated depreciation	-140.6	—	—	—	—	-217.2	-214.0	-212.2	-250.4	-246.4	-237.1	-233.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	10.8	11.4
- 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	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	101.6	102.6	103.7	108.4	108.7	110.7	112.9	114.3	117.7	119.1	120.5	224.5
- Cost	192.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-91.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,000.1	900.5	907.1	895.5	899.7	894.9	894.1	889.6	439.0	428.3	438.4	446.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,000.1	900.5	907.1	895.5	899.7	894.9	894.1	889.6	439.0	428.3	438.4	446.8
V. Long-term financial investments	617.5	632.0	609.8	611.4	593.9	576.6	621.2	610.1	347.7	341.4	340.9	339.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	617.5	632.0	609.8	611.4	593.9	576.6	621.2	610.1	347.7	35.1	34.6	32.8
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	306.3	306.3	306.3
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	177.9	186.6	195.5	208.4	212.9	210.0	217.1	224.4	201.6	212.6	211.5	215.4
1. Long-term prepayments	155.9	164.9	175.8	182.0	185.5	180.9	186.2	191.6	197.4	208.0	206.8	210.9
2. Deferred income tax assets	5.9	3.9	—	6.8	4.1	4.1	4.2	4.2	4.3	4.6	4.8	4.5
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	16.1	17.9	19.6	19.6	23.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	25.0	26.8	28.6	30.3	32.1	33.9	35.7
TOTAL ASSETS (280=100+200)	5,539.6	5,170.4	5,075.6	5,052.3	4,975.2	4,927.2	4,806.1	4,556.6	4,948.2	4,291.3	4,251.9	4,404.4
A. LIABILITIES (300=210+330)	2,733.1	2,391.7	2,331.3	2,334.1	2,293.5	2,276.6	2,170.9	1,933.1	2,333.0	2,290.7	2,247.7	2,416.0
I. Short -term liabilities	1,108.6	1,197.4	1,111.5	1,094.6	922.2	1,068.2	946.1	958.9	1,192.3	1,248.8	1,366.9	1,613.4
1. Short-term trade accounts payable	114.4	81.3	123.0	48.8	33.4	31.8	22.7	24.6	22.3	23.5	15.8	89.4
2. Short-term advances from customers	20.2	8.0	6.6	50.2	49.5	61.4	36.8	53.4	43.7	64.7	63.5	51.8
3. Taxes and other payables to state authorities	148.9	137.6	140.2	131.7	118.7	112.2	97.0	94.2	88.7	90.7	82.8	85.0
4. Payable to employees	4.3	4.2	4.0	5.7	5.2	4.7	4.2	3.8	5.6	3.5	3.7	2.8
5. Short-term acrrued expenses	22.4	34.1	44.3	34.8	33.4	25.8	18.4	53.2	18.5	38.7	36.5	37.9
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	16.1	19.3	15.1	19.8	15.9	17.6	16.7	19.4	12.1	17.6	20.5	12.1
9. Other short-term payables	474.5	168.3	169.5	209.4	280.3	267.1	227.9	209.7	265.6	271.4	308.6	274.9
10. Short-term borrowings and financial leases	268.5	696.4	563.9	553.8	351.3	510.4	487.1	465.5	702.2	700.3	796.4	1,022.4
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	39.3	48.2	44.9	40.4	34.4	37.3	35.4	35.0	33.6	38.2	39.1	37.0
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	1,624.5	1,194.3	1,219.8	1,239.5	1,371.3	1,208.4	1,224.7	974.1	1,140.7	1,041.9	880.8	802.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	515.9	515.9	523.9	584.1	526.1	526.1	533.5	533.5	543.7	543.7	524.0	571.1
7. Other long-term liabilities	170.2	170.2	202.4	171.6	160.1	127.9	68.5	41.0	41.0	2.7	2.7	2.5
8. Long-term borrowings and financial leases	910.7	481.8	465.7	458.3	660.3	528.6	596.4	373.3	529.6	469.1	326.1	200.8
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	—	—	2.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	27.7	26.5	25.6	25.5	24.8	25.9	26.4	26.3	26.4	26.5	28.1	28.2
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)	2,806.5	2,778.7	2,744.3	2,718.2	2,681.7	2,650.6	2,635.2	2,623.5	2,615.1	2,000.6	2,004.2	1,988.4
I. Owner's equity	2,806.5	2,778.7	2,744.3	2,718.2	2,681.7	2,650.6	2,635.2	2,623.5	2,615.1	2,000.6	2,004.2	1,988.4
1. Owner's capital	1,147.8	1,147.8	1,147.8	1,147.8	1,147.8	1,147.8	1,147.8	1,147.8	1,147.8	766.3	766.3	766.3
- Common stock with voting right	1,147,791,030,000.00	1,147,791,030,000.00	1,147,791,030,000.00	1,147,791,030,000.00	1,147,791,030,000.00	1,147,791,030,000.00	1,147,791,030,000.00	1,147,791,030,000.00	1,147,791,030,000.00	766,312,020,000.00	766,312,020,000.00	766,312,020,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	227.7	227.7	227.7	227.7	227.7	227.7	227.7	227.7	227.7	0.0	0.0	0.0
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	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00	-3,354,000,000.00
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	215.5	212.7	209.6	205.5	200.9	197.4	195.4	194.2	192.8	192.4	192.7	190.7
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	1,216.8	1,191.8	1,160.4	1,138.3	1,106.3	1,078.7	1,065.2	1,057.3	1,050.2	1,045.2	1,048.6	1,034.7
- Accumulated retained earning at the end of the previous period	1,193.1	1,078.9	1,078.9	1,078.9	1,078.9	1,043.5	1,043.5	1,042.7	1,042.7	991.8	991.8	1,034.7
- Undistributed earnings in this period	23.8	112.9	81.5	59.4	27.4	35.2	21.7	14.6	7.5	53.4	56.8	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	2.1	2.1	2.2	2.3	2.3	2.4	2.5	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,539.6	5,170.4	5,075.6	5,052.3	4,975.2	4,927.2	4,806.1	4,556.6	4,948.2	4,291.3	4,251.9	4,404.4

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	—	88.0	—	86.9	—	0.0	-39.2	39.2	0.0	105.3	-78.4	78.4
Depreciation of Fixed Assets and Investment Property	—	12.2	—	9.6	—	0.0	-16.1	16.1	0.0	117.7	-74.4	74.4
Provision (Increase)/Reversal	—	-41.4	—	0.7	—	0.0	-3.8	3.8	0.0	7.6	-1.4	1.4
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	—	-49.2	—	-69.9	—	0.0	79.1	-79.1	0.0	-90.7	51.3	-51.3
Interest Expense	—	58.9	—	57.8	—	0.0	-82.9	82.9	0.0	160.6	-75.7	75.7
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	—	68.4	—	85.2	—	0.0	-62.9	62.9	0.0	300.4	-178.6	178.6
Increase/(Decrease) in Receivables	—	297.2	—	194.7	—	0.0	-234.4	234.4	0.0	-0.8	-6.3	6.3
Increase/(Decrease) in Inventory	—	-0.2	—	4.6	—	0.0	0.0	-0.0	0.0	-0.2	23.3	-23.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-88.1	—	24.9	—	0.0	-146.4	146.4	0.0	-107.1	73.2	-73.2
Increase/(Decrease) in Prepaid Expenses	—	11.2	—	-0.9	—	0.0	-7.9	7.9	0.0	15.4	19.0	-19.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-45.5	—	-55.8	—	0.0	87.5	-87.5	0.0	-151.5	73.0	-73.0
Corporate Income Tax Paid	—	-1.6	-0.5	-1.2	-7.4	-4.4	-2.4	-10.6	-6.1	-5.2	-6.0	-0.3
Other Operating Receipts	384.9	—	—	—	—	27.8	135.4	-75.0	75.0	-145.8	145.8	-37.3
Other Operating Payments	-345.3	165.3	-167.6	88.6	-96.9	-110.8	-119.7	63.4	-69.1	130.3	-131.5	25.0
Net Cash Flow from Operating Activities	-61.2	168.0	70.6	194.8	41.0	14.5	-285.3	366.7	-25.0	-37.4	84.9	-55.0
Payments for Fixed Assets and Other Long-term Assets	-28.1	12.4	-17.5	-1.0	-193.0	68.6	0.0	-38.5	-100.0	0.0	-82.5	-27.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	72.0	0.0	0.0	0.0	-37.0	37.0	0.0
Loans and Purchases of Debt Instruments	—	-49.5	—	-31.1	—	0.0	10.5	-10.5	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.1	—	15.5	—	0.0	-111.0	111.0	0.0	26.0	-16.0	16.0
Investments in Other Entities	-68.8	—	—	—	—	0.0	0.0	-708.2	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	173.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	31.7	0.2	15.6	0.0	25.4	8.6	0.2	82.1	7.1	74.7	0.5	19.7
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	-118.1	11.7	-50.4	-176.4	-7.8	17.8	-0.7	-604.8	-52.3	37.7	-35.0	8.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	1,100,000.00	610,365,316,000.00	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	457.4	366.9	88.8	333.4	127.7	137.3	336.5	402.2	195.1	236.9	346.4	236.4
Repayment of Borrowings	-457.1	-180.5	-110.4	-333.7	-155.3	-177.0	-93.9	-799.1	-130.2	-190.3	-447.7	-123.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.4	-0.8	-0.8
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	0.4	186.4	-21.5	-0.3	-27.5	-39.6	242.6	-397.0	675.3	46.2	-102.2	112.3
Net Cash Flow During the Period	-178.9	366.1	-1.3	18.1	5.6	-7.3	-43.5	-635.1	598.0	46.5	-52.3	65.6
Cash and Cash Equivalents at Beginning of Period	404.3	38.2	39.5	21.4	15.8	103.7	103.7	103.7	103.7	122.3	122.3	122.3
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	225.4	404.3	38.2	39.5	21.4	15.8	23.1	66.6	701.7	103.7	57.3	109.6

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KSB

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