KSV

Tổng Công ty Khoáng sản TKV - CTCP ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 15.46%, +4.52pp YoY

Price

158,500

Latest close

03 Jun 2026

P/E 12.04x

P/B 4.98x

EPS 13,161

BVPS 31,803

ROE 49.2%

ROA 24.0%

Profit Margin 15.9%

Asset Turnover 1.51x

Equity Mult. 2.05x

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

What Is Changing

On a TTM 2026Q1 basis, KSV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 16,571bn
	                                
+25.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2,562bn
	                                
+77.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	14,554.0	13,252.8	11,911.9	12,250.9	8,810.5
Growth	+10%	+11%	-3%	+39%	—
Net Income	1,908.4	1,219.3	160.0	202.1	946.7
Net Margin	13.11%	9.20%	1.34%	1.65%	10.75%

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	5,233.2	3,548.6	3,868.0	3,921.5	3,061.7	3,635.8	3,031.2	3,432.5	3,150.9	3,018.7	3,343.5	3,246.4
Growth	+47%	-8%	-1%	+28%	-16%	+20%	-12%	+9%	+4%	-10%	+3%	—
Net Income	896.5	631.2	594.0	440.0	314.1	382.9	239.1	503.8	76.4	40.6	35.7	-23.0
Net Margin	17.13%	17.79%	15.36%	11.22%	10.26%	10.53%	7.89%	14.68%	2.42%	1.35%	1.07%	-0.71%

Drivers of KSV's profit

TTM

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

Gross profit ↑ 1,430.4bn

Tax ↑ 285.0bn

Administrative expenses ↑ 134.1bn

TTM

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

Gross profit ↑ 700.4bn

Minority interests ↓ 65.2bn

Tax ↑ 136.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 39.3% = 10.9% × 1.36 × 2.64

2026Q1 47.9% = 15.5% × 1.51 × 2.05

ROE rose from 39.3% to 47.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 15.5% +4.5pp Asset turnover: 1.51x +0.15x Leverage: 2.05x -0.59x

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 15.46%, rising 4.5pp. The main driver is Gross margin rose 4.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.7pp and Other profit / Revenue rose 0.4pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 15.46% +4.5pp

Gross Margin 25.43% +4.3pp

SG&A / Revenue 5.33% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 7.6 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 37.21%, rising 16.2pp. That translates to 37.21 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.2pp and capital turnover rose 0.53x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

CAPITAL EFFICIENCY TREND

ROIC 37.21% +16.2pp

NOPAT Margin 15.25% +4.2pp

Capital Turnover 2.44x +0.53x

Average Invested Capital 6,790.5bn −103.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.79x equity, net debt at 0.02x equity.

Inventory ended the period at 2,820.5bn, roughly 28.6% of total assets.

Over the last 12 months, working capital absorbed 138.1bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −1,368.9bn

Inventories decreased → higher CFO: +252.9bn

Payables increased → higher CFO: +978.0bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 7.6 days versus the same period last year. The main moves came from DIO fell 9.3 days, DSO rose 14.6 days, and DPO fell 2.4 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 103.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +14.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 35.4 days +14.6 days

Inventory 101.5 days −9.3 days

Payables 33.0 days −2.4 days

Cash Conversion Cycle 103.9 days +7.6 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 19.20x.

At present, short-term debt accounts for 56.4% of total debt, cash equals 93.0% of debt, and total debt stands at 1,879.5bn.

Leverage and liquidity trend

Net Debt / Equity 0.02x −0.62x

Interest Coverage 19.20x +10.67x

Cash / Debt 93.0% +80.3pp

Short-term Debt / Total Debt 56.4% −3.5pp

CFO / NI 1.26x +0.45x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,305.3bn in 2025, against investing cash flow of -336.4bn.

Post-investment cash flow was positive +1,968.9bn. Financing cash flow was negative +1,676.9bn.

CFO / net income was 1.26x.

After spending +265.3bn on fixed-asset investment, the business generated trailing free cash flow of +3,039.2bn.

Cash Conversion

CFO TTM 3,304.6bn +2,090.5bn

Cash Capex 265.3bn −33.3bn

FCF TTM +3,039.2bn +2,123.9bn

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 4.5 pp. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 15.46% after expanding 4.5pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	14,554.0	13,287.9	11,911.9	12,250.9	8,810.5
Revenue Deductions	—	35.1	0.0	0.0	0.0
Net Revenue	14,554.0	13,252.8	11,911.9	12,250.9	8,810.5
Cost of Goods Sold	10,999.1	10,675.3	10,789.1	11,127.4	0.0
Gross Profit	3,554.9	2,577.4	1,122.8	1,123.5	1,913.4
Financial Income	20.6	14.2	9.9	6.8	12.9
Financial Expenses	182.3	257.7	367.2	359.0	-185.7
Interest Expense	175.6	242.1	337.3	299.5	-185.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	151.2	113.3	77.2	86.0	-56.7
General and Administrative Expenses	742.6	585.3	418.7	398.8	-546.3
Operating Profit	2,499.3	1,635.3	269.6	286.5	1,137.7
Other Income	61.7	10.7	5.0	26.4	0.0
Other Expenses	107.3	80.2	41.0	65.8	0.0
Other Profit	-45.6	-69.5	-36.0	-39.4	-9.7
Profit Before Tax	2,453.7	1,565.8	233.6	247.2	1,128.0
Current Income Tax Expense	560.3	357.6	73.4	44.7	-181.3
Deferred Income Tax Expense	-14.9	-11.1	0.2	0.4	0.0
Net Income	1,908.4	1,219.3	160.0	202.1	946.7
Non-controlling Interest	-61.9	-56.6	25.5	97.8	246.3
Profit Attributable to Parent	1,970.2	1,275.8	134.5	104.2	700.4
Earnings per Share	9,851.00	6,379.00	672.00	521.00	3,503.00
Diluted EPS	9,851.24	6,379.15	672.42	521.08	3,502.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,788.6	4,569.7	3,495.5	4,356.2	5,042.6
I. Cash and cash equivalents	711.5	419.5	264.6	362.0	194.9
1. Cash	288.9	351.4	237.0	310.8	0.0
2. Cash equivalents	422.6	68.1	27.6	51.3	0.0
II. Short-term financial investments	129.0	47.1	25.0	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	129.0	47.1	25.0	10.0	0.0
III. Short-term receivables	1,973.1	1,123.6	661.6	778.2	396.2
1. Short-term trade accounts receivable	1,802.7	1,019.1	429.2	687.4	0.0
2. Short-term prepayments to suppliers	51.5	73.2	178.9	49.6	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	126.2	39.7	61.8	51.6	0.0
7. Provision for short-term doubtful debts (*)	-7.4	-8.4	-8.3	-10.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,820.5	2,867.6	2,299.7	2,849.3	3,926.9
1. Inventories	2,828.8	2,881.9	2,301.1	2,874.7	0.0
2. Provision for decline in value of inventories	-8.3	-14.3	-1.5	-25.4	0.0
V. Other short-term assets	154.6	112.0	244.7	356.7	499.5
1. Short-term prepayments	64.9	79.9	221.3	305.3	0.0
2. Value added tax to be reclaimed	2.2	30.0	3.8	37.4	0.0
3. Taxes and other receivables from state authorities	87.5	2.1	19.6	14.0	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)	4,082.5	5,044.1	5,858.1	6,339.2	6,188.4
I. Long-term receivables	141.2	120.5	115.5	73.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	66.5
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	141.2	120.5	115.5	73.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3,275.9	4,000.6	4,766.6	5,227.2	5,155.0
1. Tangible fixed assets	3,066.4	3,831.8	4,580.7	5,193.8	5,107.1
- Cost	11,419.2	11,149.6	10,659.2	10,299.5	0.0
- Accumulated depreciation	-8,352.7	-7,317.7	-6,078.5	-5,105.7	0.0
2. Financial leased fixed assets	195.6	158.7	174.4	20.8	33.8
- Cost	416.7	314.7	335.0	149.3	0.0
- Accumulated depreciation	-221.1	-156.0	-160.5	-128.5	0.0
3. Intangible fixed assets	13.9	10.1	11.4	12.7	14.2
- Cost	27.5	21.8	20.8	20.1	0.0
- Accumulated depreciation	-13.6	-11.7	-9.3	-7.4	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	257.2	332.4	489.7	578.8	448.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	257.2	332.4	489.7	578.8	0.0
V. Long-term financial investments	46.2	46.2	44.9	42.2	42.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11.8	11.8	11.8	11.8	0.0
3. Investments in other entities	35.4	35.4	35.4	35.4	0.0
4. Provision for diminution in value of long-term investments	-1.0	-1.0	-2.2	-5.0	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	362.0	544.5	441.4	417.7	0.0
1. Long-term prepayments	323.4	527.2	440.0	416.1	0.0
2. Deferred income tax assets	38.7	17.3	1.4	1.6	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	476.1
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)	9,871.1	9,613.8	9,353.6	10,695.4	11,231.0
A. LIABILITIES (300=210+330)	4,368.1	5,603.2	6,432.9	7,593.0	8,046.7
I. Short -term liabilities	3,520.6	4,303.3	3,891.7	4,760.4	5,818.2
1. Short-term trade accounts payable	1,022.7	1,095.8	993.6	1,952.6	2,130.8
2. Short-term advances from customers	15.8	25.9	37.6	27.8	22.4
3. Taxes and other payables to state authorities	556.9	449.9	239.2	337.8	0.0
4. Payable to employees	396.6	356.8	330.1	280.3	0.0
5. Short-term acrrued expenses	18.1	27.6	17.6	33.7	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	1.5	0.6	1.1	1.0	0.5
9. Other short-term payables	152.7	120.9	362.6	102.7	0.0
10. Short-term borrowings and financial leases	1,290.8	2,185.7	1,874.7	1,985.1	2,349.3
11. Provision for short-term liabilities	4.7	0.0	0.0	0.1	0.0
12.. Bonus and welfare fund	60.7	40.0	35.2	39.3	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	847.5	1,299.9	2,541.1	2,832.6	2,228.5
1. Long-term trade payables	—	0.0	0.0	0.0	51.0
2. Long-term advances from customers	—	0.0	320.0	498.1	313.6
3. Long-term acrrued expenses	—	0.0	0.0	105.0	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	0.5	0.4	0.2	0.6	0.5
7. Other long-term liabilities	1.2	1.2	1.3	1.3	0.0
8. Long-term borrowings and financial leases	789.2	1,243.5	2,172.1	2,186.5	1,824.5
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	11.2	4.7	0.0	0.0	0.0
12. Provision for long-term liabilities	45.5	45.7	43.0	36.7	0.0
13. Fund for technology development	—	4.4	4.4	4.4	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,503.1	4,010.6	2,920.8	3,102.5	3,184.3
I. Owner's equity	5,481.8	3,991.7	2,915.7	3,095.5	0.0
1. Owner's capital	2,000.0	2,000.0	2,000.0	2,000.0	3,173.3
- Common stock with voting right	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	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	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-14.9	-14.9	-14.9	-14.9	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	584.7	194.7	194.7	194.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.4	0.4	0.4	0.4	0.0
11. Undistributed earnings after tax	2,552.7	1,362.6	215.2	379.1	700.4
- Accumulated retained earning at the end of the previous period	582.6	86.8	80.7	274.9	0.0
- Undistributed earnings in this period	1,970.1	1,275.8	134.5	104.2	700.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	358.9	448.9	520.3	536.4	482.7
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	21.2	18.8	5.1	7.0	11.0
1. Subsidized not-for-profit funds	1.3	-3.6	-2.8	-2.3	0.0
2. Funds invested in fixed assets	19.9	22.4	7.9	9.3	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	9,871.1	9,613.8	9,353.6	10,695.4	11,231.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,453.7	1,565.8	233.6	247.2	1,128.0
Depreciation of Fixed Assets and Investment Property	1,207.8	1,241.5	1,011.1	773.2	640.9
Provision (Increase)/Reversal	-2.6	15.6	-16.5	25.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	6.6	11.8	21.1	27.4	0.0
Gain/Loss from Investment Activities	-18.3	-7.0	-9.1	-6.0	0.0
Interest Expense	175.6	242.1	337.3	299.5	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	-4.4	-0.1	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	3,818.5	3,069.8	1,577.5	1,366.9	1,879.8
Increase/(Decrease) in Receivables	-941.6	-548.0	98.3	-490.7	0.0
Increase/(Decrease) in Inventory	53.1	-575.8	573.6	1,189.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-235.9	-473.6	-1,111.7	-603.4	0.0
Increase/(Decrease) in Prepaid Expenses	218.8	72.6	66.8	-41.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-178.5	-244.1	-350.4	-300.9	0.0
Corporate Income Tax Paid	-360.3	-222.5	-74.7	-160.4	0.0
Other Operating Receipts	25.3	91.7	1.8	1.4	0.0
Other Operating Payments	-94.0	-56.7	-66.9	-56.8	0.0
Net Cash Flow from Operating Activities	2,305.3	1,113.3	714.2	904.0	293.3
Payments for Fixed Assets and Other Long-term Assets	-270.0	-133.2	-649.9	-704.4	-535.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.4	0.0	1.1	2.1	1.0
Loans and Purchases of Debt Instruments	-177.0	-77.0	-15.0	-6.0	20.0
Receipts from Loan Repayments and Sale of Debt Instruments	95.1	54.9	0.0	6.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	-38.5
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	12.1	8.7	5.7	5.9	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	-336.4	-146.5	-658.1	-696.4	-477.4
Proceeds from Equity Issuance and Capital Contributions	9,656,432,336.00	8,719,000,000.00	10,998,000,000.00	7,159,000,000.00	16,895,000,000.00
Share Repurchases	-100,211,001.00	0.00	-112,712,468.00	0.00	0.00
Proceeds from Borrowings	2,304.4	4,135.7	6,708.2	5,620.0	3,886.7
Repayment of Borrowings	-3,568.3	-4,764.9	-6,762.4	-5,597.3	-3,504.4
Repayment of Finance Leases	-91.8	-65.8	-70.6	-24.9	-31.3
Dividends Paid	-330.8	-125.7	-39.5	-60.5	-227.5
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	-1,676.9	-811.9	-153.5	-55.4	140.4
Net Cash Flow During the Period	292.0	154.8	-97.4	152.1	14.6
Cash and Cash Equivalents at Beginning of Period	419.5	264.6	362.0	209.9	238.7
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	711.5	419.5	264.6	362.0	194.9

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	5,233.2	3,548.6	3,868.0	3,921.5	3,061.7	3,635.8	3,066.3	3,432.5	3,150.9	3,018.7	3,343.5	3,246.4
Revenue Deductions	—	—	—	—	—	0.0	35.1	0.0	0.0	0.0	0.0	0.0
Net Revenue	5,233.2	3,548.6	3,868.0	3,921.5	3,061.7	3,635.8	3,031.2	3,432.5	3,150.9	3,018.7	3,343.5	3,246.4
Cost of Goods Sold	3,904.7	2,703.1	2,590.2	3,158.6	2,433.6	2,914.1	2,428.8	2,600.4	2,790.9	2,688.1	3,078.0	3,045.5
Gross Profit	1,328.5	845.5	1,277.8	762.9	628.1	721.8	602.5	832.1	360.0	330.7	265.5	200.9
Financial Income	5.4	8.0	2.1	7.1	1.2	1.2	5.1	0.7	1.5	2.4	4.2	-1.2
Financial Expenses	35.3	37.9	39.5	53.4	51.7	64.5	51.6	49.3	92.8	95.9	94.5	92.2
Interest Expense	35.3	37.2	39.5	47.5	51.6	56.8	57.9	65.3	62.1	80.2	81.0	89.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	25.8	45.3	38.2	37.3	29.8	37.6	32.9	20.7	20.5	20.9	22.1	20.7
General and Administrative Expenses	151.2	26.7	448.5	110.2	141.9	114.9	223.4	122.3	152.7	109.6	106.9	105.3
Operating Profit	1,121.7	743.7	753.8	569.1	405.8	505.9	299.7	640.5	95.5	106.7	46.2	-18.5
Other Income	0.7	55.3	1.7	1.7	1.8	3.6	4.7	0.5	2.1	2.3	0.5	0.1
Other Expenses	2.5	-3.0	7.0	8.9	2.3	9.3	6.2	6.7	2.3	36.4	3.3	0.5
Other Profit	-1.7	58.3	-5.4	-7.2	-0.6	-5.7	-1.5	-6.2	-0.3	-34.1	-2.9	-0.3
Profit Before Tax	1,120.0	802.0	748.4	561.9	405.3	500.2	298.2	634.3	95.2	72.6	43.3	-18.8
Current Income Tax Expense	228.1	178.6	154.4	136.9	91.1	132.3	59.0	130.5	18.8	31.9	7.6	4.1
Deferred Income Tax Expense	-4.7	-7.9	0.1	-15.0	0.1	-15.0	0.1	0.1	0.1	0.1	0.1	0.1
Net Income	896.5	631.2	594.0	440.0	314.1	382.9	239.1	503.8	76.4	40.6	35.7	-23.0
Non-controlling Interest	-82.1	44.4	-0.8	-32.0	-16.8	-39.2	-16.5	10.2	7.6	10.6	-4.2	1.4
Profit Attributable to Parent	978.6	586.9	594.8	472.0	330.9	422.1	255.5	493.5	68.7	30.0	39.9	-24.4
Earnings per Share	4,893.00	2,934.00	2,974.00	2,360.00	1,655.00	2,110.00	1,278.00	2,468.00	364.00	2,144.00	1,303.00	-122.00
Diluted EPS	4,893.03	2,934.32	2,973.90	2,359.99	1,654.60	2,110.28	1,277.73	2,467.58	343.72	150.16	199.57	-122.01

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)	8,153.8	5,795.2	5,844.2	5,263.6	5,281.4	4,507.6	4,543.1	5,008.9	3,732.9	3,399.0	4,279.9	4,852.0
I. Cash and cash equivalents	1,748.6	711.5	936.3	604.0	401.2	409.5	405.9	375.3	324.9	264.6	327.0	370.6
1. Cash	1,066.1	288.9	452.4	513.4	362.9	339.4	386.8	303.2	307.8	237.0	272.3	242.9
2. Cash equivalents	682.5	422.6	483.9	90.6	38.2	70.2	19.1	72.2	17.1	27.6	54.7	127.7
II. Short-term financial investments	730.0	129.0	136.0	35.0	32.0	57.1	56.0	40.1	32.0	25.0	5.0	5.0
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	730.0	129.0	136.0	35.0	32.0	57.1	56.0	40.1	32.0	25.0	5.0	5.0
III. Short-term receivables	2,336.3	1,985.0	1,542.7	1,340.3	1,128.4	1,116.9	1,106.9	1,556.3	551.9	659.9	837.8	615.2
1. Short-term trade accounts receivable	2,185.5	1,809.5	1,444.5	1,220.5	1,026.5	1,023.2	1,010.3	1,482.0	471.4	429.2	653.1	470.2
2. Short-term prepayments to suppliers	54.8	52.8	70.0	72.2	59.6	71.8	61.1	44.0	48.4	178.9	129.5	40.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	103.5	130.0	35.4	55.7	50.5	30.3	43.3	38.7	41.0	60.2	64.8	115.2
7. Provision for short-term doubtful debts (*)	-7.4	-7.3	-7.2	-8.1	-8.2	-8.4	-7.8	-8.3	-8.9	-8.3	-9.6	-10.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,220.0	2,817.1	3,189.8	3,235.6	3,637.3	2,825.7	2,928.8	2,896.1	2,650.8	2,298.5	2,935.0	3,628.1
1. Inventories	3,222.6	2,825.4	3,209.2	3,249.9	3,651.7	2,830.1	2,930.2	2,897.6	2,652.3	2,302.1	3,003.9	3,653.5
2. Provision for decline in value of inventories	-2.6	-8.3	-19.4	-14.3	-14.3	-4.4	-1.5	-1.5	-1.5	-3.7	-68.9	-25.4
V. Other short-term assets	118.9	152.7	39.4	48.7	82.5	98.4	45.5	141.1	173.3	151.0	175.1	233.1
1. Short-term prepayments	27.4	63.0	32.9	28.6	47.4	65.7	22.8	127.9	155.4	125.3	137.2	144.4
2. Value added tax to be reclaimed	2.2	2.2	5.0	18.4	33.0	30.5	20.9	9.4	8.1	3.8	7.4	56.6
3. Taxes and other receivables from state authorities	88.3	87.5	1.4	1.6	2.1	2.1	1.9	3.8	9.8	21.9	30.6	32.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	1.0	—	—	—	—	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)	3,749.6	4,163.5	4,441.5	4,610.8	4,730.8	5,043.5	5,333.8	5,473.7	5,592.0	5,933.4	6,404.8	6,478.2
I. Long-term receivables	135.3	133.5	138.0	125.3	124.2	126.2	127.2	128.3	125.5	115.5	117.4	114.8
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	135.3	133.5	138.0	125.3	124.2	126.2	127.2	128.3	125.5	115.5	117.4	114.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,977.2	3,268.7	3,225.6	3,462.5	3,706.9	4,001.2	4,203.4	4,463.2	4,493.1	4,667.8	4,926.7	5,101.9
1. Tangible fixed assets	2,799.5	3,059.2	3,127.3	3,341.6	3,562.8	3,832.8	4,019.7	4,281.6	4,310.9	4,485.2	4,722.6	4,885.0
- Cost	11,429.1	—	—	—	—	11,092.5	10,895.5	10,962.3	10,691.0	10,581.1	10,433.7	10,403.7
- Accumulated depreciation	-8,629.6	—	—	—	—	-7,259.7	-6,875.7	-6,680.7	-6,380.2	-6,096.0	-5,711.1	-5,518.6
2. Financial leased fixed assets	164.4	195.6	89.0	111.2	134.5	158.6	173.6	171.2	171.4	171.2	192.8	205.1
- Cost	416.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-252.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	13.3	13.9	9.3	9.7	9.6	9.9	10.1	10.4	10.9	11.4	11.3	11.8
- Cost	27.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.3	—	—	—	—	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	263.3	362.3	551.1	451.7	341.9	331.2	433.4	346.8	487.8	575.8	840.0	681.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	263.3	362.3	551.1	451.7	341.9	331.2	433.4	346.8	487.8	575.8	840.0	681.9
V. Long-term financial investments	46.2	46.2	46.2	46.2	46.2	46.2	46.2	44.9	44.9	44.8	42.2	42.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8
3. Investments in other entities	35.4	35.4	35.4	35.4	35.4	35.4	35.4	35.4	35.4	35.4	35.4	35.4
4. Provision for diminution in value of long-term investments	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-2.2	-2.2	-2.4	-5.0	-5.0
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	327.6	352.9	480.7	525.2	511.6	538.7	523.6	490.4	440.6	529.4	478.5	537.4
1. Long-term prepayments	284.3	314.3	444.3	493.0	494.3	522.5	522.3	489.0	439.2	528.0	477.0	533.0
2. Deferred income tax assets	43.3	38.7	36.4	32.2	17.3	16.3	1.3	1.3	1.4	1.4	1.5	1.5
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.8
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)	11,903.4	9,958.7	10,285.7	9,874.4	10,012.2	9,551.1	9,876.9	10,482.6	9,324.9	9,332.3	10,684.7	11,330.2
A. LIABILITIES (300=210+330)	5,542.8	4,357.8	5,318.7	5,527.7	5,683.0	5,602.5	6,311.0	7,183.0	6,324.2	6,424.4	7,812.3	8,497.8
I. Short -term liabilities	4,665.1	3,522.4	4,221.6	4,489.2	4,357.9	4,308.6	4,684.8	5,146.7	3,937.9	3,886.6	4,746.3	5,273.4
1. Short-term trade accounts payable	1,136.2	1,022.5	1,001.8	933.7	1,098.9	1,100.0	991.1	896.5	913.6	998.0	1,302.6	1,477.6
2. Short-term advances from customers	100.1	15.7	65.0	19.6	30.6	25.9	22.6	70.6	28.1	37.6	38.5	79.2
3. Dividends and profits payable	14.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	542.3	566.1	649.4	546.2	416.9	434.7	457.4	507.7	303.9	226.0	265.9	273.5
4. Payable to employees	578.3	395.7	638.7	272.2	238.7	357.0	343.5	281.0	248.2	331.3	337.6	297.2
5. Short-term acrrued expenses	66.1	44.5	49.3	92.6	431.6	20.2	572.3	597.6	233.3	17.3	361.0	474.9
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	1.0	1.5	0.3	0.7	0.6	0.6	0.4	0.8	1.0	1.1	0.7	0.7
9. Other short-term payables	215.0	119.5	128.2	450.8	127.4	124.2	106.5	258.4	200.5	361.9	363.0	654.7
10. Short-term borrowings and financial leases	1,059.6	1,296.4	1,149.2	1,475.9	1,892.7	2,186.5	1,937.1	2,363.7	1,894.7	1,875.6	1,921.9	1,928.0
11. Provision for short-term liabilities	890.5	—	442.7	588.1	90.7	0.0	180.5	80.9	82.5	0.0	78.6	0.1
12.. Bonus and welfare fund	61.5	60.5	97.0	109.4	29.9	59.4	73.3	89.4	32.2	38.0	76.6	87.5
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	877.7	835.4	1,097.1	1,038.6	1,325.1	1,293.9	1,626.2	2,036.3	2,386.3	2,537.8	3,066.0	3,224.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	288.7	253.8
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	400.0	203.2	320.0	500.0	700.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	49.8	49.8	0.0	0.0	105.0	105.0
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	0.5	0.5	1.2	1.3	0.9	0.4	0.7	0.7	0.2	0.2	0.9	0.9
7. Other long-term liabilities	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.3	1.3	1.3	1.3	1.3
8. Long-term borrowings and financial leases	819.9	783.7	1,035.2	981.6	1,268.7	1,242.3	1,522.1	1,531.6	2,128.5	2,171.3	2,125.7	2,118.9
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	6.4	-0.1	5.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	49.7	50.1	49.7	50.1	49.9	45.7	47.9	48.5	48.6	40.5	40.1	40.2
13. Fund for technology development	—	—	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,360.6	5,601.0	4,967.0	4,346.7	4,329.3	3,948.6	3,565.9	3,299.6	3,000.8	2,907.9	2,872.4	2,832.4
I. Owner's equity	6,360.6	5,572.9	4,941.4	4,328.6	4,310.6	3,945.9	3,563.0	3,296.1	2,996.3	2,902.9	2,865.4	2,825.7
1. Owner's capital	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0
- Common stock with voting right	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	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	2.3	—	—	—	—	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	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9	-14.9
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	584.7	584.7	584.7	584.7	194.7	194.7	194.7	194.7	194.7	194.7	194.7	194.7
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
11. Undistributed earnings after tax	3,445.4	2,606.2	2,018.8	1,390.0	1,696.6	1,317.9	895.9	604.0	287.9	205.3	180.1	140.3
- Accumulated retained earning at the end of the previous period	2,466.8	583.1	582.6	587.0	1,365.7	89.0	89.0	37.7	215.2	85.4	90.2	90.2
- Undistributed earnings in this period	978.6	2,023.1	1,436.2	802.9	330.9	1,228.9	806.9	566.3	72.7	119.9	89.9	50.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	342.6	396.5	352.4	368.4	433.7	447.8	487.0	511.9	528.2	517.3	505.1	505.2
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	28.0	25.5	18.1	18.7	2.7	2.9	3.5	4.5	5.1	7.0	6.7
1. Subsidized not-for-profit funds	—	8.1	5.2	-2.9	-3.0	-3.4	-3.6	-3.5	-3.0	-2.8	-1.4	-2.0
2. Funds invested in fixed assets	—	19.9	20.4	21.0	21.7	6.1	6.5	7.0	7.4	7.8	8.4	8.7
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)	11,903.4	9,958.7	10,285.7	9,874.4	10,012.2	9,551.1	9,876.9	10,482.6	9,324.9	9,332.3	10,684.7	11,330.2

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
Profit Before Tax	1,120.0	713.5	748.4	586.6	405.3	500.2	298.2	604.2	95.2	100.9	43.3	-19.5
Depreciation of Fixed Assets and Investment Property	308.3	303.3	302.6	301.8	300.1	305.8	292.6	304.4	324.0	389.5	202.0	210.9
Provision (Increase)/Reversal	-895.7	-6.5	-653.0	751.9	-94.9	186.2	-272.4	174.0	-87.6	22.7	-157.3	125.5
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.7	0.0	5.9	0.0	5.8	-6.7	5.7	7.1	22.2	-1.0	3.0
Gain/Loss from Investment Activities	-5.3	26.0	-37.8	-4.3	-2.2	-4.6	-34.4	2.1	-3.0	43.4	-50.0	-0.8
Interest Expense	35.3	37.0	39.5	47.5	51.6	56.8	57.9	65.3	62.1	80.2	81.0	89.7
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	280.2	—	—	—	—	0.0	0.0	44.0	-44.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	842.7	1,069.6	399.8	1,689.3	659.8	1,050.1	335.1	1,199.7	353.9	659.0	118.0	408.8
Increase/(Decrease) in Receivables	-435.8	-505.0	-233.3	-194.8	-8.5	-130.1	460.1	-1,133.9	224.0	202.0	-225.1	-68.3
Increase/(Decrease) in Inventory	-318.4	476.2	12.2	82.8	-518.2	100.2	-42.9	-230.1	-351.1	702.8	633.5	347.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,493.3	-1,067.1	1,126.1	-574.3	279.4	-678.1	-48.1	457.8	-85.1	-1,540.6	-67.7	-118.8
Increase/(Decrease) in Prepaid Expenses	76.5	89.0	19.9	44.6	65.3	-43.1	54.4	13.4	66.7	-40.4	50.9	19.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-37.3	-37.8	-41.1	-44.6	-54.9	-53.9	-58.6	-68.5	-61.3	-84.4	-82.4	-90.4
Corporate Income Tax Paid	-362.7	-100.8	-100.3	-0.3	-158.8	-142.9	-59.6	-5.4	-14.6	-21.3	-4.2	-1.3
Other Operating Receipts	55.8	—	—	—	—	-76.7	82.0	-26.7	57.3	-104.8	105.1	-32.9
Other Operating Payments	-39.9	54.9	-119.8	61.9	-91.1	105.4	-178.9	58.6	-75.6	87.0	-143.3	-5.8
Net Cash Flow from Operating Activities	1,274.2	-3.2	1,069.8	963.7	275.0	130.8	543.5	264.8	114.1	-140.7	384.7	458.2
Payments for Fixed Assets and Other Long-term Assets	-22.5	-12.5	-167.6	-62.7	-27.2	-118.7	-129.1	-23.7	-11.0	-83.6	-221.6	-174.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	3.4	—	—	—	4.6	2.1	0.0	0.0	1.1	0.0	0.0
Loans and Purchases of Debt Instruments	-17.0	-139.0	—	-38.0	—	0.0	32.0	-25.0	-7.0	-10.0	-5.0	10.0
Receipts from Loan Repayments and Sale of Debt Instruments	16.0	45.0	—	50.1	—	0.0	-16.9	16.9	0.0	-0.0	-5.0	5.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	7.2	3.5	-0.3	1.8	-6.2	0.5	-0.0	0.9	-42.2	46.0	1.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-23.3	-83.9	-176.3	-50.9	-25.4	-120.3	-111.4	-31.8	-17.0	-134.8	-185.6	-158.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	-1,925,000,000.00	6,232,000,000.00	-6,232,000,000.00	13,831,000,000.00	5,398,000,000.00	4,600,000,000.00	1,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	-112,712,468.00	0.00	0.00
Proceeds from Borrowings	205.2	271.4	102.7	845.0	1,085.3	1,099.8	712.1	1,132.6	1,263.7	2,152.8	1,284.6	2,090.0
Repayment of Borrowings	-388.8	-4.4	-333.0	-1,541.8	-1,339.9	-1,094.6	-1,088.0	-1,289.8	-1,294.0	-2,140.5	-1,250.4	-2,279.7
Repayment of Finance Leases	-17.0	-28.7	-36.9	-13.1	-13.2	-13.2	-7.1	-18.9	-20.3	-15.0	-31.6	-17.7
Dividends Paid	-13.2	-36.6	-294.0	-0.2	—	3.1	-24.7	-0.2	0.0	210.5	-250.0	-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	-213.8	-137.8	-561.2	-710.1	-267.8	-6.8	-401.5	-182.6	-36.8	213.1	-242.8	-206.5
Net Cash Flow During the Period	1,037.2	-224.9	332.4	202.8	-18.3	3.7	30.5	50.4	60.3	-62.4	-43.7	93.4
Cash and Cash Equivalents at Beginning of Period	711.5	936.3	603.9	401.2	419.5	264.6	264.6	264.6	264.6	362.0	362.0	362.0
FX Difference from Revaluation	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1,748.6	711.5	936.3	603.9	401.2	409.5	405.9	375.3	324.9	264.6	327.0	370.6

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