L18

Đầu tư và Xây dựng Số 18 ·HNX ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 3.53x

Price

21,000

Latest close

02 Jun 2026

P/E 5.70x

P/B 0.95x

EPS 3,687

BVPS 22,085

ROE 18.6%

ROA 3.2%

Profit Margin 3.3%

Asset Turnover 0.95x

Equity Mult. 5.92x

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

What Is Changing

On a TTM 2026Q1 basis, L18 is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,097bn
	                                
+9.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 189bn
	                                
−16.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.02x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	4,825.8	4,924.7	3,081.9	2,212.2	2,880.0
Growth	-2%	+60%	+39%	-23%	—
Net Income	185.9	224.8	57.3	44.0	46.8
Net Margin	3.85%	4.57%	1.86%	1.99%	1.63%

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	973.3	2,408.3	807.2	907.8	702.5	1,557.8	1,211.0	1,188.3	967.5	1,089.3	725.5	966.0
Growth	-60%	+198%	-11%	+29%	-55%	+29%	+2%	+23%	-11%	+50%	-25%	—
Net Income	15.5	128.6	21.9	23.3	14.4	95.4	102.5	15.2	12.2	29.6	13.5	13.6
Net Margin	1.59%	5.34%	2.71%	2.56%	2.06%	6.12%	8.46%	1.28%	1.26%	2.72%	1.86%	1.41%

Drivers of L18's profit

TTM

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

Administrative expenses ↓ 118.3bn

Tax ↓ 54.9bn

Other profit ↑ 32.7bn

Finance costs ↓ 30.0bn

Gross profit ↓ 283.2bn

Deferred tax ↑ 4.4bn

TTM

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

Other profit ↑ 19.3bn

Tax ↓ 6.8bn

Administrative expenses ↓ 1.1bn

Financial income ↑ 0.3bn

Gross profit ↓ 21.6bn

Finance costs ↑ 4.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 32.2% = 4.9% × 0.93 × 7.06

2026Q1 20.9% = 3.7% × 0.95 × 5.92

ROE fell from 32.2% to 20.9% — leverage weakened the most, though asset turnover still provided support.

Net margin: 3.7% -1.2pp Asset turnover: 0.95x +0.02x Leverage: 5.92x -1.14x

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 narrowed to 3.71%, falling 1.2pp. The main pressure is Gross margin fell 6.7pp, outweighing the improvement in SG&A / Revenue fell 2.9pp (with additional support from Net financial result / Revenue rose 0.8pp and Other profit / Revenue rose 0.7pp).

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

Profitability trend

Net Margin 3.71% −1.2pp

Gross Margin 6.66% −6.7pp

SG&A / Revenue 1.50% −2.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 6.6% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 6.64%, losing 2.7pp. That translates to 6.64 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.7pp, outweighing the movement in capital turnover; with invested capital easing up by 99bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 6.64% −2.7pp

NOPAT Margin 3.46% −1.7pp

Capital Turnover 1.92x +0.10x

Average Invested Capital 2,652.3bn +98.6bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage runs above the construction contractors average — project acceptance cycles warrant monitoring — liabilities at 4.82x equity, net debt at 1.93x equity.

Inventory ended the period at 2,903.9bn, roughly 50.2% of total assets.

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 32.0 days versus the same period last year. The main moves came from DIO fell 43.1 days, DSO rose 0.4 days, and DPO fell 10.6 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 244.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +0.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 74.2 days +0.4 days

Inventory 220.0 days −43.1 days

Payables 49.6 days −10.6 days

Cash Conversion Cycle 244.6 days −32.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.93x and interest coverage only at 3.53x.

At present, short-term debt accounts for 54.6% of total debt, cash equals 7.6% of debt, and total debt stands at 2,106.2bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.93x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 7.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.93x −0.01x

Interest Coverage 3.53x −0.17x

Cash / Debt 7.6% −3.7pp

Short-term Debt / Total Debt 54.6% +0.7pp

CFO / NI -1.02x −1.45x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 34.9bn in 2025, against investing cash flow of -170.0bn.

Post-investment cash flow was negative +135.1bn. Financing cash flow was positive +141.1bn.

CFO / net income was -1.02x.

After spending +134.4bn on fixed-asset investment, the business generated trailing free cash flow of −307.2bn.

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

Cash Conversion

CFO TTM 172.9bn −259.9bn

Cash Capex 134.4bn +121.2bn

FCF TTM −307.2bn −381.1bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 3.53x. The next watchpoint is capital efficiency, with ROIC at 6.6%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -1.02x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -1.02x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.93x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,825.8	4,924.7	3,081.9	2,212.2	2,880.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	4,825.8	4,924.7	3,081.9	2,212.2	2,880.0
Cost of Goods Sold	4,419.0	4,294.6	2,877.1	2,080.3	0.0
Gross Profit	406.8	630.1	204.8	131.9	152.5
Financial Income	7.1	4.3	6.2	3.5	3.2
Financial Expenses	62.5	100.3	61.0	37.4	-26.7
Interest Expense	60.6	87.2	59.9	36.1	-25.8
Share of Associates and Joint Ventures	0.1	0.8	0.7	0.4	0.5
Selling Expenses	10.3	25.0	2.5	0.0	-0.0
General and Administrative Expenses	99.8	205.9	121.6	67.4	-94.0
Operating Profit	241.4	304.0	26.7	30.9	35.4
Other Income	18.0	24.1	47.2	25.3	0.0
Other Expenses	28.4	20.3	0.8	0.4	0.0
Other Profit	-10.5	3.7	46.4	24.9	23.8
Profit Before Tax	231.0	307.8	73.1	55.8	59.3
Current Income Tax Expense	44.4	86.9	15.9	11.8	-12.4
Deferred Income Tax Expense	0.6	-3.9	-0.2	0.1	0.0
Net Income	185.9	224.8	57.3	44.0	46.8
Non-controlling Interest	19.1	20.9	15.2	13.4	14.1
Profit Attributable to Parent	166.8	204.0	42.1	30.6	32.8
Earnings per Share	3,636.00	5,351.00	1,104.00	804.00	334.00
Diluted EPS	3,646.43	5,351.47	1,103.51	803.72	859.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,188.2	4,539.0	5,048.5	3,074.2	2,667.9
I. Cash and cash equivalents	346.8	340.6	264.5	203.9	47.8
1. Cash	188.2	326.3	259.2	135.0	0.0
2. Cash equivalents	158.6	14.3	5.3	69.0	0.0
II. Short-term financial investments	51.6	48.3	45.1	0.1	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	51.6	48.3	45.1	0.1	0.0
III. Short-term receivables	1,838.6	1,445.9	1,344.4	1,245.0	1,369.9
1. Short-term trade accounts receivable	1,318.1	1,159.3	1,093.2	1,057.0	0.0
2. Short-term prepayments to suppliers	479.7	362.1	241.8	145.6	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	88.0	14.0	5.2	0.0	0.0
6. Other short-term receivables	121.5	98.3	107.8	120.9	0.0
7. Provision for short-term doubtful debts (*)	-168.7	-187.7	-103.7	-78.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,903.9	2,633.0	3,323.1	1,581.2	1,160.3
1. Inventories	2,915.1	2,638.6	3,323.1	1,581.2	0.0
2. Provision for decline in value of inventories	-11.2	-5.6	0.0	0.0	0.0
V. Other short-term assets	47.4	71.2	71.4	43.9	89.9
1. Short-term prepayments	2.5	1.1	1.1	1.3	0.0
2. Value added tax to be reclaimed	44.7	70.1	70.3	42.6	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	597.9	525.0	468.5	472.6	481.4
I. Long-term receivables	0.5	0.0	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	0.5	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	373.0	342.6	340.1	342.1	377.5
1. Tangible fixed assets	357.5	325.3	327.5	333.0	373.5
- Cost	825.1	759.9	725.4	693.0	0.0
- Accumulated depreciation	-467.6	-434.6	-397.8	-360.1	0.0
2. Financial leased fixed assets	12.7	15.0	10.7	7.3	2.7
- Cost	19.0	19.0	12.4	7.8	0.0
- Accumulated depreciation	-6.3	-3.9	-1.7	-0.5	0.0
3. Intangible fixed assets	2.8	2.3	1.9	1.8	1.3
- Cost	3.7	3.0	2.5	2.3	0.0
- Accumulated depreciation	-0.9	-0.7	-0.6	-0.5	0.0
III. Investment properties	46.0	0.0	0.0	0.0	0.0
- Cost	46.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	12.9	3.7	4.1	4.1	0.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	12.9	3.7	4.1	4.1	0.0
V. Long-term financial investments	80.3	119.5	100.9	100.5	64.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	10.0	68.1	63.8	63.1	0.0
3. Investments in other entities	85.4	30.6	2.7	2.7	0.0
4. Provision for diminution in value of long-term investments	-15.1	-14.1	-1.8	-1.6	0.0
5. Held to maturity investments	—	35.0	36.3	36.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	85.2	59.1	23.3	25.9	0.0
1. Long-term prepayments	66.0	37.4	22.6	25.4	0.0
2. Deferred income tax assets	4.0	4.6	0.7	0.5	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	38.8
5. Goodwill	15.3	17.1	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,786.1	5,064.0	5,517.0	3,546.8	3,149.2
A. LIABILITIES (300=210+330)	4,791.4	4,279.7	4,915.1	2,928.2	2,559.8
I. Short -term liabilities	3,668.3	3,334.6	4,142.5	2,104.8	1,962.8
1. Short-term trade accounts payable	927.4	889.0	736.9	769.2	750.2
2. Short-term advances from customers	1,349.2	764.9	861.6	288.9	211.2
3. Taxes and other payables to state authorities	40.5	195.4	937.5	13.6	0.0
4. Payable to employees	84.0	93.4	85.4	62.5	0.0
5. Short-term acrrued expenses	8.5	24.7	45.8	25.9	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	0.2	0.7	0.6	0.4	0.0
9. Other short-term payables	83.9	171.6	177.5	65.3	0.0
10. Short-term borrowings and financial leases	1,096.5	1,134.1	1,234.5	816.6	545.5
11. Provision for short-term liabilities	60.2	48.8	51.7	52.6	0.0
12.. Bonus and welfare fund	17.9	11.9	11.0	9.8	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	1,123.1	945.2	772.6	823.4	596.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.9	0.7	0.8	0.2	0.0
8. Long-term borrowings and financial leases	963.4	824.4	714.3	762.7	537.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	158.8	120.0	57.5	60.5	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)	994.6	784.2	601.9	618.6	589.5
I. Owner's equity	994.6	784.2	601.9	618.6	0.0
1. Owner's capital	457.4	381.2	381.2	381.2	589.5
- Common stock with voting right	457,397,930,000.00	381,165,280,000.00	381,165,280,000.00	381,165,280,000.00	381,165,280,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	14.3	14.4	14.4	14.4	14.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	39.7	38.6	38.1	37.9	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	290.8	210.2	46.8	64.6	33.2
- Accumulated retained earning at the end of the previous period	124.0	6.2	4.7	34.0	0.4
- Undistributed earnings in this period	166.8	204.0	42.1	30.6	32.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	192.4	139.9	121.5	120.6	123.7
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)	5,786.1	5,064.0	5,517.0	3,546.8	3,149.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	231.0	307.8	73.1	55.8	0.0
Depreciation of Fixed Assets and Investment Property	42.0	39.3	40.6	43.0	0.0
Provision (Increase)/Reversal	37.7	161.5	21.5	-15.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.6	-4.5	-6.2	-3.5	0.0
Interest Expense	60.6	87.2	59.9	36.1	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	363.6	591.2	188.8	116.3	0.0
Increase/(Decrease) in Receivables	-345.9	-350.6	-147.8	179.6	0.0
Increase/(Decrease) in Inventory	-276.5	684.5	-1,741.9	-420.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	464.1	-729.7	1,616.0	-111.4	0.0
Increase/(Decrease) in Prepaid Expenses	-30.0	-14.7	3.1	13.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-67.0	-83.8	-59.9	-28.8	0.0
Corporate Income Tax Paid	-85.7	-23.8	-11.8	-10.8	0.0
Other Operating Receipts	29.9	111.5	0.0	0.0	0.0
Other Operating Payments	-17.7	-60.2	-3.6	-3.5	0.0
Net Cash Flow from Operating Activities	34.9	124.5	-157.1	-266.4	-603.4
Payments for Fixed Assets and Other Long-term Assets	-125.7	-35.1	-38.6	-14.7	-7.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.3	0.1	0.0	0.2
Loans and Purchases of Debt Instruments	-185.8	-78.1	-50.2	-35.0	-15.5
Receipts from Loan Repayments and Sale of Debt Instruments	137.1	96.5	0.0	0.0	0.1
Investments in Other Entities	—	-3.4	0.0	0.0	-32.1
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.9	4.1	6.2	3.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-170.0	-15.8	-82.5	-46.1	-50.9
Proceeds from Equity Issuance and Capital Contributions	49,000,000,000.00	7,350,000,000.00	0.00	0.00	187,279,650,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,256.3	2,804.3	2,892.5	1,934.6	2,113.4
Repayment of Borrowings	-2,150.8	-2,794.5	-2,520.4	-1,453.6	-1,760.6
Repayment of Finance Leases	-4.2	-5.5	-2.6	-1.7	-1.5
Dividends Paid	-9.2	-44.2	-69.4	-10.5	-24.0
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	141.1	-32.5	300.1	468.8	514.6
Net Cash Flow During the Period	6.0	76.2	60.5	156.2	-125.6
Cash and Cash Equivalents at Beginning of Period	340.6	264.5	203.9	47.8	187.5
FX Difference from Revaluation	0.1	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	346.8	340.6	264.5	203.9	47.8

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	973.3	2,408.3	807.2	907.8	702.5	1,557.8	1,211.0	1,188.3	967.5	1,089.3	725.5	966.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	973.3	2,408.3	807.2	907.8	702.5	1,557.8	1,211.0	1,188.3	967.5	1,089.3	725.5	966.0
Cost of Goods Sold	918.5	2,255.4	743.6	839.8	626.1	1,465.0	922.6	1,023.3	883.6	983.8	676.6	917.6
Gross Profit	54.9	152.9	63.6	68.1	76.4	92.8	288.4	165.0	83.9	105.6	49.0	48.5
Financial Income	1.5	2.8	3.2	0.6	1.3	1.5	2.2	0.5	0.1	0.3	0.8	3.0
Financial Expenses	16.3	11.2	16.7	15.7	11.5	35.6	17.6	25.2	21.4	18.9	16.2	16.1
Interest Expense	17.6	11.3	15.2	15.7	11.1	30.4	17.2	18.2	21.4	18.1	15.9	15.9
Share of Associates and Joint Ventures	0.1	0.1	0.0	0.0	0.0	0.4	0.1	0.2	0.0	0.2	0.2	0.2
Selling Expenses	2.2	1.8	3.3	3.2	2.1	-0.2	7.0	13.1	5.2	3.0	0.0	0.0
General and Administrative Expenses	20.5	0.9	23.1	21.7	21.6	-16.6	102.9	76.6	43.1	63.2	19.2	20.1
Operating Profit	17.5	141.8	23.7	28.1	42.5	76.0	163.2	50.8	14.4	20.9	14.6	15.5
Other Income	2.3	17.5	2.6	4.0	1.0	18.0	1.9	2.9	1.2	16.1	2.6	2.8
Other Expenses	2.6	1.9	1.2	4.9	20.6	-14.9	17.4	17.8	0.1	0.1	0.1	0.4
Other Profit	-0.3	15.6	1.4	-1.0	-19.6	33.0	-15.5	-14.9	1.1	16.1	2.5	2.4
Profit Before Tax	17.2	157.4	25.1	27.1	22.9	109.0	147.7	35.9	15.5	37.0	17.1	17.9
Current Income Tax Expense	1.6	28.7	3.0	3.7	8.3	17.0	45.8	20.8	3.2	7.4	3.6	4.2
Deferred Income Tax Expense	0.2	0.2	0.2	0.2	0.2	-3.4	-0.6	0.0	0.0	0.0	0.0	0.0
Net Income	15.5	128.6	21.9	23.3	14.4	95.4	102.5	15.2	12.2	29.6	13.5	13.6
Non-controlling Interest	3.0	10.7	2.4	4.5	1.9	3.8	10.4	4.3	2.2	4.9	4.3	5.2
Profit Attributable to Parent	12.6	117.8	19.6	18.7	12.6	91.6	92.0	10.9	10.0	24.7	9.1	8.5
Earnings per Share	274.00	2,576.16	427.64	409.09	329.68	2,402.84	2,414.53	286.35	262.43	647.90	239.88	222.01
Diluted EPS	274.57	2,576.16	427.64	409.09	329.68	2,402.84	2,414.53	286.35	262.43	647.90	239.88	222.01

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)	5,213.3	5,188.4	4,771.0	4,547.0	4,318.9	4,530.2	4,300.8	4,483.1	4,611.6	5,051.0	3,545.6	3,416.3
I. Cash and cash equivalents	159.1	346.8	113.2	117.8	195.7	340.6	49.2	159.8	112.6	259.4	92.8	44.3
1. Cash	34.8	188.2	83.8	111.5	177.6	326.3	42.0	140.4	107.5	259.2	74.3	33.9
2. Cash equivalents	124.2	158.6	29.4	6.3	18.1	14.3	7.2	19.4	5.1	0.2	18.5	10.4
II. Short-term financial investments	158.1	51.6	48.3	48.3	48.3	48.3	45.1	45.1	45.1	50.2	35.2	30.1
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	158.1	51.6	48.3	48.3	48.3	48.3	45.1	45.1	45.1	50.2	35.2	30.1
III. Short-term receivables	1,770.0	1,837.6	1,507.2	1,550.1	1,388.5	1,437.2	1,300.9	1,249.3	1,224.9	1,345.7	1,314.4	1,309.5
1. Short-term trade accounts receivable	1,118.0	1,318.0	977.1	1,045.7	955.0	1,143.4	1,018.3	895.8	930.1	1,094.6	1,004.1	990.8
2. Short-term prepayments to suppliers	651.8	480.1	557.5	563.3	478.2	369.3	408.5	358.1	271.6	241.6	268.4	250.3
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	—	88.0	25.7	12.8	25.2	14.0	14.6	14.8	4.7	0.0	0.0	0.0
6. Other short-term receivables	162.1	120.3	125.4	108.4	114.8	98.2	111.8	155.4	140.9	110.9	117.2	144.8
7. Provision for short-term doubtful debts (*)	-161.9	-168.7	-178.4	-180.1	-184.7	-187.7	-252.3	-174.8	-122.5	-101.4	-75.2	-76.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,072.6	2,905.1	3,040.5	2,783.4	2,645.3	2,632.9	2,849.1	2,982.7	3,168.5	3,324.3	2,040.4	1,957.9
1. Inventories	3,083.9	2,916.3	3,046.1	2,789.0	2,650.9	2,638.5	2,854.7	2,982.7	3,168.5	3,324.3	2,040.4	1,957.9
2. Provision for decline in value of inventories	-11.2	-11.2	-5.6	-5.6	-5.6	-5.6	-5.6	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	53.5	47.4	61.8	47.5	41.1	71.2	56.5	46.1	60.5	71.3	62.8	74.4
1. Short-term prepayments	2.2	2.5	2.4	2.2	1.3	1.1	1.0	1.0	1.2	1.1	0.8	1.0
2. Value added tax to be reclaimed	50.4	44.7	59.3	45.2	39.5	70.1	55.5	44.8	59.4	70.2	61.7	73.2
3. Taxes and other receivables from state authorities	0.9	0.1	0.1	0.2	0.3	0.0	0.1	0.2	0.0	0.0	0.2	0.2
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)	598.9	598.6	577.7	623.0	568.3	525.4	535.2	508.1	473.7	469.3	466.0	463.0
I. Long-term receivables	0.0	0.5	0.5	0.5	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
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	—	0.5	0.5	0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	370.9	373.0	362.8	357.1	372.2	342.6	334.9	342.9	338.1	340.1	334.3	336.7
1. Tangible fixed assets	357.3	357.5	347.4	341.1	346.6	325.3	317.0	325.1	320.9	327.5	323.5	325.7
- Cost	836.9	—	—	—	—	759.9	742.7	741.6	728.2	725.4	711.7	704.1
- Accumulated depreciation	-479.6	—	—	—	—	-434.6	-425.7	-416.5	-407.3	-397.8	-388.2	-378.4
2. Financial leased fixed assets	10.8	12.7	13.3	13.9	14.5	15.0	15.6	15.9	15.4	10.7	9.1	9.3
- Cost	16.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.7	2.8	2.1	2.2	11.1	2.2	2.2	1.9	1.9	1.9	1.7	1.7
- Cost	3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	46.0	46.0	46.0	45.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	46.0	—	—	—	—	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	12.5	12.9	8.5	7.9	1.9	3.7	17.1	1.7	1.5	4.1	8.3	1.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	12.5	12.9	8.5	7.9	1.9	3.7	17.1	1.7	1.5	4.1	8.3	1.2
V. Long-term financial investments	82.3	81.1	82.3	135.4	133.5	120.0	127.8	127.5	100.2	100.9	100.7	100.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	10.1	10.8	10.7	68.1	68.1	68.1	67.6	66.0	63.1	63.8	63.6	63.4
3. Investments in other entities	85.4	85.4	85.4	46.1	44.6	30.6	30.4	30.4	2.7	2.7	2.7	2.7
4. Provision for diminution in value of long-term investments	-13.6	-15.1	-15.1	-13.8	-14.1	-13.6	-5.2	-5.2	-1.8	-1.8	-1.8	-1.6
5. Held to maturity investments	0.5	—	1.4	35.0	35.0	35.0	35.0	36.3	36.3	36.3	36.3	36.3
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	87.2	85.2	77.5	76.3	60.6	59.1	55.5	36.0	33.8	24.1	22.7	24.2
1. Long-term prepayments	68.6	66.0	57.7	55.9	39.5	37.4	36.7	35.3	33.2	23.7	22.3	23.7
2. Deferred income tax assets	3.8	4.0	4.1	4.3	4.4	4.6	1.2	0.6	0.7	0.5	0.5	0.5
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	14.8	15.3	15.8	16.2	16.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	17.1	17.6	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,812.2	5,787.0	5,348.7	5,170.0	4,887.1	5,055.6	4,836.1	4,991.1	5,085.3	5,520.3	4,011.7	3,879.3
A. LIABILITIES (300=210+330)	4,802.0	4,790.1	4,522.5	4,367.6	4,088.5	4,270.9	4,146.8	4,373.7	4,471.3	4,917.6	3,438.5	3,319.6
I. Short -term liabilities	3,686.9	3,481.4	3,430.2	3,345.0	3,166.1	3,345.7	3,263.0	3,482.6	3,378.9	4,144.9	2,494.0	2,378.0
1. Short-term trade accounts payable	634.0	927.7	672.3	670.4	659.6	896.5	775.3	729.0	673.5	729.6	651.3	683.9
2. Short-term advances from customers	1,673.8	1,349.0	1,673.0	1,484.4	1,219.0	749.5	772.9	1,039.5	895.6	861.6	570.5	484.5
3. Taxes and other payables to state authorities	15.0	40.6	32.1	34.0	60.3	195.4	181.1	150.7	263.3	937.5	7.8	5.9
4. Payable to employees	53.0	83.0	57.2	52.7	41.4	93.2	88.4	73.5	32.8	85.4	50.8	61.1
5. Short-term acrrued expenses	13.7	8.5	16.1	14.7	15.9	22.7	22.9	16.2	10.0	45.8	36.1	38.0
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	1.4	0.2	1.2	0.8	0.8	0.7	1.2	1.1	0.8	0.6	0.3	0.6
9. Other short-term payables	71.0	84.4	74.3	110.7	169.9	172.0	236.6	253.3	206.0	180.7	118.8	88.3
10. Short-term borrowings and financial leases	1,150.4	910.9	833.6	905.3	939.9	1,134.1	1,108.9	1,142.6	1,224.5	1,234.4	990.1	945.7
11. Provision for short-term liabilities	64.0	59.2	52.1	52.8	52.1	69.8	63.2	63.2	64.7	58.3	57.2	58.4
12.. Bonus and welfare fund	10.7	17.9	18.3	19.1	7.2	11.9	12.5	13.5	7.8	11.0	11.1	11.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,115.1	1,308.7	1,092.3	1,022.6	922.4	925.2	883.9	891.1	1,092.4	772.6	944.5	941.6
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	—	—	—	—	—	1.6	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	0.9	0.9	0.9	0.7	0.7	0.2	0.2	0.2	0.6	0.8	0.8	0.8
8. Long-term borrowings and financial leases	955.8	1,149.0	978.4	908.1	804.5	824.4	818.1	828.3	1,034.2	714.3	887.3	880.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	158.4	158.8	113.0	113.8	117.1	99.0	65.6	62.6	57.6	57.5	56.4	60.4
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,010.2	996.9	826.1	802.4	798.7	784.7	689.2	617.4	614.1	602.7	573.2	559.7
I. Owner's equity	1,010.2	996.9	826.1	802.4	798.7	784.7	689.2	617.4	614.1	602.7	573.2	559.7
1. Owner's capital	457.4	457.4	457.4	457.4	381.2	381.2	381.2	381.2	381.2	381.2	381.2	381.2
- Common stock with voting right	457,397,930,000.00	457,397,930,000.00	457,397,930,000.00	457,397,930,000.00	381,165,280,000.00	381,165,280,000.00	381,165,280,000.00	381,165,280,000.00	381,165,280,000.00	381,165,280,000.00	381,165,280,000.00	381,165,280,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	14.3	14.3	14.3	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	39.7	39.7	39.7	39.7	38.6	38.6	38.6	38.6	38.1	38.1	38.1	38.1
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	303.4	292.7	179.8	160.2	222.8	210.7	119.2	64.3	56.8	47.5	22.8	13.7
- Accumulated retained earning at the end of the previous period	290.8	124.0	129.0	129.0	210.2	6.2	6.2	43.4	46.8	4.7	4.7	4.7
- Undistributed earnings in this period	12.6	168.7	50.8	31.3	12.6	204.5	113.0	20.9	10.0	42.8	18.1	9.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	195.4	192.8	135.0	130.7	141.8	139.8	136.0	119.0	123.7	121.6	116.7	112.4
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)	5,812.2	5,787.0	5,348.7	5,170.0	4,887.1	5,055.6	4,836.1	4,991.1	5,085.3	5,520.3	4,011.7	3,879.3

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	180.2	50.8	—	0.0	-51.4	51.4	0.0	73.1	-20.1	20.1	0.0
Depreciation of Fixed Assets and Investment Property	—	21.7	20.3	—	0.0	-18.9	18.9	0.0	40.6	-20.4	20.4	0.0
Provision (Increase)/Reversal	—	47.8	-10.1	—	0.0	-84.6	84.6	0.0	21.5	-3.5	3.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-4.3	-3.3	—	0.0	0.6	-0.6	0.0	-6.2	3.1	-3.1	0.0
Interest Expense	—	33.8	26.8	—	0.0	-39.6	39.6	0.0	59.9	-28.7	28.7	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	—	279.1	84.5	—	0.0	-193.8	193.8	0.0	188.8	-69.6	69.6	0.0
Increase/(Decrease) in Receivables	—	-231.7	-114.2	—	0.0	29.7	-29.7	0.0	-147.8	91.4	-91.4	0.0
Increase/(Decrease) in Inventory	—	-124.2	-152.3	—	0.0	-340.4	340.4	0.0	-1,741.9	376.7	-376.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	146.2	317.9	—	0.0	527.9	-527.9	0.0	1,616.0	-130.3	130.3	0.0
Increase/(Decrease) in Prepaid Expenses	—	-10.2	-19.8	—	0.0	12.6	-12.6	0.0	3.1	-2.0	2.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-31.0	-36.0	—	0.0	53.4	-53.4	0.0	-59.9	43.7	-43.7	0.0
Corporate Income Tax Paid	-23.4	-8.5	-17.0	-60.2	-0.4	-3.2	-13.0	-7.4	-0.6	-1.4	-5.2	-4.6
Other Operating Receipts	62.8	—	—	—	90.2	358.1	-171.3	171.3	-110.2	110.2	-23.3	23.3
Other Operating Payments	-376.6	-15.9	174.9	-176.7	-547.8	-1,566.9	100.2	-103.5	77.5	-78.1	60.4	-63.3
Net Cash Flow from Operating Activities	-207.8	33.8	-120.8	121.9	245.2	-45.1	291.5	-404.5	190.4	-24.9	-54.4	-268.1
Payments for Fixed Assets and Other Long-term Assets	-8.7	-42.4	-58.0	-25.3	-5.6	9.9	-5.7	-11.8	-38.5	7.9	-7.9	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.4	—	-5.6	5.6	-0.1	0.1	-4.1	2.4	-2.4	4.1
Loans and Purchases of Debt Instruments	—	-171.7	-14.1	—	0.0	11.6	-11.6	0.0	-50.2	30.0	-30.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	94.4	42.6	—	0.0	-17.8	17.8	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	-0.2	-28.6	-2.0	0.0	13.0	-13.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.9	2.0	1.0	0.8	1.1	1.4	0.2	0.1	1.1	2.8	2.2	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-17.7	-102.1	-40.1	-27.9	-9.8	-0.1	-3.8	-9.2	-62.3	13.9	-15.4	-18.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	25,500,000,000.00	216,000,000.00	7,350,000,000.00	0.00	-13,000,000,000.00	13,000,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	-216,000,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	500.9	1,075.3	802.0	379.1	721.4	592.6	641.8	1,011.2	1,088.5	581.9	684.0	538.1
Repayment of Borrowings	-462.2	-826.7	-707.1	-617.0	-689.8	-663.1	-880.4	-746.9	-1,010.7	-535.9	-582.7	-391.2
Repayment of Finance Leases	-0.9	-2.1	-1.0	-1.0	-1.0	-1.0	-3.4	0.0	-2.6	1.4	-1.4	0.0
Dividends Paid	—	1.7	-10.9	—	-0.0	6.3	-5.8	-2.4	-18.6	-1.0	-22.9	-27.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	37.8	297.2	82.9	-239.0	56.0	-65.3	-240.5	261.9	43.6	59.4	77.1	120.0
Net Cash Flow During the Period	-187.7	228.9	-77.9	-145.0	291.4	-110.6	47.2	-151.9	171.7	48.4	7.2	-166.9
Cash and Cash Equivalents at Beginning of Period	346.8	340.6	195.7	340.6	264.5	264.5	264.5	264.5	203.9	203.9	203.9	203.9
FX Difference from Revaluation	—	0.1	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	159.1	346.8	117.8	195.7	340.6	49.2	159.8	112.6	264.5	92.8	44.3	37.1

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L18

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Balance Sheet ●

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Cash Flow