LGC

Đầu tư Cầu đường CII ·HOSE ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 23.26%, −9.62pp YoY

Price

64,800

Latest close

29 Apr 2026

P/E 31.75x

P/B 2.19x

EPS 2,041

BVPS 29,590

ROE 6.8%

ROA 1.8%

Profit Margin 15.5%

Asset Turnover 0.11x

Equity Mult. 3.85x

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

What Is Changing

On a TTM 2026Q1 basis, LGC is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,665bn
	                                
+8.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 620bn
	                                
−23.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,598.2	2,503.6	1,597.0	1,340.7	900.2
Growth	+4%	+57%	+19%	+49%	—
Net Income	718.8	791.6	927.2	462.6	307.8
Net Margin	27.67%	31.62%	58.06%	34.50%	34.19%

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	695.6	655.4	671.5	642.0	635.0	615.0	604.0	614.3	670.3	580.2	356.4	340.0
Growth	+6%	-2%	+5%	+1%	+3%	+2%	-2%	-8%	+16%	+63%	+5%	—
Net Income	110.7	147.1	157.2	204.8	210.1	152.2	141.5	307.6	190.7	547.9	187.6	112.7
Net Margin	15.92%	22.44%	23.40%	31.89%	33.08%	24.75%	23.43%	50.08%	28.45%	94.44%	52.65%	33.13%

Drivers of LGC's profit

TTM

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

Gross profit ↑ 74.6bn

Minority interests ↓ 42.8bn

Administrative expenses ↓ 19.3bn

Financial income ↓ 198.1bn

Finance costs ↑ 74.6bn

Deferred tax ↑ 15.7bn

TTM

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

Gross profit ↑ 62.6bn

Financial income ↓ 89.5bn

Finance costs ↑ 70.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.5% = 32.9% × 0.11 × 4.15

2026Q1 10.2% = 23.3% × 0.11 × 3.85

ROE fell from 14.5% to 10.2% — leverage weakened the most, though asset turnover still provided support.

Net margin: 23.3% -9.6pp Asset turnover: 0.11x +0.01x Leverage: 3.85x -0.30x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 23.26%, losing 9.6pp. The main pressure is Gross margin fell 2.1pp, outweighing the improvement in SG&A / Revenue fell 1.6pp (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 8.8pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 23.26% −9.6pp

Gross Margin 64.13% −2.1pp

SG&A / Revenue 10.54% −1.6pp

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 3.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC narrowed to 3.05%, falling 1.4pp. That translates to 3.05 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 9.9pp, outweighing the movement in capital turnover; while invested capital rose by 1,743bn.

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 3.05% −1.4pp

NOPAT Margin 22.98% −9.9pp

Capital Turnover 0.13x −0.00x

Average Invested Capital 20,052.2bn +1,742.7bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 2.81x equity, net debt at 2.45x equity.

Over the last 12 months, working capital absorbed 71.1bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +32.1bn

Inventories increased → lower CFO: −0.3bn

Payables decreased → lower CFO: −102.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 66.6 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO fell 2.5 days, and DPO fell 69.3 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 is lengthening

CCC is up by +66.6 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 2.6 days −2.5 days

Inventory 1.6 days −0.1 days

Payables 121.6 days −69.3 days

Cash Conversion Cycle -117.4 days +66.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.45x and interest coverage only at 0.60x.

At present, short-term debt accounts for 7.3% of total debt, cash equals 2.4% of debt, and total debt stands at 15,774.1bn.

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 2.45x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.60x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.45x +0.30x

Interest Coverage 0.60x −0.22x

Cash / Debt 2.4% +0.2pp

Short-term Debt / Total Debt 7.3% +1.7pp

CFO / NI 1.49x +0.44x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 571.6bn in 2025, against investing cash flow of 121.6bn.

Post-investment cash flow was positive +693.2bn. Financing cash flow was negative +615.4bn.

CFO / net income was 1.49x.

After spending +77.7bn on fixed-asset investment, the business generated trailing free cash flow of +540.0bn.

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

Cash Conversion

CFO TTM 617.7bn +25.1bn

Cash Capex 77.7bn −8.8bn

FCF TTM +540.0bn +33.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.49x. The next item to monitor is capital efficiency, with ROIC at 3.1%. The main risk still sits in core profitability, with net margin down 9.6 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.49x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 23.26% after a 9.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,700.7	2,606.0	1,702.6	1,447.4	948.9
Revenue Deductions	102.4	102.4	105.6	106.7	0.0
Net Revenue	2,598.2	2,503.6	1,597.0	1,340.7	900.2
Cost of Goods Sold	952.3	813.8	526.7	519.8	0.0
Gross Profit	1,646.0	1,689.8	1,070.3	820.9	530.1
Financial Income	432.9	454.8	418.2	92.2	133.4
Financial Expenses	1,033.4	1,018.9	345.2	298.8	-236.9
Interest Expense	1,024.0	1,007.6	344.0	294.0	-232.5
Share of Associates and Joint Ventures	—	0.0	69.6	37.2	-0.0
Selling Expenses	122.0	124.4	114.9	107.7	-69.8
General and Administrative Expenses	161.2	176.2	131.1	57.8	-101.7
Operating Profit	762.3	825.0	966.8	486.0	255.1
Other Income	7.8	0.1	5.3	0.4	0.0
Other Expenses	0.6	0.3	6.9	0.6	0.0
Other Profit	7.2	-0.3	-1.6	-0.2	-0.8
Profit Before Tax	769.5	824.7	965.2	485.8	254.3
Current Income Tax Expense	65.8	49.1	22.9	22.4	53.5
Deferred Income Tax Expense	-15.1	-16.0	15.0	0.8	0.0
Net Income	718.8	791.6	927.2	462.6	307.8
Non-controlling Interest	208.5	259.8	235.6	171.3	99.4
Profit Attributable to Parent	510.4	531.8	691.6	291.2	208.4
Earnings per Share	2,590.00	2,718.00	3,564.00	1,489.00	1,074.00
Diluted EPS	2,590.00	2,757.57	3,586.09	1,510.19	1,080.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,885.1	1,942.8	1,728.0	1,244.4	1,187.1
I. Cash and cash equivalents	383.3	305.5	705.5	97.8	183.0
1. Cash	151.5	170.0	537.9	25.6	0.0
2. Cash equivalents	231.8	135.4	167.6	72.2	0.0
II. Short-term financial investments	649.0	624.1	7.6	0.6	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	649.0	624.1	7.6	0.6	0.0
III. Short-term receivables	828.8	992.5	992.8	1,119.6	924.1
1. Short-term trade accounts receivable	13.3	34.2	45.8	53.0	0.0
2. Short-term prepayments to suppliers	18.8	30.2	23.7	18.5	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	436.8	592.8	589.2	589.9	0.0
6. Other short-term receivables	449.7	449.2	429.5	498.7	0.0
7. Provision for short-term doubtful debts (*)	-89.8	-114.0	-95.5	-40.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.0	9.5	6.1	17.3	26.0
1. Inventories	1.0	9.5	6.1	17.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	23.0	11.2	15.9	9.1	26.7
1. Short-term prepayments	0.4	0.5	4.5	2.2	0.0
2. Value added tax to be reclaimed	20.6	8.7	9.5	4.8	0.0
3. Taxes and other receivables from state authorities	1.9	1.9	2.0	2.1	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)	21,605.3	21,520.7	21,185.7	11,505.7	10,989.9
I. Long-term receivables	1,683.3	1,470.3	1,212.6	1,736.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1,405.6
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	1.2	1.2	0.0	429.0	0.0
6. Other long-term receivables	1,682.1	1,469.1	1,212.6	1,307.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	15,284.3	15,863.9	16,386.6	6,814.1	7,312.1
1. Tangible fixed assets	9.3	12.3	11.9	9.6	11.6
- Cost	45.0	48.3	44.8	32.1	0.0
- Accumulated depreciation	-35.7	-36.1	-32.8	-22.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	15,275.0	15,851.7	16,374.6	6,804.5	7,300.5
- Cost	19,249.4	19,154.2	19,016.8	8,782.2	0.0
- Accumulated depreciation	-3,974.4	-3,302.6	-2,642.2	-1,977.7	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.8	36.9	68.3	58.6	8.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.8	36.9	68.3	58.6	0.0
V. Long-term financial investments	—	0.0	0.0	869.2	831.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	869.2	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4,635.9	4,149.6	3,518.2	2,027.8	0.0
1. Long-term prepayments	4,176.6	3,658.7	2,996.4	1,722.4	0.0
2. Deferred income tax assets	247.4	245.3	242.3	262.6	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	1,431.9
5. Goodwill	211.9	245.6	279.5	42.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	23,490.4	23,463.5	22,913.7	12,750.1	12,177.1
A. LIABILITIES (300=210+330)	17,319.5	17,778.7	17,729.8	7,906.6	7,488.9
I. Short -term liabilities	2,180.7	1,761.7	3,101.3	2,222.6	1,395.7
1. Short-term trade accounts payable	342.7	389.8	623.4	237.2	249.3
2. Short-term advances from customers	0.3	1.7	464.5	464.3	464.0
3. Taxes and other payables to state authorities	42.1	44.5	17.0	12.7	0.0
4. Payable to employees	28.5	29.3	27.6	12.2	0.0
5. Short-term acrrued expenses	83.2	106.1	140.1	71.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	784.0	582.0	806.3	568.0	0.0
10. Short-term borrowings and financial leases	894.1	601.2	1,017.4	853.6	379.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.9	7.0	4.8	3.4	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	15,138.7	16,017.0	14,628.6	5,684.0	6,093.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	3,231.7	3,495.5	2,341.7	131.5	0.0
8. Long-term borrowings and financial leases	11,765.8	12,367.3	12,119.7	5,518.4	5,682.9
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	141.2	154.2	167.2	34.1	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,171.0	5,684.8	5,183.9	4,843.5	4,688.2
I. Owner's equity	6,171.0	5,684.8	5,183.9	4,843.5	0.0
1. Owner's capital	2,121.3	1,928.5	1,928.5	1,928.5	4,688.2
- Common stock with voting right	2,121,303,080,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3.1	3.7	3.7	3.7	3.7
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	106.0	106.0	106.0	106.0	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	2,160.6	1,892.3	1,464.9	1,471.6	1,272.9
- Accumulated retained earning at the end of the previous period	1,650.2	1,360.5	889.1	1,180.4	1,064.5
- Undistributed earnings in this period	510.4	531.8	575.9	291.2	208.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,779.9	1,754.3	1,680.7	1,333.6	1,386.9
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)	23,490.4	23,463.5	22,913.7	12,750.1	12,177.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	769.5	824.7	965.2	485.8	254.3
Depreciation of Fixed Assets and Investment Property	708.5	697.6	405.3	418.6	352.9
Provision (Increase)/Reversal	16.4	18.5	51.2	12.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-83.9	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-95.7	-471.6	-123.5	0.0
Interest Expense	1,033.4	1,018.9	344.0	294.0	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	-246.6	-254.5	95.2	100.9	0.0
Operating Profit Before Changes in Working Capital	2,197.4	2,209.6	1,389.3	1,188.1	766.1
Increase/(Decrease) in Receivables	4.2	-2.2	1.8	-7.5	0.0
Increase/(Decrease) in Inventory	8.5	-3.3	-1.3	8.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.3	2.7	2.5	19.9	0.0
Increase/(Decrease) in Prepaid Expenses	-104.0	-82.0	14.1	-52.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1,422.1	-1,504.4	-1,238.7	-725.9	0.0
Corporate Income Tax Paid	-72.3	-26.0	-21.5	-22.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-13.8	-6.5	-2.6	0.0	0.0
Net Cash Flow from Operating Activities	571.6	588.0	143.8	408.2	334.9
Payments for Fixed Assets and Other Long-term Assets	-75.2	-174.0	-309.4	-74.7	-145.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	-1,059.4	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	-1,711.7	-446.5	-751.4	-110.5
Receipts from Loan Repayments and Sale of Debt Instruments	1,171.5	1,091.5	684.8	100.6	56.6
Investments in Other Entities	-0.0	-28.9	-169.2	-3.9	-18.1
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	84.7	85.5	93.4	19.4	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	121.6	-737.6	-146.9	-710.0	-195.3
Proceeds from Equity Issuance and Capital Contributions	192,236,511,818.00	13,136,200,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,951.8	2,907.0	12,545.0	1,672.0	319.6
Repayment of Borrowings	-2,426.4	-2,596.4	-11,561.8	-1,362.0	-412.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-333.0	-574.2	-372.4	-92.8	-34.7
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-615.4	-250.4	610.8	217.2	-127.1
Net Cash Flow During the Period	77.8	-400.0	607.6	-84.6	100.3
Cash and Cash Equivalents at Beginning of Period	305.5	705.5	97.8	182.5	170.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	383.3	305.5	705.5	97.8	183.0

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	721.2	681.0	697.2	667.6	660.6	640.6	629.6	639.9	695.9	605.8	382.0	365.7
Revenue Deductions	25.6	25.6	25.6	25.6	25.6	25.6	25.6	25.6	25.6	25.6	25.6	25.6
Net Revenue	695.6	655.4	671.5	642.0	635.0	615.0	604.0	614.3	670.3	580.2	356.4	340.0
Cost of Goods Sold	223.6	231.6	270.2	230.3	225.6	208.8	196.8	202.8	204.9	166.4	104.3	135.6
Gross Profit	472.0	423.8	401.3	411.7	409.4	406.3	407.1	411.5	465.4	413.7	252.0	204.4
Financial Income	23.2	123.2	83.6	119.0	112.7	127.5	130.8	176.0	20.4	357.9	22.1	14.0
Financial Expenses	301.2	313.7	251.6	242.5	231.1	290.8	312.2	200.3	215.7	72.3	71.5	83.1
Interest Expense	298.9	311.4	249.3	240.1	228.8	288.1	310.0	197.8	211.8	71.1	71.5	83.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	23.4	23.2
Selling Expenses	28.5	27.2	33.3	31.2	30.4	32.8	29.9	27.1	34.5	41.2	25.7	24.8
General and Administrative Expenses	38.3	46.6	37.6	38.2	38.8	65.4	38.7	37.0	35.0	99.4	5.7	11.9
Operating Profit	127.2	159.6	162.4	218.9	221.8	144.8	157.1	323.1	200.6	558.8	194.7	121.8
Other Income	0.9	0.8	6.9	0.1	0.0	0.0	0.0	0.1	0.0	0.0	5.1	0.2
Other Expenses	0.1	0.2	0.1	0.2	0.1	0.1	0.1	0.2	0.0	0.9	3.0	0.0
Other Profit	0.8	0.6	6.8	-0.2	-0.1	-0.1	-0.1	-0.1	-0.0	-0.9	2.1	0.2
Profit Before Tax	128.0	160.2	169.2	218.7	221.7	144.7	157.0	323.0	200.6	557.9	196.8	122.0
Current Income Tax Expense	15.5	15.9	13.2	19.6	17.2	13.9	13.7	13.5	8.0	8.2	4.8	5.0
Deferred Income Tax Expense	1.8	-2.8	-1.1	-5.6	-5.6	-21.4	1.8	1.8	1.8	1.8	4.4	4.4
Net Income	110.7	147.1	157.2	204.8	210.1	152.2	141.5	307.6	190.7	547.9	187.6	112.7
Non-controlling Interest	52.4	47.3	51.4	55.2	54.7	61.4	65.2	67.9	65.5	62.4	65.6	56.1
Profit Attributable to Parent	58.3	99.8	105.8	149.5	155.4	90.9	76.3	239.7	125.2	485.5	122.0	56.5
Earnings per Share	265.00	464.00	541.00	771.00	795.00	468.00	393.00	1,207.00	649.00	2,517.00	633.00	293.00
Diluted EPS	274.69	470.51	548.41	775.42	805.84	471.14	395.59	1,243.06	649.33	2,517.44	632.58	292.99

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)	1,769.8	1,875.4	2,453.6	2,548.3	1,915.9	1,944.3	1,856.5	1,934.4	1,816.3	1,727.0	1,254.0	1,116.5
I. Cash and cash equivalents	379.6	344.3	358.1	456.8	284.6	305.4	410.6	946.6	352.5	705.5	111.2	111.0
1. Cash	164.4	151.5	208.2	236.8	167.9	170.0	132.4	661.3	123.7	537.9	49.6	26.9
2. Cash equivalents	215.2	192.9	149.8	220.0	116.6	135.4	278.3	285.3	228.8	167.6	61.7	84.1
II. Short-term financial investments	965.2	688.0	1,252.8	1,179.8	674.3	624.1	50.6	0.6	0.6	7.6	1.1	0.6
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	990.3	688.0	1,252.8	1,179.8	674.3	624.1	50.6	0.6	0.6	7.6	1.1	0.6
4. Provision for short-term investments held to maturity (*)	-25.1	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	400.8	816.7	816.8	894.1	940.0	993.4	1,377.3	972.0	1,445.9	992.7	1,127.7	988.4
1. Short-term trade accounts receivable	7.0	13.3	12.9	31.3	30.6	34.2	30.9	30.7	38.7	45.8	45.5	28.0
2. Short-term prepayments to suppliers	19.4	18.4	20.1	20.7	25.6	31.2	47.8	31.1	24.8	90.1	20.2	10.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	436.8	430.3	508.0	555.6	592.8	935.5	531.9	1,024.2	589.2	584.3	488.0
6. Other short-term receivables	442.1	438.0	441.0	454.3	446.8	449.2	458.6	473.7	453.7	363.0	518.3	502.9
7. Provision for short-term doubtful debts (*)	-67.8	-89.8	-87.4	-120.2	-118.6	-114.0	-95.5	-95.5	-95.5	-95.5	-40.5	-40.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	4.4	1.3	0.8	4.2	4.1	10.1	7.0	3.4	4.0	5.3	4.9	0.5
1. Inventories	4.4	1.3	0.8	4.2	4.1	10.1	7.0	3.4	4.0	5.3	4.9	0.5
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	19.7	25.0	25.2	13.5	13.0	11.2	11.0	11.9	13.2	15.9	9.1	16.1
1. Short-term prepayments	0.9	0.4	3.5	0.4	0.5	0.5	1.0	1.9	3.3	4.5	6.2	9.9
2. Value added tax to be reclaimed	16.7	22.7	19.8	11.2	10.5	8.6	8.1	8.0	8.0	9.5	1.0	4.0
3. Taxes and other receivables from state authorities	2.1	1.9	2.0	2.0	2.0	2.0	1.9	2.0	2.0	1.9	1.9	2.1
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)	21,484.6	21,619.6	21,619.0	21,593.6	21,565.8	21,520.7	21,383.2	21,310.0	21,148.1	21,185.7	11,192.5	11,132.0
I. Long-term receivables	1,661.9	1,695.4	1,646.8	1,609.2	1,539.2	1,470.3	1,389.8	1,311.8	1,186.3	1,212.6	1,205.1	1,225.1
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	—	1.2	1.2	1.2	1.2	1.2	1.2	1.2	0.0	0.0	0.0	0.0
6. Other long-term receivables	1,661.9	1,694.2	1,645.6	1,608.0	1,538.0	1,469.1	1,388.6	1,310.6	1,186.3	1,212.6	1,205.1	1,225.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	15,116.3	15,284.3	15,392.2	15,564.5	15,695.4	15,863.9	15,996.3	16,139.9	16,218.5	16,386.6	6,703.0	6,744.8
1. Tangible fixed assets	8.8	9.3	9.9	10.7	11.5	12.3	11.6	11.8	12.6	11.9	12.1	9.1
- Cost	43.2	—	—	—	—	48.3	46.9	46.2	46.2	44.8	40.3	32.6
- Accumulated depreciation	-34.4	—	—	—	—	-36.1	-35.3	-34.4	-33.6	-32.8	-28.2	-23.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	15,107.5	15,275.0	15,382.2	15,553.8	15,683.9	15,851.7	15,984.8	16,128.1	16,205.9	16,374.6	6,690.9	6,735.8
- Cost	19,252.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4,145.0	—	—	—	—	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	1.8	34.9	101.8	37.4	47.1	36.9	37.4	37.0	96.4	68.3	37.1	36.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.8	34.9	101.8	37.4	47.1	36.9	37.4	37.0	96.4	68.3	37.1	36.4
V. Long-term financial investments	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	938.7	915.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	938.7	915.3
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	1.2	—	—	—	—	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	4,703.4	4,604.9	4,478.2	4,382.5	4,284.1	4,149.6	3,959.6	3,821.3	3,375.9	3,238.6	2,272.2	2,172.0
1. Long-term prepayments	4,257.5	4,145.6	4,010.1	3,903.8	3,799.4	3,658.7	3,478.4	3,326.6	3,138.7	2,996.4	2,024.9	1,919.7
2. Deferred income tax assets	242.3	247.4	247.9	250.0	247.7	245.3	227.1	232.2	237.2	242.3	247.3	252.3
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	203.5	211.9	220.3	228.7	237.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	245.6	254.1	262.6	271.1	279.5	36.3	38.5
TOTAL ASSETS (280=100+200)	23,254.4	23,495.0	24,072.6	24,141.9	23,481.8	23,465.0	23,239.7	23,244.4	22,964.4	22,912.7	12,446.5	12,248.6
A. LIABILITIES (300=210+330)	16,977.5	17,323.7	18,154.6	18,133.1	17,626.0	17,774.8	17,644.2	17,729.3	17,623.7	17,729.6	7,591.4	7,249.0
I. Short -term liabilities	2,206.1	2,185.1	2,789.6	2,598.7	1,915.8	1,822.7	2,458.0	2,294.0	2,035.8	3,099.0	1,705.4	2,408.6
1. Short-term trade accounts payable	265.4	342.7	362.5	384.5	371.3	390.8	353.8	514.5	501.0	623.3	231.1	256.5
2. Short-term advances from customers	0.3	0.3	0.3	1.7	1.7	1.7	1.7	464.5	464.5	464.5	464.3	464.3
3. Dividends and profits payable	558.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	32.4	44.2	37.0	40.8	33.4	44.6	37.4	30.9	23.5	16.9	18.2	13.9
4. Payable to employees	25.5	28.5	25.2	26.9	28.3	29.3	24.4	26.6	26.3	27.6	13.2	13.9
5. Short-term acrrued expenses	123.7	85.9	78.1	114.6	99.2	106.1	104.4	105.2	82.5	140.1	64.4	33.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	—	0.3	0.5	0.7	0.0	0.2	0.4	0.4	0.0	0.1	0.2
9. Other short-term payables	47.7	783.5	697.6	701.2	655.7	577.1	1,393.8	543.0	424.4	806.3	418.3	486.3
10. Short-term borrowings and financial leases	1,149.2	894.1	1,579.4	1,317.0	720.6	666.1	535.1	600.5	510.4	1,015.4	490.1	1,135.2
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	3.6	5.9	9.2	11.6	5.0	7.0	7.2	8.4	2.8	4.8	5.6	4.7
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	14,771.5	15,138.7	15,365.1	15,534.5	15,710.2	15,952.1	15,186.2	15,435.3	15,587.9	14,630.6	5,885.9	4,840.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	8.6	3,231.7	3,262.3	3,393.9	3,418.0	3,495.5	2,535.8	2,652.3	2,736.7	2,341.7	977.2	77.1
8. Long-term borrowings and financial leases	14,624.9	11,765.8	11,958.3	11,992.8	12,141.2	12,302.4	12,492.9	12,622.4	12,687.3	12,121.7	4,876.7	4,730.5
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	138.0	141.2	144.5	147.7	151.0	154.2	157.4	160.7	163.9	167.2	32.1	32.8
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,276.8	6,171.2	5,918.0	6,008.8	5,855.8	5,690.3	5,595.5	5,515.2	5,340.7	5,183.1	4,855.1	4,999.6
I. Owner's equity	6,276.8	6,171.2	5,918.0	6,008.8	5,855.8	5,690.3	5,595.5	5,515.2	5,340.7	5,183.1	4,855.1	4,999.6
1. Owner's capital	2,121.3	2,121.3	1,928.5	1,928.5	1,928.5	1,928.5	1,928.5	1,928.5	1,928.5	1,928.5	1,928.5	1,928.5
- Common stock with voting right	2,121,303,080,000.00	2,121,303,080,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00	1,928,547,650,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3.1	3.1	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
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	106.0	106.0	106.0	106.0	106.0	106.0	106.0	106.0	106.0	106.0	106.0	106.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	2,214.0	2,160.8	2,061.0	2,186.6	2,046.6	1,892.6	1,802.0	1,725.3	1,590.2	1,464.4	1,364.6	1,551.2
- Accumulated retained earning at the end of the previous period	2,155.8	1,650.2	1,650.2	1,881.6	1,891.2	1,360.5	1,360.7	1,360.3	1,464.9	889.1	1,159.1	1,467.6
- Undistributed earnings in this period	58.3	510.5	410.7	305.0	155.4	532.1	441.2	365.0	125.2	575.4	205.6	83.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,832.3	1,780.0	1,818.8	1,784.0	1,770.9	1,759.4	1,755.3	1,751.7	1,712.2	1,680.5	1,452.3	1,410.1
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)	23,254.4	23,495.0	24,072.6	24,141.9	23,481.8	23,465.0	23,239.7	23,244.4	22,964.4	22,912.7	12,446.5	12,248.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	128.0	159.9	169.2	218.7	221.7	144.7	157.0	323.0	200.6	558.7	196.8	122.0
Depreciation of Fixed Assets and Investment Property	179.6	161.7	182.6	181.5	182.8	172.8	170.4	172.3	182.2	143.9	64.3	106.1
Provision (Increase)/Reversal	3.1	7.2	3.0	1.6	4.6	18.5	0.0	0.0	0.0	51.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-83.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-14.8	—	-24.2	-21.3	-21.5	-22.0	-27.1	-26.2	-20.4	-348.1	-39.2	-37.2
Interest Expense	301.2	308.2	251.6	242.5	231.1	299.3	303.7	204.1	211.8	73.4	69.2	83.1
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	20.6	—	—	—	—	-79.9	-78.2	-124.7	25.6	26.6	14.2	25.6
Operating Profit Before Changes in Working Capital	617.8	547.2	545.2	553.9	551.1	533.3	525.8	548.5	599.8	505.7	305.3	299.7
Increase/(Decrease) in Receivables	23.9	8.5	-3.1	2.8	-4.0	3.0	4.5	3.4	4.6	-1.4	-27.4	-76.5
Increase/(Decrease) in Inventory	-3.4	-0.2	3.4	-0.1	5.4	-3.1	-3.6	0.7	2.2	-1.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-67.4	224.1	-278.8	19.3	9.2	-180.1	140.3	112.3	-142.3	-15.6	11.4	61.5
Increase/(Decrease) in Prepaid Expenses	17.6	-94.5	-17.4	30.0	-22.0	117.9	2.4	-122.5	96.0	3.2	7.7	3.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-353.5	-472.5	-250.5	-348.8	-350.4	-260.7	-505.9	-458.3	-300.1	-399.8	-219.3	-432.3
Corporate Income Tax Paid	-25.4	-12.6	-14.2	-15.3	-30.1	-5.2	-4.0	-7.7	-9.0	-10.1	-3.4	-2.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-7.2	-3.3	-2.4	-5.0	-3.0	-0.6	-1.3	-2.6	-2.0	-2.6	0.0	0.0
Net Cash Flow from Operating Activities	202.3	196.6	-17.9	236.7	156.2	204.4	158.3	73.7	249.2	78.1	74.4	-146.4
Payments for Fixed Assets and Other Long-term Assets	-22.8	56.3	-82.4	-28.9	-20.2	-70.1	-21.0	24.8	-211.2	-195.5	-43.3	-21.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-1,059.4	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-21.5	—	-96.9	-875.7	-72.1	-994.3	-457.9	-72.7	-430.0	-250.0	-139.0	-20.0
Receipts from Loan Repayments and Sale of Debt Instruments	117.0	592.9	122.2	409.1	47.3	763.4	54.3	508.8	7.0	43.6	51.8	184.7
Investments in Other Entities	—	—	—	—	—	0.3	0.6	-27.7	0.0	-169.2	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	6.7	29.0	13.1	16.5	26.1	33.1	28.4	28.7	1.1	16.1	9.9	63.2
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	79.5	663.5	-44.0	-479.0	-18.9	-267.5	-395.5	461.9	-633.2	-554.9	-120.6	206.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	13,136,200,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	177.3	170.7	482.0	726.6	572.6	1,378.1	-215.8	493.9	2,264.7	9,218.6	857.3	2,460.7
Repayment of Borrowings	-439.8	-72.9	-37.0	-69.1	-67.7	-1,286.0	-7.8	-477.4	-1,828.3	-8,122.3	-476.3	-2,491.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-22.9	-20.3	-264.8	-29.5	-18.3	-134.2	-24.6	-21.7	-405.4	-25.3	-334.5	-12.6
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	-285.4	-834.9	-36.9	414.5	-158.1	-42.1	-248.2	8.0	31.0	1,071.0	46.5	-43.7
Net Cash Flow During the Period	-3.6	25.2	-98.7	172.2	-20.9	-105.2	-485.4	543.6	-353.0	594.2	0.2	16.8
Cash and Cash Equivalents at Beginning of Period	383.3	358.1	456.8	284.6	305.5	705.5	705.5	705.5	705.5	97.8	97.8	97.8
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	379.6	383.3	358.1	456.8	284.6	305.4	410.6	896.1	352.5	705.5	111.2	111.0

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LGC

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