LIC

Tổng Công ty LICOGI - CTCP ·UPCOM ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 4.78%, +1.66pp YoY

Price

30,000

Latest close

03 Jun 2026

P/E 32.77x

P/B 4.90x

EPS 915

BVPS 6,122

ROE 16.2%

ROA 1.6%

Profit Margin 3.6%

Asset Turnover 0.46x

Equity Mult. 9.86x

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

What Is Changing

On a TTM 2026Q1 basis, LIC has not accelerated revenue, but profitability is improving more visibly — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,296bn
	                                
−3.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 110bn
	                                
+47.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -5.19x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	2,276.4	2,249.7	2,035.9	1,988.2	1,986.0
Growth	+1%	+11%	+2%	+0%	—
Net Income	106.6	73.4	6.8	44.3	116.5
Net Margin	4.68%	3.26%	0.33%	2.23%	5.87%

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	440.0	760.7	613.1	481.7	426.4	1,045.6	389.4	525.8	333.7	689.8	445.9	512.0
Growth	-42%	+24%	+27%	+13%	-59%	+169%	-26%	+58%	-52%	+55%	-13%	—
Net Income	-22.2	46.7	73.6	11.7	-21.8	71.3	42.1	-17.1	-19.6	18.2	34.7	-19.2
Net Margin	-5.05%	6.13%	12.00%	2.44%	-5.12%	6.82%	10.81%	-3.26%	-5.87%	2.64%	7.79%	-3.74%

Drivers of LIC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 33.4bn

Other profit ↑ 19.9bn

Selling expenses ↓ 12.0bn

Associates income ↑ 7.2bn

Gross profit ↓ 29.3bn

Minority interests ↑ 12.5bn

TTM

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

Associates income ↑ 5.2bn

Selling expenses ↓ 3.3bn

Other profit ↑ 1.6bn

Gross profit ↑ 0.4bn

Finance costs ↑ 7.6bn

Financial income ↓ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.1% = 3.1% × 0.55 × 10.03

2026Q1 21.5% = 4.8% × 0.46 × 9.86

ROE rose from 17.1% to 21.5% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 4.8% +1.7pp Asset turnover: 0.46x -0.09x Leverage: 9.86x -0.18x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 4.78%, rising 1.7pp. Core operating signals are improving as SG&A / Revenue fell 1.6pp are enough to offset pressure from Gross margin fell 0.8pp (in addition, Other profit / Revenue rose 0.8pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 4.78% +1.7pp

Gross Margin 10.62% −0.8pp

SG&A / Revenue 7.53% −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 4.4% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC stands at 4.43%, broadly flat versus the same period. That translates to 4.43 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 1.0pp, but capital turnover fell 0.19x, while invested capital rose by 349bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 4.43% +0.1pp

NOPAT Margin 4.89% +1.0pp

Capital Turnover 0.90x −0.19x

Average Invested Capital 2,537.1bn +348.8bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 8.44x equity, net debt at 4.18x equity.

Over the last 12 months, working capital absorbed 333.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −499.1bn

Inventories increased → lower CFO: −13.0bn

Payables increased → higher CFO: +178.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.8 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO rose 10.8 days, and DPO rose 15.9 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 116.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +10.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 129.5 days +10.8 days

Inventory 105.1 days −0.7 days

Payables 117.7 days +15.9 days

Cash Conversion Cycle 116.9 days −5.8 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 4.18x and interest coverage only at 1.03x.

At present, short-term debt accounts for 72.8% of total debt, cash equals 14.3% of debt, and total debt stands at 2,688.2bn.

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 4.18x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.03x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 4.18x +0.44x

Interest Coverage 1.03x +0.12x

Cash / Debt 14.3% −5.1pp

Short-term Debt / Total Debt 72.8% −4.3pp

CFO / NI -5.19x −4.28x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -443.3bn in 2025, against investing cash flow of -146.7bn.

Post-investment cash flow was negative +590.0bn. Financing cash flow was positive +504.6bn.

CFO / net income was -5.19x.

After spending +134.0bn on fixed-asset investment, the business generated trailing free cash flow of −562.0bn.

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

Cash Conversion

CFO TTM 428.0bn −373.4bn

Cash Capex 134.0bn +50.4bn

FCF TTM −562.0bn −423.7bn

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 1.7 pp. The next item to monitor is capital efficiency, with ROIC at 4.4%. The main risk still sits in leverage and liquidity, with interest coverage at 1.03x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.78% after expanding 1.7pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.03x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,276.4	2,250.4	2,036.0	1,989.2	1,989.0
Revenue Deductions	—	0.7	0.1	1.0	0.0
Net Revenue	2,276.4	2,249.7	2,035.9	1,988.2	1,986.0
Cost of Goods Sold	2,031.3	1,998.9	1,857.6	1,787.7	0.0
Gross Profit	245.1	250.8	178.3	200.5	224.5
Financial Income	147.6	122.0	146.4	274.5	214.2
Financial Expenses	126.3	122.0	135.1	232.1	-146.3
Interest Expense	124.9	119.2	136.3	209.7	-137.9
Share of Associates and Joint Ventures	46.4	60.7	22.9	62.7	57.4
Selling Expenses	47.6	52.2	42.5	55.2	-47.7
General and Administrative Expenses	127.0	163.9	140.6	160.0	-146.0
Operating Profit	138.2	95.4	29.4	90.4	156.1
Other Income	7.1	21.6	9.8	8.7	0.0
Other Expenses	21.0	32.0	23.5	46.6	0.0
Other Profit	-13.9	-10.4	-13.7	-37.9	-26.8
Profit Before Tax	124.3	85.0	15.7	52.5	129.3
Current Income Tax Expense	17.6	11.7	9.7	7.7	-12.8
Deferred Income Tax Expense	-0.0	-0.0	-0.8	0.5	0.0
Net Income	106.6	73.4	6.8	44.3	116.5
Non-controlling Interest	81.3	13.7	8.1	9.8	12.0
Profit Attributable to Parent	25.4	59.7	-1.3	34.5	104.5
Earnings per Share	903.00	663.00	-14.00	383.00	-328.00
Diluted EPS	903.00	663.00	-14.00	383.00	1,160.99

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,408.8	2,164.6	1,941.7	1,958.6	2,218.3
I. Cash and cash equivalents	396.0	481.4	119.3	81.4	296.2
1. Cash	203.3	197.4	56.3	63.8	0.0
2. Cash equivalents	192.7	284.0	63.0	17.6	0.0
II. Short-term financial investments	231.0	62.3	54.2	188.9	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	231.0	62.3	54.2	188.9	0.0
III. Short-term receivables	1,212.0	1,108.0	1,129.9	876.6	1,127.6
1. Short-term trade accounts receivable	964.8	908.2	989.3	774.2	0.0
2. Short-term prepayments to suppliers	212.3	163.2	92.2	100.9	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	2.6	7.3	7.2	7.5	0.0
6. Other short-term receivables	417.6	417.7	416.9	368.6	0.0
7. Provision for short-term doubtful debts (*)	-385.9	-388.9	-376.3	-375.1	0.0
8. Assets awaiting resolution	0.6	0.5	0.5	0.5	0.0
IV. Inventories	535.0	479.4	603.7	780.0	747.7
1. Inventories	553.7	502.0	624.9	799.8	0.0
2. Provision for decline in value of inventories	-18.8	-22.6	-21.2	-19.7	0.0
V. Other short-term assets	34.8	33.5	34.6	31.7	32.5
1. Short-term prepayments	2.7	3.8	4.4	4.5	0.0
2. Value added tax to be reclaimed	27.8	25.5	27.6	24.8	0.0
3. Taxes and other receivables from state authorities	4.2	4.3	2.7	2.5	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)	2,997.9	2,452.0	2,372.7	2,199.5	2,374.0
I. Long-term receivables	351.7	2.3	1.8	1.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.1
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	351.7	2.3	1.8	1.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	336.0	237.0	253.5	286.4	347.4
1. Tangible fixed assets	306.0	205.4	221.3	260.0	319.8
- Cost	1,357.7	1,265.2	1,317.0	1,363.2	0.0
- Accumulated depreciation	-1,051.7	-1,059.7	-1,095.8	-1,103.3	0.0
2. Financial leased fixed assets	4.2	5.5	5.9	0.0	0.0
- Cost	7.7	7.7	6.9	0.0	0.0
- Accumulated depreciation	-3.5	-2.2	-1.0	0.0	0.0
3. Intangible fixed assets	25.8	26.0	26.3	26.4	27.6
- Cost	30.1	30.1	30.1	30.0	0.0
- Accumulated depreciation	-4.4	-4.1	-3.8	-3.5	0.0
III. Investment properties	4.0	4.0	4.0	4.0	4.0
- Cost	4.1	4.1	4.1	4.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
IV. Long-term assets in progress	1,434.7	1,378.6	1,337.4	1,142.1	1,209.6
1. Long-term production in progress	1,418.3	1,355.6	1,308.7	1,121.6	0.0
2. Construction in progress	16.3	23.1	28.6	20.5	0.0
V. Long-term financial investments	838.2	796.4	746.4	735.4	771.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	804.4	763.7	705.2	696.0	0.0
3. Investments in other entities	49.2	49.9	59.3	59.3	0.0
4. Provision for diminution in value of long-term investments	-15.4	-17.2	-19.5	-21.4	0.0
5. Held to maturity investments	—	0.0	1.5	1.5	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	33.4	33.7	29.5	30.2	0.0
1. Long-term prepayments	31.8	32.2	28.0	29.5	0.0
2. Deferred income tax assets	1.5	1.5	1.5	0.7	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	40.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,406.6	4,616.6	4,314.3	4,158.2	4,592.3
A. LIABILITIES (300=210+330)	4,834.0	4,126.7	3,894.2	3,713.1	4,042.6
I. Short -term liabilities	3,792.8	3,436.6	3,290.9	3,241.6	3,561.6
1. Short-term trade accounts payable	634.6	729.9	690.3	613.3	677.1
2. Short-term advances from customers	253.6	171.6	154.7	248.0	344.6
3. Taxes and other payables to state authorities	248.6	259.4	251.4	174.4	0.0
4. Payable to employees	114.9	106.2	70.7	52.2	0.0
5. Short-term acrrued expenses	398.7	273.9	338.3	371.8	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	0.1	0.3	0.4	0.4	0.9
9. Other short-term payables	205.4	212.7	222.7	292.8	0.0
10. Short-term borrowings and financial leases	1,907.9	1,659.5	1,532.5	1,464.3	1,690.0
11. Provision for short-term liabilities	11.8	7.1	8.5	3.2	0.0
12.. Bonus and welfare fund	17.3	16.0	21.3	21.2	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	1,041.2	690.2	603.4	471.4	481.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	133.8	133.7	132.8	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	0.2	0.4	0.6	0.4	1.1
7. Other long-term liabilities	165.7	68.6	68.7	68.8	0.0
8. Long-term borrowings and financial leases	737.0	480.8	397.6	392.4	235.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	1.9	1.9	1.9	1.9	0.0
12. Provision for long-term liabilities	2.6	4.7	1.8	7.9	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)	572.6	489.9	420.1	445.1	549.7
I. Owner's equity	572.6	489.9	420.1	445.1	0.0
1. Owner's capital	900.0	900.0	900.0	900.0	549.7
- Common stock with voting right	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00
- 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	0.1	0.1	0.1	0.1	0.1
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-89.2	-89.2	-89.2	-89.2	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	166.1	143.9	116.7	110.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.1	2.1	2.1	2.1	0.0
11. Undistributed earnings after tax	-503.7	-550.9	-588.7	-562.3	-449.8
- Accumulated retained earning at the end of the previous period	-585.0	-610.6	-587.4	-596.8	-554.3
- Undistributed earnings in this period	81.3	59.7	-1.3	34.5	104.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	97.2	83.9	79.0	84.1	89.7
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)	5,406.6	4,616.6	4,314.3	4,158.2	4,592.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	124.3	85.0	15.7	52.5	129.3
Depreciation of Fixed Assets and Investment Property	40.4	41.5	46.7	51.6	50.1
Provision (Increase)/Reversal	-6.0	13.2	-0.1	29.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.4	-0.0	-0.3	0.0
Gain/Loss from Investment Activities	-195.9	-187.0	-150.9	-277.5	0.0
Interest Expense	124.9	119.2	136.3	209.7	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	87.8	71.5	47.6	65.7	110.4
Increase/(Decrease) in Receivables	-451.6	-7.9	-280.8	320.3	0.0
Increase/(Decrease) in Inventory	-51.8	123.0	4.2	-72.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	155.3	104.7	82.5	-276.7	0.0
Increase/(Decrease) in Prepaid Expenses	1.5	-3.5	1.5	4.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-155.8	-232.1	-157.5	-134.3	0.0
Corporate Income Tax Paid	-18.0	-17.7	-5.9	-11.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-10.6	-16.2	-12.0	-13.1	0.0
Net Cash Flow from Operating Activities	-443.3	21.7	-320.4	-116.6	-261.6
Payments for Fixed Assets and Other Long-term Assets	-132.7	-19.7	-14.4	-5.4	-3.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.4	19.3	5.2	3.5	0.5
Loans and Purchases of Debt Instruments	-243.2	-59.3	-92.2	0.0	-317.2
Receipts from Loan Repayments and Sale of Debt Instruments	79.2	61.5	227.2	-170.3	440.2
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	11.0	10.4	6.8	25.3	0.0
Dividends and Interest Income Received	134.7	117.6	152.3	271.4	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	-146.7	129.7	284.9	124.7	400.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,287.5	2,198.6	1,968.3	1,817.6	1,911.8
Repayment of Borrowings	-1,781.5	-1,987.0	-1,894.0	-2,040.8	-1,942.1
Repayment of Finance Leases	-1.5	-1.3	-0.9	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	504.6	210.2	73.4	-223.2	-30.3
Net Cash Flow During the Period	-85.4	361.7	37.9	-215.2	159.7
Cash and Cash Equivalents at Beginning of Period	481.4	119.3	81.4	296.6	187.9
FX Difference from Revaluation	-0.0	0.4	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	396.0	481.4	119.3	81.4	296.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	440.1	760.7	613.1	481.7	426.4	1,045.9	389.4	526.0	333.8	689.9	445.9	512.0
Revenue Deductions	0.0	—	—	—	—	0.3	0.0	0.2	0.1	0.1	0.0	0.0
Net Revenue	440.0	760.7	613.1	481.7	426.4	1,045.6	389.4	525.8	333.7	689.8	445.9	512.0
Cost of Goods Sold	386.4	681.2	560.6	423.5	373.2	934.4	331.5	474.9	296.1	625.8	393.1	484.5
Gross Profit	53.6	79.6	52.6	58.1	53.2	111.1	57.9	51.0	37.6	63.9	52.8	27.5
Financial Income	6.4	89.0	4.5	33.5	8.6	7.3	84.2	30.4	0.8	3.7	10.4	128.0
Financial Expenses	43.8	30.9	33.0	19.5	36.2	-0.8	42.1	43.6	36.3	24.3	38.9	54.2
Interest Expense	8.4	35.5	32.5	19.7	36.2	14.5	41.8	41.9	36.3	21.5	38.9	54.1
Share of Associates and Joint Ventures	8.4	-41.2	94.1	-7.9	3.2	47.6	-4.2	-0.4	15.5	29.8	56.7	-71.3
Selling Expenses	10.1	13.0	11.5	9.6	13.4	20.1	13.7	9.0	9.3	13.4	11.7	8.3
General and Administrative Expenses	30.6	36.4	26.9	34.6	29.5	64.8	33.8	33.9	30.5	35.4	32.6	33.2
Operating Profit	-16.1	47.0	79.7	19.9	-14.1	81.8	48.2	-5.5	-22.2	24.5	36.6	-11.4
Other Income	0.2	12.6	0.7	1.8	0.1	2.1	1.9	1.8	16.5	2.1	6.1	1.0
Other Expenses	4.5	4.7	3.1	6.0	6.0	6.0	5.1	11.7	13.5	4.0	5.3	7.9
Other Profit	-4.3	7.9	-2.5	-4.2	-5.9	-3.9	-3.2	-10.0	2.9	-1.9	0.8	-7.0
Profit Before Tax	-20.3	54.9	77.2	15.8	-20.0	77.9	45.1	-15.4	-19.2	22.6	37.4	-18.4
Current Income Tax Expense	1.9	8.2	3.7	4.0	1.8	6.6	3.0	1.7	0.4	4.4	2.6	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	-0.0	-0.0	-0.0	0.0
Net Income	-22.2	46.7	73.6	11.7	-21.8	71.3	42.1	-17.1	-19.6	18.2	34.7	-19.2
Non-controlling Interest	1.5	20.1	2.5	3.3	1.5	1.2	11.0	1.2	-0.3	1.4	0.5	7.9
Profit Attributable to Parent	-23.7	26.5	71.1	8.4	-23.3	70.1	31.1	-18.4	-19.3	16.8	34.2	-27.0
Earnings per Share	-263.15	295.00	790.11	93.42	-258.61	778.76	345.40	-204.19	-214.28	186.32	380.07	-300.31
Diluted EPS	-263.15	295.00	790.11	93.42	-258.61	778.76	345.40	-204.19	-214.28	186.32	380.07	-300.31

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,430.1	2,432.4	2,083.5	2,415.5	2,081.8	2,247.9	2,045.9	1,839.4	1,780.5	2,044.1	2,056.6	1,929.9
I. Cash and cash equivalents	384.9	395.6	248.3	475.0	421.4	479.4	272.5	141.6	129.5	117.4	152.9	46.1
1. Cash	221.2	203.3	107.3	178.0	87.4	197.4	97.0	69.6	74.5	56.4	49.9	42.4
2. Cash equivalents	163.7	192.3	141.0	297.0	334.0	282.0	175.5	72.0	55.0	61.0	103.0	3.7
II. Short-term financial investments	278.6	231.4	132.7	25.7	70.3	64.3	3.8	4.3	24.0	56.2	58.8	73.3
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	278.6	231.4	132.7	25.7	70.3	64.3	3.8	4.3	24.0	56.2	58.8	73.3
III. Short-term receivables	1,144.3	1,237.8	1,048.9	1,313.6	992.6	1,183.9	1,124.6	1,120.5	968.8	1,055.2	981.3	1,011.4
1. Short-term trade accounts receivable	873.6	967.4	787.3	705.9	755.6	912.6	825.7	889.2	797.5	970.2	863.0	796.4
2. Short-term prepayments to suppliers	223.4	212.4	186.4	171.0	189.0	189.1	134.1	116.3	110.7	91.6	102.3	113.2
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	—	2.6	7.3	7.3	7.3	14.9	20.2	7.0	6.5	5.2	7.4	6.9
6. Other short-term receivables	432.7	440.8	453.4	815.1	427.0	455.4	522.1	482.8	424.4	365.9	385.9	469.4
7. Provision for short-term doubtful debts (*)	-385.9	-385.9	-386.0	-386.1	-386.8	-388.5	-378.0	-375.4	-370.9	-378.1	-377.7	-375.1
8. Assets awaiting resolution	0.6	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
IV. Inventories	577.0	532.7	602.3	556.2	562.9	485.3	603.6	539.0	618.2	777.6	826.1	767.1
1. Inventories	595.6	551.4	624.6	578.7	585.4	507.9	623.5	559.1	639.5	798.8	845.7	798.7
2. Provision for decline in value of inventories	-18.6	-18.8	-22.4	-22.4	-22.5	-22.6	-19.9	-20.0	-21.2	-21.2	-19.6	-31.7
V. Other short-term assets	45.3	34.9	51.4	45.0	34.7	35.0	41.4	34.0	40.0	37.8	37.4	32.0
1. Short-term prepayments	2.0	2.8	5.6	4.8	3.5	4.0	4.3	4.8	5.7	6.2	3.7	4.0
2. Value added tax to be reclaimed	36.1	27.8	41.3	38.1	28.6	26.7	35.2	26.5	32.3	28.9	30.6	26.2
3. Taxes and other receivables from state authorities	7.2	4.3	4.5	2.1	2.6	4.3	2.0	2.6	2.0	2.7	3.1	1.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,080.6	2,976.6	3,028.7	2,521.0	2,454.0	2,428.0	2,380.5	2,382.1	2,399.4	2,199.2	2,172.1	2,138.9
I. Long-term receivables	351.7	351.7	351.2	2.3	2.3	2.3	2.3	2.0	1.8	1.8	1.7	2.8
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	0.9
6. Other long-term receivables	351.7	351.7	351.2	2.3	2.3	2.3	2.3	2.0	1.8	1.8	1.7	1.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	328.8	336.1	220.5	223.8	230.3	237.0	243.2	251.5	259.2	254.5	262.6	271.4
1. Tangible fixed assets	299.2	306.1	190.2	193.1	199.2	205.4	211.3	219.1	227.4	222.3	230.0	238.5
- Cost	1,362.0	—	—	—	—	1,263.6	1,267.0	1,267.2	1,269.6	1,317.0	1,331.3	1,355.2
- Accumulated depreciation	-1,062.8	—	—	—	—	-1,058.2	-1,055.7	-1,048.1	-1,042.2	-1,094.8	-1,101.3	-1,116.7
2. Financial leased fixed assets	3.8	4.2	4.5	4.8	5.2	5.5	5.8	6.2	5.6	5.9	6.2	6.5
- Cost	7.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	25.7	25.8	25.8	25.9	26.0	26.0	26.1	26.2	26.3	26.3	26.4	26.5
- Cost	30.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
- Cost	4.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,516.2	1,413.8	1,541.0	1,469.6	1,386.3	1,354.6	1,350.1	1,339.3	1,341.9	1,163.7	1,155.5	1,169.1
1. Long-term production in progress	1,428.9	1,397.5	1,401.2	1,367.1	1,363.3	1,331.5	1,320.5	1,310.8	1,313.8	1,135.1	1,131.3	1,147.2
2. Construction in progress	87.3	16.3	139.7	102.5	22.9	23.1	29.6	28.5	28.0	28.6	24.2	21.9
V. Long-term financial investments	846.7	838.1	882.3	790.8	798.9	795.7	749.5	753.7	761.9	747.3	720.6	663.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	812.9	804.3	850.1	758.6	766.9	763.0	714.5	717.2	720.7	706.1	676.6	623.8
3. Investments in other entities	49.2	49.2	49.2	49.2	49.2	49.9	50.5	50.5	59.3	59.3	59.3	59.3
4. Provision for diminution in value of long-term investments	-15.4	-15.4	-17.0	-17.0	-17.2	-17.2	-15.5	-15.5	-19.5	-19.5	-16.7	-21.4
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	1.5	1.5	1.5	1.5	1.5
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	33.3	33.0	29.7	30.5	32.2	34.4	31.3	31.6	30.6	27.8	27.7	28.4
1. Long-term prepayments	31.8	31.5	28.2	29.0	30.7	32.9	29.8	30.1	29.1	26.3	26.2	26.9
2. Deferred income tax assets	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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	—	—	—	—	—	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)	5,510.7	5,409.0	5,112.3	4,936.6	4,535.9	4,675.9	4,426.4	4,221.4	4,179.9	4,243.3	4,228.7	4,068.8
A. LIABILITIES (300=210+330)	4,959.8	4,833.7	4,584.3	4,480.7	4,067.7	4,179.3	4,009.2	3,855.9	3,779.4	3,822.4	3,823.5	3,650.2
I. Short -term liabilities	3,922.2	3,791.3	3,477.9	3,378.4	3,360.0	3,485.5	3,390.6	3,238.6	3,171.1	3,350.5	3,354.4	3,176.3
1. Short-term trade accounts payable	742.3	635.0	618.1	577.7	580.8	680.2	624.6	606.8	598.1	691.5	587.3	623.8
2. Short-term advances from customers	277.6	248.8	236.0	215.7	186.1	227.2	213.0	199.6	170.7	276.0	330.4	257.3
3. Taxes and other payables to state authorities	237.0	248.5	251.1	250.0	243.8	264.8	261.6	252.1	239.7	189.8	195.0	178.1
4. Payable to employees	106.2	123.7	116.4	106.1	93.9	106.3	81.1	77.4	68.3	72.5	62.9	54.7
5. Short-term acrrued expenses	387.2	397.6	322.6	286.2	283.8	293.0	310.9	381.6	368.6	335.0	364.2	346.7
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.9	0.1	1.1	0.6	45.9	0.3	0.8	0.7	0.7	0.4	0.6	0.5
9. Other short-term payables	193.5	205.0	226.5	242.3	231.6	232.3	253.7	238.4	219.8	223.9	237.8	249.7
10. Short-term borrowings and financial leases	1,956.5	1,912.2	1,681.2	1,669.5	1,674.3	1,658.3	1,619.0	1,455.2	1,483.6	1,532.0	1,545.1	1,440.2
11. Provision for short-term liabilities	11.6	3.0	3.7	7.8	7.7	7.1	8.5	8.5	8.4	8.5	8.4	2.9
12.. Bonus and welfare fund	9.4	17.3	21.2	22.5	12.0	16.0	17.5	18.2	13.2	21.0	22.7	22.4
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	1,037.6	1,042.4	1,106.4	1,102.3	707.8	693.8	618.6	617.4	608.4	471.9	469.1	473.9
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	133.8	—	133.8	133.8	133.7	133.7	133.7	133.7	133.2	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	0.1	0.2	0.3	0.3	0.3	0.4	0.4	0.5	0.5	0.6	0.7	0.2
7. Other long-term liabilities	165.6	299.5	165.7	165.6	68.6	68.6	68.6	68.7	68.7	68.7	68.7	68.7
8. Long-term borrowings and financial leases	731.7	738.3	800.9	795.6	498.9	486.4	411.8	410.2	402.1	398.9	396.0	395.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2.1	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
12. Provision for long-term liabilities	4.3	2.6	3.8	5.1	4.3	2.7	2.2	2.3	1.9	1.8	1.7	7.8
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)	550.9	575.3	527.9	455.9	468.1	496.6	417.2	365.5	400.5	420.9	405.2	418.6
I. Owner's equity	550.9	575.3	527.9	455.9	468.1	496.6	417.2	365.5	400.5	420.9	405.2	418.6
1. Owner's capital	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0
- Common stock with voting right	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00
- 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	0.1	0.1	0.1	0.1	0.1	2.6	0.1	0.1	0.1	0.1	0.1	0.1
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-89.2	-89.2	-89.2	-89.2	-89.2	-89.2	-89.2	-89.2	-89.2	-89.2	-89.2	-89.2
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	166.1	166.1	166.1	166.1	143.9	141.5	143.9	143.9	116.7	116.3	116.7	116.7
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	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
11. Undistributed earnings after tax	-527.4	-501.8	-529.0	-599.4	-574.2	-542.1	-620.5	-661.2	-608.0	-587.7	-602.6	-588.9
- Accumulated retained earning at the end of the previous period	-503.7	-584.7	-585.3	-584.5	-550.9	-605.7	-594.7	-623.5	-588.7	-589.4	-587.6	-539.2
- Undistributed earnings in this period	-23.7	82.8	56.3	-14.9	-23.3	63.6	-25.8	-37.7	-19.3	1.7	-15.0	-49.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	99.2	98.0	77.8	76.2	85.4	81.7	80.7	69.7	78.7	79.2	78.1	77.8
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)	5,510.7	5,409.0	5,112.3	4,936.6	4,535.9	4,675.9	4,426.4	4,221.4	4,179.9	4,243.3	4,228.7	4,068.8

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
Profit Before Tax	-20.3	52.2	77.2	14.9	-20.0	97.1	25.8	-15.4	-19.2	15.7	41.0	-18.1
Depreciation of Fixed Assets and Investment Property	11.5	11.1	9.5	9.8	10.0	10.6	8.6	10.3	10.9	46.7	-25.6	13.8
Provision (Increase)/Reversal	-0.2	-2.9	-1.0	-0.0	-2.1	13.2	6.1	-0.2	-5.4	-0.1	-0.2	0.3
FX Gain/Loss from Revaluation of Monetary Items	—	0.1	0.9	-0.9	—	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.4	-149.4	-11.7	-26.3	-8.6	-6.4	-59.4	-56.1	-0.8	-150.9	132.4	-129.5
Interest Expense	43.7	36.4	32.5	19.8	36.2	-21.8	78.0	41.9	36.3	136.3	-75.3	54.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	28.4	-52.6	107.6	17.3	15.5	92.6	59.1	-19.5	21.7	47.6	72.3	-79.6
Increase/(Decrease) in Receivables	53.9	-134.2	-154.0	-264.9	101.5	-58.4	-63.7	-116.3	148.7	-280.8	-35.0	3.3
Increase/(Decrease) in Inventory	-52.4	116.6	-91.6	14.5	-91.2	104.6	-76.2	85.5	-19.7	4.2	-31.9	53.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-21.5	147.3	25.6	27.6	-45.1	-89.5	142.2	78.7	-99.1	82.5	58.6	169.0
Increase/(Decrease) in Prepaid Expenses	0.8	-0.7	-0.0	0.4	1.8	-2.8	0.7	0.0	-2.3	1.5	-3.1	3.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-43.7	-67.3	-27.9	-24.4	-36.2	21.8	-124.8	4.8	-36.3	-157.5	87.8	-66.5
Corporate Income Tax Paid	-1.9	-8.5	-2.0	-5.6	-1.8	-6.2	8.6	-13.7	-0.4	-5.9	2.0	-1.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.5	7.8	-13.1	-2.5	-2.8	-0.3	0.1	-23.6	9.6	-12.0	9.9	7.5
Net Cash Flow from Operating Activities	-43.0	8.3	-155.6	-237.8	-58.3	61.8	-54.1	-3.9	22.2	-320.4	160.6	89.2
Payments for Fixed Assets and Other Long-term Assets	-6.8	11.5	-58.0	-80.7	-5.5	-69.8	4.4	-12.8	-7.0	-14.4	12.1	-6.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.4	2.5	1.8	—	—	0.8	-10.2	10.8	5.6	5.2	-0.5	0.1
Loans and Purchases of Debt Instruments	-205.9	-88.8	-132.8	17.9	-39.6	-99.1	-226.3	28.3	-29.5	-92.2	51.3	-51.3
Receipts from Loan Repayments and Sale of Debt Instruments	100.8	35.2	-14.3	63.2	-4.9	178.9	81.2	-9.4	62.8	227.2	-167.2	126.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	6.3	3.9	-3.9	4.7	5.7	-0.3	9.8	0.0	6.8	-33.2	33.2
Dividends and Interest Income Received	13.7	9.8	111.1	3.0	10.7	13.8	169.8	10.5	0.6	152.3	-9.1	-0.2
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	-96.8	-23.4	-88.2	-0.5	-34.5	30.3	18.7	37.3	32.5	284.9	-146.6	101.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	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	424.6	706.6	498.3	856.7	226.0	964.8	416.2	277.5	346.0	1,968.3	-1,021.6	626.7
Repayment of Borrowings	-381.3	-542.3	-481.9	-564.1	-193.1	-849.3	-251.8	-296.8	-390.5	-1,894.0	1,042.9	-644.5
Repayment of Finance Leases	—	-0.7	—	-0.7	—	-0.7	0.0	0.0	0.0	-0.9	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	43.3	162.8	17.1	291.9	32.9	114.7	164.4	-19.3	-44.5	73.4	21.3	-17.8
Net Cash Flow During the Period	-96.5	147.7	-226.7	53.6	-60.0	206.9	128.9	14.1	10.2	37.9	35.3	173.1
Cash and Cash Equivalents at Beginning of Period	481.4	248.3	475.0	421.4	481.4	119.3	119.3	119.3	119.3	81.4	0.0	81.4
FX Difference from Revaluation	—	-0.0	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	384.9	396.0	248.3	475.0	421.4	479.4	272.5	143.6	129.5	119.3	0.0	46.1

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LIC

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