MML

Masan MeatLife ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 6.75%, +4.40pp YoY

Price

30,700

Latest close

03 Jun 2026

P/E 17.96x

P/B 1.95x

EPS 1,709

BVPS 15,714

ROE 11.4%

ROA 5.0%

Profit Margin 5.9%

Asset Turnover 0.85x

Equity Mult. 2.28x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 9,639bn
	                                
+20.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 650bn
	                                
+245.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	9,230.1	7,649.7	6,984.4	4,784.6	18,878.6
Growth	+21%	+10%	+46%	-75%	—
Net Income	619.0	25.3	-539.9	-233.8	1,261.4
Net Margin	6.71%	0.33%	-7.73%	-4.89%	6.68%

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	2,479.0	2,436.6	2,384.1	2,339.7	2,069.8	2,204.0	1,935.7	1,790.5	1,719.6	1,777.7	1,903.5	1,703.1
Growth	+2%	+2%	+2%	+13%	-6%	+14%	+8%	+4%	-3%	-7%	+12%	—
Net Income	147.1	153.2	101.5	248.7	115.7	85.3	19.5	-32.3	-47.2	-106.4	-85.8	-179.3
Net Margin	5.93%	6.29%	4.26%	10.63%	5.59%	3.87%	1.01%	-1.80%	-2.74%	-5.99%	-4.51%	-10.53%

Drivers of MML's profit

TTM

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

Gross profit ↑ 598.9bn

Administrative expenses ↓ 87.1bn

Financial income ↑ 41.9bn

Finance costs ↓ 38.2bn

Selling expenses ↑ 280.1bn

Minority interests ↑ 80.8bn

TTM

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

Gross profit ↑ 150.2bn

Other profit ↑ 11.3bn

Administrative expenses ↓ 9.7bn

Finance costs ↓ 4.6bn

Financial income ↓ 97.6bn

Selling expenses ↑ 37.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.9% = 2.4% × 0.67 × 2.48

2026Q1 13.1% = 6.7% × 0.85 × 2.28

ROE rose from 3.9% to 13.1% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 6.7% +4.4pp Asset turnover: 0.85x +0.18x Leverage: 2.28x -0.19x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 6.75%, rising 4.4pp. The main driver is SG&A / Revenue fell 2.1pp and Gross margin rose 1.7pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.9pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 6.75% +4.4pp

Gross Margin 28.34% +1.7pp

SG&A / Revenue 21.79% −2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 20.5 days.

Is capital being deployed efficiently?

ROIC expanded to 7.10%, rising 5.4pp. That translates to 7.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.6pp and capital turnover rose 0.23x, with invested capital easing slightly by 490bn — capital-return quality improved from both sides.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 7.10% +5.4pp

NOPAT Margin 6.67% +4.6pp

Capital Turnover 1.06x +0.23x

Average Invested Capital 9,060.0bn −489.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.19x equity, net debt at 0.72x equity.

Over the last 12 months, working capital absorbed 429.0bn 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: −202.9bn

Inventories increased → lower CFO: −228.2bn

Payables increased → higher CFO: +2.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.2 days versus the same period last year. The main moves came from DIO fell 11.7 days, DSO rose 0.6 days, and DPO rose 3.1 days.

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

Watchpoints

Receivables collection is slowing

DSO increased by +0.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 23.7 days +0.6 days

Inventory 31.9 days −11.7 days

Payables 35.2 days +3.1 days

Cash Conversion Cycle 20.5 days −14.2 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.72x and interest coverage only at 1.91x.

At present, short-term debt accounts for 88.5% of total debt, cash equals 5.0% of debt, and total debt stands at 4,047.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.91x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 88.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.72x −0.23x

Interest Coverage 1.91x +1.46x

Cash / Debt 5.0% −0.7pp

Short-term Debt / Total Debt 88.5% +48.1pp

CFO / NI 0.99x −2.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 543.3bn in 2025, against investing cash flow of -33.6bn.

Post-investment cash flow was positive +509.7bn. Financing cash flow was negative +455.1bn.

CFO / net income was 0.99x.

After spending +79.1bn on fixed-asset investment, the business generated trailing free cash flow of +482.5bn.

Cash Conversion

CFO TTM 561.6bn −57.0bn

Cash Capex 79.1bn −39.9bn

FCF TTM +482.5bn −17.0bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 4.4 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 2.1%. The main risk still sits in leverage and liquidity, with interest coverage at 1.91x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.75% after expanding 4.4pp versus the same period last year.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.91x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	9,571.4	7,820.6	7,036.6	4,821.9	19,820.7
Revenue Deductions	341.3	170.9	52.1	37.3	0.0
Net Revenue	9,230.1	7,649.7	6,984.4	4,784.6	18,878.6
Cost of Goods Sold	6,648.6	5,688.0	5,931.8	4,440.3	0.0
Gross Profit	2,581.5	1,961.7	1,052.6	344.2	2,300.5
Financial Income	467.2	245.8	224.3	633.2	1,520.6
Financial Expenses	348.2	401.8	526.6	409.6	-570.3
Interest Expense	327.6	376.5	507.8	396.1	-489.5
Share of Associates and Joint Ventures	—	0.0	1.8	0.0	0.4
Selling Expenses	1,777.8	1,427.7	969.8	438.8	-871.1
General and Administrative Expenses	295.3	366.2	307.0	361.4	-748.5
Operating Profit	627.4	11.7	-524.7	-232.4	1,631.7
Other Income	1.3	18.7	10.2	7.3	0.0
Other Expenses	5.0	7.7	27.3	10.9	0.0
Other Profit	-3.6	11.0	-17.0	-3.7	74.7
Profit Before Tax	623.7	22.7	-541.8	-236.0	1,706.3
Current Income Tax Expense	12.6	14.2	10.6	-1.0	-445.0
Deferred Income Tax Expense	-7.8	-16.8	-12.5	-1.3	0.0
Net Income	619.0	25.3	-539.9	-233.8	1,261.4
Non-controlling Interest	55.9	-1.7	-154.3	-88.5	-78.0
Profit Attributable to Parent	563.0	27.0	-385.5	-145.3	1,339.4
Earnings per Share	1,692.00	83.00	-1,178.00	-444.00	4,098.00
Diluted EPS	1,654.41	82.18	-1,178.44	-444.01	4,096.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,202.6	1,752.9	4,751.4	3,975.4	4,341.7
I. Cash and cash equivalents	245.1	190.5	206.5	435.8	214.9
1. Cash	68.6	45.3	128.5	175.8	0.0
2. Cash equivalents	176.5	145.2	78.0	260.0	0.0
II. Short-term financial investments	72.6	0.0	0.0	2.5	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	72.6	0.0	0.0	2.5	0.0
III. Short-term receivables	672.5	538.2	3,598.1	2,508.0	3,061.3
1. Short-term trade accounts receivable	653.9	515.7	575.4	360.8	0.0
2. Short-term prepayments to suppliers	16.0	9.6	47.4	17.9	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	—	0.0	2,757.4	2,061.2	0.0
6. Other short-term receivables	34.1	45.1	243.9	100.6	0.0
7. Provision for short-term doubtful debts (*)	-31.5	-32.2	-26.0	-32.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	844.5	678.8	643.1	713.2	579.8
1. Inventories	884.7	709.5	681.6	756.9	0.0
2. Provision for decline in value of inventories	-40.2	-30.7	-38.5	-43.7	0.0
V. Other short-term assets	367.9	345.4	303.7	316.0	229.4
1. Short-term prepayments	127.5	115.1	103.9	121.5	0.0
2. Value added tax to be reclaimed	238.8	225.6	199.8	194.3	0.0
3. Taxes and other receivables from state authorities	1.6	4.7	0.0	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	9,165.0	9,475.6	7,981.4	9,371.0	7,529.4
I. Long-term receivables	1,997.1	1,947.6	23.0	1,017.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	31.7
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	1,835.0	1,921.0	0.0	985.0	0.0
6. Other long-term receivables	162.1	26.6	23.0	32.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4,415.1	4,752.8	5,147.1	5,369.7	4,208.0
1. Tangible fixed assets	4,024.1	4,311.6	4,586.2	4,740.2	3,693.9
- Cost	5,737.4	5,689.2	5,654.3	5,457.6	0.0
- Accumulated depreciation	-1,713.3	-1,377.6	-1,068.1	-717.3	0.0
2. Financial leased fixed assets	204.1	222.7	310.9	349.3	209.6
- Cost	277.9	277.9	377.3	405.7	0.0
- Accumulated depreciation	-73.8	-55.2	-66.5	-56.4	0.0
3. Intangible fixed assets	186.9	218.4	250.0	280.2	304.5
- Cost	344.8	344.8	344.8	346.0	0.0
- Accumulated depreciation	-157.9	-126.3	-94.8	-65.8	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	23.4	22.4	16.4	148.3	443.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	23.4	22.4	16.4	148.3	0.0
V. Long-term financial investments	2,104.0	2,114.1	2,126.2	2,135.5	2,135.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,104.0	2,114.1	2,126.2	2,135.5	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	625.4	638.7	668.7	699.7	0.0
1. Long-term prepayments	529.8	531.4	545.5	556.1	0.0
2. Deferred income tax assets	24.5	21.6	9.9	2.6	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	710.5
5. Goodwill	71.2	85.7	113.3	141.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	11,367.7	11,228.5	12,732.8	13,346.4	11,871.0
A. LIABILITIES (300=210+330)	6,167.0	6,759.4	7,649.2	7,722.9	6,119.9
I. Short -term liabilities	5,242.5	3,245.1	3,460.8	3,097.7	2,522.8
1. Short-term trade accounts payable	771.6	635.8	489.1	783.8	550.3
2. Short-term advances from customers	7.8	6.6	7.6	6.2	3.6
3. Taxes and other payables to state authorities	25.4	16.5	27.5	14.3	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	841.9	704.3	447.5	316.8	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	—	0.0	0.0	0.0	1.3
9. Other short-term payables	52.9	140.4	426.2	67.8	0.0
10. Short-term borrowings and financial leases	3,542.0	1,740.5	2,062.0	1,907.8	1,694.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.0	1.0	1.0	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	924.5	3,514.3	4,188.4	4,625.1	3,597.1
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	43.9	267.1	384.6	800.9	0.0
8. Long-term borrowings and financial leases	546.3	2,907.6	3,463.5	3,479.1	3,242.0
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	323.5	328.6	333.6	338.8	0.0
12. Provision for long-term liabilities	10.7	11.1	6.7	6.4	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)	5,200.7	4,469.1	5,083.6	5,623.5	5,751.2
I. Owner's equity	5,200.7	4,469.1	5,083.6	5,623.5	0.0
1. Owner's capital	3,403.2	3,290.5	3,271.3	3,271.3	5,751.2
- Common stock with voting right	3,403,168,580,000.00	3,290,525,930,000.00	3,271,329,400,000.00	3,271,329,400,000.00	3,269,884,470,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2,137.1	2,137.1	2,126.2	2,126.2	2,119.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	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	—	0.0	0.0	0.0	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	-478.8	-1,041.8	-398.9	-13.4	131.9
- Accumulated retained earning at the end of the previous period	-1,041.8	-398.9	-13.4	131.9	0.0
- Undistributed earnings in this period	563.0	-642.9	-385.5	-145.3	131.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	139.3	83.3	85.0	239.4	230.4
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)	11,367.7	11,228.5	12,732.8	13,346.4	11,871.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	623.7	22.7	-541.8	-236.0	1,698.6
Depreciation of Fixed Assets and Investment Property	407.5	422.9	431.1	336.8	751.2
Provision (Increase)/Reversal	33.9	8.4	-0.9	5.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.0	0.1	-0.2	0.0
Gain/Loss from Investment Activities	-138.3	-152.3	-145.9	-189.7	0.0
Interest Expense	334.8	387.1	514.9	403.2	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	1,261.5	688.8	257.6	319.2	1,451.4
Increase/(Decrease) in Receivables	-137.4	16.9	-204.3	285.8	0.0
Increase/(Decrease) in Inventory	-260.7	-32.4	68.2	-51.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-28.2	322.1	-121.1	593.0	0.0
Increase/(Decrease) in Prepaid Expenses	40.9	51.4	75.2	55.5	0.0
Changes in Trading Securities	—	0.0	0.0	256.2	0.0
Interest Paid	-328.7	-390.2	-509.0	-389.2	0.0
Corporate Income Tax Paid	-4.1	-19.7	-3.5	-0.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	543.3	636.9	-437.0	1,068.7	167.0
Payments for Fixed Assets and Other Long-term Assets	-76.7	-118.7	-257.3	-667.4	-711.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	8.2	42.7	4.0	189.7	5.9
Loans and Purchases of Debt Instruments	-282.6	-1,921.0	-325.0	-4,475.2	-11,922.1
Receipts from Loan Repayments and Sale of Debt Instruments	296.0	1,772.4	616.3	4,089.3	9,177.2
Investments in Other Entities	—	0.0	0.0	122.6	-648.1
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	21.6	344.0	38.3	220.8	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	-33.6	119.3	76.3	-520.2	-4,811.0
Proceeds from Equity Issuance and Capital Contributions	111,782,660,000.00	30,119,830,000.00	0.00	8,619,580,000.00	2,586,000,000.00
Share Repurchases	—	0.00	-9,999,800.00	0.00	50,000,000.00
Proceeds from Borrowings	5,386.9	5,865.7	5,646.5	4,496.7	20,526.5
Repayment of Borrowings	-5,941.6	-6,653.9	-5,499.7	-4,818.9	-14,101.0
Repayment of Finance Leases	-12.3	-14.1	-15.3	-13.9	-19.5
Dividends Paid	—	-0.0	-0.0	-0.1	-3,185.2
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	-455.1	-772.3	131.4	-327.6	3,223.4
Net Cash Flow During the Period	54.6	-16.0	-229.3	220.9	-586.7
Cash and Cash Equivalents at Beginning of Period	190.5	206.5	435.8	214.9	1,635.8
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.3
Cash and Cash Equivalents at End of Period	245.1	190.5	206.5	435.8	214.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,560.2	2,526.5	2,481.0	2,428.0	2,136.0	2,341.8	1,946.3	1,799.3	1,733.2	1,793.7	1,916.2	1,716.3
Revenue Deductions	81.2	89.9	96.9	88.3	66.2	137.8	10.6	8.8	13.6	16.0	12.7	13.2
Net Revenue	2,479.0	2,436.6	2,384.1	2,339.7	2,069.8	2,204.0	1,935.7	1,790.5	1,719.6	1,777.7	1,903.5	1,703.1
Cost of Goods Sold	1,757.5	1,721.1	1,727.7	1,701.3	1,498.5	1,588.0	1,417.9	1,362.7	1,319.3	1,459.6	1,550.3	1,509.3
Gross Profit	721.5	715.4	656.4	638.3	571.3	615.9	517.8	427.7	400.3	318.1	353.2	193.8
Financial Income	44.9	46.1	45.4	233.2	142.5	61.8	63.1	60.3	60.6	38.0	60.4	62.7
Financial Expenses	83.4	84.6	86.9	88.7	88.0	98.0	96.8	99.0	108.0	119.0	133.0	143.4
Interest Expense	79.1	78.9	82.1	83.6	83.1	88.3	91.6	93.9	102.7	113.7	128.0	138.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	-7.7	1.2	8.2
Selling Expenses	459.1	491.0	415.0	450.0	421.7	395.4	380.6	337.4	314.4	245.7	261.1	235.4
General and Administrative Expenses	78.8	25.7	97.2	83.9	88.4	107.3	92.0	84.9	82.0	90.9	91.5	65.7
Operating Profit	145.2	160.1	102.7	248.9	115.7	77.1	11.4	-33.3	-43.5	-107.1	-70.8	-179.8
Other Income	11.4	0.3	0.2	0.4	0.5	0.7	16.5	0.4	1.1	4.0	1.3	4.1
Other Expenses	0.0	2.5	1.3	0.8	0.4	1.3	2.4	2.0	2.0	2.7	17.0	6.3
Other Profit	11.4	-2.2	-1.2	-0.4	0.1	-0.6	14.0	-1.5	-0.9	1.3	-15.7	-2.3
Profit Before Tax	156.5	157.9	101.5	248.5	115.8	76.5	25.5	-34.8	-44.4	-105.8	-86.5	-182.0
Current Income Tax Expense	10.6	8.8	1.3	1.1	1.3	-2.5	6.6	4.4	5.7	4.0	5.9	-1.4
Deferred Income Tax Expense	-1.2	-4.0	-1.3	-1.3	-1.2	-6.3	-0.7	-6.9	-3.0	-3.4	-6.6	-1.3
Net Income	147.1	153.2	101.5	248.7	115.7	85.3	19.5	-32.3	-47.2	-106.4	-85.8	-179.3
Non-controlling Interest	26.0	27.9	23.4	5.4	-0.8	-13.5	17.5	-1.3	-4.4	-38.6	-14.1	-54.6
Profit Attributable to Parent	121.1	125.3	78.1	243.2	116.4	98.8	2.0	-31.0	-42.8	-67.9	-71.7	-124.7
Earnings per Share	356.00	379.00	235.00	739.00	354.00	83.00	6.00	-95.00	-131.00	-208.00	-219.00	-381.00
Diluted EPS	355.89	368.08	229.49	739.15	353.86	300.17	6.15	-94.61	-130.62	-207.51	-219.13	-381.33

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)	2,350.3	2,202.6	2,155.6	2,137.5	1,900.1	1,752.9	2,854.2	4,736.5	4,775.8	4,751.4	3,849.7	3,924.1
I. Cash and cash equivalents	203.4	245.1	282.0	465.5	261.8	190.5	305.9	393.9	414.1	206.5	198.8	354.6
1. Cash	49.7	68.6	52.0	173.6	48.5	45.3	138.2	226.1	257.1	128.5	113.8	138.5
2. Cash equivalents	153.8	176.5	230.0	291.9	213.2	145.2	167.7	167.8	157.0	78.0	85.0	216.1
II. Short-term financial investments	129.4	72.6	72.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	129.4	72.6	72.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.0
III. Short-term receivables	762.0	672.5	665.7	555.9	555.3	538.2	1,544.1	3,416.4	3,438.8	3,598.1	2,625.6	2,526.5
1. Short-term trade accounts receivable	713.9	653.9	637.6	539.3	539.9	515.7	499.0	446.9	472.5	575.4	605.9	444.8
2. Short-term prepayments to suppliers	33.0	16.0	21.1	14.0	7.9	9.6	14.0	27.6	57.7	47.4	55.7	52.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	985.0	2,665.8	2,665.8	2,757.4	1,790.4	1,892.5
6. Other short-term receivables	43.9	34.1	38.4	34.1	39.1	45.1	71.4	301.7	268.4	243.9	201.7	166.9
7. Provision for short-term doubtful debts (*)	-28.8	-31.5	-31.5	-31.5	-31.6	-32.2	-25.3	-25.5	-25.5	-26.0	-28.2	-30.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	417.4	844.5	755.0	728.2	710.2	678.8	676.0	624.9	628.0	643.1	716.1	726.1
1. Inventories	458.7	884.7	801.4	780.5	750.2	709.5	704.4	659.2	653.6	681.6	747.8	751.6
2. Provision for decline in value of inventories	-41.4	-40.2	-46.5	-52.3	-40.1	-30.7	-28.5	-34.3	-25.6	-38.5	-31.7	-25.5
V. Short-term Biological Assets	567.1	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	569.4	—	—	—	—	—	—	—	—	—	—	—
3. Provision for impairment of short-term biological assets	-2.3	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	270.9	367.9	380.2	387.9	372.8	345.4	328.3	301.3	295.0	303.7	309.3	314.8
1. Short-term prepayments	10.9	127.5	130.6	128.0	128.7	115.1	108.9	91.3	90.5	103.9	115.7	119.4
2. Value added tax to be reclaimed	256.9	238.8	244.8	254.6	237.7	225.6	216.1	206.0	202.0	199.8	193.4	195.0
3. Taxes and other receivables from state authorities	3.2	1.6	4.8	5.3	6.5	4.7	3.4	4.0	2.4	0.0	0.2	0.5
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)	9,103.8	9,165.0	9,192.2	9,254.3	9,318.4	9,475.6	9,516.8	7,792.6	7,853.9	7,981.4	9,074.8	9,179.3
I. Long-term receivables	27.5	1,997.1	1,963.5	1,930.1	1,894.6	1,947.6	1,911.8	22.8	22.9	23.0	1,008.5	1,014.4
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	—	1,835.0	1,835.0	1,835.0	1,835.0	1,921.0	1,606.5	0.0	0.0	0.0	985.0	985.0
6. Other long-term receivables	27.5	162.1	128.5	95.1	59.6	26.6	305.3	22.8	22.9	23.0	23.5	29.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4,318.4	4,415.1	4,484.4	4,565.3	4,656.7	4,752.8	4,809.3	4,906.5	5,010.3	5,147.1	5,218.8	5,287.5
1. Tangible fixed assets	3,939.9	4,024.1	4,080.9	4,149.2	4,228.1	4,311.6	4,355.5	4,372.8	4,463.6	4,586.2	4,645.2	4,699.7
- Cost	5,726.1	—	—	—	—	5,689.2	5,648.4	5,580.6	5,586.7	5,654.3	5,627.6	5,595.6
- Accumulated depreciation	-1,786.3	—	—	—	—	-1,377.6	-1,292.8	-1,207.8	-1,123.1	-1,068.1	-982.4	-895.9
2. Financial leased fixed assets	199.5	204.1	208.8	213.4	218.1	222.7	227.4	299.4	304.6	310.9	317.4	323.8
- Cost	277.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-78.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	179.0	186.9	194.8	202.7	210.6	218.4	226.3	234.2	242.1	250.0	256.2	264.0
- Cost	344.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-165.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	65.6	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	65.6	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	9.6	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	56.0	—	—	—	—	—	—	—	—	—	—	—
- Cost	96.6	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-40.6	—	—	—	—	—	—	—	—	—	—	—
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	19.6	23.4	16.1	19.7	22.4	22.4	41.1	85.2	34.0	16.4	24.8	50.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	19.6	23.4	16.1	19.7	22.4	22.4	41.1	85.2	34.0	16.4	24.8	50.1
V. Long-term financial investments	4,106.3	2,104.0	2,104.0	2,114.1	2,114.1	2,114.1	2,114.1	2,126.2	2,126.2	2,126.2	2,144.9	2,143.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,104.0	2,104.0	2,104.0	2,114.1	2,114.1	2,114.1	2,114.1	2,126.2	2,126.2	2,126.2	2,144.9	2,143.7
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	2,002.4	—	—	—	—	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	566.4	625.4	624.2	625.1	630.5	638.7	640.6	652.0	554.1	555.3	557.5	556.5
1. Long-term prepayments	474.4	529.8	527.7	525.0	526.9	531.4	531.5	535.2	542.5	545.5	549.7	554.0
2. Deferred income tax assets	24.5	24.5	21.6	21.6	21.6	21.6	16.6	17.2	11.6	9.9	7.8	2.5
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	67.6	71.2	74.8	78.5	82.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	85.7	92.6	99.5	106.4	113.3	120.2	127.1
TOTAL ASSETS (280=100+200)	11,454.1	11,367.7	11,347.8	11,391.8	11,218.4	11,228.5	12,371.0	12,529.1	12,629.7	12,732.8	12,924.6	13,103.4
A. LIABILITIES (300=210+330)	6,106.3	6,167.0	6,300.3	6,558.3	6,633.6	6,759.4	8,011.6	8,189.3	7,587.6	7,649.2	7,734.5	7,827.5
I. Short -term liabilities	5,270.3	5,242.5	5,286.5	3,463.8	3,379.8	3,245.1	4,301.3	4,268.1	3,528.8	3,460.8	2,995.2	2,960.5
1. Short-term trade accounts payable	745.7	771.6	683.1	601.2	586.0	635.8	544.6	514.6	445.6	489.1	527.9	577.5
2. Short-term advances from customers	10.2	7.8	5.4	6.3	4.6	6.6	6.3	6.5	16.6	7.6	7.5	6.5
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	31.6	25.4	41.4	37.4	17.7	16.5	41.3	17.3	16.3	27.5	42.8	25.6
4. Payable to employees	—	—	—	—	0.0	0.0	4.4	4.0	5.1	0.0	4.7	0.0
5. Short-term acrrued expenses	823.1	841.9	789.1	783.7	666.2	704.3	605.3	532.8	435.9	447.5	387.6	323.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	77.5	52.9	51.9	161.4	246.4	140.4	1,138.1	1,132.4	432.9	426.2	101.5	91.7
10. Short-term borrowings and financial leases	3,580.6	3,542.0	3,714.8	1,872.7	1,858.0	1,740.5	1,960.3	2,059.6	2,175.6	2,062.0	1,922.4	1,934.5
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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	836.0	924.5	1,013.7	3,094.5	3,253.8	3,514.3	3,710.3	3,921.2	4,058.8	4,188.4	4,739.3	4,867.0
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	36.6	43.9	52.2	59.9	168.0	267.1	289.8	319.8	352.2	384.6	724.1	749.6
8. Long-term borrowings and financial leases	466.5	546.3	626.1	2,697.8	2,747.5	2,907.6	3,083.8	3,263.6	3,367.5	3,463.5	3,673.9	3,774.9
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	322.4	323.5	324.8	326.0	327.3	328.6	329.8	331.1	332.3	333.6	334.9	336.2
12. Provision for long-term liabilities	10.5	10.7	10.7	10.8	10.9	11.1	6.9	6.7	6.7	6.7	6.4	6.4
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)	5,347.8	5,200.7	5,047.5	4,833.4	4,584.8	4,469.1	4,359.4	4,339.8	5,042.1	5,083.6	5,190.1	5,275.9
I. Owner's equity	5,347.8	5,200.7	5,047.5	4,833.4	4,584.8	4,469.1	4,359.4	4,339.8	5,042.1	5,083.6	5,190.1	5,275.9
1. Owner's capital	3,403.2	3,403.2	3,403.2	3,290.5	3,290.5	3,290.5	3,274.2	3,274.2	3,274.2	3,271.3	3,271.3	3,271.3
- Common stock with voting right	3,403,168,580,000.00	3,403,168,580,000.00	3,403,168,580,000.00	3,290,525,930,000.00	3,290,525,930,000.00	3,290,525,930,000.00	3,274,179,470,000.00	3,274,179,470,000.00	3,274,179,470,000.00	3,271,329,400,000.00	3,271,329,400,000.00	3,271,329,400,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2,137.1	2,137.1	2,137.1	2,137.1	2,137.1	2,137.1	2,129.0	2,129.0	2,129.0	2,126.2	2,126.2	2,126.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-357.7	-478.8	-604.0	-682.1	-925.4	-1,041.8	-1,140.6	-1,142.6	-441.6	-398.9	-331.0	-259.3
- Accumulated retained earning at the end of the previous period	-478.8	-1,041.8	-1,041.8	-1,041.8	-1,041.8	-398.9	-1,068.8	-1,068.8	-398.9	-13.4	-13.4	-13.4
- Undistributed earnings in this period	121.1	563.0	437.8	359.7	116.4	-642.9	-71.7	-73.7	-42.8	-385.5	-317.6	-245.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	165.3	139.3	111.3	88.0	82.5	83.3	96.8	79.3	80.6	85.0	123.6	137.7
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)	11,454.1	11,367.7	11,347.8	11,391.8	11,218.4	11,228.5	12,371.0	12,529.1	12,629.7	12,732.8	12,924.6	13,103.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	156.5	157.9	101.5	248.5	115.8	76.5	25.5	-34.8	-44.4	-105.8	-86.5	-182.0
Depreciation of Fixed Assets and Investment Property	107.6	101.3	101.9	102.0	102.3	105.3	106.2	105.0	106.4	107.7	108.2	102.7
Provision (Increase)/Reversal	8.6	-0.4	10.8	13.9	9.6	18.5	-5.8	7.9	-12.3	7.9	7.6	15.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.0	-0.1	0.0	-0.0	-0.1	0.0	0.0	0.0	0.1	-0.0	-0.0
Gain/Loss from Investment Activities	-46.3	-35.6	-32.6	-35.7	-34.5	-34.0	-52.0	-32.9	-33.5	-8.6	-40.7	-51.6
Interest Expense	80.9	80.7	83.9	85.3	84.9	93.6	93.4	95.6	104.5	115.5	129.8	140.3
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	307.5	304.0	265.4	414.1	278.0	259.8	167.4	140.8	120.7	116.8	118.2	24.3
Increase/(Decrease) in Receivables	-94.3	-14.4	-81.4	-12.7	-28.8	-22.2	-71.9	17.6	93.5	24.6	-158.3	-2.0
Increase/(Decrease) in Inventory	-20.5	-106.7	-55.2	-45.8	-53.0	-9.6	-45.2	-4.8	27.1	65.0	1.5	18.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	26.4	58.4	127.9	-210.5	-4.0	66.1	159.4	123.7	-27.1	-78.9	74.9	-29.9
Increase/(Decrease) in Prepaid Expenses	-7.0	16.4	9.0	15.0	0.4	8.4	-1.7	14.3	30.5	28.2	21.0	22.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-121.7	-34.0	-126.1	-40.1	-128.5	-30.5	-151.1	-50.0	-158.6	-63.8	-188.9	-83.9
Corporate Income Tax Paid	-9.5	-0.2	-2.1	0.0	-1.9	-8.8	0.0	-5.6	-5.4	-2.2	-0.0	-0.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	80.7	223.6	137.4	119.9	62.4	263.2	56.9	236.1	80.7	89.7	-131.7	-51.4
Payments for Fixed Assets and Other Long-term Assets	-43.4	-24.4	-18.2	6.9	-41.0	-7.4	-22.8	-47.8	-40.6	-42.9	-23.7	-66.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	17.4	5.6	0.2	-3.6	5.8	0.4	-11.9	12.0	42.2	1.8	0.1	1.0
Loans and Purchases of Debt Instruments	-227.4	0.0	-72.6	-210.0	—	-1,921.0	0.0	0.0	0.0	0.0	-155.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	170.6	0.0	0.0	210.0	86.0	1,606.5	74.3	0.0	91.6	18.0	259.1	168.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.4	12.6	3.0	3.6	2.4	316.3	14.2	1.4	12.1	13.6	10.4	12.6
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	-79.3	-6.1	-87.7	7.0	53.2	-5.2	53.7	-34.5	105.3	-9.5	90.8	116.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	24,469,690,000.00	0.00	0.00	5,650,140,000.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,433.9	1,164.1	1,388.9	1,416.2	1,417.7	1,552.5	1,467.8	1,326.1	1,519.3	1,029.2	1,449.1	1,318.9
Repayment of Borrowings	-1,473.7	-1,415.3	-1,617.2	-1,449.9	-1,459.1	-1,947.5	-1,662.8	-1,543.9	-1,499.7	-1,098.0	-1,560.4	-1,217.5
Repayment of Finance Leases	-3.2	-3.2	-3.1	-3.0	-3.0	-2.9	-3.6	-3.9	-3.8	-3.7	-3.6	-4.0
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	-43.1	-254.4	-233.2	76.8	-44.3	-373.4	-198.6	-221.7	21.5	-72.5	-114.9	97.5
Net Cash Flow During the Period	-41.7	-36.9	-183.4	203.7	71.3	-115.4	-88.0	-20.2	207.6	7.7	-155.9	162.2
Cash and Cash Equivalents at Beginning of Period	245.1	282.0	465.5	261.8	190.5	206.5	206.5	206.5	206.5	435.8	435.8	435.8
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	203.4	245.1	282.0	465.5	261.8	190.5	305.9	393.9	414.1	206.5	198.8	354.6

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MML

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