MSH

May Sông Hồng ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 12.00%, +3.35pp YoY

Price

34,000

Latest close

03 Jun 2026

P/E 5.76x

P/B 1.67x

EPS 5,905

BVPS 20,377

ROE 30.0%

ROA 15.4%

Profit Margin 12.0%

Asset Turnover 1.28x

Equity Mult. 1.95x

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

What Is Changing

On a TTM 2026Q1 basis, MSH has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,543bn
	                                
−0.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 665bn
	                                
+38.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	5,538.1	5,280.4	4,541.9	5,521.0	4,747.6
Growth	+5%	+16%	-18%	+16%	—
Net Income	675.8	442.5	245.2	337.7	442.4
Net Margin	12.20%	8.38%	5.40%	6.12%	9.32%

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	1,041.2	1,388.4	1,646.7	1,466.8	1,036.2	1,428.4	1,748.5	1,333.1	770.4	1,156.7	1,206.0	1,541.8
Growth	-25%	-16%	+12%	+42%	-27%	-18%	+31%	+73%	-33%	-4%	-22%	—
Net Income	81.3	203.0	200.7	180.0	87.2	170.4	130.1	91.7	47.8	81.3	51.2	85.4
Net Margin	7.81%	14.62%	12.19%	12.27%	8.42%	11.93%	7.44%	6.88%	6.20%	7.03%	4.24%	5.54%

Drivers of MSH's profit

TTM

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

Gross profit ↑ 265.5bn

Administrative expenses ↑ 44.2bn

Tax ↑ 39.1bn

TTM

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

Gross profit ↑ 20.8bn

Selling expenses ↓ 1.6bn

Other profit ↑ 0.4bn

Finance costs ↓ 0.3bn

Administrative expenses ↑ 15.7bn

Financial income ↓ 12.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 23.6% = 8.6% × 1.39 × 1.97

2026Q1 30.0% = 12.0% × 1.28 × 1.95

ROE rose from 23.6% to 30.0% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 12.0% +3.4pp Asset turnover: 1.28x -0.11x Leverage: 1.95x -0.01x

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 12.00%, rising 3.4pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 1.1pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.2pp).

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

Profitability trend

Net Margin 12.00% +3.4pp

Gross Margin 21.48% +4.8pp

SG&A / Revenue 8.69% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 8.7 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 23.95%, rising 4.2pp. That translates to 23.95 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.2pp, with capital turnover fell 0.24x; while invested capital rose by 305bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 23.95% +4.2pp

NOPAT Margin 12.09% +3.2pp

Capital Turnover 1.98x −0.24x

Average Invested Capital 2,798.8bn +305.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.28x equity, net debt at 0.46x equity.

Inventory ended the period at 546.1bn, roughly 11.7% of total assets.

Over the last 12 months, working capital absorbed 263.4bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −73.5bn

Inventories increased → lower CFO: −40.0bn

Payables decreased → lower CFO: −149.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 8.7 days versus the same period last year. The main moves came from DIO rose 4.1 days, DSO rose 5.4 days, and DPO rose 0.7 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 91.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +5.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 37.9 days +5.4 days

Inventory 73.3 days +4.1 days

Payables 20.0 days +0.7 days

Cash Conversion Cycle 91.2 days +8.7 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.46x and interest coverage at 8.94x.

At present, short-term debt accounts for 49.8% of total debt, cash equals 16.6% of debt, and total debt stands at 1,257.7bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 16.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.46x +0.40x

Interest Coverage 8.94x +2.64x

Cash / Debt 16.6% −75.1pp

Short-term Debt / Total Debt 49.8% −6.2pp

CFO / NI 0.50x −0.52x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 622.6bn in 2025, against investing cash flow of -300.0bn.

Post-investment cash flow was positive +322.7bn. Financing cash flow was negative +469.2bn.

CFO / net income was 0.50x.

After spending +280.8bn on fixed-asset investment, the business generated trailing free cash flow of +49.6bn.

Cash Conversion

CFO TTM 330.4bn −152.8bn

Cash Capex 280.8bn −212.0bn

FCF TTM +49.6bn +59.1bn

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 3.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 16.7%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.00% after expanding 3.4pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.7% of PBT and CFO / net income currently at 0.50x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,538.1	5,280.4	4,541.9	5,522.9	4,749.1
Revenue Deductions	—	0.0	0.0	2.0	0.0
Net Revenue	5,538.1	5,280.4	4,541.9	5,521.0	4,747.6
Cost of Goods Sold	4,363.7	4,450.9	3,977.9	4,692.3	0.0
Gross Profit	1,174.4	829.5	564.0	828.7	930.6
Financial Income	240.0	210.7	191.5	152.1	77.8
Financial Expenses	92.0	84.7	72.9	65.1	-18.9
Interest Expense	64.3	53.4	44.6	33.9	-10.0
Share of Associates and Joint Ventures	-25.3	-6.3	0.0	0.0	-0.0
Selling Expenses	157.2	136.7	147.7	173.4	-144.9
General and Administrative Expenses	310.0	252.5	229.7	296.8	-298.8
Operating Profit	830.0	560.0	305.1	445.6	545.9
Other Income	1.0	2.8	5.6	2.6	0.0
Other Expenses	7.9	19.0	4.1	9.1	0.0
Other Profit	-6.9	-16.2	1.5	-6.5	-3.2
Profit Before Tax	823.1	543.8	306.6	439.1	542.7
Current Income Tax Expense	147.3	101.3	61.3	101.4	-100.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	675.8	442.5	245.2	337.7	442.4
Non-controlling Interest	61.9	30.0	0.7	-37.2	-1.0
Profit Attributable to Parent	613.9	412.5	244.5	374.9	443.4
Earnings per Share	5,456.00	5,499.00	3,260.00	4,998.00	4,343.00
Diluted EPS	5,456.04	5,499.27	3,260.05	4,997.59	8,865.55

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,275.0	3,249.6	2,552.6	2,341.8	2,489.4
I. Cash and cash equivalents	739.6	886.4	455.3	424.0	378.6
1. Cash	200.9	210.4	134.3	404.0	0.0
2. Cash equivalents	538.7	676.0	321.0	20.0	0.0
II. Short-term financial investments	880.1	653.1	970.8	955.6	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	880.1	653.1	970.8	955.6	0.0
III. Short-term receivables	1,025.9	991.7	598.4	340.6	664.3
1. Short-term trade accounts receivable	943.2	975.8	589.0	346.1	0.0
2. Short-term prepayments to suppliers	74.3	44.8	40.7	27.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	21.2	13.0	8.0	6.4	0.0
7. Provision for short-term doubtful debts (*)	-12.9	-41.9	-39.4	-39.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	546.1	645.4	506.5	603.1	938.4
1. Inventories	551.4	653.8	517.9	613.0	0.0
2. Provision for decline in value of inventories	-5.2	-8.4	-11.3	-9.9	0.0
V. Other short-term assets	83.2	73.1	21.6	18.4	40.1
1. Short-term prepayments	9.0	5.7	6.9	7.8	0.0
2. Value added tax to be reclaimed	65.3	61.6	7.7	9.5	0.0
3. Taxes and other receivables from state authorities	8.8	5.7	7.0	1.1	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)	1,402.8	1,273.6	900.5	952.4	713.3
I. Long-term receivables	39.3	40.0	21.4	21.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	21.4
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	39.3	40.0	21.4	21.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,275.6	699.6	773.8	841.8	499.9
1. Tangible fixed assets	1,268.4	691.1	763.1	831.3	490.6
- Cost	2,837.5	2,144.2	2,094.9	2,033.1	0.0
- Accumulated depreciation	-1,569.1	-1,453.0	-1,331.8	-1,201.8	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	7.2	8.5	10.7	10.5	9.3
- Cost	53.0	50.2	46.7	41.7	0.0
- Accumulated depreciation	-45.8	-41.7	-35.9	-31.2	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	12.7	473.3	59.5	21.7	159.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	12.7	473.3	59.5	21.7	0.0
V. Long-term financial investments	18.2	34.5	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	18.2	34.5	0.0	0.0	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	57.0	26.2	45.8	67.6	0.0
1. Long-term prepayments	57.0	26.2	45.8	67.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	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	32.9
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)	4,677.8	4,523.2	3,453.1	3,294.2	3,202.6
A. LIABILITIES (300=210+330)	2,464.5	2,467.7	1,643.3	1,575.1	1,707.2
I. Short -term liabilities	1,816.6	1,860.1	1,335.4	1,269.2	1,528.8
1. Short-term trade accounts payable	174.8	192.5	123.2	240.0	220.3
2. Short-term advances from customers	20.5	14.8	13.8	15.0	20.1
3. Taxes and other payables to state authorities	152.9	93.6	48.7	36.5	0.0
4. Payable to employees	668.6	573.6	500.2	493.2	0.0
5. Short-term acrrued expenses	71.5	102.7	57.0	35.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	8.4	6.1	4.9	6.4	0.0
10. Short-term borrowings and financial leases	647.8	812.7	526.8	376.5	552.1
11. Provision for short-term liabilities	9.2	19.5	15.0	30.0	0.0
12.. Bonus and welfare fund	62.8	44.5	45.8	35.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	647.9	607.5	307.9	305.9	178.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	647.9	607.5	307.9	305.9	178.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	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)	1,918.1	2,055.5	1,809.8	1,719.1	1,495.4
I. Owner's equity	1,918.1	2,055.5	1,809.8	1,719.1	0.0
1. Owner's capital	1,125.2	750.1	750.1	750.1	1,495.4
- Common stock with voting right	1,125,210,200,000.00	750,141,000,000.00	750,141,000,000.00	750,141,000,000.00	500,094,000,000.00
- 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	7.7	7.7	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	185.8	185.8	185.8	183.8	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	2.0	0.0
11. Undistributed earnings after tax	599.4	852.4	710.4	673.3	736.0
- Accumulated retained earning at the end of the previous period	435.6	702.5	653.4	298.6	518.7
- Undistributed earnings in this period	163.8	150.0	57.0	374.7	217.3
12. Reserves for investment in construction	—	0.0	0.0	0.1	0.0
13. Minority's interest	—	259.5	163.4	109.7	73.5
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	295.1	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,677.8	4,523.2	3,453.1	3,294.2	3,202.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	823.1	543.8	306.6	439.1	542.7
Depreciation of Fixed Assets and Investment Property	124.7	127.0	134.7	133.7	133.1
Provision (Increase)/Reversal	-42.4	4.1	-13.4	6.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-6.3	2.1	-3.4	11.6	0.0
Gain/Loss from Investment Activities	-125.9	-111.1	-119.2	-73.4	0.0
Interest Expense	64.3	53.4	44.6	33.9	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	837.5	619.3	349.9	551.3	450.7
Increase/(Decrease) in Receivables	-23.5	-441.2	-256.3	340.8	0.0
Increase/(Decrease) in Inventory	102.4	-135.9	95.1	338.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-67.2	215.7	-109.2	-164.4	0.0
Increase/(Decrease) in Prepaid Expenses	-34.1	20.8	23.4	-34.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-64.3	-53.4	-44.6	-33.9	0.0
Corporate Income Tax Paid	-107.7	-60.3	-57.2	-94.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-20.4	-1.4	-8.7	-13.5	0.0
Net Cash Flow from Operating Activities	622.6	163.7	-7.6	890.3	199.9
Payments for Fixed Assets and Other Long-term Assets	-215.1	-539.4	-187.2	-259.5	-259.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	1.0	0.2
Loans and Purchases of Debt Instruments	-1,984.8	-1,291.7	-1,950.5	-1,437.6	-658.7
Receipts from Loan Repayments and Sale of Debt Instruments	1,757.8	1,609.3	1,935.4	950.0	1,027.9
Investments in Other Entities	-9.0	-40.8	1.5	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	151.0	117.4	119.2	72.4	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	-300.0	-145.2	-81.6	-673.7	163.7
Proceeds from Equity Issuance and Capital Contributions	—	66,150,000,000.00	49,000,000,000.00	73,500,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,342.7	4,114.8	3,350.5	2,729.6	3,317.1
Repayment of Borrowings	-3,337.4	-3,506.0	-3,091.0	-2,782.0	-3,062.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-474.4	-262.5	-187.5	-187.4	-374.9
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	-469.2	412.4	121.0	-166.3	-120.2
Net Cash Flow During the Period	-146.5	430.9	31.8	50.3	127.2
Cash and Cash Equivalents at Beginning of Period	886.4	455.3	424.0	378.6	136.1
FX Difference from Revaluation	-0.3	0.1	-0.5	-4.8	-0.9
Cash and Cash Equivalents at End of Period	739.6	886.4	455.3	424.0	378.6

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
Revenue	1,041.2	1,388.4	1,646.7	1,466.8	1,036.2	1,428.4	1,748.5	1,333.1	770.4	1,156.7	1,206.0	1,541.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,041.2	1,388.4	1,646.7	1,466.8	1,036.2	1,428.4	1,748.5	1,333.1	770.4	1,156.7	1,206.0	1,541.8
Cost of Goods Sold	829.3	1,067.7	1,297.0	1,158.4	845.1	1,142.0	1,483.0	1,150.8	675.1	996.0	1,076.8	1,342.7
Gross Profit	211.9	320.7	349.7	308.5	191.1	286.4	265.5	182.3	95.3	160.7	129.3	199.1
Financial Income	31.0	67.7	56.8	72.1	43.3	63.4	43.0	59.6	44.8	69.2	51.6	49.2
Financial Expenses	21.4	23.9	22.0	24.3	21.7	21.8	33.3	19.3	10.3	12.0	24.0	25.1
Interest Expense	15.4	15.3	16.2	19.1	-13.7	13.6	11.3	18.6	9.7	-11.0	12.0	11.7
Share of Associates and Joint Ventures	-5.5	-7.0	-7.8	-5.7	-4.8	-4.6	-4.3	0.0	0.0	0.0	0.0	0.0
Selling Expenses	23.4	41.4	45.7	45.2	25.0	33.3	43.3	36.2	23.9	37.8	43.2	46.4
General and Administrative Expenses	88.2	68.6	83.6	85.8	72.5	74.5	60.5	74.4	43.0	79.3	45.9	75.3
Operating Profit	104.5	247.6	247.4	219.6	110.4	215.5	167.2	111.9	62.8	100.8	67.7	101.5
Other Income	0.0	0.5	0.1	0.3	0.1	1.7	0.2	0.8	0.0	0.7	0.1	0.0
Other Expenses	1.2	2.0	2.8	1.4	1.7	8.9	8.4	1.1	0.7	0.1	1.7	1.2
Other Profit	-1.2	-1.5	-2.7	-1.1	-1.6	-7.1	-8.1	-0.3	-0.7	0.6	-1.6	-1.2
Profit Before Tax	103.3	246.1	244.7	218.6	108.8	208.4	159.0	111.6	62.1	101.4	66.1	100.3
Current Income Tax Expense	22.0	43.1	44.0	38.6	21.6	38.1	28.9	20.0	14.4	20.1	14.9	14.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	81.3	203.0	200.7	180.0	87.2	170.4	130.1	91.7	47.8	81.3	51.2	85.4
Non-controlling Interest	-0.4	—	—	—	2.8	0.0	0.0	0.0	-4.5	0.0	0.0	0.0
Profit Attributable to Parent	81.7	203.0	200.7	180.0	84.4	170.4	130.1	91.7	52.3	81.3	51.2	85.4
Earnings per Share	718.00	1,804.05	1,783.71	1,599.31	1,125.00	2,270.96	1,734.68	1,221.85	697.00	1,084.27	682.41	1,138.67
Diluted EPS	725.73	1,804.05	1,783.71	1,599.31	1,125.49	2,270.96	1,734.68	1,221.85	697.18	1,084.27	682.41	1,138.67

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)	2,911.1	3,279.1	3,654.3	3,495.7	3,045.4	3,249.6	3,411.9	3,313.3	2,756.3	2,552.6	2,865.1	2,695.6
I. Cash and cash equivalents	208.8	739.6	883.9	587.1	1,252.8	886.4	659.5	607.5	263.3	455.3	490.1	483.0
1. Cash	170.7	200.9	367.1	67.2	96.9	210.4	285.1	141.0	193.3	134.3	68.1	193.0
2. Cash equivalents	38.1	538.7	516.8	519.9	1,155.9	676.0	374.4	466.5	70.0	321.0	422.0	290.0
II. Short-term financial investments	1,050.8	880.1	1,103.8	992.7	276.6	653.1	906.5	628.6	1,141.4	970.8	1,002.3	863.6
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	1,050.8	880.1	1,103.8	992.7	276.6	653.1	906.5	628.6	1,141.4	970.8	1,002.3	863.6
III. Short-term receivables	690.1	1,025.9	932.0	1,015.6	624.1	991.7	1,101.1	921.8	411.4	598.4	747.9	471.5
1. Short-term trade accounts receivable	565.9	943.2	869.8	1,003.9	586.6	975.8	987.3	785.1	403.7	589.0	738.0	472.5
2. Short-term prepayments to suppliers	108.5	74.3	83.9	36.4	58.8	44.8	140.4	150.9	35.4	40.7	40.4	28.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	30.4	21.2	21.4	21.8	20.5	13.0	12.7	25.2	11.7	8.0	8.5	9.9
7. Provision for short-term doubtful debts (*)	-14.6	-12.9	-43.1	-46.4	-41.8	-41.9	-39.3	-39.3	-39.4	-39.4	-39.0	-39.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	889.1	550.2	651.1	849.3	847.9	645.4	701.7	1,107.0	887.8	506.5	596.0	837.3
1. Inventories	894.3	555.4	657.1	855.3	854.3	653.8	711.7	1,116.4	899.0	517.9	605.2	845.7
2. Provision for decline in value of inventories	-5.2	-5.2	-5.9	-5.9	-6.4	-8.4	-10.0	-9.4	-11.2	-11.3	-9.2	-8.4
V. Other short-term assets	72.3	83.2	83.4	51.0	44.0	73.1	43.1	48.4	52.4	21.6	28.9	40.4
1. Short-term prepayments	10.0	9.0	8.3	10.9	8.7	5.7	7.2	8.2	9.5	6.9	6.8	7.6
2. Value added tax to be reclaimed	58.4	65.3	70.9	34.4	29.5	61.6	31.1	32.3	32.2	7.7	14.3	24.8
3. Taxes and other receivables from state authorities	3.9	8.8	4.2	5.7	5.7	5.7	4.9	7.8	10.7	7.0	7.7	8.0
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)	1,408.1	1,402.8	1,306.1	1,295.2	1,298.7	1,271.0	944.7	879.9	900.7	900.5	897.9	915.6
I. Long-term receivables	39.3	39.3	40.0	40.0	40.0	40.0	40.0	40.0	21.4	21.4	21.4	21.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	39.3	39.3	40.0	40.0	40.0	40.0	40.0	40.0	21.4	21.4	21.4	21.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,302.5	1,275.6	994.2	740.1	746.2	699.6	726.0	756.6	775.6	773.8	800.3	812.5
1. Tangible fixed assets	1,296.4	1,268.4	986.0	730.8	736.8	691.1	718.0	747.0	766.3	763.1	790.1	802.4
- Cost	2,896.7	—	—	—	—	2,144.2	2,141.6	2,140.1	2,128.5	2,094.9	2,090.9	2,072.2
- Accumulated depreciation	-1,600.3	—	—	—	—	-1,453.0	-1,423.7	-1,393.1	-1,362.2	-1,331.8	-1,300.8	-1,269.8
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	6.1	7.2	8.2	9.3	9.5	8.5	8.0	9.6	9.3	10.7	10.2	10.0
- Cost	53.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-46.9	—	—	—	—	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	1.3	12.7	202.7	435.6	432.7	473.3	110.6	45.7	62.9	59.5	24.5	24.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.3	12.7	202.7	435.6	432.7	473.3	110.6	45.7	62.9	59.5	24.5	24.1
V. Long-term financial investments	12.7	18.2	16.2	24.0	29.7	31.9	36.5	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	12.7	18.2	16.2	24.0	29.7	31.9	36.5	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	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	52.3	57.0	53.0	55.5	50.0	26.2	31.7	37.6	40.8	45.8	51.7	57.7
1. Long-term prepayments	52.3	57.0	53.0	55.5	50.0	26.2	31.7	37.6	40.8	45.8	51.7	57.7
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	4,319.2	4,681.8	4,960.4	4,790.9	4,344.1	4,520.6	4,356.7	4,193.3	3,657.0	3,453.1	3,763.0	3,611.2
A. LIABILITIES (300=210+330)	2,026.4	2,473.5	2,480.5	2,513.4	2,201.5	2,467.7	2,211.5	2,177.9	1,733.3	1,643.3	1,847.2	1,744.7
I. Short -term liabilities	1,394.5	1,825.6	1,860.5	1,906.6	1,599.2	1,860.1	1,769.4	1,777.8	1,431.4	1,335.4	1,533.3	1,406.8
1. Short-term trade accounts payable	226.4	174.8	159.3	170.1	251.4	192.5	118.7	194.5	238.0	123.2	153.4	130.2
2. Short-term advances from customers	17.1	20.5	23.5	50.1	14.6	14.8	22.2	25.6	2.3	13.8	33.4	5.1
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	25.2	152.9	106.8	77.1	23.3	93.6	73.0	36.8	15.2	48.7	51.6	37.7
4. Payable to employees	406.8	677.6	680.3	573.1	439.6	573.6	511.4	453.4	314.3	500.2	459.4	453.4
5. Short-term acrrued expenses	42.2	71.5	120.8	113.1	54.7	102.7	86.1	43.3	32.3	57.0	48.4	41.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	6.2	8.4	7.3	7.7	5.1	6.1	8.9	5.3	4.1	4.9	7.6	4.8
10. Short-term borrowings and financial leases	625.7	647.8	688.2	831.2	763.8	812.7	898.6	965.5	769.1	526.8	719.8	670.8
11. Provision for short-term liabilities	0.7	9.2	11.5	14.1	15.4	19.5	6.0	8.8	11.6	15.0	13.9	16.9
12.. Bonus and welfare fund	43.5	62.8	62.8	70.1	31.3	44.5	44.5	44.5	44.5	45.8	45.9	46.2
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	631.9	647.9	620.0	606.9	602.3	607.5	442.1	400.2	301.9	307.9	313.9	337.9
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	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	631.9	647.9	620.0	606.9	602.3	607.5	442.1	400.2	301.9	307.9	313.9	337.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	2,292.8	2,208.3	2,479.9	2,277.5	2,142.6	2,052.9	2,145.1	2,015.3	1,923.7	1,809.8	1,915.8	1,866.5
I. Owner's equity	2,292.8	2,208.3	2,479.9	2,277.5	2,142.6	2,052.9	2,145.1	2,015.3	1,923.7	1,809.8	1,915.8	1,866.5
1. Owner's capital	1,125.2	1,125.2	1,125.2	1,125.2	750.1	750.1	750.1	750.1	750.1	750.1	750.1	750.1
- Common stock with voting right	1,125,210,200,000.00	1,125,210,200,000.00	1,125,210,200,000.00	1,125,210,200,000.00	750,141,000,000.00	750,141,000,000.00	750,141,000,000.00	750,141,000,000.00	750,141,000,000.00	750,141,000,000.00	750,141,000,000.00	750,141,000,000.00
- 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	7.7	7.7	7.7	7.7	7.7	7.7	0.0	7.7	7.7	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	185.8	185.8	—	—	185.8	185.8	7.7	0.0	185.8	185.8	185.8	185.8
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	—	—	185.8	185.8	—	0.0	185.8	185.8	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	680.2	595.5	860.4	674.1	936.7	849.8	962.0	841.4	755.1	710.4	818.9	765.6
- Accumulated retained earning at the end of the previous period	598.5	433.9	433.9	432.2	852.3	702.5	702.5	702.8	702.8	653.4	653.2	655.1
- Undistributed earnings in this period	81.7	161.6	426.6	241.9	84.4	147.4	259.6	138.7	52.3	57.0	165.7	110.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	293.9	294.2	300.8	284.7	262.3	259.5	239.5	230.3	225.0	163.4	160.9	164.9
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)	4,319.2	4,681.8	4,960.4	4,790.9	4,344.1	4,520.6	4,356.7	4,193.3	3,657.0	3,453.1	3,763.0	3,611.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	103.3	251.0	244.7	218.6	108.8	208.4	159.0	111.6	62.1	101.4	66.1	100.3
Depreciation of Fixed Assets and Investment Property	32.7	34.2	31.5	29.3	29.7	30.6	32.2	32.4	31.9	32.3	32.3	34.6
Provision (Increase)/Reversal	-6.8	-33.2	-6.0	2.9	-6.2	14.4	-2.1	-4.8	-3.5	3.6	-2.1	-7.9
FX Gain/Loss from Revaluation of Monetary Items	-6.6	0.8	-4.9	-2.0	-0.2	7.6	6.2	-10.0	-1.6	-12.7	1.9	7.4
Gain/Loss from Investment Activities	-6.9	-40.5	-18.5	-45.5	-21.4	-19.8	-24.8	-35.8	-28.1	-34.2	-27.4	-44.0
Interest Expense	15.4	15.3	16.2	19.1	13.7	13.6	11.3	18.6	9.7	11.0	12.0	11.7
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	131.0	227.6	263.0	222.5	124.4	254.9	181.8	112.1	70.5	101.5	82.8	102.2
Increase/(Decrease) in Receivables	347.1	-66.1	46.2	-400.7	397.1	102.7	-200.6	-504.6	161.3	144.8	-256.4	-195.6
Increase/(Decrease) in Inventory	-343.0	105.7	198.2	-0.9	-200.6	57.9	404.7	-217.4	-381.2	87.3	240.5	281.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-250.9	-154.7	64.9	190.8	-168.2	325.2	-20.4	16.0	-105.0	-101.7	61.5	180.6
Increase/(Decrease) in Prepaid Expenses	3.7	-4.7	5.0	-7.6	-26.8	6.9	6.9	4.5	2.4	5.8	6.7	7.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-15.4	-15.3	-16.2	-19.1	-13.7	-13.6	-11.3	-18.6	-9.7	-11.0	-12.0	-11.7
Corporate Income Tax Paid	-127.4	-0.1	-19.1	-5.8	-82.8	-20.1	-0.1	-0.1	-40.1	-13.6	-8.6	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-21.0	-0.0	-7.3	0.0	-13.1	0.0	0.0	0.0	-1.4	-0.1	-0.3	-24.5
Net Cash Flow from Operating Activities	-275.8	92.4	534.7	-20.9	16.5	713.8	361.0	-608.1	-303.1	212.9	114.1	340.5
Payments for Fixed Assets and Other Long-term Assets	-67.0	-75.1	-58.6	-80.1	-1.4	-421.3	-66.5	-3.5	-48.1	-52.8	-10.6	-60.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-622.7	-732.2	-294.9	-686.5	-271.2	-142.7	-555.3	58.0	-651.7	-654.1	-457.9	-531.1
Receipts from Loan Repayments and Sale of Debt Instruments	452.0	955.8	183.8	-29.6	647.7	396.2	277.3	454.9	481.0	685.6	319.2	520.6
Investments in Other Entities	—	—	—	—	—	0.0	-40.8	0.0	0.0	0.0	1.5	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-1.5	1.5
Dividends and Interest Income Received	12.4	47.4	26.8	50.6	26.1	24.4	29.1	35.8	28.1	36.5	25.5	43.6
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	-225.3	187.2	-142.7	-745.6	401.2	-143.5	-356.1	545.1	-190.6	15.1	-123.7	-25.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	66,150,000,000.00	0.00	0.00	49,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	743.8	919.9	784.6	808.7	829.5	816.2	1,022.2	1,299.3	977.0	890.9	685.6	748.9
Repayment of Borrowings	-775.8	-868.8	-880.0	-708.1	-880.6	-897.7	-974.7	-892.0	-741.5	-966.1	-668.7	-792.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-474.4	0.0	0.0	-0.0	-262.4	0.0	-0.0	-0.1	-187.4	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	-32.0	-423.3	-95.4	100.6	-51.1	-344.0	47.4	407.3	301.6	-262.6	16.9	5.6
Net Cash Flow During the Period	-533.1	-143.7	296.5	-665.9	366.6	226.4	52.4	344.2	-192.1	-34.5	7.2	320.8
Cash and Cash Equivalents at Beginning of Period	739.6	883.9	587.1	1,252.8	886.4	455.3	455.3	455.3	455.3	424.0	424.0	424.0
FX Difference from Revaluation	2.3	-0.3	0.3	-0.0	-0.2	0.5	-0.4	-0.0	0.0	-0.3	-0.0	-0.1
Cash and Cash Equivalents at End of Period	208.8	739.6	883.9	587.1	1,252.8	886.4	659.5	607.5	263.3	455.3	490.1	483.0

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MSH

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