MTA

Tổng Công ty Khoáng sản và Thương mại Hà Tĩnh - CTCP ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 4.03%, −1.79pp YoY

Price

13,200

Latest close

03 Jun 2026

P/E 54.00x

P/B 1.03x

EPS 244

BVPS 12,848

ROE 2.0%

ROA 1.3%

Profit Margin 2.0%

Asset Turnover 0.67x

Equity Mult. 1.49x

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

What Is Changing

On a TTM 2026Q1 basis, MTA is going through a period of clear decline across multiple metrics at once. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,350bn
	                                
−4.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 54bn
	                                
−34.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,418.4	1,460.6	1,315.1	1,346.9	1,577.0
Growth	-3%	+11%	-2%	-15%	—
Net Income	67.3	88.5	-43.9	-30.7	1.8
Net Margin	4.74%	6.06%	-3.34%	-2.28%	0.11%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	267.5	343.6	317.1	421.3	336.7	383.4	366.7	329.4	362.7	359.1	340.5	276.5
Growth	-22%	+8%	-25%	+25%	-12%	+5%	+11%	-9%	+1%	+5%	+23%	—
Net Income	16.8	2.8	11.2	23.6	29.5	33.2	24.9	-5.2	-13.2	3.9	3.8	-30.8
Net Margin	6.28%	0.80%	3.53%	5.60%	8.77%	8.65%	6.79%	-1.58%	-3.63%	1.08%	1.11%	-11.13%

Drivers of MTA's profit

TTM

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

Financial income ↑ 18.5bn

Minority interests ↓ 15.4bn

Finance costs ↑ 18.9bn

Administrative expenses ↑ 17.9bn

Other profit ↓ 8.2bn

Gross profit ↓ 7.1bn

TTM

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

Minority interests ↓ 7.2bn

Financial income ↑ 5.1bn

Administrative expenses ↓ 4.8bn

Selling expenses ↓ 2.4bn

Gross profit ↓ 31.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.8% = 5.8% × 0.67 × 1.74

2026Q1 4.1% = 4.0% × 0.67 × 1.49

ROE fell from 6.8% to 4.1% — leverage weakened the most, though asset turnover still provided support.

Net margin: 4.0% -1.8pp Asset turnover: 0.67x +0.01x Leverage: 1.49x -0.25x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 4.03%, losing 1.8pp. The main pressure is SG&A / Revenue rose 1.8pp, outweighing the improvement in Gross margin rose 0.2pp (with lingering pressure from Other profit / Revenue fell 0.6pp and Net financial result / Revenue fell 0.0pp).

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

Profitability trend

Net Margin 4.03% −1.8pp

Gross Margin 14.25% +0.2pp

SG&A / Revenue 9.60% +1.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC narrowed to 3.43%, falling 1.5pp. That translates to 3.43 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.5pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 3.43% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.43% −1.5pp

NOPAT Margin 3.97% −1.5pp

Capital Turnover 0.86x −0.03x

Average Invested Capital 1,562.5bn −20.5bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.28x equity, net debt at 0.07x equity.

Inventory ended the period at 272.2bn, roughly 15.1% of total assets.

Over the last 12 months, working capital released 307.9bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +71.3bn

Inventories increased → lower CFO: −25.9bn

Payables increased → higher CFO: +262.6bn

Working Capital Efficiency

Cash conversion cycle improved by 0.0 days versus the same period last year. The main moves came from DIO fell 3.9 days, DSO fell 1.5 days, and DPO fell 5.4 days.

Working capital cycle is flat — components are offsetting each other.

Working Capital Efficiency

Receivables 33.7 days −1.5 days

Inventory 76.8 days −3.9 days

Payables 50.9 days −5.4 days

Cash Conversion Cycle 59.6 days −0.0 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 0.07x and interest coverage only at 1.97x.

At present, short-term debt accounts for 93.2% of total debt, cash equals 24.3% of debt, and total debt stands at 127.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.97x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 93.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.07x −0.21x

Interest Coverage 1.97x −4.50x

Cash / Debt 24.3% +10.2pp

Short-term Debt / Total Debt 93.2% +67.1pp

CFO / NI 10.78x +7.20x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 361.3bn in 2025, against investing cash flow of -388.3bn.

Post-investment cash flow was negative +26.9bn. Financing cash flow was negative +51.2bn.

CFO / net income was 10.78x.

After spending +14.1bn on fixed-asset investment, the business generated trailing free cash flow of +276.4bn.

Cash Conversion

CFO TTM 290.5bn +148.9bn

Cash Capex 14.1bn −126.0bn

FCF TTM +276.4bn +274.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 10.78x. The main risk still sits in core profitability, with net margin down 1.8 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 10.78x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 4.03% after a 1.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,422.1	1,463.3	1,316.8	1,347.8	1,599.3
Revenue Deductions	3.7	2.8	1.6	0.9	0.0
Net Revenue	1,418.4	1,460.6	1,315.1	1,346.9	1,577.0
Cost of Goods Sold	1,195.3	1,251.3	1,261.6	1,275.1	0.0
Gross Profit	223.1	209.3	53.5	71.9	146.2
Financial Income	24.8	26.8	21.6	22.5	10.8
Financial Expenses	32.5	16.6	17.4	16.5	-15.1
Interest Expense	24.3	13.7	16.6	12.0	-15.0
Share of Associates and Joint Ventures	—	1.5	1.8	0.8	-0.0
Selling Expenses	35.7	37.1	26.7	34.3	-42.7
General and Administrative Expenses	101.0	91.6	70.5	69.1	-84.6
Operating Profit	78.7	92.2	-37.6	-24.8	14.7
Other Income	1.8	7.4	7.1	6.8	0.0
Other Expenses	7.1	1.7	1.4	1.2	0.0
Other Profit	-5.3	5.8	5.7	5.6	1.6
Profit Before Tax	73.3	98.0	-31.9	-19.2	16.3
Current Income Tax Expense	10.3	9.3	9.0	8.4	-14.5
Deferred Income Tax Expense	-4.3	0.2	2.9	3.1	0.0
Net Income	67.3	88.5	-43.9	-30.7	1.8
Non-controlling Interest	34.7	40.7	-18.0	-19.6	5.7
Profit Attributable to Parent	32.6	47.9	-25.8	-11.1	-3.9
Earnings per Share	296.00	423.00	-235.00	-101.00	15.00
Diluted EPS	296.00	423.00	-234.55	-101.24	-35.85

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	786.6	712.5	626.8	631.4	620.0
I. Cash and cash equivalents	23.4	99.9	67.1	44.8	113.9
1. Cash	23.4	78.4	49.9	44.5	0.0
2. Cash equivalents	—	21.5	17.2	0.3	0.0
II. Short-term financial investments	357.2	169.3	138.1	174.0	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	357.2	169.3	138.1	174.0	0.0
III. Short-term receivables	98.3	144.8	122.8	115.6	123.1
1. Short-term trade accounts receivable	119.1	146.6	131.0	126.6	0.0
2. Short-term prepayments to suppliers	16.3	17.3	14.9	19.8	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	9.9	25.8	19.2	18.9	0.0
7. Provision for short-term doubtful debts (*)	-47.0	-44.8	-42.4	-49.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	272.2	262.5	258.5	262.0	261.5
1. Inventories	272.2	262.5	266.9	262.5	0.0
2. Provision for decline in value of inventories	—	-0.0	-8.4	-0.5	0.0
V. Other short-term assets	35.4	36.1	40.4	34.9	24.8
1. Short-term prepayments	33.7	22.2	19.7	14.7	0.0
2. Value added tax to be reclaimed	0.1	12.0	18.1	16.8	0.0
3. Taxes and other receivables from state authorities	1.7	1.9	2.6	3.4	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)	1,018.9	1,394.3	1,420.1	1,418.6	1,396.4
I. Long-term receivables	0.2	6.1	5.8	5.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.8
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	0.2	6.1	5.8	5.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	221.3	582.9	633.5	689.5	596.1
1. Tangible fixed assets	209.2	576.7	626.4	681.4	586.9
- Cost	754.8	1,539.1	1,534.9	1,544.6	0.0
- Accumulated depreciation	-545.6	-962.5	-908.4	-863.2	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	12.2	6.2	7.1	8.1	9.3
- Cost	30.1	22.8	22.8	22.8	0.0
- Accumulated depreciation	-17.9	-16.6	-15.7	-14.7	0.0
III. Investment properties	67.3	69.5	71.6	73.7	71.5
- Cost	85.5	85.5	85.5	85.5	0.0
- Accumulated depreciation	-18.2	-16.0	-13.9	-11.8	0.0
IV. Long-term assets in progress	8.1	411.0	383.7	324.1	424.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.1	411.0	383.7	324.1	0.0
V. Long-term financial investments	649.1	253.7	252.5	250.1	254.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	404.5	9.0	7.5	3.7	0.0
3. Investments in other entities	247.4	247.4	247.4	248.4	0.0
4. Provision for diminution in value of long-term investments	-2.8	-2.7	-2.4	-2.1	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	72.8	71.0	73.0	75.4	0.0
1. Long-term prepayments	72.8	71.0	73.0	75.4	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	43.5
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)	1,805.4	2,106.8	2,046.9	2,050.0	2,016.4
A. LIABILITIES (300=210+330)	394.3	866.4	879.6	822.7	738.7
I. Short -term liabilities	357.8	552.9	561.5	580.6	481.2
1. Short-term trade accounts payable	132.8	215.2	200.9	243.4	156.6
2. Short-term advances from customers	13.6	20.3	16.1	20.1	20.6
3. Taxes and other payables to state authorities	9.3	7.1	11.1	6.9	0.0
4. Payable to employees	26.3	35.1	29.9	26.8	0.0
5. Short-term acrrued expenses	27.0	28.6	41.5	33.4	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	—	2.9	3.0	3.0	3.0
9. Other short-term payables	38.1	106.3	100.3	95.8	0.0
10. Short-term borrowings and financial leases	100.7	124.6	138.7	125.6	107.5
11. Provision for short-term liabilities	—	0.0	3.3	6.9	0.0
12.. Bonus and welfare fund	10.0	12.7	16.7	18.7	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	36.5	313.5	318.1	242.1	257.6
1. Long-term trade payables	0.1	0.1	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	—	5.3	8.2	11.2	12.2
7. Other long-term liabilities	—	0.9	0.9	0.8	0.0
8. Long-term borrowings and financial leases	8.7	275.2	277.2	203.0	220.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	27.7	32.0	31.8	27.1	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,411.1	1,240.4	1,167.3	1,227.3	1,277.7
I. Owner's equity	1,397.7	1,227.1	1,153.7	1,213.6	0.0
1. Owner's capital	1,101.1	1,101.1	1,101.1	1,101.1	1,264.0
- Common stock with voting right	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.0	4.0	4.0	4.1	3.8
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	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00	0.00
6. Assets revaluation differences	5.7	-1.1	-1.1	-1.1	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	40.6	39.2	36.3	33.6	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	200.8	-69.3	-106.8	-56.8	-27.8
- Accumulated retained earning at the end of the previous period	-83.8	-116.0	-80.9	-45.7	-23.8
- Undistributed earnings in this period	284.6	46.6	-26.0	-11.1	-3.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	45.5	153.2	120.1	132.7	150.8
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	13.4	13.4	13.7	13.7	13.7
1. Subsidized not-for-profit funds	13.4	13.4	13.7	13.7	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)	1,805.4	2,106.8	2,046.9	2,050.0	2,016.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	73.3	98.0	-31.9	-19.0	16.3
Depreciation of Fixed Assets and Investment Property	72.7	63.2	65.7	66.9	71.7
Provision (Increase)/Reversal	2.2	-9.1	-2.5	-2.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.4	-5.5	-3.9	0.3	0.0
Gain/Loss from Investment Activities	-29.6	-20.7	-20.1	-16.3	0.0
Interest Expense	24.3	13.7	16.6	12.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	-2.0	6.1	0.0	0.0
Operating Profit Before Changes in Working Capital	144.4	137.7	29.9	41.8	102.3
Increase/(Decrease) in Receivables	65.6	-20.1	-1.8	9.1	0.0
Increase/(Decrease) in Inventory	-9.8	4.4	-4.4	-0.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	207.1	14.5	-38.1	40.1	0.0
Increase/(Decrease) in Prepaid Expenses	-13.2	-0.4	-4.4	-39.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-25.5	-14.7	-14.5	-10.1	0.0
Corporate Income Tax Paid	-3.5	-11.9	-6.3	-6.4	0.0
Other Operating Receipts	—	0.0	0.0	0.1	0.0
Other Operating Payments	-3.8	-9.6	-10.9	-8.1	0.0
Net Cash Flow from Operating Activities	361.3	99.8	-50.6	26.9	90.4
Payments for Fixed Assets and Other Long-term Assets	-128.1	-37.7	-65.8	-36.9	-38.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	0.4	1.9	5.1	0.0
Loans and Purchases of Debt Instruments	-737.0	-114.7	-138.1	-177.1	-96.6
Receipts from Loan Repayments and Sale of Debt Instruments	448.6	83.5	174.0	140.6	108.6
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	1.0	0.0	0.0
Dividends and Interest Income Received	27.0	20.8	19.4	12.9	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	-388.3	-47.7	-7.5	-55.4	-15.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	10,248,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	347.9	417.8	500.6	368.5	265.7
Repayment of Borrowings	-376.3	-433.8	-413.4	-367.2	-263.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-22.9	-3.6	-21.0	-3.2	-27.4
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	-51.2	-19.6	76.5	-1.9	-25.2
Net Cash Flow During the Period	-78.1	32.5	18.4	-30.4	-37.5
Cash and Cash Equivalents at Beginning of Period	99.9	67.1	44.8	75.4	63.9
FX Difference from Revaluation	1.6	0.3	3.9	-0.2	0.0
Cash and Cash Equivalents at End of Period	23.4	99.9	67.1	44.8	113.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	268.0	344.1	318.6	422.0	337.8	383.9	367.4	329.4	363.5	359.5	340.7	276.7
Revenue Deductions	0.5	0.6	1.5	0.6	1.1	0.5	0.7	0.0	0.8	0.4	0.2	0.2
Net Revenue	267.5	343.6	317.1	421.3	336.7	383.4	366.7	329.4	362.7	359.1	340.5	276.5
Cost of Goods Sold	239.8	303.0	271.7	342.7	278.0	320.4	310.3	308.1	349.6	333.7	317.1	287.2
Gross Profit	27.7	40.6	45.4	78.7	58.8	63.0	56.4	21.3	13.1	25.4	23.3	-10.7
Financial Income	6.0	21.8	1.1	1.6	1.0	0.7	7.3	3.1	10.5	1.8	9.5	2.7
Financial Expenses	2.1	13.1	7.9	9.4	3.1	2.9	5.0	2.6	5.9	2.7	0.6	3.4
Interest Expense	2.1	14.2	4.1	9.6	2.8	2.3	2.6	2.6	20.7	2.5	0.2	3.2
Share of Associates and Joint Ventures	3.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.1	7.9	5.1	14.2	8.5	7.2	8.6	7.3	7.9	5.4	8.4	5.1
General and Administrative Expenses	12.3	32.0	19.8	32.1	17.1	17.6	25.3	18.3	19.3	17.5	15.4	13.4
Operating Profit	16.2	9.5	13.7	24.6	31.1	35.9	24.7	-3.8	-9.4	1.6	8.5	-30.0
Other Income	2.3	1.3	0.2	0.8	0.5	1.7	3.3	0.5	1.7	4.5	0.0	1.1
Other Expenses	0.9	7.1	0.0	0.7	0.3	0.3	1.2	0.1	1.0	0.3	0.4	0.1
Other Profit	1.4	-5.8	0.1	0.1	0.2	1.3	2.1	0.4	0.7	4.3	-0.3	1.0
Profit Before Tax	17.7	3.7	13.8	24.7	31.3	37.3	26.8	-3.4	-8.7	5.8	8.2	-29.0
Current Income Tax Expense	0.9	2.8	2.6	3.5	1.8	4.1	2.8	1.8	2.9	1.9	2.4	1.8
Deferred Income Tax Expense	-0.0	-1.9	—	-2.4	—	0.0	-0.9	0.0	1.6	0.0	2.0	0.0
Net Income	16.8	2.8	11.2	23.6	29.5	33.2	24.9	-5.2	-13.2	3.9	3.8	-30.8
Non-controlling Interest	6.7	3.0	4.5	13.2	13.9	14.9	13.8	0.2	-3.9	2.0	-2.4	-14.7
Profit Attributable to Parent	10.1	-0.3	6.7	10.4	15.6	18.3	11.1	-5.4	-9.3	1.9	6.2	-16.0
Earnings per Share	92.00	-3.00	61.00	94.46	142.00	166.00	100.00	-49.10	-84.81	17.21	57.00	-146.00
Diluted EPS	92.00	-3.00	61.00	94.46	142.00	166.00	100.00	-49.10	-84.81	17.21	56.30	-146.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	813.9	788.2	686.1	695.2	665.6	637.9	590.3	616.8	656.7	632.8	626.7	582.6
I. Cash and cash equivalents	30.8	28.5	63.5	65.1	56.6	85.2	54.3	47.4	59.1	48.5	41.0	39.9
1. Cash	30.8	23.4	32.8	55.8	47.3	73.1	45.2	39.3	51.1	41.3	40.7	39.6
2. Cash equivalents	—	5.0	30.7	9.3	9.3	12.1	9.2	8.1	8.0	7.2	0.3	0.3
II. Short-term financial investments	357.3	352.1	167.2	185.4	161.3	104.4	93.1	147.0	145.6	162.0	158.6	166.0
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	357.3	352.1	167.2	185.4	161.3	104.4	93.1	147.0	145.6	162.0	158.6	166.0
III. Short-term receivables	89.3	98.6	137.1	139.9	136.4	145.6	133.9	128.1	153.5	139.3	134.4	99.5
1. Short-term trade accounts receivable	108.4	119.1	139.4	152.3	140.5	152.5	143.8	133.6	132.4	145.0	145.7	116.1
2. Short-term prepayments to suppliers	16.0	16.5	24.8	18.6	24.9	19.5	16.0	19.4	15.4	22.1	19.8	17.0
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	30.3	0.0	0.0	0.0
6. Other short-term receivables	11.9	9.9	19.2	15.4	15.8	16.3	16.8	17.5	19.7	17.9	19.6	19.7
7. Provision for short-term doubtful debts (*)	-47.0	-47.0	-46.4	-46.4	-44.8	-42.7	-42.7	-42.4	-44.4	-45.7	-50.8	-53.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	215.1	272.0	274.9	259.1	272.1	261.6	263.3	252.1	258.0	253.5	257.2	238.8
1. Inventories	215.1	272.0	280.0	259.2	272.2	261.6	263.3	254.8	266.3	253.9	257.6	239.2
2. Provision for decline in value of inventories	—	—	-5.1	-0.0	-0.0	-0.0	-0.0	-2.7	-8.4	-0.5	-0.5	-0.5
V. Short-term Biological Assets	73.1	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	73.1	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	48.2	37.0	43.3	45.7	39.1	41.1	45.7	42.2	40.6	29.6	35.6	38.5
1. Short-term prepayments	45.8	35.3	24.8	25.3	23.4	23.7	28.4	25.4	19.9	15.8	19.2	20.3
2. Value added tax to be reclaimed	0.5	0.0	16.5	18.4	13.7	15.3	14.7	14.2	18.1	11.2	14.0	15.9
3. Taxes and other receivables from state authorities	1.9	1.7	2.0	2.0	1.9	2.0	2.6	2.6	2.6	2.6	2.4	2.4
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)	1,026.5	1,014.5	1,466.5	1,482.4	1,494.6	1,449.3	1,463.4	1,403.8	1,418.7	1,384.3	1,399.1	1,406.5
I. Long-term receivables	0.2	0.2	0.2	6.0	6.1	6.1	5.8	5.8	5.8	5.8	5.8	5.8
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	0.0
6. Other long-term receivables	0.2	0.2	0.2	6.0	6.1	6.1	5.8	5.8	5.8	5.8	5.8	5.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	213.0	221.3	1,056.7	1,072.6	1,076.3	594.0	606.6	618.6	634.8	648.4	662.7	676.5
1. Tangible fixed assets	201.3	209.2	1,045.0	1,060.5	1,070.3	587.6	599.9	611.7	627.7	641.1	655.1	668.7
- Cost	752.8	—	—	—	—	1,538.9	1,537.0	1,535.2	1,534.7	1,538.2	1,544.8	1,543.3
- Accumulated depreciation	-551.5	—	—	—	—	-951.4	-937.1	-923.5	-907.0	-897.2	-889.7	-874.6
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	11.8	12.2	11.7	12.1	6.0	6.4	6.7	6.9	7.1	7.3	7.5	7.8
- Cost	30.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-18.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	30.5	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	30.2	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	14.2	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	16.0	—	—	—	—	—	—	—	—	—	—	—
- Cost	19.9	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-3.9	—	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	0.2	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	66.8	67.3	67.9	68.4	68.9	70.0	70.5	71.1	70.2	72.1	72.6	73.2
- Cost	85.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-18.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	10.5	8.1	10.1	9.9	18.5	399.7	399.6	385.4	383.8	333.7	331.9	323.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	10.5	8.1	10.1	9.9	18.5	399.7	399.6	385.4	383.8	333.7	331.9	323.0
V. Long-term financial investments	652.2	648.9	253.7	253.7	253.7	313.6	310.3	253.3	251.4	251.2	249.4	249.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	407.6	404.5	9.0	9.0	9.0	7.5	7.5	8.2	5.9	5.9	3.7	3.7
3. Investments in other entities	247.4	247.4	247.4	247.4	247.4	247.4	247.4	247.5	247.4	247.4	247.5	247.4
4. Provision for diminution in value of long-term investments	-2.8	-3.0	-2.7	-2.7	-2.7	-2.7	-2.4	-2.4	-1.9	-2.1	-1.9	-2.1
5. Held to maturity investments	—	—	—	—	—	61.3	57.8	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	53.3	68.6	77.9	71.9	71.0	65.9	70.6	69.6	72.8	73.1	76.8	79.0
1. Long-term prepayments	53.3	68.6	77.9	71.9	71.0	65.9	70.6	69.6	72.8	73.1	76.8	79.0
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)	1,840.5	1,802.7	2,152.5	2,177.6	2,160.2	2,087.2	2,053.7	2,020.5	2,075.4	2,017.1	2,025.9	1,989.1
A. LIABILITIES (300=210+330)	425.7	391.8	860.0	896.3	892.4	881.2	880.9	855.3	910.2	831.3	831.6	798.0
I. Short -term liabilities	389.3	350.5	490.0	562.4	556.1	566.3	565.1	527.8	579.9	535.8	591.0	555.1
1. Short-term trade accounts payable	149.5	130.4	197.7	222.6	173.0	200.2	195.3	178.0	202.0	176.0	254.8	232.4
2. Short-term advances from customers	14.0	13.3	-4.5	2.1	26.6	30.2	22.4	26.1	16.3	26.8	20.9	21.9
3. Dividends and profits payable	7.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	8.7	9.6	11.3	11.1	8.4	15.3	12.2	10.6	11.1	10.2	9.5	5.8
4. Payable to employees	10.1	26.3	27.6	26.5	14.7	28.3	27.6	22.2	29.5	23.6	19.5	15.7
5. Short-term acrrued expenses	26.9	27.0	42.6	29.1	28.8	33.6	33.3	35.9	41.6	43.6	35.9	34.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.1	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	0.2	—	0.8	1.4	2.3	3.0	3.0	3.6	3.0	3.5	3.1	3.3
9. Other short-term payables	49.1	38.1	117.9	122.9	111.2	108.7	107.1	101.2	100.8	111.2	106.5	102.3
10. Short-term borrowings and financial leases	118.4	95.9	80.2	85.8	104.8	121.5	131.4	126.9	155.7	111.1	119.7	119.5
11. Provision for short-term liabilities	—	—	3.0	43.7	77.9	11.0	15.4	10.8	3.2	14.3	6.8	6.5
12.. Bonus and welfare fund	4.7	10.0	13.3	17.0	8.4	14.5	17.6	12.5	16.7	15.5	14.2	13.3
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	36.5	41.3	370.0	333.9	336.3	315.0	315.7	327.5	330.3	295.5	240.6	242.9
1. Long-term trade payables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	—	—	5.3	5.3	5.3	6.0	6.7	7.5	8.2	9.0	9.7	10.5
7. Other long-term liabilities	—	—	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.8	0.8	0.8
8. Long-term borrowings and financial leases	8.7	13.5	334.1	298.0	298.0	277.2	277.2	287.3	290.1	256.2	201.1	204.6
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	27.7	27.7	29.6	29.6	32.0	30.9	30.9	31.8	31.1	29.5	28.8	27.0
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)	1,414.7	1,410.9	1,292.5	1,281.3	1,267.8	1,205.9	1,172.8	1,165.2	1,165.2	1,185.8	1,194.3	1,191.1
I. Owner's equity	1,414.7	1,397.6	1,279.2	1,268.0	1,254.4	1,192.6	1,159.4	1,151.6	1,151.5	1,172.1	1,180.6	1,177.5
1. Owner's capital	1,101.1	1,101.1	1,101.1	1,101.1	1,101.1	1,101.1	1,101.1	1,101.1	1,101.1	1,101.1	1,101.1	1,101.1
- Common stock with voting right	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00	1,093,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00	1,101,135,914,618.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	8,000,000,000.00	0.00	0.00	0.00
2. Share premium	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.6	4.1
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	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00	-40,728,290.00
6. Assets revaluation differences	5.7	5.7	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	40.6	40.6	43.5	43.5	40.2	39.2	39.2	36.3	36.3	36.3	33.6	33.6
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	211.1	200.7	-48.9	-55.6	-55.3	-92.1	-110.4	-109.1	-109.3	-92.6	-78.5	-78.4
- Accumulated retained earning at the end of the previous period	201.0	-83.8	-81.6	-81.6	-70.9	-116.1	-116.0	-103.7	-87.4	-80.0	-25.3	-62.3
- Undistributed earnings in this period	10.1	284.5	32.7	26.0	15.6	23.9	5.7	-5.4	-21.9	-12.6	-53.1	-16.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	52.2	45.5	180.5	176.0	165.5	141.4	126.6	120.3	120.4	124.4	120.9	118.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	13.4	13.4	13.4	13.4	13.4	13.4	13.7	13.7	13.7	13.7	13.7
1. Subsidized not-for-profit funds	—	13.4	13.4	13.4	13.4	13.4	13.4	13.7	13.7	13.7	13.7	13.7
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)	1,840.5	1,802.7	2,152.5	2,177.6	2,160.2	2,087.2	2,053.7	2,020.5	2,075.4	2,017.1	2,025.9	1,989.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	17.7	3.5	13.8	24.7	31.3	37.5	26.6	-3.4	-12.5	5.8	3.7	-29.0
Depreciation of Fixed Assets and Investment Property	8.6	19.0	19.0	19.0	15.8	15.7	15.8	16.0	16.1	16.3	17.2	16.1
Provision (Increase)/Reversal	—	-7.4	-35.6	-32.6	77.9	-4.4	2.5	1.8	-6.0	7.4	-7.6	3.6
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.4	1.0	0.0	-0.0	-0.2	-2.3	-2.4	-2.5	-0.2	-1.2	0.0
Gain/Loss from Investment Activities	-5.2	-25.7	-1.8	-1.0	-1.1	-0.6	-4.0	-0.8	-6.2	-1.8	-9.4	-2.7
Interest Expense	2.1	7.8	4.1	9.6	2.8	2.3	2.6	2.6	7.2	2.5	3.5	3.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	-1.5	1.5	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	-5.2	3.1	4.6	-2.7	4.2	0.0
Operating Profit Before Changes in Working Capital	23.2	-2.4	0.5	19.7	126.7	50.3	35.9	16.8	0.7	27.4	10.5	-8.7
Increase/(Decrease) in Receivables	8.4	61.5	10.2	-8.8	2.8	-13.9	-9.9	-0.1	9.3	-13.3	-13.4	15.7
Increase/(Decrease) in Inventory	-25.8	7.7	-20.9	13.0	-9.7	1.7	-8.5	12.1	-13.0	6.4	-21.1	23.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.2	250.0	-35.5	44.9	-52.3	15.3	31.2	-27.4	-36.2	-10.8	35.4	-26.5
Increase/(Decrease) in Prepaid Expenses	-10.4	-3.7	-5.5	-2.8	-1.3	9.3	-4.0	-2.2	-5.7	7.1	3.3	-9.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.6	-26.1	12.2	-9.2	-2.5	-2.1	-5.7	-2.9	-5.2	-5.2	-0.9	-3.2
Corporate Income Tax Paid	-1.8	-3.0	-0.1	—	-0.4	-1.7	0.0	-4.7	-1.0	0.3	-4.7	-0.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-7.5	3.5	-3.7	1.3	-4.8	-3.1	0.9	-4.3	-5.6	1.3	-6.6	0.0
Net Cash Flow from Operating Activities	-12.3	287.3	-43.0	58.5	58.5	55.8	40.0	-12.7	-56.6	13.0	2.6	-9.6
Payments for Fixed Assets and Other Long-term Assets	-3.8	4.7	-8.9	-6.1	-117.7	-2.7	-19.2	-0.5	-43.9	-1.8	-17.1	-3.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	1.1	0.0	0.0	0.1	0.7	0.0	0.2	1.0	0.4	0.1	0.4
Loans and Purchases of Debt Instruments	-20.0	-519.2	-103.6	-80.6	-33.5	-47.9	-76.6	0.0	24.0	-2.5	-159.6	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	25.5	228.0	121.8	57.4	41.5	33.0	63.8	0.0	0.0	0.0	165.0	9.1
Investments in Other Entities	—	—	—	—	—	0.0	0.8	-0.8	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.0	0.0
Dividends and Interest Income Received	0.2	21.0	1.6	1.0	3.4	1.8	5.8	0.6	7.1	6.6	3.1	2.7
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	1.9	-264.5	10.9	-29.8	-104.8	-15.0	-25.4	-0.5	-11.8	2.7	-7.5	9.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	-77,000,000.00	0.00	10,325,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	84.0	-118.8	0.0	137.6	329.1	46.2	86.9	140.4	206.6	119.1	75.5	99.3
Repayment of Borrowings	-66.3	76.0	30.5	-156.6	-326.1	-56.0	-94.7	-140.0	-104.8	-126.0	-78.8	-103.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-21.7	-0.0	-1.2	—	0.0	-2.4	-4.5	-17.1	-1.7	-2.2	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	17.7	-64.5	30.5	-20.1	3.0	-9.9	-10.1	-4.1	84.6	-8.5	4.9	-4.4
Net Cash Flow During the Period	7.4	-41.7	-1.7	8.5	-43.3	30.9	4.5	-17.3	16.1	7.2	0.0	-4.9
Cash and Cash Equivalents at Beginning of Period	23.4	63.5	65.1	56.6	99.9	67.1	67.1	67.1	44.8	44.8	44.8	44.8
FX Difference from Revaluation	—	1.6	—	—	—	0.0	2.4	-2.4	2.5	0.2	1.2	0.0
Cash and Cash Equivalents at End of Period	30.8	23.4	63.5	65.1	56.6	85.2	54.3	47.4	67.1	48.5	41.1	39.9

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MTA

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