NT2

Điện lực Dầu khí Nhơn Trạch 2 ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 13.37%, +9.61pp YoY

Price

22,500

Latest close

04 Jun 2026

P/E 5.81x

P/B 1.29x

EPS 3,872

BVPS 17,505

ROE 25.3%

ROA 13.5%

Profit Margin 13.4%

Asset Turnover 1.01x

Equity Mult. 1.88x

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

What Is Changing

On a TTM 2026Q1 basis, NT2 is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 8,548bn
	                                
+20.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,143bn
	                                
+327.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	7,958.2	5,943.7	6,385.9	8,787.7	6,149.6
Growth	+34%	-7%	-27%	+43%	—
Net Income	1,130.3	82.9	473.1	883.4	533.8
Net Margin	14.20%	1.39%	7.41%	10.05%	8.68%

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	2,171.7	2,367.3	1,928.2	2,081.3	1,426.7	1,791.8	1,711.8	2,186.1	261.9	1,200.5	816.4	2,182.8
Growth	-8%	+23%	-7%	+46%	-20%	+5%	-22%	+735%	-78%	+47%	-63%	—
Net Income	180.0	422.2	214.2	326.2	37.0	64.0	44.3	122.2	-158.2	240.1	-123.8	144.2
Net Margin	8.29%	17.84%	11.11%	15.68%	2.59%	3.57%	2.59%	5.59%	-60.39%	20.00%	-15.16%	6.61%

Drivers of NT2's profit

TTM

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

Gross profit ↑ 959.7bn

Tax ↑ 134.8bn

TTM

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

Gross profit ↑ 172.9bn

Financial income ↑ 26.6bn

Tax ↑ 36.7bn

Administrative expenses ↑ 15.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.7% = 3.8% × 0.91 × 1.96

2026Q1 25.3% = 13.4% × 1.01 × 1.88

ROE rose from 6.7% to 25.3% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 13.4% +9.6pp Asset turnover: 1.01x +0.09x Leverage: 1.88x -0.08x

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 13.37%, rising 9.6pp. The main driver is Gross margin rose 10.5pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.0pp remained a drag).

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

Profitability trend

Net Margin 13.37% +9.6pp

Gross Margin 14.81% +10.5pp

SG&A / Revenue 1.06% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 19.4% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 19.39%, rising 14.1pp. That translates to 19.39 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 9.6pp, with capital turnover broadly stable; while invested capital rose by 863bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 19.39% +14.1pp

NOPAT Margin 13.35% +9.6pp

Capital Turnover 1.45x +0.04x

Average Invested Capital 5,886.3bn +863.0bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.91x equity, net debt at 0.27x equity.

Over the last 12 months, working capital released 448.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −721.9bn

Inventories increased → lower CFO: −17.4bn

Payables increased → higher CFO: +1,188.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 44.4 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO rose 21.9 days, and DPO fell 23.3 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +44.4 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +21.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 137.6 days +21.9 days

Inventory 17.2 days −0.7 days

Payables 91.8 days −23.3 days

Cash Conversion Cycle 63.0 days +44.4 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 0.27x and interest coverage at 18.29x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.0% of debt, and total debt stands at 1,342.7bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 0.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.27x −0.08x

Interest Coverage 18.29x +11.75x

Cash / Debt 0.0% −0.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.78x −0.41x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,003.2bn in 2025, against investing cash flow of -1,372.3bn.

Post-investment cash flow was negative +369.1bn. Financing cash flow was positive +334.5bn.

CFO / net income was 1.78x.

After spending +9.5bn on fixed-asset investment, the business generated trailing free cash flow of +2,023.0bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 2,032.4bn +1,447.4bn

Cash Capex 9.5bn —

FCF TTM +2,023.0bn —

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 9.6 pp. The next item to monitor is capital efficiency, with ROIC at 19.4%. The main risk still sits in leverage and liquidity, with interest coverage at 18.29x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.37% after expanding 9.6pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.27x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7,958.2	5,943.7	6,385.9	8,787.7	6,149.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	7,958.2	5,943.7	6,385.9	8,787.7	6,149.6
Cost of Goods Sold	6,710.4	5,892.2	5,875.6	7,706.2	0.0
Gross Profit	1,247.8	51.5	510.3	1,081.5	675.8
Financial Income	170.4	99.9	106.8	24.4	17.7
Financial Expenses	66.4	38.7	34.5	17.8	-52.0
Interest Expense	64.7	34.9	33.8	15.4	-20.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	84.9	81.2	69.0	131.4	-82.9
Operating Profit	1,266.9	31.6	513.7	956.7	558.6
Other Income	4.2	73.2	2.4	1.2	0.0
Other Expenses	3.2	0.9	2.4	14.9	0.0
Other Profit	1.1	72.3	-0.1	-13.7	7.2
Profit Before Tax	1,268.0	104.0	513.6	943.0	565.8
Current Income Tax Expense	137.7	21.1	40.5	45.0	-32.1
Deferred Income Tax Expense	—	0.0	0.0	14.6	0.0
Net Income	1,130.3	82.9	473.1	883.4	533.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1,130.3	82.9	473.1	883.4	533.8
Earnings per Share	3,829.00	276.00	1,546.00	2,992.00	1,844.00
Diluted EPS	3,926.29	287.95	1,643.33	3,068.74	1,854.23

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,033.4	5,773.8	4,770.2	4,556.8	2,581.0
I. Cash and cash equivalents	22.3	57.0	1.2	384.3	1.0
1. Cash	22.3	7.0	1.2	2.3	0.0
2. Cash equivalents	—	50.0	0.0	382.0	0.0
II. Short-term financial investments	3,757.5	2,273.5	2,100.4	949.0	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	3,757.5	2,273.5	2,100.4	949.0	0.0
III. Short-term receivables	3,894.8	2,988.7	2,325.6	2,911.4	2,230.4
1. Short-term trade accounts receivable	3,770.2	2,933.3	2,253.6	2,890.8	0.0
2. Short-term prepayments to suppliers	—	0.0	2.7	2.7	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	124.6	79.7	93.7	59.1	0.0
7. Provision for short-term doubtful debts (*)	—	-24.3	-24.3	-41.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	354.1	332.6	260.4	307.5	310.9
1. Inventories	354.1	332.6	260.4	307.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.7	122.1	82.7	4.7	38.2
1. Short-term prepayments	4.7	4.7	4.7	4.7	0.0
2. Value added tax to be reclaimed	—	117.4	78.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	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)	1,239.9	2,924.0	3,680.9	2,888.0	4,043.0
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	896.8	1,441.7	2,125.2	2,809.1	3,496.4
1. Tangible fixed assets	874.9	1,419.6	2,103.6	2,787.4	3,474.7
- Cost	11,344.0	11,332.5	11,329.7	11,327.5	0.0
- Accumulated depreciation	-10,469.1	-9,912.9	-9,226.1	-8,540.0	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	21.8	22.1	21.6	21.6	21.7
- Cost	31.6	31.6	31.0	31.4	0.0
- Accumulated depreciation	-9.8	-9.6	-9.4	-9.8	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	—	0.0	0.0	0.0	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	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	343.1	1,482.4	1,555.7	78.9	0.0
1. Long-term prepayments	343.1	1,482.4	1,555.7	78.9	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	545.5
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)	9,273.3	8,697.8	8,451.2	7,444.8	6,624.1
A. LIABILITIES (300=210+330)	4,413.9	4,508.8	4,115.3	2,830.9	2,390.5
I. Short -term liabilities	4,413.9	4,508.8	4,115.3	2,830.9	2,390.5
1. Short-term trade accounts payable	1,234.3	2,252.9	1,679.9	769.5	1,033.9
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	88.9	23.4	50.3	159.0	0.0
4. Payable to employees	53.1	21.0	31.8	19.0	0.0
5. Short-term acrrued expenses	1,216.3	1,153.7	1,087.8	1,194.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	49.5	49.0	49.9	48.7	0.0
10. Short-term borrowings and financial leases	1,762.3	996.4	1,200.0	630.5	210.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.5	12.4	15.5	10.0	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	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
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	—	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)	4,859.4	4,189.1	4,335.8	4,613.8	4,233.6
I. Owner's equity	4,859.4	4,189.1	4,335.8	4,613.8	0.0
1. Owner's capital	2,878.8	2,878.8	2,878.8	2,878.8	4,233.6
- Common stock with voting right	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.5	-0.5	-0.5	-0.5	-0.5
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	226.1	226.1	226.1	181.9	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	1,755.0	1,084.7	1,231.5	1,553.6	1,195.7
- Accumulated retained earning at the end of the previous period	624.7	1,001.8	758.4	670.2	661.9
- Undistributed earnings in this period	1,130.3	82.9	473.1	883.4	533.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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)	9,273.3	8,697.8	8,451.2	7,444.8	6,624.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,268.0	104.0	513.6	943.0	565.8
Depreciation of Fixed Assets and Investment Property	556.4	687.1	687.2	688.8	690.5
Provision (Increase)/Reversal	-24.3	0.0	-16.9	41.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-3.5	0.4	0.0	0.0
Gain/Loss from Investment Activities	-167.5	-94.7	-98.8	-20.5	0.0
Interest Expense	64.7	34.9	33.8	15.4	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	1,697.2	727.7	1,119.3	1,667.9	1,265.4
Increase/(Decrease) in Receivables	-717.8	-717.5	558.7	-671.9	0.0
Increase/(Decrease) in Inventory	-21.5	-72.2	47.1	3.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-915.4	600.6	715.2	22.1	0.0
Increase/(Decrease) in Prepaid Expenses	1,139.3	73.3	-1,476.8	452.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-62.6	-32.9	-33.6	-15.0	0.0
Corporate Income Tax Paid	-84.9	-20.1	-47.5	-46.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-31.0	-31.3	-25.9	-28.9	0.0
Net Cash Flow from Operating Activities	1,003.2	527.7	856.6	1,383.4	1,074.3
Payments for Fixed Assets and Other Long-term Assets	-9.2	-3.6	-3.4	-1.5	-2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-4,957.5	-4,110.4	-2,730.4	-948.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	3,473.5	3,937.3	1,579.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	120.9	109.7	64.6	3.8	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	-1,372.3	-66.8	-1,090.1	-946.2	8.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,750.1	2,354.6	1,550.6	830.5	0.0
Repayment of Borrowings	-2,984.2	-2,558.3	-981.1	-410.0	-567.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-431.5	-201.4	-719.1	-474.4	-575.4
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	334.5	-405.1	-149.6	-53.9	-1,143.3
Net Cash Flow During the Period	-34.7	55.8	-383.1	383.3	-15.5
Cash and Cash Equivalents at Beginning of Period	57.0	1.2	384.3	1.0	61.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	22.3	57.0	1.2	384.3	1.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,171.7	2,367.3	1,928.2	2,081.3	1,426.7	1,791.8	1,711.8	2,186.1	261.9	1,200.5	816.4	2,182.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,171.7	2,367.3	1,928.2	2,081.3	1,426.7	1,791.8	1,711.8	2,186.1	261.9	1,200.5	816.4	2,182.8
Cost of Goods Sold	1,954.1	1,889.7	1,723.6	1,714.7	1,382.1	1,718.9	1,652.2	2,056.6	487.3	973.7	948.6	2,020.5
Gross Profit	217.5	477.6	204.6	366.5	44.6	72.9	59.6	129.5	-225.4	226.8	-132.1	162.2
Financial Income	57.9	52.2	48.8	38.0	31.3	34.6	26.7	19.2	19.4	32.1	35.2	17.5
Financial Expenses	18.4	18.3	16.0	18.4	13.7	10.3	11.8	8.7	7.9	11.9	10.6	4.9
Interest Expense	18.4	18.2	15.9	18.2	12.4	10.2	11.0	8.7	5.1	11.5	10.3	4.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	34.0	34.7	0.9	21.4	18.7	21.1	25.2	18.4	14.7	-9.6	16.5	17.7
Operating Profit	223.0	476.9	236.4	364.7	43.6	76.1	49.3	121.6	-228.6	256.6	-123.9	157.1
Other Income	0.5	0.6	3.0	0.3	0.4	0.7	1.2	0.7	70.6	1.4	0.4	0.3
Other Expenses	0.2	2.2	0.2	0.3	0.4	0.4	0.1	0.2	0.1	1.5	0.2	0.2
Other Profit	0.3	-1.7	2.7	0.0	-0.0	0.2	1.0	0.6	70.5	-0.1	0.2	0.2
Profit Before Tax	223.3	475.3	239.2	364.7	43.6	76.4	50.4	122.2	-158.2	256.6	-123.8	157.3
Current Income Tax Expense	43.4	53.0	24.9	38.5	6.6	12.4	6.0	0.0	0.0	16.4	0.0	13.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	180.0	422.2	214.2	326.2	37.0	64.0	44.3	122.2	-158.2	240.1	-123.8	144.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	180.0	422.2	214.2	326.2	37.0	64.0	44.3	122.2	-158.2	240.1	-123.8	144.2
Earnings per Share	601.00	1,442.00	720.00	1,109.00	104.00	211.00	154.00	424.00	-549.00	809.00	-450.00	477.00
Diluted EPS	625.19	1,466.73	744.19	1,133.29	128.40	222.38	153.90	424.44	-549.40	834.20	-429.93	501.07

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)	8,413.4	7,879.1	7,020.4	7,218.7	5,696.9	5,912.0	6,395.8	5,595.3	3,511.5	4,791.0	4,958.7	6,667.5
I. Cash and cash equivalents	0.6	22.3	4.5	20.8	8.7	57.0	3.1	35.7	7.0	1.2	65.3	275.8
1. Cash	0.6	22.3	4.5	20.8	8.7	7.0	3.1	15.7	7.0	1.2	15.1	3.2
2. Cash equivalents	—	—	—	—	—	50.0	0.0	20.0	0.0	0.0	50.2	272.7
II. Short-term financial investments	4,272.5	3,757.5	3,508.5	3,433.5	2,365.5	2,273.5	2,576.4	2,017.4	1,204.4	2,100.4	1,430.5	780.0
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	4,272.5	3,757.5	3,508.5	3,433.5	2,365.5	2,273.5	2,576.4	2,017.4	1,204.4	2,100.4	1,430.5	780.0
III. Short-term receivables	3,771.5	3,740.5	3,138.9	3,393.9	2,855.6	2,997.2	3,264.0	2,977.2	1,745.6	2,346.4	3,083.3	5,251.2
1. Short-term trade accounts receivable	3,642.5	3,615.9	3,032.4	3,305.2	2,804.1	2,941.8	3,208.1	2,938.3	1,708.0	2,250.0	3,042.0	5,220.6
2. Short-term prepayments to suppliers	0.0	—	0.2	0.2	0.2	0.0	2.2	0.0	0.0	2.7	20.6	15.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	128.9	124.6	106.2	112.8	75.6	79.7	78.0	63.2	61.9	93.7	62.0	56.6
7. Provision for short-term doubtful debts (*)	—	—	—	-24.3	-24.3	-24.3	-24.3	-24.3	-24.3	0.0	-41.2	-41.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	351.2	354.1	351.4	345.3	333.9	332.6	333.5	332.4	334.5	260.4	340.7	345.1
1. Inventories	351.2	354.1	351.4	345.3	333.9	332.6	333.5	332.4	334.5	260.4	340.7	345.1
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	17.6	4.7	17.1	25.3	133.2	251.8	218.8	232.5	220.1	82.7	38.8	15.3
1. Short-term prepayments	6.1	4.7	2.9	11.1	6.1	4.7	0.7	13.1	9.9	4.7	5.2	15.3
2. Value added tax to be reclaimed	11.5	—	14.3	14.2	127.1	247.1	218.1	219.4	210.2	78.0	33.7	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	1,175.5	1,244.9	1,303.3	1,495.9	1,688.6	4,102.7	4,003.8	4,269.5	4,698.8	3,680.0	2,878.1	2,498.6
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	858.9	901.8	932.8	1,102.7	1,270.6	1,441.7	1,613.3	1,782.9	1,954.5	2,125.2	2,297.0	2,466.1
1. Tangible fixed assets	837.1	879.9	910.9	1,080.7	1,248.6	1,419.6	1,591.3	1,760.9	1,932.4	2,103.6	2,275.4	2,444.5
- Cost	11,344.3	—	—	—	—	11,332.5	11,332.5	11,330.4	11,330.2	11,329.8	11,329.8	11,328.2
- Accumulated depreciation	-10,507.2	—	—	—	—	-9,912.9	-9,741.2	-9,569.6	-9,397.8	-9,226.2	-9,054.4	-8,883.7
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	21.8	21.8	21.9	22.0	22.0	22.1	22.0	22.0	22.1	21.6	21.6	21.6
- Cost	31.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.8	—	—	—	—	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	—	—	—	—	—	0.0	0.0	1.9	0.0	0.0	211.0	2.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	1.9	0.0	0.0	211.0	2.4
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	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	—	—	—	—	—	0.0	0.0	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	316.6	343.1	370.5	393.2	418.0	2,661.0	2,390.5	2,484.7	2,744.3	1,554.8	370.1	30.0
1. Long-term prepayments	316.6	343.1	370.5	393.2	418.0	2,661.0	2,390.5	2,484.7	2,744.3	1,554.8	370.1	30.0
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)	9,588.9	9,124.0	8,323.7	8,714.6	7,385.4	10,014.7	10,399.6	9,864.7	8,210.3	8,471.0	7,836.8	9,166.0
A. LIABILITIES (300=210+330)	4,549.5	4,395.2	3,815.6	4,420.8	3,389.7	5,836.2	6,285.1	5,794.5	4,234.1	4,112.5	3,718.4	4,493.4
I. Short -term liabilities	4,549.5	4,395.2	3,815.6	4,420.8	3,389.7	5,836.2	6,285.1	5,794.5	4,234.1	4,112.5	3,718.4	4,493.4
1. Short-term trade accounts payable	1,853.2	1,234.3	1,506.4	1,256.8	1,809.8	3,686.6	3,683.7	3,317.7	2,484.1	1,679.9	2,230.7	2,802.6
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	9.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	55.7	74.7	33.9	53.6	16.4	20.8	14.5	8.2	9.8	50.0	12.0	186.9
4. Payable to employees	23.9	43.6	10.8	6.8	7.2	17.6	16.1	1.8	0.0	31.8	8.4	11.1
5. Short-term acrrued expenses	1,223.4	1,221.3	906.3	1,039.8	98.9	1,053.3	1,075.5	1,083.3	999.2	1,085.4	470.5	1,065.3
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	40.8	49.5	49.3	49.4	50.1	49.0	49.1	49.1	49.2	49.9	49.5	48.6
10. Short-term borrowings and financial leases	1,342.7	1,762.3	1,292.5	1,987.8	1,404.1	996.4	1,424.7	1,307.9	686.3	1,200.0	926.2	350.6
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	0.5	9.5	16.4	26.6	3.2	12.4	21.4	26.4	5.5	15.5	21.1	28.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	5,039.4	4,728.8	4,508.1	4,293.8	3,995.7	4,178.5	4,114.5	4,070.2	3,976.2	4,358.6	4,118.4	4,672.7
I. Owner's equity	5,039.4	4,728.8	4,508.1	4,293.8	3,995.7	4,178.5	4,114.5	4,070.2	3,976.2	4,358.6	4,118.4	4,672.7
1. Owner's capital	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8
- Common stock with voting right	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00	2,878,760,290,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
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	226.1	226.1	226.1	226.1	226.1	226.1	226.1	226.1	226.1	226.1	226.1	226.1
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	1,935.0	1,624.4	1,403.7	1,189.5	891.4	1,074.2	1,010.1	965.8	871.8	1,254.2	1,014.0	1,568.3
- Accumulated retained earning at the end of the previous period	1,755.0	624.7	826.3	826.3	854.4	1,001.8	1,001.8	1,001.8	1,030.0	758.4	758.4	1,190.2
- Undistributed earnings in this period	180.0	999.7	577.4	363.2	37.0	72.3	8.3	-36.0	-158.2	495.8	255.6	378.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	9,588.9	9,124.0	8,323.7	8,714.6	7,385.4	10,014.7	10,399.6	9,864.7	8,210.3	8,471.0	7,836.8	9,166.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	223.3	620.5	239.2	364.7	43.6	76.4	50.4	122.2	-158.2	233.9	-123.8	157.3
Depreciation of Fixed Assets and Investment Property	38.2	40.5	172.3	171.8	171.8	171.8	171.8	171.8	171.7	171.8	171.8	171.8
Provision (Increase)/Reversal	—	0.0	-24.3	—	—	0.0	0.0	0.0	0.0	-16.9	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	-4.0	0.6	-0.1	-0.0	0.6	-0.3	0.0
Gain/Loss from Investment Activities	-56.6	-51.1	-47.4	-37.7	-31.2	-31.2	-26.7	-19.0	-17.8	-32.1	-32.0	-14.6
Interest Expense	18.4	18.2	15.9	18.2	12.4	10.2	11.0	8.7	5.1	11.5	10.3	4.9
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	223.3	628.1	355.6	516.9	196.5	223.1	207.1	283.5	0.9	368.9	26.1	319.3
Increase/(Decrease) in Receivables	115.3	-722.8	273.3	-387.7	119.4	240.0	-270.4	-1,238.8	413.5	761.7	2,139.7	-867.9
Increase/(Decrease) in Inventory	2.9	-2.7	-6.1	-11.5	-1.3	0.9	-1.1	2.1	-74.2	80.4	4.4	-34.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	592.5	89.9	122.5	383.1	-1,511.0	-13.4	373.8	913.7	656.6	115.1	-1,329.3	896.0
Increase/(Decrease) in Prepaid Expenses	25.1	25.5	30.9	19.8	1,063.0	-274.7	106.6	256.4	-1,193.8	-974.1	-541.0	20.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-22.3	-16.5	-19.2	-15.2	-11.8	-10.3	-10.8	-6.2	-5.6	-11.2	-10.1	-5.8
Corporate Income Tax Paid	-67.6	-24.3	-45.7	0.0	-14.9	-6.2	-0.0	-0.0	-13.9	-3.7	-10.5	-12.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-9.0	-6.9	-10.2	-4.7	-9.2	-9.0	-5.0	-7.2	-10.1	-5.6	-7.3	-4.7
Net Cash Flow from Operating Activities	860.1	-29.6	701.2	500.8	-169.1	150.3	400.3	203.6	-226.5	331.4	272.0	310.1
Payments for Fixed Assets and Other Long-term Assets	-0.3	-4.3	-0.4	-4.4	—	-0.1	-2.3	-0.3	-0.8	0.0	-2.8	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-1,768.0	-1,079.0	-1,445.5	-1,068.0	-1,365.0	-980.0	-1,113.5	-1,483.0	-534.0	-669.9	-1,280.5	-699.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,253.0	830.0	1,370.5	0.0	1,273.0	1,283.0	554.5	669.9	1,430.0	0.0	630.0	949.0
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	53.1	32.2	53.4	0.0	35.2	29.0	11.6	17.0	52.2	0.6	26.4	15.0
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	-462.2	-221.1	-22.0	-1,072.4	-56.8	331.9	-549.6	-796.4	947.3	-669.3	-626.8	264.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	858.7	1,053.5	708.8	583.7	1,404.1	131.9	839.1	829.2	554.4	273.8	926.2	-299.4
Repayment of Borrowings	-1,278.2	-583.7	-1,404.1	0.0	-996.4	-560.2	-722.4	-207.6	-1,068.1	0.0	-350.6	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-201.3	-0.1	-0.1	-230.0	-0.0	-0.1	-0.1	-201.3	-0.1	-431.3	-0.2
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	-419.6	268.5	-695.4	583.6	177.7	-428.3	116.7	621.6	-715.0	273.7	144.3	-299.7
Net Cash Flow During the Period	-21.7	17.8	-16.3	12.0	-48.2	53.9	-32.7	28.7	5.8	-64.2	-210.5	274.9
Cash and Cash Equivalents at Beginning of Period	22.3	4.5	20.8	8.7	57.0	1.2	1.2	1.2	1.2	384.3	384.3	384.3
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	0.6	22.3	4.5	20.8	8.7	57.0	3.1	35.7	7.0	1.2	65.3	275.8

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NT2

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