PGC

Tổng Công ty Gas Petrolimex - CTCP ·HOSE ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity 1.92x

Price

13,600

Latest close

04 Jun 2026

P/E 6.64x

P/B 0.90x

EPS 2,048

BVPS 15,107

ROE 12.3%

ROA 3.2%

Profit Margin 2.3%

Asset Turnover 1.38x

Equity Mult. 3.82x

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

What Is Changing

On a TTM 2026Q1 basis, PGC is maintaining revenue, but margins are compressing slightly — profit momentum has been slowing across consecutive periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,790bn
	                                
+8.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 115bn
	                                
−0.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	4,667.5	4,289.8	3,544.0	4,014.4	3,364.9
Growth	+9%	+21%	-12%	+19%	—
Net Income	117.8	115.7	101.9	126.6	125.8
Net Margin	2.52%	2.70%	2.88%	3.15%	3.74%

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	1,253.9	1,180.2	1,171.0	1,185.2	1,129.1	1,202.0	1,070.0	1,013.8	1,003.5	1,010.6	783.8	793.7
Growth	+6%	+1%	-1%	+5%	-6%	+12%	+6%	+1%	-1%	+29%	-1%	—
Net Income	26.3	29.7	28.2	31.1	28.4	19.9	32.3	34.7	29.0	22.4	19.3	29.7
Net Margin	2.09%	2.51%	2.41%	2.63%	2.51%	1.66%	3.02%	3.43%	2.89%	2.21%	2.47%	3.74%

Drivers of PGC's profit

TTM

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

Gross profit ↑ 150.7bn

Financial income ↑ 9.5bn

Minority interests ↓ 4.6bn

Other profit ↑ 2.9bn

Selling expenses ↑ 132.3bn

Administrative expenses ↑ 16.9bn

TTM

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

Gross profit ↑ 56.2bn

Financial income ↑ 1.9bn

Minority interests ↓ 1.9bn

Deferred tax ↓ 0.5bn

Selling expenses ↑ 46.9bn

Administrative expenses ↑ 10.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.8% = 2.6% × 1.45 × 3.39

2026Q1 12.7% = 2.4% × 1.38 × 3.82

ROE is broadly flat at 12.7% — the components are offsetting one another.

Net margin: 2.4% -0.2pp Asset turnover: 1.38x -0.07x Leverage: 3.82x +0.43x

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 stands at 2.41%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 2.41% −0.2pp

Gross Margin 19.07% +1.8pp

SG&A / Revenue 16.83% +1.9pp

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 4.6% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC narrowed to 4.57%, falling 0.5pp. That translates to 4.57 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.2pp, outweighing the movement in capital turnover; while invested capital rose by 173bn.

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 4.57% −0.5pp

NOPAT Margin 2.26% −0.2pp

Capital Turnover 2.02x +0.01x

Average Invested Capital 2,366.5bn +173.4bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 2.56x equity, net debt at 1.67x equity.

Over the last 12 months, working capital released 142.9bn 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: −1.7bn

Inventories increased → lower CFO: −37.8bn

Payables increased → higher CFO: +182.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.5 days versus the same period last year. The main moves came from DIO rose 3.2 days, DSO rose 0.6 days, and DPO rose 11.2 days.

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

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

Receivables collection is slowing

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

Inventory turnover is slowing

DIO increased by +3.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 36.1 days +0.6 days

Inventory 21.5 days +3.2 days

Payables 70.3 days +11.2 days

Cash Conversion Cycle -12.6 days −7.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.67x and interest coverage only at 1.92x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 5.4% of debt, and total debt stands at 1,605.6bn.

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

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.67x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.92x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.67x +0.12x

Interest Coverage 1.92x −0.43x

Cash / Debt 5.4% −0.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.47x −1.12x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 207.9bn in 2025, against investing cash flow of -84.9bn.

Post-investment cash flow was positive +123.0bn. Financing cash flow was negative +144.8bn.

CFO / net income was 0.47x.

After spending +55.9bn on fixed-asset investment, the business generated trailing free cash flow of −3.4bn.

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 52.4bn −118.2bn

Cash Capex 55.9bn +27.2bn

FCF TTM −3.4bn −145.4bn

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 next item to monitor is the earnings mix, when non-core contribution is 22.2%. The main risk still sits in leverage and liquidity, with interest coverage at 1.92x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 22.2% of PBT and CFO / net income currently at 0.47x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.92x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,719.8	4,362.9	3,623.7	4,088.8	3,421.7
Revenue Deductions	52.3	73.1	79.7	74.4	0.0
Net Revenue	4,667.5	4,289.8	3,544.0	4,014.4	3,364.9
Cost of Goods Sold	3,810.1	3,549.7	2,884.2	3,404.6	0.0
Gross Profit	857.4	740.1	659.8	609.8	573.7
Financial Income	104.8	92.6	93.8	81.9	54.7
Financial Expenses	70.7	56.7	75.3	64.0	-32.7
Interest Expense	58.1	43.9	68.2	56.0	-32.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	519.5	417.6	381.5	338.2	-312.0
General and Administrative Expenses	229.4	215.4	162.4	136.2	-132.4
Operating Profit	142.6	142.9	134.4	153.3	151.2
Other Income	10.2	6.7	4.6	7.9	0.0
Other Expenses	1.2	0.6	3.3	0.9	0.0
Other Profit	9.0	6.1	1.2	6.9	8.8
Profit Before Tax	151.6	149.1	135.6	160.2	160.0
Current Income Tax Expense	36.5	33.4	32.7	34.3	-34.2
Deferred Income Tax Expense	-2.6	-0.1	1.0	-0.7	0.0
Net Income	117.8	115.7	101.9	126.6	125.8
Non-controlling Interest	5.2	7.3	6.6	5.3	5.8
Profit Attributable to Parent	112.6	108.4	95.3	121.4	120.0
Earnings per Share	1,206.00	1,417.00	1,235.00	1,669.00	1,833.00
Diluted EPS	1,866.65	1,796.43	1,579.32	2,011.02	1,989.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,468.0	1,921.0	1,895.5	1,912.6	1,841.7
I. Cash and cash equivalents	70.5	92.2	69.3	51.1	58.9
1. Cash	70.5	92.2	69.3	51.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,680.1	1,087.7	1,204.9	1,256.5	0.0
1. Available for sale securities	2.6	2.6	2.6	2.6	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.9	-2.1	-2.0	-1.9	0.0
3. Held to maturity investments	1,679.4	1,087.2	1,204.2	1,255.8	0.0
III. Short-term receivables	502.4	511.3	415.1	418.2	413.0
1. Short-term trade accounts receivable	410.1	455.3	369.3	355.5	0.0
2. Short-term prepayments to suppliers	11.4	5.5	4.5	2.0	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	81.6	51.2	41.7	61.4	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.4	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.1	0.0
IV. Inventories	179.9	210.4	175.8	150.8	195.1
1. Inventories	179.9	210.4	175.8	152.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-1.9	0.0
V. Other short-term assets	35.1	19.3	30.5	35.9	21.7
1. Short-term prepayments	10.3	4.1	5.1	6.0	0.0
2. Value added tax to be reclaimed	22.9	13.8	23.9	29.3	0.0
3. Taxes and other receivables from state authorities	1.8	1.5	1.5	0.6	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)	683.7	1,059.0	640.4	609.0	585.9
I. Long-term receivables	0.1	0.1	0.2	0.3	0.0
1. Long-term trade receivables	—	0.0	0.1	0.2	0.4
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	0.1	0.1	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	303.7	293.6	299.4	284.7	315.0
1. Tangible fixed assets	233.3	223.1	233.0	217.8	248.6
- Cost	1,007.1	963.2	937.9	884.4	0.0
- Accumulated depreciation	-773.8	-740.1	-704.9	-666.6	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	70.4	70.6	66.4	67.0	66.4
- Cost	88.2	87.7	80.7	80.8	0.0
- Accumulated depreciation	-17.8	-17.1	-14.3	-13.8	0.0
III. Investment properties	—	0.0	6.3	6.5	6.6
- Cost	—	0.0	9.0	9.0	0.0
- Accumulated depreciation	—	0.0	-2.8	-2.6	0.0
IV. Long-term assets in progress	22.7	8.4	8.3	44.6	2.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	22.7	8.4	8.3	44.6	0.0
V. Long-term financial investments	—	500.4	77.0	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	—	500.4	77.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	357.2	256.4	249.2	273.0	0.0
1. Long-term prepayments	349.8	251.6	244.5	267.3	0.0
2. Deferred income tax assets	7.4	4.8	4.7	5.7	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	261.1
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)	3,151.7	2,980.0	2,535.9	2,521.6	2,427.6
A. LIABILITIES (300=210+330)	2,266.3	2,096.2	1,667.0	1,714.3	1,558.9
I. Short -term liabilities	2,130.4	2,021.6	1,601.3	1,660.5	1,485.2
1. Short-term trade accounts payable	853.0	722.8	318.4	475.6	353.5
2. Short-term advances from customers	23.3	25.1	23.3	9.3	11.7
3. Taxes and other payables to state authorities	18.9	16.7	15.7	14.0	0.0
4. Payable to employees	93.3	56.9	52.2	36.2	0.0
5. Short-term acrrued expenses	3.4	5.0	4.9	7.5	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.1	0.1	0.2	0.2
9. Other short-term payables	18.5	12.7	20.6	85.1	0.0
10. Short-term borrowings and financial leases	1,099.7	1,171.2	1,163.3	1,012.0	1,022.9
11. Provision for short-term liabilities	—	0.0	0.0	16.9	0.0
12.. Bonus and welfare fund	20.3	11.2	2.9	3.6	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	135.9	74.6	65.7	53.8	73.7
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	135.9	74.6	65.7	53.8	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)	885.3	883.8	869.0	807.3	868.8
I. Owner's equity	885.3	883.8	869.0	807.3	0.0
1. Owner's capital	603.4	603.4	603.4	603.4	868.8
- Common stock with voting right	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00	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	156.7	156.7	156.7	146.7	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	112.0	108.1	95.0	48.6	119.2
- Accumulated retained earning at the end of the previous period	-0.4	-0.3	-0.3	-0.3	-0.4
- Undistributed earnings in this period	112.4	108.4	95.3	48.9	119.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	13.3	15.6	13.9	8.6	13.9
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)	3,151.7	2,980.0	2,535.9	2,521.6	2,427.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	151.6	149.1	135.6	160.2	160.0
Depreciation of Fixed Assets and Investment Property	38.6	40.5	44.5	47.3	46.9
Provision (Increase)/Reversal	-0.2	0.4	-19.0	-11.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.5	-0.1	-4.7	0.0
Gain/Loss from Investment Activities	-96.2	-84.9	-87.1	-74.2	0.0
Interest Expense	58.1	43.9	68.2	56.0	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	152.2	149.4	142.1	173.1	190.5
Increase/(Decrease) in Receivables	28.6	-79.7	-10.7	26.4	0.0
Increase/(Decrease) in Inventory	30.5	-34.7	-23.1	44.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	228.1	409.2	-89.4	83.0	0.0
Increase/(Decrease) in Prepaid Expenses	-105.3	-9.0	21.1	-15.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-59.8	-41.7	-70.4	-54.5	0.0
Corporate Income Tax Paid	-32.6	-32.4	-36.8	-32.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-33.8	-14.8	-21.8	-20.4	0.0
Net Cash Flow from Operating Activities	207.9	346.3	-88.9	204.3	62.9
Payments for Fixed Assets and Other Long-term Assets	-60.2	-22.5	-34.8	-46.1	-12.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.2	0.8	0.4	0.6
Loans and Purchases of Debt Instruments	-1,292.6	-2,044.0	-2,135.7	-1,496.1	-2,061.8
Receipts from Loan Repayments and Sale of Debt Instruments	1,200.9	1,737.6	2,110.3	1,391.8	1,649.4
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	66.9	75.2	105.8	39.4	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	-84.9	-253.6	46.4	-110.6	-376.0
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	3,554.9	3,047.5	2,777.6	3,093.8	2,517.4
Repayment of Borrowings	-3,626.3	-3,039.6	-2,626.4	-3,104.6	-2,180.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-73.3	-77.7	-90.5	-90.5	-18.9
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	-144.8	-69.8	60.7	-101.4	318.5
Net Cash Flow During the Period	-21.8	22.9	18.2	-7.8	2.5
Cash and Cash Equivalents at Beginning of Period	92.2	69.3	51.1	58.9	53.6
FX Difference from Revaluation	0.0	-0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	70.5	92.2	69.3	51.1	58.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,260.3	1,188.3	1,179.1	1,201.2	1,149.2	1,218.6	1,088.6	1,031.6	1,023.7	1,029.8	802.2	813.4
Revenue Deductions	6.4	8.1	8.1	16.0	20.1	16.6	18.5	17.8	20.2	19.2	18.4	19.7
Net Revenue	1,253.9	1,180.2	1,171.0	1,185.2	1,129.1	1,202.0	1,070.0	1,013.8	1,003.5	1,010.6	783.8	793.7
Cost of Goods Sold	1,007.3	934.3	958.9	976.3	938.7	987.5	888.7	837.3	836.2	809.3	630.4	651.7
Gross Profit	246.6	245.9	212.1	208.9	190.4	214.6	181.4	176.5	167.2	201.3	153.4	142.1
Financial Income	28.2	26.8	25.8	25.9	26.3	20.9	28.4	21.6	21.6	22.5	23.9	25.7
Financial Expenses	20.3	16.5	16.0	20.6	17.6	18.0	11.9	13.3	13.5	13.9	19.6	22.4
Interest Expense	17.3	16.0	14.2	14.5	13.6	12.0	11.8	9.8	10.2	12.6	16.6	21.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	155.9	157.8	130.8	121.9	109.0	128.3	105.6	91.3	92.5	110.8	94.3	87.2
General and Administrative Expenses	64.3	63.9	55.2	56.1	54.2	67.6	51.0	49.9	46.4	68.3	35.9	21.9
Operating Profit	34.2	34.6	35.9	36.2	35.9	21.7	41.3	43.7	36.4	30.9	27.5	36.3
Other Income	0.3	5.3	0.4	4.2	0.3	6.2	0.0	0.4	0.0	2.6	0.2	1.7
Other Expenses	0.0	0.9	0.1	0.1	0.1	0.5	0.1	0.1	0.0	2.0	0.7	0.2
Other Profit	0.3	4.4	0.3	4.1	0.2	5.7	-0.1	0.4	0.0	0.6	-0.6	1.5
Profit Before Tax	34.5	39.0	36.2	40.3	36.1	27.4	41.2	44.1	36.4	31.5	27.0	37.8
Current Income Tax Expense	9.2	10.1	8.9	9.4	8.3	7.3	9.0	9.1	7.8	9.1	7.2	7.6
Deferred Income Tax Expense	-1.0	-0.8	-0.8	-0.2	-0.5	0.1	-0.1	0.3	-0.4	0.0	0.4	0.6
Net Income	26.3	29.7	28.2	31.1	28.4	19.9	32.3	34.7	29.0	22.4	19.3	29.7
Non-controlling Interest	1.0	0.7	1.0	1.0	2.8	1.2	3.0	1.2	1.9	1.0	2.0	1.7
Profit Attributable to Parent	25.3	29.0	27.1	30.1	25.5	18.7	29.3	33.5	27.1	21.4	17.3	28.0
Earnings per Share	419.00	480.00	650.00	499.00	338.00	-30.00	674.00	896.00	105.00	354.00	459.00	464.00
Diluted EPS	419.41	480.18	449.80	498.62	422.93	309.96	484.80	555.82	449.79	354.14	286.58	463.53

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)	2,924.6	2,468.0	2,711.9	2,718.7	2,479.9	1,920.9	1,678.6	1,738.4	1,870.0	1,895.0	1,837.1	1,915.4
I. Cash and cash equivalents	87.0	70.5	81.0	107.2	85.7	92.2	111.5	111.6	75.8	69.3	56.9	137.8
1. Cash	87.0	70.5	81.0	107.2	85.7	92.2	111.5	111.6	75.8	69.3	56.9	137.8
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,964.9	1,680.1	1,852.0	1,842.5	1,598.8	1,087.7	893.0	980.7	1,142.6	1,204.9	1,196.9	1,297.1
1. Available for sale securities	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
2. Provision for diminution in value of available for sale securities (*)	-1.9	-1.9	-2.0	-2.0	-2.1	-2.1	-2.0	-2.0	-1.9	-2.0	-1.9	-1.9
3. Held to maturity investments	1,964.3	1,679.4	1,851.3	1,841.9	1,598.3	1,087.2	892.4	980.1	1,141.9	1,204.2	1,196.2	1,296.4
III. Short-term receivables	576.2	502.4	550.5	566.9	552.2	511.2	472.9	448.5	457.9	414.6	380.6	334.6
1. Short-term trade accounts receivable	481.0	410.1	445.5	470.1	467.3	455.3	409.7	384.5	392.9	369.3	331.9	286.2
2. Short-term prepayments to suppliers	14.6	11.4	8.1	7.4	3.0	5.5	6.5	5.8	3.6	4.8	10.2	7.9
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	81.2	81.6	97.6	90.4	82.7	51.3	57.3	58.6	61.8	40.9	39.1	41.2
7. Provision for short-term doubtful debts (*)	-0.8	-0.7	-0.7	-1.0	-0.9	-0.7	-0.6	-0.5	-0.5	-0.4	-0.6	-0.6
8. Assets awaiting resolution	0.1	—	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
IV. Inventories	247.7	179.9	195.2	174.7	210.0	210.4	166.9	162.4	157.7	175.8	169.4	110.7
1. Inventories	247.7	179.9	195.2	174.7	210.0	210.4	166.9	162.4	157.7	175.8	169.4	113.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-3.1
V. Other short-term assets	48.8	35.1	33.3	27.4	33.2	19.3	34.4	35.2	36.0	30.5	33.3	35.3
1. Short-term prepayments	8.9	10.3	9.6	9.0	6.8	4.1	7.0	6.9	7.6	5.1	6.3	7.6
2. Value added tax to be reclaimed	31.5	22.9	22.0	16.7	24.0	13.8	26.6	27.3	26.1	23.9	25.0	26.1
3. Taxes and other receivables from state authorities	8.4	1.8	1.7	1.7	2.4	1.5	0.7	1.1	2.3	1.5	2.0	1.5
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	711.2	683.7	620.5	593.5	822.7	1,059.0	1,047.0	1,130.1	922.5	640.4	569.7	582.7
I. Long-term receivables	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.1
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	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	312.9	303.7	294.8	289.2	287.8	293.6	281.9	284.9	290.6	299.4	308.1	314.2
1. Tangible fixed assets	241.3	233.3	224.2	218.5	217.4	223.1	215.8	218.7	224.3	233.0	241.5	247.4
- Cost	1,023.4	—	—	—	—	963.2	946.2	940.6	938.7	937.9	937.3	933.6
- Accumulated depreciation	-782.1	—	—	—	—	-740.1	-730.4	-721.9	-714.4	-704.9	-695.8	-686.3
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	71.6	70.4	70.6	70.7	70.4	70.6	66.1	66.2	66.3	66.4	66.5	66.9
- Cost	89.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-18.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	6.1	6.2	6.2	6.3	6.3	6.4
- 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	4.7	22.7	3.2	8.8	10.0	8.4	12.4	9.8	9.5	8.3	9.0	6.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.7	22.7	3.2	8.8	10.0	8.4	12.4	9.8	9.5	8.3	9.0	6.3
V. Long-term financial investments	—	—	—	—	253.4	500.4	500.4	575.8	364.4	77.0	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	—	—	—	—	253.4	500.4	500.4	575.8	364.4	77.0	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	393.5	357.2	322.3	295.3	271.4	256.4	246.0	253.3	251.6	249.2	246.2	255.6
1. Long-term prepayments	385.1	349.8	315.7	289.8	266.1	251.6	241.1	248.4	246.6	244.5	241.5	250.5
2. Deferred income tax assets	8.4	7.4	6.6	5.5	5.3	4.8	4.9	4.8	5.1	4.7	4.7	5.1
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)	3,635.8	3,151.7	3,332.4	3,312.2	3,302.6	2,979.9	2,725.6	2,868.5	2,792.5	2,535.4	2,406.8	2,498.2
A. LIABILITIES (300=210+330)	2,724.2	2,266.3	2,476.2	2,484.7	2,398.2	2,095.9	1,861.5	2,036.7	1,900.4	1,666.4	1,560.2	1,671.0
I. Short -term liabilities	2,560.7	2,130.4	2,356.6	2,381.6	2,310.4	2,020.9	1,794.6	1,976.1	1,839.4	1,600.7	1,465.1	1,615.3
1. Short-term trade accounts payable	795.2	853.0	850.7	658.8	698.3	722.8	685.4	575.4	483.7	317.8	385.0	278.5
2. Short-term advances from customers	28.8	23.3	20.5	22.6	22.9	25.1	22.0	17.0	22.0	23.3	9.5	13.4
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	20.2	18.9	14.9	16.8	21.1	16.6	19.0	15.5	12.4	15.7	10.6	11.1
4. Payable to employees	53.0	93.3	73.9	57.0	34.0	56.5	46.1	43.1	21.5	52.2	20.7	18.3
5. Short-term acrrued expenses	20.5	3.4	13.2	8.8	10.9	4.8	24.3	10.5	10.6	4.9	9.2	11.5
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	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1
9. Other short-term payables	22.7	18.5	17.2	84.0	29.9	12.7	17.1	87.6	20.1	20.6	10.1	29.5
10. Short-term borrowings and financial leases	1,605.6	1,099.7	1,342.9	1,503.5	1,484.0	1,171.2	968.3	1,211.8	1,267.1	1,163.3	1,016.0	1,248.2
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	14.4	20.3	23.2	30.2	9.2	11.2	12.3	15.1	1.8	2.9	4.1	4.7
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	163.5	135.9	119.7	103.1	87.8	75.0	66.9	60.5	61.0	65.7	95.1	55.7
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	163.5	135.9	119.7	103.1	87.8	75.0	66.9	60.5	61.0	65.7	95.1	55.7
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)	911.6	885.3	856.1	827.5	904.5	884.0	864.1	831.8	892.1	869.0	846.6	827.2
I. Owner's equity	911.6	885.3	856.1	827.5	904.5	884.0	864.1	831.8	892.1	869.0	846.6	827.2
1. Owner's capital	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4	603.4
- Common stock with voting right	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00	603,426,380,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00	-49,700,000.00
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	156.7	156.7	156.7	156.7	156.7	156.7	156.7	156.7	156.7	156.7	156.7	156.7
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	137.3	112.0	83.3	55.2	133.3	108.3	89.6	60.4	121.9	95.0	73.6	56.3
- Accumulated retained earning at the end of the previous period	112.0	-0.4	-0.4	-0.4	107.7	-0.3	-0.3	-0.3	94.7	-0.3	-0.3	-0.3
- Undistributed earnings in this period	25.3	112.4	83.7	55.6	25.5	108.6	89.9	60.7	27.1	95.3	73.9	56.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	14.2	13.3	12.8	12.2	11.2	15.6	14.4	11.4	10.2	13.9	12.9	10.9
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)	3,635.8	3,151.7	3,332.4	3,312.2	3,302.6	2,979.9	2,725.6	2,868.5	2,792.5	2,535.4	2,406.8	2,498.2

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	34.5	39.0	36.2	40.3	36.1	27.4	41.2	44.1	36.4	31.5	27.0	37.8
Depreciation of Fixed Assets and Investment Property	9.5	10.4	8.0	10.7	9.4	9.2	7.9	10.7	9.7	13.5	8.3	11.8
Provision (Increase)/Reversal	0.1	-0.1	-0.4	0.1	0.2	0.2	0.2	0.1	-0.0	-0.1	-3.1	-17.4
FX Gain/Loss from Revaluation of Monetary Items	-0.8	5.6	-6.4	1.3	-0.2	5.6	-0.7	-2.8	2.8	-1.3	0.8	5.0
Gain/Loss from Investment Activities	-24.4	-25.1	-23.8	-24.9	-22.5	-20.6	-21.4	-21.8	-21.1	-20.3	-23.7	-25.1
Interest Expense	16.3	16.0	14.1	14.5	13.6	12.0	11.8	9.8	10.2	12.6	16.6	21.8
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	35.3	45.9	27.8	42.0	36.5	33.8	39.1	40.1	38.1	35.8	25.9	33.9
Increase/(Decrease) in Receivables	-63.1	34.5	12.8	14.0	-32.7	-35.8	-26.0	6.9	-27.6	-31.5	-53.5	105.0
Increase/(Decrease) in Inventory	-67.8	15.3	-18.6	33.4	0.5	-43.5	-4.6	-4.7	18.1	-6.4	-55.6	40.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-48.8	50.6	216.8	-36.1	-3.1	27.7	136.5	105.7	125.5	-3.4	110.6	-149.5
Increase/(Decrease) in Prepaid Expenses	-33.8	-35.6	-27.9	-24.5	-17.3	-7.6	8.6	-2.4	-4.6	-4.4	11.7	7.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-11.7	-19.3	-13.8	-12.8	-13.8	-10.9	-12.5	-8.6	-9.7	-13.7	-19.3	-19.2
Corporate Income Tax Paid	-11.4	-7.7	-9.2	-7.9	-7.7	-10.4	-8.4	-6.6	-6.7	-10.0	-7.5	-8.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-26.1	15.9	-15.5	-8.0	0.0	5.1	-5.1	-5.9	-20.2	18.3	-18.3
Net Cash Flow from Operating Activities	-201.2	57.4	203.7	-7.5	-45.7	-46.7	137.9	125.3	127.2	-53.8	30.6	-9.0
Payments for Fixed Assets and Other Long-term Assets	-0.7	-36.1	-14.2	-4.8	-5.1	-10.9	-9.0	-3.7	-1.9	-15.7	8.6	-26.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.2	0.1	-0.1	0.3	0.0	-0.1	0.2	0.0	0.2	0.0	0.6
Loans and Purchases of Debt Instruments	-822.9	-13.4	-887.9	196.8	-588.1	-849.2	-257.9	-432.6	-290.4	-522.0	-1,613.7	447.5
Receipts from Loan Repayments and Sale of Debt Instruments	538.0	185.4	878.5	-187.0	324.0	654.4	420.9	383.0	65.3	437.0	1,673.3	-440.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-2.5	39.5	20.5	4.6	2.3	30.2	23.9	24.2	2.4	18.3	25.9	38.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	40.6	-40.6
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	-288.1	175.2	-3.0	9.5	-266.6	-175.4	177.8	-28.8	-224.6	-82.2	134.7	-21.3
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	1,014.9	877.8	761.7	975.1	940.1	949.5	731.3	733.6	633.2	657.4	551.2	756.3
Repayment of Borrowings	-509.0	-1,121.0	-922.4	-955.6	-627.3	-746.6	-974.7	-789.0	-529.3	-510.1	-783.5	-554.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-66.4	0.0	-6.9	0.0	-72.4	-5.3	0.0	1.1	-13.9	-77.6
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	505.9	-243.2	-227.0	19.5	305.9	202.8	-315.8	-60.7	103.9	148.4	-246.2	124.5
Net Cash Flow During the Period	16.5	-10.5	-26.2	21.5	-6.5	-19.3	-0.2	35.8	6.5	12.4	-80.9	94.2
Cash and Cash Equivalents at Beginning of Period	70.5	81.0	107.2	85.7	92.2	69.3	69.3	69.3	69.3	51.1	51.1	51.1
FX Difference from Revaluation	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	87.0	70.5	81.0	107.2	85.7	92.2	111.5	111.6	75.8	69.3	56.9	137.8

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