PHP

Cảng Hải Phòng ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 0.80x

Price

37,100

Latest close

04 Jun 2026

P/E 12.87x

P/B 1.69x

EPS 2,882

BVPS 21,924

ROE 13.8%

ROA 10.2%

Profit Margin 32.5%

Asset Turnover 0.31x

Equity Mult. 1.35x

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

What Is Changing

On a TTM 2026Q1 basis, PHP is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,898bn
	                                
+11.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,105bn
	                                
+12.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,730.3	2,595.5	2,156.4	2,349.5	2,284.1
Growth	+5%	+20%	-8%	+3%	—
Net Income	984.5	975.1	745.4	724.1	694.6
Net Margin	36.06%	37.57%	34.57%	30.82%	30.41%

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	744.9	794.1	700.3	658.8	577.4	709.9	654.2	664.8	566.4	577.5	552.3	524.3
Growth	-6%	+13%	+6%	+14%	-19%	+9%	-2%	+17%	-2%	+5%	+5%	—
Net Income	351.5	272.7	296.4	184.1	184.8	197.3	373.6	224.6	179.2	127.9	162.9	247.4
Net Margin	47.20%	34.34%	42.33%	27.94%	32.00%	27.80%	57.10%	33.79%	31.63%	22.15%	29.49%	47.18%

Drivers of PHP's profit

TTM

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

Gross profit ↑ 406.1bn

Associates income ↑ 68.6bn

Other profit ↓ 191.3bn

Tax ↑ 79.4bn

Administrative expenses ↑ 35.2bn

Finance costs ↑ 33.6bn

TTM

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

Gross profit ↑ 160.2bn

Associates income ↑ 42.4bn

Tax ↑ 28.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.8% = 37.6% × 0.33 × 1.26

2026Q1 16.2% = 38.1% × 0.31 × 1.35

ROE is broadly flat at 16.2% — the components are offsetting one another.

Net margin: 38.1% +0.5pp Asset turnover: 0.31x -0.02x Leverage: 1.35x +0.09x

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 edged up to 38.12%, rising 0.5pp. Core operating signals are improving as Gross margin rose 10.1pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (with lingering pressure from Other profit / Revenue fell 7.6pp and Net financial result / Revenue fell 2.0pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 38.12% +0.5pp

Gross Margin 48.91% +10.1pp

SG&A / Revenue 9.78% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 5.6 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC edged up to 13.17%, rising 1.1pp. That translates to 13.17 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.7pp, with capital turnover broadly stable; while invested capital expanded strongly by 1,596bn.

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

CAPITAL EFFICIENCY TREND

ROIC 13.17% +1.1pp

NOPAT Margin 36.52% +6.7pp

Capital Turnover 0.36x −0.04x

Average Invested Capital 8,034.3bn +1,595.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.45x equity, net debt at 0.24x equity.

Over the last 12 months, working capital absorbed 281.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +100.7bn

Inventories increased → lower CFO: −9.3bn

Payables decreased → lower CFO: −373.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 5.6 days versus the same period last year. The main moves came from DIO rose 4.4 days, DSO fell 3.9 days, and DPO fell 5.0 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +5.6 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +4.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 36.2 days −3.9 days

Inventory 30.7 days +4.4 days

Payables 71.7 days −5.0 days

Cash Conversion Cycle -4.9 days +5.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 1,560.1bn due to capex of 2,312.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.24x and interest coverage at 24.85x.

At present, short-term debt accounts for 0.6% of total debt, cash equals 14.6% of debt, and total debt stands at 1,973.4bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 14.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.24x +0.12x

Interest Coverage 24.85x −21.50x

Cash / Debt 14.6% −14.8pp

Short-term Debt / Total Debt 0.6% −1.9pp

CFO / NI 0.80x −0.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 596.4bn in 2025, against investing cash flow of -2,769.0bn.

Post-investment cash flow was negative +2,172.5bn. Financing cash flow was positive +2,068.8bn.

CFO / net income was 0.80x.

After spending +2,312.5bn on fixed-asset investment, the business generated trailing free cash flow of −1,560.1bn.

Cash Conversion

CFO TTM 752.4bn +26.6bn

Cash Capex 2,312.5bn +713.8bn

FCF TTM −1,560.1bn −687.2bn

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 earnings conversion is confirmed, with CFO/NI at 0.80x. The main risk still sits in self-funded cash generation remains weak.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.80x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 1,560.1bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,730.3	2,595.5	2,156.4	2,349.5	2,284.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,730.3	2,595.5	2,156.4	2,349.5	2,284.1
Cost of Goods Sold	1,453.6	1,605.4	1,400.6	1,504.4	0.0
Gross Profit	1,276.7	990.0	755.9	845.1	826.9
Financial Income	102.6	150.8	217.1	192.9	180.8
Financial Expenses	42.8	18.5	8.9	18.0	-12.2
Interest Expense	23.0	7.1	6.5	7.4	-8.3
Share of Associates and Joint Ventures	108.0	80.9	77.6	69.3	48.7
Selling Expenses	0.5	0.0	0.0	0.0	-0.0
General and Administrative Expenses	293.7	253.2	216.3	215.4	-182.4
Operating Profit	1,150.3	950.0	825.4	873.8	861.8
Other Income	110.0	251.7	140.9	20.5	0.0
Other Expenses	3.2	1.8	50.9	3.0	0.0
Other Profit	106.8	249.9	90.0	17.5	-4.7
Profit Before Tax	1,257.2	1,199.8	915.4	891.3	857.1
Current Income Tax Expense	278.3	225.2	165.9	171.8	-162.5
Deferred Income Tax Expense	-5.6	-0.5	4.1	-4.6	0.0
Net Income	984.5	975.1	745.4	724.1	694.6
Non-controlling Interest	161.3	167.7	178.1	147.9	146.2
Profit Attributable to Parent	823.2	807.4	567.2	576.2	548.3
Earnings per Share	2,518.00	2,469.00	1,735.00	1,762.00	1,676.83
Diluted EPS	2,518.00	2,469.00	1,735.00	1,762.43	1,677.09

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,069.8	3,094.0	3,080.1	4,093.4	3,583.4
I. Cash and cash equivalents	390.3	494.0	198.5	682.7	309.0
1. Cash	188.2	110.0	85.9	121.0	0.0
2. Cash equivalents	202.1	384.0	112.6	561.7	0.0
II. Short-term financial investments	1,551.3	1,345.2	1,964.0	2,481.2	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	1,551.3	1,345.2	1,964.0	2,481.2	0.0
III. Short-term receivables	653.5	973.1	686.9	804.0	410.2
1. Short-term trade accounts receivable	260.2	295.7	247.9	302.0	0.0
2. Short-term prepayments to suppliers	81.0	391.9	210.3	266.1	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	351.4	322.8	264.1	269.7	0.0
7. Provision for short-term doubtful debts (*)	-39.1	-37.4	-35.4	-33.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	127.4	115.8	103.7	93.5	83.8
1. Inventories	127.4	115.8	103.7	93.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	347.3	166.0	127.1	32.1	28.7
1. Short-term prepayments	29.3	25.8	18.8	23.9	0.0
2. Value added tax to be reclaimed	313.4	140.2	105.5	6.0	0.0
3. Taxes and other receivables from state authorities	4.6	0.0	2.8	2.2	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)	6,844.0	5,399.6	3,998.8	2,521.9	2,517.2
I. Long-term receivables	0.1	0.1	0.1	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,517.7	1,826.4	1,975.3	1,972.9	2,130.3
1. Tangible fixed assets	1,507.5	1,819.2	1,967.9	1,966.7	2,126.5
- Cost	6,492.0	6,796.6	7,373.4	7,203.3	0.0
- Accumulated depreciation	-4,984.5	-4,977.3	-5,405.5	-5,236.6	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	10.2	7.2	7.4	6.2	3.7
- Cost	50.6	45.3	43.7	41.1	0.0
- Accumulated depreciation	-40.4	-38.2	-36.3	-34.9	0.0
III. Investment properties	2,582.0	0.0	0.0	0.0	0.0
- Cost	2,777.1	0.0	0.0	0.0	0.0
- Accumulated depreciation	-195.1	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,292.1	3,161.2	1,621.0	127.3	20.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,292.1	3,161.2	1,621.0	127.3	0.0
V. Long-term financial investments	1,362.6	315.1	316.7	326.4	286.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,360.9	313.1	300.5	310.2	0.0
3. Investments in other entities	2.2	2.2	17.6	17.6	0.0
4. Provision for diminution in value of long-term investments	-0.5	-0.1	-1.5	-1.4	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	89.6	96.8	85.7	95.2	0.0
1. Long-term prepayments	75.5	81.8	71.4	81.7	0.0
2. Deferred income tax assets	14.1	15.0	14.2	13.4	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	80.0
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)	9,913.8	8,493.6	7,079.0	6,615.4	6,100.6
A. LIABILITIES (300=210+330)	3,096.9	2,132.8	1,343.4	1,232.6	1,105.8
I. Short -term liabilities	1,251.3	1,638.3	819.4	678.6	492.7
1. Short-term trade accounts payable	355.4	852.6	175.3	121.9	81.4
2. Short-term advances from customers	8.6	19.4	3.6	4.3	3.5
3. Taxes and other payables to state authorities	245.7	99.6	55.3	69.9	0.0
4. Payable to employees	223.0	225.8	211.3	173.1	0.0
5. Short-term acrrued expenses	245.7	226.9	223.4	219.1	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	2.7	5.4	0.0	0.0	0.0
9. Other short-term payables	101.7	126.3	70.1	25.5	0.0
10. Short-term borrowings and financial leases	24.6	23.5	26.1	27.5	31.6
11. Provision for short-term liabilities	—	18.1	16.0	6.2	0.0
12.. Bonus and welfare fund	44.0	40.8	38.3	31.1	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	1,845.6	494.5	524.0	554.0	613.1
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	95.3	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	1,747.2	484.9	514.7	549.6	604.8
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	3.1	9.6	9.2	4.4	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)	6,816.9	6,360.8	5,735.6	5,382.8	4,994.8
I. Owner's equity	6,816.9	6,360.8	5,735.6	5,382.8	0.0
1. Owner's capital	3,269.6	3,269.6	3,269.6	3,269.6	4,994.8
- Common stock with voting right	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	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	52.5	52.5	63.0	70.0	70.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-613.3	-613.3	-613.3	-613.3	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	2,104.6	1,803.2	1,423.4	1,081.2	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	1,212.1	1,043.6	844.2	834.9	806.5
- Accumulated retained earning at the end of the previous period	391.4	236.2	277.0	258.6	258.2
- Undistributed earnings in this period	820.7	807.4	567.2	576.2	548.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	791.5	805.2	748.6	740.4	728.2
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)	9,913.8	8,493.6	7,079.0	6,615.4	6,100.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,257.2	1,199.8	915.4	891.3	857.1
Depreciation of Fixed Assets and Investment Property	255.2	224.2	208.2	202.0	209.0
Provision (Increase)/Reversal	-16.0	2.8	11.4	-10.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.3	-11.8	-13.0	-29.4	0.0
Gain/Loss from Investment Activities	-196.4	-206.1	-276.1	-184.6	0.0
Interest Expense	23.0	7.1	6.5	7.4	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	1,327.4	1,216.1	852.4	876.3	852.6
Increase/(Decrease) in Receivables	128.1	-234.8	81.4	-250.0	0.0
Increase/(Decrease) in Inventory	-11.6	-12.2	-10.2	-9.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-532.3	844.6	70.7	35.8	0.0
Increase/(Decrease) in Prepaid Expenses	2.8	-17.3	15.5	-9.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-14.5	-3.3	-2.8	-3.7	0.0
Corporate Income Tax Paid	-139.5	-213.7	-159.3	-156.8	0.0
Other Operating Receipts	0.1	0.0	0.1	2.2	0.0
Other Operating Payments	-164.0	-123.7	-104.5	-97.9	0.0
Net Cash Flow from Operating Activities	596.4	1,455.8	743.3	387.3	577.7
Payments for Fixed Assets and Other Long-term Assets	-2,607.1	-1,625.3	-1,704.9	-153.6	-79.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.3	24.7	3.5	10.3	4.3
Loans and Purchases of Debt Instruments	-2,446.8	-2,692.8	-3,881.1	-3,441.0	-3,705.4
Receipts from Loan Repayments and Sale of Debt Instruments	2,240.7	3,311.6	4,398.3	3,711.5	3,528.5
Investments in Other Entities	-52.5	-35.5	0.0	-12.5	0.0
Proceeds from Investments in Other Entities	—	62.6	13.7	0.0	0.0
Dividends and Interest Income Received	89.4	82.5	200.4	147.3	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	-2,769.0	-872.1	-970.1	261.9	-118.8
Proceeds from Equity Issuance and Capital Contributions	13,775,290,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,434.1	3.6	0.0	0.0	0.0
Repayment of Borrowings	-25.5	-24.4	-26.8	-29.0	-33.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-353.5	-268.6	-229.4	-248.9	-274.4
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	2,068.8	-289.4	-256.2	-277.9	-308.0
Net Cash Flow During the Period	-103.7	294.3	-483.0	371.4	119.0
Cash and Cash Equivalents at Beginning of Period	494.0	198.5	682.7	309.0	160.8
FX Difference from Revaluation	0.0	1.2	-1.2	2.3	-2.8
Cash and Cash Equivalents at End of Period	390.3	494.0	198.5	682.7	309.0

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	744.9	794.1	700.3	658.8	577.4	709.9	654.2	664.8	566.4	577.5	552.3	524.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	744.9	794.1	700.3	658.8	577.4	709.9	654.2	664.8	566.4	577.5	552.3	524.3
Cost of Goods Sold	336.0	427.2	341.9	375.7	328.7	465.6	399.2	401.4	350.4	431.5	386.4	267.4
Gross Profit	408.9	366.9	358.5	283.2	248.6	244.4	254.9	263.3	216.1	146.0	166.0	257.0
Financial Income	24.5	40.2	29.2	22.1	10.9	39.4	47.4	31.3	32.8	55.8	54.0	67.3
Financial Expenses	21.7	21.1	4.5	6.9	10.2	-12.0	21.4	1.0	8.1	6.4	-3.2	0.3
Interest Expense	14.1	19.1	—	0.3	2.5	1.7	2.4	1.7	1.3	1.9	1.3	1.9
Share of Associates and Joint Ventures	65.5	47.7	34.6	4.6	23.1	20.3	24.0	16.4	20.3	20.0	21.4	20.3
Selling Expenses	—	—	0.2	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	56.2	107.7	66.4	52.5	47.5	89.0	56.9	54.3	41.7	80.6	46.1	46.8
Operating Profit	420.9	325.9	351.2	250.2	225.0	227.0	248.0	255.7	219.3	134.8	198.5	297.5
Other Income	1.7	4.5	54.3	3.2	0.6	16.4	213.9	21.3	0.4	3.2	0.9	7.5
Other Expenses	0.1	4.0	0.1	0.5	0.1	1.0	0.6	0.2	0.2	-16.7	0.7	0.0
Other Profit	1.6	0.5	54.2	2.7	0.6	15.3	213.3	21.1	0.2	20.0	0.2	7.4
Profit Before Tax	422.6	326.4	405.4	252.9	225.6	242.4	461.3	276.8	219.5	154.8	198.7	304.9
Current Income Tax Expense	70.0	58.7	110.3	67.4	41.7	44.6	88.8	51.9	40.4	35.7	36.1	44.7
Deferred Income Tax Expense	1.1	-5.0	-1.3	1.4	-0.9	0.5	-1.0	0.2	-0.1	-8.8	-0.4	12.8
Net Income	351.5	272.7	296.4	184.1	184.8	197.3	373.6	224.6	179.2	127.9	162.9	247.4
Non-controlling Interest	40.9	44.8	35.6	41.3	39.6	40.4	37.2	51.5	38.6	19.3	34.6	63.6
Profit Attributable to Parent	310.7	227.9	260.8	142.8	145.2	156.9	336.4	173.1	140.6	108.6	128.3	183.8
Earnings per Share	950.00	697.00	798.00	437.00	444.00	480.00	1,029.00	529.00	430.00	332.00	392.00	562.00
Diluted EPS	950.12	697.06	797.67	436.66	444.01	479.98	1,028.87	529.48	429.88	332.11	392.42	562.07

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)	3,080.5	3,071.0	3,742.6	2,989.1	2,823.9	3,092.1	3,265.0	3,161.4	2,886.9	3,080.0	3,555.2	3,902.4
I. Cash and cash equivalents	287.5	390.3	516.5	393.5	302.6	494.0	640.0	591.3	772.4	198.5	713.0	340.0
1. Cash	267.5	188.2	406.0	158.5	137.6	110.0	143.7	107.2	203.4	85.9	239.5	146.0
2. Cash equivalents	20.0	202.1	110.5	235.0	165.0	384.0	496.4	484.1	569.0	112.6	473.5	194.0
II. Short-term financial investments	1,631.4	1,551.3	1,412.9	1,385.4	1,255.7	1,345.2	1,501.7	1,607.6	1,157.4	1,963.8	2,064.1	2,686.7
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,631.4	1,551.3	1,412.9	1,385.4	1,255.7	1,345.2	1,501.7	1,607.6	1,157.4	1,963.8	2,064.1	2,686.7
III. Short-term receivables	697.6	656.4	1,347.6	789.6	929.2	971.2	848.1	690.2	709.6	689.1	582.9	683.0
1. Short-term trade accounts receivable	292.2	260.2	254.8	259.3	281.8	295.7	299.0	306.0	289.7	247.9	279.3	266.7
2. Short-term prepayments to suppliers	144.8	82.5	237.7	262.8	372.9	391.9	294.5	209.5	218.9	210.3	108.2	186.1
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	299.7	352.8	892.9	305.3	311.9	320.9	290.5	210.5	236.5	266.2	231.1	265.8
7. Provision for short-term doubtful debts (*)	-39.1	-39.1	-37.9	-37.9	-37.4	-37.4	-35.8	-35.8	-35.6	-35.3	-35.7	-35.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	129.2	127.4	142.0	116.7	119.9	115.8	119.0	112.9	110.0	103.7	107.0	106.8
1. Inventories	129.2	127.4	142.0	116.7	119.9	115.8	119.0	112.9	110.0	103.7	107.0	106.8
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	334.9	345.6	323.7	303.9	216.5	166.0	156.1	159.4	137.4	124.9	88.1	85.9
1. Short-term prepayments	37.7	29.1	16.6	16.2	17.5	25.8	32.6	34.4	20.4	18.8	20.4	29.4
2. Value added tax to be reclaimed	294.4	312.0	305.6	287.7	199.0	140.2	120.0	122.9	114.5	104.9	63.6	49.3
3. Taxes and other receivables from state authorities	2.8	4.6	1.5	0.0	0.0	0.0	3.5	2.1	2.6	1.2	4.1	7.2
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)	6,867.3	6,846.0	6,510.9	6,559.9	5,727.3	5,400.5	4,455.7	4,464.1	4,210.8	4,000.4	3,315.5	3,048.7
I. Long-term receivables	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	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	1,505.9	1,517.7	4,151.1	2,802.9	1,772.1	1,826.4	1,868.9	1,927.5	1,947.4	1,975.3	2,011.3	2,052.1
1. Tangible fixed assets	1,496.4	1,507.4	4,143.5	2,794.8	1,764.5	1,819.2	1,862.3	1,920.9	1,940.4	1,967.9	2,005.6	2,046.0
- Cost	6,530.2	—	—	—	—	6,796.6	6,778.6	7,360.4	7,399.4	7,373.9	7,385.1	7,371.5
- Accumulated depreciation	-5,033.9	—	—	—	—	-4,977.3	-4,916.3	-5,439.5	-5,459.0	-5,406.0	-5,379.5	-5,325.4
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	9.5	10.4	7.6	8.0	7.6	7.2	6.6	6.6	7.0	7.4	5.7	6.0
- Cost	50.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-41.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2,559.7	2,582.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	2,777.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-217.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,289.2	1,291.9	895.5	2,822.4	3,490.1	3,160.4	2,241.5	2,119.4	1,848.7	1,621.0	925.7	635.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,289.2	1,291.9	895.5	2,822.4	3,490.1	3,160.4	2,241.5	2,119.4	1,848.7	1,621.0	925.7	635.3
V. Long-term financial investments	1,428.1	1,364.6	1,383.2	848.9	374.4	316.8	262.5	330.4	335.6	318.3	299.9	278.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,426.3	1,362.9	1,381.5	847.1	372.2	314.8	260.8	312.8	319.1	302.0	283.5	262.2
3. Investments in other entities	2.2	2.2	2.2	2.2	2.2	2.2	2.2	17.6	17.6	17.6	17.6	17.6
4. Provision for diminution in value of long-term investments	-0.4	-0.5	-0.4	-0.4	-0.0	-0.1	-0.5	0.0	-1.1	-1.5	-1.5	-1.4
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.2	0.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	84.4	89.8	81.0	85.7	90.6	96.8	82.7	86.8	79.0	85.7	78.4	82.6
1. Long-term prepayments	71.2	75.6	66.3	70.0	75.6	81.8	68.1	72.1	64.7	71.4	64.6	68.8
2. Deferred income tax assets	13.2	14.1	14.7	15.7	15.0	15.0	14.6	14.6	14.2	14.2	13.8	13.8
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)	9,947.9	9,917.0	10,253.6	9,549.0	8,551.2	8,492.7	7,720.6	7,625.6	7,097.7	7,080.3	6,870.7	6,951.1
A. LIABILITIES (300=210+330)	2,779.5	3,099.5	3,494.1	3,112.3	2,065.6	2,132.1	1,555.5	1,834.2	1,183.1	1,343.7	1,211.3	1,298.9
I. Short -term liabilities	720.0	1,253.9	1,511.3	1,278.4	1,050.8	1,637.6	1,057.2	1,333.2	678.2	806.8	670.6	755.1
1. Short-term trade accounts payable	119.8	356.8	610.4	482.1	462.2	852.6	210.9	328.8	208.7	175.3	70.1	67.6
2. Short-term advances from customers	16.0	8.6	6.9	21.0	13.6	19.4	10.1	9.2	5.8	3.6	4.9	4.9
3. Dividends and profits payable	2.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	129.2	245.5	227.2	160.0	92.4	99.8	185.8	86.5	72.4	55.1	84.5	97.0
4. Payable to employees	79.4	226.0	190.9	158.9	97.4	224.9	222.4	163.1	92.0	209.7	187.3	144.8
5. Short-term acrrued expenses	242.7	256.7	244.9	232.7	231.2	226.9	227.0	233.9	236.2	223.4	243.8	223.2
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	—	2.7	—	2.7	—	5.4	0.0	6.4	0.0	0.0	0.0	0.0
9. Other short-term payables	86.2	88.9	131.4	103.3	103.6	126.1	109.6	398.9	10.6	72.3	16.0	115.9
10. Short-term borrowings and financial leases	11.2	24.7	26.2	26.4	25.2	23.5	25.6	23.0	24.7	13.3	12.4	25.8
11. Provision for short-term liabilities	—	—	—	—	—	18.1	0.0	0.0	3.2	16.0	0.0	0.0
12.. Bonus and welfare fund	33.1	44.0	73.3	91.4	25.3	40.8	65.8	83.4	24.7	38.3	51.7	76.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	2,059.4	1,845.6	1,982.8	1,834.0	1,014.7	494.5	498.3	501.0	504.9	536.9	540.7	543.8
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	93.9	95.3	109.6	96.5	—	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	1,962.2	1,747.2	1,864.7	1,726.7	1,006.0	484.9	489.6	491.2	495.8	527.6	523.1	525.8
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	3.2	3.1	8.6	10.8	8.7	9.6	8.7	9.7	9.1	9.2	17.6	18.0
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)	7,168.4	6,817.5	6,759.5	6,436.7	6,485.6	6,360.6	6,165.1	5,791.4	5,914.5	5,736.6	5,659.3	5,652.2
I. Owner's equity	7,168.4	6,817.5	6,759.5	6,436.7	6,485.6	6,360.6	6,165.1	5,791.4	5,914.5	5,736.6	5,659.3	5,652.2
1. Owner's capital	3,269.6	3,269.6	3,269.6	3,269.6	3,269.6	3,269.6	3,269.6	3,269.6	3,269.6	3,269.6	3,269.6	3,269.6
- Common stock with voting right	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00	3,269,600,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.3	—	—	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	52.5	52.5	52.5	52.5	52.5	52.5	52.5	52.5	63.0	63.0	63.0	70.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-613.3	-613.3	-613.3	-613.3	-613.3	-613.3	-613.3	-613.3	-613.3	-613.3	-613.3	-613.3
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	2,104.6	2,104.6	2,104.6	2,102.2	1,803.2	1,803.2	1,803.2	1,803.2	1,423.4	1,423.4	1,423.5	1,416.5
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	1,522.7	1,212.7	1,192.8	897.1	1,188.1	1,043.4	888.3	551.1	984.5	846.1	739.1	765.9
- Accumulated retained earning at the end of the previous period	1,212.1	391.4	599.4	609.2	1,043.0	236.2	238.0	237.4	844.0	277.0	278.6	431.5
- Undistributed earnings in this period	310.7	821.3	593.4	287.9	145.2	807.2	650.3	313.7	140.6	569.1	460.5	334.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	832.4	791.5	753.5	728.5	785.4	805.2	764.8	728.2	787.2	747.7	777.4	743.5
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)	9,947.9	9,917.0	10,253.6	9,549.0	8,551.2	8,492.7	7,720.6	7,625.6	7,097.7	7,080.3	6,870.7	6,951.1

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	422.6	326.0	405.4	300.2	225.6	242.4	461.3	276.8	219.5	154.3	198.7	302.7
Depreciation of Fixed Assets and Investment Property	72.3	71.6	67.2	61.1	55.3	-38.1	53.9	55.3	53.5	53.7	54.4	50.0
Provision (Increase)/Reversal	-0.1	1.3	0.1	0.9	-18.2	19.3	0.5	-4.1	-13.0	15.7	0.1	-71.4
FX Gain/Loss from Revaluation of Monetary Items	-2.6	-4.0	-4.5	5.7	7.1	-10.8	15.7	-7.3	-7.2	2.9	-3.2	-15.0
Gain/Loss from Investment Activities	-79.4	-84.0	-57.6	-22.3	-32.6	154.1	-272.8	-56.3	-35.5	-81.4	-67.4	-72.0
Interest Expense	14.1	19.1	1.7	-0.2	2.5	1.7	2.4	1.7	1.3	1.8	1.3	1.9
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	426.9	330.0	412.4	345.4	239.6	368.6	261.1	266.2	218.6	147.0	183.9	196.3
Increase/(Decrease) in Receivables	-57.6	6.9	105.6	45.8	-30.2	-334.6	-44.4	7.4	-73.3	-108.4	60.6	263.8
Increase/(Decrease) in Inventory	-1.7	14.5	-25.3	3.2	-4.1	3.2	-6.2	-2.8	-6.4	3.4	-0.3	-9.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-389.0	-372.8	114.8	274.0	-548.2	682.3	-256.7	487.8	-68.1	110.2	57.0	26.8
Increase/(Decrease) in Prepaid Expenses	-4.1	-21.9	4.0	6.2	14.5	-6.8	5.9	-21.5	5.1	-5.3	13.3	-0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.5	-12.8	-0.7	0.6	-1.5	0.0	-2.1	0.0	-1.1	0.1	-1.3	0.0
Corporate Income Tax Paid	-189.9	-44.2	-44.4	-0.8	-50.0	-142.5	-4.6	-28.0	-38.6	-57.0	-43.2	-27.2
Other Operating Receipts	0.1	—	—	—	—	0.0	-0.0	-0.1	0.1	0.1	0.0	0.0
Other Operating Payments	-11.0	-29.3	-28.0	-90.8	-16.0	-24.9	-17.5	-68.3	-13.3	-13.1	-49.5	-31.4
Net Cash Flow from Operating Activities	-239.8	-129.6	538.3	583.4	-395.8	545.2	-64.4	640.7	23.0	76.9	220.5	418.4
Payments for Fixed Assets and Other Long-term Assets	-35.3	-721.4	-499.6	-1,056.2	-329.9	-836.1	-126.8	-305.8	-253.7	-713.4	-304.1	-674.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	6.0	-0.0	1.4	-0.0	0.0	213.0	20.5	0.0	2.1	0.0	1.4
Loans and Purchases of Debt Instruments	-686.1	-550.8	-609.0	-641.6	-645.5	-360.7	-737.7	-903.6	-660.8	-413.0	-1,460.5	-167.7
Receipts from Loan Repayments and Sale of Debt Instruments	606.0	412.3	581.5	511.9	735.0	517.2	843.1	453.9	1,467.4	513.4	2,083.0	465.0
Investments in Other Entities	—	—	—	—	—	-35.5	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	37.8	24.8	0.0	0.0	-5.4	19.1
Dividends and Interest Income Received	48.4	3.2	7.5	53.6	25.1	20.3	-14.9	19.9	58.8	23.6	79.7	45.1
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	-67.0	-850.3	-535.6	-1,130.9	-252.1	-694.8	214.5	-690.2	611.7	-587.4	392.7	-311.2
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	216.4	446.2	195.2	1,265.4	527.4	3.6	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-12.8	591.2	-55.9	-548.7	-12.2	0.0	-11.9	0.0	-12.5	-0.1	-12.9	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-196.1	-20.3	-78.3	-58.8	-0.1	-88.8	-130.7	-49.0	-2.0	-227.4	0.1
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	203.6	854.5	119.0	638.8	456.5	3.6	-100.7	-130.7	-61.5	-2.0	-240.3	0.1
Net Cash Flow During the Period	-103.2	-125.3	121.7	91.3	-191.4	-146.0	49.3	-180.2	573.2	-512.6	373.0	107.2
Cash and Cash Equivalents at Beginning of Period	390.3	516.5	393.5	302.6	494.0	198.5	198.5	198.5	198.5	682.7	682.7	682.7
FX Difference from Revaluation	0.4	0.0	1.0	-0.4	0.1	-0.1	-1.1	-0.4	0.7	-1.9	-0.0	0.1
Cash and Cash Equivalents at End of Period	287.5	390.3	516.5	393.5	302.6	494.0	640.0	591.8	772.4	198.5	713.0	340.0

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PHP

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