PLC

Tổng Công ty Hóa dầu Petrolimex - CTCP ·HNX ·2026Q1

▼ Under pressure

Capital efficiency remains weak ROE −0.26%, −2.05pp YoY

Price

21,400

Latest close

04 Jun 2026

P/E -218.37x

P/B 1.39x

EPS -98

BVPS 15,426

ROE -0.6%

ROA -0.2%

Profit Margin -0.1%

Asset Turnover 1.92x

Equity Mult. 3.20x

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

What Is Changing

On a TTM 2026Q1 basis, PLC posted a sharp profit decline versus the same period — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,747bn
	                                
+6.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 8bn
	                                
−113.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -43.83x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	7,774.0	6,931.7	7,960.7	8,601.0	6,866.6
Growth	+12%	-13%	-7%	+25%	—
Net Income	27.0	43.2	101.9	117.0	156.8
Net Margin	0.35%	0.62%	1.28%	1.36%	2.28%

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	1,884.7	1,992.0	1,730.8	2,139.6	1,911.6	2,124.1	1,467.9	1,741.2	1,598.5	2,186.8	1,924.1	1,881.3
Growth	-5%	+15%	-19%	+12%	-10%	+45%	-16%	+9%	-27%	+14%	+2%	—
Net Income	10.0	-85.2	31.8	35.5	31.5	20.3	6.6	0.5	15.3	26.5	16.5	35.6
Net Margin	0.53%	-4.28%	1.83%	1.66%	1.65%	0.95%	0.45%	0.03%	0.96%	1.21%	0.86%	1.89%

Drivers of PLC's profit

TTM

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

Gross profit ↑ 160.2bn

Administrative expenses ↑ 114.6bn

Selling expenses ↑ 87.3bn

Deferred tax ↑ 17.1bn

TTM

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

Gross profit ↑ 34.7bn

Administrative expenses ↑ 29.0bn

Selling expenses ↑ 13.2bn

Deferred tax ↑ 7.0bn

Finance costs ↑ 6.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.5% = 0.8% × 1.68 × 3.30

2026Q1 -0.6% = -0.1% × 1.92 × 3.20

ROE fell from 4.5% to -0.6% — leverage weakened the most, though asset turnover still provided support.

Net margin: -0.1% -0.9pp Asset turnover: 1.92x +0.23x Leverage: 3.20x -0.10x

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 narrowed to -0.10%, falling 0.9pp. The main pressure is SG&A / Revenue rose 2.0pp, outweighing the improvement in Gross margin rose 1.3pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -0.10% −0.9pp

Gross Margin 13.28% +1.3pp

SG&A / Revenue 11.95% +2.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC fell to -0.26%, losing 2.1pp. That translates to -0.26 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.9pp, outweighing the movement in capital turnover; with invested capital easing slightly by 116bn.

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

Watchpoints

ROIC remains low

ROIC is currently -0.26% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -0.26% −2.1pp

NOPAT Margin -0.10% −0.9pp

Capital Turnover 2.60x +0.26x

Average Invested Capital 2,978.3bn −115.7bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.18x equity, net debt at 1.29x equity.

Inventory ended the period at 990.1bn, roughly 25.2% of total assets.

Over the last 12 months, working capital released 155.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +345.7bn

Inventories decreased → higher CFO: +242.7bn

Payables decreased → lower CFO: −433.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 11.2 days versus the same period last year. The main moves came from DIO fell 8.1 days, DSO fell 14.6 days, and DPO fell 11.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 93.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 61.6 days −14.6 days

Inventory 64.2 days −8.1 days

Payables 32.0 days −11.5 days

Cash Conversion Cycle 93.8 days −11.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.29x and interest coverage only at 0.34x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 12.5% of debt, and total debt stands at 1,843.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.29x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.34x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.29x −0.12x

Interest Coverage 0.34x −0.33x

Cash / Debt 12.5% −2.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -43.83x −47.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -84.1bn in 2025, against investing cash flow of 10.9bn.

Post-investment cash flow was negative +73.2bn. Financing cash flow was positive +268.9bn.

CFO / net income was -43.83x.

After spending +50.9bn on fixed-asset investment, the business generated trailing free cash flow of +298.2bn.

Cash Conversion

CFO TTM 349.2bn +139.0bn

Cash Capex 50.9bn +20.6bn

FCF TTM +298.2bn +118.4bn

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 brighter spot is cash generation. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 117.8%. The main risk still sits in capital efficiency remains weak, with ROIC at -0.3%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 118.4bn versus the same period last year.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7,774.0	6,931.7	7,960.7	8,601.0	6,866.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	7,774.0	6,931.7	7,960.7	8,601.0	6,866.6
Cost of Goods Sold	6,772.2	6,109.1	6,989.9	7,509.7	0.0
Gross Profit	1,001.9	822.7	970.8	1,091.3	931.2
Financial Income	68.8	55.5	76.2	93.8	95.5
Financial Expenses	123.5	130.4	155.6	222.6	-80.3
Interest Expense	101.3	85.6	117.4	84.8	-70.7
Share of Associates and Joint Ventures	—	0.0	-1.7	-21.4	-8.5
Selling Expenses	676.2	571.8	589.8	610.2	-539.4
General and Administrative Expenses	204.2	110.7	159.8	143.2	-200.7
Operating Profit	66.8	65.3	140.2	187.7	197.8
Other Income	3.3	8.3	4.4	4.6	0.0
Other Expenses	1.6	3.2	3.5	8.0	0.0
Other Profit	1.7	5.1	0.9	-3.4	9.4
Profit Before Tax	68.5	70.4	141.1	184.3	207.2
Current Income Tax Expense	22.2	16.0	37.8	61.0	-50.4
Deferred Income Tax Expense	19.4	11.2	1.4	6.3	0.0
Net Income	27.0	43.2	101.9	117.0	156.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	27.0	43.2	101.9	117.0	156.8
Earnings per Share	334.00	535.00	1,173.00	1,173.00	1,840.00
Diluted EPS	333.98	534.92	1,261.38	1,447.51	1,940.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,120.3	3,238.7	3,356.4	3,686.3	3,766.8
I. Cash and cash equivalents	494.6	299.0	287.6	550.0	375.9
1. Cash	315.3	153.0	224.9	182.6	0.0
2. Cash equivalents	179.3	146.0	62.7	367.3	0.0
II. Short-term financial investments	625.0	645.7	407.1	218.4	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	625.0	645.7	407.1	218.4	0.0
III. Short-term receivables	957.6	1,206.0	1,231.4	1,432.1	1,394.9
1. Short-term trade accounts receivable	1,186.4	1,390.5	1,448.8	1,647.6	0.0
2. Short-term prepayments to suppliers	30.0	40.3	38.5	32.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	21.0	26.0	28.4	18.3	0.0
7. Provision for short-term doubtful debts (*)	-279.8	-250.8	-284.4	-266.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	990.1	1,054.3	1,373.3	1,431.8	1,244.6
1. Inventories	1,045.8	1,055.3	1,373.3	1,431.8	0.0
2. Provision for decline in value of inventories	-55.7	-0.9	0.0	0.0	0.0
V. Other short-term assets	53.0	33.7	56.9	54.0	53.7
1. Short-term prepayments	1.9	2.2	2.6	1.9	0.0
2. Value added tax to be reclaimed	32.8	28.2	48.3	44.9	0.0
3. Taxes and other receivables from state authorities	18.3	3.2	6.0	7.2	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)	815.2	841.3	883.0	935.0	1,041.0
I. Long-term receivables	6.5	6.3	5.2	5.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.2
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	6.5	6.3	5.2	5.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	605.6	641.6	705.9	744.8	818.7
1. Tangible fixed assets	593.7	630.2	701.9	740.9	815.1
- Cost	1,812.5	1,768.8	1,750.5	1,697.2	0.0
- Accumulated depreciation	-1,218.8	-1,138.6	-1,048.6	-956.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	11.9	11.5	4.1	3.9	3.6
- Cost	25.0	22.6	13.9	12.6	0.0
- Accumulated depreciation	-13.1	-11.2	-9.8	-8.7	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	23.2	10.7	16.2	37.3	30.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	23.2	10.7	16.2	37.3	0.0
V. Long-term financial investments	—	0.0	0.0	1.7	23.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	1.7	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	179.9	182.6	155.7	146.0	0.0
1. Long-term prepayments	178.6	182.6	154.7	144.0	0.0
2. Deferred income tax assets	1.3	0.0	1.1	2.0	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	163.1
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)	3,935.5	4,080.0	4,239.4	4,621.3	4,807.8
A. LIABILITIES (300=210+330)	2,699.4	2,830.3	2,925.9	3,392.6	3,452.0
I. Short -term liabilities	2,660.9	2,812.5	2,918.2	3,387.4	3,450.8
1. Short-term trade accounts payable	452.1	948.2	1,411.3	1,381.3	1,720.5
2. Short-term advances from customers	38.2	47.4	24.4	39.9	60.6
3. Taxes and other payables to state authorities	41.9	28.7	33.4	37.4	0.0
4. Payable to employees	77.1	49.6	53.6	64.2	0.0
5. Short-term acrrued expenses	11.4	3.6	7.7	9.0	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	7.9	6.6	6.7	68.1	0.0
10. Short-term borrowings and financial leases	2,028.2	1,719.0	1,365.1	1,771.0	1,548.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	9.3	16.0	16.5	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	38.5	17.8	7.7	5.2	1.2
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	2.0	2.0	2.0	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	36.5	15.8	5.7	5.2	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,236.2	1,249.7	1,313.5	1,228.6	1,355.8
I. Owner's equity	1,236.2	1,249.7	1,313.5	1,228.6	0.0
1. Owner's capital	808.0	808.0	808.0	808.0	1,355.8
- Common stock with voting right	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3.6	3.6	3.6	3.6	3.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	0.5	0.5	0.5	0.5	0.5
5. Treasury shares	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-0.2	-0.5	-0.1	-2.5	0.0
8. Investment and development fund	376.8	376.6	376.6	375.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	20.6	20.9	21.0	21.0	0.0
11. Undistributed earnings after tax	27.0	40.6	104.1	22.2	158.0
- Accumulated retained earning at the end of the previous period	—	-2.6	2.2	2.2	1.2
- Undistributed earnings in this period	27.0	43.2	101.9	20.0	156.8
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)	3,935.5	4,080.0	4,239.4	4,621.3	4,807.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	68.5	70.4	141.1	184.3	207.2
Depreciation of Fixed Assets and Investment Property	96.3	98.6	99.6	102.9	108.9
Provision (Increase)/Reversal	83.8	-32.6	17.8	-13.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.0	2.8	0.0	2.8	0.0
Gain/Loss from Investment Activities	-37.5	-28.2	-34.1	-24.3	0.0
Interest Expense	101.3	85.6	117.4	84.8	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	310.5	196.6	341.8	337.1	398.8
Increase/(Decrease) in Receivables	196.7	86.6	186.6	-8.6	0.0
Increase/(Decrease) in Inventory	9.5	318.0	58.4	-181.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-473.0	-441.2	6.3	-372.2	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	-21.1	-1.1	10.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-98.6	-85.1	-118.0	-83.7	0.0
Corporate Income Tax Paid	-24.0	-34.7	-40.3	-48.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.2	-13.2	-19.8	-29.2	0.0
Net Cash Flow from Operating Activities	-84.1	5.9	414.0	-375.9	289.2
Payments for Fixed Assets and Other Long-term Assets	-50.7	-41.5	-58.5	-37.1	-41.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.3	0.5	0.5	0.0
Loans and Purchases of Debt Instruments	-1,380.9	-1,129.2	-617.2	-1,051.7	-238.3
Receipts from Loan Repayments and Sale of Debt Instruments	1,401.7	890.6	428.6	1,531.0	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	40.5	28.7	27.7	47.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	10.9	-251.2	-218.9	490.6	-235.3
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	5,254.1	4,678.8	4,116.0	5,389.5	4,338.2
Repayment of Borrowings	-4,944.9	-4,324.9	-4,521.4	-5,168.5	-4,674.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-40.3	-96.8	-56.7	-161.1	-40.4
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	268.9	257.1	-462.2	59.9	-376.6
Net Cash Flow During the Period	195.7	11.8	-267.1	174.6	-150.6
Cash and Cash Equivalents at Beginning of Period	299.0	287.6	550.0	375.9	698.5
FX Difference from Revaluation	-0.0	-0.5	4.8	-0.5	0.0
Cash and Cash Equivalents at End of Period	494.6	299.0	287.6	550.0	375.9

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	1,884.7	1,992.0	1,730.8	2,139.6	1,911.6	2,124.1	1,467.9	1,741.2	1,598.5	2,186.8	1,924.1	1,881.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,884.7	1,992.0	1,730.8	2,139.6	1,911.6	2,124.1	1,467.9	1,741.2	1,598.5	2,186.8	1,924.1	1,881.3
Cost of Goods Sold	1,601.6	1,789.9	1,482.9	1,844.1	1,663.2	1,881.0	1,309.3	1,522.9	1,394.8	1,942.3	1,702.1	1,625.6
Gross Profit	283.1	202.1	247.9	295.5	248.3	243.1	158.7	218.4	203.7	244.5	222.0	255.7
Financial Income	23.7	13.1	15.8	16.4	21.8	2.9	31.5	9.2	10.4	16.9	15.0	27.1
Financial Expenses	32.6	28.3	26.6	40.9	25.8	36.0	21.0	43.3	30.2	30.8	39.6	50.8
Interest Expense	28.0	25.5	24.7	27.4	23.9	22.5	21.7	23.2	18.1	24.9	23.6	37.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-3.7	0.9
Selling Expenses	177.4	193.6	147.8	170.6	164.2	176.1	117.3	144.5	132.7	153.4	141.3	140.2
General and Administrative Expenses	69.3	60.2	48.4	58.5	40.3	7.0	39.6	34.9	30.4	38.5	31.6	47.8
Operating Profit	27.4	-66.9	40.9	42.0	39.8	26.8	12.3	4.9	20.8	38.7	20.9	44.9
Other Income	0.3	1.9	0.1	1.1	0.1	4.0	0.8	2.8	0.7	2.0	0.3	1.8
Other Expenses	0.7	0.7	0.2	0.5	0.2	1.1	0.6	0.7	0.7	0.6	0.3	0.5
Other Profit	-0.3	1.3	-0.1	0.6	-0.1	2.8	0.2	2.1	-0.0	1.4	-0.0	1.3
Profit Before Tax	27.1	-65.7	40.8	42.6	39.7	29.7	12.5	7.0	20.8	40.1	20.9	46.2
Current Income Tax Expense	9.1	-2.3	8.9	8.5	7.2	6.5	2.9	2.0	4.7	13.3	4.4	10.0
Deferred Income Tax Expense	8.0	21.8	0.1	-1.4	1.0	2.9	3.1	4.5	0.7	0.3	0.0	0.6
Net Income	10.0	-85.2	31.8	35.5	31.5	20.3	6.6	0.5	15.3	26.5	16.5	35.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.0	-85.2	31.8	35.5	31.5	20.3	6.6	0.5	15.3	26.5	16.5	35.6
Earnings per Share	124.00	-1,054.00	393.00	439.00	390.00	251.00	82.00	6.00	190.00	328.00	205.00	441.00
Diluted EPS	123.60	-1,054.10	393.00	438.89	390.04	250.93	81.65	6.10	189.58	327.59	204.53	441.00

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)	2,880.7	3,109.3	3,423.4	3,624.6	3,593.8	3,225.3	3,306.0	3,073.4	3,326.0	3,367.0	3,497.4	3,374.4
I. Cash and cash equivalents	231.2	625.6	306.7	446.2	332.5	301.0	284.2	352.9	314.2	287.6	383.2	267.6
1. Cash	144.9	315.3	269.1	283.2	265.5	153.0	120.7	185.1	283.5	224.9	219.3	101.9
2. Cash equivalents	86.3	310.3	37.6	163.0	67.0	148.0	163.5	167.8	30.8	62.7	163.9	165.7
II. Short-term financial investments	680.0	494.0	524.0	747.0	590.0	643.7	393.6	436.5	421.4	407.1	356.1	348.5
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	680.0	494.0	524.0	747.0	590.0	643.7	393.6	436.5	421.4	407.1	356.1	348.5
III. Short-term receivables	886.1	954.5	1,182.9	1,248.9	1,319.1	1,206.9	1,240.7	1,257.5	1,314.2	1,241.9	1,401.4	1,460.1
1. Short-term trade accounts receivable	1,119.3	1,186.4	1,371.5	1,444.0	1,495.6	1,390.5	1,449.4	1,462.5	1,529.7	1,450.6	1,605.7	1,677.7
2. Short-term prepayments to suppliers	35.3	30.0	47.3	35.5	42.0	40.3	48.6	47.4	36.0	38.5	34.6	25.9
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	39.4	21.0	30.0	29.3	32.5	26.9	26.3	30.7	32.1	28.4	35.2	30.7
7. Provision for short-term doubtful debts (*)	-307.9	-282.9	-265.8	-259.9	-251.0	-251.0	-284.0	-283.6	-284.0	-275.6	-274.2	-274.2
8. Assets awaiting resolution	—	—	—	—	—	0.3	0.4	0.4	0.3	0.0	0.0	0.0
IV. Inventories	1,011.9	982.1	1,357.1	1,150.9	1,301.9	1,040.1	1,334.6	993.5	1,224.2	1,373.5	1,308.9	1,240.8
1. Inventories	1,060.2	1,045.8	1,358.0	1,151.9	1,302.9	1,041.0	1,334.6	993.5	1,224.2	1,373.5	1,308.9	1,240.8
2. Provision for decline in value of inventories	-48.3	-63.6	-0.9	-0.9	-0.9	-0.9	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	71.5	53.0	52.6	31.6	50.2	33.7	53.0	33.0	52.0	56.9	47.9	57.4
1. Short-term prepayments	2.4	1.9	2.8	1.4	2.3	2.2	1.3	1.4	3.1	2.6	4.0	2.9
2. Value added tax to be reclaimed	50.7	32.8	44.5	25.3	43.8	28.2	45.1	24.7	42.7	48.3	38.7	51.2
3. Taxes and other receivables from state authorities	18.4	18.3	5.3	5.0	4.1	3.2	6.5	6.9	6.2	6.0	5.1	3.3
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)	793.5	815.2	783.7	804.5	819.2	840.1	845.7	863.7	876.4	883.0	884.3	906.7
I. Long-term receivables	6.5	6.5	6.2	6.2	6.2	5.1	5.1	5.1	5.2	5.2	5.2	5.2
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	6.5	6.5	6.2	6.2	6.2	5.1	5.1	5.1	5.2	5.2	5.2	5.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	586.9	605.6	594.8	611.3	624.2	641.6	653.8	667.8	689.8	705.9	701.0	719.8
1. Tangible fixed assets	575.5	593.7	583.2	599.3	611.7	630.2	646.4	664.1	686.0	701.9	697.1	716.4
- Cost	1,817.0	—	—	—	—	1,768.8	1,762.2	1,758.1	1,757.8	1,750.5	1,726.3	1,715.3
- Accumulated depreciation	-1,241.6	—	—	—	—	-1,138.6	-1,115.9	-1,094.0	-1,071.8	-1,048.6	-1,029.2	-998.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	11.5	11.9	11.6	12.1	12.5	11.5	7.4	3.7	3.8	4.1	3.9	3.4
- Cost	25.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.6	—	—	—	—	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	24.0	23.2	12.3	12.2	10.2	10.7	13.9	18.2	17.9	16.2	33.4	35.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	24.0	23.2	12.3	12.2	10.2	10.7	13.9	18.2	17.9	16.2	33.4	35.3
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.7
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	3.7
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	176.1	179.9	170.4	174.8	178.5	182.6	172.9	172.6	163.6	155.7	144.7	142.8
1. Long-term prepayments	174.8	178.6	170.4	174.8	178.5	182.6	171.8	171.5	162.5	154.7	143.4	141.4
2. Deferred income tax assets	1.3	1.3	—	—	0.0	0.0	1.1	1.1	1.1	1.1	1.3	1.3
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)	3,674.2	3,924.5	4,207.1	4,429.1	4,413.0	4,065.4	4,151.7	3,937.1	4,202.4	4,250.0	4,381.8	4,281.1
A. LIABILITIES (300=210+330)	2,427.8	2,701.7	2,899.3	3,150.3	3,131.6	2,815.8	2,918.1	2,711.2	2,873.9	2,930.7	3,089.3	3,006.8
I. Short -term liabilities	2,381.3	2,661.0	2,881.7	3,132.9	3,113.8	2,798.0	2,902.1	2,698.3	2,865.5	2,923.0	3,081.6	3,001.9
1. Short-term trade accounts payable	369.0	452.1	635.2	753.6	810.5	933.9	922.7	552.0	712.0	1,410.7	1,190.1	1,139.1
2. Short-term advances from customers	35.6	38.2	45.7	73.4	55.8	47.4	19.6	21.9	13.7	26.1	57.4	46.8
3. Dividends and profits payable	2.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	49.7	42.1	30.2	29.0	38.2	28.7	11.4	14.9	14.2	35.7	22.8	17.7
4. Payable to employees	37.7	77.1	73.5	56.2	30.4	49.5	42.0	27.9	15.7	55.0	38.5	33.7
5. Short-term acrrued expenses	34.0	11.4	22.6	22.4	18.0	3.6	22.4	31.0	17.1	7.7	27.4	14.0
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	5.6	7.9	10.8	8.3	6.9	6.6	9.2	7.6	7.3	6.7	6.8	10.0
10. Short-term borrowings and financial leases	1,843.9	2,028.2	2,059.3	2,185.4	2,148.7	1,719.0	1,864.7	2,032.1	2,076.1	1,365.1	1,718.8	1,716.4
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	3.2	4.1	4.4	4.6	5.4	9.3	10.1	10.9	9.4	16.0	19.7	24.1
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	46.5	40.7	17.6	17.4	17.8	17.8	15.9	12.9	8.4	7.7	7.7	4.9
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	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	44.5	38.7	15.6	15.4	15.8	15.8	13.9	10.9	6.4	5.7	5.7	4.9
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,246.4	1,222.7	1,307.8	1,278.8	1,281.4	1,249.6	1,233.6	1,225.9	1,328.5	1,319.4	1,292.5	1,274.3
I. Owner's equity	1,246.4	1,222.7	1,307.8	1,278.8	1,281.4	1,249.6	1,233.6	1,225.9	1,328.5	1,319.4	1,292.5	1,274.3
1. Owner's capital	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0	808.0
- Common stock with voting right	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00	807,988,390,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
5. Treasury shares	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00	-12,730,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-0.3	-0.2	-0.3	2.4	-0.3	-0.5	0.6	-0.1	-0.4	-0.1	-0.5	-6.3
8. Investment and development fund	376.8	376.8	376.8	376.8	376.6	376.6	376.6	376.6	376.6	376.6	376.6	376.6
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	20.9	20.6	20.6	20.6	20.9	20.9	20.9	20.9	20.9	21.0	21.0	21.0
11. Undistributed earnings after tax	37.0	13.6	98.7	67.0	72.1	40.5	23.6	16.5	119.4	109.9	83.4	71.1
- Accumulated retained earning at the end of the previous period	27.0	—	—	—	40.6	-2.6	0.7	0.7	104.1	2.2	2.2	2.2
- Undistributed earnings in this period	10.0	13.6	98.7	67.0	31.5	43.2	22.9	15.8	15.3	107.7	81.3	68.9
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)	3,674.2	3,924.5	4,207.1	4,429.1	4,413.0	4,065.4	4,151.7	3,937.1	4,202.4	4,250.0	4,381.8	4,281.1

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	27.1	-54.6	40.8	42.6	39.7	29.7	12.5	7.2	20.8	32.0	20.9	46.2
Depreciation of Fixed Assets and Investment Property	27.9	20.5	27.2	20.5	28.0	39.2	23.2	25.3	24.0	20.0	27.9	25.2
Provision (Increase)/Reversal	20.7	68.7	5.9	8.9	0.2	-32.1	2.3	-2.3	-0.4	10.2	-0.1	7.6
FX Gain/Loss from Revaluation of Monetary Items	—	-9.1	—	7.2	—	0.0	-2.0	2.0	0.0	0.0	-1.5	1.5
Gain/Loss from Investment Activities	-3.0	-8.1	-10.5	-10.6	-8.3	-9.5	-6.2	-7.3	-5.0	-6.5	-6.0	-14.7
Interest Expense	28.0	25.5	24.5	27.4	23.9	22.5	21.7	23.3	18.1	24.9	23.6	37.8
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	100.6	50.1	80.8	96.0	83.6	49.7	51.5	48.3	57.6	80.7	64.7	103.6
Increase/(Decrease) in Receivables	19.4	206.5	47.4	72.5	-129.6	89.0	-4.8	72.2	-78.1	151.0	82.9	-8.3
Increase/(Decrease) in Inventory	-14.4	312.3	-206.1	151.0	-247.6	293.6	-341.1	230.7	149.1	-64.4	-68.1	64.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-86.1	-202.4	-120.2	-24.3	-126.0	39.5	374.3	-119.9	-733.6	194.5	75.1	72.0
Increase/(Decrease) in Prepaid Expenses	-1.3	-4.4	-1.8	7.2	-0.9	-27.5	-0.9	-8.3	-8.9	5.0	-5.8	7.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-23.0	-22.7	-26.6	-25.3	-23.9	-22.5	-22.3	-22.7	-18.1	-25.5	-24.5	-36.9
Corporate Income Tax Paid	-16.1	-5.7	-6.2	-5.6	-6.6	-2.6	-2.5	-2.2	-27.5	-3.8	-2.4	-1.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-0.2	-0.2	-0.8	-3.9	-0.8	-0.9	-4.9	-6.6	-3.7	-4.4	-10.2
Net Cash Flow from Operating Activities	-21.8	333.3	-233.1	270.7	-455.0	418.6	53.4	193.2	-666.1	333.9	117.5	190.3
Payments for Fixed Assets and Other Long-term Assets	-5.4	-27.5	-10.3	-7.7	-5.1	-18.4	-4.6	-2.2	-8.9	-31.2	-11.0	-11.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	0.2	—	0.0	-0.1	0.1	0.0	0.5	-0.2	0.2
Loans and Purchases of Debt Instruments	-150.0	-548.9	-80.0	-752.0	—	-250.1	450.0	-422.2	-14.3	-479.6	337.4	-368.5
Receipts from Loan Repayments and Sale of Debt Instruments	95.0	447.9	303.0	595.0	55.7	0.0	-407.1	407.1	0.0	428.6	-345.0	345.0
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	3.0	11.1	10.4	10.7	8.3	9.5	4.9	8.6	5.0	0.0	11.9	8.9
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	-57.4	-117.1	222.8	-153.8	58.9	-259.0	43.1	-8.7	-18.2	-81.7	-6.9	-25.9
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	1,326.3	1,135.0	1,357.7	1,269.4	1,491.9	1,014.6	1,100.6	1,098.9	1,466.4	1,024.1	963.8	816.0
Repayment of Borrowings	-1,510.6	-1,163.4	-1,484.8	-1,234.4	-1,062.3	-1,157.4	-1,267.3	-1,146.5	-755.4	-1,376.6	-961.5	-973.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-40.3	—	0.0	-0.1	-96.7	0.0	0.0	0.0	-56.7
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	-184.3	-28.4	-127.1	-5.3	429.7	-142.8	-166.8	-144.2	711.0	-352.5	2.4	-214.4
Net Cash Flow During the Period	-263.4	187.9	-137.4	111.6	33.5	16.8	-70.3	40.3	26.6	-100.4	113.0	-50.0
Cash and Cash Equivalents at Beginning of Period	494.6	306.7	446.2	332.5	299.0	287.6	287.6	287.6	287.6	550.0	550.0	550.0
FX Difference from Revaluation	—	-0.0	—	2.0	—	0.0	1.6	-1.6	0.0	4.8	2.6	-2.6
Cash and Cash Equivalents at End of Period	231.2	494.6	306.7	446.2	332.5	301.0	284.2	352.9	314.2	287.6	383.2	267.6

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PLC

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