PPC

Nhiệt điện Phả Lại ·HOSE ·2026Q1

▼▼ Declining sharply

Pre-tax profit relies materially on non-core sources Net financial result/PBT 50.49%

Price

9,740

Latest close

04 Jun 2026

P/E —

P/B 0.70x

EPS —

BVPS 13,984

ROE 4.7%

ROA 3.8%

Profit Margin 3.1%

Asset Turnover 1.21x

Equity Mult. 1.23x

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

What Is Changing

On a TTM 2026Q1 basis, PPC is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,828bn
	                                
−5.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 213bn
	                                
−33.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    50.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	6,565.8	7,681.1	5,813.8	5,277.8	3,884.8
Growth	-15%	+32%	+10%	+36%	—
Net Income	165.2	427.1	380.1	497.2	287.3
Net Margin	2.52%	5.56%	6.54%	9.42%	7.39%

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	1,798.2	1,592.7	1,496.7	1,940.2	1,536.1	1,750.3	1,465.5	2,469.2	1,996.1	1,769.6	1,336.7	1,404.4
Growth	+13%	+6%	-23%	+26%	-12%	+19%	-41%	+24%	+13%	+32%	-5%	—
Net Income	95.7	125.7	-14.3	6.1	52.3	178.2	-5.3	93.8	157.4	150.0	84.1	167.4
Net Margin	5.32%	7.89%	-0.95%	0.31%	3.41%	10.18%	-0.36%	3.80%	7.89%	8.48%	6.29%	11.92%

Drivers of PPC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower financial income. Supporting and offsetting drivers:

Administrative expenses ↓ 47.0bn

Financial income ↓ 109.7bn

Other profit ↓ 25.5bn

Gross profit ↓ 16.2bn

TTM

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

Financial income ↑ 75.2bn

Tax ↓ 7.4bn

Administrative expenses ↓ 4.8bn

Gross profit ↓ 43.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.0% = 4.4% × 1.13 × 1.39

2026Q1 4.7% = 3.1% × 1.21 × 1.23

ROE fell from 7.0% to 4.7% — leverage weakened the most, though asset turnover still provided support.

Net margin: 3.1% -1.3pp Asset turnover: 1.21x +0.08x Leverage: 1.23x -0.16x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 3.12%, falling 1.3pp. The main pressure is Gross margin fell 0.1pp, outweighing the improvement in SG&A / Revenue fell 0.6pp (with lingering pressure from Net financial result / Revenue fell 1.4pp and Other profit / Revenue fell 0.4pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 3.12% −1.3pp

Gross Margin 3.12% −0.1pp

SG&A / Revenue 1.42% −0.6pp

Non-core / Revenue 1.77% −1.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.8pp, financial result still accounts for 50.9% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

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 — —

NOPAT Margin 3.11% −1.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.02x equity.

Inventory ended the period at 725.5bn, roughly 13.8% of total assets.

Over the last 12 months, working capital released 84.1bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +358.8bn

Inventories increased → lower CFO: −28.6bn

Payables decreased → lower CFO: −246.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.8 days versus the same period last year. The main moves came from DIO rose 2.3 days, DSO fell 33.4 days, and DPO fell 14.4 days.

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

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

Inventory turnover is slowing

DIO increased by +2.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 90.1 days −33.4 days

Inventory 49.3 days +2.3 days

Payables 53.3 days −14.4 days

Cash Conversion Cycle 86.0 days −16.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 467.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.02x and interest coverage at 115.17x.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage and liquidity trend

Net Debt / Equity -0.02x −0.02x

Interest Coverage 115.17x +11.64x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.81x −1.74x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 467.0bn in 2025, against investing cash flow of 127.3bn.

Post-investment cash flow was positive +594.2bn. Financing cash flow was negative +224.3bn.

CFO / net income was 0.81x.

After spending +7.6bn on fixed-asset investment, the business generated trailing free cash flow of +164.9bn.

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 172.6bn −639.5bn

Cash Capex 7.6bn −2.2bn

FCF TTM +164.9bn −637.3bn

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 balance-sheet flexibility, with net cash/equity at about -0.02x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 50.5% of PBT and CFO / net income currently at 0.81x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,565.8	7,681.1	5,813.8	5,277.8	3,884.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	6,565.8	7,681.1	5,813.8	5,277.8	3,884.8
Cost of Goods Sold	6,312.9	7,453.1	5,777.3	4,892.9	0.0
Gross Profit	252.9	228.0	36.5	384.9	-112.3
Financial Income	46.4	326.7	464.4	295.3	452.4
Financial Expenses	2.0	3.1	-0.8	2.6	24.1
Interest Expense	—	0.5	0.4	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	103.2	140.2	116.8	119.5	-90.9
Operating Profit	194.1	411.3	384.8	558.0	273.3
Other Income	3.5	28.0	2.1	1.4	0.0
Other Expenses	2.5	1.2	4.6	0.8	0.0
Other Profit	1.0	26.8	-2.5	0.6	21.0
Profit Before Tax	195.1	438.1	382.4	558.6	294.3
Current Income Tax Expense	30.1	11.4	0.0	15.5	-7.0
Deferred Income Tax Expense	-0.2	-0.3	2.3	45.9	0.0
Net Income	165.2	427.1	380.1	497.2	287.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	165.2	427.1	380.1	497.2	287.3
Earnings per Share	515.00	1,332.00	1,186.00	1,551.00	880.55
Diluted EPS	506.32	1,309.07	1,165.12	1,524.06	880.55

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,490.3	2,730.5	2,929.2	2,889.9	2,632.2
I. Cash and cash equivalents	395.4	25.5	23.5	60.3	526.5
1. Cash	20.4	25.5	23.5	60.3	0.0
2. Cash equivalents	375.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	40.0	0.0	100.0	90.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	40.0	0.0	100.0	90.0	0.0
III. Short-term receivables	1,102.0	1,838.0	1,978.0	2,213.2	812.4
1. Short-term trade accounts receivable	1,063.2	1,702.3	1,865.5	2,012.5	0.0
2. Short-term prepayments to suppliers	29.9	1.0	0.9	15.0	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	188.2	0.0
6. Other short-term receivables	9.0	137.7	114.6	0.5	0.0
7. Provision for short-term doubtful debts (*)	—	-3.0	-3.0	-3.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	725.5	682.3	709.1	496.4	500.6
1. Inventories	788.5	747.6	778.1	571.4	0.0
2. Provision for decline in value of inventories	-62.9	-65.3	-69.0	-75.0	0.0
V. Other short-term assets	227.4	184.7	118.6	30.0	177.6
1. Short-term prepayments	1.8	1.0	0.0	0.3	0.0
2. Value added tax to be reclaimed	218.2	160.2	83.7	29.7	0.0
3. Taxes and other receivables from state authorities	7.3	23.5	34.9	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,756.3	2,803.2	2,848.7	2,889.6	2,913.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	193.0	219.4	273.1	323.0	336.4
1. Tangible fixed assets	192.0	219.1	272.1	321.3	335.6
- Cost	13,622.9	13,615.0	13,610.2	13,598.5	0.0
- Accumulated depreciation	-13,430.9	-13,395.9	-13,338.1	-13,277.2	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	1.0	0.3	1.0	1.7	0.8
- Cost	61.4	60.3	60.3	60.3	0.0
- Accumulated depreciation	-60.4	-60.1	-59.4	-58.6	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	26.5	25.9	25.6	27.5	31.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	26.5	25.9	25.6	27.5	0.0
V. Long-term financial investments	2,495.4	2,497.4	2,500.1	2,498.8	2,501.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,451.1	1,451.1	1,451.1	1,451.1	0.0
3. Investments in other entities	1,084.8	1,084.8	1,084.8	1,084.8	0.0
4. Provision for diminution in value of long-term investments	-40.5	-38.5	-35.8	-37.1	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	41.4	60.5	50.0	40.3	0.0
1. Long-term prepayments	32.8	51.3	40.7	29.0	0.0
2. Deferred income tax assets	0.6	0.5	0.2	0.2	0.0
3. Long-term equipment, supplies, spare parts	8.0	8.7	9.1	11.1	0.0
4. Other long-term assets	—	0.0	0.0	0.0	44.8
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)	5,246.6	5,533.7	5,777.9	5,779.4	5,545.7
A. LIABILITIES (300=210+330)	780.2	1,009.4	767.1	614.3	620.4
I. Short -term liabilities	780.2	1,009.4	767.1	614.3	620.4
1. Short-term trade accounts payable	663.8	798.6	555.4	478.2	521.7
2. Short-term advances from customers	0.0	0.4	0.4	0.3	0.3
3. Taxes and other payables to state authorities	13.7	11.9	9.6	11.2	0.0
4. Payable to employees	52.0	96.9	81.0	93.3	0.0
5. Short-term acrrued expenses	5.8	4.4	4.1	5.1	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	7.6	74.3	94.6	6.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	37.3	22.9	22.0	20.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	4,466.4	4,524.3	5,010.8	5,165.1	4,925.3
I. Owner's equity	4,466.4	4,524.3	5,010.8	5,165.1	0.0
1. Owner's capital	3,262.3	3,262.3	3,262.3	3,262.3	4,925.3
- Common stock with voting right	3,262,350,000,000.00	3,262,350,000,000.00	3,262,350,000,000.00	3,262,350,000,000.00	3,262,350,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	11.7	11.7	11.7	11.7	11.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	320.8	302.4	298.2	295.6	250.2
5. Treasury shares	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	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	768.7	659.0	619.6	1,155.8	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	190.2	376.3	906.4	527.1	287.3
- Accumulated retained earning at the end of the previous period	25.0	13.3	614.5	45.9	223.3
- Undistributed earnings in this period	165.2	362.9	291.9	481.2	64.0
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)	5,246.6	5,533.7	5,777.9	5,779.4	5,545.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	195.1	438.1	382.4	558.6	294.3
Depreciation of Fixed Assets and Investment Property	46.2	57.8	61.1	61.5	58.6
Provision (Increase)/Reversal	-8.8	-3.2	-18.3	-11.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-46.9	-326.7	-464.4	-295.3	0.0
Interest Expense	—	0.5	0.4	0.0	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	185.6	166.5	-38.8	313.1	-142.1
Increase/(Decrease) in Receivables	407.5	98.5	-90.7	-1,407.2	0.0
Increase/(Decrease) in Inventory	-34.7	33.0	-193.7	19.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-63.6	253.4	76.2	39.9	0.0
Increase/(Decrease) in Prepaid Expenses	17.7	-11.6	-11.4	4.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.5	-0.4	0.0	0.0
Corporate Income Tax Paid	—	0.0	-5.2	0.0	0.0
Other Operating Receipts	0.1	0.1	0.0	0.0	0.0
Other Operating Payments	-45.6	-46.3	-39.1	-46.9	0.0
Net Cash Flow from Operating Activities	467.0	493.1	-303.1	-1,077.6	956.9
Payments for Fixed Assets and Other Long-term Assets	-6.7	-5.4	-12.2	-75.1	-2.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-40.0	0.0	-250.0	-90.0	-2,422.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	100.0	428.2	615.0	2,851.0
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	173.5	303.1	357.0	305.7	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	127.3	397.6	523.0	755.6	917.4
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-224.3	-888.8	-256.8	-144.2	-1,621.2
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	-224.3	-888.8	-256.8	-144.2	-1,621.2
Net Cash Flow During the Period	369.9	2.0	-36.9	-466.2	160.1
Cash and Cash Equivalents at Beginning of Period	25.5	23.5	60.3	526.5	273.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	395.4	25.5	23.5	60.3	526.5

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	1,798.2	1,592.7	1,496.7	1,940.2	1,536.1	1,750.3	1,465.5	2,469.2	1,996.1	1,769.6	1,336.7	1,404.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,798.2	1,592.7	1,496.7	1,940.2	1,536.1	1,750.3	1,465.5	2,469.2	1,996.1	1,769.6	1,336.7	1,404.4
Cost of Goods Sold	1,747.5	1,431.2	1,521.7	1,914.3	1,441.4	1,686.4	1,522.4	2,341.4	1,900.8	1,800.2	1,420.7	1,300.7
Gross Profit	50.7	161.6	-25.0	25.9	94.7	63.9	-56.9	127.9	95.3	-30.6	-84.0	103.7
Financial Income	75.3	16.4	27.8	2.3	0.0	167.2	45.5	18.6	95.3	228.6	184.0	103.9
Financial Expenses	0.0	1.3	0.7	0.0	0.0	1.2	0.0	1.8	0.1	-0.9	1.2	-1.9
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.4	0.1	0.4	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	24.2	23.6	27.2	21.9	29.1	49.3	32.9	32.7	31.3	48.3	28.7	23.3
Operating Profit	101.7	153.1	-25.2	6.3	65.6	180.6	-44.3	112.0	159.2	150.6	70.0	186.2
Other Income	0.3	0.5	0.8	2.2	0.4	0.5	26.5	0.5	0.5	0.7	0.6	0.4
Other Expenses	0.7	0.5	0.4	1.4	0.6	0.5	0.1	0.2	0.2	0.2	4.1	0.2
Other Profit	-0.3	0.1	0.4	0.9	-0.2	0.0	26.4	0.3	0.3	0.5	-3.5	0.2
Profit Before Tax	101.4	153.1	-24.7	7.1	65.4	180.6	-18.0	112.3	159.5	151.1	66.5	186.4
Current Income Tax Expense	5.7	27.6	-10.4	1.0	13.1	2.7	-12.7	18.5	2.1	0.0	-15.3	19.0
Deferred Income Tax Expense	—	-0.2	—	—	0.0	-0.3	0.0	0.0	0.0	1.1	-2.3	0.0
Net Income	95.7	125.7	-14.3	6.1	52.3	178.2	-5.3	93.8	157.4	150.0	84.1	167.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	95.7	125.7	-14.3	6.1	52.3	178.2	-5.3	93.8	157.4	150.0	84.1	167.4
Earnings per Share	293.44	385.38	—	—	0.00	0.00	-16.27	287.62	482.45	459.81	257.76	0.00
Diluted EPS	293.44	385.38	—	—	0.00	0.00	-16.27	287.62	482.45	459.81	257.76	0.00

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)	2,686.1	2,490.0	2,311.6	2,712.8	3,041.7	2,730.3	2,584.2	3,492.4	4,065.7	2,998.9	2,969.2	2,989.4
I. Cash and cash equivalents	111.2	395.4	77.6	19.7	7.0	25.5	12.8	13.7	55.1	23.5	393.9	545.6
1. Cash	27.2	20.4	32.6	19.7	7.0	25.5	12.8	13.7	5.1	23.5	43.9	55.6
2. Cash equivalents	84.0	375.0	45.0	—	0.0	0.0	0.0	0.0	50.0	0.0	350.0	490.0
II. Short-term financial investments	55.0	40.0	5.0	—	0.0	0.0	0.0	0.0	0.0	100.0	250.0	150.0
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	55.0	40.0	5.0	—	0.0	0.0	0.0	0.0	0.0	100.0	250.0	150.0
III. Short-term receivables	1,411.8	1,102.0	1,232.1	1,607.8	2,030.4	1,837.0	1,915.3	2,323.2	3,007.9	2,070.7	1,543.6	1,541.9
1. Short-term trade accounts receivable	1,377.3	1,063.1	1,224.8	1,597.6	1,992.9	1,702.3	1,903.6	2,310.0	2,894.8	1,865.5	1,493.8	1,314.1
2. Short-term prepayments to suppliers	30.6	29.9	3.7	0.6	1.3	1.0	0.9	0.9	0.9	0.9	39.0	38.5
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	188.2
6. Other short-term receivables	3.8	9.0	3.6	9.5	39.2	136.7	13.8	15.4	115.2	207.4	13.9	4.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	846.6	706.6	726.0	852.5	810.7	682.3	500.3	983.8	855.3	686.0	684.3	719.3
1. Inventories	909.5	769.5	790.2	916.8	876.0	747.6	567.5	1,051.0	924.3	770.3	756.6	791.6
2. Provision for decline in value of inventories	-62.9	-62.9	-64.3	-64.3	-65.3	-65.3	-67.2	-67.2	-69.0	-84.3	-72.3	-72.3
V. Other short-term assets	261.6	246.0	270.9	232.8	193.6	185.5	155.8	171.7	147.5	118.6	97.4	32.7
1. Short-term prepayments	0.6	20.4	8.7	9.8	0.5	1.0	6.5	9.5	2.1	0.0	5.6	9.9
2. Value added tax to be reclaimed	240.0	218.2	234.6	205.8	182.4	160.2	122.3	147.8	112.5	83.7	56.9	22.8
3. Taxes and other receivables from state authorities	21.0	7.3	27.6	17.1	10.7	24.3	27.0	14.3	32.8	34.9	34.9	0.0
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,741.8	2,756.3	2,758.9	2,779.0	2,787.2	2,800.9	2,828.1	2,823.5	2,837.7	2,865.2	2,847.6	2,864.0
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	186.5	193.0	202.5	214.0	212.1	219.4	232.2	247.3	262.3	273.1	279.6	294.1
1. Tangible fixed assets	185.6	192.0	202.1	213.4	212.0	219.1	231.8	246.7	261.5	272.1	278.5	292.8
- Cost	13,627.3	—	—	—	13,607.9	13,615.0	13,614.8	13,614.7	13,614.6	13,610.2	13,601.2	13,600.5
- Accumulated depreciation	-13,441.7	—	—	—	-13,395.9	-13,395.9	-13,383.0	-13,368.0	-13,353.0	-13,338.1	-13,322.7	-13,307.7
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.9	1.0	0.4	0.5	0.1	0.3	0.4	0.6	0.8	1.0	1.1	1.3
- Cost	61.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-60.5	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	26.4	26.5	24.1	24.1	27.7	23.6	25.7	25.7	25.6	25.6	27.5	27.5
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	26.4	26.5	24.1	24.1	27.7	23.6	25.7	25.7	25.6	25.6	27.5	27.5
V. Long-term financial investments	2,495.4	2,495.4	2,496.7	2,497.4	2,497.4	2,497.4	2,498.7	2,498.7	2,500.1	2,500.1	2,498.7	2,499.9
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,451.1	1,451.1	1,451.1	1,451.1	1,451.1	1,451.1	1,451.1	1,451.1	1,451.1	1,451.1	1,451.1	1,451.1
3. Investments in other entities	1,084.8	1,084.8	1,084.8	1,084.8	1,084.8	1,084.8	1,084.8	1,084.8	1,084.8	1,084.8	1,084.8	1,084.8
4. Provision for diminution in value of long-term investments	-40.5	-40.5	-39.2	-38.5	-38.5	-38.5	-37.2	-37.2	-35.8	-35.8	-37.2	-36.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	33.4	41.4	35.5	43.5	50.0	60.5	71.5	51.8	49.7	66.5	41.8	42.5
1. Long-term prepayments	25.8	32.8	28.1	35.0	43.1	51.3	62.5	41.7	40.7	40.7	33.4	34.0
2. Deferred income tax assets	0.6	0.6	0.5	0.5	0.5	0.5	0.2	0.2	0.2	1.3	2.4	0.2
3. Long-term equipment, supplies, spare parts	7.0	8.0	7.0	8.1	6.4	8.7	8.9	9.9	8.9	24.4	6.0	8.4
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,427.9	5,246.2	5,070.4	5,491.8	5,829.0	5,531.2	5,412.4	6,315.9	6,903.4	5,864.0	5,816.8	5,853.4
A. LIABILITIES (300=210+330)	865.8	775.2	564.8	971.9	1,252.3	1,012.2	804.7	1,702.9	2,336.4	1,399.0	684.2	522.1
I. Short -term liabilities	865.8	775.2	564.8	971.9	1,252.3	1,012.2	804.7	1,702.9	2,336.4	1,399.0	684.2	522.1
1. Short-term trade accounts payable	757.0	664.0	395.5	732.6	1,175.8	798.6	579.6	1,144.1	1,419.0	555.4	465.3	362.7
2. Short-term advances from customers	0.0	0.0	0.0	0.0	1.8	0.4	0.4	0.4	0.4	0.4	0.3	0.3
3. Dividends and profits payable	5.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.4	14.9	5.9	7.2	7.4	11.9	8.4	12.2	14.4	9.6	7.7	24.6
4. Payable to employees	16.5	46.0	47.8	45.7	18.1	96.3	84.0	56.6	35.0	111.8	56.9	41.8
5. Short-term acrrued expenses	59.6	5.8	59.7	116.5	29.7	6.3	88.7	53.1	58.6	4.1	111.7	44.1
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.0	7.3	8.9	13.1	13.4	72.1	6.9	390.0	607.5	695.7	6.6	5.9
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	196.1	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	17.5	37.3	47.0	56.8	6.0	26.7	36.7	46.5	5.3	22.0	35.9	42.6
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	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	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	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	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	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	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	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	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	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	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	4,562.1	4,471.1	4,505.6	4,519.9	4,576.7	4,519.0	4,607.7	4,613.0	4,567.1	4,465.0	5,132.6	5,331.3
I. Owner's equity	4,562.1	4,471.1	4,505.6	4,519.9	4,576.7	4,519.0	4,607.7	4,613.0	4,567.1	4,465.0	5,132.6	5,331.3
1. Owner's capital	3,262.3	3,262.3	3,262.3	3,262.3	3,262.3	3,262.3	3,262.3	3,262.3	3,262.3	3,262.3	3,262.3	3,262.3
- Common stock with voting right	3,262,350,000,000.00	3,262,350,000,000.00	—	—	0.00	0.00	3,262,350,000,000.00	3,262,350,000,000.00	3,262,350,000,000.00	3,262,350,000,000.00	3,262,350,000,000.00	0.00
- Preferred stock	—	—	3,262,350,000,000.00	3,262,350,000,000.00	3,262,350,000,000.00	3,262,350,000,000.00	0.00	0.00	0.00	0.00	0.00	3,262,350,000,000.00
2. Share premium	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	320.8	320.8	319.8	319.8	306.8	302.4	298.2	298.2	298.2	298.2	295.6	295.6
5. Treasury shares	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00	-87,388,368,719.00
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0
8. Investment and development fund	768.7	768.7	769.8	769.8	654.6	656.7	663.2	663.2	619.6	619.6	1,223.3	1,223.3
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	285.9	194.9	229.5	243.7	428.6	373.3	459.6	464.9	462.7	360.6	427.0	625.8
- Accumulated retained earning at the end of the previous period	190.2	69.2	243.7	237.7	376.3	259.2	464.9	371.1	305.3	298.8	342.9	458.4
- Undistributed earnings in this period	95.7	125.7	-14.3	6.1	52.3	114.0	-5.3	93.8	157.4	61.8	84.1	167.4
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,427.9	5,246.2	5,070.4	5,491.8	5,829.0	5,531.2	5,412.4	6,315.9	6,903.4	5,864.0	5,816.8	5,853.4

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	101.4	147.3	-24.7	7.1	65.4	180.6	-18.0	112.3	159.5	97.0	66.5	179.0
Depreciation of Fixed Assets and Investment Property	10.6	11.3	11.8	11.7	11.4	12.9	15.0	15.0	15.0	15.4	15.1	15.2
Provision (Increase)/Reversal	—	-3.7	0.7	-5.8	0.0	-0.9	0.0	-2.3	0.0	-4.2	1.2	-16.1
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-75.3	-16.8	-27.8	-2.3	-0.0	-167.2	-45.5	-18.6	-95.3	-135.8	-184.0	-103.9
Interest Expense	—	—	—	—	0.0	0.0	0.5	-0.1	0.1	0.4	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	36.8	138.1	-40.0	10.7	76.8	25.3	-48.0	106.2	79.2	-27.3	-101.2	74.2
Increase/(Decrease) in Receivables	-349.9	9.7	332.3	366.8	-301.2	169.9	419.3	574.4	-1,065.1	-352.9	-495.7	493.5
Increase/(Decrease) in Inventory	-120.0	4.4	127.7	-40.6	-126.1	-179.7	484.5	-125.9	-145.9	-25.1	46.1	-87.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	126.6	345.2	-398.5	-319.4	309.1	151.9	-493.0	-187.6	782.1	11.0	205.0	146.6
Increase/(Decrease) in Prepaid Expenses	8.2	2.2	7.9	-1.2	8.7	16.6	-17.7	-8.4	-2.1	-1.8	4.9	-16.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	-0.5	0.0	0.0	-0.4	0.0	0.0
Corporate Income Tax Paid	-26.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-10.5	5.2
Other Operating Receipts	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-19.5	-9.6	-9.6	-9.5	-16.8	-9.9	-9.6	-6.5	-16.5	-14.1	-6.6	-6.6
Net Cash Flow from Operating Activities	-343.8	490.0	19.7	6.8	-49.4	174.2	335.0	352.3	-368.4	-410.6	-357.9	609.3
Payments for Fixed Assets and Other Long-term Assets	-5.4	11.8	11.2	-25.3	-4.4	-1.5	-0.0	-3.9	0.0	-8.8	-0.9	-2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-15.0	-35.0	-5.0	—	0.0	0.0	50.0	-50.0	0.0	0.0	-100.0	-150.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	-50.0	150.0	0.0	150.0	188.2	90.0
Investments in Other Entities	—	—	—	—	0.0	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	-100.0	100.0	0.0	0.0	-70.0
Dividends and Interest Income Received	80.0	10.8	32.0	31.2	99.4	40.2	46.9	112.1	103.9	27.6	247.2	40.6
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	59.6	-11.9	38.2	5.9	95.1	38.7	46.9	108.2	203.9	168.8	334.4	-91.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	196.1	-196.1	196.1	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	-196.1	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-160.2	0.0	0.0	-64.1	-200.3	-382.7	-305.8	0.0	-128.6	-128.2	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	—	-160.2	0.0	0.0	-64.1	-200.3	-382.7	-501.9	196.1	-128.6	-128.2	0.0
Net Cash Flow During the Period	-284.2	317.8	57.9	12.7	-18.4	12.7	-0.9	-41.4	31.6	-370.4	-151.7	517.5
Cash and Cash Equivalents at Beginning of Period	395.4	77.6	19.7	7.0	25.5	23.5	23.5	23.5	23.5	60.3	60.3	60.3
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	111.2	395.4	77.6	19.7	7.0	25.5	12.8	13.7	55.1	23.5	393.9	545.6

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PPC

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