PPH

Tổng Công ty cổ phần Phong Phú ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 19.19%, +2.46pp YoY

Price

28,100

Latest close

02 Jun 2026

P/E 4.89x

P/B 0.94x

EPS 5,744

BVPS 29,970

ROE 22.2%

ROA 13.0%

Profit Margin 19.0%

Asset Turnover 0.69x

Equity Mult. 1.71x

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

What Is Changing

On a TTM 2026Q1 basis, PPH has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,483bn
	                                
+6.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 477bn
	                                
+21.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,452.6	2,232.7	1,749.4	1,743.4	1,652.1
Growth	+10%	+28%	+0%	+6%	—
Net Income	472.6	380.5	316.7	477.0	400.6
Net Margin	19.27%	17.04%	18.11%	27.36%	24.25%

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	623.7	620.3	627.9	611.4	594.1	560.7	630.1	551.2	490.7	523.3	444.9	376.4
Growth	+1%	-1%	+3%	+3%	+6%	-11%	+14%	+12%	-6%	+18%	+18%	—
Net Income	132.4	147.2	95.2	101.8	113.3	118.1	73.6	85.9	100.0	62.2	62.4	87.4
Net Margin	21.22%	23.74%	15.16%	16.66%	19.08%	21.07%	11.68%	15.59%	20.38%	11.88%	14.03%	23.21%

Drivers of PPH's profit

TTM

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

Gross profit ↑ 44.0bn

Administrative expenses ↓ 25.0bn

Finance costs ↓ 19.7bn

Associates income ↑ 19.2bn

Selling expenses ↑ 22.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 11.8bn

Gross profit ↑ 9.1bn

Administrative expenses ↓ 4.4bn

Associates income ↑ 3.0bn

Tax ↑ 4.6bn

Selling expenses ↑ 4.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 20.2% = 16.7% × 0.65 × 1.87

2026Q1 22.5% = 19.2% × 0.69 × 1.71

ROE rose from 20.2% to 22.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 19.2% +2.5pp Asset turnover: 0.69x +0.04x Leverage: 1.71x -0.16x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 19.19%, rising 2.5pp. The main driver is SG&A / Revenue fell 1.0pp and Gross margin rose 0.6pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.1pp added support while Other profit / Revenue fell 0.0pp remained a drag).

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 19.19% +2.5pp

Gross Margin 19.89% +0.6pp

SG&A / Revenue 14.40% −1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 109.7 days.

Is capital being deployed efficiently?

ROIC expanded to 16.29%, rising 3.0pp. That translates to 16.29 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.5pp and capital turnover rose 0.05x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 16.29% +3.0pp

NOPAT Margin 19.03% +2.5pp

Capital Turnover 0.86x +0.05x

Average Invested Capital 2,900.7bn −2.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.72x equity, net debt at 0.27x equity.

Inventory ended the period at 473.7bn, roughly 13.0% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 23.1 days versus the same period last year. The main moves came from DIO fell 19.4 days, DSO rose 1.8 days, and DPO rose 5.5 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 109.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 75.6 days +1.8 days

Inventory 84.8 days −19.4 days

Payables 50.6 days +5.5 days

Cash Conversion Cycle 109.7 days −23.1 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.27x and interest coverage at 6.96x.

At present, short-term debt accounts for 60.5% of total debt, cash equals 14.9% of debt, and total debt stands at 700.5bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 60.5% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 14.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.27x −0.22x

Interest Coverage 6.96x +2.56x

Cash / Debt 14.9% +6.7pp

Short-term Debt / Total Debt 60.5% +18.0pp

CFO / NI 0.44x +0.81x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 15.5bn in 2025, against investing cash flow of 312.7bn.

Post-investment cash flow was positive +328.2bn. Financing cash flow was negative +349.0bn.

CFO / net income was 0.44x.

After spending +126.3bn on fixed-asset investment, the business generated trailing free cash flow of +81.8bn.

Cash Conversion

CFO TTM 208.1bn +348.3bn

Cash Capex 126.3bn −16.8bn

FCF TTM +81.8bn +365.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.5 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 1.7%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 19.19% after expanding 2.5pp versus the same period last year.

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

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,456.9	2,238.1	1,754.5	1,745.5	1,657.4
Revenue Deductions	4.3	5.4	5.1	2.1	0.0
Net Revenue	2,452.6	2,232.7	1,749.4	1,743.4	1,652.1
Cost of Goods Sold	1,971.5	1,803.5	1,401.6	1,393.2	0.0
Gross Profit	481.2	429.1	347.7	350.2	288.6
Financial Income	47.0	48.5	43.3	76.2	36.0
Financial Expenses	78.4	103.5	87.7	100.6	-47.6
Interest Expense	58.0	54.7	59.4	42.2	-42.4
Share of Associates and Joint Ventures	364.3	352.0	320.3	406.5	366.0
Selling Expenses	112.8	88.4	77.1	64.7	-62.3
General and Administrative Expenses	229.8	258.2	221.8	188.3	-148.0
Operating Profit	471.6	379.6	324.7	479.2	432.7
Other Income	7.7	8.9	0.1	2.2	0.0
Other Expenses	3.6	4.5	5.1	1.8	0.0
Other Profit	4.2	4.4	-4.9	0.4	-30.8
Profit Before Tax	475.8	384.0	319.7	479.6	401.9
Current Income Tax Expense	3.1	3.5	3.0	2.7	-1.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	472.6	380.5	316.7	477.0	400.6
Non-controlling Interest	5.7	6.8	5.4	5.1	1.9
Profit Attributable to Parent	467.0	373.8	311.4	471.9	398.5
Earnings per Share	5,599.00	4,507.00	3,865.00	5,946.00	4,983.00
Diluted EPS	5,599.00	4,507.00	3,865.00	5,946.00	5,336.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,593.8	1,766.6	1,657.8	1,269.8	1,475.1
I. Cash and cash equivalents	102.5	123.3	74.1	72.4	66.2
1. Cash	60.0	72.7	67.8	33.8	0.0
2. Cash equivalents	42.5	50.6	6.3	38.6	0.0
II. Short-term financial investments	433.7	546.2	490.7	273.0	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	433.7	546.2	490.7	273.0	0.0
III. Short-term receivables	564.6	489.7	495.3	461.1	868.5
1. Short-term trade accounts receivable	471.1	437.7	374.6	316.2	0.0
2. Short-term prepayments to suppliers	19.4	21.6	8.2	3.3	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	110.7	54.8	137.0	166.7	0.0
7. Provision for short-term doubtful debts (*)	-36.6	-24.5	-25.1	-25.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.6	0.4	0.0
IV. Inventories	473.7	601.0	595.8	462.0	516.2
1. Inventories	487.7	608.0	605.0	478.9	0.0
2. Provision for decline in value of inventories	-14.0	-7.0	-9.3	-16.9	0.0
V. Other short-term assets	19.4	6.4	2.0	1.4	12.2
1. Short-term prepayments	1.6	1.5	1.2	1.0	0.0
2. Value added tax to be reclaimed	13.9	4.7	0.6	0.2	0.0
3. Taxes and other receivables from state authorities	3.9	0.2	0.2	0.2	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)	2,042.5	1,812.5	1,881.0	2,037.3	2,273.7
I. Long-term receivables	131.1	3.9	1.9	2.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	70.0
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	131.1	3.9	1.9	2.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,038.3	1,054.4	1,139.0	1,107.6	1,217.9
1. Tangible fixed assets	935.3	942.6	1,045.0	982.4	1,092.6
- Cost	2,366.8	2,287.3	2,301.5	2,155.3	0.0
- Accumulated depreciation	-1,431.5	-1,344.7	-1,256.5	-1,172.9	0.0
2. Financial leased fixed assets	102.9	111.7	93.9	125.0	125.1
- Cost	123.9	122.1	100.5	149.3	0.0
- Accumulated depreciation	-20.9	-10.4	-6.6	-24.3	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.2	0.2
- Cost	0.6	0.6	0.6	0.6	0.0
- Accumulated depreciation	-0.5	-0.5	-0.5	-0.4	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	80.6	6.9	1.7	88.0	222.0
1. Long-term production in progress	—	0.0	0.0	65.3	0.0
2. Construction in progress	80.6	6.9	1.7	22.7	0.0
V. Long-term financial investments	775.7	723.0	715.2	810.6	726.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	700.7	650.2	631.4	722.0	0.0
3. Investments in other entities	107.6	105.9	105.9	105.9	0.0
4. Provision for diminution in value of long-term investments	-32.6	-33.0	-22.2	-17.4	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	16.7	24.2	23.2	28.8	0.0
1. Long-term prepayments	13.8	17.3	12.3	14.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	37.6
5. Goodwill	3.0	6.9	10.8	14.8	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,636.3	3,579.1	3,538.8	3,307.1	3,748.8
A. LIABILITIES (300=210+330)	1,524.3	1,695.0	1,760.5	1,519.4	1,879.6
I. Short -term liabilities	1,222.1	1,072.9	1,165.0	802.2	953.0
1. Short-term trade accounts payable	269.2	264.8	262.3	178.2	314.3
2. Short-term advances from customers	132.2	139.0	137.4	19.3	22.9
3. Taxes and other payables to state authorities	4.1	5.1	108.3	80.2	0.0
4. Payable to employees	80.6	68.1	61.8	68.7	0.0
5. Short-term acrrued expenses	13.3	10.4	8.4	9.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	4.1	4.0	3.4	3.3	3.3
9. Other short-term payables	25.7	131.2	103.2	62.5	0.0
10. Short-term borrowings and financial leases	612.0	374.3	402.6	294.4	451.6
11. Provision for short-term liabilities	62.5	62.5	62.5	62.5	0.0
12.. Bonus and welfare fund	18.5	13.6	15.1	24.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	302.1	622.2	595.5	717.2	926.6
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	17.1	20.5	24.5	23.9	27.6
7. Other long-term liabilities	14.0	13.9	9.9	9.9	0.0
8. Long-term borrowings and financial leases	271.0	587.8	561.1	683.4	864.7
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)	2,112.0	1,884.0	1,778.3	1,787.7	1,869.3
I. Owner's equity	2,112.0	1,884.0	1,778.3	1,787.7	0.0
1. Owner's capital	746.7	746.7	746.7	746.7	1,869.3
- Common stock with voting right	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	32.4	32.4	32.4	32.4	32.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	547.3	512.4	471.0	440.8	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	741.1	554.9	497.9	543.7	651.9
- Accumulated retained earning at the end of the previous period	387.2	331.5	374.3	184.7	253.7
- Undistributed earnings in this period	353.9	223.3	123.6	359.0	398.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	44.5	37.6	30.3	24.1	19.5
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)	3,636.3	3,579.1	3,538.8	3,307.1	3,748.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	475.8	384.0	319.7	479.6	0.0
Depreciation of Fixed Assets and Investment Property	140.4	142.5	138.4	141.8	0.0
Provision (Increase)/Reversal	7.0	7.9	1.8	-13.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	6.0	22.3	16.8	20.5	0.0
Gain/Loss from Investment Activities	-406.0	-389.5	-352.2	-470.2	0.0
Interest Expense	58.0	54.7	59.4	42.2	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	281.2	221.9	183.9	200.9	0.0
Increase/(Decrease) in Receivables	-226.9	7.0	-45.2	219.5	0.0
Increase/(Decrease) in Inventory	120.3	-2.9	7.3	48.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-65.4	-108.3	108.4	-93.6	0.0
Increase/(Decrease) in Prepaid Expenses	3.4	-5.3	1.8	5.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-62.3	-57.7	-65.7	-61.5	0.0
Corporate Income Tax Paid	-2.9	-3.9	-2.5	-3.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-31.8	-43.6	-31.9	-20.9	0.0
Net Cash Flow from Operating Activities	15.5	7.2	156.1	295.3	204.7
Payments for Fixed Assets and Other Long-term Assets	-184.2	-63.3	-62.9	-22.4	-43.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.4	5.8	9.6	1.8	16.1
Loans and Purchases of Debt Instruments	-779.0	-1,014.2	-938.3	-548.0	-12.0
Receipts from Loan Repayments and Sale of Debt Instruments	891.5	958.7	720.6	408.4	15.2
Investments in Other Entities	-6.6	-21.6	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	52.4	0.0
Dividends and Interest Income Received	384.7	391.2	460.9	506.2	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	312.7	256.5	190.0	398.4	328.3
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	1,424.3	1,037.0	749.2	984.3	1,335.2
Repayment of Borrowings	-1,497.9	-1,072.9	-770.9	-1,347.3	-1,736.2
Repayment of Finance Leases	-21.1	-22.5	-67.0	-17.7	-7.1
Dividends Paid	-254.3	-158.0	-255.7	-306.7	-157.7
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	-349.0	-216.4	-344.3	-687.3	-565.8
Net Cash Flow During the Period	-20.8	47.4	1.7	6.3	-48.4
Cash and Cash Equivalents at Beginning of Period	123.3	74.1	72.4	66.2	98.9
FX Difference from Revaluation	-0.0	1.8	0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	102.5	123.3	74.1	72.4	66.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	624.6	622.0	629.1	612.2	594.6	561.1	631.7	552.1	493.1	524.4	446.1	379.2
Revenue Deductions	0.9	1.7	1.2	0.8	0.5	0.5	1.6	0.9	2.4	1.1	1.2	2.8
Net Revenue	623.7	620.3	627.9	611.4	594.1	560.7	630.1	551.2	490.7	523.3	444.9	376.4
Cost of Goods Sold	495.6	494.3	506.9	492.6	475.0	446.7	521.9	442.4	392.4	438.8	358.8	285.9
Gross Profit	128.1	126.0	121.0	118.7	119.0	113.9	108.2	108.7	98.3	84.6	86.0	90.5
Financial Income	11.1	11.0	9.3	15.2	11.6	10.6	8.3	11.2	16.5	14.1	7.5	10.4
Financial Expenses	10.3	9.2	22.5	27.1	22.1	24.2	6.4	36.1	29.1	16.9	35.5	17.7
Interest Expense	8.8	13.9	13.7	13.8	16.7	13.8	13.1	14.3	13.5	15.6	16.3	15.0
Share of Associates and Joint Ventures	92.5	77.0	97.1	100.3	89.5	91.1	78.6	88.5	85.6	68.9	83.1	88.7
Selling Expenses	27.0	31.7	28.1	29.8	22.9	26.0	22.7	22.2	17.5	25.7	17.9	20.5
General and Administrative Expenses	56.7	28.4	82.5	73.4	61.1	49.5	94.3	61.1	53.3	61.2	60.7	57.7
Operating Profit	137.7	144.5	94.4	104.0	114.0	115.9	71.7	89.1	100.6	63.8	62.7	93.6
Other Income	0.1	5.1	2.2	0.3	0.2	3.5	4.2	1.0	0.2	0.0	0.0	1.3
Other Expenses	0.0	1.8	0.3	1.5	0.1	0.2	1.2	3.0	0.1	0.5	-0.2	6.6
Other Profit	0.0	3.3	2.0	-1.2	0.1	3.3	3.0	-2.0	0.1	-0.5	0.2	-5.4
Profit Before Tax	137.7	147.8	96.3	102.8	114.1	119.2	74.7	87.1	100.7	63.3	62.9	88.2
Current Income Tax Expense	5.3	0.6	1.1	1.0	0.8	1.1	1.1	1.1	0.7	1.2	0.5	0.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	132.4	147.2	95.2	101.8	113.3	118.1	73.6	85.9	100.0	62.2	62.4	87.4
Non-controlling Interest	1.4	1.2	2.0	1.4	1.1	1.7	1.8	2.0	1.2	1.6	1.0	1.7
Profit Attributable to Parent	131.0	146.1	93.2	100.5	112.2	116.4	71.8	83.9	98.8	60.5	61.4	85.7
Earnings per Share	1,754.00	1,831.00	1,114.00	1,045.00	1,503.00	1,508.00	836.00	846.00	1,324.00	758.00	779.00	965.00
Diluted EPS	1,753.93	1,956.48	1,247.79	1,345.40	1,502.79	1,558.96	961.06	1,123.79	1,323.58	810.82	822.23	1,147.67

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)	1,486.8	1,586.1	1,834.0	1,797.7	1,649.9	1,766.2	1,786.7	1,628.3	1,697.3	1,546.8	1,529.1	1,436.9
I. Cash and cash equivalents	104.3	102.5	133.3	80.6	86.9	123.4	50.3	41.0	40.2	74.1	31.7	47.4
1. Cash	45.3	60.0	33.3	26.8	48.9	72.8	38.8	40.8	29.0	67.8	23.3	46.5
2. Cash equivalents	59.0	42.5	100.0	53.8	38.0	50.6	11.5	0.2	11.2	6.3	8.5	0.9
II. Short-term financial investments	276.2	433.7	609.7	505.2	364.2	546.2	556.2	434.2	466.7	490.7	573.7	482.6
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	276.2	433.7	609.7	505.2	364.2	546.2	556.2	434.2	466.7	490.7	573.7	482.6
III. Short-term receivables	637.2	556.9	573.1	698.9	727.7	489.3	547.3	524.4	582.0	495.8	488.1	452.3
1. Short-term trade accounts receivable	514.5	471.0	490.8	526.2	513.7	437.3	498.6	471.0	429.9	374.6	369.7	311.8
2. Short-term prepayments to suppliers	28.3	19.5	14.2	25.3	81.5	21.6	19.3	12.7	11.0	8.2	10.3	5.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	130.3	110.7	113.0	178.8	156.4	54.8	54.6	66.0	166.1	137.0	138.5	165.9
7. Provision for short-term doubtful debts (*)	-36.0	-44.4	-44.9	-31.7	-24.0	-24.5	-25.3	-25.3	-25.1	-24.6	-30.4	-30.6
8. Assets awaiting resolution	0.0	0.0	0.0	0.4	0.2	0.0	0.0	0.1	0.1	0.6	0.0	0.0
IV. Inventories	446.5	473.7	496.5	495.1	458.9	601.0	628.3	624.4	605.7	484.3	432.2	446.4
1. Inventories	460.5	487.7	503.5	499.5	463.4	608.0	637.4	632.5	613.0	493.5	441.6	456.8
2. Provision for decline in value of inventories	-14.0	-14.0	-7.0	-4.5	-4.5	-7.0	-9.1	-8.1	-7.3	-9.3	-9.4	-10.4
V. Other short-term assets	22.5	19.4	21.3	18.0	12.1	6.4	4.7	4.3	2.7	2.0	3.5	8.2
1. Short-term prepayments	5.1	1.6	4.2	4.2	2.6	1.5	2.7	2.6	2.1	1.2	3.2	2.5
2. Value added tax to be reclaimed	14.3	13.9	16.9	13.5	9.3	4.7	1.8	1.5	0.3	0.6	0.1	5.6
3. Taxes and other receivables from state authorities	0.2	3.9	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	3.0	—	—	—	—	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)	2,115.4	2,004.7	1,920.5	1,945.0	1,993.0	1,804.8	1,729.5	1,771.5	1,901.2	1,901.1	1,957.6	1,975.0
I. Long-term receivables	131.1	121.1	131.3	131.2	131.2	3.9	3.7	2.1	2.3	1.9	2.4	2.6
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	131.1	121.1	131.3	131.2	131.2	3.9	3.7	2.1	2.3	1.9	2.4	2.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,050.6	1,038.3	1,069.2	1,056.4	1,022.2	1,054.4	1,041.2	1,073.2	1,103.9	1,139.1	1,087.5	1,062.2
1. Tangible fixed assets	930.9	935.3	963.5	949.8	913.0	942.6	956.8	987.2	1,017.4	1,045.1	953.7	917.4
- Cost	2,393.9	—	—	—	—	2,287.3	2,290.1	2,299.4	2,309.1	2,301.5	2,168.8	2,090.4
- Accumulated depreciation	-1,463.0	—	—	—	—	-1,344.7	-1,333.3	-1,312.3	-1,291.8	-1,256.4	-1,215.1	-1,173.1
2. Financial leased fixed assets	119.6	102.9	105.6	106.5	109.1	111.7	84.3	85.9	86.4	93.9	133.7	144.7
- Cost	143.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-23.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	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	68.1	80.6	35.7	59.1	45.2	6.9	41.5	2.3	6.0	1.7	104.9	158.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	65.3	65.3
2. Construction in progress	68.1	80.6	35.7	59.1	45.2	6.9	41.5	2.3	6.0	1.7	39.6	92.9
V. Long-term financial investments	847.5	747.9	665.1	677.5	772.1	715.4	624.7	674.1	768.7	735.2	737.5	726.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	773.2	675.4	598.6	605.5	699.7	641.9	550.8	594.9	688.6	651.5	653.0	638.1
3. Investments in other entities	107.6	107.6	105.9	105.9	105.9	105.9	105.9	105.9	105.9	105.9	105.9	105.9
4. Provision for diminution in value of long-term investments	-33.4	-35.1	-39.4	-34.0	-33.5	-32.4	-32.1	-26.8	-25.9	-22.2	-21.4	-17.4
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	18.1	16.7	19.2	20.9	22.3	24.2	18.4	19.9	10.6	12.3	13.5	12.7
1. Long-term prepayments	16.2	13.8	15.2	16.0	16.4	17.3	10.5	11.1	10.6	12.3	13.5	12.7
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	2.0	3.0	3.9	4.9	5.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	6.9	7.9	8.9	9.8	10.8	11.8	12.8
TOTAL ASSETS (280=100+200)	3,602.2	3,590.8	3,754.5	3,742.7	3,642.9	3,571.0	3,516.2	3,399.8	3,598.4	3,447.9	3,486.8	3,411.9
A. LIABILITIES (300=210+330)	1,364.2	1,518.3	1,716.3	1,788.3	1,645.7	1,723.4	1,680.3	1,625.2	1,720.2	1,646.1	1,559.7	1,545.1
I. Short -term liabilities	1,056.4	1,216.1	1,045.1	1,127.9	1,003.5	1,102.2	1,058.8	1,012.0	1,110.2	1,050.7	836.2	809.2
1. Short-term trade accounts payable	311.0	269.2	227.2	263.1	240.5	264.8	286.0	245.5	225.1	262.3	180.4	196.9
2. Short-term advances from customers	127.5	134.8	135.7	135.0	135.9	139.6	137.6	137.7	140.6	22.0	19.4	16.5
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	27.4	4.5	51.4	87.7	25.1	33.9	71.3	31.0	128.3	108.5	139.0	116.7
4. Payable to employees	48.6	77.1	61.7	34.4	30.0	68.1	54.7	30.3	27.0	61.8	40.3	31.3
5. Short-term acrrued expenses	13.7	13.1	16.7	18.5	12.5	10.4	18.4	15.6	13.4	8.4	11.4	10.0
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	3.2	4.1	3.2	4.1	3.3	4.0	2.7	3.7	2.7	3.4	5.7	3.3
9. Other short-term payables	32.0	23.0	36.3	28.0	38.1	131.1	39.6	73.3	77.0	103.2	42.4	38.8
10. Short-term borrowings and financial leases	423.8	612.0	428.8	464.2	449.1	374.3	345.4	375.3	425.6	402.6	312.2	305.4
11. Provision for short-term liabilities	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5
12.. Bonus and welfare fund	6.0	15.9	21.6	30.3	6.6	13.6	40.5	37.2	8.0	16.0	23.1	27.9
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	307.8	302.1	671.1	660.4	642.2	621.2	621.5	613.2	610.0	595.5	723.5	735.9
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	17.1	17.1	18.8	18.8	20.5	20.5	22.6	22.7	24.3	24.5	21.7	23.1
7. Other long-term liabilities	14.0	14.0	13.9	13.9	13.9	12.9	12.9	9.9	9.9	9.9	9.9	9.9
8. Long-term borrowings and financial leases	276.7	271.0	638.4	627.7	607.9	587.8	586.0	580.7	575.7	561.1	691.9	702.9
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,237.9	2,072.6	2,038.2	1,954.4	1,997.2	1,847.6	1,835.9	1,774.6	1,878.3	1,801.8	1,927.1	1,866.8
I. Owner's equity	2,237.9	2,072.6	2,038.2	1,954.4	1,997.2	1,847.6	1,835.9	1,774.6	1,878.3	1,801.8	1,927.1	1,866.8
1. Owner's capital	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7
- Common stock with voting right	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	577.1	547.3	547.3	547.3	512.4	512.4	488.6	488.6	471.0	471.0	473.5	448.4
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	834.8	701.6	668.4	588.1	667.0	518.5	533.4	473.2	596.7	521.4	650.8	612.8
- Accumulated retained earning at the end of the previous period	704.1	362.5	362.9	375.8	554.9	303.2	329.7	335.8	497.9	377.8	380.6	403.3
- Undistributed earnings in this period	130.7	339.2	305.5	212.3	112.1	215.4	203.8	137.5	98.8	143.6	270.1	209.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	46.9	44.5	43.4	40.0	38.8	37.6	34.9	33.7	31.5	30.3	23.7	26.5
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)	3,602.2	3,590.8	3,754.5	3,742.7	3,642.9	3,571.0	3,516.2	3,399.8	3,598.4	3,447.9	3,486.8	3,411.9

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
Profit Before Tax	—	258.4	—	217.4	—	0.0	-182.5	182.5	0.0	319.7	-213.5	213.5
Depreciation of Fixed Assets and Investment Property	—	71.6	—	68.8	—	0.0	-73.0	73.0	0.0	138.4	-69.2	69.2
Provision (Increase)/Reversal	—	0.7	—	6.3	—	0.0	-8.7	8.7	0.0	1.8	-1.2	1.2
FX Gain/Loss from Revaluation of Monetary Items	—	-9.8	—	15.9	—	0.0	-22.4	22.4	0.0	16.8	-0.6	0.6
Gain/Loss from Investment Activities	—	-195.6	—	-210.4	—	0.0	195.8	-195.8	0.0	-352.2	202.9	-202.9
Interest Expense	—	27.5	—	30.5	—	0.0	-27.8	27.8	0.0	59.4	-27.5	27.5
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	—	152.8	—	128.4	—	0.0	-118.6	118.6	0.0	183.9	-109.1	109.1
Increase/(Decrease) in Receivables	—	64.9	—	-291.8	—	0.0	22.7	-22.7	0.0	-45.2	7.7	-7.7
Increase/(Decrease) in Inventory	—	21.1	—	99.2	—	0.0	27.5	-27.5	0.0	7.3	-22.1	22.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-43.9	—	-21.5	—	0.0	150.2	-150.2	0.0	108.4	-22.7	22.7
Increase/(Decrease) in Prepaid Expenses	—	4.8	—	-1.4	—	0.0	0.2	-0.2	0.0	1.8	0.5	-0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-30.2	—	-32.2	—	0.0	29.5	-29.5	0.0	-65.7	32.7	-32.7
Corporate Income Tax Paid	-1.3	-1.7	-0.4	0.0	-0.8	-2.1	-0.1	-0.6	-1.0	-1.8	-0.1	-0.1
Other Operating Receipts	15.2	—	—	—	—	8.0	25.3	-13.5	13.5	-24.8	24.8	-7.4
Other Operating Payments	-38.3	164.5	-177.5	24.0	-42.8	-64.8	-244.0	17.5	-30.1	19.6	-34.0	2.9
Net Cash Flow from Operating Activities	50.8	103.2	51.2	2.9	-141.9	57.0	19.7	-75.0	-50.7	28.6	32.6	100.7
Payments for Fixed Assets and Other Long-term Assets	-19.9	-34.5	-37.4	-34.6	-77.8	-12.6	-14.5	-38.2	-1.1	5.4	-13.8	-35.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	4.1	2.2	—	—	0.7	5.0	0.9	0.0	0.4	0.0	8.0
Loans and Purchases of Debt Instruments	—	-325.0	—	-454.0	—	0.0	474.2	-474.2	0.0	-938.3	434.6	-434.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	396.5	—	495.0	—	0.0	-530.7	530.7	0.0	720.6	-225.0	225.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	-21.6	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	9.9	3.5	180.6	190.1	10.5	18.2	214.3	213.6	30.0	72.1	91.2	297.6
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	144.5	144.5	43.9	6.6	117.7	16.4	82.8	208.7	31.3	160.9	-13.6	90.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-100,000,000.00	100,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	271.9	493.5	275.7	307.8	347.3	242.0	309.1	216.4	270.9	91.6	231.6	211.0
Repayment of Borrowings	-463.4	-646.0	-315.1	-279.8	-256.9	-224.3	-331.4	-271.7	-245.6	-80.3	-255.5	-237.9
Repayment of Finance Leases	—	-15.8	0.0	-5.3	—	-1.1	-15.7	-3.1	-2.6	-57.0	2.0	-12.0
Dividends Paid	-1.9	-110.2	-3.0	-38.5	-102.6	-16.9	-55.2	-74.6	-37.2	-101.4	-11.9	-140.4
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	-193.5	-278.6	-42.4	-15.8	-12.2	-0.3	-93.2	-133.0	-14.5	-147.2	-33.8	-179.3
Net Cash Flow During the Period	1.8	-30.9	52.8	-6.3	-36.4	73.1	9.3	0.8	-33.9	42.3	-14.8	11.4
Cash and Cash Equivalents at Beginning of Period	102.5	133.3	80.6	86.9	123.3	74.1	74.1	74.1	74.1	72.4	72.4	72.4
FX Difference from Revaluation	—	-0.0	-0.1	-0.1	—	0.0	0.0	0.0	0.0	0.0	-0.8	0.8
Cash and Cash Equivalents at End of Period	104.3	102.5	133.3	80.6	86.9	123.4	50.3	41.0	40.2	74.1	31.7	47.4

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PPH

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