QCG

Quốc Cường Gia Lai ·HOSE ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 41.61%, +31.69pp YoY

Price

12,650

Latest close

03 Jun 2026

P/E 19.55x

P/B 0.73x

EPS 647

BVPS 17,302

ROE 3.8%

ROA 2.1%

Profit Margin 41.3%

Asset Turnover 0.05x

Equity Mult. 1.84x

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

What Is Changing

On a TTM 2026Q1 basis, QCG posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 431bn
	                                
−46.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 179bn
	                                
+125.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    69.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	473.3	729.2	432.4	1,265.8	1,049.9
Growth	-35%	+69%	-66%	+21%	—
Net Income	170.7	82.0	3.2	31.9	69.7
Net Margin	36.08%	11.24%	0.74%	2.52%	6.64%

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	69.3	119.3	111.4	131.1	111.5	485.8	178.3	26.5	38.7	154.8	66.9	44.9
Growth	-42%	+7%	-15%	+18%	-77%	+172%	+573%	-32%	-75%	+131%	+49%	—
Net Income	15.6	137.2	24.1	2.5	8.2	63.2	25.4	-17.3	0.7	13.7	10.3	-11.2
Net Margin	22.45%	115.04%	21.59%	1.91%	7.39%	13.01%	14.24%	-65.24%	1.68%	8.85%	15.35%	-24.94%

Drivers of QCG's profit

TTM

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

Financial income ↑ 195.6bn

Gross profit ↓ 49.8bn

Other profit ↓ 40.3bn

Tax ↑ 20.3bn

Finance costs ↑ 10.5bn

TTM

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

Other profit ↑ 6.0bn

Finance costs ↓ 5.6bn

Tax ↓ 1.0bn

Deferred tax ↓ 0.7bn

Gross profit ↓ 15.9bn

Minority interests ↑ 3.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.8% = 9.9% × 0.09 × 2.05

2026Q1 3.8% = 41.6% × 0.05 × 1.84

ROE rose from 1.8% to 3.8% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 41.6% +31.7pp Asset turnover: 0.05x -0.04x Leverage: 1.84x -0.21x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 41.61%, rising 31.7pp. Core operating signals are improving as Gross margin rose 11.9pp are enough to offset pressure from SG&A / Revenue rose 2.4pp (in addition, Net financial result / Revenue rose 39.3pp added support while Other profit / Revenue fell 11.2pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 41.61% +31.7pp

Gross Margin 39.08% +11.9pp

SG&A / Revenue 10.43% +2.4pp

Non-core / Revenue 21.55% +28.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 96.2% of PBT and lifted net margin by 28.0pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 4.5% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 4.47%, rising 2.6pp. That translates to 4.47 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 41.0pp, with capital turnover fell 0.08x; with invested capital easing up by 188bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 4.47% +2.6pp

NOPAT Margin 52.70% +41.0pp

Capital Turnover 0.08x −0.08x

Average Invested Capital 5,084.0bn +187.6bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.84x equity, net debt at 0.11x equity.

Development inventory ended the period at 1,270.7bn, about 14.5% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 1,227.4bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +648.1bn

Inventories increased → lower CFO: −42.6bn

Payables decreased → lower CFO: −1,832.8bn

Is financial risk significant?

Leverage is safe but FCF is negative at 1,111.0bn due to capex of 1.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.11x and interest coverage at 6.08x.

At present, short-term debt accounts for 97.6% of total debt, cash equals 13.8% of debt, and total debt stands at 591.7bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 97.6% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 13.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.11x +0.04x

Interest Coverage 6.08x +2.71x

Cash / Debt 13.8% −1.0pp

Short-term Debt / Total Debt 97.6% +54.9pp

CFO / NI -6.23x −8.61x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1,127.0bn in 2025, against investing cash flow of 702.8bn.

Post-investment cash flow was negative +424.3bn. Financing cash flow was positive +451.8bn.

CFO / net income was -6.23x.

After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of −1,111.0bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 1,109.7bn −1,303.1bn

Cash Capex 1.3bn —

FCF TTM −1,111.0bn —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 31.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 41.61% after expanding 31.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 69.5% of PBT and CFO / net income currently at -6.23x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	473.3	729.2	432.5	1,265.8	1,049.9
Revenue Deductions	0.0	0.0	0.1	0.0	0.0
Net Revenue	473.3	729.2	432.4	1,265.8	1,049.9
Cost of Goods Sold	288.9	542.1	349.4	1,128.7	0.0
Gross Profit	184.3	187.1	82.9	137.1	228.7
Financial Income	195.5	20.1	0.6	11.5	0.9
Financial Expenses	51.5	36.7	46.9	57.3	-39.8
Interest Expense	51.3	36.6	46.7	57.2	-39.6
Share of Associates and Joint Ventures	0.5	-2.7	2.9	-0.5	-0.3
Selling Expenses	35.5	35.9	2.4	18.1	-54.5
General and Administrative Expenses	18.9	20.9	25.5	25.0	-36.7
Operating Profit	274.4	111.1	11.7	47.8	98.3
Other Income	27.4	26.2	9.3	12.6	0.0
Other Expenses	91.3	39.1	16.0	16.1	0.0
Other Profit	-63.8	-13.0	-6.7	-3.5	-14.7
Profit Before Tax	210.6	98.1	5.0	44.3	83.6
Current Income Tax Expense	40.6	16.0	2.4	12.3	-13.8
Deferred Income Tax Expense	-0.7	0.2	-0.6	0.1	0.0
Net Income	170.7	82.0	3.2	31.9	69.7
Non-controlling Interest	-0.6	-1.2	-4.3	9.2	4.9
Profit Attributable to Parent	171.3	83.2	7.5	22.7	64.8
Earnings per Share	623.00	302.00	27.00	82.00	236.00
Diluted EPS	623.00	302.00	27.00	82.00	235.49

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,240.7	2,053.8	7,530.8	7,835.5	7,640.1
I. Cash and cash equivalents	142.3	114.8	28.5	76.9	30.8
1. Cash	127.8	114.8	28.5	76.9	0.0
2. Cash equivalents	14.5	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.2	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.2	0.0
III. Short-term receivables	814.1	634.7	441.6	523.9	360.4
1. Short-term trade accounts receivable	559.7	302.9	284.8	274.8	0.0
2. Short-term prepayments to suppliers	95.9	161.7	128.9	192.6	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	21.6	8.1	22.9	30.2	0.0
6. Other short-term receivables	138.0	163.1	6.1	27.8	0.0
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.1	-1.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,270.7	1,279.0	7,035.9	7,211.2	7,193.6
1. Inventories	1,274.4	1,279.0	7,036.2	7,211.2	0.0
2. Provision for decline in value of inventories	-3.6	0.0	-0.3	0.0	0.0
V. Other short-term assets	13.6	25.2	24.8	23.3	55.0
1. Short-term prepayments	3.6	7.5	9.7	10.6	0.0
2. Value added tax to be reclaimed	9.9	17.7	15.1	12.7	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	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)	6,503.1	6,830.8	2,036.4	2,113.2	2,176.7
I. Long-term receivables	74.3	74.3	141.7	153.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	141.7
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	74.3	74.3	141.7	153.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	943.8	1,050.9	1,142.9	1,213.2	1,279.0
1. Tangible fixed assets	896.2	1,003.3	1,095.3	1,165.6	1,231.4
- Cost	1,431.4	1,485.2	1,514.7	1,514.6	0.0
- Accumulated depreciation	-535.2	-481.9	-419.4	-349.0	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	47.6	47.6	47.6	47.6	47.6
- Cost	47.7	47.7	47.7	47.7	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	18.8	20.1	15.1	16.2	17.3
- Cost	33.6	33.6	27.4	27.4	0.0
- Accumulated depreciation	-14.9	-13.5	-12.3	-11.2	0.0
IV. Long-term assets in progress	5,403.3	5,360.9	3.1	0.1	0.0
1. Long-term production in progress	5,403.3	5,360.9	0.0	0.0	0.0
2. Construction in progress	—	0.0	3.1	0.1	0.0
V. Long-term financial investments	49.6	319.0	732.3	729.4	731.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	269.4	682.7	679.8	0.0
3. Investments in other entities	49.7	49.7	49.7	49.7	0.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	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	13.4	5.7	1.3	0.9	0.0
1. Long-term prepayments	13.4	5.7	1.3	0.9	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	6.8
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)	8,743.8	8,884.6	9,567.1	9,948.7	9,816.7
A. LIABILITIES (300=210+330)	3,999.1	4,308.1	5,225.3	5,610.1	5,510.0
I. Short -term liabilities	3,924.6	4,003.6	4,956.6	5,301.2	5,169.6
1. Short-term trade accounts payable	31.3	34.2	45.1	109.8	175.8
2. Short-term advances from customers	909.5	149.7	230.3	367.2	555.6
3. Taxes and other payables to state authorities	68.2	69.0	28.0	14.6	0.0
4. Payable to employees	1.4	2.0	1.2	1.2	0.0
5. Short-term acrrued expenses	73.6	80.7	62.8	174.9	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	2,020.2	3,531.2	4,275.2	4,346.4	0.0
10. Short-term borrowings and financial leases	820.1	136.5	313.7	286.8	115.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.4	0.4	0.5	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	74.5	304.5	268.8	308.8	340.4
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	60.5	60.5	0.0	0.0	0.0
8. Long-term borrowings and financial leases	14.0	243.2	268.2	307.7	339.4
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	0.8	0.5	1.1	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)	4,744.7	4,576.5	4,341.8	4,338.6	4,306.8
I. Owner's equity	4,744.7	4,576.5	4,341.8	4,338.6	0.0
1. Owner's capital	2,751.3	2,751.3	2,751.3	2,751.3	4,306.8
- Common stock with voting right	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	807.2	807.2	807.2	807.2	807.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	23.9	23.9	0.0	0.0	0.0
5. Treasury shares	-1,690,000.00	-1,690,000.00	-1,690,000.00	-1,690,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	35.2	35.2	35.2	35.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	751.5	580.2	520.9	513.5	490.8
- Accumulated retained earning at the end of the previous period	580.2	497.0	513.5	490.8	462.0
- Undistributed earnings in this period	171.3	83.2	7.5	22.7	28.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	375.5	378.7	227.1	231.4	222.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	8,743.8	8,884.6	9,567.1	9,948.7	9,816.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	210.6	98.1	5.0	44.3	83.6
Depreciation of Fixed Assets and Investment Property	67.9	71.8	71.5	72.2	60.5
Provision (Increase)/Reversal	3.6	-0.3	-0.1	-4.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	0.1	-0.2	0.0
Gain/Loss from Investment Activities	-154.4	4.3	-3.5	-10.0	0.0
Interest Expense	51.3	36.6	46.7	57.2	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	179.1	210.6	119.8	159.5	183.4
Increase/(Decrease) in Receivables	328.5	168.7	91.8	-83.6	0.0
Increase/(Decrease) in Inventory	-37.7	390.1	174.9	58.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1,543.5	-641.1	-353.7	-199.5	0.0
Increase/(Decrease) in Prepaid Expenses	-3.8	-2.2	1.5	-3.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-33.6	-34.7	-58.6	-35.4	0.0
Corporate Income Tax Paid	-15.9	-4.6	-8.6	-17.2	0.0
Other Operating Receipts	—	0.0	0.0	0.2	0.0
Other Operating Payments	-0.0	0.0	-0.1	-0.2	0.0
Net Cash Flow from Operating Activities	-1,127.0	86.8	-32.9	-121.2	50.2
Payments for Fixed Assets and Other Long-term Assets	-1.0	-0.3	-3.8	-0.5	-8.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	429.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-14.5	0.0	0.0	0.0	-0.2
Receipts from Loan Repayments and Sale of Debt Instruments	1.0	14.8	0.2	14.5	0.0
Investments in Other Entities	—	0.0	0.0	-64.3	-2.2
Proceeds from Investments in Other Entities	286.6	23.0	0.0	76.5	0.0
Dividends and Interest Income Received	1.6	0.2	0.8	1.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	702.8	37.6	-2.8	27.6	-9.9
Proceeds from Equity Issuance and Capital Contributions	—	152,775,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,112.0	115.9	85.6	393.1	206.9
Repayment of Borrowings	-657.7	-186.0	-98.2	-253.4	-256.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.6	-120.7	0.0	0.0	0.0
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	451.8	-38.1	-12.6	139.7	-50.0
Net Cash Flow During the Period	27.5	86.4	-48.4	46.1	13.7
Cash and Cash Equivalents at Beginning of Period	114.8	28.5	76.9	30.8	40.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	142.3	114.8	28.5	76.9	30.8

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	69.3	119.3	111.5	131.1	111.5	485.8	178.3	26.5	38.7	154.9	66.9	44.9
Revenue Deductions	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Net Revenue	69.3	119.3	111.4	131.1	111.5	485.8	178.3	26.5	38.7	154.8	66.9	44.9
Cost of Goods Sold	46.3	69.2	65.7	81.5	72.6	328.6	150.2	32.3	32.8	114.9	45.2	39.5
Gross Profit	23.0	50.1	45.7	49.6	38.9	157.1	28.0	-5.8	5.9	39.8	21.7	5.4
Financial Income	0.6	195.1	0.2	0.0	0.1	0.0	0.2	0.0	6.4	0.0	0.0	0.7
Financial Expenses	1.4	30.2	7.0	6.6	7.1	11.1	8.1	8.4	9.0	13.9	11.1	11.1
Interest Expense	1.3	30.0	7.0	6.6	7.1	11.1	8.1	8.4	9.0	13.9	11.1	11.0
Share of Associates and Joint Ventures	—	0.5	-0.1	-0.0	-0.0	-2.6	-0.0	-0.0	1.5	3.2	-0.0	-0.2
Selling Expenses	—	2.8	6.0	15.9	10.8	32.8	0.1	0.0	0.3	-0.4	0.5	0.9
General and Administrative Expenses	4.7	4.2	5.9	5.5	3.3	9.3	4.6	3.5	3.4	9.1	3.8	5.7
Operating Profit	17.5	208.6	27.0	21.6	17.9	101.3	15.4	-17.8	1.1	20.5	6.4	-11.7
Other Income	5.4	8.3	6.7	7.3	5.2	5.2	16.4	1.8	2.6	1.8	1.6	1.6
Other Expenses	5.1	52.8	7.7	19.9	10.9	30.0	3.4	1.8	2.8	7.9	1.6	1.1
Other Profit	0.3	-44.6	-0.9	-12.6	-5.7	-24.8	13.1	-0.0	-0.2	-6.1	-0.0	0.4
Profit Before Tax	17.7	164.1	26.0	9.0	12.1	76.6	28.5	-17.8	0.9	14.3	6.3	-11.3
Current Income Tax Expense	2.2	30.0	1.9	4.8	3.3	12.8	3.1	-0.5	0.5	1.3	-3.9	-0.1
Deferred Income Tax Expense	-0.0	-3.2	0.1	1.7	0.6	0.5	0.0	0.0	-0.3	-0.6	0.0	0.1
Net Income	15.6	137.2	24.1	2.5	8.2	63.2	25.4	-17.3	0.7	13.7	10.3	-11.2
Non-controlling Interest	2.0	3.9	0.2	-4.9	-1.3	1.0	-0.5	-0.8	-0.7	-1.8	-0.1	0.2
Profit Attributable to Parent	13.5	133.3	23.8	7.4	9.5	62.2	25.9	-16.4	1.4	15.5	10.3	-11.4
Earnings per Share	49.00	484.00	87.00	27.00	34.00	226.00	94.00	-60.00	5.00	56.00	38.00	-41.00
Diluted EPS	49.20	484.50	86.58	26.87	34.49	226.11	94.15	-59.74	5.03	56.26	37.56	-41.32

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)	1,902.4	2,240.7	1,938.9	2,622.1	1,982.1	7,412.9	7,555.1	7,508.8	7,632.9	7,531.1	7,596.0	7,572.8
I. Cash and cash equivalents	81.6	142.3	154.0	55.1	54.5	114.8	52.7	27.6	29.7	28.5	30.1	25.0
1. Cash	66.6	127.8	26.0	55.1	5.5	114.8	52.7	27.6	29.7	28.5	30.1	25.0
2. Cash equivalents	15.0	14.5	128.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	41.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
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	41.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
III. Short-term receivables	495.5	814.1	585.4	1,341.5	642.4	634.7	556.5	429.3	546.2	441.6	433.2	417.2
1. Short-term trade accounts receivable	286.1	559.7	313.0	1,098.7	277.2	302.9	286.4	257.4	388.1	284.8	274.9	264.8
2. Short-term prepayments to suppliers	69.7	95.9	120.7	121.0	169.6	161.7	146.0	146.2	132.7	128.9	121.8	117.6
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	—	7.1	7.1	7.1	8.1	0.0	8.1	19.6	19.9	22.9	26.2	28.2
6. Other short-term receivables	140.9	152.5	145.7	115.9	188.6	171.2	117.2	7.3	6.7	6.1	11.5	7.8
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,261.9	1,270.7	1,177.1	1,201.3	1,261.6	6,638.1	6,922.9	7,028.5	7,033.6	7,036.2	7,100.9	7,097.3
1. Inventories	1,261.9	1,274.4	1,177.6	1,201.7	1,261.6	6,638.1	6,923.3	7,029.0	7,033.9	7,036.2	7,100.9	7,097.3
2. Provision for decline in value of inventories	—	-3.6	-0.4	-0.4	—	0.0	-0.5	-0.5	-0.3	0.0	0.0	0.0
V. Other short-term assets	21.8	13.5	22.4	24.2	23.6	25.2	23.0	23.4	23.4	24.8	31.8	33.0
1. Short-term prepayments	12.3	3.6	3.8	5.6	5.0	7.5	7.2	8.2	8.3	9.7	10.2	11.3
2. Value added tax to be reclaimed	9.5	9.9	18.6	18.6	18.6	17.7	15.1	15.2	15.1	15.1	21.6	21.7
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.7	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	6,483.2	6,503.1	6,822.4	6,863.5	6,813.3	1,470.9	1,782.2	1,867.1	1,882.8	2,053.6	2,047.7	2,077.4
I. Long-term receivables	74.3	74.3	74.3	74.3	74.3	74.3	74.3	141.7	141.7	159.0	141.7	153.4
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	74.3	74.3	74.3	74.3	74.3	74.3	74.3	141.7	141.7	159.0	141.7	153.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	928.5	943.8	1,001.6	1,018.0	1,033.9	1,054.4	1,093.2	1,110.2	1,127.8	1,142.9	1,160.2	1,177.8
1. Tangible fixed assets	880.9	896.2	954.1	970.5	986.4	1,006.8	1,045.6	1,062.6	1,080.2	1,095.3	1,112.7	1,130.2
- Cost	1,432.0	—	—	—	—	1,487.8	1,518.8	1,518.4	1,518.4	1,514.7	1,514.7	1,514.6
- Accumulated depreciation	-551.1	—	—	—	—	-481.0	-473.2	-455.8	-438.2	-419.4	-402.0	-384.5
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	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6
- Cost	47.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	18.4	18.8	19.1	19.4	19.8	20.0	14.3	14.6	14.9	15.1	15.4	15.7
- Cost	33.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5,403.3	5,403.3	5,402.3	5,426.7	5,361.4	0.0	0.0	0.2	0.0	3.1	0.0	0.1
1. Long-term production in progress	5,403.3	5,403.3	5,402.3	5,426.5	5,361.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	0.2	—	0.0	0.0	0.2	0.0	3.1	0.0	0.1
V. Long-term financial investments	49.6	49.6	318.9	318.9	319.0	319.0	597.2	597.2	597.2	732.3	729.1	729.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	269.3	269.3	269.3	269.4	547.6	547.6	547.6	682.7	679.5	679.5
3. Investments in other entities	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	9.1	13.4	6.2	6.1	4.9	3.1	3.1	3.1	1.2	1.3	1.3	1.4
1. Long-term prepayments	9.1	13.4	6.2	6.1	4.9	3.1	3.1	3.1	1.2	1.3	1.3	1.4
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	—	—	—	—	—	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)	8,385.6	8,743.8	8,761.3	9,485.6	8,795.4	8,883.8	9,337.3	9,375.9	9,515.7	9,584.7	9,643.7	9,650.2
A. LIABILITIES (300=210+330)	3,625.3	3,998.6	4,150.7	4,898.3	4,210.6	4,305.3	4,822.0	4,886.0	5,161.2	5,235.8	5,308.5	5,321.9
I. Short -term liabilities	3,550.8	3,924.1	3,882.5	4,637.2	3,938.3	4,081.3	4,587.1	4,639.6	4,903.5	4,967.0	5,029.1	5,032.4
1. Short-term trade accounts payable	30.2	31.3	39.2	43.1	33.6	34.2	37.3	36.8	35.2	45.1	48.2	51.3
2. Short-term advances from customers	897.1	909.5	94.3	148.0	137.4	80.6	152.8	190.6	177.6	230.3	241.3	241.1
3. Dividends and profits payable	74.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	61.4	67.6	41.0	30.8	44.2	68.8	25.4	14.6	16.9	21.2	12.3	19.5
4. Payable to employees	1.4	1.4	1.4	1.3	1.3	2.0	1.3	1.3	1.2	1.2	1.2	1.4
5. Short-term acrrued expenses	65.2	73.6	69.0	68.9	66.7	78.0	58.6	57.4	55.3	62.8	60.6	58.0
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	—	—	—	802.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1,843.5	2,760.4	3,479.9	3,381.6	3,497.8	3,660.8	4,125.6	4,150.3	4,304.0	4,292.4	4,353.5	4,350.8
10. Short-term borrowings and financial leases	577.7	79.9	157.2	160.2	157.0	156.5	185.8	188.3	312.8	313.7	311.8	309.9
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	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5
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	74.5	74.5	268.2	261.1	272.3	224.0	234.9	246.3	257.8	268.8	279.4	289.4
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	60.5	60.5	60.5	60.5	60.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	14.0	14.0	204.5	197.5	210.4	223.2	234.7	246.1	257.6	268.2	278.2	288.3
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.2	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	3.2	3.1	1.4	0.8	0.2	0.2	0.2	0.5	0.0	1.2
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)	4,760.3	4,745.2	4,610.6	4,587.2	4,584.7	4,578.5	4,515.3	4,489.9	4,354.4	4,348.9	4,335.2	4,328.4
I. Owner's equity	4,760.3	4,745.2	4,610.6	4,587.2	4,584.7	4,578.5	4,515.3	4,489.9	4,354.4	4,348.9	4,335.2	4,328.4
1. Owner's capital	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3
- Common stock with voting right	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00	2,751,293,100,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	23.9	23.9	23.9	23.9	23.9	23.9	23.9	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-1,690,000.00	-1,690,000.00	-1,690,000.00	-1,690,000.00	-1,690,000.00	-1,690,000.00	-1,690,000.00	0.00	-1,690,000.00	-1,690,000.00	-1,690,000.00	-1,690,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2
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	765.1	753.5	620.2	597.0	589.6	582.1	519.9	517.9	534.3	525.7	510.2	503.3
- Accumulated retained earning at the end of the previous period	751.5	620.8	596.4	589.6	580.2	519.9	494.0	534.3	532.9	510.2	499.9	514.6
- Undistributed earnings in this period	13.5	132.8	23.8	7.4	9.5	62.2	25.9	-16.4	1.4	15.5	10.3	-11.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	377.5	374.0	372.7	372.5	377.4	378.8	377.8	378.3	226.4	229.5	231.2	231.3
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)	8,385.6	8,743.8	8,761.3	9,485.6	8,795.4	8,883.8	9,337.3	9,375.9	9,515.7	9,584.7	9,643.7	9,650.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	17.7	164.1	26.0	8.3	12.1	76.6	28.5	-17.8	0.9	10.2	6.3	-14.7
Depreciation of Fixed Assets and Investment Property	16.2	16.7	16.9	17.1	17.3	17.4	17.6	17.9	19.1	17.7	17.8	21.9
Provision (Increase)/Reversal	-3.6	3.2	0.0	0.4	—	-0.5	0.0	0.2	0.0	0.3	0.0	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	0.0	—	-0.0	0.0	0.1	0.0	0.0	0.0	0.1
Gain/Loss from Investment Activities	-0.8	-154.2	-0.0	0.0	-0.1	-0.0	6.9	-7.1	-6.4	-2.8	-0.4	-0.3
Interest Expense	1.3	30.0	7.0	7.2	7.1	11.1	8.1	8.4	9.0	13.9	11.1	11.0
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	30.9	59.7	49.9	33.1	36.3	104.6	61.1	1.6	22.5	39.3	34.9	17.9
Increase/(Decrease) in Receivables	294.6	286.9	-90.9	157.5	-25.0	-158.3	35.2	110.4	-104.6	13.6	-23.2	85.3
Increase/(Decrease) in Inventory	12.5	-97.7	23.2	19.3	17.4	285.2	105.8	4.7	2.3	64.7	-3.6	-3.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-356.7	-1,379.3	159.3	-256.1	-67.3	3.0	-156.3	-129.9	106.8	-83.3	8.4	-77.8
Increase/(Decrease) in Prepaid Expenses	-4.3	-7.1	1.7	-1.8	3.3	-0.4	1.1	-1.8	1.4	1.3	1.3	-2.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.0	-11.4	-5.7	-3.9	-12.5	-7.8	-6.9	-6.1	-13.9	-12.2	-10.8	-19.2
Corporate Income Tax Paid	-1.0	0.0	-3.0	-12.5	-0.5	-2.8	-0.7	-0.0	-1.1	-1.5	-5.7	-1.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-11.6	11.6	0.0
Other Operating Payments	-0.0	0.0	—	-0.0	—	0.0	0.0	0.0	0.0	-0.0	-0.1	0.1
Net Cash Flow from Operating Activities	-30.9	-1,148.9	134.6	-64.5	-48.2	223.5	39.2	-21.1	13.4	10.2	12.9	-1.4
Payments for Fixed Assets and Other Long-term Assets	-0.3	0.0	0.0	-1.0	—	0.0	-0.3	-0.0	-0.7	-3.7	-0.0	0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	429.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-20.0	-14.5	—	—	—	0.0	0.0	0.0	0.0	-0.2	0.2	-0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	1.0	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	134.9	231.8	0.0	54.8	—	0.0	0.0	23.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	1.3	0.2	0.0	0.1	0.0	0.2	0.0	0.0	0.0	0.1	0.6
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	115.4	647.6	0.2	54.8	0.1	0.0	-0.1	23.0	-0.6	-3.7	0.3	1.0
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	8.1	1,044.8	20.1	28.1	19.0	46.7	17.1	27.2	24.9	0.0	0.0	52.7
Repayment of Borrowings	-153.4	-552.5	-56.1	-17.9	-31.2	-87.5	-31.0	-31.1	-36.5	-8.1	-8.1	-51.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-2.6	—	—	—	-120.7	0.0	0.0	0.0	0.0	0.0	0.0
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	-145.3	489.7	-35.9	10.2	-12.2	-161.4	-13.9	-3.9	-11.6	-8.1	-8.1	0.9
Net Cash Flow During the Period	-60.8	-11.6	98.9	0.5	-60.3	62.1	25.2	-2.1	1.2	-1.6	5.1	0.5
Cash and Cash Equivalents at Beginning of Period	142.3	154.0	55.1	54.5	114.8	28.5	28.5	28.5	28.5	76.9	76.9	76.9
FX Difference from Revaluation	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	81.6	142.3	154.0	55.1	54.5	114.8	52.7	27.6	29.7	28.5	30.1	25.0

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