S99

SCI ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.68%, +6.96pp YoY

Price

9,200

Latest close

02 Jun 2026

P/E 8.80x

P/B 0.49x

EPS 1,046

BVPS 18,889

ROE 5.9%

ROA 2.2%

Profit Margin 7.7%

Asset Turnover 0.29x

Equity Mult. 2.62x

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

What Is Changing

On a TTM 2026Q1 basis, S99 has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,392bn
	                                
−1.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 121bn
	                                
+395.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,427.5	1,402.6	1,622.7	1,787.2	6,454.0
Growth	+2%	-14%	-9%	-72%	—
Net Income	106.5	43.9	107.8	64.4	173.7
Net Margin	7.46%	3.13%	6.64%	3.60%	2.69%

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	224.6	90.3	520.9	556.2	388.1	331.1	364.4	332.9	366.8	956.8	239.8	287.0
Growth	+149%	-83%	-6%	+43%	+17%	-9%	+9%	-9%	-62%	+299%	-16%	—
Net Income	14.8	28.8	36.1	41.2	7.6	-9.7	10.8	15.7	27.2	13.2	48.6	27.5
Net Margin	6.58%	31.91%	6.92%	7.41%	1.96%	-2.92%	2.95%	4.73%	7.42%	1.37%	20.25%	9.57%

Drivers of S99's profit

TTM

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

Gross profit ↑ 110.3bn

Financial income ↑ 49.0bn

Finance costs ↓ 28.7bn

Other profit ↓ 65.1bn

Tax ↑ 15.9bn

TTM

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

Gross profit ↑ 14.9bn

Finance costs ↓ 8.5bn

Deferred tax ↓ 3.1bn

Administrative expenses ↑ 10.5bn

Tax ↑ 4.7bn

Minority interests ↑ 3.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.5% = 1.7% × 0.32 × 2.69

2026Q1 6.6% = 8.7% × 0.29 × 2.62

ROE rose from 1.5% to 6.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 8.7% +7.0pp Asset turnover: 0.29x -0.03x Leverage: 2.62x -0.07x

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 8.68%, rising 7.0pp. Core operating signals are improving as Gross margin rose 8.2pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Net financial result / Revenue rose 5.4pp added support while Other profit / Revenue fell 4.6pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 8.68% +7.0pp

Gross Margin 23.70% +8.2pp

SG&A / Revenue 7.07% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 3.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 3.20%, rising 3.8pp. That translates to 3.20 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 10.3pp, with capital turnover fell 0.05x; while invested capital rose by 398bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 3.20% +3.8pp

NOPAT Margin 8.72% +10.3pp

Capital Turnover 0.37x −0.05x

Average Invested Capital 3,796.5bn +398.4bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.50x equity, net debt at 0.84x equity.

Inventory ended the period at 492.4bn, roughly 10.5% of total assets.

Over the last 12 months, working capital released 317.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +277.1bn

Inventories increased → lower CFO: −134.7bn

Payables increased → higher CFO: +175.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 20.9 days versus the same period last year. The main moves came from DIO rose 39.2 days, DSO fell 18.2 days, and DPO rose 0.1 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 266.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +39.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 147.8 days −18.2 days

Inventory 177.5 days +39.2 days

Payables 58.8 days +0.1 days

Cash Conversion Cycle 266.5 days +20.9 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.84x and interest coverage only at 0.94x.

At present, short-term debt accounts for 25.9% of total debt, cash equals 19.4% of debt, and total debt stands at 2,041.3bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is 0.94x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 19.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.84x −0.52x

Interest Coverage 0.94x +1.10x

Cash / Debt 19.4% +11.9pp

Short-term Debt / Total Debt 25.9% +2.0pp

CFO / NI 6.64x −2.65x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 645.2bn in 2025, against investing cash flow of -449.1bn.

Post-investment cash flow was positive +196.1bn. Financing cash flow was positive +0.6bn.

CFO / net income was 6.64x.

After spending +76.6bn on fixed-asset investment, the business generated trailing free cash flow of +633.7bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 710.3bn +550.8bn

Cash Capex 76.6bn −720.8bn

FCF TTM +633.7bn +1,271.6bn

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 7.0 pp. The next item to monitor is capital efficiency, with ROIC at 3.2%. The main risk still sits in leverage and liquidity, with interest coverage at 0.94x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.68% after expanding 7.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.94x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,427.5	1,402.6	1,622.7	1,787.2	6,454.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,427.5	1,402.6	1,622.7	1,787.2	6,454.0
Cost of Goods Sold	1,115.7	1,211.5	1,437.0	1,601.6	0.0
Gross Profit	311.9	191.1	185.7	185.7	327.2
Financial Income	87.0	38.5	59.3	49.9	92.8
Financial Expenses	170.7	164.1	142.5	105.1	-138.4
Interest Expense	146.5	142.4	113.5	69.0	-99.1
Share of Associates and Joint Ventures	—	-0.9	1.6	-1.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	91.5	84.1	12.2	85.5	-66.5
Operating Profit	136.7	-19.4	91.9	43.9	215.0
Other Income	5.7	95.7	39.2	38.7	0.0
Other Expenses	5.9	9.2	7.5	3.9	0.0
Other Profit	-0.1	86.5	31.7	34.8	1.0
Profit Before Tax	136.5	67.1	123.6	78.8	216.0
Current Income Tax Expense	28.2	11.2	26.5	24.0	-42.3
Deferred Income Tax Expense	1.8	12.0	-10.6	-9.6	0.0
Net Income	106.5	43.9	107.8	64.4	173.7
Non-controlling Interest	23.7	3.9	15.3	15.6	64.2
Profit Attributable to Parent	82.8	40.0	92.4	48.8	109.5
Earnings per Share	796.00	403.00	983.00	766.00	1,234.00
Diluted EPS	796.00	403.00	983.00	766.00	2,088.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,170.2	1,633.8	1,825.6	1,559.6	1,966.1
I. Cash and cash equivalents	336.0	139.2	325.5	210.7	369.5
1. Cash	111.0	64.9	93.5	130.9	0.0
2. Cash equivalents	225.0	74.3	232.0	79.9	0.0
II. Short-term financial investments	437.5	44.4	73.2	23.6	0.0
1. Available for sale securities	1.3	0.5	65.2	18.8	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.4	-7.0	-0.9	0.0
3. Held to maturity investments	436.7	44.3	15.0	5.7	0.0
III. Short-term receivables	699.3	749.2	782.5	829.5	796.3
1. Short-term trade accounts receivable	553.6	635.3	604.4	696.8	0.0
2. Short-term prepayments to suppliers	96.1	65.2	118.4	148.5	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	13.3	7.5	4.0	0.0	0.0
6. Other short-term receivables	50.5	54.3	69.5	69.5	0.0
7. Provision for short-term doubtful debts (*)	-14.2	-13.6	-13.8	-85.3	0.0
8. Assets awaiting resolution	—	0.5	0.0	0.0	0.0
IV. Inventories	492.4	504.1	470.3	334.3	636.8
1. Inventories	492.4	504.1	470.3	334.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	205.0	196.9	174.1	161.5	143.9
1. Short-term prepayments	1.2	1.9	0.6	0.3	0.0
2. Value added tax to be reclaimed	203.3	194.5	172.1	161.1	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	1.5	0.1	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)	2,522.3	2,767.8	2,199.2	2,151.5	1,501.0
I. Long-term receivables	1.8	1.5	4.7	5.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.7
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	1.8	1.5	4.7	5.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,269.5	2,516.3	1,966.8	753.4	839.2
1. Tangible fixed assets	2,237.3	2,494.4	1,936.6	697.9	785.6
- Cost	3,742.3	3,728.2	2,740.6	1,288.6	0.0
- Accumulated depreciation	-1,505.0	-1,233.8	-804.1	-590.7	0.0
2. Financial leased fixed assets	25.7	20.0	30.3	55.5	53.5
- Cost	33.7	31.4	90.4	122.7	0.0
- Accumulated depreciation	-8.0	-11.4	-60.1	-67.3	0.0
3. Intangible fixed assets	6.5	1.9	0.0	0.0	0.0
- Cost	7.8	2.6	0.5	0.5	0.0
- Accumulated depreciation	-1.2	-0.7	-0.4	-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	22.1	9.3	21.7	1,253.9	529.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	22.1	9.3	21.7	1,253.9	0.0
V. Long-term financial investments	42.0	43.0	116.4	113.8	109.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11.5	11.5	73.2	70.6	0.0
3. Investments in other entities	30.6	30.6	42.2	42.2	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	1.0	1.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	186.9	197.6	89.6	24.6	0.0
1. Long-term prepayments	110.3	112.8	84.7	11.8	0.0
2. Deferred income tax assets	5.1	6.1	2.7	10.6	0.0
3. Long-term equipment, supplies, spare parts	2.7	2.2	2.2	2.2	0.0
4. Other long-term assets	—	0.0	0.0	0.0	17.7
5. Goodwill	68.8	76.6	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,692.5	4,401.5	4,024.8	3,711.1	3,467.2
A. LIABILITIES (300=210+330)	2,816.3	2,721.0	2,484.1	2,273.6	2,432.1
I. Short -term liabilities	1,168.6	1,240.4	1,268.7	1,031.9	1,546.7
1. Short-term trade accounts payable	166.9	182.8	288.9	271.6	591.9
2. Short-term advances from customers	430.9	274.7	310.6	191.6	211.0
3. Taxes and other payables to state authorities	28.7	15.9	25.5	6.5	0.0
4. Payable to employees	34.4	25.5	32.8	28.7	0.0
5. Short-term acrrued expenses	57.9	52.7	175.2	18.6	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	26.9	20.9	86.7	45.5	0.0
10. Short-term borrowings and financial leases	398.8	643.8	324.9	446.4	532.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	24.0	24.0	24.0	22.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,647.7	1,480.6	1,215.3	1,241.8	885.4
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	5.7	0.3	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	0.1	0.1	0.0
8. Long-term borrowings and financial leases	1,592.9	1,439.7	1,092.7	1,030.1	798.5
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	21.4	19.6	4.5	13.2	0.0
12. Provision for long-term liabilities	27.6	21.0	118.1	198.4	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,876.3	1,680.5	1,540.7	1,437.5	1,035.0
I. Owner's equity	1,876.3	1,680.5	1,540.7	1,437.5	0.0
1. Owner's capital	1,040.9	991.3	940.0	854.5	1,035.0
- Common stock with voting right	1,040,889,920,000.00	991,343,310,000.00	939,973,690,000.00	854,540,000,000.00	524,267,230,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-1.6	-1.6	-1.4	-1.4	-1.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	134.0	71.5	18.4	18.4	17.7
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	0.0
8. Investment and development fund	11.4	11.4	11.4	11.4	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	270.1	299.7	380.3	376.9	329.2
- Accumulated retained earning at the end of the previous period	249.8	285.9	287.9	328.1	219.7
- Undistributed earnings in this period	20.3	13.9	92.4	48.8	109.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	421.4	308.1	192.0	177.6	154.0
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)	4,692.5	4,401.5	4,024.8	3,711.1	3,467.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	136.5	67.1	123.6	62.8	216.0
Depreciation of Fixed Assets and Investment Property	289.8	293.3	222.3	123.8	159.6
Provision (Increase)/Reversal	7.3	-90.9	-145.7	145.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	6.8	-14.3	-3.5	1.8	0.0
Gain/Loss from Investment Activities	-2.5	-10.1	-9.3	-4.7	0.0
Interest Expense	146.5	142.4	113.5	69.0	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	584.4	387.4	300.9	398.0	434.2
Increase/(Decrease) in Receivables	47.0	210.0	111.4	-112.8	0.0
Increase/(Decrease) in Inventory	11.1	-33.1	-136.0	312.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	163.0	-238.5	377.0	-333.4	0.0
Increase/(Decrease) in Prepaid Expenses	3.1	-106.0	-73.2	-8.4	0.0
Changes in Trading Securities	-0.8	64.7	-46.4	-10.1	0.0
Interest Paid	-144.8	-138.1	-117.0	-70.8	0.0
Corporate Income Tax Paid	-17.9	-25.2	-7.0	-22.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	645.2	121.3	409.7	153.4	222.8
Payments for Fixed Assets and Other Long-term Assets	-73.0	-162.9	-232.6	-761.3	-335.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	2.9	2.1	0.6	6.4
Loans and Purchases of Debt Instruments	-432.4	-39.3	-4.3	-0.3	-249.2
Receipts from Loan Repayments and Sale of Debt Instruments	48.5	31.5	0.0	6.0	587.1
Investments in Other Entities	—	-336.0	0.0	0.0	-71.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.5	11.8	7.7	3.5	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	-449.1	-492.0	-227.1	-751.5	-42.4
Proceeds from Equity Issuance and Capital Contributions	—	4,232,680,000.00	0.00	288,338,520,000.00	50,013,662,051.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,191.8	1,288.7	1,291.0	2,067.1	5,298.4
Repayment of Borrowings	-1,180.7	-1,089.9	-1,324.7	-1,883.6	-5,255.8
Repayment of Finance Leases	-10.5	-18.2	-34.2	-37.2	-63.9
Dividends Paid	—	-0.3	0.0	0.0	-70.5
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	0.6	184.5	-67.9	434.7	-41.7
Net Cash Flow During the Period	196.7	-186.2	114.7	-163.4	-71.4
Cash and Cash Equivalents at Beginning of Period	139.2	325.5	210.7	375.5	231.5
FX Difference from Revaluation	0.0	-0.1	0.1	-1.3	-0.7
Cash and Cash Equivalents at End of Period	336.0	139.2	325.5	210.7	369.5

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	224.6	90.3	520.9	556.2	388.1	331.1	364.4	332.9	366.8	956.8	239.8	287.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	224.6	90.3	520.9	556.2	388.1	331.1	364.4	332.9	366.8	956.8	239.8	287.0
Cost of Goods Sold	147.1	8.8	441.7	464.5	325.5	274.0	311.3	286.1	328.3	929.0	206.6	226.2
Gross Profit	77.5	81.4	79.2	91.7	62.6	57.1	53.1	46.7	38.5	27.8	33.2	60.8
Financial Income	2.4	26.0	26.5	28.3	6.0	7.7	6.5	14.1	14.5	-4.7	41.3	19.0
Financial Expenses	29.6	37.0	44.2	51.0	38.2	44.3	72.4	35.7	29.4	23.0	53.2	37.4
Interest Expense	27.2	33.0	39.5	39.6	34.4	36.6	53.6	28.7	27.3	28.7	34.2	25.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	-1.0	-0.3	1.7	2.5	-0.9	-1.9
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	30.7	26.3	19.9	21.6	20.1	30.2	23.0	19.1	19.5	-69.7	48.1	16.4
Operating Profit	19.7	44.2	41.5	47.5	10.3	-9.8	-36.8	5.8	5.9	72.4	-27.7	24.1
Other Income	0.0	1.3	3.0	0.6	1.0	6.6	49.9	14.1	26.0	-55.9	85.5	8.2
Other Expenses	0.9	-1.0	4.3	1.5	1.4	2.4	1.0	2.4	0.5	1.8	-1.5	0.4
Other Profit	-0.9	2.3	-1.3	-0.9	-0.3	4.2	48.9	11.7	25.5	-57.6	87.0	7.8
Profit Before Tax	18.7	46.5	40.2	46.6	10.0	-5.6	12.1	17.4	31.3	14.7	59.3	31.9
Current Income Tax Expense	7.4	13.1	3.5	5.3	2.7	4.0	4.1	2.7	3.7	11.9	8.7	4.5
Deferred Income Tax Expense	-3.4	4.6	0.6	0.1	-0.3	0.1	-2.7	-1.0	0.4	-10.4	2.1	-0.0
Net Income	14.8	28.8	36.1	41.2	7.6	-9.7	10.8	15.7	27.2	13.2	48.6	27.5
Non-controlling Interest	2.7	2.5	4.1	4.6	-1.1	5.6	3.5	-0.7	4.7	2.7	2.1	1.5
Profit Attributable to Parent	12.1	26.4	32.0	36.6	8.7	-15.3	7.2	16.5	22.5	10.4	46.5	25.9
Earnings per Share	116.00	253.17	307.48	369.25	88.00	-153.92	72.98	175.30	239.13	110.74	494.72	303.50
Diluted EPS	116.09	253.17	307.48	369.25	88.09	-153.92	72.98	175.30	239.13	110.74	494.72	303.50

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)	2,272.6	2,181.8	2,108.1	2,062.3	2,098.3	1,664.5	1,730.8	1,843.1	1,817.5	1,973.6	1,792.3	1,552.7
I. Cash and cash equivalents	396.8	335.8	291.7	130.2	186.4	126.2	138.5	120.0	297.7	334.5	224.1	249.6
1. Cash	236.6	160.8	161.2	75.0	113.2	64.9	71.9	30.0	48.7	93.5	81.1	156.6
2. Cash equivalents	160.2	175.0	130.5	55.2	73.2	61.3	66.5	90.0	249.0	241.0	143.0	93.0
II. Short-term financial investments	535.8	437.5	545.3	469.6	417.4	57.4	105.5	109.1	95.6	64.2	84.1	45.7
1. Available for sale securities	1.3	1.3	109.2	46.7	0.5	0.5	52.7	87.2	87.2	65.2	95.1	41.3
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.5	-0.4	-1.6	-0.4	-0.4	-0.4	-4.3	-6.5	-7.0	-16.9	-1.4
3. Held to maturity investments	535.0	436.7	436.4	424.4	417.3	57.3	53.2	26.2	15.0	6.0	5.9	5.9
III. Short-term receivables	539.1	714.3	680.3	888.5	840.8	759.9	794.0	808.4	782.1	788.4	663.4	664.4
1. Short-term trade accounts receivable	408.9	554.8	559.2	755.2	718.1	635.1	637.9	687.0	569.9	581.2	554.9	543.1
2. Short-term prepayments to suppliers	95.7	96.4	64.6	61.2	63.8	65.2	82.4	92.2	138.9	115.8	96.6	114.6
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	—	13.3	13.3	—	—	7.5	9.0	4.0	4.0	4.0	4.0	4.0
6. Other short-term receivables	48.7	63.9	56.6	85.4	72.1	65.2	78.1	38.5	83.1	100.9	120.1	91.8
7. Provision for short-term doubtful debts (*)	-14.3	-14.1	-13.8	-13.8	-13.7	-13.6	-13.8	-13.8	-13.8	-13.6	-112.3	-89.1
8. Assets awaiting resolution	—	—	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0	0.0
IV. Inventories	583.7	489.4	390.4	377.0	449.5	524.0	494.9	613.0	457.7	607.8	646.6	430.3
1. Inventories	583.7	489.4	390.4	377.0	449.5	524.0	494.9	613.0	457.7	607.8	646.6	430.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	217.3	204.9	200.4	197.1	204.1	197.0	197.9	192.7	184.5	178.8	174.1	162.6
1. Short-term prepayments	6.2	1.2	3.0	1.5	5.9	2.0	3.3	0.8	2.7	5.2	5.6	3.3
2. Value added tax to be reclaimed	210.5	203.2	196.9	195.0	196.0	194.5	193.8	191.3	180.8	172.1	167.4	159.2
3. Taxes and other receivables from state authorities	0.6	0.5	0.5	0.5	2.2	0.6	0.7	0.6	1.0	1.5	1.1	0.1
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)	2,532.6	2,519.0	2,564.7	2,628.5	2,687.9	2,763.6	2,821.0	2,254.3	2,148.0	2,194.8	2,259.4	2,307.7
I. Long-term receivables	5.5	1.8	1.5	1.6	1.4	1.5	1.5	2.7	2.5	4.7	5.2	5.2
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	5.5	1.8	1.5	1.6	1.4	1.5	1.5	2.7	2.5	4.7	5.2	5.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,273.9	2,270.1	2,316.5	2,377.5	2,448.0	2,545.8	2,580.4	1,897.7	1,918.3	2,037.0	2,115.8	2,155.8
1. Tangible fixed assets	2,197.7	2,237.8	2,296.5	2,359.9	2,428.5	2,523.9	2,561.2	1,873.8	1,899.8	1,936.8	2,077.3	2,113.8
- Cost	3,749.0	—	—	—	—	3,758.7	3,705.8	2,837.6	2,788.2	2,740.9	2,766.4	2,759.8
- Accumulated depreciation	-1,551.3	—	—	—	—	-1,234.9	-1,144.6	-963.7	-888.3	-804.1	-689.2	-646.0
2. Financial leased fixed assets	69.9	25.7	13.5	16.0	17.7	20.0	17.2	21.8	18.5	30.3	38.5	42.0
- Cost	81.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	6.4	6.5	6.5	1.7	1.8	1.9	2.0	2.1	0.0	69.9	0.0	0.0
- Cost	7.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	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	25.0	22.2	23.3	23.8	10.6	9.4	87.9	34.5	22.4	21.0	10.5	5.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	25.0	22.2	23.3	23.8	10.6	9.4	87.9	34.5	22.4	21.0	10.5	5.4
V. Long-term financial investments	42.9	42.9	42.9	43.9	43.9	43.0	43.0	232.1	116.5	117.3	112.9	113.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	12.4	12.4	12.4	12.4	12.4	12.4	12.4	201.4	73.3	73.2	69.7	70.6
3. Investments in other entities	30.6	30.6	30.6	30.6	30.6	30.6	30.6	30.6	42.2	43.1	42.2	42.2
4. Provision for diminution in value of long-term investments	—	—	—	—	—	-0.9	-0.9	-0.9	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	185.3	182.0	180.4	181.6	183.9	163.9	108.1	87.4	88.2	14.9	15.1	27.5
1. Long-term prepayments	110.6	110.3	108.2	109.6	110.0	85.1	81.6	82.8	83.6	10.2	10.5	11.4
2. Deferred income tax assets	2.5	2.5	2.5	2.5	2.5	2.5	2.4	2.4	2.4	2.6	2.4	13.9
3. Long-term equipment, supplies, spare parts	2.9	2.9	2.9	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	69.3	66.4	66.9	67.3	69.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	74.1	21.9	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,805.2	4,700.8	4,672.8	4,690.8	4,786.3	4,428.1	4,551.8	4,097.4	3,965.5	4,168.5	4,051.8	3,860.4
A. LIABILITIES (300=210+330)	2,839.1	2,821.0	2,913.3	2,961.9	3,097.6	2,745.2	2,848.6	2,521.7	2,406.4	2,626.2	2,523.1	2,375.1
I. Short -term liabilities	1,307.6	1,180.5	1,124.0	1,093.0	1,174.8	1,268.6	1,366.6	1,367.9	1,223.7	1,412.8	1,269.6	986.5
1. Short-term trade accounts payable	186.1	165.2	174.6	176.6	156.3	182.3	251.7	264.9	229.0	295.6	264.9	286.3
2. Short-term advances from customers	414.4	431.7	342.7	259.9	284.6	274.7	161.9	256.6	287.6	310.6	512.0	262.4
3. Dividends and profits payable	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.8	25.1	19.3	14.8	5.3	19.2	11.9	7.0	5.3	25.5	15.9	7.1
4. Payable to employees	23.6	33.3	12.3	20.1	19.6	25.4	18.6	30.1	16.3	32.5	19.7	20.3
5. Short-term acrrued expenses	43.4	71.4	58.3	73.2	45.5	56.6	40.9	32.1	85.8	309.8	19.7	27.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	60.2	27.0	22.9	58.8	47.3	26.9	44.3	67.8	100.1	89.8	53.4	52.5
10. Short-term borrowings and financial leases	529.0	402.8	469.7	465.6	592.2	659.4	813.3	685.3	475.4	324.9	359.8	306.6
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	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
13. Price stabilization fund	15.5	—	—	—	—	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	1,531.5	1,640.5	1,789.3	1,868.9	1,922.7	1,476.5	1,482.0	1,153.8	1,182.7	1,213.3	1,253.5	1,388.6
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	—	5.7	2.1	1.5	0.9	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	—	—	0.0	0.0	—	0.0	0.0	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	1,512.4	1,587.5	1,745.8	1,831.1	1,887.9	1,424.1	1,434.6	1,055.7	1,077.0	1,092.7	1,129.3	1,158.1
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	7.0	19.6	15.0	11.3	11.2	11.5	11.4	10.9	11.9	2.5	12.7	17.5
12. Provision for long-term liabilities	12.2	27.6	26.3	24.9	22.7	40.9	36.0	87.2	93.8	118.1	111.4	212.9
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,966.1	1,879.8	1,759.5	1,728.9	1,688.7	1,683.0	1,703.2	1,575.8	1,559.1	1,542.3	1,528.7	1,485.3
I. Owner's equity	1,966.1	1,879.8	1,759.5	1,728.9	1,688.7	1,683.0	1,703.2	1,575.8	1,559.1	1,542.3	1,528.7	1,485.3
1. Owner's capital	1,040.9	1,040.9	1,040.9	991.3	991.3	991.3	991.3	940.0	940.0	940.0	940.0	854.5
- Common stock with voting right	1,040,889,920,000.00	1,040,889,920,000.00	1,040,889,920,000.00	991,343,310,000.00	991,343,310,000.00	991,343,310,000.00	991,343,310,000.00	939,973,690,000.00	939,973,690,000.00	939,973,690,000.00	939,973,690,000.00	854,540,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-1.8	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.4	-1.4	-1.4	-1.4	-1.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	134.0	134.0	71.5	71.5	71.5	69.3	18.4	18.4	18.4	18.4	18.4	18.4
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	0.0
8. Investment and development fund	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
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	282.2	270.8	321.6	344.8	309.3	284.5	369.2	411.4	393.9	385.0	374.1	412.1
- Accumulated retained earning at the end of the previous period	270.1	172.7	249.9	299.5	300.6	307.7	320.3	372.4	371.5	292.3	291.8	377.1
- Undistributed earnings in this period	12.1	98.1	71.7	45.3	8.7	-23.2	48.9	39.0	22.5	92.7	82.3	35.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	499.4	424.2	315.6	311.3	306.7	328.0	314.3	196.0	196.7	188.9	186.1	190.2
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)	4,805.2	4,700.8	4,672.8	4,690.8	4,786.3	4,428.1	4,551.8	4,097.4	3,965.5	4,168.5	4,051.8	3,860.4

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	18.7	42.0	40.2	44.3	10.0	-5.6	12.1	19.4	31.3	15.0	59.3	31.4
Depreciation of Fixed Assets and Investment Property	50.2	78.5	63.5	77.7	70.2	73.0	92.4	61.4	61.3	93.0	47.2	42.8
Provision (Increase)/Reversal	0.1	1.8	0.2	3.6	1.7	4.7	-54.2	-8.8	-24.8	-101.7	-62.9	0.1
FX Gain/Loss from Revaluation of Monetary Items	-0.8	4.8	2.8	-1.7	0.8	2.0	16.2	-5.9	-10.6	9.6	-13.2	-1.1
Gain/Loss from Investment Activities	-1.1	14.6	-9.1	-5.4	-2.5	-0.1	-1.5	-1.3	-1.5	-1.2	-1.5	-6.6
Interest Expense	27.2	33.0	39.5	39.7	34.4	36.6	53.6	27.8	27.3	28.7	34.2	24.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	94.3	174.6	137.1	158.1	114.6	110.6	118.6	92.6	83.0	43.4	63.1	91.4
Increase/(Decrease) in Receivables	138.7	-37.7	357.2	-181.2	-91.4	-19.8	58.8	-99.5	-5.3	-33.3	-29.1	-0.9
Increase/(Decrease) in Inventory	-91.3	-102.5	-13.5	72.6	54.5	-29.1	118.1	-155.3	12.6	176.4	-215.3	-46.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.1	109.2	-140.6	214.6	-20.1	60.7	-35.3	-50.3	-163.9	52.5	234.7	112.4
Increase/(Decrease) in Prepaid Expenses	-5.3	-0.4	-0.0	4.8	-1.3	-2.1	-1.4	2.8	-1.0	-69.2	-1.4	-0.5
Changes in Trading Securities	—	—	—	—	—	52.2	34.5	0.0	-22.0	29.9	-53.9	-22.1
Interest Paid	-26.8	-39.9	-26.5	-49.9	-28.5	-30.4	-51.4	-27.5	-28.0	-29.1	-38.5	-19.5
Corporate Income Tax Paid	-20.7	-4.5	-0.7	-0.5	-12.2	-1.1	-0.7	-0.8	-22.6	-2.2	-1.2	-1.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	80.7	206.8	250.5	172.3	15.6	140.8	241.1	-238.1	-147.2	168.4	-41.4	113.5
Payments for Fixed Assets and Other Long-term Assets	1.0	-55.3	24.4	-46.7	4.6	12.5	-811.3	-3.1	-17.2	11.6	-5.1	-104.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	1.1	0.0	1.0	0.0	0.0	0.1	0.1	0.1	-0.4	1.1
Loans and Purchases of Debt Instruments	-85.0	-34.5	-12.8	-19.6	-365.5	-2.6	-10.0	-33.2	0.0	-0.1	18.5	-18.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	47.5	-19.5	20.5	—	0.0	-36.0	36.0	0.0	0.0	-22.5	22.5
Investments in Other Entities	—	—	—	—	—	0.0	116.0	-116.0	0.0	0.0	-0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	14.5	11.1	-8.3	7.8	-5.1	1.3	-2.5	2.6	1.5	1.8	1.2	3.6
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	-69.5	-30.9	-15.2	-38.0	-365.0	11.3	-743.8	-113.7	-15.7	13.3	-8.3	-95.5
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	299.7	68.0	387.1	47.9	688.8	247.4	988.4	373.8	440.7	218.4	395.8	238.4
Repayment of Borrowings	-230.8	-199.3	-464.2	-228.7	-288.5	-404.6	-452.4	-200.6	-294.0	-317.3	-335.8	-269.5
Repayment of Finance Leases	-19.3	-0.2	-6.7	0.1	-3.6	-7.1	-15.2	1.4	-11.8	18.3	-35.5	-0.1
Dividends Paid	—	—	—	—	—	0.0	0.3	-0.3	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	49.6	-131.4	-83.9	-180.7	396.6	-164.4	521.1	174.3	134.9	-80.6	24.5	-31.2
Net Cash Flow During the Period	60.8	44.4	151.5	-46.4	47.2	-12.3	18.4	-177.4	-28.0	101.1	-25.2	-13.2
Cash and Cash Equivalents at Beginning of Period	336.0	291.7	140.1	186.4	139.2	325.5	325.5	325.5	325.5	210.7	210.7	210.7
FX Difference from Revaluation	0.0	0.0	0.2	0.1	0.0	0.0	0.0	-0.2	0.2	0.3	-0.3	-1.5
Cash and Cash Equivalents at End of Period	396.8	336.0	291.7	140.1	186.4	126.2	138.5	120.0	297.7	325.5	224.1	249.6

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S99

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Balance Sheet

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Cash Flow