SAM

SAM Holdings ·HOSE ·2026Q1

▲ Showing improvement

Price

6,500

Latest close

03 Jun 2026

P/E 25.39x

P/B 0.52x

EPS 256

BVPS 12,517

ROE 2.1%

ROA 1.4%

Profit Margin 1.4%

Asset Turnover 0.96x

Equity Mult. 1.48x

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

What Is Changing

On a TTM 2026Q1 basis, SAM is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,738bn
	                                
+47.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 112bn
	                                
+53.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    52.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	6,126.0	4,038.2	2,200.1	2,109.1	1,888.7
Growth	+52%	+84%	+4%	+12%	—
Net Income	105.1	95.3	33.2	7.1	159.7
Net Margin	1.72%	2.36%	1.51%	0.34%	8.45%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,775.4	2,018.5	1,540.1	1,403.8	1,163.7	861.0	918.8	1,635.0	623.4	748.2	520.2	492.5
Growth	-12%	+31%	+10%	+21%	+35%	-6%	-44%	+162%	-17%	+44%	+6%	—
Net Income	15.3	47.3	15.5	33.9	5.7	12.3	8.1	46.8	27.8	9.3	7.6	4.3
Net Margin	0.86%	2.35%	1.01%	2.41%	0.49%	1.42%	0.89%	2.86%	4.46%	1.24%	1.46%	0.88%

Drivers of SAM's profit

TTM

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

Financial income ↑ 71.5bn

Other profit ↑ 32.9bn

Gross profit ↑ 24.5bn

Associates income ↓ 49.2bn

Finance costs ↑ 17.3bn

Deferred tax ↑ 11.0bn

TTM

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

Financial income ↑ 14.7bn

Gross profit ↑ 11.2bn

Other profit ↑ 5.6bn

Deferred tax ↓ 0.9bn

Finance costs ↑ 11.2bn

Associates income ↓ 8.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.6% = 1.6% × 0.69 × 1.41

2026Q1 2.4% = 1.7% × 0.96 × 1.48

ROE rose from 1.6% to 2.4% — mainly driven by asset turnover.

Net margin: 1.7% +0.1pp Asset turnover: 0.96x +0.27x Leverage: 1.48x +0.07x

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 stands at 1.66%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 1.66% +0.1pp

Gross Margin 3.27% −1.0pp

SG&A / Revenue 2.24% −0.8pp

Non-core / Revenue 1.20% +1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 57.1% of PBT and lifted net margin by 1.3pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 1.72%, broadly flat versus the same period. That translates to 1.72 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.5pp, but capital turnover rose 0.29x, while invested capital rose by 431bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 1.72% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.72% +0.1pp

NOPAT Margin 1.58% −0.5pp

Capital Turnover 1.09x +0.29x

Average Invested Capital 6,180.1bn +430.9bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.37x equity.

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 13.7 days versus the same period last year. The main moves came from DIO fell 9.1 days, DSO fell 5.8 days, and DPO fell 1.3 days.

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

Working Capital Efficiency

Receivables 28.8 days −5.8 days

Inventory 24.8 days −9.1 days

Payables 5.7 days −1.3 days

Cash Conversion Cycle 47.9 days −13.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 615.2bn due to capex of 11.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.37x and interest coverage only at 1.39x.

At present, short-term debt accounts for 86.2% of total debt, cash equals 10.7% of debt, and total debt stands at 1,949.6bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.39x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 86.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.37x +0.11x

Interest Coverage 1.39x −0.06x

Cash / Debt 10.7% −2.8pp

Short-term Debt / Total Debt 86.2% +6.6pp

CFO / NI -6.22x −6.22x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -359.4bn in 2025, against investing cash flow of -139.9bn.

Post-investment cash flow was negative +499.3bn. Financing cash flow was positive +453.2bn.

CFO / net income was -6.22x.

After spending +11.0bn on fixed-asset investment, the business generated trailing free cash flow of −615.2bn.

Cash Conversion

CFO TTM 604.2bn −604.2bn

Cash Capex 11.0bn +11.0bn

FCF TTM −615.2bn −615.2bn

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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 1.7%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 52.1% of PBT and CFO / net income currently at -6.22x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,126.2	4,049.2	2,204.5	2,124.4	1,907.5
Revenue Deductions	0.2	11.0	4.4	15.3	0.0
Net Revenue	6,126.0	4,038.2	2,200.1	2,109.1	1,888.7
Cost of Goods Sold	5,917.0	3,834.6	2,042.9	1,944.5	0.0
Gross Profit	209.0	203.7	157.2	164.6	80.8
Financial Income	155.5	127.4	129.6	355.3	362.5
Financial Expenses	85.4	79.3	29.1	291.1	-82.5
Interest Expense	79.3	62.6	78.4	90.5	-65.0
Share of Associates and Joint Ventures	2.7	23.9	-53.3	-26.9	-30.4
Selling Expenses	61.4	57.6	45.7	47.5	-35.3
General and Administrative Expenses	86.2	85.2	96.2	120.1	-91.4
Operating Profit	134.2	133.0	62.5	34.3	203.7
Other Income	6.5	5.3	3.3	8.0	0.0
Other Expenses	5.0	27.6	2.9	1.7	0.0
Other Profit	1.5	-22.4	0.4	6.3	3.8
Profit Before Tax	135.7	110.6	62.9	40.6	207.5
Current Income Tax Expense	26.7	25.9	18.9	24.1	-47.8
Deferred Income Tax Expense	3.9	-10.6	10.8	9.4	0.0
Net Income	105.1	95.3	33.2	7.1	159.7
Non-controlling Interest	8.7	11.0	14.9	4.4	5.6
Profit Attributable to Parent	96.4	84.3	18.3	2.8	154.1
Earnings per Share	251.00	220.00	48.00	7.00	171.00
Diluted EPS	253.71	221.97	48.25	7.27	440.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,913.8	2,204.0	2,283.7	2,852.4	3,471.8
I. Cash and cash equivalents	501.4	547.3	480.4	316.3	818.3
1. Cash	406.9	487.9	473.8	315.5	0.0
2. Cash equivalents	94.5	59.4	6.6	0.8	0.0
II. Short-term financial investments	115.6	29.6	39.5	169.6	0.0
1. Available for sale securities	29.6	29.6	29.6	208.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.0	-3.0	-1.6	-52.9	0.0
3. Held to maturity investments	88.0	3.0	11.5	14.0	0.0
III. Short-term receivables	1,638.2	1,075.6	1,224.0	1,804.8	1,877.4
1. Short-term trade accounts receivable	533.3	402.0	386.2	454.0	0.0
2. Short-term prepayments to suppliers	259.9	108.0	7.9	418.5	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	89.3	18.8	91.1	66.0	0.0
6. Other short-term receivables	759.2	548.1	740.0	867.4	0.0
7. Provision for short-term doubtful debts (*)	-3.6	-1.3	-1.2	-1.1	0.0
8. Assets awaiting resolution	—	0.0	0.1	0.1	0.0
IV. Inventories	593.1	502.7	497.5	541.0	430.5
1. Inventories	593.1	502.7	497.5	541.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	65.4	48.8	42.3	20.7	52.7
1. Short-term prepayments	6.3	6.2	5.0	6.8	0.0
2. Value added tax to be reclaimed	58.8	42.3	37.1	13.8	0.0
3. Taxes and other receivables from state authorities	0.3	0.4	0.1	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)	4,256.9	4,171.6	4,308.2	4,384.9	4,096.2
I. Long-term receivables	164.8	120.5	30.2	61.6	0.0
1. Long-term trade receivables	7.3	8.9	17.6	25.4	225.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	147.0	100.0	0.0	18.8	0.0
6. Other long-term receivables	10.5	11.6	12.5	17.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	587.8	612.7	664.8	686.4	722.4
1. Tangible fixed assets	557.9	581.6	634.4	655.0	689.6
- Cost	1,293.9	1,289.7	1,321.8	1,308.5	0.0
- Accumulated depreciation	-735.9	-708.1	-687.4	-653.5	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	29.9	31.1	30.4	31.4	32.8
- Cost	51.9	51.9	49.7	49.4	0.0
- Accumulated depreciation	-22.1	-20.8	-19.3	-18.0	0.0
III. Investment properties	117.3	122.6	129.8	135.2	141.8
- Cost	190.1	190.1	192.2	192.2	0.0
- Accumulated depreciation	-72.8	-67.5	-62.4	-57.0	0.0
IV. Long-term assets in progress	1,202.7	1,113.2	1,205.5	1,155.0	1,309.3
1. Long-term production in progress	866.6	789.1	783.4	753.3	0.0
2. Construction in progress	336.1	324.1	422.1	401.7	0.0
V. Long-term financial investments	2,116.3	2,128.4	2,197.7	2,272.4	1,584.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,278.1	1,275.3	1,342.2	1,396.0	0.0
3. Investments in other entities	841.4	853.1	851.8	872.7	0.0
4. Provision for diminution in value of long-term investments	-3.2	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	3.7	3.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	68.1	74.2	80.1	74.3	0.0
1. Long-term prepayments	64.1	69.5	74.7	68.1	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	112.5
5. Goodwill	3.9	4.7	5.5	6.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,170.6	6,375.6	6,591.9	7,237.3	7,568.0
A. LIABILITIES (300=210+330)	2,405.6	1,694.9	1,985.8	2,634.0	2,972.2
I. Short -term liabilities	1,657.4	1,320.3	1,723.0	2,093.4	2,287.9
1. Short-term trade accounts payable	89.4	81.9	66.3	157.7	244.0
2. Short-term advances from customers	107.2	24.9	49.1	14.6	22.4
3. Taxes and other payables to state authorities	13.1	14.3	12.0	20.2	0.0
4. Payable to employees	18.3	13.9	14.6	15.0	0.0
5. Short-term acrrued expenses	57.2	53.1	61.3	50.9	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	11.1	5.8	2.5	2.9	2.3
9. Other short-term payables	56.2	78.7	458.9	667.7	0.0
10. Short-term borrowings and financial leases	1,292.5	1,037.3	1,048.2	1,156.8	1,060.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	12.3	10.5	10.1	7.6	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	748.3	374.6	262.8	540.6	684.2
1. Long-term trade payables	—	0.2	0.2	0.2	0.2
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	296.6	121.0	78.7	72.8	74.6
7. Other long-term liabilities	10.6	18.9	16.2	183.1	0.0
8. Long-term borrowings and financial leases	387.3	184.6	110.8	238.3	563.4
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	53.8	49.9	56.9	46.2	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	4,765.0	4,680.7	4,606.1	4,603.4	4,595.9
I. Owner's equity	4,765.0	4,680.7	4,606.1	4,603.4	0.0
1. Owner's capital	3,799.6	3,799.6	3,799.6	3,799.6	4,595.9
- Common stock with voting right	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,499,971,900,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	39.2	39.2	39.2	40.8	40.8
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	-2.9	-2.4	0.0
8. Investment and development fund	8.7	8.7	8.7	12.0	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	262.2	176.2	84.1	66.5	391.7
- Accumulated retained earning at the end of the previous period	167.9	77.3	61.1	63.8	193.1
- Undistributed earnings in this period	94.3	98.9	23.0	2.8	198.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	655.6	657.2	677.6	687.2	651.7
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)	7,170.6	6,375.6	6,591.9	7,237.3	7,568.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	135.7	110.6	62.9	40.6	0.0
Depreciation of Fixed Assets and Investment Property	35.8	41.3	42.5	54.5	0.0
Provision (Increase)/Reversal	4.4	7.6	-51.2	50.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.4	0.2	0.2	0.0
Gain/Loss from Investment Activities	-69.0	-100.4	10.0	-6.5	0.0
Interest Expense	79.3	62.6	78.4	90.5	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	186.1	121.4	142.8	229.5	0.0
Increase/(Decrease) in Receivables	-508.5	41.7	413.5	-1,659.6	0.0
Increase/(Decrease) in Inventory	-167.9	-14.6	13.4	-242.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	229.4	-271.5	-437.8	2,181.3	0.0
Increase/(Decrease) in Prepaid Expenses	5.2	3.8	-4.8	-29.7	0.0
Changes in Trading Securities	—	0.0	178.9	70.1	0.0
Interest Paid	-65.6	-68.0	-43.8	-73.8	0.0
Corporate Income Tax Paid	-28.3	-21.2	-27.0	-38.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-9.8	-7.7	-3.3	-4.2	0.0
Net Cash Flow from Operating Activities	-359.4	-216.2	231.9	433.3	-852.1
Payments for Fixed Assets and Other Long-term Assets	-9.6	-37.2	-35.2	-61.5	-58.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.7	0.3	0.0	0.8
Loans and Purchases of Debt Instruments	-605.9	-111.2	-25.2	-312.2	-167.9
Receipts from Loan Repayments and Sale of Debt Instruments	403.3	94.5	21.4	333.8	45.0
Investments in Other Entities	-55.0	-1.3	-12.6	-721.9	-204.9
Proceeds from Investments in Other Entities	120.0	193.5	204.8	13.4	0.0
Dividends and Interest Income Received	7.0	36.9	22.5	25.5	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	-139.9	175.9	176.0	-722.8	-383.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	934,850,136,364.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,278.9	2,607.5	1,665.0	1,847.8	833.7
Repayment of Borrowings	-2,820.7	-2,490.2	-1,901.1	-2,054.9	-344.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4.9	-10.6	-7.5	-5.1	-1.9
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	453.2	106.8	-243.6	-212.2	1,421.8
Net Cash Flow During the Period	-46.0	66.5	164.3	-501.7	0.0
Cash and Cash Equivalents at Beginning of Period	547.3	480.4	316.3	818.3	276.5
FX Difference from Revaluation	0.1	0.4	-0.2	-0.2	0.0
Cash and Cash Equivalents at End of Period	501.4	547.3	480.4	316.3	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,775.5	2,018.6	1,540.1	1,403.8	1,163.7	871.9	918.8	1,635.1	623.4	748.4	523.8	493.1
Revenue Deductions	0.2	0.1	0.0	0.0	0.0	10.9	0.0	0.0	0.0	0.2	3.6	0.6
Net Revenue	1,775.4	2,018.5	1,540.1	1,403.8	1,163.7	861.0	918.8	1,635.0	623.4	748.2	520.2	492.5
Cost of Goods Sold	1,717.0	1,970.5	1,481.0	1,349.0	1,116.5	821.0	870.4	1,574.9	568.3	702.3	484.2	454.5
Gross Profit	58.4	48.0	59.1	54.7	47.1	40.0	48.5	60.1	55.1	45.9	36.0	38.0
Financial Income	30.6	83.6	25.3	30.6	15.9	34.1	15.5	33.2	44.7	21.7	29.9	35.4
Financial Expenses	29.0	24.7	20.5	22.3	17.8	21.6	13.3	26.5	16.4	-41.0	20.9	26.9
Interest Expense	25.7	24.0	187.9	207.0	15.3	137.6	14.6	18.0	14.8	91.4	20.5	23.3
Share of Associates and Joint Ventures	-6.6	-11.6	-2.7	11.8	2.2	28.4	-7.3	16.8	-14.2	-46.2	0.4	-2.9
Selling Expenses	15.6	13.4	18.2	15.9	13.9	14.3	14.3	14.9	14.0	14.2	10.5	10.2
General and Administrative Expenses	20.5	24.2	22.8	20.2	19.2	25.4	19.1	19.8	20.9	25.1	24.1	22.5
Operating Profit	17.3	57.8	20.2	38.8	14.4	41.1	9.9	48.9	34.3	23.2	10.8	10.9
Other Income	4.3	5.0	1.2	0.2	0.1	1.9	0.9	0.5	0.4	1.3	0.5	1.3
Other Expenses	0.5	1.1	1.2	0.8	1.8	26.9	0.2	0.4	0.1	0.4	0.5	1.9
Other Profit	3.8	3.8	0.0	-0.6	-1.7	-25.0	0.7	0.1	0.2	0.9	0.1	-0.6
Profit Before Tax	21.1	61.6	20.2	38.2	12.7	16.0	10.7	49.1	34.5	24.0	10.8	10.3
Current Income Tax Expense	6.5	11.3	4.6	6.1	6.8	5.9	2.2	11.2	6.6	6.3	2.4	4.7
Deferred Income Tax Expense	-0.6	3.0	0.0	-1.8	0.2	-2.1	0.3	-8.9	0.1	8.5	0.8	1.3
Net Income	15.3	47.3	15.5	33.9	5.7	12.3	8.1	46.8	27.8	9.3	7.6	4.3
Non-controlling Interest	7.5	1.3	3.3	2.7	2.1	-5.9	5.6	4.4	6.8	5.8	1.1	3.2
Profit Attributable to Parent	7.8	46.0	12.3	31.1	3.5	18.1	2.6	42.3	21.0	3.5	6.5	1.1
Earnings per Share	21.00	121.00	32.00	82.00	9.00	48.00	7.00	111.00	55.00	9.00	17.00	3.00
Diluted EPS	20.50	121.07	32.27	81.88	9.26	47.70	6.75	111.40	55.21	9.31	17.03	2.82

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)	3,567.8	2,913.8	2,541.6	2,682.7	2,335.5	2,204.0	2,613.4	2,705.2	2,387.0	2,235.7	2,279.6	2,257.2
I. Cash and cash equivalents	208.8	501.4	130.7	357.4	183.4	547.3	247.8	334.9	203.7	480.4	55.8	423.5
1. Cash	157.8	406.9	94.5	338.1	137.9	487.9	208.2	318.3	187.1	473.8	43.0	417.7
2. Cash equivalents	51.0	94.5	36.2	19.3	45.5	59.4	39.6	16.6	16.6	6.6	12.8	5.8
II. Short-term financial investments	627.0	115.6	162.5	148.2	32.1	29.6	162.6	26.3	109.6	39.5	39.5	25.8
1. Available for sale securities	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.4
2. Provision for diminution in value of available for sale securities (*)	-2.5	-2.0	-2.5	-1.6	-4.5	-3.0	0.0	-3.3	-3.0	-1.6	-1.6	-9.7
3. Held to maturity investments	599.9	88.0	135.4	120.2	7.0	3.0	133.0	0.0	83.0	11.5	11.5	6.0
III. Short-term receivables	2,213.7	1,638.2	1,889.0	1,500.7	1,649.6	1,075.6	1,784.6	1,879.5	1,636.1	1,176.0	1,768.6	1,360.9
1. Short-term trade accounts receivable	608.6	533.3	609.7	633.0	437.1	402.0	574.2	805.3	404.3	386.2	385.0	325.9
2. Short-term prepayments to suppliers	538.2	259.9	492.4	298.8	272.0	108.0	127.7	96.9	172.2	7.9	148.2	146.5
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	—	89.3	24.3	25.3	18.8	18.8	39.4	52.8	44.4	43.1	37.3	33.0
6. Other short-term receivables	1,070.6	759.2	764.1	545.1	923.1	548.1	1,044.6	925.7	1,016.3	740.0	1,199.2	856.5
7. Provision for short-term doubtful debts (*)	-3.6	-3.6	-1.6	-1.5	-1.3	-1.3	-1.3	-1.3	-1.2	-1.2	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.1
IV. Inventories	462.1	593.1	322.4	615.6	424.2	502.7	380.4	426.1	391.3	497.5	383.1	421.4
1. Inventories	462.1	593.1	322.4	615.6	424.2	502.7	380.4	426.1	391.3	497.5	383.1	421.4
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	56.2	65.4	37.1	60.8	46.1	48.8	37.9	38.4	46.3	42.3	32.5	25.4
1. Short-term prepayments	6.8	6.3	7.2	7.5	6.1	6.2	5.8	6.4	6.2	5.0	5.0	5.5
2. Value added tax to be reclaimed	47.6	58.8	28.4	51.7	38.4	42.3	32.2	31.9	39.9	37.1	26.5	19.8
3. Taxes and other receivables from state authorities	1.8	0.3	1.5	1.6	1.6	0.4	0.0	0.1	0.2	0.1	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)	3,842.3	4,253.9	4,301.2	4,307.7	4,247.1	4,171.2	4,148.8	4,042.8	4,209.2	4,357.0	4,416.7	4,431.7
I. Long-term receivables	17.8	164.8	161.4	164.0	161.0	120.5	127.7	28.8	29.0	78.2	96.7	106.3
1. Long-term trade receivables	7.3	7.3	8.2	8.2	8.9	8.9	16.1	16.1	17.6	17.6	20.4	21.0
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	—	147.0	147.0	147.0	147.0	100.0	100.0	0.0	0.0	48.0	66.8	66.8
6. Other long-term receivables	10.5	10.5	6.2	8.8	5.1	11.6	11.6	12.7	11.4	12.5	9.4	18.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	595.2	587.8	591.9	597.6	605.1	612.7	619.2	627.5	656.2	664.8	672.2	673.9
1. Tangible fixed assets	565.6	557.9	561.7	567.1	574.3	581.6	589.6	597.5	625.9	634.4	641.6	643.2
- Cost	1,296.8	—	—	—	—	1,289.7	1,289.6	1,289.8	1,321.0	1,321.8	1,320.9	1,314.2
- Accumulated depreciation	-731.2	—	—	—	—	-708.1	-700.0	-692.3	-695.1	-687.4	-679.3	-671.0
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	29.6	29.9	30.2	30.5	30.8	31.1	29.6	29.9	30.3	30.4	30.6	30.7
- Cost	52.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	115.9	117.3	118.6	119.9	121.3	122.6	125.8	127.1	128.5	129.8	131.2	132.5
- Cost	190.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-74.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,057.9	1,202.7	1,170.7	1,162.5	1,157.4	1,113.2	1,100.9	1,074.3	1,217.3	1,205.5	1,195.8	1,197.6
1. Long-term production in progress	727.6	866.6	829.5	828.6	817.0	789.1	786.6	785.6	784.5	783.4	774.0	772.5
2. Construction in progress	330.3	336.1	341.2	334.0	340.4	324.1	314.3	288.6	432.7	422.1	421.8	425.1
V. Long-term financial investments	1,988.0	2,113.3	2,191.6	2,194.4	2,130.7	2,128.1	2,102.1	2,109.5	2,101.0	2,198.5	2,246.7	2,247.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,271.5	1,275.1	1,286.7	1,289.4	1,277.6	1,275.0	1,246.6	1,254.0	1,245.4	1,343.0	1,391.3	1,389.2
3. Investments in other entities	672.6	841.4	908.1	908.1	853.1	853.1	851.8	851.8	851.8	851.8	851.7	851.7
4. Provision for diminution in value of long-term investments	—	-3.2	-3.1	-3.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	43.9	—	—	—	—	0.0	3.7	3.7	3.7	3.7	3.7	7.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	67.5	68.1	67.0	69.2	71.6	74.2	73.2	75.6	72.1	74.7	68.5	67.6
1. Long-term prepayments	63.8	64.1	62.9	64.9	67.1	69.5	68.3	70.5	72.1	74.7	68.5	67.6
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	3.7	3.9	4.1	4.3	4.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	4.7	4.9	5.1	5.3	5.5	5.7	5.9
TOTAL ASSETS (280=100+200)	7,410.1	7,167.6	6,842.8	6,990.4	6,582.6	6,375.2	6,762.2	6,748.0	6,596.2	6,592.7	6,696.3	6,688.8
A. LIABILITIES (300=210+330)	2,654.2	2,405.3	2,119.3	2,282.3	1,896.3	1,694.9	2,089.4	2,093.7	1,964.6	1,983.5	2,090.6	2,086.3
I. Short -term liabilities	2,003.6	1,659.5	1,475.8	1,632.1	1,407.8	1,320.3	1,735.1	1,892.2	1,737.6	1,720.9	1,812.9	1,769.4
1. Short-term trade accounts payable	87.5	89.4	66.3	85.7	114.3	81.9	204.5	165.0	52.4	66.3	67.4	73.3
2. Short-term advances from customers	62.4	107.2	8.2	6.5	26.1	24.9	39.1	29.3	13.0	49.1	13.0	12.6
3. Dividends and profits payable	10.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	8.8	15.3	22.2	27.7	8.1	14.3	22.8	15.7	7.1	12.1	18.9	13.7
4. Payable to employees	7.6	18.3	7.7	11.5	8.0	13.9	7.5	8.3	9.5	14.6	9.1	10.1
5. Short-term acrrued expenses	59.3	57.2	63.9	55.5	56.6	53.1	67.4	67.0	59.3	61.3	85.5	78.4
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	8.5	11.1	2.4	3.7	2.0	5.8	1.0	2.5	1.2	2.5	1.1	2.8
9. Other short-term payables	67.4	56.2	58.6	56.5	100.8	78.7	322.4	388.6	448.6	458.9	717.8	672.5
10. Short-term borrowings and financial leases	1,679.7	1,292.5	1,234.7	1,370.6	1,083.0	1,037.3	1,060.9	1,204.9	1,137.8	1,048.2	892.9	898.0
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	11.7	12.3	11.7	14.3	8.9	10.5	9.5	10.9	8.5	7.9	7.2	8.1
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	650.6	745.8	643.4	650.3	488.5	374.6	354.3	201.5	227.0	262.6	277.7	316.9
1. Long-term trade payables	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	314.1	296.6	277.9	272.9	141.6	121.0	96.7	93.0	84.4	78.7	74.1	74.8
7. Other long-term liabilities	13.4	10.6	55.6	59.1	18.9	18.9	19.3	18.7	16.3	16.2	39.9	39.4
8. Long-term borrowings and financial leases	269.9	387.3	261.4	269.7	277.6	184.6	186.3	41.7	69.1	110.8	113.3	154.9
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	53.2	51.4	48.4	48.4	50.2	50.0	51.8	47.9	57.0	56.7	50.3	47.5
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)	4,755.9	4,762.3	4,723.6	4,708.1	4,686.3	4,680.3	4,672.8	4,654.3	4,631.7	4,609.1	4,605.7	4,602.5
I. Owner's equity	4,755.9	4,762.3	4,723.6	4,708.1	4,686.3	4,680.3	4,672.8	4,654.3	4,631.7	4,609.1	4,605.7	4,602.5
1. Owner's capital	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6	3,799.6
- Common stock with voting right	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00	3,799,609,710,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	39.2	39.2	39.2	39.2	39.2	39.2	39.2	39.2	39.2	39.2	40.8	39.2
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	-2.9	-2.9	-2.8	-2.6
8. Investment and development fund	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	12.0	12.0
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	1.6
11. Undistributed earnings after tax	252.1	258.7	215.9	203.7	179.7	175.8	161.2	144.1	105.1	87.2	80.0	73.5
- Accumulated retained earning at the end of the previous period	262.2	165.8	169.1	169.1	176.2	77.3	80.8	80.8	84.1	63.4	33.9	46.4
- Undistributed earnings in this period	-10.1	92.9	46.9	34.6	3.5	98.5	80.4	63.3	21.0	23.8	46.1	27.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	656.6	656.4	660.4	657.2	659.4	657.2	664.4	663.0	682.2	677.6	676.5	679.5
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)	7,410.1	7,167.6	6,842.8	6,990.4	6,582.6	6,375.2	6,762.2	6,748.0	6,596.2	6,592.7	6,696.3	6,688.8

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	84.8	50.9	—	0.0	-83.5	83.5	0.0	62.9	-28.8	28.8	0.0
Depreciation of Fixed Assets and Investment Property	—	17.4	18.4	—	0.0	-21.3	21.3	0.0	42.5	-21.3	21.3	0.0
Provision (Increase)/Reversal	—	2.6	1.9	—	0.0	-7.8	7.8	0.0	-51.2	43.2	-43.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	—	—	0.0	0.0	0.0	0.0	0.2	-0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-38.0	-31.0	—	0.0	56.9	-56.9	0.0	10.0	13.9	-13.9	0.0
Interest Expense	—	43.3	36.0	—	0.0	-32.7	32.7	0.0	78.4	-48.1	48.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	109.9	76.2	—	0.0	-88.5	88.5	0.0	142.8	-41.1	41.1	0.0
Increase/(Decrease) in Receivables	—	-84.7	-423.7	—	0.0	675.8	-675.8	0.0	413.5	-243.4	243.4	0.0
Increase/(Decrease) in Inventory	—	-24.8	-143.1	—	0.0	-65.4	65.4	0.0	13.4	-100.3	100.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	69.1	160.3	—	0.0	-96.5	96.5	0.0	-437.8	239.3	-239.3	0.0
Increase/(Decrease) in Prepaid Expenses	—	2.0	3.2	—	0.0	-2.5	2.5	0.0	-4.8	-1.6	1.6	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	178.9	-179.1	179.1	0.0
Interest Paid	—	-36.0	-29.6	—	0.0	32.1	-32.1	0.0	-43.8	16.9	-16.9	0.0
Corporate Income Tax Paid	-11.2	-13.8	0.0	-14.5	0.0	11.7	-3.3	-8.4	-27.0	16.5	-3.5	-13.0
Other Operating Receipts	525.9	—	—	—	0.0	0.0	-111.7	111.7	0.0	0.0	-349.4	349.4
Other Operating Payments	-220.7	-6.5	79.0	-82.3	0.0	2.5	139.0	-141.5	-3.3	1.5	466.6	-468.0
Net Cash Flow from Operating Activities	-244.8	15.3	-68.6	-306.0	0.0	469.2	-169.5	-299.7	231.9	-291.3	535.7	-244.4
Payments for Fixed Assets and Other Long-term Assets	-1.4	4.4	-10.9	-3.1	0.0	19.6	-19.3	-0.2	-35.2	22.2	-22.1	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	0.0	-0.5	0.5	0.0	0.3	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-197.3	-408.5	—	0.0	18.9	-18.9	0.0	-25.2	21.7	-21.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	45.3	358.0	—	0.0	-67.5	67.5	0.0	21.4	-11.4	11.4	0.0
Investments in Other Entities	-572.9	—	—	—	0.0	0.0	0.0	0.0	-12.6	12.5	314.6	-327.1
Proceeds from Investments in Other Entities	250.0	120.0	—	—	0.0	-153.4	153.1	0.3	204.8	-204.8	-109.8	314.6
Dividends and Interest Income Received	45.2	-3.8	10.2	0.7	0.0	-5.0	-9.2	14.2	22.5	-1.6	-14.5	16.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-266.4	-31.3	78.1	-186.8	0.0	-188.0	198.6	-10.6	176.0	-161.4	107.5	53.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	-760,000,000.00	760,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,252.1	1,732.2	843.7	702.9	0.0	-1,220.2	774.8	445.4	1,665.0	-665.4	127.2	538.2
Repayment of Borrowings	-1,033.0	-1,692.5	-554.2	-574.0	0.0	1,078.2	-665.6	-412.6	-1,901.1	1,007.6	-394.7	-612.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-4.9	-0.0	0.0	6.4	-6.4	0.0	-7.5	3.3	-3.3	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	219.1	39.7	284.6	128.9	0.0	-135.7	102.1	33.6	-243.6	345.5	-270.8	-74.7
Net Cash Flow During the Period	-292.1	23.7	294.2	-363.9	0.0	145.5	131.3	-276.8	164.3	-107.2	372.4	-265.2
Cash and Cash Equivalents at Beginning of Period	501.0	547.3	183.4	547.3	0.0	0.0	480.4	480.4	316.3	0.0	316.3	316.3
FX Difference from Revaluation	—	0.1	—	—	0.0	0.0	0.0	0.0	-0.2	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	208.8	501.4	477.6	183.4	0.0	0.0	334.9	203.7	480.4	0.0	423.5	51.2

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SAM

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