SHI

Quốc tế Sơn Hà ·HOSE ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 1.13%, −0.16pp YoY

Price

14,100

Latest close

02 Jun 2026

P/E 19.94x

P/B 1.09x

EPS 707

BVPS 12,909

ROE 2.1%

ROA 0.5%

Profit Margin 0.4%

Asset Turnover 1.28x

Equity Mult. 4.26x

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

What Is Changing

On a TTM 2026Q1 basis, SHI posted a sharp profit decline versus the same period — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 11,738bn
	                                
+3.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 78bn
	                                
−35.7%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -18.59x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	11,764.7	11,257.1	9,605.3	7,977.5	7,013.4
Growth	+5%	+17%	+20%	+14%	—
Net Income	82.3	108.4	59.1	87.3	116.5
Net Margin	0.70%	0.96%	0.62%	1.09%	1.66%

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	1,850.5	4,822.5	2,162.1	2,903.3	1,896.1	3,922.2	2,567.7	2,908.6	1,862.0	2,733.5	2,114.2	2,528.7
Growth	-62%	+123%	-26%	+53%	-52%	+53%	-12%	+56%	-32%	+29%	-16%	—
Net Income	18.6	26.2	12.7	20.7	21.7	31.1	57.8	10.9	10.3	19.5	8.5	13.0
Net Margin	1.01%	0.54%	0.59%	0.71%	1.14%	0.79%	2.25%	0.37%	0.56%	0.71%	0.40%	0.52%

Drivers of SHI's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Selling expenses ↓ 48.9bn

Gross profit ↑ 30.7bn

Tax ↓ 14.7bn

Other profit ↓ 59.8bn

Finance costs ↑ 47.6bn

Financial income ↓ 22.5bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Selling expenses ↓ 12.2bn

Gross profit ↑ 6.3bn

Other profit ↑ 2.2bn

Tax ↓ 1.8bn

Finance costs ↑ 18.4bn

Financial income ↓ 4.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.9% = 1.1% × 1.34 × 4.06

2026Q1 3.6% = 0.7% × 1.28 × 4.26

ROE fell from 5.9% to 3.6% — asset turnover weakened the most, though leverage still provided support.

Net margin: 0.7% -0.4pp Asset turnover: 1.28x -0.07x Leverage: 4.26x +0.20x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 0.67%, falling 0.4pp. The main pressure is Gross margin fell 0.1pp, outweighing the improvement in SG&A / Revenue fell 0.6pp (with lingering pressure from Other profit / Revenue fell 0.5pp and Net financial result / Revenue fell 0.5pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 0.67% −0.4pp

Gross Margin 8.63% −0.1pp

SG&A / Revenue 4.61% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 1.13%, broadly flat versus the same period. That translates to 1.13 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.09x, while invested capital rose by 674bn — 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 1.13% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.13% −0.2pp

NOPAT Margin 0.71% −0.1pp

Capital Turnover 1.58x −0.09x

Average Invested Capital 7,434.8bn +673.6bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 3.73x equity, net debt at 2.50x equity.

Inventory ended the period at 1,257.9bn, roughly 12.2% of total assets.

Over the last 12 months, working capital absorbed 996.5bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −588.3bn

Inventories increased → lower CFO: −95.2bn

Payables decreased → lower CFO: −312.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 9.5 days versus the same period last year. The main moves came from DIO rose 1.7 days, DSO rose 11.8 days, and DPO rose 4.0 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 140.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +11.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 125.4 days +11.8 days

Inventory 44.0 days +1.7 days

Payables 28.8 days +4.0 days

Cash Conversion Cycle 140.6 days +9.5 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.50x and interest coverage only at 0.33x.

At present, short-term debt accounts for 88.3% of total debt, cash equals 1.8% of debt, and total debt stands at 5,588.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.50x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.33x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.50x +0.12x

Interest Coverage 0.33x −0.04x

Cash / Debt 1.8% −0.3pp

Short-term Debt / Total Debt 88.3% +0.7pp

CFO / NI -18.59x −18.59x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -130.3bn in 2025, against investing cash flow of -79.1bn.

Post-investment cash flow was negative +209.4bn. Financing cash flow was positive +289.4bn.

CFO / net income was -18.59x.

After spending +326.6bn on fixed-asset investment, the business generated trailing free cash flow of −1,163.9bn.

Cash Conversion

CFO TTM 837.4bn −838.0bn

Cash Capex 326.6bn −395.8bn

FCF TTM −1,163.9bn −442.2bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 36.5%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.1%.

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

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	12,021.0	11,425.7	9,780.7	8,214.2	7,199.6
Revenue Deductions	256.3	168.6	175.3	236.8	0.0
Net Revenue	11,764.7	11,257.1	9,605.3	7,977.5	7,013.4
Cost of Goods Sold	10,764.4	10,305.8	8,768.5	7,075.7	0.0
Gross Profit	1,000.3	951.3	836.8	901.8	861.6
Financial Income	62.2	78.1	84.6	101.0	27.0
Financial Expenses	380.3	357.1	365.9	352.0	-204.4
Interest Expense	301.4	282.5	318.1	251.8	-159.8
Share of Associates and Joint Ventures	1.0	1.7	0.3	0.1	1.4
Selling Expenses	368.3	379.0	287.2	351.7	-359.5
General and Administrative Expenses	174.6	182.0	162.0	177.0	-163.2
Operating Profit	140.2	113.0	106.7	122.3	163.0
Other Income	3.5	60.9	3.9	5.5	0.0
Other Expenses	14.6	6.4	6.6	5.4	0.0
Other Profit	-11.1	54.5	-2.7	0.1	1.7
Profit Before Tax	129.0	167.5	104.0	122.4	164.6
Current Income Tax Expense	46.7	59.1	44.9	35.1	-48.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	82.3	108.4	59.1	87.3	116.5
Non-controlling Interest	31.9	31.1	42.6	29.1	45.9
Profit Attributable to Parent	50.4	77.2	16.5	58.1	70.6
Earnings per Share	296.00	476.00	102.00	382.00	1,916.00
Diluted EPS	296.00	476.00	102.00	382.00	702.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,923.4	7,267.6	5,610.6	5,592.4	4,570.2
I. Cash and cash equivalents	183.0	102.8	79.2	183.9	173.7
1. Cash	148.9	67.2	73.4	152.7	0.0
2. Cash equivalents	34.2	35.6	5.7	31.3	0.0
II. Short-term financial investments	404.6	386.5	349.6	279.4	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	404.6	386.5	349.6	279.4	0.0
III. Short-term receivables	5,880.5	5,286.4	3,892.3	3,282.9	2,453.6
1. Short-term trade accounts receivable	5,206.5	4,408.4	3,017.8	2,207.6	0.0
2. Short-term prepayments to suppliers	314.2	453.6	536.5	809.5	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	—	172.2	45.2	8.8	0.0
6. Other short-term receivables	390.1	278.6	304.1	268.3	0.0
7. Provision for short-term doubtful debts (*)	-30.7	-26.8	-11.5	-11.5	0.0
8. Assets awaiting resolution	0.4	0.4	0.3	0.2	0.0
IV. Inventories	1,257.9	1,380.2	1,218.7	1,734.8	1,619.6
1. Inventories	1,265.1	1,381.6	1,218.8	1,734.9	0.0
2. Provision for decline in value of inventories	-7.2	-1.5	-0.1	-0.1	0.0
V. Other short-term assets	197.3	111.8	70.8	111.4	120.3
1. Short-term prepayments	26.0	26.4	23.9	23.3	0.0
2. Value added tax to be reclaimed	170.4	84.6	45.7	87.1	0.0
3. Taxes and other receivables from state authorities	1.0	0.8	1.1	1.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,378.0	2,185.9	1,971.2	1,738.4	1,247.4
I. Long-term receivables	13.0	2.9	3.2	5.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	15.9
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	13.8	3.6	4.0	6.2	0.0
7. Provision for long-term doubtful debts	-0.8	-0.8	-0.8	-0.8	0.0
II. Fixed assets	1,425.4	1,142.5	1,181.9	819.9	763.4
1. Tangible fixed assets	731.7	558.1	623.3	675.3	655.0
- Cost	1,549.6	1,306.7	1,318.2	1,298.1	0.0
- Accumulated depreciation	-817.9	-748.5	-694.9	-622.8	0.0
2. Financial leased fixed assets	218.0	97.4	106.4	129.2	92.2
- Cost	269.5	136.6	150.7	161.6	0.0
- Accumulated depreciation	-51.5	-39.2	-44.3	-32.4	0.0
3. Intangible fixed assets	475.8	487.0	452.1	15.4	16.2
- Cost	503.5	503.5	466.1	28.0	0.0
- Accumulated depreciation	-27.7	-16.5	-14.0	-12.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	693.0	784.2	514.6	614.7	142.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	693.0	784.2	514.6	614.7	0.0
V. Long-term financial investments	179.4	185.7	184.9	189.1	185.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	179.4	178.4	176.7	176.4	0.0
3. Investments in other entities	34.1	34.1	34.1	34.1	0.0
4. Provision for diminution in value of long-term investments	-34.1	-31.4	-31.4	-31.4	0.0
5. Held to maturity investments	0.0	4.6	5.5	10.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	67.1	70.7	89.1	109.3	0.0
1. Long-term prepayments	66.0	68.8	84.0	106.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	140.6
5. Goodwill	1.1	1.8	2.6	3.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	10,301.4	9,453.4	7,581.8	7,330.8	5,817.6
A. LIABILITIES (300=210+330)	8,125.6	7,351.1	5,574.4	5,370.4	4,461.3
I. Short -term liabilities	7,128.7	6,348.8	4,863.8	4,767.0	3,956.5
1. Short-term trade accounts payable	2,005.7	1,710.7	429.6	525.3	571.0
2. Short-term advances from customers	72.9	310.2	150.8	339.5	594.1
3. Taxes and other payables to state authorities	50.8	60.0	75.8	45.0	0.0
4. Payable to employees	43.5	34.6	28.1	37.5	0.0
5. Short-term acrrued expenses	11.8	12.2	10.6	24.5	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	2.1
9. Other short-term payables	836.3	339.7	853.3	725.1	0.0
10. Short-term borrowings and financial leases	4,101.6	3,874.5	3,307.2	3,059.5	2,269.1
11. Provision for short-term liabilities	2.6	2.7	2.7	2.6	0.0
12.. Bonus and welfare fund	3.6	4.2	5.7	8.1	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	996.9	1,002.4	710.6	603.3	504.8
1. Long-term trade payables	—	27.1	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	316.3	384.9	241.6	0.0	0.0
8. Long-term borrowings and financial leases	679.7	589.5	468.1	602.3	502.3
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.9	0.9	0.9	1.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,175.7	2,102.3	2,007.4	1,960.4	1,356.3
I. Owner's equity	2,175.7	2,102.3	2,007.4	1,960.4	0.0
1. Owner's capital	1,702.7	1,621.8	1,621.8	1,621.8	1,356.3
- Common stock with voting right	1,702,684,090,000.00	1,621,764,490,000.00	1,621,764,490,000.00	1,621,764,490,000.00	1,005,357,070,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-47.9	-47.9	-47.9	-47.9	-47.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	88.9	67.3	67.3	57.7	49.6
5. Treasury shares	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-1.4	-3.0	-5.1	-5.9	0.0
8. Investment and development fund	36.6	39.0	38.9	38.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.3	0.3	0.3	0.3	0.0
11. Undistributed earnings after tax	95.2	145.9	69.5	52.8	100.7
- Accumulated retained earning at the end of the previous period	44.8	68.7	53.0	35.0	30.1
- Undistributed earnings in this period	50.4	77.2	16.5	17.8	70.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	305.5	283.1	267.0	247.3	217.4
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)	10,301.4	9,453.4	7,581.8	7,330.8	5,817.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	129.0	167.5	104.0	122.4	164.6
Depreciation of Fixed Assets and Investment Property	98.2	86.3	93.2	89.8	82.9
Provision (Increase)/Reversal	12.2	16.7	0.1	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.8	1.1	-3.3	-8.7	0.0
Gain/Loss from Investment Activities	-40.0	-129.5	-56.7	-44.0	0.0
Interest Expense	301.4	282.5	318.1	251.8	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	501.7	424.7	455.4	411.5	401.6
Increase/(Decrease) in Receivables	-858.5	-958.2	-476.0	-68.3	0.0
Increase/(Decrease) in Inventory	116.5	-146.9	516.1	-147.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	457.8	1,017.9	71.1	-126.8	0.0
Increase/(Decrease) in Prepaid Expenses	3.2	12.7	21.4	20.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-301.3	-283.6	-330.7	-249.7	0.0
Corporate Income Tax Paid	-49.0	-56.4	-18.2	-26.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.7	-1.7	-2.7	-4.5	0.0
Net Cash Flow from Operating Activities	-130.3	8.5	236.4	-192.3	-270.2
Payments for Fixed Assets and Other Long-term Assets	-275.2	-558.7	-387.9	-1,110.3	-32.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	80.5	0.7	25.8	9.7
Loans and Purchases of Debt Instruments	-138.2	-372.6	-289.8	-193.8	-132.0
Receipts from Loan Repayments and Sale of Debt Instruments	296.8	211.1	187.7	88.9	129.2
Investments in Other Entities	—	0.0	0.0	0.0	-163.5
Proceeds from Investments in Other Entities	1.6	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	33.5	60.8	56.7	41.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-79.1	-578.8	-432.5	-1,147.7	-176.1
Proceeds from Equity Issuance and Capital Contributions	1,010,775,351.00	890,000,000.00	0.00	496,522,060,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	10,692.5	10,425.3	8,456.1	7,508.9	6,209.5
Repayment of Borrowings	-10,337.2	-9,789.0	-8,331.7	-6,597.9	-5,714.0
Repayment of Finance Leases	-40.0	-41.4	-28.6	-36.6	-23.1
Dividends Paid	-26.9	-1.9	-4.3	-20.3	-78.8
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	289.4	593.8	91.5	1,350.7	393.7
Net Cash Flow During the Period	80.1	23.5	-104.6	10.7	66.6
Cash and Cash Equivalents at Beginning of Period	102.8	79.2	183.9	173.9	227.1
FX Difference from Revaluation	0.2	0.1	-0.1	-0.6	-0.6
Cash and Cash Equivalents at End of Period	183.0	102.8	79.2	183.9	173.7

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	1,917.6	4,911.4	2,227.1	2,957.7	1,946.2	3,964.5	2,604.2	2,958.5	1,901.7	2,781.1	2,149.0	2,570.0
Revenue Deductions	67.1	89.0	65.1	54.4	50.1	42.3	36.4	49.9	39.7	47.6	34.8	41.3
Net Revenue	1,850.5	4,822.5	2,162.1	2,903.3	1,896.1	3,922.2	2,567.7	2,908.6	1,862.0	2,733.5	2,114.2	2,528.7
Cost of Goods Sold	1,618.7	4,530.5	1,920.2	2,656.1	1,670.6	3,633.7	2,319.0	2,689.3	1,666.6	2,508.5	1,913.8	2,313.3
Gross Profit	231.8	291.9	241.9	247.2	225.5	288.6	248.8	219.3	195.4	224.9	200.5	215.4
Financial Income	11.7	12.6	12.2	21.1	15.8	25.7	18.8	19.7	13.4	26.7	15.0	18.0
Financial Expenses	93.8	102.3	93.0	109.4	75.5	98.0	88.0	89.6	76.9	97.8	82.8	101.3
Interest Expense	74.6	84.6	77.0	78.6	61.2	76.8	69.2	73.4	63.5	79.7	73.7	91.0
Share of Associates and Joint Ventures	0.9	0.9	0.8	-1.4	1.0	0.4	1.3	-0.5	0.5	0.0	0.7	-0.8
Selling Expenses	82.6	93.0	96.4	83.1	94.8	104.4	112.6	92.1	72.8	78.6	77.3	67.0
General and Administrative Expenses	44.1	57.3	41.9	42.5	41.1	53.7	44.7	39.7	42.6	40.4	39.4	43.8
Operating Profit	23.9	52.8	23.5	31.8	31.0	58.6	23.7	17.1	17.2	34.8	16.7	20.5
Other Income	0.7	0.5	0.2	1.5	1.3	2.2	55.8	1.4	1.2	1.2	0.7	1.3
Other Expenses	0.5	1.6	5.7	4.0	3.3	2.7	1.4	2.6	1.5	1.7	2.4	1.4
Other Profit	0.2	-1.1	-5.5	-2.6	-1.9	-0.5	54.5	-1.2	-0.2	-0.5	-1.7	-0.2
Profit Before Tax	24.2	51.7	17.9	29.2	29.0	58.1	78.2	15.8	16.9	34.2	14.9	20.3
Current Income Tax Expense	5.6	25.5	5.3	8.5	7.3	27.0	20.3	4.9	6.6	14.7	6.5	7.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.6	26.2	12.7	20.7	21.7	31.1	57.8	10.9	10.3	19.5	8.5	13.0
Non-controlling Interest	9.3	6.7	8.4	8.7	6.5	4.7	8.7	10.1	9.3	13.7	8.2	10.9
Profit Attributable to Parent	9.4	19.4	4.2	12.0	15.2	26.4	49.1	0.7	1.1	5.8	0.3	2.1
Earnings per Share	55.00	299.00	185.00	168.00	94.00	484.00	321.00	11.00	7.00	122.00	86.00	115.00
Diluted EPS	55.00	299.00	185.00	168.00	94.00	484.00	303.03	11.00	6.50	122.00	86.00	115.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,967.6	7,924.3	6,520.8	6,880.9	6,854.4	7,252.2	6,272.9	6,107.7	5,701.3	5,565.6	5,252.5	5,314.0
I. Cash and cash equivalents	103.2	180.9	132.5	116.1	111.1	70.8	66.2	111.4	67.9	79.2	64.2	57.9
1. Cash	103.2	148.5	98.4	101.9	72.2	67.2	62.9	108.0	64.6	73.4	57.5	52.7
2. Cash equivalents	—	32.3	34.2	14.1	38.9	3.6	3.3	3.3	3.3	5.7	6.8	5.1
II. Short-term financial investments	447.5	402.4	402.6	399.8	384.9	411.5	428.5	372.8	393.3	345.6	339.4	336.1
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	447.5	402.4	402.6	399.8	384.9	411.5	428.5	372.8	393.3	345.6	339.4	336.1
III. Short-term receivables	4,801.1	5,882.8	4,268.0	4,611.4	4,942.7	5,279.4	4,337.6	4,148.7	4,019.4	3,845.3	3,599.9	3,389.2
1. Short-term trade accounts receivable	4,077.5	5,204.0	3,481.2	3,867.2	3,989.7	4,403.9	3,371.7	3,153.9	3,042.7	2,980.0	2,648.9	2,632.8
2. Short-term prepayments to suppliers	415.6	315.1	416.0	439.8	500.3	453.8	545.5	533.4	600.3	536.1	556.0	473.7
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	—	—	—	—	172.2	172.2	101.2	102.2	74.8	45.2	22.7	4.9
6. Other short-term receivables	338.4	391.4	394.2	331.9	308.0	273.4	330.5	370.7	312.9	295.2	382.6	288.8
7. Provision for short-term doubtful debts (*)	-30.7	-28.2	-23.8	-27.9	-27.9	-24.2	-11.7	-11.7	-11.5	-11.5	-11.1	-11.3
8. Assets awaiting resolution	0.2	0.4	0.4	0.4	0.4	0.4	0.4	0.2	0.2	0.2	0.7	0.2
IV. Inventories	1,326.8	1,259.8	1,413.8	1,512.3	1,250.4	1,378.1	1,220.9	1,325.1	1,137.7	1,226.0	1,182.6	1,463.7
1. Inventories	1,334.0	1,266.9	1,417.4	1,514.8	1,251.8	1,378.1	1,221.0	1,325.1	1,137.8	1,226.0	1,182.7	1,463.7
2. Provision for decline in value of inventories	-7.2	-7.2	-3.7	-2.5	-1.5	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
V. Other short-term assets	289.1	198.5	303.9	241.3	165.3	112.4	219.7	149.7	82.9	69.6	66.4	67.1
1. Short-term prepayments	25.6	26.7	30.8	24.8	23.4	26.9	30.3	22.1	21.8	22.4	20.5	24.4
2. Value added tax to be reclaimed	227.8	170.4	271.7	215.6	141.1	84.6	188.6	126.7	60.1	46.2	45.0	40.7
3. Taxes and other receivables from state authorities	1.5	1.4	1.4	0.8	0.8	0.9	0.9	1.0	1.0	1.0	1.0	2.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	34.2	—	—	—	—	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)	2,421.3	2,380.3	2,353.3	2,237.5	2,166.3	2,196.2	2,144.8	2,121.3	2,073.9	2,016.0	1,867.5	1,852.2
I. Long-term receivables	12.4	11.9	15.5	5.1	4.5	2.2	1.7	2.7	3.2	5.9	6.0	5.5
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	13.2	13.8	16.3	5.9	5.3	3.0	2.5	3.5	4.0	6.7	6.8	6.3
7. Provision for long-term doubtful debts	-0.8	-1.9	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8
II. Fixed assets	1,413.2	1,425.4	1,333.8	1,352.5	1,130.7	1,142.5	1,158.2	1,164.0	1,197.7	778.0	765.7	786.7
1. Tangible fixed assets	716.2	731.7	737.6	743.8	552.9	558.1	568.0	590.0	606.6	623.9	639.3	656.0
- Cost	1,551.8	—	—	—	—	1,306.6	1,308.6	1,320.7	1,318.9	1,318.9	1,314.3	1,318.4
- Accumulated depreciation	-835.6	—	—	—	—	-748.6	-740.7	-730.7	-712.3	-694.9	-675.1	-662.5
2. Financial leased fixed assets	225.3	218.0	116.1	123.1	91.4	97.4	102.5	97.0	102.2	106.4	111.3	115.3
- Cost	284.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-59.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	471.7	475.8	480.1	485.7	486.3	487.0	487.7	477.0	489.0	47.6	15.1	15.4
- Cost	503.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-32.1	—	—	—	—	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	743.3	693.0	754.3	632.3	778.8	788.6	715.2	696.7	613.2	955.8	818.2	771.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	743.3	693.0	754.3	632.3	778.8	788.6	715.2	696.7	613.2	955.8	818.2	771.6
V. Long-term financial investments	184.9	183.6	183.3	182.0	184.0	192.7	200.0	184.5	180.9	188.8	184.2	188.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	180.3	179.6	178.7	178.0	179.4	178.5	178.0	176.8	177.2	176.5	176.5	175.9
3. Investments in other entities	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1
4. Provision for diminution in value of long-term investments	-34.1	-34.1	-34.1	-34.1	-34.1	-31.4	-31.4	-31.4	-31.4	-31.4	-31.4	-31.4
5. Held to maturity investments	4.6	4.0	4.6	4.0	4.6	11.5	19.2	5.0	1.0	9.5	5.0	10.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	67.4	66.4	66.4	65.6	68.3	70.1	69.8	73.4	76.4	85.0	90.7	96.9
1. Long-term prepayments	66.5	65.3	65.1	64.1	66.7	68.3	67.7	71.2	76.4	85.0	90.7	96.9
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	1.0	1.1	1.3	1.5	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	1.8	2.0	2.2	2.4	2.6	2.7	2.9
TOTAL ASSETS (280=100+200)	9,388.9	10,304.6	8,874.1	9,118.4	9,020.7	9,448.3	8,417.8	8,229.0	7,775.2	7,581.6	7,120.1	7,166.2
A. LIABILITIES (300=210+330)	7,191.0	8,128.6	6,723.2	6,978.6	6,895.0	7,343.6	6,346.0	6,213.8	5,764.7	5,571.9	5,134.1	5,180.1
I. Short -term liabilities	6,163.5	7,133.1	5,763.1	5,937.1	5,750.9	6,439.4	5,461.7	5,385.3	4,982.5	4,853.6	4,656.5	4,684.2
1. Short-term trade accounts payable	694.1	2,008.0	432.4	971.4	997.3	1,735.7	612.2	681.3	404.4	394.7	468.3	540.8
2. Short-term advances from customers	116.6	123.4	131.3	64.4	65.1	340.6	136.1	178.2	222.7	142.2	122.3	119.7
3. Dividends and profits payable	34.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	35.7	51.6	37.7	36.8	36.0	60.4	52.4	26.9	43.7	73.3	58.3	38.3
4. Payable to employees	27.5	43.6	35.9	29.7	24.8	34.6	30.3	23.7	20.7	32.4	26.0	24.3
5. Short-term acrrued expenses	9.1	13.0	18.7	37.1	9.8	13.3	9.0	9.7	6.1	10.6	10.8	17.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8	0.1	1.9	3.7
9. Other short-term payables	306.2	820.0	90.2	98.7	82.0	385.5	159.5	342.1	421.4	892.5	508.8	630.0
10. Short-term borrowings and financial leases	4,933.4	4,067.3	5,010.5	4,692.5	4,529.1	3,862.3	4,455.4	4,116.5	3,854.0	3,299.5	3,450.9	3,301.0
11. Provision for short-term liabilities	2.5	2.6	2.8	2.7	2.7	2.7	2.6	2.6	2.7	2.6	3.3	2.6
12.. Bonus and welfare fund	3.5	3.6	3.8	3.9	4.2	4.2	4.2	4.3	4.8	5.7	6.0	6.8
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	1,027.5	995.5	960.1	1,041.5	1,144.0	904.3	884.3	828.4	782.3	718.3	477.6	495.9
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	371.3	308.4	289.7	409.1	500.8	301.6	301.6	241.6	241.6	241.6	0.0	0.0
8. Long-term borrowings and financial leases	655.3	686.2	669.5	631.4	642.3	601.8	581.8	585.9	539.8	475.7	476.6	494.9
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	1.0	1.0	1.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,198.0	2,176.1	2,150.9	2,139.7	2,125.7	2,104.7	2,071.8	2,015.2	2,010.5	2,009.7	1,985.9	1,986.1
I. Owner's equity	2,198.0	2,176.1	2,150.9	2,139.7	2,125.7	2,104.7	2,071.8	2,015.2	2,010.5	2,009.7	1,985.9	1,986.1
1. Owner's capital	1,702.7	1,702.7	1,702.7	1,621.8	1,621.8	1,621.8	1,621.8	1,621.8	1,621.8	1,621.8	1,621.8	1,621.8
- Common stock with voting right	1,702,684,090,000.00	1,702,684,090,000.00	1,702,684,090,000.00	1,621,764,490,000.00	1,621,764,490,000.00	1,621,764,490,000.00	1,621,764,490,000.00	1,621,764,490,000.00	1,621,764,490,000.00	1,621,764,490,000.00	1,621,764,490,000.00	1,621,764,490,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-47.9	-47.9	-47.9	-47.9	-47.9	-47.9	-47.9	-47.9	-47.9	-47.9	-47.9	-47.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	88.9	88.9	88.9	71.6	67.3	67.3	67.3	67.3	67.3	67.3	57.7	57.7
5. Treasury shares	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00	-4,186,322,972.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-1.0	-1.3	-1.1	-1.6	-2.8	-3.0	-4.8	-3.0	-4.2	-5.1	-4.9	-5.9
8. Investment and development fund	36.6	36.6	36.6	39.4	39.0	39.0	39.0	39.0	38.9	38.9	38.9	38.9
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
11. Undistributed earnings after tax	104.6	80.9	61.5	167.6	161.9	147.1	120.7	70.5	70.5	62.4	66.1	70.8
- Accumulated retained earning at the end of the previous period	95.2	30.1	30.1	140.4	146.7	68.7	68.7	68.7	69.5	42.5	52.1	52.1
- Undistributed earnings in this period	9.4	50.9	31.4	27.2	15.2	78.5	52.1	1.8	1.1	19.8	14.0	18.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	318.0	320.1	314.1	292.8	290.4	284.3	279.5	271.4	268.0	276.3	258.3	254.8
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)	9,388.9	10,304.6	8,874.1	9,118.4	9,020.7	9,448.3	8,417.8	8,229.0	7,775.2	7,581.6	7,120.1	7,166.2

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	24.2	51.0	17.9	31.1	29.0	58.1	78.2	17.0	16.9	34.3	14.9	26.4
Depreciation of Fixed Assets and Investment Property	29.6	28.8	26.1	23.3	20.0	19.4	22.1	22.0	22.1	24.0	22.0	23.6
Provision (Increase)/Reversal	-0.1	10.3	1.5	-3.3	3.8	12.6	-0.0	0.1	0.0	-0.3	0.5	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	-15.2	1.3	14.7	—	-2.1	0.0	2.4	0.0	-4.6	-0.0	1.3
Gain/Loss from Investment Activities	-5.4	-9.6	-7.7	-10.4	-12.3	-14.1	-67.4	-12.4	-11.0	-43.5	-3.9	-0.0
Interest Expense	74.6	84.0	77.0	79.2	61.2	76.8	69.2	75.5	63.5	80.3	73.7	91.1
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	-0.3	0.0	0.3
Operating Profit Before Changes in Working Capital	122.9	149.3	116.0	134.6	101.8	150.8	102.1	104.5	91.6	90.1	107.2	142.7
Increase/(Decrease) in Receivables	1,022.9	-1,591.8	332.9	-352.4	752.7	-572.3	-224.6	-588.0	365.3	-366.7	-90.9	-275.9
Increase/(Decrease) in Inventory	-68.9	152.3	78.7	-257.4	142.9	-141.2	106.4	-189.6	81.0	-36.1	281.1	-54.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1,657.7	2,258.7	-591.6	-322.4	-887.0	1,556.6	-221.8	147.3	-414.8	583.4	-186.1	150.4
Increase/(Decrease) in Prepaid Expenses	-0.1	3.5	-6.5	1.1	5.1	3.4	-4.8	4.7	9.9	3.0	10.1	2.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-78.3	-79.7	-80.7	-75.4	-65.5	-72.6	-72.2	-72.6	-68.8	-78.1	-82.5	-79.9
Corporate Income Tax Paid	-25.7	-4.0	-0.7	-16.5	-27.8	-14.6	0.1	-22.4	-19.5	-0.7	-1.6	-2.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.2	-0.2	-0.4	-0.0	-0.1	-0.1	-0.7	-0.9	-0.3	-0.8	-1.1
Net Cash Flow from Operating Activities	-685.0	888.3	-151.9	-888.8	22.1	910.1	-314.7	-616.8	43.7	194.6	36.6	-117.3
Payments for Fixed Assets and Other Long-term Assets	-123.2	40.6	-180.6	589.8	-725.0	-334.7	-88.7	426.0	-604.7	-19.2	-147.9	260.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	0.1	0.0	2.0	43.8	95.1	1.0	0.0	0.5	0.2	0.0
Loans and Purchases of Debt Instruments	-47.2	-25.4	-65.3	-27.2	-20.4	-133.5	-99.6	-68.2	-83.5	-115.6	-58.7	-63.4
Receipts from Loan Repayments and Sale of Debt Instruments	5.9	27.9	62.1	184.8	22.0	87.3	30.7	57.4	14.6	82.4	42.7	30.1
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	1.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.6	20.4	-0.2	10.3	3.0	15.8	4.4	10.5	1.6	45.0	1.9	0.7
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	-162.9	65.5	-183.9	757.7	-718.4	-321.3	-58.0	426.6	-672.0	-6.9	-161.8	227.6
Proceeds from Equity Issuance and Capital Contributions	4,445,500,000.00	—	—	—	—	0.00	0.00	890,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,974.4	2,426.6	2,832.3	2,863.2	2,570.4	2,731.4	2,591.6	2,937.8	2,176.4	2,453.2	2,003.6	1,885.1
Repayment of Borrowings	-2,150.1	-3,303.5	-2,461.5	-2,716.9	-1,855.3	-3,303.5	-2,253.2	-2,693.8	-1,550.5	-2,615.3	-1,864.1	-2,046.1
Repayment of Finance Leases	-16.8	-9.8	-9.3	-10.2	-10.5	-12.2	-11.3	-10.9	-7.4	-6.2	-7.9	0.1
Dividends Paid	-9.7	-17.8	-9.1	—	—	0.0	0.4	-0.4	-1.5	-4.3	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	802.2	-903.6	352.3	136.1	704.6	-584.3	327.6	233.6	617.0	-172.6	131.5	-161.0
Net Cash Flow During the Period	-45.7	50.2	16.5	5.0	8.3	4.5	-45.2	43.4	-11.3	15.1	6.3	-50.7
Cash and Cash Equivalents at Beginning of Period	148.9	132.5	116.1	111.1	102.8	79.2	79.2	79.2	79.2	183.9	183.9	183.9
FX Difference from Revaluation	—	0.2	-0.1	-0.1	-0.0	0.1	-0.0	-0.0	0.0	-0.1	0.0	-0.0
Cash and Cash Equivalents at End of Period	103.2	183.0	132.5	116.1	111.1	70.8	66.2	111.3	67.9	79.2	64.2	57.9

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SHI

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