TCD

Tập đoàn Xây dựng TRACODI ·HOSE ·2024Q4

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 0.46x

Price

—

Latest close

P/E —

P/B —

EPS 240

BVPS 11,520

ROE 1.9%

ROA 0.8%

Profit Margin 6.1%

Asset Turnover 0.13x

Equity Mult. 2.41x

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

What Is Changing

On a TTM 2024Q4 basis, TCD posted a clear revenue decline, but margins have not been hit proportionally yet — profit is at an all-time high. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,160bn
	                                
−35.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 112bn
	                                
−33.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    33.5%
	                                
affects earnings quality

Metric	2024	2023	2022	2021	2020
Revenue	1,159.7	1,784.5	2,944.8	3,111.8	2,852.6
Growth	-35%	-39%	-5%	+9%	—
Net Income	111.4	175.4	333.9	342.4	143.8
Net Margin	9.61%	9.83%	11.34%	11.00%	5.04%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	261.8	213.3	444.1	240.5	625.7	353.8	490.9	314.0	1,043.3	683.2	693.3	525.1
Growth	+23%	-52%	+85%	-62%	+77%	-28%	+56%	-70%	+53%	-1%	+32%	—
Net Income	35.3	21.9	24.0	30.3	17.0	58.2	24.3	69.0	-71.8	42.4	283.3	111.2
Net Margin	13.49%	10.25%	5.41%	12.61%	2.72%	16.44%	4.94%	21.96%	-6.89%	6.21%	40.86%	21.18%

Drivers of TCD's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower financial income. Supporting and offsetting drivers:

Finance costs ↓ 88.0bn

Other profit ↑ 21.0bn

Administrative expenses ↓ 19.3bn

Selling expenses ↓ 19.0bn

Financial income ↓ 163.0bn

Gross profit ↓ 76.8bn

TTM

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

Associates income ↑ 19.9bn

Other profit ↑ 15.0bn

Administrative expenses ↓ 14.6bn

Financial income ↑ 12.9bn

Gross profit ↓ 60.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q4 4.5% = 9.4% × 0.19 × 2.56

2024Q4 2.9% = 9.6% × 0.13 × 2.41

ROE fell from 4.5% to 2.9% — leverage weakened the most, though net margin still provided support.

Net margin: 9.6% +0.2pp Asset turnover: 0.13x -0.06x Leverage: 2.41x -0.15x

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 9.62%, 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 9.62% +0.2pp

Gross Margin 20.46% +2.9pp

SG&A / Revenue 16.53% +3.6pp

Non-core / Revenue 6.63% −0.7pp

TTM YoY · 2023Q4 -> 2024Q4

Watchpoints

Financial result share remains high

Even though contribution decreased by 0.7pp, financial result still accounts for 55.1% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.5% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC narrowed to 1.53%, falling 1.2pp. That translates to 1.53 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.5pp and capital turnover fell 0.10x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

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 1.53% −1.2pp

NOPAT Margin 7.53% −1.5pp

Capital Turnover 0.20x −0.10x

Average Invested Capital 5,694.4bn −144.0bn

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 1.40x equity, net debt at 0.50x equity.

Over the last 12 months, working capital absorbed 288.9bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −164.6bn

Inventories increased → lower CFO: −99.4bn

Payables decreased → lower CFO: −24.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 55.6 days versus the same period last year. The main moves came from DIO rose 100.8 days, DSO rose 45.1 days, and DPO rose 90.4 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 230.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +45.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 296.9 days +45.1 days

Inventory 220.8 days +100.8 days

Payables 287.4 days +90.4 days

Cash Conversion Cycle 230.4 days +55.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 248.2bn due to capex of 0.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.50x and interest coverage only at 0.46x.

At present, short-term debt accounts for 44.1% of total debt, cash equals 3.9% of debt, and total debt stands at 2,020.9bn.

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 0.46x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 3.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.50x +0.03x

Interest Coverage 0.46x −0.17x

Cash / Debt 3.9% −10.4pp

Short-term Debt / Total Debt 44.1% +7.6pp

CFO / NI -3.47x −6.89x

TTM YoY · 2023Q4 -> 2024Q4

Cash Flow

Operating cash flow reached -247.3bn in 2024, against investing cash flow of 119.1bn.

Post-investment cash flow was negative +128.3bn. Financing cash flow was negative +92.8bn.

CFO / net income was -3.47x.

After spending +0.9bn on fixed-asset investment, the business generated trailing free cash flow of −248.2bn.

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

Cash Conversion

CFO TTM 247.3bn −659.9bn

Cash Capex 0.9bn −4.1bn

FCF TTM −248.2bn −655.8bn

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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.46x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 33.5% of PBT and CFO / net income currently at -3.47x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.46x.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	1,160.3	1,784.9	2,944.8	3,111.9	2,852.7
Revenue Deductions	0.6	0.4	0.0	0.0	0.0
Net Revenue	1,159.7	1,784.5	2,944.8	3,111.8	2,852.6
Cost of Goods Sold	922.5	1,458.9	2,560.7	0.0	0.0
Gross Profit	237.3	325.6	384.1	380.3	373.0
Financial Income	285.0	448.0	598.3	374.9	173.6
Financial Expenses	238.3	328.1	342.8	-299.1	-172.8
Interest Expense	205.5	269.0	181.5	-111.0	-150.1
Share of Associates and Joint Ventures	16.9	-0.6	1.5	122.7	31.9
Selling Expenses	63.7	82.7	92.0	-70.0	-108.8
General and Administrative Expenses	128.0	147.3	146.9	-130.7	-117.9
Operating Profit	109.2	215.0	402.2	378.2	178.9
Other Income	43.8	12.4	4.6	0.0	0.0
Other Expenses	13.6	3.9	1.5	0.0	0.0
Other Profit	30.2	8.5	3.1	1.6	-3.5
Profit Before Tax	139.5	223.5	405.3	379.8	175.4
Current Income Tax Expense	27.7	48.2	68.8	-37.4	-31.6
Deferred Income Tax Expense	0.4	-0.1	2.6	0.0	0.0
Net Income	111.4	175.4	333.9	342.4	143.8
Non-controlling Interest	40.3	52.9	34.0	27.4	23.8
Profit Attributable to Parent	71.1	122.5	299.9	315.0	120.0
Earnings per Share	231.00	461.00	1,417.00	3,938.00	2,602.00
Diluted EPS	231.00	461.00	1,417.00	3,611.74	2,536.52

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,830.3	6,301.8	6,125.0	3,781.9	4,421.6
I. Cash and cash equivalents	79.3	300.3	207.2	289.7	165.0
1. Cash	75.6	300.3	181.4	0.0	0.0
2. Cash equivalents	3.6	0.0	25.8	0.0	0.0
II. Short-term financial investments	2.5	102.7	16.5	0.0	0.0
1. Available for sale securities	0.5	0.5	4.1	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
3. Held to maturity investments	2.0	102.2	12.4	0.0	0.0
III. Short-term receivables	5,111.9	5,372.9	5,437.8	1,996.9	3,453.0
1. Short-term trade accounts receivable	369.8	797.5	1,260.5	0.0	0.0
2. Short-term prepayments to suppliers	3,489.2	3,068.1	2,589.4	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,297.0	1,544.7	1,680.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	-44.1	-37.4	-92.2	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	602.4	505.6	456.5	503.6	736.7
1. Inventories	607.9	508.3	456.5	0.0	0.0
2. Provision for decline in value of inventories	-5.5	-2.7	0.0	0.0	0.0
V. Other short-term assets	34.2	20.3	7.0	10.6	53.2
1. Short-term prepayments	21.5	15.7	5.3	0.0	0.0
2. Value added tax to be reclaimed	11.5	3.5	0.7	0.0	0.0
3. Taxes and other receivables from state authorities	1.1	1.1	1.0	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,435.0	2,879.5	3,717.5	1,994.4	1,753.5
I. Long-term receivables	1,652.1	1,230.6	1,534.2	0.0	0.0
1. Long-term trade receivables	315.2	145.2	0.0	653.9	658.8
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	16.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1,320.8	1,085.4	1,534.2	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	58.9	75.9	50.1	58.3	61.6
1. Tangible fixed assets	36.7	55.2	44.0	50.3	57.2
- Cost	233.4	275.4	199.5	0.0	0.0
- Accumulated depreciation	-196.7	-220.2	-155.4	0.0	0.0
2. Financial leased fixed assets	21.7	20.3	5.7	7.5	3.9
- Cost	27.4	24.5	10.7	0.0	0.0
- Accumulated depreciation	-5.7	-4.2	-5.1	0.0	0.0
3. Intangible fixed assets	0.4	0.4	0.4	0.5	0.5
- Cost	1.3	1.3	0.9	0.0	0.0
- Accumulated depreciation	-0.9	-0.9	-0.4	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.4	0.5	0.4	0.5	0.5
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.5	0.4	0.0	0.0
V. Long-term financial investments	1,686.1	1,534.3	2,117.7	1,256.1	1,014.6
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,568.9	1,082.9	1,567.0	0.0	0.0
3. Investments in other entities	19.8	453.8	450.7	0.0	0.0
4. Provision for diminution in value of long-term investments	-2.6	-2.5	0.0	0.0	0.0
5. Held to maturity investments	100.0	0.1	100.1	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	37.5	38.1	15.0	0.0	0.0
1. Long-term prepayments	37.3	38.1	15.0	0.0	0.0
2. Deferred income tax assets	0.2	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
4. Other long-term assets	0.0	0.0	0.0	25.6	18.2
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	9,265.4	9,181.3	9,842.5	5,776.3	6,175.1
A. LIABILITIES (300=210+330)	5,396.8	5,394.3	6,223.0	4,500.1	5,516.7
I. Short -term liabilities	4,256.0	4,360.1	4,377.4	3,509.7	4,338.1
1. Short-term trade accounts payable	679.4	773.0	814.1	811.6	1,292.5
2. Short-term advances from customers	2,530.0	2,168.9	2,213.9	1,791.3	1,124.1
3. Taxes and other payables to state authorities	20.9	75.9	90.9	0.0	0.0
4. Payable to employees	10.1	11.4	13.1	0.0	0.0
5. Short-term acrrued expenses	16.3	22.7	12.4	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.2	0.2	0.0	0.0	0.0
9. Other short-term payables	99.1	232.2	42.1	0.0	0.0
10. Short-term borrowings and financial leases	890.3	1,067.3	1,185.1	585.5	991.2
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.6	8.5	5.8	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,140.9	1,034.2	1,845.6	990.5	1,178.6
1. Long-term trade payables	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
3. Long-term acrrued expenses	6.4	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	1.0	2.7	367.7	0.0	0.0
8. Long-term borrowings and financial leases	1,130.6	1,029.1	1,476.0	56.8	73.9
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2.3	1.8	1.9	0.0	0.0
12. Provision for long-term liabilities	0.5	0.7	0.0	0.0	0.0
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	3,868.5	3,787.0	3,619.5	1,276.2	658.5
I. Owner's equity	3,868.5	3,787.0	3,619.5	0.0	0.0
1. Owner's capital	3,358.2	2,826.8	2,444.2	1,276.2	658.5
- Common stock with voting right	3,358,206,410,000.00	2,826,808,040,000.00	2,444,183,040,000.00	872,091,520,000.00	472,945,900,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	244.4	549.7	549.7	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	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	0.6	0.6	0.6	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.9	0.9	0.9	0.0	0.0
11. Undistributed earnings after tax	142.8	277.0	553.0	356.2	141.2
- Accumulated retained earning at the end of the previous period	71.6	155.4	253.2	42.8	13.0
- Undistributed earnings in this period	71.1	121.6	299.9	313.4	128.2
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	121.6	132.1	71.1	46.4	42.9
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	9,265.4	9,181.3	9,842.5	5,776.3	6,175.1

Item	2024	2023	2022	2021	2020
Profit Before Tax	139.5	223.5	405.3	367.8	175.4
Depreciation of Fixed Assets and Investment Property	21.5	21.7	18.6	22.4	21.2
Provision (Increase)/Reversal	9.4	-59.2	-0.4	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	10.4	7.5	3.3	0.0	0.0
Gain/Loss from Investment Activities	-46.6	-196.0	-402.1	0.0	0.0
Interest Expense	205.5	269.0	181.1	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.2	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	339.9	266.5	205.9	427.4	185.2
Increase/(Decrease) in Receivables	-164.6	818.9	-4,529.0	0.0	0.0
Increase/(Decrease) in Inventory	-99.4	-51.4	32.8	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-24.9	-271.8	221.5	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-5.0	0.4	6.2	0.0	0.0
Changes in Trading Securities	0.0	0.5	957.0	0.0	0.0
Interest Paid	-204.2	-270.7	-171.6	0.0	0.0
Corporate Income Tax Paid	-61.6	-66.5	-33.8	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-27.5	-13.3	-11.7	0.0	0.0
Net Cash Flow from Operating Activities	-247.3	412.6	-3,322.7	121.6	-209.4
Payments for Fixed Assets and Other Long-term Assets	-0.9	-5.0	-10.1	-20.0	-18.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.8	5.1	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-16.0	-0.6	0.0	-7.4	-7.1
Receipts from Loan Repayments and Sale of Debt Instruments	0.1	10.9	4.7	2.4	1.6
Investments in Other Entities	-20.0	-0.3	-1,990.5	-171.9	-382.6
Proceeds from Investments in Other Entities	136.8	281.8	1,076.2	0.0	0.0
Dividends and Interest Income Received	11.2	10.2	256.0	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	119.1	302.0	-663.6	-106.9	-391.3
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	1,921,779,157,982.00	350,000,000,000.00	94,172,200,000.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,421.5	1,800.9	4,292.1	972.9	1,353.9
Repayment of Borrowings	-1,497.5	-2,383.1	-2,238.6	-1,143.2	-603.1
Repayment of Finance Leases	-6.1	-6.9	-3.3	-2.4	-1.2
Dividends Paid	-10.6	-32.4	-68.2	-68.8	-107.4
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-92.8	-621.5	3,903.7	108.5	736.5
Net Cash Flow During the Period	-221.0	93.1	-82.6	199.1	-201.0
Cash and Cash Equivalents at Beginning of Period	300.3	207.2	289.7	165.0	29.2
FX Difference from Revaluation	-0.0	0.0	0.0	1.6	0.0
Cash and Cash Equivalents at End of Period	79.3	300.3	207.2	289.7	165.0

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	262.0	213.4	446.3	240.7	626.9	354.7	491.8	314.0	1,043.3	683.2	693.3	525.1
Revenue Deductions	0.1	0.1	2.2	0.1	1.2	0.9	1.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	261.8	213.3	444.1	240.5	625.7	353.8	490.9	314.0	1,043.3	683.2	693.3	525.1
Cost of Goods Sold	219.4	153.1	380.8	169.2	522.9	289.7	420.1	237.7	933.1	586.0	586.2	454.6
Gross Profit	42.5	60.1	63.3	71.4	102.8	64.2	70.8	76.3	110.2	97.1	107.1	70.5
Financial Income	67.4	65.8	99.8	52.1	54.5	148.9	113.4	131.3	52.6	66.3	435.0	44.4
Financial Expenses	57.2	49.0	91.5	40.6	61.6	89.9	103.7	71.2	196.5	50.4	82.3	12.4
Interest Expense	48.1	47.4	75.3	34.7	48.8	71.4	93.3	55.6	85.7	26.6	68.3	12.4
Share of Associates and Joint Ventures	18.4	-2.3	0.8	0.0	-1.5	0.2	1.6	-1.0	22.0	-3.2	-55.0	65.4
Selling Expenses	10.3	15.1	20.2	18.0	22.8	15.8	22.1	22.0	28.4	26.1	22.9	14.6
General and Administrative Expenses	37.4	31.3	29.9	29.3	52.0	37.7	31.1	26.5	51.5	28.3	37.6	29.4
Operating Profit	23.3	28.2	22.2	35.6	19.5	69.9	28.9	86.9	-91.6	55.4	344.3	123.9
Other Income	28.8	3.6	7.4	4.8	4.8	4.1	3.1	0.6	1.1	2.0	0.7	0.9
Other Expenses	11.5	1.9	1.0	-0.0	2.4	0.3	0.3	0.3	0.9	0.0	0.0	0.8
Other Profit	17.3	1.7	6.4	4.8	2.4	3.8	2.8	0.3	0.2	2.0	0.6	0.0
Profit Before Tax	40.6	29.9	28.6	40.4	21.8	73.6	31.7	87.2	-91.4	57.4	344.9	124.0
Current Income Tax Expense	6.2	7.2	5.1	9.2	4.8	15.5	6.8	18.3	-17.6	14.9	62.6	12.7
Deferred Income Tax Expense	-0.9	0.8	-0.5	0.9	0.0	0.0	0.6	0.0	-2.0	0.0	-1.0	0.0
Net Income	35.3	21.9	24.0	30.3	17.0	58.2	24.3	69.0	-71.8	42.4	283.3	111.2
Non-controlling Interest	6.2	11.7	5.7	16.7	17.0	9.1	16.9	4.5	10.7	6.6	11.0	6.7
Profit Attributable to Parent	29.1	10.1	18.3	13.6	0.0	49.1	7.3	64.5	-82.5	35.8	272.3	104.5
Earnings per Share	94.00	34.00	64.00	48.00	0.02	190.00	30.00	264.00	-390.00	178.00	1,445.00	599.00
Diluted EPS	231.00	34.00	64.00	48.00	0.02	190.00	30.00	264.00	-390.00	178.00	1,445.00	599.00

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,830.3	6,022.7	6,108.8	6,069.5	6,166.6	6,169.5	5,863.8	6,142.5	6,122.6	5,403.2	5,774.1	4,291.9
I. Cash and cash equivalents	79.3	88.1	53.5	69.0	300.3	83.6	70.7	87.3	207.2	387.5	80.5	175.0
1. Cash	75.6	87.8	51.5	69.0	300.3	57.9	44.9	59.4	181.4	361.7	27.6	139.0
2. Cash equivalents	3.6	0.3	2.0	0.0	0.0	25.8	25.8	27.9	25.8	25.8	52.9	36.0
II. Short-term financial investments	2.5	2.5	2.7	102.7	5.8	6.2	6.2	7.7	16.5	977.2	1,277.3	980.0
1. Available for sale securities	0.5	0.5	0.5	0.5	3.6	4.0	4.0	4.1	4.1	961.1	961.1	963.8
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	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	2.0	2.0	2.2	102.2	2.2	2.2	2.2	3.6	12.4	16.1	316.2	16.2
III. Short-term receivables	5,111.9	5,414.2	5,524.7	5,285.7	5,345.9	5,585.1	5,250.6	5,572.1	5,438.3	3,535.2	3,913.7	2,666.5
1. Short-term trade accounts receivable	369.8	662.7	785.8	787.4	1,202.0	1,509.2	1,355.3	1,364.6	1,260.3	1,377.8	742.9	556.2
2. Short-term prepayments to suppliers	3,489.2	3,542.0	3,461.3	3,195.7	3,068.1	2,980.4	2,829.3	2,557.5	2,590.1	1,780.3	1,481.2	994.9
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.5	5.0
6. Other short-term receivables	1,297.0	1,249.1	1,316.0	1,339.0	1,113.2	1,122.5	1,093.0	1,742.1	1,680.1	462.8	1,779.7	1,203.0
7. Provision for short-term doubtful debts (*)	-44.1	-39.6	-38.4	-36.4	-37.4	-27.0	-27.0	-92.2	-92.2	-85.6	-92.6	-92.6
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	602.4	491.2	506.7	587.1	508.3	479.4	516.7	468.9	458.6	499.0	499.3	467.1
1. Inventories	607.9	493.9	509.4	589.8	508.3	479.4	516.7	468.9	458.6	499.0	499.3	467.1
2. Provision for decline in value of inventories	-5.5	-2.7	-2.7	-2.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	34.2	26.7	21.1	25.0	6.4	15.1	19.6	6.6	2.1	4.4	3.4	3.3
1. Short-term prepayments	21.5	18.4	17.0	15.7	1.7	10.6	10.8	1.6	0.4	0.4	0.6	0.8
2. Value added tax to be reclaimed	11.5	5.8	2.6	8.0	3.5	2.9	7.3	3.8	0.6	2.9	1.8	1.4
3. Taxes and other receivables from state authorities	1.1	2.5	1.5	1.3	1.1	1.6	1.4	1.1	1.0	1.0	1.0	1.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,435.0	3,087.9	2,941.4	2,895.1	3,005.6	3,013.1	3,192.4	3,472.2	3,747.2	3,660.4	3,004.5	2,735.0
I. Long-term receivables	1,652.1	1,309.0	1,165.9	1,250.8	1,257.6	1,238.5	1,243.4	1,405.9	1,534.2	1,582.8	1,783.3	1,002.8
1. Long-term trade receivables	315.2	145.2	145.2	145.2	0.0	0.0	0.0	0.0	0.0	8.4	8.4	8.4
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	16.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1,320.8	1,163.7	1,020.6	1,105.6	1,257.6	1,238.5	1,243.4	1,405.9	1,534.2	1,574.4	1,774.9	994.4
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	58.9	64.1	69.5	70.6	75.7	78.6	75.7	73.9	50.1	51.0	54.9	57.3
1. Tangible fixed assets	36.7	41.1	45.7	50.7	54.9	57.6	61.5	63.1	44.0	44.4	47.9	49.7
- Cost	233.4	236.6	252.4	263.6	285.4	289.2	294.7	299.7	199.5	195.7	195.4	193.1
- Accumulated depreciation	-196.7	-195.4	-206.7	-212.9	-230.5	-231.6	-233.2	-236.6	-155.4	-151.4	-147.5	-143.3
2. Financial leased fixed assets	21.7	22.5	23.3	19.4	20.3	20.5	13.7	10.4	5.7	6.1	6.6	7.1
- Cost	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5	0.5
- Cost	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.4	0.4	0.4	0.4	0.5	0.4	0.5	0.5	0.4	0.8	0.6	0.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.4	0.4	0.5	0.4	0.5	0.5	0.4	0.8	0.6	0.4
V. Long-term financial investments	1,686.1	1,671.8	1,670.1	1,534.2	1,633.8	1,655.7	1,828.7	1,951.5	2,143.5	2,005.7	1,137.1	1,651.9
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,568.9	1,554.3	1,552.8	1,082.9	1,083.0	1,104.9	1,104.9	1,103.1	1,592.8	1,455.0	536.4	1,551.9
3. Investments in other entities	19.8	19.8	19.8	453.8	450.7	450.7	630.7	750.7	450.7	450.7	500.7	0.0
4. Provision for diminution in value of long-term investments	-2.6	-2.3	-2.5	-2.5	0.0	0.0	-7.0	-2.4	0.0	0.0	0.0	0.0
5. Held to maturity investments	100.0	100.0	100.0	0.0	100.1	100.1	100.1	100.1	100.1	100.1	100.0	100.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	37.5	42.6	35.5	39.0	38.1	40.0	44.1	40.6	19.0	20.1	28.6	22.6
1. Long-term prepayments	37.3	41.6	34.9	37.6	38.0	40.0	44.1	40.6	19.0	20.1	27.6	22.5
2. Deferred income tax assets	0.2	1.0	0.6	1.4	0.0	0.0	0.0	0.0	0.0	0.0	1.0	0.2
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	9,265.4	9,110.6	9,050.2	8,964.6	9,172.3	9,182.5	9,056.1	9,614.8	9,869.8	9,063.6	8,778.6	7,026.9
A. LIABILITIES (300=210+330)	5,396.8	5,265.3	5,225.4	5,181.6	5,389.6	5,397.9	5,343.9	5,862.9	6,223.3	5,585.8	5,176.2	4,785.9
I. Short -term liabilities	4,256.0	4,154.6	4,183.1	4,125.7	3,875.6	3,917.2	3,877.0	4,200.9	4,353.9	3,466.1	3,893.2	3,341.7
1. Short-term trade accounts payable	679.4	588.2	666.7	689.0	773.0	696.8	687.0	618.1	814.1	724.4	801.5	640.2
2. Short-term advances from customers	2,530.0	2,536.1	2,429.5	2,131.7	2,168.9	2,180.1	2,249.1	2,215.1	2,208.6	1,542.8	1,707.3	1,651.1
3. Taxes and other payables to state authorities	20.9	18.4	37.7	38.5	69.6	91.0	83.5	77.0	92.0	108.1	97.2	51.2
4. Payable to employees	10.1	6.4	7.9	8.6	11.4	9.0	9.4	9.0	13.1	8.4	7.6	8.5
5. Short-term acrrued expenses	16.3	27.5	18.1	17.6	25.4	21.3	15.5	23.5	12.3	49.1	7.7	4.4
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	18.3	0.0
9. Other short-term payables	99.1	81.9	39.0	129.1	54.7	77.1	64.8	44.3	49.7	96.9	289.0	360.9
10. Short-term borrowings and financial leases	890.3	888.6	963.1	1,090.4	764.0	837.6	762.8	1,205.6	1,158.2	932.4	958.9	594.4
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.6	7.2	21.1	20.6	8.5	4.1	4.7	8.3	5.8	4.1	5.7	5.9
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.1
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,140.9	1,110.7	1,042.3	1,055.8	1,514.0	1,480.6	1,466.9	1,662.0	1,869.4	2,119.7	1,283.0	1,444.1
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	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	0.6	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	6.4	6.4	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.0	2.2	2.2	2.6	180.2	179.4	179.2	276.1	367.7	367.7	503.9	654.0
8. Long-term borrowings and financial leases	1,130.6	1,099.5	1,037.8	1,051.5	1,332.4	1,299.5	1,287.1	1,385.2	1,500.6	1,497.9	527.9	539.7
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	250.0	250.0	250.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2.3	2.1	1.7	1.1	0.8	0.5	0.0	0.0	1.1	4.1	1.2	0.5
12. Provision for long-term liabilities	0.5	0.5	0.6	0.7	0.7	0.7	0.7	0.7	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	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	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	3,868.5	3,845.3	3,824.8	3,783.0	3,782.6	3,784.7	3,712.2	3,751.8	3,646.6	3,477.8	3,602.5	2,241.1
I. Owner's equity	3,868.5	3,845.3	3,824.8	3,783.0	3,782.6	3,784.7	3,712.2	3,751.8	3,646.6	3,477.8	3,602.5	2,241.1
1. Owner's capital	3,358.2	3,358.2	3,052.9	2,826.8	2,827.0	2,826.8	2,826.8	2,444.2	2,444.2	2,244.2	2,244.2	1,744.2
- Common stock with voting right	3,358,206,410,000.00	3,358,206,410,000.00	3,052,939,860,000.00	2,826,808,040,000.00	2,826,974,019,979.00	2,826,808,040,000.00	2,826,808,040,000.00	2,444,183,040,000.00	2,444,183,040,000.00	2,244,183,040,000.00	2,244,183,040,000.00	1,744,183,060,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	244.4	244.4	549.7	549.7	549.7	549.7	549.7	549.7	549.7	499.7	499.7	-0.3
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00	0.00	0.00	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	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	0.0	0.0	0.0	0.0
8. Investment and development fund	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
11. Undistributed earnings after tax	142.8	117.7	103.7	279.2	277.9	280.6	218.3	617.5	580.5	666.0	629.0	449.9
- Accumulated retained earning at the end of the previous period	71.6	75.7	71.7	265.5	162.2	164.9	147.2	553.0	174.2	174.6	182.0	341.4
- Undistributed earnings in this period	71.1	42.0	31.9	13.6	115.7	115.7	71.1	64.5	406.3	491.4	447.0	108.5
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	121.6	123.5	117.0	125.8	126.5	126.1	116.0	139.0	70.7	66.5	228.1	45.8
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	9,265.4	9,110.6	9,050.2	8,964.6	9,172.3	9,182.5	9,056.1	9,614.8	9,869.8	9,063.6	8,778.6	7,026.9

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	40.6	29.9	28.6	40.4	36.1	73.6	26.6	87.2	-121.8	57.4	345.8	124.0
Depreciation of Fixed Assets and Investment Property	5.0	5.3	5.5	5.7	6.8	4.7	1.3	9.0	4.8	4.3	4.7	4.8
Provision (Increase)/Reversal	7.4	1.1	1.9	-1.0	15.5	0.0	-74.8	0.0	6.6	-7.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	7.4	-6.7	9.7	0.0	-0.1	7.1	0.5	0.0	1.9	-0.8	2.3	0.0
Gain/Loss from Investment Activities	-31.4	-5.0	-3.8	-6.3	-6.9	-96.8	-35.6	-56.7	-3.4	28.9	-357.2	-70.4
Interest Expense	48.1	47.4	75.3	34.7	48.8	71.2	93.3	55.8	86.7	26.2	55.8	12.4
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	77.0	72.2	117.1	73.5	100.2	59.8	11.2	95.2	-25.3	109.0	51.4	70.8
Increase/(Decrease) in Receivables	-22.5	-120.2	-140.0	118.1	146.2	-93.9	606.0	160.6	-2,507.0	288.5	-1,736.7	-573.8
Increase/(Decrease) in Inventory	-114.0	15.5	80.4	-81.3	-29.1	37.3	-47.3	-12.3	42.4	-62.8	15.4	37.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	97.5	32.9	152.8	-308.1	489.4	-447.7	-28.6	-284.9	695.6	-163.0	-69.8	-241.3
Increase/(Decrease) in Prepaid Expenses	1.2	3.2	-11.4	1.9	-3.2	4.0	-12.7	12.3	0.2	7.3	-4.9	3.6
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.4	0.0	0.1	0.0	957.0	300.0	-300.0	0.0
Interest Paid	-46.5	-46.8	-65.2	-45.7	-466.8	346.0	-115.0	-34.9	-64.7	-26.2	-68.2	-12.4
Corporate Income Tax Paid	-40.1	14.0	-5.5	-30.0	-40.1	-8.1	-0.0	-18.3	-6.8	1.3	-12.8	-15.5
Other Operating Receipts	-0.7	0.6	0.0	0.1	-1.3	0.4	-10.7	11.6	0.0	0.0	0.0	0.0
Other Operating Payments	0.6	-16.1	-1.3	-10.6	0.9	-0.7	-4.7	-8.8	-0.3	-3.3	-0.6	-7.5
Net Cash Flow from Operating Activities	-47.6	-44.6	126.9	-282.1	196.7	-102.8	398.3	-79.5	-908.8	450.9	-2,126.4	-738.4
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	-0.9	-2.0	-1.4	-0.8	-0.8	-3.6	-0.5	-2.6	-3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	1.1	2.5	3.6	2.0	0.8	1.4	1.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-16.0	0.0	0.0	0.0	0.0	0.0	-0.6	0.0	0.0	0.0	400.0	-400.0
Receipts from Loan Repayments and Sale of Debt Instruments	-1.8	1.8	0.1	0.0	0.0	0.0	2.0	8.9	3.7	-2.5	2.5	1.0
Investments in Other Entities	-20.0	0.0	0.0	0.0	-0.3	0.0	20.2	-20.2	-290.1	-970.4	-389.8	-340.2
Proceeds from Investments in Other Entities	53.6	80.8	0.0	2.4	78.0	35.0	120.0	48.8	638.8	167.7	269.6	0.0
Dividends and Interest Income Received	0.9	10.1	-0.5	0.7	8.8	1.3	-7.7	7.7	18.0	4.8	233.4	-0.3
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	17.2	93.9	2.1	5.8	86.5	35.7	134.4	45.4	366.9	-800.8	513.2	-742.9
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	172,500,000,000.00	-305,000,000,000.00	1,182,188,737,982.00	872,090,420,000.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	460.4	287.3	403.0	270.8	473.5	525.5	565.2	236.6	1,891.0	999.6	681.0	720.5
Repayment of Borrowings	-427.0	-300.7	-545.4	-224.4	-514.9	-443.1	-1,158.2	-266.9	-1,659.3	-23.9	-327.5	-228.0
Repayment of Finance Leases	-1.3	-1.3	-2.1	-1.4	-0.6	-2.1	47.9	-52.0	-0.8	-0.8	-0.8	-0.8
Dividends Paid	-10.6	0.0	0.0	0.0	-24.4	-0.2	-4.3	-3.5	-41.7	-13.0	-16.2	2.7
Other Financing Receipts	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	21.5	-14.7	-144.5	45.0	-66.5	80.1	-549.3	-85.8	361.6	656.9	1,518.6	1,366.6
Net Cash Flow During the Period	-8.8	34.6	-15.5	-231.3	216.7	13.0	-16.7	-119.9	-180.3	307.0	-94.5	-114.7
Cash and Cash Equivalents at Beginning of Period	300.3	300.3	300.3	300.3	207.2	207.2	207.2	207.2	289.7	289.7	289.7	289.7
FX Difference from Revaluation	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	79.3	88.1	53.5	69.0	300.3	83.6	70.7	87.3	207.2	387.5	80.5	175.0

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TCD

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