TIG

Tập đoàn Đầu tư Thăng Long ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 4.55%, −4.13pp YoY

Price

6,600

Latest close

04 Jun 2026

P/E 32.35x

P/B 0.59x

EPS 204

BVPS 11,249

ROE 1.9%

ROA 1.0%

Profit Margin 4.9%

Asset Turnover 0.21x

Equity Mult. 1.90x

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

What Is Changing

On a TTM 2026Q1 basis, TIG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 847bn
	                                
−42.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 39bn
	                                
−69.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    55.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	1,072.2	1,495.7	1,232.6	943.5	905.7
Growth	-28%	+21%	+31%	+4%	—
Net Income	71.8	176.3	226.4	221.3	214.3
Net Margin	6.69%	11.79%	18.37%	23.45%	23.66%

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	155.5	261.7	170.9	259.3	382.2	400.3	381.0	312.1	405.9	409.7	322.3	249.6
Growth	-41%	+53%	-34%	-32%	-5%	+5%	+22%	-23%	-1%	+27%	+29%	—
Net Income	6.0	22.5	2.6	7.4	38.2	-42.6	61.4	71.1	50.8	20.6	61.7	67.4
Net Margin	3.89%	8.59%	1.54%	2.84%	9.98%	-10.65%	16.12%	22.78%	12.53%	5.04%	19.14%	27.00%

Drivers of TIG's profit

TTM

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

Finance costs ↓ 72.2bn

Tax ↓ 32.5bn

Other profit ↑ 12.9bn

Gross profit ↓ 108.3bn

Administrative expenses ↑ 50.4bn

Financial income ↓ 38.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Financial income ↑ 12.1bn

Tax ↓ 10.4bn

Gross profit ↓ 47.0bn

Selling expenses ↑ 4.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.4% = 8.7% × 0.36 × 1.71

2026Q1 1.8% = 4.5% × 0.21 × 1.90

ROE fell from 5.4% to 1.8% — asset turnover weakened the most, though leverage still provided support.

Net margin: 4.5% -4.1pp Asset turnover: 0.21x -0.15x Leverage: 1.90x +0.19x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 4.55%, losing 4.1pp. The main pressure is SG&A / Revenue rose 10.0pp, outweighing the improvement in Gross margin rose 0.2pp (with additional support from Net financial result / Revenue rose 4.0pp and Other profit / Revenue rose 0.4pp).

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

Profitability trend

Net Margin 4.55% −4.1pp

Gross Margin 17.64% +0.2pp

SG&A / Revenue 13.65% +10.0pp

Non-core / Revenue 2.88% +4.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 70.3% of PBT and lifted net margin by 4.4pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 1.4% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 1.42%, losing 3.1pp. That translates to 1.42 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 4.5pp and capital turnover fell 0.20x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

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

CAPITAL EFFICIENCY TREND

ROIC 1.42% −3.1pp

NOPAT Margin 5.21% −4.5pp

Capital Turnover 0.27x −0.20x

Average Invested Capital 3,101.8bn −48.7bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.88x equity, net debt at 0.50x equity.

Development inventory ended the period at 587.7bn, about 14.4% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 322.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +446.8bn

Inventories increased → lower CFO: −103.3bn

Payables decreased → lower CFO: −20.7bn

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.50x and interest coverage only at 1.35x.

At present, short-term debt accounts for 73.3% of total debt, cash equals 1.2% of debt, and total debt stands at 1,097.3bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is 1.35x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 73.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.50x +0.12x

Interest Coverage 1.35x −0.31x

Cash / Debt 1.2% −13.2pp

Short-term Debt / Total Debt 73.3% +35.6pp

CFO / NI 8.07x +7.14x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.3bn in 2025, against investing cash flow of -603.5bn.

Post-investment cash flow was negative +603.1bn. Financing cash flow was positive +335.3bn.

CFO / net income was 8.07x.

After spending +119.0bn on fixed-asset investment, the business generated trailing free cash flow of +216.3bn.

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

Cash Conversion

CFO TTM 335.3bn +213.0bn

Cash Capex 119.0bn −6.0bn

FCF TTM +216.3bn +218.9bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 4.1 pp. The next watchpoint is the earnings mix, when non-core contribution is 55.8%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.07x. Even so, net financial result still accounts for 55.8% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 4.55% after a 4.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,072.2	1,495.7	1,232.6	943.5	905.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,072.2	1,495.7	1,232.6	943.5	905.7
Cost of Goods Sold	864.7	1,239.7	1,084.5	812.5	0.0
Gross Profit	207.4	255.9	148.1	131.0	159.0
Financial Income	65.1	120.5	177.7	195.4	182.3
Financial Expenses	45.6	86.1	3.9	8.0	-7.0
Interest Expense	47.6	4.2	4.0	8.0	-7.0
Share of Associates and Joint Ventures	0.1	0.0	2.7	0.7	-15.2
Selling Expenses	11.3	9.2	11.4	24.6	-31.6
General and Administrative Expenses	102.3	29.2	25.5	17.8	-20.2
Operating Profit	113.5	252.0	287.8	276.7	267.3
Other Income	3.6	1.9	1.4	1.5	0.0
Other Expenses	12.3	16.1	5.0	2.3	0.0
Other Profit	-8.7	-14.3	-3.7	-0.8	-1.8
Profit Before Tax	104.8	237.8	284.1	275.9	265.4
Current Income Tax Expense	33.0	61.5	57.7	54.6	-51.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	71.8	176.3	226.4	221.3	214.3
Non-controlling Interest	-2.6	-0.2	4.3	-5.9	9.8
Profit Attributable to Parent	74.4	176.6	222.1	227.2	204.5
Earnings per Share	384.00	912.00	1,249.00	1,491.00	1,770.00
Diluted EPS	170.00	912.00	1,249.00	1,491.00	1,573.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,620.1	2,039.6	1,421.2	1,439.1	1,495.4
I. Cash and cash equivalents	19.9	287.2	299.0	441.7	540.2
1. Cash	19.9	86.1	89.8	333.7	0.0
2. Cash equivalents	0.0	201.2	209.2	108.0	0.0
II. Short-term financial investments	492.9	247.8	221.3	0.0	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	492.9	247.8	221.3	0.0	0.0
III. Short-term receivables	500.4	1,027.3	538.9	513.9	632.3
1. Short-term trade accounts receivable	259.0	536.7	85.8	29.0	0.0
2. Short-term prepayments to suppliers	148.9	73.5	260.2	277.5	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	30.9	344.4	122.7	125.8	0.0
6. Other short-term receivables	67.8	72.7	70.1	81.5	0.0
7. Provision for short-term doubtful debts (*)	-6.3	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	587.7	467.0	345.8	478.3	297.2
1. Inventories	587.7	467.0	345.8	478.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	19.2	10.4	16.3	5.2	25.6
1. Short-term prepayments	3.2	2.4	0.8	1.1	0.0
2. Value added tax to be reclaimed	12.4	4.9	15.3	4.0	0.0
3. Taxes and other receivables from state authorities	3.6	3.1	0.1	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,459.8	2,033.8	2,720.4	2,876.6	1,515.1
I. Long-term receivables	717.6	477.3	1,592.6	1,725.3	0.0
1. Long-term trade receivables	—	2.4	2.4	2.4	734.1
2. Long-term prepayments to suppliers	120.9	305.8	1,008.7	1,038.7	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	396.6	0.0	0.0	17.5	0.0
6. Other long-term receivables	200.0	169.1	581.5	666.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	135.2	141.1	163.9	73.8	74.2
1. Tangible fixed assets	135.2	141.1	163.9	73.8	74.0
- Cost	215.5	218.9	230.1	118.1	0.0
- Accumulated depreciation	-80.3	-77.8	-66.2	-44.3	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	—	0.0	0.0	0.0	0.1
- Cost	0.4	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	0.0
III. Investment properties	96.2	78.3	0.0	0.0	0.0
- Cost	146.8	116.8	38.4	38.4	0.0
- Accumulated depreciation	-50.5	-38.4	-38.4	-38.4	0.0
IV. Long-term assets in progress	310.3	272.7	95.5	127.9	41.8
1. Long-term production in progress	—	26.9	86.8	91.9	0.0
2. Construction in progress	310.3	245.8	8.7	36.0	0.0
V. Long-term financial investments	609.3	413.1	809.2	938.0	400.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	281.7	281.6	799.5	927.9	0.0
3. Investments in other entities	27.5	27.5	9.8	10.2	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-0.0	-0.1	0.0
5. Held to maturity investments	300.0	103.9	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	591.2	651.2	59.1	11.6	0.0
1. Long-term prepayments	21.9	28.7	32.1	11.6	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	265.0
5. Goodwill	569.3	622.6	27.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,080.0	4,073.4	4,141.6	4,315.7	3,010.4
A. LIABILITIES (300=210+330)	1,909.6	1,978.6	1,558.8	1,815.3	1,002.2
I. Short -term liabilities	1,224.0	1,110.7	546.4	910.1	483.3
1. Short-term trade accounts payable	129.3	101.6	62.7	111.5	121.9
2. Short-term advances from customers	21.4	30.0	26.9	21.0	20.2
3. Taxes and other payables to state authorities	33.4	289.4	59.3	75.3	0.0
4. Payable to employees	6.9	5.4	4.1	4.7	0.0
5. Short-term acrrued expenses	72.1	60.4	36.4	184.4	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	—	70.3	69.6	50.2	83.7
9. Other short-term payables	145.8	183.3	7.9	456.6	0.0
10. Short-term borrowings and financial leases	808.0	363.9	273.0	0.0	0.0
11. Provision for short-term liabilities	0.7	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.4	6.4	6.4	6.4	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	685.7	868.0	1,012.4	905.2	518.9
1. Long-term trade payables	—	0.0	0.0	1.3	1.3
2. Long-term advances from customers	—	1.1	63.3	302.0	362.7
3. Long-term acrrued expenses	0.3	0.3	0.3	0.3	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	248.0	312.9	176.5	401.4	23.5
7. Other long-term liabilities	190.1	119.6	52.1	0.1	0.0
8. Long-term borrowings and financial leases	247.2	434.1	720.3	200.0	41.2
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	—	0.0	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)	2,170.3	2,094.8	2,582.8	2,500.5	2,008.2
I. Owner's equity	2,170.3	2,094.8	2,582.8	2,500.5	0.0
1. Owner's capital	1,936.1	1,936.1	1,936.1	1,760.1	2,008.2
- Common stock with voting right	1,936,062,050,000.00	1,936,062,050,000.00	1,936,062,050,000.00	1,760,064,850,000.00	1,300,068,340,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	15.0	15.0	15.0	15.0	15.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
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	-5.3	0.0	0.0	0.0	0.0
8. Investment and development fund	7.2	7.2	7.2	7.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.1	1.1	1.1	1.1	0.0
11. Undistributed earnings after tax	113.9	36.1	344.8	298.7	232.4
- Accumulated retained earning at the end of the previous period	39.5	345.1	122.7	71.5	27.9
- Undistributed earnings in this period	74.4	-309.1	222.1	227.2	204.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	102.5	99.4	278.7	418.5	452.6
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,080.0	4,073.4	4,141.6	4,315.7	3,010.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	104.8	237.8	284.1	275.9	118.2
Depreciation of Fixed Assets and Investment Property	76.8	11.8	11.2	9.6	2.7
Provision (Increase)/Reversal	6.3	39.9	-0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-77.9	-116.0	-179.0	-195.4	0.0
Interest Expense	45.2	4.2	3.6	8.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	155.2	177.7	119.8	98.2	82.1
Increase/(Decrease) in Receivables	289.8	2,074.2	47.3	-345.7	0.0
Increase/(Decrease) in Inventory	-72.6	-100.1	131.1	-254.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-272.9	-519.1	-735.0	230.0	0.0
Increase/(Decrease) in Prepaid Expenses	5.9	1.9	11.6	2.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-42.7	-17.7	-3.1	-51.6	0.0
Corporate Income Tax Paid	-62.2	-60.2	-60.2	-45.9	0.0
Other Operating Receipts	—	36.2	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	0.3	1,592.9	-488.6	-367.0	-71.3
Payments for Fixed Assets and Other Long-term Assets	-88.6	-54.6	-74.3	-33.7	31.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	-313.5
Loans and Purchases of Debt Instruments	-1,111.1	-366.0	-225.3	-472.4	-233.2
Receipts from Loan Repayments and Sale of Debt Instruments	507.6	68.5	0.0	350.0	510.7
Investments in Other Entities	-5.1	-2,027.4	-318.1	-148.2	0.0
Proceeds from Investments in Other Entities	—	917.7	501.0	429.8	0.0
Dividends and Interest Income Received	93.7	152.9	76.3	282.8	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	-603.5	-1,309.0	-40.4	408.3	17.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	300,000,000,000.00	200,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,010.4	419.4	529.2	200.0	125.7
Repayment of Borrowings	-675.1	-715.1	-143.0	-639.9	-127.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	335.3	-295.7	386.2	-139.9	198.2
Net Cash Flow During the Period	-267.8	-11.7	-142.8	-98.5	0.0
Cash and Cash Equivalents at Beginning of Period	287.2	299.0	441.7	540.2	166.9
FX Difference from Revaluation	0.5	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.9	287.2	299.0	441.7	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	155.5	261.7	170.9	259.3	382.2	400.3	381.0	312.1	405.9	409.7	322.3	249.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	155.5	261.7	170.9	259.3	382.2	400.3	381.0	312.1	405.9	409.7	322.3	249.6
Cost of Goods Sold	128.2	188.3	145.5	235.9	307.9	345.6	303.6	260.9	332.3	369.5	279.3	221.6
Gross Profit	27.3	73.4	25.4	23.3	74.3	54.6	77.5	51.2	73.6	40.2	43.0	28.0
Financial Income	23.5	20.3	21.7	17.7	11.4	29.5	22.6	57.8	17.7	10.5	53.2	66.7
Financial Expenses	8.7	26.6	7.2	7.7	6.2	105.3	4.0	7.0	0.6	3.2	0.1	-1.1
Interest Expense	8.7	17.6	5.8	6.8	6.2	105.3	4.0	7.0	0.6	3.2	0.1	-1.1
Share of Associates and Joint Ventures	—	—	—	1.0	—	0.0	-0.1	0.0	0.0	4.6	-4.4	-4.8
Selling Expenses	4.5	7.2	3.7	0.5	0.1	0.1	2.0	2.2	4.7	1.7	7.3	1.6
General and Administrative Expenses	23.4	24.5	23.3	28.5	23.7	11.2	6.9	7.5	4.8	9.3	5.5	5.1
Operating Profit	14.2	35.3	12.8	5.4	55.7	-32.4	87.0	92.4	81.1	41.1	78.8	84.2
Other Income	0.8	0.2	1.1	2.7	1.0	34.5	0.4	0.5	0.0	0.1	0.8	0.5
Other Expenses	3.7	3.0	5.8	0.8	2.9	42.7	9.1	3.2	0.3	1.8	1.6	0.7
Other Profit	-3.0	-2.8	-4.8	2.0	-2.0	-8.2	-8.7	-2.7	-0.3	-1.7	-0.8	-0.2
Profit Before Tax	11.3	32.5	8.0	7.4	53.8	-40.6	78.3	89.6	80.9	39.3	78.0	84.0
Current Income Tax Expense	5.2	10.0	5.4	0.0	15.6	2.0	16.9	18.5	30.0	18.7	16.3	16.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.0	22.5	2.6	7.4	38.2	-42.6	61.4	71.1	50.8	20.6	61.7	67.4
Non-controlling Interest	-0.9	-0.8	-0.9	-0.5	-0.1	-5.9	1.0	1.7	1.5	-2.3	-65.7	1.6
Profit Attributable to Parent	6.9	23.3	3.5	7.8	38.3	-36.7	60.5	69.5	49.3	22.9	127.3	65.8
Earnings per Share	36.00	116.00	14.00	38.00	198.00	-220.00	317.00	367.00	263.00	107.00	350.00	383.00
Diluted EPS	36.00	120.40	18.09	40.49	197.61	-189.53	312.24	358.77	254.65	118.52	723.46	374.09

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,731.9	1,954.6	2,058.0	2,001.5	2,010.1	2,110.8	2,040.2	1,737.8	1,332.9	1,446.1	1,325.4	1,538.7
I. Cash and cash equivalents	12.7	16.3	23.9	197.5	135.8	287.8	172.8	312.7	253.1	345.6	343.5	406.0
1. Cash	12.7	16.3	23.8	42.5	85.6	86.7	70.6	55.7	95.1	90.1	236.5	289.0
2. Cash equivalents	0.0	0.0	0.0	155.0	50.2	201.2	102.2	257.0	158.0	255.5	107.0	117.0
II. Short-term financial investments	543.0	492.9	558.2	457.0	247.9	379.4	487.6	221.6	221.6	170.0	0.0	0.0
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	543.0	492.9	558.2	457.0	247.9	379.4	487.6	221.6	221.6	170.0	0.0	0.0
III. Short-term receivables	561.9	894.3	1,021.3	857.1	1,168.5	1,033.2	977.5	849.3	543.6	537.5	428.3	534.9
1. Short-term trade accounts receivable	197.6	256.6	262.2	339.8	326.7	544.9	471.0	336.6	155.4	83.5	106.6	34.0
2. Short-term prepayments to suppliers	324.1	148.5	278.9	66.8	372.0	60.9	265.7	356.0	163.0	260.5	155.0	313.4
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	—	427.5	421.0	420.5	404.5	344.4	176.6	97.3	125.0	94.8	107.8	108.8
6. Other short-term receivables	46.5	68.8	65.6	36.5	65.3	83.1	64.3	59.3	100.1	98.8	58.9	78.8
7. Provision for short-term doubtful debts (*)	-6.3	-7.1	-6.4	-6.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	590.7	531.7	439.5	477.8	445.4	399.4	398.6	342.7	299.7	376.8	531.8	575.3
1. Inventories	590.7	531.7	439.5	477.8	445.4	399.4	398.6	342.7	299.7	376.8	531.8	575.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	23.6	19.4	15.1	12.1	12.6	11.0	3.7	11.5	15.0	16.2	21.8	22.5
1. Short-term prepayments	9.3	3.4	4.4	2.7	1.9	2.5	1.9	2.0	0.6	0.8	1.6	1.2
2. Value added tax to be reclaimed	10.5	12.0	6.6	1.7	2.9	4.9	1.8	8.9	14.3	15.2	20.1	21.3
3. Taxes and other receivables from state authorities	3.7	4.0	4.1	7.8	7.8	3.6	0.0	0.5	0.1	0.1	0.2	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,424.2	2,098.2	1,937.2	2,089.4	2,029.8	1,989.2	2,262.9	2,525.2	2,793.0	2,729.2	2,649.6	2,715.7
I. Long-term receivables	295.9	334.3	495.9	570.7	497.7	486.9	1,434.6	1,676.7	1,691.5	1,620.5	1,568.5	1,604.0
1. Long-term trade receivables	—	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
2. Long-term prepayments to suppliers	95.9	131.9	298.9	368.2	312.0	305.8	848.6	1,050.7	1,048.7	1,008.7	956.7	968.8
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	27.9	27.9	27.9
6. Other long-term receivables	200.0	200.0	194.7	200.1	183.3	178.7	583.7	623.6	640.4	581.5	581.5	604.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	131.6	151.8	141.9	136.4	138.1	197.4	157.6	165.7	162.8	162.9	93.8	81.1
1. Tangible fixed assets	131.6	151.8	141.9	136.4	138.1	197.4	157.6	165.7	162.8	162.9	93.8	81.1
- Cost	215.6	—	—	—	—	275.4	232.5	237.8	231.9	229.0	146.3	130.7
- Accumulated depreciation	-83.9	—	—	—	—	-78.0	-74.9	-72.1	-69.1	-66.0	-52.5	-49.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	96.1	78.3	78.3	78.3	78.3	78.3	53.7	0.0	0.0	0.0	0.0	0.0
- Cost	146.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-50.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	321.1	334.7	300.6	269.1	267.6	375.0	51.9	51.9	75.6	88.8	124.5	126.2
1. Long-term production in progress	—	—	—	20.9	20.9	26.9	42.1	42.1	66.4	80.1	114.4	114.4
2. Construction in progress	321.1	334.7	300.6	248.2	246.8	348.1	9.8	9.8	9.3	8.7	10.1	11.7
V. Long-term financial investments	1,005.9	609.2	309.2	414.1	413.1	281.6	511.7	576.2	809.2	846.7	853.5	894.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	281.7	281.7	281.7	282.6	281.6	0.0	458.1	566.5	799.5	799.5	816.3	731.4
3. Investments in other entities	27.5	27.5	27.5	27.5	27.5	281.6	53.6	9.8	9.8	47.3	37.2	102.7
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	-0.0	-0.0	-0.0	-0.1	-0.1	-0.1
5. Held to maturity investments	696.6	300.0	—	103.9	103.9	0.0	0.0	0.0	0.0	0.0	0.0	60.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	573.6	589.9	611.2	620.7	634.9	570.0	53.4	54.7	27.6	10.3	9.3	10.5
1. Long-term prepayments	20.5	21.8	24.9	29.5	28.0	28.6	28.5	29.1	27.6	10.3	9.3	10.5
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	553.0	568.1	586.4	591.2	606.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	541.4	24.9	25.6	26.3	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,156.1	4,052.8	3,995.2	4,090.9	4,040.0	4,100.0	4,303.1	4,263.0	4,125.9	4,175.3	3,975.1	4,254.4
A. LIABILITIES (300=210+330)	1,978.2	1,884.3	1,849.6	1,958.5	1,907.2	2,284.7	1,537.3	1,558.2	1,492.3	1,595.0	1,425.4	1,625.2
I. Short -term liabilities	1,234.3	1,076.9	898.4	933.6	944.4	1,372.8	692.8	602.3	717.6	698.6	781.3	907.8
1. Short-term trade accounts payable	113.0	126.0	116.4	169.7	174.9	357.1	171.2	68.3	95.9	68.3	53.2	182.1
2. Short-term advances from customers	38.9	21.5	25.8	27.7	31.2	20.3	24.1	28.8	38.6	26.9	25.0	23.1
3. Taxes and other payables to state authorities	32.5	33.4	28.2	79.6	88.5	299.9	74.4	60.2	88.2	68.4	49.7	33.3
4. Payable to employees	4.4	7.2	5.0	4.6	3.7	5.4	3.3	2.6	2.6	3.9	3.9	3.0
5. Short-term acrrued expenses	71.1	59.8	—	65.0	66.6	56.9	58.8	80.2	147.0	35.5	184.6	177.4
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	—	—	—	65.3	19.4	70.3	70.3	62.1	19.4	69.6	69.6	69.6
9. Other short-term payables	162.4	208.5	224.8	172.0	197.0	193.2	10.5	20.0	47.2	381.9	388.9	387.9
10. Short-term borrowings and financial leases	804.8	613.1	490.9	342.3	356.7	363.2	273.7	273.7	272.2	37.7	0.0	25.0
11. Provision for short-term liabilities	0.7	0.9	0.9	0.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4
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	743.9	807.5	951.2	1,024.9	962.8	911.9	844.5	955.9	774.7	896.4	644.1	717.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	1.3	1.3	1.3
2. Long-term advances from customers	—	—	—	3.3	0.3	18.0	24.6	25.3	0.0	63.3	121.6	135.8
3. Long-term acrrued expenses	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	260.9	248.0	269.7	258.6	234.8	320.3	258.3	125.5	67.2	176.5	209.0	298.5
7. Other long-term liabilities	190.2	117.2	110.5	124.4	140.1	130.1	130.1	130.1	0.0	115.7	57.8	71.5
8. Long-term borrowings and financial leases	292.5	441.9	570.8	638.3	587.3	443.2	431.1	674.7	707.2	539.3	254.1	210.0
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	—	—	—	—	—	0.0	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)	2,177.9	2,168.5	2,145.6	2,132.4	2,132.8	1,815.3	2,765.8	2,704.7	2,633.6	2,580.4	2,549.6	2,629.2
I. Owner's equity	2,177.9	2,168.5	2,145.6	2,132.4	2,132.8	1,815.3	2,765.8	2,704.7	2,633.6	2,580.4	2,549.6	2,629.2
1. Owner's capital	1,936.1	1,936.1	1,936.1	1,936.1	1,936.1	1,936.1	1,936.1	1,936.1	1,936.1	1,936.1	1,760.1	1,760.1
- Common stock with voting right	1,936,062,050,000.00	1,936,062,050,000.00	1,936,062,050,000.00	1,936,062,050,000.00	1,936,062,050,000.00	1,936,062,050,000.00	1,936,062,050,000.00	1,936,062,050,000.00	1,936,062,050,000.00	1,936,062,050,000.00	1,760,064,850,000.00	1,760,064,850,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0
3. Convertible bond option	—	—	—	—	—	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
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	-3.8	0.1	-0.2	-3.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	5.7	1.1	1.1
11. Undistributed earnings after tax	120.8	106.3	82.9	76.7	74.2	-364.2	523.4	463.6	394.1	337.7	485.8	424.4
- Accumulated retained earning at the end of the previous period	113.9	36.1	36.1	42.8	36.1	-506.1	344.8	344.8	344.8	127.7	298.7	298.7
- Undistributed earnings in this period	6.9	70.2	46.9	33.9	38.2	141.9	178.6	118.8	49.3	210.1	187.1	125.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	101.7	102.8	103.6	99.7	99.3	220.2	283.1	281.9	280.2	278.7	280.5	421.6
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,156.1	4,052.8	3,995.2	4,090.9	4,040.0	4,100.0	4,303.1	4,263.0	4,125.9	4,175.3	3,975.1	4,254.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	11.3	36.9	8.0	6.1	53.8	-40.6	78.3	89.1	80.9	42.4	78.0	86.8
Depreciation of Fixed Assets and Investment Property	19.7	19.4	19.4	34.9	3.0	3.8	1.5	4.3	3.0	3.0	3.0	2.8
Provision (Increase)/Reversal	—	-0.1	-0.9	7.3	—	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-23.5	-20.4	-21.7	-25.1	-10.7	-19.0	5.2	-40.8	-33.7	-81.4	13.7	-49.9
Interest Expense	8.7	26.5	6.5	4.9	7.3	100.7	55.3	-8.9	16.6	-41.7	45.1	-15.9
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	16.1	62.3	11.3	28.2	53.4	44.9	140.3	43.7	66.7	-77.8	139.7	23.8
Increase/(Decrease) in Receivables	-88.7	232.2	-74.4	377.7	-245.7	1,430.3	-1,243.5	507.9	-4.1	74.8	-336.3	-158.6
Increase/(Decrease) in Inventory	-3.0	-100.1	52.5	-52.6	27.6	3.4	-145.5	71.6	-1.3	207.5	43.1	-19.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	23.6	107.6	-208.1	56.1	-228.6	-403.5	1,146.4	-831.4	49.0	-195.3	-119.4	-163.7
Increase/(Decrease) in Prepaid Expenses	-4.7	7.7	1.4	-4.3	1.1	-0.5	0.9	-3.1	4.8	9.8	0.8	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.8	17.2	-48.8	-11.1	—	-128.3	-55.3	7.9	-16.6	42.2	-15.0	-14.1
Corporate Income Tax Paid	—	-1.1	-58.6	-2.5	—	-2.2	-10.2	-52.0	-5.3	-12.5	4.1	-41.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	-7.3	0.0	-11.5	11.5	-11.5	12.6	-12.6	12.6
Net Cash Flow from Operating Activities	-64.5	325.8	-324.6	398.6	-399.5	944.2	-178.5	-243.9	81.6	61.4	-295.7	-360.1
Payments for Fixed Assets and Other Long-term Assets	-32.1	52.0	-120.4	-18.5	-1.7	-68.4	-55.1	0.2	-2.3	-72.0	-0.2	31.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-947.1	258.4	-165.9	-256.4	-364.9	-138.4	19.0	-64.0	-62.8	-92.0	1,433.6
Receipts from Loan Repayments and Sale of Debt Instruments	0.1	417.8	30.9	-301.0	360.0	619.7	88.6	20.6	17.2	-220.5	220.5	-1,135.8
Investments in Other Entities	—	—	—	—	—	-1,968.4	0.0	0.0	0.0	-322.9	4.8	0.0
Proceeds from Investments in Other Entities	—	—	—	—	130.0	806.4	132.9	162.9	0.0	318.2	72.6	22.0
Dividends and Interest Income Received	44.1	33.3	31.1	39.2	-9.7	91.8	-34.2	115.4	-64.1	-77.9	8.3	-6.1
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	12.1	-449.2	213.4	-459.8	92.1	-883.8	-6.0	318.1	-113.2	-438.0	214.1	345.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	255.6	339.3	86.1	248.8	336.3	233.6	3.5	171.6	36.9	385.1	94.1	0.0
Repayment of Borrowings	-210.4	-220.3	-147.9	-126.5	-180.4	-178.9	44.9	-190.0	-51.2	-53.0	-75.0	15.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	45.2	119.0	-61.8	122.3	155.9	54.7	48.4	-18.5	-14.3	332.1	19.1	15.0
Net Cash Flow During the Period	-7.2	-4.4	-173.0	61.1	-151.4	115.1	-136.1	55.7	-45.9	-44.6	-62.4	0.2
Cash and Cash Equivalents at Beginning of Period	19.9	23.9	197.5	135.8	287.2	299.0	299.0	299.0	299.0	441.7	441.7	441.7
FX Difference from Revaluation	—	0.5	—	0.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.7	19.9	23.9	197.5	135.8	287.8	172.8	308.8	253.1	299.0	343.5	406.0

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