TIS

Gang thép Thái Nguyên ·UPCOM ·2026Q1

▲ Showing improvement

Cash generation is recovering CFO/NPAT 290 bn, +146 bn YoY

Price

4,700

Latest close

03 Jun 2026

P/E 34.81x

P/B 0.57x

EPS 135

BVPS 8,219

ROE 1.6%

ROA 0.2%

Profit Margin 0.2%

Asset Turnover 1.22x

Equity Mult. 6.86x

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

What Is Changing

On a TTM 2026Q1 basis, TIS is improving on both growth and profitability, painting a notably more positive picture versus the same period — this marks a reversal from the difficult phase before. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 12,802bn
	                                
+13.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 25bn
	                                
+230.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    46.1%

Metric	2025	2024	2023	2022	2021
Revenue	11,991.6	10,601.2	9,530.6	11,699.4	12,857.8
Growth	+13%	+11%	-19%	-9%	—
Net Income	1.1	-7.7	-176.4	-8.9	122.7
Net Margin	0.01%	-0.07%	-1.85%	-0.08%	0.95%

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	3,642.5	3,003.0	2,757.1	3,399.2	2,832.3	2,957.4	2,390.2	3,071.0	2,182.6	2,741.4	2,413.8	1,946.4
Growth	+21%	+9%	-19%	+20%	-4%	+24%	-22%	+41%	-20%	+14%	+24%	—
Net Income	14.9	7.6	-12.3	14.5	-9.2	74.3	-84.0	-0.1	6.0	15.6	-58.5	-98.8
Net Margin	0.41%	0.25%	-0.45%	0.43%	-0.32%	2.51%	-3.51%	-0.00%	0.27%	0.57%	-2.42%	-5.08%

Drivers of TIS's profit

TTM

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

Gross profit ↑ 85.1bn

Finance costs ↓ 22.2bn

Other profit ↓ 40.5bn

Selling expenses ↑ 14.9bn

Tax ↑ 10.5bn

TTM

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

Gross profit ↑ 49.7bn

Finance costs ↓ 3.9bn

Administrative expenses ↑ 17.4bn

Tax ↑ 5.2bn

Selling expenses ↑ 4.7bn

Financial income ↓ 3.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -1.2% = -0.2% × 1.06 × 6.64

2026Q1 1.6% = 0.2% × 1.22 × 6.86

ROE rose from -1.2% to 1.6% — all three components improved, with leverage contributing the most.

Net margin: 0.2% +0.4pp Asset turnover: 1.22x +0.16x Leverage: 6.86x +0.23x

Is the profit sustainable?

Margins improved (+0.4pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.19%, rising 0.4pp. The main driver is Gross margin rose 0.3pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.4pp remained a drag).

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

Profitability trend

Net Margin 0.19% +0.4pp

Gross Margin 3.23% +0.3pp

SG&A / Revenue 2.33% −0.2pp

Non-core / Revenue -0.56% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (46.1% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 0.23%, rising 0.6pp. That translates to 0.23 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 0.34x, with invested capital easing slightly by 241bn — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 0.23% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.23% +0.6pp

NOPAT Margin 0.10% +0.3pp

Capital Turnover 2.19x +0.34x

Average Invested Capital 5,856.7bn −241.2bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 6.08x equity, net debt at 2.78x equity.

Inventory ended the period at 1,937.8bn, roughly 18.3% of total assets.

Over the last 12 months, working capital released 204.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +134.1bn

Inventories increased → lower CFO: −293.6bn

Payables increased → higher CFO: +363.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.5 days versus the same period last year. The main moves came from DIO fell 5.8 days, DSO fell 4.9 days, and DPO fell 8.2 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Working Capital Efficiency

Receivables 21.8 days −4.9 days

Inventory 61.8 days −5.8 days

Payables 36.2 days −8.2 days

Cash Conversion Cycle 47.4 days −2.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.78x and interest coverage only at 0.21x.

At present, short-term debt accounts for 59.8% of total debt, cash equals 2.5% of debt, and total debt stands at 4,306.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.78x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.21x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.78x −0.12x

Interest Coverage 0.21x +0.74x

Cash / Debt 2.5% +1.8pp

Short-term Debt / Total Debt 59.8% −2.3pp

CFO / NI 13.48x +21.46x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 166.1bn in 2025, against investing cash flow of -41.2bn.

Post-investment cash flow was positive +124.9bn. Financing cash flow was negative +167.4bn.

CFO / net income was 13.48x.

After spending +43.6bn on fixed-asset investment, the business generated trailing free cash flow of +290.1bn.

Cash Conversion

CFO TTM 333.7bn +178.8bn

Cash Capex 43.6bn +32.8bn

FCF TTM +290.1bn +146.0bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is -213.6%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.2%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 146.0bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 13.48x. Even so, net financial result still accounts for -213.6% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	11,991.6	10,601.2	9,531.4	11,699.4	12,860.2
Revenue Deductions	0.0	0.0	0.8	0.0	0.0
Net Revenue	11,991.6	10,601.2	9,530.6	11,699.4	12,857.8
Cost of Goods Sold	11,629.5	10,260.7	9,358.1	11,286.1	0.0
Gross Profit	362.1	340.5	172.5	413.3	788.2
Financial Income	22.9	19.3	31.0	26.2	9.6
Financial Expenses	115.3	140.8	173.4	144.9	-117.2
Interest Expense	113.5	139.6	169.0	134.4	-116.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	65.6	51.0	53.7	55.0	-61.6
General and Administrative Expenses	208.6	230.0	169.0	232.5	-445.9
Operating Profit	-4.4	-62.1	-192.6	7.0	173.1
Other Income	20.8	84.7	39.7	30.0	0.0
Other Expenses	2.2	18.4	20.2	30.3	0.0
Other Profit	18.6	66.3	19.5	-0.3	-15.7
Profit Before Tax	14.2	4.2	-173.1	6.7	157.4
Current Income Tax Expense	13.0	11.9	3.4	15.6	-34.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.1	-7.7	-176.4	-8.9	122.7
Non-controlling Interest	0.1	0.7	0.2	0.2	0.6
Profit Attributable to Parent	1.0	-8.4	-176.6	-9.1	122.1
Earnings per Share	5.00	-46.00	-960.00	-49.00	106.00
Diluted EPS	5.24	-45.57	-959.90	-49.32	663.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,806.9	2,725.5	2,216.1	2,402.2	2,717.3
I. Cash and cash equivalents	135.0	177.5	117.0	104.5	256.4
1. Cash	135.0	177.5	117.0	104.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	4.3	8.6	0.0	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	4.3	8.6	0.0	0.0	0.0
III. Short-term receivables	658.1	662.8	628.8	499.2	980.2
1. Short-term trade accounts receivable	922.0	911.9	885.1	742.0	0.0
2. Short-term prepayments to suppliers	3.9	4.6	1.4	4.6	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	83.7	96.9	90.3	100.4	0.0
7. Provision for short-term doubtful debts (*)	-351.6	-350.8	-348.1	-347.8	0.0
8. Assets awaiting resolution	—	0.2	0.1	0.0	0.0
IV. Inventories	1,937.8	1,805.4	1,417.4	1,760.2	1,434.1
1. Inventories	1,943.9	1,809.1	1,422.1	1,766.2	0.0
2. Provision for decline in value of inventories	-6.1	-3.7	-4.6	-6.1	0.0
V. Other short-term assets	71.7	71.1	52.9	38.2	46.6
1. Short-term prepayments	36.2	34.2	40.2	35.9	0.0
2. Value added tax to be reclaimed	0.2	0.3	0.2	2.3	0.0
3. Taxes and other receivables from state authorities	35.4	36.7	12.5	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)	7,780.2	7,664.6	8,036.0	7,779.1	7,610.8
I. Long-term receivables	66.3	63.8	60.8	59.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	37.5
2. Long-term prepayments to suppliers	21.0	21.0	21.0	21.0	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	45.3	42.8	39.7	37.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	936.5	1,044.6	1,158.1	1,238.8	1,324.8
1. Tangible fixed assets	903.2	1,009.8	1,120.5	1,198.3	1,274.3
- Cost	4,675.1	4,667.1	4,662.2	4,631.7	0.0
- Accumulated depreciation	-3,771.9	-3,657.2	-3,541.7	-3,433.4	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	33.3	34.7	37.6	40.5	50.5
- Cost	163.8	163.5	163.5	163.5	0.0
- Accumulated depreciation	-130.5	-128.7	-125.9	-123.0	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	6,566.0	6,369.6	6,629.7	6,274.7	6,018.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6,566.0	6,369.6	6,629.7	6,274.7	0.0
V. Long-term financial investments	19.3	19.3	19.3	20.1	20.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	27.6	27.6	27.6	27.6	0.0
4. Provision for diminution in value of long-term investments	-8.3	-8.3	-8.3	-7.5	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	192.1	167.3	168.1	186.4	0.0
1. Long-term prepayments	192.1	167.3	168.1	186.4	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	209.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	10,587.1	10,390.1	10,252.1	10,181.2	10,328.1
A. LIABILITIES (300=210+330)	9,091.9	8,810.6	8,544.5	8,227.0	8,278.9
I. Short -term liabilities	6,285.7	6,180.8	6,017.7	5,818.1	6,020.7
1. Short-term trade accounts payable	981.1	1,074.5	611.1	534.5	1,231.7
2. Short-term advances from customers	155.3	20.6	9.0	2.5	2.0
3. Taxes and other payables to state authorities	31.6	28.1	20.7	16.3	0.0
4. Payable to employees	69.1	71.2	85.1	132.4	0.0
5. Short-term acrrued expenses	1,899.9	1,757.7	2,136.5	1,862.4	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	0.0	0.0	0.0	0.0	0.1
9. Other short-term payables	419.4	337.6	345.4	329.6	0.0
10. Short-term borrowings and financial leases	2,703.1	2,865.7	2,773.5	2,899.4	2,532.6
11. Provision for short-term liabilities	3.5	2.1	12.8	17.0	0.0
12.. Bonus and welfare fund	22.9	23.3	23.6	23.9	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	2,806.3	2,629.9	2,526.9	2,409.0	2,258.3
1. Long-term trade payables	291.1	287.3	281.2	276.9	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	742.4	611.5	475.4	361.6	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.3	0.4	0.5	0.0
8. Long-term borrowings and financial leases	1,734.0	1,684.3	1,701.1	1,703.0	1,789.8
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	38.2	46.5	68.7	66.9	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,495.2	1,579.4	1,707.5	1,954.2	2,049.2
I. Owner's equity	1,495.2	1,579.4	1,707.5	1,954.2	0.0
1. Owner's capital	1,840.0	1,840.0	1,840.0	1,840.0	2,049.2
- Common stock with voting right	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-488.3	-397.8	-277.4	-207.2	0.0
8. Investment and development fund	29.9	29.9	29.9	29.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	92.7	86.6	95.0	271.6	281.4
- Accumulated retained earning at the end of the previous period	91.8	95.0	271.6	280.7	159.3
- Undistributed earnings in this period	1.0	-8.4	-176.6	-9.1	122.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	20.9	20.8	20.1	19.9	19.8
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)	10,587.1	10,390.1	10,252.1	10,181.2	10,328.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	14.2	4.2	-173.1	6.7	157.4
Depreciation of Fixed Assets and Investment Property	121.5	120.5	111.7	132.4	140.5
Provision (Increase)/Reversal	-3.6	-31.3	-2.7	-153.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.1	0.1	-0.9	0.0
Gain/Loss from Investment Activities	-0.4	-2.8	-0.8	-3.8	0.0
Interest Expense	113.5	139.6	169.0	134.4	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	245.3	230.1	104.3	115.5	684.2
Increase/(Decrease) in Receivables	2.7	-63.8	-142.0	465.8	0.0
Increase/(Decrease) in Inventory	-128.1	-387.0	344.2	-323.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	126.6	438.6	61.7	-555.8	0.0
Increase/(Decrease) in Prepaid Expenses	-26.7	6.8	14.0	22.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-111.6	-140.2	-166.8	-130.9	0.0
Corporate Income Tax Paid	-13.6	-3.4	-2.8	-14.6	0.0
Other Operating Receipts	71.7	0.3	0.0	78.8	0.0
Other Operating Payments	-0.2	-0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	166.1	81.5	212.6	-341.7	395.0
Payments for Fixed Assets and Other Long-term Assets	-46.0	-15.8	-28.7	-35.5	-51.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.6	0.0	0.7	2.9
Loans and Purchases of Debt Instruments	-4.3	-8.6	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	8.6	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	1.0	0.9	3.1	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	-41.2	-21.8	-27.8	-31.7	-46.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5,192.1	5,046.6	5,186.6	6,360.2	7,234.9
Repayment of Borrowings	-5,359.5	-5,045.7	-5,358.8	-6,138.8	-7,453.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.1	-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	-167.4	0.9	-172.3	221.4	-218.2
Net Cash Flow During the Period	-42.5	60.6	12.4	-151.9	-165.8
Cash and Cash Equivalents at Beginning of Period	177.5	117.0	104.5	256.4	126.5
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	135.0	177.5	117.0	104.5	256.4

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
Revenue	3,642.5	3,003.0	2,757.1	3,399.2	2,832.3	2,957.4	2,390.2	3,071.0	2,182.6	2,741.4	2,413.8	1,946.7
Revenue Deductions	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Net Revenue	3,642.5	3,003.0	2,757.1	3,399.2	2,832.3	2,957.4	2,390.2	3,071.0	2,182.6	2,741.4	2,413.8	1,946.4
Cost of Goods Sold	3,507.8	2,903.7	2,689.4	3,287.6	2,747.4	2,820.1	2,379.7	2,975.7	2,077.4	2,614.8	2,380.0	1,970.3
Gross Profit	134.6	99.2	67.6	111.6	84.9	137.3	10.5	95.3	105.3	126.6	33.8	-24.0
Financial Income	0.5	7.6	4.7	6.7	4.0	3.5	1.3	8.5	5.9	7.6	10.1	13.5
Financial Expenses	26.0	28.7	27.6	29.2	29.9	32.4	35.5	35.8	37.2	42.0	43.4	45.2
Interest Expense	26.0	28.3	27.5	28.5	29.2	32.1	35.4	35.0	37.0	40.0	42.6	44.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	19.1	18.5	16.2	15.8	14.4	17.0	10.3	12.9	10.8	22.3	10.2	8.2
General and Administrative Expenses	71.0	46.1	49.9	61.5	53.5	63.2	55.1	56.5	55.1	47.1	48.9	50.4
Operating Profit	19.1	13.6	-21.2	11.7	-9.0	28.1	-89.2	-1.5	8.1	22.8	-58.7	-114.3
Other Income	1.5	0.2	9.5	10.9	0.2	55.0	6.1	2.8	0.1	1.8	1.5	21.9
Other Expenses	0.3	0.4	1.1	0.4	0.2	3.3	0.2	0.1	1.0	7.4	0.2	7.1
Other Profit	1.3	-0.3	8.4	10.4	-0.0	51.8	5.9	2.7	-1.0	-5.5	1.3	14.8
Profit Before Tax	20.3	13.4	-12.8	22.2	-9.0	79.9	-83.3	1.2	7.1	17.3	-57.3	-99.5
Current Income Tax Expense	5.4	5.8	-0.5	7.6	0.2	5.7	0.7	1.3	1.2	1.7	1.2	-0.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	14.9	7.6	-12.3	14.5	-9.2	74.3	-84.0	-0.1	6.0	15.6	-58.5	-98.8
Non-controlling Interest	-0.1	0.0	-0.0	0.1	0.0	-0.1	0.2	0.3	0.3	0.5	0.2	-0.7
Profit Attributable to Parent	15.1	7.5	-12.3	14.5	-9.2	74.3	-84.1	-0.4	5.7	15.1	-58.7	-98.1
Earnings per Share	82.00	41.00	-67.00	79.00	-50.00	404.00	-457.00	-2.00	31.00	82.00	-319.00	-533.00
Diluted EPS	81.87	40.99	-66.97	78.64	-50.02	404.04	-457.21	-2.37	30.87	82.22	-318.91	-533.31

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,848.7	2,807.2	2,865.4	2,333.4	2,641.2	2,719.9	2,310.3	2,457.1	2,819.1	2,217.8	2,720.8	2,718.5
I. Cash and cash equivalents	105.7	135.0	30.0	125.9	30.5	186.2	201.2	175.2	78.6	117.0	108.8	216.3
1. Cash	105.7	135.0	30.0	125.9	30.5	177.5	192.6	175.2	78.6	117.0	108.8	216.3
2. Cash equivalents	—	—	—	—	—	8.6	8.6	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	4.3	4.3	8.6	8.6	8.6	0.0	0.0	0.0	0.0	0.0	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	4.3	4.3	8.6	8.6	8.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	429.0	658.3	837.4	424.9	579.5	662.6	452.8	491.6	557.1	629.7	761.1	681.9
1. Short-term trade accounts receivable	684.2	922.0	1,082.1	688.3	843.9	911.9	710.8	750.3	803.6	885.1	1,000.0	935.7
2. Short-term prepayments to suppliers	8.2	3.9	14.8	3.8	3.5	4.6	2.6	1.6	1.4	1.4	3.6	1.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	87.6	83.9	92.0	84.3	82.6	96.7	87.1	87.5	99.9	91.0	105.2	92.6
7. Provision for short-term doubtful debts (*)	-351.0	-351.6	-351.7	-351.7	-350.7	-350.8	-348.0	-348.0	-348.1	-347.7	-347.7	-347.8
8. Assets awaiting resolution	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0
IV. Inventories	2,242.4	1,937.8	1,905.9	1,670.1	1,944.4	1,805.4	1,595.6	1,713.5	2,092.6	1,418.2	1,790.3	1,753.8
1. Inventories	2,248.5	1,943.9	1,912.1	1,676.3	1,948.1	1,809.1	1,598.6	1,716.6	2,097.2	1,422.9	1,801.7	1,765.2
2. Provision for decline in value of inventories	-6.1	-6.1	-6.2	-6.2	-3.7	-3.7	-3.1	-3.1	-4.6	-4.6	-11.4	-11.4
V. Other short-term assets	67.4	71.8	83.5	103.9	78.2	65.7	60.7	76.8	90.9	52.8	60.7	66.5
1. Short-term prepayments	33.5	36.2	36.2	66.9	41.4	43.9	60.3	74.4	37.8	40.1	49.1	65.6
2. Value added tax to be reclaimed	0.2	0.2	10.5	0.2	0.2	0.3	0.2	1.5	40.0	0.2	11.5	0.2
3. Taxes and other receivables from state authorities	33.7	35.5	36.8	36.8	36.7	21.5	0.3	0.9	13.0	12.5	0.1	0.7
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)	7,808.3	7,780.1	7,709.9	7,654.5	7,641.3	7,668.7	8,134.7	8,103.0	8,058.5	8,033.3	7,970.0	7,899.1
I. Long-term receivables	68.4	66.3	66.1	66.0	65.8	63.8	63.6	63.4	63.3	60.8	60.6	60.4
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	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0
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	47.3	45.3	45.1	44.9	44.7	42.8	42.6	42.4	42.2	39.7	39.5	39.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	907.2	936.5	954.4	984.2	1,013.2	1,044.6	1,074.2	1,100.5	1,129.8	1,158.1	1,174.5	1,198.0
1. Tangible fixed assets	874.2	903.2	920.9	950.3	979.2	1,009.8	1,038.8	1,064.3	1,092.9	1,120.5	1,136.2	1,158.9
- Cost	4,666.2	—	—	—	—	4,667.1	4,664.4	4,661.4	4,663.2	4,662.2	4,648.7	4,644.4
- Accumulated depreciation	-3,792.0	—	—	—	—	-3,657.2	-3,625.6	-3,597.1	-3,570.3	-3,541.7	-3,512.5	-3,485.5
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	33.0	33.3	33.6	33.8	34.0	34.7	35.5	36.2	36.9	37.6	38.3	39.1
- Cost	53.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-20.5	—	—	—	—	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	6,602.2	6,565.3	6,503.2	6,419.5	6,375.1	6,369.9	6,810.1	6,750.7	6,685.8	6,629.7	6,543.0	6,445.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6,602.2	6,565.3	6,503.2	6,419.5	6,375.1	6,369.9	6,810.1	6,750.7	6,685.8	6,629.7	6,543.0	6,445.8
V. Long-term financial investments	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	20.1	20.1	20.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	27.6	27.6	27.6	27.6	27.6	27.6	27.6	27.6	27.6	27.6	27.6	27.6
4. Provision for diminution in value of long-term investments	-8.3	-8.3	-8.3	-8.3	-8.3	-8.3	-8.3	-8.3	-8.3	-7.5	-7.5	-7.5
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	211.2	192.6	166.8	165.5	168.0	171.1	167.4	169.1	160.3	164.6	171.8	174.8
1. Long-term prepayments	211.2	192.6	166.8	165.5	168.0	171.1	167.4	169.1	160.3	164.6	171.8	174.8
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	—	—	—	—	—	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
TOTAL ASSETS (280=100+200)	10,657.0	10,587.3	10,575.4	9,987.9	10,282.5	10,388.5	10,445.0	10,560.2	10,877.6	10,251.1	10,690.8	10,617.6
A. LIABILITIES (300=210+330)	9,144.6	9,092.6	9,101.8	8,486.4	8,743.5	8,806.1	8,848.0	8,958.1	9,227.7	8,546.2	9,011.1	8,785.3
I. Short -term liabilities	6,316.6	6,286.4	6,294.0	5,721.7	6,056.5	6,176.2	6,294.7	6,328.8	6,639.2	6,019.3	6,478.9	6,314.9
1. Short-term trade accounts payable	911.3	981.1	1,097.4	594.5	967.2	1,074.5	610.2	679.2	1,119.7	611.1	1,031.0	869.3
2. Short-term advances from customers	249.6	155.3	121.8	12.6	73.2	20.6	17.3	10.2	17.8	9.0	3.5	3.4
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	26.7	31.6	110.6	136.3	21.6	25.1	67.0	45.9	10.4	22.1	74.7	43.9
4. Payable to employees	56.4	70.3	52.5	46.9	25.9	69.4	53.6	50.1	38.6	85.1	56.1	49.8
5. Short-term acrrued expenses	1,996.6	1,899.2	1,865.1	1,828.9	1,814.4	1,758.0	2,230.9	2,199.0	2,179.6	2,139.1	2,069.2	1,990.6
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	0.3	0.0	0.2	0.1	0.3	0.0	0.1	0.1	0.3	0.0	0.1	0.1
9. Other short-term payables	474.3	419.5	313.0	356.4	339.3	337.6	349.1	341.6	327.2	345.8	330.9	322.2
10. Short-term borrowings and financial leases	2,573.7	2,703.1	2,707.6	2,719.4	2,788.7	2,865.7	2,931.3	2,966.3	2,909.5	2,773.5	2,871.6	2,994.2
11. Provision for short-term liabilities	4.8	3.5	2.9	3.3	2.6	2.1	11.6	12.7	12.5	10.0	18.1	17.5
12.. Bonus and welfare fund	22.8	22.9	22.9	23.2	23.3	23.3	23.4	23.5	23.6	23.6	23.7	23.8
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	2,828.1	2,806.2	2,807.8	2,764.7	2,686.9	2,629.9	2,553.3	2,629.4	2,588.5	2,526.9	2,532.3	2,470.4
1. Long-term trade payables	290.5	291.1	291.5	291.3	288.8	287.3	282.9	286.8	284.4	281.2	281.7	277.2
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	765.9	742.4	720.5	689.5	646.3	611.5	557.1	560.0	519.7	475.4	447.4	408.5
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.3	0.5	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.5	0.5
8. Long-term borrowings and financial leases	1,732.7	1,734.0	1,743.3	1,733.7	1,703.0	1,684.3	1,642.6	1,712.3	1,714.7	1,701.1	1,734.5	1,716.7
9. Convertible bonds	—	—	—	—	—	0.0	70.5	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	38.7	38.2	52.2	49.9	48.4	46.5	0.0	69.9	69.3	68.7	68.2	67.7
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,512.4	1,494.7	1,473.5	1,501.5	1,539.1	1,582.4	1,597.0	1,602.0	1,649.9	1,704.9	1,679.7	1,832.3
I. Owner's equity	1,512.4	1,494.7	1,473.5	1,501.5	1,539.1	1,582.4	1,597.0	1,602.0	1,649.9	1,704.9	1,679.7	1,832.3
1. Owner's capital	1,840.0	1,840.0	1,840.0	1,840.0	1,840.0	1,840.0	1,840.0	1,840.0	1,840.0	1,840.0	1,840.0	1,840.0
- Common stock with voting right	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00	1,840,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00	-41,070,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-486.1	-488.3	-496.1	-480.5	-429.0	-397.8	-309.0	-388.8	-341.0	-277.4	-287.1	-211.4
8. Investment and development fund	29.9	29.9	29.9	29.9	29.9	29.9	29.9	29.9	29.9	29.9	29.9	29.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	107.8	92.2	78.9	91.2	77.4	89.6	15.2	100.2	100.7	92.4	77.2	154.3
- Accumulated retained earning at the end of the previous period	92.7	91.8	85.9	85.9	86.6	95.0	95.0	95.0	95.0	271.6	271.6	271.6
- Undistributed earnings in this period	15.1	0.5	-7.1	5.3	-9.2	-5.4	-79.7	5.2	5.7	-179.2	-194.3	-117.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	20.8	20.9	20.9	20.9	20.9	20.8	20.9	20.7	20.4	20.1	19.6	19.5
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	10,657.0	10,587.3	10,575.4	9,987.9	10,282.5	10,388.5	10,445.0	10,560.2	10,877.6	10,251.1	10,690.8	10,617.6

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	20.3	13.8	-12.8	22.2	-9.0	79.9	-84.1	1.2	7.1	19.9	-57.3	-117.9
Depreciation of Fixed Assets and Investment Property	29.4	29.0	29.7	31.5	31.3	32.2	29.2	29.8	29.3	30.1	27.9	22.2
Provision (Increase)/Reversal	1.2	-13.6	1.9	5.8	2.4	-30.8	-0.6	-0.8	0.3	-10.3	1.1	20.8
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.1	-0.4	0.4	—	-0.0	0.1	0.0	-0.0	-0.3	0.5	0.1
Gain/Loss from Investment Activities	1.0	0.1	-0.5	0.2	-0.2	-0.2	-1.8	-0.4	-0.2	-0.1	-0.2	-0.3
Interest Expense	26.0	28.3	27.5	28.5	29.2	32.1	35.4	35.0	37.0	40.0	42.6	44.5
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	78.0	57.7	45.4	88.5	53.7	113.3	-21.9	64.8	73.5	79.2	14.6	-30.6
Increase/(Decrease) in Receivables	229.2	-168.6	-63.5	136.9	97.9	-503.4	40.2	-528.6	601.4	-133.8	174.5	-1,032.4
Increase/(Decrease) in Inventory	-304.6	-25.0	-235.8	271.8	-139.0	-210.4	118.0	380.7	-675.2	379.6	-42.7	376.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	154.5	309.2	226.9	-327.1	-82.4	697.4	-29.6	243.1	-116.3	-158.0	-68.0	882.7
Increase/(Decrease) in Prepaid Expenses	-16.5	1.1	-31.1	11.2	-7.9	16.8	11.8	-45.4	10.2	20.7	14.4	-24.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-25.4	-27.6	-27.9	-27.5	-28.6	-51.7	-38.3	-36.2	-34.5	-42.0	-42.9	-41.8
Corporate Income Tax Paid	-13.0	-1.0	0.0	-0.7	-11.9	0.0	0.0	0.0	-3.4	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	-0.0	0.0	0.2	-0.0	0.0	0.0
Other Operating Payments	—	-0.2	0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	102.2	147.9	-83.9	167.5	-65.4	61.9	80.1	78.3	-144.0	145.6	49.8	129.7
Payments for Fixed Assets and Other Long-term Assets	-2.3	-37.9	-0.7	-2.7	-4.7	0.8	1.5	-8.5	-4.4	-12.0	-5.1	-10.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.0	0.0	1.6	0.0	-0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	-4.8	0.5	—	0.0	0.2	0.8	0.0	0.0	0.0	0.0	-0.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	8.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.5	—	0.1	—	0.0	-0.6	0.4	0.2	0.2	0.2	0.5
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	-2.2	-33.6	-0.3	-2.7	-4.6	1.0	1.7	-6.5	-4.2	-11.8	-4.9	-10.2
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	1,021.4	1,292.2	1,091.8	1,422.0	1,386.1	991.9	1,257.4	1,710.9	1,086.4	1,278.6	1,234.6	1,581.4
Repayment of Borrowings	-1,150.8	-1,301.5	-1,103.6	-1,491.4	-1,463.0	-1,069.8	-1,313.2	-1,686.1	-976.5	-1,404.2	-1,387.0	-1,562.6
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	-129.4	-9.3	-11.8	-69.4	-77.0	-78.0	-55.9	24.8	109.9	-125.6	-152.4	18.8
Net Cash Flow During the Period	-29.4	105.0	-95.9	95.4	-147.0	-15.0	26.0	96.6	-38.3	8.2	-107.5	138.3
Cash and Cash Equivalents at Beginning of Period	135.0	30.0	125.9	30.5	177.5	117.0	117.0	117.0	117.0	104.5	104.5	104.5
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	105.7	135.0	30.0	125.9	30.5	186.2	201.2	175.2	78.6	117.0	108.8	216.3

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TIS

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