TLG

Tập đoàn Thiên Long ·HOSE ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 0.81x

Price

48,600

Latest close

05 Jun 2026

P/E 9.28x

P/B 1.96x

EPS 5,235

BVPS 24,808

ROE 20.3%

ROA 14.4%

Profit Margin 11.1%

Asset Turnover 1.29x

Equity Mult. 1.41x

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

What Is Changing

On a TTM 2026Q1 basis, TLG posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this profit level holds without further revenue momentum.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,380bn
	                                
+17.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 487bn
	                                
+8.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	4,173.9	3,758.6	3,461.9	3,520.9	2,668.3
Growth	+11%	+9%	-2%	+32%	—
Net Income	445.1	460.2	356.2	400.9	276.7
Net Margin	10.66%	12.24%	10.29%	11.39%	10.37%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,000.1	949.1	1,184.5	1,245.9	794.4	846.8	896.0	1,207.2	808.6	689.0	785.0	1,069.3
Growth	+5%	-20%	-5%	+57%	-6%	-5%	-26%	+49%	+17%	-12%	-27%	—
Net Income	116.0	73.9	75.7	221.9	78.4	39.0	91.4	241.5	88.3	28.5	59.5	168.2
Net Margin	11.60%	7.78%	6.39%	17.81%	9.87%	4.60%	10.20%	20.00%	10.92%	4.13%	7.58%	15.73%

Drivers of TLG's profit

TTM

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

Gross profit ↑ 538.8bn

Other profit ↑ 49.0bn

Administrative expenses ↓ 19.9bn

Tax ↓ 7.0bn

Selling expenses ↑ 548.3bn

Finance costs ↑ 13.7bn

TTM

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

Gross profit ↑ 141.9bn

Selling expenses ↑ 87.6bn

Finance costs ↑ 7.0bn

Deferred tax ↑ 6.6bn

Administrative expenses ↑ 3.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.6% = 12.0% × 1.20 × 1.35

2026Q1 20.2% = 11.1% × 1.29 × 1.41

ROE rose from 19.6% to 20.2% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 11.1% -0.9pp Asset turnover: 1.29x +0.09x Leverage: 1.41x +0.06x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 11.13%, falling 0.9pp. The main pressure is SG&A / Revenue rose 7.7pp, outweighing the improvement in Gross margin rose 5.8pp (in addition, Other profit / Revenue rose 1.1pp added support while Net financial result / Revenue fell 0.5pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 11.13% −0.9pp

Gross Margin 50.47% +5.8pp

SG&A / Revenue 37.91% +7.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 19.41%, falling 0.4pp. That translates to 19.41 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.25x, NOPAT margin narrowed 1.8pp still pulled ROIC lower, with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 19.41% −0.4pp

NOPAT Margin 10.17% −1.8pp

Capital Turnover 1.91x +0.25x

Average Invested Capital 2,294.4bn +38.4bn

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.41x equity, with a net cash position equivalent to 0.01x equity.

Inventory ended the period at 814.5bn, roughly 22.8% of total assets.

Over the last 12 months, working capital absorbed 36.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −48.7bn

Inventories increased → lower CFO: −66.3bn

Payables increased → higher CFO: +78.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.9 days versus the same period last year. The main moves came from DIO rose 1.8 days, DSO rose 2.2 days, and DPO rose 6.0 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 168.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +2.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 62.3 days +2.2 days

Inventory 157.6 days +1.8 days

Payables 51.8 days +6.0 days

Cash Conversion Cycle 168.1 days −1.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 219.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.01x and interest coverage at 13.28x.

At present, short-term debt accounts for 98.7% of total debt, cash equals 103.6% of debt, and total debt stands at 464.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.7% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.01x +0.08x

Interest Coverage 13.28x −6.45x

Cash / Debt 103.6% −46.7pp

Short-term Debt / Total Debt 98.7% +0.1pp

CFO / NI 0.81x +0.03x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 219.8bn in 2025, against investing cash flow of -191.8bn.

Post-investment cash flow was positive +28.0bn. Financing cash flow was negative +251.8bn.

CFO / net income was 0.81x.

After spending +143.5bn on fixed-asset investment, the business generated trailing free cash flow of +251.4bn.

Cash Conversion

CFO TTM 394.9bn +44.1bn

Cash Capex 143.5bn +63.1bn

FCF TTM +251.4bn −19.0bn

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 earnings conversion is confirmed, with CFO/NI at 0.81x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 168 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.81x.

Key risk: working capital remains tied up for too long, with cash cycle at 168.1 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,186.2	3,772.8	3,496.7	3,550.4	2,686.9
Revenue Deductions	12.3	14.2	34.8	29.5	0.0
Net Revenue	4,173.9	3,758.6	3,461.9	3,520.9	2,668.3
Cost of Goods Sold	2,105.4	2,083.2	1,949.3	1,996.8	0.0
Gross Profit	2,068.6	1,675.4	1,512.5	1,524.1	1,127.2
Financial Income	56.9	58.3	48.5	62.1	32.0
Financial Expenses	35.6	28.1	25.6	29.1	-6.9
Interest Expense	21.9	13.5	17.8	8.9	-7.0
Share of Associates and Joint Ventures	2.2	1.2	-4.0	0.0	-0.0
Selling Expenses	1,238.9	769.7	740.5	738.5	-504.7
General and Administrative Expenses	330.2	357.2	346.8	319.4	-292.4
Operating Profit	523.0	580.0	444.0	499.2	355.3
Other Income	55.5	10.9	9.2	10.2	0.0
Other Expenses	6.5	4.1	1.2	2.6	0.0
Other Profit	49.0	6.8	8.0	7.5	3.3
Profit Before Tax	572.0	586.9	452.0	506.7	358.6
Current Income Tax Expense	121.7	114.2	94.0	122.4	-81.9
Deferred Income Tax Expense	5.2	12.5	1.8	-16.7	0.0
Net Income	445.1	460.2	356.2	400.9	276.7
Non-controlling Interest	-1.4	-1.5	-2.8	-0.4	-0.0
Profit Attributable to Parent	446.5	461.7	358.9	401.4	276.7
Earnings per Share	3,993.00	4,806.00	4,147.00	4,643.00	3,201.00
Diluted EPS	3,993.00	4,806.00	4,147.00	4,643.00	3,556.90

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,748.4	2,670.7	2,074.5	2,133.2	1,867.5
I. Cash and cash equivalents	487.0	700.1	243.2	405.4	503.4
1. Cash	309.0	334.9	243.2	405.4	0.0
2. Cash equivalents	178.0	365.2	0.0	0.0	0.0
II. Short-term financial investments	423.7	360.9	447.3	359.7	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	423.7	360.9	447.3	359.7	0.0
III. Short-term receivables	801.3	649.1	438.8	370.1	398.3
1. Short-term trade accounts receivable	771.2	612.8	390.7	337.0	0.0
2. Short-term prepayments to suppliers	10.4	14.6	12.8	29.2	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	16.0	16.0	16.0	0.0	0.0
6. Other short-term receivables	14.1	12.3	30.0	10.1	0.0
7. Provision for short-term doubtful debts (*)	-10.3	-6.7	-10.8	-6.3	0.0
8. Assets awaiting resolution	—	0.0	0.1	0.0	0.0
IV. Inventories	814.5	784.9	831.7	914.1	693.1
1. Inventories	868.1	834.0	855.4	930.8	0.0
2. Provision for decline in value of inventories	-53.6	-49.1	-23.7	-16.6	0.0
V. Other short-term assets	221.8	175.8	113.4	84.0	32.6
1. Short-term prepayments	17.4	23.1	15.8	18.9	0.0
2. Value added tax to be reclaimed	203.7	143.5	93.0	58.1	0.0
3. Taxes and other receivables from state authorities	0.7	9.2	4.6	7.0	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)	820.4	688.9	734.0	735.8	578.7
I. Long-term receivables	13.1	14.7	13.0	12.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.8
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	13.1	14.7	13.0	12.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	523.0	528.3	575.6	478.3	445.5
1. Tangible fixed assets	509.6	504.9	550.0	453.7	425.4
- Cost	1,382.1	1,341.0	1,309.2	1,134.4	0.0
- Accumulated depreciation	-872.5	-836.1	-759.2	-680.7	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	13.4	23.4	25.6	24.6	20.2
- Cost	73.4	81.1	79.8	75.5	0.0
- Accumulated depreciation	-60.0	-57.7	-54.2	-50.8	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	30.1	20.4	7.7	102.8	19.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	30.1	20.4	7.7	102.8	0.0
V. Long-term financial investments	182.0	64.2	62.8	58.7	33.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	179.9	37.2	36.0	25.0	0.0
3. Investments in other entities	5.7	30.7	30.7	37.7	0.0
4. Provision for diminution in value of long-term investments	-3.6	-3.7	-3.9	-4.0	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	72.1	61.2	74.9	83.5	0.0
1. Long-term prepayments	56.7	48.7	49.8	56.7	0.0
2. Deferred income tax assets	15.4	12.5	25.0	26.8	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	74.7
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)	3,568.7	3,359.6	2,808.4	2,869.0	2,446.1
A. LIABILITIES (300=210+330)	1,046.1	1,012.3	714.5	911.2	620.6
I. Short -term liabilities	1,011.9	985.7	659.5	831.3	578.3
1. Short-term trade accounts payable	270.2	260.2	193.8	260.2	193.0
2. Short-term advances from customers	17.5	8.1	3.8	4.4	6.8
3. Taxes and other payables to state authorities	46.9	48.8	31.4	25.1	0.0
4. Payable to employees	42.3	44.0	40.4	40.3	0.0
5. Short-term acrrued expenses	142.6	81.2	91.9	134.4	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
9. Other short-term payables	6.0	7.6	6.4	171.9	0.0
10. Short-term borrowings and financial leases	439.3	486.6	250.1	182.9	173.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	47.2	49.2	41.7	12.2	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	34.2	26.7	54.9	79.9	42.3
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	6.2	6.2	33.5	63.6	11.7
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	8.1	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	19.9	20.5	21.4	16.3	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)	2,522.7	2,347.2	2,094.0	1,957.9	1,825.6
I. Owner's equity	2,522.7	2,347.2	2,094.0	1,957.9	0.0
1. Owner's capital	965.3	864.5	785.9	777.9	1,825.6
- Common stock with voting right	965,283,400,000.00	864,535,750,000.00	785,944,530,000.00	777,944,530,000.00	777,944,530,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	361.6	361.6	361.6	361.6	361.6
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	3.0	2.0	0.6	0.5	0.0
8. Investment and development fund	261.9	261.9	261.9	261.9	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	932.4	857.9	683.6	554.7	457.6
- Accumulated retained earning at the end of the previous period	593.7	489.9	451.3	396.7	346.0
- Undistributed earnings in this period	338.7	368.1	232.2	158.0	111.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	-1.6	-0.8	0.3	1.1	0.0
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)	3,568.7	3,359.6	2,808.4	2,869.0	2,446.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	572.0	586.9	452.0	506.7	358.6
Depreciation of Fixed Assets and Investment Property	93.0	95.2	89.9	82.5	83.9
Provision (Increase)/Reversal	8.0	18.9	16.8	-15.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-10.5	-10.7	-5.3	7.0	0.0
Gain/Loss from Investment Activities	-76.5	-31.1	-27.3	-24.7	0.0
Interest Expense	21.9	13.5	17.8	8.9	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	607.8	672.7	544.0	565.3	415.3
Increase/(Decrease) in Receivables	-198.7	-260.9	-96.6	-26.9	0.0
Increase/(Decrease) in Inventory	-34.2	21.5	75.3	-226.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	58.1	95.9	-139.1	143.1	0.0
Increase/(Decrease) in Prepaid Expenses	-1.8	-6.2	9.3	1.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-21.8	-12.7	-17.9	-8.8	0.0
Corporate Income Tax Paid	-120.7	-108.2	-81.2	-123.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-68.8	-42.8	-44.7	-35.0	0.0
Net Cash Flow from Operating Activities	219.8	359.1	249.1	289.2	238.3
Payments for Fixed Assets and Other Long-term Assets	-125.1	-83.2	-107.0	-169.6	-70.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	81.2	4.7	2.6	1.7	2.2
Loans and Purchases of Debt Instruments	-902.0	-959.8	-699.9	-616.7	-521.0
Receipts from Loan Repayments and Sale of Debt Instruments	839.2	1,046.3	596.2	497.1	648.0
Investments in Other Entities	-143.2	-0.3	-15.0	-25.0	-7.0
Proceeds from Investments in Other Entities	25.0	0.0	7.0	0.0	0.0
Dividends and Interest Income Received	33.1	28.4	25.1	21.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-191.8	36.1	-190.9	-291.0	82.2
Proceeds from Equity Issuance and Capital Contributions	13,000,000,000.00	0.00	9,800,000,000.00	1,656,180,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,265.3	1,193.7	983.2	780.5	583.3
Repayment of Borrowings	-1,312.6	-984.6	-946.1	-719.0	-577.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-217.4	-157.2	-272.3	-155.6	-194.5
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	-251.8	52.0	-225.3	-92.4	-188.6
Net Cash Flow During the Period	-223.8	447.1	-167.2	-94.3	95.5
Cash and Cash Equivalents at Beginning of Period	700.1	243.2	405.4	503.4	371.7
FX Difference from Revaluation	10.7	9.7	5.0	-3.8	-0.2
Cash and Cash Equivalents at End of Period	487.0	700.1	243.2	405.4	503.4

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	1,002.5	949.1	1,190.1	1,250.3	797.9	851.4	900.4	1,210.5	810.5	693.8	788.7	1,072.4
Revenue Deductions	2.4	—	5.6	4.4	3.5	4.6	4.4	3.3	1.9	4.8	3.7	3.1
Net Revenue	1,000.1	949.1	1,184.5	1,245.9	794.4	846.8	896.0	1,207.2	808.6	689.0	785.0	1,069.3
Cost of Goods Sold	518.5	479.2	596.4	575.0	454.8	485.3	511.4	621.2	465.2	393.3	430.7	591.3
Gross Profit	481.6	470.0	588.1	670.9	339.7	361.5	384.6	586.0	343.4	295.7	354.3	478.1
Financial Income	10.3	14.8	13.9	18.7	9.6	22.3	6.5	20.9	8.6	14.4	3.1	17.7
Financial Expenses	13.1	8.2	9.2	12.1	6.2	7.2	10.4	5.2	5.3	4.3	3.5	9.0
Interest Expense	6.6	5.8	6.3	5.0	4.8	3.7	3.5	3.1	3.2	2.8	5.0	4.8
Share of Associates and Joint Ventures	-1.6	-1.7	0.3	3.6	—	1.2	0.0	0.0	0.0	-4.0	0.0	0.0
Selling Expenses	252.2	334.1	415.2	325.0	164.6	216.2	190.9	206.5	156.1	177.4	193.6	196.1
General and Administrative Expenses	82.6	87.6	81.3	82.4	78.9	106.2	77.8	90.9	82.3	86.3	86.5	81.2
Operating Profit	142.4	53.1	96.6	273.6	99.6	55.4	112.1	304.3	108.3	38.1	73.8	209.4
Other Income	3.4	46.5	1.4	6.4	1.2	2.6	3.6	1.1	3.6	1.7	1.8	2.3
Other Expenses	0.0	2.7	0.8	0.6	0.0	3.4	0.1	0.2	0.3	0.7	0.3	0.1
Other Profit	3.4	43.8	0.6	5.9	1.2	-0.8	3.4	0.9	3.3	1.0	1.5	2.2
Profit Before Tax	145.8	97.0	97.2	279.5	100.7	54.5	115.5	305.1	111.6	39.1	75.3	211.6
Current Income Tax Expense	31.5	20.2	18.6	50.0	30.6	9.1	35.0	52.6	17.6	14.4	11.6	51.4
Deferred Income Tax Expense	-1.7	2.9	3.0	7.7	-8.3	6.5	-10.9	11.1	5.8	-3.8	4.3	-8.0
Net Income	116.0	73.9	75.7	221.9	78.4	39.0	91.4	241.5	88.3	28.5	59.5	168.2
Non-controlling Interest	0.2	0.3	-0.4	-0.8	-0.5	-0.2	-0.4	-0.8	0.0	-0.3	-0.8	-1.0
Profit Attributable to Parent	115.8	73.6	76.1	222.7	78.9	39.2	91.9	242.3	88.3	28.8	60.3	169.2
Earnings per Share	1,029.00	762.36	867.51	2,575.69	821.00	452.91	1,168.80	3,083.10	1,012.00	366.20	774.51	2,174.96
Diluted EPS	1,029.00	762.36	867.51	2,575.69	821.00	4,806.00	1,168.80	3,083.10	1,012.00	366.20	774.51	2,174.96

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)	2,616.0	2,760.6	2,954.5	2,942.1	2,653.6	2,670.7	2,612.7	2,582.9	2,172.6	2,074.5	1,924.0	2,286.6
I. Cash and cash equivalents	480.7	487.0	389.5	395.0	641.3	700.1	399.2	344.6	199.1	243.2	224.6	361.2
1. Cash	398.2	309.0	349.5	274.3	186.2	334.9	318.8	304.1	189.1	243.2	196.6	334.2
2. Cash equivalents	82.5	178.0	40.0	120.7	455.1	365.2	80.4	40.5	10.0	0.0	28.0	27.0
II. Short-term financial investments	260.3	423.7	740.6	480.2	226.7	360.9	695.1	603.8	403.2	447.3	247.2	261.9
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	260.3	423.7	740.6	480.2	226.7	360.9	695.1	603.8	403.2	447.3	247.2	261.9
III. Short-term receivables	852.1	801.3	769.7	928.6	746.9	649.1	645.8	767.8	612.5	438.8	536.5	727.9
1. Short-term trade accounts receivable	844.4	771.2	725.1	885.1	650.5	612.8	602.6	730.7	582.2	390.7	489.8	688.6
2. Short-term prepayments to suppliers	13.3	10.4	20.5	28.7	17.1	14.6	18.6	23.0	16.4	12.8	18.6	21.0
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	—	16.0	16.0	16.0	16.0	16.0	16.0	16.0	16.0	16.0	16.0	0.0
6. Other short-term receivables	6.2	14.1	17.3	7.2	69.8	12.3	15.7	7.4	9.3	30.0	19.4	23.9
7. Provision for short-term doubtful debts (*)	-11.7	-10.3	-9.2	-8.4	-6.5	-6.7	-7.1	-9.4	-11.5	-10.8	-7.4	-5.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
IV. Inventories	919.1	825.9	842.3	940.9	854.9	784.9	731.0	739.0	838.7	831.7	806.7	834.1
1. Inventories	969.8	879.5	897.1	993.1	903.5	834.0	771.2	778.3	865.8	855.4	827.5	853.9
2. Provision for decline in value of inventories	-50.7	-53.6	-54.8	-52.2	-48.6	-49.1	-40.2	-39.2	-27.1	-23.7	-20.8	-19.8
V. Other short-term assets	103.6	222.7	212.5	197.4	183.8	175.8	141.7	127.6	119.1	113.4	108.9	101.5
1. Short-term prepayments	16.8	17.4	20.3	22.8	23.9	23.1	14.7	13.2	14.5	15.8	19.0	14.9
2. Value added tax to be reclaimed	85.2	204.5	188.6	174.4	157.9	143.5	126.9	114.3	101.4	93.0	86.1	83.4
3. Taxes and other receivables from state authorities	1.6	0.8	3.6	0.2	1.9	9.2	0.1	0.1	3.2	4.6	3.8	3.2
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)	821.6	801.0	838.2	823.3	687.4	688.9	689.6	689.2	704.5	734.0	737.4	744.8
I. Long-term receivables	13.7	13.1	16.4	15.1	14.8	14.7	14.7	13.9	13.4	13.0	13.3	12.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	13.7	13.1	16.4	15.1	14.8	14.7	14.7	13.9	13.4	13.0	13.3	12.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	516.4	523.0	524.9	511.0	518.9	528.3	536.3	550.5	556.0	575.6	566.9	579.7
1. Tangible fixed assets	503.6	509.6	503.5	488.8	496.1	504.9	513.1	526.4	531.1	550.0	541.3	553.2
- Cost	1,396.2	—	—	—	—	1,341.0	1,329.3	1,326.3	1,311.3	1,309.2	1,277.9	1,268.3
- Accumulated depreciation	-892.6	—	—	—	—	-836.1	-816.1	-799.9	-780.3	-759.2	-736.6	-715.1
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	12.8	13.4	21.4	22.3	22.8	23.4	23.1	24.0	24.9	25.6	25.6	26.4
- Cost	73.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-60.6	—	—	—	—	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	37.1	18.8	23.8	21.3	21.4	20.4	14.1	8.1	7.4	7.7	19.6	20.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	37.1	18.8	23.8	21.3	21.4	20.4	14.1	8.1	7.4	7.7	19.6	20.3
V. Long-term financial investments	180.5	182.0	208.8	211.1	64.2	64.2	63.0	63.0	62.8	62.8	66.8	58.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	178.3	179.9	181.7	184.0	37.2	37.2	36.0	36.0	36.0	36.0	40.0	25.0
3. Investments in other entities	5.7	5.7	30.7	30.7	30.7	30.7	30.7	30.7	30.7	30.7	30.7	37.7
4. Provision for diminution in value of long-term investments	-3.6	-3.6	-3.6	-3.6	-3.7	-3.7	-3.7	-3.7	-3.9	-3.9	-3.9	-3.9
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	73.9	64.0	64.4	64.7	68.0	61.2	61.6	53.7	65.0	74.9	70.8	73.6
1. Long-term prepayments	59.0	56.7	54.2	51.5	47.2	48.7	42.5	45.5	45.7	49.8	49.5	48.1
2. Deferred income tax assets	14.9	7.3	10.2	13.1	20.8	12.5	19.1	8.2	19.2	25.0	21.2	25.5
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)	3,437.5	3,561.6	3,792.8	3,765.5	3,341.0	3,359.6	3,302.3	3,272.0	2,877.2	2,808.4	2,661.4	3,031.4
A. LIABILITIES (300=210+330)	1,042.9	1,034.1	1,242.4	1,299.7	915.8	1,012.3	910.3	888.2	698.0	714.5	601.1	1,028.8
I. Short -term liabilities	1,010.9	1,008.0	1,216.4	1,273.7	889.7	985.7	880.9	856.2	646.8	659.5	508.0	933.1
1. Short-term trade accounts payable	307.5	270.2	275.2	331.1	308.7	260.2	194.6	220.0	212.4	193.8	164.3	209.2
2. Short-term advances from customers	15.1	17.5	20.7	18.6	5.7	8.1	6.7	8.0	7.7	3.8	4.1	3.4
3. Taxes and other payables to state authorities	47.9	43.0	55.4	96.3	31.4	48.8	53.9	95.4	28.2	31.4	35.4	84.7
4. Payable to employees	46.1	42.3	41.4	41.4	45.0	44.0	39.0	40.1	42.6	40.4	40.4	48.2
5. Short-term acrrued expenses	116.7	142.6	160.7	197.1	44.9	81.2	95.0	94.5	39.5	91.9	87.7	74.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.1	6.0	3.6	2.6	3.1	7.6	5.3	7.9	5.0	6.4	6.0	169.8
10. Short-term borrowings and financial leases	457.9	439.3	608.8	518.5	420.7	486.6	437.3	334.5	291.4	250.1	128.5	295.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	15.6	47.2	50.6	68.1	30.1	49.2	49.1	55.7	20.1	41.7	41.7	47.8
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	32.0	26.1	26.0	26.0	26.1	26.7	29.4	32.0	51.1	54.9	93.1	95.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	6.2	6.2	6.2	6.2	6.2	6.2	8.4	10.6	29.8	33.5	72.5	79.0
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	5.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	19.9	19.9	19.8	19.8	19.9	20.5	21.1	21.4	21.4	21.4	20.6	16.7
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)	2,394.7	2,527.5	2,550.3	2,465.8	2,425.2	2,347.2	2,392.0	2,383.9	2,179.2	2,094.0	2,060.3	2,002.6
I. Owner's equity	2,394.7	2,527.5	2,550.3	2,465.8	2,425.2	2,347.2	2,392.0	2,383.9	2,179.2	2,094.0	2,060.3	2,002.6
1. Owner's capital	965.3	965.3	877.5	864.5	864.5	864.5	785.9	785.9	785.9	785.9	777.9	777.9
- Common stock with voting right	965,283,400,000.00	965,283,400,000.00	877,535,750,000.00	864,535,750,000.00	864,535,750,000.00	864,535,750,000.00	785,944,530,000.00	785,944,530,000.00	785,944,530,000.00	785,944,530,000.00	777,944,530,000.00	777,944,530,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	361.6	361.6	361.6	361.6	361.6	361.6	361.6	361.6	361.6	361.6	361.6	361.6
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	5.3	3.0	3.2	2.9	3.0	2.0	1.6	2.0	0.4	0.6	0.2	-0.6
8. Investment and development fund	261.9	261.9	261.9	261.9	261.9	261.9	261.9	261.9	261.9	261.9	261.9	261.9
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	802.0	937.3	1,047.9	976.3	935.2	857.9	981.5	972.5	768.7	683.6	658.1	600.4
- Accumulated retained earning at the end of the previous period	691.1	593.7	681.5	681.5	857.7	489.9	568.7	647.3	683.2	451.3	500.5	500.5
- Undistributed earnings in this period	110.9	343.5	366.4	294.8	77.5	368.1	412.8	325.2	85.5	232.2	157.6	99.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	-1.4	-1.6	-1.9	-1.5	-1.0	-0.8	-0.5	-0.1	0.7	0.3	0.5	1.3
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)	3,437.5	3,561.6	3,792.8	3,765.5	3,341.0	3,359.6	3,302.3	3,272.0	2,877.2	2,808.4	2,661.4	3,031.4

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	145.8	94.5	97.2	279.5	100.7	54.5	115.5	305.1	111.6	39.1	75.3	211.6
Depreciation of Fixed Assets and Investment Property	22.6	23.5	22.7	23.2	23.6	23.0	23.9	24.0	24.3	24.0	19.7	23.5
Provision (Increase)/Reversal	-1.4	-0.9	4.7	5.3	-1.1	6.3	-1.5	10.0	4.1	11.3	2.5	4.7
FX Gain/Loss from Revaluation of Monetary Items	-1.4	-0.9	-1.8	-7.8	—	-10.7	7.6	-7.6	0.0	-5.3	3.9	-3.9
Gain/Loss from Investment Activities	-5.4	-49.6	-9.2	-10.4	-7.3	-8.5	-9.9	-5.9	-6.8	-5.2	-5.1	-8.7
Interest Expense	6.6	5.8	6.3	5.0	4.8	3.7	3.5	3.1	3.2	2.8	5.0	4.8
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	166.8	72.4	119.9	294.8	120.8	68.4	139.1	328.7	136.5	66.7	101.5	232.0
Increase/(Decrease) in Receivables	41.8	-39.4	143.7	-194.8	-108.3	-31.0	114.3	-162.4	-181.9	89.3	197.2	-204.3
Increase/(Decrease) in Inventory	-101.7	20.1	104.9	-89.5	-69.6	-62.7	7.0	87.5	-10.4	-28.0	26.5	23.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.8	-19.9	-121.0	198.5	0.5	68.5	-48.3	84.9	-9.2	25.3	-56.0	-60.0
Increase/(Decrease) in Prepaid Expenses	-1.8	-4.1	4.3	-2.8	0.7	-13.6	0.4	1.4	5.6	2.8	-6.0	2.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-6.3	-5.8	-6.0	-4.8	-5.3	-3.2	-3.2	-3.2	-3.2	-3.0	-5.1	-4.8
Corporate Income Tax Paid	-28.7	-33.6	-49.6	0.0	-37.5	-25.2	-54.7	-2.1	-26.2	-15.0	-45.6	-4.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-39.3	-9.1	-22.1	-12.8	-24.8	-3.0	-12.5	-0.9	-26.3	-1.3	-10.5	-9.7
Net Cash Flow from Operating Activities	51.7	-19.5	174.1	188.5	-123.4	-1.9	142.1	334.0	-115.0	136.9	201.9	-24.9
Payments for Fixed Assets and Other Long-term Assets	-33.8	-55.1	-35.4	-19.2	-15.4	-19.2	-19.4	-26.3	-18.3	-16.1	-9.2	-15.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	75.7	4.5	0.8	0.3	0.3	1.9	2.3	0.1	0.2	0.1	-1.1
Loans and Purchases of Debt Instruments	-207.7	-43.2	-380.4	-358.5	-120.0	-106.5	-250.2	-439.7	-163.5	-259.0	-201.9	-22.3
Receipts from Loan Repayments and Sale of Debt Instruments	388.4	360.0	120.0	105.0	254.2	440.7	158.9	239.1	207.6	58.9	200.7	112.8
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-15.0	0.0
Proceeds from Investments in Other Entities	—	25.0	—	—	—	0.0	0.0	0.0	0.0	0.0	7.0	0.0
Dividends and Interest Income Received	12.8	12.0	5.1	5.5	10.6	10.6	4.1	6.1	7.6	1.7	9.5	7.3
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	160.9	374.4	-286.2	-409.6	129.6	325.9	-104.7	-218.5	33.6	-214.3	-8.9	81.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	8,000,000,000.00	0.00	1,800,000,000.00
Share Repurchases	—	—	—	—	—	-300,000,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	327.2	271.7	345.6	366.8	281.3	348.2	283.0	304.2	258.3	235.9	215.5	263.7
Repayment of Borrowings	-308.6	-441.3	-255.3	-268.9	-347.2	-301.1	-182.4	-280.2	-220.8	-153.2	-389.1	-184.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-241.3	-87.8	0.0	-129.7	—	-78.6	-78.6	0.0	0.0	0.0	-155.6	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	-222.7	-257.3	103.3	-31.8	-65.9	-31.8	22.0	23.9	37.5	90.7	-329.2	81.6
Net Cash Flow During the Period	-10.0	97.6	-8.8	-252.9	-59.7	292.2	59.4	139.4	-43.9	13.2	-136.2	137.9
Cash and Cash Equivalents at Beginning of Period	487.2	389.5	395.0	641.3	700.1	243.2	243.2	243.2	243.2	405.4	405.4	405.4
FX Difference from Revaluation	3.6	10.7	10.8	7.5	0.9	8.7	-4.8	6.0	-0.2	5.4	-0.3	0.8
Cash and Cash Equivalents at End of Period	480.7	487.0	389.5	395.0	641.3	700.1	399.2	344.6	199.1	243.2	224.6	361.2

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TLG

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