TLH

Tập đoàn Thép Tiến Lên ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 18.06%, +9.58pp YoY

Price

4,550

Latest close

03 Jun 2026

P/E 60.67x

P/B 0.40x

EPS 75

BVPS 11,309

ROE 0.7%

ROA 0.3%

Profit Margin 0.2%

Asset Turnover 1.60x

Equity Mult. 2.51x

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

What Is Changing

On a TTM 2026Q1 basis, TLH posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,061bn
	                                
−20.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 9bn
	                                
+101.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	5,320.3	6,305.1	6,157.4	5,324.5	4,644.8
Growth	-16%	+2%	+16%	+15%	—
Net Income	5.7	-597.7	4.1	7.5	456.3
Net Margin	0.11%	-9.48%	0.07%	0.14%	9.82%

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	1,032.5	959.4	1,188.9	1,880.4	1,291.6	1,777.1	1,632.9	1,633.7	1,261.5	2,168.4	1,324.5	1,232.7
Growth	+8%	-19%	-37%	+46%	-27%	+9%	-0%	+30%	-42%	+64%	+7%	—
Net Income	6.4	-10.1	7.5	5.3	3.0	-322.8	-122.7	-153.2	1.0	-12.5	5.2	5.0
Net Margin	0.62%	-1.06%	0.63%	0.28%	0.23%	-18.16%	-7.51%	-9.38%	0.08%	-0.58%	0.39%	0.41%

Drivers of TLH's profit

TTM

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

Gross profit ↑ 459.8bn

Associates income ↑ 93.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 7.6bn

Administrative expenses ↓ 4.7bn

Other profit ↑ 0.9bn

Gross profit ↓ 7.1bn

Financial income ↓ 2.3bn

Selling expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -38.1% = -9.4% × 1.57 × 2.58

2026Q1 0.7% = 0.2% × 1.60 × 2.51

ROE rose from -38.1% to 0.7% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 0.2% +9.6pp Asset turnover: 1.60x +0.02x Leverage: 2.51x -0.07x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 0.18%, rising 9.6pp. The main driver is Gross margin rose 7.9pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 0.2pp and Net financial result / Revenue fell 0.1pp).

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

Profitability trend

Net Margin 0.18% +9.6pp

Gross Margin 3.42% +7.9pp

SG&A / Revenue 1.71% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.91x −0.08x

Average Invested Capital 2,645.8bn −532.2bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.25x equity, net debt at 0.83x equity.

Inventory ended the period at 1,815.0bn, roughly 63.7% of total assets.

Over the last 12 months, working capital released 654.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +352.2bn

Inventories decreased → higher CFO: +734.1bn

Payables decreased → lower CFO: −431.7bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 11.9 days versus the same period last year. The main moves came from DIO rose 9.5 days, DSO rose 2.7 days, and DPO rose 0.3 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 167.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +2.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 41.5 days +2.7 days

Inventory 151.1 days +9.5 days

Payables 24.8 days +0.3 days

Cash Conversion Cycle 167.8 days +11.9 days

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 0.83x and interest coverage only at 0.07x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 5.3% of debt, and total debt stands at 1,116.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.07x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.83x −0.52x

Interest Coverage 0.07x +3.83x

Cash / Debt 5.3% +0.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 76.25x +75.88x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 699.4bn in 2025, against investing cash flow of -11.1bn.

Post-investment cash flow was positive +688.2bn. Financing cash flow was negative +769.5bn.

CFO / net income was 76.25x.

After spending +8.8bn on fixed-asset investment, the business generated trailing free cash flow of +639.0bn.

Cash Conversion

CFO TTM 647.8bn +864.4bn

Cash Capex 8.8bn +1.3bn

FCF TTM +639.0bn +863.1bn

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 operating efficiency, with net margin improving 9.6 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 0.07x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 18.06% after expanding 9.6pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.07x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,320.4	6,305.4	6,158.7	5,326.7	4,646.0
Revenue Deductions	0.0	0.4	1.3	2.2	0.0
Net Revenue	5,320.3	6,305.1	6,157.4	5,324.5	4,644.8
Cost of Goods Sold	5,140.2	6,602.8	6,001.7	5,039.6	0.0
Gross Profit	180.1	-297.7	155.6	284.9	677.3
Financial Income	25.5	65.3	28.7	52.3	60.9
Financial Expenses	110.4	149.0	110.8	213.5	-70.1
Interest Expense	91.2	103.9	116.5	97.1	-56.3
Share of Associates and Joint Ventures	0.6	-93.0	0.4	3.5	24.6
Selling Expenses	44.2	57.3	42.8	47.7	-86.7
General and Administrative Expenses	46.8	59.0	45.2	52.7	-59.3
Operating Profit	4.8	-590.6	-14.1	26.9	546.7
Other Income	1.5	23.4	34.2	1.2	0.0
Other Expenses	1.3	6.4	0.9	1.7	0.0
Other Profit	0.1	17.0	33.3	-0.6	1.0
Profit Before Tax	5.0	-573.6	19.2	26.3	547.7
Current Income Tax Expense	—	0.0	15.1	18.8	-91.3
Deferred Income Tax Expense	-0.7	24.1	0.0	0.0	0.0
Net Income	5.7	-597.7	4.1	7.5	456.3
Non-controlling Interest	0.6	-11.8	0.1	2.1	14.2
Profit Attributable to Parent	5.1	-585.9	4.0	5.4	442.1
Earnings per Share	45.00	-5,217.00	35.00	53.00	4,381.00
Diluted EPS	45.45	-5,216.67	35.22	53.22	4,329.58

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,377.0	3,464.0	3,562.2	3,643.3	3,636.0
I. Cash and cash equivalents	20.9	102.1	270.1	113.9	62.3
1. Cash	20.3	23.8	195.1	31.4	0.0
2. Cash equivalents	0.6	78.3	75.0	82.5	0.0
II. Short-term financial investments	52.2	78.9	42.8	81.7	0.0
1. Available for sale securities	45.3	46.7	3.1	105.6	0.0
2. Provision for diminution in value of available for sale securities (*)	-13.2	-5.5	-1.3	-62.9	0.0
3. Held to maturity investments	20.1	37.7	41.0	39.0	0.0
III. Short-term receivables	421.6	594.1	820.7	373.3	415.4
1. Short-term trade accounts receivable	532.1	727.0	714.7	513.6	0.0
2. Short-term prepayments to suppliers	60.0	36.5	99.5	8.0	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	—	1.0	0.0	3.0	0.0
6. Other short-term receivables	13.7	13.3	187.6	29.8	0.0
7. Provision for short-term doubtful debts (*)	-184.2	-183.6	-181.2	-181.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,815.0	2,573.0	2,413.4	2,994.3	2,807.4
1. Inventories	1,837.1	2,692.6	2,425.8	3,036.5	0.0
2. Provision for decline in value of inventories	-22.1	-119.5	-12.5	-42.2	0.0
V. Other short-term assets	67.4	115.8	15.2	80.1	48.5
1. Short-term prepayments	0.2	0.1	0.8	0.6	0.0
2. Value added tax to be reclaimed	65.1	113.1	14.3	79.5	0.0
3. Taxes and other receivables from state authorities	2.0	2.6	0.0	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)	471.0	467.7	565.6	556.7	559.2
I. Long-term receivables	14.5	14.4	15.5	15.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	10.9
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	14.5	14.4	15.5	15.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	306.6	320.4	328.8	302.3	308.0
1. Tangible fixed assets	216.1	221.3	216.8	176.8	207.6
- Cost	461.8	429.5	406.0	395.0	0.0
- Accumulated depreciation	-245.8	-208.2	-189.2	-218.2	0.0
2. Financial leased fixed assets	—	6.2	11.9	30.3	0.0
- Cost	—	18.4	18.4	31.8	0.0
- Accumulated depreciation	—	-12.2	-6.6	-1.4	0.0
3. Intangible fixed assets	90.5	92.9	100.1	95.1	100.4
- Cost	139.9	139.9	145.9	135.0	0.0
- Accumulated depreciation	-49.4	-47.0	-45.8	-39.9	0.0
III. Investment properties	—	0.0	0.0	19.5	20.8
- Cost	—	0.0	0.0	26.0	0.0
- Accumulated depreciation	—	0.0	0.0	-6.5	0.0
IV. Long-term assets in progress	11.5	17.2	13.5	10.8	13.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	11.5	17.2	13.5	10.8	0.0
V. Long-term financial investments	135.4	110.4	203.4	203.0	199.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	111.0	110.4	203.4	203.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	24.4	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	3.1	5.4	4.4	5.3	0.0
1. Long-term prepayments	3.1	5.4	4.4	5.3	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	6.1
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)	2,848.0	3,931.7	4,127.8	4,200.0	4,195.2
A. LIABILITIES (300=210+330)	1,584.2	2,673.6	2,266.9	2,289.3	2,276.6
I. Short -term liabilities	1,559.2	2,648.1	2,259.2	2,264.0	2,276.4
1. Short-term trade accounts payable	235.8	389.3	387.4	384.8	605.0
2. Short-term advances from customers	1.3	12.8	25.8	18.5	6.9
3. Taxes and other payables to state authorities	0.1	0.9	20.0	17.7	0.0
4. Payable to employees	2.0	3.2	2.3	2.5	0.0
5. Short-term acrrued expenses	4.0	5.2	3.8	5.3	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	0.5	3.6	4.3	6.5	0.0
9. Other short-term payables	35.5	183.3	364.7	284.8	0.0
10. Short-term borrowings and financial leases	1,268.9	2,038.4	1,447.2	1,540.1	1,478.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.2	11.3	3.8	3.9	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	25.0	25.5	7.7	25.3	0.1
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	3.6	11.9	0.0
7. Other long-term liabilities	1.7	1.4	0.9	0.9	0.0
8. Long-term borrowings and financial leases	—	0.0	3.3	12.6	0.0
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	23.4	24.1	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)	1,263.8	1,258.1	1,860.9	1,910.7	1,918.6
I. Owner's equity	1,263.8	1,258.1	1,860.9	1,910.7	0.0
1. Owner's capital	1,123.2	1,123.2	1,123.2	1,021.1	1,918.6
- Common stock with voting right	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,021,106,210,000.00	1,021,106,210,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	46.7	46.7	46.7	46.7	46.7
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	—	0.0	0.0	0.0	0.0
8. Investment and development fund	68.7	68.7	76.0	76.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	27.2	27.2	27.2	29.9	0.0
11. Undistributed earnings after tax	-17.7	-22.7	560.7	710.0	704.5
- Accumulated retained earning at the end of the previous period	-22.8	563.2	556.7	704.5	262.5
- Undistributed earnings in this period	5.1	-585.9	4.0	5.4	442.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	15.7	15.1	27.1	27.1	40.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,848.0	3,931.7	4,127.8	4,200.0	4,195.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	5.0	-573.6	19.2	26.3	547.7
Depreciation of Fixed Assets and Investment Property	28.0	28.4	30.1	30.0	30.5
Provision (Increase)/Reversal	-89.1	113.7	-91.3	27.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	9.1	2.9	0.3	0.0
Gain/Loss from Investment Activities	-4.3	43.4	-39.3	-27.6	0.0
Interest Expense	91.2	103.9	116.5	97.1	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	0.1	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	31.1	-275.0	38.2	153.9	675.9
Increase/(Decrease) in Receivables	219.4	126.0	-383.4	7.4	0.0
Increase/(Decrease) in Inventory	855.5	-266.7	610.7	-155.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-317.4	-208.9	89.3	-61.2	0.0
Increase/(Decrease) in Prepaid Expenses	2.2	-0.3	0.7	2.3	0.0
Changes in Trading Securities	1.4	-43.6	102.5	1.9	0.0
Interest Paid	-92.7	-102.3	-118.7	-93.3	0.0
Corporate Income Tax Paid	-0.2	-15.1	-17.5	-44.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-2.9	-0.5	0.0
Net Cash Flow from Operating Activities	699.4	-786.2	319.0	-190.0	-429.8
Payments for Fixed Assets and Other Long-term Assets	-8.5	-29.2	-61.6	-2.3	-4.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	21.0	48.0	32.1	0.6
Loans and Purchases of Debt Instruments	-189.7	-22.4	-5.2	-202.1	-199.0
Receipts from Loan Repayments and Sale of Debt Instruments	184.0	24.7	6.2	359.0	133.9
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	3.2	36.2	5.6	12.1	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	-11.1	30.2	-7.0	198.8	-57.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	33,911,605,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,885.5	6,168.9	4,513.0	5,544.7	4,281.4
Repayment of Borrowings	-4,651.7	-5,577.0	-4,603.0	-5,489.7	-3,867.5
Repayment of Finance Leases	-3.3	-4.0	-12.1	-12.2	0.0
Dividends Paid	—	0.0	-53.6	0.0	-50.4
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	-769.5	587.9	-155.7	42.8	397.3
Net Cash Flow During the Period	-81.3	-168.0	156.2	51.6	-9.4
Cash and Cash Equivalents at Beginning of Period	102.1	270.1	113.9	62.3	152.0
FX Difference from Revaluation	0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.9	102.1	270.1	113.9	62.3

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	1,032.5	959.4	1,188.9	1,880.4	1,291.6	1,777.1	1,632.9	1,634.0	1,261.5	2,168.7	1,324.7	1,233.6
Revenue Deductions	—	0.0	—	—	—	0.0	0.0	0.3	0.0	0.3	0.2	0.8
Net Revenue	1,032.5	959.4	1,188.9	1,880.4	1,291.6	1,777.1	1,632.9	1,633.7	1,261.5	2,168.4	1,324.5	1,232.7
Cost of Goods Sold	986.2	928.6	1,146.0	1,827.3	1,238.3	1,986.1	1,697.5	1,700.1	1,219.1	2,135.1	1,288.7	1,195.0
Gross Profit	46.3	30.8	42.9	53.1	53.3	-209.0	-64.7	-66.4	42.4	33.4	35.8	37.8
Financial Income	4.2	4.0	6.6	8.3	6.6	10.7	36.9	9.9	7.9	8.2	12.9	5.3
Financial Expenses	22.2	28.6	22.5	29.6	29.7	48.3	25.4	53.1	22.1	33.9	27.4	26.4
Interest Expense	18.4	19.4	18.1	27.1	26.6	34.4	21.5	27.8	20.2	27.4	24.6	35.9
Share of Associates and Joint Ventures	0.3	-0.2	0.2	0.3	0.3	-32.5	-43.3	-17.4	0.1	-1.1	0.5	0.3
Selling Expenses	14.4	4.7	10.5	15.0	13.9	16.9	11.9	14.1	14.4	11.3	10.2	10.0
General and Administrative Expenses	9.0	11.4	9.3	12.4	13.7	18.2	14.5	13.8	12.5	12.8	10.6	11.0
Operating Profit	5.3	-10.0	7.4	4.7	2.8	-314.1	-122.9	-155.0	1.3	-17.6	1.0	-3.9
Other Income	1.1	0.1	0.2	0.5	0.6	21.6	0.3	0.7	0.9	14.9	5.9	11.4
Other Expenses	0.0	0.4	0.0	0.5	0.4	6.1	0.1	0.2	0.0	0.0	0.2	0.5
Other Profit	1.1	-0.2	0.2	0.0	0.2	15.5	0.2	0.5	0.9	14.9	5.8	10.9
Profit Before Tax	6.4	-10.2	7.5	4.7	3.0	-298.7	-122.7	-154.4	2.2	-2.7	6.7	7.0
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	-1.2	1.2	9.8	1.5	2.0
Deferred Income Tax Expense	—	-0.1	—	-0.7	—	24.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.4	-10.1	7.5	5.3	3.0	-322.8	-122.7	-153.2	1.0	-12.5	5.2	5.0
Non-controlling Interest	0.2	-0.8	0.9	0.3	0.1	-6.1	-2.5	-3.3	0.1	0.1	0.1	-0.2
Profit Attributable to Parent	6.2	-9.3	6.6	5.0	2.8	-316.7	-120.2	-149.9	0.9	-12.6	5.1	5.2
Earnings per Share	55.00	-83.00	59.00	44.00	25.00	-2,820.00	-1,070.00	-1,335.00	8.00	-113.00	45.00	51.00
Diluted EPS	55.42	-83.02	59.00	44.24	25.24	-2,819.57	-1,070.33	-1,334.69	7.91	-112.40	45.30	50.85

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)	2,178.4	2,377.0	2,290.7	2,714.0	3,258.3	3,464.0	3,501.0	3,635.3	3,755.1	3,562.2	3,410.7	3,372.1
I. Cash and cash equivalents	59.1	20.9	37.5	97.1	83.5	102.1	113.3	114.9	124.3	270.1	63.4	34.8
1. Cash	54.9	20.3	20.2	69.7	17.5	23.8	17.5	72.9	68.7	195.1	18.0	11.3
2. Cash equivalents	4.3	0.6	17.3	27.4	66.0	78.3	95.8	42.1	55.6	75.0	45.4	23.5
II. Short-term financial investments	43.3	52.2	73.2	70.4	58.2	78.9	56.4	61.9	35.1	42.8	115.5	110.3
1. Available for sale securities	28.2	45.3	44.2	38.5	38.7	46.7	31.1	43.3	13.6	3.1	88.2	96.5
2. Provision for diminution in value of available for sale securities (*)	-5.3	-13.2	-7.1	-3.8	-5.7	-5.5	-3.6	-3.5	-0.5	-1.3	-13.5	-26.3
3. Held to maturity investments	20.3	20.1	36.0	35.7	25.3	37.7	28.9	22.0	22.0	41.0	40.8	40.2
III. Short-term receivables	378.9	421.6	422.1	425.1	691.5	594.1	788.3	824.3	793.3	820.7	437.6	488.7
1. Short-term trade accounts receivable	450.5	532.1	460.0	555.4	699.8	727.0	866.5	819.7	646.0	714.7	531.2	616.3
2. Short-term prepayments to suppliers	97.5	60.0	132.9	39.5	131.2	36.5	88.1	48.7	109.7	99.5	21.2	15.0
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	—	—	0.4	0.6	0.8	1.0	1.0	1.0	1.0	0.0	0.0	3.0
6. Other short-term receivables	13.7	13.7	12.4	13.2	43.2	13.3	13.9	136.0	217.7	187.6	66.2	35.5
7. Provision for short-term doubtful debts (*)	-182.8	-184.2	-183.6	-183.6	-183.6	-183.6	-181.2	-181.2	-181.2	-181.2	-181.1	-181.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,636.1	1,815.0	1,705.0	2,044.8	2,323.9	2,573.0	2,466.2	2,567.7	2,739.8	2,413.4	2,755.0	2,697.4
1. Inventories	1,656.2	1,837.1	1,744.7	2,092.8	2,390.3	2,692.6	2,491.4	2,592.8	2,746.1	2,425.8	2,759.9	2,705.7
2. Provision for decline in value of inventories	-20.1	-22.1	-39.7	-48.0	-66.4	-119.5	-25.2	-25.2	-6.3	-12.5	-4.9	-8.3
V. Other short-term assets	61.0	67.4	52.9	76.6	101.2	115.8	76.8	66.4	62.7	15.2	39.2	41.0
1. Short-term prepayments	0.3	0.2	0.2	0.2	0.2	0.1	0.5	0.4	4.6	0.8	0.4	0.3
2. Value added tax to be reclaimed	58.7	65.1	50.7	74.4	99.0	113.1	76.3	66.1	58.1	14.3	38.8	40.6
3. Taxes and other receivables from state authorities	2.0	2.0	2.0	2.0	2.0	2.6	0.0	0.0	0.0	0.0	0.0	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)	444.8	471.0	448.7	454.3	460.3	467.7	508.2	558.3	579.2	565.5	563.0	524.8
I. Long-term receivables	14.5	14.5	14.5	15.1	14.4	14.4	14.4	14.4	14.3	15.5	15.2	15.2
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	14.5	14.5	14.5	15.1	14.4	14.4	14.4	14.4	14.3	15.5	15.2	15.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	301.1	306.6	301.9	306.6	313.2	320.4	333.1	340.4	322.0	328.8	327.2	290.0
1. Tangible fixed assets	211.2	216.1	210.8	211.5	216.1	221.3	227.3	232.5	212.1	216.8	212.4	172.2
- Cost	462.1	—	—	—	—	429.5	431.6	431.6	406.1	406.0	416.6	383.7
- Accumulated depreciation	-251.0	—	—	—	—	-208.2	-204.3	-199.1	-194.0	-189.2	-204.3	-211.5
2. Financial leased fixed assets	—	—	—	3.4	4.8	6.2	7.6	9.0	10.5	11.9	13.3	14.7
- 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	89.9	90.5	91.1	91.7	92.3	92.9	98.2	98.8	99.5	100.1	101.6	103.1
- Cost	139.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-50.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- 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	11.6	11.5	17.5	17.4	17.3	17.2	12.5	13.1	35.4	13.5	10.9	11.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	11.6	11.5	17.5	17.4	17.3	17.2	12.5	13.1	35.4	13.5	10.9	11.8
V. Long-term financial investments	114.9	135.4	111.2	110.9	110.6	110.4	142.8	186.1	203.5	203.3	204.4	204.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	111.3	111.0	111.2	110.9	110.6	110.4	142.8	186.1	203.5	203.3	204.4	204.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	3.6	24.4	—	—	—	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	2.6	3.1	3.6	4.2	4.8	5.4	5.4	4.4	4.0	4.4	5.2	3.8
1. Long-term prepayments	2.6	3.1	3.6	4.2	4.8	5.4	5.4	4.4	4.0	4.4	5.2	3.8
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)	2,623.2	2,848.0	2,739.4	3,168.3	3,718.6	3,931.7	4,009.2	4,193.6	4,334.4	4,127.7	3,973.7	3,896.9
A. LIABILITIES (300=210+330)	1,353.0	1,584.2	1,465.4	1,901.8	2,457.5	2,673.6	2,430.8	2,492.5	2,472.5	2,266.9	2,100.4	2,028.8
I. Short -term liabilities	1,327.8	1,559.2	1,440.0	1,876.4	2,432.0	2,648.1	2,429.0	2,488.5	2,466.6	2,259.2	2,090.6	2,016.9
1. Short-term trade accounts payable	160.8	235.8	297.5	469.6	503.5	389.3	552.1	586.8	385.1	387.4	473.3	355.7
2. Short-term advances from customers	24.4	1.3	6.3	2.4	3.3	12.8	15.0	17.7	20.9	25.8	76.8	98.1
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	8.7	0.1	10.8	5.3	0.1	0.9	0.1	0.1	13.2	20.0	5.8	4.8
4. Payable to employees	2.0	2.0	2.0	2.0	1.9	3.2	2.1	2.1	1.7	2.3	2.2	2.1
5. Short-term acrrued expenses	0.9	4.0	0.9	3.2	1.8	5.2	1.1	3.6	0.9	3.8	0.6	2.2
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	0.5	0.5	0.5	1.9	2.6	3.6	4.3	4.3	4.3	4.3	4.3	4.3
9. Other short-term payables	4.4	35.5	45.4	17.3	121.7	183.3	131.6	335.5	384.1	364.7	252.7	168.9
10. Short-term borrowings and financial leases	1,116.9	1,268.9	1,065.4	1,363.5	1,785.9	2,038.4	1,711.4	1,527.1	1,652.6	1,447.2	1,271.2	1,376.9
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	9.2	11.2	11.2	11.2	11.2	11.3	11.3	11.3	3.7	3.8	3.8	3.8
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	25.1	25.0	25.4	25.4	25.5	25.5	1.8	4.0	5.9	7.7	9.8	11.9
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.4	1.4	2.5	3.6	4.6	5.7
7. Other long-term liabilities	1.8	1.7	2.0	2.0	1.4	1.4	1.4	1.4	1.2	0.9	0.9	0.9
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.1	1.2	2.2	3.3	4.3	5.3
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	23.4	23.4	23.4	23.4	24.1	24.1	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)	1,270.2	1,263.8	1,274.0	1,266.4	1,261.1	1,258.1	1,578.4	1,701.1	1,861.9	1,860.8	1,873.3	1,868.1
I. Owner's equity	1,270.2	1,263.8	1,274.0	1,266.4	1,261.1	1,258.1	1,578.4	1,701.1	1,861.9	1,860.8	1,873.3	1,868.1
1. Owner's capital	1,123.2	1,123.2	1,123.2	1,123.2	1,123.2	1,123.2	1,123.2	1,123.2	1,123.2	1,123.2	1,123.2	1,021.1
- Common stock with voting right	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,123,200,170,000.00	1,021,106,210,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	46.7	46.7	46.7	46.7	46.7	46.7	46.7	46.7	46.7	46.7	46.7	46.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	68.7	68.7	68.7	68.7	68.7	68.7	68.7	68.7	76.0	76.0	76.0	76.0
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	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2	27.2
11. Undistributed earnings after tax	-11.4	-17.7	-8.3	-14.9	-19.9	-22.7	291.4	411.7	561.6	560.6	573.2	670.2
- Accumulated retained earning at the end of the previous period	-17.7	-22.8	-22.7	-22.7	-22.7	563.2	560.7	560.7	560.7	556.7	556.7	658.8
- Undistributed earnings in this period	6.2	5.1	14.4	7.8	2.8	-585.9	-269.2	-149.0	0.9	3.9	16.5	11.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	15.9	15.7	16.5	15.6	15.3	15.1	21.2	23.7	27.2	27.1	27.0	26.9
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)	2,623.2	2,848.0	2,739.4	3,168.3	3,718.6	3,931.7	4,009.2	4,193.6	4,334.4	4,127.7	3,973.7	3,896.9

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	6.4	-10.2	7.5	4.7	3.0	-298.7	-122.7	-154.4	2.2	-2.6	6.7	7.0
Depreciation of Fixed Assets and Investment Property	5.8	6.4	7.4	7.1	7.1	7.2	7.3	7.1	6.9	7.8	7.4	7.5
Provision (Increase)/Reversal	-11.3	-10.9	-5.1	-20.3	-52.9	98.7	0.2	21.8	-6.9	-4.6	-16.2	-36.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.6	0.0	0.9	—	1.6	0.0	7.5	0.0	2.9	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-1.4	-0.6	-1.4	-0.9	15.1	12.5	16.6	-0.8	-15.3	-7.2	-13.2
Interest Expense	18.4	19.4	18.1	27.1	26.6	34.4	21.5	27.8	20.2	27.4	24.6	35.9
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	18.6	2.8	27.3	18.1	-17.1	-141.8	-81.2	-73.6	21.5	15.6	15.4	1.2
Increase/(Decrease) in Receivables	49.3	-13.8	26.6	290.1	-83.5	155.6	25.8	-38.7	-16.8	-363.9	41.4	67.6
Increase/(Decrease) in Inventory	180.9	-92.4	348.1	297.5	302.3	-201.2	101.5	153.3	-320.3	325.0	-54.2	174.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-74.5	-87.6	-136.0	-133.6	39.7	-114.4	-242.5	142.2	5.8	-21.4	179.3	-46.4
Increase/(Decrease) in Prepaid Expenses	0.4	0.5	0.6	0.5	0.6	-1.5	0.5	4.0	-3.3	0.3	-1.4	0.3
Changes in Trading Securities	17.0	—	—	—	—	-15.6	12.2	-29.8	-10.5	85.2	8.2	-6.7
Interest Paid	-21.1	-16.7	-20.5	-25.6	-29.9	-30.3	-23.9	-25.3	-22.8	-24.4	-27.2	-34.3
Corporate Income Tax Paid	—	-0.2	—	—	—	0.0	0.0	-11.9	-3.2	0.0	0.0	-11.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	0.0	0.0	-0.0	-0.1	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0	-2.8
Net Cash Flow from Operating Activities	168.5	-208.3	240.4	447.1	220.1	-349.1	-207.7	120.1	-349.5	16.4	161.5	141.5
Payments for Fixed Assets and Other Long-term Assets	-0.4	-5.0	-2.8	-0.6	-0.2	-2.8	-1.1	-3.3	-22.0	-11.9	-45.5	-4.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0	21.0	0.0	0.0	0.0	29.9	14.3	3.8
Loans and Purchases of Debt Instruments	-15.7	-90.8	-36.8	-61.0	-1.1	-12.6	-6.9	0.0	-2.9	-0.3	-3.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	36.3	82.7	36.7	50.8	13.8	3.8	0.0	0.0	20.9	0.0	6.2	-1.0
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	1.5	0.5	1.0	0.5	1.3	1.7	30.7	0.4	3.3	0.2	2.5	0.4
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	21.7	-12.6	-1.9	-10.4	13.8	11.1	22.7	-2.9	-0.6	17.9	-26.2	-0.9
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	691.8	984.2	793.5	1,106.3	1,001.4	2,101.6	1,658.3	1,013.9	1,395.1	1,377.2	1,104.8	938.8
Repayment of Borrowings	-843.8	0.1	-1,090.5	-1,528.4	-1,252.8	-1,773.7	-1,474.0	-1,139.5	-1,189.8	-1,201.3	-1,210.5	-1,093.1
Repayment of Finance Leases	—	0.0	-1.1	-1.1	-1.1	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-8.1
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-2.6	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	-152.0	204.2	-298.1	-423.1	-252.5	326.9	183.3	-126.6	204.3	172.4	-106.6	-162.4
Net Cash Flow During the Period	38.3	-16.6	-59.6	13.6	-18.6	-11.1	-1.7	-9.4	-145.8	206.7	28.7	-21.8
Cash and Cash Equivalents at Beginning of Period	20.9	37.5	97.1	83.5	102.1	270.1	270.1	270.1	270.1	113.9	113.9	113.9
FX Difference from Revaluation	—	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	59.1	20.9	37.5	97.1	83.5	102.1	113.3	114.9	124.3	270.1	63.4	34.8

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TLH

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