TLP

Tổng Công ty Thương mại Xuất nhập khẩu Thanh Lễ - CTCP ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT −1.20x

Price

6,900

Latest close

29 May 2026

P/E 8.42x

P/B 0.57x

EPS 819

BVPS 12,165

ROE 6.7%

ROA 2.0%

Profit Margin 0.9%

Asset Turnover 2.28x

Equity Mult. 3.39x

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

What Is Changing

On a TTM 2026Q1 basis, TLP is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 22,198bn
	                                
+11.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 207bn
	                                
+96.0%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.20x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	21,469.0	20,271.7	19,933.9	25,508.2	11,912.9
Growth	+6%	+2%	-22%	+114%	—
Net Income	144.7	85.9	121.0	43.2	112.9
Net Margin	0.67%	0.42%	0.61%	0.17%	0.95%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	5,966.4	5,983.4	5,225.1	5,023.3	5,249.6	4,441.7	5,180.3	5,108.3	5,393.1	4,420.4	4,569.1	5,510.9
Growth	-0%	+15%	+4%	-4%	+18%	-14%	+1%	-5%	+22%	-3%	-17%	—
Net Income	56.6	108.6	19.1	22.4	23.6	27.9	17.2	36.8	64.8	69.8	6.8	25.6
Net Margin	0.95%	1.82%	0.37%	0.45%	0.45%	0.63%	0.33%	0.72%	1.20%	1.58%	0.15%	0.46%

Drivers of TLP's profit

TTM

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

Gross profit ↑ 291.1bn

Associates income ↑ 30.3bn

Selling expenses ↑ 75.6bn

Administrative expenses ↑ 64.0bn

Finance costs ↑ 38.4bn

Tax ↑ 33.7bn

TTM

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

Gross profit ↑ 56.2bn

Associates income ↑ 9.9bn

Selling expenses ↑ 27.2bn

Tax ↑ 6.7bn

Finance costs ↑ 5.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.7% = 0.5% × 2.11 × 3.35

2026Q1 7.2% = 0.9% × 2.28 × 3.39

ROE rose from 3.7% to 7.2% — all three components improved, with asset turnover contributing the most.

Net margin: 0.9% +0.4pp Asset turnover: 2.28x +0.17x Leverage: 3.39x +0.03x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.93%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.0pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.1pp).

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

Profitability trend

Net Margin 0.93% +0.4pp

Gross Margin 4.45% +1.0pp

SG&A / Revenue 2.51% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 58.6 days.

Is capital being deployed efficiently?

ROIC expanded to 3.64%, rising 2.0pp. That translates to 3.64 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 0.49x, with invested capital holding roughly steady — 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 3.64% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.64% +2.0pp

NOPAT Margin 0.93% +0.5pp

Capital Turnover 3.94x +0.49x

Average Invested Capital 5,640.3bn −160.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 2.36x equity, net debt at 1.01x equity.

Inventory ended the period at 2,639.0bn, roughly 27.8% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.9 days versus the same period last year. The main moves came from DIO rose 7.2 days, DSO fell 7.3 days, and DPO rose 9.8 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +7.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 25.0 days −7.3 days

Inventory 56.4 days +7.2 days

Payables 22.8 days +9.8 days

Cash Conversion Cycle 58.6 days −9.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 441.6bn due to capex of 208.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.01x and interest coverage only at 0.87x.

At present, short-term debt accounts for 99.5% of total debt, cash equals 33.5% of debt, and total debt stands at 4,356.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.01x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.87x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.01x +0.09x

Interest Coverage 0.87x +0.45x

Cash / Debt 33.5% −8.5pp

Short-term Debt / Total Debt 99.5% +0.3pp

CFO / NI -1.20x −1.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -700.2bn in 2025, against investing cash flow of -5.9bn.

Post-investment cash flow was negative +706.1bn. Financing cash flow was positive +1,190.8bn.

CFO / net income was -1.20x.

After spending +208.4bn on fixed-asset investment, the business generated trailing free cash flow of −441.6bn.

Cash Conversion

CFO TTM 233.2bn −280.9bn

Cash Capex 208.4bn +137.4bn

FCF TTM −441.6bn −418.3bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 3.6%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -1.20x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -1.20x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	21,469.0	20,271.7	19,933.9	25,508.2	11,915.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	21,469.0	20,271.7	19,933.9	25,508.2	11,912.9
Cost of Goods Sold	20,548.7	19,478.5	19,172.2	24,815.8	0.0
Gross Profit	920.3	793.2	761.7	692.4	595.7
Financial Income	57.7	57.8	82.6	59.6	28.5
Financial Expenses	284.4	270.5	285.9	244.8	-160.6
Interest Expense	242.1	207.3	212.7	141.6	-150.5
Share of Associates and Joint Ventures	41.5	23.5	20.7	24.1	-4.3
Selling Expenses	361.6	409.6	322.3	356.6	-236.6
General and Administrative Expenses	110.1	107.4	99.4	100.3	-85.1
Operating Profit	263.2	87.0	157.5	74.3	137.5
Other Income	22.1	72.4	13.7	9.3	0.0
Other Expenses	112.6	61.0	8.8	4.7	0.0
Other Profit	-90.6	11.4	4.9	4.6	9.4
Profit Before Tax	172.7	98.4	162.3	79.0	146.9
Current Income Tax Expense	27.9	12.5	41.3	35.8	-33.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	144.7	85.9	121.0	43.2	112.9
Non-controlling Interest	11.7	13.3	8.1	8.4	8.1
Profit Attributable to Parent	133.0	72.6	112.8	34.7	104.8
Earnings per Share	494.00	251.00	427.00	93.00	228.00
Diluted EPS	494.00	251.00	427.00	93.00	442.99

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,755.0	6,043.9	5,887.9	5,278.6	4,530.2
I. Cash and cash equivalents	1,794.7	1,310.0	1,446.9	1,159.1	671.4
1. Cash	735.7	646.9	1,143.4	732.9	0.0
2. Cash equivalents	1,059.0	663.1	303.4	426.2	0.0
II. Short-term financial investments	30.8	3.3	70.1	8.2	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	30.8	3.3	70.1	8.2	0.0
III. Short-term receivables	2,240.4	1,916.5	1,428.9	2,130.2	1,544.7
1. Short-term trade accounts receivable	2,082.8	1,723.4	1,258.0	1,951.2	0.0
2. Short-term prepayments to suppliers	11.5	16.7	20.9	23.3	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	8.0	22.6	0.0
6. Other short-term receivables	154.0	182.3	149.0	140.3	0.0
7. Provision for short-term doubtful debts (*)	-7.9	-5.8	-7.1	-7.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,639.0	2,728.9	2,878.0	1,944.1	2,292.2
1. Inventories	2,639.0	2,728.9	2,878.0	1,944.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	50.0	85.2	64.1	37.0	16.3
1. Short-term prepayments	8.9	12.0	10.6	6.3	0.0
2. Value added tax to be reclaimed	27.3	72.3	53.3	30.4	0.0
3. Taxes and other receivables from state authorities	13.8	0.9	0.2	0.2	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,731.0	3,016.9	3,283.3	2,787.5	3,420.3
I. Long-term receivables	41.0	54.2	39.2	40.2	0.0
1. Long-term trade receivables	—	0.0	3.8	3.8	42.1
2. Long-term prepayments to suppliers	—	13.2	13.2	14.2	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	41.0	41.0	22.2	22.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,351.8	1,569.6	1,524.3	1,583.5	1,540.9
1. Tangible fixed assets	1,148.6	1,241.2	1,194.5	1,246.8	1,220.6
- Cost	2,393.6	2,407.5	2,290.0	2,269.0	0.0
- Accumulated depreciation	-1,245.0	-1,166.4	-1,095.5	-1,022.2	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	203.2	328.4	329.8	336.7	320.3
- Cost	312.4	435.7	429.9	429.9	0.0
- Accumulated depreciation	-109.2	-107.3	-100.1	-93.2	0.0
III. Investment properties	293.2	175.4	177.9	177.8	178.7
- Cost	351.7	226.4	226.0	223.4	0.0
- Accumulated depreciation	-58.6	-50.9	-48.2	-45.6	0.0
IV. Long-term assets in progress	651.9	613.9	867.2	625.3	1,290.6
1. Long-term production in progress	47.1	38.0	31.1	51.5	0.0
2. Construction in progress	604.8	575.9	836.1	573.8	0.0
V. Long-term financial investments	375.6	351.6	343.5	333.5	324.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	375.6	351.6	343.5	333.5	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	—	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	17.5	252.1	331.3	27.2	0.0
1. Long-term prepayments	17.5	252.1	331.3	27.2	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	43.5
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)	9,486.0	9,060.8	9,171.3	8,066.1	7,950.5
A. LIABILITIES (300=210+330)	6,664.4	6,216.9	6,444.8	5,443.8	5,169.6
I. Short -term liabilities	6,377.8	5,900.1	6,119.4	5,091.6	4,687.2
1. Short-term trade accounts payable	468.0	1,013.5	537.3	1,812.8	936.4
2. Short-term advances from customers	7.4	1.2	8.5	80.2	453.3
3. Taxes and other payables to state authorities	278.3	225.8	161.2	222.7	0.0
4. Payable to employees	10.4	19.4	16.9	24.0	0.0
5. Short-term acrrued expenses	8.6	7.3	23.7	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	43.0	316.0	143.2	1,302.4	0.0
10. Short-term borrowings and financial leases	5,120.9	3,878.6	4,791.0	1,317.9	2,661.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	49.5	47.5	47.5	57.0	0.0
13. Price stabilization fund	391.6	390.9	390.1	269.3	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	286.6	316.8	325.4	352.1	482.3
1. Long-term trade payables	22.0	22.0	22.0	22.0	22.0
2. Long-term advances from customers	—	0.0	4.5	4.5	4.5
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	219.4	231.5	243.7	255.8	268.0
7. Other long-term liabilities	20.5	23.0	24.5	29.5	0.0
8. Long-term borrowings and financial leases	24.7	40.2	30.6	40.3	161.8
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	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,821.6	2,843.9	2,726.5	2,622.3	2,780.9
I. Owner's equity	2,821.6	2,843.9	2,726.5	2,622.3	0.0
1. Owner's capital	2,366.0	2,366.0	2,366.0	2,366.0	2,780.9
- Common stock with voting right	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00
- 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	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00	0.00
6. Assets revaluation differences	-25.2	-25.2	-25.2	-25.2	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	41.1	32.5	15.8	15.5	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	72.0	107.6	146.2	42.3	143.8
- Accumulated retained earning at the end of the previous period	-49.7	44.6	40.3	14.1	39.0
- Undistributed earnings in this period	121.7	63.0	105.9	28.2	104.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	367.9	363.3	224.0	224.0	286.3
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)	9,486.0	9,060.8	9,171.3	8,066.1	7,950.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	172.7	98.4	162.3	79.0	0.0
Depreciation of Fixed Assets and Investment Property	108.3	99.0	91.0	89.3	0.0
Provision (Increase)/Reversal	2.1	-1.3	0.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.8	3.5	0.0	0.0	0.0
Gain/Loss from Investment Activities	-78.9	-49.3	-38.5	-37.3	0.0
Interest Expense	242.1	207.3	212.7	141.6	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	15.8	5.8	104.5	288.6	0.0
Operating Profit Before Changes in Working Capital	461.2	363.4	532.0	561.0	0.0
Increase/(Decrease) in Receivables	-279.4	-553.3	297.5	-1,025.7	0.0
Increase/(Decrease) in Inventory	80.7	142.2	-913.4	352.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-793.2	875.2	-2,549.1	2,204.4	0.0
Increase/(Decrease) in Prepaid Expenses	109.7	77.7	-308.3	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-240.0	-211.3	-208.6	-140.9	0.0
Corporate Income Tax Paid	-18.0	-38.7	-39.7	-33.4	0.0
Other Operating Receipts	4.6	107.8	8.6	5.0	0.0
Other Operating Payments	-25.8	-19.0	-17.1	-16.7	0.0
Net Cash Flow from Operating Activities	-700.2	744.0	-3,198.1	1,906.5	-136.1
Payments for Fixed Assets and Other Long-term Assets	-160.8	-97.2	-304.4	-308.6	-112.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	132.7	85.7	367.3	427.3	905.9
Loans and Purchases of Debt Instruments	-34.8	-0.8	-76.9	-5.2	-3.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.3	75.6	29.6	2.6	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	49.6	25.0	31.8	31.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-5.9	88.4	47.4	147.9	816.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	51,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	23,404.0	20,844.5	18,046.9	15,835.1	12,602.4
Repayment of Borrowings	-22,169.0	-21,732.0	-14,600.3	-17,313.2	-13,118.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-44.1	-81.7	-8.1	-88.6	-34.6
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	1,190.8	-969.2	3,438.4	-1,566.7	-499.3
Net Cash Flow During the Period	484.7	-136.9	287.7	487.7	361.8
Cash and Cash Equivalents at Beginning of Period	1,310.0	1,446.9	1,159.1	671.4	489.9
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	1,794.7	1,310.0	1,446.9	1,159.1	671.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	5,966.4	5,983.4	5,225.1	5,023.3	5,249.6	4,441.7	5,180.3	5,108.3	5,393.1	4,420.4	4,569.1	5,510.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5,966.4	5,983.4	5,225.1	5,023.3	5,249.6	4,441.7	5,180.3	5,108.3	5,393.1	4,420.4	4,569.1	5,510.9
Cost of Goods Sold	5,734.7	5,653.7	5,021.2	4,801.2	5,074.2	4,280.8	5,013.1	4,915.7	5,148.5	4,169.9	4,424.1	5,353.9
Gross Profit	231.7	329.6	203.9	222.1	175.4	160.9	167.3	192.6	244.6	250.5	145.0	157.0
Financial Income	13.2	20.6	14.8	12.3	10.0	32.4	5.1	11.5	26.6	4.6	9.9	41.6
Financial Expenses	70.1	75.0	64.7	79.8	64.9	60.0	70.7	55.7	85.7	76.3	51.6	71.7
Interest Expense	63.9	73.8	59.1	58.0	51.1	55.2	50.1	43.7	65.3	51.5	49.8	45.4
Share of Associates and Joint Ventures	15.1	16.1	10.7	8.4	5.2	7.8	4.0	3.0	6.7	6.4	4.7	2.8
Selling Expenses	96.7	94.7	119.2	78.3	69.4	88.1	78.4	77.3	81.7	86.0	74.9	78.8
General and Administrative Expenses	27.6	58.1	23.7	59.9	30.0	26.0	13.3	35.8	31.7	22.7	23.6	23.9
Operating Profit	65.7	138.5	21.9	24.9	26.2	26.9	14.0	38.4	78.8	76.5	9.5	27.1
Other Income	2.4	1.7	1.3	2.2	4.5	61.1	8.4	1.2	3.5	2.7	1.5	1.1
Other Expenses	1.1	2.2	1.3	1.7	3.5	56.9	2.5	0.6	1.2	2.2	1.2	0.9
Other Profit	1.3	-0.5	0.1	0.5	1.0	4.2	5.9	0.7	2.4	0.4	0.2	0.2
Profit Before Tax	67.0	138.0	22.0	25.3	27.3	31.1	19.9	39.1	81.1	77.0	9.8	27.3
Current Income Tax Expense	10.4	29.4	2.8	3.0	3.7	3.2	2.7	2.3	16.3	7.1	2.9	1.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	56.6	108.6	19.1	22.4	23.6	27.9	17.2	36.8	64.8	69.8	6.8	25.6
Non-controlling Interest	4.0	0.2	4.4	4.3	3.7	3.1	3.6	3.5	1.9	3.5	2.7	0.0
Profit Attributable to Parent	52.6	108.4	14.8	18.1	19.8	24.8	13.6	33.3	62.9	66.3	4.1	25.6
Earnings per Share	222.19	458.25	62.43	76.40	83.82	104.62	57.57	140.92	265.72	280.21	17.35	108.06
Diluted EPS	222.19	458.25	62.43	76.40	83.82	104.62	57.57	140.92	265.72	280.21	17.35	108.06

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,208.4	6,749.3	6,509.2	6,225.4	6,489.4	6,013.1	6,057.4	5,565.0	6,449.8	5,877.0	5,042.5	5,978.5
I. Cash and cash equivalents	1,460.4	1,784.7	1,833.7	1,613.3	1,914.0	1,344.5	1,233.0	993.8	1,500.3	1,102.2	1,112.8	1,299.1
1. Cash	403.4	735.7	780.3	653.8	968.9	849.4	835.5	635.5	1,143.9	700.4	766.2	579.5
2. Cash equivalents	1,057.0	1,049.0	1,053.5	959.5	945.1	495.1	397.5	358.3	356.4	401.8	346.6	719.6
II. Short-term financial investments	25.8	40.8	50.4	38.2	3.3	6.0	96.0	158.5	17.1	15.2	15.5	5.8
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	25.8	40.8	50.4	38.2	3.3	6.0	96.0	158.5	17.1	15.2	15.5	5.8
III. Short-term receivables	1,807.6	2,246.9	1,762.5	1,801.6	1,793.5	1,789.0	1,727.6	1,681.5	2,414.4	1,926.9	1,935.5	2,533.9
1. Short-term trade accounts receivable	1,424.3	2,082.8	1,662.7	1,578.9	1,612.3	1,570.4	1,427.8	1,495.5	1,919.1	1,451.9	1,433.9	1,691.9
2. Short-term prepayments to suppliers	227.3	11.5	13.3	2.7	16.1	37.2	18.5	24.2	21.0	31.6	73.5	357.2
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	8.0	16.6	22.6	22.6
6. Other short-term receivables	163.8	160.5	92.3	225.9	171.0	188.5	288.5	169.0	473.5	433.9	412.7	469.3
7. Provision for short-term doubtful debts (*)	-7.9	-7.9	-5.8	-5.8	-5.8	-7.1	-7.1	-7.1	-7.1	-7.1	-7.1	-7.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,816.8	2,638.7	2,819.9	2,733.6	2,740.9	2,826.2	2,940.2	2,691.6	2,456.3	2,778.8	1,894.1	1,983.6
1. Inventories	3,816.8	2,638.7	2,819.9	2,733.6	2,740.9	2,826.2	2,940.2	2,691.6	2,456.3	2,778.8	1,894.1	1,983.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	97.9	38.3	42.7	38.6	37.6	47.4	60.6	39.5	61.6	53.8	84.6	156.0
1. Short-term prepayments	17.0	8.8	7.4	9.9	8.5	18.3	26.9	9.0	9.1	14.0	19.9	21.0
2. Value added tax to be reclaimed	65.9	27.3	29.3	28.1	28.5	28.1	32.6	29.4	52.3	39.5	64.4	134.7
3. Taxes and other receivables from state authorities	15.0	2.1	6.0	0.5	0.6	1.0	1.1	1.1	0.2	0.3	0.3	0.4
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,763.5	2,899.5	2,920.1	2,944.4	2,998.7	3,249.9	3,323.5	3,287.6	2,975.9	2,788.9	2,788.7	2,777.7
I. Long-term receivables	42.1	41.0	41.0	41.0	54.2	58.0	58.0	37.0	39.2	39.2	40.2	40.2
1. Long-term trade receivables	—	—	—	—	—	3.8	3.8	3.8	3.8	3.8	3.8	3.8
2. Long-term prepayments to suppliers	—	—	—	—	13.2	13.2	13.2	13.2	13.2	13.2	14.2	14.2
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	42.1	41.0	41.0	41.0	41.0	41.0	41.0	20.0	22.2	22.2	22.2	22.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,340.0	1,472.1	1,503.5	1,525.4	1,556.4	1,582.4	1,611.4	1,574.9	1,524.3	1,540.6	1,559.8	1,576.5
1. Tangible fixed assets	1,138.7	1,148.6	1,178.2	1,200.6	1,229.7	1,252.5	1,279.7	1,241.5	1,194.5	1,209.1	1,226.5	1,241.6
- Cost	2,407.3	—	—	—	—	2,399.9	2,411.8	2,356.8	2,290.0	2,289.4	2,289.2	2,283.8
- Accumulated depreciation	-1,268.6	—	—	—	—	-1,147.4	-1,132.1	-1,115.4	-1,095.5	-1,080.3	-1,062.7	-1,042.3
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	201.3	323.4	325.3	324.8	326.6	329.8	331.6	333.4	329.8	331.5	333.3	335.0
- Cost	312.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-111.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	292.5	172.9	173.5	174.2	174.8	176.0	176.7	177.3	177.9	178.5	176.5	177.2
- Cost	351.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-59.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	691.0	652.3	634.4	634.3	607.3	752.3	797.3	824.0	867.2	666.7	646.1	619.3
1. Long-term production in progress	68.5	47.1	39.2	38.6	41.8	36.4	34.9	31.1	31.1	31.1	31.1	51.8
2. Construction in progress	622.5	605.2	595.2	595.7	565.4	715.9	762.4	792.9	836.1	635.6	615.0	567.5
V. Long-term financial investments	390.6	374.5	358.4	358.9	356.8	353.7	348.6	345.1	343.5	339.6	340.7	336.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	390.6	374.5	358.4	358.9	356.8	353.7	348.6	345.1	343.5	339.6	340.7	336.3
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	—	—	—	—	—	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	7.3	186.7	209.2	210.7	249.3	327.4	331.5	329.3	23.9	24.3	25.4	28.1
1. Long-term prepayments	7.3	186.7	209.2	210.7	249.3	327.4	331.5	329.3	23.9	24.3	25.4	28.1
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)	9,971.9	9,648.8	9,429.3	9,169.8	9,488.1	9,263.0	9,380.9	8,852.6	9,425.7	8,665.9	7,831.2	8,756.1
A. LIABILITIES (300=210+330)	7,093.8	6,692.7	6,531.4	6,291.1	6,620.8	6,469.5	6,614.1	6,090.6	6,652.9	5,941.4	5,176.5	6,108.1
I. Short -term liabilities	6,800.6	6,406.0	6,238.2	5,988.8	6,311.5	6,146.5	6,307.7	5,773.6	6,326.0	5,610.9	4,835.1	5,759.3
1. Short-term trade accounts payable	1,818.2	468.0	1,034.1	693.8	786.1	756.7	1,213.2	208.6	541.7	584.7	820.3	770.1
2. Short-term advances from customers	169.8	7.4	5.8	3.0	8.3	6.7	8.5	26.7	8.6	9.0	102.6	122.4
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	161.0	300.1	179.0	259.1	254.6	265.9	243.5	247.6	148.0	166.2	113.7	157.1
4. Payable to employees	8.2	10.4	12.3	11.8	11.8	17.0	13.5	10.3	16.9	16.5	15.9	12.0
5. Short-term acrrued expenses	2.6	8.6	3.4	2.8	2.5	2.6	4.5	0.9	22.9	14.7	1.1	1.1
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	0.1	—	0.1	—	0.1	0.1	0.0	0.1	0.0	0.1	0.0	0.1
9. Other short-term payables	37.4	49.4	36.6	37.0	296.3	191.4	135.2	338.7	359.6	375.5	423.3	713.1
10. Short-term borrowings and financial leases	4,335.5	5,120.8	4,528.8	4,541.5	4,516.8	4,473.9	4,255.4	4,504.3	4,791.0	4,015.6	2,917.4	3,613.5
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	38.6	49.5	46.8	48.6	43.8	41.4	43.5	46.2	47.3	37.5	43.3	53.5
13. Price stabilization fund	229.0	391.6	391.4	391.2	391.1	390.7	390.5	390.3	390.1	391.1	397.4	316.5
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	293.2	286.8	293.2	302.2	309.3	323.1	306.4	317.0	326.9	330.5	341.4	348.8
1. Long-term trade payables	22.0	22.0	22.0	22.0	22.0	22.0	22.0	22.0	22.0	22.0	22.0	22.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	4.5	4.5	4.5	4.5	4.5
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	229.7	219.4	222.4	225.4	228.5	234.5	237.6	240.6	243.7	246.7	249.7	252.8
7. Other long-term liabilities	20.4	20.5	20.2	22.3	22.6	22.4	22.3	22.3	26.1	23.4	28.0	29.1
8. Long-term borrowings and financial leases	21.0	24.9	28.6	32.5	36.2	44.1	24.5	27.6	30.6	33.9	37.1	40.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,878.2	2,956.1	2,897.9	2,878.8	2,867.3	2,793.5	2,766.8	2,761.9	2,772.8	2,724.5	2,654.7	2,648.0
I. Owner's equity	2,878.2	2,956.1	2,897.9	2,878.8	2,867.3	2,793.5	2,766.8	2,761.9	2,772.8	2,724.5	2,654.7	2,648.0
1. Owner's capital	2,366.0	2,366.0	2,366.0	2,366.0	2,366.0	2,366.0	2,366.0	2,366.0	2,366.0	2,366.0	2,366.0	2,366.0
- Common stock with voting right	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00	2,366,000,000,000.00
- 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	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00	-243,800,000.00
6. Assets revaluation differences	-25.2	-25.2	-25.2	-25.2	-25.2	-25.2	-25.2	-25.2	-25.2	-25.2	-25.2	-25.2
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	41.1	41.1	37.4	37.4	32.5	30.1	30.1	15.8	15.8	15.5	15.5	15.5
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	124.6	206.5	144.2	129.5	127.2	189.1	165.1	178.2	192.5	138.2	71.2	67.2
- Accumulated retained earning at the end of the previous period	76.5	45.5	91.6	91.6	107.4	118.1	118.1	144.9	33.4	41.9	41.5	41.7
- Undistributed earnings in this period	48.1	161.1	52.7	37.9	19.8	71.0	47.0	33.3	159.1	96.3	29.7	25.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	371.9	367.9	375.7	371.3	367.0	233.7	231.0	227.5	224.0	230.3	227.5	224.7
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)	9,971.9	9,648.8	9,429.3	9,169.8	9,488.1	9,263.0	9,380.9	8,852.6	9,425.7	8,665.9	7,831.2	8,756.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	120.1	—	52.6	—	-59.0	59.0	0.0	162.3	-37.3	37.3	0.0
Depreciation of Fixed Assets and Investment Property	—	57.5	—	50.8	—	-48.9	48.9	0.0	91.0	-45.3	45.3	0.0
Provision (Increase)/Reversal	—	2.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-53.4	—	-25.5	—	11.2	-11.2	0.0	-38.5	17.5	-17.5	0.0
Interest Expense	—	133.0	—	109.1	—	-93.7	93.7	0.0	212.7	-95.2	95.2	0.0
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	—	—	—	—	—	-0.5	0.5	0.0	104.5	-126.4	126.4	0.0
Operating Profit Before Changes in Working Capital	—	270.0	—	191.2	—	-190.8	190.8	0.0	532.0	-286.8	286.8	0.0
Increase/(Decrease) in Receivables	—	-352.7	—	73.3	—	330.8	-330.8	0.0	297.5	114.3	-114.3	0.0
Increase/(Decrease) in Inventory	—	86.1	—	-5.4	—	66.0	-66.0	0.0	-913.4	-70.5	70.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-306.1	—	-487.1	—	-758.1	758.1	0.0	-2,549.1	1,905.2	-1,905.2	0.0
Increase/(Decrease) in Prepaid Expenses	—	66.1	—	43.6	—	16.6	-16.6	0.0	-308.3	11.7	-11.7	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-126.7	—	-113.2	—	101.7	-101.7	0.0	-208.6	99.1	-99.1	0.0
Corporate Income Tax Paid	-12.0	-7.8	-2.6	-3.0	-4.6	-2.4	-15.2	-17.3	-6.3	-2.9	-27.6	-2.8
Other Operating Receipts	1,408.1	—	—	—	—	3,220.6	-889.3	889.3	-2,030.8	2,039.4	-247.6	247.6
Other Operating Payments	-1,270.0	4,156.5	-4,174.9	1,680.2	-1,687.6	-5,661.5	1,603.3	-1,619.1	4,646.9	-4,650.4	1,647.4	-1,661.1
Net Cash Flow from Operating Activities	392.6	-553.1	165.6	-238.2	-74.4	-263.6	443.7	-58.0	-267.3	-1,113.7	398.6	-2,215.7
Payments for Fixed Assets and Other Long-term Assets	-59.2	-31.1	-19.6	-98.5	-11.6	3.9	-26.0	-37.2	-189.1	-9.0	-91.0	-15.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	120.0	29.6	11.5	44.9	46.7	36.0	4.9	20.2	88.5	3.9	206.7	68.1
Loans and Purchases of Debt Instruments	—	3.5	—	-38.2	—	90.8	-90.8	0.0	-76.9	10.9	-10.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	4.0	—	3.3	—	-72.9	72.9	0.0	29.6	-3.6	3.6	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	27.2	-10.5	42.0	-4.0	22.1	28.2	-15.4	19.9	-7.6	27.8	-6.0	17.7
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	84.9	24.8	4.7	-92.5	57.1	159.3	39.0	-90.6	-152.0	26.5	102.4	70.5
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	5,822.5	6,753.5	5,284.0	5,398.1	5,968.4	5,652.1	5,045.0	4,519.4	5,408.7	4,535.6	3,082.4	5,020.2
Repayment of Borrowings	-6,606.7	11.6	-5,300.6	4.1	-5,329.9	-5,422.0	-5,296.4	-4,807.7	-4,659.1	-3,444.6	-3,776.4	-2,720.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-17.7	-21.3	-14.8	9.1	-17.2	-14.4	8.0	-16.2	14.4	-14.4	6.6	-14.7
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	-801.9	489.3	50.2	30.0	621.3	215.8	-243.4	-304.5	763.9	1,076.6	-687.4	2,285.3
Net Cash Flow During the Period	-324.4	-39.0	220.4	-300.7	604.1	111.4	239.3	-453.1	344.6	-10.5	-186.3	140.0
Cash and Cash Equivalents at Beginning of Period	1,784.7	1,833.7	1,613.3	1,914.0	1,310.0	1,446.9	1,446.9	1,446.9	1,159.1	1,159.1	1,159.1	1,159.1
FX Difference from Revaluation	—	0.0	—	—	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1,460.4	1,794.7	1,833.7	1,613.3	1,914.0	1,344.5	1,233.0	993.8	1,446.9	1,102.2	1,112.8	1,299.1

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TLP

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