TOS

Dịch vụ biển Tân Cảng ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 19.78%, +5.05pp YoY

Price

177,300

Latest close

04 Jun 2026

P/E 9.34x

P/B 2.78x

EPS 18,974

BVPS 63,865

ROE 44.6%

ROA 14.4%

Profit Margin 17.9%

Asset Turnover 0.80x

Equity Mult. 3.11x

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

What Is Changing

On a TTM 2026Q1 basis, TOS is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,747bn
	                                
+25.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,137bn
	                                
+68.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	5,403.2	3,904.8	1,580.5	1,489.8	1,494.1
Growth	+38%	+147%	+6%	-0%	—
Net Income	1,123.7	490.3	200.7	161.8	189.0
Net Margin	20.80%	12.56%	12.70%	10.86%	12.65%

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	1,229.2	1,931.6	1,357.8	1,228.5	881.5	1,910.0	839.9	959.2	508.9	481.2	492.4	355.7
Growth	-36%	+42%	+11%	+39%	-54%	+127%	-12%	+88%	+6%	-2%	+38%	—
Net Income	225.5	378.1	325.0	208.0	214.4	252.8	107.4	101.3	39.1	37.9	83.1	44.4
Net Margin	18.34%	19.57%	23.94%	16.93%	24.32%	13.23%	12.78%	10.56%	7.68%	7.88%	16.88%	12.48%

Drivers of TOS's profit

TTM

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

Gross profit ↑ 708.7bn

Financial income ↑ 54.6bn

Tax ↑ 98.4bn

Other profit ↓ 74.7bn

Administrative expenses ↑ 66.4bn

Finance costs ↑ 43.4bn

TTM

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

Gross profit ↑ 143.7bn

Financial income ↑ 15.4bn

Other profit ↓ 101.8bn

Administrative expenses ↑ 16.9bn

Minority interests ↑ 16.1bn

Finance costs ↑ 13.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 46.4% = 14.7% × 0.93 × 3.37

2026Q1 49.3% = 19.8% × 0.80 × 3.11

ROE rose from 46.4% to 49.3% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 19.8% +5.1pp Asset turnover: 0.80x -0.13x Leverage: 3.11x -0.26x

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 19.78%, rising 5.1pp. Core operating signals are improving as Gross margin rose 8.1pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 1.7pp remained a drag).

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

Profitability trend

Net Margin 19.78% +5.1pp

Gross Margin 28.96% +8.1pp

SG&A / Revenue 4.23% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 23.2 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 33.12%, rising 5.9pp. That translates to 33.12 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.5pp, with capital turnover fell 0.41x; while invested capital expanded strongly by 1,198bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 33.12% +5.9pp

NOPAT Margin 19.41% +6.5pp

Capital Turnover 1.71x −0.41x

Average Invested Capital 3,367.2bn +1,197.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 2.07x equity, net debt at 0.48x equity.

Inventory ended the period at 1,000.7bn, roughly 12.3% of total assets.

Over the last 12 months, working capital released 146.3bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −195.4bn

Inventories increased → lower CFO: −214.0bn

Payables increased → higher CFO: +555.7bn

Working Capital Efficiency

Cash conversion cycle lengthened by 23.2 days versus the same period last year. The main moves came from DIO rose 33.5 days, DSO rose 4.3 days, and DPO rose 14.6 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 113.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +4.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 69.6 days +4.3 days

Inventory 86.3 days +33.5 days

Payables 42.4 days +14.6 days

Cash Conversion Cycle 113.5 days +23.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 477.4bn due to capex of 1,375.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.48x and interest coverage at 7.76x.

At present, short-term debt accounts for 38.5% of total debt, cash equals 49.1% of debt, and total debt stands at 2,716.9bn.

Leverage and liquidity trend

Net Debt / Equity 0.48x +0.06x

Interest Coverage 7.76x +2.39x

Cash / Debt 49.1% −4.1pp

Short-term Debt / Total Debt 38.5% −2.5pp

CFO / NI 0.87x −0.09x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 803.8bn in 2025, against investing cash flow of -1,280.7bn.

Post-investment cash flow was negative +476.9bn. Financing cash flow was positive +954.8bn.

CFO / net income was 0.87x.

After spending +1,375.6bn on fixed-asset investment, the business generated trailing free cash flow of −477.4bn.

Cash Conversion

CFO TTM 898.2bn +310.8bn

Cash Capex 1,375.6bn +656.1bn

FCF TTM −477.4bn −345.3bn

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 5.1 pp. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 19.78% after expanding 5.1pp versus the same period last year.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 477.4bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,403.3	3,904.8	1,580.6	1,490.6	1,495.1
Revenue Deductions	0.0	0.0	0.1	0.7	0.0
Net Revenue	5,403.2	3,904.8	1,580.5	1,489.8	1,494.1
Cost of Goods Sold	3,857.1	3,064.4	1,145.9	1,164.9	0.0
Gross Profit	1,546.1	840.4	434.6	324.9	318.8
Financial Income	55.8	19.4	14.7	12.0	14.9
Financial Expenses	168.6	131.1	102.2	79.3	-63.1
Interest Expense	132.6	113.7	97.4	73.0	-60.7
Share of Associates and Joint Ventures	38.0	31.8	10.2	6.7	11.6
Selling Expenses	21.8	24.0	16.2	24.5	-20.4
General and Administrative Expenses	218.6	154.4	105.3	92.8	-76.1
Operating Profit	1,231.0	582.1	235.8	147.1	185.7
Other Income	128.4	0.4	6.0	35.3	0.0
Other Expenses	3.7	0.6	1.1	1.9	0.0
Other Profit	124.7	-0.2	4.8	33.4	36.9
Profit Before Tax	1,355.7	581.8	240.6	180.5	222.5
Current Income Tax Expense	259.1	92.7	40.0	18.7	-33.5
Deferred Income Tax Expense	-27.1	-1.1	0.0	0.0	0.0
Net Income	1,123.7	490.3	200.7	161.8	189.0
Non-controlling Interest	101.8	43.7	37.6	26.2	36.2
Profit Attributable to Parent	1,021.9	446.6	163.1	135.6	152.8
Earnings per Share	20,706.00	13,157.00	4,512.00	3,704.00	5,702.93
Diluted EPS	20,706.00	13,157.00	4,512.00	3,704.00	5,702.93

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,113.3	3,138.5	1,413.9	760.3	873.8
I. Cash and cash equivalents	1,083.6	592.8	547.9	153.9	227.1
1. Cash	400.2	489.8	379.7	143.9	0.0
2. Cash equivalents	683.5	103.0	168.2	10.0	0.0
II. Short-term financial investments	444.8	95.5	2.5	9.9	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	444.8	95.5	2.5	9.9	0.0
III. Short-term receivables	1,374.8	1,672.0	537.0	450.2	461.2
1. Short-term trade accounts receivable	767.3	1,263.6	501.5	418.4	0.0
2. Short-term prepayments to suppliers	248.7	36.0	29.8	9.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.2	0.0	0.0	3.0	0.0
6. Other short-term receivables	362.3	396.8	30.1	39.7	0.0
7. Provision for short-term doubtful debts (*)	-3.7	-24.3	-24.5	-20.5	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,000.7	634.5	255.5	104.2	174.5
1. Inventories	1,000.7	634.5	255.5	104.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	209.3	143.7	71.0	42.1	11.0
1. Short-term prepayments	38.8	43.9	12.4	7.6	0.0
2. Value added tax to be reclaimed	170.5	99.8	58.6	33.2	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.0	1.3	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)	4,033.3	2,523.1	2,118.4	1,664.6	1,298.1
I. Long-term receivables	59.7	24.1	85.4	15.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	180.3
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	9.0	9.0	19.0	0.0	0.0
6. Other long-term receivables	50.7	15.1	66.4	15.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,202.1	1,899.2	1,732.4	1,133.4	898.8
1. Tangible fixed assets	1,981.8	1,680.5	1,513.2	1,131.3	897.5
- Cost	4,417.5	3,803.7	3,365.4	2,782.2	0.0
- Accumulated depreciation	-2,435.8	-2,123.2	-1,852.3	-1,650.9	0.0
2. Financial leased fixed assets	1.9	0.8	1.2	1.6	0.9
- Cost	2.8	2.2	2.2	2.2	0.0
- Accumulated depreciation	-1.0	-1.4	-1.0	-0.6	0.0
3. Intangible fixed assets	218.5	217.9	218.0	0.5	0.3
- Cost	219.9	219.3	219.3	1.5	0.0
- Accumulated depreciation	-1.4	-1.4	-1.3	-1.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	572.7	61.1	6.7	244.5	7.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	572.7	61.1	6.7	244.5	0.0
V. Long-term financial investments	613.3	440.6	163.5	160.3	154.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	456.9	440.6	163.5	160.3	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	156.4	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	585.4	98.0	130.5	111.0	0.0
1. Long-term prepayments	543.2	93.2	128.2	108.5	0.0
2. Deferred income tax assets	29.8	2.7	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	57.8
5. Goodwill	12.4	2.0	2.3	2.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,146.5	5,661.5	3,532.3	2,424.9	2,171.9
A. LIABILITIES (300=210+330)	5,490.1	4,136.9	2,391.2	1,398.0	1,201.1
I. Short -term liabilities	3,276.0	3,030.2	1,397.6	685.0	643.7
1. Short-term trade accounts payable	723.0	526.3	233.4	219.0	115.3
2. Short-term advances from customers	715.9	1,485.9	453.4	15.1	6.1
3. Taxes and other payables to state authorities	260.7	98.5	41.5	23.6	0.0
4. Payable to employees	84.3	35.5	23.4	18.4	0.0
5. Short-term acrrued expenses	76.6	58.8	65.7	43.7	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	128.6	99.8	99.4	0.0	0.9
9. Other short-term payables	90.9	143.7	68.2	55.3	0.0
10. Short-term borrowings and financial leases	1,084.6	520.4	401.9	296.2	229.8
11. Provision for short-term liabilities	—	26.8	0.0	0.0	0.0
12.. Bonus and welfare fund	111.4	34.5	10.7	13.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	2,214.1	1,106.7	993.6	713.0	557.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	720.7	187.6	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	44.6	0.0	99.4	0.0	0.0
7. Other long-term liabilities	14.7	0.0	0.1	0.0	0.0
8. Long-term borrowings and financial leases	1,432.5	917.5	894.1	712.9	557.4
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	1.6	1.6	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)	2,656.4	1,524.7	1,141.1	1,027.0	970.8
I. Owner's equity	2,656.4	1,524.7	1,141.1	1,027.0	0.0
1. Owner's capital	450.0	310.0	310.0	310.0	970.8
- Common stock with voting right	449,996,810,000.00	309,998,860,000.00	309,998,860,000.00	309,998,860,000.00	267,981,250,000.00
- 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	—	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	318.6	340.5	293.7	249.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	27.4	27.4	27.2	27.1	0.0
11. Undistributed earnings after tax	1,277.9	562.5	252.6	233.2	195.2
- Accumulated retained earning at the end of the previous period	357.4	154.6	104.6	106.5	61.4
- Undistributed earnings in this period	920.5	407.9	148.1	126.7	133.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	582.5	284.3	257.5	207.2	185.5
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)	8,146.5	5,661.5	3,532.3	2,424.9	2,171.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,355.7	581.8	240.6	180.5	217.0
Depreciation of Fixed Assets and Investment Property	342.5	271.7	203.0	200.8	205.4
Provision (Increase)/Reversal	-26.1	27.9	3.9	2.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	-8.3	1.4	0.8	-0.3	0.0
Gain/Loss from Investment Activities	-198.7	-7.4	-6.5	-60.6	0.0
Interest Expense	132.6	113.7	97.4	73.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,597.7	989.2	539.3	396.1	441.1
Increase/(Decrease) in Receivables	284.0	-1,115.4	-167.9	6.7	0.0
Increase/(Decrease) in Inventory	-365.0	-379.0	-151.3	-54.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-13.2	1,484.8	654.6	14.1	0.0
Increase/(Decrease) in Prepaid Expenses	-451.3	3.5	-24.5	-55.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-129.7	-116.7	-91.8	-76.2	0.0
Corporate Income Tax Paid	-95.4	-37.6	-15.8	-20.5	0.0
Other Operating Receipts	0.0	0.4	0.0	0.0	0.0
Other Operating Payments	-23.4	-20.7	-23.3	-22.5	0.0
Net Cash Flow from Operating Activities	803.8	808.6	719.3	188.1	214.0
Payments for Fixed Assets and Other Long-term Assets	-1,193.9	-498.6	-559.4	-490.1	-167.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	388.0	0.0	0.1	41.9	100.1
Loans and Purchases of Debt Instruments	-927.1	-190.9	-16.0	-9.9	-0.0
Receipts from Loan Repayments and Sale of Debt Instruments	448.0	107.9	7.4	0.0	1.0
Investments in Other Entities	-31.7	-254.7	0.0	-10.5	-22.3
Proceeds from Investments in Other Entities	—	0.0	0.0	8.1	0.0
Dividends and Interest Income Received	36.0	4.6	5.4	1.2	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	-1,280.7	-831.7	-562.6	-459.2	-48.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	20,000,000,000.00	2,981,250,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,573.9	1,506.3	951.5	726.6	638.1
Repayment of Borrowings	-2,494.1	-1,364.1	-664.3	-503.9	-565.1
Repayment of Finance Leases	-0.5	-0.3	-0.3	-0.6	-0.1
Dividends Paid	-124.5	-74.4	-49.6	-42.9	-97.5
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	954.8	67.5	237.3	199.2	-21.6
Net Cash Flow During the Period	477.9	44.4	394.0	-71.9	-40.9
Cash and Cash Equivalents at Beginning of Period	592.8	547.9	153.9	226.3	82.8
FX Difference from Revaluation	13.0	0.5	-0.0	-0.5	0.0
Cash and Cash Equivalents at End of Period	1,083.6	592.8	547.9	153.9	227.1

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	1,229.2	1,931.6	1,357.8	1,228.5	881.5	1,910.0	839.9	959.2	508.9	481.2	492.4	355.7
Revenue Deductions	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Net Revenue	1,229.2	1,931.6	1,357.8	1,228.5	881.5	1,910.0	839.9	959.2	508.9	481.2	492.4	355.7
Cost of Goods Sold	865.9	1,437.3	882.6	897.0	661.8	1,555.5	643.9	773.7	406.8	369.0	357.8	263.2
Gross Profit	363.3	494.3	475.2	331.5	219.6	354.4	196.1	185.6	102.2	112.2	134.6	92.5
Financial Income	19.1	31.8	5.4	13.1	3.7	5.2	0.3	5.6	4.5	1.0	3.7	2.4
Financial Expenses	43.8	46.5	42.6	41.1	30.3	31.6	37.4	31.2	27.4	32.8	21.9	21.5
Interest Expense	38.8	37.3	35.8	31.8	26.8	26.8	32.0	28.8	27.1	29.4	21.2	20.9
Share of Associates and Joint Ventures	2.7	17.0	5.7	7.5	8.0	14.6	5.5	6.4	2.8	2.9	0.8	2.9
Selling Expenses	4.8	5.6	6.6	5.0	4.6	4.7	4.7	5.2	4.3	4.2	3.7	3.8
General and Administrative Expenses	54.9	78.0	41.6	46.4	37.9	49.7	30.8	36.0	29.7	32.7	19.5	22.5
Operating Profit	281.7	412.9	395.5	259.6	158.4	288.1	129.1	125.1	48.1	46.3	94.0	50.0
Other Income	0.0	26.8	3.3	0.7	100.6	0.0	0.1	0.0	0.3	1.4	0.8	3.6
Other Expenses	1.2	3.0	0.8	0.1	0.0	0.0	-0.2	0.5	0.0	0.1	0.3	0.1
Other Profit	-1.1	23.7	2.6	0.6	100.6	-0.0	0.3	-0.5	0.3	1.4	0.5	3.5
Profit Before Tax	280.5	436.7	398.0	260.2	259.0	288.1	129.4	124.6	48.4	47.7	94.5	53.4
Current Income Tax Expense	49.5	52.4	68.3	53.5	44.6	35.3	22.0	23.3	9.4	9.8	11.3	9.0
Deferred Income Tax Expense	5.6	6.2	4.7	-1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	225.5	378.1	325.0	208.0	214.4	252.8	107.4	101.3	39.1	37.9	83.1	44.4
Non-controlling Interest	24.2	47.1	17.0	18.9	8.2	23.5	10.5	21.8	3.1	0.4	6.4	9.7
Profit Attributable to Parent	201.2	331.0	308.0	189.1	206.2	229.3	96.8	79.5	35.9	37.5	76.7	34.7
Earnings per Share	4,038.00	6,716.00	2,731.00	5,489.00	6,651.55	7,395.99	3,123.45	2,565.03	1,159.37	1,208.78	2,475.34	1,118.52
Diluted EPS	4,472.19	7,355.34	6,844.87	6,100.42	6,651.55	7,395.99	3,123.45	2,565.03	1,159.37	1,208.78	2,475.34	1,118.52

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)	4,333.2	4,482.3	5,497.1	4,308.0	3,384.2	2,938.2	2,796.4	2,741.6	1,712.1	1,470.8	1,002.1	834.2
I. Cash and cash equivalents	1,332.9	1,053.5	1,678.3	636.9	837.7	522.9	482.6	862.7	723.5	610.0	211.5	179.7
1. Cash	328.0	400.1	538.2	245.6	397.5	489.9	301.5	692.7	634.0	454.0	129.5	129.6
2. Cash equivalents	1,004.9	653.5	1,140.1	391.3	440.2	33.0	181.1	170.0	89.5	156.0	82.0	50.1
II. Short-term financial investments	31.5	632.5	471.2	521.4	95.5	165.3	86.3	86.3	33.7	2.5	2.5	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	31.5	632.5	471.2	521.4	95.5	165.3	86.3	86.3	33.7	2.5	2.5	0.0
III. Short-term receivables	1,624.6	1,585.9	2,026.1	1,751.5	1,434.8	1,519.4	1,186.8	1,472.9	670.9	597.3	544.3	471.1
1. Short-term trade accounts receivable	1,060.2	880.2	1,526.7	1,434.0	1,132.5	1,268.3	887.4	1,177.2	511.4	501.6	474.3	409.8
2. Short-term prepayments to suppliers	482.0	268.4	180.2	62.1	57.5	195.1	209.5	129.8	111.8	37.7	37.9	32.6
3. Short-term inter-company receivables	—	14.2	6.8	—	—	0.0	0.1	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	0.2	0.2	0.3	—	—	0.0	0.0	0.0	0.0	0.0	19.0	15.0
6. Other short-term receivables	85.9	426.0	315.2	258.4	269.2	79.9	113.8	189.1	72.1	81.8	36.8	34.0
7. Provision for short-term doubtful debts (*)	-3.7	-3.1	-3.0	-3.0	-24.3	-24.0	-24.0	-23.2	-24.5	-23.8	-23.8	-20.4
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,073.4	978.7	1,087.4	1,160.5	858.2	564.6	858.3	169.8	194.0	181.9	195.0	148.9
1. Inventories	1,073.4	978.7	1,087.4	1,160.5	858.2	564.6	858.3	169.8	194.0	181.9	195.0	148.9
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	270.8	231.7	234.0	237.6	158.1	166.0	182.5	149.8	90.0	79.1	48.8	34.6
1. Short-term prepayments	63.1	64.9	46.3	28.8	32.8	51.7	34.7	21.6	19.9	26.6	12.6	6.8
2. Value added tax to be reclaimed	207.7	166.7	187.2	208.7	125.2	114.3	147.8	128.1	70.1	52.4	36.2	27.8
3. Taxes and other receivables from state authorities	0.0	0.0	0.6	0.1	0.1	0.0	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)	4,042.1	3,775.3	3,478.5	2,609.4	2,582.3	2,584.9	2,615.1	2,441.9	2,144.4	2,016.0	1,960.1	1,708.2
I. Long-term receivables	64.1	19.9	19.8	24.3	24.2	74.9	74.9	75.1	85.3	34.5	15.5	15.5
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	0.6	—	—	—	—	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	—	9.0	9.0	9.0	9.0	9.0	9.0	9.0	19.0	19.0	0.0	0.0
6. Other long-term receivables	9.0	10.9	10.8	15.3	15.2	65.9	65.9	66.1	66.3	15.5	15.5	15.5
7. Provision for long-term doubtful debts	54.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,534.9	2,200.9	1,902.9	1,838.8	1,778.8	1,877.3	1,904.8	1,847.2	1,748.2	1,726.1	1,576.6	1,107.0
1. Tangible fixed assets	2,314.7	1,980.5	1,682.4	1,618.8	1,558.6	1,658.6	1,686.0	1,628.2	1,529.1	1,506.9	1,357.3	1,105.3
- Cost	4,850.8	—	—	—	—	3,780.3	3,730.7	3,605.5	3,440.7	3,359.1	3,157.7	2,861.2
- Accumulated depreciation	-2,536.1	—	—	—	—	-2,121.8	-2,044.7	-1,977.3	-1,911.5	-1,852.2	-1,800.4	-1,755.9
2. Financial leased fixed assets	1.7	1.9	2.0	2.1	2.2	0.8	0.9	1.0	1.1	1.2	1.3	1.4
- Cost	2.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	218.5	218.5	218.5	217.9	217.9	217.9	217.9	217.9	218.0	218.0	218.1	0.3
- Cost	219.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	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	261.1	543.8	580.1	161.4	257.1	86.6	101.7	160.3	15.6	8.5	115.7	333.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	261.1	543.8	580.1	161.4	257.1	86.6	101.7	160.3	15.6	8.5	115.7	333.1
V. Long-term financial investments	616.1	458.4	441.4	436.2	448.6	440.2	425.7	208.5	184.1	163.8	168.0	165.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	459.6	460.4	443.4	438.2	450.6	440.2	425.7	208.5	184.1	163.8	168.0	165.5
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	—	-2.0	-2.0	-2.0	-2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	156.4	—	—	—	—	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	565.9	552.4	534.3	148.8	73.5	105.9	108.0	150.9	111.3	83.2	84.3	87.1
1. Long-term prepayments	529.7	505.9	481.2	142.9	68.9	101.1	103.2	148.7	111.3	83.2	84.3	87.1
2. Deferred income tax assets	24.2	29.8	36.0	3.9	2.7	2.8	2.8	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	12.1	16.6	17.1	1.9	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	2.1	2.1	2.1	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,375.3	8,257.6	8,975.6	6,917.4	5,966.5	5,523.1	5,411.5	5,183.5	3,856.5	3,486.8	2,962.2	2,542.4
A. LIABILITIES (300=210+330)	5,501.4	5,487.1	6,579.8	4,913.9	4,228.6	3,975.5	4,086.6	3,986.8	2,679.1	2,343.2	1,841.6	1,504.5
I. Short -term liabilities	3,078.7	3,515.7	4,741.8	3,789.2	3,002.7	1,372.4	1,264.7	1,178.7	1,601.6	1,327.7	791.9	760.9
1. Short-term trade accounts payable	533.9	693.6	565.5	662.0	415.7	440.0	390.1	333.4	138.6	96.8	216.9	144.3
2. Short-term advances from customers	1,063.3	1,062.7	2,336.3	1,564.9	1,481.3	10.4	87.7	69.1	758.2	504.1	15.8	17.7
3. Taxes and other payables to state authorities	53.3	261.7	229.0	122.5	67.5	87.9	50.9	36.6	11.9	37.3	42.7	19.3
4. Payable to employees	68.7	47.4	36.2	30.9	22.3	34.6	26.4	22.0	16.2	18.9	15.1	13.0
5. Short-term acrrued expenses	42.8	101.3	147.0	101.1	47.3	76.3	184.0	72.2	108.4	106.6	56.1	80.8
6. Short-term inter-company payables	—	14.2	6.8	—	—	0.0	0.1	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	128.5	128.9	144.8	143.2	181.9	99.8	99.6	99.4	99.4	99.4	99.4	0.0
9. Other short-term payables	38.5	115.2	154.8	163.6	88.4	86.0	72.3	98.0	59.0	78.0	78.5	127.3
10. Short-term borrowings and financial leases	1,045.2	1,027.0	1,095.8	966.9	646.4	478.9	349.4	428.3	405.8	373.5	262.9	351.9
11. Provision for short-term liabilities	—	33.7	—	—	17.8	26.7	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	104.4	29.9	25.6	34.0	33.9	31.7	4.3	19.8	4.2	13.2	4.6	6.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	2,422.7	1,971.3	1,838.0	1,124.8	1,226.0	2,603.1	2,821.9	2,808.1	1,077.5	1,015.4	1,049.6	743.5
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	720.7	434.8	434.8	187.6	187.6	1,642.5	1,778.1	1,761.0	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	12.5	44.6	53.5	106.9	106.9	0.0	24.8	49.7	74.5	99.4	124.2	0.0
7. Other long-term liabilities	16.2	—	—	—	—	0.0	0.1	0.1	0.1	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,671.7	1,490.4	1,348.2	828.7	929.8	959.0	1,017.3	997.3	1,002.8	916.1	925.4	743.5
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	1.6	1.6	1.6	1.6	1.6	1.6	1.6	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)	2,873.9	2,770.5	2,395.8	2,003.4	1,737.9	1,547.6	1,324.9	1,196.7	1,177.4	1,143.7	1,120.6	1,037.9
I. Owner's equity	2,873.9	2,770.5	2,395.8	2,003.4	1,737.9	1,547.6	1,324.9	1,196.7	1,177.4	1,143.7	1,120.6	1,037.9
1. Owner's capital	450.0	450.0	450.0	310.0	310.0	310.0	310.0	310.0	310.0	310.0	310.0	310.0
- Common stock with voting right	449,996,810,000.00	449,996,810,000.00	449,996,810,000.00	309,998,860,000.00	309,998,860,000.00	309,998,860,000.00	309,998,860,000.00	309,998,860,000.00	309,998,860,000.00	309,998,860,000.00	309,998,860,000.00	309,998,860,000.00
- 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	—	—	—	—	—	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	318.6	323.9	323.9	458.6	340.5	340.5	340.5	340.5	338.8	291.6	291.6	291.6
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	27.5	27.4	27.4	27.4	27.5	27.4	27.4	27.4	27.5	27.2	27.2	27.5
11. Undistributed earnings after tax	1,468.4	1,373.7	1,053.6	730.0	767.4	565.6	366.5	255.1	240.5	270.6	247.9	170.8
- Accumulated retained earning at the end of the previous period	1,267.2	345.4	352.0	334.6	561.2	124.5	154.6	139.7	204.5	107.7	107.7	108.6
- Undistributed earnings in this period	201.2	1,028.3	701.5	395.3	206.2	441.1	211.9	115.5	35.9	162.8	140.2	62.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	609.4	595.5	540.9	477.5	292.5	304.2	280.6	263.8	260.6	244.3	243.9	238.0
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)	8,375.3	8,257.6	8,975.6	6,917.4	5,966.5	5,523.1	5,411.5	5,183.5	3,856.5	3,486.8	2,962.2	2,542.4

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	280.5	420.1	398.0	278.5	259.0	288.1	128.2	107.5	48.4	53.2	94.5	54.1
Depreciation of Fixed Assets and Investment Property	100.2	102.5	83.6	76.5	79.9	76.7	73.0	60.4	59.4	53.0	46.2	50.7
Provision (Increase)/Reversal	—	0.7	0.0	-26.8	—	26.7	-1.5	0.8	0.0	0.7	0.0	3.3
FX Gain/Loss from Revaluation of Monetary Items	—	-9.8	0.0	1.4	—	-0.3	0.0	0.3	0.0	0.8	-0.2	0.2
Gain/Loss from Investment Activities	-15.7	-78.9	8.6	-127.3	-1.1	-0.7	-0.0	-2.6	-1.3	-5.9	7.6	-7.9
Interest Expense	38.1	42.2	33.5	31.7	25.3	26.7	32.0	28.9	27.1	31.9	25.4	21.3
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	403.1	476.8	523.7	234.0	363.1	417.1	231.6	195.3	133.7	133.6	173.5	121.7
Increase/(Decrease) in Receivables	-251.3	590.0	9.2	-543.3	228.1	-362.8	33.3	-472.3	-170.0	-159.1	-29.7	64.6
Increase/(Decrease) in Inventory	-72.7	87.9	-55.2	-174.1	-223.7	293.7	-431.6	-290.4	119.3	-60.6	23.5	-84.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	229.5	-1,360.3	1,073.4	613.2	-339.4	-181.1	99.0	1,271.6	70.5	638.7	17.0	2.9
Increase/(Decrease) in Prepaid Expenses	-10.8	-60.9	-349.0	-76.9	35.5	-14.9	1.7	-8.4	9.4	-43.6	1.1	13.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-46.1	-34.6	-28.8	-27.2	-39.0	-37.9	-20.0	-38.2	-26.7	-29.0	-16.0	-30.8
Corporate Income Tax Paid	-255.6	-1.8	-1.7	-1.3	-90.5	-0.6	0.0	-0.4	-36.9	-1.1	-2.3	-1.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	-0.1	0.1	-0.1	0.1	0.0
Other Operating Payments	-10.2	146.3	-159.1	31.9	-42.4	0.0	11.3	-0.3	-11.0	-10.1	-2.4	-0.9
Net Cash Flow from Operating Activities	-14.0	-203.5	1,059.3	56.4	-108.4	113.5	-74.7	656.9	88.3	468.7	164.8	84.5
Payments for Fixed Assets and Other Long-term Assets	-362.9	-246.8	-711.1	-54.8	-181.2	-8.5	-188.8	-341.0	-1.2	-375.0	-24.7	-152.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-8.5	32.8	-29.0	392.8	0.0	0.3	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-24.0	-521.9	-14.8	-390.4	—	-162.8	150.9	-151.0	0.0	2.5	-8.7	-0.9
Receipts from Loan Repayments and Sale of Debt Instruments	438.1	420.3	-8.8	36.5	0.0	0.0	-67.1	77.1	0.0	-2.5	2.2	-2.2
Investments in Other Entities	—	—	—	—	—	0.0	-140.0	-96.9	-17.8	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	8.7	22.9	1.9	7.7	3.4	30.1	11.9	0.3	0.1	4.7	-0.6	-0.2
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	60.0	-365.7	-700.2	-429.7	214.9	-141.3	-232.8	-511.4	-18.8	-370.2	-31.8	-156.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	-368,163,308.00	368,163,308.00	0.00	0.00	-14,300,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	723.3	935.0	1,305.6	735.8	597.4	503.4	363.0	231.0	283.4	426.1	180.6	245.1
Repayment of Borrowings	-523.6	-862.8	-656.1	-516.3	-459.0	-426.5	-421.8	-214.0	-170.8	-181.1	-224.8	-131.2
Repayment of Finance Leases	—	-0.2	-0.0	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Dividends Paid	-6.4	-107.5	-17.0	—	—	-8.4	-14.1	-23.4	-6.4	7.3	-56.9	0.0
Other Financing Receipts	10.0	—	—	—	—	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	203.3	-35.5	632.6	219.4	138.3	68.0	-72.6	-6.4	106.1	237.9	-101.2	113.8
Net Cash Flow During the Period	249.3	-604.8	991.8	-154.0	244.9	40.3	-380.1	139.1	175.7	336.4	31.9	42.3
Cash and Cash Equivalents at Beginning of Period	1,083.6	1,678.3	686.5	837.7	592.8	547.9	547.9	547.9	547.9	153.9	153.9	153.9
FX Difference from Revaluation	—	13.0	2.9	2.9	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	1,332.9	1,083.6	1,678.3	686.5	837.7	522.9	482.6	862.6	723.5	547.9	211.5	179.6

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TOS

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