TSC

Vật tư Kỹ thuật nông nghiệp Cần Thơ ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −3.12%, −7.76pp YoY

Price

2,510

Latest close

02 Jun 2026

P/E -16.30x

P/B 0.20x

EPS -154

BVPS 12,646

ROE -1.2%

ROA -0.9%

Profit Margin -4.2%

Asset Turnover 0.21x

Equity Mult. 1.39x

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

What Is Changing

On a TTM 2026Q1 basis, TSC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 721bn
	                                
+5.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 23bn
	                                
−171.2%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    40.5%

Metric	2025	2024	2023	2022	2021
Revenue	747.4	627.3	474.9	897.7	517.5
Growth	+19%	+32%	-47%	+73%	—
Net Income	-4.2	30.0	-11.2	-46.4	133.1
Net Margin	-0.56%	4.79%	-2.36%	-5.17%	25.71%

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	156.7	157.1	200.7	206.0	183.6	169.1	161.8	168.2	128.3	130.1	121.4	125.8
Growth	-0%	-22%	-3%	+12%	+9%	+5%	-4%	+31%	-1%	+7%	-3%	—
Net Income	-9.9	-37.6	12.7	12.3	8.4	11.8	0.7	10.8	6.8	-14.1	1.8	25.4
Net Margin	-6.32%	-23.93%	6.32%	5.98%	4.58%	6.96%	0.41%	6.40%	5.31%	-10.82%	1.46%	20.19%

Drivers of TSC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Minority interests ↓ 23.0bn

Tax ↓ 4.9bn

Associates income ↑ 4.2bn

Finance costs ↑ 30.1bn

Selling expenses ↑ 8.5bn

Financial income ↓ 8.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Minority interests ↓ 8.3bn

Tax ↓ 3.7bn

Selling expenses ↓ 2.5bn

Financial income ↑ 1.9bn

Finance costs ↑ 16.8bn

Gross profit ↓ 9.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.3% = 4.6% × 0.24 × 1.15

2026Q1 -0.9% = -3.1% × 0.21 × 1.39

ROE fell from 1.3% to -0.9% — net margin weakened the most, though leverage still provided support.

Net margin: -3.1% -7.8pp Asset turnover: 0.21x -0.03x Leverage: 1.39x +0.24x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -3.12%, losing 7.8pp. The main pressure comes from Gross margin fell 1.7pp and SG&A / Revenue rose 1.1pp (with lingering pressure from Net financial result / Revenue fell 5.8pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin -3.12% −7.8pp

Gross Margin 21.26% −1.7pp

SG&A / Revenue 24.10% +1.1pp

Non-core / Revenue 2.37% −6.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 6.6pp, financial result still accounts for 40.5% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC narrowed to 0.11%, falling 1.0pp. That translates to 0.11 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.9pp, outweighing the movement in capital turnover; while invested capital rose by 412bn.

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

Watchpoints

ROIC remains low

ROIC is currently 0.11% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.11% −1.0pp

NOPAT Margin 0.48% −3.9pp

Capital Turnover 0.23x −0.02x

Average Invested Capital 3,105.1bn +412.3bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.42x equity, net debt at 0.37x equity.

Over the last 12 months, working capital released 632.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +458.9bn

Inventories increased → lower CFO: −23.1bn

Payables increased → higher CFO: +196.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 6.1 days versus the same period last year. The main moves came from DIO rose 13.8 days, DSO fell 0.4 days, and DPO rose 7.3 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +6.1 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +13.8 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 45.5 days −0.4 days

Inventory 62.7 days +13.8 days

Payables 36.5 days +7.3 days

Cash Conversion Cycle 71.7 days +6.1 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 0.37x and interest coverage only at -0.12x.

At present, short-term debt accounts for 70.0% of total debt, cash equals 6.2% of debt, and total debt stands at 969.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is -0.12x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 70.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.37x +0.23x

Interest Coverage -0.12x −4.75x

Cash / Debt 6.2% +1.7pp

Short-term Debt / Total Debt 70.0% +28.8pp

CFO / NI -22.69x −215.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 675.3bn in 2025, against investing cash flow of -1,192.9bn.

Post-investment cash flow was negative +517.6bn. Financing cash flow was positive +529.5bn.

CFO / net income was -22.69x.

After spending +126.0bn on fixed-asset investment, the business generated trailing free cash flow of +564.0bn.

Cash Conversion

CFO TTM 690.1bn +557.6bn

Cash Capex 126.0bn −231.1bn

FCF TTM +564.0bn +788.7bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is -245.4%. The main risk still sits in core profitability, with net margin down 7.8 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 788.7bn versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -245.4% of PBT and CFO / net income currently at -22.69x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -3.12% after a 7.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	755.6	628.7	477.5	912.1	522.0
Revenue Deductions	8.2	1.4	2.6	14.5	0.0
Net Revenue	747.4	627.3	474.9	897.7	517.5
Cost of Goods Sold	584.8	485.8	384.3	722.4	0.0
Gross Profit	162.6	141.5	90.6	175.3	99.9
Financial Income	59.2	73.2	76.1	79.2	270.3
Financial Expenses	23.9	11.1	13.0	44.7	-105.4
Interest Expense	19.5	7.6	11.8	6.7	-4.1
Share of Associates and Joint Ventures	-5.4	-9.1	-12.6	-11.6	-11.4
Selling Expenses	61.2	43.5	40.8	117.2	-65.2
General and Administrative Expenses	115.0	104.3	93.5	121.5	-50.2
Operating Profit	16.4	46.9	6.8	-40.6	138.0
Other Income	2.1	3.3	2.6	3.6	0.0
Other Expenses	5.0	0.4	2.1	0.7	0.0
Other Profit	-2.9	2.9	0.6	2.9	0.5
Profit Before Tax	13.5	49.8	7.4	-37.7	138.4
Current Income Tax Expense	19.1	20.4	16.6	5.9	-5.4
Deferred Income Tax Expense	-1.5	-0.6	2.0	2.9	0.0
Net Income	-4.2	30.0	-11.2	-46.4	133.1
Non-controlling Interest	16.2	29.0	8.4	-4.7	17.2
Profit Attributable to Parent	-20.4	1.0	-19.6	-41.7	115.8
Earnings per Share	-104.00	5.00	-100.00	-233.00	778.00
Diluted EPS	-104.00	5.00	-100.00	-233.00	784.54

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,516.9	1,607.6	1,850.5	1,535.4	1,014.8
I. Cash and cash equivalents	42.4	30.6	18.5	17.3	20.4
1. Cash	16.3	27.6	18.5	17.3	0.0
2. Cash equivalents	26.1	3.0	0.0	0.0	0.0
II. Short-term financial investments	390.1	91.9	404.9	115.3	0.0
1. Available for sale securities	80.7	80.7	80.7	80.7	0.0
2. Provision for diminution in value of available for sale securities (*)	-5.0	-5.0	-5.3	-5.4	0.0
3. Held to maturity investments	314.4	16.2	329.5	40.0	0.0
III. Short-term receivables	916.5	1,369.2	1,341.8	1,303.5	354.5
1. Short-term trade accounts receivable	94.2	101.2	75.9	211.6	0.0
2. Short-term prepayments to suppliers	16.2	40.9	28.5	15.5	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	163.2	35.4	10.0	0.0	0.0
6. Other short-term receivables	684.3	1,233.0	1,269.7	1,131.3	0.0
7. Provision for short-term doubtful debts (*)	-41.4	-41.3	-42.3	-54.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	105.0	71.2	62.0	70.6	60.5
1. Inventories	108.1	71.9	65.1	75.3	0.0
2. Provision for decline in value of inventories	-3.1	-0.7	-3.1	-4.7	0.0
V. Other short-term assets	62.9	44.7	23.4	28.6	21.8
1. Short-term prepayments	1.5	1.9	1.4	8.4	0.0
2. Value added tax to be reclaimed	61.4	42.7	21.9	19.9	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.1	0.3	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)	2,037.6	1,332.5	1,124.1	1,188.4	1,288.6
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	586.8	178.8	152.3	152.1	156.8
1. Tangible fixed assets	523.9	114.5	86.1	84.0	92.3
- Cost	826.3	395.4	358.3	342.2	0.0
- Accumulated depreciation	-302.5	-280.8	-272.2	-258.3	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	62.9	64.3	66.2	68.1	64.4
- Cost	80.1	79.7	79.7	79.7	0.0
- Accumulated depreciation	-17.2	-15.4	-13.5	-11.6	0.0
III. Investment properties	71.3	71.3	71.3	71.3	71.7
- Cost	77.5	77.5	77.5	77.5	0.0
- Accumulated depreciation	-6.2	-6.2	-6.2	-6.2	0.0
IV. Long-term assets in progress	47.9	280.2	21.5	16.4	21.9
1. Long-term production in progress	3.5	4.6	9.8	10.1	0.0
2. Construction in progress	44.3	275.6	11.7	6.3	0.0
V. Long-term financial investments	949.5	359.9	367.8	380.4	415.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	880.0	290.4	299.5	312.1	0.0
3. Investments in other entities	69.5	69.5	68.3	68.3	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	382.2	442.2	511.2	568.2	0.0
1. Long-term prepayments	40.3	37.6	43.3	36.8	0.0
2. Deferred income tax assets	0.3	0.3	0.3	0.3	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	622.5
5. Goodwill	341.5	404.3	467.7	531.1	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,554.5	2,940.1	2,974.6	2,723.7	2,303.5
A. LIABILITIES (300=210+330)	1,054.2	476.7	488.2	226.2	288.9
I. Short -term liabilities	749.0	322.2	456.5	207.1	274.3
1. Short-term trade accounts payable	55.0	45.6	32.5	29.6	60.5
2. Short-term advances from customers	3.0	18.9	1.9	3.6	4.0
3. Taxes and other payables to state authorities	18.7	17.9	14.5	4.7	0.0
4. Payable to employees	20.7	18.1	11.8	11.4	0.0
5. Short-term acrrued expenses	4.6	6.7	2.9	6.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	166.8	70.6	11.8	60.4	0.0
10. Short-term borrowings and financial leases	475.6	141.2	376.6	85.9	159.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.7	3.1	4.4	5.0	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	305.2	154.5	31.7	19.1	14.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	8.9	8.9	10.4	10.6	0.0
8. Long-term borrowings and financial leases	289.3	137.2	12.2	1.4	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	7.0	8.4	9.1	7.1	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)	2,500.3	2,463.4	2,486.4	2,497.6	2,014.6
I. Owner's equity	2,500.3	2,463.4	2,486.4	2,497.6	0.0
1. Owner's capital	1,968.6	1,968.6	1,968.6	1,968.6	2,014.6
- Common stock with voting right	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,476,480,840,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	36.8	36.8	36.8	36.8	37.1
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	7.7	7.7	7.1	7.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.1	0.1	0.1	0.1	0.0
11. Undistributed earnings after tax	-19.7	1.5	-10.2	9.5	191.5
- Accumulated retained earning at the end of the previous period	0.7	-0.1	9.5	51.3	77.2
- Undistributed earnings in this period	-20.4	1.6	-19.6	-41.8	114.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	506.8	448.7	483.9	475.5	302.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,554.5	2,940.1	2,974.6	2,723.7	2,303.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	13.5	49.8	7.4	-37.7	137.4
Depreciation of Fixed Assets and Investment Property	94.5	82.3	86.8	90.1	53.4
Provision (Increase)/Reversal	2.5	-3.7	-14.3	23.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.2	0.1	2.3	0.0
Gain/Loss from Investment Activities	-5.4	2.6	1.8	-4.1	0.0
Interest Expense	19.5	7.6	11.8	6.7	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	124.7	138.8	93.7	80.9	66.2
Increase/(Decrease) in Receivables	563.2	-67.2	-127.7	-698.5	0.0
Increase/(Decrease) in Inventory	-35.0	-1.6	10.7	-12.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	63.2	133.9	-50.1	-20.5	0.0
Increase/(Decrease) in Prepaid Expenses	-2.3	-7.9	2.0	-13.7	0.0
Changes in Trading Securities	—	0.0	0.0	165.1	0.0
Interest Paid	-19.1	-7.8	-11.5	-8.5	0.0
Corporate Income Tax Paid	-19.2	-16.8	-7.1	-9.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-1.7	-0.5	-0.4	0.0
Net Cash Flow from Operating Activities	675.3	169.8	-90.5	-517.5	-32.3
Payments for Fixed Assets and Other Long-term Assets	-175.9	-293.7	-44.0	-20.8	-4.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	0.6	0.7	2.3	3.1
Loans and Purchases of Debt Instruments	-464.8	-118.2	-345.2	-43.0	-234.5
Receipts from Loan Repayments and Sale of Debt Instruments	39.0	406.1	46.0	80.9	525.7
Investments in Other Entities	-595.0	-55.2	0.0	-185.9	-417.6
Proceeds from Investments in Other Entities	—	0.0	0.0	266.6	0.0
Dividends and Interest Income Received	3.2	13.1	132.6	1.3	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	-1,192.9	-47.2	-209.9	101.3	-49.3
Proceeds from Equity Issuance and Capital Contributions	42,946,770,000.00	0.00	0.00	491,765,210,000.00	5,013,500,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	886.7	507.6	636.6	358.3	306.0
Repayment of Borrowings	-400.2	-618.0	-335.0	-431.8	-226.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-5.2	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	529.5	-110.5	301.6	413.1	84.4
Net Cash Flow During the Period	11.8	12.1	1.2	-3.1	-6.7
Cash and Cash Equivalents at Beginning of Period	30.6	18.5	17.3	20.4	17.6
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	42.4	30.6	18.5	17.3	20.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	156.9	160.5	205.2	206.2	183.7	170.4	161.8	168.2	128.4	130.8	121.4	126.2
Revenue Deductions	0.2	3.3	4.5	0.2	0.1	1.3	0.0	0.0	0.1	0.7	0.0	0.4
Net Revenue	156.7	157.1	200.7	206.0	183.6	169.1	161.8	168.2	128.3	130.1	121.4	125.8
Cost of Goods Sold	121.4	143.4	150.8	151.7	138.8	133.9	128.1	125.4	98.4	105.4	97.0	91.2
Gross Profit	35.3	13.7	49.9	54.3	44.8	35.2	33.7	42.8	29.9	24.7	24.4	34.6
Financial Income	16.8	14.1	15.6	14.6	15.0	22.6	15.3	16.5	18.9	16.9	23.8	23.9
Financial Expenses	19.7	12.1	5.4	3.5	2.9	3.9	3.1	0.6	3.5	5.5	3.5	2.0
Interest Expense	15.2	10.5	4.8	2.2	2.0	1.5	1.4	1.4	3.3	5.1	3.5	1.7
Share of Associates and Joint Ventures	-1.8	-1.5	-0.6	-1.0	-2.3	-1.1	-2.9	-2.7	-2.3	-3.5	-2.8	-2.9
Selling Expenses	11.3	14.0	15.1	18.2	13.9	11.9	11.5	12.9	7.1	10.8	9.9	10.1
General and Administrative Expenses	28.2	30.4	27.9	28.6	28.2	25.7	26.8	26.3	25.4	30.5	25.8	11.6
Operating Profit	-8.9	-30.2	16.6	17.6	12.4	15.1	4.7	16.7	10.5	-8.7	6.2	31.8
Other Income	0.9	-0.2	1.2	0.0	1.1	0.9	0.4	0.3	1.7	0.6	0.3	0.8
Other Expenses	0.3	4.4	0.6	0.0	0.1	0.1	0.2	0.0	0.1	1.7	0.1	-0.6
Other Profit	0.6	-4.6	0.7	-0.0	1.0	0.9	0.2	0.2	1.6	-1.1	0.2	1.4
Profit Before Tax	-8.3	-34.8	17.3	17.5	13.5	15.9	4.9	16.9	12.1	-9.8	6.4	33.2
Current Income Tax Expense	1.4	3.0	5.3	5.7	5.1	5.7	3.5	5.9	5.3	3.3	4.7	7.5
Deferred Income Tax Expense	0.2	-0.2	-0.8	-0.5	-0.1	-1.5	0.7	0.2	-0.0	1.0	-0.0	0.3
Net Income	-9.9	-37.6	12.7	12.3	8.4	11.8	0.7	10.8	6.8	-14.1	1.8	25.4
Non-controlling Interest	1.4	-14.3	9.6	11.2	9.7	8.3	3.6	9.3	7.1	1.4	3.1	7.9
Profit Attributable to Parent	-11.3	-23.3	3.1	1.1	-1.3	3.5	-2.9	1.5	-0.3	-15.5	-1.3	17.5
Earnings per Share	-58.00	-118.00	16.00	6.00	-7.00	18.00	-15.00	7.00	-1.00	-79.00	-7.00	89.00
Diluted EPS	-57.58	-118.19	15.57	5.72	-6.70	17.60	-14.87	7.45	-1.27	-78.86	-6.78	89.04

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)	1,870.7	1,516.9	1,992.1	1,659.0	1,619.5	1,607.6	1,552.9	1,593.7	1,581.0	1,850.5	1,871.3	1,545.7
I. Cash and cash equivalents	60.2	42.4	52.8	12.0	16.3	30.6	23.7	17.3	22.6	18.5	16.8	11.5
1. Cash	34.0	16.3	26.6	12.0	13.2	27.6	13.7	17.3	11.6	18.5	12.8	11.5
2. Cash equivalents	26.1	26.1	26.2	—	3.0	3.0	10.0	0.0	11.0	0.0	4.0	0.0
II. Short-term financial investments	590.1	390.1	388.2	90.0	90.3	91.9	93.1	91.8	95.9	404.9	428.6	109.4
1. Available for sale securities	80.7	80.7	80.7	80.7	80.7	80.7	80.7	80.7	80.7	80.7	80.7	80.7
2. Provision for diminution in value of available for sale securities (*)	-5.0	-5.0	-4.9	-4.9	-4.6	-5.0	-3.8	-4.1	-5.3	-5.3	-5.4	-5.4
3. Held to maturity investments	514.4	314.4	312.4	14.2	14.2	16.2	16.2	15.2	20.5	329.5	353.2	34.0
III. Short-term receivables	1,048.2	916.5	1,381.1	1,376.0	1,374.8	1,369.2	1,353.1	1,392.2	1,391.4	1,341.8	1,318.5	1,308.2
1. Short-term trade accounts receivable	84.4	94.2	90.4	95.6	95.4	101.2	73.2	88.6	76.3	75.9	66.0	66.7
2. Short-term prepayments to suppliers	17.7	16.2	34.5	31.6	36.0	40.9	79.3	85.6	29.8	28.5	27.5	28.9
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	117.2	163.2	122.8	73.2	46.4	35.4	30.4	10.0	38.4	10.0	0.0	0.0
6. Other short-term receivables	870.2	684.3	1,174.7	1,217.0	1,238.4	1,233.0	1,211.8	1,249.6	1,288.5	1,269.7	1,264.0	1,251.5
7. Provision for short-term doubtful debts (*)	-41.4	-41.4	-41.3	-41.3	-41.3	-41.3	-41.6	-41.6	-41.5	-42.3	-39.0	-39.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	105.9	105.0	110.8	124.1	85.2	71.2	48.2	62.6	51.4	62.0	80.1	88.7
1. Inventories	109.1	108.1	112.7	125.7	85.9	71.9	53.3	66.7	55.2	65.1	87.3	94.6
2. Provision for decline in value of inventories	-3.1	-3.1	-1.9	-1.6	-0.7	-0.7	-5.2	-4.2	-3.8	-3.1	-7.2	-5.8
V. Other short-term assets	66.4	62.9	59.2	56.8	53.0	44.7	34.8	29.8	19.7	23.4	27.3	27.8
1. Short-term prepayments	2.8	1.5	2.0	2.9	2.5	1.9	1.3	2.9	1.2	1.4	4.5	5.9
2. Value added tax to be reclaimed	63.5	61.4	57.1	53.9	50.5	42.7	33.5	26.8	18.4	21.9	22.7	21.9
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	2,013.8	2,037.6	1,454.2	1,440.1	1,407.1	1,332.5	1,241.1	1,178.9	1,097.2	1,124.1	1,143.6	1,157.1
I. Long-term receivables	0.0	0.0	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	0.3	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	595.4	586.8	179.2	176.1	177.1	178.8	160.7	164.4	149.3	152.3	150.9	152.7
1. Tangible fixed assets	532.9	523.9	116.2	112.6	113.3	114.5	95.9	99.2	83.6	86.1	84.3	85.5
- Cost	846.3	—	—	—	—	395.4	377.9	377.7	360.0	358.3	351.5	346.9
- Accumulated depreciation	-313.4	—	—	—	—	-280.8	-282.1	-278.6	-276.4	-272.2	-267.2	-261.4
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	62.5	62.9	63.1	63.5	63.9	64.3	64.8	65.3	65.7	66.2	66.7	67.2
- Cost	80.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-17.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	71.3	71.3	71.3	71.3	71.3	71.3	71.3	71.3	71.3	71.3	71.3	71.3
- Cost	77.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	34.9	47.9	450.5	422.8	375.9	280.2	175.2	99.0	17.3	21.5	25.3	20.9
1. Long-term production in progress	5.0	3.5	3.8	4.9	5.0	4.6	4.0	3.4	3.2	9.8	11.4	11.0
2. Construction in progress	30.0	44.3	446.7	417.9	370.9	275.6	171.2	95.6	14.1	11.7	13.8	9.9
V. Long-term financial investments	947.8	949.5	356.0	356.6	357.6	359.9	361.0	364.0	365.5	367.8	371.3	374.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	878.2	880.0	286.5	287.1	288.1	290.4	291.5	294.4	297.2	299.5	303.0	305.8
3. Investments in other entities	69.5	69.5	69.5	69.5	69.5	69.5	69.5	69.5	68.3	68.3	68.3	68.3
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	364.4	382.2	396.8	413.0	425.2	442.2	472.9	480.3	42.0	43.5	41.3	38.7
1. Long-term prepayments	38.2	40.3	39.4	40.2	36.5	37.6	52.5	44.0	41.7	43.3	41.1	38.4
2. Deferred income tax assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	326.0	341.5	357.1	372.6	388.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	404.3	420.1	436.0	451.8	467.7	483.5	499.4
TOTAL ASSETS (280=100+200)	3,884.5	3,554.5	3,446.2	3,099.1	3,026.7	2,940.1	2,794.0	2,772.6	2,678.2	2,974.6	3,014.9	2,702.7
A. LIABILITIES (300=210+330)	1,395.1	1,054.2	951.3	616.8	556.7	476.7	342.3	269.0	185.0	488.2	514.4	204.0
I. Short -term liabilities	1,088.3	749.0	634.6	339.6	329.1	322.2	245.2	239.6	155.6	456.5	482.8	172.4
1. Short-term trade accounts payable	53.0	55.0	52.5	61.6	60.5	45.6	39.7	34.5	23.6	32.5	38.7	39.2
2. Short-term advances from customers	3.6	3.0	3.1	15.5	17.8	18.9	15.1	4.3	1.8	1.9	6.5	2.9
3. Taxes and other payables to state authorities	3.2	18.7	17.4	11.5	5.6	17.9	13.9	10.5	6.6	14.5	16.2	10.6
4. Payable to employees	10.2	20.7	16.9	15.2	11.6	18.1	17.9	11.5	9.1	11.8	11.2	10.4
5. Short-term acrrued expenses	9.6	4.6	6.2	7.0	7.3	6.7	7.4	9.4	4.1	2.9	3.4	3.6
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	324.6	166.8	38.5	34.3	73.9	70.6	65.0	64.5	12.2	11.8	12.8	12.1
10. Short-term borrowings and financial leases	678.6	475.6	495.3	189.9	147.5	141.2	83.2	98.5	92.0	376.6	389.5	89.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	3.3	3.3	0.0	0.0	0.0
12.. Bonus and welfare fund	5.6	4.7	4.7	4.7	4.9	3.1	3.1	3.1	2.8	4.4	4.4	4.5
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	306.8	305.2	316.7	277.2	227.6	154.5	97.1	29.4	29.5	31.7	31.6	31.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	8.9	8.9	8.9	8.9	8.9	8.9	9.1	9.1	9.1	10.4	10.4	10.5
8. Long-term borrowings and financial leases	290.7	289.3	300.6	260.4	210.4	137.2	78.1	11.1	11.3	12.2	13.1	13.1
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	7.1	7.0	7.2	7.9	8.3	8.4	9.9	9.2	9.0	9.1	8.0	8.0
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)	2,489.5	2,500.3	2,495.0	2,482.3	2,470.0	2,463.4	2,451.7	2,503.6	2,493.2	2,486.4	2,500.5	2,498.7
I. Owner's equity	2,489.5	2,500.3	2,495.0	2,482.3	2,470.0	2,463.4	2,451.7	2,503.6	2,493.2	2,486.4	2,500.5	2,498.7
1. Owner's capital	1,968.6	1,968.6	1,968.6	1,968.6	1,968.6	1,968.6	1,968.6	1,968.6	1,968.6	1,968.6	1,968.6	1,968.6
- Common stock with voting right	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00	1,968,589,250,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8	36.8
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	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.1	7.1	7.1	7.1	7.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
11. Undistributed earnings after tax	-31.5	-19.7	3.6	0.5	-0.6	1.5	-0.8	-9.1	-10.4	-10.2	5.4	6.7
- Accumulated retained earning at the end of the previous period	-20.1	0.7	0.7	0.7	0.7	-0.1	0.3	-10.3	-10.2	9.5	9.5	9.5
- Undistributed earnings in this period	-11.3	-20.4	2.9	-0.2	-1.3	1.6	-1.1	1.2	-0.3	-19.6	-4.1	-2.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	507.8	506.8	478.2	468.6	457.4	448.7	439.3	500.1	491.0	483.9	482.5	479.3
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,884.5	3,554.5	3,446.2	3,099.1	3,026.7	2,940.1	2,794.0	2,772.6	2,678.2	2,974.6	3,014.9	2,702.7

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	-8.3	-34.8	17.3	17.5	13.5	15.9	4.9	16.9	12.1	-9.8	6.4	33.2
Depreciation of Fixed Assets and Investment Property	26.9	30.1	21.7	21.4	21.4	20.9	20.4	20.4	20.6	21.2	21.7	21.9
Provision (Increase)/Reversal	-0.0	1.4	0.3	1.2	-0.4	-3.5	-2.6	-0.9	3.3	-0.8	1.4	-20.4
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.0	0.1	0.0	0.1	0.1	-0.2	0.3	0.0	-0.1	0.0	0.3
Gain/Loss from Investment Activities	-10.2	-3.6	-2.3	0.1	0.3	-0.5	2.2	1.9	-1.1	-4.5	2.2	1.4
Interest Expense	15.3	10.5	4.8	2.2	2.0	1.5	1.4	1.4	3.3	5.1	3.5	1.7
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	23.4	3.5	42.0	42.4	36.9	34.4	26.1	40.1	38.2	11.1	35.2	38.1
Increase/(Decrease) in Receivables	-140.5	560.4	-8.8	47.9	-36.2	-44.4	39.6	-37.4	-24.9	-6.3	-13.6	-156.9
Increase/(Decrease) in Inventory	-2.5	5.0	14.0	-39.7	-14.3	-19.2	12.8	-11.6	16.5	23.9	6.9	-17.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	131.4	75.2	31.2	-40.9	-2.3	58.3	-32.5	118.6	-10.5	-14.7	6.4	9.2
Increase/(Decrease) in Prepaid Expenses	0.9	-0.5	1.7	-4.0	0.5	0.1	-6.5	-3.6	2.1	0.7	-0.4	-1.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-15.5	-13.1	-2.0	-2.0	-2.0	-1.3	-1.4	-1.4	-3.6	-5.0	-3.2	-1.7
Corporate Income Tax Paid	-17.4	-1.0	-0.7	0.0	-17.5	-1.0	0.0	-1.9	-13.8	-2.2	-0.5	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.1	0.0	-0.1	-0.1	-0.0	-0.0	-0.1	-1.6	-0.0	-0.0	-0.3
Net Cash Flow from Operating Activities	-20.2	629.4	77.4	3.5	-35.0	26.8	38.1	102.6	2.3	7.4	30.7	-131.1
Payments for Fixed Assets and Other Long-term Assets	-17.4	-10.2	-41.5	-56.9	-67.3	-79.1	-62.8	-147.9	-3.9	-6.3	-6.9	-18.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	-0.1	0.7	0.5	0.1	0.1	0.0	0.0	0.0	0.7
Loans and Purchases of Debt Instruments	-250.0	53.0	-424.6	-129.9	36.8	-5.0	-42.8	-32.0	-38.4	-313.2	-10.0	-22.0
Receipts from Loan Repayments and Sale of Debt Instruments	95.9	-95.0	77.0	86.5	-29.4	0.0	21.4	65.7	319.0	326.9	-309.1	23.0
Investments in Other Entities	47.1	—	—	—	—	-54.0	0.0	-1.2	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	5.0	-4.5	6.8	0.3	0.6	0.6	0.6	1.3	10.6	0.7	0.1	131.4
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	-119.3	-651.7	-382.3	-100.1	-58.8	-137.0	-83.5	-114.1	287.3	8.1	-325.8	115.0
Proceeds from Equity Issuance and Capital Contributions	-47,053,210,000.00	—	—	—	—	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	964.4	-81.6	439.9	292.3	236.0	210.9	103.6	105.0	88.1	78.8	376.5	105.2
Repayment of Borrowings	-760.1	50.6	-94.3	-199.9	-156.6	-93.9	-51.8	-98.7	-373.6	-92.6	-76.1	-90.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	157.3	11.9	345.6	92.4	79.5	117.1	51.8	6.3	-285.5	-13.8	300.3	15.1
Net Cash Flow During the Period	17.7	-10.3	40.8	-4.2	-14.3	6.8	6.4	-5.3	4.1	1.7	5.3	-1.0
Cash and Cash Equivalents at Beginning of Period	42.4	52.8	12.0	16.3	30.6	18.5	18.5	18.5	18.5	17.3	17.3	17.3
FX Difference from Revaluation	0.0	-0.0	0.0	-0.0	-0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	60.2	42.4	52.8	12.0	16.3	30.6	23.7	17.3	22.6	18.5	16.8	11.5

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TSC

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