TTF

Tập đoàn Kỹ nghệ gỗ Trường Thành ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −2.06%, −2.88pp YoY

Price

2,270

Latest close

04 Jun 2026

P/E -32.90x

P/B 2.76x

EPS -69

BVPS 822

ROE -7.9%

ROA -1.0%

Profit Margin -2.2%

Asset Turnover 0.48x

Equity Mult. 7.66x

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

What Is Changing

On a TTM 2026Q1 basis, TTF is holding revenue at an acceptable level, but margins are eroding visibly — margins have been expanding consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,314bn
	                                
+22.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 27bn
	                                
−406.9%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    31.4%

Metric	2025	2024	2023	2022	2021
Revenue	1,241.9	1,223.3	1,560.5	2,001.3	1,640.1
Growth	+2%	-22%	-22%	+22%	—
Net Income	10.5	7.3	-144.2	-1.2	20.6
Net Margin	0.85%	0.60%	-9.24%	-0.06%	1.26%

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	284.3	491.5	312.2	225.7	178.7	288.9	236.2	372.9	323.3	442.4	386.5	388.3
Growth	-42%	+57%	+38%	+26%	-38%	+22%	-37%	+15%	-27%	+14%	-0%	—
Net Income	-60.4	22.4	-12.3	23.2	1.6	40.7	-29.4	-4.0	11.6	52.7	-9.0	-30.2
Net Margin	-21.25%	4.56%	-3.93%	10.28%	0.89%	14.08%	-12.47%	-1.07%	3.58%	11.90%	-2.33%	-7.79%

Drivers of TTF's profit

TTM

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

Gross profit ↑ 93.0bn

Deferred tax ↓ 12.8bn

Other profit ↓ 52.3bn

Administrative expenses ↑ 47.9bn

Selling expenses ↑ 20.6bn

Minority interests ↑ 14.7bn

TTM

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

Gross profit ↑ 7.0bn

Other profit ↓ 55.0bn

Selling expenses ↑ 12.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.6% = 0.8% × 0.39 × 8.19

2026Q1 -7.5% = -2.1% × 0.48 × 7.66

ROE fell from 2.6% to -7.5% — leverage weakened the most, though asset turnover still provided support.

Net margin: -2.1% -2.9pp Asset turnover: 0.48x +0.08x Leverage: 7.66x -0.53x

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 -2.06%, losing 2.9pp. The main pressure is SG&A / Revenue rose 2.1pp, outweighing the improvement in Gross margin rose 5.4pp (with lingering pressure from Other profit / Revenue fell 5.1pp and Net financial result / Revenue fell 2.1pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin -2.06% −2.9pp

Gross Margin 14.83% +5.4pp

SG&A / Revenue 19.28% +2.1pp

Non-core / Revenue 1.24% −7.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 7.1pp, other income still accounts for 31.4% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 228.9 days.

Is capital being deployed efficiently?

ROIC expanded to -4.53%, rising 3.9pp. That translates to -4.53 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.4pp, with capital turnover broadly stable; while invested capital expanded strongly by 135bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently -4.53% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -4.53% +3.9pp

NOPAT Margin -2.71% +2.4pp

Capital Turnover 1.67x +0.02x

Average Invested Capital 785.1bn +134.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 6.29x equity, net debt at 1.59x equity.

Inventory ended the period at 405.4bn, roughly 14.3% of total assets.

Over the last 12 months, working capital absorbed 262.1bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −140.5bn

Inventories increased → lower CFO: −83.7bn

Payables decreased → lower CFO: −38.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 48.3 days versus the same period last year. The main moves came from DIO fell 49.8 days, DSO fell 25.6 days, and DPO fell 27.1 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 228.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 152.6 days −25.6 days

Inventory 136.1 days −49.8 days

Payables 59.8 days −27.1 days

Cash Conversion Cycle 228.9 days −48.3 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.59x and interest coverage only at -0.68x.

At present, short-term debt accounts for 96.2% of total debt, cash equals 12.8% of debt, and total debt stands at 588.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.59x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.68x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.59x +0.74x

Interest Coverage -0.68x +0.13x

Cash / Debt 12.8% −22.4pp

Short-term Debt / Total Debt 96.2% +0.4pp

CFO / NI 7.76x +6.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -194.5bn in 2025, against investing cash flow of 35.0bn.

Post-investment cash flow was negative +159.5bn. Financing cash flow was positive +112.5bn.

CFO / net income was 7.76x.

After spending +25.1bn on fixed-asset investment, the business generated trailing free cash flow of −246.4bn.

Cash Conversion

CFO TTM 221.3bn −252.7bn

Cash Capex 25.1bn −48.4bn

FCF TTM −246.4bn −204.3bn

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 next item to monitor is the earnings mix, when non-core contribution is -9.3%. The main risk still sits in core profitability, with net margin down 2.9 pp.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 7.76x. Even so, net financial result still accounts for -9.3% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at -2.06% after a 2.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,246.1	1,224.6	1,567.4	2,014.4	1,663.3
Revenue Deductions	4.2	1.3	6.9	13.1	0.0
Net Revenue	1,241.9	1,223.3	1,560.5	2,001.3	1,640.1
Cost of Goods Sold	1,029.7	1,096.9	1,307.1	1,693.7	0.0
Gross Profit	212.2	126.4	253.4	307.6	267.5
Financial Income	71.7	84.2	24.9	24.7	19.5
Financial Expenses	73.1	71.9	70.6	75.2	-65.9
Interest Expense	67.4	69.4	66.5	63.1	-56.3
Share of Associates and Joint Ventures	2.1	2.3	5.8	-1.7	-1.8
Selling Expenses	117.0	118.9	124.5	156.9	-147.1
General and Administrative Expenses	129.3	55.8	130.5	117.1	-85.0
Operating Profit	-33.5	-33.7	-41.4	-18.6	-12.7
Other Income	63.1	53.1	22.1	32.1	0.0
Other Expenses	19.1	11.8	92.1	13.6	0.0
Other Profit	43.9	41.3	-70.0	18.6	33.0
Profit Before Tax	10.5	7.7	-111.4	-0.1	20.2
Current Income Tax Expense	0.6	1.0	33.5	2.6	0.4
Deferred Income Tax Expense	-0.7	-0.7	-0.7	-1.4	0.0
Net Income	10.5	7.3	-144.2	-1.2	20.6
Non-controlling Interest	-0.5	1.2	-10.6	-4.6	11.8
Profit Attributable to Parent	11.0	6.2	-133.6	3.4	8.8
Earnings per Share	27.00	15.00	-325.00	8.00	29.00
Diluted EPS	27.00	15.00	-325.00	8.00	21.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,573.6	1,360.6	1,820.8	1,944.6	2,021.2
I. Cash and cash equivalents	57.8	104.8	142.9	169.6	127.8
1. Cash	35.3	54.5	92.4	125.6	0.0
2. Cash equivalents	22.5	50.3	50.5	44.1	0.0
II. Short-term financial investments	97.9	16.3	69.2	46.9	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	97.9	16.3	69.2	46.9	0.0
III. Short-term receivables	963.0	867.4	850.0	672.1	524.4
1. Short-term trade accounts receivable	656.5	530.2	613.5	701.7	0.0
2. Short-term prepayments to suppliers	232.8	239.6	100.2	121.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	7.3	0.0
4. Construction contract progress receipts due from customers	7.3	7.3	7.3	0.0	0.0
5. Short-term loan receivables	68.6	97.2	94.9	133.6	0.0
6. Other short-term receivables	159.2	130.6	144.3	149.8	0.0
7. Provision for short-term doubtful debts (*)	-161.2	-137.5	-110.1	-441.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	405.4	337.7	475.9	679.1	905.5
1. Inventories	428.7	361.0	616.2	819.5	0.0
2. Provision for decline in value of inventories	-23.3	-23.3	-140.2	-140.4	0.0
V. Other short-term assets	49.5	34.2	282.7	376.9	340.3
1. Short-term prepayments	25.2	20.4	24.0	22.5	0.0
2. Value added tax to be reclaimed	22.8	13.7	32.8	128.4	0.0
3. Taxes and other receivables from state authorities	1.5	0.2	0.2	0.4	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	225.7	225.7	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,265.1	1,431.9	1,029.7	1,061.5	770.8
I. Long-term receivables	156.2	178.6	0.0	3.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.1
2. Long-term prepayments to suppliers	143.9	166.2	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	239.9	239.9	0.0	3.1	0.0
6. Other long-term receivables	3.1	3.1	0.0	0.0	0.0
7. Provision for long-term doubtful debts	-230.7	-230.7	0.0	0.0	0.0
II. Fixed assets	489.2	515.1	345.2	372.8	374.6
1. Tangible fixed assets	408.2	424.0	246.6	268.1	271.2
- Cost	979.2	955.0	798.2	783.9	0.0
- Accumulated depreciation	-571.1	-531.0	-551.6	-515.8	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	81.1	91.1	98.6	104.6	103.4
- Cost	130.1	134.1	142.9	141.9	0.0
- Accumulated depreciation	-49.0	-43.0	-44.3	-37.2	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	98.9	111.8	126.2	102.0	61.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	98.9	111.8	126.2	102.0	0.0
V. Long-term financial investments	335.0	378.7	360.3	358.7	86.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	307.3	361.5	359.2	357.6	0.0
3. Investments in other entities	28.0	1.1	1.1	1.1	0.0
4. Provision for diminution in value of long-term investments	-0.8	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.5	16.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	185.8	247.8	198.1	224.9	0.0
1. Long-term prepayments	103.1	144.0	73.1	78.9	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	239.6
5. Goodwill	82.7	103.8	124.9	146.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,838.8	2,792.4	2,850.5	3,006.1	2,792.1
A. LIABILITIES (300=210+330)	2,449.6	2,392.6	2,583.3	2,573.2	2,334.8
I. Short -term liabilities	1,029.7	956.5	1,517.7	1,503.5	2,292.1
1. Short-term trade accounts payable	186.8	213.8	292.1	287.1	277.0
2. Short-term advances from customers	109.9	74.9	326.3	336.5	1,168.4
3. Taxes and other payables to state authorities	8.0	25.1	50.0	30.9	0.0
4. Payable to employees	36.3	24.2	35.8	32.1	0.0
5. Short-term acrrued expenses	68.5	133.1	393.3	397.6	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
9. Other short-term payables	19.5	18.3	11.1	390.8	0.0
10. Short-term borrowings and financial leases	600.8	467.0	407.4	26.7	30.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	1.8	1.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,419.9	1,436.2	1,065.6	1,069.7	42.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	1,171.9	1,171.9	1,032.3	1,032.3	0.0
3. Long-term acrrued expenses	203.8	213.5	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	1.7	8.8	8.2	8.5	8.7
7. Other long-term liabilities	1.5	1.4	1.3	1.3	0.0
8. Long-term borrowings and financial leases	23.9	22.8	4.9	8.2	11.9
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	15.8	16.5	17.2	17.9	0.0
12. Provision for long-term liabilities	1.2	1.2	1.6	1.6	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)	389.2	399.8	267.1	432.9	457.3
I. Owner's equity	389.1	399.8	267.1	432.8	0.0
1. Owner's capital	4,112.0	4,112.0	4,112.0	4,112.0	457.3
- Common stock with voting right	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	4,111,983,020,000.00
- Preferred stock	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	0.00
2. Share premium	-517.7	-517.7	-517.7	-517.7	-517.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00	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	17.2	17.2	17.2	17.2	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	0.0
11. Undistributed earnings after tax	-3,250.5	-3,240.4	-3,225.4	-3,070.3	-3,035.0
- Accumulated retained earning at the end of the previous period	-3,261.6	-3,246.6	-3,091.7	-3,073.7	-3,043.8
- Undistributed earnings in this period	11.0	6.2	-133.6	3.4	8.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	28.8	29.3	-118.4	-107.8	-118.6
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	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
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,838.8	2,792.4	2,850.5	3,006.1	2,792.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	10.5	7.7	-111.4	-0.1	20.2
Depreciation of Fixed Assets and Investment Property	69.5	63.5	65.9	70.1	48.7
Provision (Increase)/Reversal	24.6	-31.0	16.5	-85.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.4	0.1	0.3	0.9	0.0
Gain/Loss from Investment Activities	-63.8	-76.1	11.3	-9.0	0.0
Interest Expense	67.4	69.4	66.5	63.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	109.7	33.6	49.0	39.3	-72.1
Increase/(Decrease) in Receivables	-185.5	110.8	-52.3	-207.8	0.0
Increase/(Decrease) in Inventory	-67.7	35.2	203.3	338.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-50.3	-225.7	-159.5	136.7	0.0
Increase/(Decrease) in Prepaid Expenses	36.1	4.5	4.2	-13.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-36.6	-40.3	-6.5	-39.6	0.0
Corporate Income Tax Paid	-0.2	-0.1	-0.1	-0.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-194.5	-82.0	38.0	253.0	-250.2
Payments for Fixed Assets and Other Long-term Assets	-23.3	-89.7	-396.7	-89.1	-83.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	2.3	6.0	50.2
Loans and Purchases of Debt Instruments	-140.7	-77.4	-63.8	-40.6	-148.3
Receipts from Loan Repayments and Sale of Debt Instruments	75.1	111.9	26.5	105.4	22.4
Investments in Other Entities	-114.4	0.0	-7.0	-312.0	-61.0
Proceeds from Investments in Other Entities	230.0	28.5	4.2	0.0	0.0
Dividends and Interest Income Received	8.2	14.4	13.8	7.6	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	35.0	-12.3	-420.6	-322.7	-211.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	616,220,630,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	723.0	537.2	419.8	105.5	226.1
Repayment of Borrowings	-589.3	-460.1	-42.4	-110.8	-328.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-21.2	-21.2	-21.2	0.0	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	112.5	55.9	356.3	-5.3	514.0
Net Cash Flow During the Period	-47.0	-38.4	-26.4	-75.0	-4.8
Cash and Cash Equivalents at Beginning of Period	104.8	142.9	169.6	243.7	76.2
FX Difference from Revaluation	-0.0	0.3	-0.3	0.9	-0.4
Cash and Cash Equivalents at End of Period	57.8	104.8	142.9	169.6	127.8

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	286.8	491.9	314.5	229.7	179.9	290.0	237.8	373.5	323.3	443.7	388.7	388.3
Revenue Deductions	2.6	0.4	2.3	3.9	1.2	1.0	1.6	0.5	0.0	1.3	2.2	0.0
Net Revenue	284.3	491.5	312.2	225.7	178.7	288.9	236.2	372.9	323.3	442.4	386.5	388.3
Cost of Goods Sold	263.9	389.5	262.5	202.9	165.4	282.6	208.1	318.9	281.1	338.0	324.7	367.3
Gross Profit	20.3	102.0	49.7	22.8	13.3	6.3	28.1	54.0	42.2	104.3	61.8	21.0
Financial Income	7.1	-2.7	4.4	71.6	5.3	81.1	0.9	6.6	6.9	6.1	10.0	2.4
Financial Expenses	20.7	22.5	15.1	18.5	17.6	18.2	15.1	17.8	-24.0	16.4	18.9	18.2
Interest Expense	17.7	19.3	15.9	16.6	16.3	55.0	11.3	16.1	-24.9	0.0	16.0	15.7
Share of Associates and Joint Ventures	0.5	-3.6	1.6	3.7	0.3	-1.1	2.3	0.1	1.3	1.5	0.2	3.4
Selling Expenses	38.8	28.4	28.4	33.9	26.3	29.8	24.1	28.7	37.5	28.7	30.4	26.8
General and Administrative Expenses	27.9	41.7	27.0	27.2	27.3	4.3	24.9	19.2	25.4	23.5	31.7	30.7
Operating Profit	-59.4	3.2	-14.9	18.6	-52.4	34.1	-32.9	-5.0	11.5	43.3	-9.0	-48.9
Other Income	0.8	9.1	3.3	7.0	55.4	9.4	3.9	3.8	2.1	8.3	2.5	21.7
Other Expenses	1.8	2.6	0.9	2.3	1.5	2.7	0.6	2.9	2.0	-1.1	2.5	3.3
Other Profit	-1.1	6.5	2.4	4.7	53.9	6.7	3.3	0.9	0.1	9.4	-0.0	18.4
Profit Before Tax	-60.5	9.7	-12.4	23.3	1.5	40.8	-29.6	-4.1	11.5	52.7	-9.0	-30.4
Current Income Tax Expense	0.1	0.3	0.0	0.2	0.1	0.3	0.0	0.1	0.1	0.2	0.2	0.2
Deferred Income Tax Expense	-0.2	-13.0	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.4
Net Income	-60.4	22.4	-12.3	23.2	1.6	40.7	-29.4	-4.0	11.6	52.7	-9.0	-30.2
Non-controlling Interest	-0.3	0.8	-0.1	1.0	-2.2	1.6	-8.3	-4.4	7.5	-0.9	-2.7	-2.7
Profit Attributable to Parent	-60.2	21.6	-12.2	22.2	3.8	39.1	-21.2	0.4	4.1	53.6	-6.3	-27.6
Earnings per Share	-146.00	53.00	-30.00	54.00	9.00	93.00	-52.00	1.00	10.00	130.00	-15.00	-67.00
Diluted EPS	-146.00	53.00	-30.00	54.00	9.00	28.00	-52.00	1.00	10.00	130.00	-15.00	-67.00

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)	1,488.9	1,618.5	1,595.4	1,413.4	1,364.7	1,553.3	1,471.4	1,432.2	1,688.5	1,870.5	1,950.2	1,878.8
I. Cash and cash equivalents	75.6	57.8	56.0	86.0	183.8	106.2	126.0	104.9	96.6	157.0	207.1	99.9
1. Cash	73.4	35.3	53.6	63.0	157.7	57.1	87.7	34.0	48.4	92.4	69.1	64.9
2. Cash equivalents	2.2	22.5	2.4	23.0	26.1	49.1	38.2	70.9	48.2	64.7	138.0	35.0
II. Short-term financial investments	125.3	97.9	64.5	59.0	39.1	30.7	76.0	40.1	50.1	51.4	50.4	50.7
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	158.1	97.9	64.5	59.0	39.1	30.7	76.0	40.1	50.1	51.4	50.4	50.7
4. Provision for short-term investments held to maturity (*)	-32.8	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	796.7	996.8	815.4	831.6	744.9	1,027.1	770.7	820.2	786.4	846.8	765.7	772.9
1. Short-term trade accounts receivable	609.4	659.5	521.9	579.2	489.1	624.7	512.4	588.6	562.7	587.6	515.5	505.5
2. Short-term prepayments to suppliers	206.3	252.4	197.3	177.3	165.6	328.2	93.9	83.6	83.3	101.0	105.8	100.6
3. Short-term inter-company receivables	—	—	—	1.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	7.3	7.3	7.3	11.6	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3
5. Short-term loan receivables	—	68.6	68.6	59.1	94.4	337.1	98.1	93.8	93.8	91.0	87.0	83.6
6. Other short-term receivables	102.2	161.4	158.5	140.9	126.1	129.7	171.5	145.9	146.6	154.1	144.2	169.3
7. Provision for short-term doubtful debts (*)	-128.4	-152.4	-138.1	-137.5	-137.5	-399.8	-112.5	-98.9	-107.2	-94.1	-94.1	-93.4
8. Assets awaiting resolution	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	435.8	413.6	608.7	389.0	352.1	353.7	445.1	419.1	477.8	527.8	539.8	569.9
1. Inventories	459.1	437.0	632.0	412.3	375.4	372.4	586.3	559.3	617.8	668.0	680.3	710.3
2. Provision for decline in value of inventories	-23.3	-23.3	-23.3	-23.3	-23.3	-18.8	-141.2	-140.2	-140.0	-140.2	-140.5	-140.4
V. Other short-term assets	55.4	52.3	50.8	47.8	44.9	35.6	53.6	47.8	277.6	287.4	387.0	385.3
1. Short-term prepayments	36.2	28.0	22.6	25.0	27.4	21.4	27.0	25.9	26.7	25.1	23.0	23.6
2. Value added tax to be reclaimed	17.0	22.8	27.9	22.5	17.2	14.1	26.4	21.7	25.0	36.5	138.2	135.9
3. Taxes and other receivables from state authorities	2.2	1.6	0.3	0.3	0.3	0.2	0.2	0.2	0.3	0.2	0.2	0.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	225.7	225.7	225.7	225.7
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,252.9	1,275.1	1,438.3	1,356.7	1,406.0	1,257.0	1,236.9	1,239.9	1,025.8	1,044.1	1,045.7	1,057.8
I. Long-term receivables	88.6	167.3	228.1	239.4	185.4	0.0	0.0	3.1	3.1	3.1	6.6	6.6
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	143.9	155.0	215.8	227.1	173.1	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	—	239.9	239.9	239.9	239.9	0.0	0.0	3.1	3.1	3.1	6.6	6.6
6. Other long-term receivables	0.7	3.1	3.1	3.1	3.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	-56.0	-230.7	-230.7	-230.7	-230.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	484.7	489.2	521.5	501.9	513.9	519.8	485.8	553.2	337.8	342.2	347.0	355.3
1. Tangible fixed assets	399.3	408.2	415.8	417.9	424.4	428.7	391.5	393.6	240.9	246.7	250.4	256.3
- Cost	980.6	—	—	—	—	958.3	1,035.5	967.6	800.6	798.1	795.1	793.5
- Accumulated depreciation	-581.3	—	—	—	—	-529.6	-644.0	-573.9	-559.7	-551.4	-544.6	-537.2
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	85.4	81.1	105.8	84.0	89.5	91.1	94.4	159.5	97.0	95.5	96.6	99.0
- Cost	136.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-50.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	96.3	98.9	110.3	103.9	102.4	137.4	141.8	132.9	128.0	133.6	116.0	112.6
1. Long-term production in progress	—	—	—	21.1	—	0.0	0.0	0.0	0.0	0.0	116.0	0.0
2. Construction in progress	96.3	98.9	110.3	82.8	102.4	137.4	141.8	132.9	128.0	133.6	0.0	112.6
V. Long-term financial investments	404.0	336.2	316.5	313.4	365.8	364.4	369.0	367.9	367.1	364.4	367.1	367.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	307.8	307.3	310.9	309.1	361.8	360.4	361.5	360.6	360.5	359.7	362.4	363.0
3. Investments in other entities	29.2	28.4	4.4	2.6	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
4. Provision for diminution in value of long-term investments	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	242.4	0.5	1.2	1.6	2.9	2.9	6.4	6.3	5.4	3.6	3.6	3.6
6. Provision for long-term investments held to maturity (*)	-174.7	—	—	—	—	—	—	—	—	—	—	—
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	179.4	183.5	261.8	198.2	238.6	235.5	240.3	182.8	70.1	75.9	78.7	80.1
1. Long-term prepayments	102.0	100.8	173.8	104.9	140.0	131.7	131.2	68.4	70.1	75.9	78.7	80.1
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	77.4	82.7	88.0	93.3	98.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	103.8	109.1	114.4	119.6	124.9	130.2	135.5
TOTAL ASSETS (280=100+200)	2,741.8	2,893.6	3,033.7	2,770.1	2,770.8	2,810.3	2,708.3	2,672.1	2,714.3	2,914.6	2,995.8	2,936.6
A. LIABILITIES (300=210+330)	2,418.3	2,500.1	2,657.2	2,356.0	2,374.6	2,404.0	2,486.3	2,407.8	2,440.8	2,570.7	2,627.6	2,542.7
I. Short -term liabilities	1,000.0	1,070.6	1,206.7	929.2	938.5	1,342.3	1,422.5	1,342.0	1,374.7	1,504.3	1,561.0	1,474.3
1. Short-term trade accounts payable	193.4	185.8	188.9	162.0	173.4	231.3	274.3	272.3	291.2	283.2	277.0	257.3
2. Short-term advances from customers	109.1	134.5	329.6	131.7	95.7	228.3	239.5	243.3	259.2	297.4	370.5	299.6
3. Dividends and profits payable	26.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	9.8	7.5	10.1	9.2	25.3	25.7	33.8	38.1	43.9	52.8	45.1	43.8
4. Payable to employees	35.3	36.3	31.1	27.2	25.5	24.2	30.6	28.9	30.3	32.0	30.4	31.2
5. Short-term acrrued expenses	35.9	86.3	74.8	68.6	87.9	329.5	332.4	336.1	348.7	410.8	390.9	419.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	23.8	19.4	22.2	21.1	31.5	16.2	26.9	25.0	13.7	19.5	394.0	390.0
10. Short-term borrowings and financial leases	566.3	600.9	550.0	509.3	499.1	487.1	483.2	396.6	386.0	406.8	51.3	31.1
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	0.0	—	—	—	—	0.0	1.7	1.7	1.7	1.8	1.8	1.8
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	1,418.3	1,429.5	1,450.5	1,426.8	1,436.1	1,061.7	1,063.8	1,065.9	1,066.1	1,066.4	1,066.6	1,068.3
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	1,171.9	1,171.9	1,171.9	1,171.9	1,171.9	1,032.3	1,032.3	1,032.3	1,032.3	1,032.3	1,032.3	1,032.3
3. Long-term acrrued expenses	203.8	213.5	213.5	213.5	213.5	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	1.7	1.7	9.6	1.8	9.8	8.3	9.0	9.0	9.1	8.5	8.5	8.5
7. Other long-term liabilities	1.4	1.5	1.3	1.3	1.4	1.4	1.3	2.3	1.8	1.3	1.4	1.4
8. Long-term borrowings and financial leases	22.6	23.8	24.2	20.9	21.9	2.0	2.9	3.7	4.2	5.4	5.4	7.4
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	15.7	15.8	28.8	16.2	16.3	16.5	16.7	16.9	17.0	17.2	17.4	17.2
12. Provision for long-term liabilities	1.2	1.2	1.2	1.2	1.2	1.2	1.6	1.6	1.6	1.6	1.6	1.6
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)	323.5	393.5	376.5	414.1	396.2	406.3	222.0	264.2	273.5	343.9	368.2	394.0
I. Owner's equity	323.5	393.5	376.4	414.1	396.1	406.3	222.0	264.2	273.5	343.9	368.2	393.9
1. Owner's capital	4,112.0	4,112.0	4,112.0	4,112.0	4,112.0	4,112.0	4,112.0	4,112.0	4,112.0	4,112.0	4,112.0	4,112.0
- Common stock with voting right	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00	3,935,483,020,000.00
- Preferred stock	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00	176,500,000,000.00
2. Share premium	-517.7	-517.7	-517.7	-517.7	-517.7	-517.7	-517.7	-517.7	-517.7	-517.7	-517.7	-517.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00	-552,965,000.00
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	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2
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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-3,315.9	-3,246.5	-3,262.8	-3,224.9	-3,241.8	-3,234.1	-3,267.8	-3,231.4	-3,226.5	-3,152.3	-3,128.9	-3,105.8
- Accumulated retained earning at the end of the previous period	-3,255.8	-3,261.6	-3,256.2	-3,250.9	-3,245.6	-3,246.6	-3,241.2	-3,235.9	-3,230.6	-3,163.1	-3,086.2	-3,080.8
- Undistributed earnings in this period	-60.2	15.0	-6.6	26.0	3.8	12.5	-26.6	4.5	4.1	10.8	-42.7	-25.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	28.5	29.1	28.4	28.1	27.1	29.5	-121.1	-115.3	-110.9	-114.7	-113.8	-111.2
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	0.1	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	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,741.8	2,893.6	3,033.7	2,770.1	2,770.8	2,810.3	2,708.3	2,672.1	2,714.3	2,914.6	2,995.8	2,936.6

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	-60.5	5.3	-12.4	16.1	1.5	40.8	-29.6	-10.9	11.5	-62.5	-9.0	-41.5
Depreciation of Fixed Assets and Investment Property	17.2	17.4	17.5	17.4	17.2	9.0	17.8	20.4	15.5	15.5	17.3	15.7
Provision (Increase)/Reversal	—	24.0	0.0	0.5	0.1	107.5	-1.8	8.0	-3.2	15.9	-2.8	21.0
FX Gain/Loss from Revaluation of Monetary Items	-0.7	1.7	0.7	-0.4	-0.6	-1.4	2.1	-2.1	1.6	1.8	-3.2	0.8
Gain/Loss from Investment Activities	-2.2	10.2	-2.4	-69.0	-2.7	-80.7	2.6	-5.1	-1.8	20.6	-3.2	0.8
Interest Expense	17.7	17.4	15.9	17.8	16.3	16.9	49.4	20.4	-24.9	19.8	16.0	15.6
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	-28.5	76.0	19.4	-17.5	31.9	92.1	40.5	30.7	-1.3	10.9	15.0	12.4
Increase/(Decrease) in Receivables	104.2	-133.3	-117.2	5.9	59.1	-205.5	51.5	-18.4	51.5	30.6	1.7	13.7
Increase/(Decrease) in Inventory	-30.4	41.0	-58.8	-35.5	-14.4	33.2	-23.1	54.6	-1.6	64.1	27.4	61.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.3	8.8	48.8	-97.8	-10.0	75.4	-78.6	-32.7	-77.2	-142.0	48.9	-105.7
Increase/(Decrease) in Prepaid Expenses	-9.9	-11.5	10.4	40.3	-3.1	3.1	6.2	-1.4	0.3	4.6	-4.1	7.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-10.9	6.2	-24.9	-8.1	-9.9	-31.6	-5.2	-11.8	-6.5	-6.5	1.2	9.0
Corporate Income Tax Paid	—	-0.3	—	0.1	—	-1.2	0.0	0.0	0.0	0.5	-0.5	0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	26.8	-13.1	-122.4	-112.6	53.6	-34.5	-8.7	21.0	-34.8	-37.7	89.6	-2.1
Payments for Fixed Assets and Other Long-term Assets	-3.2	-6.1	-11.2	-4.6	-1.4	-42.3	-21.1	-8.8	-4.8	-377.4	-1.6	-5.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	4.3	-0.0	-0.1	0.1	2.0	0.0	0.2
Loans and Purchases of Debt Instruments	-6.0	-135.9	41.4	44.9	-91.0	16.1	-10.4	-3.8	-2.0	-39.1	27.8	-39.9
Receipts from Loan Repayments and Sale of Debt Instruments	35.8	63.4	-16.1	-56.5	84.3	0.0	-27.4	13.8	13.6	26.5	-6.7	6.7
Investments in Other Entities	-1.3	—	—	—	—	0.0	3.3	-3.3	0.0	-7.0	7.0	-7.0
Proceeds from Investments in Other Entities	—	40.0	38.0	152.0	—	30.3	0.0	0.0	0.0	4.2	0.0	0.0
Dividends and Interest Income Received	1.2	3.6	-3.3	6.1	1.8	2.8	0.1	0.0	4.1	10.0	0.2	-1.2
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	26.5	-34.9	-61.2	137.5	-6.4	11.1	-55.5	-2.0	11.1	-380.8	26.6	-46.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	-39,671,212,425.00	39,671,212,425.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	51,166,074,643.00	-51,166,074,643.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	103.4	206.5	214.7	195.6	106.1	393.6	143.2	-14.4	14.4	356.2	27.0	15.6
Repayment of Borrowings	-139.0	-157.2	-171.6	-185.6	-74.8	-391.0	-69.4	36.5	-36.5	-0.7	-8.8	-15.0
Repayment of Finance Leases	—	—	—	-21.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.6	-21.8	—	—	0.0	-0.1	-21.2	0.0	0.0	0.0	-21.2
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	-35.6	50.0	42.5	-11.2	31.2	2.7	85.3	-10.6	-22.1	355.5	18.3	-20.5
Net Cash Flow During the Period	17.7	2.0	-141.2	13.8	78.5	-20.7	21.0	8.4	-45.7	-63.0	134.5	-69.5
Cash and Cash Equivalents at Beginning of Period	57.8	56.0	197.9	183.8	104.8	142.9	142.9	142.9	142.9	169.6	169.6	169.6
FX Difference from Revaluation	0.1	-0.0	0.1	0.9	0.5	0.9	-0.9	0.9	-0.6	-1.2	0.7	0.5
Cash and Cash Equivalents at End of Period	75.6	57.8	56.0	197.9	183.8	106.2	126.0	105.9	96.6	142.9	207.1	71.9

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TTF

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