TTL

Tổng Công ty Thăng Long - CTCP ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 2.88%, +2.36pp YoY

Price

7,300

Latest close

02 Jun 2026

P/E 3.42x

P/B 0.45x

EPS 2,136

BVPS 16,063

ROE 7.3%

ROA 1.5%

Profit Margin 2.4%

Asset Turnover 0.63x

Equity Mult. 4.85x

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

What Is Changing

On a TTM 2026Q1 basis, TTL 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 2,001bn
	                                
+32.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 58bn
	                                
+635.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,844.9	1,664.9	1,459.5	1,496.3	1,262.5
Growth	+11%	+14%	-2%	+19%	—
Net Income	65.7	2.2	29.2	8.7	12.6
Net Margin	3.56%	0.13%	2.00%	0.58%	1.00%

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	386.4	718.5	410.1	486.2	230.1	459.6	372.8	445.2	386.3	441.5	295.6	424.9
Growth	-46%	+75%	-16%	+111%	-50%	+23%	-16%	+15%	-12%	+49%	-30%	—
Net Income	1.1	11.6	33.5	11.5	9.0	-9.1	5.1	2.7	3.4	10.7	3.6	8.7
Net Margin	0.27%	1.62%	8.17%	2.36%	3.93%	-1.97%	1.38%	0.61%	0.89%	2.42%	1.21%	2.04%

Drivers of TTL's profit

TTM

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

Gross profit ↑ 61.5bn

Other profit ↑ 7.6bn

Tax ↑ 9.9bn

TTM

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

Minority interests ↓ 5.4bn

Other profit ↑ 3.5bn

Gross profit ↑ 0.5bn

Administrative expenses ↑ 7.0bn

Finance costs ↑ 1.8bn

Associates income ↓ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.2% = 0.5% × 0.57 × 4.20

2026Q1 8.9% = 2.9% × 0.63 × 4.85

ROE rose from 1.2% to 8.9% — all three components improved, with leverage contributing the most.

Net margin: 2.9% +2.4pp Asset turnover: 0.63x +0.06x Leverage: 4.85x +0.65x

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 2.88%, rising 2.4pp. The main driver is SG&A / Revenue fell 1.0pp and Gross margin rose 0.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.8pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 2.88% +2.4pp

Gross Margin 9.74% +0.9pp

SG&A / Revenue 3.76% −1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 4.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 4.33%, rising 3.5pp. That translates to 4.33 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.0pp and capital turnover rose 0.37x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 4.33% +3.5pp

NOPAT Margin 2.75% +2.0pp

Capital Turnover 1.57x +0.37x

Average Invested Capital 1,271.8bn +20.5bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage runs above the construction contractors average — project acceptance cycles warrant monitoring — liabilities at 4.24x equity, net debt at 0.92x equity.

Inventory ended the period at 723.8bn, roughly 20.5% of total assets.

Over the last 12 months, working capital released 35.8bn 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: −481.0bn

Inventories increased → lower CFO: −117.2bn

Payables increased → higher CFO: +634.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 49.4 days versus the same period last year. The main moves came from DIO fell 29.4 days, DSO fell 23.4 days, and DPO fell 3.4 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 142.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 81.2 days −23.4 days

Inventory 157.2 days −29.4 days

Payables 96.1 days −3.4 days

Cash Conversion Cycle 142.4 days −49.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.92x and interest coverage only at 1.09x.

At present, short-term debt accounts for 82.3% of total debt, cash equals 42.3% of debt, and total debt stands at 1,069.0bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is 1.09x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 82.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.92x −0.07x

Interest Coverage 1.09x +0.81x

Cash / Debt 42.3% +18.7pp

Short-term Debt / Total Debt 82.3% −17.2pp

CFO / NI 1.43x +7.76x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -167.4bn in 2025, against investing cash flow of -63.8bn.

Post-investment cash flow was negative +231.2bn. Financing cash flow was positive +261.3bn.

CFO / net income was 1.43x.

After spending +5.3bn on fixed-asset investment, the business generated trailing free cash flow of +62.7bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 68.0bn +47.5bn

Cash Capex 5.3bn —

FCF TTM +62.7bn —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.4 pp. The next item to monitor is capital efficiency, with ROIC at 4.3%. The main risk still sits in leverage and liquidity, with interest coverage at 1.09x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.88% after expanding 2.4pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.09x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,844.9	1,664.9	1,459.8	1,496.3	1,264.5
Revenue Deductions	—	0.0	0.3	0.0	0.0
Net Revenue	1,844.9	1,664.9	1,459.5	1,496.3	1,262.5
Cost of Goods Sold	1,650.5	1,537.4	1,292.6	1,422.2	0.0
Gross Profit	194.4	127.4	166.9	74.1	68.9
Financial Income	8.6	4.1	8.7	44.7	11.7
Financial Expenses	60.9	58.8	70.9	44.3	-31.7
Interest Expense	60.9	58.8	70.5	44.3	-31.7
Share of Associates and Joint Ventures	4.6	6.5	4.9	3.3	7.2
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	68.2	73.0	73.7	67.8	-55.2
Operating Profit	78.4	6.2	35.8	10.0	0.9
Other Income	0.9	3.3	1.4	3.9	0.0
Other Expenses	1.1	4.6	2.7	2.9	0.0
Other Profit	-0.2	-1.2	-1.3	1.0	14.3
Profit Before Tax	78.2	5.0	34.5	11.1	15.2
Current Income Tax Expense	12.5	2.8	5.3	2.3	-2.6
Deferred Income Tax Expense	—	0.0	0.0	-0.0	0.0
Net Income	65.7	2.2	29.2	8.7	12.6
Non-controlling Interest	15.5	10.1	5.6	3.8	-0.4
Profit Attributable to Parent	50.2	-7.8	23.6	4.9	13.0
Earnings per Share	1,201.00	-187.00	564.00	118.00	310.00
Diluted EPS	1,199.01	-186.80	563.34	118.00	309.97

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,021.9	2,425.3	2,421.2	1,790.6	1,628.7
I. Cash and cash equivalents	509.5	479.4	317.9	162.6	75.0
1. Cash	369.5	454.4	185.9	161.6	0.0
2. Cash equivalents	140.0	25.0	132.0	1.0	0.0
II. Short-term financial investments	127.6	58.4	61.2	40.8	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	127.6	58.4	61.2	40.8	0.0
III. Short-term receivables	1,528.5	1,061.9	1,221.5	1,088.5	1,106.9
1. Short-term trade accounts receivable	568.4	461.1	424.9	442.6	0.0
2. Short-term prepayments to suppliers	825.6	595.6	789.6	587.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	299.5	171.4	171.5	221.6	0.0
7. Provision for short-term doubtful debts (*)	-165.0	-166.3	-164.5	-163.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	723.8	708.2	711.9	411.2	339.9
1. Inventories	723.8	708.2	711.9	411.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	132.5	117.4	108.6	87.5	73.9
1. Short-term prepayments	1.4	0.5	0.1	0.2	0.0
2. Value added tax to be reclaimed	81.6	76.2	78.3	65.7	0.0
3. Taxes and other receivables from state authorities	49.5	40.7	30.2	21.6	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)	502.6	318.2	396.9	486.0	569.3
I. Long-term receivables	0.3	0.1	0.4	12.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	12.1
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	12.3	0.0
6. Other long-term receivables	0.3	0.1	0.4	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	185.4	257.9	338.5	393.9	428.4
1. Tangible fixed assets	178.4	250.6	328.3	385.5	419.3
- Cost	858.6	858.5	858.4	860.8	0.0
- Accumulated depreciation	-680.1	-607.9	-530.2	-475.4	0.0
2. Financial leased fixed assets	1.7	2.0	4.9	3.2	3.7
- Cost	2.4	2.4	6.6	4.2	0.0
- Accumulated depreciation	-0.8	-0.5	-1.7	-1.0	0.0
3. Intangible fixed assets	5.3	5.3	5.3	5.3	5.3
- Cost	5.5	5.5	5.5	5.5	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	—	0.0	0.2	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.2	0.0	0.0
V. Long-term financial investments	206.0	51.4	44.9	53.3	101.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	182.2	27.6	21.1	29.4	0.0
3. Investments in other entities	3.8	3.8	3.8	3.8	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	20.0	20.0	20.0	20.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	111.0	8.8	13.0	26.2	0.0
1. Long-term prepayments	111.0	8.8	13.0	26.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	27.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,524.6	2,743.5	2,818.1	2,276.6	2,198.0
A. LIABILITIES (300=210+330)	2,852.5	2,123.1	2,183.0	1,670.8	1,590.3
I. Short -term liabilities	2,633.3	2,101.8	2,105.6	1,566.8	1,355.3
1. Short-term trade accounts payable	646.6	434.5	415.9	428.9	347.6
2. Short-term advances from customers	922.8	662.4	759.4	312.4	532.3
3. Taxes and other payables to state authorities	14.9	3.9	4.1	9.4	0.0
4. Payable to employees	13.5	14.1	13.9	11.3	0.0
5. Short-term acrrued expenses	44.8	48.2	67.4	59.0	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	1.9	2.2	1.8	2.1	2.1
9. Other short-term payables	100.0	124.9	115.8	136.2	0.0
10. Short-term borrowings and financial leases	888.1	810.7	726.3	605.5	263.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.8	1.0	1.8	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	219.1	21.4	77.4	104.0	235.0
1. Long-term trade payables	—	0.0	0.0	9.7	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	16.5	16.5	16.3	26.7	0.0
8. Long-term borrowings and financial leases	202.7	4.9	61.1	67.6	221.7
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	672.1	620.4	635.1	605.8	607.7
I. Owner's equity	672.1	620.4	635.1	605.8	0.0
1. Owner's capital	419.1	419.1	419.1	419.1	607.7
- Common stock with voting right	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	52.6	52.6	52.6	52.6	52.6
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	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.4	0.5	0.2	-0.1	0.0
8. Investment and development fund	25.0	25.0	25.0	25.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	96.7	46.5	54.3	30.7	39.6
- Accumulated retained earning at the end of the previous period	46.5	54.3	30.7	25.8	26.6
- Undistributed earnings in this period	50.2	-7.8	23.6	4.9	13.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	78.9	77.4	84.4	79.0	75.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,524.6	2,743.5	2,818.1	2,276.6	2,198.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	78.2	5.0	34.5	11.1	0.0
Depreciation of Fixed Assets and Investment Property	72.9	78.3	58.8	51.5	0.0
Provision (Increase)/Reversal	-1.3	1.8	1.0	2.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-13.2	-9.3	-8.4	-10.1	0.0
Interest Expense	60.9	58.8	70.2	44.3	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	197.6	134.7	156.1	99.5	0.0
Increase/(Decrease) in Receivables	-477.0	152.3	-155.9	1.2	0.0
Increase/(Decrease) in Inventory	-15.6	3.7	-300.7	-71.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	293.1	-86.6	400.0	-143.9	0.0
Increase/(Decrease) in Prepaid Expenses	-103.1	3.8	13.3	2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-59.9	-58.9	-70.7	-42.7	0.0
Corporate Income Tax Paid	-2.5	-3.9	-6.0	-2.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.2	0.0	-0.6	0.0
Net Cash Flow from Operating Activities	-167.4	144.8	36.0	-158.0	-267.3
Payments for Fixed Assets and Other Long-term Assets	-0.9	-0.3	-5.6	-18.2	-5.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	1.3	1.9	0.8	1.5
Loans and Purchases of Debt Instruments	-112.5	0.0	-36.9	-9.5	-32.0
Receipts from Loan Repayments and Sale of Debt Instruments	43.3	2.8	28.8	3.9	32.2
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	10.0	68.1	0.0
Dividends and Interest Income Received	5.9	1.6	7.1	14.9	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	-63.8	5.4	5.3	60.1	9.7
Proceeds from Equity Issuance and Capital Contributions	—	1,050,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,370.1	1,146.8	1,161.9	938.7	522.1
Repayment of Borrowings	-1,094.0	-1,117.3	-1,046.2	-752.1	-428.1
Repayment of Finance Leases	-0.8	-1.2	-1.6	-0.9	-0.9
Dividends Paid	-13.9	-18.0	-0.2	-0.2	-16.6
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	261.3	11.3	114.0	185.5	76.5
Net Cash Flow During the Period	30.1	161.4	155.3	87.6	-163.1
Cash and Cash Equivalents at Beginning of Period	479.4	317.9	162.6	75.0	256.1
FX Difference from Revaluation	0.0	-0.0	-0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	509.5	479.4	317.9	162.6	75.0

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	386.4	718.5	410.1	486.2	230.1	459.6	372.8	445.2	386.3	441.9	295.6	424.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	0.0	0.0
Net Revenue	386.4	718.5	410.1	486.2	230.1	459.6	372.8	445.2	386.3	441.5	295.6	424.9
Cost of Goods Sold	348.1	674.2	338.3	445.7	192.3	432.4	336.8	412.8	354.5	390.0	255.8	382.9
Gross Profit	38.4	44.4	71.8	40.4	37.8	27.2	36.0	32.4	31.8	51.5	39.8	42.0
Financial Income	1.9	4.1	1.0	1.2	2.2	0.3	0.5	2.2	1.1	1.8	0.4	3.2
Financial Expenses	16.6	13.3	19.1	13.7	14.8	10.8	15.8	16.6	15.6	15.2	20.6	18.3
Interest Expense	16.5	13.3	19.1	13.7	14.8	10.8	15.8	16.6	15.6	14.8	20.5	18.1
Share of Associates and Joint Ventures	0.3	-0.7	2.0	1.4	1.9	2.1	1.1	1.9	1.4	5.0	0.0	0.0
Selling Expenses	—	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	20.3	21.8	16.8	16.3	13.4	25.9	15.9	16.4	14.8	27.3	15.9	16.9
Operating Profit	3.7	12.8	38.9	13.0	13.8	-7.0	6.0	3.4	3.9	15.7	3.6	10.0
Other Income	1.2	-0.2	0.4	0.6	0.1	-0.1	0.8	2.2	0.4	-0.1	1.0	0.2
Other Expenses	0.6	-2.3	0.4	0.0	3.0	0.7	1.1	2.6	0.2	2.1	0.4	0.0
Other Profit	0.6	2.0	0.0	0.6	-2.9	-0.8	-0.3	-0.4	0.2	-2.2	0.6	0.2
Profit Before Tax	4.3	14.8	38.9	13.6	10.9	-7.8	5.7	3.0	4.1	13.5	4.2	10.2
Current Income Tax Expense	3.2	3.1	5.4	2.1	1.9	1.3	0.6	0.2	0.7	2.8	0.6	1.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.1	11.6	33.5	11.5	9.0	-9.1	5.1	2.7	3.4	10.7	3.6	8.7
Non-controlling Interest	-1.2	3.4	3.1	4.7	4.2	3.0	3.6	0.3	3.2	2.0	0.2	2.1
Profit Attributable to Parent	2.3	8.2	30.4	6.8	4.9	-12.1	1.6	2.4	0.3	8.7	3.3	6.5
Earnings per Share	54.00	1,194.00	727.00	161.00	116.00	-289.00	37.00	58.00	6.00	209.00	80.00	156.00
Diluted EPS	53.74	195.61	726.42	161.23	115.75	-288.46	37.39	58.13	6.17	208.32	80.00	156.00

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)	3,209.8	3,021.9	2,594.6	2,425.1	2,337.3	2,432.5	2,153.8	2,173.4	2,270.3	2,421.2	2,163.9	2,044.4
I. Cash and cash equivalents	451.7	509.5	325.0	232.1	192.4	479.4	132.8	96.7	186.4	317.9	82.1	71.5
1. Cash	392.9	369.5	289.0	191.1	137.4	454.4	92.8	96.7	122.4	185.9	40.1	69.5
2. Cash equivalents	58.8	140.0	36.0	41.0	55.0	25.0	40.0	0.0	64.0	132.0	42.0	2.0
II. Short-term financial investments	127.6	127.6	88.5	88.5	78.4	58.4	58.2	58.2	59.2	61.2	77.0	57.0
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	127.6	127.6	88.5	88.5	78.4	58.4	58.2	58.2	59.2	61.2	77.0	57.0
III. Short-term receivables	1,650.0	1,528.5	1,307.0	1,257.8	1,228.6	1,069.0	1,117.2	1,200.0	1,229.2	1,221.5	1,237.6	1,237.9
1. Short-term trade accounts receivable	454.8	568.4	459.7	465.4	436.0	458.6	425.1	433.0	428.8	424.9	450.4	474.8
2. Short-term prepayments to suppliers	1,054.5	825.6	812.8	768.4	757.1	595.7	671.4	737.9	779.5	789.6	739.7	709.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	305.8	299.5	200.8	190.2	201.8	181.0	185.2	193.7	185.4	171.5	210.9	217.3
7. Provision for short-term doubtful debts (*)	-165.0	-165.0	-166.3	-166.3	-166.3	-166.3	-164.5	-164.5	-164.5	-164.5	-163.5	-163.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	836.7	723.8	752.3	727.0	719.5	708.2	728.6	705.4	685.9	711.9	663.3	578.5
1. Inventories	836.7	723.8	752.3	727.0	719.5	708.2	728.6	705.4	685.9	711.9	663.3	578.5
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	143.8	132.5	121.7	119.6	118.4	117.4	117.0	113.1	109.6	108.6	103.9	99.5
1. Short-term prepayments	3.3	1.4	3.1	0.3	0.4	0.5	0.0	0.3	0.0	0.1	0.2	0.3
2. Value added tax to be reclaimed	89.7	81.6	71.5	74.8	77.1	76.2	80.0	77.3	77.8	78.3	75.7	72.8
3. Taxes and other receivables from state authorities	50.8	49.5	47.1	44.6	40.9	40.7	37.0	35.5	31.8	30.2	28.1	26.5
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)	465.8	502.6	266.4	285.8	300.5	318.2	335.0	347.9	377.2	397.0	427.2	445.6
I. Long-term receivables	0.3	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.4	0.4	13.1	12.7
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	12.7	12.3
6. Other long-term receivables	0.3	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.4	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	149.8	185.4	203.0	220.9	239.8	257.9	275.6	292.3	321.0	338.5	355.5	369.4
1. Tangible fixed assets	142.9	178.4	196.0	213.8	232.6	250.6	268.3	284.9	311.0	328.3	345.0	358.8
- Cost	859.6	—	—	—	—	858.5	858.3	858.5	858.5	858.4	860.6	860.4
- Accumulated depreciation	-716.7	—	—	—	—	-607.9	-590.0	-573.6	-547.5	-530.2	-515.5	-501.7
2. Financial leased fixed assets	1.6	1.7	1.7	1.8	1.9	2.0	2.0	2.1	4.7	4.9	5.1	5.3
- Cost	2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3
- Cost	5.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.1	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.1	0.0
V. Long-term financial investments	206.3	206.0	56.7	54.7	53.3	51.4	49.7	48.2	46.3	45.0	41.7	41.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	182.5	182.2	32.9	30.8	29.5	27.6	25.9	24.3	22.5	21.2	17.8	17.8
3. Investments in other entities	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8
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	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	109.4	111.0	6.5	10.1	7.3	8.8	9.5	7.3	9.6	13.0	16.9	21.8
1. Long-term prepayments	109.4	111.0	6.5	10.1	7.3	8.8	9.5	7.3	9.6	13.0	16.9	21.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,675.6	3,524.6	2,861.0	2,710.9	2,637.8	2,750.7	2,488.9	2,521.3	2,647.5	2,818.2	2,591.1	2,490.0
A. LIABILITIES (300=210+330)	3,002.4	2,852.5	2,186.6	2,070.0	2,008.4	2,120.6	1,851.7	1,880.3	2,017.5	2,183.0	1,967.0	1,869.4
I. Short -term liabilities	2,646.9	2,633.3	2,165.8	2,048.8	1,987.5	2,099.3	1,795.5	1,823.6	1,933.1	2,105.6	1,884.3	1,751.7
1. Short-term trade accounts payable	561.8	646.6	411.7	438.8	388.9	432.0	431.9	385.1	360.0	415.9	395.8	429.5
2. Short-term advances from customers	1,053.2	922.8	659.9	537.9	607.7	662.4	421.9	494.3	651.8	759.4	500.5	398.1
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	8.6	14.9	13.7	7.5	4.8	3.9	2.2	3.7	5.8	4.1	5.7	9.7
4. Payable to employees	11.6	13.5	8.7	9.6	7.7	14.1	7.4	7.4	7.2	13.9	9.7	8.1
5. Short-term acrrued expenses	41.0	44.8	83.9	61.4	37.8	48.2	39.6	44.1	44.2	67.4	86.0	55.3
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	1.9	1.9	—	2.3	2.2	2.2	2.2	2.0	1.6	1.8	2.0	0.4
9. Other short-term payables	87.7	100.0	120.1	133.9	125.7	124.9	143.4	131.9	124.2	115.8	132.3	132.7
10. Short-term borrowings and financial leases	879.8	888.1	867.1	856.5	811.7	810.7	746.1	754.2	737.4	726.3	751.1	716.8
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	0.6	0.7	0.7	0.8	0.8	0.8	0.8	1.0	1.0	1.0	1.1	1.2
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	355.6	219.1	20.7	21.3	20.9	21.4	56.2	56.7	84.3	77.4	82.8	117.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	9.4
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	166.5	16.5	16.5	16.5	16.5	16.5	16.3	16.3	16.0	16.3	16.0	19.8
8. Long-term borrowings and financial leases	189.1	202.7	4.3	4.8	4.4	4.9	39.9	40.4	68.3	61.1	66.8	88.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	673.2	672.1	674.4	640.9	629.4	630.0	637.1	641.0	630.0	635.2	624.1	620.6
I. Owner's equity	673.2	672.1	674.4	640.9	629.4	630.0	637.1	641.0	630.0	635.2	624.1	620.6
1. Owner's capital	419.1	419.1	419.1	419.1	419.1	419.1	419.1	419.1	419.1	419.1	419.1	419.1
- Common stock with voting right	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00	419,080,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	52.6	52.6	52.6	52.6	52.6	52.6	52.6	52.6	52.6	52.6	52.6	52.6
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	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00	-543,000,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.4	0.4	0.4	0.4	0.5	0.5	0.2	0.2	0.2	0.2	-0.2	-0.1
8. Investment and development fund	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	99.0	96.7	88.5	58.1	51.3	38.1	57.9	57.0	60.0	54.4	45.2	42.4
- Accumulated retained earning at the end of the previous period	96.7	46.5	46.5	46.5	46.5	45.9	54.3	54.3	59.7	30.7	30.5	30.7
- Undistributed earnings in this period	2.3	50.2	42.1	11.6	4.9	-7.8	3.7	2.7	0.3	23.7	14.6	11.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	77.7	78.9	89.4	86.3	81.6	95.4	82.9	87.7	73.8	84.4	83.0	82.2
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
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)	3,675.6	3,524.6	2,861.0	2,710.9	2,637.8	2,750.7	2,488.9	2,521.3	2,647.5	2,818.2	2,591.1	2,490.0

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	4.3	14.8	38.9	13.6	10.9	-7.2	5.1	3.0	4.1	13.4	4.2	10.2
Depreciation of Fixed Assets and Investment Property	38.5	18.3	17.7	18.9	18.1	18.0	16.6	26.2	17.5	15.2	14.2	14.5
Provision (Increase)/Reversal	—	-1.3	—	—	—	1.8	0.0	0.0	0.0	1.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.5	-3.1	-3.4	-4.4	-2.2	-2.2	-2.8	-3.2	-1.1	-3.7	0.3	-5.0
Interest Expense	16.5	13.3	19.1	13.7	14.8	10.0	16.6	16.6	15.6	14.8	20.5	18.1
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	57.8	42.0	72.3	41.8	41.6	20.4	35.5	42.6	36.1	40.7	39.2	37.8
Increase/(Decrease) in Receivables	-129.1	-230.3	-48.5	-73.2	-125.0	44.7	83.1	49.7	-32.4	11.0	-5.8	-86.2
Increase/(Decrease) in Inventory	-112.8	28.5	-25.3	-7.6	-11.3	20.4	-23.2	-19.5	26.0	-48.6	-84.8	-43.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	178.8	297.8	96.8	60.5	-162.1	256.8	-34.9	-137.6	-173.4	254.6	80.6	125.9
Increase/(Decrease) in Prepaid Expenses	-0.4	-102.7	0.7	-2.6	1.6	0.3	-2.0	2.0	3.5	4.0	5.0	2.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-17.2	-17.7	-14.9	-14.3	-13.0	-13.2	-15.7	-15.6	-14.5	-18.3	-18.3	-18.3
Corporate Income Tax Paid	-11.2	-0.2	-0.0	-0.8	-1.5	-0.2	-1.9	-1.5	-0.3	-0.1	-3.5	-0.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	0.0	0.0	-0.0	-0.0	-0.2	-0.0	-0.0	0.6	0.0	-0.0
Net Cash Flow from Operating Activities	-34.3	17.4	81.2	3.7	-269.7	329.2	40.9	-79.9	-155.1	243.8	12.4	16.7
Payments for Fixed Assets and Other Long-term Assets	-4.4	-1.1	0.3	-0.1	—	-0.1	-0.1	-0.0	0.0	-2.8	0.9	-3.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	0.0	0.4	—	—	-0.1	0.1	1.3	0.0	1.7	-0.5	0.7
Loans and Purchases of Debt Instruments	—	-82.5	0.0	-30.0	—	0.0	0.0	0.0	0.0	0.7	-21.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	63.3	—	—	-20.0	-0.2	0.0	1.0	2.0	25.2	3.1	-0.9
Investments in Other Entities	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-3.2	0.0	0.0
Dividends and Interest Income Received	2.0	1.8	1.0	1.0	2.2	-4.3	3.7	-0.8	3.1	-1.2	3.8	4.4
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	-1.6	-38.6	1.6	-9.1	-17.8	-4.8	3.7	1.4	5.1	20.5	-13.9	0.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	1,050,000,000.00	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	202.9	440.2	339.1	345.3	245.4	327.5	225.3	331.7	262.2	305.8	228.3	262.9
Repayment of Borrowings	-224.7	-220.1	-328.9	-300.2	-244.8	-297.9	-233.8	-342.7	-242.9	-333.4	-215.7	-226.5
Repayment of Finance Leases	-0.1	-0.5	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.9	-0.3	-0.8	-0.2
Dividends Paid	—	-13.9	—	—	—	-8.4	0.2	-0.2	0.0	-0.2	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	-21.8	205.7	10.0	45.0	0.6	22.1	-8.4	-11.2	18.4	-28.1	11.8	36.1
Net Cash Flow During the Period	-57.8	184.5	92.9	39.7	-286.9	346.5	36.1	-89.7	-131.6	236.1	10.3	53.3
Cash and Cash Equivalents at Beginning of Period	—	325.0	232.1	192.4	479.4	317.9	317.9	317.9	317.9	162.6	163.0	162.6
FX Difference from Revaluation	509.5	0.0	—	—	—	-0.0	0.0	0.0	-0.0	0.1	-0.1	-0.0
Cash and Cash Equivalents at End of Period	451.7	509.5	325.0	232.1	192.4	479.4	132.8	96.7	186.4	317.9	82.1	71.5

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TTL

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Cash Flow