VIF

Tổng Công ty Lâm nghiệp Việt Nam - CTCP ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 23.61%, +7.45pp YoY

Price

15,900

Latest close

02 Jun 2026

P/E 11.71x

P/B 1.06x

EPS 1,358

BVPS 14,950

ROE 9.3%

ROA 8.6%

Profit Margin 23.4%

Asset Turnover 0.37x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2026Q1 basis, VIF is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,035bn
	                                
+20.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 480bn
	                                
+75.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    37.6%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	1,898.3	1,596.5	1,685.2	1,947.3	1,981.5
Growth	+19%	-5%	-13%	-2%	—
Net Income	331.5	357.7	275.8	484.4	289.4
Net Margin	17.46%	22.40%	16.37%	24.87%	14.60%

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	584.2	488.0	415.1	548.1	447.3	445.2	386.5	416.3	352.3	375.5	567.3	323.1
Growth	+20%	+18%	-24%	+23%	+0%	+15%	-7%	+18%	-6%	-34%	+76%	—
Net Income	163.0	125.1	102.7	89.6	6.9	62.3	106.9	97.8	118.5	60.1	67.6	33.1
Net Margin	27.90%	25.64%	24.75%	16.35%	1.54%	13.99%	27.66%	23.50%	33.65%	16.00%	11.91%	10.25%

Drivers of VIF's profit

TTM

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

Gross profit ↑ 96.4bn

Associates income ↑ 89.9bn

Financial income ↑ 24.9bn

Tax ↑ 24.8bn

TTM

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

Associates income ↑ 123.6bn

Gross profit ↑ 31.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.4% = 16.2% × 0.31 × 1.08

2026Q1 9.4% = 23.6% × 0.37 × 1.08

ROE rose from 5.4% to 9.4% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 23.6% +7.4pp Asset turnover: 0.37x +0.06x Leverage: 1.08x -0.00x

Is the profit sustainable?

Margins improved (+7.4pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 23.61%, rising 7.4pp. The main driver is SG&A / Revenue fell 3.3pp and Gross margin rose 2.1pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.7pp added support while Net financial result / Revenue fell 0.6pp remained a drag).

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

Profitability trend

Net Margin 23.61% +7.4pp

Gross Margin 17.77% +2.1pp

SG&A / Revenue 15.79% −3.3pp

Non-core / Revenue 10.22% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (40.1% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 147.8 days.

Is capital being deployed efficiently?

ROIC expanded to 9.50%, rising 4.0pp. That translates to 9.50 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 6.8pp and capital turnover rose 0.07x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 9.50% +4.0pp

NOPAT Margin 23.01% +6.8pp

Capital Turnover 0.41x +0.07x

Average Invested Capital 4,932.3bn −46.3bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.05x equity.

Inventory ended the period at 927.2bn, roughly 16.6% of total assets.

Over the last 12 months, working capital released 120.0bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +31.2bn

Inventories decreased → higher CFO: +64.2bn

Payables increased → higher CFO: +24.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 132.7 days versus the same period last year. The main moves came from DIO fell 131.7 days, DSO fell 5.3 days, and DPO fell 4.3 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 147.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 42.9 days −5.3 days

Inventory 121.5 days −131.7 days

Payables 16.6 days −4.3 days

Cash Conversion Cycle 147.8 days −132.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 67.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.05x and interest coverage at 56.22x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 334.3% of debt, and total debt stands at 114.5bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.05x −0.03x

Interest Coverage 56.22x +14.94x

Cash / Debt 334.3% +131.7pp

Short-term Debt / Total Debt 100.0% +1.1pp

CFO / NI 0.24x +0.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 67.0bn in 2025, against investing cash flow of 176.4bn.

Post-investment cash flow was positive +243.4bn. Financing cash flow was negative +207.4bn.

CFO / net income was 0.24x.

After spending +63.5bn on fixed-asset investment, the business generated trailing free cash flow of +50.6bn.

Cash Conversion

CFO TTM 114.1bn +137.1bn

Cash Capex 63.5bn +25.3bn

FCF TTM +50.6bn +111.8bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 7.4 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 148 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 23.61% after expanding 7.4pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 37.6% of PBT and CFO / net income currently at 0.24x.

Key risk: working capital remains tied up for too long, with cash cycle at 147.8 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,899.0	1,596.8	1,690.4	1,949.7	1,982.4
Revenue Deductions	0.7	0.2	5.2	2.4	0.0
Net Revenue	1,898.3	1,596.5	1,685.2	1,947.3	1,981.5
Cost of Goods Sold	1,565.2	1,345.3	1,395.3	1,645.9	0.0
Gross Profit	333.2	251.3	289.9	301.5	325.4
Financial Income	204.0	161.8	155.9	153.3	146.1
Financial Expenses	8.3	7.9	10.3	8.4	-14.9
Interest Expense	6.3	5.6	9.1	5.3	-12.5
Share of Associates and Joint Ventures	147.7	298.1	175.0	389.9	181.4
Selling Expenses	47.3	50.2	36.2	64.8	-84.1
General and Administrative Expenses	269.7	278.6	265.8	260.0	-242.1
Operating Profit	359.6	374.4	308.5	511.4	311.8
Other Income	17.8	9.8	9.6	6.2	0.0
Other Expenses	5.5	7.4	5.7	6.3	0.0
Other Profit	12.3	2.4	3.9	-0.1	5.0
Profit Before Tax	371.9	376.8	312.4	511.3	316.8
Current Income Tax Expense	47.7	19.0	34.2	27.2	-27.4
Deferred Income Tax Expense	-7.3	0.2	2.4	-0.4	0.0
Net Income	331.5	357.7	275.8	484.4	289.4
Non-controlling Interest	5.1	-0.4	-16.0	8.9	10.9
Profit Attributable to Parent	326.4	358.1	291.9	475.5	278.5
Earnings per Share	886.00	975.00	755.00	1,265.00	543.00
Diluted EPS	886.00	975.00	755.00	1,265.00	795.68

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,471.6	3,574.8	3,657.8	3,735.3	3,743.2
I. Cash and cash equivalents	199.0	163.1	173.9	176.0	118.1
1. Cash	103.2	111.8	146.2	137.6	0.0
2. Cash equivalents	95.8	51.2	27.8	38.4	0.0
II. Short-term financial investments	2,029.6	2,112.9	2,120.4	2,025.7	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	2,029.6	2,112.9	2,120.4	2,025.7	0.0
III. Short-term receivables	287.8	296.3	301.8	284.1	274.0
1. Short-term trade accounts receivable	253.5	229.3	226.1	214.4	0.0
2. Short-term prepayments to suppliers	15.9	39.9	10.5	8.8	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	2.9	0.0	0.0	0.0	0.0
6. Other short-term receivables	144.6	112.3	131.2	93.1	0.0
7. Provision for short-term doubtful debts (*)	-130.5	-85.9	-66.3	-32.3	0.0
8. Assets awaiting resolution	1.4	0.8	0.2	0.1	0.0
IV. Inventories	927.2	980.7	1,040.4	1,211.0	1,199.6
1. Inventories	970.0	1,010.2	1,073.6	1,239.1	0.0
2. Provision for decline in value of inventories	-42.8	-29.5	-33.2	-28.1	0.0
V. Other short-term assets	28.0	21.8	21.3	38.5	47.1
1. Short-term prepayments	2.2	2.0	1.9	2.0	0.0
2. Value added tax to be reclaimed	21.0	16.4	14.6	35.0	0.0
3. Taxes and other receivables from state authorities	4.8	3.4	4.7	1.5	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.1	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,125.0	1,883.6	1,817.4	1,881.6	1,719.7
I. Long-term receivables	1.6	1.5	1.0	1.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.1
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	1.6	1.5	1.0	1.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	245.0	218.9	241.4	207.3	216.8
1. Tangible fixed assets	223.5	196.8	218.6	183.8	192.5
- Cost	1,119.1	1,074.1	1,071.8	1,012.2	0.0
- Accumulated depreciation	-895.6	-877.3	-853.2	-828.5	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	21.5	22.2	22.8	23.5	24.3
- Cost	53.4	53.4	53.4	53.4	0.0
- Accumulated depreciation	-32.0	-31.3	-30.6	-29.9	0.0
III. Investment properties	153.5	172.1	168.4	180.1	200.5
- Cost	316.5	321.5	307.9	307.9	0.0
- Accumulated depreciation	-162.9	-149.4	-139.5	-127.9	0.0
IV. Long-term assets in progress	11.2	28.1	31.0	71.7	42.3
1. Long-term production in progress	—	10.0	10.0	10.0	0.0
2. Construction in progress	11.2	18.1	21.0	61.7	0.0
V. Long-term financial investments	1,628.1	1,403.1	1,315.5	1,349.2	1,191.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,521.9	1,337.1	1,249.5	1,303.0	0.0
3. Investments in other entities	16.0	16.0	16.0	16.0	0.0
4. Provision for diminution in value of long-term investments	—	-0.3	0.0	0.0	0.0
5. Held to maturity investments	90.2	50.2	50.0	30.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	85.6	59.9	60.1	71.8	0.0
1. Long-term prepayments	78.0	52.9	53.9	67.3	0.0
2. Deferred income tax assets	7.6	7.0	6.2	4.5	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	65.1
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)	5,596.6	5,458.5	5,475.2	5,616.9	5,462.9
A. LIABILITIES (300=210+330)	524.1	471.1	494.8	574.0	613.2
I. Short -term liabilities	458.4	398.1	427.5	514.7	547.2
1. Short-term trade accounts payable	85.2	71.1	89.5	124.2	122.4
2. Short-term advances from customers	16.5	27.7	36.8	24.5	35.6
3. Taxes and other payables to state authorities	39.2	11.4	13.9	12.3	0.0
4. Payable to employees	67.8	50.1	53.5	70.5	0.0
5. Short-term acrrued expenses	25.5	27.5	19.0	24.0	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	10.5	12.4	7.0	8.2	8.5
9. Other short-term payables	51.9	62.2	53.3	55.0	0.0
10. Short-term borrowings and financial leases	138.4	112.6	118.3	160.6	181.1
11. Provision for short-term liabilities	0.4	0.0	0.0	0.3	0.0
12.. Bonus and welfare fund	23.0	23.2	36.2	35.3	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	65.7	73.0	67.3	59.3	66.0
1. Long-term trade payables	0.3	0.3	0.3	0.3	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	34.8	33.7	25.2	22.7	0.0
8. Long-term borrowings and financial leases	—	1.4	5.0	3.6	12.2
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	13.1	19.7	18.8	14.7	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	17.5	17.7	18.0	18.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,072.5	4,987.4	4,980.4	5,042.9	4,849.6
I. Owner's equity	5,070.7	4,985.7	4,978.7	5,041.2	0.0
1. Owner's capital	3,500.0	3,500.0	3,500.0	3,500.0	4,848.4
- Common stock with voting right	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	19.1	9.0	9.0	9.0	9.0
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	15.9	-11.8	-12.3	-10.2	0.0
8. Investment and development fund	227.3	247.3	244.5	236.0	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	0.0
11. Undistributed earnings after tax	1,232.8	1,165.3	1,159.5	1,207.7	1,012.8
- Accumulated retained earning at the end of the previous period	922.5	824.1	900.3	764.1	751.7
- Undistributed earnings in this period	310.3	341.2	259.2	443.6	261.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	75.6	75.8	77.9	98.7	81.7
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	1.8	1.7	1.7	1.7	1.2
1. Subsidized not-for-profit funds	1.1	0.9	0.9	1.0	0.0
2. Funds invested in fixed assets	0.7	0.7	0.8	0.8	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,596.6	5,458.5	5,475.2	5,616.9	5,462.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	371.9	376.8	312.4	511.3	318.2
Depreciation of Fixed Assets and Investment Property	43.1	47.1	44.3	51.0	55.6
Provision (Increase)/Reversal	13.9	16.3	38.8	0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.6	-3.9	-0.8	0.9	0.0
Gain/Loss from Investment Activities	-348.4	-453.8	-328.0	-514.6	0.0
Interest Expense	6.3	5.6	9.1	5.3	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	86.1	-11.9	75.8	54.5	65.0
Increase/(Decrease) in Receivables	11.0	-24.5	-2.0	120.8	0.0
Increase/(Decrease) in Inventory	32.1	50.3	165.6	-15.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	33.8	12.1	-49.5	-12.3	0.0
Increase/(Decrease) in Prepaid Expenses	-25.3	0.9	13.6	-9.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.8	-4.1	-9.7	-16.0	0.0
Corporate Income Tax Paid	-21.5	-25.0	-29.7	-30.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-41.4	-31.8	-43.5	-31.3	0.0
Net Cash Flow from Operating Activities	67.0	-34.1	120.6	60.3	-181.0
Payments for Fixed Assets and Other Long-term Assets	-59.6	-22.0	-23.7	-68.9	-47.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.9	0.9	7.1	3.7
Loans and Purchases of Debt Instruments	-495.9	-455.4	-528.2	-322.8	-230.3
Receipts from Loan Repayments and Sale of Debt Instruments	536.3	462.7	413.7	379.5	462.9
Investments in Other Entities	-121.5	-12.6	0.0	-28.7	0.0
Proceeds from Investments in Other Entities	66.6	24.2	0.0	19.7	0.0
Dividends and Interest Income Received	250.0	360.0	347.1	265.7	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	176.4	357.7	209.8	251.5	481.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	10,994,250,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	286.0	264.8	300.5	485.7	745.9
Repayment of Borrowings	-261.6	-274.1	-341.5	-514.2	-758.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-231.8	-325.1	-291.5	-228.2	-314.1
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	-207.4	-334.4	-332.5	-245.7	-326.2
Net Cash Flow During the Period	36.1	-10.8	-2.1	66.1	-33.5
Cash and Cash Equivalents at Beginning of Period	163.1	173.9	176.0	109.9	144.6
FX Difference from Revaluation	-0.2	-0.0	0.0	0.0	-0.3
Cash and Cash Equivalents at End of Period	199.0	163.1	173.9	176.0	118.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	584.2	488.6	415.1	548.7	447.3	445.2	386.5	416.5	352.3	375.5	567.3	323.1
Revenue Deductions	—	0.6	—	0.6	—	0.0	0.0	0.1	0.1	0.0	0.0	0.0
Net Revenue	584.2	488.0	415.1	548.1	447.3	445.2	386.5	416.3	352.3	375.5	567.3	323.1
Cost of Goods Sold	468.5	381.1	360.0	464.0	363.6	396.9	325.1	344.5	287.2	326.0	438.5	266.9
Gross Profit	115.7	106.8	55.1	84.1	83.7	48.3	61.4	71.9	65.0	49.6	128.8	56.3
Financial Income	31.4	107.6	31.8	33.3	31.1	55.3	55.1	37.7	37.8	55.3	26.5	37.7
Financial Expenses	2.1	3.2	1.9	1.7	1.6	1.7	1.9	1.8	2.0	2.3	2.5	2.8
Interest Expense	2.0	2.1	1.5	1.4	1.3	1.5	1.2	1.3	1.6	2.1	2.2	2.3
Share of Associates and Joint Ventures	88.2	47.0	73.5	61.5	-35.4	58.2	62.3	95.3	82.2	56.2	8.6	39.5
Selling Expenses	10.1	15.3	6.8	12.6	11.5	15.2	10.3	9.1	9.4	9.0	7.5	10.1
General and Administrative Expenses	52.9	109.5	43.8	70.3	50.0	82.7	49.2	95.4	47.8	76.5	72.5	81.4
Operating Profit	170.1	133.4	107.9	94.3	16.3	62.1	117.4	98.5	125.8	73.3	81.4	39.1
Other Income	0.9	13.5	2.1	1.8	0.6	7.0	0.9	2.4	4.3	2.3	0.9	1.5
Other Expenses	1.0	2.0	0.8	1.6	0.9	7.0	1.6	2.8	2.6	1.4	0.6	1.2
Other Profit	-0.1	11.5	1.3	0.2	-0.3	-0.1	-0.7	-0.5	1.7	0.8	0.3	0.3
Profit Before Tax	170.0	144.9	109.2	94.5	16.0	62.1	116.8	98.1	127.5	74.1	81.7	39.4
Current Income Tax Expense	7.0	24.0	9.2	5.3	9.4	0.3	10.5	0.5	9.3	11.2	14.7	6.6
Deferred Income Tax Expense	0.0	-4.3	-2.8	-0.4	-0.3	-0.5	-0.7	-0.3	-0.3	2.9	-0.6	-0.4
Net Income	163.0	125.1	102.7	89.6	6.9	62.3	106.9	97.8	118.5	60.1	67.6	33.1
Non-controlling Interest	2.2	1.0	0.4	1.5	2.7	1.6	1.5	-4.7	1.7	-18.5	0.8	-0.1
Profit Attributable to Parent	160.8	124.1	102.4	88.1	4.2	60.7	105.5	102.6	116.8	78.6	66.8	33.2
Earnings per Share	459.31	354.63	292.53	251.64	12.09	173.55	301.29	293.04	333.83	224.60	190.82	94.94
Diluted EPS	459.31	354.63	292.53	251.64	12.09	173.55	301.29	293.04	333.83	224.60	190.82	94.94

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)	2,872.3	3,463.3	3,310.9	3,638.3	3,595.5	3,564.0	3,551.1	3,839.8	3,646.0	3,707.6	3,745.0	3,976.3
I. Cash and cash equivalents	382.8	198.1	328.4	329.3	200.0	169.0	187.1	509.0	122.5	177.3	145.4	403.5
1. Cash	124.4	103.3	120.5	171.1	114.7	109.0	107.3	102.2	74.0	146.8	96.9	87.8
2. Cash equivalents	258.3	94.8	207.9	158.3	85.3	60.0	79.8	406.9	48.5	30.5	48.6	315.7
II. Short-term financial investments	2,032.6	2,030.6	1,727.9	2,001.5	2,142.0	2,107.8	2,093.4	2,011.3	2,207.5	2,167.4	2,244.4	2,069.7
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	2,032.6	2,030.6	1,727.9	2,001.5	2,142.0	2,107.8	2,093.4	2,011.3	2,207.5	2,167.4	2,244.4	2,069.7
III. Short-term receivables	234.9	286.4	326.9	393.6	308.6	292.4	286.3	312.3	295.0	306.0	330.2	345.3
1. Short-term trade accounts receivable	241.2	318.3	245.5	239.0	237.5	230.7	209.2	213.5	210.7	229.6	242.6	221.4
2. Short-term prepayments to suppliers	24.1	13.5	40.5	26.8	41.0	40.1	50.7	15.6	20.4	10.4	19.6	12.1
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	—	2.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	101.0	82.7	126.9	213.9	116.4	107.7	109.1	165.8	132.7	132.3	104.3	142.5
7. Provision for short-term doubtful debts (*)	-131.5	-131.5	-86.0	-86.1	-87.1	-86.3	-82.9	-82.8	-68.8	-66.4	-36.4	-30.7
8. Assets awaiting resolution	0.2	0.5	—	—	0.8	0.2	0.2	0.2	0.2	0.2	0.1	0.1
IV. Inventories	155.1	920.8	902.9	891.0	925.0	974.0	962.3	984.5	998.3	1,034.6	1,007.3	1,138.6
1. Inventories	160.2	965.3	932.4	920.7	954.1	1,006.5	988.5	1,011.9	1,029.9	1,067.7	1,033.1	1,166.6
2. Provision for decline in value of inventories	-5.1	-44.4	-29.5	-29.7	-29.1	-32.5	-26.2	-27.5	-31.6	-33.2	-25.7	-28.0
V. Short-term Biological Assets	41.9	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	48.1	—	—	—	—	—	—	—	—	—	—	—
3. Provision for impairment of short-term biological assets	-6.1	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	25.0	27.3	24.9	22.9	19.8	20.7	22.0	22.7	22.7	22.3	17.6	19.1
1. Short-term prepayments	3.0	1.9	4.4	2.8	2.0	2.3	2.8	3.6	1.9	2.9	2.5	2.6
2. Value added tax to be reclaimed	20.6	21.0	19.5	19.1	16.3	16.4	15.5	14.0	16.7	14.0	14.1	15.3
3. Taxes and other receivables from state authorities	1.4	4.4	1.0	1.1	1.6	2.0	3.6	5.1	4.1	5.5	0.9	1.1
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)	2,770.5	2,132.7	2,128.8	1,919.9	1,818.3	1,903.3	1,847.8	1,795.0	1,862.6	1,775.1	1,711.3	1,721.1
I. Long-term receivables	1.6	1.6	1.6	1.6	1.6	12.7	9.8	1.5	32.3	1.5	1.5	2.3
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	0.0	0.0
6. Other long-term receivables	1.6	1.6	1.6	1.6	1.6	12.7	9.8	1.5	32.3	1.5	1.5	2.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	239.8	244.5	203.1	210.7	211.6	219.7	225.2	232.3	233.4	241.7	206.1	212.0
1. Tangible fixed assets	218.3	223.0	181.5	188.9	189.6	197.5	202.8	209.8	210.7	218.8	183.1	188.8
- Cost	1,122.4	—	—	—	—	1,074.2	1,073.0	1,080.2	1,072.6	1,071.7	1,030.9	1,032.6
- Accumulated depreciation	-904.0	—	—	—	—	-876.7	-870.2	-870.4	-861.9	-852.9	-847.8	-843.8
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	21.5	21.5	21.6	21.8	22.0	22.2	22.3	22.5	22.7	22.8	23.0	23.2
- Cost	53.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-32.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	652.8	—	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	683.1	—	—	—	—	—	—	—	—	—	—	—
4. Provision for impairment of long-term biological assets	-30.3	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	156.6	158.6	173.5	173.5	176.2	178.1	180.1	182.9	172.8	175.8	178.0	181.2
- Cost	326.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-170.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	15.0	11.6	46.1	45.7	49.1	27.7	21.0	36.9	42.4	31.0	59.4	58.8
1. Long-term production in progress	0.3	—	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
2. Construction in progress	14.7	11.6	36.1	35.7	39.1	17.7	11.0	26.9	32.4	21.0	49.4	48.8
V. Long-term financial investments	1,621.1	1,626.4	1,640.0	1,418.5	1,313.9	1,401.3	1,345.3	1,283.4	1,321.3	1,259.5	1,200.8	1,194.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,599.9	1,520.3	1,354.0	1,260.7	1,297.9	1,335.0	1,329.3	1,267.3	1,305.3	1,243.2	1,184.5	1,178.4
3. Investments in other entities	16.0	16.0	16.0	16.0	16.0	16.0	16.0	16.0	16.0	16.0	16.0	16.0
4. Provision for diminution in value of long-term investments	—	-0.2	-0.2	-0.2	-0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	5.2	90.2	270.2	141.9	0.2	50.2	0.0	0.0	0.0	0.2	0.2	0.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	83.6	90.0	64.4	69.9	65.9	63.9	66.4	58.0	60.4	65.8	65.5	72.2
1. Long-term prepayments	73.3	78.8	53.4	59.1	55.4	52.6	55.5	47.4	50.1	54.1	54.4	61.7
2. Deferred income tax assets	10.2	11.2	11.0	10.8	10.5	11.3	10.9	10.5	10.2	11.6	11.1	10.5
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	0.1
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)	5,642.8	5,595.9	5,439.6	5,558.2	5,413.8	5,467.3	5,398.9	5,634.8	5,508.6	5,482.7	5,456.3	5,697.4
A. LIABILITIES (300=210+330)	410.1	516.8	473.1	713.3	412.3	470.1	437.2	778.1	428.3	497.1	524.1	834.2
I. Short -term liabilities	343.8	453.2	401.1	638.6	338.7	394.5	360.5	699.2	368.4	426.5	460.5	771.3
1. Short-term trade accounts payable	72.4	84.5	68.8	85.5	79.8	70.0	69.9	89.1	83.4	106.7	102.6	114.8
2. Short-term advances from customers	21.5	16.3	22.2	17.7	26.0	27.9	29.2	33.8	43.4	19.9	23.6	36.9
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	21.2	38.8	36.6	29.1	21.6	12.9	24.5	11.4	18.6	14.0	57.0	26.5
4. Payable to employees	16.2	65.8	36.4	41.5	20.1	50.6	42.3	43.0	16.1	50.5	76.1	67.3
5. Short-term acrrued expenses	18.2	21.0	26.3	23.2	20.5	29.7	21.2	23.2	19.6	15.6	16.1	15.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	11.6	10.5	12.6	14.2	11.5	12.4	9.8	8.5	9.4	9.5	7.6	10.4
9. Other short-term payables	47.1	54.8	55.9	291.1	50.1	55.3	51.6	378.2	54.8	53.2	47.0	340.4
10. Short-term borrowings and financial leases	114.5	138.4	121.9	106.9	97.6	112.6	94.7	87.7	94.8	118.3	115.0	129.3
11. Provision for short-term liabilities	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.3	0.3
12.. Bonus and welfare fund	20.5	23.0	20.4	29.4	11.6	23.2	17.4	24.3	28.3	38.7	15.3	30.4
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	66.3	63.6	71.9	74.6	73.6	75.6	76.7	78.8	59.9	70.6	63.6	62.9
1. Long-term trade payables	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
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	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	36.4	34.9	37.0	37.2	35.9	37.8	37.8	37.3	17.9	28.0	25.7	25.0
8. Long-term borrowings and financial leases	—	—	1.0	1.1	1.1	1.4	2.2	4.0	4.5	5.0	3.9	3.5
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	—	11.9	16.0	18.5	18.5	18.3	18.5	19.3	19.3	19.3	15.7	15.7
12. Provision for long-term liabilities	17.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	16.5	17.6	17.6	17.7	17.7	17.8	17.9	17.9	18.0	18.0	18.0
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)	5,232.6	5,079.1	4,966.5	4,845.0	5,001.5	4,997.2	4,961.7	4,856.7	5,080.2	4,985.7	4,932.2	4,863.2
I. Owner's equity	5,232.6	5,077.3	4,965.4	4,843.7	5,000.3	4,995.5	4,960.4	4,855.5	5,079.0	4,984.0	4,930.9	4,861.9
1. Owner's capital	3,500.0	3,500.0	3,500.0	3,500.0	3,500.0	3,500.0	3,500.0	3,500.0	3,500.0	3,500.0	3,500.0	3,500.0
- Common stock with voting right	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00	3,500,000,000,000.00
- Preferred stock	11,940,184,958.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	18.9	18.9	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0
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	14.5	15.8	17.8	6.0	-1.6	-11.7	-10.6	-16.2	-15.9	-12.9	-13.8	-8.4
8. Investment and development fund	220.5	226.8	236.6	238.5	247.4	246.8	246.6	245.1	244.3	244.2	244.1	243.9
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	1,400.9	1,239.6	1,130.6	1,019.0	1,169.5	1,178.6	1,143.8	1,046.1	1,264.2	1,168.0	1,097.6	1,023.4
- Accumulated retained earning at the end of the previous period	1,240.1	934.1	933.8	924.6	1,165.3	835.9	820.2	828.2	1,147.3	909.1	892.4	892.1
- Undistributed earnings in this period	160.8	305.5	196.8	94.4	4.2	342.6	323.6	217.9	116.8	258.8	205.1	131.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	77.8	76.2	71.3	71.2	75.9	72.7	71.6	71.3	77.3	75.6	94.0	93.9
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	1.8	1.2	1.2	1.2	1.7	1.2	1.2	1.2	1.7	1.3	1.3
1. Subsidized not-for-profit funds	—	1.1	0.4	0.5	0.5	0.9	0.5	0.5	0.5	0.9	0.5	0.5
2. Funds invested in fixed assets	—	0.7	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.8
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)	5,642.8	5,595.9	5,439.6	5,558.2	5,413.8	5,467.3	5,398.9	5,634.8	5,508.6	5,482.7	5,456.3	5,697.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	170.0	150.5	108.5	96.9	16.0	36.8	116.1	96.9	127.5	82.8	82.2	37.1
Depreciation of Fixed Assets and Investment Property	10.8	9.5	11.4	10.9	11.4	12.1	12.5	11.9	11.6	6.6	14.9	9.6
Provision (Increase)/Reversal	-4.2	13.7	0.1	0.5	-0.4	9.7	-0.4	9.0	1.1	34.8	8.0	-3.7
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.5	-0.1	-1.0	0.0	-2.5	2.1	-2.0	0.0	-0.4	-0.3	-0.1
Gain/Loss from Investment Activities	-126.7	-156.9	-102.4	-92.6	3.4	-86.4	-118.7	-129.5	-119.6	-109.5	-36.6	-74.8
Interest Expense	2.0	2.2	1.1	1.7	1.3	1.5	1.1	1.4	1.6	2.1	2.2	2.2
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	51.9	19.5	18.6	16.4	31.7	-28.8	12.8	-12.2	22.2	16.4	70.5	-29.6
Increase/(Decrease) in Receivables	4.2	19.8	-29.3	36.6	-16.1	1.5	-44.1	3.9	-5.2	-18.7	13.1	-7.3
Increase/(Decrease) in Inventory	83.9	-41.3	-4.8	26.3	51.8	-30.7	30.3	7.8	41.2	-32.5	126.1	-7.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-49.7	31.6	-7.3	50.0	-40.6	60.8	-26.2	38.2	-37.7	-59.5	11.3	65.6
Increase/(Decrease) in Prepaid Expenses	4.0	-22.6	4.2	-8.4	1.5	-8.4	-7.6	1.5	3.6	5.5	3.0	4.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.1	-6.3	2.6	-2.7	-1.4	-0.3	-0.0	0.5	-1.9	-3.8	-0.7	-1.4
Corporate Income Tax Paid	-19.6	-11.5	-6.1	-2.3	-1.6	-10.3	-0.3	-7.3	-7.1	-16.1	-8.8	2.8
Other Operating Receipts	0.5	—	—	—	—	1.8	1.5	-0.5	0.5	-0.7	0.7	-0.2
Other Operating Payments	-9.8	-17.4	-5.2	-9.4	-9.4	-26.9	7.1	-3.2	-9.6	-7.8	-15.6	-9.9
Net Cash Flow from Operating Activities	63.3	-28.9	-26.5	106.2	16.2	-41.3	-26.7	28.7	5.8	-117.1	199.6	16.5
Payments for Fixed Assets and Other Long-term Assets	-25.7	-11.6	-24.6	-1.6	-21.8	-9.2	-4.3	-2.9	-9.4	-4.7	-3.5	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	-1.2	1.4	-0.9	1.1	0.2	1.1	0.1	0.0	7.0	-6.3	0.2
Loans and Purchases of Debt Instruments	-131.2	-220.9	-130.1	-99.6	-45.3	-127.4	-228.4	-31.0	-83.6	7.2	-414.6	-96.9
Receipts from Loan Repayments and Sale of Debt Instruments	279.0	126.2	235.7	106.6	67.9	55.1	146.3	226.6	45.7	111.3	195.6	102.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	-12.6	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	66.6	0.0	0.0	—	0.0	24.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	22.2	48.3	147.8	19.8	34.0	88.6	83.2	184.9	14.0	19.1	75.8	247.9
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	144.4	-114.1	230.2	24.4	35.9	7.3	21.9	365.1	-33.3	140.0	-153.0	253.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	55.7	81.2	71.3	74.3	59.2	68.8	62.4	79.0	56.7	81.5	64.2	95.2
Repayment of Borrowings	-79.6	-64.1	-58.0	-65.0	-74.4	-51.1	-57.2	-86.6	-80.7	-77.1	-78.2	-99.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-3.2	-227.8	-0.7	—	-1.7	-320.8	-1.2	0.0	1.2	-290.8	-1.9
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	-23.9	13.8	-214.5	8.6	-15.2	16.0	-315.6	-8.8	-24.0	5.6	-304.8	-6.1
Net Cash Flow During the Period	183.8	-129.1	-10.9	139.1	36.9	-18.0	-320.4	385.0	-51.5	28.5	-258.2	263.6
Cash and Cash Equivalents at Beginning of Period	199.0	328.4	339.2	200.0	163.1	173.9	173.9	173.9	173.9	176.0	176.0	176.0
FX Difference from Revaluation	0.0	-0.2	0.1	0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	382.8	199.0	328.4	339.2	200.0	169.0	187.1	507.5	122.5	173.9	145.4	403.5

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VIF

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