VLC

Tổng Công ty Chăn Nuôi Việt Nam - CTCP ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 1.53%, −2.35pp YoY

Price

12,800

Latest close

02 Jun 2026

P/E 581.82x

P/B 0.46x

EPS 22

BVPS 28,037

ROE 0.3%

ROA 0.3%

Profit Margin 0.6%

Asset Turnover 0.50x

Equity Mult. 1.11x

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

What Is Changing

On a TTM 2026Q1 basis, VLC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,324bn
	                                
+13.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 51bn
	                                
−55.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    246.4%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	3,112.1	2,957.3	3,152.0	3,140.3	2,928.3
Growth	+5%	-6%	+0%	+7%	—
Net Income	23.2	117.1	289.1	237.5	296.2
Net Margin	0.75%	3.96%	9.17%	7.56%	10.11%

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	821.1	907.9	760.4	835.1	608.7	758.5	750.1	816.9	631.8	803.5	819.8	792.4
Growth	-10%	+19%	-9%	+37%	-20%	+1%	-8%	+29%	-21%	-2%	+3%	—
Net Income	38.7	6.3	-23.9	29.7	11.2	47.0	25.8	29.7	14.6	63.5	75.2	65.2
Net Margin	4.71%	0.70%	-3.15%	3.55%	1.84%	6.20%	3.44%	3.63%	2.31%	7.90%	9.18%	8.23%

Drivers of VLC's profit

TTM

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

Minority interests ↓ 30.9bn

Gross profit ↑ 6.0bn

Selling expenses ↑ 42.8bn

Financial income ↓ 18.0bn

Tax ↑ 4.7bn

TTM

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

Gross profit ↑ 65.7bn

Administrative expenses ↓ 5.9bn

Selling expenses ↑ 41.4bn

Minority interests ↑ 8.5bn

Tax ↑ 3.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.9% = 3.9% × 0.44 × 1.11

2026Q1 0.8% = 1.5% × 0.50 × 1.11

ROE fell from 1.9% to 0.8% — net margin weakened the most, though asset turnover still provided support.

Net margin: 1.5% -2.3pp Asset turnover: 0.50x +0.07x Leverage: 1.11x -0.00x

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 1.53%, losing 2.3pp. The main pressure is Gross margin fell 2.7pp, outweighing the improvement in SG&A / Revenue fell 1.9pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 1.4pp remained a drag).

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

Profitability trend

Net Margin 1.53% −2.3pp

Gross Margin 22.10% −2.7pp

SG&A / Revenue 25.41% −1.9pp

Non-core / Revenue 5.54% −1.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.4pp, financial result still accounts for 247.9% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 1.55% −2.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.12x equity, with a net cash position equivalent to 0.02x equity.

Over the last 12 months, working capital absorbed 278.3bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −110.6bn

Inventories increased → lower CFO: −120.8bn

Payables decreased → lower CFO: −46.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 7.2 days versus the same period last year. The main moves came from DIO fell 9.6 days, DSO rose 0.6 days, and DPO fell 16.2 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +7.2 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 23.8 days +0.6 days

Inventory 45.6 days −9.6 days

Payables 35.1 days −16.2 days

Cash Conversion Cycle 34.2 days +7.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 601.7bn due to capex of 390.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.02x and interest coverage at 14.80x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.02x +0.02x

Interest Coverage 14.80x −26.88x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -10.83x −14.97x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -231.8bn in 2025, against investing cash flow of 47.5bn.

Post-investment cash flow was negative +184.3bn. Financing cash flow was negative +114.3bn.

CFO / net income was -10.83x.

After spending +390.8bn on fixed-asset investment, the business generated trailing free cash flow of −601.7bn.

Cash Conversion

CFO TTM 210.9bn −423.9bn

Cash Capex 390.8bn −746.6bn

FCF TTM −601.7bn +322.7bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 2.3 pp. The next watchpoint is the earnings mix, when non-core contribution is 246.4%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.02x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 246.4% of PBT and CFO / net income currently at -10.83x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.53% after a 2.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,116.8	2,959.9	3,154.1	3,141.7	2,930.4
Revenue Deductions	4.7	2.6	2.1	1.4	0.0
Net Revenue	3,112.1	2,957.3	3,152.0	3,140.3	2,928.3
Cost of Goods Sold	2,442.9	2,187.4	2,205.7	2,176.7	0.0
Gross Profit	669.1	769.9	946.3	963.6	881.2
Financial Income	190.7	210.0	266.3	158.2	129.2
Financial Expenses	6.1	2.0	1.0	5.5	-6.8
Interest Expense	5.7	1.7	0.0	0.6	-0.2
Share of Associates and Joint Ventures	1.0	1.1	-13.4	-3.3	-1.1
Selling Expenses	644.5	680.5	725.7	697.9	-594.9
General and Administrative Expenses	164.9	155.1	143.5	127.4	-66.9
Operating Profit	45.4	143.6	329.2	287.7	340.6
Other Income	17.3	16.3	17.5	27.4	0.0
Other Expenses	18.9	21.7	19.4	57.7	0.0
Other Profit	-1.6	-5.3	-1.9	-30.3	-11.6
Profit Before Tax	43.8	138.2	327.3	257.4	329.0
Current Income Tax Expense	35.0	35.3	51.9	34.1	-32.9
Deferred Income Tax Expense	-14.3	-14.1	-13.7	-14.3	0.0
Net Income	23.2	117.1	289.1	237.5	296.2
Non-controlling Interest	22.7	62.9	132.5	121.6	186.3
Profit Attributable to Parent	0.5	54.1	156.6	116.0	109.8
Earnings per Share	-58.00	193.00	689.00	461.00	1,164.00
Diluted EPS	2.27	254.77	736.98	672.84	1,740.68

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,776.5	4,077.4	4,395.8	3,561.6	2,887.5
I. Cash and cash equivalents	122.1	420.7	1,333.6	743.8	176.4
1. Cash	100.1	80.7	165.3	66.8	0.0
2. Cash equivalents	22.0	340.0	1,168.4	677.0	0.0
II. Short-term financial investments	2,753.1	2,989.3	2,212.2	2,111.0	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	2,753.1	2,989.3	2,212.2	2,111.0	0.0
III. Short-term receivables	371.9	360.5	565.6	455.0	287.6
1. Short-term trade accounts receivable	215.3	213.0	209.4	193.2	0.0
2. Short-term prepayments to suppliers	61.8	55.1	199.1	159.0	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	96.9	98.2	161.1	106.8	0.0
7. Provision for short-term doubtful debts (*)	-2.1	-5.7	-4.1	-4.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	480.5	259.5	210.2	210.0	194.0
1. Inventories	490.8	264.8	213.7	211.8	0.0
2. Provision for decline in value of inventories	-10.3	-5.3	-3.6	-1.8	0.0
V. Other short-term assets	49.0	47.3	74.3	41.8	5.5
1. Short-term prepayments	13.1	10.1	8.3	6.1	0.0
2. Value added tax to be reclaimed	17.0	13.6	24.2	15.5	0.0
3. Taxes and other receivables from state authorities	18.9	23.6	41.8	20.2	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,860.8	2,738.2	1,518.7	1,336.8	312.1
I. Long-term receivables	0.5	0.6	0.3	0.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.5	0.6	0.3	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,003.9	1,482.0	940.9	841.0	160.0
1. Tangible fixed assets	1,631.7	1,074.6	498.6	363.6	158.8
- Cost	2,726.5	2,083.6	1,446.1	1,234.2	0.0
- Accumulated depreciation	-1,094.8	-1,009.0	-947.5	-870.5	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	372.2	407.3	442.3	477.4	1.2
- Cost	692.2	695.1	694.6	694.1	0.0
- Accumulated depreciation	-320.0	-287.8	-252.4	-216.7	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	592.2	885.0	239.8	107.1	115.9
1. Long-term production in progress	24.8	20.6	11.3	11.4	0.0
2. Construction in progress	567.4	864.4	228.4	95.7	0.0
V. Long-term financial investments	190.1	252.5	180.7	194.0	24.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	165.0	172.4	173.1	186.5	0.0
3. Investments in other entities	22.4	22.4	29.8	29.8	0.0
4. Provision for diminution in value of long-term investments	-22.3	-22.3	-22.3	-22.3	0.0
5. Held to maturity investments	25.0	80.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	74.1	118.1	157.1	194.3	0.0
1. Long-term prepayments	28.0	25.9	18.8	10.0	0.0
2. Deferred income tax assets	1.3	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	11.8
5. Goodwill	44.8	92.2	138.3	184.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	6,637.3	6,815.6	5,914.5	4,898.4	3,199.6
A. LIABILITIES (300=210+330)	710.3	807.9	507.3	441.5	365.0
I. Short -term liabilities	614.8	698.5	383.3	301.3	340.0
1. Short-term trade accounts payable	269.0	381.6	153.4	106.8	91.0
2. Short-term advances from customers	33.1	4.7	2.3	2.4	2.3
3. Taxes and other payables to state authorities	20.7	9.7	3.2	1.3	0.0
4. Payable to employees	25.7	23.3	20.8	22.5	0.0
5. Short-term acrrued expenses	119.5	98.6	87.0	64.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	7.6	6.4	22.5	27.9	0.0
10. Short-term borrowings and financial leases	67.0	99.0	0.0	0.0	77.2
11. Provision for short-term liabilities	3.7	2.5	2.2	2.0	0.0
12.. Bonus and welfare fund	68.5	72.9	91.9	74.4	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	95.5	109.4	123.9	140.2	25.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.6	0.7	1.1	3.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	92.4	105.5	119.6	133.3	0.0
12. Provision for long-term liabilities	2.5	3.2	3.3	3.3	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)	5,927.0	6,007.7	5,407.2	4,456.9	2,834.5
I. Owner's equity	5,927.0	6,007.7	5,407.2	4,456.9	0.0
1. Owner's capital	2,124.9	2,124.9	2,124.9	1,723.5	2,834.5
- Common stock with voting right	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	1,723,461,730,000.00	631,010,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1,192.4	1,192.4	1,192.4	1,032.5	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	37.8	37.8	37.8	37.8	152.8
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-64.4	-64.8	-64.8	-64.8	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	116.4	116.4	132.2	94.2	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
11. Undistributed earnings after tax	109.8	122.5	369.0	383.8	556.6
- Accumulated retained earning at the end of the previous period	122.5	81.4	280.4	-318.7	276.3
- Undistributed earnings in this period	-12.7	41.1	88.6	702.5	280.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2,410.1	2,478.4	1,615.7	1,249.9	1,485.9
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)	6,637.3	6,815.6	5,914.5	4,898.4	3,199.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	43.8	138.2	327.3	257.4	359.8
Depreciation of Fixed Assets and Investment Property	219.0	180.9	175.6	165.3	54.2
Provision (Increase)/Reversal	5.9	3.4	2.1	6.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-179.4	-198.0	-239.1	-123.3	0.0
Interest Expense	5.7	1.7	0.0	0.6	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	95.0	126.4	265.9	306.2	311.5
Increase/(Decrease) in Receivables	-40.2	8.2	-33.3	-26.0	0.0
Increase/(Decrease) in Inventory	-225.8	-49.6	-1.9	-14.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.3	143.2	68.4	13.7	0.0
Increase/(Decrease) in Prepaid Expenses	8.8	-12.4	-10.6	-0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.5	-0.6	0.0	-0.8	0.0
Corporate Income Tax Paid	-36.9	-19.6	-64.9	-45.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-26.0	-41.0	-27.8	-34.2	0.0
Net Cash Flow from Operating Activities	-231.8	154.6	195.7	199.3	214.5
Payments for Fixed Assets and Other Long-term Assets	-440.2	-1,076.0	-388.8	-269.7	-152.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.3	7.5	3.6	20.5	5.0
Loans and Purchases of Debt Instruments	-3,477.1	0.0	-3,423.9	-2,511.3	-2,841.8
Receipts from Loan Repayments and Sale of Debt Instruments	3,768.3	0.0	3,280.9	2,924.0	1,724.5
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.0	23.3	0.0	0.0	0.0
Dividends and Interest Income Received	189.2	229.6	215.8	157.1	0.0
Increase/(Decrease) in Term Deposits	—	-856.3	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	47.5	-1,671.9	-312.4	320.6	-1,191.0
Proceeds from Equity Issuance and Capital Contributions	7,200,000,000.00	722,407,000,000.00	899,515,232,000.00	338,100,000,000.00	1,237,746,180,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	285.0	129.0	0.0	0.0	77.2
Repayment of Borrowings	-317.0	-30.0	0.0	-77.2	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-89.5	-217.0	-193.0	-215.2	-223.4
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	-114.3	604.4	706.6	45.7	1,091.5
Net Cash Flow During the Period	-298.6	-912.9	589.9	565.6	-175.3
Cash and Cash Equivalents at Beginning of Period	420.7	1,333.6	743.8	178.2	61.4
FX Difference from Revaluation	—	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	122.1	420.7	1,333.6	743.8	176.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	821.8	909.7	761.5	836.2	609.5	759.4	750.8	817.5	632.2	804.1	820.3	793.1
Revenue Deductions	0.6	1.7	1.1	1.1	0.8	1.0	0.6	0.6	0.4	0.6	0.4	0.7
Net Revenue	821.1	907.9	760.4	835.1	608.7	758.5	750.1	816.9	631.8	803.5	819.8	792.4
Cost of Goods Sold	633.8	733.1	593.7	629.0	487.1	564.2	568.3	585.8	469.1	558.2	575.0	560.2
Gross Profit	187.3	174.8	166.6	206.1	121.6	194.2	181.9	231.1	162.7	245.2	244.8	232.1
Financial Income	46.7	47.5	46.0	50.3	46.9	49.3	65.8	46.5	48.5	71.0	70.4	66.9
Financial Expenses	0.4	0.9	1.7	2.2	1.3	1.3	0.6	0.0	0.0	0.4	0.2	0.4
Interest Expense	0.3	0.9	1.7	2.0	1.2	1.2	0.6	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	-0.2	-0.7	1.6	0.3	-0.1	2.1	1.2	-0.9	-1.3	-2.9	-3.3	-6.8
Selling Expenses	150.1	166.9	191.6	177.3	108.7	159.1	174.8	200.5	146.1	206.3	191.2	177.9
General and Administrative Expenses	36.8	41.9	40.2	40.1	42.7	34.0	41.4	39.6	40.1	35.2	37.0	36.5
Operating Profit	46.6	11.9	-19.3	37.2	15.7	51.2	32.1	36.7	23.6	71.5	83.5	77.6
Other Income	1.5	8.3	2.6	3.0	3.4	5.7	2.7	2.1	5.8	7.1	5.6	2.0
Other Expenses	1.7	7.6	3.9	3.4	4.0	3.9	4.4	3.5	9.9	4.6	3.7	4.1
Other Profit	-0.2	0.7	-1.2	-0.4	-0.6	1.8	-1.7	-1.4	-4.1	2.6	1.9	-2.1
Profit Before Tax	46.4	12.6	-20.6	36.8	15.1	53.0	30.4	35.3	19.5	74.0	85.3	75.5
Current Income Tax Expense	10.6	9.6	6.8	11.7	6.9	9.6	9.1	8.4	8.2	14.2	13.8	13.2
Deferred Income Tax Expense	-2.8	-3.4	-3.4	-4.6	-3.0	-3.6	-4.4	-2.8	-3.3	-3.6	-3.7	-2.9
Net Income	38.7	6.3	-23.9	29.7	11.2	47.0	25.8	29.7	14.6	63.5	75.2	65.2
Non-controlling Interest	18.8	5.6	-7.8	14.7	10.3	21.8	11.0	19.1	11.0	28.1	35.9	31.0
Profit Attributable to Parent	19.9	0.7	-16.1	15.0	0.9	25.2	14.8	10.6	3.5	35.4	39.3	34.2
Earnings per Share	71.00	-14.00	-84.00	49.00	-9.00	99.00	58.00	34.00	3.00	257.00	403.00	326.00
Diluted EPS	93.62	3.42	-75.78	70.36	4.26	118.81	69.42	49.87	16.67	166.47	184.89	198.40

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)	3,688.7	3,776.5	3,809.7	4,111.1	4,029.0	4,095.8	4,500.7	4,450.6	4,860.4	4,395.8	4,684.8	4,045.0
I. Cash and cash equivalents	172.5	122.1	586.8	592.8	411.8	420.7	513.0	253.8	976.3	1,333.6	1,545.7	704.8
1. Cash	170.5	100.1	239.8	231.8	79.7	80.7	138.0	153.8	91.1	165.3	96.0	82.8
2. Cash equivalents	2.0	22.0	347.0	361.0	332.1	340.0	375.0	100.0	885.1	1,168.4	1,449.7	622.0
II. Short-term financial investments	2,651.0	2,753.1	2,456.1	2,711.4	2,929.3	2,989.3	3,280.4	3,417.1	3,168.0	2,212.2	2,406.2	2,573.0
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	2,651.0	2,753.1	2,456.1	2,711.4	2,929.3	2,989.3	3,280.4	3,417.1	3,168.0	2,212.2	2,406.2	2,573.0
III. Short-term receivables	319.4	371.9	321.8	384.8	279.3	378.9	347.4	384.8	347.0	565.6	506.6	455.6
1. Short-term trade accounts receivable	262.6	215.3	208.5	259.4	170.5	213.0	225.2	248.2	201.9	209.4	194.6	233.3
2. Short-term prepayments to suppliers	46.1	61.8	38.4	31.4	46.4	73.5	49.2	68.6	97.6	199.1	152.0	152.5
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	12.9	96.9	76.8	95.8	64.1	98.2	78.8	72.2	51.6	161.1	164.0	73.8
7. Provision for short-term doubtful debts (*)	-2.3	-2.1	-1.8	-1.8	-1.7	-5.7	-5.7	-4.2	-4.1	-4.1	-4.0	-4.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	259.8	480.5	399.4	376.4	371.0	259.5	250.0	302.5	286.7	210.2	196.0	285.5
1. Inventories	269.6	490.8	411.5	387.7	376.9	264.8	253.5	305.8	290.1	213.7	199.1	290.1
2. Provision for decline in value of inventories	-9.8	-10.3	-12.0	-11.2	-5.9	-5.3	-3.5	-3.2	-3.4	-3.6	-3.2	-4.6
V. Short-term Biological Assets	232.5	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	232.3	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	0.2	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	53.6	49.0	45.5	45.6	37.6	47.3	109.9	92.3	82.4	74.3	30.3	26.0
1. Short-term prepayments	28.9	13.1	11.3	12.1	9.4	10.1	9.0	8.6	6.6	8.3	7.5	6.1
2. Value added tax to be reclaimed	13.0	17.0	12.3	10.1	7.2	13.6	87.1	72.1	48.5	24.2	17.4	17.6
3. Taxes and other receivables from state authorities	11.6	18.9	21.9	23.4	21.1	23.6	13.8	11.6	27.4	41.8	5.3	2.3
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)	2,829.3	2,860.8	2,878.4	2,827.2	2,698.3	2,738.2	2,288.7	2,248.5	1,867.8	1,518.7	1,344.8	1,358.1
I. Long-term receivables	0.6	0.5	0.7	0.7	0.6	0.6	0.7	0.7	0.7	0.3	0.7	0.7
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	0.0	0.0
6. Other long-term receivables	0.6	0.5	0.7	0.7	0.6	0.6	0.7	0.7	0.7	0.3	0.7	0.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,954.5	2,003.9	2,021.3	2,026.3	1,457.7	1,482.0	868.7	879.1	903.1	940.9	936.7	903.0
1. Tangible fixed assets	1,590.0	1,631.7	1,640.5	1,636.6	1,059.2	1,074.6	453.0	454.6	469.7	498.6	485.9	443.3
- Cost	2,695.1	—	—	—	—	2,083.6	1,445.2	1,430.4	1,423.3	1,446.1	1,408.9	1,343.5
- Accumulated depreciation	-1,105.1	—	—	—	—	-1,009.0	-992.1	-975.8	-953.5	-947.5	-923.1	-900.2
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	364.5	372.2	380.8	389.7	398.6	407.3	415.7	424.5	433.4	442.3	450.8	459.8
- Cost	692.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-327.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	65.8	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	65.8	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	17.4	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	48.4	—	—	—	—	—	—	—	—	—	—	—
- Cost	70.7	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-22.3	—	—	—	—	—	—	—	—	—	—	—
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	596.3	592.2	526.3	538.5	964.7	885.0	1,120.1	922.5	639.6	239.8	57.1	94.3
1. Long-term production in progress	—	24.8	18.1	16.4	19.1	20.6	18.5	14.8	12.6	11.3	10.5	9.7
2. Construction in progress	596.3	567.4	508.2	522.1	945.7	864.4	1,101.6	907.7	627.1	228.4	46.6	84.6
V. Long-term financial investments	164.9	190.1	255.7	172.6	172.3	252.5	170.3	314.9	179.3	180.7	183.6	186.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	164.8	165.0	165.7	172.5	172.3	172.4	170.3	169.1	171.8	173.1	176.0	179.3
3. Investments in other entities	22.4	22.4	22.4	22.4	22.4	22.4	22.4	29.8	29.8	29.8	29.8	29.8
4. Provision for diminution in value of long-term investments	-22.3	-22.3	-22.3	-22.3	-22.3	-22.3	-22.3	-22.3	-22.3	-22.3	-22.3	-22.3
5. Held to maturity investments	—	25.0	90.0	—	—	80.0	0.0	138.3	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	47.2	74.1	74.4	89.2	102.8	118.1	128.8	131.2	18.2	18.8	17.0	11.9
1. Long-term prepayments	12.4	28.0	16.4	19.2	22.3	25.9	25.1	16.0	18.2	18.8	17.0	11.9
2. Deferred income tax assets	1.7	1.3	1.3	1.3	—	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	33.1	44.8	56.7	68.7	80.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	92.2	103.7	115.2	126.8	138.3	149.8	161.3
TOTAL ASSETS (280=100+200)	6,518.0	6,637.3	6,688.1	6,938.3	6,727.3	6,834.0	6,789.5	6,699.1	6,728.2	5,914.5	6,029.6	5,403.2
A. LIABILITIES (300=210+330)	560.4	710.3	716.3	939.7	712.8	826.3	776.9	580.6	635.2	507.3	628.1	525.8
I. Short -term liabilities	467.3	614.8	617.2	837.2	606.4	716.9	663.3	462.8	514.5	383.3	500.8	394.1
1. Short-term trade accounts payable	232.2	269.0	225.2	339.6	266.4	317.0	234.7	251.7	353.8	153.4	107.5	143.3
2. Short-term advances from customers	12.1	33.1	9.1	6.2	7.5	4.7	5.5	4.8	4.3	2.3	3.0	2.4
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	35.1	20.7	53.4	45.6	10.1	9.7	35.0	7.0	3.1	3.2	86.1	60.0
4. Payable to employees	16.4	25.7	19.6	17.2	15.0	23.3	18.9	15.8	13.6	20.8	17.8	14.5
5. Short-term acrrued expenses	97.4	119.5	100.7	118.1	70.6	181.5	62.0	75.4	56.6	87.0	81.8	71.7
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	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	8.9	7.6	10.2	10.8	8.6	6.4	136.5	8.2	9.5	22.5	123.1	22.0
10. Short-term borrowings and financial leases	—	67.0	127.0	228.0	164.0	99.0	95.0	20.8	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	3.9	3.7	2.6	2.6	2.5	2.5	2.4	2.3	2.3	2.2	2.2	2.1
12.. Bonus and welfare fund	60.9	68.5	69.4	69.1	61.7	72.9	73.4	76.8	71.3	91.9	79.2	78.3
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	93.0	95.5	99.1	102.5	106.3	109.4	113.6	117.8	120.6	123.9	127.3	131.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.6	0.6	0.7	0.7	0.7	0.7	1.4	1.1	1.0	1.1	1.3	1.6
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	90.0	92.4	95.8	99.2	102.5	105.5	109.1	113.5	116.3	119.6	123.2	126.8
12. Provision for long-term liabilities	2.5	2.5	2.6	2.6	3.1	3.2	3.2	3.2	3.3	3.3	2.9	3.2
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)	5,957.7	5,927.0	5,971.9	5,998.6	6,014.5	6,007.7	6,012.5	6,118.5	6,093.0	5,407.2	5,401.5	4,877.3
I. Owner's equity	5,957.7	5,927.0	5,971.9	5,998.6	6,014.5	6,007.7	6,012.5	6,118.5	6,093.0	5,407.2	5,401.5	4,877.3
1. Owner's capital	2,124.9	2,124.9	2,124.9	2,124.9	2,124.9	2,124.9	2,124.9	2,124.9	2,124.9	2,124.9	2,124.9	1,723.5
- Common stock with voting right	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	2,124,916,110,000.00	1,723,461,730,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,192.4	1,192.4	1,192.4	1,192.4	1,192.4	1,192.4	1,192.4	1,192.4	1,192.4	1,192.4	1,193.0	1,032.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	37.8	37.8	37.8	37.8	37.8	37.8	37.8	37.8	37.8	37.8	37.8	37.8
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-64.4	-64.4	-64.4	-64.4	-64.4	-64.8	-64.8	-64.8	-64.8	-64.8	-64.8	-64.8
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	116.4	116.4	116.4	116.4	116.4	116.4	116.4	116.4	135.1	132.2	119.6	113.6
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	124.9	109.8	112.8	130.6	120.5	122.5	277.3	392.6	366.6	369.0	355.0	431.0
- Accumulated retained earning at the end of the previous period	109.8	122.5	122.5	122.5	122.5	81.4	257.2	384.7	369.0	280.4	280.4	383.8
- Undistributed earnings in this period	15.1	-12.7	-9.6	8.1	-1.9	41.1	20.1	7.8	-2.4	88.6	74.6	47.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,425.6	2,410.1	2,451.8	2,460.8	2,486.8	2,478.4	2,328.5	2,319.2	2,301.0	1,615.7	1,635.9	1,603.8
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)	6,518.0	6,637.3	6,688.1	6,938.3	6,727.3	6,834.0	6,789.5	6,699.1	6,728.2	5,914.5	6,029.6	5,403.2

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	46.4	12.6	-20.6	36.8	15.1	53.0	30.4	35.3	19.5	74.0	85.3	75.5
Depreciation of Fixed Assets and Investment Property	57.1	58.9	58.9	50.9	50.3	46.7	44.6	44.6	45.0	46.6	45.0	43.2
Provision (Increase)/Reversal	-0.1	-1.0	5.3	1.0	0.6	1.8	1.8	-0.1	-0.1	1.0	-1.8	2.8
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	-0.0	0.0	0.1	-0.0	0.0	-0.0	0.0	0.2	-0.2
Gain/Loss from Investment Activities	-44.3	-42.0	-45.1	-49.7	-42.6	-49.5	-63.1	-43.5	-41.8	-64.4	-65.2	-56.1
Interest Expense	0.3	0.9	1.7	2.0	1.2	1.2	0.6	0.0	0.0	0.0	0.0	0.0
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	59.5	29.3	0.2	41.0	24.5	53.3	14.2	36.3	22.6	57.2	63.7	65.2
Increase/(Decrease) in Receivables	-10.4	-99.0	100.9	-102.2	60.1	-219.8	281.0	-169.6	102.5	-31.3	13.9	-15.7
Increase/(Decrease) in Inventory	-7.1	-63.8	-39.8	-10.2	-112.1	-9.8	52.3	-15.7	-76.4	-14.6	91.0	-50.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.7	-38.9	-54.3	55.0	37.9	340.7	-232.4	145.5	-110.6	41.4	-32.6	57.2
Increase/(Decrease) in Prepaid Expenses	-0.1	0.4	3.6	0.4	4.4	-5.4	-9.4	0.1	2.3	-2.3	-6.7	-2.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-1.5	-3.1	-0.7	-1.2	-0.6	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-9.4	-18.7	-6.9	-0.3	-11.0	-13.9	-1.6	-3.2	-0.9	-53.7	-10.7	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-15.6	-7.2	-2.6	-0.1	-16.0	-7.6	-7.7	-0.1	-25.6	0.4	-8.8	-9.0
Net Cash Flow from Operating Activities	7.5	-199.3	-2.0	-17.1	-13.4	136.9	96.4	-6.8	-85.9	-2.9	109.8	45.5
Payments for Fixed Assets and Other Long-term Assets	-148.0	46.0	-142.4	-146.4	-197.4	-338.7	-234.4	-367.0	-136.0	-275.1	-18.7	-59.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.6	2.1	1.4	1.5	1.3	1.4	0.9	4.9	0.3	0.6	0.5	1.2
Loans and Purchases of Debt Instruments	-1,413.0	-904.0	-1,040.0	-180.1	-1,353.0	-1,098.0	-225.0	-513.4	-2,643.0	-726.9	-130.0	-799.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,587.0	672.0	1,205.3	478.0	1,413.0	1,309.9	499.2	126.8	1,687.2	879.1	296.8	600.6
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	-6.0	6.0	0.0	1.0	-1.8	25.1	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	82.3	29.3	66.7	18.8	74.6	66.2	22.8	10.8	143.9	61.8	20.7	37.2
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	109.9	-160.7	97.0	171.7	-60.5	-60.9	88.6	-737.9	-947.6	-60.5	169.3	-219.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	46,207,000,000.00	676,200,000,000.00	-620,900,000.00	562,036,132,000.00	338,100,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	57.0	78.0	150.0	34.0	74.2	20.8	0.0	0.0	0.0	0.0
Repayment of Borrowings	-67.0	-60.0	-158.0	-14.0	-85.0	-30.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-44.8	0.0	-44.8	—	-172.3	0.0	-44.8	0.0	-148.1	-0.1	-44.7
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	-67.0	-104.8	-101.0	26.4	65.0	-168.3	74.2	22.3	676.2	-148.7	561.9	293.4
Net Cash Flow During the Period	50.5	-464.7	-6.0	181.1	-9.0	-92.3	259.2	-722.4	-357.4	-212.1	841.0	119.8
Cash and Cash Equivalents at Beginning of Period	122.1	586.8	592.8	411.8	420.7	1,333.6	1,333.6	1,333.6	1,333.6	743.8	743.8	743.8
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	172.5	122.1	586.8	592.8	411.8	420.7	513.0	253.8	976.3	1,333.6	1,545.7	704.8

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VLC

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