VSC

Container Việt Nam ·HOSE ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 14.30%, −6.60pp YoY

Price

20,100

Latest close

04 Jun 2026

P/E 27.49x

P/B 1.11x

EPS 731

BVPS 18,082

ROE 4.6%

ROA 2.5%

Profit Margin 8.1%

Asset Turnover 0.30x

Equity Mult. 1.88x

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

What Is Changing

On a TTM 2026Q1 basis, VSC is holding revenue at an acceptable level, but margins are eroding visibly — profit is at an all-time high. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,384bn
	                                
+17.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 484bn
	                                
−19.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,205.5	2,787.9	2,180.9	2,007.4	1,892.1
Growth	+15%	+28%	+9%	+6%	—
Net Income	525.5	434.5	199.0	393.1	413.8
Net Margin	16.40%	15.59%	9.13%	19.58%	21.87%

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	860.6	872.3	844.2	806.9	682.1	774.8	709.2	717.5	586.4	625.9	557.2	534.6
Growth	-1%	+3%	+5%	+18%	-12%	+9%	-1%	+22%	-6%	+12%	+4%	—
Net Income	69.6	152.2	113.4	148.7	111.2	321.7	78.2	91.5	70.0	74.3	50.2	34.3
Net Margin	8.09%	17.45%	13.43%	18.43%	16.30%	41.52%	11.03%	12.76%	11.93%	11.87%	9.00%	6.42%

Drivers of VSC's profit

TTM

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

Gross profit ↑ 250.7bn

Other profit ↑ 35.8bn

Finance costs ↑ 352.4bn

Selling expenses ↑ 110.1bn

Minority interests ↑ 106.5bn

Tax ↑ 70.7bn

TTM

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

Gross profit ↑ 104.0bn

Financial income ↑ 22.3bn

Finance costs ↑ 192.2bn

Selling expenses ↑ 37.9bn

Minority interests ↑ 25.7bn

Other profit ↓ 11.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.2% = 20.9% × 0.43 × 1.60

2026Q1 8.1% = 14.3% × 0.30 × 1.88

ROE fell from 14.2% to 8.1% — asset turnover weakened the most, though leverage still provided support.

Net margin: 14.3% -6.6pp Asset turnover: 0.30x -0.12x Leverage: 1.88x +0.28x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 14.30%, losing 6.6pp. The main pressure is SG&A / Revenue rose 1.7pp, outweighing the improvement in Gross margin rose 2.3pp (in addition, Other profit / Revenue rose 1.1pp added support while Net financial result / Revenue fell 12.8pp remained a drag).

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

Profitability trend

Net Margin 14.30% −6.6pp

Gross Margin 36.78% +2.3pp

SG&A / Revenue 14.67% +1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC fell to 6.41%, losing 4.9pp. That translates to 6.41 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 7.5pp and capital turnover fell 0.07x, while invested capital expanded strongly by 1,870bn — pressure came from both operational efficiency and asset efficiency.

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

CAPITAL EFFICIENCY TREND

ROIC 6.41% −4.9pp

NOPAT Margin 13.78% −7.5pp

Capital Turnover 0.47x −0.07x

Average Invested Capital 7,271.5bn +1,869.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 1.03x equity, net debt at 0.21x equity.

Over the last 12 months, working capital released 842.9bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +162.2bn

Inventories increased → lower CFO: −8.6bn

Payables increased → higher CFO: +689.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.0 days versus the same period last year. The main moves came from DIO rose 1.4 days, DSO fell 3.3 days, and DPO fell 1.9 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +0.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +1.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 24.4 days −3.3 days

Inventory 8.5 days +1.4 days

Payables 15.8 days −1.9 days

Cash Conversion Cycle 17.1 days +0.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 790.9bn due to capex of 2,323.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.21x and interest coverage only at 1.15x.

At present, short-term debt accounts for 99.9% of total debt, cash equals 44.0% of debt, and total debt stands at 2,530.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.15x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.9% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.21x −0.03x

Interest Coverage 1.15x −2.67x

Cash / Debt 44.0% +2.2pp

Short-term Debt / Total Debt 99.9% +83.7pp

CFO / NI 5.60x +10.84x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 627.5bn in 2025, against investing cash flow of -3,847.0bn.

Post-investment cash flow was negative +3,219.5bn. Financing cash flow was positive +3,585.7bn.

CFO / net income was 5.60x.

After spending +2,323.7bn on fixed-asset investment, the business generated trailing free cash flow of −790.9bn.

Cash Conversion

CFO TTM 1,532.8bn +4,146.5bn

Cash Capex 2,323.7bn −1,089.1bn

FCF TTM −790.9bn +5,235.6bn

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 6.6 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 5.60x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 5.60x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 14.30% after a 6.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,205.5	2,787.9	2,180.9	2,007.4	1,892.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,205.5	2,787.9	2,180.9	2,007.4	1,892.1
Cost of Goods Sold	2,064.8	1,944.5	1,526.5	1,348.7	0.0
Gross Profit	1,140.7	843.5	654.4	658.7	602.4
Financial Income	191.0	264.0	31.1	34.6	13.0
Financial Expenses	345.9	219.4	172.6	5.0	-2.0
Interest Expense	274.5	167.1	170.4	1.1	0.0
Share of Associates and Joint Ventures	121.6	-3.5	-18.0	-19.7	4.4
Selling Expenses	243.8	152.8	94.1	79.2	-48.2
General and Administrative Expenses	216.1	182.6	132.9	105.4	-81.2
Operating Profit	647.5	549.2	268.0	484.0	488.4
Other Income	38.4	3.3	3.9	1.3	0.0
Other Expenses	4.0	27.9	6.8	8.3	0.0
Other Profit	34.3	-24.6	-2.9	-7.1	-5.7
Profit Before Tax	681.8	524.6	265.1	476.9	482.7
Current Income Tax Expense	182.8	102.4	66.5	84.0	-68.9
Deferred Income Tax Expense	-26.5	-12.4	-0.4	-0.2	0.0
Net Income	525.5	434.5	199.0	393.1	413.8
Non-controlling Interest	184.6	98.4	75.4	78.8	63.9
Profit Attributable to Parent	341.0	336.2	123.6	314.3	349.9
Earnings per Share	918.00	1,393.00	844.00	2,451.00	3,180.49
Diluted EPS	918.00	1,393.00	844.00	2,451.00	3,180.49

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,001.8	1,811.6	1,346.1	1,305.8	1,442.5
I. Cash and cash equivalents	915.8	546.6	370.5	360.4	1,013.6
1. Cash	491.5	340.1	135.6	80.6	0.0
2. Cash equivalents	424.3	206.5	234.9	279.8	0.0
II. Short-term financial investments	1,337.5	806.3	425.0	239.4	0.0
1. Available for sale securities	975.8	546.6	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-64.5	-26.1	0.0	0.0	0.0
3. Held to maturity investments	426.2	285.8	425.0	239.4	0.0
III. Short-term receivables	1,633.4	354.9	464.4	560.2	232.3
1. Short-term trade accounts receivable	214.4	236.7	205.3	188.5	0.0
2. Short-term prepayments to suppliers	10.1	18.8	13.6	8.3	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	1,413.6	103.1	247.6	364.4	0.0
7. Provision for short-term doubtful debts (*)	-4.7	-3.8	-2.0	-1.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	49.6	47.5	29.1	28.0	21.1
1. Inventories	49.6	47.5	29.1	28.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	65.6	56.2	57.2	117.8	76.8
1. Short-term prepayments	20.0	17.7	20.2	43.8	0.0
2. Value added tax to be reclaimed	45.5	35.6	35.4	72.7	0.0
3. Taxes and other receivables from state authorities	0.2	2.9	1.6	1.3	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	8,961.1	5,983.6	3,844.8	3,061.0	1,823.9
I. Long-term receivables	918.0	3.6	827.2	827.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.3
2. Long-term prepayments to suppliers	914.6	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	3.5	3.6	827.2	827.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3,514.7	3,611.4	643.9	814.4	810.9
1. Tangible fixed assets	1,252.2	1,347.4	632.8	808.5	804.5
- Cost	4,247.5	4,195.8	2,557.0	2,545.1	0.0
- Accumulated depreciation	-2,995.3	-2,848.4	-1,924.2	-1,736.6	0.0
2. Financial leased fixed assets	85.2	4.5	5.0	0.0	0.0
- Cost	86.6	5.2	5.2	0.0	0.0
- Accumulated depreciation	-1.4	-0.7	-0.1	0.0	0.0
3. Intangible fixed assets	2,177.3	2,259.5	6.1	5.9	6.4
- Cost	2,321.8	2,321.0	22.2	21.7	0.0
- Accumulated depreciation	-144.5	-61.5	-16.1	-15.8	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	0.7	0.4	0.0	11.9	2.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	0.4	0.0	11.9	0.0
V. Long-term financial investments	3,014.5	759.4	1,470.2	486.7	506.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,014.4	759.2	1,470.1	486.5	0.0
3. Investments in other entities	0.2	0.2	0.2	0.2	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1,513.2	1,608.8	903.5	920.8	0.0
1. Long-term prepayments	1,103.4	1,152.7	898.4	916.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.1	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.4	0.4	0.0
4. Other long-term assets	7.0	6.0	0.0	0.0	502.0
5. Goodwill	402.8	450.0	4.6	4.2	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	12,962.9	7,795.1	5,190.9	4,366.8	3,266.4
A. LIABILITIES (300=210+330)	6,576.3	2,899.0	1,896.6	1,165.6	270.3
I. Short -term liabilities	3,015.7	715.0	403.2	433.7	269.1
1. Short-term trade accounts payable	148.1	107.7	109.9	75.8	85.2
2. Short-term advances from customers	4.2	4.2	3.0	1.7	2.3
3. Taxes and other payables to state authorities	132.9	47.1	29.3	24.4	0.0
4. Payable to employees	111.7	70.6	55.1	44.4	0.0
5. Short-term acrrued expenses	122.8	76.7	58.9	18.7	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	21.2	0.2	0.0	0.0	0.0
9. Other short-term payables	22.3	19.9	14.3	55.6	0.0
10. Short-term borrowings and financial leases	2,381.2	299.8	118.8	208.4	0.0
11. Provision for short-term liabilities	50.5	76.0	0.0	0.0	0.0
12.. Bonus and welfare fund	20.9	12.9	14.0	4.7	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	3,560.6	2,184.0	1,493.4	731.9	1.2
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	8.5	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	60.9	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.7	0.8	1.6	0.0	0.0
8. Long-term borrowings and financial leases	2,992.4	1,650.3	1,449.7	700.0	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	503.8	530.4	30.4	30.9	0.0
12. Provision for long-term liabilities	1.7	2.5	3.2	1.0	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)	6,386.6	4,896.1	3,294.3	3,201.2	2,996.1
I. Owner's equity	6,386.6	4,896.1	3,294.3	3,201.2	0.0
1. Owner's capital	3,743.7	2,868.0	1,334.0	1,212.7	2,996.1
- Common stock with voting right	3,743,703,620,000.00	2,867,968,190,000.00	1,333,956,420,000.00	1,212,693,970,000.00	1,100,281,540,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	39.5	39.4	39.4	36.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1.4	1.4	1.4	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	275.3	892.6	886.6	875.5	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	1.4	0.0
11. Undistributed earnings after tax	1,394.1	719.5	620.0	664.0	660.1
- Accumulated retained earning at the end of the previous period	440.0	383.4	496.4	546.7	337.7
- Undistributed earnings in this period	954.0	336.2	123.6	117.3	322.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	972.0	375.1	412.9	408.1	373.7
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)	12,962.9	7,795.1	5,190.9	4,366.8	3,266.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	681.8	524.6	265.1	476.9	482.7
Depreciation of Fixed Assets and Investment Property	381.8	254.2	193.4	201.5	193.2
Provision (Increase)/Reversal	13.1	103.2	3.2	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.9	-2.1	-0.4	-0.2	0.0
Gain/Loss from Investment Activities	-159.2	-219.9	-13.1	-14.1	0.0
Interest Expense	274.5	167.1	170.4	1.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,189.2	827.1	618.6	665.1	670.4
Increase/(Decrease) in Receivables	-8.4	-46.4	-0.0	15.6	0.0
Increase/(Decrease) in Inventory	-2.1	-8.9	-1.0	-3.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	147.5	-0.7	74.2	-90.9	0.0
Increase/(Decrease) in Prepaid Expenses	47.1	44.0	41.9	0.4	0.0
Changes in Trading Securities	-429.2	-546.6	0.0	0.0	0.0
Interest Paid	-183.2	-133.5	-2.5	0.0	0.0
Corporate Income Tax Paid	-103.6	-89.4	-62.4	-84.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-29.7	-31.7	-26.3	-30.1	0.0
Net Cash Flow from Operating Activities	627.5	13.8	642.4	472.2	635.8
Payments for Fixed Assets and Other Long-term Assets	-1,071.1	-14.8	-5.4	-137.8	-84.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	81.3	0.4	0.5	1.7	0.0
Loans and Purchases of Debt Instruments	-742.2	-333.3	-601.2	-483.7	-444.0
Receipts from Loan Repayments and Sale of Debt Instruments	601.8	473.8	415.5	343.3	352.8
Investments in Other Entities	-3,978.1	-2,649.9	-998.9	-1,622.3	-388.8
Proceeds from Investments in Other Entities	1,188.6	1,197.3	90.0	0.0	0.0
Dividends and Interest Income Received	72.7	32.9	32.6	23.7	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	-3,847.0	-1,293.4	-1,066.9	-1,875.0	-550.2
Proceeds from Equity Issuance and Capital Contributions	527,040,000,000.00	1,333,956,420,000.00	0.00	5,436,050,000.00	549,053,560,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5,026.4	3,141.4	886.6	908.4	0.0
Repayment of Borrowings	-1,709.4	-2,884.7	-381.5	0.0	0.0
Repayment of Finance Leases	-1.0	-1.0	-0.6	0.0	0.0
Dividends Paid	-257.3	-136.1	-70.4	-164.4	-114.5
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	3,585.7	1,453.6	434.1	749.4	434.5
Net Cash Flow During the Period	366.2	174.0	9.7	-653.4	494.9
Cash and Cash Equivalents at Beginning of Period	546.6	370.5	360.4	1,013.6	493.4
FX Difference from Revaluation	3.0	2.1	0.4	0.2	0.1
Cash and Cash Equivalents at End of Period	915.8	546.6	370.5	360.4	1,013.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	860.6	872.3	844.2	806.9	682.1	774.8	709.2	717.5	586.4	625.9	557.2	534.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	860.6	872.3	844.2	806.9	682.1	774.8	709.2	717.5	586.4	625.9	557.2	534.6
Cost of Goods Sold	529.1	531.2	525.7	553.2	454.6	449.9	488.7	496.4	382.6	435.6	378.5	385.8
Gross Profit	331.5	341.1	318.4	253.7	227.5	324.9	220.5	221.2	203.8	190.3	178.7	148.8
Financial Income	41.7	26.8	63.4	81.4	19.5	219.9	14.9	22.8	6.5	8.0	8.9	5.8
Financial Expenses	215.8	161.7	102.5	58.1	23.6	90.6	31.7	39.8	57.3	45.1	57.1	44.1
Interest Expense	120.9	101.2	87.6	50.0	35.8	40.4	30.5	38.6	57.6	44.1	57.4	40.9
Share of Associates and Joint Ventures	72.0	122.8	—	-1.3	—	7.5	-1.0	-7.8	-2.2	-9.0	0.0	-9.0
Selling Expenses	81.4	66.7	80.8	52.8	43.5	44.5	46.9	36.6	24.8	15.8	34.9	17.5
General and Administrative Expenses	54.8	51.2	53.4	55.2	56.3	56.6	49.3	41.4	35.3	34.6	32.0	33.4
Operating Profit	93.3	211.2	145.1	167.6	123.6	360.6	106.5	118.4	90.6	93.8	63.7	50.5
Other Income	0.5	15.1	1.3	10.4	11.6	0.3	1.0	0.8	1.2	2.7	3.1	0.3
Other Expenses	0.1	0.1	2.7	1.0	0.2	15.9	4.0	6.2	1.9	0.4	0.3	1.3
Other Profit	0.3	15.0	-1.4	9.4	11.4	-15.6	-3.0	-5.3	-0.7	2.3	2.8	-1.0
Profit Before Tax	93.6	226.2	143.7	176.9	135.0	345.0	103.5	113.0	89.9	96.0	66.6	49.6
Current Income Tax Expense	30.5	80.7	36.8	35.2	30.1	35.4	25.3	21.7	20.0	21.9	16.4	15.5
Deferred Income Tax Expense	-6.5	-6.8	-6.5	-7.0	-6.3	-12.1	0.0	-0.2	0.0	-0.2	0.0	-0.2
Net Income	69.6	152.2	113.4	148.7	111.2	321.7	78.2	91.5	70.0	74.3	50.2	34.3
Non-controlling Interest	56.3	87.2	34.4	32.5	30.6	25.4	24.3	23.5	25.2	29.5	17.6	14.3
Profit Attributable to Parent	13.4	65.1	79.0	116.2	80.6	296.3	53.9	68.0	44.8	44.8	32.5	20.0
Earnings per Share	35.66	173.85	211.07	310.48	269.26	1,033.29	187.87	254.88	335.87	335.67	243.87	164.64
Diluted EPS	35.66	173.85	211.07	310.48	269.26	2,558.00	187.87	254.88	335.87	335.67	243.87	164.64

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)	3,771.7	4,001.8	5,505.9	2,856.2	2,184.1	1,811.6	2,273.8	3,551.3	1,534.9	1,338.9	1,241.1	1,155.3
I. Cash and cash equivalents	1,112.8	915.8	793.5	676.8	883.4	546.6	600.8	655.7	556.7	370.5	308.8	330.7
1. Cash	606.6	491.5	369.4	325.3	393.7	340.1	471.3	336.1	384.9	135.6	136.1	150.6
2. Cash equivalents	506.2	424.3	424.0	351.5	489.7	206.5	129.5	319.6	171.8	234.9	172.8	180.1
II. Short-term financial investments	933.6	1,337.5	2,411.9	1,721.4	853.4	806.3	968.9	51.9	469.9	425.0	413.8	264.1
1. Available for sale securities	631.9	975.8	2,073.5	1,404.5	692.4	546.6	712.5	29.7	215.5	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-50.5	-64.5	-13.5	-2.3	-11.1	-26.1	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	352.2	426.2	351.9	319.1	172.2	285.8	256.4	22.2	254.4	425.0	413.8	264.1
III. Short-term receivables	1,608.2	1,633.4	2,188.1	348.4	336.2	354.9	606.6	2,744.8	421.9	460.0	431.4	434.4
1. Short-term trade accounts receivable	222.1	214.4	246.3	263.8	229.8	236.7	255.3	306.7	206.7	205.3	229.8	204.0
2. Short-term prepayments to suppliers	169.9	10.1	954.8	18.3	26.8	18.8	36.9	22.3	25.0	13.6	12.1	6.9
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,220.9	1,413.6	991.2	70.2	83.3	103.1	317.4	2,418.3	192.0	243.2	191.0	225.1
7. Provision for short-term doubtful debts (*)	-4.7	-4.7	-4.2	-3.9	-3.8	-3.8	-3.0	-2.4	-1.8	-2.0	-1.6	-1.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	54.4	49.6	50.4	44.8	45.7	47.5	37.9	28.5	28.6	29.1	28.4	27.5
1. Inventories	54.4	49.6	50.4	44.8	45.7	47.5	37.9	28.5	28.6	29.1	28.4	27.5
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	62.6	65.6	62.0	64.9	65.5	56.2	59.6	70.5	57.9	54.3	58.7	98.5
1. Short-term prepayments	19.3	20.0	16.0	17.9	17.8	17.7	21.4	31.8	20.2	17.3	21.4	34.8
2. Value added tax to be reclaimed	42.9	45.5	44.5	45.6	46.3	35.6	35.2	36.8	35.1	35.4	35.9	62.5
3. Taxes and other receivables from state authorities	0.4	0.2	1.6	1.3	1.3	2.9	3.0	1.9	2.6	1.6	1.4	1.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	10,349.6	8,961.1	5,820.3	5,918.9	6,028.1	6,110.4	5,038.0	2,937.3	3,799.1	3,847.7	3,930.2	3,985.4
I. Long-term receivables	928.1	918.0	3.7	3.7	3.6	3.6	19.0	11.9	826.0	827.2	822.2	822.2
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	914.6	914.6	—	—	—	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	13.6	3.5	3.7	3.7	3.6	3.6	19.0	11.9	826.0	827.2	822.2	822.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4,836.6	3,514.7	3,514.1	3,597.8	3,681.3	3,734.3	3,614.8	574.6	609.3	643.9	683.0	732.3
1. Tangible fixed assets	1,191.9	1,252.2	1,311.8	1,374.8	1,437.7	1,397.0	1,128.0	563.3	597.6	632.8	676.8	726.3
- Cost	4,247.5	—	—	—	—	4,202.4	3,911.5	2,559.4	2,559.8	2,557.0	2,555.4	2,561.3
- Accumulated depreciation	-3,055.7	—	—	—	—	-2,805.3	-2,783.5	-1,996.1	-1,962.2	-1,924.2	-1,878.6	-1,834.9
2. Financial leased fixed assets	83.0	85.2	4.0	4.2	4.3	4.5	4.6	4.8	4.9	5.0	0.3	0.0
- Cost	86.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3,561.7	2,177.3	2,198.2	2,218.8	2,239.3	2,332.8	2,482.3	6.6	6.7	6.1	5.9	6.0
- Cost	3,727.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-165.3	—	—	—	—	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	8.8	0.7	0.7	0.4	0.4	0.4	0.6	6.0	0.0	0.0	2.3	1.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	8.8	0.7	0.7	0.4	0.4	0.4	0.6	6.0	0.0	0.0	2.3	1.1
V. Long-term financial investments	3,086.5	3,014.5	764.3	757.9	757.9	759.4	379.8	1,453.7	1,470.2	1,470.2	1,526.4	1,526.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,086.3	3,014.4	764.2	757.7	757.7	759.2	379.7	1,453.5	1,470.1	1,470.1	1,526.2	1,526.2
3. Investments in other entities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1,489.6	1,513.2	1,537.5	1,559.1	1,585.0	1,612.8	1,023.8	891.1	889.1	901.7	896.2	899.5
1. Long-term prepayments	1,091.5	1,103.4	1,115.7	1,125.7	1,140.9	1,156.7	1,019.4	879.8	888.6	901.3	891.7	898.9
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.4	0.0
4. Other long-term assets	7.0	7.0	7.0	7.0	6.0	6.0	0.0	6.9	0.4	0.4	4.1	0.4
5. Goodwill	391.1	402.8	414.7	426.4	438.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	450.0	4.3	4.3	4.6	4.6	0.0	4.1
TOTAL ASSETS (280=100+200)	14,121.3	12,962.9	11,326.2	8,775.1	8,212.3	7,922.0	7,311.8	6,488.6	5,334.1	5,186.6	5,171.3	5,140.8
A. LIABILITIES (300=210+330)	7,351.8	6,576.3	5,416.7	3,705.0	3,087.9	2,899.0	2,713.0	1,833.2	1,997.3	1,889.7	1,948.5	1,966.8
I. Short -term liabilities	3,426.9	3,076.0	2,299.2	1,443.6	788.9	715.0	938.8	350.1	437.7	400.0	460.5	475.1
1. Short-term trade accounts payable	95.6	148.1	98.9	97.4	89.8	107.7	127.1	134.9	94.1	109.9	104.9	91.2
2. Short-term advances from customers	4.9	4.2	5.5	5.1	5.5	4.2	7.7	4.8	3.8	3.0	3.6	2.7
3. Dividends and profits payable	288.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	50.2	132.9	74.9	63.2	41.9	47.1	44.0	28.4	29.4	29.3	35.9	32.2
4. Payable to employees	35.6	78.0	18.4	74.7	46.9	70.6	70.8	47.8	43.3	63.3	59.3	36.6
5. Short-term acrrued expenses	122.1	156.5	163.4	66.2	53.9	76.7	61.9	55.7	18.4	47.4	68.6	34.2
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	20.3	82.1	—	—	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	199.8	22.3	77.2	166.6	122.2	19.9	113.4	19.9	33.3	14.3	17.1	16.4
10. Short-term borrowings and financial leases	2,528.5	2,380.5	1,759.1	867.3	343.2	299.8	442.4	4.9	203.2	118.9	154.8	239.5
11. Provision for short-term liabilities	50.9	50.5	76.6	76.6	76.2	76.0	56.5	32.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	30.6	20.9	25.3	26.5	9.3	12.9	15.0	21.8	12.3	14.0	16.3	22.2
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	3,924.9	3,500.3	3,117.6	2,261.4	2,298.9	2,184.0	1,774.2	1,483.0	1,559.6	1,489.8	1,488.0	1,491.7
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	60.1	8.5	37.1	12.4
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	0.3	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	60.9	1.7	1.7	1.8	0.6	0.8	1.9	2.1	1.9	1.6	0.9	0.2
8. Long-term borrowings and financial leases	1.7	2,993.0	2,603.7	1,741.0	1,772.0	1,650.3	1,739.6	1,448.0	1,464.4	1,446.1	1,418.5	1,447.6
9. Convertible bonds	3,363.3	—	—	—	—	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	497.3	503.8	510.6	517.1	524.1	530.4	30.2	30.2	30.4	30.4	30.6	30.6
12. Provision for long-term liabilities	1.7	1.7	1.5	1.5	2.2	2.5	2.3	2.8	2.8	3.2	0.9	0.9
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)	6,769.5	6,386.6	5,909.4	5,070.1	5,124.4	5,023.0	4,598.8	4,655.5	3,336.8	3,296.8	3,222.7	3,174.0
I. Owner's equity	6,769.5	6,386.6	5,909.4	5,070.1	5,124.4	5,023.0	4,598.8	4,655.5	3,336.8	3,296.8	3,222.7	3,174.0
1. Owner's capital	3,743.7	3,743.7	3,743.7	3,743.7	2,995.0	2,868.0	2,868.0	2,667.9	1,334.0	1,334.0	1,334.0	1,212.7
- Common stock with voting right	3,743,703,620,000.00	3,743,703,620,000.00	3,743,703,620,000.00	3,743,703,620,000.00	2,995,008,190,000.00	2,867,968,190,000.00	2,867,968,190,000.00	2,667,912,840,000.00	1,333,956,420,000.00	1,333,956,420,000.00	1,333,956,420,000.00	1,212,693,970,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	39.5	39.5	39.5	39.4	39.4	39.4	39.4	39.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	0.0	0.0	1.4
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	275.4	275.3	275.3	275.3	894.8	892.6	892.6	892.6	886.7	886.6	886.6	886.6
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	1.4	1.4	0.0
11. Undistributed earnings after tax	1,144.6	1,394.1	1,343.7	643.9	817.8	846.4	439.4	696.3	637.3	622.6	593.9	666.5
- Accumulated retained earning at the end of the previous period	1,131.2	440.0	474.4	447.0	706.5	408.6	272.7	583.5	592.4	496.4	512.6	617.7
- Undistributed earnings in this period	13.4	954.0	869.3	196.9	111.2	437.8	166.7	112.8	44.8	126.1	81.4	48.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,604.3	972.0	545.3	405.7	376.0	375.1	357.9	357.9	438.1	412.9	367.4	367.4
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)	14,121.3	12,962.9	11,326.2	8,775.1	8,212.3	7,922.0	7,311.8	6,488.6	5,334.1	5,186.6	5,171.3	5,140.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	93.6	226.2	143.7	176.9	135.0	345.0	103.5	113.0	89.9	93.5	66.6	49.6
Depreciation of Fixed Assets and Investment Property	83.3	133.0	57.9	108.0	82.8	-712.5	811.7	35.5	38.2	18.9	75.1	41.7
Provision (Increase)/Reversal	-13.7	25.7	11.5	-9.0	-15.1	44.5	26.6	31.8	0.2	2.6	0.1	0.5
FX Gain/Loss from Revaluation of Monetary Items	1.9	-2.6	3.8	-3.8	-0.2	1.8	2.7	-2.7	0.4	-0.1	0.6	-1.5
Gain/Loss from Investment Activities	-113.7	6.3	-153.7	7.7	-19.5	-1,551.3	1,104.2	-13.5	0.0	-36.3	27.1	4.2
Interest Expense	120.9	101.2	87.6	50.0	35.8	40.4	30.5	38.6	57.6	239.4	-140.4	71.4
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	172.3	489.8	150.6	329.9	218.8	-1,832.0	2,079.1	202.8	186.4	318.0	29.1	165.9
Increase/(Decrease) in Receivables	188.1	862.8	-866.3	-22.4	17.5	-941.8	832.4	-86.0	-12.8	3.4	5.4	27.9
Increase/(Decrease) in Inventory	-4.8	0.8	-5.6	1.0	1.7	-9.6	-9.4	0.1	0.5	-0.7	-0.9	1.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	595.4	-781.8	938.0	-62.3	53.6	-1,836.2	466.0	32.8	-32.6	110.6	-62.3	14.0
Increase/(Decrease) in Prepaid Expenses	-147.3	944.3	-924.0	23.0	3.7	-579.1	-129.4	-2.5	9.7	17.1	-1.5	21.7
Changes in Trading Securities	343.9	—	—	—	—	165.9	-682.9	-29.7	0.0	0.0	0.0	0.0
Interest Paid	-66.3	-134.6	24.5	-24.5	-48.6	-5.1	-31.4	-95.1	-0.2	-2.9	4.2	-3.8
Corporate Income Tax Paid	-111.1	28.7	-70.6	-25.7	-36.1	-124.4	-6.5	-29.1	-12.8	-23.0	-14.1	-19.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-14.9	2.4	-17.1	—	-17.2	7.4	-17.9	-3.0	-12.8	4.4	-11.2
Net Cash Flow from Operating Activities	970.3	2,492.8	-1,420.0	-510.3	65.0	-5,179.5	2,525.3	-24.6	135.2	409.8	-35.7	196.3
Payments for Fixed Assets and Other Long-term Assets	-1,405.3	-919.7	2.2	-0.9	-152.7	608.4	-3,860.5	-7.9	-3.6	-32.3	33.4	0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	81.3	—	—	—	0.0	0.0	0.0	0.0	0.5	-0.2	0.2
Loans and Purchases of Debt Instruments	—	-425.7	—	-316.5	—	139.3	45.0	125.6	-170.6	-601.2	226.1	-226.1
Receipts from Loan Repayments and Sale of Debt Instruments	74.0	667.9	-349.2	169.5	113.6	-248.1	-199.7	361.8	86.0	590.0	-375.8	73.3
Investments in Other Entities	—	—	—	—	—	2,646.1	1,581.0	-1,581.0	0.0	56.1	-117.0	-938.0
Proceeds from Investments in Other Entities	—	1,186.6	0.0	0.0	2.0	-621.9	31.9	216.2	0.0	90.0	0.0	0.0
Dividends and Interest Income Received	41.7	-91.5	145.5	-0.7	19.5	-12.6	24.3	13.4	6.5	-46.7	64.6	5.1
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	-1,289.5	-3,790.0	114.9	-151.2	-20.7	2,511.2	-2,378.1	-871.9	-81.7	56.4	-168.9	-1,084.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	-199,961,350,000.00	200,055,350,000.00	1,333,956,420,000.00	0.00	-121,262,450,000.00	-765,337,550,000.00	886,600,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,291.5	1,677.6	1,796.1	1,130.1	422.6	-765.9	1,941.9	54.1	173.9	-2.7	1,051.2	-161.9
Repayment of Borrowings	-766.4	-773.5	-32.7	-645.9	-257.4	4,087.0	-2,015.4	-291.2	-40.8	-209.7	-102.8	-69.0
Repayment of Finance Leases	-6.8	-0.5	—	-0.5	—	-799.2	0.5	-0.5	0.0	-0.6	0.0	0.0
Dividends Paid	—	113.6	-338.5	-32.5	—	294.1	-326.6	-103.7	0.0	-70.4	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	518.2	1,416.8	1,425.4	451.2	292.2	2,616.0	-199.5	992.8	133.1	-404.6	183.0	655.7
Net Cash Flow During the Period	199.0	119.6	120.4	-210.3	336.6	-52.3	-52.2	96.3	186.6	61.5	-21.6	-232.7
Cash and Cash Equivalents at Beginning of Period	915.8	793.5	676.8	883.4	546.6	370.5	370.5	370.5	370.5	360.4	360.4	360.4
FX Difference from Revaluation	-1.9	3.0	0.2	3.9	0.2	-1.8	-2.7	2.7	-0.4	0.1	-0.3	1.2
Cash and Cash Equivalents at End of Period	1,112.8	915.8	793.5	676.8	883.4	546.6	600.8	655.7	556.7	370.5	308.8	330.7

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VSC

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