VSH

Thủy điện Vĩnh Sơn - Sông Hinh ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 37.54%, +3.49pp YoY

Price

42,800

Latest close

02 Jun 2026

P/E 11.65x

P/B 2.08x

EPS 3,674

BVPS 20,566

ROE 17.8%

ROA 10.2%

Profit Margin 37.5%

Asset Turnover 0.27x

Equity Mult. 1.75x

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

What Is Changing

On a TTM 2026Q1 basis, VSH has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,298bn
	                                
+9.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 863bn
	                                
+20.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,304.1	1,825.1	2,572.0	3,084.6	1,611.2
Growth	+26%	-29%	-17%	+91%	—
Net Income	862.6	448.3	994.0	1,264.8	387.3
Net Margin	37.44%	24.56%	38.65%	41.00%	24.04%

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	618.3	621.9	556.0	501.6	624.6	666.7	396.3	412.5	349.5	640.4	382.1	657.3
Growth	-1%	+12%	+11%	-20%	-6%	+68%	-4%	+18%	-45%	+68%	-42%	—
Net Income	268.7	216.4	211.3	166.3	268.7	301.4	78.0	67.2	1.8	229.9	25.6	261.8
Net Margin	43.46%	34.79%	38.00%	33.15%	43.02%	45.21%	19.68%	16.28%	0.51%	35.90%	6.70%	39.83%

Drivers of VSH's profit

TTM

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

Gross profit ↑ 115.4bn

Finance costs ↓ 71.9bn

Other profit ↓ 42.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:

Administrative expenses ↓ 11.6bn

Finance costs ↓ 9.1bn

Other profit ↑ 0.0bn

Financial income ↓ 17.4bn

Gross profit ↓ 2.7bn

Tax ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.2% = 34.1% × 0.23 × 1.90

2026Q1 17.8% = 37.5% × 0.27 × 1.75

ROE rose from 15.2% to 17.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 37.5% +3.5pp Asset turnover: 0.27x +0.04x Leverage: 1.75x -0.15x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 37.54%, rising 3.5pp. The main driver is Gross margin rose 0.5pp and SG&A / Revenue fell 0.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 3.6pp added support while Other profit / Revenue fell 1.8pp remained a drag).

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

Profitability trend

Net Margin 37.54% +3.5pp

Gross Margin 53.34% +0.5pp

SG&A / Revenue 2.47% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 12.1% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 12.14%, rising 3.0pp. That translates to 12.14 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.1pp, with capital turnover broadly stable; with invested capital easing slightly by 436bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 12.14% +3.0pp

NOPAT Margin 39.22% +5.1pp

Capital Turnover 0.31x +0.04x

Average Invested Capital 7,423.7bn −435.5bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.65x equity, net debt at 0.47x equity.

Over the last 12 months, working capital released 76.2bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +107.4bn

Inventories increased → lower CFO: −20.6bn

Payables decreased → lower CFO: −10.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 20.1 days versus the same period last year. The main moves came from DIO rose 1.3 days, DSO fell 28.4 days, and DPO fell 7.0 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 114.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +1.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 116.3 days −28.4 days

Inventory 40.8 days +1.3 days

Payables 42.9 days −7.0 days

Cash Conversion Cycle 114.2 days −20.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.47x and interest coverage at 5.13x.

At present, short-term debt accounts for 3.3% of total debt, cash equals 13.3% of debt, and total debt stands at 2,621.6bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 13.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.47x −0.13x

Interest Coverage 5.13x +2.06x

Cash / Debt 13.3% +3.0pp

Short-term Debt / Total Debt 3.3% +1.2pp

CFO / NI 1.77x −0.43x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,441.8bn in 2025, against investing cash flow of -382.4bn.

Post-investment cash flow was positive +1,059.4bn. Financing cash flow was negative +1,359.4bn.

CFO / net income was 1.77x.

Track how much investment can be funded internally from operating cash flow.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 1,528.4bn −46.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 3.5 pp. The next item to monitor is capital efficiency, with ROIC at 12.1%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 37.54% after expanding 3.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,304.1	1,825.1	2,572.0	3,084.6	1,611.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,304.1	1,825.1	2,572.0	3,084.6	1,611.2
Cost of Goods Sold	1,075.9	951.7	1,013.0	1,062.3	0.0
Gross Profit	1,228.2	873.4	1,559.1	2,022.4	814.9
Financial Income	44.2	14.4	5.4	6.5	10.6
Financial Expenses	204.0	318.0	410.4	432.5	-324.4
Interest Expense	200.6	277.8	392.4	408.1	-323.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	68.3	47.6	60.7	77.3	-45.4
Operating Profit	1,000.2	522.2	1,093.4	1,519.2	455.8
Other Income	1.0	0.0	0.2	3.4	0.0
Other Expenses	43.7	0.3	1.1	142.8	0.0
Other Profit	-42.8	-0.3	-0.9	-139.3	-4.7
Profit Before Tax	957.4	521.9	1,092.4	1,379.8	451.0
Current Income Tax Expense	94.8	73.6	98.4	115.0	-63.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	862.6	448.3	994.0	1,264.8	387.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	862.6	448.3	994.0	1,264.8	387.3
Earnings per Share	3,651.00	1,898.00	4,208.00	5,354.00	1,671.00
Diluted EPS	3,651.00	1,898.00	4,208.00	5,354.00	1,639.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,267.7	1,099.7	1,462.0	1,073.9	691.1
I. Cash and cash equivalents	68.2	368.2	133.5	131.5	52.4
1. Cash	3.7	14.9	8.4	19.5	0.0
2. Cash equivalents	64.5	353.3	125.1	112.0	0.0
II. Short-term financial investments	397.3	39.0	35.0	36.5	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	397.3	39.0	35.0	36.5	0.0
III. Short-term receivables	700.0	584.9	1,188.9	805.5	497.5
1. Short-term trade accounts receivable	672.4	579.7	1,172.1	795.9	0.0
2. Short-term prepayments to suppliers	28.1	10.7	21.3	14.5	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	8.6	3.6	4.6	4.3	0.0
7. Provision for short-term doubtful debts (*)	-9.1	-9.1	-9.1	-9.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	102.2	107.7	104.6	100.4	101.9
1. Inventories	102.2	107.7	104.6	100.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	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)	6,903.6	7,508.1	8,071.2	8,636.4	9,325.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	6,885.9	7,465.4	8,006.8	8,565.4	9,135.8
1. Tangible fixed assets	6,885.9	7,465.4	8,006.8	8,565.4	9,135.8
- Cost	12,298.5	12,300.2	12,261.2	12,236.9	0.0
- Accumulated depreciation	-5,412.6	-4,834.8	-4,254.4	-3,671.5	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	—	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
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	4.6	27.0	49.6	55.8	175.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.6	27.0	49.6	55.8	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	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	13.0	15.7	14.8	15.2	0.0
1. Long-term prepayments	2.1	5.3	4.4	4.6	0.0
2. Deferred income tax assets	1.1	1.1	1.1	1.1	0.0
3. Long-term equipment, supplies, spare parts	9.8	9.2	9.3	9.5	0.0
4. Other long-term assets	—	0.0	0.0	0.0	14.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,171.3	8,607.9	9,533.2	9,710.3	10,016.6
A. LIABILITIES (300=210+330)	3,221.6	3,924.6	4,938.3	4,683.9	6,006.2
I. Short -term liabilities	426.8	485.2	1,194.0	567.7	1,079.1
1. Short-term trade accounts payable	125.0	145.2	137.6	167.2	515.2
2. Short-term advances from customers	—	0.0	0.0	0.0	2.1
3. Taxes and other payables to state authorities	145.7	70.2	118.5	163.8	0.0
4. Payable to employees	34.5	21.8	17.2	33.8	0.0
5. Short-term acrrued expenses	5.0	6.3	6.5	61.7	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	2.1	121.4	714.8	4.3	0.0
10. Short-term borrowings and financial leases	111.9	115.4	196.5	135.2	142.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	5.0	2.9	1.6	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	2,794.7	3,439.3	3,744.3	4,116.3	4,927.0
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	201.7	201.7	201.7	201.7	0.0
8. Long-term borrowings and financial leases	2,593.0	3,237.6	3,542.6	3,914.5	4,927.0
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	4,949.8	4,683.3	4,594.9	5,026.4	4,010.5
I. Owner's equity	4,949.8	4,683.3	4,594.9	5,026.4	0.0
1. Owner's capital	2,362.4	2,362.4	2,362.4	2,362.4	4,010.5
- Common stock with voting right	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.3	6.3	6.3	6.3	6.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	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	356.4	356.4	356.4	356.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	27.7	27.7	27.7	27.7	0.0
11. Undistributed earnings after tax	2,197.1	1,930.6	1,842.1	2,273.7	1,257.7
- Accumulated retained earning at the end of the previous period	1,334.4	1,482.3	848.2	1,008.8	870.5
- Undistributed earnings in this period	862.6	448.3	994.0	1,264.8	387.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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)	8,171.3	8,607.9	9,533.2	9,710.3	10,016.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	957.4	521.9	1,092.4	1,379.8	451.0
Depreciation of Fixed Assets and Investment Property	587.0	590.0	587.3	591.7	470.1
Provision (Increase)/Reversal	—	0.0	0.0	0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.6	1.7	13.6	20.8	0.0
Gain/Loss from Investment Activities	9.7	-13.8	-5.3	106.0	0.0
Interest Expense	200.6	277.8	392.4	408.1	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	1,757.3	1,377.6	2,080.4	2,507.4	1,222.3
Increase/(Decrease) in Receivables	-108.6	604.5	-380.4	-309.1	0.0
Increase/(Decrease) in Inventory	5.0	-3.1	-4.0	1.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	68.6	-21.2	-32.2	13.4	0.0
Increase/(Decrease) in Prepaid Expenses	3.2	-1.0	0.2	-1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-202.0	-298.4	-448.8	-595.6	0.0
Corporate Income Tax Paid	-73.7	-78.4	-130.0	-97.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-7.9	-3.5	-7.0	-12.1	0.0
Net Cash Flow from Operating Activities	1,441.8	1,576.5	1,078.2	1,506.5	650.5
Payments for Fixed Assets and Other Long-term Assets	-42.1	-18.4	-46.8	-158.8	-220.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-397.3	-39.0	-35.0	-104.5	-39.3
Receipts from Loan Repayments and Sale of Debt Instruments	39.0	35.0	36.5	107.3	35.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	17.9	13.4	5.1	6.0	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	-382.4	-9.1	-40.2	-150.1	-222.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	299,939,500,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	1,258.0	0.0	10.0	0.9
Repayment of Borrowings	-650.6	-1,645.8	-327.3	-1,051.2	-691.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-708.7	-945.0	-708.7	-236.2	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1,359.4	-1,332.8	-1,036.0	-1,277.4	-391.1
Net Cash Flow During the Period	-300.0	234.7	2.0	79.1	-79.3
Cash and Cash Equivalents at Beginning of Period	368.2	133.5	131.5	52.4	15.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	68.2	368.2	133.5	131.5	52.4

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	618.3	621.9	556.0	501.6	624.6	666.7	396.3	412.5	349.5	640.4	382.1	657.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	618.3	621.9	556.0	501.6	624.6	666.7	396.3	412.5	349.5	640.4	382.1	657.3
Cost of Goods Sold	265.7	293.9	262.4	250.2	269.4	251.0	237.9	231.8	231.0	286.7	222.2	247.1
Gross Profit	352.5	328.0	293.7	251.3	355.2	415.7	158.5	180.7	118.5	353.8	160.0	410.2
Financial Income	6.5	9.0	6.2	5.3	23.9	5.2	6.1	2.8	1.0	0.8	1.3	0.1
Financial Expenses	47.3	45.5	49.5	52.8	56.4	61.9	65.2	83.5	107.9	85.2	110.1	107.6
Interest Expense	47.3	45.4	48.7	52.1	54.4	61.1	65.1	72.8	78.8	85.2	94.4	103.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	11.9	22.1	13.1	9.5	23.5	15.5	10.8	11.9	9.3	20.4	11.6	14.3
Operating Profit	299.7	269.4	237.3	194.3	299.2	343.5	88.5	88.0	2.2	249.0	39.6	288.5
Other Income	—	0.3	—	0.6	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Other Expenses	0.0	31.9	5.5	6.2	0.1	0.2	0.0	0.1	0.0	0.0	1.0	0.0
Other Profit	-0.0	-31.6	-5.5	-5.6	-0.1	-0.2	-0.0	-0.1	0.0	0.0	-1.0	0.0
Profit Before Tax	299.7	237.8	231.8	188.8	299.1	343.3	88.5	88.0	2.2	249.1	38.7	288.5
Current Income Tax Expense	31.0	21.4	20.5	22.5	30.4	41.9	10.5	20.8	0.4	19.1	13.1	26.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	268.7	216.4	211.3	166.3	268.7	301.4	78.0	67.2	1.8	229.9	25.6	261.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	268.7	216.4	211.3	166.3	268.7	301.4	78.0	67.2	1.8	229.9	25.6	261.8
Earnings per Share	1,137.00	916.00	894.00	727.00	1,114.00	1,276.00	330.00	284.00	7.00	973.00	108.00	1,108.00
Diluted EPS	1,137.35	915.94	894.34	703.75	1,137.36	1,275.91	330.09	284.26	7.49	973.31	108.35	1,108.22

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,526.2	1,267.7	1,158.7	1,334.8	1,281.0	1,099.7	947.7	1,215.1	1,322.4	1,462.0	1,332.7	1,591.8
I. Cash and cash equivalents	349.7	68.2	223.3	478.2	331.8	368.2	361.7	506.4	281.1	133.5	89.0	122.3
1. Cash	82.7	3.7	10.4	14.9	12.1	14.9	55.7	16.4	14.6	8.4	26.0	1.3
2. Cash equivalents	267.0	64.5	212.9	463.3	319.7	353.3	305.9	490.0	266.5	125.1	63.0	121.0
II. Short-term financial investments	348.3	397.3	360.1	—	39.0	39.0	39.0	39.0	35.0	35.0	35.0	35.0
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	348.3	397.3	360.1	—	39.0	39.0	39.0	39.0	35.0	35.0	35.0	35.0
III. Short-term receivables	698.3	700.0	477.9	747.5	800.5	584.9	439.9	562.1	901.8	1,188.9	1,101.3	1,327.8
1. Short-term trade accounts receivable	675.9	672.4	446.3	719.4	788.1	579.7	422.8	554.6	877.3	1,172.1	1,085.1	1,317.8
2. Short-term prepayments to suppliers	19.5	28.1	24.4	19.9	10.8	10.7	15.8	13.0	24.0	21.3	23.0	16.4
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	12.1	8.6	16.3	17.4	10.7	3.6	10.4	3.5	9.6	4.6	2.4	2.8
7. Provision for short-term doubtful debts (*)	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1	-9.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	129.8	102.2	97.3	109.1	109.7	107.7	107.1	107.6	104.5	104.6	107.4	106.7
1. Inventories	129.8	102.2	97.3	109.1	109.7	107.7	107.1	107.6	104.5	104.6	107.4	106.7
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	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	6,756.8	6,903.6	7,071.1	7,218.7	7,359.3	7,508.1	7,637.7	7,801.8	7,928.0	8,071.2	8,201.5	8,351.0
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	6,738.9	6,885.9	7,041.7	7,177.8	7,317.8	7,465.4	7,595.7	7,727.5	7,859.7	8,006.8	8,141.5	8,285.3
1. Tangible fixed assets	6,738.9	6,885.9	7,041.7	7,177.8	7,317.8	7,465.4	7,595.7	7,727.5	7,859.7	8,006.8	8,141.5	8,285.3
- Cost	12,298.5	—	—	—	—	12,300.2	12,292.2	12,276.4	12,261.2	12,261.2	12,250.4	12,247.3
- Accumulated depreciation	-5,559.6	—	—	—	—	-4,834.8	-4,696.6	-4,548.9	-4,401.5	-4,254.4	-4,108.9	-3,961.9
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	—	—	—	—	—	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
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	4.6	4.6	17.8	27.0	27.0	27.0	25.7	60.5	53.2	49.6	45.9	52.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.6	4.6	17.8	27.0	27.0	27.0	25.7	60.5	53.2	49.6	45.9	52.3
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	13.3	13.0	11.6	13.9	14.5	15.7	16.4	13.8	15.1	14.8	14.0	13.4
1. Long-term prepayments	2.4	2.1	2.6	3.5	4.1	5.3	6.0	3.4	4.7	4.4	3.6	2.9
2. Deferred income tax assets	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
3. Long-term equipment, supplies, spare parts	9.8	9.8	7.8	9.2	9.2	9.2	9.3	9.3	9.3	9.3	9.3	9.4
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,283.0	8,171.3	8,229.8	8,553.5	8,640.3	8,607.9	8,585.4	9,016.9	9,250.3	9,533.2	9,534.1	9,942.9
A. LIABILITIES (300=210+330)	3,424.5	3,221.6	3,260.2	3,558.9	3,812.0	3,924.6	3,849.2	4,358.7	4,653.7	4,938.3	4,460.5	4,894.8
I. Short -term liabilities	686.8	426.8	282.6	347.5	457.2	485.2	277.4	1,226.3	916.5	1,194.0	604.8	1,052.1
1. Short-term trade accounts payable	112.7	125.0	114.8	125.6	139.1	145.2	134.8	136.9	131.5	137.6	132.8	159.7
2. Short-term advances from customers	—	—	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.8
3. Dividends and profits payable	354.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	110.5	145.7	109.1	99.8	97.8	70.2	68.2	61.8	38.7	118.5	118.9	114.2
4. Payable to employees	8.8	34.5	7.3	8.0	20.2	21.8	12.5	9.2	6.2	17.2	7.0	20.3
5. Short-term acrrued expenses	4.7	5.0	4.3	5.0	5.7	6.3	7.0	4.4	14.0	6.5	15.7	6.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.3	2.1	16.8	0.2	118.6	121.4	3.6	476.6	572.9	714.8	196.8	594.6
10. Short-term borrowings and financial leases	85.7	111.9	26.2	102.4	67.4	115.4	45.3	530.6	150.5	196.5	127.0	148.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.6	2.6	4.1	6.3	8.5	5.0	5.9	6.7	2.7	2.9	6.6	8.1
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	2,737.7	2,794.7	2,977.6	3,211.4	3,354.7	3,439.3	3,571.8	3,132.4	3,737.2	3,744.3	3,855.7	3,842.7
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	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7	201.7
8. Long-term borrowings and financial leases	2,535.9	2,593.0	2,775.9	3,009.7	3,153.0	3,237.6	3,370.1	2,930.7	3,535.4	3,542.6	3,654.0	3,641.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	4,858.6	4,949.8	4,969.6	4,994.6	4,828.3	4,683.3	4,736.2	4,658.3	4,596.6	4,594.9	5,073.7	5,048.1
I. Owner's equity	4,858.6	4,949.8	4,969.6	4,994.6	4,828.3	4,683.3	4,736.2	4,658.3	4,596.6	4,594.9	5,073.7	5,048.1
1. Owner's capital	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4	2,362.4
- Common stock with voting right	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00	2,362,412,460,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	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	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4	356.4
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	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7	27.7
11. Undistributed earnings after tax	2,105.9	2,197.1	2,216.9	2,241.9	2,075.6	1,930.6	1,983.5	1,905.5	1,843.9	1,842.1	2,320.9	2,295.3
- Accumulated retained earning at the end of the previous period	1,837.2	1,334.4	1,570.7	1,806.9	1,806.9	1,482.3	1,836.6	1,836.6	1,842.1	848.2	1,556.9	1,556.9
- Undistributed earnings in this period	268.7	862.6	646.2	434.9	268.7	448.3	146.9	68.9	1.8	994.0	764.1	738.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	8,283.0	8,171.3	8,229.8	8,553.5	8,640.3	8,607.9	8,585.4	9,016.9	9,250.3	9,533.2	9,534.1	9,942.9

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	299.7	237.8	231.8	188.8	299.1	343.3	88.5	88.0	2.2	249.1	38.7	288.5
Depreciation of Fixed Assets and Investment Property	147.0	144.1	147.7	147.6	147.6	147.8	147.7	147.3	147.2	149.8	144.2	147.3
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.2	0.4	0.7	1.6	-8.8	-0.6	0.9	10.1	-2.3	15.5	2.8
Gain/Loss from Investment Activities	-6.4	25.3	-6.2	-5.3	-4.0	-4.6	-5.5	-2.8	-1.0	-0.7	-1.3	-2.4
Interest Expense	47.3	45.4	48.7	52.1	54.4	61.1	65.1	72.8	78.8	87.5	94.4	102.9
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	487.6	452.3	422.3	383.9	498.8	538.8	295.2	306.2	237.3	483.4	291.5	539.0
Increase/(Decrease) in Receivables	1.2	-216.7	270.2	52.7	-214.9	-144.4	122.0	339.1	287.8	-84.9	226.4	26.3
Increase/(Decrease) in Inventory	-27.6	-6.8	16.9	-3.1	-2.0	-0.6	0.5	-3.1	0.1	2.8	-0.6	-6.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-47.7	44.1	25.0	-32.0	31.5	4.2	-1.9	147.1	-170.6	49.7	-27.3	12.1
Increase/(Decrease) in Prepaid Expenses	-0.3	0.5	0.9	0.6	1.2	0.6	-2.5	1.2	-0.3	-0.8	-0.7	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-47.5	-44.2	-50.0	-52.6	-55.2	-62.0	-62.5	-83.5	-90.4	-96.7	-85.2	-197.2
Corporate Income Tax Paid	-59.7	-14.2	-20.0	-1.0	-38.6	-35.0	0.0	0.0	-43.4	-55.0	0.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.7	-1.5	-2.2	-2.2	-2.0	-0.9	-0.8	-1.5	-0.3	-10.4	5.2	-1.7
Net Cash Flow from Operating Activities	305.3	213.6	663.1	346.4	218.7	300.8	350.0	705.5	220.3	288.2	409.4	372.1
Payments for Fixed Assets and Other Long-term Assets	—	-1.7	-16.9	-17.4	-6.1	-8.5	17.5	-17.7	-9.7	-11.7	-23.0	7.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-348.3	-37.2	-360.1	—	—	0.0	0.0	-39.0	0.0	-36.5	36.5	-36.5
Receipts from Loan Repayments and Sale of Debt Instruments	397.3	0.0	0.0	39.0	—	0.0	0.0	35.0	0.0	36.5	-36.5	36.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	10.3	3.4	5.7	5.5	3.3	4.0	5.6	3.4	0.3	0.7	1.4	2.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	59.4	-35.4	-371.4	27.2	-2.8	-4.4	23.0	-18.3	-9.4	-11.0	-21.6	9.5
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	—	—	—	—	—	0.0	0.0	440.0	818.0	0.0	0.0	0.0
Repayment of Borrowings	-83.2	-97.0	-310.4	-109.0	-134.3	-53.6	-45.3	-665.7	-881.2	-39.6	-23.6	-181.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-236.3	-236.2	-118.1	-118.1	-236.2	-472.5	-236.2	0.0	-193.1	-397.5	-118.1
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	-83.2	-333.3	-546.6	-227.1	-252.4	-289.9	-517.8	-461.9	-63.2	-232.7	-421.1	-299.3
Net Cash Flow During the Period	281.5	-155.1	-254.9	146.4	-36.4	6.5	-144.8	225.3	147.6	44.5	-33.3	82.3
Cash and Cash Equivalents at Beginning of Period	68.2	223.3	478.2	331.8	368.2	133.5	133.5	133.5	133.5	131.5	131.5	131.5
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	349.7	68.2	223.3	478.2	331.8	368.2	361.7	506.4	281.1	133.5	89.0	122.3

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VSH

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