VVN

Tổng Công ty cổ phần Xây dựng Công nghiệp Việt Nam ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −16.85%, −9.02pp YoY

Price

2,900

Latest close

27 Mar 2026

P/E -0.24x

P/B -0.06x

EPS -11,901

BVPS -52,073

ROE 26.5%

ROA -14.9%

Profit Margin -17.3%

Asset Turnover 0.86x

Equity Mult. -1.77x

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

What Is Changing

On a TTM 2026Q1 basis, VVN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,872bn
	                                
−20.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 652bn
	                                
−72.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    72.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	4,005.5	4,400.6	2,859.5	2,638.2	3,075.4
Growth	-9%	+54%	+8%	-14%	—
Net Income	-622.0	-467.7	-442.8	-294.7	-119.4
Net Margin	-15.53%	-10.63%	-15.48%	-11.17%	-3.88%

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	653.2	1,228.6	925.4	1,064.6	790.0	1,361.5	968.6	1,723.6	416.0	1,205.1	636.0	635.5
Growth	-47%	+33%	-13%	+35%	-42%	+41%	-44%	+314%	-65%	+89%	+0%	—
Net Income	-112.4	-355.8	-102.6	-81.4	-77.8	-87.6	-77.5	-136.2	-102.4	-90.5	-115.3	-126.3
Net Margin	-17.21%	-28.96%	-11.08%	-7.65%	-9.85%	-6.44%	-8.00%	-7.90%	-24.62%	-7.51%	-18.13%	-19.87%

Drivers of VVN's profit

TTM

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

Finance costs ↑ 231.5bn

Gross profit ↓ 42.1bn

TTM

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

Financial income ↑ 10.2bn

Other profit ↑ 5.1bn

Selling expenses ↓ 4.8bn

Gross profit ↓ 36.6bn

Finance costs ↑ 19.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.4% = -7.8% × 1.05 × -2.37

2026Q1 25.9% = -16.8% × 0.86 × -1.77

ROE rose from 19.4% to 25.9% — mainly driven by leverage, despite net margin and asset turnover moving in the opposite direction.

Net margin: -16.8% -9.0pp Asset turnover: 0.86x -0.18x Leverage: -1.77x +0.59x

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 -16.85%, losing 9.0pp. The main pressure comes from SG&A / Revenue rose 1.7pp and Gross margin fell 0.6pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 7.0pp 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 -16.85% −9.0pp

Gross Margin 1.46% −0.6pp

SG&A / Revenue 6.64% +1.7pp

Non-core / Revenue -11.37% −6.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 6.7pp, financial result still accounts for 76.9% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of -32.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to -32.35%, losing 16.7pp. That translates to -32.35 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 9.2pp and capital turnover fell 0.11x, while invested capital contracted by 369bn — pressure came from both operational efficiency and asset efficiency.

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

CAPITAL EFFICIENCY TREND

ROIC -32.35% −16.7pp

NOPAT Margin -16.98% −9.2pp

Capital Turnover 1.91x −0.11x

Average Invested Capital 2,032.3bn −368.9bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at -2.64x equity, with a net cash position equivalent to 1.63x equity.

Inventory ended the period at 971.6bn, roughly 21.6% of total assets.

Over the last 12 months, working capital absorbed 130.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −100.7bn

Inventories increased → lower CFO: −52.8bn

Payables increased → higher CFO: +22.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 10.9 days versus the same period last year. The main moves came from DIO rose 14.1 days, DSO rose 21.3 days, and DPO rose 24.5 days.

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

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +10.9 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +21.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 93.6 days +21.3 days

Inventory 102.9 days +14.1 days

Payables 110.7 days +24.5 days

Cash Conversion Cycle 85.9 days +10.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 179.2bn due to capex of 41.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -1.63x and interest coverage only at -1.39x.

At present, short-term debt accounts for 18.6% of total debt, cash equals 4.1% of debt, and total debt stands at 4,880.1bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is -1.39x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity -1.63x +0.39x

Interest Coverage -1.39x +0.15x

Cash / Debt 4.1% +2.1pp

Short-term Debt / Total Debt 18.6% −0.9pp

CFO / NI 0.21x −0.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -174.5bn in 2025, against investing cash flow of -48.6bn.

Post-investment cash flow was negative +223.1bn. Financing cash flow was positive +257.4bn.

CFO / net income was 0.21x.

After spending +41.0bn on fixed-asset investment, the business generated trailing free cash flow of −179.2bn.

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

Cash Conversion

CFO TTM 138.3bn −12.7bn

Cash Capex 41.0bn +17.2bn

FCF TTM −179.2bn −29.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 9.0 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 72.8% of PBT and CFO / net income currently at 0.21x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -16.85% after a 9.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,014.5	4,412.9	2,875.7	2,653.0	3,091.5
Revenue Deductions	9.0	12.3	16.2	14.8	0.0
Net Revenue	4,005.5	4,400.6	2,859.5	2,638.2	3,075.4
Cost of Goods Sold	3,932.6	4,404.4	2,804.1	2,571.7	0.0
Gross Profit	72.8	-3.8	55.4	66.6	179.0
Financial Income	2.9	2.2	3.2	49.8	3.6
Financial Expenses	459.3	238.3	301.4	224.3	-130.7
Interest Expense	224.5	206.3	196.0	174.0	-133.7
Share of Associates and Joint Ventures	2.7	1.8	1.2	-0.9	1.5
Selling Expenses	27.4	22.7	23.3	15.9	-26.8
General and Administrative Expenses	223.3	213.3	195.3	173.7	-135.8
Operating Profit	-631.6	-474.0	-460.3	-298.4	-109.3
Other Income	38.2	33.0	35.5	29.4	0.0
Other Expenses	17.5	16.4	9.3	15.1	0.0
Other Profit	20.6	16.7	26.3	14.3	1.0
Profit Before Tax	-610.9	-457.3	-434.0	-284.1	-108.3
Current Income Tax Expense	10.9	10.4	8.3	9.8	-11.1
Deferred Income Tax Expense	0.2	-0.0	0.4	0.7	0.0
Net Income	-622.0	-467.7	-442.8	-294.7	-119.4
Non-controlling Interest	19.6	17.4	17.7	18.6	16.4
Profit Attributable to Parent	-641.6	-485.0	-460.4	-313.3	-135.7
Earnings per Share	-11,666.00	-8,819.00	-8,372.00	-5,696.00	-1,775.00
Diluted EPS	-11,665.98	-8,819.05	-8,371.58	-5,695.72	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,664.2	2,703.2	2,397.2	2,293.1	2,909.2
I. Cash and cash equivalents	220.2	185.8	157.9	198.0	253.5
1. Cash	209.1	180.3	148.3	190.5	0.0
2. Cash equivalents	11.1	5.5	9.6	7.5	0.0
II. Short-term financial investments	28.1	11.1	9.6	10.4	0.0
1. Available for sale securities	0.6	0.6	0.6	0.6	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.5	-0.5	-0.5	0.0
3. Held to maturity investments	28.0	11.0	9.5	10.3	0.0
III. Short-term receivables	1,426.2	1,429.2	1,320.8	1,164.2	1,492.4
1. Short-term trade accounts receivable	1,097.9	1,201.6	1,141.3	1,009.2	0.0
2. Short-term prepayments to suppliers	319.3	226.8	181.9	128.5	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	206.2	192.0	181.3	187.7	0.0
7. Provision for short-term doubtful debts (*)	-204.3	-198.3	-191.4	-169.6	0.0
8. Assets awaiting resolution	7.1	7.1	7.7	8.4	0.0
IV. Inventories	971.6	1,046.1	848.4	858.6	1,071.7
1. Inventories	984.5	1,058.2	860.7	870.9	0.0
2. Provision for decline in value of inventories	-12.9	-12.2	-12.2	-12.3	0.0
V. Other short-term assets	18.1	31.0	60.4	61.9	40.3
1. Short-term prepayments	3.7	3.1	47.3	45.0	0.0
2. Value added tax to be reclaimed	9.2	17.5	11.1	14.8	0.0
3. Taxes and other receivables from state authorities	5.2	10.4	2.0	2.1	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)	1,841.2	2,031.1	2,238.4	2,540.0	2,890.0
I. Long-term receivables	9.7	10.0	9.4	10.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.8
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	9.7	10.0	9.4	10.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,575.5	1,761.4	1,960.8	2,175.5	2,544.9
1. Tangible fixed assets	1,553.9	1,749.1	1,945.4	2,160.4	2,531.4
- Cost	4,616.8	4,605.8	4,587.8	4,595.6	0.0
- Accumulated depreciation	-3,062.9	-2,856.7	-2,642.4	-2,435.2	0.0
2. Financial leased fixed assets	12.0	2.5	5.9	5.5	3.7
- Cost	13.2	2.9	7.8	6.7	0.0
- Accumulated depreciation	-1.3	-0.4	-1.9	-1.2	0.0
3. Intangible fixed assets	9.6	9.8	9.4	9.5	9.8
- Cost	15.7	15.7	15.2	15.2	0.0
- Accumulated depreciation	-6.1	-5.9	-5.8	-5.6	0.0
III. Investment properties	1.0	1.0	1.0	1.0	1.0
- Cost	1.0	1.0	1.0	1.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	10.5	8.3	12.2	25.5	30.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	10.5	8.3	12.2	25.5	0.0
V. Long-term financial investments	102.2	102.4	103.5	189.0	196.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	74.1	74.1	75.1	155.0	0.0
3. Investments in other entities	40.0	40.0	40.0	40.0	0.0
4. Provision for diminution in value of long-term investments	-11.9	-11.7	-11.6	-6.0	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	142.4	148.0	151.5	138.7	0.0
1. Long-term prepayments	142.3	147.6	151.5	138.4	0.0
2. Deferred income tax assets	0.1	0.3	0.0	0.2	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	112.9
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)	4,505.4	4,734.3	4,635.5	4,833.1	5,799.2
A. LIABILITIES (300=210+330)	7,257.0	6,838.9	6,251.7	5,984.7	6,525.2
I. Short -term liabilities	3,178.8	3,092.0	2,626.8	2,463.9	2,956.8
1. Short-term trade accounts payable	1,203.9	1,277.6	1,150.7	973.2	1,271.6
2. Short-term advances from customers	478.4	327.3	266.0	220.2	290.4
3. Taxes and other payables to state authorities	173.0	169.4	167.8	156.3	0.0
4. Payable to employees	112.6	85.4	68.2	64.9	0.0
5. Short-term acrrued expenses	198.3	157.7	95.2	84.0	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	0.9	1.0	0.9	0.8	4.2
9. Other short-term payables	135.9	140.3	150.6	184.2	0.0
10. Short-term borrowings and financial leases	835.3	881.6	670.4	725.3	645.3
11. Provision for short-term liabilities	15.8	22.1	23.2	21.3	0.0
12.. Bonus and welfare fund	24.7	29.5	33.7	33.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	4,078.3	3,746.8	3,624.9	3,520.8	3,568.4
1. Long-term trade payables	31.8	31.8	31.8	31.8	28.4
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	26.4	27.1	27.9	1.2	24.4
7. Other long-term liabilities	64.7	64.4	64.5	64.6	0.0
8. Long-term borrowings and financial leases	3,916.8	3,598.9	3,482.1	3,410.6	3,460.1
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	3.0	3.0	2.7	2.6	0.0
12. Provision for long-term liabilities	35.7	21.6	15.9	10.0	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)	-2,751.6	-2,104.6	-1,616.2	-1,151.6	-725.9
I. Owner's equity	-2,751.6	-2,104.6	-1,616.2	-1,151.6	0.0
1. Owner's capital	550.0	550.0	550.0	550.0	-725.9
- Common stock with voting right	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	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	-0.1	-0.0	-0.1	-0.9	0.0
8. Investment and development fund	71.8	68.8	67.2	66.2	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	-3,598.4	-2,945.0	-2,453.8	-1,986.0	-1,579.8
- Accumulated retained earning at the end of the previous period	-2,956.7	-2,460.0	-1,993.4	-1,672.7	-1,499.7
- Undistributed earnings in this period	-641.6	-485.0	-460.4	-313.3	-80.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	225.1	221.6	220.5	219.0	246.0
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)	4,505.4	4,734.3	4,635.5	4,833.1	5,799.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	-610.9	-457.3	-434.0	-284.1	-108.9
Depreciation of Fixed Assets and Investment Property	220.3	222.0	223.4	234.8	175.6
Provision (Increase)/Reversal	14.5	18.2	22.1	20.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	232.9	30.6	99.6	-46.5	0.0
Gain/Loss from Investment Activities	-4.4	-2.6	-46.5	-11.8	0.0
Interest Expense	224.5	206.3	195.9	174.0	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	-4.8	0.0
Operating Profit Before Changes in Working Capital	77.0	17.2	60.3	82.5	200.6
Increase/(Decrease) in Receivables	10.4	-127.2	-199.6	109.1	0.0
Increase/(Decrease) in Inventory	73.7	-197.6	10.2	-15.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-276.9	266.0	194.4	-131.5	0.0
Increase/(Decrease) in Prepaid Expenses	4.8	48.1	-15.4	-47.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-41.9	-57.4	-58.8	-62.4	0.0
Corporate Income Tax Paid	-10.3	-7.9	-7.7	-16.9	0.0
Other Operating Receipts	0.0	0.5	2.7	5.8	0.0
Other Operating Payments	-11.4	-13.0	-12.1	-19.9	0.0
Net Cash Flow from Operating Activities	-174.5	-71.2	-26.1	-96.0	71.3
Payments for Fixed Assets and Other Long-term Assets	-37.5	-23.0	-12.6	-17.4	-40.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.7	2.3	5.6	8.0	2.0
Loans and Purchases of Debt Instruments	-18.4	-1.8	-1.5	-12.2	-0.2
Receipts from Loan Repayments and Sale of Debt Instruments	1.4	0.3	2.3	34.5	24.5
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	3.3	0.0	0.0
Dividends and Interest Income Received	3.3	3.7	3.8	21.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-48.6	-18.6	0.9	34.8	15.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,979.3	2,012.5	1,834.1	1,502.3	879.2
Repayment of Borrowings	-1,707.9	-1,864.4	-1,817.4	-1,436.4	-1,028.0
Repayment of Finance Leases	-2.3	-2.3	-0.2	-1.6	-0.8
Dividends Paid	-11.8	-28.2	-31.4	-39.3	-3.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	257.4	117.7	-14.9	24.9	-152.7
Net Cash Flow During the Period	34.4	27.9	-40.1	-36.3	0.0
Cash and Cash Equivalents at Beginning of Period	185.8	157.9	198.0	234.3	259.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	220.2	185.8	157.9	198.0	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	653.2	1,229.9	927.1	1,068.1	793.2	1,363.2	969.9	1,725.4	423.6	1,207.3	638.0	638.8
Revenue Deductions	—	1.3	1.7	3.5	3.3	1.7	1.3	1.8	7.6	2.2	2.1	3.3
Net Revenue	653.2	1,228.6	925.4	1,064.6	790.0	1,361.5	968.6	1,723.6	416.0	1,205.1	636.0	635.5
Cost of Goods Sold	665.8	1,192.3	925.9	1,031.4	766.0	1,322.0	960.8	1,696.4	437.3	1,116.2	649.3	641.3
Gross Profit	-12.7	36.3	-0.4	33.2	23.9	39.5	7.9	27.2	-21.3	88.9	-13.3	-5.8
Financial Income	10.9	2.4	0.7	1.1	0.7	0.7	6.4	0.1	5.3	1.0	3.7	0.4
Financial Expenses	69.9	303.7	50.6	57.5	50.4	54.6	46.9	98.4	41.0	111.1	56.5	75.2
Interest Expense	69.9	69.6	50.2	57.2	50.2	37.2	46.8	46.7	40.9	31.2	56.3	53.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.2	6.6	6.8	9.5	9.0	7.0	4.9	6.1	5.6	9.7	5.9	3.4
General and Administrative Expenses	40.7	83.3	49.7	56.3	41.3	73.3	40.2	58.8	39.3	70.8	53.7	43.9
Operating Profit	-116.6	-354.9	-106.9	-88.9	-76.0	-94.8	-77.8	-136.0	-101.9	-101.7	-125.8	-127.9
Other Income	6.7	7.2	15.0	13.3	1.5	21.5	4.2	3.8	2.7	18.9	13.9	4.5
Other Expenses	1.2	5.5	7.3	1.9	1.1	10.4	2.0	2.8	1.9	5.0	1.6	1.1
Other Profit	5.5	1.7	7.7	11.4	0.4	11.1	2.2	1.0	0.9	13.9	12.3	3.4
Profit Before Tax	-111.1	-353.2	-99.2	-77.6	-75.6	-83.7	-75.6	-134.9	-101.0	-87.8	-113.5	-124.5
Current Income Tax Expense	1.3	2.7	1.8	3.9	2.2	4.0	1.9	1.2	1.2	2.6	1.8	1.1
Deferred Income Tax Expense	—	—	1.6	—	—	0.0	0.0	0.1	0.2	0.1	0.0	0.7
Net Income	-112.4	-355.8	-102.6	-81.4	-77.8	-87.6	-77.5	-136.2	-102.4	-90.5	-115.3	-126.3
Non-controlling Interest	2.3	2.8	3.0	8.5	4.2	10.0	4.3	1.3	2.3	10.4	5.2	1.7
Profit Attributable to Parent	-114.7	-358.6	-105.6	-90.0	-82.1	-97.7	-81.8	-137.5	-104.8	-100.9	-120.5	-128.0
Earnings per Share	-2,085.00	-6,470.00	-1,865.00	-1,481.00	-1,415.00	-1,593.00	-1,409.00	-2,476.00	-1,862.00	-1,645.00	-2,097.00	-2,296.00
Diluted EPS	-2,085.02	-6,520.63	-1,919.71	-1,636.01	-1,492.17	-1,775.87	-1,487.59	-2,500.42	-1,904.88	-1,834.47	-2,191.09	-2,326.60

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,707.6	2,668.1	2,723.4	2,555.0	2,476.6	2,853.4	2,590.3	2,616.1	2,600.8	2,443.2	2,334.2	2,242.5
I. Cash and cash equivalents	198.1	225.5	202.5	158.1	88.3	224.1	81.0	111.3	83.3	166.3	129.5	87.9
1. Cash	177.4	214.4	192.4	150.1	82.8	222.5	75.5	105.9	73.9	148.9	113.9	72.4
2. Cash equivalents	20.7	11.1	10.1	8.0	5.5	1.6	5.5	5.4	9.4	17.4	15.6	15.6
II. Short-term financial investments	21.8	28.1	12.3	9.8	9.7	15.0	9.3	9.4	9.6	0.4	10.7	10.5
1. Available for sale securities	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
3. Held to maturity investments	21.7	28.0	12.1	9.6	9.6	14.9	9.2	9.3	9.5	0.3	10.6	10.4
III. Short-term receivables	1,353.6	1,451.6	1,458.2	1,393.4	1,306.9	1,453.6	1,247.1	1,350.1	1,162.1	1,352.2	1,230.3	1,191.9
1. Short-term trade accounts receivable	927.6	1,136.0	1,088.5	1,101.2	1,058.9	1,218.1	993.0	1,111.7	859.8	1,135.1	1,001.3	1,004.0
2. Short-term prepayments to suppliers	377.6	322.6	337.3	274.7	243.2	216.6	214.5	220.5	282.2	196.8	211.7	160.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	245.6	205.7	230.6	212.9	196.2	216.9	226.2	204.8	204.2	204.3	187.8	190.9
7. Provision for short-term doubtful debts (*)	-204.3	-220.2	-205.3	-202.6	-198.4	-205.1	-193.8	-194.0	-191.3	-192.3	-178.2	-170.8
8. Assets awaiting resolution	7.1	7.5	7.1	7.1	7.1	7.2	7.2	7.2	7.2	8.3	7.7	7.7
IV. Inventories	1,089.4	941.9	1,028.2	971.9	1,037.3	1,072.8	1,150.4	1,063.3	1,247.5	860.6	899.6	905.6
1. Inventories	1,102.3	954.1	1,040.4	984.0	1,049.5	1,085.0	1,162.6	1,075.5	1,259.7	872.3	911.3	917.4
2. Provision for decline in value of inventories	-12.9	-12.2	-12.2	-12.2	-12.2	-12.2	-12.2	-12.2	-12.2	-11.7	-11.7	-11.7
V. Other short-term assets	44.7	21.0	22.2	21.9	34.4	87.9	102.5	81.9	98.3	63.6	64.1	46.5
1. Short-term prepayments	3.6	4.3	4.3	3.9	5.3	59.1	65.3	51.4	49.0	50.7	45.0	23.8
2. Value added tax to be reclaimed	34.5	12.5	12.7	13.1	18.7	22.6	29.5	27.6	46.7	11.1	16.8	20.4
3. Taxes and other receivables from state authorities	6.6	4.1	5.2	4.9	10.4	6.2	7.6	0.0	2.6	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	2.9	0.0	1.8	2.2	2.2
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)	1,790.7	1,837.7	1,884.6	1,930.2	1,977.9	2,031.8	2,091.0	2,145.5	2,187.4	2,244.0	2,296.0	2,424.5
I. Long-term receivables	9.7	9.8	10.1	9.8	9.8	9.8	8.9	8.9	9.4	9.4	8.9	9.2
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	—	—	—	—	—	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	9.7	9.8	10.1	9.8	9.8	9.8	8.9	8.9	9.4	9.4	8.9	9.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,524.3	1,574.2	1,620.8	1,659.4	1,709.5	1,761.2	1,814.9	1,864.7	1,913.8	1,962.4	2,009.1	2,064.6
1. Tangible fixed assets	1,503.2	1,552.6	1,599.7	1,647.4	1,697.3	1,748.9	1,802.5	1,852.2	1,903.4	1,945.7	1,994.7	2,050.1
- Cost	4,617.1	—	—	—	—	4,605.7	4,605.6	4,600.8	4,602.6	4,588.1	4,599.2	4,597.0
- Accumulated depreciation	-3,113.9	—	—	—	—	-2,856.8	-2,803.1	-2,748.7	-2,699.3	-2,642.4	-2,604.4	-2,546.9
2. Financial leased fixed assets	11.6	12.0	11.5	2.3	2.4	2.5	2.6	2.7	1.1	7.3	5.0	5.1
- Cost	13.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.6	9.6	9.7	9.7	9.7	9.8	9.8	9.8	9.4	9.4	9.4	9.4
- Cost	15.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
- Cost	1.0	—	—	—	—	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	13.3	11.2	11.1	17.8	11.7	9.0	8.3	8.1	7.9	12.6	26.0	30.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	13.3	11.2	11.1	17.8	11.7	9.0	8.3	8.1	7.9	12.6	26.0	30.2
V. Long-term financial investments	102.2	102.3	102.4	102.4	102.4	103.5	103.5	103.5	103.5	108.8	108.8	189.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	74.1	74.1	74.1	74.1	74.1	75.1	75.1	75.1	75.1	74.7	74.7	155.0
3. Investments in other entities	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0
4. Provision for diminution in value of long-term investments	-11.9	-11.9	-11.7	-11.7	-11.7	-11.6	-11.6	-11.6	-11.6	-6.0	-6.0	-6.0
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	140.1	139.3	139.2	139.9	143.5	147.4	154.4	159.3	151.8	149.9	142.2	130.5
1. Long-term prepayments	140.0	139.3	139.2	139.8	143.2	147.4	154.4	159.3	151.8	149.9	142.0	130.3
2. Deferred income tax assets	0.1	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.2	0.2
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,498.3	4,505.8	4,608.0	4,485.2	4,454.5	4,885.2	4,681.4	4,761.6	4,788.2	4,687.2	4,630.1	4,667.0
A. LIABILITIES (300=210+330)	7,362.3	7,250.4	6,994.1	6,765.5	6,636.9	6,950.8	6,639.2	6,645.7	6,507.5	6,277.4	6,153.9	6,058.9
I. Short -term liabilities	3,230.3	3,180.7	3,173.3	2,991.4	2,855.2	3,153.6	2,878.2	2,921.4	2,845.2	2,645.8	2,622.6	2,463.9
1. Short-term trade accounts payable	1,084.6	1,191.3	1,134.4	1,119.7	1,166.3	1,307.1	1,119.3	1,114.3	1,010.8	1,153.3	1,031.5	943.2
2. Short-term advances from customers	679.0	483.4	604.5	420.0	303.1	333.2	336.1	369.3	513.0	282.0	347.4	262.5
3. Dividends and profits payable	2.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	165.9	176.3	170.7	177.8	168.6	166.7	157.5	155.6	162.8	165.4	161.5	159.1
4. Payable to employees	75.4	98.4	74.7	68.8	49.4	82.3	56.9	58.6	36.4	66.5	39.9	30.6
5. Short-term acrrued expenses	143.5	203.6	187.7	177.3	105.0	160.4	121.1	107.6	79.1	98.1	88.9	103.6
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	0.7	0.9	1.3	1.3	1.0	5.8	0.6	0.8	0.8	0.9	1.4	3.1
9. Other short-term payables	134.8	138.1	127.4	139.3	131.8	143.4	155.2	168.1	150.4	148.6	167.6	178.8
10. Short-term borrowings and financial leases	909.1	835.2	816.4	833.6	883.5	904.1	871.6	889.5	839.2	664.9	730.4	760.7
11. Provision for short-term liabilities	13.3	28.7	31.5	24.9	23.9	21.3	28.6	23.7	23.4	32.1	19.3	-12.1
12.. Bonus and welfare fund	21.4	24.7	24.8	28.8	22.6	29.4	31.3	33.9	29.4	33.9	34.7	34.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	4,132.0	4,069.7	3,820.9	3,774.0	3,781.7	3,797.1	3,761.1	3,724.3	3,662.3	3,631.6	3,531.3	3,595.0
1. Long-term trade payables	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8
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	26.4	26.4	26.7	26.7	27.1	27.5	27.8	27.6	27.9	27.9	28.3	28.7
7. Other long-term liabilities	64.6	64.7	64.6	64.4	64.4	64.4	64.4	64.4	64.5	64.5	64.5	64.5
8. Long-term borrowings and financial leases	3,971.0	3,918.3	3,664.7	3,625.8	3,633.7	3,643.8	3,614.8	3,578.1	3,519.3	3,488.7	3,394.0	3,457.6
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	3.0	1.4	3.0	1.4	3.0	1.4	1.4	1.5	2.9	2.8	2.7	2.5
12. Provision for long-term liabilities	35.2	27.2	30.0	23.9	21.6	28.3	20.9	20.9	15.9	15.9	10.0	10.0
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)	-2,864.0	-2,744.7	-2,386.1	-2,280.3	-2,182.4	-2,065.5	-1,957.9	-1,884.1	-1,719.3	-1,590.2	-1,523.7	-1,391.9
I. Owner's equity	-2,864.0	-2,744.7	-2,386.1	-2,280.3	-2,182.4	-2,065.5	-1,957.9	-1,884.1	-1,719.3	-1,590.2	-1,523.7	-1,391.9
1. Owner's capital	550.0	550.0	550.0	550.0	550.0	550.0	550.0	550.0	550.0	550.0	550.0	550.0
- Common stock with voting right	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00	550,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	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	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-0.1	-0.1	-0.1	-0.1	-0.8	-0.9
8. Investment and development fund	71.8	71.8	71.8	71.1	68.8	68.8	68.8	68.8	67.2	67.2	67.2	67.2
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	-3,713.0	-3,590.4	-3,232.6	-3,125.2	-3,027.1	-2,910.7	-2,794.3	-2,708.1	-2,558.9	-2,424.9	-2,347.4	-2,207.6
- Accumulated retained earning at the end of the previous period	-3,598.4	-2,955.3	-2,953.6	-2,952.7	-2,945.0	-2,467.3	-2,458.2	-2,459.6	-2,454.1	-1,988.3	-1,990.9	-1,987.6
- Undistributed earnings in this period	-114.7	-635.2	-279.0	-172.4	-82.1	-443.4	-336.2	-248.5	-104.8	-436.6	-356.5	-220.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	227.3	224.1	224.7	223.7	225.9	226.4	217.7	205.3	222.5	217.6	207.2	199.4
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)	4,498.3	4,505.8	4,608.0	4,485.2	4,454.5	4,885.2	4,681.4	4,761.6	4,788.2	4,687.2	4,630.1	4,667.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-111.1	-355.7	-99.2	-80.4	-75.6	-93.2	-75.6	-146.1	-101.0	-85.5	-130.3	-129.4
Depreciation of Fixed Assets and Investment Property	55.4	56.1	54.2	56.7	53.3	55.8	57.7	55.4	55.0	50.4	57.7	57.3
Provision (Increase)/Reversal	-2.9	-4.1	1.7	14.6	2.3	18.8	-6.0	18.9	-5.5	19.9	-1.1	5.5
FX Gain/Loss from Revaluation of Monetary Items	—	232.9	—	—	—	-0.4	-50.7	51.1	0.0	78.3	-0.1	21.5
Gain/Loss from Investment Activities	-10.8	-2.4	-0.6	-0.7	-0.7	-0.3	-7.0	0.3	-5.3	-41.6	-3.3	-1.3
Interest Expense	69.9	75.3	45.3	56.2	47.7	115.9	46.8	53.6	41.0	35.7	56.2	56.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.3	2.1	1.4	46.5	27.0	96.6	-34.8	33.2	-15.8	57.2	-20.9	9.8
Increase/(Decrease) in Receivables	13.2	113.7	-137.4	-90.2	124.3	-283.7	107.9	-151.9	117.4	-73.6	-111.3	-66.8
Increase/(Decrease) in Inventory	-117.8	55.9	-60.4	69.5	8.7	77.6	-83.3	178.9	-397.6	50.6	17.1	74.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	25.1	-399.5	259.0	138.0	-274.5	220.7	-60.2	-55.8	40.2	-47.9	271.2	-56.5
Increase/(Decrease) in Prepaid Expenses	2.5	-2.4	0.3	4.7	2.2	15.6	-1.4	-19.9	1.8	-12.0	9.9	-28.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-10.5	5.4	-5.7	-29.5	-12.1	-6.0	65.4	-80.5	-10.9	-5.1	-22.3	-12.2
Corporate Income Tax Paid	-5.8	-3.7	1.0	-3.0	-4.6	-2.2	-0.8	-1.4	-2.7	-3.0	-1.3	-1.1
Other Operating Receipts	0.0	—	—	—	—	0.1	0.3	0.7	0.1	1.3	0.2	1.2
Other Operating Payments	-3.3	6.7	-10.7	-3.7	-3.7	-1.9	-2.0	-4.2	-5.1	-2.7	-4.4	-4.5
Net Cash Flow from Operating Activities	-96.4	-221.9	47.6	132.5	-132.7	116.8	-8.8	-100.9	-272.4	-35.1	138.0	-84.1
Payments for Fixed Assets and Other Long-term Assets	-7.1	-11.5	-7.7	-14.6	-3.7	-6.6	-17.3	3.8	-8.2	-5.6	0.5	-3.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.2	-1.9	2.4	—	0.6	-6.9	8.7	0.0	2.7	2.4	0.4
Loans and Purchases of Debt Instruments	—	-18.4	—	—	—	-21.8	0.0	0.0	0.0	-1.5	0.1	-0.1
Receipts from Loan Repayments and Sale of Debt Instruments	6.3	0.0	0.2	-0.2	1.4	0.0	0.3	0.0	-0.0	2.3	-1.5	1.6
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-1.5	1.5
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	3.3	0.0	0.0
Dividends and Interest Income Received	0.3	-7.2	6.5	3.4	0.6	9.6	8.9	-0.1	0.1	-9.3	7.6	-0.7
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	-76.7	76.7	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	-0.5	-34.9	-3.0	-9.0	-1.6	-18.1	-14.9	12.5	-8.1	-84.8	84.3	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	372.0	600.0	424.3	463.3	491.8	447.0	480.0	737.1	523.5	699.8	316.9	446.6
Repayment of Borrowings	-296.7	-330.0	-398.0	-524.9	-455.0	-402.2	-497.9	-591.0	-316.9	-548.6	-536.8	-329.6
Repayment of Finance Leases	-0.5	-0.6	-0.4	-1.3	-0.1	0.8	-11.5	0.5	-0.7	1.0	-0.1	-0.7
Dividends Paid	—	5.1	-16.9	—	—	-1.1	23.9	-31.4	0.0	-3.7	16.2	-38.2
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	74.9	274.5	9.0	-62.8	36.7	44.5	-5.4	115.3	205.9	148.4	-203.9	78.1
Net Cash Flow During the Period	-22.1	17.7	53.6	60.6	-97.6	143.1	-29.2	26.9	-74.6	28.5	18.5	-6.2
Cash and Cash Equivalents at Beginning of Period	220.2	202.5	148.9	88.3	185.8	157.9	157.9	157.9	157.9	198.0	198.0	198.0
FX Difference from Revaluation	—	0.0	—	—	—	-0.0	0.0	0.0	-0.0	-0.1	21.5	-21.4
Cash and Cash Equivalents at End of Period	198.1	220.2	202.5	148.9	88.3	224.1	81.0	110.2	83.3	157.9	129.5	89.5

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VVN

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