ANV

Nam Việt ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 13.83%, +10.16pp YoY

Price

21,100

Latest close

02 Jun 2026

P/E 5.29x

P/B 1.51x

EPS 3,992

BVPS 13,958

ROE 32.0%

ROA 19.7%

Profit Margin 13.8%

Asset Turnover 1.42x

Equity Mult. 1.62x

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

What Is Changing

On a TTM 2026Q1 basis, ANV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,687bn
	                                
+53.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,063bn
	                                
+479.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	6,951.5	4,911.3	4,439.1	4,896.6	3,493.9
Growth	+42%	+11%	-9%	+40%	—
Net Income	999.5	47.8	39.2	673.7	127.9
Net Margin	14.38%	0.97%	0.88%	13.76%	3.66%

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	1,841.3	2,118.9	2,000.1	1,726.2	1,106.3	1,360.8	1,341.0	1,193.4	1,016.0	1,110.8	1,098.8	1,074.3
Growth	-13%	+6%	+16%	+56%	-19%	+1%	+12%	+17%	-9%	+1%	+2%	—
Net Income	195.4	251.6	283.1	332.8	132.0	5.9	27.9	17.5	16.9	-0.5	1.0	-51.0
Net Margin	10.61%	11.87%	14.15%	19.28%	11.93%	0.43%	2.08%	1.47%	1.66%	-0.05%	0.09%	-4.75%

Drivers of ANV's profit

TTM

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

Gross profit ↑ 1,047.3bn

Tax ↑ 144.0bn

Selling expenses ↑ 99.4bn

TTM

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

Gross profit ↑ 102.6bn

Financial income ↑ 14.9bn

Tax ↑ 25.9bn

Selling expenses ↑ 17.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.3% = 3.7% × 1.02 × 1.69

2026Q1 32.0% = 13.8% × 1.42 × 1.62

ROE rose from 6.3% to 32.0% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 13.8% +10.2pp Asset turnover: 1.42x +0.40x Leverage: 1.62x -0.07x

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 13.83%, rising 10.2pp. The main driver is Gross margin rose 8.9pp and SG&A / Revenue fell 1.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.1pp).

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

Profitability trend

Net Margin 13.83% +10.2pp

Gross Margin 22.45% +8.9pp

SG&A / Revenue 6.10% −1.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 117.5 days.

Is capital being deployed efficiently?

ROIC expanded to 21.50%, rising 17.2pp. That translates to 21.50 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 9.9pp and capital turnover rose 0.46x, while invested capital rose by 379bn — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 21.50% +17.2pp

NOPAT Margin 13.83% +9.9pp

Capital Turnover 1.55x +0.46x

Average Invested Capital 4,943.4bn +379.3bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.65x equity, net debt at 0.48x equity.

Inventory ended the period at 1,421.5bn, roughly 24.4% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 69.8 days versus the same period last year. The main moves came from DIO fell 74.9 days, DSO rose 6.3 days, and DPO rose 1.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 117.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +6.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 41.4 days +6.3 days

Inventory 91.6 days −74.9 days

Payables 15.4 days +1.2 days

Cash Conversion Cycle 117.5 days −69.8 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.48x and interest coverage at 16.04x.

At present, short-term debt accounts for 97.1% of total debt, cash equals 1.7% of debt, and total debt stands at 1,817.8bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 97.1% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 1.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.48x −0.01x

Interest Coverage 16.04x +13.62x

Cash / Debt 1.7% −1.5pp

Short-term Debt / Total Debt 97.1% +5.2pp

CFO / NI 0.68x −3.65x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 998.0bn in 2025, against investing cash flow of -797.0bn.

Post-investment cash flow was positive +201.0bn. Financing cash flow was negative +375.3bn.

CFO / net income was 0.68x.

After spending +264.1bn on fixed-asset investment, the business generated trailing free cash flow of +455.1bn.

Cash Conversion

CFO TTM 719.2bn −73.4bn

Cash Capex 264.1bn +97.0bn

FCF TTM +455.1bn −170.5bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. The residual risk still sits in leverage and liquidity, with interest coverage at 16.04x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.83% after expanding 10.2pp versus the same period last year.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.48x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,992.5	4,939.1	4,461.8	4,934.5	3,504.4
Revenue Deductions	41.0	27.8	22.7	37.9	0.0
Net Revenue	6,951.5	4,911.3	4,439.1	4,896.6	3,493.9
Cost of Goods Sold	5,328.6	4,350.9	3,991.7	3,561.1	0.0
Gross Profit	1,622.9	560.4	447.5	1,335.5	553.3
Financial Income	50.4	32.6	32.1	79.7	41.0
Financial Expenses	73.6	103.5	164.6	188.2	-115.9
Interest Expense	68.1	91.3	137.3	105.1	-103.0
Share of Associates and Joint Ventures	0.8	-4.1	-4.0	-0.1	0.1
Selling Expenses	378.6	280.3	188.4	378.2	-281.0
General and Administrative Expenses	71.9	85.8	75.7	94.2	-56.5
Operating Profit	1,149.9	119.3	46.8	754.6	141.1
Other Income	6.0	15.2	20.0	21.5	0.0
Other Expenses	3.7	56.0	2.3	2.4	0.0
Other Profit	2.4	-40.8	17.7	19.1	9.8
Profit Before Tax	1,152.3	78.5	64.5	773.7	150.9
Current Income Tax Expense	150.3	25.5	20.6	114.5	-23.0
Deferred Income Tax Expense	2.5	5.2	4.7	-14.5	0.0
Net Income	999.5	47.8	39.2	673.7	127.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	999.5	47.8	39.2	673.7	127.9
Earnings per Share	3,754.00	179.00	293.00	5,300.00	1,006.00
Diluted EPS	3,754.00	179.00	293.00	5,300.00	1,002.67

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,476.5	2,585.5	2,950.6	3,255.1	2,916.5
I. Cash and cash equivalents	45.7	219.1	39.7	31.1	42.7
1. Cash	34.1	53.5	33.1	30.3	0.0
2. Cash equivalents	11.7	165.6	6.5	0.8	0.0
II. Short-term financial investments	602.4	56.1	71.9	357.8	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	602.4	56.1	71.9	357.8	0.0
III. Short-term receivables	1,258.1	551.7	369.1	434.6	381.1
1. Short-term trade accounts receivable	1,044.6	517.7	358.9	412.6	0.0
2. Short-term prepayments to suppliers	190.8	48.0	20.5	24.6	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	0.2	0.2	1.0	3.1	0.0
6. Other short-term receivables	59.0	27.3	28.3	27.6	0.0
7. Provision for short-term doubtful debts (*)	-36.6	-44.1	-42.3	-36.0	0.0
8. Assets awaiting resolution	—	2.7	2.7	2.7	0.0
IV. Inventories	1,421.5	1,653.3	2,346.8	2,333.3	1,779.6
1. Inventories	1,437.6	1,683.6	2,363.7	2,342.1	0.0
2. Provision for decline in value of inventories	-16.1	-30.3	-16.9	-8.8	0.0
V. Other short-term assets	148.7	105.4	123.1	98.4	66.7
1. Short-term prepayments	48.3	30.1	20.8	25.9	0.0
2. Value added tax to be reclaimed	100.5	75.3	102.3	72.4	0.0
3. Taxes and other receivables from state authorities	—	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)	2,348.2	2,276.7	2,162.1	2,212.6	1,969.9
I. Long-term receivables	34.5	67.3	32.6	22.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	13.0
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	0.5	0.7	0.0
6. Other long-term receivables	34.5	67.3	32.2	21.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,102.1	1,073.4	1,031.8	1,102.1	1,046.1
1. Tangible fixed assets	489.2	311.9	324.9	495.9	553.4
- Cost	1,725.6	1,453.7	1,476.9	1,599.9	0.0
- Accumulated depreciation	-1,236.4	-1,141.8	-1,151.9	-1,104.0	0.0
2. Financial leased fixed assets	279.0	421.8	360.4	254.0	248.5
- Cost	384.9	521.9	427.7	293.4	0.0
- Accumulated depreciation	-105.8	-100.1	-67.3	-39.4	0.0
3. Intangible fixed assets	333.9	339.7	346.4	352.2	244.2
- Cost	375.2	375.2	375.5	375.6	0.0
- Accumulated depreciation	-41.3	-35.6	-29.0	-23.4	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	446.6	974.4	918.2	896.2	778.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	446.6	974.4	918.2	896.2	0.0
V. Long-term financial investments	68.6	67.8	71.8	76.2	29.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	61.7	60.9	65.0	69.0	0.0
3. Investments in other entities	20.3	20.3	20.3	20.3	0.0
4. Provision for diminution in value of long-term investments	-13.4	-13.4	-13.5	-13.2	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	696.5	93.8	107.7	115.5	0.0
1. Long-term prepayments	691.6	86.3	95.9	99.8	0.0
2. Deferred income tax assets	4.9	7.5	11.7	15.7	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	102.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,824.7	4,862.3	5,112.7	5,467.7	4,886.4
A. LIABILITIES (300=210+330)	2,297.8	2,065.6	2,264.8	2,585.5	2,551.7
I. Short -term liabilities	2,230.9	1,940.6	2,103.1	2,417.5	2,336.4
1. Short-term trade accounts payable	315.5	150.2	173.3	277.1	197.6
2. Short-term advances from customers	27.4	33.1	10.0	16.4	44.6
3. Taxes and other payables to state authorities	151.3	30.0	27.9	119.0	0.0
4. Payable to employees	87.4	49.5	35.0	52.1	0.0
5. Short-term acrrued expenses	29.0	17.2	8.2	37.8	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	1.7	1.5	1.4	0.0	0.1
9. Other short-term payables	18.0	34.1	63.1	145.7	0.0
10. Short-term borrowings and financial leases	1,600.3	1,624.5	1,783.7	1,769.2	1,837.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.5	0.4	0.2	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	67.0	125.0	161.7	167.9	215.3
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	12.0	12.6	13.6	12.7	1.0
7. Other long-term liabilities	—	0.0	2.3	2.3	0.0
8. Long-term borrowings and financial leases	53.2	110.6	144.9	152.8	210.3
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	1.8	1.8	0.9	0.1	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)	3,526.9	2,796.7	2,847.9	2,882.2	2,334.7
I. Owner's equity	3,526.9	2,796.7	2,847.9	2,882.2	0.0
1. Owner's capital	2,666.7	2,666.7	1,335.4	1,275.4	2,334.7
- Common stock with voting right	2,666,675,000,000.00	2,666,675,000,000.00	1,335,396,250,000.00	1,275,396,250,000.00	1,275,396,250,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	21.5	21.5	21.5	21.5	21.5
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	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	866.3	136.1	1,518.6	1,612.9	1,065.4
- Accumulated retained earning at the end of the previous period	—	88.6	1,479.4	1,001.6	937.5
- Undistributed earnings in this period	866.3	47.5	39.2	611.3	127.9
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)	5,824.7	4,862.3	5,112.7	5,467.7	4,886.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,152.3	78.5	64.5	773.7	0.0
Depreciation of Fixed Assets and Investment Property	135.1	117.2	114.5	121.3	0.0
Provision (Increase)/Reversal	-19.6	20.6	15.0	26.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.4	-2.0	2.6	-1.4	0.0
Gain/Loss from Investment Activities	-13.3	-4.0	-13.7	-38.7	0.0
Interest Expense	68.1	91.3	137.3	105.1	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	1,322.2	301.6	320.1	986.2	0.0
Increase/(Decrease) in Receivables	-671.1	-173.2	3.1	-78.9	0.0
Increase/(Decrease) in Inventory	246.0	680.1	-21.8	-558.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	191.4	65.4	-114.4	22.6	0.0
Increase/(Decrease) in Prepaid Expenses	6.7	0.3	9.0	-16.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-68.0	-92.5	-164.1	-75.6	0.0
Corporate Income Tax Paid	-28.9	-53.0	-113.4	-13.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.2	-0.2	-0.2	0.0
Net Cash Flow from Operating Activities	998.0	728.4	-81.7	265.6	344.4
Payments for Fixed Assets and Other Long-term Assets	-282.3	-160.7	-44.3	-275.1	-324.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	23.1	29.4	150.2	53.7	92.3
Loans and Purchases of Debt Instruments	-865.2	-88.5	-217.2	-1,171.2	-1,082.8
Receipts from Loan Repayments and Sale of Debt Instruments	318.8	105.5	505.4	1,456.2	759.1
Investments in Other Entities	—	0.0	0.0	-46.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	8.5	3.4	22.2	39.4	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	-797.0	-111.0	416.2	57.0	-407.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	60,000,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,719.5	4,181.8	4,527.1	4,709.6	4,742.7
Repayment of Borrowings	-4,679.1	-4,380.6	-4,567.4	-4,829.1	-4,581.2
Repayment of Finance Leases	-149.6	-131.4	-127.1	-57.2	-36.1
Dividends Paid	-266.1	-108.1	-218.6	-156.9	-63.0
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	-375.3	-438.4	-325.9	-333.5	62.4
Net Cash Flow During the Period	-174.3	179.1	8.7	-10.9	34.5
Cash and Cash Equivalents at Beginning of Period	219.1	39.7	31.1	42.7	43.8
FX Difference from Revaluation	0.9	0.3	-0.0	-0.7	-0.7
Cash and Cash Equivalents at End of Period	45.7	219.1	39.7	31.1	42.7

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	1,844.9	2,128.4	2,007.9	1,744.8	1,111.5	1,368.7	1,345.0	1,209.2	1,016.2	1,112.6	1,100.7	1,090.9
Revenue Deductions	3.7	9.4	7.8	18.6	5.2	7.9	4.0	15.8	0.2	1.8	1.9	16.6
Net Revenue	1,841.3	2,118.9	2,000.1	1,726.2	1,106.3	1,360.8	1,341.0	1,193.4	1,016.0	1,110.8	1,098.8	1,074.3
Cost of Goods Sold	1,515.0	1,693.5	1,512.6	1,239.9	882.6	1,222.2	1,168.4	1,050.2	914.8	996.5	1,014.0	1,026.1
Gross Profit	326.3	425.4	487.5	486.4	223.7	138.6	172.7	143.2	101.3	114.3	84.8	48.2
Financial Income	19.5	18.1	13.3	14.4	4.6	14.2	2.4	10.7	5.2	7.0	8.3	7.7
Financial Expenses	21.4	20.3	16.7	19.3	17.4	23.6	28.1	27.2	24.6	45.9	36.0	46.4
Interest Expense	17.1	18.0	16.1	18.2	15.8	21.9	20.5	26.6	22.4	32.5	29.3	43.0
Share of Associates and Joint Ventures	—	0.9	—	-0.1	—	-2.0	0.0	-2.1	0.0	-2.0	0.0	-2.0
Selling Expenses	67.7	113.6	119.4	95.0	50.5	95.0	82.1	68.7	34.5	53.6	37.6	42.5
General and Administrative Expenses	19.2	15.3	21.0	17.5	18.2	21.2	20.1	21.2	18.2	17.9	16.1	23.3
Operating Profit	237.5	295.2	343.7	368.8	142.2	11.1	44.8	34.7	29.2	1.8	3.5	-58.3
Other Income	1.0	0.9	1.7	1.9	2.1	4.2	3.3	4.6	3.2	3.2	3.8	7.6
Other Expenses	1.3	1.2	1.9	1.0	0.1	1.5	10.9	18.6	2.0	0.6	0.2	1.1
Other Profit	-0.3	-0.3	-0.2	0.9	2.0	2.7	-7.6	-14.0	1.2	2.5	3.6	6.5
Profit Before Tax	237.2	294.9	343.5	369.7	144.3	13.8	37.1	20.7	30.5	4.3	7.1	-51.8
Current Income Tax Expense	39.7	41.4	60.5	34.6	13.8	5.8	7.0	5.7	10.2	4.8	6.0	-0.1
Deferred Income Tax Expense	2.1	1.9	-0.1	2.3	-1.5	2.1	2.2	-2.5	3.4	0.1	0.0	-0.7
Net Income	195.4	251.6	283.1	332.8	132.0	5.9	27.9	17.5	16.9	-0.5	1.0	-51.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	195.4	251.6	283.1	332.8	132.0	5.9	27.9	17.5	16.9	-0.5	1.0	-51.0
Earnings per Share	734.00	945.00	1,063.00	1,250.00	496.00	39.00	209.00	131.00	127.00	-4.00	8.00	-383.00
Diluted EPS	734.00	945.00	1,063.00	1,250.00	496.00	317.00	209.00	131.00	127.00	-4.00	8.00	-383.00

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)	3,713.8	3,476.5	3,335.7	2,855.7	2,432.3	2,585.5	2,738.2	2,748.0	2,921.3	2,942.6	3,197.2	3,301.0
I. Cash and cash equivalents	30.8	45.7	169.0	71.1	47.5	219.1	72.4	31.9	41.3	39.7	29.8	32.0
1. Cash	23.1	34.1	40.2	64.1	43.1	53.5	69.8	27.5	32.7	33.1	24.5	32.0
2. Cash equivalents	7.7	11.7	128.8	7.0	4.4	165.6	2.6	4.5	8.6	6.5	5.3	0.0
II. Short-term financial investments	580.0	602.4	363.4	43.7	49.4	56.1	60.1	67.5	63.5	71.9	186.1	201.1
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	580.0	602.4	363.4	43.7	49.4	56.1	60.1	67.5	63.5	71.9	186.1	201.1
III. Short-term receivables	1,371.3	1,258.1	1,181.6	1,037.6	637.2	551.7	495.3	423.7	404.1	363.6	412.4	334.0
1. Short-term trade accounts receivable	1,144.0	1,044.6	1,023.5	934.3	600.1	517.7	471.9	403.6	362.9	358.9	373.2	308.3
2. Short-term prepayments to suppliers	206.0	190.8	137.3	86.1	49.5	48.0	26.1	28.3	35.8	20.5	32.5	34.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.2	0.4	0.8	0.7	0.2	0.0	0.0	1.0	1.0	1.0	1.0
6. Other short-term receivables	57.9	59.0	62.5	57.7	28.4	27.3	36.5	26.1	44.0	22.8	44.6	29.0
7. Provision for short-term doubtful debts (*)	-36.6	-36.6	-42.1	-44.0	-44.1	-44.1	-42.2	-37.1	-42.3	-42.3	-41.6	-41.6
8. Assets awaiting resolution	—	—	—	2.7	2.7	2.7	3.0	2.7	2.7	2.7	2.7	2.7
IV. Inventories	1,356.7	1,421.5	1,495.0	1,594.5	1,587.7	1,653.3	2,007.2	2,126.9	2,309.0	2,344.3	2,448.1	2,622.6
1. Inventories	1,372.7	1,437.6	1,501.3	1,600.8	1,618.0	1,683.6	2,023.3	2,147.7	2,325.9	2,361.2	2,459.4	2,633.8
2. Provision for decline in value of inventories	-16.1	-16.1	-6.3	-6.3	-30.3	-30.3	-16.2	-20.7	-16.9	-16.9	-11.3	-11.3
V. Short-term Biological Assets	207.9	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	207.9	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	167.2	148.7	126.7	108.7	110.5	105.4	103.2	98.0	103.4	123.1	120.7	111.3
1. Short-term prepayments	46.4	48.3	38.9	29.4	29.9	30.1	22.0	18.4	17.9	20.8	22.3	23.3
2. Value added tax to be reclaimed	107.7	100.5	87.8	79.3	80.6	75.3	81.2	79.6	85.5	102.3	98.4	88.0
3. Taxes and other receivables from state authorities	1.5	—	—	—	—	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	11.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,351.8	2,348.2	2,297.6	2,294.1	2,299.0	2,276.8	2,250.1	2,164.1	2,141.1	2,167.9	2,162.6	2,180.1
I. Long-term receivables	34.5	34.5	40.0	40.0	68.7	67.3	67.4	44.0	36.2	38.1	35.8	35.9
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	0.3	0.3	0.4	0.5	0.5	0.6
6. Other long-term receivables	34.5	34.5	40.0	40.0	68.7	67.3	67.1	43.7	35.8	37.6	35.3	35.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,087.7	1,102.1	1,092.2	1,100.2	1,093.4	1,073.4	1,055.4	1,019.2	1,016.2	1,031.8	1,044.7	1,068.0
1. Tangible fixed assets	581.3	489.2	391.7	360.1	331.3	311.9	298.5	289.3	288.9	324.9	335.0	347.7
- Cost	1,879.7	—	—	—	—	1,452.7	1,431.7	1,414.1	1,433.5	1,476.9	1,471.8	1,473.6
- Accumulated depreciation	-1,298.4	—	—	—	—	-1,140.8	-1,133.2	-1,124.8	-1,144.5	-1,151.9	-1,136.8	-1,125.9
2. Financial leased fixed assets	174.0	279.0	365.1	403.3	423.9	421.8	415.4	386.9	382.2	360.4	361.9	371.1
- Cost	250.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-76.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	332.5	333.9	335.4	336.8	338.2	339.7	341.5	342.9	345.1	346.4	347.8	349.2
- Cost	375.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-42.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	6.9	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	6.9	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	6.9	—	—	—	—	—	—	—	—	—	—	—
- Cost	8.2	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-1.3	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	478.4	446.6	391.4	366.3	359.7	974.4	964.2	932.5	916.2	918.2	902.2	893.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	478.4	446.6	391.4	366.3	359.7	974.4	964.2	932.5	916.2	918.2	902.2	893.1
V. Long-term financial investments	68.6	68.6	68.5	68.5	68.1	67.8	69.7	69.7	71.8	71.8	73.6	73.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	61.7	61.7	60.8	60.8	60.9	60.9	62.9	62.9	65.0	65.0	67.0	67.0
3. Investments in other entities	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3	20.3
4. Provision for diminution in value of long-term investments	-13.4	-13.4	-13.3	-13.3	-13.1	-13.4	-13.5	-13.5	-13.5	-13.5	-13.7	-13.7
5. Held to maturity investments	—	—	0.7	0.7	—	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	675.7	696.5	705.5	719.1	709.0	93.9	93.4	98.7	100.7	108.0	106.2	109.4
1. Long-term prepayments	672.9	691.6	698.5	712.2	700.1	86.3	83.7	87.4	92.3	95.9	94.5	97.7
2. Deferred income tax assets	2.8	4.9	7.0	6.9	9.0	7.6	9.7	11.4	8.4	12.1	11.8	11.8
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)	6,065.6	5,824.7	5,633.2	5,149.8	4,731.3	4,862.4	4,988.2	4,912.1	5,062.4	5,110.5	5,359.9	5,481.0
A. LIABILITIES (300=210+330)	2,343.4	2,297.8	2,091.7	1,888.3	1,802.6	2,065.1	2,130.0	2,029.8	2,197.7	2,260.0	2,375.7	2,497.9
I. Short -term liabilities	2,276.4	2,230.9	1,999.2	1,795.8	1,666.6	1,940.6	1,953.3	1,895.8	2,007.4	2,098.3	2,174.0	2,296.2
1. Short-term trade accounts payable	336.7	315.5	252.9	265.8	167.5	150.2	196.0	182.1	170.2	173.3	222.6	200.0
2. Short-term advances from customers	24.0	27.4	30.2	17.3	21.9	33.1	37.8	29.6	11.0	10.0	17.7	18.1
3. Dividends and profits payable	2.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	39.6	151.3	115.2	53.9	17.5	30.0	36.9	21.1	17.7	28.8	50.8	34.6
4. Payable to employees	65.1	87.4	87.8	52.6	46.1	49.5	50.3	43.6	28.3	29.4	45.6	45.6
5. Short-term acrrued expenses	16.7	29.0	26.8	21.1	5.5	17.2	5.6	11.9	1.3	8.2	1.3	42.0
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	1.3	1.7	0.6	1.1	1.3	1.5	0.3	0.6	1.0	1.4	0.5	0.6
9. Other short-term payables	25.9	18.0	19.7	23.0	31.5	34.1	25.9	19.5	23.8	63.1	54.5	24.2
10. Short-term borrowings and financial leases	1,764.6	1,600.3	1,465.4	1,360.6	1,374.8	1,624.5	1,600.3	1,587.1	1,753.7	1,783.7	1,780.5	1,930.6
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	0.3	0.3	0.4	0.4	0.4	0.5	0.2	0.3	0.3	0.4	0.5	0.5
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	67.0	67.0	92.5	92.5	136.0	124.5	176.7	134.0	190.3	161.7	201.7	201.7
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	12.0	12.0	12.3	12.3	12.6	12.6	12.9	12.9	13.6	13.6	13.6	13.6
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	2.3	2.3	2.3	2.3
8. Long-term borrowings and financial leases	53.2	53.2	78.2	78.2	121.6	110.6	162.4	119.7	173.4	144.9	185.2	185.3
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	1.8	1.8	2.0	2.0	1.8	1.3	1.4	1.4	0.9	0.9	0.5	0.5
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)	3,722.2	3,526.9	3,541.6	3,261.5	2,928.7	2,797.3	2,858.2	2,882.3	2,864.8	2,850.5	2,984.2	2,983.1
I. Owner's equity	3,722.2	3,526.9	3,541.6	3,261.5	2,928.7	2,797.3	2,858.2	2,882.3	2,864.8	2,850.5	2,984.2	2,983.1
1. Owner's capital	2,666.7	2,666.7	2,666.7	2,666.7	2,666.7	2,666.7	1,335.4	1,335.4	1,335.4	1,335.4	1,335.4	1,335.4
- Common stock with voting right	2,666,675,000,000.00	2,666,675,000,000.00	2,666,675,000,000.00	2,666,675,000,000.00	2,666,675,000,000.00	2,666,675,000,000.00	1,335,396,250,000.00	1,335,396,250,000.00	1,335,396,250,000.00	1,335,396,250,000.00	1,335,396,250,000.00	1,335,396,250,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5
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	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00	-27,587,629,848.00
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1,061.6	866.3	881.0	600.9	268.1	136.7	1,528.9	1,553.0	1,535.5	1,521.2	1,654.9	1,653.8
- Accumulated retained earning at the end of the previous period	866.3	—	133.1	136.1	136.1	88.3	1,486.4	1,518.6	1,518.6	1,479.8	1,612.5	1,612.5
- Undistributed earnings in this period	195.4	866.3	747.9	464.8	132.0	48.4	42.5	34.4	16.9	41.4	42.4	41.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	6,065.6	5,824.7	5,633.2	5,149.8	4,731.3	4,862.4	4,988.2	4,912.1	5,062.4	5,110.5	5,359.9	5,481.0

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	—	638.4	—	513.9	—	0.0	-27.6	27.6	0.0	64.5	-56.2	56.2
Depreciation of Fixed Assets and Investment Property	—	68.8	—	66.3	—	0.0	-56.0	56.0	0.0	114.5	-59.8	59.8
Provision (Increase)/Reversal	—	4.3	—	-23.9	—	0.0	-4.6	4.6	0.0	15.0	-8.8	8.8
FX Gain/Loss from Revaluation of Monetary Items	—	2.1	—	-2.5	—	0.0	2.3	-2.3	0.0	2.6	-0.7	0.7
Gain/Loss from Investment Activities	—	-12.3	—	-1.0	—	0.0	1.3	-1.3	0.0	-13.7	10.0	-10.0
Interest Expense	—	34.1	—	34.0	—	0.0	-49.0	49.0	0.0	137.3	-75.5	75.5
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	—	735.4	—	586.8	—	0.0	-133.6	133.6	0.0	320.1	-191.0	191.0
Increase/(Decrease) in Receivables	—	-209.1	—	-462.0	—	0.0	41.2	-41.2	0.0	3.1	-52.8	52.8
Increase/(Decrease) in Inventory	—	163.2	—	82.7	—	0.0	-216.0	216.0	0.0	-21.8	292.0	-292.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	89.1	—	102.3	—	0.0	-96.4	96.4	0.0	-114.4	51.5	-51.5
Increase/(Decrease) in Prepaid Expenses	—	4.4	—	2.3	—	0.0	-10.9	10.9	0.0	9.0	-4.8	4.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-33.0	—	-35.0	—	0.0	49.9	-49.9	0.0	-164.1	68.6	-68.6
Corporate Income Tax Paid	-151.0	-1.2	-1.9	-1.2	-24.7	-0.1	-29.0	-4.0	-20.0	0.0	-0.0	-28.0
Other Operating Receipts	37.1	—	—	—	—	32.9	115.8	-46.6	46.6	-33.5	33.5	-9.1
Other Operating Payments	-68.7	117.7	-117.8	42.1	-42.2	-64.2	-187.4	46.1	-46.2	116.6	-116.8	34.2
Net Cash Flow from Operating Activities	-174.9	409.4	337.5	147.1	104.0	331.7	200.6	156.3	185.5	-19.4	214.8	-133.9
Payments for Fixed Assets and Other Long-term Assets	-21.2	-143.4	-29.0	-70.5	-39.4	-42.2	-46.7	-38.8	-26.4	-10.9	-16.4	-5.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	4.1	-3.3	13.6	8.7	2.7	-2.7	5.8	19.8	104.7	-104.4	104.7
Loans and Purchases of Debt Instruments	—	-837.6	—	-27.5	—	0.0	48.4	-48.4	0.0	-217.2	166.1	-166.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	280.2	—	38.6	—	0.0	-54.0	54.0	0.0	505.4	-331.0	331.0
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	3.6	7.0	-0.2	0.7	0.9	0.3	0.0	0.9	1.4	5.5	2.4	11.8
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	5.0	-370.6	-351.6	-51.3	-23.5	-34.9	-47.9	-33.7	1.9	215.9	-111.6	203.1
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	1,271.3	1,410.4	1,346.4	1,158.3	804.3	943.0	1,132.7	1,013.8	923.0	1,118.2	1,020.1	1,094.2
Repayment of Borrowings	-1,086.5	-1,258.6	-1,207.8	-1,187.2	-1,025.6	-1,000.9	-1,228.6	-1,102.0	-1,050.2	-1,141.9	-1,149.2	-1,019.7
Repayment of Finance Leases	-19.6	-48.1	-27.2	-43.6	-30.7	-29.8	-17.9	-39.1	-23.8	-66.2	12.4	-57.2
Dividends Paid	-0.0	-266.1	0.0	-0.0	-0.0	-63.2	0.9	-5.5	-34.9	-97.5	6.1	-79.9
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	165.2	-162.3	111.4	-72.4	-251.9	-151.0	-112.9	-132.7	-185.8	-187.4	-110.5	-62.6
Net Cash Flow During the Period	-4.7	-123.5	97.3	23.4	-171.4	145.9	39.8	-10.2	1.6	9.1	-7.3	6.5
Cash and Cash Equivalents at Beginning of Period	34.1	169.0	71.1	47.5	219.1	39.7	39.7	39.7	39.7	31.1	31.1	31.1
FX Difference from Revaluation	1.4	0.9	0.6	0.0	-0.2	0.8	0.6	0.8	-0.0	0.8	-0.8	0.7
Cash and Cash Equivalents at End of Period	30.8	45.7	169.0	71.1	47.5	219.1	72.4	31.9	41.3	39.7	29.8	38.0

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ANV

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