APF

Nông sản Thực phẩm Quảng Ngãi ·UPCOM ·2026Q1

▲▲ Improving positively

Cash generation is recovering CFO/NPAT 652 bn, +771 bn YoY

Price

44,500

Latest close

02 Jun 2026

P/E 7.62x

P/B 1.12x

EPS 5,843

BVPS 39,608

ROE 15.1%

ROA 4.7%

Profit Margin 2.5%

Asset Turnover 1.85x

Equity Mult. 3.21x

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

What Is Changing

On a TTM 2026Q1 basis, APF is growing strongly on the back of scale expansion, while margins have only improved slightly. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,436bn
	                                
+34.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 196bn
	                                
+65.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	6,581.7	6,562.1	6,486.2	7,144.3	5,450.8
Growth	+0%	+1%	-9%	+31%	—
Net Income	161.3	156.0	181.7	404.6	183.8
Net Margin	2.45%	2.38%	2.80%	5.66%	3.37%

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	2,442.4	2,159.3	1,377.8	1,456.9	1,589.8	1,187.7	1,405.1	1,329.1	2,639.8	2,085.4	1,012.5	1,362.2
Growth	+13%	+57%	-5%	-8%	+34%	-15%	+6%	-50%	+27%	+106%	-26%	—
Net Income	93.6	45.1	31.8	25.0	60.1	22.5	2.8	32.7	98.9	47.5	31.1	60.4
Net Margin	3.83%	2.09%	2.31%	1.71%	3.78%	1.89%	0.20%	2.46%	3.75%	2.28%	3.07%	4.44%

Drivers of APF's profit

TTM

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

Gross profit ↑ 412.0bn

Selling expenses ↑ 278.8bn

Finance costs ↑ 21.2bn

Administrative expenses ↑ 15.7bn

Financial income ↓ 10.7bn

TTM

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

Gross profit ↑ 86.6bn

Financial income ↑ 11.4bn

Selling expenses ↑ 45.8bn

Finance costs ↑ 7.1bn

Minority interests ↑ 3.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.9% = 2.1% × 1.35 × 3.42

2026Q1 15.6% = 2.6% × 1.85 × 3.21

ROE rose from 9.9% to 15.6% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 2.6% +0.5pp Asset turnover: 1.85x +0.50x Leverage: 3.21x -0.21x

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 edged up to 2.63%, rising 0.5pp. Core operating signals are improving as Gross margin rose 2.8pp are enough to offset pressure from SG&A / Revenue rose 2.1pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 2.63% +0.5pp

Gross Margin 13.48% +2.8pp

SG&A / Revenue 9.39% +2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 2.08x +0.57x

Average Invested Capital 3,580.7bn −88.6bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 1.63x equity, net debt at 1.58x equity.

Inventory ended the period at 798.4bn, roughly 24.1% of total assets.

Over the last 12 months, working capital released 428.3bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −496.1bn

Inventories decreased → higher CFO: +848.9bn

Payables increased → higher CFO: +75.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 50.5 days versus the same period last year. The main moves came from DIO fell 50.8 days, DSO fell 3.4 days, and DPO fell 3.7 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 111.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 28.4 days −3.4 days

Inventory 91.7 days −50.8 days

Payables 9.0 days −3.7 days

Cash Conversion Cycle 111.2 days −50.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.58x and interest coverage only at 1.32x.

At present, short-term debt accounts for 91.4% of total debt, cash equals 6.5% of debt, and total debt stands at 2,193.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.58x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.32x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.58x −0.57x

Interest Coverage 1.32x +0.42x

Cash / Debt 6.5% +3.6pp

Short-term Debt / Total Debt 91.4% −3.4pp

CFO / NI 4.35x +3.37x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 672.4bn in 2025, against investing cash flow of -213.3bn.

Post-investment cash flow was positive +459.1bn. Financing cash flow was negative +393.8bn.

CFO / net income was 4.35x.

After spending +170.3bn on fixed-asset investment, the business generated trailing free cash flow of +652.0bn.

Cash Conversion

CFO TTM 822.3bn +708.0bn

Cash Capex 170.3bn −63.3bn

FCF TTM +652.0bn +771.3bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is cash generation. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.32x.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 771.3bn versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.32x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,583.5	6,562.1	6,488.8	7,144.3	5,452.6
Revenue Deductions	1.7	0.0	2.6	0.0	0.0
Net Revenue	6,581.7	6,562.1	6,486.2	7,144.3	5,450.8
Cost of Goods Sold	5,665.4	5,973.6	5,908.0	6,159.6	0.0
Gross Profit	916.3	588.5	578.2	984.8	531.7
Financial Income	52.3	133.7	65.4	59.3	26.6
Financial Expenses	150.4	133.3	95.2	102.7	-77.4
Interest Expense	138.5	118.2	81.2	85.5	-69.3
Share of Associates and Joint Ventures	1.0	-0.4	-3.5	3.3	0.5
Selling Expenses	585.4	374.8	317.4	492.8	-279.5
General and Administrative Expenses	66.0	51.8	43.0	46.9	-18.1
Operating Profit	167.8	161.9	184.4	405.0	183.7
Other Income	0.8	1.2	0.8	1.1	0.0
Other Expenses	0.9	1.5	1.8	0.5	0.0
Other Profit	-0.1	-0.3	-1.0	0.6	0.0
Profit Before Tax	167.7	161.6	183.4	405.5	183.8
Current Income Tax Expense	6.4	5.6	1.7	1.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	161.3	156.0	181.7	404.6	183.8
Non-controlling Interest	3.2	3.1	11.0	39.4	17.1
Profit Attributable to Parent	158.2	152.9	170.7	365.2	166.7
Earnings per Share	4,830.00	5,141.00	6,581.00	16,462.00	8,331.00
Diluted EPS	4,830.00	5,141.00	6,581.00	16,462.00	8,331.26

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,845.4	1,959.9	1,903.5	2,098.0	1,442.2
I. Cash and cash equivalents	148.1	78.4	129.0	106.2	36.2
1. Cash	148.1	78.4	129.0	106.2	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	52.0	10.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	52.0	10.0	0.0	0.0	0.0
III. Short-term receivables	674.9	406.1	575.4	713.5	381.8
1. Short-term trade accounts receivable	627.1	339.4	447.9	644.1	0.0
2. Short-term prepayments to suppliers	18.0	14.0	61.9	28.4	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	8.4	11.5	14.8	11.7	0.0
6. Other short-term receivables	61.1	62.7	62.7	41.1	0.0
7. Provision for short-term doubtful debts (*)	-39.8	-21.4	-11.8	-11.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	798.4	1,357.2	1,013.7	936.9	899.0
1. Inventories	798.4	1,357.2	1,013.7	936.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	172.0	108.3	185.4	341.5	125.2
1. Short-term prepayments	25.7	36.0	24.3	18.8	0.0
2. Value added tax to be reclaimed	145.9	72.2	160.7	322.5	0.0
3. Taxes and other receivables from state authorities	0.5	0.0	0.4	0.2	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,466.4	1,450.7	1,264.7	1,041.1	1,068.7
I. Long-term receivables	1.4	1.3	1.5	1.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.4	1.3	1.5	1.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,367.4	1,386.9	1,109.2	971.3	992.2
1. Tangible fixed assets	1,352.1	1,369.8	1,084.5	943.8	968.1
- Cost	2,994.6	2,851.7	2,431.7	2,175.6	0.0
- Accumulated depreciation	-1,642.5	-1,481.9	-1,347.2	-1,231.8	0.0
2. Financial leased fixed assets	—	0.0	6.5	8.1	9.8
- Cost	—	0.0	13.2	13.2	0.0
- Accumulated depreciation	—	0.0	-6.7	-5.1	0.0
3. Intangible fixed assets	15.3	17.1	18.3	19.4	14.4
- Cost	29.1	29.8	29.8	29.8	0.0
- Accumulated depreciation	-13.8	-12.6	-11.5	-10.3	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	43.3	11.6	108.8	20.4	22.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	43.3	11.6	108.8	20.4	0.0
V. Long-term financial investments	17.8	16.8	17.3	20.7	17.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	17.3	16.3	16.7	20.2	0.0
3. Investments in other entities	0.5	0.5	0.5	0.5	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	36.6	34.1	27.9	27.2	0.0
1. Long-term prepayments	36.6	34.1	24.7	19.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	32.6
5. Goodwill	—	0.0	3.2	7.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,311.8	3,410.7	3,168.1	3,139.2	2,511.0
A. LIABILITIES (300=210+330)	2,053.3	2,262.4	2,059.9	2,048.5	1,694.7
I. Short -term liabilities	1,857.9	2,140.3	1,936.1	1,947.1	1,557.5
1. Short-term trade accounts payable	197.1	95.6	180.9	136.4	42.1
2. Short-term advances from customers	31.7	29.6	27.1	3.9	4.6
3. Taxes and other payables to state authorities	37.4	61.6	76.8	78.4	0.0
4. Payable to employees	48.2	28.9	36.1	48.3	0.0
5. Short-term acrrued expenses	33.4	32.1	23.7	25.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.1	0.1
9. Other short-term payables	2.8	1.6	7.0	2.7	0.0
10. Short-term borrowings and financial leases	1,500.9	1,874.2	1,565.9	1,644.5	1,406.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.3	16.7	18.6	7.7	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	195.4	122.1	123.9	101.4	137.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	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	2.6	2.6	2.6	2.6	0.0
8. Long-term borrowings and financial leases	192.8	119.6	121.3	98.9	134.6
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)	1,258.6	1,148.3	1,108.2	1,090.7	816.3
I. Owner's equity	1,258.6	1,148.3	1,108.2	1,090.7	0.0
1. Owner's capital	327.5	297.7	259.4	225.5	816.3
- Common stock with voting right	327,473,390,000.00	297,705,780,000.00	259,367,480,000.00	225,539,970,000.00	200,077,840,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	138.0	138.0	107.6	107.6	93.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	0.4	0.4	0.4	0.4	0.4
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	-16.8	-79.0	-73.8	-65.4	0.0
8. Investment and development fund	320.9	304.2	280.8	242.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	22.8	11.6	5.3	0.0	0.0
11. Undistributed earnings after tax	392.3	401.0	444.0	475.1	240.2
- Accumulated retained earning at the end of the previous period	234.2	248.1	273.3	109.9	73.5
- Undistributed earnings in this period	158.2	152.9	170.7	365.2	166.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	73.4	74.4	84.5	105.1	79.3
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)	3,311.8	3,410.7	3,168.1	3,139.2	2,511.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	167.7	161.6	183.4	405.5	183.8
Depreciation of Fixed Assets and Investment Property	156.1	139.0	126.0	131.2	114.8
Provision (Increase)/Reversal	18.4	9.5	1.2	6.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	0.6	-0.0	3.8	0.0
Gain/Loss from Investment Activities	-4.9	-2.5	-2.0	-7.0	0.0
Interest Expense	138.5	118.2	81.2	85.5	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	—	-7.5	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	476.2	419.0	389.8	625.6	365.2
Increase/(Decrease) in Receivables	-394.4	232.4	322.2	-563.1	0.0
Increase/(Decrease) in Inventory	558.7	-348.7	-85.1	-57.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	187.5	-133.0	24.2	179.6	0.0
Increase/(Decrease) in Prepaid Expenses	7.8	-21.7	-11.1	1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-138.7	-117.9	-81.5	-84.7	0.0
Corporate Income Tax Paid	-6.5	-3.9	-1.0	-0.3	0.0
Other Operating Receipts	0.6	0.9	0.8	0.7	0.0
Other Operating Payments	-18.9	-15.5	-14.3	-12.8	0.0
Net Cash Flow from Operating Activities	672.4	11.7	544.1	89.6	-63.4
Payments for Fixed Assets and Other Long-term Assets	-179.1	-270.9	-346.6	-144.0	-160.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.2	0.4	0.7	1.3	0.4
Loans and Purchases of Debt Instruments	-63.9	-17.8	-12.9	-9.7	-6.8
Receipts from Loan Repayments and Sale of Debt Instruments	25.0	11.1	9.9	5.5	1.5
Investments in Other Entities	—	0.0	0.0	0.0	-20.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.5	2.4	5.4	3.3	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	-213.3	-274.9	-343.5	-143.6	-182.4
Proceeds from Equity Issuance and Capital Contributions	—	36,513,663,151.00	5,127,999,849.00	19,982,462,760.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5,211.3	6,000.4	5,391.6	5,067.6	5,409.1
Repayment of Borrowings	-5,527.5	-5,688.4	-5,442.9	-4,863.6	-5,067.0
Repayment of Finance Leases	—	-1.6	-1.9	-2.1	-2.2
Dividends Paid	-77.6	-132.3	-130.9	-93.5	-112.8
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	-393.8	214.6	-178.9	128.4	227.0
Net Cash Flow During the Period	65.2	-48.6	21.8	74.3	-39.1
Cash and Cash Equivalents at Beginning of Period	78.4	129.0	106.2	36.2	56.1
FX Difference from Revaluation	4.5	-1.9	1.0	-4.3	-1.1
Cash and Cash Equivalents at End of Period	148.1	78.4	129.0	106.2	36.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,442.4	2,159.7	1,378.0	1,456.9	1,591.0	1,187.7	1,405.1	1,329.1	2,639.8	2,085.4	1,012.5	1,362.2
Revenue Deductions	—	0.3	0.2	—	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,442.4	2,159.3	1,377.8	1,456.9	1,589.8	1,187.7	1,405.1	1,329.1	2,639.8	2,085.4	1,012.5	1,362.2
Cost of Goods Sold	2,107.7	1,890.6	1,171.7	1,263.9	1,341.7	1,045.0	1,314.6	1,219.9	2,395.6	1,929.6	925.5	1,216.0
Gross Profit	334.8	268.7	206.1	193.0	248.1	142.7	90.5	109.2	244.1	155.8	87.0	146.1
Financial Income	24.5	17.7	6.4	15.2	13.1	11.3	11.7	38.4	72.1	31.3	10.8	6.7
Financial Expenses	47.5	32.6	30.8	47.6	40.4	33.6	24.3	39.0	34.9	22.9	14.9	26.9
Interest Expense	35.2	28.2	29.0	43.7	37.4	28.9	21.8	38.0	29.9	18.2	12.2	25.1
Share of Associates and Joint Ventures	-1.6	1.3	0.0	0.6	-0.9	0.8	0.1	0.1	-1.3	0.3	0.1	0.4
Selling Expenses	197.4	173.4	135.4	126.1	151.7	77.8	60.3	63.6	175.0	106.1	39.7	60.2
General and Administrative Expenses	10.0	31.5	14.5	10.1	8.0	16.0	13.8	12.6	6.1	9.4	12.0	5.6
Operating Profit	102.8	50.1	31.8	25.0	60.2	27.3	3.8	32.5	98.9	48.9	31.3	60.5
Other Income	0.1	0.5	0.1	0.1	0.1	0.4	0.1	0.7	0.0	0.3	0.6	0.3
Other Expenses	0.6	0.4	0.1	0.1	0.2	0.3	1.1	0.5	0.1	0.1	0.7	0.3
Other Profit	-0.5	0.1	-0.0	-0.0	-0.1	0.1	-1.0	0.3	-0.0	0.2	-0.1	-0.1
Profit Before Tax	102.2	50.2	31.8	25.0	60.1	27.4	2.8	32.7	98.9	49.1	31.1	60.4
Current Income Tax Expense	8.6	5.0	—	—	—	4.9	0.0	0.0	0.0	1.6	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	93.6	45.1	31.8	25.0	60.1	22.5	2.8	32.7	98.9	47.5	31.1	60.4
Non-controlling Interest	3.5	2.1	0.4	0.5	0.0	0.8	0.8	0.5	1.0	1.0	0.9	7.1
Profit Attributable to Parent	90.1	43.0	31.3	24.4	60.1	21.7	2.0	32.2	97.9	46.5	30.2	53.4
Earnings per Share	2,752.00	1,313.00	957.00	821.00	2,017.00	728.00	67.00	1,190.00	3,617.00	1,792.00	1,163.00	2,058.00
Diluted EPS	2,752.00	1,313.00	957.00	821.00	2,017.00	5,164.00	67.00	1,190.00	3,617.00	1,792.00	1,163.00	2,058.00

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)	2,440.3	1,844.9	1,558.2	2,239.0	2,760.7	1,966.2	1,405.5	2,070.7	2,750.3	1,903.8	1,207.2	1,123.8
I. Cash and cash equivalents	143.5	148.1	57.3	64.7	80.1	78.8	101.5	26.8	78.2	130.7	52.9	48.9
1. Cash	143.5	148.1	57.3	64.7	80.1	78.8	101.5	26.8	78.2	130.7	52.9	48.9
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	60.9	52.0	52.0	40.0	40.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
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	60.9	52.0	52.0	40.0	40.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	829.3	672.2	464.4	450.3	450.3	406.6	483.6	581.9	705.5	573.4	418.3	371.2
1. Short-term trade accounts receivable	774.9	627.1	396.7	395.1	383.2	339.5	358.0	471.9	577.2	447.7	268.9	254.0
2. Short-term prepayments to suppliers	21.0	18.0	23.4	17.6	19.2	13.8	69.0	61.0	71.0	60.2	73.7	72.2
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	—	8.4	8.4	5.4	11.0	11.5	11.4	5.5	13.5	14.8	16.4	9.4
6. Other short-term receivables	73.5	58.5	56.8	53.1	58.2	63.0	57.1	55.3	55.6	62.7	71.6	47.5
7. Provision for short-term doubtful debts (*)	-40.1	-39.8	-20.9	-20.9	-21.4	-21.2	-11.9	-11.8	-11.8	-11.8	-12.3	-11.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,192.0	798.4	814.4	1,504.6	2,040.9	1,360.2	637.3	1,361.0	1,801.1	1,013.7	426.3	444.9
1. Inventories	1,192.0	798.4	814.4	1,504.6	2,040.9	1,360.2	637.3	1,361.0	1,801.1	1,013.7	426.3	444.9
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	214.6	174.1	170.1	179.3	149.3	110.7	183.1	101.0	165.6	186.0	309.7	258.8
1. Short-term prepayments	10.3	27.7	39.4	25.3	17.2	38.1	52.5	30.0	8.9	24.8	44.3	31.3
2. Value added tax to be reclaimed	203.7	145.9	130.7	154.0	131.9	72.6	130.4	70.7	156.1	160.7	265.3	227.4
3. Taxes and other receivables from state authorities	0.5	0.5	0.0	0.1	0.3	0.0	0.1	0.3	0.6	0.4	0.1	0.1
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)	1,399.1	1,466.9	1,451.8	1,441.7	1,451.4	1,454.7	1,382.6	1,323.7	1,208.5	1,262.5	1,190.1	1,066.6
I. Long-term receivables	1.3	1.4	1.4	1.3	1.3	1.2	2.2	2.2	2.3	1.5	1.5	1.5
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	1.3	1.4	1.4	1.3	1.3	1.2	2.2	2.2	2.3	1.5	1.5	1.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,296.7	1,367.4	1,367.7	1,357.7	1,375.1	1,391.2	1,138.3	1,129.4	1,134.1	1,106.4	909.2	915.1
1. Tangible fixed assets	1,281.6	1,352.1	1,352.1	1,341.9	1,358.2	1,374.1	1,115.5	1,106.1	1,110.1	1,081.7	883.8	888.9
- Cost	2,990.5	—	—	—	—	2,857.7	2,550.1	2,540.8	2,541.9	2,428.9	2,204.6	2,193.3
- Accumulated depreciation	-1,708.8	—	—	—	—	-1,483.6	-1,434.6	-1,434.7	-1,431.9	-1,347.2	-1,320.8	-1,304.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	5.2	5.6	6.0	6.5	6.9	7.3
- 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	15.0	15.3	15.6	15.9	16.9	17.1	17.5	17.7	18.0	18.3	18.6	18.9
- Cost	29.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.0	—	—	—	—	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	47.7	45.9	33.3	30.5	24.5	11.9	199.3	151.2	30.9	114.9	237.0	106.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	47.7	45.9	33.3	30.5	24.5	11.9	199.3	151.2	30.9	114.9	237.0	106.7
V. Long-term financial investments	16.2	17.8	16.5	16.5	15.9	16.8	16.1	16.0	15.9	17.3	16.9	16.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	15.7	17.3	16.0	16.0	15.3	16.3	15.6	15.5	15.4	16.7	16.4	16.3
3. Investments in other entities	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	37.2	34.5	32.9	35.6	34.6	33.6	26.8	24.8	23.2	19.2	21.3	21.2
1. Long-term prepayments	37.2	34.5	32.9	35.6	34.6	33.6	26.8	23.7	23.2	19.2	21.3	21.2
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	1.1	2.1	3.2	4.3	5.4
TOTAL ASSETS (280=100+200)	3,839.4	3,311.8	3,010.0	3,680.7	4,212.0	3,420.9	2,788.1	3,394.4	3,958.8	3,166.2	2,397.3	2,190.4
A. LIABILITIES (300=210+330)	2,542.4	2,051.9	1,783.2	2,443.5	3,002.6	2,264.6	1,667.9	2,199.9	2,777.5	2,057.7	1,346.3	1,173.8
I. Short -term liabilities	2,351.1	1,856.5	1,564.7	2,270.4	2,860.6	2,140.8	1,539.6	2,064.2	2,631.2	1,928.4	1,261.6	1,089.0
1. Short-term trade accounts payable	163.1	196.4	162.3	84.4	153.0	95.6	80.6	102.4	188.4	178.6	91.3	43.9
2. Short-term advances from customers	27.3	31.7	8.8	28.0	22.0	29.6	23.4	26.7	19.6	27.1	54.5	17.3
3. Dividends and profits payable	0.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	42.5	36.1	87.5	68.8	13.2	60.9	115.9	39.5	28.1	76.7	180.7	125.8
4. Payable to employees	47.5	48.2	18.5	31.4	50.7	29.1	16.0	30.3	55.1	36.1	19.0	14.6
5. Short-term acrrued expenses	58.2	33.9	32.7	36.2	67.4	32.6	14.7	20.8	48.2	24.0	12.8	9.4
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	1.9	2.8	2.4	3.7	3.2	1.3	2.5	2.5	1.9	7.0	5.6	6.3
10. Short-term borrowings and financial leases	2,005.0	1,500.9	1,245.2	2,009.8	2,545.5	1,875.2	1,266.4	1,822.7	2,277.5	1,560.4	875.4	848.4
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	5.0	6.3	7.4	8.2	5.6	16.5	20.3	19.4	12.3	18.5	22.4	23.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	191.3	195.4	218.5	173.1	142.0	123.8	128.2	135.7	146.3	129.4	84.7	84.7
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	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
8. Long-term borrowings and financial leases	188.7	192.8	215.9	170.5	139.5	121.2	125.7	133.1	143.7	126.8	82.2	82.2
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)	1,297.0	1,260.0	1,226.8	1,237.2	1,209.4	1,156.3	1,120.2	1,194.5	1,181.3	1,108.5	1,051.0	1,016.7
I. Owner's equity	1,297.0	1,260.0	1,226.8	1,237.2	1,209.4	1,156.3	1,120.2	1,194.5	1,181.3	1,108.5	1,051.0	1,016.7
1. Owner's capital	327.5	327.5	327.5	297.7	297.7	297.7	297.7	270.6	270.6	259.4	259.4	259.4
- Common stock with voting right	327,473,390,000.00	327,473,390,000.00	327,473,390,000.00	297,705,780,000.00	297,705,780,000.00	297,705,780,000.00	297,705,780,000.00	270,644,470,000.00	270,644,470,000.00	259,367,480,000.00	259,367,480,000.00	259,367,480,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	138.0	138.0	138.0	138.0	138.0	138.0	138.0	138.0	138.0	107.6	107.6	107.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-39.2	-16.8	-16.6	-35.9	-43.5	-71.8	-92.9	-85.5	-74.6	-58.4	-80.6	-85.1
8. Investment and development fund	320.9	320.9	314.4	314.4	305.0	304.2	304.2	299.7	282.3	279.3	279.4	279.5
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	22.8	22.8	11.6	11.6	11.6	11.6	11.6	5.3	5.3	3.8	3.8	4.0
11. Undistributed earnings after tax	449.7	393.7	380.2	440.2	429.9	401.8	387.6	493.2	487.0	431.9	397.6	368.2
- Accumulated retained earning at the end of the previous period	359.6	234.2	263.7	355.7	369.8	248.1	255.5	363.1	389.1	260.9	273.0	273.0
- Undistributed earnings in this period	90.1	159.6	116.6	84.5	60.1	153.7	132.0	130.1	97.9	171.0	124.6	95.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	77.0	73.4	71.3	70.9	70.3	74.4	73.6	72.8	72.3	84.5	83.4	82.7
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)	3,839.4	3,311.8	3,010.0	3,680.7	4,212.0	3,420.9	2,788.1	3,394.4	3,958.8	3,166.2	2,397.3	2,190.4

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
Profit Before Tax	102.2	50.1	31.8	25.7	60.1	27.4	2.8	32.7	98.9	48.9	31.1	59.4
Depreciation of Fixed Assets and Investment Property	70.2	50.0	24.7	35.9	45.4	41.0	3.0	8.5	86.6	28.5	19.0	19.1
Provision (Increase)/Reversal	0.3	18.9	0.0	-0.5	—	9.4	0.0	0.0	0.0	0.8	0.0	0.5
FX Gain/Loss from Revaluation of Monetary Items	—	1.0	—	-0.5	—	-0.6	0.6	-0.6	0.0	0.2	0.0	-0.2
Gain/Loss from Investment Activities	-0.5	-2.4	-0.2	-1.8	-0.6	-1.3	-0.2	-0.4	-0.5	-0.7	-0.1	-0.6
Interest Expense	35.2	28.2	29.0	43.9	37.4	28.9	21.8	37.8	29.9	18.6	12.2	25.1
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	207.4	145.3	85.8	102.8	142.3	104.8	28.1	78.0	214.8	96.4	62.2	103.2
Increase/(Decrease) in Receivables	-260.2	-270.6	-12.0	46.8	-158.6	195.7	-9.4	154.2	-116.0	-385.3	252.3	44.3
Increase/(Decrease) in Inventory	-393.6	16.0	690.1	536.4	-683.8	-722.9	727.2	436.5	-787.4	-595.8	19.9	788.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	22.7	56.8	96.9	-101.0	134.8	-131.6	123.6	-131.7	3.2	291.8	-196.2	317.0
Increase/(Decrease) in Prepaid Expenses	14.7	10.1	-11.5	-9.1	18.3	7.7	-24.8	-22.3	16.9	16.0	-13.5	-22.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-35.3	-27.1	-30.3	-44.4	-36.9	-26.8	-22.2	-41.2	-26.2	-18.8	-11.1	-26.1
Corporate Income Tax Paid	-4.0	-3.0	0.0	0.0	-3.5	-2.1	0.0	-0.4	-1.4	0.0	-0.0	0.0
Other Operating Receipts	0.3	—	—	—	—	0.0	0.5	0.0	0.4	0.0	0.0	0.5
Other Operating Payments	-1.6	-3.1	-1.6	-1.7	-12.5	-3.6	-1.3	-1.8	-8.4	-4.6	-0.0	-4.7
Net Cash Flow from Operating Activities	-449.6	-76.7	818.8	529.9	-599.6	-578.8	821.6	471.2	-704.0	-600.3	113.6	1,200.0
Payments for Fixed Assets and Other Long-term Assets	-22.0	-51.5	-47.3	-49.5	-30.7	-42.2	-99.7	-61.0	-64.9	-67.4	-123.2	-105.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.1	2.1	0.1	0.3	0.0	0.1	0.0	0.7	-0.7	0.7
Loans and Purchases of Debt Instruments	-0.9	-18.9	-15.0	0.0	-30.0	-11.5	-6.0	-0.0	-0.7	-1.5	-7.3	-3.7
Receipts from Loan Repayments and Sale of Debt Instruments	0.3	18.7	0.0	5.6	0.6	1.4	0.0	8.0	1.9	2.8	0.7	5.2
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	2.0	0.0	0.8	0.3	1.3	0.2	-0.1	0.4	1.9	0.3	-0.0	0.3
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	-20.5	-51.7	-61.4	-41.5	-58.7	-51.7	-105.7	-52.6	-61.8	-65.1	-130.6	-102.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	36,513,663,151.00	5,127,999,849.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,006.8	1,645.2	774.1	944.7	1,847.3	1,513.0	878.8	831.8	2,775.6	2,351.6	900.8	400.6
Repayment of Borrowings	-1,506.8	-1,428.7	-1,493.4	-1,449.3	-1,156.1	-908.5	-1,446.8	-1,292.2	-2,041.0	-1,618.5	-873.3	-1,440.5
Repayment of Finance Leases	—	—	—	—	—	-0.2	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
Dividends Paid	-32.7	-0.0	-45.5	0.0	-32.1	-0.1	-67.6	-9.1	-55.5	1.1	-4.8	-63.9
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	467.2	216.5	-764.8	-504.6	659.1	604.2	-636.1	-469.9	715.2	738.9	22.1	-1,104.4
Net Cash Flow During the Period	-2.9	88.1	-7.3	-16.3	0.8	-26.3	79.8	-51.3	-50.7	73.5	5.1	-7.2
Cash and Cash Equivalents at Beginning of Period	148.1	57.3	64.7	80.1	78.4	129.0	129.0	129.0	129.0	106.2	106.2	106.2
FX Difference from Revaluation	-1.7	4.5	1.7	1.8	1.0	3.6	-5.2	-0.0	-0.1	1.0	0.4	-0.5
Cash and Cash Equivalents at End of Period	143.5	148.1	57.3	64.7	80.1	78.8	101.5	26.9	78.2	129.0	54.5	49.0

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APF

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