APH

Tập đoàn An Phát Holdings ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 5.52%, +4.20pp YoY

Price

5,470

Latest close

02 Jun 2026

P/E 6.28x

P/B 0.22x

EPS 871

BVPS 24,353

ROE 3.6%

ROA 1.7%

Profit Margin 2.3%

Asset Turnover 0.74x

Equity Mult. 2.11x

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

What Is Changing

On a TTM 2026Q1 basis, APH posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9,099bn
	                                
−37.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 502bn
	                                
+159.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	10,741.3	14,192.6	14,521.9	17,326.6	14,805.1
Growth	-24%	-2%	-16%	+17%	—
Net Income	402.1	309.6	219.3	57.4	237.0
Net Margin	3.74%	2.18%	1.51%	0.33%	1.60%

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	2,224.7	2,198.4	2,371.4	2,304.6	3,857.9	3,844.6	3,708.1	3,252.0	3,388.0	3,186.4	3,972.3	3,245.8
Growth	+1%	-7%	+3%	-40%	+0%	+4%	+14%	-4%	+6%	-20%	+22%	—
Net Income	152.7	63.3	116.7	169.2	46.7	51.2	-13.8	109.4	133.0	97.5	78.6	10.4
Net Margin	6.86%	2.88%	4.92%	7.34%	1.21%	1.33%	-0.37%	3.36%	3.92%	3.06%	1.98%	0.32%

Drivers of APH's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 383.7bn

Finance costs ↓ 253.4bn

Administrative expenses ↓ 197.0bn

Associates income ↑ 60.8bn

Gross profit ↓ 434.7bn

Minority interests ↑ 184.0bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 125.1bn

Selling expenses ↓ 73.4bn

Associates income ↑ 33.4bn

Administrative expenses ↓ 13.9bn

Gross profit ↓ 105.1bn

Minority interests ↑ 54.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.4% = 1.3% × 1.20 × 2.11

2026Q1 8.6% = 5.5% × 0.74 × 2.11

ROE rose from 3.4% to 8.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 5.5% +4.2pp Asset turnover: 0.74x -0.46x Leverage: 2.11x -0.01x

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 5.52%, rising 4.2pp. The main driver is Gross margin rose 2.9pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.1pp added support while Other profit / Revenue fell 0.0pp remained a drag).

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

Profitability trend

Net Margin 5.52% +4.2pp

Gross Margin 15.38% +2.9pp

SG&A / Revenue 9.52% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 13.0 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 6.92%, rising 4.1pp. That translates to 6.92 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.2pp, with capital turnover fell 0.85x; with invested capital easing up by 310bn.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 6.92% +4.1pp

NOPAT Margin 5.55% +4.2pp

Capital Turnover 1.25x −0.85x

Average Invested Capital 7,296.5bn +310.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.17x equity, net debt at 0.28x equity.

Over the last 12 months, working capital released 387.5bn 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: −168.5bn

Inventories decreased → higher CFO: +12.9bn

Payables increased → higher CFO: +543.1bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 13.0 days versus the same period last year. The main moves came from DIO rose 14.9 days, DSO rose 7.3 days, and DPO rose 9.2 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +13.0 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +7.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 30.5 days +7.3 days

Inventory 39.0 days +14.9 days

Payables 25.2 days +9.2 days

Cash Conversion Cycle 44.3 days +13.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 13.2bn due to capex of 1,188.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.28x and interest coverage at 5.56x.

At present, short-term debt accounts for 62.9% of total debt, cash equals 46.1% of debt, and total debt stands at 3,042.8bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 62.9% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.28x +0.05x

Interest Coverage 5.56x +4.78x

Cash / Debt 46.1% −15.6pp

Short-term Debt / Total Debt 62.9% +3.0pp

CFO / NI 5.53x −0.13x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 989.7bn in 2025, against investing cash flow of -1,564.6bn.

Post-investment cash flow was negative +574.9bn. Financing cash flow was negative +229.4bn.

CFO / net income was 5.53x.

After spending +1,188.0bn on fixed-asset investment, the business generated trailing free cash flow of −13.2bn.

Cash Conversion

CFO TTM 1,174.9bn +676.2bn

Cash Capex 1,188.0bn −132.1bn

FCF TTM −13.2bn +808.2bn

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 operating efficiency, with net margin improving 4.2 pp. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.52% after expanding 4.2pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	10,746.9	14,198.9	14,530.3	17,355.0	14,823.6
Revenue Deductions	5.6	6.4	8.4	28.4	0.0
Net Revenue	10,741.3	14,192.6	14,521.9	17,326.6	14,805.1
Cost of Goods Sold	9,236.5	12,409.1	13,095.9	15,808.8	0.0
Gross Profit	1,504.8	1,783.5	1,426.1	1,517.8	1,698.2
Financial Income	154.1	270.8	272.0	292.4	277.1
Financial Expenses	230.0	233.6	333.1	379.4	-317.0
Interest Expense	134.5	189.2	288.0	278.8	-258.0
Share of Associates and Joint Ventures	43.9	19.0	16.3	5.6	-3.3
Selling Expenses	542.0	811.9	600.0	849.7	-936.8
General and Administrative Expenses	391.7	506.4	476.0	427.3	-361.8
Operating Profit	539.1	521.3	305.3	159.3	356.4
Other Income	20.3	12.7	21.5	12.1	0.0
Other Expenses	43.5	112.2	11.7	14.3	0.0
Other Profit	-23.2	-99.5	9.7	-2.1	-14.2
Profit Before Tax	515.9	421.8	315.0	157.2	342.2
Current Income Tax Expense	111.2	112.1	101.9	105.1	-105.2
Deferred Income Tax Expense	2.6	0.2	-6.2	-5.4	0.0
Net Income	402.1	309.6	219.3	57.4	237.0
Non-controlling Interest	238.5	190.5	184.6	76.9	180.9
Profit Attributable to Parent	163.5	119.1	34.7	-19.5	56.0
Earnings per Share	671.00	488.00	140.00	-104.00	189.00
Diluted EPS	671.00	488.00	140.00	-104.00	276.76

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,557.2	6,432.6	6,461.1	7,137.2	6,633.0
I. Cash and cash equivalents	1,625.2	2,420.8	2,504.6	2,004.0	2,176.4
1. Cash	1,190.4	1,653.4	1,350.7	1,300.0	0.0
2. Cash equivalents	434.8	767.5	1,153.8	704.0	0.0
II. Short-term financial investments	234.4	718.6	1,279.8	804.2	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	234.4	718.6	1,279.8	804.2	0.0
III. Short-term receivables	1,521.2	1,805.4	1,442.9	1,898.4	2,522.4
1. Short-term trade accounts receivable	710.6	1,212.5	919.9	1,266.6	0.0
2. Short-term prepayments to suppliers	400.0	548.9	367.8	298.0	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	313.1	1.5	21.9	140.9	0.0
6. Other short-term receivables	127.3	95.8	163.4	212.1	0.0
7. Provision for short-term doubtful debts (*)	-29.8	-53.3	-30.2	-19.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	943.5	1,286.5	1,012.8	2,155.0	1,304.7
1. Inventories	946.0	1,289.7	1,017.2	2,230.6	0.0
2. Provision for decline in value of inventories	-2.5	-3.2	-4.4	-75.6	0.0
V. Other short-term assets	232.9	201.2	221.1	275.6	193.3
1. Short-term prepayments	19.0	24.7	30.4	35.6	0.0
2. Value added tax to be reclaimed	213.8	175.2	187.7	229.9	0.0
3. Taxes and other receivables from state authorities	0.1	1.3	3.0	10.1	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)	8,050.3	7,012.2	5,911.3	5,417.0	5,677.2
I. Long-term receivables	22.8	9.4	20.6	73.6	0.0
1. Long-term trade receivables	—	0.0	0.0	50.2	106.1
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	3.6	0.9	0.0
6. Other long-term receivables	22.8	9.4	22.6	22.5	0.0
7. Provision for long-term doubtful debts	—	0.0	-5.6	0.0	0.0
II. Fixed assets	2,783.3	3,039.5	2,814.4	2,922.6	2,987.9
1. Tangible fixed assets	2,620.8	2,837.2	2,588.4	2,712.4	2,772.0
- Cost	5,187.3	5,405.8	4,863.1	4,617.6	0.0
- Accumulated depreciation	-2,566.4	-2,568.6	-2,274.7	-1,905.2	0.0
2. Financial leased fixed assets	32.7	56.8	68.6	123.2	129.9
- Cost	47.2	68.1	79.4	158.0	0.0
- Accumulated depreciation	-14.6	-11.3	-10.7	-34.8	0.0
3. Intangible fixed assets	129.8	145.6	157.3	87.0	86.1
- Cost	171.7	185.7	191.8	114.7	0.0
- Accumulated depreciation	-41.9	-40.1	-34.5	-27.7	0.0
III. Investment properties	1,259.6	1,292.9	1,306.7	496.2	525.2
- Cost	1,532.5	1,504.5	1,456.3	598.8	0.0
- Accumulated depreciation	-272.9	-211.6	-149.6	-102.6	0.0
IV. Long-term assets in progress	2,384.1	1,224.9	298.5	822.0	939.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2,384.1	1,224.9	298.5	822.0	0.0
V. Long-term financial investments	512.2	270.5	232.5	253.4	180.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	481.8	240.1	232.5	223.4	0.0
3. Investments in other entities	30.5	30.4	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	30.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1,088.3	1,175.1	1,238.7	849.2	0.0
1. Long-term prepayments	932.3	966.9	939.9	481.0	0.0
2. Deferred income tax assets	13.9	17.1	17.8	11.8	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	937.5
5. Goodwill	142.0	191.1	281.0	356.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	12,607.5	13,444.9	12,372.5	12,554.2	12,310.2
A. LIABILITIES (300=210+330)	6,810.7	7,525.5	6,645.0	6,297.9	6,363.2
I. Short -term liabilities	3,276.4	4,111.9	4,661.7	4,235.2	4,126.1
1. Short-term trade accounts payable	574.1	858.3	619.5	917.6	707.3
2. Short-term advances from customers	138.6	135.2	139.4	198.9	180.1
3. Taxes and other payables to state authorities	101.5	89.5	28.8	30.7	0.0
4. Payable to employees	62.7	68.0	60.9	79.8	0.0
5. Short-term acrrued expenses	98.3	93.3	163.7	36.5	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	169.2	111.5	116.2	97.8	66.1
9. Other short-term payables	171.9	161.6	160.9	237.8	0.0
10. Short-term borrowings and financial leases	1,911.2	2,554.9	3,356.4	2,600.3	2,814.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	49.0	39.7	15.9	35.8	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	3,534.4	3,413.6	1,983.4	2,062.7	2,237.1
1. Long-term trade payables	—	0.0	0.0	0.5	10.3
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	7.3	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	2,382.9	2,039.5	1,498.2	157.4	89.4
7. Other long-term liabilities	3.7	3.9	8.8	14.3	0.0
8. Long-term borrowings and financial leases	1,131.7	1,353.9	459.7	1,883.3	2,124.2
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	11.8	11.9	12.4	0.0	0.0
12. Provision for long-term liabilities	4.3	4.3	4.2	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)	5,796.7	5,919.4	5,727.4	6,256.3	5,946.9
I. Owner's equity	5,796.7	5,919.4	5,727.4	6,256.3	0.0
1. Owner's capital	2,438.8	2,438.8	2,438.8	2,512.0	5,946.9
- Common stock with voting right	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,024,223,220,000.00
- Preferred stock	—	0.00	0.00	73,148,800,000.00	0.00
2. Share premium	28.5	28.5	28.5	169.2	657.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	80.0	80.0	80.0	80.0	70.8
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	21.7	18.0	11.5	6.6	0.0
8. Investment and development fund	15.3	15.3	15.3	15.3	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	-55.2	-74.8	-171.0	73.4	110.1
- Accumulated retained earning at the end of the previous period	-102.1	-193.1	63.5	48.3	-11.9
- Undistributed earnings in this period	46.9	118.3	-234.6	25.1	122.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3,267.6	3,413.4	3,324.2	3,399.7	3,074.6
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	12,607.5	13,444.9	12,372.5	12,554.2	12,310.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	515.9	421.8	315.0	157.2	342.2
Depreciation of Fixed Assets and Investment Property	521.7	517.9	489.6	477.7	484.3
Provision (Increase)/Reversal	-4.8	16.3	-54.6	81.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-7.2	-6.8	-13.8	-5.8	0.0
Gain/Loss from Investment Activities	-31.0	-17.3	-211.3	-154.3	0.0
Interest Expense	148.8	198.6	299.8	290.5	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,143.4	1,130.5	824.7	847.0	933.1
Increase/(Decrease) in Receivables	-493.4	-275.1	590.2	314.0	0.0
Increase/(Decrease) in Inventory	17.0	-272.5	1,034.2	-878.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	665.9	795.7	786.0	418.7	0.0
Increase/(Decrease) in Prepaid Expenses	-65.8	-30.5	-32.2	46.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-134.2	-212.4	-288.7	-286.2	0.0
Corporate Income Tax Paid	-102.2	-46.7	-98.2	-151.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-40.9	-36.6	-39.3	-57.7	0.0
Net Cash Flow from Operating Activities	989.7	1,052.6	2,776.5	252.8	170.0
Payments for Fixed Assets and Other Long-term Assets	-1,425.1	-1,165.9	-686.1	-281.4	-852.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	10.0	55.5	11.3	6.7	6.7
Loans and Purchases of Debt Instruments	-1,038.6	-2,034.2	-2,555.2	-1,659.3	-1,937.4
Receipts from Loan Repayments and Sale of Debt Instruments	1,078.7	2,731.0	2,225.9	1,375.8	2,300.7
Investments in Other Entities	-98.0	-916.6	-754.1	-450.4	-447.6
Proceeds from Investments in Other Entities	-179.9	79.2	243.4	148.9	0.0
Dividends and Interest Income Received	88.3	189.2	169.4	126.4	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	-1,564.6	-1,061.9	-1,345.5	-733.3	-230.9
Proceeds from Equity Issuance and Capital Contributions	46,355,220,000.00	0.00	0.00	764,158,784,242.00	1,249,912,390,488.00
Share Repurchases	—	0.00	-213,876,160,920.00	0.00	0.00
Proceeds from Borrowings	4,877.6	7,777.4	7,465.2	8,942.2	10,293.0
Repayment of Borrowings	-5,084.1	-7,793.0	-8,147.8	-9,390.6	-10,325.5
Repayment of Finance Leases	-12.1	-23.2	-36.1	-23.9	-16.7
Dividends Paid	-57.2	-47.0	-10.5	-6.0	-88.6
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	-229.4	-85.7	-943.1	285.9	1,112.1
Net Cash Flow During the Period	-804.3	-94.9	488.0	-194.6	655.4
Cash and Cash Equivalents at Beginning of Period	2,420.8	2,504.6	2,004.0	2,177.4	1,133.3
FX Difference from Revaluation	8.7	11.2	12.6	21.2	-8.0
Cash and Cash Equivalents at End of Period	1,625.2	2,420.8	2,504.6	2,004.0	2,176.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,225.3	2,199.6	2,373.6	2,305.6	3,859.1	3,846.1	3,709.7	3,253.9	3,389.3	3,190.2	3,975.8	3,248.2
Revenue Deductions	0.6	1.2	2.3	0.9	1.2	1.5	1.6	1.9	1.3	3.7	3.6	2.4
Net Revenue	2,224.7	2,198.4	2,371.4	2,304.6	3,857.9	3,844.6	3,708.1	3,252.0	3,388.0	3,186.4	3,972.3	3,245.8
Cost of Goods Sold	1,864.5	1,866.3	2,021.1	1,947.5	3,392.6	3,389.2	3,252.8	2,793.5	2,968.9	2,783.8	3,587.9	2,961.7
Gross Profit	360.2	332.1	350.2	357.2	465.3	455.4	455.3	458.5	419.1	402.6	384.4	284.1
Financial Income	23.0	30.5	22.7	68.6	32.4	86.3	30.4	101.9	52.6	77.6	64.7	70.3
Financial Expenses	36.8	41.0	27.9	9.5	161.9	68.3	47.1	91.3	56.2	79.8	73.3	89.2
Interest Expense	30.4	35.3	24.4	36.8	38.0	50.0	40.9	47.1	51.2	71.2	66.7	73.9
Share of Associates and Joint Ventures	37.7	5.3	19.5	15.9	4.3	4.0	4.9	4.4	4.8	4.4	4.1	4.1
Selling Expenses	108.1	118.5	114.9	127.0	181.5	234.3	228.4	208.0	146.0	158.5	166.5	128.6
General and Administrative Expenses	88.5	107.9	100.0	101.6	102.4	149.7	229.6	113.3	108.9	123.7	111.1	114.8
Operating Profit	187.5	100.4	149.6	203.6	56.1	93.3	-14.5	152.2	165.4	122.7	102.3	26.0
Other Income	3.5	7.2	2.3	-0.5	11.2	4.0	2.1	5.2	1.7	6.2	8.6	3.9
Other Expenses	3.7	4.7	4.4	3.5	7.6	9.3	4.3	1.9	1.7	6.0	3.9	2.2
Other Profit	-0.2	2.5	-2.1	-4.0	3.7	-5.3	-2.2	3.2	0.0	0.2	4.7	1.7
Profit Before Tax	187.3	102.9	147.5	199.6	59.8	88.0	-16.8	155.4	165.4	122.9	107.0	27.7
Current Income Tax Expense	33.7	44.1	29.2	24.3	13.5	38.6	-2.5	39.0	35.1	31.6	29.3	18.9
Deferred Income Tax Expense	0.9	-4.5	1.6	6.0	-0.5	-1.9	-0.4	7.0	-2.6	-6.3	-0.9	-1.6
Net Income	152.7	63.3	116.7	169.2	46.7	51.2	-13.8	109.4	133.0	97.5	78.6	10.4
Non-controlling Interest	87.7	23.8	67.0	110.9	32.8	19.2	-9.7	63.1	90.8	57.3	58.2	28.5
Profit Attributable to Parent	65.0	39.5	49.7	58.3	13.9	32.0	-4.1	46.3	42.2	40.3	20.4	-18.1
Earnings per Share	266.33	162.00	203.67	239.17	56.97	131.41	-17.00	189.91	172.84	165.12	83.84	-74.21
Diluted EPS	266.33	162.00	203.67	239.17	56.97	131.41	-17.00	189.91	172.84	165.12	83.84	-74.21

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)	4,357.1	4,557.2	4,386.6	4,550.7	4,798.8	6,448.1	6,961.7	7,072.1	6,685.3	6,490.6	6,727.0	6,552.5
I. Cash and cash equivalents	1,403.7	1,625.2	1,748.2	1,708.8	2,106.6	2,420.8	1,946.3	2,360.5	2,447.1	2,504.6	1,777.1	1,477.7
1. Cash	1,054.0	1,190.4	1,197.4	1,404.3	1,187.2	1,653.4	1,371.9	1,902.6	1,440.8	1,350.8	590.4	929.8
2. Cash equivalents	349.8	434.8	550.8	304.5	919.4	767.5	574.5	457.9	1,006.3	1,153.8	1,186.7	547.9
II. Short-term financial investments	481.5	234.4	186.4	229.4	166.2	718.6	1,346.7	1,417.0	296.1	1,279.8	1,591.5	1,755.1
1. Available for sale securities	4.1	—	—	—	—	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	477.4	234.4	186.4	229.4	166.2	718.6	1,346.7	1,417.0	296.1	1,279.8	1,591.5	1,755.1
III. Short-term receivables	1,424.0	1,521.2	1,533.7	1,498.9	1,555.5	1,755.7	2,306.8	1,967.1	2,885.2	1,477.6	2,232.5	1,669.7
1. Short-term trade accounts receivable	802.7	710.6	846.0	834.1	718.5	1,212.6	1,213.0	1,007.7	1,142.5	945.6	1,479.3	1,147.2
2. Short-term prepayments to suppliers	555.3	400.0	486.3	577.2	757.8	558.7	740.0	749.7	787.5	369.6	327.8	357.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	313.1	186.0	20.0	1.5	1.5	290.3	162.0	807.3	22.1	252.6	11.8
6. Other short-term receivables	94.6	127.3	60.9	98.0	102.6	97.2	115.0	86.6	178.1	176.0	193.5	174.7
7. Provision for short-term doubtful debts (*)	-28.6	-29.8	-45.5	-30.4	-24.9	-114.4	-51.6	-38.9	-30.2	-35.6	-20.8	-21.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	813.8	943.5	757.3	959.0	827.6	1,352.4	1,139.0	1,115.1	864.9	1,007.5	921.5	1,385.6
1. Inventories	816.3	945.5	758.3	960.5	829.1	1,355.6	1,140.7	1,118.7	866.3	1,011.9	935.1	1,411.8
2. Provision for decline in value of inventories	-2.5	-2.0	-1.0	-1.5	-1.5	-3.2	-1.7	-3.7	-1.4	-4.4	-13.6	-26.3
V. Other short-term assets	234.0	232.9	161.1	154.7	143.0	200.5	222.9	212.3	191.9	221.1	204.4	264.4
1. Short-term prepayments	28.3	19.0	21.9	25.6	30.8	24.7	31.1	34.7	39.7	30.4	30.5	34.4
2. Value added tax to be reclaimed	204.9	213.8	139.1	128.9	111.9	175.2	188.7	177.5	151.2	187.8	170.9	226.8
3. Taxes and other receivables from state authorities	0.9	0.1	0.1	0.2	0.4	0.6	3.2	0.1	1.0	3.0	3.0	3.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	8,349.8	8,050.3	7,566.2	7,351.5	7,051.5	6,976.4	5,867.7	5,761.1	5,821.6	5,833.0	5,765.8	5,755.2
I. Long-term receivables	20.6	22.8	32.3	8.1	8.8	70.3	8.0	20.1	21.7	15.6	13.6	24.9
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	2.1	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	8.0	3.8	3.6	3.6	3.6	0.0
6. Other long-term receivables	20.6	22.8	21.9	8.1	8.8	8.0	0.0	20.6	23.6	9.9	10.0	24.9
7. Provision for long-term doubtful debts	—	—	10.4	—	—	62.3	0.0	-4.3	-5.6	0.0	0.0	0.0
II. Fixed assets	2,769.1	2,783.3	2,788.8	2,812.9	2,763.6	3,039.5	2,720.0	2,722.4	2,752.3	2,732.7	2,814.6	2,893.0
1. Tangible fixed assets	2,611.5	2,620.8	2,621.7	2,640.1	2,576.9	2,837.2	2,511.6	2,487.2	2,511.6	2,564.6	2,639.1	2,673.3
- Cost	5,261.7	—	—	—	—	5,405.8	5,020.2	4,915.6	4,872.9	4,825.4	4,821.9	4,742.3
- Accumulated depreciation	-2,650.2	—	—	—	—	-2,568.6	-2,508.6	-2,428.4	-2,361.2	-2,260.8	-2,182.7	-2,069.0
2. Financial leased fixed assets	31.7	32.7	33.6	35.6	55.3	56.8	58.3	84.1	86.2	68.6	75.7	118.6
- Cost	47.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	125.9	129.8	133.5	137.2	131.4	145.6	150.0	151.1	154.5	99.5	99.7	101.1
- Cost	169.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-43.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1,242.3	1,259.6	1,274.7	1,261.8	1,277.3	1,292.9	1,313.8	1,329.1	1,347.3	1,316.3	467.7	476.3
- Cost	1,530.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-288.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2,703.5	2,384.1	1,812.4	1,582.6	1,594.4	1,191.9	426.1	291.3	221.9	288.2	978.2	792.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2,703.5	2,384.1	1,812.4	1,582.6	1,594.4	1,191.9	426.1	291.3	221.9	288.2	978.2	792.7
V. Long-term financial investments	552.0	512.2	507.0	536.4	577.0	270.9	290.2	189.2	238.5	232.0	240.3	236.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	519.5	481.8	476.6	506.0	546.5	240.6	240.2	189.2	238.5	232.0	240.3	236.2
3. Investments in other entities	32.5	30.5	30.5	30.5	30.5	30.4	50.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1,062.3	1,088.3	1,151.1	1,149.7	830.4	1,110.8	1,109.6	1,208.9	973.9	957.7	912.9	978.3
1. Long-term prepayments	919.1	932.3	984.2	969.3	634.1	903.5	898.6	958.6	953.6	939.3	900.8	967.0
2. Deferred income tax assets	13.0	13.9	11.7	13.3	17.2	16.2	17.0	16.7	20.3	18.5	12.2	11.3
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	130.2	142.0	155.1	167.1	179.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	191.1	194.0	233.6	265.9	290.5	338.4	353.8
TOTAL ASSETS (280=100+200)	12,706.9	12,607.5	11,952.9	11,902.2	11,850.3	13,424.5	12,829.4	12,833.1	12,506.9	12,323.6	12,492.7	12,307.7
A. LIABILITIES (300=210+330)	6,767.5	6,810.7	6,217.5	6,268.4	6,138.7	7,506.3	6,946.3	6,921.5	6,690.6	6,640.4	6,344.5	6,237.1
I. Short -term liabilities	3,151.9	3,276.4	3,102.4	3,141.8	3,034.4	4,006.0	4,112.3	4,421.6	4,352.6	4,671.7	4,118.2	4,816.1
1. Short-term trade accounts payable	594.9	574.1	496.4	565.3	468.8	837.7	684.5	649.3	656.5	601.4	684.1	776.0
2. Short-term advances from customers	167.4	138.6	132.9	141.1	121.6	135.1	151.3	183.9	135.6	165.0	117.8	269.2
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	45.0	101.5	66.6	41.9	13.1	89.9	54.7	56.0	42.1	29.5	84.5	49.1
4. Payable to employees	65.6	62.7	57.7	59.1	57.4	68.7	59.6	57.3	55.6	60.4	52.6	55.4
5. Short-term acrrued expenses	29.9	98.3	59.6	59.4	37.5	93.3	110.4	112.3	131.9	162.6	70.7	46.6
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	155.1	169.2	115.5	120.5	97.2	111.5	117.7	127.3	106.2	116.2	72.0	83.5
9. Other short-term payables	137.1	171.9	272.6	237.0	166.0	161.9	80.9	95.8	77.1	160.2	256.2	360.8
10. Short-term borrowings and financial leases	1,914.0	1,911.2	1,847.6	1,867.1	2,043.9	2,463.9	2,801.6	3,086.4	3,132.9	3,356.4	2,754.3	3,146.2
11. Provision for short-term liabilities	—	—	—	—	—	4.3	4.4	0.0	0.0	4.2	5.0	5.2
12.. Bonus and welfare fund	42.9	49.0	53.5	50.5	29.0	39.7	47.4	53.4	14.7	15.9	20.9	24.1
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	3,615.6	3,534.4	3,115.1	3,126.5	3,104.3	3,500.3	2,834.0	2,499.9	2,338.0	1,968.7	2,226.3	1,421.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	2.1	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	14.4	12.0
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	2,467.3	2,382.9	2,060.3	2,052.5	1,718.5	2,039.5	2,020.7	1,925.6	1,856.9	1,498.2	833.9	124.7
7. Other long-term liabilities	3.7	3.7	3.7	3.7	3.7	3.9	3.9	5.7	8.9	8.8	10.1	10.1
8. Long-term borrowings and financial leases	1,128.8	1,131.7	1,032.8	1,051.3	1,365.7	1,444.9	794.7	548.8	455.7	459.5	1,367.9	1,274.2
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	11.5	11.8	14.0	14.1	11.9	11.9	14.6	15.5	12.1	0.0	0.0	0.0
12. Provision for long-term liabilities	4.3	4.3	4.3	5.0	4.6	0.0	0.0	4.4	4.4	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)	5,939.4	5,796.7	5,735.3	5,633.9	5,711.6	5,918.3	5,883.1	5,911.6	5,816.2	5,683.2	6,148.3	6,070.6
I. Owner's equity	5,939.4	5,796.7	5,735.3	5,633.9	5,711.6	5,918.3	5,883.1	5,911.6	5,816.2	5,683.2	6,148.3	6,070.6
1. Owner's capital	2,438.8	2,438.8	2,438.8	2,438.8	2,438.8	2,438.8	2,438.8	2,438.8	2,438.8	2,438.8	2,438.8	2,438.8
- Common stock with voting right	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00	2,438,842,680,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5	28.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0
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	22.4	21.7	21.7	20.6	17.7	18.0	12.9	18.3	12.6	12.1	11.7	9.2
8. Investment and development fund	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3
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	5.0	-55.2	-94.4	-133.9	-56.2	-95.2	-208.4	-144.9	-129.8	-168.9	26.1	3.9
- Accumulated retained earning at the end of the previous period	-59.9	-102.1	-102.9	-156.1	-76.8	-215.1	-206.7	-190.1	-172.0	63.5	63.5	63.0
- Undistributed earnings in this period	65.0	46.9	8.4	22.2	20.6	119.9	-1.7	45.2	42.1	-232.5	-37.4	-59.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3,349.3	3,267.6	3,245.3	3,184.5	3,187.4	3,432.7	3,515.9	3,475.4	3,370.8	3,277.3	3,547.8	3,494.9
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)	12,706.9	12,607.5	11,952.9	11,902.2	11,850.3	13,424.5	12,829.4	12,833.1	12,506.9	12,323.6	12,492.7	12,307.7

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
Profit Before Tax	187.3	102.9	147.5	205.7	59.8	88.0	-16.8	186.2	165.4	121.0	107.0	26.8
Depreciation of Fixed Assets and Investment Property	124.4	129.5	127.8	128.5	136.0	137.8	120.9	121.6	130.1	121.1	124.7	123.1
Provision (Increase)/Reversal	-1.2	-2.3	0.0	-0.5	-2.0	1.4	7.1	8.9	-3.0	3.3	-13.5	5.2
FX Gain/Loss from Revaluation of Monetary Items	4.6	0.6	22.5	-29.4	-0.8	5.4	23.9	-21.7	0.0	-13.8	-8.1	8.1
Gain/Loss from Investment Activities	-51.5	-24.7	-27.5	-67.9	89.1	-2.8	-21.3	-26.0	-43.3	-67.8	-42.4	-61.1
Interest Expense	33.4	38.0	25.9	44.8	40.1	51.1	44.2	48.7	54.4	77.3	69.0	76.5
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	296.9	243.9	296.1	281.2	322.2	280.9	157.9	317.7	303.6	241.1	236.7	178.6
Increase/(Decrease) in Receivables	-77.9	112.8	-124.9	-78.4	-402.8	111.6	-375.4	335.9	-520.1	667.4	-278.6	411.7
Increase/(Decrease) in Inventory	129.7	-187.6	229.9	-159.2	133.9	-189.8	73.4	-284.5	150.8	-129.4	771.9	-371.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-88.2	293.1	32.1	306.0	34.6	303.1	192.7	80.1	384.3	616.4	343.6	5.9
Increase/(Decrease) in Prepaid Expenses	-2.1	-21.2	-8.2	-17.3	-19.1	-208.7	-5.5	9.7	-29.2	-40.7	8.2	5.9
Changes in Trading Securities	-4.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-29.9	-29.6	-29.9	-22.5	-52.3	-66.3	-42.9	-58.4	-50.3	-78.3	-52.2	-85.7
Corporate Income Tax Paid	-92.9	-15.0	-1.9	-7.8	-77.5	-2.8	-0.7	-26.6	-15.4	-72.5	-1.1	-0.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-16.0	-4.5	-8.0	-20.0	-8.4	-7.6	-6.0	-19.6	-3.4	-5.0	-3.2	-6.0
Net Cash Flow from Operating Activities	115.7	391.8	385.3	282.0	-69.5	220.4	-6.4	354.3	220.3	1,199.0	1,025.2	138.1
Payments for Fixed Assets and Other Long-term Assets	-428.3	-563.8	-193.7	-2.2	-665.5	-287.7	-204.5	-162.5	-312.6	-255.1	-388.1	-13.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	1.0	7.1	0.9	1.0	1.1	2.2	20.4	19.8	-0.3	1.3	8.2
Loans and Purchases of Debt Instruments	-352.2	-560.5	-166.0	-96.4	-215.7	202.8	-210.2	-1,060.3	-1,016.0	-60.8	-395.4	-592.6
Receipts from Loan Repayments and Sale of Debt Instruments	431.1	385.4	43.0	17.5	632.8	1,071.6	153.8	588.6	1,213.4	602.8	314.7	458.5
Investments in Other Entities	-2.1	—	—	—	—	-829.3	-54.2	0.0	-33.1	-619.5	-4.7	-129.9
Proceeds from Investments in Other Entities	—	0.0	0.0	26.0	-205.9	1.0	0.2	68.0	10.0	105.5	0.0	137.8
Dividends and Interest Income Received	10.9	15.2	9.6	19.6	43.9	48.4	10.6	31.3	96.7	47.5	25.6	26.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-340.3	-722.7	-299.9	-132.6	-409.4	207.9	-302.1	-514.5	-21.8	-179.9	-446.7	-105.0
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	1,215.4	1,118.3	947.5	1,067.8	1,744.0	2,244.4	1,970.8	2,096.0	1,515.8	1,680.6	2,151.1	1,698.4
Repayment of Borrowings	-1,214.0	-948.3	-980.4	-1,579.4	-1,576.1	-2,199.8	-1,994.9	-2,053.7	-1,756.8	-1,968.7	-2,419.9	-2,148.8
Repayment of Finance Leases	-2.1	-2.0	-2.1	-4.5	-3.5	-3.5	-10.8	-4.8	-4.1	-5.4	-14.9	-9.5
Dividends Paid	-0.2	0.0	0.0	-57.1	-0.1	0.0	-36.4	0.0	-10.5	-0.0	-0.0	-9.2
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	-0.9	204.5	-25.1	-573.3	164.4	41.1	-71.3	37.6	-255.7	-293.5	-283.6	-469.1
Net Cash Flow During the Period	-225.5	-126.3	60.3	-423.9	-314.5	469.4	-379.9	-122.6	-57.1	725.5	294.9	-436.0
Cash and Cash Equivalents at Beginning of Period	1,627.5	1,748.2	1,708.8	2,106.6	2,420.8	2,504.6	2,504.6	2,504.6	2,504.6	2,004.0	2,004.0	2,004.0
FX Difference from Revaluation	1.8	8.7	5.3	26.3	0.2	5.1	-34.3	36.1	-0.4	1.9	4.5	7.3
Cash and Cash Equivalents at End of Period	1,403.7	1,625.2	1,748.2	1,708.8	2,106.6	2,420.8	1,946.3	2,360.5	2,447.1	2,504.6	1,777.1	1,477.7

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APH

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