ASG

Tập đoàn ASG ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 6.36%, +2.46pp YoY

Price

16,700

Latest close

02 Jun 2026

P/E 13.37x

P/B 0.69x

EPS 1,249

BVPS 24,252

ROE 5.3%

ROA 3.3%

Profit Margin 4.4%

Asset Turnover 0.74x

Equity Mult. 1.63x

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

What Is Changing

On a TTM 2026Q1 basis, ASG is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,553bn
	                                
+31.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 162bn
	                                
+114.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,385.2	1,915.5	1,919.9	1,979.5	722.2
Growth	+25%	-0%	-3%	+174%	—
Net Income	117.2	53.5	27.0	152.2	36.1
Net Margin	4.91%	2.79%	1.41%	7.69%	5.00%

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	661.4	688.0	661.1	542.4	493.7	526.2	465.4	457.2	466.8	513.5	489.7	469.0
Growth	-4%	+4%	+22%	+10%	-6%	+13%	+2%	-2%	-9%	+5%	+4%	—
Net Income	69.4	18.2	46.4	28.3	24.3	6.4	16.1	29.0	2.0	9.4	4.0	4.8
Net Margin	10.49%	2.64%	7.02%	5.22%	4.91%	1.21%	3.46%	6.34%	0.43%	1.83%	0.82%	1.02%

Drivers of ASG's profit

TTM

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

Gross profit ↑ 139.6bn

Financial income ↑ 28.0bn

Administrative expenses ↑ 60.5bn

Minority interests ↑ 13.7bn

TTM

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

Gross profit ↑ 37.8bn

Financial income ↑ 23.0bn

Administrative expenses ↑ 13.2bn

Minority interests ↑ 11.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.7% = 3.9% × 0.61 × 1.57

2026Q1 7.6% = 6.4% × 0.74 × 1.63

ROE rose from 3.7% to 7.6% — all three components improved, with asset turnover contributing the most.

Net margin: 6.4% +2.5pp Asset turnover: 0.74x +0.13x Leverage: 1.63x +0.06x

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 6.36%, rising 2.5pp. The main driver is Gross margin rose 1.4pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.9pp added support while Other profit / Revenue fell 0.0pp remained a drag).

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

Profitability trend

Net Margin 6.36% +2.5pp

Gross Margin 18.33% +1.4pp

SG&A / Revenue 11.03% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 21.8 days.

Is capital being deployed efficiently?

ROIC expanded to 6.05%, rising 3.0pp. That translates to 6.05 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.5pp and capital turnover rose 0.17x, while invested capital rose by 191bn — capital-return quality improved from both sides.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 6.05% +3.0pp

NOPAT Margin 6.42% +2.5pp

Capital Turnover 0.94x +0.17x

Average Invested Capital 2,709.6bn +190.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.72x equity, net debt at 0.31x equity.

Over the last 12 months, working capital absorbed 38.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −157.8bn

Inventories increased → lower CFO: −8.6bn

Payables increased → higher CFO: +128.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.4 days versus the same period last year. The main moves came from DIO fell 0.8 days, DSO fell 11.3 days, and DPO fell 4.8 days.

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

Working Capital Efficiency

Receivables 58.2 days −11.3 days

Inventory 5.8 days −0.8 days

Payables 42.1 days −4.8 days

Cash Conversion Cycle 21.8 days −7.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 281.7bn due to capex of 484.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.31x and interest coverage at 3.24x.

At present, short-term debt accounts for 32.1% of total debt, cash equals 31.5% of debt, and total debt stands at 1,001.8bn.

Leverage and liquidity trend

Net Debt / Equity 0.31x +0.08x

Interest Coverage 3.24x +1.32x

Cash / Debt 31.5% −4.0pp

Short-term Debt / Total Debt 32.1% −42.1pp

CFO / NI 1.79x −2.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 220.0bn in 2025, against investing cash flow of -343.6bn.

Post-investment cash flow was negative +123.6bn. Financing cash flow was positive +167.4bn.

CFO / net income was 1.79x.

After spending +484.3bn on fixed-asset investment, the business generated trailing free cash flow of −281.7bn.

Cash Conversion

CFO TTM 202.6bn +42.7bn

Cash Capex 484.3bn +281.4bn

FCF TTM −281.7bn −238.6bn

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 2.5 pp. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.36% after expanding 2.5pp versus the same period last year.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 281.7bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,386.0	1,916.0	1,920.3	1,979.7	722.2
Revenue Deductions	0.8	0.5	0.5	0.2	0.0
Net Revenue	2,385.2	1,915.5	1,919.9	1,979.5	722.2
Cost of Goods Sold	1,955.0	1,610.5	1,670.9	1,614.9	0.0
Gross Profit	430.2	305.0	248.9	364.6	180.9
Financial Income	52.4	48.8	56.1	99.8	30.0
Financial Expenses	57.8	54.5	65.0	75.3	-44.0
Interest Expense	49.5	52.7	65.5	64.0	-44.2
Share of Associates and Joint Ventures	-8.2	-3.9	1.4	18.1	1.1
Selling Expenses	20.2	17.5	12.4	8.4	-5.2
General and Administrative Expenses	247.8	198.9	173.0	196.1	-103.8
Operating Profit	148.5	78.9	56.1	202.7	58.9
Other Income	6.1	8.4	4.5	5.8	0.0
Other Expenses	9.1	9.1	8.1	6.9	0.0
Other Profit	-3.0	-0.8	-3.6	-1.1	0.3
Profit Before Tax	145.5	78.1	52.5	201.6	59.2
Current Income Tax Expense	29.7	29.0	28.1	42.5	-23.0
Deferred Income Tax Expense	-1.3	-4.4	-2.6	6.9	0.0
Net Income	117.2	53.5	27.0	152.2	36.1
Non-controlling Interest	37.5	25.5	23.0	62.1	-25.4
Profit Attributable to Parent	79.6	28.0	4.0	90.1	61.5
Earnings per Share	877.00	319.00	53.00	1,191.00	873.00
Diluted EPS	877.13	308.53	53.31	1,191.45	812.89

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,927.0	1,759.0	1,734.9	1,737.7	630.6
I. Cash and cash equivalents	319.8	275.9	165.7	206.7	137.3
1. Cash	167.4	149.5	110.0	126.2	0.0
2. Cash equivalents	152.4	126.4	55.8	80.6	0.0
II. Short-term financial investments	908.0	917.1	982.7	861.2	0.0
1. Available for sale securities	548.9	552.2	600.3	618.9	0.0
2. Provision for diminution in value of available for sale securities (*)	-9.2	-4.4	-7.7	-12.7	0.0
3. Held to maturity investments	368.3	369.3	390.1	255.0	0.0
III. Short-term receivables	627.9	518.5	529.4	611.1	299.5
1. Short-term trade accounts receivable	436.3	370.4	356.8	406.3	0.0
2. Short-term prepayments to suppliers	21.7	16.5	18.2	11.4	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	71.6	61.6	94.6	159.4	0.0
6. Other short-term receivables	147.6	102.0	87.4	60.8	0.0
7. Provision for short-term doubtful debts (*)	-49.3	-32.1	-27.7	-26.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	31.2	28.0	32.5	33.8	14.0
1. Inventories	31.5	28.3	32.8	34.0	0.0
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	0.0
V. Other short-term assets	40.1	19.5	24.5	24.9	20.9
1. Short-term prepayments	17.6	16.7	19.4	16.3	0.0
2. Value added tax to be reclaimed	22.1	2.8	5.0	5.9	0.0
3. Taxes and other receivables from state authorities	0.4	0.1	0.1	2.7	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)	1,735.2	1,511.9	1,315.3	1,293.2	1,511.0
I. Long-term receivables	291.2	37.4	42.8	50.2	0.0
1. Long-term trade receivables	—	26.1	33.1	40.1	1.3
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	291.2	11.3	9.7	10.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	483.3	457.3	465.8	535.3	335.9
1. Tangible fixed assets	446.5	419.0	424.5	491.4	335.3
- Cost	1,334.4	1,233.3	1,170.5	1,181.1	0.0
- Accumulated depreciation	-887.9	-814.3	-745.9	-689.6	0.0
2. Financial leased fixed assets	3.1	4.1	5.5	6.5	0.0
- Cost	3.2	8.0	8.0	7.8	0.0
- Accumulated depreciation	-0.2	-3.9	-2.5	-1.3	0.0
3. Intangible fixed assets	33.8	34.2	35.8	37.4	0.7
- Cost	62.4	61.3	61.0	60.7	0.0
- Accumulated depreciation	-28.7	-27.1	-25.2	-23.4	0.0
III. Investment properties	11.6	1.9	2.7	3.5	0.0
- Cost	16.1	4.2	4.2	4.2	0.0
- Accumulated depreciation	-4.5	-2.3	-1.5	-0.6	0.0
IV. Long-term assets in progress	340.5	366.8	118.2	28.7	23.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	340.5	366.8	118.2	28.7	0.0
V. Long-term financial investments	232.9	242.4	265.6	266.2	936.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	229.4	240.4	252.1	252.5	0.0
3. Investments in other entities	1.5	1.5	13.5	13.5	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	2.0	0.5	0.0	0.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	375.7	406.2	420.1	409.3	0.0
1. Long-term prepayments	239.3	236.3	241.0	167.4	0.0
2. Deferred income tax assets	27.0	37.8	34.4	25.3	0.0
3. Long-term equipment, supplies, spare parts	1.1	1.1	1.1	1.1	0.0
4. Other long-term assets	—	0.0	0.0	0.0	213.2
5. Goodwill	108.3	130.9	143.5	215.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,662.2	3,270.9	3,050.1	3,030.9	2,141.6
A. LIABILITIES (300=210+330)	1,532.2	1,238.9	1,199.7	1,206.1	759.5
I. Short -term liabilities	817.0	977.6	668.5	599.9	415.7
1. Short-term trade accounts payable	297.4	254.4	278.8	252.2	82.2
2. Short-term advances from customers	11.1	0.6	0.4	0.3	0.1
3. Taxes and other payables to state authorities	26.4	29.2	20.7	21.1	0.0
4. Payable to employees	78.5	52.1	34.6	72.0	0.0
5. Short-term acrrued expenses	44.2	29.1	29.5	21.1	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	0.7	0.3	0.6	0.1	0.1
9. Other short-term payables	59.9	19.0	20.2	17.3	0.0
10. Short-term borrowings and financial leases	292.6	584.4	278.1	212.5	286.1
11. Provision for short-term liabilities	—	2.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.2	6.6	5.7	3.2	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	715.1	261.4	531.2	606.2	343.7
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	7.2	13.0	12.3	13.2	0.0
8. Long-term borrowings and financial leases	661.2	189.6	458.8	555.1	320.2
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	45.4	57.5	58.2	35.9	0.0
12. Provision for long-term liabilities	1.3	1.2	1.9	2.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,130.1	2,031.9	1,850.4	1,824.9	1,382.1
I. Owner's equity	2,130.1	2,031.9	1,850.4	1,824.9	0.0
1. Owner's capital	907.8	907.8	756.5	756.5	1,382.1
- Common stock with voting right	907,846,690,000.00	907,846,690,000.00	756,538,910,000.00	756,538,910,000.00	756,538,910,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	67.3	67.3	67.6	68.2	68.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	14.6	5.7	5.7	5.7	5.7
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	1.3	1.3	1.3	1.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.4	1.4	1.4	0.0	0.0
11. Undistributed earnings after tax	393.4	329.8	310.9	295.6	256.4
- Accumulated retained earning at the end of the previous period	314.8	301.8	306.9	205.5	194.9
- Undistributed earnings in this period	78.6	28.0	4.0	90.1	61.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	744.2	718.6	706.9	697.5	294.7
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)	3,662.2	3,270.9	3,050.1	3,030.9	2,141.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	145.5	78.1	52.5	201.6	59.2
Depreciation of Fixed Assets and Investment Property	117.1	115.0	127.6	111.8	67.3
Provision (Increase)/Reversal	17.6	2.6	-4.2	11.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	-0.0	0.2	0.0
Gain/Loss from Investment Activities	-43.0	-43.7	-46.6	-114.4	0.0
Interest Expense	52.2	57.0	69.8	67.1	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	289.5	209.0	199.1	277.5	153.5
Increase/(Decrease) in Receivables	-92.0	-34.6	26.3	56.8	0.0
Increase/(Decrease) in Inventory	-3.2	5.1	1.2	0.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	113.6	-4.9	-2.1	44.5	0.0
Increase/(Decrease) in Prepaid Expenses	-5.6	3.5	-0.4	-6.7	0.0
Changes in Trading Securities	3.3	48.1	18.6	-23.6	0.0
Interest Paid	-48.9	-52.5	-67.3	-62.9	0.0
Corporate Income Tax Paid	-32.8	-26.6	-24.4	-47.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.1	-2.6	-2.4	-1.1	0.0
Net Cash Flow from Operating Activities	220.0	144.5	148.7	237.6	65.5
Payments for Fixed Assets and Other Long-term Assets	-396.3	-323.3	-94.5	-43.4	-25.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	21.1	9.2	11.1	5.5	0.0
Loans and Purchases of Debt Instruments	-424.2	-296.8	-454.2	-220.0	-8.4
Receipts from Loan Repayments and Sale of Debt Instruments	413.6	350.2	384.2	154.8	88.4
Investments in Other Entities	—	-10.8	-15.5	-138.6	-404.2
Proceeds from Investments in Other Entities	0.5	19.2	2.5	8.0	0.0
Dividends and Interest Income Received	41.8	51.7	42.2	26.7	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	-343.6	-200.6	-124.3	-207.0	-327.3
Proceeds from Equity Issuance and Capital Contributions	5,000,000,000.00	153,578,683,856.00	0.00	4,304,491,800.00	1,050,000,000.00
Share Repurchases	—	0.00	0.00	0.00	-11,894,511,023.00
Proceeds from Borrowings	1,105.2	686.7	381.2	742.9	457.7
Repayment of Borrowings	-926.2	-652.9	-415.2	-703.1	-400.7
Repayment of Finance Leases	-1.9	-0.9	-0.9	-5.2	0.0
Dividends Paid	-14.6	-20.1	-30.5	0.0	-14.7
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	167.4	166.3	-65.4	38.9	31.5
Net Cash Flow During the Period	43.9	110.2	-41.0	69.5	-121.8
Cash and Cash Equivalents at Beginning of Period	275.9	165.7	206.7	137.3	367.6
FX Difference from Revaluation	-0.0	-0.0	0.0	-0.2	-0.0
Cash and Cash Equivalents at End of Period	319.8	275.9	165.7	206.7	137.3

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	661.6	688.1	661.5	542.6	493.8	526.2	465.5	457.3	466.9	513.5	489.9	469.1
Revenue Deductions	0.2	0.2	0.3	0.2	0.1	0.1	0.1	0.2	0.2	0.0	0.2	0.1
Net Revenue	661.4	688.0	661.1	542.4	493.7	526.2	465.4	457.2	466.8	513.5	489.7	469.0
Cost of Goods Sold	533.0	563.6	536.6	451.6	403.1	443.4	387.1	380.5	399.4	446.6	426.0	411.6
Gross Profit	128.4	124.4	124.5	90.8	90.6	82.8	78.3	76.7	67.3	66.9	63.7	57.4
Financial Income	29.9	9.1	6.7	29.6	6.9	7.9	12.4	20.2	8.3	11.3	15.8	16.1
Financial Expenses	14.7	14.4	13.0	17.7	12.7	12.8	14.6	12.6	14.5	13.8	18.8	18.9
Interest Expense	12.4	12.6	12.3	12.7	11.8	12.7	13.0	13.3	13.7	14.5	15.9	17.6
Share of Associates and Joint Ventures	—	0.4	—	-8.8	0.2	-1.4	-3.0	0.3	0.2	0.5	0.5	0.6
Selling Expenses	4.8	3.9	6.4	5.4	4.6	4.7	4.2	4.1	4.5	3.4	3.8	2.7
General and Administrative Expenses	62.4	89.4	54.2	55.1	49.2	60.2	46.8	44.3	47.6	44.8	47.6	37.6
Operating Profit	76.5	26.0	57.7	33.5	31.3	11.6	22.0	36.1	9.2	16.7	9.8	15.0
Other Income	1.2	3.2	0.5	1.7	0.8	6.6	0.6	0.8	0.4	0.8	0.4	1.4
Other Expenses	0.7	1.9	2.7	3.1	1.4	3.1	1.2	3.8	1.0	2.2	0.7	4.2
Other Profit	0.6	1.2	-2.2	-1.4	-0.5	3.5	-0.7	-3.0	-0.7	-1.4	-0.3	-2.8
Profit Before Tax	77.0	27.3	55.4	32.0	30.8	15.1	21.4	33.2	8.5	15.3	9.5	12.2
Current Income Tax Expense	8.1	9.5	10.2	2.9	7.1	9.7	6.0	7.4	6.0	12.7	4.2	6.0
Deferred Income Tax Expense	-0.4	-0.4	-1.2	0.8	-0.6	-1.0	-0.8	-3.2	0.5	-6.8	1.3	1.4
Net Income	69.4	18.2	46.4	28.3	24.3	6.4	16.1	29.0	2.0	9.4	4.0	4.8
Non-controlling Interest	20.2	4.6	15.3	8.8	8.8	7.5	8.2	10.6	-0.9	5.2	2.2	10.0
Profit Attributable to Parent	49.2	13.6	31.1	19.5	15.4	-1.1	7.9	18.3	2.9	4.2	1.8	-5.2
Earnings per Share	542.00	150.00	342.00	215.00	170.00	-16.00	85.00	213.00	36.00	55.00	24.00	-69.00
Diluted EPS	541.86	150.01	342.31	215.04	169.77	319.00	85.00	213.00	36.00	48.00	24.00	-69.00

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)	1,936.7	1,927.0	1,974.5	1,820.7	1,689.4	1,758.8	1,733.7	1,705.1	1,765.5	1,734.9	1,813.7	1,795.2
I. Cash and cash equivalents	316.0	319.8	342.5	264.3	262.3	275.9	316.7	239.4	278.8	165.7	227.4	196.2
1. Cash	168.4	167.4	231.4	159.3	182.5	151.0	159.6	149.8	138.9	110.0	122.3	117.1
2. Cash equivalents	147.6	152.4	111.1	105.0	79.8	124.9	157.1	89.5	139.9	55.8	105.2	79.0
II. Short-term financial investments	951.7	908.0	903.2	901.2	904.7	917.1	931.0	939.9	952.5	982.7	987.8	1,002.2
1. Available for sale securities	548.9	548.9	548.9	548.9	548.9	552.2	552.2	575.8	576.5	600.3	599.5	614.1
2. Provision for diminution in value of available for sale securities (*)	-11.3	-9.2	-8.2	-8.4	-4.1	-4.4	-5.7	-5.4	-7.3	-7.7	-9.5	-7.7
3. Held to maturity investments	431.7	368.3	362.5	360.7	360.0	369.3	384.5	369.4	383.3	390.1	397.8	395.9
4. Provision for short-term investments held to maturity (*)	-17.5	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	585.3	627.9	666.5	600.0	474.6	518.3	436.4	473.4	481.9	529.4	540.1	538.2
1. Short-term trade accounts receivable	445.5	436.3	389.1	340.8	342.2	370.2	321.8	307.1	338.2	356.8	330.2	334.0
2. Short-term prepayments to suppliers	32.1	21.7	79.9	59.7	21.1	16.5	12.0	7.4	23.3	18.2	12.8	16.0
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	—	71.6	91.6	91.6	61.6	61.6	61.6	85.1	73.1	94.6	142.1	142.1
6. Other short-term receivables	139.5	147.6	137.7	139.7	81.0	102.0	69.1	101.9	75.1	87.4	80.8	70.6
7. Provision for short-term doubtful debts (*)	-31.8	-49.3	-31.8	-31.8	-31.5	-32.1	-28.1	-28.1	-27.9	-27.7	-25.8	-24.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	37.0	31.2	36.5	31.9	28.4	28.0	28.1	28.4	29.3	32.5	34.6	34.0
1. Inventories	37.3	31.5	36.8	32.2	28.7	28.3	28.4	28.7	29.6	32.8	34.9	34.3
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
V. Other short-term assets	46.6	40.1	25.9	23.2	19.3	19.5	21.5	24.0	22.9	24.5	23.8	24.6
1. Short-term prepayments	18.1	17.6	16.7	19.5	16.8	16.7	17.7	19.5	18.4	19.4	18.3	18.4
2. Value added tax to be reclaimed	28.4	22.1	9.1	3.7	2.4	2.8	3.8	4.4	4.5	5.0	4.3	4.3
3. Taxes and other receivables from state authorities	0.1	0.4	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	1.1	1.9
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)	1,809.5	1,735.2	1,592.0	1,525.4	1,504.9	1,511.9	1,519.1	1,530.2	1,425.8	1,314.5	1,263.6	1,287.1
I. Long-term receivables	292.3	291.2	319.3	38.2	37.4	37.4	44.2	43.7	42.7	42.8	49.7	49.9
1. Long-term trade receivables	—	—	26.1	26.1	26.1	26.1	33.1	33.1	33.1	33.1	40.1	40.1
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	292.3	291.2	293.2	12.1	11.3	11.3	11.1	10.6	9.6	9.7	9.6	9.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	468.3	483.3	457.4	460.0	458.6	457.3	475.6	451.6	462.9	465.8	490.1	511.9
1. Tangible fixed assets	431.9	446.5	420.3	422.4	421.1	419.0	436.5	412.0	422.5	424.5	448.1	469.2
- Cost	1,338.1	—	—	—	—	1,233.3	1,245.6	1,200.8	1,190.9	1,170.5	1,172.3	1,169.3
- Accumulated depreciation	-906.2	—	—	—	—	-814.3	-809.2	-788.8	-768.5	-745.9	-724.2	-700.1
2. Financial leased fixed assets	3.0	3.1	3.2	3.5	3.8	4.1	4.5	4.8	5.1	5.5	5.8	6.1
- Cost	3.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	33.4	33.8	34.0	34.2	33.8	34.2	34.7	34.8	35.3	35.8	36.3	36.6
- Cost	62.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-29.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	10.8	11.6	12.4	13.2	1.7	1.9	2.1	2.3	2.5	2.7	2.9	3.1
- Cost	16.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	448.8	340.5	183.4	386.2	366.1	366.8	347.0	365.4	244.0	118.2	38.1	32.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	448.8	340.5	183.4	386.2	366.1	366.8	347.0	365.4	244.0	118.2	38.1	32.3
V. Long-term financial investments	232.9	232.9	230.5	233.3	242.5	242.4	243.9	266.1	265.8	264.9	266.9	266.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	229.4	229.4	229.0	231.8	240.6	240.4	242.4	264.6	252.3	251.4	253.4	253.0
3. Investments in other entities	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	13.5	13.5	13.5	13.5
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	2.0	2.0	—	—	0.5	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	356.5	375.7	389.0	394.5	398.7	406.2	406.3	401.1	269.8	276.6	266.9	269.1
1. Long-term prepayments	231.1	239.3	241.7	237.1	234.8	236.3	232.7	232.1	235.0	241.0	239.1	241.5
2. Deferred income tax assets	21.6	27.0	32.2	36.7	37.5	37.8	35.9	35.2	33.6	34.4	26.7	26.5
3. Long-term equipment, supplies, spare parts	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	102.6	108.3	113.9	119.6	125.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	130.9	136.6	132.7	138.1	143.5	149.0	154.4
TOTAL ASSETS (280=100+200)	3,746.2	3,662.2	3,566.5	3,346.0	3,194.3	3,270.7	3,252.8	3,235.3	3,191.2	3,049.4	3,077.3	3,082.3
A. LIABILITIES (300=210+330)	1,544.5	1,532.2	1,450.8	1,274.0	1,138.4	1,238.1	1,222.1	1,224.1	1,188.9	1,199.7	1,224.1	1,204.5
I. Short -term liabilities	814.4	817.0	813.8	678.5	877.2	976.8	818.4	533.9	546.0	668.5	620.2	594.1
1. Short-term trade accounts payable	276.9	297.4	264.1	226.5	204.4	254.5	197.5	207.5	210.4	278.8	233.1	243.4
2. Short-term advances from customers	5.6	11.1	3.2	5.9	0.9	0.4	0.8	0.4	0.3	0.4	0.4	0.6
3. Dividends and profits payable	2.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	17.4	26.4	36.4	24.4	14.6	29.2	25.9	12.8	14.6	20.7	41.7	31.2
4. Payable to employees	42.1	78.5	45.5	39.1	30.5	52.0	35.1	26.6	25.2	34.6	34.2	29.6
5. Short-term acrrued expenses	66.8	44.2	63.0	57.7	49.8	29.1	56.1	45.5	53.9	29.5	57.5	37.5
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	1.1	0.7	0.5	0.7	0.6	0.3	0.9	1.0	1.2	0.6	0.4	1.9
9. Other short-term payables	74.2	59.9	47.4	41.4	22.6	19.0	21.6	21.4	22.2	20.2	22.8	23.6
10. Short-term borrowings and financial leases	321.8	292.6	346.4	274.7	547.9	584.4	474.4	212.3	212.9	278.1	224.3	219.4
11. Provision for short-term liabilities	—	—	—	—	—	2.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.6	6.2	7.4	8.1	5.8	5.9	6.1	6.3	5.5	5.7	5.9	7.0
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	730.1	715.1	637.0	595.6	261.2	261.3	403.6	690.2	642.8	531.2	603.9	610.4
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	9.3	7.2	6.4	12.9	12.9	12.9	12.7	12.8	12.4	12.3	13.3	13.2
8. Long-term borrowings and financial leases	680.0	661.2	578.5	524.5	190.2	189.6	332.2	618.7	570.1	458.8	531.5	539.5
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	39.6	45.4	50.9	56.9	56.9	57.5	56.8	56.8	58.4	58.2	57.3	55.8
12. Provision for long-term liabilities	1.3	1.3	1.2	1.2	1.2	1.2	1.9	1.9	1.9	1.9	1.9	2.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,201.7	2,130.1	2,115.7	2,072.0	2,055.9	2,032.6	2,030.8	2,011.2	2,002.3	1,849.7	1,853.2	1,877.8
I. Owner's equity	2,201.7	2,130.1	2,115.7	2,072.0	2,055.9	2,032.6	2,030.8	2,011.2	2,002.3	1,849.7	1,853.2	1,877.8
1. Owner's capital	907.8	907.8	907.8	907.8	907.8	907.8	907.8	907.8	907.8	756.5	756.5	756.5
- Common stock with voting right	907,846,690,000.00	907,846,690,000.00	907,846,690,000.00	907,846,690,000.00	907,846,690,000.00	907,846,690,000.00	907,846,690,000.00	907,846,690,000.00	907,846,690,000.00	756,538,910,000.00	756,538,910,000.00	756,538,910,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	67.3	67.3	67.3	67.3	67.3	67.3	67.3	67.3	67.3	67.6	68.3	68.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	14.6	14.6	14.6	14.6	5.7	5.7	5.7	5.7	5.7	5.7	5.7	5.7
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
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	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
11. Undistributed earnings after tax	442.6	393.4	381.9	353.6	345.2	330.5	335.4	330.5	313.7	310.2	301.3	298.6
- Accumulated retained earning at the end of the previous period	393.4	314.8	316.9	319.6	329.8	302.4	306.3	309.3	310.9	306.9	302.2	301.3
- Undistributed earnings in this period	49.2	78.6	65.0	33.9	15.4	28.0	29.1	21.2	2.9	3.3	-0.9	-2.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	766.7	744.2	741.4	726.0	727.2	718.6	711.8	697.1	705.1	706.9	718.7	745.9
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)	3,746.2	3,662.2	3,566.5	3,346.0	3,194.3	3,270.7	3,252.8	3,235.3	3,191.2	3,049.4	3,077.3	3,082.3

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	77.0	27.3	55.4	32.0	30.8	15.1	21.4	33.2	8.5	16.1	9.5	12.2
Depreciation of Fixed Assets and Investment Property	31.3	30.2	29.7	28.5	28.7	28.0	28.7	28.3	30.0	30.7	31.6	32.5
Provision (Increase)/Reversal	2.1	18.5	-0.2	2.0	-2.8	4.2	0.3	-1.8	-0.1	0.1	3.0	-3.4
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	0.0	0.0	-0.0	0.0	-0.0	0.1	-0.0	0.1	-0.0	-0.0
Gain/Loss from Investment Activities	-30.3	-10.7	-6.4	-19.3	-6.5	-12.8	-4.4	-19.8	-6.7	-10.3	-12.6	-13.4
Interest Expense	12.4	13.1	12.9	13.4	12.9	13.8	14.0	14.4	14.8	15.6	17.0	18.7
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	92.5	78.5	91.5	56.7	62.9	48.4	60.0	54.4	46.4	52.2	48.5	46.6
Increase/(Decrease) in Receivables	-15.0	-34.2	-48.5	-60.1	50.8	-79.1	0.1	23.8	20.9	-31.5	-3.3	22.3
Increase/(Decrease) in Inventory	-5.8	5.3	-4.6	-3.6	-0.3	0.1	0.9	0.9	3.2	2.1	-0.6	4.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-31.4	52.2	60.6	47.0	-46.0	35.8	23.1	-15.9	-48.6	-10.8	18.4	28.6
Increase/(Decrease) in Prepaid Expenses	5.8	0.5	-2.8	-3.6	0.4	-3.6	0.3	0.8	6.0	-4.1	1.5	1.6
Changes in Trading Securities	—	—	—	—	—	-0.0	23.7	0.7	23.8	-0.8	14.6	1.8
Interest Paid	-5.2	-21.3	-3.8	-11.9	-11.9	-12.5	-13.3	-13.3	-13.4	-15.3	-15.2	-17.7
Corporate Income Tax Paid	-20.3	-7.9	-3.6	-0.3	-21.0	-4.2	-0.2	-5.7	-16.4	-6.9	-1.9	-0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-1.3	-1.6	-0.5	-0.8	-0.4	-0.2	-1.7	-0.3	-0.2	-1.2	-1.0
Net Cash Flow from Operating Activities	20.0	71.7	87.2	23.7	37.4	-15.6	94.2	43.8	21.5	-15.5	60.8	86.1
Payments for Fixed Assets and Other Long-term Assets	-113.8	-159.6	-125.9	-85.0	-25.8	-27.7	-32.3	-117.2	-146.2	-81.3	-9.3	-2.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.4	19.7	-0.0	1.1	0.4	8.4	0.7	-0.1	0.2	0.9	0.1	8.7
Loans and Purchases of Debt Instruments	-97.6	-127.2	-148.3	-125.7	-23.0	-54.2	-15.0	-93.4	-134.2	22.7	-138.7	-77.9
Receipts from Loan Repayments and Sale of Debt Instruments	105.9	139.4	146.4	95.5	32.3	69.0	23.5	95.3	162.4	32.5	136.8	60.1
Investments in Other Entities	—	—	—	—	—	0.5	-10.8	0.0	0.0	-10.4	0.0	-0.4
Proceeds from Investments in Other Entities	—	0.0	0.5	—	—	0.1	19.1	0.0	0.0	0.1	2.4	0.0
Dividends and Interest Income Received	30.5	4.9	7.8	27.0	2.1	12.3	22.4	5.0	12.0	9.3	11.2	14.9
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	-73.7	-122.8	-119.6	-87.2	-14.0	8.5	7.6	-110.3	-105.8	-26.2	2.6	2.9
Proceeds from Equity Issuance and Capital Contributions	2,450,000,000.00	—	—	—	—	0.00	2,580,000,000.00	-307,996,144.00	151,306,680,000.00	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	195.3	270.1	235.7	492.5	106.9	143.2	133.7	159.8	250.0	133.8	90.6	65.9
Repayment of Borrowings	-147.6	-241.5	-109.2	-431.8	-143.7	-176.6	-158.9	-112.6	-204.8	-153.5	-94.6	-102.7
Repayment of Finance Leases	-0.1	0.0	-1.5	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.4
Dividends Paid	-0.2	-0.2	-14.4	0.0	-0.0	-0.0	-1.7	-19.6	1.2	-0.2	-28.0	-0.8
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	49.8	28.4	110.6	65.4	-37.0	-33.6	-24.6	27.1	197.4	-20.0	-32.2	-38.1
Net Cash Flow During the Period	-3.9	-22.7	78.3	2.0	-13.7	-40.7	77.2	-39.4	113.1	-61.6	31.2	50.9
Cash and Cash Equivalents at Beginning of Period	319.8	342.5	264.3	262.3	275.9	165.7	165.7	165.7	165.7	206.7	206.7	206.7
FX Difference from Revaluation	0.1	-0.0	-0.0	0.0	0.0	-0.0	0.0	-0.1	0.0	-0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	316.0	319.8	342.5	264.3	262.3	275.9	316.7	239.4	278.8	165.7	227.4	196.2

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ASG

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